Fundamental Equity Analysis & Recommendations - BSE100 Index - A broad-based index, the S&P BSE-100 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 FlexIndex BSE 100 BSE100 Index - A broad-based index, the S&P BSE-100 was formerly known as the BSE National index. It has 1983-84 as the base year and was launched in 1989.

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 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

ITC LTD

INR

43580

42.21

6810

1791

0.15

0.16

0.18

0.21

0.57

0.58

0.49

0.41

0.32

0.26

0.32

0.31

0.57

INFOSYS LTD

INR

27757

571

24.51

6473

6738

7628

8520

1852

1993

513

2.65

2.67

2.86

3.21

0.29

0.27

0.24

0.31

0.27

0.12

0.27

0.47

BBB+

07.05.2010

RELIANCE INDUSTRIES LTD

INR

42706

188

2936

49.45

63698

63154

65274

5355

1.14

1.15

1.29

0.19

0.18

0.16

0.17

0.39

-0.08

0.14

0.13

BBB+

29.05.2013

Baa2

07.02.2006

HOUSING DEVELOPMENT FINANCE

INR

19371

1546

45.55

5772

4182

5005

3506

0.70

0.58

0.69

0.28

0.35

0.29

0.30

0.59

0.36

0.35

0.97

HDFC BANK LIMITED

INR

23285

142

2379

6897

0.47

0.57

0.72

0.33

0.27

0.22

0.41

0.47

BBB-

17.01.2008

Baa2

30.04.2012

TATA CONSULTANCY SVCS LTD

INR

61029

1957

10105

10605

2894

3033

937

1.14

1.18

1.43

1.64

0.42

0.35

0.30

0.46

0.37

0.40

0.41

0.46

BBB+

07.05.2010

ICICI BANK LTD

INR

16797

297

1154

11899

1.34

1.36

0.17

0.18

0.07

27.10.2003

Baa2

25.05.2006

HINDUSTAN UNILEVER LTD

INR

21409

181

2162

20.82

4332

4777

5427

678

0.25

0.28

0.27

0.29

0.56

0.64

0.60

0.55

0.24

0.33

0.25

LARSEN & TOUBRO LTD

INR

11860

198

923

20.54

11951

13035

14900

1644

0.85

0.91

0.86

0.99

0.23

0.24

0.21

0.25

0.34

0.14

0.38

0.22

TATA MOTORS LTD

INR

15754

452

3190

21.16

30291

35070

39741

3937

1008

0.50

0.62

0.73

0.17

0.14

0.12

0.22

0.70

0.16

0.72

0.21

09.07.2012

15.07.2007

OIL & NATURAL GAS CORP LTD

INR

35960

266

8555

36.44

26053

27946

30111

7162

0.45

0.51

0.62

0.15

0.13

0.11

0.16

0.18

-0.17

0.07

0.44

BBB-

23.04.2013

04.12.2000

SUN PHARMACEUTICAL INDUS

INR

19606

2071

19.37

1813

2297

2651

799

248

0.27

0.23

0.34

0.39

0.66

0.57

0.45

0.38

0.66

0.47

0.83

0.45

0.71

STATE BANK OF INDIA

INR

18003

210

684

32181

16764

19015

4.28

3.81

4.54

0.10

0.11

0.09

0.21

0.28

BBB-

30.01.2007

Baa3

23.09.2013

BHARTI AIRTEL LTD

INR

20572

159

3798

30.78

12884

12611

13816

15171

4003

3901

1085

0.10

0.09

0.18

0.27

0.89

0.93

0.47

0.31

0.20

0.31

0.08

0.27

0.50

BB+

09.06.2010

MAHINDRA & MAHINDRA LTD

INR

8225

590

12.65

10049

11667

13195

800

0.99

1.12

1.17

1.39

0.19

0.22

0.18

0.15

0.23

0.49

0.19

0.09

0.13

WIPRO LTD

INR

18667

2463

17.08

6004

6565

6853

7595

1225

1323

376

0.40

0.43

0.47

0.52

0.28

0.29

0.26

0.23

0.28

0.17

0.30

0.21

0.32

BBB+

02.04.2012

AXIS BANK LTD

INR

7775

175

468

5461

3137

3836

1.94

2.19

2.63

0.14

0.12

0.10

0.38

0.51

BBB-

30.01.2007

Baa2

24.04.2007

DR. REDDY'S LABORATORIES

INR

6565

170

7.07

1865

2132

2395

123

1.58

1.59

1.73

2.01

0.39

0.36

0.31

0.33

0.31

HCL TECHNOLOGIES LTD

INR

12033

697

11.45

4128

5035

5753

936

280

0.93

0.95

1.16

1.29

0.29

0.24

0.21

0.38

0.42

0.71

0.45

0.36

NTPC LTD

INR

19140

8245

27.29

11130

12440

13819

2939

0.22

0.24

0.21

0.23

0.15

0.17

0.16

0.08

0.19

0.32

0.12

0.42

BBB-

30.01.2007

BAJAJ AUTO LTD

INR

9275

289

8.77

3134

3456

3952

586

1.74

1.96

2.27

0.30

0.26

0.23

0.05

0.30

-0.04

0.30

KOTAK MAHINDRA BANK LTD

INR

8356

747

2559

1939

2263

0.47

0.54

0.65

0.37

0.32

0.27

0.36

0.27

UNITED SPIRITS LTD

INR

5772

180

131

7.06

1700

1912

2194

215

-0.15

-0.13

0.72

1.09

0.89

0.58

0.25

0.29

0.19

0.04

0.20

SESA GOA LTD

INR

8425

1059

869

9.12

410

11620

13705

-6

0.41

0.42

0.46

0.55

0.11

0.10

0.08

-1.11

0.09

-1.37

-0.41

0.33

CIPLA LTD

INR

5569

803

5.36

1328

1550

1793

355

0.31

0.32

0.37

0.36

0.35

0.30

0.25

0.37

0.34

0.43

ASIAN PAINTS LTD

INR

7013

959

6.95

1750

2009

2335

280

0.19

0.21

0.26

0.63

0.55

0.46

0.22

0.32

0.21

0.34

0.26

CAIRN INDIA LTD

INR

9714

1910

7.76

2811

3002

3075

2097

531

1.00

1.01

0.92

0.89

0.08

0.09

0.77

0.65

1.20

LUPIN LTD

INR

6128

448

6.27

1547

1791

2085

373

105

0.47

0.58

0.69

0.47

0.38

0.32

0.59

0.47

0.95

0.47

0.39

NESTLE INDIA LTD

INR

8012

8.03

1332

307

1.78

0.75

0.17

0.30

0.22

0.40

0.37

TECH MAHINDRA LTD

INR

4926

128

5.05

1103

233

181

1.55

1.62

0.21

0.22

0.40

0.21

0.88

0.18

0.34

HERO MOTOCORP LTD

INR

6378

200

5.87

3783

530

1.70

0.30

0.01

0.29

-0.16

0.31

0.22

ULTRATECH CEMENT LTD

INR

7949

274

8.46

3394

3723

4266

772

1.57

1.64

1.90

0.30

0.28

0.24

0.17

0.54

0.25

0.36

MARUTI SUZUKI INDIA LTD

INR

6679

302

6.01

6933

7513

8581

717

1.31

1.53

1.83

0.27

0.23

0.19

0.37

0.32

1.07

0.18

0.17

COAL INDIA LTD

INR

30004

163

6316

20.08

10957

11606

12430

3182

557

0.44

0.48

0.17

0.16

0.15

0.26

0.24

0.35

0.47

TATA STEEL LTD

INR

4278

970

971

13.51

21611

21243

22600

23529

1977

2022

539

-0.86

-1.09

0.45

0.58

0.16

0.12

0.02

-0.03

-0.01

-0.13

0.15

09.08.2011

GRASIM INDUSTRIES LTD

INR

3886

5.61

4477

4748

5432

954

4.48

4.74

4.61

5.39

0.14

0.15

0.13

0.17

0.10

0.06

0.34

INDUSIND BANK LTD

INR

3181

323

523

1338

1407

0.37

0.26

0.50

GAIL INDIA LTD

INR

6618

1268

8.96

8164

8706

10253

1209

0.55

0.56

0.59

0.15

0.14

0.25

0.38

0.10

0.17

0.24

POWER GRID CORP OF INDIA LTD

INR

7301

4630

17.95

2104

2546

2927

1820

0.15

0.16

0.19

0.17

0.16

0.13

0.44

0.45

1.39

BBB-

03.01.2013

HINDALCO INDUSTRIES LTD

INR

3392

592

1915

11.11

12865

14011

15446

1237

0.25

0.21

0.23

0.11

0.14

0.12

-0.01

0.10

0.01

0.06

0.15

IDEA CELLULAR LTD

INR

9158

257

3314

11.02

3595

4272

4860

956

303

0.05

0.09

0.13

0.90

0.91

0.50

0.35

0.24

0.45

0.29

0.34

0.43

AMBUJA CEMENTS LTD

INR

4477

1542

3.88

1562

1673

2138

446

0.16

0.13

0.16

0.19

0.34

0.28

0.29

0.25

0.23

0.18

0.60

0.10

0.46

ZEE ENTERTAINMENT ENTERPRISE

INR

3562

436

954

3.40

594

684

788

154

0.12

0.14

0.17

0.49

0.42

0.35

0.25

0.45

0.19

0.42

TATA POWER CO LTD

INR

2987

272

2373

9.01

5298

5919

6190

1089

0.00

-0.01

0.07

0.09

0.31

0.23

0.43

0.33

B+

06.09.2013

05.10.2012

BHARAT HEAVY ELECTRICALS

INR

5572

690

2448

4.76

7717

6572

6031

1763

0.44

0.29

0.26

0.08

0.12

0.14

0.02

-0.04

0.37

IDFC LTD

INR

2183

554

1515

10.87

1307

610

686

1163

0.19

0.21

0.24

0.12

0.11

0.10

0.43

0.38

0.35

0.39

1.43

BBB-

27.12.2011

GODREJ CONSUMER PRODUCTS LTD

INR

4532

340

4.82

1028

1246

1479

163

0.33

0.38

0.39

0.48

0.57

0.66

0.55

0.44

0.51

0.70

0.26

0.56

0.26

RELIANCE COMMUNICATIONS LTD

INR

4927

1223

2064

11.22

3095

3154

3673

3875

948

955

234

0.05

0.09

0.10

0.80

0.45

0.38

0.05

0.00

-0.26

-0.10

0.49

ACC LTD

INR

3315

188

2.94

1786

1895

2128

352

1.19

0.91

1.06

1.25

0.31

0.24

0.27

0.23

0.18

0.16

0.23

0.03

0.32

TITAN INDUSTRIES LTD

INR

3316

888

3.14

1624

1951

2330

164

0.13

0.15

0.18

0.46

0.39

0.33

0.23

0.45

0.35

0.52

0.16

123

7902

58.99

5025

5817

12706

2871

14588

3176

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

1.95

2.07

0.17

0.16

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

DABUR INDIA LTD

INR

4710

1743

4.79

991

1140

1315

163

0.07

0.09

0.10

0.62

0.51

0.43

0.26

0.31

0.26

SHRIRAM TRANSPORT FINANCE

INR

2093

227

6.82

1126

713

831

953

1.04

1.14

1.34

0.14

0.13

0.11

0.22

0.26

1.36

JINDAL STEEL & POWER LTD

INR

3476

113

935

7.48

3177

3445

4266

982

269

0.50

0.53

0.61

0.12

0.11

0.10

0.14

0.53

-0.22

0.33

0.50

BANK OF BARODA

INR

3345

421

6570

1.87

0.07

0.30

0.38

30.12.2011

NMDC LTD

INR

7518

165

3965

5.96

1213

936

0.18

0.17

0.52

0.56

1.24

BHARAT PETROLEUM CORP LTD

INR

3746

723

7.94

38829

42159

43158

1282

0.42

0.46

0.52

0.20

0.18

0.16

0.23

0.29

0.38

0.27

0.05

(P)Baa3

12.10.2012

JSW STEEL LTD

INR

2864

164

223

6.13

6130

6992

7487

1046

277

0.70

0.67

1.09

1.36

0.28

0.27

0.17

0.14

0.18

0.41

0.11

0.21

0.27

COLGATE PALMOLIVE (INDIA)

INR

2747

136

2.69

315

0.51

0.63

0.25

0.24

0.67

0.37

0.40

GLENMARK PHARMACEUTICALS LTD

INR

2337

271

2.69

804

960

1129

162

0.36

0.45

0.55

0.38

0.31

0.25

0.40

0.33

0.66

0.07

0.32

YES BANK LTD

INR

1699

2354

359

1532

685

851

0.59

0.66

0.82

0.13

0.11

0.09

PUNJAB NATIONAL BANK

INR

2606

135

353

7600

2.34

0.05

0.22

0.38

17.07.2006

MAHINDRA & MAHINDRA FIN SECS

INR

2345

569

5.52

660

605

704

496

0.27

0.28

0.30

0.38

0.24

0.22

0.18

0.66

0.45

0.76

0.47

1.21

ADANI PORTS AND SPECIAL ECON

INR

4636

2003

6.37

574

722

856

436

0.12

0.14

0.18

0.29

0.25

0.20

0.52

0.55

0.67

0.65

1.22

UNITED BREWERIES LTD

INR

3668

264

3.85

625

746

891

0.10

0.16

0.22

2.10

1.35

0.99

0.15

0.33

0.25

0.32

0.20

DIVI'S LABORATORIES LTD

INR

2095

133

2.03

343

400

483

131

0.73

0.86

1.04

0.35

0.30

0.24

0.29

0.22

0.61

RURAL ELECTRIFICATION CORP

INR

2987

180

987

20.03

2178

1069

2120

0.62

0.67

0.68

0.08

0.07

0.47

0.50

0.47

0.50

1.56

(P)Baa3

12.01.2011

EXIDE INDUSTRIES LTD

INR

1827

850

1.75

1021

1114

1290

138

0.10

0.12

0.14

0.33

0.28

0.24

0.32

0.26

0.21

0.19

0.22

DLF LTD

INR

3871

1584

1699

7.88

1247

1414

1638

433

126

0.07

0.08

0.14

0.52

0.50

0.43

0.25

-0.31

-0.15

-0.53

-0.36

0.56

TATA GLOBAL BEVERAGES LTD

INR

1456

256

618

1.77

1166

1291

1433

124

0.10

0.13

0.15

0.39

0.37

0.30

0.26

0.17

0.18

0.38

0.03

0.17

RANBAXY LABORATORIES LTD

INR

2372

824

423

3.04

1966

1835

2208

274

0.44

0.35

0.25

0.58

0.26

0.21

0.36

0.16

0.37

0.19

0.53

0.21

0.22

LIC HOUSING FINANCE LTD

INR

1550

165

505

12.66

1241

366

396

1177

0.33

0.41

0.47

0.15

0.12

0.11

0.38

0.47

0.41

0.48

1.52

RELIANCE POWER LTD

INR

3051

1255

2805

6.48

790

945

1394

275

0.06

0.07

0.30

0.31

0.25

2.31

2.79

0.56

CUMMINS INDIA LTD

INR

1827

277

1.78

566

0.26

0.27

0.42

0.50

0.39

0.41

0.25

0.21

0.53

0.40

0.63

0.56

0.25

HINDUSTAN ZINC LTD

INR

8900

4225

5.45

2037

1044

0.26

0.13

0.18

0.20

0.11

0.06

0.82

RELIANCE INFRASTRUCTURE LTD

INR

1576

333

263

4.66

2488

3485

3711

480

165

1.16

1.37

1.02

1.08

0.07

0.08

0.09

-0.17

0.36

0.15

0.62

0.31

POWER FINANCE CORPORATION

INR

2751

239

1320

25.12

2773

1205

1302

2710

0.54

0.58

0.63

0.06

0.05

0.52

0.55

1.57

BBB-

30.01.2007

Baa3

05.02.2004

INDIAN OIL CORPORATION LTD

INR

8012

2428

20.21

74080

84105

86945

2616

0.29

0.39

0.48

0.18

0.14

0.11

0.21

0.29

-0.44

0.07

0.06

29.12.2009

Baa3

25.01.2010

FEDERAL BANK LTD

INR

786

171

1109

0.80

0.09

0.21

0.31

UNITED PHOSPHORUS LTD

INR

1014

443

1.43

1475

1653

1828

270

0.28

0.27

0.33

0.38

0.13

0.11

0.10

0.32

0.35

0.32

0.35

0.29

SIEMENS LTD

INR

2788

340

2.58

1910

1859

2104

203

0.41

0.17

0.30

0.31

0.73

0.42

0.39

0.27

-0.08

0.23

0.17

JAIPRAKASH ASSOCIATES LTD

INR

1244

2042

2219

11.69

3019

3533

4155

1095

0.03

0.05

0.09

0.26

0.27

0.20

0.10

0.44

0.60

0.38

0.49

0.58

TATA CHEMICALS LTD

INR

977

255

2.28

2384

2508

2643

377

0.53

0.25

0.49

0.55

0.24

0.12

0.13

0.11

0.12

0.44

-0.02

0.32

0.25

STEEL AUTHORITY OF INDIA

INR

3306

258

4131

6.24

7233

7584

8691

816

0.09

0.11

0.14

0.15

0.11

-0.05

0.05

-0.33

-0.25

0.18

BBB-

29.04.2010

RELIANCE CAPITAL LTD

INR

1264

356

246

4.85

1202

955

1066

581

111

0.53

0.40

0.48

0.16

0.21

0.17

0.22

0.15

0.34

0.27

0.78

ADANI ENTERPRISES LTD

INR

2524

151

1100

13.77

7454

9168

10858

1043

464

0.16

0.24

0.29

0.44

0.16

0.24

0.13

0.08

0.29

0.37

0.36

0.85

0.22

BANK OF INDIA

INR

1547

198

596

5756

0.79

0.05

0.20

0.33

BBB-

30.01.2007

(P)Baa3

15.03.2013

NHPC LTD

INR

3809

294

12301

1027

691

0.03

0.15

0.16

-0.18

0.31

-0.26

0.20

1.08

BBB-

25.09.2009

CANARA BANK

INR

1604

102

443

5995

1.08

0.05

0.16

0.29

30.12.2011

BHARAT FORGE LTD

INR

933

233

1.26

915

984

1096

127

150

0.17

0.18

0.23

0.31

0.35

0.38

0.28

0.21

-0.15

0.13

-0.43

-0.03

0.22

CROMPTON GREAVES LTD

INR

900

103

641

1.06

1940

2131

2364

-0.03

-0.01

0.10

0.14

0.23

0.16

0.12

0.20

-0.84

-0.20

0.05

HINDUSTAN PETROLEUM CORP

INR

1035

339

7.86

34643

34710

35726

673

0.16

0.24

0.46

0.56

0.21

0.30

0.11

0.09

0.27

0.28

-0.03

0.23

0.03

UNION BANK OF INDIA

INR

1063

605

597

4498

1858

2117

0.63

0.77

0.90

0.05

0.04

0.03

0.31

BBB-

17.06.2008

Baa3

19.03.2012

ABB INDIA LTD

INR

1877

212

1.92

1221

1251

1359

0.11

0.19

0.27

1.33

0.74

0.52

0.03

0.23

0.08

GMR INFRASTRUCTURE LTD

INR

1364

456

3892

8.07

1584

2005

407

-0.01

0.00

-0.02

-0.01

1.55

0.30

0.56

0.55

0.51

0.41

IDBI BANK LTD

INR

1269

121

1333

4558

0.24

0.06

0.18

0.38

Baa3

21.10.2009

ADANI POWER LTD

INR

1477

212

2393

7.86

1087

2079

2832

176

-0.16

-0.15

-0.02

0.04

UNITECH LTD

INR

665

1466

2616

1.60

392

478

553

0.02

0.01

0.02

0.03

0.32

0.25

ASHOK LEYLAND LTD

INR

642

445

2661

1.34

2002

142

0.01

0.03

0.15

0.38

HOUSING DEVELOPMENT & INFRAS

INR

247

491

419

0.86

164

296

356

0.16

0.03

0.19

0.23

0.34

0.06

SUZLON ENERGY LTD

INR

226

366

1777

2.36

3007

3817

4077

-153

136

-0.39

-0.43

-0.08

-0.03

6.17

1109

1236

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

0.03

0.16

0.18

0.05

0.14

0.34

0.24

0.23

1.05

-0.42

0.26

0.15

0.01

-0.13

0.16

-0.49

0.24

-0.05

0.21

-0.47

0.02

0.11

-0.79

-0.19

-1.17

-0.40

0.64

-0.18

0.20

-0.08

0.04

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%

1.45

1.01

7.28

7.65

11.23

2.80

MSCI EM

1.45

1.33

1.21

1.01

0.94

0.88

ITC LTD

12.19

10.27

9.14

8.82

8.87

7.49

6.40

5.50

INFOSYS LTD

4.47

3.75

3.22

2.73

4.26

3.64

3.26

2.83

RELIANCE INDUSTRIES LTD

1.41

1.28

1.16

1.08

0.72

0.68

0.65

0.60

HOUSING DEVELOPMENT FINANCE

4.31

3.70

3.29

4.63

3.87

3.49

HDFC BANK LIMITED

3.39

2.81 6.04

4.18

3.59

3.06

7.28

6.63

6.09

7.65

6.95

6.43

11.23

10.05

9.20

2.80

3.08

3.37

1120.8

13.5%

28.20

23.81

22.67

23.95

20.07

16.89

14.19

36.06

30.42

25.64

22.04

1.68

1.95

2.35

2.94

377.49

10.1%

16.63

15.61

14.07

12.98

12.97

11.94

10.68

9.41

18.43

16.90

15.04

13.06

1.60

1.68

1.88

2.18

3113.33

3.3%

7.98

7.70

6.73

5.62

9.27

8.62

7.46

6.20

12.52

11.49

10.21

8.67

1.09

1.18

1.28

1.52

979.93

18.9%

21.56

18.02

15.35

1.59

1.83

2.13

2.48

873.19

12.7%

17.05

13.56

0.90

1.10

1.35

1.65

722.46

19.0%

27.34

21.86

18.96

1.17

1.43

1.64

1.90

1971.63

1.4%

11.53

10.68

2.20

2.45

2.73

2.93

1160.80

28.0%

TATA CONSULTANCY SVCS LTD

9.55

7.54

6.03

4.81

ICICI BANK LTD

1.57

1.44

1.33

1.22

HINDUSTAN UNILEVER LTD

33.18

37.39

30.89

29.29

4.98

4.48

3.95

3.43

LARSEN & TOUBRO LTD

2.15

2.01

1.75

1.54

0.99

0.91

0.80

0.68

TATA MOTORS LTD

2.61

2.18

1.72

1.33

0.53

0.45

0.40

0.34

OIL & NATURAL GAS CORP LTD

1.48

1.33

1.18

1.11

1.42

1.29

1.19

1.22

SUN PHARMACEUTICAL INDUS

8.26

7.00

5.75

3.98

11.04

8.53

7.40

STATE BANK OF INDIA

0.93

0.89

0.79

0.67

1.16

1.07

0.95

BHARTI AIRTEL LTD

2.27

2.11

1.92

1.70

1.59

1.49

1.36

1.26

MAHINDRA & MAHINDRA LTD

2.45

2.16

1.84

1.23

0.72

0.71

0.62

0.54

8.87

7.87

6.84

5.46

9.20

WIPRO LTD

3.53

3.48

2.99

2.51

2.70

2.72

2.46

2.13

15.31

15.10

13.25

11.95

12.52

AXIS BANK LTD

1.63

1.26

1.08

0.92

2.48

2.03

1.67

DR. REDDY'S LABORATORIES

5.93

4.72

3.91

3.15

3.62

3.08

2.74

2.36

HCL TECHNOLOGIES LTD

5.59

4.28

3.40

2.65

2.95

2.39

2.09

1.81

NTPC LTD

1.48

1.36

1.28

1.19

1.66

1.54

1.39

BAJAJ AUTO LTD

7.63

5.13

4.24

4.14

2.87

2.68

KOTAK MAHINDRA BANK LTD

3.36

2.84

2.45

2.06

5.72

4.31

UNITED SPIRITS LTD

5.47

4.34

3.93

3.48

3.40

SESA GOA LTD

0.91

0.74

0.66

0.59

0.93

4.80

2.32

7.28 33.14

26.25

21.08

18.19

16.34

20.26

15.75

13.80

11.95

6.20

16.32

43.02

36.85

33.59

35.19

31.66

28.53

25.17

21.40

40.81

37.23

34.01

29.06

2.18

1.88

2.09

2.56

560.87

-9.1%

7.01

12.66

10.73

8.09

12.81

12.36

10.79

8.87

14.11

14.96

12.93

10.87

1.47

1.79

1.97

1.96

999.00

25.0%

6.02

4.51

3.72

3.07

5.51

4.25

3.69

3.07

10.77

8.66

7.37

6.38

1.18

0.80

0.93

0.95

4.88

4.38

3.84

4.04

4.11

3.73

3.21

8.69

8.23

6.78

6.87

3.76

3.87

4.46

4.77

6.32

33.32

27.44

20.70

21.39

24.64

19.54

17.30

14.77

37.48

28.14

23.98

20.11

0.46

0.52

0.65

0.84

5.43

5.98

5.61

5.97

6.92

5.80

5.16

2.50

2.80

6.62

6.08

5.16

46.80

29.32

19.18

14.71

0.31

0.36

0.72

1.38

1.16

4.51

4.45

7.74

6.93

2.87

5.02

7.04

11.08

352.32

5.1%

353.65

35.0%

0.80

587.78

-0.4%

3.03

1721.05

4.9%

0.58

0.90

389.69

21.5% 19.1%

4.24

6.10

5.51

8.60

7.41

5.92

13.05

11.46

9.65

7.85

1.60

1.73

1.86

2.01

991.59

11.87

10.63

9.08

17.66

16.20

14.57

12.38

1.48

1.67

1.84

2.27

466.36

-1.2%

8.68

7.56

6.30

5.05

2.03

2.61

1381.85

33.8% 2.9%

19.53

18.00

15.36

15.77

18.23

15.67

13.78

12.00

25.90

22.26

19.20

16.32

0.66

0.69

0.79

0.89

2477.05

16.98

12.73

11.64

10.03

12.59

9.98

9.04

7.74

19.21

14.93

13.35

11.31

1.17

1.29

1.42

1.77

1109.97

3.3%

1.30

8.92

8.03

7.21

7.27

9.69

8.75

7.83

7.31

11.57

10.82

10.15

9.22

3.05

3.32

3.53

3.84

169.21

16.9%

2.35

2.21

17.58

15.81

14.12

13.05

14.24

12.63

10.75

9.91

18.72

16.34

14.14

13.05

2.56

2.70

3.06

3.28

2092.45

4.7%

3.69

3.41

23.72

20.25

16.79

13.89

0.13

0.14

0.16

0.21

705.17

4.0%

3.02

2.63

2.28

87.93

55.44

36.29

25.72

0.12

0.14

0.16

0.32

2677.53

8.2%

19.33

0.73

0.61

1.90

2.06

60.30

40.04

30.97

24.05

30.72

28.33

22.94

17.83

14.69

0.58

7.13

5.97

5.20

4.61

68.30

2.14

1.95

1.80

6.25

6.19

5.16

4.82

1.92

1.04

1.43

1.86

166.59

-6.0% 7.5%

CIPLA LTD

3.90

3.34

2.89

2.50

4.19

3.59

3.11

2.64

20.43

17.96

15.45

16.14

15.28

14.10

12.27

10.48

22.59

21.54

18.60

16.12

0.70

0.63

0.72

0.78

464.70

ASIAN PAINTS LTD

12.86

10.82

9.07

7.75

3.90

3.49

3.00

2.61

32.93

29.61

25.41

23.08

23.96

21.39

18.21

15.65

37.40

34.25

28.64

24.70

1.08

1.28

1.56

1.88

458.32

0.6%

CAIRN INDIA LTD

1.07

1.08

0.95

0.85

3.29

3.24

3.16

3.14

4.69

4.72

4.84

5.73

3.58

3.68

3.73

3.94

5.24

5.53

5.73

6.37

3.75

3.59

3.49

3.33

378.28

19.4%

LUPIN LTD

7.60

5.79

4.63

3.75

4.13

3.42

2.94

2.58

26.20

19.83

16.91

16.98

18.94

14.79

12.53

11.05

31.83

23.66

19.87

17.10

0.50

0.60

0.69

0.77

901.50

5.7%

NESTLE INDIA LTD

31.66

1.11

1.27

1.64

2.02

4926.50

-4.9%

TECH MAHINDRA LTD

3.31

0.38

0.54

0.65

1.08

1522.05

15.2%

2.33

2.89

3.31

3.84

1929.31

-3.1%

2.43

5.33

8.95

41.45 3.09

2.43

1.99

4.52

1.72

1.55

1.37

13.10

9.77

9.14

7.13

23.14

8.11

7.53

6.93

14.84

10.88

10.23

9.36

HERO MOTOCORP LTD ULTRATECH CEMENT LTD

3.22

2.85

2.44

2.04

2.30

2.13

1.86

1.67

13.11

13.03

10.84

MARUTI SUZUKI INDIA LTD

2.31

1.97

1.73

1.56

1.00

0.89

0.78

0.81

11.32

8.39

7.17

COAL INDIA LTD

3.78

3.35

2.93

2.58

2.73

2.59

2.41

2.20

9.56

9.36

8.75

7.00

TATA STEEL LTD

0.66

0.74

0.68

0.63

0.20

0.19

0.18

0.17

4.50

2.78

2.47

2.40

GRASIM INDUSTRIES LTD

1.23

1.10

0.98

0.88

0.90

0.82

0.72

0.63

5.13

5.57

4.64

4.05

0.54

0.17

9.23

2.18

10.84

10.63

8.85

7.78

17.80

17.63

15.23

13.48

0.48

0.52

0.62

0.75

1907.98

5.6%

11.77

7.90

6.65

5.72

21.20

14.47

12.08

10.08

0.61

0.76

0.90

1.54

1585.19

15.0%

6.60

6.53

6.01

5.19

11.11

10.73

9.90

8.55

3.55

4.94

5.18

5.88

340.08

14.9%

7.19

5.71

5.17

4.51

27.98

9.88

7.60

6.04

3.62

3.31

3.52

3.67

308.83

12.5%

5.92

5.86

4.86

4.26

9.08

9.19

7.85

7.15

0.94

0.89

0.97

1.03

3276.06

24.2%

0.79

0.99

1.20

1.48

492.79

30.2%

2.81

2.90

2.97

3.42

361.25

11.1%

122.75

24.9% -3.1%

4.40

4.35

INDUSIND BANK LTD GAIL INDIA LTD

1.44

1.31

1.19

POWER GRID CORP OF INDIA LTD

1.75

HINDALCO INDUSTRIES LTD

0.62

0.58

0.54

IDEA CELLULAR LTD

4.07

3.54

AMBUJA CEMENTS LTD

3.20

ZEE ENTERTAINMENT ENTERPRISE TATA POWER CO LTD

1.07

0.84

0.76

0.65

0.59

3.55

2.87

2.49

0.50

0.26

0.24

0.22

0.20

3.07

2.58

2.57

2.14

1.88

1.69

2.87

2.21

2.02

2.76

2.68

2.09

2.21

5.72

4.95

4.29

3.65

6.05

5.21

4.52

3.92

1.46

1.50

1.40

1.48

0.61

0.50

0.48

0.44

BHARAT HEAVY ELECTRICALS

1.15

1.23

1.12

0.74

0.85

0.92

IDFC LTD

1.00

0.90

0.81

0.73

4.04

3.58

GODREJ CONSUMER PRODUCTS LTD

8.52

7.34

6.21

5.32

4.42

RELIANCE COMMUNICATIONS LTD

0.87

0.94

0.91

0.84

1.45

ACC LTD

2.69

2.57

2.34

2.11

TITAN INDUSTRIES LTD

10.67

8.10

6.38

5.15

6.80

6.85

6.34

5.35

7.12

6.97

6.56

10.40

8.28

7.18

5.34

8.93

9.31

8.88

11.11

9.70

8.21

6.59

2.39

3.86

3.93

3.30

2.88

8.83

8.08

6.74

5.67

4.27

7.86

8.61

7.69

6.21

12.54

8.80

7.71

6.60

11.68

8.42

7.26

6.28

5.48

56.76

31.02

21.93

16.86

12.81

13.23

11.09

9.29

9.88

7.08

7.99

16.68

17.96

15.47

15.87

31.34

25.74

21.81

20.79

22.79

18.44

15.11

12.25

30.88

26.47

21.76

17.62

6.14

5.15

4.52

4.43

9.03

7.88

7.46

7.04

16.75

19.10

14.58

11.45

0.79

5.02

6.01

6.76

3.42

4.61

5.40

5.35

5.64

7.74

8.66

3.18

2.86

6.65

25.59

23.52

20.99

20.47

7.61

6.82

3.64

3.06

2.64

40.15

1.34

1.27

1.19

55.64

1.79

1.75

1.56

2.00

1.70

1.42

1.54

3.37

4.60

1.41

1.31

1.35

1.59

107.04

0.02

0.21

0.31

0.47

178.00

3.4%

1.93

2.04

2.23

2.45

168.50

-6.7%

0.92

1.05

1.23

1.66

264.86

14.5%

1.42

1.49

1.61

1.46

86.89

10.8%

10.00

4.67

3.73

3.38

3.13

134.35

-5.3%

6.06

5.35

2.94

3.29

3.73

4.05

127.28

41.8%

34.06

27.61

22.71

0.69

0.81

1.00

1.30

838.53

1.0%

27.84

23.62

15.96

0.24

0.28

0.32

0.41

110.00

-26.1%

11.45

13.39

36.20

30.41

25.07

22.63

28.29

24.66

20.16

16.89

6.01

5.67

5.22

4.08

10.48

9.16

8.82

8.03

1.45

9.76

11.55

9.79

8.90

8.33

9.24

7.83

7.66

14.82

16.69

14.11

13.30

2.61

2.73

2.98

3.20

1216.52

10.5%

1.18

31.14

22.85

19.09

15.11

19.17

16.31

13.36

10.89

28.36

24.61

20.59

17.13

1.01

1.10

1.30

1.62

266.00

14.3%

1.13

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

7.55

11.10

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%

1.45

1.01

7.28

7.65

11.23

10.05

9.20

11.23

2.80

3.08

3.37

2.80

1120.8

13.5%

38.23

31.63

26.67

22.80

0.96

1.15

1.39

1.71

176.81

5.0%

9.09

8.09

6.90

5.99

1.31

1.45

1.68

2.05

721.61

25.5%

5.73

7.07

6.14

5.23

MSCI EM

1.45

1.33

1.21

1.01

0.94

0.88

7.28

6.63

6.09

DABUR INDIA LTD

13.59

11.01

8.91

7.38

4.73

4.13

3.58

3.12

34.89

29.32

24.82

23.07

SHRIRAM TRANSPORT FINANCE

1.81

1.51

1.27

1.06

3.37

2.93

2.52

2.19

8.83

7.79

6.42

5.84

JINDAL STEEL & POWER LTD

1.02

0.92

0.80

0.68

1.10

1.01

0.81

0.72

4.23

3.52

2.83

3.91

7.65

6.95

6.43

29.04

24.52

20.93

18.19

0.74

0.69

0.72

0.67

269.83

16.4%

BANK OF BARODA

6.63

6.92

5.52

5.01

3.63

4.27

4.74

5.29

597.96

20.8%

NMDC LTD

3.89

5.76

6.03

6.06

141.18

19.4%

BHARAT PETROLEUM CORP LTD

1.35

1.28

1.19

1.15

0.09

4.47

4.96

4.22

3.92

8.36

7.68

7.20

6.84

13.45

11.35

9.91

9.95

2.31

2.64

2.76

3.26

423.03

31.0%

JSW STEEL LTD

0.93

0.89

0.83

0.80

0.47

0.41

0.38

0.34

4.57

3.34

2.91

2.96

5.91

5.23

4.77

4.34

11.11

10.85

8.73

7.87

1.28

1.39

1.45

1.51

637.56

-13.7%

2.28

2.51

2.83

3.14

1327.09

5.4%

GLENMARK PHARMACEUTICALS LTD

4.87

4.23

3.40

2.70

2.97

2.43

2.07

1.80

19.43

16.90

13.97

11.31

16.29

13.59

11.42

10.00

24.25

19.21

15.66

13.26

0.37

0.42

0.47

0.50

630.79

17.4%

YES BANK LTD

1.80

1.45

1.16

1.01

3.05

2.48

2.00

1.63

8.03

7.12

5.72

5.33

1.66

2.25

2.69

2.93

429.76

46.3%

5.20

5.79

6.47

7.38

637.33

38.7%

COLGATE PALMOLIVE (INDIA)

PUNJAB NATIONAL BANK MAHINDRA & MAHINDRA FIN SECS

3.24

2.69

2.28

1.92

6.08

3.88

3.33

2.79

ADANI PORTS AND SPECIAL ECON

4.63

3.29

2.65

2.15

6.48

6.42

5.42

4.56

19.00

11.01

9.46

7.85

13.47

12.78

10.68

UNITED BREWERIES LTD

14.97

13.87

11.72

9.99

5.58

4.92

4.12

3.46

55.71

45.41

36.41

27.24

45.28

36.26

DIVI'S LABORATORIES LTD

5.08

4.44

3.72

3.09

5.73

5.23

4.34

3.85

18.65

16.35

13.68

14.76

14.75

13.41

RURAL ELECTRIFICATION CORP

1.09

0.89

0.75

EXIDE INDUSTRIES LTD

4.01

3.28

2.87

2.51

1.79

1.64

1.42

1.18

17.18

14.89

13.40

12.07

12.48

10.82

9.16

DLF LTD

0.85

0.84

0.81

0.77

2.98

2.74

2.36

2.03

12.98

15.05

11.35

7.89

16.07

14.23

TATA GLOBAL BEVERAGES LTD

1.90

1.79

1.69

1.61

1.22

1.13

1.02

0.89

17.91

15.45

13.20

10.58

14.84

RANBAXY LABORATORIES LTD

3.13

3.30

2.46

2.17

1.22

1.29

1.07

1.08

7.90

16.06

8.02

7.51

8.32

LIC HOUSING FINANCE LTD

1.47

1.26

1.09

0.99

5.18

4.24

3.91

3.61

RELIANCE POWER LTD

1.02

0.98

0.92

0.84

3.92

3.23

2.19

1.57

3.36

2.80

16.91

13.64

10.98

9.07

1.26

1.60

1.91

2.43

256.69

-0.1%

9.23

21.79

15.51

12.36

10.23

0.79

0.85

1.11

1.13

170.61

22.2%

29.64

23.73

101.75

83.85

61.58

42.93

0.10

0.16

0.24

0.54

529.67

-36.8%

10.98

9.84

20.03

18.39

15.21

13.56

1.46

1.80

2.06

1.93

1170.86

19.0%

5.18

4.51

4.46

207.00

9.8%

8.23

21.46

17.74

15.13

13.94

1.11

1.32

1.49

1.90

146.50

9.3%

11.81

9.53

23.68

26.93

15.36

11.03

1.59

1.66

1.85

1.88

213.41

57.5%

12.41

10.94

8.88

22.51

18.72

15.94

12.83

1.89

1.68

1.93

3.50

168.70

15.0%

13.87

7.58

8.92

10.32

22.42

9.74

11.34

1.01

0.61

1.02

1.88

367.34

5.1%

9.52

7.56

6.59

6.25

2.08

2.37

2.76

3.28

227.38

18.8%

19.14

19.06

15.48

10.44

0.00

0.25

0.97

81.00

19.5%

15.63

13.30

3.15

2.98

3.23

3.75

423.87

3.1%

2.16

2.54

2.69

4.08

145.76

11.0%

4.82

24.65

10.89

7.05

5.36

22.67

17.27

10.10

6.58

CUMMINS INDIA LTD HINDUSTAN ZINC LTD RELIANCE INFRASTRUCTURE LTD

0.38

0.36

0.33

0.32

0.46

0.45

0.42

0.41

POWER FINANCE CORPORATION

0.79

0.63

0.56

0.49

2.72

2.28

2.11

1.96

INDIAN OIL CORPORATION LTD

0.77

0.75

0.70

0.67

0.10

0.09

FEDERAL BANK LTD

0.80

UNITED PHOSPHORUS LTD

1.39

1.18

1.00

0.86

0.73

0.61

0.55

0.51

SIEMENS LTD

4.06

4.26

4.00

3.27

1.37

1.50

1.33

1.27

JAIPRAKASH ASSOCIATES LTD

0.59

0.55

0.51

0.53

0.44

0.35

0.30

TATA CHEMICALS LTD

0.88

0.87

0.80

0.41

0.39

0.37

STEEL AUTHORITY OF INDIA

0.49

0.47

0.45

0.41

0.46

0.44

0.38

0.32

RELIANCE CAPITAL LTD

0.70

0.66

0.63

0.60

1.44

1.32

1.19

1.12

ADANI ENTERPRISES LTD

0.74

0.68

0.61

0.50

0.34

0.28

0.23

0.22

0.34

64.21

4.62

4.26

3.03

3.94

3.27

4.12

4.08

6.36

5.15

4.40

23.49

25.73

19.39

0.29

3.59

3.16

2.10

0.36

4.16

4.01

4.03

4.64

2.47

2.28

3.60

1.19

0.27

4.11

3.17

2.46

10.13

7.52

4.86

8.89

7.60

7.93

6.68

9.73

6.23

5.80

4.78

4.28

3.95

17.08

23.86

15.68

12.95

1.07

11.36

9.21

7.31

3.68

6.32

6.42

6.01

7.00

6.95

5.30

4.27

40.10

43.86

38.29

12.87

8.60

6.66

1.68

2.34

5.89

5.52

4.57

2.07

1.93

1.97

1.95

551.60

47.6%

3.98

3.62

3.29

2.93

5.63

6.40

6.88

7.40

161.81

24.6%

7.60

8.44

6.91

6.10

3.54

3.59

4.18

4.76

261.27

27.0%

3.36

3.37

3.79

4.33

442.40

54.4%

1.97

2.04

2.26

3.08

188.67

32.1%

1.32

1.10

1.23

1.32

399.64

-18.1%

9.01

7.04

6.02

5.46

28.48

45.24

26.30

23.29

6.38

8.91

12.41

6.31

3.72

1.75

1.73

1.98

2.29

60.79

73.9%

6.21

7.45

7.85

7.00

6.59

4.28

4.56

4.84

4.59

299.72

25.4%

7.25

9.22

7.04

8.18

3.95

3.92

4.06

4.11

34.20

12.12

13.01

10.74

8.44

2.91

2.69

2.65

5.68

11.65

7.86

5.21

3.11

0.78

1.00

4.89

6.08

3.89

10.50

2.15

19.38

2.59

BANK OF INDIA NHPC LTD

0.79

0.74

0.71

0.66

3.69

3.43

3.08

2.89

6.66

6.37

6.15

5.35

8.97

8.35

7.42

6.93

10.13

9.95

8.87

8.02

CANARA BANK BHARAT FORGE LTD

2.44

2.32

2.06

1.82

1.00

0.95

0.85

0.78

CROMPTON GREAVES LTD

1.55

1.46

1.31

1.16

0.46

0.42

0.38

0.35

HINDUSTAN PETROLEUM CORP

0.48

0.40

0.03

0.57

0.50

1.50

1.38

1.36

0.86

0.68

0.51

0.46

0.44

UNION BANK OF INDIA

0.37

0.32

ABB INDIA LTD

4.12

3.69

3.00

0.95

0.98

0.68

GMR INFRASTRUCTURE LTD

0.96

1.03

0.32

9.51

8.18

6.82

6.58

9.26

8.39

7.33

6.85

14.11

9.19

7.44

5.59

12.19

8.35

6.46

5.42

1.45

1.22

1.80

1.36

10.80

9.60

9.33

7.61

17.54

38.33

22.17

8.58

5.48

3.32

19.46

23.27

18.35

14.52

13.64

10.85

8.67

4.72

0.51

9.20

46.09

-7.6%

3.12

491.00

53.1%

1.22

0.81

278.38

94.6%

6.72

7.06

205.70

27.1%

3.65

4.08

4.04

21.00

8.8%

4.93

5.36

6.18

6.34

258.48

14.5%

21.29

17.22

12.97

11.43

1.62

1.51

1.77

2.31

254.48

1.9%

31.45

14.33

10.03

8.19

1.38

1.58

1.93

1.99

96.23

10.0%

8.78

6.70

5.50

3.48

3.72

4.44

5.09

6.80

263.81

38.5%

2.30

1.98

7.48

7.27

8.08

8.34

154.19

38.8%

45.84

32.29

26.93

0.44

0.51

0.57

0.54

430.57

-22.0%

11.36

0.00

0.51

0.57

0.00

21.98

0.6%

5.33

5.64

6.96

4.72

73.30

23.5%

0.00

1.45

32.98

2.9%

0.72

0.48

0.59

0.31

20.92

32.0%

7.15

IDBI BANK LTD 1.11

1.43

ADANI POWER LTD

1.53

1.61

1.53

1.35

0.71

0.52

0.51

11.42

2.90

2.30

33.75

11.71

7.73

7.60

14.18

7.97

UNITECH LTD

0.34

0.33

1.68

1.39

1.20

1.06

13.25

14.01

7.80

6.29

21.67

18.61

15.25

13.18

7.55 13.07

11.28

9.24

8.61

5.31

2.90

4.29

4.97

16.20

7.6%

HOUSING DEVELOPMENT & INFRAS

0.14

0.13

0.12

0.95

0.83

0.69

0.64

2.92

4.27

2.96

1.43

5.04

6.21

5.06

4.55

2.68

3.13

2.59

2.20

1.02

0.54

1.12

1.33

40.33

9.8%

SUZLON ENERGY LTD

0.32

6.84

1.19

0.07

0.06

0.05

4.36

1.92

17.34

7.58

4.94

3.27

1.53

0.00

7.03

7.7%

ASHOK LEYLAND LTD

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

8.66

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

ITC LTD

INR

10.6

349157

84500

189203

103071

2445222

120156

313235

233378

15.13

1.00

31.9

1.6966

INFOSYS LTD

INR

4.3

439990

272440

346380

104450

1650982

83370

403520

379940

14.60

1.00

17.5

1.4536

RELIANCE INDUSTRIES LTD

INR

1.2

2628590

464510

1368930

221510

2269473

1793530

3970620

1830040

3.49

1.00

10.9

1.1644

HOUSING DEVELOPMENT FINANCE

INR

4.0

2517087

219771

77217

1277669

2188164

359790

331318

18.9

1.5129

HDFC BANK LIMITED

INR

4.1

4077230

155763

100057

1487970

3708589

429950

368641

21.5

0.8795

TATA CONSULTANCY SVCS LTD

INR

8.0

484309

197338

364315

169600

3084091

129262

629895

393410

15.97

1.00

22.2

1.3962

ICICI BANK LTD

INR

1.8

6748217

250859

135828

1205724

6043535

741705

704682

12.5

1.9135

HINDUSTAN UNILEVER LTD

INR

35.2

120454

1101

25928

39738

1009766

92062

270040

28856

10.22

1.00

26.4

2.2486

LARSEN & TOUBRO LTD

INR

2.5

1263288

218180

262245

86084

840740

1065925

744980

365126

1.79

1.00

16.1

1.3541

TATA MOTORS LTD

INR

2.3

1472439

-191753

256707

169780

858620

1320187

1888176

380078

2.14

1.00

8.7

0.7431

OIL & NATURAL GAS CORP LTD

INR

1.7

2533532

73746

1482358

325504

2664180

989827

1624032

1544747

3.53

1.00

11.0

3.0507

SUN PHARMACEUTICAL INDUS

INR

5.7

183942

67346

133763

46440

848090

42564

112999

166248

14.86

1.00

28.4

0.6105

STATE BANK OF INDIA

INR

1.1

21324298

440263

259224

1417831

20038715

2006004

1292869

7.8

2.0022

BHARTI AIRTEL LTD

INR

2.2

992424

-247517

427730

94130

1107930

1129129

803112

544103

2.03

1.00

48.6

0.3428

MAHINDRA & MAHINDRA LTD

INR

2.5

730581

79168

173912

29020

508445

512121

626435

252577

2.05

1.00

12.4

1.4513

WIPRO LTD

INR

3.8

383260

162663

267126

65516

1076672

154747

374256

284983

6.50

1.00

17.5

1.6013

AXIS BANK LTD

INR

1.8

3405577

117812

76294

608668

3073868

340392

331709

10.8

1.3839

DR. REDDY'S LABORATORIES

INR

4.1

128348

32068

51022

21112

300016

69264

116266

73105

4.90

1.00

17.9

0.8491

HCL TECHNOLOGIES LTD

INR

3.8

180897

50076

141551

52104

540756

87534

257337

142945

7.19

1.00

13.2

1.5464

NTPC LTD

INR

1.4

1784562

181163

707674

144948

1170444

968248

693768

818858

2.06

1.00

9.3

3.1701

BAJAJ AUTO LTD

INR

6.5

120572

20158

77759

34901

520730

46104

195335

80653

10.46

1.00

16.6

2.5006

KOTAK MAHINDRA BANK LTD

INR

3.2

1158312

91494

31426

487536

1003586

159487

154760

22.2

0.1072

UNITED SPIRITS LTD

INR

5.2

105463

-5433

21437

11628

248399

115865

105980

47984

2.88

1.00

212

0.1316

SESA GOA LTD

INR

0.8

206325

-25472

155191

3224

135145

54138

25544

174754

2.58

1.00

5.9

0.0643

CIPLA LTD

INR

3.4

116474

46138

74291

18843

304909

26391

82793

90187

9.55

1.00

19.7

0.5267

ASIAN PAINTS LTD

INR

13.9

67137

10751

32884

15928

471662

32439

109060

35451

12.01

1.00

42.3

0.9355

CAIRN INDIA LTD

INR

1.1

388123

125286

256016

111872

520434

63018

175195

476994

7.67

1.00

4.3

4.221

LUPIN LTD

INR

5.4

82704

20575

45769

19936

281295

36502

96413

52636

7.66

1.00

21.4

0.6364

NESTLE INDIA LTD

INR

26.8

3617

17020

16374

481336

33655

83023

17984

10.53

1.00

45.1

0.9715

TECH MAHINDRA LTD

INR

2.5

86230

3731

50144

12528

135742

34499

68731

55345

4.50

1.00

10.5

0.4719

HERO MOTOCORP LTD

INR

6.2

84624

9069

49663

21629

307918

46354

235827

50062

8.57

1.00

14.5

3.8911

ULTRATECH CEMENT LTD

INR

3.4

287941

2685

149412

37884

512429

142821

211561

153077

4.06

1.00

19.1

0.4816

MARUTI SUZUKI INDIA LTD

INR

2.0

272468

38322

184522

25791

387025

84324

432159

190384

5.77

1.00

15.7

0.6244

COAL INDIA LTD

INR

4.0

1195733

620224

421556

179952

1952388

730292

683027

485356

11.2

4.5293

TATA STEEL LTD

INR

0.9

1293679

19651

153639

67459

303845

1110436

1347115

358628

1.56

1.00

2.5571

GRASIM INDUSTRIES LTD

INR

1.3

409286

36343

194687

46965

258195

181961

279043

258775

2.68

1.00

9.5

0.7998

INDUSIND BANK LTD

INR

2.8

733065

21557

15709

211528

656763

83407

76303

18.5

0.7413

GAIL INDIA LTD

INR

1.4

590511

-16434

275115

61641

403693

295353

508927

302513

2.65

1.00

9.2

3.0165

POWER GRID CORP OF INDIA LTD

INR

1.9

1128470

-82699

168982

78900

489825

869810

131155

264031

0.81

0.00

11.4

2.5992

HINDALCO INDUSTRIES LTD

INR

0.5

1041544

159568

312451

48901

175426

835001

801928

370895

1.65

1.00

5.8

1.5284

IDEA CELLULAR LTD

INR

2.6

281128

-47522

20279

24819

377501

220728

224074

143053

2.01

1.00

37.3

0.2634

AMBUJA CEMENTS LTD

INR

3.5

124102

22476

71066

19349

309825

36589

97395

87983

7.40

1.00

23.9

1.7919

ZEE ENTERTAINMENT ENTERPRISE

INR

5.1

43369

23611

29915

9222

200760

11410

36996

39148

13.73

1.00

27.9

0.9503

TATA POWER CO LTD

INR

2.0

611847

-44925

74492

47396

229001

538741

330254

134073

1.13

1.00

1.1917

BHARAT HEAVY ELECTRICALS

INR

1.4

713835

232025

300432

100342

433225

412153

481063

305374

2.75

1.00

6.5

3.0565

IDFC LTD

INR

1.6

700983

69235

26526

217515

573510

81464

137080

11.8

1.8106

GODREJ CONSUMER PRODUCTS LTD

INR

8.0

26290

5693

17954

9417

264774

41785

64074

35226

8.64

1.00

33.3

0.6427

RELIANCE COMMUNICATIONS LTD

INR

0.3

640080

-111780

247710

20640

114141

556070

192940

345750

0.96

0.00

17.0

0.4521

ACC LTD

INR

3.6

118867

14417

63396

16278

268889

45532

111306

73750

5.82

1.00

25.4

2.0947

TITAN INDUSTRIES LTD

INR

11.6

58660

13328

17422

9643

227628

39134

101233

19699

6.45

1.00

31.4

0.819

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

Ratio Analysis

Total Liabilities

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

DABUR INDIA LTD

INR

11.2

41002

3631

19199

9300

238695

26000

61761

21364

8.53

1.00

31.3

1.0953

SHRIRAM TRANSPORT FINANCE

INR

2.1

476466

53566

23922

157546

403117

70160

73379

10.8

1.008

JINDAL STEEL & POWER LTD

INR

1.5

570525

-27492

210316

45825

325088

352631

198068

218095

1.62

1.00

11.2

0.4601

BANK OF BARODA

INR

0.9

5593883

185195

51958

284517

5259965

409539

333918

5.8

3.1833

NMDC LTD

INR

5.3

128480

105985

112313

57635

617703

12196

75640

116284

34.67

1.00

14.2

1.4185

BHARAT PETROLEUM CORP LTD

INR

1.6

788047

-36476

158281

55305

273109

617135

2420434

178521

3.79

1.00

14.5

2.9124

JSW STEEL LTD

INR

0.9

563590

-67351

113639

42772

150013

401871

382097

175409

1.29

1.00

16.0

1.4873

COLGATE PALMOLIVE (INDIA)

INR

27.8

8847

369

3038

4624

91836

5545

19625

3302

14.41

1.00

21.2

2.9616

GLENMARK PHARMACEUTICALS LTD

INR

4.5

58971

15688

19539

8830

125378

43836

50123

27874

3.84

1.00

20.4

0.4321

YES BANK LTD

INR

2.6

991041

25225

19262

153813

932964

95519

58077

11.7

1.3989

PUNJAB NATIONAL BANK

INR

0.7

4965138

201096

67838

253759

4617418

473775

348353

4.9

3.761

MAHINDRA & MAHINDRA FIN SECS

INR

2.4

270692

24525

13401

110909

224676

41124

46032

11.2

1.8462

ADANI PORTS AND SPECIAL ECON

INR

4.3

209456

20544

41724

19928

277871

145210

35766

65386

2.03

1.00

18.1

0.721

UNITED BREWERIES LTD

INR

12.9

36957

4543

7813

3088

184978

22273

38987

15128

6.76

1.00

109.1

126

0.1001

DIVI'S LABORATORIES LTD

INR

5.2

31388

13097

23676

7396

131075

6382

21399

25006

15.34

1.00

21.8

1.519

RURAL ELECTRIFICATION CORP

INR

1.2

1305633

133199

53625

205836

1130373

135778

175298

0.56

0.00

5.4

3.9578

EXIDE INDUSTRIES LTD

INR

3.6

106959

15699

22568

7363

110033

82179

63659

30909

2.10

1.00

20.0

1.236

DLF LTD

INR

1.5

627507

123770

158877

18682

398689

366971

77728

279297

1.47

1.00

56.0

0.8522

TATA GLOBAL BEVERAGES LTD

INR

1.6

49648

10336

41471

6651

79062

31699

72703

56240

4.82

1.00

21.2

1.6817

RANBAXY LABORATORIES LTD

INR

5.2

142998

10469

3714

13655

212726

122919

122529

41733

2.33

1.00

23.0

LIC HOUSING FINANCE LTD

INR

1.7

806386

47113

14462

113499

741146

77348

65341

10.8

1.6896

RELIANCE POWER LTD

INR

0.9

518730

26558

47277

14278

172515

333513

49266

185826

0.69

0.00

17.1

CUMMINS INDIA LTD

INR

2.5

22917

10398

14456

5075

36630

8265

35285

14852

6.36

1.00

7.9

3.5676

HINDUSTAN ZINC LTD

INR

1.6

354554

218781

314307

58589

512531

31897

126998

322757

12.53

1.00

7.4

2.5556

RELIANCE INFRASTRUCTURE LTD

INR

0.3

581768

2247

170329

24395

85327

401437

155101

263522

0.95

0.00

3.8

2.2808

POWER FINANCE CORPORATION

INR

1.0

1699218

187432

63064

238527

1457679

172851

241577

0.82

0.00

5.4

3.8738

INDIAN OIL CORPORATION LTD

INR

1.1

2368050

40304

604795

105795

683711

1734020

4617797

642989

2.71

1.00

15.4

2.2017

FEDERAL BANK LTD

INR

1.3

709930

23390

12097

82220

647278

69108

62651

9.6

1.8725

UNITED PHOSPHORUS LTD

INR

1.1

101530

32339

34926

13309

51962

75736

91945

48795

2.61

1.00

6.9

2.1295

SIEMENS LTD

INR

7.5

101334

22090

37481

11130

285082

63415

119063

38162

5.01

1.00

32.7

309

0.7162

JAIPRAKASH ASSOCIATES LTD

INR

1.2

850077

-13552

75257

53933

145239

781351

188164

164131

0.65

0.00

30.4

0.7639

TATA CHEMICALS LTD

INR

1.3

68523

3464

48999

18155

81930

132859

148588

69497

4.47

1.00

20.5

3.1095

STEEL AUTHORITY OF INDIA

INR

0.6

849672

52331

372789

35506

258364

448721

450872

416474

1.70

1.00

11.1

3.1974

RELIANCE CAPITAL LTD

INR

0.6

403310

81260

12490

76809

281010

74920

124870

9.5

2.5584

ADANI ENTERPRISES LTD

INR

1.0

1090219

-60289

108669

42020

222382

875659

464624

246926

0.78

0.00

13.8

0.6924

BANK OF INDIA

INR

0.7

4564068

132046

30168

180469

4318624

358802

245444

6.2

3.302

NHPC LTD

INR

0.8

590277

73000

152055

30836

244170

296509

64021

326852

1.28

1.00

9.3

3.0227

CANARA BANK

INR

0.7

4193243

156712

37665

170134

3939157

373726

254086

5.7

3.385

BHARAT FORGE LTD

INR

2.1

73645

6363

15002

4581

48212

50188

57022

24206

1.94

1.00

18.2

1.6417

CROMPTON GREAVES LTD

INR

1.7

86136

17915

32814

1802

60172

65818

120944

35710

2.80

1.00

1.2793

HINDUSTAN PETROLEUM CORP

INR

0.7

920737

-63836

119363

18781

96576

786816

2159502

135942

2.58

1.00

19.3

2.9804

UNION BANK OF INDIA

INR

0.8

3128805

87535

30392

130101

2954519

280383

174600

5.6

3.6697

ABB INDIA LTD

INR

5.7

63490

9887

24999

2950

148495

39028

76105

26016

4.37

1.00

105.4

0.4281

GMR INFRASTRUCTURE LTD

INR

1.2

531552

-84761

-379

14225

84076

528477

98719

109693

0.18

0.00

95.4

0.463

IDBI BANK LTD

INR

0.5

3226662

91996

19068

106953

3014278

284101

212384

5.4

4.3614

ADANI POWER LTD

INR

2.3

549561

-109170

-15508

-1927

97287

506711

67748

42934

-0.05

0.00

117

UNITECH LTD

INR

0.5

238807

95370

51093

3206

61614

124357

24405

114499

1.22

1.00

29.4

ASHOK LEYLAND LTD

INR

1.3

126069

-9996

34343

4957

58136

86416

124812

44551

1.81

1.00

13.4

2.746

HOUSING DEVELOPMENT & INFRAS

INR

0.2

172387

112091

50524

3267

19358

69257

10252

103900

1.48

1.00

26.4

SUZLON ENERGY LTD

INR

2.7

203623

-15597

-43045

-16925

24172

280208

187431

9861

0.31

0.00

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

01.10.2013

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 (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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITC IB EQUITY YTD Change ITC IB EQUITY YTD % CHANGE

03/2013 01/yy 380.00 267.70 123'021.00 343 -9.71% 28.13% 64.65% 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

4.0 M

350

3.5 M

300

3.0 M

250

2.5 M

200

2.0 M

150

1.5 M

100

1.0 M

.5 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

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

111'661.90 103'070.80 32.91% 35.49% 23.25% 35.70% 35.90% 0.96% 35.6% 32.9% 24.3% 1.80 0.97 0.29% 0.44% 24.13 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

1.53 0.84 4'826.42 27.37% 21.44% 0.838 49 4.306 521'965 753'458 635'611 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 362'622 424'519 7.31x 6.21x 131'058.6 155'726.4 20.07x 16.89x 89'489.1 106'580.2 30.42x 25.64x 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

167.51 127.84 -0.78 0.01 0.4% 0.4% 0.96 2.44 15.12 -

Sales/Revenue/Turnover

45.00

350'000.0

40.00

300'000.0

35.00

250'000.0

30.00 25.00

200'000.0

20.00

150'000.0

15.00

100'000.0

10.00

50'000.0

5.00 0.00 04.04.2010

n-12

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 31.03.2009 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 |

01.10.2013

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 1'985'564'880 997'795'083 896'724'540 324'207'960 159'074'568 143'750'540 128'050'513 119'307'220 105'961'190 103'303'260 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 35'651'464

% Out 25.07 12.6 11.32 4.09 2.01 1.82 1.62 1.51 1.34 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 3'592'777 1'699'600 (1'680'960) (687'826) 396'408 685'802 (377'063) 1'329'090 166'975 1'715'613

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 31.07.2013 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

01.10.2013

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

Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INFO IB EQUITY YTD Change INFO IB EQUITY YTD % CHANGE

03/2013 06/yy 3'172.70 2'190.00 26'016.00 3013.1 -4.94% 37.58% 84.00% 574.2 1'730'231.13 0.00 0.0 0.0 235'710.00 1'528'141.10

2000

1.5 M

1500

1.0 M

1000 .5 M

500 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

2.0 M

2500

Valuation Analysis

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

2.5 M

3000

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 M o-13

0.79 442.03 17.55% 31.46% 0.787 70 3.600 60'624 74'076 94'756 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 358'650.0 420'030.0 475'478.3 531'124.6 120'242.6 118'190.3 14.81x 11.82x 3.06x 2.63x 14.40x 14.65x 121'860.0 124'220.0 128'008.9 143'171.2 31'980.8 31'603.0 10.08x 9.87x 11.94x 10.68x 11.74x 11.48x 88'830.0 95'060.0 100'722.8 113'055.8 24'360.2 24'776.3 16.14x 15.02x 16.90x 15.04x 16.83x 16.40x 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 |

01.10.2013

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

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 JPMorgan VIJU K GEORGE 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 Antique Stock Broking Limited PRATISH KRISHNAN BP Equities Private Limited AMIT CHANDRA

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

Amt Held 30'472'192 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 5.31 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 5 5 3 5 3 3 5 5 3 5 3 4 5 5 1 4 5 4 5 5 5 2 1 5 5 5 3 3 3 5 3 5 3 2 1 3 3 1 3 3 3

M U M 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 M M

Latest Chg (2'803'199) (6'790) 702'687 (197'344) 50'543 (577'000) (1'153'629) (1'819'086)

Target Price 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 3'000 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 2'700 2'790

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

File Dt 31.07.2013 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 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 6 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 Not Provided Not Provided

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 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 02.09.2013 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 15.07.2013 15.07.2013

01.10.2013

Reliance Industries Ltd Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIL IB EQUITY YTD Change RIL IB EQUITY YTD % CHANGE

03/2013 01/yy 954.80 761.00 187'876.00 824 -13.56% 8.28% 31.66% 3'230.6 2'662'051.00 1'072'190.00 0.0 9'490.0 661'360.00 3'082'370.93

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

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

1.09 1.13 1'519.34 -0.17% -0.71% 1.127 56 3.893 391'782 478'787 440'068 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 8.62x 7.46x 224'997.2 253'973.1 11.49x 10.21x 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

1.6 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 |

01.10.2013

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 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 Sharekhan Ltd 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 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 TEAM COVERAGE 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 reduce sell buy neutral outperform hold outperform Overwt/Attractive outperform neutral buy 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 2 1 5 3 5 3 5 5 5 3 5 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 U U M 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 1'075 1'160 840 856 1'117 943 960 868 1'013 1'156 1'031 800 974 1'010 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 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided 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 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 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

01.10.2013

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 (30.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDFC IB EQUITY YTD Change HDFC IB EQUITY YTD % CHANGE

03/2013 06/yy 931.00 632.20 45'229.00 774.95 -16.33% 22.58% 43.96% 1'558.2 1'207'488.00 1'636'626.90 0.0 10'714.7 15'168.60 2'839'661.06

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

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

LTM

FY+1

.0 M o-13

1.61 0.99 1'465.08 2.29% -5.02% 0.986 49 3.755 113'159 257'415 251'260 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 21.56x 18.02x 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

30.0 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 |

01.10.2013

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 103'603'973 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 18'615'948 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 1.19 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 301'906 (7'822'000) (2'441'050) 2'807'656 (391'731) 922'600 36'751 5'809'780 220'200 (6'328'866) (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 28.06.2013 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

01.10.2013

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 800

.8 M

500 400

03/2013 01/yy 727.00 528.00 142'313.00 607 -16.16% 14.96% 33.02% 2'391.2 1'451'487.63 474'417.82 0.0 2'213.4 276'228.64 -

.6 M

300

.4 M

200 .2 M

100 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

1.0 M

600

31.03.2009 197'464.0 22'489.9 18.38x

1.2 M

700

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

0.91 1.02 1'815.33 -1.78% -9.83% 1.019 66 4.015 374'258 380'674 277'095

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 17.05x 13.56x S&P Issuer Ratings

.0 M o-13

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 |

01.10.2013

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 14'836'189 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 58'907 153'839 671'143 861 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

01.10.2013

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 2500

.8 M 2000

.6 M .5 M .4 M

1000

Latest Fiscal Year: LTM as of: 52-Week High (04.09.2013) 52-Week Low (18.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TCS IB EQUITY YTD Change TCS IB EQUITY YTD % CHANGE

03/2013 06/yy 2'075.85 1'197.60 23'982.00 1943.7 -6.25% 62.30% 83.02% 1'957.2 3'804'250.25 2'322.70 1'000.0 6'953.1 76'806.60 3'676'884.56

.3 M .2 M

500

.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

1500

Valuation Analysis

31.03.2009 278'128.8 1.77x 71'698.0 6.88x 52'564.2 10.04x

.9 M

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 M o-13

0.72 455.43 51.56% 56.51% 0.716 70 3.857 80'087 144'620 145'197 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 529'655.2 661'078.4 792'039.7 909'364.8 197'917.1 199'669.0 16.54x 16.06x 4.67x 3.99x 19.29x 19.12x 43'327.7 189'076.4 233'871.9 266'825.4 58'435.6 58'101.8 0.00x 15.04x 15.75x 13.80x 15.56x 15.17x 115'384.6 144'570.0 174'045.7 200'490.8 42'532.5 44'225.8 21.67x 20.55x 21.86x 18.96x 21.08x 20.27x 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 |

01.10.2013

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

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 Sharekhan Ltd TEAM COVERAGE 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 outperform neutral buy hold outperform sell Overwt/Attractive hold neutral buy hold outperform add neutral hold neutral neutral buy 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 14'708'202 13'963'462 11'339'199 11'305'539 11'139'798 10'485'880 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 3 5 3 5 1 5 3 3 5 3 5 4 3 3 3 3 5 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 D M 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) (1'016'124) 421'233 (909'097) 3'206'477 (120'724) (269'869) 103'577 (2'098'694) (586'517) (100'000) (16'200) (115'389) -

Target Price 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 2'160 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 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 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 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 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

01.10.2013

ICICI Bank Ltd ICICI Bank Limited operates a network of bank's located throughout India. The Group specializes in retail and corporate banking, in addition to Forex and treasury operations. ICICI Bank also provides a wide variety of investment banking, insurance and financial services to its clients.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 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 01.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ICICIBC IB EQUITY YTD Change ICICIBC IB EQUITY YTD % CHANGE

03/2013 06/yy 1'236.90 758.80 297'134.00 907 -26.37% 19.53% 26.39% 1'154.4 1'047'035.56 1'910'174.23 17'057.6 511'388.86 -

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

1.4 M

1200

1.2 M

1000

1.0 M

800

.8 M

600

.6 M

400

.4 M

200

.2 M

0 o-12

31.03.2010 31.03.2011 595'176.1 615'647.1 46'702.9 60'932.7 22.71x 20.85x Profitability

LTM-4Q 31.03.2012 666'619.9 76'429.4 13.42x

31.03.2013 741'704.7 96'036.1 12.55x

29.60% 29.68% 1.48% 14.77% 4.04% 0.11% 20.9% 28.31% 277.79% -

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

2.21 1.39 707.11 -12.21% -18.90% 1.388 65 4.600 432'337 587'537 502'142 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 193'005.3 202'398.7 0.00x 0.00x 0.0 0.0 0.00x 0.00x 80'527.5 102'744.2 108'321.0 123'499.0 12.87x 12.02x 10.68x S&P Issuer Ratings Long-Term Rating Date 30.01.2007 Long-Term Rating NR Long-Term Outlook NEG Short-Term Rating Date 30.01.2007 Short-Term Rating A-3 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 277.8% Total Debt/Capital 73.1% Asset Turnover 0.11 Net Fixed Asset Turnover 13.60 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 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 641'516.2 35'769.5 10.36x

1400

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 |

01.10.2013

ICICI Bank Ltd Holdings By:

All

Holder Name DEUTSCHE BANK TRUST LIFE INSURANCE CORP ABERDEEN CAPITAL GROUP COMPAN GIC PRIVATE LIMITED CARMIGNAC GESTION HDFC ASSET MANAGEMEN EUROPACIFIC GROWTH F VANGUARD GROUP INC SBI LIFE INSURANCE C RELIANCE CAPITAL TRU SCHRODER INVESTMENT T ROWE PRICE ASSOCIA DODGE & COX UTI ASSET MANAGEMENT PRUDENTIAL ICICI ASS TEMPLETON ASSET MGMT BLACKROCK SUN LIFE FINANCIAL I FRANKLIN RESOURCES

Firm Name Axis Capital Limited Standard Chartered Macquarie Anand Rathi Securities Pvt. Ltd. India Nivesh Ltd Religare Capital Markets Nomura JPMorgan IDBI Capital Market Services Ltd Angel Broking Limited CIMB UBS Prabhudas Lilladher Pvt Ltd Avendus Capital Private Ltd EVA Dimensions Batlivala & Karani Securities Goldman Sachs BNP Paribas Equity Research Sharekhan Ltd Barclays Almondz Global Securities Ltd Jefferies IIFL Daiwa Securities Co. Ltd. Fortune Equity Brokers (India) Ltd Sunidhi Consultancy Services Dolat Capital Market Ltd. IDFC Securities Ltd Kotak Securities Nirmal Bang Institutional Equities Motilal Oswal Securities Ltd Ventura Securities Ltd Deutsche Bank Firstcall India Equity Advisors Pvt Ltd Morgan Stanley Ajcon Global Services Ltd. BOB Capital Markets KR Choksey Shares & Sec Pvt Ltd Centrum Broking Pvt Ltd HSBC HDFC Securities Karvy Stock Broking Ltd India Infoline

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

Analyst PRAVEEN AGRAWAL MAHRUKH ADAJANIA SURESH GANAPATHY CLYTON FERNANDES DALJEET SINGH KOHLI SIDDHARTH TELI ABHISHEK BHATTACHARYA SESHADRI K SEN JIGNESH SHIAL VAIBHAV AGRAWAL JATINDER AGARWAL VISHAL GOYAL ADARSH PARASRAMPURIA CHANDANA JHA DOUG WALTERS ANAND DAMA TABASSUM INAMDAR ABHIJIT MAJUMDER TEAM COVERAGE ANISH TAWAKLEY SHIVRAJ GUPTA NILANJAN KARFA SAMPATH S K KUMAR PUNIT SRIVASTAVA VIJAY NARA AMIT JAIN RAJIV PATHAK MANISH CHOWDHARY MB MAHESH HEMINDRA HAZARI ALPESH MEHTA TEAM COVERAGE MANISH KARWA TEAM COVERAGE ANIL AGARWAL AKASH AJAY JAIN JISHA NAIR MANISH OSTWAL BHAVESH KANANI SACHIN SHETH DARPIN SHAH HATIM K BROACHWALA RAJIV MEHTA

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

Recommendation buy outperform outperform buy buy hold buy overweight accumulate buy outperform buy buy buy underweight buy Buy/Neutral buy buy overweight buy hold reduce buy buy outperform buy outperform buy buy buy hold buy buy Overwt/Cautious buy buy buy buy overweight buy buy buy

Amt Held 336'587'762 86'471'155 40'993'567 27'896'069 23'748'462 22'725'555 22'310'738 17'266'326 15'257'790 12'222'394 10'558'191 10'449'276 10'404'484 9'632'692 9'589'762 9'090'346 8'097'137 7'715'157 7'571'332 6'732'163

% Out 29.16 7.49 3.55 2.42 2.06 1.97 1.93 1.5 1.32 1.06 0.91 0.91 0.9 0.83 0.83 0.79 0.7 0.67 0.66 0.58

Weighting

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

M M M M M M M M M M M M M M 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 122'029 101'396 (929'221) 1'287'456 (625'135) 5'466'922 4'589'005 4'353'748 (268'314) 372'105 206'534 (211'023) 175'653 (1'344'159)

Target Price 1'026 1'105 1'115 1'209 1'226 1'075 1'390 1'100 1'053 1'126 1'383 1'150 1'150 1'200 #N/A N/A 1'350 1'010 952 1'195 1'018 1'055 1'040 620 1'195 1'260 1'176 1'086 1'175 1'110 1'200 1'279 1'270 1'225 946 990 1'050 1'178 1'198 1'300 1'207 1'174 1'190 1'212

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

File Dt 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2012 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 31.08.2013 27.09.2013 31.07.2013 30.06.2013

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 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 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 18 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 9 month

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

Date 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 22.09.2013 20.09.2013 16.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 06.09.2013 05.09.2013 04.09.2013 30.08.2013 29.08.2013 28.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 23.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 19.08.2013 12.08.2013 08.08.2013 08.08.2013 07.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013

01.10.2013

Hindustan Unilever Ltd Hindustan Unilever Limited manufactures branded and packaged consumer products including soap, detergent, personal care products and processed food. The Company also manufactures ice creams, cooking oils, fertilizers and hybrid seeds.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (07.03.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HUVR IB EQUITY YTD Change HUVR IB EQUITY YTD % CHANGE

03/2013 01/yy 725.00 432.25 180'965.00 617.1 -14.72% 42.76% 66.66% 2'162.6 1'334'521.25 247.40 0.0 208.6 36'868.00 1'298'109.24

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

4.0 M

700

3.5 M

600

3.0 M

500

2.5 M

400

2.0 M

300

1.5 M

200

1.0 M

100

.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 31.03.2009

800

31.03.2010 31.03.2011 177'642.7 200'225.5 2.83x 3.01x 28'498.6 27'443.4 17.67x 21.96x 21'566.3 22'960.5 24.22x 27.26x Profitability

31.03.2012 234'363.3 3.64x 35'044.4 24.34x 27'906.6 31.75x

31.03.2013 270'039.9 3.60x 42'250.9 23.04x 38'289.8 26.36x

42'250.90 39'737.70 14.72% 18.76% 32.59% 116.99% 103.59% 2.30% 15.6% 14.7% 14.2% 1.01 0.59 0.20% 0.86% 29.14 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

1.70 0.58 575.58 17.54% 18.80% 0.577 50 1.900 180'410 154'714 323'795 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 297'757.2 338'294.8 4.36x 3.81x 45'521.5 51'600.3 28.53x 25.17x 36'075.6 39'471.9 37.23x 34.01x S&P Issuer Ratings

164.27 147.11 -0.87 0.01 0.9% 0.9% 2.30 10.68 12.52 -

Sales/Revenue/Turnover

45.00

300'000.0

40.00

250'000.0

35.00

200'000.0

30.00 25.00

150'000.0

20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

01.10.2013

Hindustan Unilever Ltd Holdings By:

All

Holder Name UNILEVER PLC BROOKE BOND GROUP LT UNILEVER OVERSEAS HO ABERDEEN LIFE INSURANCE CORP UNILEVER UK & CN HOL BROOKE BOND SOUTH IN KCPL ESCROW ACCOUNT BROOKE BOND ASSAM ES VIRTUS EMERGING MARK HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG OPPENHEIMERFUNDS INC VANGUARD GROUP INC BLACKROCK COMMONWEALTH BANK OF BLACKSTONE ASIA ADVI JP MORGAN NORGES BANK DANSKE INVEST A/S

Firm Name Ambit Capital Pvt Ltd Standard Chartered BNP Paribas Equity Research Axis Capital Limited IIFL Kotak Securities IDFC Securities Ltd JPMorgan Nomura Deutsche Bank Edelweiss Capital ICICI Securities Credit Suisse Prabhudas Lilladher Pvt Ltd Fortune Equity Brokers (India) Ltd Motilal Oswal Securities Ltd Riedel Research Group Inc UBS Angel Broking Limited Firstcall India Equity Advisors Pvt Ltd Morgan Stanley Jefferies Macquarie Anand Rathi Securities Pvt. Ltd. Phillip Securities Emkay Share & Stock Brokers HDFC Securities India Infoline Antique Stock Broking Limited KR Choksey Shares & Sec Pvt Ltd Sharekhan Ltd Goldman Sachs Elara Securities India Pvt Ltd CIMB Batlivala & Karani Securities Tata Securities Limited Religare Capital Markets ICICIdirect.com EVA Dimensions Ventura Securities Ltd Brics Securities Karvy Stock Broking Ltd HSBC

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

Analyst RAKSHIT RANJAN SANJAY SINGH VIJAY CHUGH HEMANT B PATEL PERCY PANTHAKI ROHIT CHORDIA NIKHIL K VORA LATIKA CHOPRA MANISH JAIN MANOJ MENON ABNEESH ROY ANAND MOUR ARNAB MITRA AMNISH AGGARWAL KRISHNAN SAMBAMOORTHY GAUTAM DUGGAD DAVID R RIEDEL SUNITA SACHDEV SRINIVASAN VISWANATHAN TEAM COVERAGE NILLAI SHAH RAJASA KAKULAVARAPU AMIT MISHRA ANIRUDDHA JOSHI NAVEEN KULKARNI PRITESH TALAKSHI CHHEDA HARSH MEHTA VANMALA NAGWEKAR ABHIJEET KUNDU KUNAL DALAL TEAM COVERAGE PUNEET JAIN AASHISH UPGANLAWAR VARUN LOHCHAB ASHIT DESAI SAMEER DESHMUKH GAURANG KAKKAD SANJAY MANYAL CRAIG STERLING TEAM COVERAGE SACHIN B BOBADE NAVEEN TRIVEDI AMIT SACHDEVA

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

Recommendation sell in-line reduce sell reduce sell neutral underweight reduce hold hold sell neutral reduce sell sell hold buy neutral hold Underwt/In-Line hold neutral sell sell sell sell market perform sell hold reduce Sell/Neutral sell underperform underperform sell sell sell hold hold reduce sell restricted

Amt Held 1'114'370'148 106'739'460 87'649'320 65'896'844 62'490'245 60'086'250 52'747'200 39'449'393 32'820'480 30'302'840 30'302'840 23'074'948 19'602'359 15'902'153 7'171'652 6'587'164 4'139'000 3'946'567 3'838'403 3'759'703

% Out 51.53 4.94 4.05 3.05 2.89 2.78 2.44 1.82 1.52 1.4 1.4 1.07 0.91 0.74 0.33 0.3 0.19 0.18 0.18 0.17

Weighting

Change

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

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

Latest Chg 319'563'398 (6'858'365) (891'083) (147'000) (15'315'281) (2'237'051) (519'214) (271'687) 228'648 533'219

Target Price 487 570 540 535 540 530 600 545 495 600 633 464 595 562 468 600 560 700 #N/A N/A 690 600 594 650 510 580 525 530 597 577 668 540 507 537 550 570 482 560 590 #N/A N/A #N/A N/A 552 471 #N/A N/A

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

File Dt 18.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 30.04.2013 31.07.2013 30.06.2013 27.09.2013 30.06.2013 28.06.2013 31.07.2013 31.12.2012 31.05.2013

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

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

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 22.09.2013 18.09.2013 18.09.2013 13.09.2013 10.09.2013 28.08.2013 21.08.2013 19.08.2013 09.08.2013 07.08.2013 31.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 28.07.2013 27.07.2013 27.07.2013 27.07.2013 27.07.2013 27.07.2013 06.06.2013 02.05.2013 30.04.2013 10.04.2013 04.04.2013

01.10.2013

Larsen & Toubro Ltd Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

Price/Volume 1200 1000 800 600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.10.2012) 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 12.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LT IB EQUITY YTD Change LT IB EQUITY YTD % CHANGE

03/2013 12/yy 1'146.33 678.10 197'880.00 799 -30.21% 17.83% 23.60% 925.3 739'279.81 624'662.50 0.0 26'528.7 110'322.10 1'280'148.92

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

200 0 o-12

31.03.2010 31.03.2011 435'135.8 520'437.8 2.53x 2.37x 68'009.8 78'609.8 16.19x 15.67x 54'507.4 44'561.7 18.20x 23.02x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.03.2012 643'131.1 1.85x 94'106.9 12.64x 46'936.9 17.04x

31.03.2013 744'980.0 1.85x 102'455.0 13.49x 52'056.7 16.11x

102'455.00 86'084.30 11.56% 10.30% 3.97% 16.46% 7.46% 0.57% 13.8% 11.6% 7.0% 1.40 0.63 43.65% 184.49% 3.41 -

Price/ Cash Flow

LTM

FY+1

1.54 1.31 648.34 -24.17% -24.22% 1.311 57 4.246 253'461 393'677 374'993 FY+2

FQ+1

FQ+2

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

12/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 0.0 812'512.3 928'801.7 132'398.0 164'690.0 #DIV/0! 1.69x 1.56x 0.0 103'551.9 118'670.5 0.00x 12.36x 10.79x 0.0 49'395.2 57'165.7 0.00x 14.96x 12.93x S&P Issuer Ratings Long-Term Rating Date 12.12.2002 Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 5.20 (EBITDA-Capex)/Interest Exp. 1.22 Net Debt/EBITDA 5.02 Total Debt/EBITDA 6.10 Reference Total Debt/Equity 184.5% Total Debt/Capital 63.1% Asset Turnover 0.57 Net Fixed Asset Turnover 3.17 Accounts receivable turnover-days 106.97 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

80.00

800'000.0

70.00

700'000.0

60.00

600'000.0

50.00

500'000.0

40.00

400'000.0

30.00

300'000.0

20.00

200'000.0

10.00

100'000.0

0.00 04.04.2010

n-12

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

Fiscal Year Ended 31.03.2009 401'870.0 1.30x 49'086.8 10.63x 37'894.6 13.02x

400

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M o-13

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 |

01.10.2013

Larsen & Toubro Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP L&T EMPLOY WELFARE F UNIT TRUST OF INDIA GENERAL INSURANCE CO HDFC ASSET MANAGEMEN NEW INDIA ASSURANCE JP MORGAN UTI ASSET MANAGEMENT BLACKROCK VANGUARD GROUP INC RELIANCE CAPITAL TRU SBI FUNDS MANAGEMENT SBI LIFE INSURANCE C DSP BLACKROCK INVEST FMR LLC ALLIANCE BERNSTEIN ICICI PRUDENTIAL LIF NAIK ANILKUMAR M PRUDENTIAL ICICI ASS TEMPLETON ASSET MGMT

Firm Name

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

Analyst

Standard Chartered SATISH KUMAR Prabhudas Lilladher Pvt Ltd KUNAL SHETH Axis Capital Limited BHAVIN VITHLANI Anand Rathi Securities Pvt. Ltd. AMOL RAO JPMorgan SUMIT KISHORE HDFC Securities ABHINAV SHARMA Antique Stock Broking Limited DHIRENDRA TIWARI Sharekhan Ltd TEAM COVERAGE Jefferies LAVINA QUADROS Macquarie INDERJEET SINGH BHATIA Daiwa Securities Co. Ltd. SAURABH MEHTA BNP Paribas Equity Research VISHAL SHARMA Phillip Securities ANKUR SHARMA Edelweiss Capital AMIT MAHAWAR Barclays VENUGOPAL GARRE Morgan Stanley AKSHAY SONI CIMB HARISH BIHANI Kotak Securities LOKESH GARG Motilal Oswal Securities Ltd SATYAM AGARWAL Nomura AMAR KEDIA IDFC Securities Ltd SHIRISH RANE Religare Capital Markets MISAL SINGH HSBC ASHUTOSH NARKAR KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE Ashika Stock Broking Limited TEAM COVERAGE Goldman Sachs PULKIT PATNI Espirito Santo Investment Bank Research ADITYA BHARTIA Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA Deutsche Bank MANISH SAXENA UBS SANDIP BANSAL Sushil Finance Consultants Ltd DHANANJAY MISHRA JM Financial Institutional Securities P NAVEEN JAIN Batlivala & Karani Securities RENU BAID EVA Dimensions TIMOTHY STANISH Ajcon Global Services Ltd. AKASH AJAY JAIN Maybank Kim Eng ANUBHAV GUPTA India Infoline TARANG BHANUSHALI IFCI Financial Services RAJEEV DESAI Asian Markets Securities Pvt. Ltd KAMLESH KOTAK Ambit Capital Pvt Ltd NITIN BHASIN ICICIdirect.com CHIRAG J SHAH IIFL GOPAL RITOLIA Quant Broking Pvt Ltd ABHINEET ANAND

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

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

Amt Held 158'218'286 111'606'174 75'925'962 18'903'479 15'521'075 10'081'091 9'844'359 7'338'183 6'895'010 6'781'694 6'050'221 4'233'270 3'767'429 3'752'561 3'461'968 3'039'396 2'774'453 2'467'500 2'014'877 1'958'717

% Out 17.1 12.06 8.21 2.04 1.68 1.09 1.06 0.79 0.75 0.73 0.65 0.46 0.41 0.41 0.37 0.33 0.3 0.27 0.22 0.21

Weighting

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

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

Latest Chg 2'075'433 1'759'487 (12'959) (27'266) (156'124) (86'941) (196'448) (510'588) 459'138 (132'677) (30'000) 275'463 365'634

Target Price 965 1'081 955 977 955 970 1'025 1'030 970 1'163 1'150 900 1'000 1'023 900 993 890 910 1'000 921 1'009 1'000 947 1'030 810 906 880 1'133 965 1'100 1'172 1'140 1'169 #N/A N/A 720 807 970 1'009 1'101 1'113 969 842 1'115

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

File Dt 15.07.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.07.2013 31.08.2013 27.09.2013 30.06.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 30.06.2013 31.08.2013 29.10.2012 31.08.2013 31.08.2013

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

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

Date 28.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 02.09.2013 30.08.2013 22.08.2013 20.08.2013 31.07.2013 29.07.2013 26.07.2013 26.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013

01.10.2013

Tata Motors Ltd Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Price/Volume 4.0 M

300

3.5 M 3.0 M 2.5 M

200

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (30.10.2012) 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 TTMT IB EQUITY YTD Change TTMT IB EQUITY YTD % CHANGE

03/2013 06/yy 354.90 245.35 452'389.00 335.15 -5.49% 36.60% 79.42% 2'694.1 982'012.00 535'913.80 0.0 3'704.8 202'453.30 1'319'177.29

2.0 M

150

1.5 M

100

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

4.5 M

350 250

Valuation Analysis

31.03.2009 708'809.5 0.64x 18'631.3 24.31x (25'052.5) -

400

31.03.2010 31.03.2011 925'192.5 1'221'279.2 0.82x 0.83x 82'635.2 168'129.7 9.17x 6.02x 29'151.3 92'736.2 13.72x 8.04x Profitability

LTM-4Q 31.03.2012 1'656'544.9 0.68x 223'067.2 5.03x 135'165.0 6.46x

LTM

FY+1

.0 M o-13

0.60 1.34 1'481.86 22.93% 8.04% 1.338 61 4.410 989'013 934'116 950'279 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 1'888'176.3 ######### ######### ######### ######### 486'044.0 542'138.8 0.63x 1.08x 1.17x 0.59x 0.51x 245'427.8 236'502.9 250'116.2 310'164.6 357'592.3 62'823.3 75'076.7 4.87x 0.00x 0.00x 4.25x 3.69x 98'926.1 142'007.4 93'737.7 123'337.5 144'073.9 19'574.5 28'642.3 8.67x 5.60x 9.60x 8.66x 7.37x 7.59x 7.46x S&P Issuer Ratings 245'427.80 Long-Term Rating Date 09.07.2012 169'780.00 Long-Term Rating BB 8.99% Long-Term Outlook STABLE 7.28% Short-Term Rating Date 6.28% Short-Term Rating 28.13% Credit Ratios 14.03% EBITDA/Interest Exp. 8.60 1.20% (EBITDA-Capex)/Interest Exp. 2.03 Net Debt/EBITDA 1.36 - Total Debt/EBITDA 2.18 13.0% Reference 9.0% Total Debt/Equity 142.4% 5.2% Total Debt/Capital 58.5% Asset Turnover 1.20 0.78 Net Fixed Asset Turnover 5.64 0.36 Accounts receivable turnover-days 18.54 31.52% Inventory Days 142.39% Accounts Payable Turnover Day 19.69 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

2'000'000.0 1'800'000.0

10.00

1'600'000.0 1'400'000.0

8.00

1'200'000.0

6.00

1'000'000.0 800'000.0

4.00

600'000.0 400'000.0

2.00 0.00 04.04.2010

200'000.0 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 |

01.10.2013

Tata Motors Ltd Holdings By:

All

Holder Name TATA SONS LTD CITIBANK NA LIFE INSURANCE CORP TATA STEEL LTD CAPITAL GROUP COMPAN TATA INDUSTRIES LTD VANGUARD GROUP INC ICICI PRUDENTIAL LIF WILLIAM BLAIR & COMP JP MORGAN SCHRODER INVESTMENT BLACKROCK NORGES BANK T ROWE PRICE ASSOCIA TATA INVESTMENT CORP ALLIANZ ASSET MANAGE CARMIGNAC GESTION BANK OF NEW YORK MEL FRANKLIN RESOURCES INVESTEC ASSET MANAG

Firm Name Goldman Sachs Sanford C. Bernstein & Co BNP Paribas Equity Research Axis Capital Limited Nomura Jefferies Kotak Securities Barclays Daiwa Securities Co. Ltd. Sunidhi Consultancy Services Credit Suisse Angel Broking Limited Edelweiss Capital Ambit Capital Pvt Ltd Morgan Stanley IDBI Capital Market Services Ltd Antique Stock Broking Limited Macquarie FinQuest Securities (P) Ltd. India Infoline Standard Chartered HDFC Securities IIFL Deutsche Bank JPMorgan IDFC Securities Ltd Firstcall India Equity Advisors Pvt Ltd Fortune Equity Brokers (India) Ltd Networth Stock Broking Ltd ICICIdirect.com Motilal Oswal Securities Ltd Maybank Kim Eng Anand Rathi Securities Pvt. Ltd. UBS CIMB JM Financial Institutional Securities P ICICI Securities Batlivala & Karani Securities LKP Shares and Securities Ltd Brics Securities Karvy Stock Broking Ltd KR Choksey Shares & Sec Pvt Ltd Spark Capital Advisors

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

Analyst SANDEEP PANDYA MAX WARBURTON VIJAY CHUGH CHIRAG SHAH KAPIL SINGH GOVINDARAJAN CHELLAPPA HITESH GOEL SAHIL KEDIA NAVIN MATTA ABHISHEK GAOSHINDE JATIN CHAWLA YARESH KOTHARI AASHIESH AGARWAAL ASHVIN SHETTY BINAY SINGH BHAUMIK BHATIA ASHISH NIGAM AMIT MISHRA MAHANTESH MARILINGA PRAYESH JAIN AMIT KASAT SORABH TALWAR JOSEPH GEORGE B SRINIVAS RAO ADITYA MAKHARIA PRAMOD KUMAR TEAM COVERAGE MAHANTESH SABARAD SURYA NARAYAN NAYAK NISHANT VAAS JINESH K GANDHI JIGAR A SHAH ROHAN KORDE SONAL GUPTA PRAMOD AMTHE AMBRISH MISHRA SANKET MAHESHWARI ANNAMALAI JAYARAJ ASHWIN PATIL UMESH KARNE MITUL SHAH KUNAL DALAL MUKESH SARAF

Source Co File 20F Co File Co File ULT-AGG Co File ULT-AGG Co File 13F ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

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

Amt Held 702'333'345 446'246'135 288'482'810 147'810'695 98'567'782 68'436'485 41'681'446 30'232'452 30'093'943 27'476'878 17'170'011 13'804'663 10'762'579 10'147'746 10'025'000 7'732'737 7'364'631 7'284'031 7'187'800 6'550'761

% Out 26.07 16.56 10.71 5.49 3.66 2.54 1.55 1.12 1.12 1.02 0.64 0.51 0.4 0.38 0.37 0.29 0.27 0.27 0.27 0.24

Weighting

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

Latest Chg (20'468'585) 6'282'254 3'997'149 (893) 10'349'912 (2'684'682) 2'144'929 1'674'365 (6'000) 806'600 104'176

Target Price

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

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

411 425 340 391 391 318 365 368 394 359 400 360 366 375 341 332 396 380 440 302 365 317 325 275 325 261 335 320 364 360 355 245 348 380 350 325 318 361 354 356 340 347 357

File Dt 30.06.2013 30.06.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 27.09.2013 31.12.2012 30.06.2013 05.07.2013 31.08.2013 28.06.2013 27.09.2013 30.06.2013 31.05.2013

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

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

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 21.09.2013 20.09.2013 18.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 05.09.2013 05.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 30.08.2013 24.08.2013 21.08.2013 20.08.2013 19.08.2013 13.08.2013 13.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013

01.10.2013

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

Price/Volume 400

2.0 M

250 200

03/2013 01/yy 354.10 234.40 266'037.00 262 -25.71% 11.77% 27.90% 8'555.5 2'241'538.25 206'489.46 0.0 19'466.5 195'843.61 2'271'650.68

1.5 M

150

1.0 M

100 .5 M

50 0 o-12

n-12

31.03.2010 31.03.2011 1'017'545.7 1'175'251.0 2.24x 2.02x 354'383.0 424'779.1 6.43x 5.60x 194'035.3 224'559.3 12.11x 11.10x Profitability

31.03.2012 1'472'849.5 1.49x 498'037.0 4.40x 281'436.2 8.16x

31.03.2013 1'624'031.7 1.66x 446'446.4 6.04x 242'196.4 11.00x

446'446.40 325'504.08 20.04% 22.63% 9.97% 16.76% 14.70% 0.67% 27.5% 20.0% 14.9% 1.15 0.72 8.15% 13.54% 11.98 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

3.63 1.06 1'106.67 -2.46% -0.50% 1.057 57 4.614 376'752 522'071 410'404 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 ######### ######### 1.24x 1.11x 609'231.8 708'976.9 3.73x 3.21x 273'883.8 330'901.8 8.23x 6.78x S&P Issuer Ratings

23.04.2013 BBBNEG 121.45 72.59 0.02 0.46 13.5% 11.8% 0.67 1.86 30.47 -

Sales/Revenue/Turnover

10.00

1'800'000.0

9.00

1'600'000.0

8.00

1'400'000.0

7.00

1'200'000.0

6.00

1'000'000.0

5.00

800'000.0

4.00

600'000.0

3.00

400'000.0

2.00

200'000.0

1.00 0.00 04.04.2010

d-12

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

2.5 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ONGC IB EQUITY YTD Change ONGC IB EQUITY YTD % CHANGE

31.03.2009 1'045'883.9 1.52x 369'067.1 4.31x 197'953.4 8.46x

3.0 M

350

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 |

01.10.2013

Oil & Natural Gas Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP INDIAN OIL CORP LTD GAIL INDIA LTD FRANKLIN RESOURCES VANGUARD GROUP INC HDFC ASSET MANAGEMEN BLACKROCK UTI ASSET MANAGEMENT NORGES BANK TEMPLETON ASSET MGMT BANK OF NEW YORK MEL ICICI PRUDENTIAL LIF INVESCO LTD INVESTEC ASSET MANAG PRUDENTIAL ICICI ASS SBI FUNDS MANAGEMENT SEB TATA ASSET MANAGEMEN L&T INVESTMENT MANAG

Firm Name JM Financial Institutional Securities P Nomura Axis Capital Limited Morgan Stanley ICICI Securities Karvy Stock Broking Ltd Deutsche Bank Ambit Capital Pvt Ltd Quant Broking Pvt Ltd HSBC BNP Paribas Equity Research Motilal Oswal Securities Ltd Sanford C. Bernstein & Co Tata Securities Limited VTB Capital Batlivala & Karani Securities Nirmal Bang Institutional Equities Barclays Credit Suisse Antique Stock Broking Limited India Nivesh Ltd EVA Dimensions Spark Capital Advisors Macquarie Phillip Securities Sunidhi Consultancy Services Emkay Share & Stock Brokers HDFC Securities LKP Shares and Securities Ltd India Infoline Angel Broking Limited KR Choksey Shares & Sec Pvt Ltd ICICIdirect.com IIFL BOB Capital Markets CIMB Kotak Securities IDFC Securities Ltd IDBI Capital Market Services Ltd Religare Capital Markets Edelweiss Capital Standard Chartered Brics Securities

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

Analyst MEHUL THANAWALA ANIL SHARMA AMIT MISHRA VINAY JAISING ROHIT AHUJA VINAY V NAIR HARSHAD KATKAR DAYANAND MITTAL GAGAN DIXIT KUMAR MANISH AMIT SHAH HARSHAD BORAWAKE NEIL BEVERIDGE SWARNENDU BHUSHAN COLIN SMITH BHAVIN GANDHI ASHUTOSH BHARDWAJ SOMSHANKAR SINHA SANJAY MOOKIM AMIT RUSTAGI ABHISHEK JAIN DOUG WALTERS MAYUR PATEL ABHISHEK AGARWAL GAURI ANAND ROHIT NAGRAJ DHAVAL JOSHI AISHWARYA DEEPAK CHIRAG DHAIFULE PRAYESH JAIN BHAVESH CHAUHAN NISHA SHARMA MAYUR MATANI BHASKAR CHAKRABORTY NEELABH SHARMA AVADHOOT SABNIS SANJEEV PRASAD PRAKASH JOSHI SUDEEP ANAND NITIN TIWARI NIRAJ MANSINGKA RAHUL SINGH NILESH RAMESH GHUGE

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

Recommendation buy neutral buy Overwt/Attractive buy buy buy buy buy overweight buy buy market perform hold buy buy buy overweight outperform buy buy overweight buy outperform buy outperform buy buy buy buy buy buy buy add buy neutral buy neutral hold buy buy outperform add

Amt Held 5'922'546'522 662'745'162 657'923'428 205'601'068 104'620'574 58'326'875 18'294'740 16'587'249 12'075'396 11'737'238 11'419'125 11'180'623 11'151'092 6'196'450 5'994'037 5'736'033 5'548'660 5'262'148 4'831'630 4'415'100

% Out 69.23 7.75 7.69 2.4 1.22 0.68 0.21 0.19 0.14 0.14 0.13 0.13 0.13 0.07 0.07 0.07 0.06 0.06 0.06 0.05

Weighting

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

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

Latest Chg (1'541'999) 7'617'385 (199'242) (399'360) 118'739 (187'398) 84'118 1'960'129 (462'043) (69'428) (17'933) 18'400

Target Price 330 330 360 362 345 345 400 394 320 400 339 401 340 317 300 350 342 350 345 327 390 #N/A N/A 344 360 400 334 332 360 372 330 352 345 349 320 350 290 380 318 292 370 360 430 356

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 31.08.2013 27.09.2013 31.08.2013 31.12.2012 31.08.2013 27.09.2013 31.08.2013 27.09.2013 31.05.2013 31.08.2013 31.08.2013 31.03.2013 31.08.2013 31.08.2013

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

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

Date 30.09.2013 30.09.2013 27.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 19.09.2013 19.09.2013 17.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 06.09.2013 28.08.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 23.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 01.08.2013 01.08.2013

01.10.2013

Sun Pharmaceutical Industries Ltd Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Company's pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and gastroenterology.

Price/Volume 700

1.2 M

600

1.0 M

500

.8 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.09.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUNP IB EQUITY YTD Change SUNP IB EQUITY YTD % CHANGE

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

.4 M

200

.2 M

100 0 o-12

31.03.2010 31.03.2011 38'086.3 57'279.0 9.25x 7.75x 13'811.0 20'043.3 25.51x 22.15x 13'510.8 18'160.6 27.47x 25.19x Profitability

LTM-4Q 31.03.2012 80'194.9 7.12x 32'828.2 17.40x 26'566.9 22.21x

31.03.2013 112'998.6 7.37x 49'801.8 16.73x 29'830.6 28.37x

49'801.80 46'440.10 41.10% 38.24% 15.97% 21.91% 22.87% 0.60% 44.1% 41.1% 26.4% 3.14 1.94 1.24% 1.73% 4.72 -

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

0.42 0.64 1'140.10 71.16% 61.18% 0.640 53 4.132 179'243 168'752 164'138 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 90'278.0 120'629.2 143'196.6 165'227.3 37'502.3 34'699.7 11.52x 6.91x 8.23x 6.92x 39'527.0 52'762.4 61'783.4 69'777.0 15'465.0 14'291.3 0.00x 0.00x 19.54x 17.30x 19.99x 28'818.0 9'364.0 42'861.1 51'631.5 11'192.7 9'337.7 22.83x 111.77x 28.14x 23.98x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

135.00 112.08 -0.63 0.05 1.7% 1.5% 0.60 3.38 77.35 -

Sales/Revenue/Turnover

60.00

120'000.0

50.00

100'000.0

40.00

80'000.0

30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 42'723.0 4.89x 18'745.7 11.15x 18'118.8 12.71x

.6 M

300

03/2013 06/yy 601.25 328.00 38'232.00 590.1 -1.71% 79.91% 96.82% 2'071.1 1'222'157.00 2'597.10 0.0 16'350.8 33'743.30 1'207'361.60

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 |

01.10.2013

Sun Pharmaceutical Industries Ltd Holdings By:

All

Holder Name SHANGHVI DILIP SHANT VIDITI INVESTMENT PV TEJASKIRAN PHARMACHE FAMILY INVESTMENT PV QUALITY INVESTMENT P VIRTUOUS FINANCE LTD VIRTUOUS SHARE INV P GENESIS INDIAN INV C ADITYA MEDISALES LTD VALIA RAKSHA SUDHIR VANGUARD GROUP INC LAKSHDEEP INVEST & F MATTHEWS INTERNATION HARRIS TRUST & SAVIN SHOLAPUR ORGANICS PV VALIA SUDHIR VRUNDAV OPPENHEIMERFUNDS INC JP MORGAN BLACKROCK VONTOBEL ASSET MANAG

Firm Name Axis Capital Limited HDFC Securities Antique Stock Broking Limited Asian Markets Securities Pvt. Ltd NVS Brokerage Limited Morgan Stanley Batlivala & Karani Securities Sharekhan Ltd Barclays Elara Securities India Pvt Ltd India Nivesh Ltd Edelweiss Capital Fortune Equity Brokers (India) Ltd Centrum Broking Pvt Ltd EVA Dimensions Karvy Stock Broking Ltd JPMorgan Motilal Oswal Securities Ltd Religare Capital Markets Credit Suisse Nomura ICICIdirect.com Dolat Capital Market Ltd. Jefferies IDFC Securities Ltd Anand Rathi Securities Pvt. Ltd. Firstcall India Equity Advisors Pvt Ltd Quant Broking Pvt Ltd Macquarie CIMB Prabhudas Lilladher Pvt Ltd JM Financial Institutional Securities P Sunidhi Consultancy Services Emkay Share & Stock Brokers India Infoline Angel Broking Limited IIFL Avendus Capital Private Ltd Khambatta Securities Ltd Nirmal Bang Institutional Equities ICICI Securities UBS 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 n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst DEEPAK SHIVPRAKASH KHETAN MEETA SHETTY ANMOL GANJOO ASHISH THAVKAR TEAM COVERAGE SAMEER BAISIWALA ROHIT V BHAT TEAM COVERAGE BALAJI V PRASAD AARTHISUNDARI JAYAKUMAR BHAGWAN SINGH CHAUDHARY PERIN ALI HITESH MAHIDA RANJIT KAPADIA TIMOTHY STANISH RAHUL SHARMA NEHA MANPURIA ALOK DALAL ARVIND BOTHRA ANUBHAV AGGARWAL SAION MUKHERJEE SIDDHANT KHANDEKAR MILIND BHANGALE PIYUSH NAHAR NITIN AGARWAL SRIRAM RATHI TEAM COVERAGE KIRIT GOGRI ABHISHEK SINGHAL PRAKASH AGARWAL SURAJIT PAL RAHUL SOLANKI RASHMI SANCHETI ASHISH RATHI BHAVIKA SHINDE SARABJIT KOUR NANGRA BINO PATHIPARAMPIL MONICA JOSHI FATHIMA KHAN PRAFUL BOHRA KARTIK A MEHTA SONAL GUPTA GIRISH BAKHRU

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

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

Amt Held 231'140'480 201'385'320 195'343'760 182'927'440 182'868'640 97'104'040 83'976'000 53'542'226 40'203'960 34'772'000 22'358'960 22'226'000 18'437'604 16'328'576 16'035'080 15'384'000 12'903'121 12'844'936 11'678'890 11'129'568

% Out 11.16 9.72 9.43 8.83 8.83 4.69 4.05 2.59 1.94 1.68 1.08 1.07 0.89 0.79 0.77 0.74 0.62 0.62 0.56 0.54

Weighting

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

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

Latest Chg 1'294'380 (39'666) (31'600) 7'106'690 (558'414) (22'932) (46'200)

Target Price 585 606 646 600 630 724 630 613 600 622 610 540 596 689 #N/A N/A 555 545 600 635 585 593 533 603 610 580 586 535 429 675 560 470 540 552 583 560 #N/A N/A 596 560 600 589 601 540 612

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 28.06.2013 28.06.2013 30.06.2013 30.06.2013 31.07.2013 31.07.2013 27.09.2013 30.04.2013

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

Inst Type n/a Other Other Unclassified Corporation Other Other Investment Advisor Private Equity n/a Investment Advisor Other Investment Advisor Unclassified Other n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 16.09.2013 12.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 04.09.2013 29.08.2013 29.08.2013 26.08.2013 24.08.2013 22.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 11.08.2013 09.08.2013 09.08.2013

01.10.2013

State Bank of India State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India. The Bank also provides international banking to its Indian customers and has operations in other countries.

Price/Volume 3000

1.4 M

2500

1.2 M 1.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBIN IB EQUITY YTD Change SBIN IB EQUITY YTD % CHANGE

03/2013 06/yy 2'550.00 1'452.90 210'226.00 1640.55 -35.51% 12.92% 14.80% 684.0 1'122'192.00 2'656'755.73 0.0 42'538.6 1'790'927.24 -

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

.6 M

1000

.4 M

500

.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 31.03.2009 1'131'245.9 109'552.9 6.18x

.8 M

1500

Valuation Analysis

31.03.2010 31.03.2011 1'338'617.8 1'478'646.7 117'338.3 106'849.5 11.24x 16.43x Profitability

LTM-4Q 31.03.2012 1'769'359.8 153'431.0 8.68x

LTM

FY+1

.0 M o-13

2.53 1.23 167.08 -26.30% -29.84% 1.230 63 3.127 443'779 499'588 480'669 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 2'006'003.7 ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 179'162.3 177'053.3 173'403.1 161'253.1 192'483.3 7.77x 7.86x 7.63x 6.92x 5.80x S&P Issuer Ratings - Long-Term Rating Date 30.01.2007 - Long-Term Rating BBB27.64% Long-Term Outlook NEG 27.84% Short-Term Rating Date 30.01.2007 0.90% Short-Term Rating A-3 15.49% Credit Ratios 5.20% EBITDA/Interest Exp. 0.10% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 212.5% 19.1% Total Debt/Capital 67.3% Asset Turnover 0.10 - Net Fixed Asset Turnover 23.91 - Accounts receivable turnover-days 12.45% Inventory Days 212.48% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

20.00

2'500'000.0

18.00

2'000'000.0

16.00 14.00

1'500'000.0

12.00 10.00

1'000'000.0

8.00 6.00

500'000.0

4.00 2.00 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 |

01.10.2013

State Bank of India Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP HDFC ASSET MANAGEMEN SKAGEN AS DIMENSIONAL FUND ADV VANGUARD GROUP INC BLACKROCK RELIANCE CAPITAL TRU UTI ASSET MANAGEMENT INVESTEC ASSET MANAG PRUDENTIAL ICICI ASS WADDELL & REED FINAN NORGES BANK SBI FUNDS MANAGEMENT JANUS CAPITAL MANAGE BANK OF NEW YORK MEL ROBECO FMR LLC ING INVESTMENT MANAG JP MORGAN

Firm Name Axis Capital Limited Standard Chartered NVS Brokerage Limited UBS India Nivesh Ltd Religare Capital Markets Nirmal Bang Institutional Equities Anand Rathi Securities Pvt. Ltd. Nomura Macquarie CIMB Prabhudas Lilladher Pvt Ltd Avendus Capital Private Ltd JPMorgan Goldman Sachs Batlivala & Karani Securities BNP Paribas Equity Research EVA Dimensions Firstcall India Equity Advisors Pvt Ltd Barclays Jefferies IIFL Elara Securities India Pvt Ltd Fortune Equity Brokers (India) Ltd Sunidhi Consultancy Services IDFC Securities Ltd Kotak Securities ICICIdirect.com Deutsche Bank Almondz Global Securities Ltd Motilal Oswal Securities Ltd Spark Capital Advisors Shah Investor's Home Limited Dolat Capital Market Ltd. KR Choksey Shares & Sec Pvt Ltd Credit Suisse HSBC JM Financial Institutional Securities P Phillip Securities HDFC Securities Karvy Stock Broking Ltd India Infoline Angel Broking Limited

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

Analyst PRAVEEN AGRAWAL MAHRUKH ADAJANIA TEAM COVERAGE VISHAL GOYAL DALJEET SINGH KOHLI SIDDHARTH TELI HEMINDRA HAZARI CLYTON FERNANDES ABHISHEK BHATTACHARYA SURESH GANAPATHY JATINDER AGARWAL ADARSH PARASRAMPURIA CHANDANA JHA SESHADRI K SEN TABASSUM INAMDAR ANAND DAMA AVNEESH SUKHIJA DOUG WALTERS TEAM COVERAGE ANISH TAWAKLEY NILANJAN KARFA SAMPATH S K KUMAR RAKESH KUMAR VIJAY NARA AMIT JAIN MANISH CHOWDHARY MB MAHESH KAJAL GANDHI MANISH KARWA SHIVRAJ GUPTA ALPESH MEHTA ABHINESH VIJAYARAJ BUNTY CHAWLA RAJIV PATHAK MANISH OSTWAL ASHISH GUPTA TEJAS MEHTA PUNEET GULATI MANISH AGARWALLA DARPIN SHAH HATIM K BROACHWALA RAJIV MEHTA VAIBHAV AGRAWAL

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

Recommendation sell underperform buy sell buy buy hold sell reduce neutral neutral accumulate buy overweight Sell/Neutral underperform reduce buy hold equalweight underperform sell reduce buy neutral underperform add buy hold neutral buy sell accumulate accumulate hold neutral underweight buy buy buy buy market perform neutral

Amt Held 426'241'140 90'712'681 9'854'945 7'513'238 4'852'861 3'703'051 2'765'885 2'755'638 2'688'153 2'553'266 2'405'252 2'191'900 2'112'836 1'577'651 1'508'939 1'459'604 1'206'773 1'009'125 654'690 466'230

% Out 62.31 13.26 1.44 1.1 0.71 0.54 0.4 0.4 0.39 0.37 0.35 0.32 0.31 0.23 0.22 0.21 0.18 0.15 0.1 0.07

Weighting

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

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

Latest Chg (1'222'629) 704'643 66'989 149'133 4'866 (843'444) (469'816) (24'421) (1'934) (1'673'960) (174'667) (598'525) (1'100) (2'292) (30'833) 32'000 (164'750)

Target Price 1'492 1'445 1'735 1'500 1'926 2'100 2'000 1'605 1'400 1'550 1'714 1'700 2'080 2'050 1'340 1'610 1'226 #N/A N/A 1'600 1'610 1'395 1'300 1'565 1'720 1'787 1'545 1'975 1'800 1'625 1'798 2'059 1'251 1'954 1'794 1'672 1'417 1'339 1'750 1'856 1'782 2'100 1'717 #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 27.08.2013 31.08.2013 30.08.2013 30.04.2013 30.06.2013 27.09.2013 31.08.2013 31.08.2013 31.05.2013 31.08.2013 30.06.2013 31.12.2012 31.08.2013 30.06.2013 27.09.2013 30.04.2013 31.08.2013 30.06.2013 31.05.2013

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

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

Date 27.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 09.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 02.09.2013 29.08.2013 27.08.2013 27.08.2013 27.08.2013 26.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 19.08.2013 19.08.2013 16.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013

01.10.2013

Bharti Airtel Ltd Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

Price/Volume 400

4.5 M

350

4.0 M

300

3.5 M 3.0 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BHARTI IB EQUITY YTD Change BHARTI IB EQUITY YTD % CHANGE

03/2013 06/yy 370.40 256.65 158'947.00 320.8 -13.39% 25.00% 54.15% 3'997.4 1'282'365.88 729'608.00 0.0 40'886.0 84'746.00 1'918'805.87

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

2.0 M

150

1.5 M

100

1.0 M

.5 M

0 o-12

31.03.2010 31.03.2011 418'472.0 594'672.0 2.95x 3.34x 169'127.0 201'225.0 7.31x 9.87x 89'768.0 60'467.0 13.21x 22.43x Profitability

LTM-4Q 31.03.2012 714'508.0 2.75x 238'314.0 8.24x 42'594.0 30.11x

31.03.2013 803'112.0 2.23x 249'497.0 7.19x 22'757.0 48.64x

249'497.00 94'130.00 11.72% 6.20% 1.30% 4.11% 3.61% 0.46% 30.9% 11.8% 2.8% 0.45 0.34 43.60% 144.99% 11.81 -

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

0.92 781.75 21.35% 1.60% 0.924 56 4.286 307'690 336'998 332'058 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 730'360.0 786'083.0 861'223.3 945'678.2 214'929.5 222'627.0 10.90x 9.15x 2.18x 1.89x 8.94x 8.53x 235'429.0 243'171.0 276'918.0 314'307.9 67'622.8 70'212.8 8.08x 7.41x 6.93x 6.10x 38'064.0 22'024.0 42'669.4 65'524.2 9'479.0 10'539.3 30.42x 50.39x 29.32x 19.18x 28.35x 27.88x S&P Issuer Ratings Long-Term Rating Date 09.06.2010 Long-Term Rating BB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 6.07 (EBITDA-Capex)/Interest Exp. 2.83 Net Debt/EBITDA 2.44 Total Debt/EBITDA 3.06 Reference Total Debt/Equity 145.0% Total Debt/Capital 57.3% Asset Turnover 0.46 Net Fixed Asset Turnover 1.25 Accounts receivable turnover-days 30.91 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

10.00

900'000.0

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 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 373'520.8 3.44x 154'623.6 8.31x 78'589.5 15.11x

2.5 M

200

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 |

01.10.2013

Bharti Airtel Ltd Holdings By:

All

Holder Name BHARTI TELECOM LIMIT PASTEL LIMITED THREE PILLARS PTE LT INDIAN CONTINENT INV LIFE INSURANCE CORP ICICI PRUDENTIAL LIF COMMONWEALTH BANK OF T ROWE PRICE ASSOCIA DODGE & COX VANGUARD GROUP INC SKAGEN AS TEMPLETON ASSET MGMT HDFC ASSET MANAGEMEN PRUDENTIAL ICICI ASS COMGEST S A FRANKLIN RESOURCES UTI ASSET MANAGEMENT CAPITAL GROUP COMPAN DSP BLACKROCK INVEST JP MORGAN

Firm Name Morgan Stanley Batlivala & Karani Securities Axis Capital Limited Anand Rathi Securities Pvt. Ltd. Edelweiss Capital BNP Paribas Equity Research Ambit Capital Pvt Ltd Avendus Capital Private Ltd Emkay Share & Stock Brokers ICICIdirect.com IIFL Nirmal Bang Institutional Equities Standard Chartered Daiwa Securities Co. Ltd. ICICI Securities Tata Securities Limited Elara Securities India Pvt Ltd India Nivesh Ltd Nomura Maybank Kim Eng India Infoline Barclays IDFC Securities Ltd Sharekhan Ltd CIMB JM Financial Institutional Securities P Motilal Oswal Securities Ltd Kotak Securities Credit Suisse New Street Research Angel Broking Limited Goldman Sachs Macquarie Phillip Securities HDFC Securities LKP Shares and Securities Ltd KR Choksey Shares & Sec Pvt Ltd Deutsche Bank Jefferies HSBC Religare Capital Markets Khambatta Securities Ltd Microsec Capital

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

Analyst VINAY JAISING ROHIT DOKANIA PRIYA ROHIRA YOGESH KIRVE SANDIP KUMAR AGARWAL KUNAL D VORA ANKUR RUDRA ABHAY MOGHE NAVAL SETH KARAN MITTAL G V GIRI HARIT SHAH RAHUL SINGH RAMAKRISHNA MARUVADA VIKASH MANTRI ASHISH AGGARWAL ALIASGAR SHAKIR AMAR MOURYA SACHIN GUPTA URMIL SHAH BHAVESH GANDHI BHUVNESH SINGH HITESH SHAH TEAM COVERAGE PIYUSH CHOUDHARY SANJAY CHAWLA SHOBHIT KHARE ROHIT CHORDIA SUNIL TIRUMALAI CHRIS HOARE ANKITA SOMANI SACHIN SALGAONKAR ABHISHEK SINGHAL NAVEEN KULKARNI HIMANSHU SHAH ASHWIN PATIL ARCHANA SHIVANE B SRINIVAS RAO VISHAL AGARWAL RAJIV SHARMA RUMIT DUGAR DEVANG BHATT NITIN PRAKASH DAGA

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

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

Amt Held 1'741'830'892 591'319'300 399'740'012 265'860'986 208'078'558 58'923'815 53'861'859 52'380'272 34'574'394 34'384'740 31'681'489 26'648'828 21'327'882 18'402'162 18'000'000 17'566'086 16'950'514 14'630'836 13'966'484 13'941'322

% Out 43.57 14.79 10 6.65 5.21 1.47 1.35 1.31 0.86 0.86 0.79 0.67 0.53 0.46 0.45 0.44 0.42 0.37 0.35 0.35

Weighting

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

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

Latest Chg (3'190'324) 4'755'377 15'265'923 3'753'750 (82'551) 4'488'043 1'038'079 (303'932) 1'720'111 714'809 6'348'299 (2'569'243)

Target Price 402 370 407 370 388 410 384 328 400 385 381 367 389 336 410 376 370 368 360 392 360 393 400 395 382 395 450 375 410 540 #N/A N/A 390 425 430 390 398 381 385 340 385 370 397 417

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 31.05.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 31.08.2013 31.08.2013 31.08.2013 31.12.2012 30.06.2013 31.08.2013 31.07.2013 31.08.2013 31.07.2013

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

Inst Type Unclassified Corporation n/a Other Government Insurance Company 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

Date 30.09.2013 27.09.2013 27.09.2013 23.09.2013 19.09.2013 18.09.2013 18.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 05.09.2013 02.09.2013 29.08.2013 26.08.2013 23.08.2013 22.08.2013 20.08.2013 20.08.2013 19.08.2013 14.08.2013 12.08.2013 06.08.2013 05.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 09.07.2013

01.10.2013

Mahindra & Mahindra Ltd Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MM IB EQUITY YTD Change MM IB EQUITY YTD % CHANGE

03/2013 12/yy 1'025.87 741.50 85'539.00 832.5 -18.70% 12.27% 30.35% 615.9 512'730.41 287'110.50 0.0 52'969.7 64'403.10 788'407.51

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

3.0 M

1000

2.5 M

800

2.0 M

600

1.5 M

400

1.0 M

200

.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 31.03.2009 189'864.5 1.12x 37'045.4 5.76x 14'054.1 7.44x

1200

31.03.2010 31.03.2011 231'986.5 368'637.8 1.89x 1.47x 55'600.1 61'269.0 7.89x 8.87x 24'785.6 30'797.3 12.01x 13.10x Profitability

LTM-4Q 31.03.2012 547'058.7 1.16x 44'517.2 14.28x 31'266.6 13.17x

31.03.2013 626'435.4 1.25x 49'865.2 15.72x 40'992.0 12.39x

49'865.20 29'019.70 4.63% 9.68% 5.85% 22.36% 11.43% 0.89% 8.0% 4.6% 6.5% 1.30 0.45 37.55% 143.84% 11.91 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.50 0.97 439.15 -2.15% -9.16% 0.968 59 4.237 101'895 149'874 177'310 FY+2

FQ+1

FQ+2

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

12/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 82'155.5 727'291.3 822'507.6 0.00x 1.08x 0.95x 11'299.6 91'774.4 106'384.8 0.00x 8.60x 7.41x 7'059.4 43'508.1 52'010.8 0.00x 11.46x 9.65x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

2.28 0.78 4.47 5.76 143.8% 53.2% 0.89 3.90 30.65 -

Sales/Revenue/Turnover

20.00

700'000.0

18.00

600'000.0

16.00 14.00

500'000.0

12.00

400'000.0

10.00

300'000.0

8.00

200'000.0

6.00 4.00

100'000.0

2.00 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 |

01.10.2013

Mahindra & Mahindra Ltd Holdings By:

All

Holder Name PRUDENTIAL MGMT & SE LIFE INSURANCE CORP M & M BENEFIT TRUST M & M EMPLOYEES STK COMMONWEALTH BANK OF GOLBOOT HOLDINGS LTD JP MORGAN ICICI PRUDENTIAL LIF CAPITAL GROUP COMPAN VANGUARD GROUP INC GENERAL INSURANCE CO GIC PRIVATE LIMITED SCHRODER INVESTMENT BLACKROCK DODGE & COX T ROWE PRICE ASSOCIA SKAGEN AS ROBECO M & M EMPLOYEES WELF UBS AG

Firm Name BNP Paribas Equity Research Axis Capital Limited Nomura Batlivala & Karani Securities JPMorgan Barclays Edelweiss Capital HSBC Macquarie India Infoline Standard Chartered HDFC Securities Angel Broking Limited Antique Stock Broking Limited IIFL Deutsche Bank Jefferies IDFC Securities Ltd India Nivesh Ltd Sharekhan Ltd Fortune Equity Brokers (India) Ltd SPA Securities Ltd ICICIdirect.com Daiwa Securities Co. Ltd. Kotak Securities Motilal Oswal Securities Ltd Firstcall India Equity Advisors Pvt Ltd Maybank Kim Eng Morgan Stanley Credit Suisse UBS CIMB Anand Rathi Securities Pvt. Ltd. ICICI Securities Phillip Securities LKP Shares and Securities Ltd Religare Capital Markets Brics Securities Karvy Stock Broking Ltd Asian Markets Securities Pvt. Ltd Spark Capital Advisors Quant Broking Pvt Ltd Centrum Broking Pvt Ltd

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

Analyst VIJAY CHUGH CHIRAG SHAH KAPIL SINGH ANNAMALAI JAYARAJ ADITYA MAKHARIA SAHIL KEDIA AASHIESH AGARWAAL YOGESH AGGARWAL AMIT MISHRA PRAYESH JAIN AMIT KASAT SORABH TALWAR YARESH KOTHARI ASHISH NIGAM JOSEPH GEORGE B SRINIVAS RAO GOVINDARAJAN CHELLAPPA PRAMOD KUMAR ABHISHEK JAIN TEAM COVERAGE MAHANTESH SABARAD PRASHANT BIYANI NISHANT VAAS NAVIN MATTA HITESH GOEL JINESH K GANDHI TEAM COVERAGE JIGAR A SHAH BINAY SINGH JATIN CHAWLA SONAL GUPTA PRAMOD AMTHE ROHAN KORDE SANKET MAHESHWARI DEEPAK JAIN ASHWIN PATIL MIHIR JHAVERI UMESH KARNE MITUL SHAH N L RAGHUNANDHAN MUKESH SARAF BASUDEB BANERJEE AJAY SHETHIYA

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

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

Amt Held 69'986'970 64'737'788 51'835'214 26'717'997 19'546'735 18'791'948 16'470'764 12'646'434 12'477'143 8'930'309 8'700'400 8'453'499 6'254'205 4'960'764 4'427'681 4'043'792 3'593'050 2'828'755 1'946'070 1'932'235

% Out 11.36 10.51 8.42 4.34 3.17 3.05 2.67 2.05 2.03 1.45 1.41 1.37 1.02 0.81 0.72 0.66 0.58 0.46 0.32 0.31

Weighting

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

Latest Chg (53'370) 213'023 1'637'143 246'686 1'656'693 (7'770) 2'027'153 501'566 (326'450) (124'116)

Target Price

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

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

815 800 1'067 971 1'000 1'031 992 825 1'000 946 954 1'115 1'011 900 960 890 745 913 995 1'010 1'105 1'079 1'150 916 1'000 1'127 929 1'190 848 970 1'050 889 1'015 964 1'072 1'034 1'100 1'106 1'040 1'061 983 1'134 1'009

File Dt 30.06.2013 30.06.2013 30.06.2013 24.09.2013 31.05.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 30.06.2013 30.06.2013 30.08.2013 30.04.2013 30.06.2013 28.06.2013

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

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

Date 27.09.2013 27.09.2013 27.09.2013 25.09.2013 22.09.2013 21.09.2013 12.09.2013 09.09.2013 05.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 28.08.2013 24.08.2013 23.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013

01.10.2013

Wipro Ltd Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

Price/Volume 600

1.4 M 1.2 M 1.0 M

300

Latest Fiscal Year: LTM as of: 52-Week High (03.09.2013) 52-Week Low (26.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WPRO IB EQUITY YTD Change WPRO IB EQUITY YTD % CHANGE

03/2013 06/yy 501.00 298.87 90'094.00 472.05 -5.85% 57.94% 86.67% 2'465.0 1'163'605.63 85'391.00 0.0 1'171.0 154'009.00 1'064'982.62

.8 M

200

.6 M .4 M

100

.2 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

1.6 M

400

Valuation Analysis

31.03.2009 256'995.0 1.37x 53'606.0 6.56x 38'999.0 9.17x

1.8 M

500

31.03.2010 31.03.2011 272'129.0 310'542.0 3.69x 3.61x 60'811.0 65'434.0 16.50x 17.14x 46'310.0 52'977.0 22.25x 22.08x Profitability

LTM-4Q 31.03.2012 318'747.0 3.21x 64'279.0 15.90x 55'730.0 20.61x

31.03.2013 374'256.0 2.70x 76'351.0 13.22x 66'359.0 17.48x

76'351.00 65'516.00 17.51% 21.00% 14.40% 22.10% 18.71% 0.88% 30.4% 20.2% 17.6% 17.7% 2.12 1.59 19.42% 30.09% 5.09 36.73

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.63 519.87 40.70% 36.82% 0.634 64 3.516 328'535 249'636 222'582 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 391'874.0 409'256.0 427'193.9 473'439.5 107'593.3 111'718.3 9.40x 8.54x 2.48x 2.16x 10.85x 10.45x 74'013.0 82'468.0 89'932.8 100'456.1 23'449.3 23'977.7 12.41x 9.23x 11.87x 10.63x 10.99x 10.75x 58'440.0 66'790.0 71'097.4 79'141.6 18'216.0 18'770.5 16.75x 13.12x 16.20x 14.57x 15.07x 14.70x S&P Issuer Ratings Long-Term Rating Date 02.04.2012 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 88.47 (EBITDA-Capex)/Interest Exp. 76.17 Net Debt/EBITDA -1.21 Total Debt/EBITDA 0.65 Reference Total Debt/Equity 30.1% Total Debt/Capital 23.1% Asset Turnover 0.88 Net Fixed Asset Turnover 7.35 Accounts receivable turnover-days 71.71 Inventory Days 9.94 Accounts Payable Turnover Day 66.18 Cash Conversion Cycle 17.60 Sales/Revenue/Turnover

30.00

400'000.0 350'000.0

25.00

300'000.0 20.00

250'000.0 200'000.0

15.00

150'000.0

10.00

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 |

01.10.2013

Wipro Ltd Holdings By:

All

Holder Name PREMJI AZIM HASHAM LIFE INSURANCE CORP L AND T INFRASTR FIN VIDYA INV TRADING CO REGAL INV TRADING CO HDFC ASSET MANAGEMEN BLACKROCK VANGUARD GROUP INC UTI ASSET MANAGEMENT JP MORGAN TEMPLETON ASSET MGMT DSP BLACKROCK INVEST NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA FRANKLIN RESOURCES BANK OF NEW YORK MEL INVESCO LTD TATA ASSET MANAGEMEN GRANTHAM MAYO VAN OT NORGES BANK

Firm Name

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

Analyst

CIMB SANDEEP R SHAH JM Financial Institutional Securities P GOVIND AGARWAL Axis Capital Limited PRIYA ROHIRA Credit Suisse ANANTHA NARAYAN Societe Generale MUKUL GARG Standard Chartered PANKAJ KAPOOR Morgan Stanley VIPIN KHARE Jefferies VISHAL AGARWAL SBI Capital Markets DIPESH N MEHTA Nomura ASHWIN MEHTA IIFL SANDEEP MUTHANGI Phillip Securities VIBHOR SINGHAL Emkay Share & Stock Brokers MANIK TANEJA Espirito Santo Investment Bank Research NITIN PADMANABHAN Ambit Capital Pvt Ltd ANKUR RUDRA UBS DIVIYA NAGARAJAN Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN Kotak Securities KAWALJEET SALUJA JPMorgan VIJU K GEORGE Religare Capital Markets RUMIT DUGAR Barclays BHUVNESH SINGH Quant Broking Pvt Ltd BASUDEB BANERJEE HSBC YOGESH AGGARWAL Macquarie NITIN MOHTA Batlivala & Karani Securities DEEPAN S KAPADIA India Nivesh Ltd AMAR MOURYA Deutsche Bank ANIRUDDHA BHOSALE BNP Paribas Equity Research ABHIRAM ELESWARAPU Motilal Oswal Securities Ltd ASHISH CHOPRA Tata Securities Limited ASHISH AGGARWAL Equirus Securities Pvt Ltd BHAVIN SHAH SPA Securities Ltd AMIT AGGARWAL KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH Spark Capital Advisors SRIVATHSAN RAMACHANDRAN EVA Dimensions ANDREW S ZAMFOTIS Sunidhi Consultancy Services NAUSHIL SHAH HDFC Securities MADHU BABU India Infoline ANIRUDDHA MEHTA Angel Broking Limited ANKITA SOMANI Edelweiss Capital SANDIP KUMAR AGARWAL Antique Stock Broking Limited PRATISH KRISHNAN ICICIdirect.com ABHISHEK SHINDADKAR Khambatta Securities Ltd DEVANG BHATT

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

Recommendation outperform buy hold outperform hold outperform Overwt/Attractive hold hold buy add neutral accumulate buy sell buy buy reduce neutral hold underweight accumulate neutral neutral underperform hold buy buy buy buy neutral buy reduce reduce hold neutral buy buy accumulate buy buy hold strong buy

Amt Held 1'790'003'553 81'652'915 61'000'000 9'908'457 9'908'456 9'508'774 9'378'259 8'094'353 8'042'712 6'995'373 5'542'829 3'409'467 3'372'035 2'665'684 2'637'309 1'974'702 1'581'466 1'537'204 1'533'798 1'355'029

% Out 72.62 3.31 2.47 0.4 0.4 0.39 0.38 0.33 0.33 0.28 0.22 0.14 0.14 0.11 0.11 0.08 0.06 0.06 0.06 0.05

Weighting

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

Latest Chg 753'918 860'470 785'511 1'910'730 (2'280'675) (710'700) 456'641 342'613 (9'000'431) 97'309 (702'064) -

Target Price 530 450 493 540 475 540 550 505 495 455 541 486 530 530 430 560 600 470 430 530 425 489 490 480 450 442 520 530 517 540 500 444 415 410 #N/A N/A 390 438 429 435 460 440 400 440

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 31.08.2013 27.09.2013 30.06.2013 31.08.2013 31.07.2013 31.08.2013 31.08.2013 30.06.2013 30.06.2013 30.04.2013 27.09.2013 27.09.2013 31.08.2013 31.05.2013 31.12.2012

Date 12 month Not Provided 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 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 15 month 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type n/a Government Bank Other 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 Government

Date 27.09.2013 27.09.2013 27.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 17.09.2013 17.09.2013 10.09.2013 10.09.2013 06.09.2013 04.09.2013 03.09.2013 02.09.2013 31.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 26.08.2013 26.08.2013 19.08.2013 19.08.2013 12.08.2013 06.08.2013 01.08.2013 01.08.2013 31.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013

01.10.2013

Axis Bank Ltd Axis Bank Limited provides a full range of banking services throughout India. The Group's activities include retail banking, investment management, merchant banking, treasury and NRI services, cash and credit management services, and ATM facilities.

Price/Volume 1600

1.8 M

1400

1.6 M

1200

1.4 M 1.2 M

1000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (04.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AXSB IB EQUITY YTD Change AXSB IB EQUITY YTD % CHANGE

03/2013 01/yy 1'549.00 764.00 175'014.00 1033 -33.22% 35.21% 30.99% 469.2 484'658.47 656'813.65 0.0 125.3 215'820.70 -

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

.8 M

600

.6 M

400

.4 M

200

.2 M

0 o-12

31.03.2010 31.03.2011 156'077.5 198'334.5 24'781.4 33'399.1 18.02x 17.17x Profitability

31.03.2012 274'629.8 42'197.8 11.19x

31.03.2013 340'392.1 52'347.6 10.75x

46.17% 46.15% 1.67% 18.75% 6.13% 0.11% 31.7% 19.29% 198.08% -

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

s-13

FY+1 -

.0 M o-13

1.74 1.27 418.01 -7.36% -22.78% 1.267 71 4.254 349'613 653'503 409'991 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 195'544.0 239'101.0 63'955.0 76'778.0 7.56x 6.30x S&P Issuer Ratings

30.01.2007 BBBNEG 30.01.2007 A-3 198.1% 66.4% 0.11 14.57 -

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 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 137'177.0 18'129.3 8.21x

1.0 M

800

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 |

01.10.2013

Axis Bank Ltd Holdings By:

All

Holder Name UNIT TRUST OF INDIA LIFE INSURANCE CORP CAPITAL GROUP COMPAN ICICI PRUDENTIAL LIF HSBC BANK MAURITIUS GENESIS INDIAN INV C GENERAL INSURANCE CO VANGUARD GROUP INC CENTAURA INVEST MAUR T ROWE PRICE ASSOCIA LAZARD ASSET MANAGEM UTI ASSET MANAGEMENT HDFC ASSET MANAGEMEN NEW INDIA ASSURANCE NATIONAL INSURANCE C FMR LLC HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG PRUDENTIAL ICICI ASS ALLIANZ ASSET MANAGE

Firm Name Axis Capital Limited Standard Chartered HDFC Securities UBS Nomura Kotak Securities IDBI Capital Market Services Ltd Religare Capital Markets Anand Rathi Securities Pvt. Ltd. Ambit Capital Pvt Ltd Macquarie Motilal Oswal Securities Ltd Angel Broking Limited Prabhudas Lilladher Pvt Ltd Avendus Capital Private Ltd Spark Capital Advisors JPMorgan Goldman Sachs Batlivala & Karani Securities Morgan Stanley Barclays Almondz Global Securities Ltd Jefferies IIFL Fortune Equity Brokers (India) Ltd Sunidhi Consultancy Services IDFC Securities Ltd ICICIdirect.com Nirmal Bang Institutional Equities Deutsche Bank Dolat Capital Market Ltd. Karvy Stock Broking Ltd Firstcall India Equity Advisors Pvt Ltd KR Choksey Shares & Sec Pvt Ltd Microsec Capital NVS Brokerage Limited Quantum Securities Pvt Ltd Ajcon Global Services Ltd. CIMB India Infoline Antique Stock Broking Limited Asian Markets Securities Pvt. Ltd ULJK Securities Pvt. Ltd. India

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

Analyst PRAVEEN AGRAWAL MAHRUKH ADAJANIA VISHAL MODI VISHAL GOYAL ABHISHEK BHATTACHARYA MB MAHESH JIGNESH SHIAL SIDDHARTH TELI CLYTON FERNANDES A SV KRISHNAN SURESH GANAPATHY ALPESH MEHTA VAIBHAV AGRAWAL ADARSH PARASRAMPURIA CHANDANA JHA JYOTHI KUMAR VARMA SESHADRI K SEN TABASSUM INAMDAR ANAND DAMA ANIL AGARWAL ANISH TAWAKLEY SHIVRAJ GUPTA NILANJAN KARFA SAMPATH S K KUMAR VIJAY NARA KANIKA THACKER MANISH CHOWDHARY KAJAL GANDHI HEMINDRA HAZARI MANISH KARWA RAJIV PATHAK HATIM K BROACHWALA TEAM COVERAGE MANISH OSTWAL SANJEEV JAIN TEAM COVERAGE RATI PANDIT TEAM COVERAGE JATINDER AGARWAL RAJIV MEHTA ALOK KAPADIA ASUTOSH KUMAR MISHRA SIDDHARTH PUROHIT

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

Recommendation not rated in-line buy sell buy add accumulate hold buy sell outperform buy buy buy buy sell overweight Buy/Neutral buy Equalwt/Cautious overweight buy hold reduce buy neutral outperform buy buy buy accumulate buy buy buy buy strong buy buy buy outperform buy hold accumulate buy

Amt Held 97'224'373 43'822'657 21'312'514 9'310'477 8'754'655 8'716'992 7'878'099 6'943'594 6'868'915 5'588'920 5'508'253 5'441'953 5'241'037 4'139'180 3'490'057 3'400'593 3'228'067 2'549'400 2'375'136 1'662'414

% Out 20.72 9.34 4.54 1.98 1.87 1.86 1.68 1.48 1.46 1.19 1.17 1.16 1.12 0.88 0.74 0.72 0.69 0.54 0.51 0.35

Weighting

Change

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

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

Latest Chg 45'000 333'921 867'091 1'845'197 10'422 2'994'922 1'005'727 14'667 19'800 2'093'718 428'982

Target Price #N/A N/A 990 1'248 900 1'620 1'200 1'244 1'175 1'250 1'020 1'215 1'300 1'190 1'300 1'530 796 1'100 1'110 1'650 900 1'144 1'238 1'255 760 1'630 1'418 1'580 1'170 1'570 1'390 1'270 1'630 1'296 1'562 1'458 1'240 1'515 1'380 1'600 1'551 1'327 1'325 1'660

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

File Dt 30.06.2013 30.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 31.08.2013 30.06.2013 24.07.2013 31.08.2013 28.06.2013 30.04.2013 31.08.2013 31.08.2013

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

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

Date 27.09.2013 26.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 19.09.2013 16.09.2013 13.09.2013 13.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 05.09.2013 30.08.2013 29.08.2013 28.08.2013 27.08.2013 27.08.2013 26.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 20.08.2013 14.08.2013 25.07.2013 24.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013

01.10.2013

Dr Reddy's Laboratories Ltd Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical services. The Company manufactures bulk drugs and formulations including verapamil and cephalexin. The Company also manufactures and exports molecules such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin. The Company markets its products in India and around the world.

Price/Volume 3000

.4 M .3 M .3 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (01.10.2012) 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 DRRD IB EQUITY YTD Change DRRD IB EQUITY YTD % CHANGE

03/2013 06/yy 2'471.70 1'639.80 29'175.00 2406.75 -2.50% 46.77% 89.42% 170.0 409'214.00 36'760.00 20.0 5'136.00 440'858.02

.2 M

1000

.2 M .1 M

500

.1 M

0 o-12

31.03.2010 31.03.2011 70'175.0 74'109.0 3.13x 3.99x 14'642.0 15'441.0 15.02x 19.13x 3'515.0 9'989.0 61.19x 27.75x Profitability

LTM-4Q 31.03.2012 96'665.0 3.24x 24'528.0 12.78x 13'009.0 22.99x

31.03.2013 116'266.0 2.85x 16'777.0 17.88x

21'112.00 18.16% 18.64% 13.13% 27.29% 18.29% 0.91% 52.1% 18.2% 14.4% 1.60 0.69 25.82% 50.30% 4.06 2.71

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

0.62 0.65 120.40 47.21% 32.46% 0.650 51 4.373 19'616 20'970 22'556 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 102'360.4 119'308.7 132'900.4 149'308.5 33'192.2 33'136.8 5.73x 5.10x 3.14x 2.71x 12.34x 12.35x 0.0 5'288.5 28'146.4 31'997.0 7'645.0 6'737.0 0.00x 0.00x 15.67x 13.78x 14.70x 14'994.4 17'027.5 18'445.8 21'415.0 4'654.8 4'398.6 18.64x 22.13x 22.26x 19.20x 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

50.3% 33.5% 0.91 3.29 90.01 134.48 61.29 163.20

Sales/Revenue/Turnover

45.00

140'000.0

40.00

120'000.0

35.00

100'000.0

30.00 25.00

80'000.0

20.00

60'000.0

15.00

40'000.0

10.00

20'000.0

5.00 0.00 04.04.2010

n-12

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

.4 M

2000

Valuation Analysis

31.03.2009 67'904.0 1.42x 14'295.0 6.75x (9'172.0) -

.5 M

2500

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 |

01.10.2013

Dr Reddy's Laboratories Ltd Holdings By:

All

Holder Name DR REDDYS HOLDINGS L COMMONWEALTH BANK OF LIFE INSURANCE CORP ICICI PRUDENTIAL LIF ABU DHABI INVESTMENT TEMPLETON ASSET MGMT FIL LIMITED FID FUNDS MAURITIUS BLACKROCK SBI LIFE INSURANCE C JP MORGAN PRUDENTIAL ICICI ASS PRASAD G V EASTSPRING INVESTMEN DSP BLACKROCK INVEST REDDY KALLAM SATISH FRANKLIN RESOURCES VANGUARD GROUP INC HDFC ASSET MANAGEMEN SBI FUNDS MANAGEMENT

Firm Name Nomura Axis Capital Limited India Nivesh Ltd Batlivala & Karani Securities Edelweiss Capital Antique Stock Broking Limited Kotak Securities Fortune Equity Brokers (India) Ltd Centrum Broking Pvt Ltd UBS Morgan Stanley HSBC Religare Capital Markets Karvy Stock Broking Ltd Elara Securities India Pvt Ltd Dolat Capital Market Ltd. IIFL IDFC Securities Ltd JPMorgan Credit Suisse Motilal Oswal Securities Ltd Firstcall India Equity Advisors Pvt Ltd Angel Broking Limited Systematix Shares & Stocks Ltd Jefferies Macquarie CIMB Prabhudas Lilladher Pvt Ltd JM Financial Institutional Securities P Anand Rathi Securities Pvt. Ltd. Sunidhi Consultancy Services Emkay Share & Stock Brokers HDFC Securities India Infoline Asian Markets Securities Pvt. Ltd Barclays Quant Broking Pvt Ltd Avendus Capital Private Ltd Khambatta Securities Ltd SBI Capital Markets ICICI Securities Tata Securities Limited EVA Dimensions

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

Analyst SAION MUKHERJEE DEEPAK SHIVPRAKASH KHETAN BHAGWAN SINGH CHAUDHARY ROHIT V BHAT PERIN ALI ANMOL GANJOO KRISHNA PRASAD HITESH MAHIDA RANJIT KAPADIA SONAL GUPTA SAMEER BAISIWALA GIRISH BAKHRU ARVIND BOTHRA RAHUL SHARMA AARTHISUNDARI JAYAKUMAR MILIND BHANGALE BINO PATHIPARAMPIL NITIN AGARWAL NEHA MANPURIA ANUBHAV AGGARWAL ALOK DALAL TEAM COVERAGE SARABJIT KOUR NANGRA SURYA NARAYAN PATRA PIYUSH NAHAR ABHISHEK SINGHAL PRAKASH AGARWAL SURAJIT PAL RAHUL SOLANKI SRIRAM RATHI RASHMI SANCHETI ASHISH RATHI MEETA SHETTY BHAVIKA SHINDE ASHISH THAVKAR BALAJI V PRASAD KIRIT GOGRI MONICA JOSHI FATHIMA KHAN VIVEK KUMAR KARTIK A MEHTA VIHARI PURUSHOTHAMAN TIMOTHY STANISH

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

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

Amt Held 39'729'284 9'389'131 7'099'227 4'843'983 3'022'372 2'344'171 2'228'296 2'200'175 2'141'270 1'944'083 1'881'134 1'456'986 1'365'840 1'310'469 1'289'275 1'205'832 1'174'569 1'148'311 826'744 801'470

% Out 23.37 5.52 4.18 2.85 1.78 1.38 1.31 1.29 1.26 1.14 1.11 0.86 0.8 0.77 0.76 0.71 0.69 0.68 0.49 0.47

Weighting

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

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

Latest Chg 996'642 (3'620'088) (14'844) (191'645) (11'393) 571 410'122 (231'142) 168'250 (4'038) 148'674 (50'018) 102'553

Target Price 2'518 2'537 2'406 2'550 2'295 2'660 2'700 2'167 2'896 2'750 2'478 2'660 2'600 2'630 2'786 2'382 2'993 2'451 2'500 2'420 2'649 2'404 2'532 2'500 2'100 2'600 2'200 2'414 2'405 2'440 2'170 2'589 2'277 2'600 2'315 2'040 2'261 2'325 2'508 2'578 2'295 2'064 #N/A N/A

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

File Dt 30.09.2012 30.06.2013 10.05.2013 30.09.2012 30.09.2012 31.08.2013 31.07.2013 30.09.2012 27.09.2013 30.09.2012 31.07.2013 31.08.2013 30.09.2012 31.07.2013 31.08.2013 30.09.2012 30.06.2013 30.06.2013 31.08.2013 31.08.2013

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

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

Date 29.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 20.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 04.09.2013 03.09.2013 29.08.2013 28.08.2013 27.08.2013 19.08.2013 07.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 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 06.06.2013

01.10.2013

HCL Technologies Ltd HCL Technologies Limited provides software development and related engineering services. The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

Price/Volume 1200

06/2013 06/yy 1'104.30 556.70 21'002.00 1074.9 -2.82% 93.08% 97.08% 697.8 750'060.38 6'960.00 0.0 0.0 43'473.00 713'547.36

Price/ Cash Flow

.6 M .5 M .4 M

400

.3 M .2 M

200

.1 M

0 o-12

30.06.2010 30.06.2011 121'362.9 157'304.3 2.07x 2.16x 19'924.2 27'151.5 12.59x 12.53x 12'591.9 16'465.1 19.48x 20.54x Profitability

LTM-4Q 30.06.2012 208'305.5 1.57x 40'507.5 8.08x 24'227.0 13.59x

30.06.2013 257'337.0 1.96x 58'357.0 8.64x 40'989.0 13.15x

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

58'357.00 52'104.00 20.25% 20.68% 19.83% 33.97% 1.24% 36.0% 22.7% 20.1% 15.9% 1.62 1.09 3.02% 4.87% 6.17 -

LTM

FY+1

.0 M o-13

0.81 213.52 87.60% 74.55% 0.814 68 4.426 53'988 79'554 80'947 FY+2

FQ+1

FQ+2

06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 210'312.0 257'336.0 313'867.9 358'617.1 72'531.6 73'017.3 5.95x 7.24x 2.18x 1.80x 10.34x 10.27x 40'250.0 58'357.0 71'496.2 78'905.0 17'423.0 17'228.7 8.13x 8.64x 9.98x 9.04x 9.99x 9.81x 25'260.0 40'990.0 50'160.8 56'272.9 11'566.7 10'679.0 13.04x 13.16x 14.93x 13.35x 15.61x 15.10x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

34.74 26.94 -0.63 0.12 4.9% 4.6% 1.24 9.85 59.14 -

Sales/Revenue/Turnover

1.20

300'000.0

1.00

250'000.0

0.80

200'000.0

0.60

n-12

Fiscal Year Ended

.7 M

600

Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HCLT IB EQUITY YTD Change HCLT IB EQUITY YTD % CHANGE

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

.8 M

800

Valuation Analysis

30.06.2009 102'294.1 1.33x 21'250.5 6.39x 13'196.3 9.43x

.9 M

1000

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

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 |

01.10.2013

HCL Technologies Ltd Holdings By:

All

Holder Name VAMA SUNDARI INVESTM HCL HOLDINGS PVT LTD LIFE INSURANCE CORP WARHOL LTD DALI LTD WILLIAM BLAIR & COMP VANGUARD GROUP INC RELIANCE CAPITAL TRU ROBECO BLACKROCK SBI FUNDS MANAGEMENT UTI ASSET MANAGEMENT MORGAN STANLEY INVESTEC ASSET MANAG BANK OF NEW YORK MEL ROYAL BANK OF CANADA BIRLA SUN LIFE ASSET GOLDMAN SACHS GROUP JYSKE INVEST PRINCIPAL FINANCIAL

Firm Name

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

Analyst

Nomura ASHWIN MEHTA CIMB SANDEEP R SHAH JM Financial Institutional Securities P GOVIND AGARWAL Axis Capital Limited PRIYA ROHIRA Credit Suisse ANANTHA NARAYAN Societe Generale MUKUL GARG JPMorgan VIJU K GEORGE Standard Chartered PANKAJ KAPOOR Morgan Stanley VIPIN KHARE SBI Capital Markets DIPESH N MEHTA BNP Paribas Equity Research ABHIRAM ELESWARAPU Phillip Securities VIBHOR SINGHAL IDBI Capital Market Services Ltd PRATIK GANDHI Emkay Share & Stock Brokers MANIK TANEJA Jefferies VISHAL AGARWAL Espirito Santo Investment Bank Research SOUMITRA CHATTERJEE Ambit Capital Pvt Ltd ANKUR RUDRA Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN Religare Capital Markets RUMIT DUGAR Sharekhan Ltd TEAM COVERAGE Barclays BHUVNESH SINGH Quant Broking Pvt Ltd BASUDEB BANERJEE HSBC YOGESH AGGARWAL Macquarie NITIN MOHTA Batlivala & Karani Securities DEEPAN S KAPADIA Deutsche Bank ANIRUDDHA BHOSALE IIFL SANDEEP MUTHANGI Kotak Securities KAWALJEET SALUJA Motilal Oswal Securities Ltd ASHISH CHOPRA Tata Securities Limited ASHISH AGGARWAL Equirus Securities Pvt Ltd BHAVIN SHAH SPA Securities Ltd AMIT AGGARWAL Techno Shares & Stocks DEBASHISH MAZUMDAR Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE BP Equities Private Limited AMIT CHANDRA Aditya Birla Money Limited DINESH KUMAR K KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH Maybank Kim Eng URMIL SHAH Sunidhi Consultancy Services NAUSHIL SHAH India Infoline ANIRUDDHA MEHTA Angel Broking Limited ANKITA SOMANI Antique Stock Broking Limited PRATISH KRISHNAN Spark Capital Advisors SRIVATHSAN RAMACHANDRAN

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

Recommendation buy outperform buy buy outperform buy overweight outperform Overwt/Attractive buy buy buy buy accumulate buy neutral buy accumulate buy buy overweight buy overweight outperform outperform hold buy reduce buy buy neutral hold accumulate buy buy reduce accumulate buy outperform buy accumulate hold add

Amt Held 311'964'982 119'548'908 26'674'836 16'645'599 8'322'800 8'191'380 6'221'858 5'461'803 4'567'779 3'661'783 3'392'538 2'628'730 1'869'679 1'730'131 1'722'640 1'700'000 1'560'456 1'475'447 1'435'119 1'379'821

% Out 44.71 17.13 3.82 2.39 1.19 1.17 0.89 0.78 0.65 0.52 0.49 0.38 0.27 0.25 0.25 0.24 0.22 0.21 0.21 0.2

Weighting

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

Latest Chg 1'275'516 192'098 511'057 1'531'430 (12'701) 108'146 623'223 (21'200) 1'523'906 2'856 3'134 (148'256) (34'292) (13'490)

Target Price

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

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

1'120 1'270 1'140 1'203 1'275 1'210 1'100 1'300 1'200 1'190 1'150 1'256 1'174 1'200 1'260 1'120 1'207 1'180 1'200 1'187 1'130 1'282 1'200 1'300 1'100 1'050 1'116 960 1'108 1'192 973 1'000 1'050 1'047 1'083 847 1'001 1'082 1'030 1'110 1'012 910 1'000

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

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

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

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 10.09.2013 10.09.2013 04.09.2013 31.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 26.08.2013 22.08.2013 19.08.2013 19.08.2013 19.08.2013 12.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013

01.10.2013

NTPC Ltd NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India. The Company is a public sector undertaking of the Government of India and it also undertakes turnkey consulting projects to set up power plants.

Price/Volume 180 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.10.2012) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NTPC IB EQUITY YTD Change NTPC IB EQUITY YTD % CHANGE

03/2013 01/yy 172.03 121.47 40'627.00 144.7 -16.09% 19.12% 52.87% 8'245.5 1'193'118.63 704'184.90 0.0 6'448.1 202'884.60 1'700'867.02

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

40 20 0 o-12

31.03.2010 31.03.2011 482'564.0 574'831.7 4.09x 3.32x 136'798.0 128'580.8 14.43x 14.84x 88'378.0 93'482.3 19.34x 17.03x Profitability

31.03.2012 658'932.5 2.66x 153'048.6 11.43x 98'127.9 13.68x

31.03.2013 693'768.2 2.42x 183'180.5 9.16x 125'907.8 9.30x

183'180.50 144'948.30 20.89% 23.94% 7.54% 16.19% 10.22% 0.42% 26.4% 20.9% 18.1% 1.68 0.99 39.40% 86.68% 10.86 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.11 0.96 1'429.92 -11.36% -3.74% 0.960 53 4.566 204'076 264'289 268'769 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 775'456.7 861'403.1 2.25x 2.14x 194'188.5 216'960.0 8.75x 7.83x 110'528.9 118'312.2 10.82x 10.15x S&P Issuer Ratings

30.01.2007 BBBNEG 6.69 -0.76 2.74 3.84 86.7% 46.2% 0.42 0.63 33.61 -

Sales/Revenue/Turnover

18.00

800'000.0

16.00

700'000.0

14.00

600'000.0

12.00

500'000.0

10.00

400'000.0

8.00

300'000.0

6.00

200'000.0

4.00

100'000.0

2.00 0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 426'614.0 3.99x 113'936.0 14.93x 83'615.0 17.74x

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M o-13

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 |

01.10.2013

NTPC Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP VANGUARD GROUP INC COMMONWEALTH BANK OF COMGEST S A BLACKROCK T ROWE PRICE ASSOCIA UTI ASSET MANAGEMENT JP MORGAN TEMPLETON ASSET MGMT ST JAMES' PLACE UNIT FMR LLC NORGES BANK FRANKLIN RESOURCES SBI FUNDS MANAGEMENT ICICI PRUDENTIAL LIF PRUDENTIAL ICICI ASS BANK OF NEW YORK MEL BIRLA SUN LIFE ASSET HDFC ASSET MANAGEMEN

Firm Name HSBC Axis Capital Limited Standard Chartered Elara Securities India Pvt Ltd Jefferies Nomura Credit Suisse JPMorgan Motilal Oswal Securities Ltd Deutsche Bank EVA Dimensions SBI Capital Markets Kotak Securities Emkay Share & Stock Brokers Antique Stock Broking Limited IIFL Batlivala & Karani Securities UBS Firstcall India Equity Advisors Pvt Ltd BNP Paribas Equity Research Angel Broking Limited Macquarie CIMB Prabhudas Lilladher Pvt Ltd IDBI Capital Market Services Ltd India Infoline Edelweiss Capital ICICIdirect.com Quant Broking Pvt Ltd Morgan Stanley JM Financial Institutional Securities P ICICI Securities Tata Securities Limited Religare Capital Markets Centrum Broking Pvt Ltd IDFC Securities Ltd India Nivesh Ltd Karvy Stock Broking Ltd HDFC Securities Daiwa Securities Co. Ltd. Barclays Avendus Capital Private Ltd FinQuest Securities (P) Ltd.

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

Analyst ARUN KUMAR SINGH BHAVIN VITHLANI PANKAJ KAPOOR DEEPAK AGRAWALA LAVINA QUADROS ANIRUDH GANGAHAR AMISH SHAH SUMIT KISHORE NALIN BHATT ABHISHEK PURI DOUG WALTERS RABINDRA NATH NAYAK MURTUZA ARSIWALLA AMIT GOLCHHA AMIT RUSTAGI HARSHAWARDHAN S DOLE VISHAL BIRAIA PANKAJ SHARMA TEAM COVERAGE GIRISH NAIR AMIT PATIL INDERJEET SINGH BHATIA HARISH BIHANI RUPA SHAH HANSRAJ SINGH BHAVIKA SHINDE SHANKAR K CHIRAG J SHAH ABHINEET ANAND PARAG GUPTA SUBHADIP MITRA PRAKASH GAURAV GOEL RAVIKIRAN SURANA MISAL SINGH SACHIN MEHTA SHIRISH RANE ABHISHEK JAIN RUPESH D SANKHE ABHINAV SHARMA SAURABH MEHTA VENUGOPAL GARRE ABHAY MOGHE DARYL PHILIP

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

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

Amt Held 6'184'098'300 631'437'284 56'610'458 34'820'622 26'931'967 26'058'113 25'436'570 23'718'164 19'231'131 18'362'080 15'223'268 14'373'332 14'059'635 10'465'924 10'023'376 9'850'890 9'566'416 8'866'371 8'817'174 7'484'343

% Out 75 7.66 0.69 0.42 0.33 0.32 0.31 0.29 0.23 0.22 0.18 0.17 0.17 0.13 0.12 0.12 0.12 0.11 0.11 0.09

Weighting

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

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

Latest Chg 5'902'724 4'716'005 (175'540) 25'057'787 664'945 (1'906'685) 2'000'831 4'443'451 879'116 4'885'777 81'198 (61'888) (300'395)

Target Price 176 171 200 156 126 193 170 175 172 175 #N/A N/A 181 160 150 185 170 172 190 155 187 163 187 160 167 140 160 174 178 157 170 150 168 164 170 169 164 194 183 185 178 174 202 210

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 31.05.2013 31.12.2012 27.09.2013 30.06.2013 31.08.2013 31.07.2013 31.08.2013 31.07.2013 31.08.2013 31.12.2012 30.06.2013 31.08.2013 31.08.2013 31.08.2013 27.09.2013 31.08.2013 31.08.2013

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

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

Date 30.09.2013 27.09.2013 24.09.2013 24.09.2013 23.09.2013 20.09.2013 17.09.2013 16.09.2013 16.09.2013 06.09.2013 06.09.2013 30.08.2013 28.08.2013 28.08.2013 26.08.2013 26.08.2013 21.08.2013 19.08.2013 12.08.2013 07.08.2013 03.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 11.07.2013 05.07.2013 04.07.2013 04.07.2013 26.06.2013 15.05.2013

01.10.2013

Bajaj Auto Ltd Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (04.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BJAUT IB EQUITY YTD Change BJAUT IB EQUITY YTD % CHANGE

03/2013 03/yy 2'228.95 1'657.50 12'210.00 1998.1 -10.05% 20.55% 57.87% 289.4 578'184.25 1'155.80 0.0 0.0 32'692.70 546'647.33

.3 M

2000

.2 M

1500

.2 M

1000

.1 M

500

.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

2500

31.03.2009 84'460.3

31.03.2010 115'431.6

10'213.2

24'713.5

5'357.9

15'946.0

31.03.2011 159'274.0 2.62x 32'225.8 12.96x 34'548.9 12.26x

LTM-4Q 31.03.2012 189'455.2 2.43x 37'475.8 12.27x 30'454.0 15.96x

31.03.2013 195'334.5 2.50x 36'551.2 13.38x 31'326.9 16.62x

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

36'551.20 34'901.10 17.87% 22.33% 26.28% 44.29% 43.48% 1.64% 18.7% 17.9% 16.0% 1.48 0.96 0.91% 1.43% 34.38 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

2.25 0.83 121.10 12.90% -3.99% 0.833 70 3.629 17'929 24'167 26'919 FY+2

FQ+1

FQ+2

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

03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 88'415.4 215'444.8 246'322.8 0.00x 2.47x 2.08x 2'607.9 43'274.9 50'834.8 0.00x 12.63x 10.75x 6'365.1 35'267.7 40'681.6 0.00x 16.34x 14.14x 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

3071.53 2644.39 -0.86 0.03 1.4% 1.4% 1.64 11.08 10.62 -

Sales/Revenue/Turnover

30.00

250'000.0

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

0.0 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 |

01.10.2013

Bajaj Auto Ltd Holdings By:

All

Holder Name BAJAJ HOLDINGS AND I JAMNALAL SONS PVT LT LIFE INSURANCE CORP JAYA HIND INVEST PVT MAHARASHTRA SCOOTERS BAJAJ SEVASHRAM LIMI BACHHRAJ & CO LTD SIKKIM JANSEVA PRATI NORGES BANK BAJAJ RAHUL KUMAR HARRIS TRUST & SAVIN BAJAJ NIRAJ RAMKRISH VANGUARD GROUP INC BACHHRAJ FACTORIES L BAJAJ AUTO EMP WELFA JP MORGAN BARODA INDUSTRIES PV VONTOBEL ASSET MANAG UBS AG EASTSPRING INVESTMEN

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

Analyst

BNP Paribas Equity Research VIJAY CHUGH Axis Capital Limited CHIRAG SHAH Nomura KAPIL SINGH Espirito Santo Investment Bank Research ADITYA JHAWAR Barclays SAHIL KEDIA Credit Suisse JATIN CHAWLA Phillip Securities DEEPAK JAIN Sunidhi Consultancy Services ABHISHEK GAOSHINDE Sharekhan Ltd TEAM COVERAGE UBS SONAL GUPTA Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA Edelweiss Capital AASHIESH AGARWAAL Ambit Capital Pvt Ltd ASHVIN SHETTY IIFL JOSEPH GEORGE Macquarie AMIT MISHRA Standard Chartered AMIT KASAT Anand Rathi Securities Pvt. Ltd. ROHAN KORDE HDFC Securities SORABH TALWAR Angel Broking Limited YARESH KOTHARI Antique Stock Broking Limited ASHISH NIGAM IDFC Securities Ltd PRAMOD KUMAR India Nivesh Ltd ABHISHEK JAIN Deutsche Bank AMYN PIRANI Kotak Securities HITESH GOEL Quant Broking Pvt Ltd BASUDEB BANERJEE Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD Daiwa Securities Co. Ltd. NAVIN MATTA FinQuest Securities (P) Ltd. MAHANTESH MARILINGA ICICIdirect.com NISHANT VAAS Motilal Oswal Securities Ltd JINESH K GANDHI Morgan Stanley BINAY SINGH Brics Securities UMESH KARNE IDBI Capital Market Services Ltd BHAUMIK BHATIA Goldman Sachs SANDEEP PANDYA Batlivala & Karani Securities ANNAMALAI JAYARAJ Maybank Kim Eng JIGAR A SHAH JHP Securities Private Limited ROHAN J ADMANE Jefferies GOVINDARAJAN CHELLAPPA Karvy Stock Broking Ltd MITUL SHAH KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Asian Markets Securities Pvt. Ltd N L RAGHUNANDHAN Spark Capital Advisors MUKESH SARAF

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

Recommendation buy buy neutral buy equalweight outperform neutral underperform hold sell accumulate hold buy add underperform in-line sell buy accumulate hold outperform accumulate buy buy buy hold hold buy buy buy Overwt/In-Line add hold Buy/Neutral outperform buy hold hold buy accumulate hold reduce reduce

Amt Held 91'119'000 25'949'400 12'429'007 10'243'928 6'774'072 4'502'720 3'727'756 3'659'916 2'726'261 2'442'464 2'196'533 2'189'476 2'149'584 1'945'174 1'829'130 1'761'081 1'670'802 1'602'408 1'551'146 1'529'241

% Out 31.49 8.97 4.3 3.54 2.34 1.56 1.29 1.26 0.94 0.84 0.76 0.76 0.74 0.67 0.63 0.61 0.58 0.55 0.54 0.53

Weighting

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

Latest Chg (28'464) 71'393 (78'029) 43'825 (67'349) -

Target Price

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

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

2'225 2'112 2'174 2'355 1'912 2'210 2'030 1'829 2'243 2'050 2'083 2'061 2'100 2'200 1'620 1'952 1'721 2'004 2'115 2'132 2'256 2'085 2'000 2'100 2'066 1'880 1'914 2'385 2'217 2'229 2'185 2'123 1'983 2'390 2'067 2'227 2'091 2'199 2'150 2'099 2'171 1'978 1'961

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 31.12.2012 30.06.2013 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 30.04.2013 30.06.2013 15.04.2013

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

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

Date 27.09.2013 27.09.2013 27.09.2013 25.09.2013 21.09.2013 20.09.2013 18.09.2013 18.09.2013 17.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 05.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 30.08.2013 27.08.2013 26.08.2013 24.08.2013 20.08.2013 20.08.2013 20.08.2013 19.08.2013 06.08.2013 06.08.2013 31.07.2013 28.07.2013 26.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013

01.10.2013

Kotak Mahindra Bank Ltd Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services including personal, commercial, and corporate banking services, including deposit accounts, loans, and investments.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KMB IB EQUITY YTD Change KMB IB EQUITY YTD % CHANGE

03/2013 06/yy 804.00 588.00 19'869.00 678 -14.99% 15.31% 41.39% 768.2 520'868.81 378'726.96 0.0 2'087.2 45'182.46 -

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

.9 M

800

.8 M

700

.7 M

600

.6 M

500

.5 M

400

.4 M

300

.3 M

200

.2 M

100

.1 M

0 o-12

31.03.2010 31.03.2011 101'089.3 110'294.0 13'070.0 15'667.4 19.86x 21.07x Profitability

LTM-4Q 31.03.2012 130'143.1 18'322.4 21.98x

31.03.2013 159'486.7 21'884.6 22.18x

31.67% 32.02% 2.10% 15.52% 4.63% 0.15% 22.1% 32.70% 248.06% -

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

0.10 1.08 347.67 5.20% 4.48% 1.078 26 2.885 108'147 74'185 69'980 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 135'593.8 169'144.4 120'891.8 141'035.0 38'204.0 30'780.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 18'596.1 23'724.8 25'171.8 30'452.3 6'257.7 6'988.0 23.57x 22.75x 20.25x 16.79x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

248.1% 71.0% 0.15 25.97 -

Sales/Revenue/Turnover

45.00

180'000.0

40.00

160'000.0

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 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 72'885.2 6'523.9 14.93x

900

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 |

01.10.2013

Kotak Mahindra Bank Ltd Holdings By:

All

Holder Name KOTAK UDAY SURESH CAPITAL GROUP COMPAN SUMITOMO MITSUI FINA EUROPACIFIC GROWTH F KOTAK TRUSTEE CO PVT HELICONIA PTE LTD MAHINDRA ANURADHA A JP MORGAN MELANY HOLDINGS LTD MADISON HOLDING LTD COMMONWEALTH BANK OF MATTHEWS INTERNATION ASHMORE EMM LLC GENESIS ASSET MANAGE GENESIS GR TRUST EMP VANGUARD GROUP INC VIRTUS EMERGING MARK HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG BLACKROCK

Firm Name Barclays Firstcall India Equity Advisors Pvt Ltd Macquarie EVA Dimensions Axis Capital Limited Prabhudas Lilladher Pvt Ltd JPMorgan Goldman Sachs IIFL IDFC Securities Ltd ICICIdirect.com Motilal Oswal Securities Ltd Deutsche Bank Morgan Stanley Khambatta Securities Ltd KR Choksey Shares & Sec Pvt Ltd Spark Capital Advisors Ajcon Global Services Ltd. Ambit Capital Pvt Ltd BOB Capital Markets Credit Suisse BNP Paribas Equity Research Edelweiss Capital India Nivesh Ltd Antique Stock Broking Limited Ventura Securities Ltd Jaypee Capital Services

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

Analyst ANISH TAWAKLEY TEAM COVERAGE SURESH GANAPATHY DOUG WALTERS PUNIT SRIVASTAVA ADARSH PARASRAMPURIA SESHADRI K SEN RAHUL JAIN SAMPATH S K KUMAR MANISH CHOWDHARY KAJAL GANDHI ALPESH MEHTA MANISH KARWA ANIL AGARWAL RAJ KUMAR JHA MANISH OSTWAL JYOTHI KUMAR VARMA AKASH AJAY JAIN PANKAJ AGARWAL JISHA NAIR ASHISH GUPTA ABHIJIT MAJUMDER KUNAL SHAH DALJEET SINGH KOHLI REETU GANDHI TEAM COVERAGE VINAY CHHODA

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

Recommendation overweight buy outperform sell not rated reduce overweight Sell/Neutral add neutral hold neutral hold Underwt/Cautious market perform hold sell sell sell sell underperform buy reduce not rated buy hold neutral

Amt Held 306'263'550 49'254'529 32'800'000 31'467'137 26'897'060 20'000'000 14'120'702 13'602'192 13'267'095 13'267'095 12'658'576 11'317'491 9'443'783 9'047'880 8'250'448 7'856'248 7'666'353 7'666'353 4'721'600 4'711'671

% Out 39.87 6.41 4.27 4.1 3.5 2.6 1.84 1.77 1.73 1.73 1.65 1.47 1.23 1.18 1.07 1.02 1 1 0.61 0.61

Weighting

Change

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

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

Latest Chg 1'600 (70'262) (8'750'000) (8'750'000) 4'705 450'000 109'748 73'058 (7'087)

Target Price 733 786 785 #N/A N/A #N/A N/A 700 830 520 720 750 600 723 655 530 770 720 622 640 704 703 618 802 667 #N/A N/A 806 #N/A N/A 490

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

File Dt 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 01.02.2012 01.02.2012 30.06.2013 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 30.04.2013 27.09.2013

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

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

Date 29.09.2013 25.09.2013 23.09.2013 20.09.2013 13.09.2013 11.09.2013 09.09.2013 05.09.2013 27.08.2013 22.08.2013 21.08.2013 19.08.2013 08.08.2013 07.08.2013 23.07.2013 22.07.2013 22.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 11.07.2013 09.07.2013 06.05.2013 31.10.2011

01.10.2013

United Spirits Ltd United Spirits Ltd. manufactures and distributes a variety of alcohols and spirits, including whiskey, brandy and rum. The Company's well known brands include "McDowell's No. 1 Whiskey," "McDowell's No. 1 Brandy," "McDowell's Diplomat Whiskey" and "McDowell's Signature Whiskey." United Spirits also manufactures Indian-made foreign liquor brands.

Price/Volume

6.0 M 5.0 M 4.0 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (18.07.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNSP IB EQUITY YTD Change UNSP IB EQUITY YTD % CHANGE

03/2013 01/yy 2'815.00 990.00 180'025.00 2475.7 -11.15% 150.07% 84.83% 145.3 359'787.91 82'459.03 0.0 110.6 2'430.43 439'927.09

3.0 M

1000

2.0 M

500

1.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

7.0 M

2500 2000

Valuation Analysis

31.03.2009 54'680.6 2.47x 7'703.6 17.56x (4'084.1) -

3000

31.03.2010 31.03.2011 63'623.1 73'761.9 3.37x 2.64x 10'538.3 11'778.0 20.36x 16.54x (227.1) 5'695.2 22.65x Profitability

31.03.2012 91'864.9 1.71x 12'007.1 13.10x 1'879.2 40.59x

31.03.2013 105'979.9 3.10x 13'411.8 24.50x (1'012.1) -

13'411.85 11'627.82 10.97% 0.69% -0.63% -2.14% -11.76% 0.66% 12.7% 11.0% -1.0% 0.92 0.41 50.33% 172.25% 5.06 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

0.10 1.01 91.31 99.93% 30.47% 1.011 24 4.167 166'373 179'094 203'582 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 119'209.8 136'748.8 3.40x 2.94x 15'519.7 19'165.4 28.33x 22.94x 6'428.4 9'883.6 1'829.0 1'220.0 55.44x 36.29x S&P Issuer Ratings

1.36 1.13 5.97 6.15 172.2% 63.2% 0.66 4.94 72.17 -

Sales/Revenue/Turnover

350.00

120'000.0

300.00

100'000.0

250.00

80'000.0

200.00

60'000.0 150.00

40'000.0 100.00

20'000.0

50.00 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 |

01.10.2013

United Spirits Ltd Holdings By:

All

Holder Name RELAY B V UNITED BREWERIES HOL KINGFISHER FINVEST I MORGAN STANLEY PALMER INVESTMENT GR OPPENHEIMERFUNDS INC USL BENEFIT TRUST CLSA MAURITIUS LTD MERRILL LYNCH CAPITA VANGUARD GROUP INC BANK OF NOVA SCOTIA FMR LLC CAPITAL GROUP COMPAN NEW WORLD FUND INC GOLDMAN SACHS INV MA PLATINUM INVESTMENT RELIANCE CAPITAL TRU MANKEKAR SHIVANAND S BLACKROCK HDFC ASSET MANAGEMEN

Firm Name Nomura India Infoline Morgan Stanley Deutsche Bank IIFL Credit Suisse Kotak Securities Motilal Oswal Securities Ltd Angel Broking Limited Edelweiss Capital Antique Stock Broking Limited JPMorgan CIMB Batlivala & Karani Securities Religare Capital Markets IDFC Securities Ltd Dani Shares and Stocks Pvt Ltd EVA Dimensions Maybank Kim Eng UBS Firstcall India Equity Advisors Pvt Ltd Macquarie First Global Stockbroking HDFC Securities

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

Analyst MANISH JAIN BHAVESH GANDHI NILLAI SHAH MANOJ MENON AVI MEHTA ARNAB MITRA JASDEEP WALIA GAUTAM DUGGAD SRINIVASAN VISWANATHAN ABNEESH ROY ABHIJEET KUNDU LATIKA CHOPRA VARUN LOHCHAB ASHIT DESAI GAURANG KAKKAD NIKHIL K VORA NAMITA LOHIA CRAIG STERLING JIGAR A SHAH SUNITA SACHDEV TEAM COVERAGE AMIT MISHRA DEVINA MEHRA SAMEER NARANG

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

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

Amt Held 36'359'192 10'167'733 5'940'590 4'866'711 4'376'771 3'728'261 3'459'090 2'995'281 2'982'167 2'507'566 2'450'000 2'294'982 2'191'843 2'102'363 1'544'351 1'515'307 1'513'066 1'500'000 1'436'385 1'287'000

% Out 25.02 7 4.09 3.35 3.01 2.57 2.38 2.06 2.05 1.73 1.69 1.58 1.51 1.45 1.06 1.04 1.04 1.03 0.99 0.89

Weighting

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

Latest Chg 1'838'466 250'802 (212'532) (900'136) 75'750 (244'567) 100'000

Target Price 3'000 2'350 3'225 2'700 2'540 2'550 2'800 2'750 #N/A N/A 3'075 2'193 2'460 2'850 2'530 2'500 3'000 2'870 #N/A N/A 2'933 2'580 2'732 1'500 #N/A N/A 700

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

File Dt 04.07.2013 04.07.2013 04.07.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 27.09.2013 31.08.2013

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

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

Date 22.09.2013 18.09.2013 16.09.2013 09.09.2013 05.09.2013 03.09.2013 30.08.2013 19.08.2013 14.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 05.07.2013 17.06.2013 06.06.2013 28.05.2013 23.05.2013 23.05.2013 17.05.2013 21.02.2013 29.03.2012

01.10.2013

Sesa Goa Ltd Sesa Goa Limited is involved in iron ore mining, aluminium and copper production, and exports. The Company is also active in shipbuilding and repair, as well as the manufacturing of pig iron and metallurgical coke. Sesa Goa has developed an energy recovery technology to manufacture coke, compliant with advanced global emission norms.

Price/Volume 250

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (31.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SESA IB EQUITY YTD Change SESA IB EQUITY YTD % CHANGE

03/2013 06/yy 205.40 119.45 1'059'338.00 177.15 -13.95% 48.30% 71.26% 2'964.7 525'192.06 45'091.50 0.0 0.0 2'031.60 568'251.95

150

4.0 M

100

3.0 M 2.0 M

1.0 M

0 o-12

31.03.2010 31.03.2011 57'978.0 91'933.3 5.89x 1.81x 31'547.0 52'094.3 10.82x 3.19x 26'291.3 42'224.5 14.51x 5.93x Profitability

LTM-4Q 31.03.2012 83'100.6 2.42x 35'053.5 5.73x 26'955.0 6.28x

31.03.2013 25'544.2 6.98x 5'198.7 34.28x 22'802.5 5.93x

5'198.70 3'224.10 12.62% 87.59% 10.53% 13.99% 0.12% 20.4% 12.6% 89.3% 0.39 0.08 19.70% 25.80% 7.38 -

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

0.06 1.20 2'485.19 2.25% -9.21% 1.199 34 3.353 2'074'351 2'207'349 1'168'002 FY+2

FQ+1

FQ+2

06/yy 79'047.3 5.29x 30'183.2 0.00x 28'188.8 5.91x

06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 11'615.1 724'354.8 854'290.0 4'695.0 4'832.0 31.19x 1.05x 0.84x (2'382.8) 264'751.4 290'676.0 (364.0) 151.0 0.00x 2.14x 1.95x 17'305.8 100'164.5 114'064.7 3'919.0 4'263.0 7.17x 6.19x 5.16x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1.86 -0.38 8.28 8.67 25.8% 20.5% 0.12 1.06 49.43 -

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 04.04.2010

n-12

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

6.0 M

200

Valuation Analysis

31.03.2009 49'179.4 0.96x 27'117.1 1.75x 19'881.3 3.94x

7.0 M

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 |

01.10.2013

Sesa Goa Ltd Holdings By:

All

Holder Name FINSIDER INTERNATION FRANKLIN RESOURCES WESTGLOBE LTD TWINSTAR HOLDINGS LT HDFC ASSET MANAGEMEN PRUDENTIAL ICICI ASS BLACKROCK STICHTING PENSIOEN F BANK OF NEW YORK MEL VANGUARD GROUP INC DIMENSIONAL FUND ADV BIRLA SUN LIFE ASSET GRANTHAM MAYO VAN OT ROBECO UTI ASSET MANAGEMENT RELIANCE CAPITAL TRU DSP BLACKROCK INVEST BLACKROCK ASSET MANA BIRLA SUN LIFE ASSET L&T INVESTMENT MANAG

Firm Name

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

Analyst

Motilal Oswal Securities Ltd SANJAY JAIN Axis Capital Limited JAGDISHWAR TOPPO Deutsche Bank ANUJ SINGLA JM Financial Institutional Securities P ASHUTOSH SOMANI Batlivala & Karani Securities PARIN TANNA Kotak Securities KAWALJEET SALUJA Nomura AMAR KEDIA Emkay Share & Stock Brokers GOUTAM CHAKRABORTY Daiwa Securities Co. Ltd. DEEPAK PODDAR Angel Broking Limited BHAVESH CHAUHAN JPMorgan PINAKIN M PAREKH Morgan Stanley VIPUL PRASAD HSBC JIGAR MISTRY EVA Dimensions TIMOTHY STANISH Barclays CHIRAG SHAH Espirito Santo Investment Bank Research RITESH SHAH IIFL BIJAL SHAH Edelweiss Capital PRASAD BAJI ICICIdirect.com DEWANG SANGHAVI Quant Broking Pvt Ltd KALPESH MAKWANA Maybank Kim Eng ANUBHAV GUPTA India Infoline TARANG BHANUSHALI Dolat Capital Market Ltd. RAM MODI Centrum Broking Pvt Ltd ABHISAR JAIN Elara Securities India Pvt Ltd ASHISH KEJRIWAL Nirmal Bang Institutional Equities GIRIRAJ DAGA ICICI Securities ABHIJIT MITRA Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR MSFL - Institutional Business Group TANUJ RASTOGI Ventura Securities Ltd TEAM COVERAGE IDFC Securities Ltd PRAKASH JOSHI CIMB RAHUL JAIN Systematix Shares & Stocks Ltd ERIC MARTINS Khambatta Securities Ltd RONAK JHAVERI

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

Recommendation buy hold hold buy outperform add neutral accumulate outperform neutral overweight Overwt/In-Line neutral sell underweight buy reduce buy hold Under Review sell buy accumulate buy accumulate buy reduce hold buy hold underperform underperform Under Review strong buy

Amt Held 401'496'480 107'165'556 44'343'139 33'274'000 22'491'972 18'077'106 17'865'839 15'907'716 11'562'554 11'089'912 8'843'785 6'417'533 6'304'748 6'087'489 5'678'423 3'547'668 3'474'083 3'028'495 2'330'009 1'735'800

% Out 13.54 3.61 1.5 1.12 0.76 0.61 0.6 0.54 0.39 0.37 0.3 0.22 0.21 0.21 0.19 0.12 0.12 0.1 0.08 0.06

Weighting

Change

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

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

Latest Chg (700'160) 22'479'245 17'744'621 (8'310) 8'046'890 404'660 227'805 6'417'533 (15'691) 5'644'961 3'546'481 3'474'083 2'160'453 2'325'864 1'735'800

Target Price 214 159 167 164 200 200 190 147 201 #N/A N/A 225 240 193 #N/A N/A 165 180 141 171 130 #N/A N/A 112 153 139 157 147 165 127 163 208 #N/A N/A 153 142 #N/A N/A 236

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

File Dt Inst Type 30.06.2013 Holding Company 30.06.2013 Investment Advisor 30.06.2013 Corporation 30.06.2013 Corporation 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 27.09.2013 Investment Advisor 30.06.2013 Pension Fund (ERISA) 27.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Unclassified 31.08.2013 Investment Advisor 31.08.2013 Other 31.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 9 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 18 month 12 month Not Provided Not Provided

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 20.09.2013 20.09.2013 17.09.2013 13.09.2013 13.09.2013 11.09.2013 06.09.2013 05.09.2013 04.09.2013 31.08.2013 22.08.2013 21.08.2013 20.08.2013 19.08.2013 06.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 01.07.2013 02.05.2013 02.05.2013 26.02.2013 25.01.2013 11.07.2012 25.04.2012

01.10.2013

Cipla Ltd/India Cipla Ltd. manufactures fine chemicals and pharmaceutical preparations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (26.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CIPLA IB EQUITY YTD Change CIPLA IB EQUITY YTD % CHANGE

03/2013 06/yy 450.00 353.10 20'896.00 432.35 -3.93% 22.44% 81.42% 802.9 347'143.03 9'670.70 0.0 0.0 22'440.60 334'373.15

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

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M 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 49'606.0 3.61x 12'646.9 14.16x 7'710.2 22.18x

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

31.03.2010 31.03.2011 53'595.2 62'601.4 5.01x 4.17x 14'350.7 14'416.1 18.72x 18.11x 10'825.9 9'895.7 24.69x 26.10x Profitability

LTM-4Q 31.03.2012 69'843.9 3.37x 17'952.8 13.10x 11'442.4 21.41x

31.03.2013 82'793.3 3.53x 22'147.6 13.19x 15'448.5 19.74x

22'147.60 18'842.80 22.76% 25.23% 14.71% 18.55% 17.73% 0.79% 26.8% 22.8% 18.7% 3.03 1.72 8.30% 10.72% 5.14 -

Price/ Cash Flow

LTM

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

06/yy 23'077.1 0.00x 6'923.4 0.00x 4'853.5 0.00x

FY+1

.0 M o-13

0.46 0.48 442.33 14.30% 4.94% 0.479 51 4.196 98'093 142'748 130'104 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 96'638.0 111'777.6 23'908.0 3.52x 2.97x 23'688.4 27'213.9 5'764.0 14.10x 12.27x 16'217.6 18'772.4 3'947.0 3'763.0 21.54x 18.60x S&P Issuer Ratings

80.33 52.88 -0.58 0.44 10.7% 9.7% 0.79 2.19 71.03 -

Sales/Revenue/Turnover

30.00

90'000.0 80'000.0

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00 0.00 04.04.2010

10'000.0 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 |

01.10.2013

Cipla Ltd/India Holdings By:

All

Holder Name HAMIED YUSUF K LIFE INSURANCE CORP AHMED SOPHIE HAMIED FARIDA HAMIED MUSTAFA KAMIL OPPENHEIMERFUNDS INC VIRTUS EMERGING MARK HARRIS TRUST & SAVIN HAMIED MUSTAFA KAMIL HAMIED RUMANA HAMIED SAMINA VANGUARD GROUP INC VONTOBEL ASSET MANAG ICICI PRUDENTIAL LIF IIFL VONTOBEL INDIA BLACKROCK HDFC ASSET MANAGEMEN HAMIED SHIRIN PRUDENTIAL ICICI ASS UTI ASSET MANAGEMENT

Firm Name Axis Capital Limited Batlivala & Karani Securities India Nivesh Ltd Edelweiss Capital ICICIdirect.com Fortune Equity Brokers (India) Ltd Centrum Broking Pvt Ltd EVA Dimensions Karvy Stock Broking Ltd Angel Broking Limited Morgan Stanley Religare Capital Markets Antique Stock Broking Limited Sharekhan Ltd IIFL Dolat Capital Market Ltd. Nomura CIMB Jefferies IDFC Securities Ltd UBS Anand Rathi Securities Pvt. Ltd. Elara Securities India Pvt Ltd Motilal Oswal Securities Ltd Firstcall India Equity Advisors Pvt Ltd Khambatta Securities Ltd Prabhudas Lilladher Pvt Ltd JM Financial Institutional Securities P Sunidhi Consultancy Services Emkay Share & Stock Brokers HDFC Securities India Infoline Asian Markets Securities Pvt. Ltd Quant Broking Pvt Ltd Avendus Capital Private Ltd Nirmal Bang Institutional Equities Credit Suisse HSBC ICICI Securities Macquarie SBI Capital Markets Kotak Securities Ventura Securities Ltd

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

Analyst DEEPAK SHIVPRAKASH KHETAN ROHIT V BHAT BHAGWAN SINGH CHAUDHARY PERIN ALI SIDDHANT KHANDEKAR HITESH MAHIDA RANJIT KAPADIA TIMOTHY STANISH RAHUL SHARMA SARABJIT KOUR NANGRA SAMEER BAISIWALA ARVIND BOTHRA ANMOL GANJOO TEAM COVERAGE BINO PATHIPARAMPIL MILIND BHANGALE SAION MUKHERJEE PRAKASH AGARWAL PIYUSH NAHAR NITIN AGARWAL SONAL GUPTA SRIRAM RATHI AARTHISUNDARI JAYAKUMAR ALOK DALAL TEAM COVERAGE FATHIMA KHAN SURAJIT PAL RAHUL SOLANKI RASHMI SANCHETI ASHISH RATHI MEETA SHETTY BHAVIKA SHINDE ASHISH THAVKAR KIRIT GOGRI MONICA JOSHI PRAFUL BOHRA ANUBHAV AGGARWAL GIRISH BAKHRU KARTIK A MEHTA ABHISHEK SINGHAL VIVEK KUMAR KRISHNA PRASAD TEAM COVERAGE

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

Recommendation buy outperform Under Review hold hold buy buy overweight buy buy Underwt/In-Line hold hold buy buy accumulate neutral outperform buy outperform buy buy accumulate neutral buy strong buy hold buy neutral buy buy buy buy reduce hold buy neutral overweight buy outperform buy add hold

Amt Held 124'827'750 51'487'267 45'982'000 41'914'937 39'690'000 29'951'131 13'619'612 13'619'612 10'939'500 9'886'500 9'859'500 9'634'100 9'464'825 8'587'455 8'459'997 7'839'568 7'750'865 6'363'000 6'231'477 6'132'494

% Out 15.55 6.41 5.73 5.22 4.94 3.73 1.7 1.7 1.36 1.23 1.23 1.2 1.18 1.07 1.05 0.98 0.97 0.79 0.78 0.76

Weighting

Change

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

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

Latest Chg 1'518'133 (25'057) (48'600) (9'392) (1'000'056) (344'110) (305'034)

Target Price 480 450 #N/A N/A 450 470 523 585 #N/A N/A 475 504 386 435 404 490 504 480 450 500 460 480 470 472 467 425 453 478 410 460 454 484 460 463 460 427 450 482 415 485 472 480 464 450 423

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 31.07.2013 30.06.2013 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 30.06.2013 30.06.2013 27.09.2013 31.08.2013 30.06.2013 31.08.2013 31.08.2013

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

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

Date 27.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 20.09.2013 19.09.2013 19.09.2013 17.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 04.09.2013 03.09.2013 02.09.2013 29.08.2013 29.08.2013 27.08.2013 26.08.2013 23.08.2013 19.08.2013 14.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 11.08.2013 11.08.2013 11.08.2013 10.08.2013 10.08.2013 08.08.2013 31.05.2013

01.10.2013

Asian Paints Ltd Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.07.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance APNT IB EQUITY YTD Change APNT IB EQUITY YTD % CHANGE

03/2013 06/yy 524.70 376.35 48'673.00 455.75 -13.22% 21.10% 55.95% 959.2 437'154.38 3'085.30 0.0 1'607.7 8'509.80 433'337.58

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

1.2 M

500

1.0 M

400

.8 M

300

.6 M

200

.4 M

100

.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 31.03.2009 54'639.0 1.45x 6'984.4 11.31x 3'978.4 18.96x

600

31.03.2010 31.03.2011 66'809.4 77'223.0 2.93x 3.06x 12'334.5 13'358.6 15.84x 17.68x 8'356.4 8'432.4 23.40x 28.73x Profitability

LTM-4Q 31.03.2012 95'983.3 3.20x 15'425.4 19.90x 9'887.3 31.45x

31.03.2013 109'060.1 4.29x 17'474.3 26.77x 11'138.8 42.34x

17'474.30 15'928.30 14.61% 15.18% 17.82% 36.33% 33.35% 1.74% 16.0% 14.6% 10.2% 1.37 0.62 4.54% 9.12% 12.38 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.01 0.70 598.65 16.88% 3.92% 0.699 41 2.732 120'701 165'638 147'270 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 98'892.2 111'850.2 125'216.5 145'539.9 29'329.5 34'496.7 6.18x 4.18x 3.42x 2.91x 15'494.7 17'497.4 20'217.2 23'791.6 4'624.0 5'920.0 0.00x 0.00x 21.39x 18.21x 20.53x 19.72x 10'134.5 11'007.0 12'735.6 15'235.4 2'800.7 3'776.5 36.81x 40.41x 34.25x 28.64x 32.73x 31.34x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

48.49 30.62 -0.31 0.18 9.1% 8.0% 1.74 5.10 29.49 -

Sales/Revenue/Turnover

80.00

120'000.0

70.00

100'000.0

60.00

80'000.0

50.00 40.00

60'000.0

30.00

40'000.0

20.00

20'000.0 10.00 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 |

01.10.2013

Asian Paints Ltd Holdings By:

All

Holder Name SMITI HOLDING & TRAD ISIS HOLDING & TRADI GEETANJALI TRADING & OJASVI TRADING PVT L LIFE INSURANCE CORP VAKIL ABHAY ARVIND ELCID INVESTMENTS LI GUJARAT ORGANICS LTD SUDHANAVA INV & TRAD RUPEN INVESTMENT & I SATYADHARMA INVST & OPPENHEIMERFUNDS INC ABERDEEN CASTLE INVESTMENT & LYON INVEST & INDUST VAKIL AMAR ARVIND JALDHAR INV & TRADIN TRU TRADING & INVEST NEHAL TRADING & INVE ASTEROIDS TRADING &

Firm Name Ambit Capital Pvt Ltd Standard Chartered HSBC Axis Capital Limited Nomura Edelweiss Capital Antique Stock Broking Limited Goldman Sachs Equirus Securities Pvt Ltd UBS Prabhudas Lilladher Pvt Ltd IIFL Dolat Capital Market Ltd. Kotak Securities Emkay Share & Stock Brokers Motilal Oswal Securities Ltd Deutsche Bank Firstcall India Equity Advisors Pvt Ltd Morgan Stanley Spark Capital Advisors Batlivala & Karani Securities CIMB Jefferies Anand Rathi Securities Pvt. Ltd. Phillip Securities Sunidhi Consultancy Services HDFC Securities SPA Securities Ltd ICICIdirect.com Tata Securities Limited Religare Capital Markets Angel Broking Limited VCK Share & Stock Broking Services Daiwa Securities Co. Ltd. EVA Dimensions Brics Securities Ventura Securities Ltd FRR Shares & Securities Ltd Dalmia Securities Pvt Ltd JM Financial Institutional Securities P Jaypee Capital Services

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source EXCH EXCH n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a ULT-AGG n/a n/a n/a n/a n/a n/a n/a

Analyst RAKSHIT RANJAN SANJAY SINGH AMIT SACHDEVA HEMANT B PATEL MANISH JAIN ABNEESH ROY ABHIJEET KUNDU PUNEET JAIN ANKIT JAIN SUNITA SACHDEV AMNISH AGGARWAL AVI MEHTA AMIT PUROHIT ROHIT CHORDIA PRITESH TALAKSHI CHHEDA GAUTAM DUGGAD MANOJ MENON TEAM COVERAGE GIRISH ACHHIPALIA TEJASH SHAH RANJIT CIRUMALLA VARUN LOHCHAB RAJASA KAKULAVARAPU ANIRUDDHA JOSHI NAVEEN KULKARNI ROHIT GALA HARSH MEHTA SUMIT DUSEJA SANJAY MANYAL SAMEER DESHMUKH GAURANG KAKKAD SRINIVASAN VISWANATHAN TEAM COVERAGE MIHIR P SHAH TIMOTHY STANISH SACHIN B BOBADE TEAM COVERAGE POOJA JAIN SUBRATA SARKAR RICHARD LIU PULKESHIN SHAH

Recommendation buy in-line overweight hold neutral buy hold Sell/Neutral neutral neutral reduce add accumulate sell buy neutral sell hold Equalwt/In-Line reduce outperform underperform underperform hold sell neutral neutral sell hold sell sell neutral buy hold hold add sell hold accumulate hold neutral

Amt Held 54'084'120 52'884'120 49'267'440 46'987'850 44'414'820 28'450'310 28'313'860 22'810'730 19'225'260 18'742'800 18'334'280 17'588'100 15'600'000 15'457'470 14'342'060 13'031'170 12'428'250 12'176'500 11'102'530 10'818'530

% Out 5.64 5.51 5.14 4.9 4.63 2.97 2.95 2.38 2 1.95 1.91 1.83 1.63 1.61 1.5 1.36 1.3 1.27 1.16 1.13

Weighting

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

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

Latest Chg 14'000 14'000 -

Target Price 493 411 600 393 435 513 467 341 433 475 415 475 440 380 500 470 435 552 505 459 525 440 414 453 400 514 475 369 470 406 400 #N/A N/A 581 501 #N/A N/A 493 #N/A N/A 459 312 296 322

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

File Dt 23.08.2013 23.08.2013 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

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

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

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 22.09.2013 18.09.2013 18.09.2013 11.09.2013 03.09.2013 30.08.2013 28.08.2013 27.08.2013 23.08.2013 22.08.2013 22.08.2013 19.08.2013 14.08.2013 03.08.2013 31.07.2013 30.07.2013 26.07.2013 25.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 17.07.2013 10.06.2013 06.06.2013 10.05.2013 10.05.2013 23.01.2013 25.01.2012 22.01.2012 02.11.2011

01.10.2013

Cairn India Ltd Cairn India Ltd. together with its subsidiaries is involved in surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, and exporting minerals, oil, petroleum, gas and related by-products in India.

Price/Volume 9.0 M

350

8.0 M

300

7.0 M 6.0 M

250

5.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (28.03.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CAIR IB EQUITY YTD Change CAIR IB EQUITY YTD % CHANGE

03/2013 06/yy 349.90 267.90 39'419.00 316.95 -9.26% 18.31% 61.59% 1'910.5 605'544.06 0.00 0.0 0.0 121'874.90 483'669.18

4.0 M

150

3.0 M

100

2.0 M

1.0 M

0 o-12

31.03.2010 31.03.2011 16'230.3 102'779.3 36.19x 6.23x 8'227.1 85'465.9 71.40x 7.49x 10'511.1 63'344.0 55.15x 10.52x Profitability

LTM-4Q 31.03.2012 118'171.4 4.78x 92'850.5 6.08x 79'377.4 8.00x

31.03.2013 175'194.7 2.27x 130'745.5 3.05x 120'563.9 4.31x

130'745.50 111'872.40 63.86% 70.16% 22.44% 25.12% 24.93% 0.33% 74.6% 63.9% 68.8% 4.65 4.21 0.00% 0.00% 9.26 -

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

3.63 0.77 418.77 -0.02% 1.61% 0.772 60 4.683 123'785 233'920 179'020 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 138'403.3 171'470.4 187'142.6 191'691.9 43'771.5 45'033.0 4.08x 5.25x 2.54x 2.21x 108'075.6 124'860.6 131'511.6 129'538.7 33'129.0 33'609.0 0.00x 0.00x 3.68x 3.73x 90'369.3 113'579.0 108'716.2 104'950.0 27'185.0 26'324.0 6.48x 4.88x 5.53x 5.73x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

191.65 167.74 -0.93 0.00 0.0% 0.0% 0.33 1.68 39.40 -

Sales/Revenue/Turnover

400.00

200'000.0

350.00

180'000.0 160'000.0

300.00

140'000.0

250.00

120'000.0

200.00

100'000.0 80'000.0

150.00

60'000.0

100.00

40'000.0

50.00

20'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

01.10.2013

Cairn India Ltd Holdings By:

All

Holder Name BLOOM FOUNTAIN LTD SESA GOA LTD CAIRN UK HOLDINGS LI LIFE INSURANCE CORP SESA RESOURCE LTD CAPITAL GROUP COMPAN PRUDENTIAL ICICI ASS VANGUARD GROUP INC ROBECO BLACKROCK UTI ASSET MANAGEMENT NORDEA INV MANAGEMEN DIMENSIONAL FUND ADV BANK OF NEW YORK MEL PICTET FUNDS JYSKE INVEST GRANTHAM MAYO VAN OT BIRLA SUN LIFE ASSET SUNDARAM ASSET MANAG RELIANCE CAPITAL TRU

Firm Name Nomura Axis Capital Limited Morgan Stanley Karvy Stock Broking Ltd Ambit Capital Pvt Ltd Quant Broking Pvt Ltd Firstcall India Equity Advisors Pvt Ltd Tata Securities Limited Macquarie Kotak Securities Nirmal Bang Institutional Equities Maybank Kim Eng BNP Paribas Equity Research ICICI Securities Antique Stock Broking Limited Barclays Motilal Oswal Securities Ltd Daiwa Securities Co. Ltd. Ventura Securities Ltd Standard Chartered Brics Securities KR Choksey Shares & Sec Pvt Ltd Batlivala & Karani Securities Phillip Securities Angel Broking Limited JM Financial Institutional Securities P Sunidhi Consultancy Services IDBI Capital Market Services Ltd HDFC Securities LKP Shares and Securities Ltd India Infoline Spark Capital Advisors ICICIdirect.com IIFL India Nivesh Ltd BOB Capital Markets Right Horizons Financial Services Deutsche Bank Credit Suisse Jefferies HSBC CIMB IDFC Securities Ltd

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

Analyst ANIL SHARMA AMIT MISHRA VINAY JAISING VINAY V NAIR DAYANAND MITTAL GAGAN DIXIT TEAM COVERAGE SWARNENDU BHUSHAN ABHISHEK AGARWAL TARUN LAKHOTIA ASHUTOSH BHARDWAJ JIGAR A SHAH AMIT SHAH ROHIT AHUJA AMIT RUSTAGI SOMSHANKAR SINHA HARSHAD BORAWAKE NIRMAL RAGHAVAN TEAM COVERAGE RAHUL SINGH NILESH RAMESH GHUGE NISHA SHARMA BHAVIN GANDHI GAURI ANAND BHAVESH CHAUHAN MEHUL THANAWALA ROHIT NAGRAJ SUDEEP ANAND AISHWARYA DEEPAK CHIRAG DHAIFULE PRAYESH JAIN MAYUR PATEL MAYUR MATANI BHASKAR CHAKRABORTY DALJEET SINGH KOHLI NEELABH SHARMA TUSHAR PENDHARKAR HARSHAD KATKAR SANJAY MOOKIM ARYA SEN KUMAR MANISH AVADHOOT SABNIS PRAKASH JOSHI

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

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

Amt Held 738'873'586 351'140'413 196'174'600 172'838'526 32'700'000 21'500'000 20'961'745 13'887'809 9'990'251 8'392'202 7'386'378 6'439'194 6'036'377 4'843'793 4'709'622 3'634'029 2'558'975 2'471'348 2'433'708 2'301'850

% Out 38.67 18.38 10.27 9.05 1.71 1.13 1.1 0.73 0.52 0.44 0.39 0.34 0.32 0.25 0.25 0.19 0.13 0.13 0.13 0.12

Weighting

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

Latest Chg (1'645'000) (2'781'366) 370'284 (31'778) 191'257 (415'170) 27'366 88'000 (127'680) (10'050) (73'807) 18'174 10'049

Target Price

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

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

375 385 350 320 323 387 352 429 378 370 370 443 365 394 353 390 373 352 410 355 365 350 372 375 364 395 356 352 420 366 360 383 379 370 404 343 450 330 365 370 400 360 350

File Dt 26.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.04.2013 27.09.2013 31.08.2013 31.07.2013 30.04.2013 27.09.2013 31.05.2013 31.07.2013 31.05.2013 31.08.2013 31.08.2013 31.08.2013

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

Inst Type n/a Corporation Holding Company Government Corporation 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 Other

Date 30.09.2013 27.09.2013 24.09.2013 20.09.2013 19.09.2013 19.09.2013 16.09.2013 11.09.2013 04.09.2013 28.08.2013 28.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 23.08.2013 19.08.2013 16.08.2013 07.08.2013 01.08.2013 01.08.2013 29.07.2013 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 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013

01.10.2013

Lupin Ltd Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 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 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LPC IB EQUITY YTD Change LPC IB EQUITY YTD % CHANGE

03/2013 06/yy 908.00 540.15 28'215.00 852.55 -6.17% 57.84% 85.51% 448.0 381'962.03 11'644.90 0.0 594.5 3'545.00 390'656.44

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

.6 M .5 M .4 M .3 M .2 M .1 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 37'758.8 1.84x 7'588.0 9.17x 5'015.4 11.25x

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

31.03.2010 31.03.2011 47'736.3 57'925.9 3.27x 3.33x 10'177.5 11'666.9 15.34x 16.55x 6'816.3 8'625.5 102.76x 21.52x Profitability

LTM-4Q 31.03.2012 70'649.7 3.54x 14'631.7 17.11x 8'676.5 27.25x

31.03.2013 96'413.0 3.01x 23'257.4 12.47x 13'141.6 21.39x

23'257.40 19'935.50 20.68% 19.96% 15.56% 28.52% 22.34% 1.14% 24.1% 20.7% 13.6% 1.68 0.85 13.06% 22.38% 4.86 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.47 0.54 277.73 43.03% 39.66% 0.540 54 4.222 97'999 130'818 121'362 FY+2

FQ+1

FQ+2

06/yy 76'356.7 6.15x 16'079.8 0.00x 9'379.6 25.57x

06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 96'631.4 111'626.6 129'995.4 26'793.8 27'722.0 5.86x 3.43x 2.90x 23'691.0 26'386.9 31'154.9 6'529.8 6'689.3 0.00x 14.79x 12.53x 14.41x 13.73x 14'348.3 16'141.6 19'189.6 4'035.4 4'185.5 24.37x 23.66x 19.87x 22.87x 21.63x 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

96.78 73.85 0.35 0.50 22.4% 18.1% 1.14 3.77 75.09 -

Sales/Revenue/Turnover

180.00

120'000.0

160.00

100'000.0

140.00

80'000.0

120.00 100.00

60'000.0

80.00

40'000.0

60.00 40.00

20'000.0

20.00 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 |

01.10.2013

Lupin Ltd Holdings By:

All

Holder Name ZYMA LABORATORIES LT RAHAS INVESTMENTS PV VISIOMED INVESTMENTS LUPIN HOLDINGS PVT L GENESIS INDIAN INV C LUPIN INVESTMENTS PV LIFE INSURANCE CORP ICICI PRUDENTIAL LIF JHUNJHUNWAL RAKESH R HDFC ASSET MANAGEMEN NORGES BANK WILLIAM BLAIR & COMP SCHRODER INVESTMENT VANGUARD GROUP INC ABERDEEN GUPTA MANJU D RELIANCE CAPITAL TRU SBI FUNDS MANAGEMENT GUPTA DESH BANDHU LUPIN INTERNATIONAL

Firm Name Axis Capital Limited Nomura Batlivala & Karani Securities India Nivesh Ltd Edelweiss Capital IIFL Morgan Stanley Fortune Equity Brokers (India) Ltd Centrum Broking Pvt Ltd Karvy Stock Broking Ltd Sharekhan Ltd HDFC Securities Religare Capital Markets ICICIdirect.com Dolat Capital Market Ltd. Equirus Securities Pvt Ltd IDFC Securities Ltd Antique Stock Broking Limited Kotak Securities Anand Rathi Securities Pvt. Ltd. Quant Broking Pvt Ltd Motilal Oswal Securities Ltd Spark Capital Advisors GEPL Capital Pvt Ltd UBS Jefferies Khambatta Securities Ltd Nirmal Bang Institutional Equities CIMB JM Financial Institutional Securities P ICICI Securities Credit Suisse HSBC Macquarie Prabhudas Lilladher Pvt Ltd SBI Capital Markets Sunidhi Consultancy Services Emkay Share & Stock Brokers Tata Securities Limited Angel Broking Limited Firstcall India Equity Advisors Pvt Ltd Asian Markets Securities Pvt. Ltd Avendus Capital Private Ltd

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

Analyst DEEPAK SHIVPRAKASH KHETAN SAION MUKHERJEE ROHIT V BHAT BHAGWAN SINGH CHAUDHARY PERIN ALI BINO PATHIPARAMPIL SAMEER BAISIWALA HITESH MAHIDA RANJIT KAPADIA RAHUL SHARMA TEAM COVERAGE MEETA SHETTY ARVIND BOTHRA SIDDHANT KHANDEKAR MILIND BHANGALE NIMISH MEHTA NITIN AGARWAL ANMOL GANJOO KRISHNA PRASAD SRIRAM RATHI KIRIT GOGRI ALOK DALAL HARITH AHAMED ADITYA ANAND BAPAT SONAL GUPTA PIYUSH NAHAR FATHIMA KHAN PRAFUL BOHRA PRAKASH AGARWAL RAHUL SOLANKI KARTIK A MEHTA ANUBHAV AGGARWAL GIRISH BAKHRU ABHISHEK SINGHAL SURAJIT PAL VIVEK KUMAR RASHMI SANCHETI ASHISH RATHI VIHARI PURUSHOTHAMAN SARABJIT KOUR NANGRA TEAM COVERAGE ASHISH THAVKAR MONICA JOSHI

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

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

Amt Held 54'960'490 45'699'510 43'514'660 40'401'000 15'921'889 15'401'910 10'863'106 10'582'734 9'357'820 7'510'294 5'880'900 5'222'621 4'794'249 4'144'991 3'751'000 3'491'820 3'122'807 2'970'084 2'812'910 1'863'000

% Out 12.27 10.2 9.71 9.02 3.55 3.44 2.42 2.36 2.09 1.68 1.31 1.17 1.07 0.93 0.84 0.78 0.7 0.66 0.63 0.42

Weighting

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

Latest Chg 962'863 3'720'766 (12'183) 114'434 409'211 -

Target Price

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

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

884 972 915 837 895 854 973 847 1'003 936 907 941 1'025 833 965 921 880 884 850 856 888 972 850 951 950 750 920 879 880 930 852 830 935 860 853 861 850 942 771 904 876 910 795

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 10.07.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.08.2013 31.08.2013 30.06.2013 30.06.2013

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

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

Date 27.09.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 17.09.2013 13.09.2013 12.09.2013 12.09.2013 10.09.2013 04.09.2013 30.08.2013 29.08.2013 28.08.2013 27.08.2013 26.08.2013 22.08.2013 19.08.2013 19.08.2013 14.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013

01.10.2013

Nestle India Ltd Nestle India Ltd. manufactures brand name milk products and other food products. The Company's products include Everyday dairy whitener, milk powder and ghee, Milkmaid sweetened condensed milk and Cerelac weaning foods. Nestle's beverages include Nescafe and Sunrise coffee and Nesfit enriched glucose powder. Nestle also manufactures Maggi noodles, soups and sauces.

Price/Volume 7000

.1 M

6000

.1 M

5000

.0 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2013) 52-Week Low (01.10.2012) 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 NEST IB EQUITY YTD Change NEST IB EQUITY YTD % CHANGE

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

31.12.2009 31.12.2010 51'293.8 62'547.4 4.72x 5.82x 10'373.9 12'637.9 23.34x 28.78x 6'550.0 8'186.6 37.51x 44.92x Profitability

.0 M

1000 0 o-12

n-12

LTM-4Q 31.12.2011 74'908.2 5.35x 16'791.1 23.88x 9'615.5 41.06x

31.12.2012 83'022.6 5.85x 19'145.3 25.38x 10'679.3 45.07x 19'145.30 16'373.80 19.72% 18.70% 22.33% 69.52% 42.71% 1.74% 23.1% 19.7% 12.9% 1.32 0.60 20.34% 58.40% 81.80 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 79'518.1 10.66x 17'325.1 25.77x 10'137.1 43.17x

06/yy 87'295.2 10.94x 19'915.0 23.55x 10'967.1 42.68x

a-13 m-13

j-13

a-13

s-13

.0 M o-13

0.94 0.43 32.18 18.07% 4.43% 0.427 40 2.325 3'675 6'457 5'440

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

22.93 11.23 0.24 0.55 58.4% 36.9% 1.74 2.54 4.47 -

Sales/Revenue/Turnover

45.00

90'000.0

40.00

80'000.0

35.00

70'000.0

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 03.01.2010

.0 M

2000

Fiscal Year Ended 31.12.2008 43'242.5 3.19x 8'671.4 15.89x 5'340.8 26.23x

.0 M

3000

12/2012 06/yy 5'864.85 4'407.00 6'818.00 5180 -11.68% 17.54% 54.30% 96.4 499'433.41 10'501.90 0.0 0.0 5'907.30 500'396.01

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 |

01.10.2013

Nestle India Ltd Holdings By:

All

Holder Name NESTLE SA MAGGI ENTERPRISES LT LIFE INSURANCE CORP ARISAIG PARTNERS ASI ABERDEEN VIRTUS EMERGING MARK HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG VANGUARD GROUP INC UTI ASSET MANAGEMENT BLACKSTONE ASIA ADVI PRUDENTIAL ICICI ASS TATA AIA LIFE INSURA COMMONWEALTH BANK OF JUPITER ASSET MANAGE FRANKLIN RESOURCES SBI FUNDS MANAGEMENT LOMBARD ODIER DARIER DSP BLACKROCK INVEST IDFC MUTUAL FUND

Firm Name

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

Analyst

Ambit Capital Pvt Ltd RAKSHIT RANJAN Standard Chartered SANJAY SINGH BNP Paribas Equity Research VIJAY CHUGH Axis Capital Limited HEMANT B PATEL IIFL PERCY PANTHAKI Nomura MANISH JAIN ICICI Securities ANAND MOUR Goldman Sachs PUNEET JAIN Quant Broking Pvt Ltd HIMANSHU NAYYAR Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI Motilal Oswal Securities Ltd GAUTAM DUGGAD Angel Broking Limited SRINIVASAN VISWANATHAN UBS SUNITA SACHDEV Espirito Santo Investment Bank Research NITIN MATHUR IDFC Securities Ltd NIKHIL K VORA Antique Stock Broking Limited ABHIJEET KUNDU Deutsche Bank MANOJ MENON Credit Suisse ARNAB MITRA HSBC AMIT SACHDEVA CIMB VARUN LOHCHAB Kotak Securities ROHIT CHORDIA Batlivala & Karani Securities ASHIT DESAI Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA Edelweiss Capital ABNEESH ROY KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL Morgan Stanley NILLAI SHAH Phillip Securities NAVEEN KULKARNI Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE ICICIdirect.com SANJAY MANYAL HDFC Securities HARSH MEHTA Tata Securities Limited SAMEER DESHMUKH JPMorgan LATIKA CHOPRA Religare Capital Markets GAURANG KAKKAD Centrum Broking Pvt Ltd ANKIT KEDIA EVA Dimensions CRAIG STERLING India Infoline TEAM COVERAGE Karvy Stock Broking Ltd NAVEEN TRIVEDI

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

Recommendation sell underperform reduce hold add neutral reduce Sell/Neutral accumulate buy neutral neutral buy sell outperform hold sell underperform underweight underperform sell underperform accumulate hold sell Equalwt/In-Line sell buy hold sell sell neutral sell sell hold market perform sell

Amt Held 33'051'399 27'463'680 2'400'443 1'833'651 1'682'800 1'317'473 1'317'473 1'020'621 632'480 389'177 320'118 275'798 265'685 249'312 229'856 216'500 201'201 136'000 134'415 107'662

% Out 34.28 28.48 2.49 1.9 1.75 1.37 1.37 1.06 0.66 0.4 0.33 0.29 0.28 0.26 0.24 0.22 0.21 0.14 0.14 0.11

Weighting

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

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

Latest Chg 18'247 (4'622) 131'802 (4'662) 8'752 88'501 4'183 (139'000) (5'000) 21'975 2'092 -

Target Price 4'389 4'541 4'400 4'665 5'300 4'810 5'178 3'690 5'461 5'582 5'300 #N/A N/A 6'000 4'800 5'643 4'845 4'500 4'860 5'100 5'000 4'200 4'750 5'000 5'278 4'842 5'500 4'800 6'278 4'989 4'420 3'977 4'825 4'800 4'567 #N/A N/A 5'138 4'692

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 31.07.2013 30.06.2013 28.06.2013 30.04.2013 30.06.2013 31.08.2013 28.06.2013 31.08.2013 28.06.2013 31.05.2013 30.06.2013 30.04.2013 31.08.2013 31.05.2013 31.08.2013 31.08.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 15 month 12 month 12 month 6 month 12 month Not Provided Not Provided 9 month Not Provided

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

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 22.09.2013 13.09.2013 11.09.2013 02.09.2013 23.08.2013 19.08.2013 08.08.2013 06.08.2013 05.08.2013 02.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 27.07.2013 27.07.2013 26.07.2013 26.07.2013 11.07.2013 06.06.2013 15.05.2013 10.04.2013

01.10.2013

Tech Mahindra Ltd Tech Mahindra Ltd. develops and markets computer software. The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

Price/Volume 1600 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.09.2013) 52-Week Low (07.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TECHM IB EQUITY YTD Change TECHM IB EQUITY YTD % CHANGE

03/2013 03/yy 1'434.30 865.25 30'558.00 1321.45 -7.62% 52.72% 82.05% 232.4 307'093.13 13'804.00 0.0 1'089.0 7'097.00 314'889.13

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

400 200 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 31.03.2009 44'647.0 0.60x 13'110.0 2.06x 10'145.0 3.18x

600

31.03.2010 31.03.2011 46'254.0 51'402.0 2.50x 1.83x 11'639.0 10'384.0 9.93x 9.06x 7'005.0 6'442.0 14.86x 13.10x Profitability

LTM-4Q 31.03.2012 54'897.0 1.81x 9'384.0 10.56x 10'955.0 8.36x

31.03.2013 68'731.0 2.09x 14'528.0 9.88x 12'878.0 10.50x

14'528.00 12'528.00 18.23% 22.45% 16.18% 27.18% 22.85% 0.86% 21.1% 18.2% 18.7% 1.14 0.89 15.36% 25.44% 4.55 -

Price/ Cash Flow

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M o-13

LTM

FY+1

0.38 0.69 156.23 30.11% 42.43% 0.685 51 4.294 104'885 181'000 162'320 FY+2

FQ+1

FQ+2

03/yy 54'897.2 3.35x 9'195.6 10.78x 10'954.9 8.35x

03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 68'730.9 178'938.3 197'993.0 44'971.6 45'059.3 3.98x 1.61x 1.33x 14'242.9 38'860.4 41'853.6 11'272.0 9'952.0 10.08x 8.11x 7.53x 8.25x 8.60x 12'877.7 26'698.0 28'518.9 7'264.0 6'794.0 10.50x 10.88x 10.23x 11.42x 11.93x 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

16.64 14.59 0.46 0.95 25.4% 20.0% 0.86 7.82 80.21 -

Sales/Revenue/Turnover

30.00

80'000.0 70'000.0

25.00

60'000.0 20.00

50'000.0 40'000.0

15.00

30'000.0

10.00

20'000.0 5.00 0.00 04.04.2010

10'000.0 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 |

01.10.2013

Tech Mahindra Ltd Holdings By:

All

Holder Name MAHINDRA & MAHINDRA LIFE INSURANCE CORP HSBC GLOBAL INV MAUR PRUDENTIAL ICICI ASS SKAGEN AS DSP BLACKROCK INVEST INVESTEC ASSET MANAG SUNDARAM ASSET MANAG MASTER TRUST BANK OF BIRLA SUN LIFE ASSET GOVT PENSION FUND GL COPTHALL MAURITIUS I RELIANCE CAPITAL TRU PRINCIPAL FINANCIAL COMMONWEALTH BANK OF BLACKROCK UTI ASSET MANAGEMENT OPPENHEIMERFUNDS INC GRANTHAM MAYO VAN OT DRIEHAUS CAPITAL MAN

Firm Name

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

Analyst

UBS DIVIYA NAGARAJAN CIMB SANDEEP R SHAH JM Financial Institutional Securities P GOVIND AGARWAL Axis Capital Limited PRIYA ROHIRA Credit Suisse ANANTHA NARAYAN Ambit Capital Pvt Ltd ANKUR RUDRA Antique Stock Broking Limited PRATISH KRISHNAN Standard Chartered PANKAJ KAPOOR Morgan Stanley VIPIN KHARE Batlivala & Karani Securities DEEPAN S KAPADIA Nomura ASHWIN MEHTA Emkay Share & Stock Brokers MANIK TANEJA Angel Broking Limited ANKITA SOMANI Quant Broking Pvt Ltd BASUDEB BANERJEE Kotak Securities KAWALJEET SALUJA Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN IDBI Capital Market Services Ltd PRATIK GANDHI HDFC Securities MADHU BABU Religare Capital Markets RUMIT DUGAR Edelweiss Capital SANDIP KUMAR AGARWAL Spark Capital Advisors SRIVATHSAN RAMACHANDRAN Barclays HITESH DAS IIFL SANDEEP MUTHANGI India Nivesh Ltd DALJEET SINGH KOHLI IDFC Securities Ltd HITESH SHAH Ashika Stock Broking Limited TEAM COVERAGE EVA Dimensions ANDREW S ZAMFOTIS Jefferies VISHAL AGARWAL Deutsche Bank ANIRUDDHA BHOSALE BNP Paribas Equity Research ABHIRAM ELESWARAPU Dolat Capital Market Ltd. RAHUL JAIN Goldman Sachs RISHI JHUNJHUNWALA Motilal Oswal Securities Ltd ASHISH CHOPRA Tata Securities Limited ASHISH AGGARWAL ICICI Securities KULDEEP KOUL Espirito Santo Investment Bank Research SOUMITRA CHATTERJEE Sunidhi Consultancy Services NAUSHIL SHAH Dalal & Broacha APURVA SHAH India Infoline ANIRUDDHA MEHTA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE ICICIdirect.com ABHISHEK SHINDADKAR Right Horizons Financial Services TUSHAR PENDHARKAR Maybank Kim Eng URMIL SHAH

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

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

Amt Held 60'676'252 13'033'249 5'184'232 3'769'138 2'404'874 2'286'850 2'095'772 1'731'102 1'366'172 1'331'717 1'327'147 1'302'198 1'272'977 1'227'335 1'144'957 1'044'269 977'767 842'148 702'057 672'449

% Out 26.11 5.61 2.23 1.62 1.03 0.98 0.9 0.74 0.59 0.57 0.57 0.56 0.55 0.53 0.49 0.45 0.42 0.36 0.3 0.29

Weighting

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

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

Latest Chg (382'182) 277'940 36'243 (133'135) 28'903 (124'966) 545'106 (118'938) 496'333 179'722 842'148 -

Target Price 1'650 1'665 1'600 1'688 1'550 1'222 1'600 1'650 1'650 1'625 1'040 1'500 1'531 1'637 1'500 1'650 1'520 1'484 1'700 1'500 1'580 1'250 1'569 1'504 1'750 1'495 #N/A N/A 1'710 1'650 1'450 1'560 1'500 1'580 1'659 1'409 1'500 1'410 1'327 1'450 1'445 1'400 1'850 1'090

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

File Dt Inst Type 30.06.2013 Corporation 30.06.2013 Government 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Bank 31.08.2013 Investment Advisor 30.06.2013 n/a 30.06.2013 Investment Advisor 31.08.2013 Other 31.08.2013 Investment Advisor 31.05.2013 Bank 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Hedge Fund Manager

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

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 20.09.2013 17.09.2013 17.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 10.09.2013 10.09.2013 29.08.2013 26.08.2013 26.08.2013 23.08.2013 22.08.2013 22.08.2013 19.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 05.07.2013

01.10.2013

Hero MotoCorp Ltd Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

Price/Volume 2500

1.4 M 1.2 M

2000

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (15.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMCL IB EQUITY YTD Change HMCL IB EQUITY YTD % CHANGE

03/2013 06/yy 2'127.70 1'434.05 19'322.00 1991 -6.42% 38.84% 82.86% 199.7 397'577.81 0.00 0.0 0.0 31'443.10 366'134.71

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

.8 M

1000

.6 M .4 M

500

.2 M

0 o-12

31.03.2010 31.03.2011 157'581.8 192'450.3 2.24x 1.40x 27'363.5 26'003.3 12.88x 10.40x 22'318.3 19'279.0 17.40x 16.46x Profitability

LTM-4Q 31.03.2012 233'680.5 1.61x 36'657.0 10.29x 23'781.3 17.26x

31.03.2013 235'827.4 1.17x 33'046.3 8.37x 21'181.6 14.54x

33'046.30 21'628.80 9.17% 10.72% 21.69% 45.57% 45.79% 2.41% 14.0% 9.2% 9.0% 1.22 0.91 0.00% 0.00% 51.17 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 06/yy 239'381.9 235'018.0 3.19x 2.70x 37'238.1 32'628.4 0.00x 0.00x 24'357.0 20'512.8 17.62x 16.19x

a-13 m-13

j-13

a-13

s-13

.0 M o-13

3.01 0.78 102.05 9.19% 8.20% 0.781 69 3.217 24'263 33'576 49'681

FY+1

FY+2

FQ+1

FQ+2

03/14 Y

03/15 Y

09/13 Q2

12/13 Q3

S&P Issuer Ratings

277.47 226.45 -0.95 0.00 0.0% 0.0% 2.41 12.63 7.13 -

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 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 123'191.2 1.48x 17'362.5 10.50x 12'817.6 16.69x

1500

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 |

01.10.2013

Hero MotoCorp Ltd Holdings By:

All

Holder Name HERO INVESTMENTS PVT ABERDEEN BAHADUR CHAND INVEST CAPITAL GROUP COMPAN LIFE INSURANCE CORP VANGUARD GROUP INC BLACKSTONE ASIA ADVI BLACKROCK BAILLIE GIFFORD AND DANSKE INVEST A/S UTI ASSET MANAGEMENT EDINBURGH FUND MANAG DSP BLACKROCK INVEST GOLDMAN SACHS GROUP AIG GLOBAL INVESTMEN ROYAL BANK OF CANADA L&T INVESTMENT MANAG DANSKE INVEST MANAGE PICTET FUNDS TEMPLETON ASSET MGMT

Firm Name

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

Analyst

Axis Capital Limited CHIRAG SHAH Nomura KAPIL SINGH NVS Brokerage Limited TEAM COVERAGE Espirito Santo Investment Bank Research ADITYA JHAWAR Barclays SAHIL KEDIA Sunidhi Consultancy Services ABHISHEK GAOSHINDE UBS SONAL GUPTA Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA Edelweiss Capital AASHIESH AGARWAAL Ambit Capital Pvt Ltd ASHVIN SHETTY Anand Rathi Securities Pvt. Ltd. ROHAN KORDE HDFC Securities SORABH TALWAR Batlivala & Karani Securities ANNAMALAI JAYARAJ Macquarie AMIT MISHRA Standard Chartered AMIT KASAT Angel Broking Limited YARESH KOTHARI Antique Stock Broking Limited ASHISH NIGAM IIFL JOSEPH GEORGE IDFC Securities Ltd PRAMOD KUMAR EVA Dimensions CRAIG STERLING India Nivesh Ltd ABHISHEK JAIN Deutsche Bank AMYN PIRANI Kotak Securities HITESH GOEL Religare Capital Markets MIHIR JHAVERI Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD Jefferies GOVINDARAJAN CHELLAPPA JM Financial Institutional Securities P AMBRISH MISHRA Daiwa Securities Co. Ltd. NAVIN MATTA Motilal Oswal Securities Ltd JINESH K GANDHI BNP Paribas Equity Research VIJAY CHUGH Morgan Stanley BINAY SINGH Brics Securities UMESH KARNE IDBI Capital Market Services Ltd BHAUMIK BHATIA Goldman Sachs SANDEEP PANDYA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Shah Investor's Home Limited HARSH MEHTA JHP Securities Private Limited ROHAN J ADMANE HSBC YOGESH AGGARWAL Phillip Securities DEEPAK JAIN LKP Shares and Securities Ltd ASHWIN PATIL Karvy Stock Broking Ltd MITUL SHAH India Infoline PRAYESH JAIN KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL

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

Recommendation hold neutral buy sell underweight underperform sell accumulate hold sell sell sell outperform neutral in-line neutral buy buy underperform sell accumulate sell add buy hold buy buy hold buy hold Equalwt/In-Line add hold Buy/Neutral hold hold hold overweight sell buy hold market perform buy

Amt Held 86'531'210 19'505'281 17'306'250 12'052'757 10'681'698 2'268'341 1'252'500 1'148'959 989'117 915'534 780'127 653'000 572'480 513'410 502'744 500'000 373'411 356'559 355'625 260'114

% Out 43.33 9.77 8.67 6.04 5.35 1.14 0.63 0.58 0.5 0.46 0.39 0.33 0.29 0.26 0.25 0.25 0.19 0.18 0.18 0.13

Weighting

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

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

Latest Chg 725'296 258'322 (1'708) (264'000) (459'798) 282'106 (4'396) (16'262) 260'961 (50'000) (13'299) 239'100

Target Price 1'835 1'807 2'070 1'500 1'726 1'851 1'950 2'176 2'030 1'950 1'854 1'775 1'873 1'950 1'673 #N/A N/A 2'028 2'250 1'615 #N/A N/A 2'176 1'600 2'000 2'050 1'962 2'400 1'951 1'940 2'149 1'925 1'747 1'786 1'783 2'099 2'040 1'953 1'841 2'100 1'680 2'090 1'875 1'910 2'032

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

File Dt 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 27.09.2013 28.06.2013 31.05.2013 31.08.2013 31.07.2013 31.08.2013 30.06.2013 30.06.2013 31.05.2013 31.08.2013 28.06.2013 31.05.2013 31.08.2013

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

Inst Type Investment Advisor Investment Advisor Corporation 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 Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 25.09.2013 21.09.2013 18.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 06.09.2013 05.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 30.08.2013 27.08.2013 27.08.2013 24.08.2013 22.08.2013 22.08.2013 19.08.2013 19.08.2013 07.08.2013 06.08.2013 06.08.2013 31.07.2013 28.07.2013 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

01.10.2013

Ultratech Cement Ltd Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

Price/Volume 2500

1.4 M 1.2 M

2000

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.10.2012) 52-Week Low (29.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UTCEM IB EQUITY YTD Change UTCEM IB EQUITY YTD % CHANGE

03/2013 01/yy 2'074.80 1'404.95 11'622.00 1807 -12.43% 28.62% 60.40% 274.2 495'498.38 63'964.10 0.0 781.2 33'065.30 527'178.37

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

.8 M

1000

.6 M .4 M

500

.2 M

0 o-12

31.03.2010 31.03.2011 71'750.7 136'874.0 1.99x 2.30x 19'806.5 26'906.5 7.20x 11.68x 10'952.0 13'673.5 13.13x 22.68x Profitability

31.03.2012 190'774.6 2.32x 41'621.5 10.64x 24'032.6 17.27x

31.03.2013 211'561.2 2.57x 48'118.1 11.31x 26'777.3 19.13x

48'118.10 37'884.40 17.91% 18.28% 9.83% 19.09% 14.21% 0.78% 22.7% 17.9% 12.7% 1.03 0.58 21.62% 42.00% 17.16 -

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

s-13

FY+1 -

.0 M o-13

0.50 0.84 100.19 -10.11% -8.41% 0.843 58 3.534 6'160 58'214 30'063 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 232'092.4 265'918.9 2.25x 1.97x 49'626.1 59'533.3 10.63x 8.85x 28'209.9 32'950.6 17.63x 15.23x S&P Issuer Ratings

12.91 3.83 0.64 1.33 42.0% 29.5% 0.78 1.30 21.26 -

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 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 65'636.4 1.21x 17'383.2 4.56x 9'780.6 7.02x

1500

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 |

01.10.2013

Ultratech Cement Ltd Holdings By:

All

Holder Name GRASIM INDUSTRIES LT ABERDEEN LIFE INSURANCE CORP CAPITAL GROUP COMPAN OPPENHEIMERFUNDS INC UTI ASSET MANAGEMENT VANGUARD GROUP INC TURQUOISE INVESTMENT T ROWE PRICE ASSOCIA TRAPTI TRADING AND I HINDALCO INDUSTRIES BLACKSTONE ASIA ADVI BLACKROCK FMR LLC DANSKE INVEST A/S DWS INVESTMENTS DANSKE INVEST MANAGE MIRAE ASSET GLOBAL I MONTGOMERY ASSET MAN L&T INVESTMENT MANAG

Firm Name

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

Analyst

Ashika Stock Broking Limited TEAM COVERAGE IDFC Securities Ltd BHOOMIKA NAIR ICICIdirect.com RASHESH SHAH Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA Quant Broking Pvt Ltd MANGESH BHADANG IIFL J RADHAKRISHNAN HSBC JIGAR MISTRY Espirito Santo Investment Bank Research RITESH SHAH Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH Spark Capital Advisors VIJAYARAGHAVAN SWAMINATHAN Ambit Capital Pvt Ltd NITIN BHASIN Maybank Kim Eng JIGAR A SHAH SBI Capital Markets MILIND RAGINWAR Emkay Share & Stock Brokers AJIT MOTWANI JPMorgan PINAKIN M PAREKH Jefferies ANAND AGARWAL CIMB RAHUL JAIN Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR JM Financial Institutional Securities P NAVEEN JAIN Motilal Oswal Securities Ltd JINESH K GANDHI HDFC Securities ANKUR KULSHRESTHA Tata Securities Limited NIRAJ AGARWALLA Religare Capital Markets MIHIR JHAVERI Edelweiss Capital NAVIN SAHADEO Antique Stock Broking Limited NIRAV SHAH Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Avendus Capital Private Ltd JIMESH SANGHVI Elara Securities India Pvt Ltd RAVI SODAH India Nivesh Ltd DALJEET SINGH KOHLI Nirmal Bang Institutional Equities AMIT K SRIVASTAVA Morgan Stanley ASHISH G JAIN ICICI Securities KRUPAL MANIAR Goldman Sachs NAVIN GUPTA Deutsche Bank CHOCKALINGAM NARAYANAN Kotak Securities MURTUZA ARSIWALLA Axis Capital Limited JAGDISHWAR TOPPO Sharekhan Ltd TEAM COVERAGE FinQuest Securities (P) Ltd. DARYL PHILIP Angel Broking Limited SRINIVASAN VISWANATHAN Batlivala & Karani Securities PRITAM LALA IDBI Capital Market Services Ltd SUDEEP ANAND Karvy Stock Broking Ltd RAJESH KUMAR RAVI India Infoline HEMANT NAHATA

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

Recommendation buy underperform buy buy accumulate buy neutral buy buy add sell buy hold accumulate underweight hold outperform reduce buy buy neutral hold buy hold buy buy hold accumulate not rated buy Equalwt/In-Line buy neutral/neutral hold reduce sell hold sell neutral outperform hold buy market perform

Amt Held 165'335'150 19'046'608 7'281'150 6'775'152 5'962'555 1'925'570 1'884'712 1'778'626 1'526'187 1'382'528 1'313'748 948'000 890'763 531'867 435'187 401'430 372'000 322'297 286'000 263'300

% Out 60.29 6.95 2.66 2.47 2.17 0.7 0.69 0.65 0.56 0.5 0.48 0.35 0.32 0.19 0.16 0.15 0.14 0.12 0.1 0.1

Weighting

Change

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

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

Latest Chg 7'074'575 (4'268'526) 220'140 33'340 143'281 218'594 (1'529) 56'544 (42'000) (7'000) (71'770) 163'490 -

Target Price 2'045 1'650 2'040 2'170 1'823 2'048 1'864 2'221 1'968 1'860 1'640 1'995 1'691 1'900 1'550 2'130 2'097 1'592 2'000 2'076 1'765 1'780 2'000 1'846 1'835 1'960 1'891 2'055 #N/A N/A 2'025 2'050 2'100 1'300 1'860 1'650 1'751 2'100 1'505 #N/A N/A 2'020 1'830 2'087 1'720

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

File Dt 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 27.09.2013 31.08.2013 31.05.2013 28.06.2013 28.06.2013 31.03.2013 31.07.2013 31.08.2013

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

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

Date 01.10.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 26.09.2013 23.09.2013 20.09.2013 18.09.2013 17.09.2013 16.09.2013 13.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 09.09.2013 06.09.2013 06.09.2013 06.09.2013 28.08.2013 07.08.2013 06.08.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013

01.10.2013

Maruti Suzuki India Ltd Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

Price/Volume

03/2013 01/yy 1'773.45 1'217.00 96'059.00 1378.3 -22.27% 13.25% 25.33% 302.1 416'356.97 15'688.00 0.0 106.0 57'396.00 374'754.95

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

31.03.2010 31.03.2011 295'915.0 363'330.0 1.23x 0.84x 39'462.0 36'891.0 9.25x 8.27x 26'247.0 23'824.0 15.61x 15.31x Profitability

31.03.2012 351'972.0 0.99x 26'793.0 13.04x 16'812.0 23.21x

31.03.2013 432'159.0 0.80x 44'688.0 7.73x 24'692.0 15.67x

44'688.00 25'791.00 5.97% 7.15% 9.77% 14.23% 13.80% 1.71% 10.3% 6.0% 5.7% 1.55 1.04 5.71% 8.24% 34.63 -

Price/ Cash Flow

.6 M .5 M .4 M .3 M .2 M .1 M n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

0.58 0.95 98.20 2.15% -6.90% 0.953 67 4.179 49'791 68'650 66'145 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 468'347.9 534'874.8 0.77x 0.63x 47'474.3 56'411.6 7.90x 6.65x 28'065.2 34'114.7 14.47x 12.08x S&P Issuer Ratings

27.18 5.44 -0.93 0.35 8.2% 7.6% 1.71 4.27 10.54 -

Sales/Revenue/Turnover

16.00

500'000.0

14.00

450'000.0 400'000.0

12.00

350'000.0

10.00

300'000.0

8.00

250'000.0 200'000.0

6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00 04.04.2010

.7 M

Fiscal Year Ended 31.03.2009 206'622.0 0.98x 18'746.0 10.77x 12'274.0 18.36x

2000 1800 1600 1400 1200 1000 800 600 400 200 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 |

01.10.2013

Maruti Suzuki India Ltd Holdings By:

All

Holder Name SUZUKI MOTOR CORP LIFE INSURANCE CORP HSBC GLOBAL INVESTME CREDIT SUISSE/SINGAP HSBC GLOBAL INV MAUR ICICI PRUDENTIAL LIF T ROWE PRICE ASSOCIA NORGES BANK RELIANCE CAPITAL TRU HDFC ASSET MANAGEMEN UTI ASSET MANAGEMENT FMR LLC VANGUARD GROUP INC JP MORGAN PRUDENTIAL ICICI ASS CARMIGNAC GESTION CARMIGNAC GESTION LU BANK OF NEW YORK MEL HARDING LOEVNER LP L&T INVESTMENT MANAG

Firm Name JPMorgan BNP Paribas Equity Research Axis Capital Limited Nomura Antique Stock Broking Limited NVS Brokerage Limited India Nivesh Ltd Sharekhan Ltd Barclays Sunidhi Consultancy Services Spark Capital Advisors CIMB Kotak Securities Edelweiss Capital Ambit Capital Pvt Ltd HSBC Macquarie Morgan Stanley JM Financial Institutional Securities P India Infoline Standard Chartered Credit Suisse Anand Rathi Securities Pvt. Ltd. HDFC Securities Angel Broking Limited IIFL Deutsche Bank Jefferies IDFC Securities Ltd Centrum Broking Pvt Ltd Firstcall India Equity Advisors Pvt Ltd Quant Broking Pvt Ltd Fortune Equity Brokers (India) Ltd ICICIdirect.com Daiwa Securities Co. Ltd. Motilal Oswal Securities Ltd Brics Securities Prabhudas Lilladher Pvt Ltd IDBI Capital Market Services Ltd Maybank Kim Eng Sushil Finance Consultants Ltd EVA Dimensions Shah Investor's Home Limited

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

Analyst ADITYA MAKHARIA VIJAY CHUGH CHIRAG SHAH KAPIL SINGH ASHISH NIGAM TEAM COVERAGE ABHISHEK JAIN TEAM COVERAGE SAHIL KEDIA ABHISHEK GAOSHINDE MUKESH SARAF PRAMOD AMTHE HITESH GOEL AASHIESH AGARWAAL ASHVIN SHETTY YOGESH AGGARWAL AMIT MISHRA BINAY SINGH AMBRISH MISHRA PRAYESH JAIN AMIT KASAT JATIN CHAWLA ROHAN KORDE SORABH TALWAR YARESH KOTHARI JOSEPH GEORGE B SRINIVAS RAO GOVINDARAJAN CHELLAPPA PRAMOD KUMAR AJAY SHETHIYA TEAM COVERAGE BASUDEB BANERJEE MAHANTESH SABARAD NISHANT VAAS NAVIN MATTA JINESH K GANDHI UMESH KARNE SURJIT SINGH ARORA BHAUMIK BHATIA JIGAR A SHAH BHARTI GUPTA CRAIG STERLING HARSH MEHTA

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

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

Amt Held 169'788'440 19'655'540 14'433'936 6'090'230 5'281'055 4'700'762 4'076'725 2'897'779 2'579'351 2'326'059 2'235'468 2'043'629 1'865'876 1'743'746 1'474'452 1'225'608 887'681 876'011 782'800 661'329

% Out 56.21 6.51 4.78 2.02 1.75 1.56 1.35 0.96 0.85 0.77 0.74 0.68 0.62 0.58 0.49 0.41 0.29 0.29 0.26 0.22

Weighting

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

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

Latest Chg 2'098'338 (609'572) 751'232 (33'682) 99'265 198'548 5'354 162'084 (253'125) (129'354) 74'682 83'788

Target Price 1'350 1'100 1'419 1'805 1'720 1'450 1'610 1'589 1'764 1'267 1'325 1'702 1'330 1'637 1'630 1'600 1'350 1'428 1'900 1'528 1'886 1'540 1'250 1'526 1'571 1'800 1'450 1'450 1'765 1'641 1'330 1'602 1'450 1'663 1'630 1'736 1'615 1'620 1'487 2'160 1'480 #N/A N/A 1'525

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

File Dt 30.06.2013 30.06.2013 29.06.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 31.08.2013 31.08.2013 31.08.2013 31.08.2013 30.06.2013 31.07.2013 31.08.2013 28.06.2013 28.06.2013 27.09.2013 30.04.2013 31.08.2013

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

Inst Type Corporation Government n/a Bank Investment Advisor Insurance Company Investment Advisor Government Other 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 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 21.09.2013 18.09.2013 18.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 29.08.2013 26.08.2013 24.08.2013 20.08.2013 19.08.2013 19.08.2013 06.08.2013 05.08.2013 31.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013

01.10.2013

Coal India Ltd Coal India Limited produces and markets coal and coal products, as well as provides related consulting services.

Price/Volume 400

1.2 M

350

1.0 M

300 .8 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.12.2012) 52-Week Low (30.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COAL IB EQUITY YTD Change COAL IB EQUITY YTD % CHANGE

03/2013 06/yy 374.05 238.35 163'087.00 296.1 -20.63% 24.23% 41.75% 6'316.4 1'870'275.50 13'053.00 0.0 636.0 632'147.90 1'251'816.65

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

.4 M

100 .2 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 31.03.2009 387'888.3 39'042.3 40'628.1 -

.6 M

150

31.03.2010 31.03.2011 446'152.5 502'292.8 3.59x 112'742.5 148'089.0 12.18x 96'224.5 108'673.5 20.16x Profitability

LTM-4Q 31.03.2012 624'154.3 2.56x 172'165.5 9.27x 147'882.0 14.69x

31.03.2013 683'027.4 1.95x 198'338.5 6.73x 173'563.6 11.25x

198'338.50 179'951.80 26.35% 36.57% 15.19% 39.04% 37.83% 0.60% 29.0% 26.3% 25.4% 2.65 1.96 1.07% 2.69% 8.46 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

4.73 0.78 534.60 -13.28% -12.60% 0.783 60 4.400 185'621 241'033 233'368 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 644'169.4 682'745.7 723'467.4 774'850.5 159'619.0 177'969.5 5.09x 4.34x 1.58x 1.34x 156'294.5 172'269.7 191'614.5 208'157.8 34'698.0 51'315.0 0.00x 0.00x 6.53x 6.01x 5.98x 5.91x 151'135.4 166'181.4 173'363.2 189'225.4 37'661.7 44'596.8 14.51x 11.50x 10.73x 9.90x 10.33x 10.15x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

634.28 555.80 -3.12 0.07 2.7% 2.6% 0.60 4.63 43.13 -

Sales/Revenue/Turnover

25.00

800'000.0 700'000.0

20.00

600'000.0 500'000.0

15.00

400'000.0 10.00

300'000.0 200'000.0

5.00

0.00 04.04.2010

100'000.0 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 |

01.10.2013

Coal India Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP FRANKLIN RESOURCES VANGUARD GROUP INC HDFC ASSET MANAGEMEN JP MORGAN BLACKROCK CAPITAL GROUP COMPAN ARTISAN PARTNERS HOL TEMPLETON ASSET MGMT UTI ASSET MANAGEMENT INVESTEC ASSET MANAG PRUDENTIAL ICICI ASS BANK OF NEW YORK MEL SBI FUNDS MANAGEMENT TATA ASSET MANAGEMEN DEKABANK DEUTSCHE GI SOMERSET CAPITAL MAN CAISSE DE DEPOT ET P DWS INVESTMENTS

Firm Name Standard Chartered Axis Capital Limited JM Financial Institutional Securities P Macquarie Nomura Centrum Broking Pvt Ltd Angel Broking Limited Deutsche Bank Morgan Stanley Networth Stock Broking Ltd Quant Broking Pvt Ltd Religare Capital Markets HSBC Daiwa Securities Co. Ltd. Edelweiss Capital Emkay Share & Stock Brokers Batlivala & Karani Securities JPMorgan Kotak Securities Motilal Oswal Securities Ltd Nirmal Bang Institutional Equities IIFL MSFL - Institutional Business Group SBI Capital Markets SPA Securities Ltd Ventura Securities Ltd UBS Anand Rathi Securities Pvt. Ltd. Sunidhi Consultancy Services Aditya Birla Money Limited Antique Stock Broking Limited KR Choksey Shares & Sec Pvt Ltd Equirus Securities Pvt Ltd Fortune Equity Brokers (India) Ltd Credit Suisse Jefferies CIMB Prabhudas Lilladher Pvt Ltd IDFC Securities Ltd IDBI Capital Market Services Ltd HDFC Securities India Infoline Dolat Capital Market Ltd.

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

Analyst SATISH KUMAR JAGDISHWAR TOPPO ABHISHEK ANAND RAKESH ARORA ANIRUDH GANGAHAR ABHISAR JAIN BHAVESH CHAUHAN MANISH SAXENA VIPUL PRASAD SUHANI PATEL KALPESH MAKWANA MISAL SINGH ARUN KUMAR SINGH SAURABH MEHTA PRASAD BAJI AMIT GOLCHHA VISHAL BIRAIA PINAKIN M PAREKH MURTUZA ARSIWALLA NALIN BHATT GIRIRAJ DAGA GOPAL RITOLIA TANUJ RASTOGI JATIN Y DAMANIA PRASHANT BIYANI TEAM COVERAGE PANKAJ SHARMA RAJESH ZAWAR CHINTAN J MEHTA AKHIL JAIN RAHUL MODI RAJNATH YADAV ASHUTOSH TIWARI TEAM COVERAGE NEELKANTH MISHRA ANAND AGARWAL RAHUL JAIN KAMLESH BAGMAR PRAKASH JOSHI CHETAN KAPOOR AISHWARYA DEEPAK TARANG BHANUSHALI RAM MODI

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

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

Amt Held 5'684'727'960 97'031'674 43'274'895 18'437'603 13'609'780 11'661'344 11'101'420 10'050'000 6'990'891 6'492'592 5'699'020 5'241'093 3'945'675 3'298'160 2'940'611 2'232'431 1'769'500 1'659'504 1'535'551 1'511'416

% Out 90 1.54 0.69 0.29 0.22 0.18 0.18 0.16 0.11 0.1 0.09 0.08 0.06 0.05 0.05 0.04 0.03 0.03 0.02 0.02

Weighting

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

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

Latest Chg (196'184) 1'269'880 (121) 868'640 (8'174) 2'250'000 208'532 (63'527) 1'334 82'415 1'950'363 362'166 (330'999) 188'900 1'594'869 -

Target Price 341 317 330 360 398 339 #N/A N/A 285 413 353 301 295 335 423 321 313 386 310 370 296 341 315 352 285 461 442 410 298 342 361 356 318 340 375 425 294 253 305 269 350 290 324 320

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

File Dt 30.06.2013 30.06.2013 28.06.2013 30.06.2013 31.08.2013 31.07.2013 27.09.2013 30.06.2013 31.03.2013 31.08.2013 31.08.2013 31.05.2013 31.08.2013 27.09.2013 31.08.2013 31.08.2013 28.12.2012 30.06.2013 31.12.2012 28.06.2013

Date 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 9 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 18 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 15 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month

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

Date 27.09.2013 27.09.2013 25.09.2013 23.09.2013 23.09.2013 16.09.2013 13.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 04.09.2013 03.09.2013 02.09.2013 29.08.2013 28.08.2013 21.08.2013 20.08.2013 20.08.2013 19.08.2013 19.08.2013 11.08.2013 08.08.2013 07.08.2013 07.08.2013 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 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013

01.10.2013

Tata Steel Ltd Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

Price/Volume

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

1.20 1.00

3.0 M 2.5 M

300

03/2013 06/yy 448.10 195.40 969'592.00 274.55 -38.51% 40.51% 30.15% 971.2 266'647.13 660'743.20 212.1 16'693.6 102'201.20 842'094.83

250

2.0 M

200

1.5 M

150

1.0 M

100

.5 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 31.03.2009 1'473'292.6 0.49x 187'616.9 3.83x 49'509.0 3.10x

3.5 M

400 350

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (07.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATA IB EQUITY YTD Change TATA IB EQUITY YTD % CHANGE

450

31.03.2010 31.03.2011 1'023'931.2 1'187'531.2 0.99x 0.89x 84'118.7 167'466.7 12.04x 6.30x (20'092.2) 89'826.9 6.28x Profitability

LTM-4Q 31.03.2012 1'328'997.0 0.71x 124'167.9 7.63x 53'897.7 8.41x

LTM

FY+1

.0 M o-13

1.23 514.44 -29.02% -33.90% 1.226 55 3.618 1'049'079 1'477'601 1'270'406 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 1'347'115.4 ######### ######### ######### ######### 352'727.7 343'039.5 0.65x 1.39x 1.30x 0.64x 0.64x 123'212.1 110'494.4 126'059.7 147'512.9 162'896.0 33'599.0 35'424.0 7.14x 0.00x 0.00x 5.71x 5.17x 5.62x 5.53x (70'576.2) 6'411.0 (65'164.9) 26'723.5 35'108.3 3'674.7 4'794.8 72.37x 0.00x 9.88x 7.60x 12.03x 11.49x S&P Issuer Ratings 123'212.10 Long-Term Rating Date 09.08.2011 67'458.90 Long-Term Rating BB 5.01% Long-Term Outlook NEG -3.00% Short-Term Rating Date - Short-Term Rating - Credit Ratios - EBITDA/Interest Exp. 3.29 - (EBITDA-Capex)/Interest Exp. -0.84 Net Debt/EBITDA - Total Debt/EBITDA 9.5% Reference 5.2% Total Debt/Equity 193.4% -5.2% Total Debt/Capital 64.8% Asset Turnover 1.04 Net Fixed Asset Turnover 0.46 Accounts receivable turnover-days 44.98% Inventory Days 193.36% Accounts Payable Turnover Day - Cash Conversion Cycle Sales/Revenue/Turnover

1'600'000.0 1'400'000.0 1'200'000.0

0.80 0.60

1'000'000.0 800'000.0 600'000.0

0.40 0.20

400'000.0 200'000.0 0.0

0.00

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 |

01.10.2013

Tata Steel Ltd Holdings By:

All

Holder Name TATA SONS LTD LIFE INSURANCE CORP HDFC ASSET MANAGEMEN GIC PRIVATE LIMITED NATIONAL INSURANCE C NEW INDIA ASSURANCE BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC NORGES BANK FRANKLIN RESOURCES TATA MOTORS LTD TATA INVESTMENT CORP MORGAN STANLEY TATA CHEMICALS LTD TATA AIG LIFE INS CO UTI ASSET MANAGEMENT EWART INVESTMENTS LT PRUDENTIAL ICICI ASS EATON VANCE MANAGEME

Firm Name Motilal Oswal Securities Ltd IIFL Axis Capital Limited Macquarie BNP Paribas Equity Research Batlivala & Karani Securities Standard Chartered JPMorgan Kotak Securities Nomura Anand Rathi Securities Pvt. Ltd. Emkay Share & Stock Brokers Centrum Broking Pvt Ltd Sanford C. Bernstein & Co Angel Broking Limited Ambit Capital Pvt Ltd ICICI Securities Quant Broking Pvt Ltd HSBC Deutsche Bank Maybank Kim Eng UBS MSFL - Institutional Business Group CIMB Prabhudas Lilladher Pvt Ltd SBI Capital Markets JM Financial Institutional Securities P Phillip Securities Sunidhi Consultancy Services India Infoline Edelweiss Capital KR Choksey Shares & Sec Pvt Ltd ICICIdirect.com Elara Securities India Pvt Ltd Nirmal Bang Institutional Equities Morgan Stanley Credit Suisse IDFC Securities Ltd Dolat Capital Market Ltd. Ambit Capital Pvt Ltd VTB Capital Barclays EVA Dimensions

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

Analyst SANJAY JAIN BIJAL SHAH NITESH JAIN RAKESH ARORA KUNAL AGRAWAL PRITAM LALA SATISH KUMAR PINAKIN M PAREKH KAWALJEET SALUJA AMAR KEDIA RAJESH ZAWAR GOUTAM CHAKRABORTY ABHISAR JAIN VANESSA LAU BHAVESH CHAUHAN PARITA ASHAR ABHIJIT MITRA KALPESH MAKWANA JIGAR MISTRY ABHAY LAIJAWALA ANUBHAV GUPTA SANDIP BANSAL TANUJ RASTOGI RAHUL JAIN KAMLESH BAGMAR JATIN Y DAMANIA ASHUTOSH SOMANI DHAWAL DOSHI CHINTAN J MEHTA TARANG BHANUSHALI PRASAD BAJI UMESH PATEL DEWANG SANGHAVI ASHISH KEJRIWAL GIRIRAJ DAGA VIPUL PRASAD NEELKANTH MISHRA PRAKASH JOSHI RAM MODI JATIN KOTIAN WIKTOR BIELSKI CHIRAG SHAH TIMOTHY STANISH

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

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

Amt Held 288'898'245 144'806'458 16'881'982 12'816'905 11'179'459 10'784'993 10'089'988 7'536'672 7'212'822 5'969'914 5'814'609 4'432'497 3'385'885 3'187'003 2'491'977 2'225'377 2'010'923 1'795'142 1'508'252 1'480'696

% Out 29.75 14.91 1.74 1.32 1.15 1.11 1.04 0.78 0.74 0.61 0.6 0.46 0.35 0.33 0.26 0.23 0.21 0.18 0.16 0.15

Weighting

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

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

Latest Chg 200'098 123'963 (45'000) (453'609) 75 451'395 (79'421) 103'900

Target Price 204 331 312 335 279 340 337 500 325 443 380 292 255 260 389 406 352 271 300 340 329 340 296 237 225 260 328 333 279 316 365 315 285 405 240 363 210 235 245 406 350 264 #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 27.09.2013 30.04.2013 30.06.2013 31.12.2012 31.03.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 27.03.2012 31.08.2013 30.06.2013 31.08.2013 31.07.2013

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 9 month Not Provided 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 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 15 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

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

Date 30.09.2013 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 20.09.2013 20.09.2013 20.09.2013 17.09.2013 17.09.2013 16.09.2013 13.09.2013 13.09.2013 11.09.2013 10.09.2013 05.09.2013 04.09.2013 02.09.2013 02.09.2013 22.08.2013 16.08.2013 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 14.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 07.08.2013 05.08.2013 02.08.2013 23.07.2013

01.10.2013

Grasim Industries Ltd Grasim Industries Limited is a diversified operating company and part of the Aditya Birla group. The group manufactures a wide range of products, including Viscose Staple Fiber(VSF), cement, chemicals and textiles.

Price/Volume 4000

.1 M

3500

.1 M

3000

.1 M

2500

Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (04.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GRASIM IB EQUITY YTD Change GRASIM IB EQUITY YTD % CHANGE

03/2013 06/yy 3'511.00 2'121.00 1'850.00 2638.45 -24.95% 24.40% 38.50% 91.8 242'229.00 95'614.30 0.0 62'209.8 50'554.50 349'498.60

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

.0 M

1500 1000

.0 M

500

.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 182'966.1 1.07x 45'613.0 4.30x 21'866.6 6.63x

.0 M

2000

Valuation Analysis

31.03.2010 31.03.2011 199'334.2 215'502.3 1.47x 1.24x 59'312.9 50'115.0 4.96x 5.32x 30'955.3 22'790.1 8.34x 9.89x Profitability

LTM-4Q 31.03.2012 252'448.9 1.23x 55'950.2 5.55x 26'478.1 9.10x

31.03.2013 279'043.2 1.31x 59'485.5 6.14x 27'088.1 9.53x

59'485.50 46'964.90 16.83% 18.81% 6.72% 14.75% 12.39% 0.69% 21.3% 16.8% 9.7% 1.40 0.80 21.69% 48.64% 14.25 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.85 1.04 81.17 -21.66% -15.86% 1.039 37 4.649 5'698 9'448 7'444 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 259'084.8 277'169.5 295'945.7 338'602.3 - 67'829.0 2.46x 2.69x 1.23x 1.06x 56'820.0 56'062.3 59'561.5 71'812.2 0.00x 0.00x 5.86x 4.86x 26'137.9 25'964.0 26'063.8 30'610.9 5'471.0 9.27x 9.75x 9.19x 7.85x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

12.47 -0.15 0.76 1.61 48.6% 27.0% 0.69 1.36 25.61 -

Sales/Revenue/Turnover

8.00

300'000.0

7.00

250'000.0

6.00

200'000.0

5.00 4.00

150'000.0

3.00

100'000.0

2.00

50'000.0 1.00 0.00 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 |

01.10.2013

Grasim Industries Ltd Holdings By:

All

Holder Name ABERDEEN TURQUOISE INVESTMENT LIFE INSURANCE CORP TRAPTI TRADING AND I PILANI INVESTMENT & ICICI PRUDENTIAL LIF TGS INVESTMENT & TRA HINDALCO INDUSTRIES CAPITAL GROUP COMPAN TEMPLETON ASSET MGMT UNIT TRUST OF INDIA UTI ASSET MANAGEMENT FRANKLIN RESOURCES UMANG COMMERCIAL CO HDFC ASSET MANAGEMEN PRUDENTIAL ICICI ASS JP MORGAN DANSKE INVEST A/S VANGUARD GROUP INC FMR LLC

Firm Name IDFC Securities Ltd Axis Capital Limited Quant Broking Pvt Ltd IIFL Batlivala & Karani Securities EVA Dimensions Centrum Broking Pvt Ltd Goldman Sachs Deutsche Bank Nirmal Bang Institutional Equities JM Financial Institutional Securities P Motilal Oswal Securities Ltd Sharekhan Ltd Morgan Stanley Khambatta Securities Ltd Anand Rathi Securities Pvt. Ltd. Credit Suisse JPMorgan Jefferies CIMB ICICI Securities IDBI Capital Market Services Ltd Emkay Share & Stock Brokers HDFC Securities Tata Securities Limited Religare Capital Markets Edelweiss Capital Elara Securities India Pvt Ltd Kotak Securities Firstcall India Equity Advisors Pvt Ltd Macquarie Ventura Securities Ltd Brics Securities Standard Chartered Proactive Universal Almondz Global Securities Ltd

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

Analyst BHOOMIKA NAIR JAGDISHWAR TOPPO MANGESH BHADANG J RADHAKRISHNAN RISHAB BOTHRA TIMOTHY STANISH SANJEEV KUMAR SINGH NAVIN GUPTA CHOCKALINGAM NARAYANAN AMIT K SRIVASTAVA NAVEEN JAIN JINESH K GANDHI TEAM COVERAGE ASHISH G JAIN RAJ KUMAR JHA JASPREET SINGH ARORA ANUBHAV AGGARWAL PINAKIN M PAREKH ANAND AGARWAL RAHUL JAIN KRUPAL MANIAR SUDEEP ANAND AJIT MOTWANI ANKUR KULSHRESTHA NIRAJ AGARWALLA MIHIR JHAVERI NAVIN SAHADEO RAVI SODAH MURTUZA ARSIWALLA TEAM COVERAGE RAKESH ARORA TEAM COVERAGE NOVONIL GUHA SATISH KUMAR PARUL PATEL MANISH RAJ

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

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

Amt Held 6'557'779 5'908'341 5'847'872 5'477'863 4'300'293 3'230'759 2'775'104 2'299'059 2'277'813 1'850'140 1'735'437 1'679'385 1'514'510 1'396'024 982'188 804'363 652'127 605'490 596'607 564'680

% Out 7.14 6.44 6.37 5.97 4.68 3.52 3.02 2.5 2.48 2.02 1.89 1.83 1.65 1.52 1.07 0.88 0.71 0.66 0.65 0.62

Weighting

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

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

Latest Chg (560'091) 7'199 10'311 (24'508) 302'550 96'669 (3'300) 312'907 88'065

Target Price 2'745 2'807 3'978 3'010 3'598 #N/A N/A 3'285 3'000 3'335 3'270 3'200 3'692 2'950 3'735 2'873 3'303 3'280 3'610 3'639 3'341 3'400 3'300 3'400 3'475 3'262 3'540 3'570 3'026 3'000 3'313 3'407 #N/A N/A 3'382 3'638 3'613 2'936

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

File Dt 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 31.08.2013 30.06.2013 31.08.2013 30.04.2013 30.06.2013 31.08.2013 31.08.2013 31.07.2013 31.05.2013 30.06.2013 31.08.2013

Date Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 9 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 18 month Not Provided

Inst Type Investment Advisor Investment Advisor Government Corporation Holding Company Insurance Company Private Equity Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation 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 20.09.2013 18.09.2013 09.09.2013 06.09.2013 06.09.2013 05.09.2013 19.08.2013 19.08.2013 14.08.2013 08.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 24.07.2013 04.07.2013 09.05.2013 16.04.2013 08.03.2013 31.08.2012 03.02.2012

01.10.2013

IndusInd Bank Ltd IndusInd Bank Limited is a national bank. The Bank provides a range of banking and financial services including wholesale banking, credit monitoring, risk management, tele-banking, investment banking and commercial lending. IndusInd Bank operates branches throughout India as well as an office in Dubai and London. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IIB IB EQUITY YTD Change IIB IB EQUITY YTD % CHANGE

Price/Volume

03/2013 06/yy 530.60 318.00 322'953.00 378.35 -28.38% 18.98% 23.94% 524.1 198'308.39 118'920.09 0.0 0.0 68'736.11 -

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

1.20

6.0 M

500

5.0 M

400

4.0 M

300

3.0 M

200

2.0 M

100

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 27'963.6 1'483.4 7.51x

600

31.03.2010 31.03.2011 32'944.7 43'058.8 3'503.1 5'773.3 18.88x 20.03x Profitability

LTM-4Q 31.03.2012 63'703.8 8'026.1 18.70x

31.03.2013 83'407.4 10'611.8 18.53x 43.75% 43.91% 1.73% 17.91% 7.89% 0.13% 29.6% 16.22% 155.85% -

LTM

06/yy 69'418.2 0.00x 0.0 0.00x 8'586.9 18.51x

06/yy 87'701.8 0.00x 0.0 0.00x 11'597.6 20.20x

1.20 424.43 4.93% -8.68% 1.197 61 4.098 331'703 427'713 344'169

FY+1

FY+2

FQ+1

FQ+2

03/14 Y

03/15 Y

09/13 Q2

12/13 Q3

S&P Issuer Ratings

.0 M o-13

155.9% 60.9% 0.13 12.28 -

Sales/Revenue/Turnover

90'000.0 80'000.0

1.00 0.80

70'000.0 60'000.0 50'000.0

0.60

40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

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 |

01.10.2013

IndusInd Bank Ltd Holdings By:

All

Holder Name INDUSIND INTL HLDGS GA GLOBAL INVSTS LTD CREDO INDIA THEMATIC INDUSIND LTD DIA AFRIN JP MORGAN ASHOK LEYLAND LTD LIFE INSURANCE CORP IDL SPECIALITY CHEMI ICICI PRUDENTIAL LIF GOLDMAN SACHS INV MA CLSA MAURITIUS LTD TEMPLETON ASSET MGMT GIC PRIVATE LIMITED MORGAN STANLEY VANGUARD GROUP INC WILLIAM BLAIR & COMP NORWEST VENTURE PARN HINDUJA VENTURES LTD DB INTERNATIONAL ASI

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 n/a WILLIAM BLAIR & COMP n/a n/a n/a

Analyst

Axis Capital Limited PRAVEEN AGRAWAL Standard Chartered MAHRUKH ADAJANIA Macquarie SURESH GANAPATHY HDFC Securities VISHAL MODI Religare Capital Markets ISHANK KUMAR Antique Stock Broking Limited PARESH V JAIN Elara Securities India Pvt Ltd RAKESH KUMAR Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES Quant Broking Pvt Ltd NITIN KUMAR Nomura ABHISHEK BHATTACHARYA Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA Avendus Capital Private Ltd CHANDANA JHA Ashika Stock Broking Limited TEAM COVERAGE JPMorgan SESHADRI K SEN Goldman Sachs TABASSUM INAMDAR Batlivala & Karani Securities ARUN SETHIA IDFC Securities Ltd MANISH CHOWDHARY Kotak Securities MB MAHESH Barclays ANISH TAWAKLEY Almondz Global Securities Ltd SHIVRAJ GUPTA IIFL ABHISHEK MURARKA Fortune Equity Brokers (India) Ltd VIJAY NARA Nirmal Bang Institutional Equities HEMINDRA HAZARI BNP Paribas Equity Research ABHIJIT MAJUMDER Motilal Oswal Securities Ltd ALPESH MEHTA UBS VISHAL GOYAL Morgan Stanley SUMEET KARIWALA Deutsche Bank MANISH KARWA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Spark Capital Advisors JYOTHI KUMAR VARMA Credit Suisse ASHISH GUPTA Espirito Santo Investment Bank Research SAIKIRAN PULAVARTHI Aditya Birla Money Limited SUMIT JATIA Shah Investor's Home Limited AMEYA HARDAS BOB Capital Markets JISHA NAIR Ajcon Global Services Ltd. AKASH AJAY JAIN India Infoline RAJIV MEHTA KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT SMC Global Securities Ltd. VISHAL NARNOLIA HSBC TEJAS MEHTA CIMB VIVEK VERMA

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

Recommendation buy in-line outperform neutral buy buy reduce hold accumulate buy buy add buy overweight Buy/Neutral buy outperform buy equalweight buy add buy hold buy buy buy Equalwt/Cautious buy hold buy underperform buy accumulate buy buy sell buy accumulate accumulate buy market perform overweight underperform

Amt Held 60'399'984 23'094'839 21'013'458 19'500'000 15'417'000 13'317'859 13'013'923 12'260'841 11'355'000 9'554'048 9'523'900 8'240'519 7'732'636 7'082'338 6'967'382 6'939'550 6'938'611 6'718'087 6'632'383 5'525'774

% Out 11.52 4.41 4.01 3.72 2.94 2.54 2.48 2.34 2.17 1.82 1.82 1.57 1.48 1.35 1.33 1.32 1.32 1.28 1.27 1.05

Weighting

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

Latest Chg (920'479) 12'594 1'188'858 2'936'291 -

Target Price

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

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

420 380 485 454 520 475 419 452 425 580 460 478 470 500 490 600 440 430 379 459 384 530 510 530 572 500 425 500 417 525 416 593 547 573 590 426 560 550 542 575 533 583 490

File Dt 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

Inst Type Corporation Private Equity n/a Other n/a Investment Advisor Corporation Government Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Venture Capital Corporation Bank

Date 27.09.2013 26.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 19.09.2013 16.09.2013 13.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 05.09.2013 04.09.2013 30.08.2013 29.08.2013 28.08.2013 27.08.2013 26.08.2013 21.08.2013 19.08.2013 19.08.2013 09.08.2013 07.08.2013 02.08.2013 30.07.2013 22.07.2013 17.07.2013 16.07.2013 15.07.2013 15.07.2013 12.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 10.07.2013 10.07.2013

01.10.2013

GAIL India Ltd GAIL India Limited processes and distributes natural gas and liquefied petroleum gas. The Company is a Government of India undertaking.

Price/Volume 400

.6 M

350

.5 M

300 .4 M

250 200

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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAIL IB EQUITY YTD Change GAIL IB EQUITY YTD % CHANGE

03/2013 01/yy 396.00 273.00 9'188.00 325.2 -17.93% 19.12% 43.66% 1'268.5 412'508.88 164'723.20 0.0 14'566.2 33'147.40 558'650.88

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

.2 M

100 .1 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 31.03.2009 240'632.1 1.30x 44'633.0 7.00x 28'259.0 11.02x

.3 M

150

31.03.2010 31.03.2011 256'772.2 351'066.5 2.07x 1.81x 54'792.5 65'293.3 9.68x 9.73x 33'278.3 40'209.7 15.65x 14.64x Profitability

31.03.2012 440'578.2 1.33x 71'043.4 8.25x 44'436.1 10.74x

31.03.2013 508'927.1 1.08x 75'346.5 7.30x 43'736.0 9.23x

75'346.50 61'641.20 12.11% 12.99% 8.12% 16.29% 10.94% 0.95% 14.8% 12.1% 8.6% 0.87 0.47 27.55% 57.21% 20.21 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

2.95 0.88 353.99 -12.44% -5.86% 0.879 54 3.704 35'298 77'000 78'187 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 542'657.9 639'102.8 1.03x 0.85x 80'110.3 85'113.5 6.97x 6.56x 44'851.9 47'350.0 9.31x 8.88x S&P Issuer Ratings

7.58 -1.47 1.75 2.19 57.2% 35.3% 0.95 1.33 18.06 -

Sales/Revenue/Turnover

14.00

600'000.0

12.00

500'000.0

10.00

400'000.0

8.00

300'000.0 6.00

200'000.0 4.00

100'000.0

2.00 0.00 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 |

01.10.2013

GAIL India Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP OIL & NATURAL GAS CO INDIAN OIL CORP LTD MATTHEWS INTERNATION ICICI PRUDENTIAL LIF ABERDEEN T ROWE PRICE ASSOCIA VANGUARD GROUP INC NORGES BANK BLACKROCK BLACKSTONE ASIA ADVI FRANKLIN RESOURCES IDFC MUTUAL FUND TEMPLETON ASSET MGMT UTI ASSET MANAGEMENT SEB HDFC ASSET MANAGEMEN PRUDENTIAL ICICI ASS BANK OF NEW YORK MEL

Firm Name JM Financial Institutional Securities P BNP Paribas Equity Research Nomura Axis Capital Limited India Infoline Ambit Capital Pvt Ltd Quant Broking Pvt Ltd Motilal Oswal Securities Ltd Tata Securities Limited HSBC ICICI Securities Antique Stock Broking Limited Barclays Firstcall India Equity Advisors Pvt Ltd Morgan Stanley Brics Securities KR Choksey Shares & Sec Pvt Ltd Phillip Securities Macquarie Batlivala & Karani Securities Sunidhi Consultancy Services HDFC Securities LKP Shares and Securities Ltd Angel Broking Limited Spark Capital Advisors ICICIdirect.com IIFL Centrum Broking Pvt Ltd Equirus Securities Pvt Ltd India Nivesh Ltd Nirmal Bang Institutional Equities BOB Capital Markets Deutsche Bank Credit Suisse CIMB Kotak Securities IDFC Securities Ltd IDBI Capital Market Services Ltd Emkay Share & Stock Brokers Religare Capital Markets Edelweiss Capital Karvy Stock Broking Ltd Jefferies

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

Analyst MEHUL THANAWALA AMIT SHAH ANIL SHARMA AMIT MISHRA PRAYESH JAIN DAYANAND MITTAL GAGAN DIXIT HARSHAD BORAWAKE SWARNENDU BHUSHAN KUMAR MANISH ROHIT AHUJA AMIT RUSTAGI SOMSHANKAR SINHA TEAM COVERAGE VINAY JAISING NILESH RAMESH GHUGE NISHA SHARMA GAURI ANAND ABHISHEK AGARWAL BHAVIN GANDHI ROHIT NAGRAJ AISHWARYA DEEPAK CHIRAG DHAIFULE BHAVESH CHAUHAN MAYUR PATEL MAYUR MATANI BHASKAR CHAKRABORTY SACHIN MEHTA MAULIK PATEL ABHISHEK JAIN ASHUTOSH BHARDWAJ NEELABH SHARMA HARSHAD KATKAR SANJAY MOOKIM AVADHOOT SABNIS TARUN LAKHOTIA PROBAL SEN SUDEEP ANAND DHAVAL JOSHI NITIN TIWARI NIRAJ MANSINGKA VINAY V NAIR ARYA SEN

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

Recommendation buy buy buy buy market perform buy reduce neutral buy neutral buy hold underweight hold Underwt/Attractive add accumulate neutral outperform outperform neutral neutral neutral neutral add hold reduce hold buy buy sell buy buy outperform outperform add outperform hold accumulate buy hold hold buy

Amt Held 727'405'675 95'194'727 61'259'323 30'629'661 26'864'170 14'510'302 14'093'000 9'615'109 9'275'446 5'745'732 5'503'527 3'960'000 3'493'000 3'274'359 2'815'798 2'727'491 2'314'733 1'948'532 1'767'218 1'722'258

% Out 57.34 7.5 4.83 2.41 2.12 1.14 1.11 0.76 0.73 0.45 0.43 0.31 0.28 0.26 0.22 0.22 0.18 0.15 0.14 0.14

Weighting

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

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

Latest Chg 3'738'485 1'131'273 120'495 (8'232) 98'415 441'093 (104'768) 951 1'397'735 (1'726'039) 390 -

Target Price 372 386 400 390 340 415 319 344 369 329 393 323 310 332 283 363 350 375 390 386 333 355 361 #N/A N/A 367 349 320 329 382 390 316 366 370 400 380 380 353 340 355 450 377 329 420

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 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 27.09.2013 28.06.2013 30.04.2013 31.08.2013 31.08.2013 31.08.2013 31.03.2013 31.08.2013 31.08.2013 27.09.2013

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

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

Date 30.09.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 19.09.2013 19.09.2013 17.09.2013 11.09.2013 09.09.2013 26.08.2013 26.08.2013 26.08.2013 12.08.2013 07.08.2013 01.08.2013 31.07.2013 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 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 25.07.2013 25.07.2013 25.07.2013 11.07.2013 04.07.2013

01.10.2013

Power Grid Corp of India Ltd Power Grid Corporation of India Limited has been established by the Government of India as the central transmission utility of India. The mandate for the corporation is establishment and operation of EHV. AC & HVDC transmission lines, sub-stations, load dispatch centers and communications facilities throughout India.

Price/Volume 140 120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (21.11.2012) 52-Week Low (02.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PWGR IB EQUITY YTD Change PWGR IB EQUITY YTD % CHANGE

03/2013 01/yy 122.45 86.70 22'414.00 98.3 -19.68% 13.38% 32.03% 4'629.7 455'102.03 692'334.00 0.0 0.0 28'661.70 1'118'774.32

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

31.03.2010 -

20 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 31.03.2009

Profitability

31.03.2011 86'117.6 9.73x 72'808.2 11.51x 26'719.1 16.62x

31.03.2012 103'115.2 9.81x 88'541.5 11.42x 33'029.9 15.16x

31.03.2013 131'155.0 8.79x 113'474.1 10.17x 43'126.1 11.36x

113'474.10 78'900.20 60.16% 44.04% 4.20% 17.26% 7.00% 0.13% 86.5% 60.2% 32.9% 0.47 0.28 61.06% 262.22% 8.16 -

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M o-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.80 0.80 1'274.94 -15.92% -11.81% 0.796 46 4.696 122'781 320'196 334'588 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 158'674.0 182'475.0 7.70x 7.18x 135'169.0 155'991.0 8.28x 7.18x 49'594.3 56'631.7 9.70x 8.21x S&P Issuer Ratings

03.01.2013 BBBNEG 4.80 -4.67 5.85 6.10 262.2% 72.4% 0.13 0.15 44.74 -

Sales/Revenue/Turnover

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 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 |

01.10.2013

Power Grid Corp of India Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA CAPITAL GROUP COMPAN LIFE INSURANCE CORP ICICI PRUDENTIAL LIF VANGUARD GROUP INC PRUDENTIAL ICICI ASS BLACKROCK FRANKLIN RESOURCES TEMPLETON ASSET MGMT BANK OF NEW YORK MEL TATA ASSET MANAGEMEN UTI ASSET MANAGEMENT HDFC ASSET MANAGEMEN MASON STREET ADVISOR EATON VANCE MANAGEME FIDEURAM GESTIONS SA SEB TD ASSET MANAGEMENT SBI FUNDS MANAGEMENT CAISSE DE DEPOT ET P

Firm Name Axis Capital Limited Antique Stock Broking Limited Elara Securities India Pvt Ltd Jefferies Nomura JPMorgan Ambit Capital Pvt Ltd BNP Paribas Equity Research Deutsche Bank Kotak Securities IIFL SBI Capital Markets Emkay Share & Stock Brokers Firstcall India Equity Advisors Pvt Ltd Batlivala & Karani Securities Motilal Oswal Securities Ltd UBS IDBI Capital Market Services Ltd HSBC Maybank Kim Eng India Infoline Almondz Global Securities Ltd Spark Capital Advisors ICICIdirect.com Quant Broking Pvt Ltd Fortune Equity Brokers (India) Ltd Nirmal Bang Institutional Equities Prabhudas Lilladher Pvt Ltd HDFC Securities Religare Capital Markets Morgan Stanley Macquarie CIMB JM Financial Institutional Securities P ICICI Securities Tata Securities Limited Edelweiss Capital Karvy Stock Broking Ltd Standard Chartered EVA Dimensions Ventura Securities Ltd ITI Securities Ltd Barclays

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

Analyst BHAVIN VITHLANI AMIT RUSTAGI DEEPAK AGRAWALA LAVINA QUADROS ANIRUDH GANGAHAR SUMIT KISHORE NITIN BHASIN GIRISH NAIR ABHISHEK PURI MURTUZA ARSIWALLA HARSHAWARDHAN S DOLE ALOK RAMACHANDRAN AMIT GOLCHHA TEAM COVERAGE VISHAL BIRAIA NALIN BHATT PANKAJ SHARMA HANSRAJ SINGH ARUN KUMAR SINGH ANUBHAV GUPTA BHAVIKA SHINDE AMIT SHAH BHARANIDHAR VIJAYAKUMAR CHIRAG J SHAH ABHINEET ANAND TEAM COVERAGE CHIRAG MUCHHALA KUNAL SHETH ABHINAV SHARMA MISAL SINGH PARAG GUPTA INDERJEET SINGH BHATIA HARISH BIHANI SUBHADIP MITRA PRAKASH GAURAV GOEL RAVIKIRAN SURANA SHANKAR K RUPESH D SANKHE PANKAJ KAPOOR DOUG WALTERS TEAM COVERAGE ABHISHEK B PATEL VENUGOPAL GARRE

Source Co File ULT-AGG Co File Co File 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

Recommendation buy buy buy buy buy overweight buy buy hold buy buy hold buy buy buy buy buy buy overweight buy market perform buy add buy buy buy buy buy buy buy Overwt/In-Line outperform outperform buy buy buy buy buy outperform underweight hold buy overweight

Amt Held 3'214'024'212 260'348'976 140'760'197 85'508'922 32'469'766 21'973'590 17'622'033 14'341'118 12'879'937 9'630'156 9'421'110 9'150'195 8'784'831 8'352'110 5'791'349 4'786'621 4'252'106 4'136'400 3'965'085 3'751'076

% Out 69.42 5.62 3.04 1.85 0.7 0.47 0.38 0.31 0.28 0.21 0.2 0.2 0.19 0.18 0.13 0.1 0.09 0.09 0.09 0.08

Weighting

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

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

Latest Chg 8'812'337 928'521 (9'787'976) (38'216) (1'668'882) (5'775'239) 1'533'710 65'483 (397'006) (16'472) 8'352'110 113'200 116'000 3'196'224 132'227 13'362 -

Target Price 113 125 124 120 142 117 115 120 110 135 120 104 133 108 150 131 135 107 125 130 100 115 101 112 120 125 119 116 111 125 139 123 125 113 110 115 138 134 150 #N/A N/A #N/A N/A 136 132

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 31.08.2013 27.09.2013 30.04.2013 31.08.2013 27.09.2013 31.08.2013 31.08.2013 31.08.2013 30.06.2013 31.07.2013 30.08.2013 31.03.2013 30.06.2013 31.08.2013 31.12.2012

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

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

Date 27.09.2013 26.09.2013 24.09.2013 23.09.2013 20.09.2013 16.09.2013 16.09.2013 10.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 28.08.2013 26.08.2013 21.08.2013 19.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 03.08.2013 03.08.2013 03.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 11.07.2013 09.07.2013 06.06.2013 03.06.2013 30.05.2013 29.05.2013

01.10.2013

Hindalco Industries Ltd Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

Price/Volume 140 120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (07.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HNDL IB EQUITY YTD Change HNDL IB EQUITY YTD % CHANGE

03/2013 01/yy 137.00 83.05 592'403.00 110.45 -19.12% 32.99% 53.57% 1'914.6 211'465.69 569'060.80 0.0 17'592.7 105'636.40 692'482.79

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

20 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 31.03.2009 657'524.1 0.49x 55'555.1 5.76x 4'838.9 16.19x

31.03.2010 31.03.2011 607'079.2 722'022.7 0.89x 0.88x 86'372.7 79'599.7 6.26x 8.00x 39'254.7 24'563.7 8.18x 16.30x Profitability

31.03.2012 808'213.7 0.73x 76'669.6 7.74x 33'969.5 7.29x

31.03.2013 801'928.0 0.82x 77'119.7 8.51x 30'268.9 5.79x

77'119.70 48'900.50 6.10% 4.85% 2.73% 9.00% 5.35% 0.72% 9.6% 6.1% 3.8% 1.69 0.84 47.19% 161.07% 9.45 -

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M o-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.27 1.36 1'294.84 -8.78% -14.30% 1.362 49 3.082 933'670 1'382'573 1'106'437 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 873'356.0 962'848.7 0.84x 0.76x 85'716.6 102'728.8 8.08x 6.74x 25'078.6 28'129.4 8.61x 7.69x S&P Issuer Ratings

1.87 -1.01 6.01 7.38 161.1% 60.5% 0.72 1.64 38.62 -

Sales/Revenue/Turnover

14.00

900'000.0

12.00

800'000.0 700'000.0

10.00

600'000.0

8.00

500'000.0

6.00

400'000.0 300'000.0

4.00

200'000.0

2.00 0.00 04.04.2010

100'000.0 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 |

01.10.2013

Hindalco Industries Ltd Holdings By:

All

Holder Name IGH HOLDINGS PVT LTD LIFE INSURANCE CORP TURQUOISE INVESTMENT TRAPTI TRADING AND I FRANKLIN RESOURCES COMMONWEALTH BANK OF GRASIM INDUSTRIES LT BAJAJ ALLIANZ LIFE I ADITYA BIRLA NUVO LT PILANI INVESTMENT & UMANG COMMERCIAL CO DIMENSIONAL FUND ADV VANGUARD GROUP INC BIRLA INSTITUTE OF T BLACKROCK HINDALCO BIRLA GROUP HOLDINGS BANK OF NEW YORK MEL HDFC ASSET MANAGEMEN EASTSPRING INVESTMEN

Firm Name

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

Analyst

Motilal Oswal Securities Ltd SANJAY JAIN Axis Capital Limited JAGDISHWAR TOPPO Deutsche Bank ABHAY LAIJAWALA Macquarie RAKESH ARORA Batlivala & Karani Securities PRITAM LALA JPMorgan PINAKIN M PAREKH Nomura AMAR KEDIA Emkay Share & Stock Brokers GOUTAM CHAKRABORTY Centrum Broking Pvt Ltd ABHISAR JAIN Sanford C. Bernstein & Co VANESSA LAU Angel Broking Limited BHAVESH CHAUHAN BNP Paribas Equity Research KUNAL AGRAWAL Quant Broking Pvt Ltd KALPESH MAKWANA Standard Chartered SATISH KUMAR HSBC JIGAR MISTRY UBS SANDIP BANSAL Kotak Securities KAWALJEET SALUJA ICICI Securities ABHIJIT MITRA Avendus Capital Private Ltd JIMESH SANGHVI Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR MSFL - Institutional Business Group TANUJ RASTOGI CIMB RAHUL JAIN Dolat Capital Market Ltd. RAM MODI Edelweiss Capital PRASAD BAJI Ambit Capital Pvt Ltd PARITA ASHAR Barclays CHIRAG SHAH Elara Securities India Pvt Ltd ASHISH KEJRIWAL Nirmal Bang Institutional Equities GIRIRAJ DAGA Morgan Stanley VIPUL PRASAD SBI Capital Markets JATIN Y DAMANIA JM Financial Institutional Securities P ASHUTOSH SOMANI Phillip Securities DHAWAL DOSHI IDFC Securities Ltd SAUMIL MEHTA India Infoline TARANG BHANUSHALI Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Espirito Santo Investment Bank Research RITESH SHAH EVA Dimensions TIMOTHY STANISH Daiwa Securities Co. Ltd. DEEPAK PODDAR Ventura Securities Ltd TEAM COVERAGE Systematix Shares & Stocks Ltd ERIC MARTINS IIFL BIJAL SHAH Maybank Kim Eng ANUBHAV GUPTA Right Horizons Financial Services JAGDISH BHANUSHALI

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

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

Amt Held 228'963'487 228'049'651 124'012'468 93'063'124 70'135'253 63'855'913 54'542'475 49'202'104 33'506'337 29'185'398 26'442'761 24'563'004 24'279'877 21'583'090 18'183'931 16'316'130 6'731'467 6'538'540 6'355'872 5'408'737

% Out 11.96 11.91 6.48 4.86 3.66 3.34 2.85 2.57 1.75 1.52 1.38 1.28 1.27 1.13 0.95 0.85 0.35 0.34 0.33 0.28

Weighting

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

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

Latest Chg 25'000'000 (10'157'823) 62'741'930 1'149'759 28'069 (72'060) (81) -

Target Price 165 115 131 145 125 155 133 101 108 120 #N/A N/A 94 97 97 123 121 105 86 95 99 109 100 102 136 88 128 74 72 101 100 105 104 85 111 107 90 #N/A N/A 135 #N/A N/A 170 94 80 150

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

File Dt 30.06.2013 30.06.2013 20.09.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 30.06.2013 30.06.2013 27.09.2013 30.06.2013 30.06.2013 27.09.2013 31.08.2013 31.12.2012

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

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

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 22.09.2013 20.09.2013 17.09.2013 16.09.2013 13.09.2013 13.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 26.08.2013 20.08.2013 19.08.2013 16.08.2013 16.08.2013 14.08.2013 14.08.2013 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 14.06.2013 06.06.2013 06.06.2013 05.06.2013 03.06.2013 28.05.2013 15.05.2013 26.03.2013 16.02.2013

01.10.2013

Idea Cellular Ltd Idea Cellular Limited offers cellular services, SMS services, and mobile communication devices.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.08.2013) 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 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IDEA IB EQUITY YTD Change IDEA IB EQUITY YTD % CHANGE

03/2013 06/yy 177.00 78.60 257'184.00 172.1 -2.46% 118.96% 91.11% 3'317.0 570'851.94 140'437.83 19.3 0.0 11'658.10 686'880.96

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

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

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 101'312.9 1.92x 28'274.1 6.88x 8'815.8 16.65x

200 180 160 140 120 100 80 60 40 20 0 o-12

31.03.2010 31.03.2011 123'978.8 154'384.0 2.27x 2.13x 33'714.1 37'583.9 8.34x 8.75x 9'539.4 8'987.1 21.34x 24.77x Profitability

LTM-4Q 31.03.2012 194'886.9 2.35x 50'484.3 9.07x 7'229.9 45.17x

31.03.2013 224'074.5 2.26x 59'596.6 8.50x 10'109.3 37.30x

59'596.56 24'818.91 11.08% 7.04% 2.93% 7.39% 5.94% 0.65% 99.0% 26.6% 11.1% 4.5% 0.41 0.26 38.61% 98.19% 25.14 2.81

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.17 0.61 1'135.80 104.55% 66.28% 0.612 51 3.824 381'583 433'462 509'974 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 204'743.3 234'403.2 266'281.0 302'958.1 64'309.0 67'321.4 2.24x 6.27x 2.53x 2.12x 53'238.7 66'453.4 81'553.4 94'559.8 18'900.8 20'098.0 0.00x 8.81x 8.42x 7.26x 8.77x 7'798.6 12'395.0 18'226.3 25'920.1 4'240.3 4'944.3 32.12x 37.73x 31.02x 21.93x 27.45x 27.83x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

6.22 2.57 2.16 2.36 98.2% 49.5% 0.65 1.05 14.52 130.05 4195.06 -4050.49

Sales/Revenue/Turnover

16.00

250'000.0

14.00

200'000.0

12.00 10.00

150'000.0

8.00

100'000.0

6.00 4.00

50'000.0

2.00 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 |

01.10.2013

Idea Cellular Ltd Holdings By:

All

Holder Name ADITYA BIRLA NUVO LT TMI MAURITIUS LTD P5 ASIA INVEST MAURI COMMONWEALTH BANK OF BIRLA TMT HOLDINGS P HINDALCO INDUSTRIES AXIATA INVESTMENTS 2 GRASIM INDUSTRIES LT VANGUARD GROUP INC ONTARIO TEACHERS PEN SCHRODER INVESTMENT MORGAN STANLEY BLACKROCK DSP BLACKROCK INVEST DIMENSIONAL FUND ADV AMERICAN CENTURY COM BNP PARIBAS FRANKLIN RESOURCES L&T INVESTMENT MANAG TATA ASSET MANAGEMEN

Firm Name Morgan Stanley Batlivala & Karani Securities Axis Capital Limited New Street Research Edelweiss Capital BNP Paribas Equity Research Ambit Capital Pvt Ltd IDFC Securities Ltd Avendus Capital Private Ltd Emkay Share & Stock Brokers ICICIdirect.com IIFL Nirmal Bang Institutional Equities Standard Chartered Daiwa Securities Co. Ltd. ICICI Securities Tata Securities Limited India Infoline Elara Securities India Pvt Ltd India Nivesh Ltd JM Financial Institutional Securities P Nomura Macquarie Barclays Anand Rathi Securities Pvt. Ltd. Goldman Sachs Motilal Oswal Securities Ltd Angel Broking Limited Credit Suisse UBS HSBC Maybank Kim Eng Phillip Securities KR Choksey Shares & Sec Pvt Ltd Khambatta Securities Ltd CIMB HDFC Securities JPMorgan Jefferies Kotak Securities Deutsche Bank Religare Capital Markets Firstcall India Equity Advisors Pvt Ltd

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

Analyst VINAY JAISING ROHIT DOKANIA PRIYA ROHIRA CHRIS HOARE SANDIP KUMAR AGARWAL KUNAL D VORA ANKUR RUDRA HITESH SHAH ABHAY MOGHE NAVAL SETH KARAN MITTAL G V GIRI HARIT SHAH RAHUL SINGH RAMAKRISHNA MARUVADA VIKASH MANTRI ASHISH AGGARWAL BHAVESH GANDHI ALIASGAR SHAKIR AMAR MOURYA SANJAY CHAWLA SACHIN GUPTA ABHISHEK SINGHAL BHUVNESH SINGH YOGESH KIRVE SACHIN SALGAONKAR SHOBHIT KHARE ANKITA SOMANI SUNIL TIRUMALAI SURESH A MAHADEVAN RAJIV SHARMA URMIL SHAH NAVEEN KULKARNI ARCHANA SHIVANE DEVANG BHATT PIYUSH CHOUDHARY HIMANSHU SHAH VIJU K GEORGE VISHAL AGARWAL ROHIT CHORDIA B SRINIVAS RAO RUMIT DUGAR TEAM COVERAGE

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

Recommendation Overwt/Attractive outperform hold buy hold buy buy outperform add buy buy buy buy outperform sell add buy buy accumulate sell buy reduce outperform equalweight buy Buy/Neutral buy neutral outperform buy neutral sell buy accumulate strong buy underperform neutral overweight underperform buy hold sell buy

Amt Held 837'526'221 464'734'670 330'000'000 317'195'826 283'565'373 228'340'226 195'427'333 171'013'894 67'446'421 58'800'000 20'666'563 11'685'510 10'287'401 10'234'633 9'785'216 7'993'484 7'800'000 7'450'000 5'257'150 5'143'416

% Out 25.25 14.01 9.95 9.56 8.55 6.88 5.89 5.16 2.03 1.77 0.62 0.35 0.31 0.31 0.3 0.24 0.24 0.22 0.16 0.16

Weighting

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

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

Latest Chg 46'638'017 (5'866'755) 2'090'324 8'171'898 491'022 (1'081'968) 7'993'484 (690'000) (400'000) 626'125 (82'700)

Target Price 215 171 179 280 156 200 181 190 187 190 185 188 215 196 136 167 180 200 170 125 190 120 215 164 195 200 200 #N/A N/A 175 200 175 124 195 168 185 150 157 185 135 195 145 130 141

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

File Dt Inst Type 30.06.2013 Corporation 30.06.2013 Holding Company 30.06.2013 Other 30.06.2013 Bank 30.06.2013 Holding Company 30.06.2013 Corporation 30.06.2013 Corporation 30.06.2013 Corporation 30.06.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 27.09.2013 Investment Advisor 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Unclassified 30.04.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor

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

Date 30.09.2013 27.09.2013 27.09.2013 27.09.2013 19.09.2013 18.09.2013 18.09.2013 16.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 04.09.2013 02.09.2013 28.08.2013 27.08.2013 26.08.2013 21.08.2013 19.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 03.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 09.05.2013

01.10.2013

Ambuja Cements Ltd Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

Price/Volume

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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACEM IB EQUITY YTD Change ACEM IB EQUITY YTD % CHANGE

12/2012 06/yy 220.70 147.55 68'835.00 180.65 -18.01% 22.43% 48.67% 1'544.9 279'088.25 603.60 0.0 8.4 38'034.70 241'665.56

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

2.5 M

200

2.0 M

150

1.5 M

100

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

250

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

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

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

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.99 0.94 678.23 -11.90% -8.31% 0.944 58 2.552 83'239 158'055 207'141 FY+2

FQ+1

FQ+2

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

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 36'033.2 104'268.3 133'289.6 22'649.0 0.00x 2.32x 1.75x 3'465.5 24'431.7 34'105.2 4'640.0 0.00x 9.88x 7.08x 8'326.5 15'944.0 19'147.0 3'165.0 0.00x 17.96x 15.47x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

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

Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 03.01.2010

20'000.0 0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |

01.10.2013

Ambuja Cements Ltd Holdings By:

All

Holder Name HOLDERIND INVSTS LTD HOLCIM INDIA PVT LTD LIFE INSURANCE CORP JP MORGAN OPPENHEIMERFUNDS INC ABERDEEN GENESIS INDIAN INV C VANGUARD GROUP INC T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN BLACKROCK HARDING LOEVNER LP UTI ASSET MANAGEMENT CHINA INTERNATIONAL BLACKSTONE ASIA ADVI JPMORGAN ASSET MANAG DIMENSIONAL FUND ADV JP MORGAN CHASE BANK BLACKROCK ASSET MANA BANK OF NEW YORK MEL

Firm Name

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

Analyst

CIMB RAHUL JAIN Motilal Oswal Securities Ltd JINESH K GANDHI IDFC Securities Ltd BHOOMIKA NAIR ICICIdirect.com RASHESH CHANDRAKANT SHAH Quant Broking Pvt Ltd MANGESH BHADANG IIFL J RADHAKRISHNAN Morgan Stanley ASHISH G JAIN HSBC JIGAR MISTRY Espirito Santo Investment Bank Research RITESH SHAH Deutsche Bank CHOCKALINGAM NARAYANAN Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH Spark Capital Advisors VIJAYARAGHAVAN SWAMINATHAN Ambit Capital Pvt Ltd NITIN BHASIN Goldman Sachs NAVIN GUPTA Nirmal Bang Institutional Equities AMIT K SRIVASTAVA JM Financial Institutional Securities P NAVEEN JAIN HDFC Securities ANKUR KULSHRESTHA Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR Jefferies ANAND AGARWAL Antique Stock Broking Limited NIRAV SHAH Avendus Capital Private Ltd JIMESH SANGHVI ICICI Securities KRUPAL MANIAR Angel Broking Limited SRINIVASAN VISWANATHAN FinQuest Securities (P) Ltd. DARYL PHILIP Standard Chartered SATISH KUMAR Maybank Kim Eng JIGAR A SHAH Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA Batlivala & Karani Securities PRITAM LALA Khambatta Securities Ltd RAJ KUMAR JHA Networth Stock Broking Ltd SUHANI PATEL JPMorgan PINAKIN M PAREKH SBI Capital Markets MILIND RAGINWAR Phillip Securities VAIBHAV AGARWAL IDBI Capital Market Services Ltd SUDEEP ANAND Tata Securities Limited NIRAJ AGARWALLA Religare Capital Markets MIHIR JHAVERI Karvy Stock Broking Ltd RAJESH KUMAR RAVI Edelweiss Capital NAVIN SAHADEO Elara Securities India Pvt Ltd RAVI SODAH Fortune Equity Brokers (India) Ltd TEAM COVERAGE BOB Capital Markets JINAL JOSHI Kotak Securities MURTUZA ARSIWALLA Emkay Share & Stock Brokers AJIT MOTWANI

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

Recommendation outperform neutral underperform hold sell sell Equalwt/In-Line underweight buy sell sell reduce sell Sell/Neutral sell buy neutral reduce hold hold hold add neutral sell in-line buy hold outperform underperform hold underweight hold neutral sell hold sell sell hold sell hold sell sell reduce

Amt Held 629'638'433 150'670'120 85'929'991 55'166'929 53'995'298 48'036'000 39'874'017 18'048'408 13'099'563 12'611'230 10'563'772 10'300'800 9'227'057 8'567'315 8'200'000 8'031'945 4'996'158 4'538'852 1'775'781 1'719'405

% Out 40.76 9.75 5.56 3.57 3.5 3.11 2.58 1.17 0.85 0.82 0.68 0.67 0.6 0.55 0.53 0.52 0.32 0.29 0.11 0.11

Weighting

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

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

Latest Chg (4'236'262) 4'139'312 506'351 5'136'592 (19'801'770) (13'919) 385'000 (1'545'644) 4'652'338 44'624 269'889 -

Target Price 217 188 165 161 112 153 190 160 206 145 153 162 160 120 136 195 170 154 187 178 167 180 #N/A N/A 156 166 191 186 175 158 180 165 171 170 156 182 175 #N/A N/A 162 163 170 165 155 165

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 31.07.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 30.04.2013 31.08.2013 31.12.2012 28.06.2013 31.07.2013 30.04.2013 31.05.2013 30.08.2013 27.09.2013

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

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

Date 30.09.2013 30.09.2013 30.09.2013 30.09.2013 27.09.2013 26.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 16.09.2013 09.09.2013 06.09.2013 05.09.2013 03.09.2013 23.08.2013 16.08.2013 13.08.2013 08.08.2013 02.08.2013 02.08.2013 02.08.2013 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 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013

01.10.2013

Zee Entertainment Enterprises Ltd Zee Entertainment Enterprises Limited produces and develops Hindi films, serials, game shows and children's programs. The Company also purchases rights to Hindi films, serials and other programs from their producers on a contract basis. Zee also produces and exports entertainment software for transmission on its ZEE TV channel. The Company also produces motion pictures.

Price/Volume

3.0 M 2.5 M 2.0 M

150

Latest Fiscal Year: LTM as of: 52-Week High (26.07.2013) 52-Week Low (30.10.2012) 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 Z IB EQUITY YTD Change Z IB EQUITY YTD % CHANGE

03/2013 06/yy 267.35 173.80 435'632.00 231.3 -13.52% 33.08% 58.36% 960.0 222'045.88 28.00 0.0 33.0 10'035.00 212'071.88

1.5 M

100

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

3.5 M

250 200

Valuation Analysis

31.03.2009 21'773.1 2.31x 5'491.9 9.15x 5'123.6 9.01x

300

31.03.2010 31.03.2011 21'997.8 30'088.0 5.02x 3.89x 6'226.1 8'291.0 17.73x 14.10x 6'313.7 6'251.0 18.97x 19.34x Profitability

LTM-4Q 31.03.2012 30'405.0 3.66x 7'517.0 14.80x 5'891.0 20.86x

31.03.2013 36'996.0 5.16x 9'621.0 19.83x 7'196.0 27.92x

9'621.00 9'222.00 24.93% 28.41% 15.36% 19.59% 19.56% 0.79% 53.0% 26.0% 24.9% 19.5% 3.16 1.83 0.06% 0.07% 3.99 2.16

Price/ Cash Flow

LTM

06/yy 31'535.8 7.30x 8'167.5 0.00x 6'136.5 23.46x

06/yy 37'802.8 9.71x 10'125.1 0.00x 7'860.4 28.72x

FY+1

.0 M o-13

0.86 0.64 498.39 18.28% 5.59% 0.637 42 3.810 198'021 199'316 238'825 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 42'656.0 49'100.9 10'579.5 11'037.0 4.90x 4.17x 11'501.8 14'031.2 3'262.0 3'418.0 18.44x 15.11x 8'409.1 10'204.6 2'284.5 2'489.0 26.47x 21.76x S&P Issuer Ratings

331.76 305.66 -1.04 0.00 0.1% 0.1% 0.79 14.18 91.51 168.69 87.76 172.43

Sales/Revenue/Turnover

60.00

40'000.0 35'000.0

50.00

30'000.0 40.00

25'000.0 20'000.0

30.00

15'000.0

20.00

10'000.0 10.00 0.00 04.04.2010

5'000.0 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 |

01.10.2013

Zee Entertainment Enterprises Ltd Holdings By:

All

Holder Name CYQUATOR MEDIA SERVI OPPENHEIMERFUNDS INC ESSEL MEDIA VENTURES ESSEL HOLDINGS LTD NORGES BANK ESSEL INTERNATIONAL HDFC ASSET MANAGEMEN VANGUARD GROUP INC GOVT PENSION FUND GL CAPITAL GROUP COMPAN GIC PRIVATE LIMITED T ROWE PRICE ASSOCIA NEW WORLD FUND INC LIFE INSURANCE CORP MORGAN STANLEY RELIANCE CAPITAL TRU BLACKROCK DSP BLACKROCK INVEST IDFC MUTUAL FUND GOEL LAXMI NARAIN

Firm Name Nomura Axis Capital Limited Batlivala & Karani Securities HDFC Securities KR Choksey Shares & Sec Pvt Ltd IIFL Credit Suisse Standard Chartered BNP Paribas Equity Research ICICI Securities Sharekhan Ltd Firstcall India Equity Advisors Pvt Ltd Morgan Stanley SBI Capital Markets CIMB Anand Rathi Securities Pvt. Ltd. Motilal Oswal Securities Ltd Edelweiss Capital Centrum Broking Pvt Ltd ICICIdirect.com UBS Jefferies Phillip Securities Antique Stock Broking Limited Sushil Finance Consultants Ltd JPMorgan Macquarie Religare Capital Markets Elara Securities India Pvt Ltd Goldman Sachs JM Financial Institutional Securities P Emkay Share & Stock Brokers Deutsche Bank Kotak Securities IDFC Securities Ltd HSBC Ventura Securities Ltd Techno Shares & Stocks EVA Dimensions Ashika Stock Broking Limited Dolat Capital Market Ltd.

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios 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 PRABHAT AWASTHI CHIRAG NEGANDHI ROHIT DOKANIA HIMANSHU SHAH ARCHANA SHIVANE BIJAL SHAH JATIN CHAWLA SAURAV ANAND KUNAL D VORA VIKASH MANTRI TEAM COVERAGE TEAM COVERAGE PARAG GUPTA DIPESH N MEHTA SRINIVAS SESHADRI YOGESH KIRVE SHOBHIT KHARE ABNEESH ROY ANKIT KEDIA KARAN MITTAL SURESH A MAHADEVAN PIYUSH NAHAR NAVEEN KULKARNI PRATISH KRISHNAN BHARTI GUPTA LATIKA CHOPRA NITIN MOHTA RUMIT DUGAR MOHAN LAL SACHIN SALGAONKAR SIDDHARTH GOENKA NAVAL SETH GAURAV BHATIA AMIT KUMAR NIKHIL K VORA RAJIV SHARMA TEAM COVERAGE DEBASHISH MAZUMDAR CRAIG STERLING PARAS BOTHRA AMIT PUROHIT

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

Recommendation suspended coverage buy underperform neutral buy add outperform outperform hold reduce buy buy Overwt/Attractive buy underperform buy neutral buy hold buy sell hold neutral hold hold neutral outperform hold buy neutral/neutral buy buy buy reduce outperform overweight buy accumulate underweight buy accumulate

Amt Held 241'402'908 122'983'280 102'888'286 46'378'518 24'426'267 23'000'000 21'716'587 21'365'261 18'224'228 16'635'000 14'958'165 11'420'948 11'250'000 10'826'602 10'268'041 8'255'211 8'143'496 4'811'787 4'347'280 3'843'758

% Out 25.15 12.81 10.72 4.83 2.54 2.4 2.26 2.23 1.9 1.73 1.56 1.19 1.17 1.13 1.07 0.86 0.85 0.5 0.45 0.4

Weighting

Change

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

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

Latest Chg (52'016) (2'805'902) 8'026'185 16'635'000 235'418 1'254'200 706'969 (2'591) 815'141 190'144 -

Target Price #N/A N/A 260 203 223 272 255 280 295 247 240 300 236 278 275 230 305 242 305 245 268 245 230 270 240 260 255 300 265 305 262 290 286 280 230 300 285 267 250 #N/A N/A 265 136

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

File Dt 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 27.09.2013 31.08.2013 31.08.2013 05.09.2012

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

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

Date 29.09.2013 27.09.2013 25.09.2013 25.09.2013 20.09.2013 19.09.2013 18.09.2013 11.09.2013 11.09.2013 10.09.2013 05.09.2013 04.09.2013 02.09.2013 29.08.2013 23.08.2013 23.08.2013 19.08.2013 19.08.2013 08.08.2013 05.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 27.07.2013 27.07.2013 27.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 31.05.2013 24.05.2013 13.03.2013 13.03.2013 07.03.2013 03.10.2011

01.10.2013

Tata Power Co Ltd Tata Power Company Limited generates and supplies electricity in Mumbai and its suburbs. The Company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines, and is diversifying into the telecommunications market.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.12.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TPWR IB EQUITY YTD Change TPWR IB EQUITY YTD % CHANGE

03/2013 06/yy 113.20 68.25 271'932.00 78.45 -30.43% 14.95% 28.59% 2'373.1 186'167.52 379'172.80 0.0 20'646.0 24'572.60 561'413.71

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

6.0 M

100

5.0 M

4.0 M

3.0 M

2.0 M

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 174'787.2 1.77x 36'722.4 8.42x 12'187.4 13.96x

120

31.03.2010 31.03.2011 188'000.7 194'507.6 2.66x 2.85x 37'363.3 46'651.8 13.37x 11.88x 19'668.4 20'596.0 16.23x 15.40x Profitability

LTM-4Q 31.03.2012 260'014.0 2.12x 53'479.4 10.28x (10'876.8) -

31.03.2013 330'254.3 1.83x 67'913.3 8.90x (854.3) -

67'913.30 47'396.40 14.35% 3.94% -0.13% -0.74% 0.73% 0.51% 76.3% 20.6% 14.4% -0.3% 0.73 0.35 56.36% 334.29% 11.84 4.21

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.47 1.01 1'307.99 -25.00% -27.99% 1.007 43 3.721 324'170 530'927 437'093 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 272'616.2 349'302.5 368'955.3 385'833.2 2.02x 1.73x 1.51x 1.42x 52'606.5 72'862.6 71'185.8 75'289.6 0.00x 0.00x 7.88x 7.46x (14'390.1) (3'460.6) 9'376.0 12'681.2 1'771.0 2'345.0 0.00x 0.00x 19.10x 14.58x S&P Issuer Ratings Long-Term Rating Date 06.09.2013 Long-Term Rating B+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 2.19 (EBITDA-Capex)/Interest Exp. 0.81 Net Debt/EBITDA 5.22 Total Debt/EBITDA 5.58 Reference Total Debt/Equity 334.3% Total Debt/Capital 73.9% Asset Turnover 0.51 Net Fixed Asset Turnover 0.91 Accounts receivable turnover-days 30.82 Inventory Days 86.63 Accounts Payable Turnover Day 140.69 Cash Conversion Cycle -23.25 Sales/Revenue/Turnover

50.00

350'000.0

45.00

300'000.0

40.00 35.00

250'000.0

30.00

200'000.0

25.00

150'000.0

20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 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 |

01.10.2013

Tata Power Co Ltd Holdings By:

All

Holder Name TATA SONS LTD LIFE INSURANCE CORP COMMONWEALTH BANK OF MATTHEWS INTERNATION NEW INDIA ASSURANCE GENERAL INSURANCE CO ABERDEEN TATA STEEL LTD VANGUARD GROUP INC TATA INDUSTRIES LTD BLACKROCK BLACKSTONE ASIA ADVI RELIANCE CAPITAL TRU HDFC ASSET MANAGEMEN TATA INVESTMENT CORP NORGES BANK PRUDENTIAL ICICI ASS UTI ASSET MANAGEMENT SKANDIA INVESTMENT M DIMENSIONAL FUND ADV

Firm Name HSBC Axis Capital Limited Jefferies IIFL Antique Stock Broking Limited Firstcall India Equity Advisors Pvt Ltd Credit Suisse JPMorgan Batlivala & Karani Securities Deutsche Bank Centrum Broking Pvt Ltd EVA Dimensions Emkay Share & Stock Brokers Ambit Capital Pvt Ltd Morgan Stanley UBS Motilal Oswal Securities Ltd IDBI Capital Market Services Ltd Macquarie CIMB IDFC Securities Ltd HDFC Securities ICICIdirect.com Quant Broking Pvt Ltd India Nivesh Ltd Fortune Equity Brokers (India) Ltd Kotak Securities Prabhudas Lilladher Pvt Ltd JM Financial Institutional Securities P Edelweiss Capital Karvy Stock Broking Ltd Standard Chartered Avendus Capital Private Ltd ICICI Securities ITI Securities Ltd Barclays BNP Paribas Equity Research Ventura Securities Ltd NVS Brokerage Limited MSFL - Institutional Business Group Religare Capital Markets SMC Global Securities Ltd.

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

Analyst ARUN KUMAR SINGH BHAVIN VITHLANI LAVINA QUADROS HARSHAWARDHAN S DOLE RAHUL MODI TEAM COVERAGE AMISH SHAH SUMIT KISHORE VISHAL BIRAIA ABHISHEK PURI SACHIN MEHTA DOUG WALTERS AMIT GOLCHHA BHARGAV BUDDHADEV PARAG GUPTA PANKAJ SHARMA NALIN BHATT HANSRAJ SINGH INDERJEET SINGH BHATIA HARISH BIHANI SHIRISH RANE ABHINAV SHARMA CHIRAG J SHAH ABHINEET ANAND ABHISHEK JAIN TEAM COVERAGE MURTUZA ARSIWALLA RUPA SHAH SUBHADIP MITRA SHANKAR K RUPESH D SANKHE PANKAJ KAPOOR ABHAY MOGHE PRAKASH GAURAV GOEL ABHISHEK B PATEL VENUGOPAL GARRE GIRISH NAIR TEAM COVERAGE TEAM COVERAGE SITARAMAN IYER MISAL SINGH JAISHEEL GARG

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

Recommendation overweight buy buy buy hold buy underperform neutral outperform hold buy hold hold buy Underwt/In-Line buy neutral hold outperform neutral neutral buy hold sell buy buy buy accumulate hold buy buy underperform buy add buy equalweight reduce hold buy hold hold outperform

Amt Held 707'511'570 302'443'800 140'448'239 117'710'510 64'026'620 63'119'742 38'687'000 34'318'180 25'096'339 19'680'000 15'596'549 7'850'000 6'578'238 6'328'442 6'006'880 5'835'926 5'621'140 4'237'571 3'777'467 3'262'191

% Out 29.81 12.74 5.92 4.96 2.7 2.66 1.63 1.45 1.06 0.83 0.66 0.33 0.28 0.27 0.25 0.25 0.24 0.18 0.16 0.14

Weighting

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

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

Latest Chg (15'939'476) 15'858'714 (175'712) (2'993'695) (2'700'135) 7'002 3'386 551'758

Target Price 98 83 100 90 87 81 68 84 81 84 95 #N/A N/A 93 97 78 105 77 76 95 84 80 83 84 71 106 80 92 88 76 82 119 86 108 98 113 95 85 #N/A N/A 135 106 105 124

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 28.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 28.06.2013 31.08.2013 31.08.2013 30.06.2013 31.12.2012 31.08.2013 31.08.2013 28.06.2013 30.04.2013

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

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

Date 27.09.2013 27.09.2013 23.09.2013 18.09.2013 10.09.2013 10.09.2013 09.09.2013 06.09.2013 06.09.2013 05.09.2013 04.09.2013 04.09.2013 28.08.2013 21.08.2013 19.08.2013 19.08.2013 19.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 11.07.2013 09.07.2013 26.06.2013 31.05.2013 31.05.2013 16.04.2013 04.04.2013 13.02.2013 17.01.2013 18.10.2012 10.09.2012 09.01.2012

01.10.2013

Bharat Heavy Electricals Ltd Bharat Heavy Electricals Limited manufactures power plant equipment. The Company's products include gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switch gears, circuit breakers and boilers. The Company also manufactures compressors, valves, rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.

Price/Volume 300

3.0 M 2.5 M

150

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (20.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BHEL IB EQUITY YTD Change BHEL IB EQUITY YTD % CHANGE

03/2013 01/yy 272.45 100.35 690'089.00 141.9 -47.86% 41.41% 21.50% 2'447.6 347'314.44 27'740.80 0.0 47.0 78'278.10 296'824.13

2.0 M 1.5 M

100

1.0 M 50

.5 M

0 o-12

31.03.2010 31.03.2011 331'544.8 418'546.6 3.24x 2.19x 54'935.0 85'525.5 19.55x 10.71x 43'269.2 60'533.6 27.05x 16.68x Profitability

31.03.2012 475'989.5 1.19x 112'700.8 5.04x 70'874.4 8.88x

31.03.2013 481'063.1 0.80x 109'921.7 3.48x 66'933.7 6.47x

109'921.70 100'342.20 20.86% 19.81% 9.62% 23.93% 22.69% 0.69% 87.9% 22.8% 20.9% 13.9% 1.82 1.32 3.87% 9.09% 1.72 0.46

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

s-13

FY+1 -

.0 M o-13

3.81 1.27 589.82 -41.68% -35.79% 1.267 58 2.034 1'911'997 1'689'313 1'217'785 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 409'696.0 375'953.3 0.67x 0.66x 64'387.3 54'978.0 4.61x 5.40x 44'854.7 40'090.2 7.74x 8.66x S&P Issuer Ratings

252.11 211.85 -0.46 0.25 9.1% 8.3% 0.69 7.63 212.15 799.14 895.52 115.77

Sales/Revenue/Turnover

300.00

600'000.0

250.00

500'000.0

200.00

400'000.0

150.00

300'000.0

100.00

200'000.0

50.00

100'000.0

0.00 04.04.2010

n-12

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

3.5 M

200

Valuation Analysis

31.03.2009 264'914.0 2.41x 37'633.0 16.96x 31'151.7 23.74x

4.0 M

250

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 |

01.10.2013

Bharat Heavy Electricals Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP COMGEST S A LAZARD ASSET MANAGEM COMGEST SA A/C MAGEL COMGEST GROWTH PLC VANGUARD GROUP INC JP MORGAN BANK OF NEW YORK MEL UTI ASSET MANAGEMENT BLACKROCK PRUDENTIAL ICICI ASS FMR LLC RELIANCE CAPITAL TRU EASTSPRING INVESTMEN AGF INVESTMENTS INC BARING INTERNATIONAL DIMENSIONAL FUND ADV PIONEER LAZARD GLOBAL ACTIVE

Firm Name

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

Analyst

Axis Capital Limited BHAVIN VITHLANI JPMorgan SUMIT KISHORE India Nivesh Ltd SANTOSH YELLAPU Jefferies LAVINA QUADROS UBS PANKAJ SHARMA Standard Chartered SATISH KUMAR Deutsche Bank MANISH SAXENA BNP Paribas Equity Research GIRISH NAIR Religare Capital Markets MISAL SINGH Antique Stock Broking Limited DHIRENDRA TIWARI Morgan Stanley AKSHAY SONI Goldman Sachs PULKIT PATNI Batlivala & Karani Securities RENU BAID Barclays VENUGOPAL GARRE Phillip Securities ANKUR SHARMA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA Anand Rathi Securities Pvt. Ltd. AMOL RAO EVA Dimensions TIMOTHY STANISH Credit Suisse AMISH SHAH Kotak Securities LOKESH GARG Motilal Oswal Securities Ltd SATYAM AGARWAL Dalal & Broacha ASHUTOSH GARUD Karvy Stock Broking Ltd RUPESH D SANKHE KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE Avendus Capital Private Ltd DEVANG PATEL HSBC ASHUTOSH NARKAR Macquarie INDERJEET SINGH BHATIA Maybank Kim Eng ANUBHAV GUPTA Daiwa Securities Co. Ltd. SAURABH MEHTA Prabhudas Lilladher Pvt Ltd KUNAL SHETH Espirito Santo Investment Bank Research ADITYA BHARTIA Nomura AMAR KEDIA HDFC Securities ABHINAV SHARMA India Infoline TARANG BHANUSHALI Angel Broking Limited AMIT PATIL Sharekhan Ltd TEAM COVERAGE Ambit Capital Pvt Ltd BHARGAV BUDDHADEV Spark Capital Advisors APURVA PATEL ICICIdirect.com CHIRAG J SHAH IIFL GOPAL RITOLIA Quant Broking Pvt Ltd ABHINEET ANAND Nirmal Bang Institutional Equities CHIRAG MUCHHALA

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

Recommendation sell underweight buy hold buy outperform sell reduce sell hold Underwt/In-Line Sell/Neutral underperform underweight neutral hold hold buy buy underperform sell neutral underperform buy hold reduce underweight underperform sell underperform reduce sell reduce sell sell neutral hold sell reduce hold sell sell sell

Amt Held 1'657'552'000 166'373'542 35'350'000 34'710'557 33'850'000 26'307'000 17'277'994 13'257'295 12'509'347 10'109'517 8'928'341 5'192'161 4'330'008 4'002'406 3'175'597 2'445'480 2'110'172 2'068'985 1'974'597 1'798'673

% Out 67.72 6.8 1.44 1.42 1.38 1.07 0.71 0.54 0.51 0.41 0.36 0.21 0.18 0.16 0.13 0.1 0.09 0.08 0.08 0.07

Weighting

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

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

Latest Chg 589'910 (54'462) 1'670 (13'102) 681 801'213 1'603'427 (628'500) 67'984 91'051

Target Price 90 110 176 115 235 182 126 95 110 144 100 107 132 134 145 134 180 199 #N/A N/A 99 100 161 140 171 125 108 130 133 126 145 133 132 114 117 126 #N/A N/A 150 130 125 118 119 141 130

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

File Dt 30.06.2013 30.06.2013 31.12.2012 31.08.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 27.09.2013 31.08.2013 27.09.2013 31.08.2013 31.08.2013 31.08.2013 28.06.2013 28.03.2013 30.06.2013 30.04.2013 31.07.2013 30.08.2013

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

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

Date 27.09.2013 26.09.2013 25.09.2013 23.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 10.09.2013 09.09.2013 06.09.2013 05.09.2013 04.09.2013 02.09.2013 30.08.2013 29.08.2013 29.08.2013 27.08.2013 20.08.2013 20.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013

01.10.2013

IDFC Ltd IDFC Limited offers infrastructure project financing services. The Company primarily finances energy, telecommunications, and transportation projects.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IDFC IB EQUITY YTD Change IDFC IB EQUITY YTD % CHANGE

03/2013 06/yy 185.35 76.25 553'688.00 89.75 -51.31% 17.70% 10.91% 1'516.1 136'072.31 542'272.90 0.0 253.9 1'214.00 677'385.11

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

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M 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 36'386.4 8.39x 31'232.6 9.78x 7'498.3 9.34x

200 180 160 140 120 100 80 60 40 20 0 o-12

31.03.2010 31.03.2011 40'745.4 49'364.8 11.64x 12.05x 34'392.0 42'130.0 13.79x 14.12x 10'622.9 12'816.6 19.64x 17.62x Profitability

LTM-4Q 31.03.2012 64'303.5 10.39x 59'475.0 11.24x 15'540.1 13.19x

31.03.2013 81'463.6 9.31x 72'466.3 10.47x 18'362.0 11.84x

72'466.30 75.12% 31.86% 2.78% 14.14% 2.91% 0.12% 89.0% 22.5% 76.31% 396.32% -

Price/ Cash Flow

LTM

06/yy 69'173.8 15.08x 0.0 0.00x 16'201.0 12.72x

06/yy 86'042.5 16.22x 42'382.6 0.00x 20'137.3 9.64x

FY+1

.0 M o-13

2.90 1.44 1'066.97 -40.81% -46.53% 1.440 45 4.267 1'349'281 2'558'086 1'679'610 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 38'000.1 42'772.5 8'580.5 9'073.5 3.34x 2.92x 28'801.8 32'272.0 23.52x 20.99x 19'901.8 22'624.0 3'953.0 4'583.5 6.82x 6.06x 7.61x 7.07x S&P Issuer Ratings

27.12.2011 BBBNEG 27.12.2011 A-3 7.47 7.48 396.3% 79.8% 0.12 21.67 -

Sales/Revenue/Turnover

35.00

90'000.0

30.00

80'000.0 70'000.0

25.00

60'000.0

20.00

50'000.0

15.00

40'000.0 30'000.0

10.00

20'000.0

5.00 0.00 04.04.2010

10'000.0 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 |

01.10.2013

IDFC Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA SIPADAN INVSTS MAURI JP MORGAN ROYAL BANK OF SCOTLA LIFE INSURANCE CORP COMMONWEALTH BANK OF ABU DHABI INVESTMENT VANGUARD GROUP INC ACTIS HAWK LTD LIC MARKET PLUS GROW JF INDIA FUND HSBC GLOBAL INV MAUR BAJAJ ALLIANZ LIFE I ICICI PRUDENTIAL LIF GIC PRIVATE LIMITED MKCP INSTITUTIONL IN HOUSING DEVELOPMENT JPMORGAN ASSET MANAG DIMENSIONAL FUND ADV PRUDENTIAL ICICI ASS

Firm Name

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

Analyst

Axis Capital Limited PRAVEEN AGRAWAL Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Macquarie SURESH GANAPATHY Ambit Capital Pvt Ltd PANKAJ AGARWAL Nomura ABHISHEK BHATTACHARYA Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA Barclays JATIN MAMTANI JPMorgan SESHADRI K SEN Goldman Sachs RAHUL JAIN Espirito Santo Investment Bank Research SANTOSH SINGH Equirus Securities Pvt Ltd DEVAM MODI BNP Paribas Equity Research AVNEESH SUKHIJA Morgan Stanley SUBRAMANIAN IYER Deutsche Bank MANISH SHUKLA Ajcon Global Services Ltd. AKASH AJAY JAIN UBS VISHAL GOYAL HDFC Securities SAMEER NARANG Standard Chartered MAHRUKH ADAJANIA Kotak Securities NISCHINT CHAWATHE ICICIdirect.com KAJAL GANDHI Motilal Oswal Securities Ltd ALPESH MEHTA Spark Capital Advisors JYOTHI KUMAR VARMA Khambatta Securities Ltd RAJ KUMAR JHA Almondz Global Securities Ltd MANGESH KULKARNI HSBC SACHIN SHETH Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES Batlivala & Karani Securities VISHAL SHETH IIFL SAMPATH S K KUMAR Quantum Securities Pvt Ltd RATI PANDIT CIMB JATINDER AGARWAL JM Financial Institutional Securities P KARAN UBEROI Tata Securities Limited BIJOY SHAH Edelweiss Capital NILESH PARIKH EVA Dimensions DOUG WALTERS Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA Dani Shares and Stocks Pvt Ltd NAMITA LOHIA Quant Broking Pvt Ltd NITIN KUMAR KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL Ventura Securities Ltd TEAM COVERAGE Credit Suisse ASHISH GUPTA Ashika Stock Broking Limited PARAS BOTHRA ITI Securities Ltd KIRAN R MARTIS MF Global Sify Private Client Group BHAVYA GANDHI

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

Recommendation buy buy outperform buy neutral buy overweight overweight neutral/neutral buy buy hold Equalwt/Cautious buy buy sell neutral in-line buy hold buy buy underperform buy overweight buy outperform buy buy outperform buy buy buy buy hold buy accumulate buy hold outperform buy hold accumulate

Amt Held 261'400'000 151'145'989 64'649'403 43'929'230 39'607'186 36'570'405 36'359'792 32'527'230 30'569'363 26'833'708 26'640'000 26'323'162 22'827'065 20'722'361 18'229'232 17'109'400 17'000'000 13'775'553 11'714'454 10'927'248

% Out 17.24 9.97 4.26 2.9 2.61 2.41 2.4 2.15 2.02 1.77 1.76 1.74 1.51 1.37 1.2 1.13 1.12 0.91 0.77 0.72

Weighting

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

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

Latest Chg (345'840) 788'763 (134'915) 7'581'729

Target Price 91 105 135 167 160 115 115 105 90 126 107 90 85 150 100 86 122 150 150 106 145 143 91 165 129 148 127 160 145 150 130 143 148 #N/A N/A 138 157 170 180 #N/A N/A 190 208 149 129

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

File Dt 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.04.2013 31.08.2013

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

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

Date 27.09.2013 27.09.2013 24.09.2013 19.09.2013 13.09.2013 11.09.2013 11.09.2013 09.09.2013 05.09.2013 05.09.2013 04.09.2013 03.09.2013 30.08.2013 28.08.2013 27.08.2013 27.08.2013 26.08.2013 21.08.2013 21.08.2013 21.08.2013 19.08.2013 08.08.2013 06.08.2013 02.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 15.07.2013 08.07.2013 29.05.2013 21.05.2013 06.05.2013 02.05.2013 01.05.2013 31.12.2012 10.10.2012 11.05.2012

01.10.2013

Godrej Consumer Products Ltd Godrej Consumer Products Limited manufactures personal care, hair care, household care and fabric care products. The Company's products include toilet soaps, cosmetics, shaving creams, talcum powder, household cleaners and fabric detergents.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GCPL IB EQUITY YTD Change GCPL IB EQUITY YTD % CHANGE

03/2013 06/yy 977.40 661.25 2'274.00 830 -15.06% 25.52% 55.78% 340.4 282'514.00 24'563.40 0.0 2'095.1 8'629.90 300'542.61

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

31.03.2010 31.03.2011 20'412.0 36'936.0 3.78x 3.68x 4'113.2 6'540.1 18.76x 20.80x 3'395.9 5'147.1 23.06x 22.69x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

31.03.2013 64'074.4 4.41x 10'187.2 27.76x 7'961.0 33.26x 10'187.20 9'417.20 14.70% 15.99% 11.61% 26.03% 16.92% 0.93% 15.9% 14.7% 12.4% 1.25 0.70 31.90% 74.14% 10.67 -

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M o-13

Market Data

LTM-4Q 31.03.2012 48'661.6 3.63x 8'769.8 20.15x 7'267.2 21.49x

LTM

06/yy 52'417.4 6.23x 9'390.9 0.00x 6'179.2 30.88x

06/yy 67'224.6 7.79x 10'382.2 0.00x 7'983.6 34.91x

FY+1

0.60 0.59 120.85 23.30% 15.54% 0.594 42 3.190 67'841 20'773 82'183 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 77'689.1 92'193.7 18'981.0 18'637.0 3.80x 3.15x 12'202.7 14'921.9 3'228.0 3'565.0 24.66x 20.16x 23.28x 21.39x 8'249.3 10'148.4 1'923.0 2'384.0 34.06x 27.61x 37.58x 33.11x S&P Issuer Ratings

13.16 9.75 1.56 2.41 74.1% 41.1% 0.93 11.92 34.22 -

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 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 13'929.6 2.38x 2'114.3 15.70x 1'732.6 19.54x

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 |

01.10.2013

Godrej Consumer Products Ltd Holdings By:

All

Holder Name GODREJ & BOYCE MANUF GODREJ INDUSTRIES LT ABERDEEN Baytree Investments ARISAIG PARTNERS ASI VANGUARD GROUP INC NAOROJI RISHAD KAIKH COMMONWEALTH BANK OF BLACKSTONE ASIA ADVI GODREJ JAMSHYD NAVRO CRISHNA FREYAN VIJAY CRISHNA NYRIKA VIJAY GODREJ NAVROZE JAMSH GODREJ RAIKA JAMSHYD BLACKROCK MIRAE ASSET GLOBAL I GODREJ NADIR BURJORJ GODREJ ADI BURJORJI GODREJ PIROJSHA ADI GODREJ NISABA ADI

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

Analyst

Sharekhan Ltd TEAM COVERAGE Ambit Capital Pvt Ltd RAKSHIT RANJAN BNP Paribas Equity Research VIJAY CHUGH Axis Capital Limited HEMANT B PATEL Nomura MANISH JAIN Morgan Stanley NILLAI SHAH CIMB VARUN LOHCHAB IIFL PERCY PANTHAKI SBI Capital Markets SAGARIKA MUKHERJEE Phillip Securities NAVEEN KULKARNI Kotak Securities ROHIT CHORDIA Credit Suisse ARNAB MITRA ICICI Securities ANAND MOUR Edelweiss Capital ABNEESH ROY Motilal Oswal Securities Ltd GAUTAM DUGGAD Angel Broking Limited SRINIVASAN VISWANATHAN JPMorgan LATIKA CHOPRA Way2Wealth Brokers Ltd SHIVANI VIVEK VISHWANATHAN Ventura Securities Ltd TEAM COVERAGE Macquarie AMIT MISHRA Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA Antique Stock Broking Limited ABHIJEET KUNDU Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Batlivala & Karani Securities ASHIT DESAI HDFC Securities HARSH MEHTA Tata Securities Limited SAMEER DESHMUKH Religare Capital Markets GAURANG KAKKAD Elara Securities India Pvt Ltd AASHISH UPGANLAWAR Quantum Securities Pvt Ltd JIGNESH MAKWANA Ashika Stock Broking Limited TEAM COVERAGE India Nivesh Ltd AMAR MOURYA IDFC Securities Ltd NIKHIL K VORA Right Horizons Financial Services TUSHAR PENDHARKAR HSBC AMIT SACHDEVA EVA Dimensions CRAIG STERLING UBS SUNITA SACHDEV Brics Securities SACHIN B BOBADE Espirito Santo Investment Bank Research NITIN MATHUR Standard Chartered SANJAY SINGH India Infoline VANMALA NAGWEKAR Parag Parikh Financial Advisory Service RUCHAK MEHTA Dolat Capital Market Ltd. AMIT PUROHIT JM Financial Institutional Securities P RICHARD LIU

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

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

Amt Held 123'561'815 74'859'620 21'765'094 16'707'317 9'294'996 3'505'496 3'393'524 3'140'339 2'670'000 1'895'049 1'714'090 1'714'088 1'708'809 1'708'808 1'602'042 1'505'294 1'360'178 1'263'353 1'139'075 1'139'061

% Out 36.3 21.99 6.39 4.91 2.73 1.03 1 0.92 0.78 0.56 0.5 0.5 0.5 0.5 0.47 0.44 0.4 0.37 0.33 0.33

Weighting

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

Latest Chg 1'200'000 (249'567) 51'609 (240'000) (111'551) (96'614) (120'000) (120'000) (120'000) (120'000) (763'284) (240'000) (66'666) (80'000) (80'000)

Target Price 875 748 960 770 850 865 740 910 954 740 760 890 764 925 800 #N/A N/A 900 #N/A N/A #N/A N/A 950 750 816 940 845 790 682 800 756 748 950 #N/A N/A 890 925 865 #N/A N/A 1'000 856 640 513 792 #N/A N/A 465 454

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

File Dt 30.06.2013 13.08.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 13.08.2013 31.05.2013 28.06.2013 30.11.2012 13.08.2013 13.08.2013 13.08.2013 13.08.2013 27.09.2013 31.03.2013 13.08.2013 30.11.2012 13.08.2013 13.08.2013

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

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

Date 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 23.09.2013 20.09.2013 16.09.2013 13.09.2013 27.08.2013 19.08.2013 19.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 04.08.2013 03.08.2013 18.07.2013 15.07.2013 21.06.2013 06.05.2013 25.04.2013 16.04.2013 01.02.2013 24.01.2012 24.01.2012 23.01.2012

01.10.2013

Reliance Communications Ltd Reliance Communications Ltd. offers integrated telephone services. The Company offers fixed line and wireless voice, data and video transmission services, and Internet access.

Price/Volume 180 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (26.03.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RCOM IB EQUITY YTD Change RCOM IB EQUITY YTD % CHANGE

03/2013 06/yy 164.45 50.25 1'223'426.00 148.8 -9.43% 196.12% 84.54% 2'064.0 307'127.22 415'470.00 0.0 7'250.0 12'730.00 699'494.22

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

40 20 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 31.03.2009 207'429.1 3.53x 87'269.4 8.38x 60'449.3 5.97x

31.03.2010 31.03.2011 206'850.5 220'890.0 2.93x 2.58x 69'905.3 96'740.0 8.67x 5.89x 46'550.0 13'450.0 7.54x 16.52x Profitability

LTM-4Q 31.03.2012 187'160.0 2.97x 70'630.0 7.87x 9'280.0 18.69x

31.03.2013 192'940.0 2.72x 59'090.0 8.87x 6'720.0 16.99x

59'090.00 20'640.00 10.70% 4.23% 0.69% 2.08% 0.22% 46.3% 30.3% 10.8% 3.5% 0.52 0.22 46.07% 122.74% 4.80 -

Price/ Cash Flow

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

FY+1

1.49 365.03 134.95% 102.00% 1.489 34 2.000 2'296'042 3'039'114 3'574'823 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 188'820.0 196'620.0 228'984.2 241'528.8 52'210.0 58'972.5 10.96x 11.13x 2.94x 2.67x 56'673.0 59'510.0 76'313.9 79'275.0 14'610.5 21'414.5 8.76x 10.71x 9.16x 8.82x 9'320.0 6'180.0 11'015.2 13'018.2 1'503.0 2'730.0 14.08x 39.52x 27.84x 23.62x 46.50x 42.54x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

2.61 1.68 6.47 6.70 122.7% 54.6% 0.22 0.28 76.03 6.64

Sales/Revenue/Turnover

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 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

01.10.2013

Reliance Communications Ltd Holdings By:

All

Holder Name AAA COMMUNICATION PR LIFE INSURANCE CORP AAA INDUSTRIES PVT L ADA ENTERPRISES & VE NEW WORLD FUND INC RELIANCE CAPITAL LTD RELIANCE RCOM ESOS T VANGUARD GROUP INC RELIANCE CAPITAL TRU DIMENSIONAL FUND ADV RELIANCE INNOVENTURE BLACKROCK AMBANI KOKILA D EATON VANCE MANAGEME INVESCO LTD AMBANI ANIL DHIRUBHA AMBANI JAIANMOL A AMBANI TINA A SHREEJI COMTRADE LLP SHRIKRISHNA TRADECOM

Firm Name Batlivala & Karani Securities Morgan Stanley BNP Paribas Equity Research Avendus Capital Private Ltd ICICIdirect.com Standard Chartered Daiwa Securities Co. Ltd. Tata Securities Limited IIFL Nomura India Infoline Anand Rathi Securities Pvt. Ltd. IDFC Securities Ltd Barclays Motilal Oswal Securities Ltd Angel Broking Limited New Street Research Khambatta Securities Ltd ICICI Securities Phillip Securities Goldman Sachs CIMB Deutsche Bank HSBC Kotak Securities Edelweiss Capital Nirmal Bang Institutional Equities JPMorgan Axis Capital Limited Credit Suisse EVA Dimensions Jaypee Capital Services Maybank Kim Eng Emkay Share & Stock Brokers UBS

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 n/a n/a n/a n/a

Analyst ROHIT DOKANIA VINAY JAISING KUNAL D VORA ABHAY MOGHE KARAN MITTAL RAHUL SINGH RAMAKRISHNA MARUVADA ASHISH AGGARWAL G V GIRI SACHIN GUPTA BHAVESH GANDHI YOGESH KIRVE HITESH SHAH BHUVNESH SINGH SHOBHIT KHARE ANKITA SOMANI CHRIS HOARE DEVANG BHATT VIKASH MANTRI NAVEEN KULKARNI SACHIN SALGAONKAR PIYUSH CHOUDHARY B SRINIVAS RAO RAJIV SHARMA ROHIT CHORDIA SANDIP KUMAR AGARWAL HARIT SHAH VIJU K GEORGE PRIYA ROHIRA SUNIL TIRUMALAI ANDREW S ZAMFOTIS ABBAS MERCHANT GANESH RAM NAVAL SETH SURESH A MAHADEVAN

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

Recommendation underperform Overwt/Attractive reduce hold hold underperform sell sell reduce neutral market perform sell neutral underweight neutral neutral buy underperform sell neutral neutral/neutral underperform sell underweight sell hold hold underweight not rated underperform underweight neutral sell reduce suspended coverage

Amt Held 723'110'172 329'383'550 300'000'000 300'000'000 50'400'127 29'695'295 21'279'000 17'369'347 15'002'020 12'477'894 12'379'001 6'548'205 4'665'227 2'676'860 2'125'080 1'859'171 1'669'759 1'650'832 1'500'000 1'500'000

% Out 35.03 15.96 14.53 14.53 2.44 1.44 1.03 0.84 0.73 0.6 0.6 0.32 0.23 0.13 0.1 0.09 0.08 0.08 0.07 0.07

Weighting

Change

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

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

Latest Chg (1'400'000) 1'062'032 321'345 (751'295) -

Target Price 98 164 100 137 135 118 80 83 120 112 110 80 120 92 110 #N/A N/A 150 87 111 160 122 71 102 95 80 114 134 50 #N/A N/A 90 #N/A N/A 68 48 67 #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 20.09.2013 30.06.2013 30.06.2013 31.08.2013 30.04.2013 30.06.2013 27.09.2013 30.06.2013 31.07.2013 27.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

Inst Type Holding Company Government Other Venture Capital n/a Investment Advisor n/a Investment Advisor Other Investment Advisor Other Investment Advisor n/a Investment Advisor Investment Advisor n/a n/a n/a Other Other

Date 27.09.2013 19.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 02.09.2013 29.08.2013 26.08.2013 23.08.2013 23.08.2013 19.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 04.08.2013 03.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 26.06.2013 10.06.2013 22.04.2013 09.11.2012 13.08.2012 11.07.2012 28.06.2012

01.10.2013

ACC Ltd ACC Limited manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

Price/Volume 1600

.8 M

1000

12/2012 06/yy 1'514.95 912.05 8'530.00 1100.55 -27.11% 20.67% 33.24% 187.7 206'623.17 1'630.60 0.0 25.5 30'229.20 183'337.47

.6 M

600

.4 M

400 .2 M

200 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

1.0 M

1200 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.10.2012) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACC IB EQUITY YTD Change ACC IB EQUITY YTD % CHANGE

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

1.2 M

1400

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

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

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

Price/ Cash Flow

LTM

FY+1

.0 M o-13

2.73 0.93 78.26 -22.42% -20.97% 0.932 57 3.368 13'910 29'420 48'303 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 108'650.3 109'537.6 118'110.5 132'625.8 25'648.0 30'312.0 3.83x 4.08x 1.57x 1.39x 20'946.6 18'404.1 19'861.5 23'442.4 3'687.0 10.23x 11.22x 9.24x 7.83x 11'885.8 11'932.5 12'635.3 14'726.5 2'342.0 20.04x 19.25x 16.69x 14.11x 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

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

Sales/Revenue/Turnover

18.00

120'000.0

16.00

100'000.0

14.00

80'000.0

12.00 10.00

60'000.0

8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |

01.10.2013

ACC Ltd Holdings By:

All

Holder Name HOLCIM PVT LTD LIFE INSURANCE CORP JP MORGAN ABERDEEN ICICI PRUDENTIAL LIF UTI ASSET MANAGEMENT VANGUARD GROUP INC JP MORGAN CHASE BANK MORGAN STANLEY BLACKROCK BLACKSTONE ASIA ADVI HOLDERIND INVSTS LTD CAPITAL GROUP COMPAN CHINA INTERNATIONAL ING INVESTMENT MANAG EASTSPRING INVESTMEN MACKENZIE FINANCIAL NORGES BANK TEMPLETON ASSET MGMT NOMURA

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

Analyst

IDFC Securities Ltd BHOOMIKA NAIR ICICIdirect.com RASHESH SHAH Quant Broking Pvt Ltd MANGESH BHADANG IIFL J RADHAKRISHNAN Morgan Stanley ASHISH G JAIN HSBC JIGAR MISTRY Espirito Santo Investment Bank Research RITESH SHAH Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH Ambit Capital Pvt Ltd NITIN BHASIN Goldman Sachs NAVIN GUPTA Deutsche Bank CHOCKALINGAM NARAYANAN Nirmal Bang Institutional Equities AMIT K SRIVASTAVA JM Financial Institutional Securities P NAVEEN JAIN Antique Stock Broking Limited NIRAV SHAH HDFC Securities ANKUR KULSHRESTHA Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR Motilal Oswal Securities Ltd JINESH K GANDHI Credit Suisse ANUBHAV AGGARWAL Avendus Capital Private Ltd JIMESH SANGHVI Angel Broking Limited SRINIVASAN VISWANATHAN ICICI Securities KRUPAL MANIAR Maybank Kim Eng JIGAR A SHAH Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA Khambatta Securities Ltd RAJ KUMAR JHA Standard Chartered SATISH KUMAR SBI Capital Markets MILIND RAGINWAR Batlivala & Karani Securities PRITAM LALA IDBI Capital Market Services Ltd SUDEEP ANAND Karvy Stock Broking Ltd RAJESH KUMAR RAVI Spark Capital Advisors VIJAYARAGHAVAN SWAMINATHAN Elara Securities India Pvt Ltd RAVI SODAH BOB Capital Markets JINAL JOSHI JPMorgan PINAKIN M PAREKH Jefferies ANAND AGARWAL CIMB RAHUL JAIN Kotak Securities MURTUZA ARSIWALLA Phillip Securities VAIBHAV AGARWAL Emkay Share & Stock Brokers AJIT MOTWANI Tata Securities Limited NIRAJ AGARWALLA Religare Capital Markets MIHIR JHAVERI Edelweiss Capital NAVIN SAHADEO Axis Capital Limited JAGDISHWAR TOPPO Macquarie RAKESH ARORA

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

Recommendation underperform hold sell reduce Equalwt/In-Line underweight buy buy sell Sell/Neutral sell buy buy hold buy reduce neutral outperform buy buy add buy buy underperform in-line hold buy hold hold add accumulate buy neutral buy outperform reduce neutral reduce buy hold hold sell underperform

Amt Held 93'888'120 15'598'345 13'485'070 3'231'936 2'365'028 2'036'008 1'388'883 1'297'388 1'130'812 855'487 580'000 541'000 490'000 488'608 407'506 364'516 359'685 270'897 211'849 173'619

% Out 50.01 8.31 7.18 1.72 1.26 1.08 0.74 0.69 0.6 0.46 0.31 0.29 0.26 0.26 0.22 0.19 0.19 0.14 0.11 0.09

Weighting

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

Latest Chg (14) 201'936 184 (42'936) (37'467) (2'232) 172'000 (17'600) (194'972) 14'900 199'146 3'207

Target Price

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

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

1'050 1'285 955 1'068 1'336 1'040 1'397 1'286 1'039 760 925 1'339 1'300 1'004 1'122 1'007 1'225 1'505 1'459 1'361 1'320 1'332 1'415 1'262 1'188 1'110 1'394 1'233 1'265 1'215 1'270 1'406 1'170 1'477 1'469 1'140 1'104 1'100 1'364 1'160 1'324 1'043 999

File Dt 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 31.05.2013 31.08.2013 27.09.2013 28.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 28.06.2013 30.06.2013 31.12.2012 31.08.2013 10.05.2013

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

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

Date 30.09.2013 30.09.2013 27.09.2013 26.09.2013 24.09.2013 23.09.2013 20.09.2013 18.09.2013 16.09.2013 09.09.2013 06.09.2013 06.09.2013 05.09.2013 04.09.2013 03.09.2013 23.08.2013 19.08.2013 13.08.2013 08.08.2013 05.08.2013 02.08.2013 31.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 19.07.2013 04.07.2013

01.10.2013

Titan Industries Ltd Titan Industries Ltd. manufactures and retails jewelry and watches. The Company produces quartz analog electronic watches, watch movements, step motors, and watch cases. Titan Industries serves customers throughout the United States.

Price/Volume 350

45.0 M

300

40.0 M 35.0 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.11.2012) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTAN IB EQUITY YTD Change TTAN IB EQUITY YTD % CHANGE

03/2013 01/yy 313.60 200.00 59'217.00 232.8 -25.51% 16.40% 28.26% 887.8 206'676.61 0.00 0.0 0.0 11'205.19 195'471.42

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

25.0 M

150

20.0 M 15.0 M

100

10.0 M

5.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 38'326.4 0.94x 3'150.6 11.42x 1'639.2 21.17x

30.0 M

200

31.03.2010 31.03.2011 46'771.6 65'331.4 1.72x 2.42x 3'992.2 6'179.2 20.19x 25.60x 2'513.0 4'331.2 32.51x 39.06x Profitability

31.03.2012 88'484.3 2.19x 8'377.1 23.09x 6'013.6 33.74x

31.03.2013 101'232.9 2.14x 10'205.4 21.21x 7'253.8 31.38x

10'205.38 9'643.08 9.53% 9.95% 13.70% 42.29% 44.34% 1.91% 10.1% 9.5% 7.2% 1.35 0.33 0.00% 0.00% 61.16 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

0.90 0.82 394.50 -10.28% -17.30% 0.822 35 3.571 189'240 388'804 455'882 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 121'604.2 145'226.5 1.61x 1.32x 11'972.1 14'620.3 16.31x 13.36x 8'415.6 10'046.2 2'113.0 2'366.0 24.61x 20.59x S&P Issuer Ratings

20.15 16.82 -1.10 0.00 0.0% 0.0% 1.91 23.10 5.97 -

Sales/Revenue/Turnover

160.00

120'000.0

140.00

100'000.0

120.00

80'000.0

100.00 80.00

60'000.0

60.00

40'000.0

40.00

20'000.0 20.00 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 |

01.10.2013

Titan Industries Ltd Holdings By:

All

Holder Name TAMILNADU INDUSTRIAL TATA SONS LTD JHUNJHUNWAL RAKESH R KALIMATI INVESTMENT MATTHEWS INTERNATION JHUNJHUNWALA REKHA R TATA INVESTMENT CORP TATA CHEMICALS LTD T ROWE PRICE ASSOCIA MERRILL LYNCH CAPITA TATA GLOBAL BEVERAGE VANGUARD GROUP INC EWART INVESTMENTS LT UTI ASSET MANAGEMENT FMR LLC SBI FUNDS MANAGEMENT BLACKROCK TATA AIG LIFE INS CO TATA INTERNATIONAL L MIRAE ASSET GLOBAL I

Firm Name

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

Analyst

IIFL AVI MEHTA JPMorgan LATIKA CHOPRA Standard Chartered SANJAY SINGH Axis Capital Limited HEMANT B PATEL Nomura MANISH JAIN Credit Suisse ARNAB MITRA HSBC AMIT SACHDEVA Deutsche Bank MANOJ MENON Morgan Stanley NILLAI SHAH Goldman Sachs PUNEET JAIN Dalal & Broacha HIRAL SANGHVI Jefferies RAJASA KAKULAVARAPU ICICIdirect.com BHARAT CHHODA Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL Daiwa Securities Co. Ltd. MIHIR P SHAH Motilal Oswal Securities Ltd GAUTAM DUGGAD Spark Capital Advisors TEJASH SHAH IDFC Securities Ltd NIKHIL K VORA Kotak Securities ROHIT CHORDIA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE CIMB VARUN LOHCHAB BNP Paribas Equity Research VIJAY CHUGH Espirito Santo Investment Bank Research NITIN MATHUR Religare Capital Markets GAURANG KAKKAD Dolat Capital Market Ltd. AMIT PUROHIT Antique Stock Broking Limited ABHIJEET KUNDU Batlivala & Karani Securities ASHIT DESAI Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA Edelweiss Capital ABNEESH ROY UBS SUNITA SACHDEV EVA Dimensions CRAIG STERLING Right Horizons Financial Services TUSHAR PENDHARKAR Anand Rathi Securities Pvt. Ltd. SUMAN MEMANI Proactive Universal KAUSTAV KAKATI Fairwealth Securities Ltd HITESH PAREKH JM Financial Institutional Securities P RICHARD LIU Greshma Shares & Stock Ltd TEAM COVERAGE India Infoline TEAM COVERAGE

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

Recommendation reduce neutral in-line hold buy neutral overweight buy Underwt/In-Line neutral/neutral buy on weakness buy buy Under Review outperform neutral reduce outperform reduce buy neutral buy buy hold accumulate hold outperform hold buy sell hold hold buy hold sell buy buy sell

Amt Held 247'476'720 135'125'411 65'374'645 38'775'840 21'917'580 17'791'575 17'225'640 13'826'180 10'887'560 9'436'274 9'248'060 6'188'709 4'964'480 4'836'619 3'791'666 3'119'829 3'106'656 2'661'027 2'559'589 2'403'835

% Out 27.88 15.22 7.36 4.37 2.47 2 1.94 1.56 1.23 1.06 1.04 0.7 0.56 0.54 0.43 0.35 0.35 0.3 0.29 0.27

Weighting

Change

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

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

Latest Chg 4'692'094 1'558'067 159'939 (15'000) 132'182 (591'164) (1'230'874) (150'000) (443'373)

Target Price 225 265 226 231 268 271 280 295 205 247 247 311 250 #N/A N/A 250 240 221 263 250 293 280 315 330 265 303 241 285 280 324 235 #N/A N/A 275 325 249 220 248 240 203

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 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 31.08.2013 27.09.2013 04.04.2012 30.06.2013 31.03.2013

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

Inst Type Corporation Holding Company n/a Investment Advisor Investment Advisor n/a Private Equity Corporation Investment Advisor Investment Advisor Corporation Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Corporation Investment Advisor

Date 01.10.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 24.09.2013 24.09.2013 23.09.2013 12.09.2013 11.09.2013 05.09.2013 04.09.2013 29.08.2013 28.08.2013 23.08.2013 19.08.2013 19.08.2013 16.08.2013 14.08.2013 13.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 24.07.2013 07.06.2013 04.05.2013 09.04.2013 01.08.2012 03.05.2012 31.01.2012 07.10.2011 11.07.2011

01.10.2013

Dabur India Ltd Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders, antacids and processed foods. The Company sells its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 52-Week Low (23.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DABUR IB EQUITY YTD Change DABUR IB EQUITY YTD % CHANGE

03/2013 06/yy 177.40 120.90 32'265.00 168.35 -5.05% 39.25% 86.55% 1'743.8 293'570.94 12'576.50 0.0 120.6 7'442.10 298'825.94

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

31.03.2010 31.03.2011 33'904.7 41'045.1 4.01x 4.16x 6'382.8 7'807.5 21.27x 21.85x 5'032.3 5'685.7 27.37x 29.42x Profitability

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M n-12

LTM-4Q 31.03.2012 53'054.2 3.56x 8'821.4 21.44x 6'448.9 28.79x

31.03.2013 61'761.2 3.95x 10'147.3 24.04x 7'634.2 31.26x

10'147.30 9'300.10 15.06% 15.36% 17.08% 39.75% 25.48% 1.38% 16.4% 15.1% 12.4% 1.18 0.62 26.55% 59.20% 13.06 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

06/yy 55'405.6 3.41x 9'127.9 0.00x 6'666.0 29.91x

LTM 06/yy 63'355.1 7.37x 10'575.8 0.00x 8'000.4 33.85x

FY+1

.0 M o-13

0.89 0.51 823.76 32.99% 31.48% 0.515 47 3.809 84'012 131'770 131'064 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 71'070.0 81'988.7 17'390.3 19'379.0 4.13x 3.52x 12'160.4 14'240.7 3'193.3 3'353.0 24.52x 20.93x 9'275.1 11'013.2 2'343.3 2'595.0 31.63x 26.67x S&P Issuer Ratings

29.04 22.15 0.51 1.24 59.2% 37.1% 1.38 6.48 27.95 -

Sales/Revenue/Turnover

45.00

70'000.0

40.00

60'000.0

35.00

50'000.0

30.00 25.00

40'000.0

20.00

30'000.0

15.00

20'000.0

10.00

10'000.0

5.00 0.00 04.04.2010

1.8 M

Fiscal Year Ended 31.03.2009 28'054.3 3.06x 4'841.1 17.72x 3'905.0 21.97x

200 180 160 140 120 100 80 60 40 20 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 |

01.10.2013

Dabur India Ltd Holdings By:

All

Holder Name CHOWDHARY ASSOCIATES VIC ENTERPRISES PVT GYAN ENTERPRISES PVT PURAN ASSOCIATES PVT RATNA COMMERCIAL ENT MILKY INVEST & TRADI BURMANS FINVEST PVT COMMONWEALTH BANK OF GENESIS INDIAN INV C LIFE INSURANCE CORP MATTHEWS INTERNATION M B FINMART PVT LTD WINDY INVESTMENTS PV BARING INDIA INVESTM VANGUARD GROUP INC FIRST STATE INVESTME SUN LIFE FINANCIAL I HARDING LOEVNER LP ROBECO BLACKROCK

Firm Name Ambit Capital Pvt Ltd NVS Brokerage Limited Standard Chartered Axis Capital Limited Nomura IIFL ICICI Securities Goldman Sachs Daiwa Securities Co. Ltd. JPMorgan Motilal Oswal Securities Ltd Angel Broking Limited Firstcall India Equity Advisors Pvt Ltd Morgan Stanley Anand Rathi Securities Pvt. Ltd. India Infoline Macquarie CIMB SBI Capital Markets Phillip Securities IDFC Securities Ltd HDFC Securities Edelweiss Capital Antique Stock Broking Limited ICICIdirect.com India Nivesh Ltd Deutsche Bank Credit Suisse Kotak Securities Batlivala & Karani Securities Tata Securities Limited Religare Capital Markets Elara Securities India Pvt Ltd Quantum Securities Pvt Ltd HSBC UBS Ashika Stock Broking Limited EVA Dimensions Brics Securities Sushil Finance Consultants Ltd Right Horizons Financial Services Microsec Capital Karvy Stock Broking Ltd

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

Analyst RAKSHIT RANJAN TEAM COVERAGE SANJAY SINGH HEMANT B PATEL MANISH JAIN PERCY PANTHAKI ANAND MOUR ADITYA SOMAN MIHIR P SHAH LATIKA CHOPRA GAUTAM DUGGAD SRINIVASAN VISWANATHAN TEAM COVERAGE NILLAI SHAH ANIRUDDHA JOSHI TEAM COVERAGE AMIT MISHRA VARUN LOHCHAB SAGARIKA MUKHERJEE NAVEEN KULKARNI NIKHIL K VORA HARSH MEHTA ABNEESH ROY ABHIJEET KUNDU SANJAY MANYAL DALJEET SINGH KOHLI MANOJ MENON ARNAB MITRA ROHIT CHORDIA ASHIT DESAI SAMEER DESHMUKH GAURANG KAKKAD AASHISH UPGANLAWAR JIGNESH MAKWANA AMIT SACHDEVA SUNITA SACHDEV TEAM COVERAGE CRAIG STERLING SACHIN B BOBADE BHAVESHKUMAR JAIN TUSHAR PENDHARKAR NAVEEN VYAS NAVEEN TRIVEDI

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

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

Amt Held 217'934'000 217'734'000 202'237'980 189'212'000 154'960'930 106'140'970 53'012'986 47'832'931 40'455'005 35'314'402 34'982'468 26'506'492 26'506'492 26'230'000 12'268'011 11'852'511 11'758'359 8'723'504 5'607'733 5'215'206

% Out 12.5 12.49 11.6 10.85 8.89 6.09 3.04 2.74 2.32 2.03 2.01 1.52 1.52 1.5 0.7 0.68 0.67 0.5 0.32 0.3

Weighting

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

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

Latest Chg (752'006) (980'000) 353'303 277'498 272'944 694'000 (1'000'000) -

Target Price 136 195 159 175 174 175 192 146 185 190 185 #N/A N/A 179 190 170 188 180 175 159 196 171 182 197 176 180 #N/A N/A 160 165 180 180 158 185 187 164 190 200 170 #N/A N/A 153 155 155 163 160

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 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 31.07.2013 30.04.2013 30.04.2013 27.09.2013

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

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

Date 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 13.09.2013 11.09.2013 11.09.2013 03.09.2013 19.08.2013 01.08.2013 31.07.2013 29.07.2013 29.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 19.07.2013 18.07.2013 04.07.2013 06.06.2013 03.05.2013 03.05.2013 30.04.2013 26.04.2013 10.04.2013

01.10.2013

Shriram Transport Finance Co Ltd Shriram Transport Finance Co. Ltd. provides hire purchase finance for trucks.

Price/Volume 900

25.0 M

800 20.0 M

700 600

15.0 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHTF IB EQUITY YTD Change SHTF IB EQUITY YTD % CHANGE

03/2013 06/yy 841.80 465.20 3'376.00 574.95 -31.91% 23.59% 28.77% 226.9 130'446.23 333'862.51 0.0 0.0 39'269.64 425'039.11

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

200

5.0 M

100 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

10.0 M

300

31.03.2010 31.03.2011 44'965.6 54'795.6 6.35x 5.57x 39'210.3 45'151.1 7.29x 6.76x 8'730.3 12'171.1 12.82x 14.76x Profitability

LTM-4Q 31.03.2012 61'811.7 4.86x 51'195.6 5.86x 13'088.1 10.38x

31.03.2013 70'159.6 6.44x 59'416.7 7.61x 14'634.3 10.76x

59'416.70 57.14% 30.82% 3.46% 21.89% 4.48% 0.17% 84.7% 20.9% 70.07% 454.99% -

Price/ Cash Flow

06/yy 57'847.0 11.14x 11'528.8 0.00x 12'769.2 0.00x

LTM 06/yy 74'197.0 10.15x 49'721.8 0.00x 14'876.3 10.80x

FY+1

.0 M o-13

1.22 0.93 112.02 -6.70% -23.65% 0.928 38 3.921 36'635 24'550 20'566 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 44'473.3 51'826.1 11'318.0 11'595.0 2.15x 1.72x 15'906.1 18'815.5 4'010.0 4'460.0 8.09x 6.90x 7.38x 6.99x S&P Issuer Ratings

4.96 5.62 455.0% 82.0% 0.17 117.62 -

Sales/Revenue/Turnover

25.00

80'000.0 70'000.0

20.00

60'000.0 50'000.0

15.00

40'000.0 10.00

30'000.0 20'000.0

5.00

0.00 04.04.2010

10'000.0 0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

01.10.2013

Shriram Transport Finance Co Ltd Holdings By:

All

Holder Name SHRIRAM CAPITAL LTD PIRAMAL ENTERPRISES PIRAMAL ENTERPRISES GENESIS INDIAN INV C SANLAM LIFE INSURANC ONTARIO TEACHERS PEN STICHTING PENSIOEN F CENTAURA INVEST MAUR VANGUARD GROUP INC SCHRODER INVESTMENT SHRIRAM CREDIT COMPA EQUINOX PARTNERS LP JP MORGAN BLACKROCK ALLIANCE BERNSTEIN WASATCH ADVISORS INC IDFC MUTUAL FUND ICICI PRUDENTIAL LIF LAZARD ASSET MANAGEM 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 n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst

Axis Capital Limited PRAVEEN AGRAWAL ICICI Securities SANTANU CHAKRABARTI Deutsche Bank MANISH SHUKLA Batlivala & Karani Securities VISHAL SHETH Ambit Capital Pvt Ltd PANKAJ AGARWAL Macquarie SURESH GANAPATHY Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA JPMorgan SAURABH S KUMAR Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA Goldman Sachs RAHUL JAIN Espirito Santo Investment Bank Research SANTOSH SINGH Barclays JATIN MAMTANI HDFC Securities SAMEER NARANG Standard Chartered MAHRUKH ADAJANIA Credit Suisse SUNIL TIRUMALAI Kotak Securities NISCHINT CHAWATHE Motilal Oswal Securities Ltd ALPESH MEHTA UBS VISHAL GOYAL Morgan Stanley SUBRAMANIAN IYER Shah Investor's Home Limited BUNTY CHAWLA Spark Capital Advisors JYOTHI KUMAR VARMA SBI Capital Markets DHARMESH SHAH Anand Rathi Securities Pvt. Ltd. KAITAV SHAH Antique Stock Broking Limited DIGANT HARIA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE IIFL SAMPATH S K KUMAR Avendus Capital Private Ltd JAYNEE SHAH HSBC TEJAS MEHTA CIMB UMANG SHAH JM Financial Institutional Securities P KARAN UBEROI Nomura ABHISHEK BHATTACHARYA Religare Capital Markets ISHANK KUMAR EVA Dimensions DOUG WALTERS India Infoline RAJIV MEHTA Equirus Securities Pvt Ltd DEVAM MODI IDFC Securities Ltd MANISH CHOWDHARY Maybank Kim Eng VARUN VARMA Violet Arch Securities ABHISHEK KOTHARI ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT SKP Securities Limited VIKESH P MEHTA

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

Recommendation hold buy buy outperform sell neutral buy neutral accumulate Sell/Neutral buy overweight neutral outperform outperform add buy neutral Underwt/Cautious buy sell hold hold buy buy buy add neutral underperform buy buy buy buy buy buy dropped coverage buy buy buy accumulate

Amt Held 58'798'924 22'847'468 22'600'000 13'926'256 10'094'419 9'815'872 5'531'770 5'458'598 4'370'838 3'994'906 2'560'010 2'541'571 2'049'223 1'976'885 1'709'052 1'373'176 1'320'000 1'318'721 866'616 788'061

% Out 25.92 10.07 9.96 6.14 4.45 4.33 2.44 2.41 1.93 1.76 1.13 1.12 0.9 0.87 0.75 0.61 0.58 0.58 0.38 0.35

Weighting

Change

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

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

Latest Chg 116'244 3'414'065 572'358 1'800 (358'092) 1'177'231 (272'000) (59'950) (100'523)

Target Price 543 880 750 765 670 645 780 615 625 510 658 643 729 850 800 760 781 680 525 785 590 712 807 764 700 840 738 723 665 780 840 775 #N/A N/A 839 888 #N/A N/A 872 752 765 577

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

File Dt Inst Type 28.08.2013 Holding Company 10.05.2013 Corporation 30.06.2013 Other 30.06.2013 Investment Advisor 06.08.2013 Insurance Company 30.06.2013 Pension Fund (ERISA) 30.06.2013 Pension Fund (ERISA) 30.06.2013 Other 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 14.08.2013 Insurance Company 30.06.2013 Hedge Fund Manager 31.07.2013 Investment Advisor 27.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Insurance Company 31.08.2013 Unclassified 31.12.2012 Investment Advisor

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

Date 27.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 17.09.2013 15.09.2013 11.09.2013 05.09.2013 30.08.2013 29.08.2013 26.08.2013 21.08.2013 21.08.2013 21.08.2013 19.08.2013 09.08.2013 07.08.2013 29.07.2013 26.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 06.06.2013 08.05.2013 08.05.2013 13.03.2013 29.01.2013 21.09.2012 05.03.2012 12.01.2012

01.10.2013

Jindal Steel & Power Ltd Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and cement. The Company also produces power, conducts mining operations for iron ore and coal, and explores for natural gas and oil. JSPL, with its diverse resources, also contributes to the construction of infrastructure.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.12.2012) 52-Week Low (02.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JSP IB EQUITY YTD Change JSP IB EQUITY YTD % CHANGE

03/2013 06/yy 473.90 181.55 112'978.00 231.8 -51.04% 27.68% 18.44% 934.8 216'697.22 246'181.60 0.0 5'572.7 1'878.00 466'573.51

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

31.03.2010 31.03.2011 110'915.4 131'121.5 6.68x 5.97x 60'205.0 64'685.9 12.30x 12.09x 35'729.7 37'538.8 18.32x 17.36x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

31.03.2013 198'067.8 2.90x 61'217.4 9.39x 29'101.1 11.17x 61'217.40 45'825.20 23.14% 19.56% 5.70% 14.79% 9.13% 0.39% 30.9% 23.1% 14.7% 0.85 0.12 43.13% 115.84% 12.15 -

Price/ Cash Flow

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M o-13

Market Data

LTM-4Q 31.03.2012 182'086.0 3.67x 71'086.0 9.41x 39'649.0 12.85x

LTM

FY+1

0.69 1.24 861.17 -46.45% -47.86% 1.243 31 3.774 200'028 360'346 394'731 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 189'067.9 193'633.7 214'756.1 265'896.4 50'472.0 51'309.0 6.90x 6.06x 2.27x 1.86x 69'535.2 67'965.4 67'426.1 84'558.4 16'791.0 18'348.0 0.00x 0.00x 6.92x 5.52x 34'233.6 30'190.6 30'113.5 34'780.7 8'032.0 8'520.0 12.83x 6.73x 7.07x 6.14x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

6.40 -2.38 3.99 4.02 115.8% 53.0% 0.39 0.59 30.05 -

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 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 108'747.3 2.37x 54'887.4 4.69x 30'457.2 6.12x

500 450 400 350 300 250 200 150 100 50 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 |

01.10.2013

Jindal Steel & Power Ltd Holdings By:

All

Holder Name GAGAN INFRAENERGY LI HSBC GLOBAL INV MAUR LAZARD ASSET MANAGEM RELIANCE CAPITAL TRU VANGUARD GROUP INC ICICI PRUDENTIAL LIF SBI FUNDS MANAGEMENT BLACKROCK SUDHA APPARELS LTD TEMPLETON ASSET MGMT PRUDENTIAL ICICI ASS UTI ASSET MANAGEMENT BANK OF NEW YORK MEL NOMURA JP MORGAN DIMENSIONAL FUND ADV INVESCO LTD STABLE TRADING COMPA BIRLA SUN LIFE ASSET LAZARD GLOBAL ACTIVE

Firm Name

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

Analyst

Motilal Oswal Securities Ltd SANJAY JAIN Axis Capital Limited NITESH JAIN India Infoline TARANG BHANUSHALI Morgan Stanley VIPUL PRASAD Macquarie RAKESH ARORA Batlivala & Karani Securities PARIN TANNA UBS PANKAJ SHARMA Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR Kotak Securities KAWALJEET SALUJA IDFC Securities Ltd PRAKASH JOSHI HSBC JIGAR MISTRY Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR Deutsche Bank MANISH SAXENA MSFL - Institutional Business Group TANUJ RASTOGI Edelweiss Capital PRASAD BAJI Barclays CHIRAG SHAH Credit Suisse NEELKANTH MISHRA Phillip Securities DHAWAL DOSHI Sunidhi Consultancy Services CHINTAN J MEHTA Dolat Capital Market Ltd. RAM MODI IIFL HARSHAWARDHAN S DOLE CIMB RAHUL JAIN JM Financial Institutional Securities P ASHUTOSH SOMANI ICICI Securities ABHIJIT MITRA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Nirmal Bang Institutional Equities GIRIRAJ DAGA Espirito Santo Investment Bank Research RITESH SHAH EVA Dimensions TIMOTHY STANISH Daiwa Securities Co. Ltd. DEEPAK PODDAR Ventura Securities Ltd TEAM COVERAGE Antique Stock Broking Limited AMIT AGARWAL SMC Global Securities Ltd. PRITESH JANI Fairwealth Securities Ltd TEAM COVERAGE

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

Recommendation neutral Under Review buy Equalwt/In-Line outperform buy sell hold add outperform overweight accumulate hold buy hold overweight neutral Under Review neutral accumulate buy outperform buy reduce hold suspended coverage buy underweight buy hold buy outperform buy

Amt Held 67'404'060 23'191'682 19'953'508 12'096'880 10'869'484 10'172'620 5'698'136 5'680'102 4'755'000 3'469'532 3'415'670 3'207'596 2'542'356 2'041'334 1'644'213 1'509'232 1'494'348 1'374'168 1'371'143 1'010'519

% Out 7.21 2.48 2.13 1.29 1.16 1.09 0.61 0.61 0.51 0.37 0.37 0.34 0.27 0.22 0.18 0.16 0.16 0.15 0.15 0.11

Weighting

Change

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

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

Latest Chg 450'000 250'916 207'270 583'592 (6'402) (854'034) (403'092) 765 13'207 (1'532'195) 84'808 800'000 (1'684) 51'154

Target Price 238 #N/A N/A 276 240 350 285 205 240 275 320 280 250 182 258 228 289 218 #N/A N/A 257 234 250 323 274 213 347 #N/A N/A 358 #N/A N/A 404 657 440 550 640

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

File Dt 21.06.2013 30.06.2013 31.08.2013 31.08.2013 30.06.2013 30.06.2013 31.08.2013 27.09.2013 25.10.2011 31.08.2013 31.08.2013 31.08.2013 27.09.2013 10.05.2013 31.05.2013 30.04.2013 27.09.2013 25.10.2011 31.08.2013 30.08.2013

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

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

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 19.09.2013 17.09.2013 13.09.2013 11.09.2013 04.09.2013 19.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 30.07.2013 18.07.2013 09.07.2013 21.06.2013 12.06.2013 05.06.2013 02.05.2013 29.04.2013 26.06.2012 30.12.2011

01.10.2013

Bank of Baroda Bank of Baroda owns and operates commercial banks in India. The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services. The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (20.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOB IB EQUITY YTD Change BOB IB EQUITY YTD % CHANGE

03/2013 01/yy 899.65 429.25 73'434.00 495 -44.45% 15.32% 13.68% 421.3 208'521.88 1'019'977.85 0.0 1'100.5 903'044.37 -

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

31.03.2010 31.03.2011 202'000.3 258'005.3 31'793.0 44'337.1 7.32x 8.52x Profitability

31.03.2012 345'881.1 52'485.8 5.94x

31.03.2013 409'539.1 48'042.3 5.79x

31.55% 32.02% 0.94% 15.55% 3.97% 0.08% 29.2% 18.23% 306.47% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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 4.34 1.09 139.72 -34.86% -40.94% 1.088 65 3.631 174'945 238'206 208'070

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

S&P Issuer Ratings

30.12.2011 NR 30.12.2011 NR 306.5% 75.3% 0.08 16.45 -

Sales/Revenue/Turnover

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00

250'000.0

4.00

200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 183'929.5 23'840.8 3.58x

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 |

01.10.2013

Bank of Baroda Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP HDFC ASSET MANAGEMEN HDFC LIFE INSURANCE COPTHALL MAURITIUS I MASTER TRUST BANK OF EASTSPRING INVESTMEN RELIANCE CAPITAL TRU PRUDENTIAL ICICI ASS VANGUARD GROUP INC UTI ASSET MANAGEMENT INVESTEC ASSET MANAG SBI LIFE INSURANCE C BLACKROCK PICTET FUNDS DIMENSIONAL FUND ADV ALLIANCE BERNSTEIN NORGES BANK EASTSPRING INVESTMEN BANK OF NEW YORK MEL

Firm Name Axis Capital Limited Standard Chartered IDBI Capital Market Services Ltd India Nivesh Ltd Religare Capital Markets Anand Rathi Securities Pvt. Ltd. JPMorgan Macquarie Nomura Prabhudas Lilladher Pvt Ltd Avendus Capital Private Ltd Goldman Sachs Batlivala & Karani Securities Barclays Jefferies IIFL Fortune Equity Brokers (India) Ltd Sunidhi Consultancy Services Dolat Capital Market Ltd. IDFC Securities Ltd Deutsche Bank Kotak Securities ICICIdirect.com Nirmal Bang Institutional Equities Almondz Global Securities Ltd Motilal Oswal Securities Ltd UBS Morgan Stanley JHP Securities Private Limited Angel Broking Limited KR Choksey Shares & Sec Pvt Ltd HSBC SBI Capital Markets Phillip Securities HDFC Securities Karvy Stock Broking Ltd India Infoline Edelweiss Capital Antique Stock Broking Limited Asian Markets Securities Pvt. Ltd Quant Broking Pvt Ltd Credit Suisse CIMB

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

Analyst PRAVEEN AGRAWAL MAHRUKH ADAJANIA JIGNESH SHIAL DALJEET SINGH KOHLI SIDDHARTH TELI CLYTON FERNANDES SESHADRI K SEN SURESH GANAPATHY ABHISHEK BHATTACHARYA ADARSH PARASRAMPURIA CHANDANA JHA TABASSUM INAMDAR ANAND DAMA ANISH TAWAKLEY NILANJAN KARFA SAMPATH S K KUMAR VIJAY NARA AMIT JAIN RAJIV PATHAK MANISH CHOWDHARY MANISH KARWA MB MAHESH KAJAL GANDHI HEMINDRA HAZARI SHIVRAJ GUPTA ALPESH MEHTA VISHAL GOYAL SUMEET KARIWALA ANIL WALA VAIBHAV AGRAWAL MANISH OSTWAL TEJAS MEHTA RAVIKANT BHAT MANISH AGARWALLA VISHAL MODI HATIM K BROACHWALA RAJIV MEHTA NILESH PARIKH ALOK KAPADIA ASUTOSH KUMAR MISHRA NITIN KUMAR ASHISH GUPTA JATINDER AGARWAL

Source Co File Co File Co File Co File Co File Co File MF-AGG MF-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 in-line reduce buy buy buy overweight underperform reduce accumulate buy neutral/neutral outperform underweight hold reduce buy neutral buy underperform buy reduce hold buy neutral neutral neutral Equalwt/Cautious buy neutral accumulate underweight hold buy neutral buy market perform buy hold buy reduce outperform outperform

Amt Held 233'412'499 48'121'960 15'209'956 5'896'640 5'630'690 4'820'028 3'985'576 3'300'624 3'288'025 2'311'078 1'766'414 1'522'776 1'462'179 1'337'622 1'199'753 1'135'352 1'036'534 1'036'159 866'757 723'971

% Out 55.41 11.42 3.61 1.4 1.34 1.14 0.95 0.78 0.78 0.55 0.42 0.36 0.35 0.32 0.28 0.27 0.25 0.25 0.21 0.17

Weighting

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

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

Latest Chg (234'000) 52'661 (19'624) (45'572) 26'680 69'300 (27'306) 3'430 (80'180) -

Target Price 502 550 450 690 710 651 600 340 420 550 749 520 725 410 555 340 755 600 635 480 620 600 480 630 552 613 570 500 718 #N/A N/A 550 478 600 700 555 640 523 652 600 609 460 707 700

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 15.04.2013 31.08.2013 31.08.2013 30.06.2013 31.08.2013 31.05.2013 31.08.2013 27.09.2013 31.05.2013 30.04.2013 30.06.2013 31.12.2012 31.12.2012 27.09.2013

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

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

Date 27.09.2013 26.09.2013 25.09.2013 24.09.2013 23.09.2013 19.09.2013 17.09.2013 16.09.2013 13.09.2013 11.09.2013 11.09.2013 05.09.2013 05.09.2013 29.08.2013 27.08.2013 27.08.2013 26.08.2013 23.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 19.08.2013 09.08.2013 07.08.2013 07.08.2013 05.08.2013 03.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013

01.10.2013

NMDC Ltd NMDC Limited explores for minerals. The Company is exploring for iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NMDC IB EQUITY YTD Change NMDC IB EQUITY YTD % CHANGE

03/2013 01/yy 199.00 92.65 165'324.00 118.2 -40.63% 27.58% 26.00% 3'964.7 468'629.41 0.00 0.0 6.7 97'410.30 371'225.82

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

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M

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 75'640.3 6.88x 58'371.0 8.91x 43'495.5 14.20x

200 180 160 140 120 100 80 60 40 20 0 o-12

31.03.2010

31.03.2011

Profitability

31.03.2012 -

31.03.2013 -

58'371.00 57'635.40 76.20% 87.59% 39.69% 43.65% 43.64% 0.69% 77.2% 76.2% 57.5% 10.12 9.26 0.00% 0.00% 10.05 -

Price/ Cash Flow

1.87 0.96 525.25 -35.45% -25.53% 0.961 42 4.429 178'778 265'523 223'313

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

S&P Issuer Ratings

.0 M o-13

-1.67 0.00 0.0% 0.0% 0.69 9.03 36.32 -

Sales/Revenue/Turnover

2'500.00

80'000.0 70'000.0

2'000.00

60'000.0 50'000.0

1'500.00

40'000.0 1'000.00

30'000.0 20'000.0

500.00

10'000.0

0.00 02.04.2006 02.10.2006 02.04.2007 02.10.2007 02.04.2008 02.10.2008 02.04.2009 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 02.04.2013

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 |

01.10.2013

NMDC Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP PRUDENTIAL ICICI ASS VANGUARD GROUP INC BANK OF NEW YORK MEL TEMPLETON ASSET MGMT NORDEA INV MANAGEMEN SBI FUNDS MANAGEMENT UTI ASSET MANAGEMENT BIRLA SUN LIFE ASSET MATTHEWS INTERNATION HDFC ASSET MANAGEMEN WADDELL & REED FINAN MIRAE ASSET GLOBAL I RELIANCE CAPITAL TRU BIRLA SUN LIFE ASSET INVESCO LTD T ROWE PRICE ASSOCIA KOTAK MAHINDRA EATON VANCE MANAGEME

Firm Name

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

Analyst

Motilal Oswal Securities Ltd SANJAY JAIN Axis Capital Limited JAGDISHWAR TOPPO Macquarie RAKESH ARORA Batlivala & Karani Securities PARIN TANNA EVA Dimensions TIMOTHY STANISH Deutsche Bank ANUJ SINGLA Emkay Share & Stock Brokers GOUTAM CHAKRABORTY Centrum Broking Pvt Ltd ABHISAR JAIN Kotak Securities KAWALJEET SALUJA Angel Broking Limited BHAVESH CHAUHAN ICICIdirect.com DEWANG SANGHAVI JM Financial Institutional Securities P ASHUTOSH SOMANI HDFC Securities ANKUR KULSHRESTHA India Infoline TARANG BHANUSHALI IIFL BIJAL SHAH Quant Broking Pvt Ltd KALPESH MAKWANA Elara Securities India Pvt Ltd ASHISH KEJRIWAL Standard Chartered SATISH KUMAR Jefferies ANAND AGARWAL HSBC JIGAR MISTRY CIMB RAHUL JAIN ICICI Securities ABHIJIT MITRA Nirmal Bang Institutional Equities GIRIRAJ DAGA SBI Capital Markets JATIN Y DAMANIA Barclays CHIRAG SHAH IDFC Securities Ltd PRAKASH JOSHI Sunidhi Consultancy Services CHINTAN J MEHTA JPMorgan PINAKIN M PAREKH Morgan Stanley VIPUL PRASAD Avendus Capital Private Ltd JIMESH SANGHVI UBS SANDIP BANSAL Ratnabali Capital Markets TEAM COVERAGE Systematix Shares & Stocks Ltd ERIC MARTINS Ventura Securities Ltd TEAM COVERAGE Networth Stock Broking Ltd AJIT AGRAWAL Espirito Santo Investment Bank Research RITESH SHAH Equirus Securities Pvt Ltd ASHUTOSH TIWARI Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT Microsec Capital NEHA MAJITHIA NVS Brokerage Limited TEAM COVERAGE Derivium Tradition Securities ASHISH MATANI MSFL - Institutional Business Group TANUJ RASTOGI

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

Recommendation buy buy outperform buy hold buy buy buy buy buy buy buy buy buy buy accumulate reduce in-line buy overweight underperform buy buy hold overweight outperform outperform overweight Overwt/In-Line buy neutral buy buy hold buy sell buy hold buy strong buy strong buy buy not rated

Amt Held 3'171'946'580 267'517'586 49'320'838 21'528'185 11'821'037 8'724'118 5'815'394 4'819'234 3'809'418 3'756'015 3'145'923 2'997'638 2'985'774 2'894'924 2'702'414 2'677'978 2'612'186 2'457'069 2'406'266 1'871'670

% Out 80 6.75 1.24 0.54 0.3 0.22 0.15 0.12 0.1 0.09 0.08 0.08 0.08 0.07 0.07 0.07 0.07 0.06 0.06 0.05

Weighting

Change

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

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

Latest Chg (2'674'513) 4'271'098 (683'260) (3'477'372) 1'891'978 (549'863) 842'430 261'869 (202'504) 48'521 (3'780'000) 841'494 382'529 (327'854) -

Target Price 152 135 153 148 #N/A N/A 140 165 145 150 148 138 127 142 145 141 130 114 134 149 147 115 155 147 130 154 140 150 160 151 143 114 138 128 #N/A N/A 150 113 191 147 206 225 182 203 #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 31.08.2013 30.06.2013 27.09.2013 31.08.2013 31.07.2013 31.08.2013 31.08.2013 31.08.2013 28.06.2013 31.08.2013 30.06.2013 31.03.2013 31.08.2013 31.08.2013 27.09.2013 30.06.2013 31.08.2013 31.07.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 15 month Not Provided 12 month 9 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 15 month Not Provided 12 month 12 month 12 month Not Provided Not Provided

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

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 19.09.2013 18.09.2013 17.09.2013 16.09.2013 13.09.2013 13.09.2013 06.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 04.09.2013 03.09.2013 28.08.2013 27.08.2013 26.08.2013 20.08.2013 26.07.2013 05.07.2013 04.07.2013 04.07.2013 28.06.2013 07.06.2013 03.06.2013 29.05.2013 09.04.2013 04.04.2013 01.02.2013 30.01.2013 13.12.2012 29.05.2012 16.02.2012

01.10.2013

Bharat Petroleum Corp Ltd Bharat Petroleum Corporation Limited explores for and refines crude oil. The Company manufactures petroleum, petroleum products, lubricants, liquefied petroleum gas, aromatics like benzene and toluene, and other related products. Bharat has retail outlets throughout the country.

Price/Volume 450

1.4 M

400

1.2 M

350

1.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (06.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BPCL IB EQUITY YTD Change BPCL IB EQUITY YTD % CHANGE

03/2013 06/yy 449.00 256.00 85'391.00 322.9 -27.77% 26.13% 38.45% 723.1 233'483.89 331'568.60 0.0 10'765.8 80'654.90 495'163.39

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

.8 M

200

.6 M

150

.4 M

100

.2 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 31.03.2009 1'365'571.2 0.22x 40'846.0 7.34x 6'337.6 21.45x

250

31.03.2010 31.03.2011 1'238'167.2 1'536'282.8 0.29x 0.26x 32'753.3 50'399.0 10.83x 7.95x 16'323.6 16'349.6 11.47x 13.53x Profitability

LTM-4Q 31.03.2012 2'119'638.1 0.23x 64'663.8 7.60x 7'808.3 32.42x

31.03.2013 2'420'433.9 0.22x 79'931.7 6.69x 18'808.3 14.52x

79'931.70 55'304.70 2.28% 1.33% 2.39% 11.52% 5.75% 3.08% 3.3% 2.3% 0.8% 0.92 0.27 41.67% 197.65% 50.66 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

3.41 1.02 215.08 -4.74% -6.00% 1.018 49 4.735 282'943 197'938 144'430 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 229'448.0 ######### ######### ######### 0.00x 0.00x 0.19x 0.18x 0.0 0.0 64'485.7 68'804.4 0.00x 0.00x 7.68x 7.20x (5'379.0) 19'634.0 20'336.3 23'124.5 0.00x 0.00x 11.35x 9.91x 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

5.45 1.68 3.14 4.15 197.7% 65.0% 3.08 8.04 7.21 -

Sales/Revenue/Turnover

70.00

3'000'000.0

60.00

2'500'000.0

50.00

2'000'000.0

40.00

1'500'000.0 30.00

1'000'000.0 20.00

500'000.0

10.00 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 |

01.10.2013

Bharat Petroleum Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA BPCL TRUST FOR INVES LIFE INSURANCE CORP HDFC ASSET MANAGEMEN ICICI PRUDENTIAL LIF GOVT PENSION FUND GL DSP BLACKROCK INVEST UTI ASSET MANAGEMENT RELIANCE CAPITAL TRU SBI FUNDS MANAGEMENT NORGES BANK BLACKROCK VANGUARD GROUP INC JP MORGAN TEMPLETON ASSET MGMT TATA ASSET MANAGEMEN PRUDENTIAL ICICI ASS SUNDARAM ASSET MANAG BLACKROCK INVESTMENT FRANKLIN RESOURCES

Firm Name JM Financial Institutional Securities P Nomura Antique Stock Broking Limited Batlivala & Karani Securities Axis Capital Limited Tata Securities Limited Credit Suisse Ambit Capital Pvt Ltd Quant Broking Pvt Ltd HSBC BNP Paribas Equity Research Motilal Oswal Securities Ltd CIMB Kotak Securities EVA Dimensions IIFL Macquarie Spark Capital Advisors Emkay Share & Stock Brokers Sunidhi Consultancy Services IDBI Capital Market Services Ltd HDFC Securities ICICIdirect.com Barclays BOB Capital Markets Deutsche Bank Morgan Stanley JPMorgan ICICI Securities IDFC Securities Ltd Edelweiss Capital Standard Chartered Religare Capital Markets Daiwa Securities Co. Ltd. UBS Systematix Shares & Stocks Ltd Avendus Capital Private Ltd Goldman Sachs Firstcall India Equity Advisors Pvt Ltd Elara Securities India Pvt Ltd Ventura Securities Ltd Ashika Stock Broking Limited Jefferies

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

Analyst GARIMA MISHRA ANIL SHARMA AMIT RUSTAGI BHAVIN GANDHI AMIT MISHRA SWARNENDU BHUSHAN SANJAY MOOKIM DAYANAND MITTAL GAGAN DIXIT KUMAR MANISH AMIT SHAH HARSHAD BORAWAKE AVADHOOT SABNIS TARUN LAKHOTIA DOUG WALTERS BHASKAR CHAKRABORTY ABHISHEK AGARWAL MAYUR PATEL DHAVAL JOSHI ROHIT NAGRAJ SUDEEP ANAND AISHWARYA DEEPAK MAYUR MATANI SOMSHANKAR SINHA NEELABH SHARMA HARSHAD KATKAR VINAY JAISING NEIL GUPTE ROHIT AHUJA PRAKASH JOSHI NIRAJ MANSINGKA RAHUL SINGH NITIN TIWARI NIRMAL RAGHAVAN ASHISH JAGNANI SUDARSHAN NARASIMHAN SAURABH BHARAT NILESH BANERJEE TEAM COVERAGE ALOK DESHPANDE TEAM COVERAGE PARAS BOTHRA ARYA SEN

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

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

Amt Held 397'200'120 67'457'474 35'358'819 20'822'399 13'614'369 7'982'116 7'815'178 6'929'524 6'794'056 6'788'266 6'146'953 5'930'832 5'070'491 3'926'025 3'823'820 2'583'535 1'964'657 1'868'031 1'831'218 1'816'000

% Out 54.93 9.33 4.89 2.88 1.88 1.1 1.08 0.96 0.94 0.94 0.85 0.82 0.7 0.54 0.53 0.36 0.27 0.26 0.25 0.25

Weighting

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

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

Latest Chg 279'184 (1'474'107) 10'547 (539'226) 277'562 (58'298) 71'518 (150) 601'806 498'431 519'195 (102'000) (130'734) (100'000)

Target Price 408 465 549 438 375 565 376 393 445 389 369 455 475 440 #N/A N/A 440 421 322 415 387 382 450 389 490 358 360 375 485 433 366 421 349 440 457 435 466 504 430 414 500 #N/A N/A 460 400

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 31.08.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.12.2012 27.09.2013 30.06.2013 31.07.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 30.08.2013 30.04.2013

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

Inst Type Government Corporation Government Investment Advisor Insurance Company n/a Investment Advisor Investment Advisor Other Investment Advisor Government 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 27.09.2013 24.09.2013 19.09.2013 19.09.2013 17.09.2013 13.09.2013 12.09.2013 09.09.2013 05.09.2013 02.09.2013 21.08.2013 20.08.2013 19.08.2013 16.08.2013 14.08.2013 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 12.08.2013 09.08.2013 12.07.2013 01.07.2013 26.06.2013 26.06.2013 13.06.2013 07.06.2013 06.06.2013 03.06.2013 02.05.2013 04.04.2013

01.10.2013

JSW Steel Ltd JSW Steel Limited is an integrated steel producer with manufacturing facilities with capacity of 11 million metric tons located in the southern states of Karnataka and Tamil Nadu and western state of Maharashtra. The Company produces products including hot rolled coils, cold rolled coils, wire rods, galvanized coils and sheets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (19.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JSTL IB EQUITY YTD Change JSTL IB EQUITY YTD % CHANGE

03/2013 06/yy 893.75 451.50 163'772.00 738.5 -17.16% 63.57% 62.92% 241.7 178'511.73 216'905.60 2'790.3 1'971.6 17'915.20 382'264.03

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

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 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 159'348.4 1.67x 32'106.6 8.30x 2'749.1 17.71x

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

31.03.2010 31.03.2011 189'571.7 241'058.9 2.35x 1.49x 41'738.0 48'796.6 10.65x 7.35x 15'975.5 17'539.8 14.72x 11.06x Profitability

LTM-4Q 31.03.2012 343'680.5 0.99x 61'153.7 5.57x 5'376.8 31.58x

31.03.2013 382'096.5 0.93x 65'204.6 5.43x 9'631.1 16.04x

65'204.60 42'772.40 11.19% 4.64% 1.72% 5.58% 4.91% 0.68% 17.1% 11.2% 2.5% 0.64 0.21 37.57% 127.11% 21.42 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.35 1.41 147.36 2.05% -7.51% 1.409 48 2.917 204'102 279'362 238'206 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 365'932.5 383'341.0 435'828.4 466'720.1 105'771.3 110'762.3 1.58x 1.76x 1.02x 0.96x 65'069.5 64'749.1 73'137.7 80'151.7 17'279.5 18'794.0 0.00x 0.00x 5.23x 4.77x 5.00x 5.00x 1'021.7 5'316.4 16'040.5 19'920.2 4'517.3 4'495.0 122.45x 27.33x 10.85x 8.73x 9.31x 9.69x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.56 0.49 3.05 3.33 127.1% 55.3% 0.68 1.03 17.04 -

Sales/Revenue/Turnover

12.00

450'000.0 400'000.0

10.00

350'000.0 300'000.0

8.00

250'000.0 6.00

200'000.0 150'000.0

4.00

100'000.0 2.00 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 |

01.10.2013

JSW Steel Ltd Holdings By:

All

Holder Name JFE STEEL INTL EUROP JINDAL SOUTH WEST HO JSW ENERGY INVESTMEN JSW INVESTMENTS PVT JSW POWER TRADING CO DUFERCO COKE INVSTS NALWA SONS INVESTMEN JAIN NIRMAL KUMAR MAVI INVESTMENT FUND LIFE INSURANCE CORP LOTUS GLOBAL INVESTM INDIAMAN FUND MAURIT VANGUARD GROUP INC SUN INVESTMENTS LTD MINERALS EUROASIA LT JINDAL HOLDINGS LTD GAGANDEEP CREDIT CAP JINDAL SAJJAN DIMENSIONAL FUND ADV GAGAN TRADING CO LTD

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

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

Analyst

Motilal Oswal Securities Ltd SANJAY JAIN Daiwa Securities Co. Ltd. DEEPAK PODDAR Axis Capital Limited NITESH JAIN Macquarie RAKESH ARORA BNP Paribas Equity Research KUNAL AGRAWAL Batlivala & Karani Securities PARIN TANNA Nirmal Bang Institutional Equities GIRIRAJ DAGA Standard Chartered SATISH KUMAR Morgan Stanley VIPUL PRASAD Kotak Securities KAWALJEET SALUJA JM Financial Institutional Securities P ASHUTOSH SOMANI JPMorgan PINAKIN M PAREKH Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR Emkay Share & Stock Brokers GOUTAM CHAKRABORTY Centrum Broking Pvt Ltd ABHISAR JAIN Deutsche Bank ABHAY LAIJAWALA Angel Broking Limited BHAVESH CHAUHAN HSBC JIGAR MISTRY EVA Dimensions TIMOTHY STANISH Nomura AMAR KEDIA MSFL - Institutional Business Group TANUJ RASTOGI UBS SANDIP BANSAL Phillip Securities DHAWAL DOSHI Edelweiss Capital PRASAD BAJI Barclays CHIRAG SHAH Credit Suisse NEELKANTH MISHRA SBI Capital Markets JATIN Y DAMANIA Sunidhi Consultancy Services CHINTAN J MEHTA Dolat Capital Market Ltd. RAM MODI ICICIdirect.com DEWANG SANGHAVI Elara Securities India Pvt Ltd ASHISH KEJRIWAL CIMB RAHUL JAIN ICICI Securities ABHIJIT MITRA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Avendus Capital Private Ltd JIMESH SANGHVI Espirito Santo Investment Bank Research RITESH SHAH Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR IDFC Securities Ltd SAUMIL MEHTA India Infoline TARANG BHANUSHALI Equirus Securities Pvt Ltd ASHUTOSH TIWARI IIFL BIJAL SHAH Violet Arch Securities KUNAL MOTISHAW Systematix Shares & Stocks Ltd ERIC MARTINS

Recommendation sell hold hold outperform reduce underperform sell outperform Underwt/In-Line sell hold overweight buy hold hold buy neutral neutral hold neutral buy buy buy hold equalweight underperform hold underperform reduce hold sell neutral sell hold buy buy reduce underperform market perform neutral reduce buy buy

Amt Held 36'258'307 17'284'923 13'764'364 9'585'561 7'003'835 5'035'241 4'548'637 4'450'452 4'417'000 4'175'363 4'170'965 3'780'000 3'390'682 3'342'261 3'183'444 3'077'704 2'774'150 2'329'856 2'254'970 2'239'085

% Out 15 7.15 5.69 3.97 2.9 2.08 1.88 1.84 1.83 1.73 1.73 1.56 1.4 1.38 1.32 1.27 1.15 0.96 0.93 0.93

Weighting

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

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

Latest Chg 82'000 501'397 (5'616) -

Target Price 565 727 674 850 551 690 525 875 420 610 610 850 819 580 658 845 #N/A N/A 595 #N/A N/A 780 757 800 673 716 581 330 570 545 572 600 513 588 565 753 846 979 650 642 702 747 665 972 833

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 16.08.2013 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 30.06.2013

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 9 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 15 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 9 month 15 month 12 month Not Provided 12 month

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

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 24.09.2013 20.09.2013 20.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 13.09.2013 13.09.2013 04.09.2013 04.09.2013 30.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 18.07.2013 25.06.2013 29.05.2013 24.05.2013 24.05.2013 24.05.2013 24.05.2013 09.05.2013 06.05.2013 22.04.2013

01.10.2013

Colgate-Palmolive India Ltd Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care and body care area. The Company's products include soaps, cosmetics, toilet preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.01.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLGT IB EQUITY YTD Change CLGT IB EQUITY YTD % CHANGE

03/2013 03/yy 1'580.40 1'190.05 18'784.00 1259 -20.32% 5.79% 12.86% 136.0 171'214.97 53.99 0.0 0.0 3'407.34 167'861.61

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

.2 M

1600

.2 M

1400

.1 M

1200

.1 M

1000

.1 M

800

.1 M

600

.1 M

400

.0 M

200

.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 16'952.1 3.64x 3'484.7 17.71x 2'857.8 22.42x

1800

31.03.2010 31.03.2011 19'624.6 4.51x 4'930.6 17.95x 4'341.0 21.16x Profitability

LTM-4Q 31.03.2012

31.03.2013 -

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

Price/ Cash Flow

LTM

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

03/yy 14'738.5 0.00x 0.0 0.00x 2'357.6 0.00x

1.59 0.62 60.23 5.78% -19.10% 0.615 46 2.543 20'678 29'417 21'466

FY+1

FY+2

FQ+1

FQ+2

03/14 Y

03/15 Y

09/13 Q2

12/13 Q3

S&P Issuer Ratings

.0 M o-13

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

Sales/Revenue/Turnover

60.00

25'000.0

50.00

20'000.0

40.00

15'000.0

30.00

10'000.0 20.00

5'000.0

10.00 0.00 01.04.2007 01.10.2007 01.04.2008 01.10.2008 01.04.2009 01.10.2009 01.04.2010 01.10.2010 01.04.2011 01.10.2011 01.04.2012 01.10.2012 01.04.2013

0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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

01.10.2013

Colgate-Palmolive India Ltd Holdings By:

All

Holder Name COLGATE PALMOLIVE CO COLGATE PALMOLIVE AS OPPENHEIMERFUNDS INC ARISAIG PARTNERS ASI LIFE INSURANCE CORP WASATCH ADVISORS INC VIRTUS EMERGING MARK HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG COLUMBIA WANGER ASSE VANGUARD GROUP INC FMR LLC EASTSPRING INVESTMEN DSP BLACKROCK INVEST TATA AIA LIFE INSURA LOMBARD ODIER DARIER JP MORGAN BIRLA SUN LIFE ASSET L&T INVESTMENT MANAG UTI ASSET MANAGEMENT

Firm Name

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

Analyst

Ambit Capital Pvt Ltd RAKSHIT RANJAN Standard Chartered SANJAY SINGH Axis Capital Limited HEMANT B PATEL IIFL PERCY PANTHAKI Nomura MANISH JAIN IDFC Securities Ltd NIKHIL K VORA ICICI Securities ANAND MOUR Antique Stock Broking Limited ABHIJEET KUNDU Goldman Sachs PUNEET JAIN Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY Motilal Oswal Securities Ltd GAUTAM DUGGAD Angel Broking Limited SRINIVASAN VISWANATHAN Shah Investor's Home Limited HARSH MEHTA Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI Nitin Khandkar Institutional Research NITIN A KHANDKAR KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL Elara Securities India Pvt Ltd AASHISH UPGANLAWAR CIMB VARUN LOHCHAB Phillip Securities NAVEEN KULKARNI India Infoline TEAM COVERAGE Centrum Broking Pvt Ltd ANKIT KEDIA Morgan Stanley NILLAI SHAH Credit Suisse ARNAB MITRA JPMorgan LATIKA CHOPRA HSBC AMIT SACHDEVA Kotak Securities ROHIT CHORDIA SBI Capital Markets SAGARIKA MUKHERJEE Batlivala & Karani Securities ASHIT DESAI Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA HDFC Securities HARSH MEHTA Tata Securities Limited SAMEER DESHMUKH Religare Capital Markets GAURANG KAKKAD Edelweiss Capital ABNEESH ROY VCK Share & Stock Broking Services TEAM COVERAGE UBS SUNITA SACHDEV EVA Dimensions CRAIG STERLING Karvy Stock Broking Ltd NAVEEN TRIVEDI Brics Securities SACHIN B BOBADE Espirito Santo Investment Bank Research NITIN MATHUR Riedel Research Group Inc DAVID R RIEDEL Techno Shares & Stocks SHIVANI VIVEK VISHWANATHAN

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

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

Amt Held 54'476'347 14'879'426 7'675'924 4'807'084 4'721'695 1'736'010 1'687'899 1'687'899 1'279'736 1'093'414 891'541 837'009 683'129 593'041 366'500 305'000 290'400 267'194 261'557 215'000

% Out 40.06 10.94 5.64 3.53 3.47 1.28 1.24 1.24 0.94 0.8 0.66 0.62 0.5 0.44 0.27 0.22 0.21 0.2 0.19 0.16

Weighting

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

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

Latest Chg 4'073 (11'400) 10'639 171'809 89'078 65'027 20'000 (44'300) (994) 15'000 (49'982)

Target Price 1'227 1'096 1'150 1'300 1'120 1'436 1'198 1'211 1'147 1'112 1'326 1'582 1'400 #N/A N/A 1'518 1'506 #N/A N/A 1'527 1'371 1'500 1'250 1'438 1'460 1'225 1'275 1'260 1'720 1'275 1'250 1'530 1'560 1'190 1'110 1'200 1'411 1'685 1'420 #N/A N/A 1'352 1'260 1'250 1'500 #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 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 30.04.2013 31.07.2013 30.06.2013 31.08.2013 31.12.2012 31.08.2013 28.06.2013 31.05.2013 31.05.2013 31.08.2013 31.08.2013 31.08.2013

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

Inst Type Unclassified Corporation Investment Advisor Investment Advisor Government Investment Advisor n/a 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 27.09.2013 27.09.2013 26.09.2013 22.09.2013 16.09.2013 13.09.2013 13.09.2013 11.09.2013 28.08.2013 28.08.2013 21.08.2013 19.08.2013 10.08.2013 02.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 17.07.2013 18.06.2013 06.06.2013 10.04.2013 08.04.2013 20.03.2013 14.01.2013 30.10.2012

01.10.2013

Glenmark Pharmaceuticals Ltd Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops generic drugs for inflammation, metabolic disorders, and pain.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.07.2013) 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 GNP IB EQUITY YTD Change GNP IB EQUITY YTD % CHANGE

03/2013 06/yy 612.00 386.50 11'877.00 537.5 -12.34% 39.07% 64.06% 271.0 145'662.91 27'648.69 0.0 243.6 6'051.85 167'503.39

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

1.4 M

600

1.2 M

500

1.0 M

400

.8 M

300

.6 M

200

.4 M

100

.2 M

0 o-12

31.03.2010 31.03.2011 25'006.5 29'490.7 3.64x 3.26x 6'731.9 5'922.7 13.53x 16.23x 3'244.7 4'532.1 21.58x 16.90x Profitability

LTM-4Q 31.03.2012 40'206.4 2.57x 7'143.1 14.45x 4'603.5 18.17x

31.03.2013 50'123.4 2.94x 10'099.9 14.58x 6'147.4 20.38x

10'099.88 8'829.79 17.62% 14.64% 9.42% 23.81% 14.85% 0.77% 20.2% 17.6% 12.3% 1.72 1.03 38.56% 100.07% 3.48 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 41'928.0 5.00x 7'153.3 0.00x 3'306.0 29.69x

06/yy 52'098.2 5.36x 10'931.1 0.00x 6'651.4 22.32x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.37 0.48 129.52 28.93% 2.18% 0.484 43 4.279 44'916 62'295 42'500 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 59'844.7 70'402.8 14'786.8 15'746.7 2.78x 2.33x 12'346.8 14'686.5 2'966.8 3'138.0 13.59x 11.42x 13.58x 7'583.6 9'327.4 1'730.3 1'927.7 19.21x 15.66x S&P Issuer Ratings

6.31 3.37 2.14 2.74 100.1% 49.8% 0.77 3.51 104.99 -

Sales/Revenue/Turnover

60.00

60'000.0

50.00

50'000.0

40.00

40'000.0

30.00

30'000.0

20.00

20'000.0

10.00

10'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 21'160.3 2.82x 4'847.4 12.30x 1'916.6 20.47x

700

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 |

01.10.2013

Glenmark Pharmaceuticals Ltd Holdings By:

All

Holder Name SALDANHA FAMILY TRUS HSBC GLOBAL INV MAUR WILLIAM BLAIR & COMP LIFE INSURANCE CORP ASHMORE EMM LLC MORGAN STANLEY KEMNY INVESTMENT FUN BB BIOTECH AG SCHRODER INVESTMENT GENERAL INSURANCE CO VANGUARD GROUP INC NORGES BANK MIRAE ASSET GLOBAL I CAPITAL GROUP COMPAN BLACKROCK MANNING & NAPIER ADV F&C ASSET MANAGEMENT ALLIANZ ASSET MANAGE RAIFFEISEN KAPITALAN HDFC ASSET MANAGEMEN

Firm Name India Nivesh Ltd JPMorgan Axis Capital Limited Nomura Ashika Stock Broking Limited Batlivala & Karani Securities Edelweiss Capital Fortune Equity Brokers (India) Ltd Motilal Oswal Securities Ltd ICICIdirect.com Dolat Capital Market Ltd. Credit Suisse UBS Kotak Securities IDFC Securities Ltd Barclays Firstcall India Equity Advisors Pvt Ltd Anand Rathi Securities Pvt. Ltd. Emkay Share & Stock Brokers India Infoline Antique Stock Broking Limited IIFL EVA Dimensions Nirmal Bang Institutional Equities Morgan Stanley HSBC CIMB Prabhudas Lilladher Pvt Ltd ICICI Securities Tata Securities Limited Sharekhan Ltd Spark Capital Advisors Avendus Capital Private Ltd Elara Securities India Pvt Ltd Right Horizons Financial Services Khambatta Securities Ltd Macquarie FinQuest Securities (P) Ltd. First Global Stockbroking Standard Chartered KR Choksey Shares & Sec Pvt Ltd Khandwala Securities Ltd Nirmal Bang Securities Private Ltd

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

Analyst BHAGWAN SINGH CHAUDHARY NEHA MANPURIA DEEPAK SHIVPRAKASH KHETAN SAION MUKHERJEE TEAM COVERAGE ROHIT V BHAT PERIN ALI HITESH MAHIDA ALOK DALAL SIDDHANT KHANDEKAR MILIND BHANGALE ANUBHAV AGGARWAL SONAL GUPTA KRISHNA PRASAD NITIN AGARWAL BALAJI V PRASAD TEAM COVERAGE SRIRAM RATHI ASHISH RATHI BHAVIKA THAKKER ANMOL GANJOO BINO PATHIPARAMPIL TIMOTHY STANISH PRAFUL BOHRA SAMEER BAISIWALA GIRISH BAKHRU PRAKASH AGARWAL SURAJIT PAL KARTIK A MEHTA VIHARI PURUSHOTHAMAN TEAM COVERAGE HARITH AHAMED MONICA JOSHI AARTHISUNDARI JAYAKUMAR TUSHAR PENDHARKAR FATHIMA KHAN ABHISHEK SINGHAL ANAND K BAGARIA DEVINA MEHRA GAURAV PATHAK DEEPIKA JAIN BHAWANA VERMA RUNJHUN JAIN NAGRAJ

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

Recommendation buy overweight buy buy buy buy buy buy buy hold accumulate outperform buy add outperform overweight buy buy buy buy hold add hold hold Overwt/In-Line overweight neutral reduce reduce hold hold add reduce accumulate buy strong buy outperform hold moderate outperform outperform buy hold hold

Amt Held 128'241'936 9'702'930 8'124'652 6'805'582 5'362'846 5'267'687 3'601'200 3'601'200 3'172'571 3'150'000 2'911'202 2'641'944 2'219'904 1'718'974 1'621'593 1'473'383 1'274'699 1'268'444 1'139'100 950'000

% Out 47.32 3.58 3 2.51 1.98 1.94 1.33 1.33 1.17 1.16 1.07 0.97 0.82 0.63 0.6 0.54 0.47 0.47 0.42 0.35

Weighting

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

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

Latest Chg 82'169 (851'211) 275'354 559'307 61'429 1'718'974 730'498 610'360 479'759 (7'321) (18'000) -

Target Price 636 675 627 668 610 680 600 589 633 603 561 680 750 570 605 660 619 658 650 605 584 625 #N/A N/A 586 617 700 600 592 575 556 600 605 455 626 700 670 770 536 #N/A N/A 560 610 300 336

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 31.08.2013 30.06.2013 30.06.2013 28.06.2013 30.06.2013 30.06.2013 31.12.2012 31.03.2013 31.05.2013 31.08.2013 31.12.2012 28.02.2013 30.06.2013 28.06.2013 31.08.2013

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

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

Date 01.10.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 20.09.2013 10.09.2013 10.09.2013 04.09.2013 02.09.2013 02.09.2013 02.09.2013 29.08.2013 22.08.2013 07.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 30.07.2013 09.07.2013 13.05.2013 23.04.2013 12.04.2013 09.04.2013 02.02.2012 11.05.2011

01.10.2013

Yes Bank Ltd Yes Bank Ltd attracts deposits and offers comprehensive banking and financial solutions in India. The Company primarily serves customers in the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology and infrastructure development industries.

Price/Volume 600 500 400 300

03/2013 01/yy 547.15 216.10 2'353'696.00 293.8 -46.08% 35.96% 21.57% 360.4 105'894.88 253'917.83 0.0 0.0 41'274.65 -

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

31.03.2010 -

100 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 31.03.2009

200

31.03.2011

Profitability

31.03.2012 -

31.03.2013 95'519.4 13'006.8 11.74x

55.40% 55.39% 37.4% 25.62% 437.21% -

Price/ Cash Flow

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-4Q

LTM

01/yy

01/yy -

FY+1 -

2.04 1.48 244.92 -24.51% -35.94% 1.484 66 4.182 2'661'967 3'183'823 2'206'602 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 42'728.0 53'068.6 15'571.0 19'320.7 7.12x 5.72x S&P Issuer Ratings

437.2% 81.4% -

Sales/Revenue/Turnover

40.00

120'000.0

35.00

100'000.0

30.00

80'000.0

25.00 20.00

60'000.0

15.00

40'000.0

10.00

20'000.0 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 |

01.10.2013

Yes Bank Ltd Holdings By:

All

Holder Name KAPUR MADHU LIFE INSURANCE CORP KAPOOR RANA CAPITAL GROUP COMPAN YES CAPITAL INDIA PV MORGAN CREDITS PVT L JP MORGAN WASATCH ADVISORS INC T ROWE PRICE ASSOCIA TEMPLETON ASSET MGMT MAGS FINVEST PVT LTD SWISS FIN CORP MAURI MACQUARIE GROUP WILLIAM BLAIR & COMP VANGUARD GROUP INC MERRILL LYNCH CAPITA BAJAJ ALLIANZ LIFE I DB INTERNATIONAL ASI RELIANCE LIFE INSUR HDFC ASSET MANAGEMEN

Firm Name Tata Securities Limited Axis Capital Limited Standard Chartered Daiwa Securities Co. Ltd. Emkay Share & Stock Brokers Macquarie Religare Capital Markets Sharekhan Ltd Batlivala & Karani Securities Quant Broking Pvt Ltd Anand Rathi Securities Pvt. Ltd. Deutsche Bank JPMorgan Prabhudas Lilladher Pvt Ltd ICICIdirect.com IDFC Securities Ltd EVA Dimensions Goldman Sachs Barclays UBS IIFL Fortune Equity Brokers (India) Ltd Sunidhi Consultancy Services Nomura Kotak Securities Almondz Global Securities Ltd Motilal Oswal Securities Ltd Dolat Capital Market Ltd. Firstcall India Equity Advisors Pvt Ltd Ventura Securities Ltd Morgan Stanley Edelweiss Capital Nirmal Bang Securities Private Ltd SPA Securities Ltd Spark Capital Advisors JHP Securities Private Limited SBI Capital Markets HDFC Securities Angel Broking Limited Antique Stock Broking Limited KR Choksey Shares & Sec Pvt Ltd Asian Markets Securities Pvt. Ltd SMC Global Securities Ltd.

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

Analyst BIJOY SHAH PRAVEEN AGRAWAL MAHRUKH ADAJANIA PUNIT SRIVASTAVA KASHYAP JHAVERI SURESH GANAPATHY SIDDHARTH TELI TEAM COVERAGE ANAND DAMA NITIN KUMAR CLYTON FERNANDES MANISH KARWA SESHADRI K SEN ADARSH PARASRAMPURIA KAJAL GANDHI MANISH CHOWDHARY DOUG WALTERS TABASSUM INAMDAR ANISH TAWAKLEY VISHAL GOYAL ABHISHEK MURARKA VIJAY NARA AMIT JAIN ABHISHEK BHATTACHARYA MB MAHESH SHIVRAJ GUPTA ALPESH MEHTA RAJIV PATHAK TEAM COVERAGE TEAM COVERAGE SUMEET KARIWALA NILESH PARIKH SILKY JAIN ROHIT AGARWAL JYOTHI KUMAR VARMA ANIL WALA RAVIKANT BHAT VISHAL MODI VAIBHAV AGRAWAL ALOK KAPADIA MANISH OSTWAL ASUTOSH KUMAR MISHRA VISHAL NARNOLIA

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

Recommendation buy buy in-line buy hold outperform buy buy outperform accumulate buy buy overweight buy hold neutral hold Buy/Neutral underweight buy reduce buy buy buy reduce buy buy buy buy buy Equalwt/Cautious buy buy buy buy buy buy neutral neutral hold buy reduce market perform

Amt Held 35'125'000 26'592'425 20'000'000 17'405'832 15'125'000 14'050'000 11'587'443 11'215'182 9'505'173 8'830'507 7'942'450 7'562'058 6'001'387 4'857'162 4'830'744 4'823'864 4'689'603 4'620'669 4'346'139 3'741'464

% Out 9.75 7.38 5.55 4.83 4.2 3.9 3.21 3.11 2.64 2.45 2.2 2.1 1.67 1.35 1.34 1.34 1.3 1.28 1.21 1.04

Weighting

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

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

Latest Chg (6'645'000) 63'280 634'396 1'910'351 1'472'770 2'129'824 841'101 100'000

Target Price 384 278 330 532 460 355 450 410 530 450 385 400 360 360 290 440 #N/A N/A 410 208 405 200 480 491 615 300 518 536 400 328 473 325 475 455 537 470 476 550 430 #N/A N/A 400 500 416 467

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

File Dt 30.06.2013 28.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013

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

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

Date 30.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 20.09.2013 20.09.2013 19.09.2013 17.09.2013 13.09.2013 11.09.2013 10.09.2013 06.09.2013 06.09.2013 05.09.2013 29.08.2013 28.08.2013 27.08.2013 26.08.2013 23.08.2013 22.08.2013 21.08.2013 20.08.2013 19.08.2013 14.08.2013 13.08.2013 12.08.2013 07.08.2013 31.07.2013 29.07.2013 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 25.07.2013

01.10.2013

Punjab National Bank Punjab National Bank provides financial services such as corporate and personal banking, industrial finance, agricultural finance, financing of trade and international banking. The Company provides services to domestic conglomerates, medium and small industrial units, exporters, non-resident Indians and multinational companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.01.2013) 52-Week Low (04.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PNB IB EQUITY YTD Change PNB IB EQUITY YTD % CHANGE

03/2013 01/yy 922.10 402.20 134'915.00 459.5 -49.84% 14.25% 11.45% 353.5 162'421.02 635'409.30 0.0 3'662.8 293'793.30 -

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

31.03.2010 31.03.2011 254'333.6 312'036.4 39'725.7 45'747.3 8.04x 8.36x Profitability

31.03.2012 417'305.6 50'254.6 6.24x

31.03.2013 473'774.6 49'542.1 4.93x

34.66% 35.14% 1.02% 15.56% 5.30% 0.10% 25.3% 12.80% 184.34% -

Price/ Cash Flow

1.0 M .8 M .6 M .4 M .2 M

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

258'254 277'833 227'020

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

03/14 Y

03/15 Y

09/13 Q2

12/13 Q3

S&P Issuer Ratings

.0 M o-13

5.88 1.20 105.14 -42.77% -45.29% 1.203 67 3.552

LTM-4Q

NR 184.3% 64.6% 0.10 14.50 -

Sales/Revenue/Turnover

9.00

500'000.0

8.00

450'000.0

7.00

400'000.0 350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 04.04.2010

1.2 M

Fiscal Year Ended 31.03.2009 226'340.4 31'970.3 4.06x

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 |

01.10.2013

Punjab National Bank Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP LAZARD ASSET MANAGEM HDFC ASSET MANAGEMEN JANUS CAPITAL MANAGE VANGUARD GROUP INC SUNDARAM ASSET MANAG UTI ASSET MANAGEMENT BANK OF NEW YORK MEL LAZARD GLOBAL ACTIVE ALLIANCE BERNSTEIN FMR LLC KOTAK MAHINDRA SANFORD C BERNSTEIN BLACKROCK GRANTHAM MAYO VAN OT IDFC MUTUAL FUND JP MORGAN HSBC ASSET MGMT INDI ING INVESTMENT MANAG

Firm Name Axis Capital Limited Standard Chartered India Nivesh Ltd Religare Capital Markets Anand Rathi Securities Pvt. Ltd. Nomura Macquarie Prabhudas Lilladher Pvt Ltd Avendus Capital Private Ltd Spark Capital Advisors JPMorgan Goldman Sachs Batlivala & Karani Securities Barclays Jefferies IIFL Fortune Equity Brokers (India) Ltd IDBI Capital Market Services Ltd IDFC Securities Ltd Kotak Securities ICICIdirect.com Nirmal Bang Institutional Equities Deutsche Bank Almondz Global Securities Ltd Motilal Oswal Securities Ltd Dolat Capital Market Ltd. UBS SBI Capital Markets HSBC Morgan Stanley Credit Suisse JM Financial Institutional Securities P Phillip Securities Karvy Stock Broking Ltd India Infoline Angel Broking Limited Edelweiss Capital Antique Stock Broking Limited KR Choksey Shares & Sec Pvt Ltd Asian Markets Securities Pvt. Ltd Quant Broking Pvt Ltd Elara Securities India Pvt Ltd Quantum Securities Pvt Ltd

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

Analyst PRAVEEN AGRAWAL MAHRUKH ADAJANIA YOGESH HEMANDAS HOTWANI SIDDHARTH TELI CLYTON FERNANDES ABHISHEK BHATTACHARYA SURESH GANAPATHY ADARSH PARASRAMPURIA CHANDANA JHA ABHINESH VIJAYARAJ SESHADRI K SEN TABASSUM INAMDAR ANAND DAMA ANISH TAWAKLEY NILANJAN KARFA SAMPATH S K KUMAR VIJAY NARA JIGNESH SHIAL MANISH CHOWDHARY MB MAHESH KAJAL GANDHI HEMINDRA HAZARI MANISH KARWA SHIVRAJ GUPTA ALPESH MEHTA RAJIV PATHAK VISHAL GOYAL RAVIKANT BHAT TEJAS MEHTA SUMEET KARIWALA ASHISH GUPTA PUNEET GULATI MANISH AGARWALLA HATIM K BROACHWALA RAJIV MEHTA VAIBHAV AGRAWAL NILESH PARIKH ALOK KAPADIA MANISH OSTWAL ASUTOSH KUMAR MISHRA NITIN KUMAR RAKESH KUMAR RATI PANDIT

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

Recommendation buy underperform buy hold buy reduce underperform accumulate buy sell overweight neutral/neutral underperform underweight underperform reduce buy hold underperform reduce buy buy hold neutral buy buy buy buy underweight Underwt/Cautious neutral buy buy buy market perform neutral hold hold accumulate accumulate accumulate buy buy

Amt Held 204'571'589 43'763'061 15'351'336 5'409'863 4'681'219 1'780'844 1'081'589 947'062 901'703 785'141 766'503 431'668 418'283 406'041 314'324 302'860 277'833 255'946 255'400 246'384

% Out 57.87 12.38 4.34 1.53 1.32 0.5 0.31 0.27 0.26 0.22 0.22 0.12 0.12 0.11 0.09 0.09 0.08 0.07 0.07 0.07

Weighting

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

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

Latest Chg (205'470) (1'541'165) 863'304 (1'366) (312'602) 39'745 (353'059) 265'255 (5'015) (35'176) (999'846) 16'526 (10'000) 3'540

Target Price 518 435 749 600 621 440 340 500 927 406 550 500 625 380 530 370 780 480 530 600 570 720 550 705 766 690 700 844 551 400 555 750 850 815 583 #N/A N/A 670 660 650 644 630 772 800

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

File Dt 30.06.2013 30.06.2013 31.08.2013 31.08.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 31.08.2013 30.08.2013 30.06.2013 31.08.2013 31.08.2013 30.06.2013 27.09.2013 31.05.2013 31.08.2013 31.07.2013 31.08.2013 30.06.2013

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

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

Date 27.09.2013 26.09.2013 24.09.2013 23.09.2013 19.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 05.09.2013 29.08.2013 27.08.2013 27.08.2013 26.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 19.08.2013 14.08.2013 09.08.2013 02.08.2013 31.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013

01.10.2013

Mahindra & Mahindra Financial Services Ltd Mahindra & Mahindra Financial Services Limited is a finance company that provides finance to prospective buyers of Mahindra range of utility vehicles and tractors. The Company extends finance through hire purchase/loan and lease modes. Mahindra & Mahindra has a network of branches located across India.

Price/Volume 300

3.5 M

250

3.0 M 2.5 M

200

Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (17.10.2012) 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 MMFS IB EQUITY YTD Change MMFS IB EQUITY YTD % CHANGE

03/2013 06/yy 287.28 170.67 90'855.00 257 -10.91% 50.58% 74.51% 568.8 146'172.59 201'524.94 0.0 236.7 3'673.28 344'260.97

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

1.20

1.5 M

100

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 31.03.2009 14'003.9 5.08x 9'649.8 7.37x 2'197.0 9.08x

2.0 M

150

Valuation Analysis

31.03.2010 31.03.2011 15'954.0 20'742.7 6.26x 8.46x 10'829.4 14'139.7 9.23x 12.40x 3'558.2 4'927.7 10.04x 15.24x Profitability

LTM-4Q 31.03.2012 29'083.7 7.35x 20'982.5 10.19x 6'435.0 10.68x

31.03.2013 41'124.2 7.51x 30'946.0 9.99x 9'270.4 11.19x 30'946.00 54.47% 32.89% 3.99% 24.36% 4.38% 0.18% 75.3% 22.5% 74.44% 440.05% -

LTM

06/yy 32'108.8 12.68x 7'103.9 0.00x 7'099.9 9.33x

06/yy 43'976.4 12.38x 17'700.1 0.00x 9'581.3 14.90x

FY+1

.0 M o-13

1.40 0.84 249.79 47.08% 17.96% 0.840 43 4.023 139'025 245'573 207'005 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 37'711.3 43'889.6 12'346.0 3.78x 3.24x 10'963.6 13'163.0 2'324.0 13.64x 10.98x S&P Issuer Ratings

6.39 6.51 440.1% 81.4% 0.18 38.45 -

Sales/Revenue/Turnover

45'000.0 40'000.0

1.00 0.80

35'000.0 30'000.0 25'000.0

0.60

20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

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 |

01.10.2013

Mahindra & Mahindra Financial Services Ltd Holdings By:

All

Holder Name MAHINDRA & MAHINDRA JP MORGAN WASATCH ADVISORS INC CARTICA CAPITAL LTD MORGAN STANLEY FMR LLC TIAA CREF INVESTMENT RAVI V EASTSPRING INVESTMEN JF INDIA FUND CREDIT SUISSE/SINGAP MAHINDRA & MAHINDRA PRUDENTIAL ICICI ASS AMUNDI LUXEMBOURG SA GOLDMAN SACHS GROUP BLACKROCK EASTSPRING INVESTMEN JP MORGAN CHASE BANK RELIANCE CAPITAL TRU VANGUARD GROUP INC

Firm Name

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

Analyst

ICICI Securities SANTANU CHAKRABARTI Ambit Capital Pvt Ltd PANKAJ AGARWAL Macquarie SURESH GANAPATHY JPMorgan SAURABH S KUMAR Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA Goldman Sachs RAHUL JAIN BNP Paribas Equity Research AVNEESH SUKHIJA Deutsche Bank MANISH SHUKLA Espirito Santo Investment Bank Research SANTOSH SINGH Barclays JATIN MAMTANI HDFC Securities SAMEER NARANG JM Financial Institutional Securities P KARAN UBEROI Standard Chartered MAHRUKH ADAJANIA Kotak Securities NISCHINT CHAWATHE Edelweiss Capital KUNAL SHAH Motilal Oswal Securities Ltd ALPESH MEHTA Asit C Mehta Investments Interrmediates CAROL SHAH Shah Investor's Home Limited AMEYA HARDAS Nirmal Bang Securities Private Ltd SILKY JAIN JHP Securities Private Limited ANIL WALA HSBC TEJAS MEHTA Stewart & Mackertich Wealth Management SWETA SHETH Religare Capital Markets ISHANK KUMAR Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Credit Suisse SUNIL TIRUMALAI Anand Rathi Securities Pvt. Ltd. KAITAV SHAH Batlivala & Karani Securities VISHAL SHETH Antique Stock Broking Limited DIGANT HARIA IIFL SAMPATH S K KUMAR Avendus Capital Private Ltd JAYNEE SHAH Right Horizons Financial Services TUSHAR PENDHARKAR CIMB UMANG SHAH Nomura ABHISHEK BHATTACHARYA Emkay Share & Stock Brokers KASHYAP JHAVERI India Infoline BHAVNA SINYAL EVA Dimensions DOUG WALTERS Microsec Capital SANJEEV JAIN Spark Capital Advisors GANESHRAM JAYARAMAN IDFC Securities Ltd MANISH CHOWDHARY IDBI Capital Market Services Ltd BHAUMIK BHATIA Maybank Kim Eng VARUN VARMA Dalal & Broacha LALITABH SHRIVASTAWA MF Global Sify Private Client Group BHAVYA GANDHI

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

Recommendation add buy underperform overweight buy neutral/neutral reduce buy buy equalweight buy buy outperform reduce buy buy accumulate buy buy buy neutral buy buy buy neutral hold buy buy buy hold buy underperform buy hold buy underweight buy sell dropped coverage hold buy buy accumulate

Amt Held 292'518'715 38'061'088 15'117'196 14'229'782 10'603'991 9'953'757 7'117'902 6'423'885 6'342'994 6'307'045 5'701'000 4'354'335 4'343'901 3'650'000 3'585'954 3'519'625 2'378'462 1'756'300 1'500'000 1'422'574

% Out 51.43 6.69 2.66 2.5 1.86 1.75 1.25 1.13 1.12 1.11 1 0.77 0.76 0.64 0.63 0.62 0.42 0.31 0.26 0.25

Weighting

Change

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

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

Latest Chg (263'214) (11'888) 2'212'495 (2'587'480) (257'904) (50'000) (249'460) (687'510) (2'175'551) (800'000) 176'233

Target Price 255 273 183 285 300 260 193 290 280 201 254 275 245 230 300 272 270 261 250 256 250 267 250 253 200 254 255 264 280 265 315 224 250 216 293 #N/A N/A #N/A N/A 170 #N/A N/A 885 245 250 155

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

File Dt 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 09.05.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.04.2013 30.06.2013 27.09.2013 28.06.2013 31.05.2013 31.08.2013 30.06.2013

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

Inst Type Corporation Investment Advisor Investment Advisor Venture Capital Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Bank n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor

Date 24.09.2013 19.09.2013 18.09.2013 15.09.2013 11.09.2013 05.09.2013 03.09.2013 02.09.2013 30.08.2013 29.08.2013 26.08.2013 22.08.2013 21.08.2013 21.08.2013 20.08.2013 19.08.2013 02.08.2013 31.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 27.07.2013 27.07.2013 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 18.07.2013 08.07.2013 08.06.2013 29.04.2013 13.03.2013 04.03.2013 22.01.2013 21.01.2013 07.05.2012

01.10.2013

Adani Ports and Special Economic Zone Ltd Adani Ports and Special Economic Zone operates a shipping port on the west coast of India. The Company's port provides services for bulk and container cargo, crude oil, and railway and other added services.

Price/Volume 180

35.0 M

160

30.0 M

140

25.0 M

120

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (17.10.2012) 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 ADSEZ IB EQUITY YTD Change ADSEZ IB EQUITY YTD % CHANGE

03/2013 06/yy 175.00 117.80 19'965.00 139.6 -20.34% 18.51% 36.10% 2'070.1 288'979.22 115'858.10 28.1 1'423.1 8'990.20 397'298.31

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

20.0 M

15.0 M

10.0 M

5.0 M

20 0 o-12

31.03.2010 31.03.2011 14'955.2 20'001.1 23.04x 15.43x 9'759.7 13'308.0 35.30x 23.19x 6'760.0 9'181.5 46.80x 29.82x Profitability

LTM-4Q 31.03.2012 26'972.6 16.04x 19'222.9 22.51x 11'020.7 23.22x

31.03.2013 35'766.3 10.80x 27'200.8 14.20x 16'232.2 18.07x

27'200.80 19'927.90 55.72% 46.88% 6.91% 28.97% 10.38% 0.15% 76.1% 55.7% 45.4% 1.68 0.54 55.01% 181.21% 6.94 -

Price/ Cash Flow

06/yy 10'282.3 0.00x 8'005.2 0.00x 2'762.6 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 47'705.1 17.36x 31'395.1 0.00x 17'644.6 21.18x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.72 0.94 516.95 12.23% 4.17% 0.937 30 4.567 55'862 128'732 139'837 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 45'026.9 53'335.8 8.05x 6.51x 31'132.5 37'249.6 12.78x 10.68x 18'336.8 23'161.1 15.51x 12.36x S&P Issuer Ratings

5.37 -2.20 3.93 4.26 181.2% 63.9% 0.15 0.21 52.58 -

Sales/Revenue/Turnover

45.00

40'000.0

40.00

35'000.0

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0

10.00

5'000.0

5.00 0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 11'949.3 12.17x 7'441.9 19.54x 4'325.2 29.95x

100

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

01.10.2013

Adani Ports and Special Economic Zone Ltd Holdings By:

All

Holder Name ADANI ENTERPRISES LT T ROWE PRICE ASSOCIA HDFC ASSET MANAGEMEN VANGUARD GROUP INC TIAA CREF INVESTMENT UTI ASSET MANAGEMENT FMR LLC COLUMBIA WANGER ASSE BLACKROCK SBI FUNDS MANAGEMENT ALLIANCE BERNSTEIN FIDEURAM GESTIONS SA BIRLA SUN LIFE ASSET ALPINE WOODS CAPITAL EXCEL FUNDS MANAGEME BANK OF NEW YORK MEL AMERIPRISE FINANCIAL EATON VANCE MANAGEME BNP PARIBAS BLACKROCK ASSET MANA

Firm Name

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

Analyst

Axis Capital Limited NITIN IDNANI KR Choksey Shares & Sec Pvt Ltd ANKUSH MAHAJAN Jefferies LAVINA QUADROS Nomura AMAR KEDIA Morgan Stanley AKSHAY SONI Barclays SAURABH MISHRA Goldman Sachs PULKIT PATNI Edelweiss Capital SHANKAR K Deutsche Bank CHOCKALINGAM NARAYANAN Phillip Securities VIBHOR SINGHAL Antique Stock Broking Limited VIKRAM SURYAVANSHI Drewry Financial Services Ltd DEVANSHU SALUJA JPMorgan SUMIT KISHORE Macquarie INDERJEET SINGH BHATIA Kotak Securities LOKESH GARG Prabhudas Lilladher Pvt Ltd KEJAL MEHTA JM Financial Institutional Securities P ACHAL LOHADE BNP Paribas Equity Research VISHAL SHARMA Batlivala & Karani Securities BHAVIN GANDHI IDFC Securities Ltd SHIRISH RANE Emkay Share & Stock Brokers AJIT MOTWANI Standard Chartered GAURAV PATHAK EVA Dimensions TIMOTHY STANISH SBI Capital Markets MANISH KUMAR Spark Capital Advisors BHARANIDHAR VIJAYAKUMAR UBS SANDIP BANSAL Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Espirito Santo Investment Bank Research KRISHNAKANT THAKUR Dolat Capital Market Ltd. KAPIL YADAV

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

Recommendation buy buy hold buy Overwt/In-Line overweight Buy/Neutral buy hold buy buy attractive overweight outperform buy buy buy reduce outperform outperform buy outperform sell buy add buy buy buy buy

Amt Held 1'552'361'640 33'388'407 29'690'525 14'003'282 11'523'748 11'440'969 10'225'370 8'929'653 6'233'132 3'567'000 3'030'491 2'317'800 1'736'399 1'520'000 1'494'688 1'487'891 1'385'861 1'359'700 1'260'344 1'029'429

% Out 74.99 1.61 1.43 0.68 0.56 0.55 0.49 0.43 0.3 0.17 0.15 0.11 0.08 0.07 0.07 0.07 0.07 0.07 0.06 0.05

Weighting

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

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

Latest Chg 9'432'573 (441'000) 2'710'073 (4'124'889) 301'526 1'644'621 378'577 (22'607) (2'276'860) 477'023 1'520'000 89'600 57'996

Target Price 195 174 120 187 184 173 151 167 129 175 180 183 165 180 180 180 178 124 175 185 170 189 #N/A N/A 198 172 185 180 170 165

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

File Dt 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.07.2013 31.08.2013 31.08.2013 31.07.2013 27.09.2013 31.08.2013 30.06.2013 30.08.2013 31.08.2013 31.07.2013 28.03.2013 27.09.2013 31.07.2013 31.07.2013 30.04.2013 30.08.2013

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

Inst Type 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 Unclassified Investment Advisor

Date 27.09.2013 27.09.2013 23.09.2013 20.09.2013 11.09.2013 10.09.2013 09.09.2013 04.09.2013 06.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.07.2013 06.06.2013 23.05.2013 17.05.2013 16.05.2013 16.05.2013 22.02.2013 09.08.2011

01.10.2013

United Breweries Ltd United Breweries Ltd. brews beer. The Company produces lager, pilsner, and strong beers.

Price/Volume 1200 1000 800 600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.12.2012) 52-Week Low (14.02.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBBL IB EQUITY YTD Change UBBL IB EQUITY YTD % CHANGE

03/2013 01/yy 1'023.30 580.65 56'904.00 837.95 -17.62% 44.31% 63.11% 272.9 228'671.88 13'009.70 740.7 16.4 2'321.70 240'116.98

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

200 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 31.03.2009 19'294.6 1.58x 2'469.5 12.36x 455.8 56.37x

400

31.03.2010 31.03.2011 22'755.0 30'598.1 2.44x 4.32x 2'367.4 3'903.3 23.46x 33.88x 896.4 1'474.9 56.89x 91.15x Profitability

31.03.2012 35'592.8 4.26x 4'142.6 36.58x 1'267.7 115.01x

31.03.2013 38'987.4 5.04x 4'792.5 40.99x 1'721.1 109.13x

4'792.50 3'088.40 7.92% 6.82% 4.90% 12.42% 8.67% 1.11% 12.3% 7.9% 4.4% 1.32 0.74 34.78% 90.53% 5.15 -

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M o-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.08 0.74 80.14 28.13% -9.93% 0.738 7 1.000 125'741 145'070 141'878 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 46'519.3 55'518.3 5.13x 4.27x 6'613.0 8'085.8 36.26x 29.64x 2'642.5 3'608.0 734.0 649.0 83.85x 61.58x S&P Issuer Ratings

6.02 1.24 2.23 2.71 90.5% 46.2% 1.11 2.52 70.82 -

Sales/Revenue/Turnover

250.00

45'000.0 40'000.0

200.00

35'000.0 30'000.0

150.00

25'000.0 20'000.0

100.00

15'000.0 10'000.0

50.00

5'000.0 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 |

01.10.2013

United Breweries Ltd Holdings By:

All

Holder Name SCOTTISH & NEWSCASTL UNITED BREWERIES HOL MALLYA VIJAY MCDOWELL HOLDINGS LT KAMSCO INDUSTRIES MALLYA PVT LTD ARISAIG PARTNERS ASI UNITED SPIRITS LTD HEINEKEN UK LTD CAPITAL GROUP COMPAN NEW WORLD FUND INC GEM INVEST & TRADING ACACIA PARTNERS LP TREE LINE ASIA MASTE COLUMBIA WANGER ASSE VANGUARD GROUP INC DEVI INVESTMENT & DE PHARMA TRADING CO PLATINUM INVESTMENT BLACKROCK

Firm Name Fortune Equity Brokers (India) Ltd Kotak Securities Batlivala & Karani Securities EVA Dimensions IDFC Securities Ltd Religare Capital Markets UBS India Infoline

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

Analyst KRISHNAN SAMBAMOORTHY JASDEEP WALIA ASHIT DESAI CRAIG STERLING NIKHIL K VORA GAURANG KAKKAD SUNITA SACHDEV BHAVESH GANDHI

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

Recommendation sell sell sell sell underperform sell sell market perform

Amt Held 89'994'960 30'295'911 21'353'620 10'707'344 9'786'666 9'786'666 8'771'011 8'500'000 8'489'270 6'006'768 5'131'864 4'315'132 3'780'000 2'890'000 2'016'996 1'970'677 1'859'300 1'514'366 1'462'635 1'270'231

% Out 32.98 11.1 7.82 3.92 3.59 3.59 3.21 3.11 3.11 2.2 1.88 1.58 1.39 1.06 0.74 0.72 0.68 0.55 0.54 0.47

Weighting

Change 1 1 1 1 1 1 1 3

M M M M M M M M

Latest Chg (260'895) 47'750 (52'056)

Target Price 439 700 450 #N/A N/A 650 500 650 428

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 31.07.2013 30.06.2013 30.06.2013 30.06.2013 11.10.2012 27.09.2013

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

Inst Type Holding Company Holding Company n/a Holding Company Other Corporation Investment Advisor Corporation n/a Investment Advisor n/a Other Investment Advisor n/a Investment Advisor Investment Advisor Other Private Equity Investment Advisor Investment Advisor

Date 21.08.2013 16.08.2013 16.08.2013 06.06.2013 03.06.2013 31.05.2013 02.05.2013 08.02.2012

01.10.2013

Divi's Laboratories Ltd Divi's Laboratories Ltd. manufactures pharmaceutical products which include generic drugs and their intermediates. The Company also undertakes contract research activities for other pharmaceutical companies.

Price/Volume 1400

.8 M

1200

.7 M .6 M

1000

.5 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.11.2012) 52-Week Low (05.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DIVI IB EQUITY YTD Change DIVI IB EQUITY YTD % CHANGE

03/2013 03/yy 1'233.00 905.00 2'488.00 983.95 -20.18% 8.72% 19.07% 132.7 130'603.91 330.71 0.0 0.0 4'197.99 126'736.63

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

.3 M

400

.2 M

200

.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 31.03.2009 11'803.4 5.07x 5'224.5 11.45x 4'166.4 14.67x

.4 M

600

31.03.2010 31.03.2011 9'416.2 13'071.1 9.07x 6.45x 4'165.6 4'982.5 20.50x 16.92x 3'403.4 4'292.7 25.98x 20.82x Profitability

LTM-4Q 31.03.2012 18'584.3 5.49x 6'914.7 14.76x 5'332.6 19.06x

31.03.2013 21'399.0 5.94x 8'165.0 15.58x 6'020.1 21.77x

8'164.99 7'395.51 34.56% 36.51% 20.42% 25.99% 25.54% 0.73% 38.2% 34.6% 28.1% 3.36 1.68 1.05% 1.32% 4.25 -

Price/ Cash Flow

LTM

09/yy 10'582.8 8.63x 4'477.0 0.00x 4'238.7 0.00x

03/yy 21'621.7 14.74x 8'548.8 0.00x 6'710.9 0.00x

FY+1

.0 M o-13

1.52 0.56 59.71 -10.90% -9.44% 0.560 27 4.630 5'604 11'226 15'519 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 24'963.8 30'107.2 4.98x 4.04x 9'428.8 11'516.2 13.41x 10.98x 7'095.7 8'579.0 18.39x 15.21x S&P Issuer Ratings

1083.03 631.94 -0.47 0.04 1.3% 1.3% 0.73 2.01 85.93 -

Sales/Revenue/Turnover

45.00

25'000.0

40.00

20'000.0

35.00 30.00

15'000.0

25.00 20.00

10'000.0

15.00

5'000.0

10.00 5.00 0.00 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 |

01.10.2013

Divi's Laboratories Ltd Holdings By:

All

Holder Name MOTAPARTI NILIMA DIVI KIRAN SATCHAND RELIANCE CAPITAL TRU DIVI MURALI DIVI SWARNA LATHA RELIANCE LIFE INSUR HDFC ASSET MANAGEMEN DIVIS BIOTECH PVT LT HDFC LIFE INSURANCE VALIANT MAURITIUS PA WASATCH ADVISORS INC PRUDENTIAL ICICI ASS JP MORGAN SBI FUNDS MANAGEMENT M3 INVESTMENT PRIVAT VANGUARD GROUP INC RAMANA N V TATA AIA LIFE INSURA BLACKROCK DIVI MADHUSUDANA RA

Firm Name Axis Capital Limited Batlivala & Karani Securities India Nivesh Ltd Tata Securities Limited ICICIdirect.com Dolat Capital Market Ltd. Sharekhan Ltd Quant Broking Pvt Ltd Motilal Oswal Securities Ltd Edelweiss Capital Firstcall India Equity Advisors Pvt Ltd Spark Capital Advisors HSBC SBI Capital Markets Emkay Share & Stock Brokers Karvy Stock Broking Ltd Antique Stock Broking Limited IIFL Avendus Capital Private Ltd Elara Securities India Pvt Ltd Nirmal Bang Institutional Equities Kotak Securities EVA Dimensions Ashika Stock Broking Limited Ventura Securities Ltd Systematix Shares & Stocks Ltd First Global Stockbroking Dalmia Securities Pvt Ltd

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

Analyst DEEPAK SHIVPRAKASH KHETAN ROHIT V BHAT BHAGWAN SINGH CHAUDHARY VIHARI PURUSHOTHAMAN SIDDHANT KHANDEKAR MILIND BHANGALE TEAM COVERAGE KIRIT GOGRI ALOK DALAL PERIN ALI TEAM COVERAGE HARITH AHAMED GIRISH BAKHRU VIVEK KUMAR ASHISH RATHI RAHUL SHARMA ANMOL GANJOO BINO PATHIPARAMPIL MONICA JOSHI AARTHISUNDARI JAYAKUMAR PRAFUL BOHRA KRISHNA PRASAD TIMOTHY STANISH PARAS BOTHRA TEAM COVERAGE SURYA NARAYAN PATRA DEVINA MEHRA SUBRATA SARKAR

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

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

Amt Held 27'000'000 23'000'000 8'790'717 7'783'500 7'000'000 6'098'881 4'512'107 4'000'000 3'254'911 3'177'210 2'279'271 1'908'181 1'905'098 1'542'956 1'443'464 1'157'658 656'470 650'185 571'271 340'300

% Out 20.34 17.33 6.62 5.86 5.27 4.59 3.4 3.01 2.45 2.39 1.72 1.44 1.44 1.16 1.09 0.87 0.49 0.49 0.43 0.26

Weighting

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

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

Latest Chg (124'689) 413'630 779'887 420'000 41'406 (40'000) (3'100) -

Target Price 1'346 1'104 981 1'156 1'191 1'141 1'231 1'295 1'324 1'140 1'033 1'130 1'100 1'323 1'220 1'181 1'220 1'062 1'160 1'208 1'173 1'040 #N/A N/A 1'120 1'284 1'225 #N/A N/A 823

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

File Dt 30.09.2012 30.09.2012 31.08.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.06.2013 31.08.2013 31.07.2013 31.08.2013 30.09.2012 30.06.2013 10.08.2012 28.06.2013 27.09.2013 26.08.2013

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

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

Date 27.09.2013 26.09.2013 26.09.2013 11.09.2013 10.09.2013 04.09.2013 30.08.2013 22.08.2013 19.08.2013 16.08.2013 07.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 06.06.2013 04.06.2013 22.05.2013 21.05.2013 23.04.2013 01.02.2012

01.10.2013

Rural Electrification Corp Ltd Rural Electrification Corporation Limited engages in the financing and promotion of transmission, distribution and generation projects in India. The Company provides funding to clients to assist them in formulating and implementing various types of power project-related schemes.

Price/Volume 300

.9 M .8 M

250

.7 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (05.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RECL IB EQUITY YTD Change RECL IB EQUITY YTD % CHANGE

03/2013 01/yy 267.50 146.15 180'228.00 188.55 -29.18% 29.01% 34.57% 987.5 186'185.39 1'077'617.20 0.0 0.0 15'295.40 1'248'507.19

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

1.20 1.00

.5 M .4 M

100

.3 M .2 M

.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 31.03.2009 49'365.4 10.71x 48'165.7 10.97x 12'745.8 6.47x

.6 M

150

31.03.2010 31.03.2011 67'475.9 85'321.9 11.86x 10.81x 65'794.1 82'868.6 12.16x 11.13x 23'480.2 25'848.9 9.26x 9.69x Profitability

31.03.2012 105'127.7 9.98x 102'201.5 10.27x 28'386.6 7.14x

31.03.2013 135'778.2 9.34x 132'159.2 9.60x 38'327.8 5.37x 132'159.20 93.61% 38.20% 3.20% 23.84% 3.33% 0.11% 97.3% 28.2% 82.53% 614.73% -

LTM-4Q

LTM

FY+1

01/yy

03/14 Y

.0 M o-13

4.38 1.43 302.64 -8.89% -20.18% 1.429 34 3.971 227'383 289'790 255'881 FY+2

FQ+1

FQ+2

03/15 Y 09/13 Q2 12/13 Q3 - 66'609.5 38'474.0 41'219.0 4.51x 4.46x S&P Issuer Ratings

8.04 8.15 614.7% 86.0% 0.11 177.07 -

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

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 |

01.10.2013

Rural Electrification Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP HSBC GLOBAL INV MAUR HDFC ASSET MANAGEMEN HDFC LIFE INSURANCE VANGUARD GROUP INC SEB ROBECO DIMENSIONAL FUND ADV BLACKROCK BANK OF NEW YORK MEL ALASKA PERMANENT FUN GRANTHAM MAYO VAN OT RAIFFEISEN KAPITALAN CHARLES SCHWAB INVES ICICI PRUDENTIAL LIF STATE STREET CORP EATON VANCE MANAGEME MACQUARIE GROUP JP MORGAN

Firm Name

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

Analyst

Axis Capital Limited PRAVEEN AGRAWAL Macquarie SURESH GANAPATHY BNP Paribas Equity Research AVNEESH SUKHIJA Espirito Santo Investment Bank Research SANTOSH SINGH Barclays JATIN MAMTANI Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE HDFC Securities SAMEER NARANG Antique Stock Broking Limited DIGANT HARIA Kotak Securities NISCHINT CHAWATHE Motilal Oswal Securities Ltd ALPESH MEHTA Quantum Securities Pvt Ltd RATI PANDIT Almondz Global Securities Ltd SHIVRAJ GUPTA Equirus Securities Pvt Ltd DEVAM MODI Anand Rathi Securities Pvt. Ltd. KAITAV SHAH Tata Securities Limited BIJOY SHAH Ambit Capital Pvt Ltd PANKAJ AGARWAL Quant Broking Pvt Ltd NITIN KUMAR Avendus Capital Private Ltd JAYNEE SHAH Religare Capital Markets SIDDHARTH TELI Deutsche Bank MANISH SHUKLA Batlivala & Karani Securities VISHAL SHETH Nomura ABHISHEK BHATTACHARYA Edelweiss Capital KUNAL SHAH EVA Dimensions DOUG WALTERS First Global Stockbroking DEVINA MEHRA JM Financial Institutional Securities P KARAN UBEROI HSBC TEJAS MEHTA Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA IIFL SAMPATH S K KUMAR IDFC Securities Ltd MANISH CHOWDHARY Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA Spark Capital Advisors GANESHRAM JAYARAMAN ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT ICICI Securities SHASHIN UPADHYAY Dalmia Securities Pvt Ltd SUBRATA SARKAR Karvy Stock Broking Ltd K ANANT RAO

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

Recommendation hold neutral buy neutral underweight buy neutral hold add Under Review accumulate buy neutral buy hold sell buy buy buy buy outperform buy buy buy market perform buy overweight accumulate reduce dropped coverage buy buy buy add buy buy

Amt Held 659'607'000 49'436'415 20'478'199 20'345'957 16'409'253 9'978'474 6'646'190 4'538'182 4'464'262 4'191'017 2'661'178 2'529'597 2'345'414 2'294'700 2'152'387 1'929'678 1'707'464 1'551'754 1'239'672 1'196'966

% Out 66.8 5.01 2.07 2.06 1.66 1.01 0.67 0.46 0.45 0.42 0.27 0.26 0.24 0.23 0.22 0.2 0.17 0.16 0.13 0.12

Weighting

Change

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

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

Latest Chg 1'005'586 519'930 3'370'439 (12'193) (31'740) (59'400) 333'355 (176'179) 33'249 24'585

Target Price 187 157 215 188 152 178 171 192 270 #N/A N/A 210 214 162 231 174 147 300 235 225 250 210 255 215 #N/A N/A #N/A N/A 285 251 221 182 #N/A N/A 290 277 235 246 226 252

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

File Dt 30.06.2013 26.09.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 31.03.2013 30.04.2013 30.04.2013 27.09.2013 27.09.2013 30.06.2013 31.05.2013 28.06.2013 27.09.2013 31.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013

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

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

Date 27.09.2013 12.09.2013 03.09.2013 30.08.2013 29.08.2013 28.08.2013 26.08.2013 22.08.2013 21.08.2013 19.08.2013 14.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 06.06.2013 31.05.2013 29.05.2013 10.04.2013 09.04.2013 04.04.2013 13.03.2013 19.02.2013 11.02.2013 07.11.2012 02.11.2012 11.08.2011 04.07.2011

01.10.2013

Exide Industries Ltd Exide Industries Ltd. manufactures a wide range of lead and electric storage batteries. The Company's batteries for automobiles, railways, aircrafts, power stations, telephone exchanges, and other uses.

Price/Volume 180

2.5 M

160 2.0 M

140 120

1.5 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (08.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXID IB EQUITY YTD Change EXID IB EQUITY YTD % CHANGE

03/2013 01/yy 166.30 115.35 97'654.00 134 -19.24% 16.17% 27.09% 850.0 113'900.00 512.00 0.0 111.6 5'407.90 109'115.70

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

.5 M

20 0 o-12

31.03.2010 31.03.2011 39'788.5 47'660.8 2.68x 2.47x 9'835.1 9'553.1 10.83x 12.33x 4'935.2 6'188.2 20.04x 19.70x Profitability

31.03.2012 53'156.5 2.26x 7'585.8 15.84x 4'460.6 28.43x

31.03.2013 63'658.9 1.65x 8'583.1 12.26x 5'493.5 20.03x

8'583.10 7'363.10 11.57% 12.38% 7.21% 19.05% 18.98% 0.84% 13.5% 11.6% 8.6% 1.86 0.62 0.45% 1.66% 12.51 -

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

s-13

FY+1 -

.0 M o-13

1.19 0.79 402.17 -11.59% -6.42% 0.791 44 4.068 103'487 109'412 133'455 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 69'434.6 80'436.8 1.59x 1.35x 10'088.6 11'912.5 10.82x 9.16x 6'276.8 7'531.0 17.74x 15.13x S&P Issuer Ratings

95.58 76.40 -0.57 0.06 1.7% 1.6% 0.84 5.76 29.18 -

Sales/Revenue/Turnover

35.00

70'000.0

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 34'048.7 1.07x 5'867.1 6.22x 1'914.9 17.28x

1.0 M

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 |

01.10.2013

Exide Industries Ltd Holdings By:

All

Holder Name CHLORIDE EASTERN LTD LIFE INSURANCE CORP HATHWAY INVESTMENTS HDFC LIFE INSURANCE NALANDA INDIA EQUITY NEW INDIA ASSURANCE NALANDA INDIA FUND L SUN LIFE FINANCIAL I MATTHEWS INTERNATION GENERAL INSURANCE CO JP MORGAN PRUDENTIAL ICICI ASS FRANKLIN RESOURCES VANGUARD GROUP INC UTI ASSET MANAGEMENT FMR LLC EATON VANCE MANAGEME CHINA ASSET MANAGEME HDFC ASSET MANAGEMEN L&T INVESTMENT MANAG

Firm Name Axis Capital Limited Nomura India Infoline Ambit Capital Pvt Ltd Antique Stock Broking Limited IIFL Equirus Securities Pvt Ltd Credit Suisse ICICIdirect.com Motilal Oswal Securities Ltd EVA Dimensions Goldman Sachs Maybank Kim Eng Anand Rathi Securities Pvt. Ltd. JHP Securities Private Limited CIMB HDFC Securities Angel Broking Limited Edelweiss Capital Spark Capital Advisors Barclays Fortune Equity Brokers (India) Ltd Nirmal Bang Institutional Equities Morgan Stanley Kotak Securities Batlivala & Karani Securities Emkay Share & Stock Brokers LKP Shares and Securities Ltd Dolat Capital Market Ltd. Standard Chartered Quant Broking Pvt Ltd India Nivesh Ltd Deutsche Bank Prabhudas Lilladher Pvt Ltd Firstcall India Equity Advisors Pvt Ltd Daiwa Securities Co. Ltd. IFCI Financial Services UBS Asian Markets Securities Pvt. Ltd ITI Securities Ltd MSFL - Institutional Business Group Proactive Universal Ashika Stock Broking Limited

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

Analyst CHIRAG SHAH KAPIL SINGH PRAYESH JAIN ASHVIN SHETTY ASHISH NIGAM JOSEPH GEORGE ASHUTOSH TIWARI JATIN CHAWLA NISHANT VAAS JINESH K GANDHI CRAIG STERLING SANDEEP PANDYA JIGAR A SHAH ROHAN KORDE ROHAN J ADMANE KUNAL JHAVERI SORABH TALWAR YARESH KOTHARI AASHIESH AGARWAAL MUKESH SARAF SAHIL KEDIA TEAM COVERAGE GAURANT DADWAL BINAY SINGH HITESH GOEL VIJAYALAKSHMI V KAUSHAL MAROO ASHWIN PATIL MAYUR MILAK AMIT KASAT BASUDEB BANERJEE ABHISHEK JAIN AMYN PIRANI SURJIT SINGH ARORA ASHISH KUSHWAHA NAVIN MATTA ABHIJEET BORA GAUTAM CHHAOCHHARIA JAY KALE SUSHANTA BHATTACHARYYA RONAK SARDA RADHIKA MERWIN PARAS BOTHRA

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

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

Amt Held 390'954'666 56'876'374 36'752'730 31'619'305 29'670'257 18'739'987 15'807'349 12'327'560 10'706'722 9'613'034 9'257'221 6'939'042 6'780'000 5'547'566 5'378'202 5'069'744 2'397'362 2'350'502 2'300'000 1'706'000

% Out 45.99 6.69 4.32 3.72 3.49 2.2 1.86 1.45 1.26 1.13 1.09 0.82 0.8 0.65 0.63 0.6 0.28 0.28 0.27 0.2

Weighting

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

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

Latest Chg 287'309 (200'000) 1'022'330 100'134 (113'000) 964'381 5'050'000 81'238

Target Price 145 158 155 145 150 158 128 160 147 139 #N/A N/A 120 115 154 140 140 147 148 153 138 187 151 157 149 135 145 160 134 135 152 140 147 145 147 155 149 147 165 123 153 135 126 165

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 31.07.2013 28.06.2013 30.06.2013 31.05.2013 31.08.2013 30.04.2013 30.06.2013 31.08.2013 31.08.2013 31.07.2013 31.12.2012 31.08.2013 31.08.2013

Date Not Provided Not Provided 9 month Not Provided Not Provided 12 month 15 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Inst Type Other Government Investment Advisor Insurance Company n/a Government Private Equity 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 27.09.2013 27.09.2013 27.09.2013 16.09.2013 03.09.2013 03.09.2013 29.08.2013 26.08.2013 20.08.2013 19.08.2013 14.08.2013 28.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 16.07.2013 16.07.2013 16.07.2013 15.07.2013 15.07.2013 13.07.2013 30.04.2013 13.03.2013 12.03.2013 21.01.2013 08.11.2012 23.10.2012 19.07.2012 05.07.2012

01.10.2013

DLF Ltd DLF Ltd. is a real estate development company. The Company develops residential, commercial, and retail properties.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (06.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLFU IB EQUITY YTD Change DLFU IB EQUITY YTD % CHANGE

03/2013 06/yy 289.20 120.25 1'584'375.00 135.5 -52.94% 12.68% 4.85% 1'780.8 241'300.48 248'012.97 17'992.0 4'020.2 20'021.65 491'304.04

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

3.0 M

250

2.5 M

200

2.0 M

150

1.5 M

100

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 31.03.2009 100'353.9 4.52x 56'155.7 8.08x 44'696.0 6.37x

300

31.03.2010 31.03.2011 74'228.7 95'605.7 10.23x 7.40x 36'680.8 38'562.7 20.69x 18.34x 17'198.3 16'396.1 30.48x 27.80x Profitability

LTM-4Q 31.03.2012 96'293.8 6.27x 40'283.6 14.99x 12'008.2 28.53x

31.03.2013 77'728.4 8.35x 26'969.5 24.05x 7'119.2 56.00x

26'969.46 18'682.12 24.04% 10.37% 1.11% 2.78% 4.59% 0.12% 56.8% 34.7% 24.0% 9.2% 1.65 0.19 38.38% 96.40% 4.55 0.20

Price/ Cash Flow

LTM

06/yy 93'812.7 12.53x 38'603.7 0.00x 11'352.5 29.72x

06/yy 78'892.1 15.58x 24'747.3 0.00x 5'913.3 51.49x

FY+1

.0 M o-13

1.48 1.46 420.80 -40.06% -40.47% 1.464 44 4.114 1'602'435 1'559'547 1'296'939 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 88'129.3 102'105.1 21'947.0 22'848.0 5.14x 4.31x 34'521.4 41'579.5 7'833.0 8'959.0 14.23x 11.81x 9'296.1 15'604.3 1'306.0 2'524.0 26.93x 15.36x S&P Issuer Ratings

1.27 0.65 8.45 9.20 96.4% 47.0% 0.12 0.29 80.28 1839.26 199.63 1719.91

Sales/Revenue/Turnover

120.00

160'000.0 140'000.0

100.00

120'000.0 80.00

100'000.0 80'000.0

60.00

60'000.0

40.00

40'000.0 20.00 0.00 04.04.2010

20'000.0 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 |

01.10.2013

DLF Ltd Holdings By:

All

Holder Name PANCHSHEEL INVESTMEN SIDHANT HOUSING & DE OPPENHEIMERFUNDS INC KOHINOOR REAL ESTATE MADHUR HOUSING & DEV YASHIKA PROP & DEV C MALLIKA HOUSING COMP PREM TRADERS & INV P VISHAL FOODS & INV P RAISINA AGEN & INVES JHANDEWALAN ANCILLAR DLF INVESTMENTS PVT JANUS CAPITAL MANAGE GIC PRIVATE LIMITED SINGH RAJIV REALEST BUILDERS & S HARYANA ELECTRICAL U VANGUARD GROUP INC SINGH K P DIMENSIONAL FUND ADV

Firm Name Axis Capital Limited JPMorgan Goldman Sachs Edelweiss Capital BNP Paribas Equity Research HDFC Securities Maybank Kim Eng Motilal Oswal Securities Ltd Angel Broking Limited Deutsche Bank Morgan Stanley Macquarie Karvy Stock Broking Ltd Credit Suisse UBS Jefferies CIMB Kotak Securities Prabhudas Lilladher Pvt Ltd SBI Capital Markets ICICI Securities Batlivala & Karani Securities Phillip Securities IDFC Securities Ltd IDBI Capital Market Services Ltd Emkay Share & Stock Brokers Religare Capital Markets KR Choksey Shares & Sec Pvt Ltd IIFL Khambatta Securities Ltd Antique Stock Broking Limited Ventura Securities Ltd EVA Dimensions HSBC Standard Chartered JM Financial Institutional Securities P Systematix Shares & Stocks Ltd Nirmal Bang Institutional Equities Anand Rathi Securities Pvt. Ltd. NVS Brokerage Limited IFCI Financial Services Nomura India Infoline

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

Analyst NITIN IDNANI SAURABH S KUMAR PUNEET JAIN AASHIESH AGARWAAL AVNEESH SUKHIJA ADHIDEV CHATTOPADHYAY ANUBHAV GUPTA SANDIPAN PAL VIRAL SHAH ABHISHEK SARAF SAMEER BAISIWALA ABHISHEK BHANDARI PARIKSHIT KANDPAL ANANTHA NARAYAN ASHISH JAGNANI ANAND AGARWAL PRAKASH AGARWAL SAMAR SARDA KEJAL MEHTA AMIT AGARWAL SHALEEN SILORI PREM KHURANA ABHISHEK RANGANATHAN NITIN AGARWAL HANSRAJ SINGH TEJAS SHETH ARUN AGGARWAL UMESH PATEL BHASKAR CHAKRABORTY PRASHANT GATTANI ANMOL GANJOO TEAM COVERAGE DOUG WALTERS ASHUTOSH NARKAR GAURAV PATHAK HIMANSHU MAHESHWARI ROHIT JAIN PARAM DESAI SUMAN MEMANI TEAM COVERAGE RAJEEV DESAI PRABHAT AWASTHI TEAM COVERAGE

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

Recommendation buy overweight buy/attractive buy hold buy buy buy buy buy Equalwt/In-Line outperform buy neutral buy underperform underperform add accumulate buy add buy buy outperform hold hold buy buy buy strong buy buy hold sell overweight outperform sell buy buy buy strong buy sell suspended coverage sell

Amt Held 312'110'500 237'209'700 111'934'857 95'353'400 93'819'600 92'080'400 90'992'000 90'059'200 74'769'060 65'889'120 47'388'000 39'154'500 33'694'605 24'644'533 16'456'320 14'927'680 14'052'400 13'089'388 10'461'000 8'294'567

% Out 17.53 13.32 6.29 5.35 5.27 5.17 5.11 5.06 4.2 3.7 2.66 2.2 1.89 1.38 0.92 0.84 0.79 0.74 0.59 0.47

Weighting

Change

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

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

Latest Chg 968'651 2'184'371 64'504

Target Price 176 210 209 249 139 209 250 230 179 255 152 202 248 180 275 125 155 255 181 363 170 224 218 241 170 200 310 206 240 268 235 #N/A N/A #N/A N/A 295 290 220 291 296 300 290 173 #N/A N/A 210

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

File Dt 30.06.2013 30.06.2013 31.07.2013 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 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 Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

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

Date 27.09.2013 25.09.2013 11.09.2013 10.09.2013 04.09.2013 04.09.2013 21.08.2013 19.08.2013 16.08.2013 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 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 12.07.2013 17.06.2013 07.06.2013 06.06.2013 03.06.2013 01.06.2013 31.05.2013 31.05.2013 09.04.2013 20.02.2013 22.01.2013 06.11.2012 05.11.2012 05.08.2011

01.10.2013

Tata Global Beverages Ltd Tata Global Beverages Ltd. cultivates tea and coffee on its plantations. The Company manufactures, sells domestically and exports instant, blended and packet teas, and instant and ground coffee.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.11.2012) 52-Week Low (26.03.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TGBL IB EQUITY YTD Change TGBL IB EQUITY YTD % CHANGE

03/2013 06/yy 181.70 122.00 256'076.00 146.75 -18.46% 20.29% 36.35% 618.4 90'749.99 13'887.77 0.0 8'139.1 2'649.86 110'126.99

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 31.03.2009 48'478.7 1.24x 6'497.2 9.22x 7'005.5 5.16x

200 180 160 140 120 100 80 60 40 20 0 o-12

31.03.2010 31.03.2011 57'829.5 59'824.2 1.19x 1.19x 6'865.0 6'093.9 9.99x 11.64x 3'903.0 2'543.3 15.51x 23.77x Profitability

LTM-4Q 31.03.2012 65'852.6 1.33x 6'230.5 14.09x 3'561.4 19.51x

31.03.2013 72'703.2 1.35x 7'702.1 12.78x 3'727.5 21.21x

7'702.07 6'651.11 9.15% 8.38% 4.37% 7.95% 7.42% 0.85% 10.6% 9.1% 5.1% 1.48 0.46 15.79% 28.87% 10.65 -

Price/ Cash Flow

LTM

06/yy 68'442.2 2.15x 6'840.7 0.00x 2'729.1 26.23x

06/yy 73'516.0 2.71x 7'948.3 0.00x 4'066.9 20.43x

FY+1

.0 M o-13

1.47 0.99 378.22 2.64% -6.67% 0.988 20 4.000 186'175 224'660 329'990 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 80'496.8 89'355.1 1.25x 1.08x 8'874.1 10'072.9 12.41x 10.94x 4'893.1 5'704.2 1'934.0 1'381.0 18.72x 15.94x S&P Issuer Ratings

9.71 7.45 1.46 1.80 28.9% 19.8% 0.85 11.22 34.26 -

Sales/Revenue/Turnover

350.00

80'000.0

300.00

70'000.0 60'000.0

250.00

50'000.0 200.00

40'000.0 150.00

30'000.0

100.00

20'000.0

50.00

10'000.0

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 |

01.10.2013

Tata Global Beverages Ltd Holdings By:

All

Holder Name TATA SONS LTD TATA CHEMICALS LTD LIFE INSURANCE CORP TATA INVESTMENT CORP SKAGEN KEN TIKI MUTU SKAGEN AS NORGES BANK BAJAJ ALLIANZ LIFE I GOVT PENSION FUND GL PLATINUM INVESTMENT DIMENSIONAL FUND ADV DSP BLACKROCK INVEST COMMONWEALTH BANK OF NATIONAL INSURANCE C UTI ASSET MANAGEMENT EWART INVESTMENTS LT PRINCIPAL FINANCIAL BLACKROCK INVESTMENT SUNDARAM ASSET MANAG BIRLA SUN LIFE ASSET

Firm Name Axis Capital Limited Techno Shares & Stocks Way2Wealth Brokers Ltd EVA Dimensions Quant Broking Pvt Ltd Angel Broking Limited ICICIdirect.com Anand Rathi Securities Pvt. Ltd. Morgan Stanley Maybank Kim Eng SBI Capital Markets Sharekhan Ltd Kotak Securities Batlivala & Karani Securities Right Horizons Financial Services India Infoline Firstcall India Equity Advisors Pvt Ltd Ashika Stock Broking Limited Fairwealth Securities Ltd UBS Elara Securities India Pvt Ltd

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

Analyst HEMANT B PATEL SHIVANI V VISHWANATHAN SHIVANI VIVEK VISHWANATHAN CRAIG STERLING HIMANSHU NAYYAR SRINIVASAN VISWANATHAN SANJAY MANYAL AMOL RAO NILLAI SHAH JIGAR A SHAH SAGARIKA MUKHERJEE TEAM COVERAGE ROHIT CHORDIA ASHIT DESAI TUSHAR PENDHARKAR VANMALA NAGWEKAR TEAM COVERAGE PARAS BOTHRA TEAM COVERAGE SUNITA SACHDEV HIMANI SINGH

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

Recommendation buy accumulate accumulate underweight buy neutral buy buy Overwt/In-Line buy hold buy add underperform accumulate buy buy buy buy sell reduce

Amt Held 142'854'570 43'175'140 41'598'874 26'900'000 17'183'504 17'183'504 14'358'051 14'331'096 11'778'911 10'843'060 8'570'112 7'812'276 7'713'950 6'445'780 5'461'134 3'416'360 3'004'105 2'258'308 2'105'000 2'025'000

% Out 23.1 6.98 6.73 4.35 2.78 2.78 2.32 2.32 1.9 1.75 1.39 1.26 1.25 1.04 0.88 0.55 0.49 0.37 0.34 0.33

Weighting

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

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

Latest Chg (150'000) (19'655) (1'888'846) 3'716'526 1'679'293 (237'281) (5'000) 835'000

Target Price 177 #N/A N/A #N/A N/A #N/A N/A 183 #N/A N/A 182 166 176 175 160 175 165 145 165 149 149 200 210 130 92

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 22.08.2013 30.06.2013 30.08.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.04.2013 31.08.2013 31.05.2013 30.06.2013 31.08.2013 30.06.2013 31.08.2013 30.08.2013 31.08.2013 31.08.2013

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

Inst Type Holding Company Corporation Government Private Equity n/a Investment Advisor Government Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Bank Insurance Company Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 06.09.2013 06.09.2013 04.09.2013 02.09.2013 16.08.2013 13.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 28.06.2013 07.03.2013 03.12.2012 07.11.2012 17.10.2012 27.01.2012

01.10.2013

Ranbaxy Laboratories Ltd Ranbaxy Laboratories Limited manufactures and distributes a wide range of pharmaceutical products. The Company makes multisource antibiotics, analgesics, anti-inflammatory drugs and anti-ulcerant/gastrointestinal drugs such as "Roscillin" (Ampicillin), "Cifran" (Ciprofloxacin) and "Sporidex" (Cephalexin).

Price/Volume 600

7.0 M

500

6.0 M 5.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (08.11.2012) 52-Week Low (02.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RBXY IB EQUITY YTD Change RBXY IB EQUITY YTD % CHANGE

12/2012 06/yy 559.80 253.95 824'418.00 349.45 -37.55% 37.61% 25.09% 423.1 147'862.61 49'258.86 0.0 889.5 45'919.62 189'326.90

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

3.0 M

200

2.0 M

100

1.0 M

0 o-12

31.12.2009 31.12.2010 75'970.4 89'607.7 3.16x 2.95x 7'244.0 18'742.6 33.18x 14.08x 2'964.9 14'967.5 73.44x 16.83x Profitability

LTM-4Q 31.12.2011 99'700.0 1.87x 12'844.1 14.53x (28'997.3) -

31.12.2012 122'528.9 1.77x 17'080.0 12.70x 9'227.6 23.00x 17'079.95 13'655.01 11.14% 10.01% 5.73% 26.54% 12.49% 0.76% 13.9% 11.1% 7.5% 1.12 0.74 29.92% 120.60% 4.86 -

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

0.00 0.60 102.17 -35.20% -30.49% 0.601 43 3.093 480'409 1'158'344 763'637 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 126'302.7 103'952.3 114'413.6 137'665.3 29'128.0 29'371.6 3.08x 3.74x 1.56x 1.26x 25'607.0 8'834.3 13'660.5 24'975.7 4'534.7 4'151.5 7.89x 19.49x 13.87x 7.58x 19.50x 36.57x (27'863.1) (1'367.6) 7'260.3 16'691.6 2'871.0 2'904.6 0.00x 0.00x 22.42x 9.74x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

12.50 9.01 0.20 2.88 120.6% 54.1% 0.76 4.10 75.30 -

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 03.01.2010

n-12

Fiscal Year Ended 31.12.2008 74'140.0 1.70x 5'842.1 21.63x (9'512.1) -

4.0 M

300

Valuation Analysis

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 |

01.10.2013

Ranbaxy Laboratories Ltd Holdings By:

All

Holder Name DAIICHI SANKYO CO LT LIFE INSURANCE CORP RELIANCE CAPITAL TRU SKAGEN KEN TIKI MUTU SKAGEN AS VANGUARD GROUP INC EASTSPRING INVESTMEN BLACKROCK EASTSPRING INVESTMEN NORGES BANK DSP BLACKROCK INVEST T ROWE PRICE ASSOCIA DIMENSIONAL FUND ADV BANK OF NEW YORK MEL BLACKROCK ASSET MANA BLACKROCK INVESTMENT CAISSE DE DEPOT ET P IDFC MUTUAL FUND KOTAK MAHINDRA UTI ASSET MANAGEMENT

Firm Name

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

Analyst

Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN Batlivala & Karani Securities ROHIT V BHAT Emkay Share & Stock Brokers ASHISH RATHI Edelweiss Capital PERIN ALI Fortune Equity Brokers (India) Ltd HITESH MAHIDA SBI Capital Markets VIVEK KUMAR Jefferies PIYUSH NAHAR Kotak Securities KRISHNA PRASAD EVA Dimensions TIMOTHY STANISH CIMB PRAKASH AGARWAL Motilal Oswal Securities Ltd ALOK DALAL Karvy Stock Broking Ltd RAHUL SHARMA Angel Broking Limited SARABJIT KOUR NANGRA Antique Stock Broking Limited ANMOL GANJOO IIFL BINO PATHIPARAMPIL Morgan Stanley SAMEER BAISIWALA HSBC GIRISH BAKHRU Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI Nomura SAION MUKHERJEE IDFC Securities Ltd NITIN AGARWAL Barclays BALAJI V PRASAD India Nivesh Ltd BHAGWAN SINGH CHAUDHARY UBS SONAL GUPTA Macquarie ABHISHEK SINGHAL Centrum Broking Pvt Ltd RANJIT KAPADIA Prabhudas Lilladher Pvt Ltd SURAJIT PAL JM Financial Institutional Securities P RAHUL SOLANKI ICICI Securities KARTIK A MEHTA Sunidhi Consultancy Services RASHMI SANCHETI India Infoline BHAVIKA SHINDE Quant Broking Pvt Ltd KIRIT GOGRI Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR Khambatta Securities Ltd FATHIMA KHAN Credit Suisse ANUBHAV AGGARWAL Tata Securities Limited VIHARI PURUSHOTHAMAN Dalal & Broacha PURVI SHAH Systematix Shares & Stocks Ltd SURYA NARAYAN PATRA Ventura Securities Ltd TEAM COVERAGE First Global Stockbroking DEVINA MEHRA Standard Chartered GAURAV PATHAK NVS Brokerage Limited TEAM COVERAGE Espirito Santo Investment Bank Research CHIRAG TALATI

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

Recommendation buy underperform hold hold hold buy hold reduce underweight underperform neutral buy neutral sell sell Equalwt/In-Line underweight sell buy underperform underweight neutral neutral outperform hold buy buy buy neutral market perform accumulate accumulate strong buy neutral hold hold hold hold moderate outperform in-line strong buy neutral

Amt Held 268'711'323 52'211'602 6'079'259 5'310'187 5'122'307 3'637'233 3'354'000 2'043'800 1'669'104 981'834 865'023 519'139 493'315 433'851 325'677 311'534 285'130 278'040 203'881 188'055

% Out 63.51 12.34 1.44 1.25 1.21 0.86 0.79 0.48 0.39 0.23 0.2 0.12 0.12 0.1 0.08 0.07 0.07 0.07 0.05 0.04

Weighting

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

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

Latest Chg (1'877'692) 55'903 (298'271) 865'023 4'623 18'348 229'603 187'054 (46'455)

Target Price 368 375 308 365 358 419 350 300 #N/A N/A 290 257 427 #N/A N/A 251 283 373 421 382 403 349 331 #N/A N/A 500 550 377 559 430 358 344 310 343 332 384 310 280 472 473 584 #N/A N/A 450 750 500

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

File Dt 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.08.2013 30.06.2013 28.06.2013 27.09.2013 31.12.2012 31.12.2012 31.08.2013 30.06.2013 30.04.2013 27.09.2013 30.08.2013 10.12.2012 31.12.2012 31.08.2013 31.08.2013 31.08.2013

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

Inst Type Corporation Government Other 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 Investment Advisor

Date 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 20.09.2013 19.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 12.09.2013 27.08.2013 26.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 15.05.2013 10.05.2013 09.05.2013 23.04.2013 12.04.2013 22.05.2012 10.05.2012

01.10.2013

LIC Housing Finance Ltd LIC Housing Finance Limited provides housing finance services to individuals for purchase, construction, repair and renovation of new or existing flats and houses. The Company also provides finance on existing property for business, personal needs and gives loans to professionals for purchase, construction of clinics, nursing homes, diagnostic centers, and office space throughout India.

Price/Volume 350

Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (04.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LICHF IB EQUITY YTD Change LICHF IB EQUITY YTD % CHANGE

03/2013 01/yy 300.00 152.00 165'428.00 191.4 -35.63% 25.92% 24.29% 504.7 96'592.49 706'509.02 0.0 7.6 14'209.39 788'899.70

1.20

200

15.0 M

150

10.0 M

100 5.0 M

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

20.0 M

250

Valuation Analysis

31.03.2009 29'030.5 9.37x 27'417.2 9.92x 5'321.7 3.58x

25.0 M

300

31.03.2010 31.03.2011 34'746.9 48'746.6 12.56x 11.70x 33'108.2 46'553.1 13.18x 12.26x 6'888.3 9'518.8 11.40x 11.28x Profitability

31.03.2012 62'445.8 11.07x 58'338.3 11.85x 9'198.5 13.63x

31.03.2013 77'348.3 10.42x 73'388.6 10.98x 10'475.1 10.83x 73'388.56 78.18% 18.26% 1.43% 17.11% 1.49% 0.11% 94.9% 13.5% 87.60% 1081.39% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

1.99 1.17 285.67 -28.80% -33.21% 1.173 48 4.625 278'435 586'819 554'862 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 22'804.4 24'683.3 3.31x 3.01x 13'580.4 14'757.3 7.56x 6.59x S&P Issuer Ratings

9.43 9.63 1081.4% 91.5% 0.11 112.95 -

Sales/Revenue/Turnover

90'000.0 80'000.0

1.00 0.80

70'000.0 60'000.0 50'000.0

0.60

40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

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 |

01.10.2013

LIC Housing Finance Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP HSBC GLOBAL INV MAUR BANK MUSCAT SAOG RELIANCE CAPITAL TRU PRUDENTIAL ASSET MGM EASTSPRING INVESTMEN ABU DHABI INVESTMENT ICICI PRUDENTIAL LIF MORGAN STANLEY NEW INDIA ASSURANCE GOVT PENSION FUND GL BIRLA SUN LIFE ASSET HDFC ASSET MANAGEMEN WASATCH ADVISORS INC BLACKROCK MACQUARIE GROUP UTI ASSET MANAGEMENT EASTSPRING INVESTMEN BANK OF NOVA SCOTIA BIRLA SUN LIFE ASSET

Firm Name

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

Analyst

Axis Capital Limited PRAVEEN AGRAWAL Macquarie SURESH GANAPATHY ICICI Securities SANTANU CHAKRABARTI IIFL ABHISHEK MURARKA Batlivala & Karani Securities VISHAL SHETH Ambit Capital Pvt Ltd PANKAJ AGARWAL Nomura ABHISHEK BHATTACHARYA Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA Goldman Sachs RAHUL JAIN BNP Paribas Equity Research AVNEESH SUKHIJA Espirito Santo Investment Bank Research SANTOSH SINGH Barclays ANISH TAWAKLEY Quant Broking Pvt Ltd NITIN KUMAR HDFC Securities SAMEER NARANG Spark Capital Advisors JYOTHI KUMAR VARMA Standard Chartered MAHRUKH ADAJANIA Kotak Securities NISCHINT CHAWATHE ICICIdirect.com KAJAL GANDHI Nirmal Bang Securities Private Ltd SILKY JAIN GEPL Capital Pvt Ltd DISHA RAJESH HAZARI Shah Investor's Home Limited BUNTY CHAWLA Credit Suisse SUNIL TIRUMALAI JPMorgan SAURABH S KUMAR Motilal Oswal Securities Ltd ALPESH MEHTA Angel Broking Limited VAIBHAV AGRAWAL Antique Stock Broking Limited ALOK KAPADIA Avendus Capital Private Ltd JAYNEE SHAH India Nivesh Ltd KAUSHAL K PATEL Cholamandalam Securities Limited KARTHIKEYAN P Religare Capital Markets ISHANK KUMAR Deutsche Bank MANISH SHUKLA JM Financial Institutional Securities P KARAN UBEROI Tata Securities Limited BIJOY SHAH Morgan Stanley SUBRAMANIAN IYER HSBC TEJAS MEHTA Emkay Share & Stock Brokers KASHYAP JHAVERI Edelweiss Capital KUNAL SHAH UBS VISHAL GOYAL EVA Dimensions DOUG WALTERS Microsec Capital SANJEEV JAIN SBI Capital Markets RAVIKANT BHAT Aditya Birla Money Limited SUMIT JATIA IDFC Securities Ltd MANISH CHOWDHARY

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

Recommendation buy underperform buy add outperform buy buy buy neutral/neutral buy buy equalweight buy buy buy in-line buy hold buy buy accumulate outperform overweight buy neutral buy buy buy buy buy buy buy buy Overwt/Cautious overweight accumulate buy buy overweight buy buy buy dropped coverage

Amt Held 203'442'495 15'379'449 11'496'000 11'373'500 9'791'730 8'730'095 7'639'003 7'149'519 6'514'503 6'286'608 5'761'922 5'492'245 5'446'296 5'389'112 5'239'279 5'224'698 4'307'473 4'119'295 3'211'158 3'026'395

% Out 40.31 3.05 2.28 2.25 1.94 1.73 1.51 1.42 1.29 1.25 1.14 1.09 1.08 1.07 1.04 1.04 0.85 0.82 0.64 0.6

Weighting

Change

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

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

Latest Chg 249'788 1'098'107 2'026'726 (6'687'898) 159'004 (2'117'243) (522'954) (241'500) 1'511'625

Target Price 204 192 270 230 220 268 255 210 180 231 258 177 220 195 211 250 240 160 208 194 240 200 225 260 #N/A N/A 205 298 248 238 235 225 215 243 195 243 240 250 250 #N/A N/A 317 290 305 #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 31.08.2013 30.06.2013 28.06.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 30.06.2013 27.09.2013 30.06.2013 31.08.2013 31.12.2012 30.06.2013 31.08.2013

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

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

Date 27.09.2013 24.09.2013 24.09.2013 23.09.2013 20.09.2013 19.09.2013 13.09.2013 11.09.2013 05.09.2013 03.09.2013 30.08.2013 29.08.2013 29.08.2013 26.08.2013 24.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 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 17.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 09.08.2013 22.07.2013 08.06.2013 08.05.2013 29.04.2013 13.03.2013

01.10.2013

Reliance Power Ltd Reliance Power Limited develops, constructs, and operates power projects both domestically and internationally.

Price/Volume 120

8.0 M 7.0 M

100

6.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (15.10.2012) 52-Week Low (28.03.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RPWR IB EQUITY YTD Change RPWR IB EQUITY YTD % CHANGE

03/2013 06/yy 106.70 58.55 1'254'943.00 67.8 -36.32% 15.80% 18.48% 2'805.1 190'187.59 275'106.70 0.0 15.0 61'232.70 404'076.59

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

(932.6) 2'445.1 100.33x

4.0 M 3.0 M

2.0 M 20

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

5.0 M

Valuation Analysis

31.03.2010 31.03.2011 207.2 10'547.6 1619.01x 39.82x (1'056.1) 2'298.5 182.72x 6'838.9 7'604.4 52.38x 44.32x Profitability

LTM-4Q 31.03.2012 20'192.1 22.48x 6'247.8 72.66x 8'667.8 37.91x

31.03.2013 49'265.9 7.84x 17'128.9 22.56x 10'114.6 17.06x

17'128.90 14'277.60 28.98% 24.35% 2.22% 5.60% 3.77% 0.11% 34.8% 29.0% 20.5% 1.43 1.21 52.97% 148.06% 4.96 -

Price/ Cash Flow

06/yy 26'141.5 28.51x 8'052.7 0.00x 9'117.1 32.78x

LTM 06/yy 49'136.9 17.24x 17'969.6 0.00x 10'120.2 17.75x

FY+1

.0 M o-13

0.00 1.50 592.93 -31.20% -27.37% 1.503 19 2.684 2'445'792 2'939'368 3'122'483 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 58'907.1 86'907.3 17'199.0 17'200.0 8.23x 6.62x 23'405.0 40'006.8 5'535.0 5'536.0 17.27x 10.10x 9'706.1 11'815.8 2'474.0 2'475.0 19.06x 15.48x S&P Issuer Ratings

3.06 -12.86 12.49 16.06 148.1% 59.7% 0.11 0.15 73.53 -

Sales/Revenue/Turnover

9'000.00

60'000.0

8'000.00

50'000.0

7'000.00

40'000.0

6'000.00 5'000.00

30'000.0

4'000.00

20'000.0

3'000.00 2'000.00

10'000.0

1'000.00 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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

01.10.2013

Reliance Power Ltd Holdings By:

All

Holder Name RELIANCE INFRASTRUCT AAA PROJECT VENTURES AAA INTERNATIONAL CA RELIANCE ENTERPRISES LIFE INSURANCE CORP VANGUARD GROUP INC DIMENSIONAL FUND ADV BLACKROCK RELIANCE CAPITAL TRU RELIANCE CAPITAL LTD EATON VANCE MANAGEME INVESCO LTD BLACKROCK ASSET MANA CAISSE DE DEPOT ET P AMBANI KOKILA D DSP BLACKROCK INVEST PICTET FUNDS JOHN HANCOCK ADVISER KBC GROUP NV EMERGING GLOBAL SHAR

Firm Name Elara Securities India Pvt Ltd Deutsche Bank Emkay Share & Stock Brokers Batlivala & Karani Securities UBS BNP Paribas Equity Research Nomura HDFC Securities India Nivesh Ltd JPMorgan Kotak Securities Prabhudas Lilladher Pvt Ltd ICICI Securities Almondz Global Securities Ltd Credit Suisse EVA Dimensions IIFL Brics Securities Daiwa Securities Co. Ltd. Barclays Ventura Securities Ltd Axis Capital Limited

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 DEEPAK AGRAWALA ABHISHEK PURI AMIT GOLCHHA VISHAL BIRAIA PANKAJ SHARMA GIRISH NAIR ANIRUDH GANGAHAR ABHINAV SHARMA DALJEET SINGH KOHLI SUMIT KISHORE MURTUZA ARSIWALLA RUPA SHAH PRAKASH GAURAV GOEL AMIT SHAH AMISH SHAH DOUG WALTERS HARSHAWARDHAN S DOLE NOVONIL GUHA SAURABH MEHTA VENUGOPAL GARRE TEAM COVERAGE BHAVIN VITHLANI

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

Recommendation buy sell buy sell buy reduce reduce buy accumulate underweight sell accumulate sell buy underperform sell sell buy underperform underweight hold Under Review

Amt Held 1'023'998'193 537'387'901 267'776'331 267'776'331 113'045'638 16'452'102 11'535'941 7'448'447 5'845'997 4'117'823 2'350'350 2'055'663 1'484'215 1'262'823 916'306 680'318 612'611 555'888 522'916 500'610

% Out 36.5 19.16 9.55 9.55 4.03 0.59 0.41 0.27 0.21 0.15 0.08 0.07 0.05 0.05 0.03 0.02 0.02 0.02 0.02 0.02

Weighting

Change

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

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

Latest Chg 841'068 359'827 1'596'051 83'616 (1'247'269) (112'140) 42'442 -

Target Price 85 60 111 64 90 56 94 105 #N/A N/A 54 75 79 60 101 73 #N/A N/A 80 115 70 84 112 #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 30.04.2013 27.09.2013 31.08.2013 30.06.2013 31.07.2013 27.09.2013 30.08.2013 31.12.2012 30.06.2013 31.08.2013 31.05.2013 31.08.2013 31.07.2013 27.09.2013

Date Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 6 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 Corporation Other Other Government Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.09.2013 05.09.2013 28.08.2013 22.08.2013 06.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 17.07.2013 16.07.2013 06.06.2013 16.05.2013 12.04.2013 18.03.2013 14.08.2012 11.11.2011 01.06.2010

01.10.2013

Cummins India Ltd Cummins India Limited manufactures internal combustion engines, including diesel, reciprocating piston, gas turbine and gasoline engines. The Company also manufactures generating sets and public transport-type passenger motor vehicles, including luxury coaches and air-field buses. In addition, Cummins India Ltd. operates a computerized and fully-equipped research and development facility.

Price/Volume 600

1.2 M

03/2013 01/yy 550.00 365.05 13'842.00 410.95 -25.45% 12.57% 21.68% 277.2 113'915.34 904.72 0.0 0.0 3'570.05 111'250.02

.8 M .6 M

200

.4 M 100

.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

1.0 M

300

Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KKC IB EQUITY YTD Change KKC IB EQUITY YTD % CHANGE

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

1.4 M

400

Valuation Analysis

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

1.6 M

500

31.03.2010

31.03.2011

Profitability

31.03.2012 -

31.03.2013 -

5'562.46 5'075.14 14.38% 18.05% 21.53% 34.05% 31.86% 1.64% 15.8% 14.4% 13.1% 2.30 1.33 3.91% 6.09% 5.48 -

Price/ Cash Flow

1.15 0.73 113.57 -16.93% -18.20% 0.726 42 3.762 214'088 121'263 71'677

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

7'148.5 8'338.5 15.63x 13.30x S&P Issuer Ratings

.0 M o-13

162.38 135.30 -0.48 0.16 6.1% 5.7% 1.64 13.07 66.62 -

Sales/Revenue/Turnover

60.00

40'000.0 35'000.0

50.00

30'000.0 40.00

25'000.0 20'000.0

30.00

15'000.0

20.00

10'000.0 10.00

5'000.0

0.00 02.04.2006 02.10.2006 02.04.2007 02.10.2007 02.04.2008 02.10.2008 02.04.2009 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 02.04.2013

0.0 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 |

01.10.2013

Cummins India Ltd Holdings By:

All

Holder Name CUMMINS INC LIFE INSURANCE CORP FRANKLIN RESOURCES RELIANCE CAPITAL TRU T ROWE PRICE ASSOCIA BIRLA SUN LIFE ASSET CAPITAL GROUP COMPAN RELIANCE LIFE INSUR TEMPLETON ASSET MGMT GENERAL INSURANCE CO BIRLA SUN LIFE ASSET UTI ASSET MANAGEMENT JP MORGAN TATA ASSET MANAGEMEN VANGUARD GROUP INC SUNDARAM ASSET MANAG FMR LLC NORGES BANK AMERIPRISE FINANCIAL COMGEST GROWTH PLC

Firm Name

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

Analyst

JM Financial Institutional Securities P SANDEEP TULSIYAN Axis Capital Limited BHAVIN VITHLANI Jefferies LAVINA QUADROS Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA Nomura AMAR KEDIA Phillip Securities ANKUR SHARMA Ambit Capital Pvt Ltd BHARGAV BUDDHADEV Goldman Sachs PULKIT PATNI Morgan Stanley ASHISH G JAIN BNP Paribas Equity Research GIRISH NAIR EVA Dimensions TIMOTHY STANISH Microsec Capital NEHA MAJITHIA Fortune Equity Brokers (India) Ltd TEAM COVERAGE Kotak Securities LOKESH GARG Motilal Oswal Securities Ltd SATYAM AGARWAL Kantilal Chhaganlal Sec. Pvt. Ltd AMIT HARICHAND ANWANI Quantum Securities Pvt Ltd MAHESH BENDRE Stewart & Mackertich Wealth Management KHUSHBOO LAKAR Macquarie INDERJEET SINGH BHATIA Dalal & Broacha ASHUTOSH GARUD Antique Stock Broking Limited DHIRENDRA TIWARI IIFL GOPAL RITOLIA Quant Broking Pvt Ltd ABHINEET ANAND HSBC ASHUTOSH NARKAR HDFC Securities ABHINAV SHARMA Deutsche Bank MANISH SAXENA Credit Suisse AMISH SHAH CIMB HARISH BIHANI Prabhudas Lilladher Pvt Ltd KUNAL SHETH ICICI Securities VIVEK SHARMA Batlivala & Karani Securities RENU BAID Tata Securities Limited RAVIKIRAN SURANA Religare Capital Markets MISAL SINGH Edelweiss Capital AMIT MAHAWAR Avendus Capital Private Ltd DEVANG PATEL Barclays VENUGOPAL GARRE Firstcall India Equity Advisors Pvt Ltd ASHISH KUSHWAHA Techno Shares & Stocks JIGISHA JAINI Right Horizons Financial Services JAGDISH BHANUSHALI ITI Securities Ltd SUSHANTA BHATTACHARYYA Proactive Universal VINAY PANDIT Ashika Stock Broking Limited PARAS BOTHRA

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

Recommendation buy hold buy accumulate reduce sell buy neutral/neutral Underwt/In-Line reduce hold buy buy reduce buy buy buy long-term buy outperform accumulate buy buy reduce neutral neutral sell neutral neutral accumulate add outperform hold buy buy hold equalweight buy neutral buy buy hold buy

Amt Held 141'372'000 22'149'020 11'482'201 7'784'544 7'169'857 5'567'417 4'513'800 3'965'572 3'628'750 3'159'290 2'807'558 2'492'373 2'238'922 1'922'248 1'856'001 1'740'070 1'564'632 1'514'665 1'460'814 1'115'179

% Out 51 7.99 4.14 2.81 2.59 2.01 1.63 1.43 1.31 1.14 1.01 0.9 0.81 0.69 0.67 0.63 0.56 0.55 0.53 0.4

Weighting

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

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

Latest Chg (51'923) 2'087'313 (455'000) 10'418 18'000 (1'933) 376'028 (5'716) 436'719 1'156

Target Price 460 440 465 460 371 370 488 370 358 318 #N/A N/A 451 435 400 450 469 74 437 495 452 494 485 411 427 430 350 394 400 451 419 406 388 470 478 375 501 565 #N/A N/A 600 558 492 513

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 31.08.2013 30.06.2013 31.08.2013 31.08.2013 31.07.2013 31.08.2013 30.06.2013 31.08.2013 31.08.2013 31.12.2012 31.07.2013 28.06.2013

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

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

Date 30.09.2013 27.09.2013 26.09.2013 24.09.2013 18.09.2013 16.09.2013 16.09.2013 09.09.2013 08.09.2013 04.09.2013 04.09.2013 22.08.2013 22.08.2013 20.08.2013 20.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 03.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 16.07.2013 11.07.2013 16.05.2013 04.03.2013 09.11.2012 06.08.2012 05.07.2012

01.10.2013

Hindustan Zinc Ltd Hindustan Zinc Limited specializes in the exploration, mining and smelting of zinc, lead and other non-ferrous metals. The Company's products include zinc ore, lead zinc concentrate, zinc metal, lead metal, cadmium metal, silver metal and sulfuric acid.

Price/Volume 160 140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.12.2012) 52-Week Low (02.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HZ IB EQUITY YTD Change HZ IB EQUITY YTD % CHANGE

03/2013 06/yy 146.80 94.00 41'640.00 131.3 -10.59% 39.68% 73.96% 4'225.3 554'784.44 3.90 0.0 0.0 214'776.30 340'012.02

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

40 20 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 31.03.2009 56'802.7 1.76x 27'429.8 3.65x 27'276.1 6.99x

31.03.2010 31.03.2011 80'169.7 100'391.7 4.87x 4.31x 46'743.5 56'134.5 8.36x 7.71x 40'414.1 49'216.5 12.59x 11.83x Profitability

LTM-4Q 31.03.2012 114'053.1 3.33x 60'777.0 6.25x 55'691.7 10.04x

31.03.2013 126'998.4 2.34x 65'060.9 4.58x 68'994.8 7.43x

65'060.90 58'588.50 46.13% 61.58% 21.25% 23.33% 23.34% 0.39% 51.2% 46.1% 54.3% 12.63 11.63 0.00% 0.00% 34.54 -

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M o-13

LTM

06/yy 06/yy 111'464.6 127'524.3 3.41x 2.33x 59'546.7 65'561.3 0.00x 0.00x 56'124.7 69'785.9 9.30x 6.19x

2.36 0.90 0.11% -2.29% 0.901 41 4.707 181'376 295'500 193'874

FY+1

FY+2

FQ+1

FQ+2

03/14 Y

03/15 Y

09/13 Q2

12/13 Q3

S&P Issuer Ratings

1082.54 790.39 -3.30 0.00 0.0% 0.0% 0.39 1.38 10.57 -

Sales/Revenue/Turnover

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 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 |

01.10.2013

Hindustan Zinc Ltd Holdings By:

All

Holder Name STERLITE INDUSTRIES GOVERNMENT OF INDIA PRUDENTIAL ICICI ASS VANGUARD GROUP INC RELIANCE CAPITAL TRU TATA ASSET MANAGEMEN PICTET FUNDS INVESCO LTD BIRLA SUN LIFE ASSET BIRLA SUN LIFE ASSET MORGAN STANLEY EASTSPRING INVESTMEN BANK OF NEW YORK MEL UTI ASSET MANAGEMENT SBI FUNDS MANAGEMENT CANARA ROBECO ASSET SEB BNP PARIBAS ASSET MA DSP BLACKROCK INVEST STATE STREET CORP

Firm Name

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

Analyst

Motilal Oswal Securities Ltd SANJAY JAIN Axis Capital Limited JAGDISHWAR TOPPO Macquarie RAKESH ARORA Batlivala & Karani Securities PARIN TANNA Emkay Share & Stock Brokers GOUTAM CHAKRABORTY Centrum Broking Pvt Ltd ABHISAR JAIN Angel Broking Limited BHAVESH CHAUHAN ICICI Securities ABHIJIT MITRA India Infoline TARANG BHANUSHALI Deutsche Bank ANUJ SINGLA Espirito Santo Investment Bank Research RITESH SHAH Quant Broking Pvt Ltd KALPESH MAKWANA Standard Chartered SATISH KUMAR HSBC JIGAR MISTRY Kotak Securities KAWALJEET SALUJA Nomura AMAR KEDIA Dolat Capital Market Ltd. RAM MODI Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Barclays CHIRAG SHAH Equirus Securities Pvt Ltd ASHUTOSH TIWARI Credit Suisse NEELKANTH MISHRA CIMB RAHUL JAIN Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR SBI Capital Markets JATIN Y DAMANIA JM Financial Institutional Securities P ASHUTOSH SOMANI Phillip Securities DHAWAL DOSHI IDFC Securities Ltd SAUMIL MEHTA Edelweiss Capital PRASAD BAJI ICICIdirect.com DEWANG SANGHAVI MSFL - Institutional Business Group TANUJ RASTOGI Nirmal Bang Institutional Equities GIRIRAJ DAGA Elara Securities India Pvt Ltd ASHISH KEJRIWAL Daiwa Securities Co. Ltd. DEEPAK PODDAR IIFL BIJAL SHAH EVA Dimensions TIMOTHY STANISH Antique Stock Broking Limited AMIT AGARWAL Systematix Shares & Stocks Ltd ERIC MARTINS Right Horizons Financial Services JAGDISH BHANUSHALI Sushil Finance Consultants Ltd ISHPREET KAUR BATRA Way2Wealth Brokers Ltd ABHILASHA SATALE ULJK Securities Pvt. Ltd. India P SANTOSH KUMAR SMC Global Securities Ltd. PRITESH JANI Violet Arch Securities KUNAL MOTISHAW

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

Recommendation buy buy outperform outperform buy buy buy buy buy buy buy accumulate outperform overweight add buy buy buy overweight buy outperform underperform buy buy buy buy outperform buy buy buy buy buy buy buy buy buy accumulate buy accumulate neutral buy underperform overweight

Amt Held 2'743'154'310 2'495'901'180 23'215'897 6'825'265 5'920'539 5'113'700 3'956'865 3'868'930 3'687'157 3'608'212 1'744'770 1'696'312 1'606'063 1'433'916 1'238'584 1'155'074 809'890 677'600 673'907 474'962

% Out 64.92 59.07 0.55 0.16 0.14 0.12 0.09 0.09 0.09 0.09 0.04 0.04 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.01

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 4 5 5 4 5 5 5 5 5 5 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 4 5 4 3 5 1 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 U M M M N

Latest Chg 1'116'353 1'551'298 2'700'000 (382'648) 198'526 768'618 (27'831) (215'523) 80'000 (40'280) -

Target Price 155 148 152 150 146 142 151 149 143 144 169 155 163 170 160 161 145 118 138 143 133 98 141 125 140 147 152 155 140 144 139 148 149 151 #N/A N/A 143 169 170 158 #N/A N/A 158 132 140

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

File Dt 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.08.2013 31.08.2013 31.05.2013 27.09.2013 31.08.2013 31.08.2013 30.06.2013 28.06.2013 27.09.2013 31.08.2013 31.08.2013 31.08.2013 31.03.2013 31.08.2013 31.08.2013 27.09.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 15 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 18 month Not Provided Not Provided

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

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 17.09.2013 16.09.2013 13.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 30.08.2013 23.08.2013 17.08.2013 02.08.2013 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 22.07.2013 22.07.2013 22.07.2013 19.07.2013 15.07.2013 02.07.2013 06.06.2013 26.04.2013 26.04.2013 24.01.2013 22.10.2012 20.10.2012 06.09.2012 23.07.2012 16.05.2012

01.10.2013

Reliance Infrastructure Ltd Reliance Infrastructure Ltd. generates, distributes, and transmits electricity. The Company also builds highways, roads, bridges, rapid transit systems, airports, and other projects. Reliance Infrastructure is a member of the Reliance Anil Dhirubhai Ambani Group.

Price/Volume 600

1.8 M 1.6 M

500

1.4 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (02.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RELI IB EQUITY YTD Change RELI IB EQUITY YTD % CHANGE

03/2013 06/yy 572.35 308.00 333'212.00 373.65 -34.43% 21.31% 23.87% 263.0 98'266.21 219'761.80 0.0 2'312.2 30'023.60 290'316.61

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

1.0 M .8 M

200

.6 M .4 M

100

.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 31.03.2009 100'916.0 1.64x 8'515.8 19.44x 13'532.3 8.77x

1.2 M

300

31.03.2010 31.03.2011 112'984.1 98'095.4 2.59x 2.58x 12'947.5 18'980.8 22.57x 13.34x 15'193.9 15'516.1 14.82x 11.12x Profitability

LTM-4Q 31.03.2012 173'631.7 1.78x 27'392.2 11.27x 15'868.1 9.78x

31.03.2013 155'100.7 1.79x 29'906.2 9.27x 22'468.3 3.80x

29'906.20 24'395.20 15.73% 15.83% 3.51% 8.92% 8.13% 0.24% 19.3% 15.7% 14.5% 1.01 0.29 33.05% 84.13% 3.59 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.98 1.68 109.03 -31.10% -26.75% 1.678 24 4.667 510'162 599'836 621'897 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 240'188.6 223'191.2 217'261.7 231'314.1 55'615.0 2.28x 2.51x 0.97x 1.05x 26'721.1 30'176.2 32'641.0 36'601.7 10'313.0 0.00x 0.00x 8.89x 7.93x 16'134.0 22'500.7 17'186.3 18'952.6 4'227.0 9.22x 4.08x 5.89x 5.52x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1.89 -0.67 6.34 7.35 84.1% 45.5% 0.24 1.34 101.80 -

Sales/Revenue/Turnover

60.00

200'000.0 180'000.0

50.00

160'000.0 140'000.0

40.00

120'000.0

30.00

100'000.0 80'000.0

20.00

60'000.0 40'000.0

10.00 0.00 04.04.2010

20'000.0 0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

1998199920002001200220032004200520062007200820092010201120122013

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

01.10.2013

Reliance Infrastructure Ltd Holdings By:

All

Holder Name AAA PROJECT VENTURES LIFE INSURANCE CORP RELIANCE BIG ENTERTA NEW INDIA ASSURANCE RELIANCE CAPITAL TRU VANGUARD GROUP INC ORIENTAL INSURANCE C GENERAL INSURANCE CO BRANDES INVESTMENT P SCHRODER INVESTMENT BANK OF NEW YORK MEL BLACKROCK RELIANCE INNOVENTURE DSP BLACKROCK INVEST SEB ROBECO ARTISAN PARTNERS HOL EATON VANCE MANAGEME RELIANCE ADA GROUP T INVESCO LTD

Firm Name KR Choksey Shares & Sec Pvt Ltd Firstcall India Equity Advisors Pvt Ltd India Nivesh Ltd Batlivala & Karani Securities Nirmal Bang Institutional Equities Morgan Stanley JPMorgan IDFC Securities Ltd Edelweiss Capital UBS Motilal Oswal Securities Ltd Kotak Securities Prabhudas Lilladher Pvt Ltd Barclays HSBC ICICI Securities EVA Dimensions IIFL Prime Broking Company Ventura Securities Ltd BNP Paribas Equity Research Standard Chartered

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

Analyst ANKUSH MAHAJAN TEAM COVERAGE SANTOSH YELLAPU DHAVAL PATEL AMIT K SRIVASTAVA PARAG GUPTA SUMIT KISHORE SHIRISH RANE SHANKAR K PANKAJ SHARMA NALIN BHATT MURTUZA ARSIWALLA RUPA SHAH SAURABH MISHRA ASHUTOSH NARKAR ROHIT AHUJA DOUG WALTERS HARSHAWARDHAN S DOLE ROHIT SANGHAVI TEAM COVERAGE VISHAL SHARMA GAURAV PATHAK

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

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

Amt Held 106'148'937 26'332'848 19'500'000 4'284'186 4'256'524 3'678'734 3'448'891 3'234'303 1'916'600 1'820'241 1'588'381 1'315'011 864'675 753'914 723'706 556'864 530'646 523'100 450'000 379'858

% Out 40.36 10.01 7.41 1.63 1.62 1.4 1.31 1.23 0.73 0.69 0.6 0.5 0.33 0.29 0.28 0.21 0.2 0.2 0.17 0.14

Weighting

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

Latest Chg 225'000 272'030 457'850 1'812'880 (16'000) 319'421 656'600 109'525 (70'708) -

Target Price 587 425 610 464 590 460 530 616 509 535 695 710 402 455 400 1'081 #N/A N/A 550 666 336 723 623

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 31.08.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.12.2012 27.09.2013 27.09.2013 30.06.2013 31.08.2013 31.03.2013 30.04.2013 31.03.2013 31.07.2013 30.06.2013 27.09.2013

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

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

Date 27.09.2013 17.09.2013 03.09.2013 30.08.2013 26.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 19.08.2013 19.08.2013 31.07.2013 31.07.2013 31.07.2013 02.07.2013 24.06.2013 06.06.2013 16.05.2013 31.01.2013 30.01.2013 28.01.2013 18.10.2012

01.10.2013

Power Finance Corp Ltd Power Finance Corporation funds power projects in India. The Company serves state power utilities, central power sector utilities, power departments, private power sector utilities, joint sector power utilities, power equipment manufacturers, and municipal power utilities.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2013) 52-Week Low (02.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance POWF IB EQUITY YTD Change POWF IB EQUITY YTD % CHANGE

03/2013 03/yy 227.00 97.40 239'302.00 129.9 -42.56% 33.37% 25.77% 1'320.0 171'472.78 1'395'827.10 0.0 0.0 1'477.20 1'565'822.67

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

1.20

2.5 M

200

2.0 M

150

1.5 M

100

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 31.03.2009 65'720.2 10.46x 64'433.3 10.67x 19'796.9 8.38x

250

31.03.2010 31.03.2011 81'217.1 102'141.0 11.91x 11.16x 80'285.9 100'484.9 12.05x 11.35x 23'783.0 26'471.2 12.47x 10.84x Profitability

LTM-4Q 31.03.2012 130'774.2 10.28x 126'001.7 10.67x 30'588.5 7.81x

31.03.2013 172'850.6 9.45x 168'931.1 9.67x 44'377.4 5.37x 168'931.10 93.70% 34.67% 2.90% 19.74% 3.01% 0.11% 97.7% 25.7% 82.14% 577.80% -

LTM

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

03/yy 18'169.4 0.00x 17'903.9 0.00x 3'905.8 0.00x

FY+1

.0 M o-13

5.39 1.32 238.87 -28.35% -33.96% 1.324 34 4.382 308'105 509'549 532'665 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 75'102.8 81'174.3 17'858.5 17'214.5 47'445.4 51'598.0 11'800.0 10'215.0 3.62x 3.29x 4.48x 4.64x S&P Issuer Ratings

30.01.2007 BBBNEG 23.08.2004 NR 8.25 8.26 577.8% 85.2% 0.11 240.15 -

Sales/Revenue/Turnover

200'000.0 180'000.0

1.00

160'000.0 140'000.0

0.80 0.60 0.40

120'000.0 100'000.0 80'000.0 60'000.0 40'000.0

0.20

20'000.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

01.10.2013

Power Finance Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP GOVT PENSION FUND GL NORGES BANK VANGUARD GROUP INC PRUDENTIAL ICICI ASS HDFC ASSET MANAGEMEN ROBECO ICICI PRUDENTIAL LIF NOMURA BLACKROCK SEB BANK OF NEW YORK MEL JUPITER ASSET MANAGE SBI FUNDS MANAGEMENT JYSKE INVEST DIMENSIONAL FUND ADV KOTAK MAHINDRA SUMITOMO MITSUI ASSE ALLIANZ ASSET MANAGE

Firm Name

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

Analyst

Macquarie SURESH GANAPATHY Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Axis Capital Limited PRAVEEN AGRAWAL Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA Goldman Sachs RAHUL JAIN BNP Paribas Equity Research AVNEESH SUKHIJA Espirito Santo Investment Bank Research SANTOSH SINGH Barclays JATIN MAMTANI HDFC Securities DARPIN SHAH Antique Stock Broking Limited DIGANT HARIA Kotak Securities NISCHINT CHAWATHE Motilal Oswal Securities Ltd ALPESH MEHTA Spark Capital Advisors JYOTHI KUMAR VARMA HSBC TEJAS MEHTA JM Financial Institutional Securities P KARAN UBEROI Equirus Securities Pvt Ltd DEVAM MODI Anand Rathi Securities Pvt. Ltd. KAITAV SHAH Batlivala & Karani Securities VISHAL SHETH Sunidhi Consultancy Services AMIT JAIN Tata Securities Limited BIJOY SHAH Ambit Capital Pvt Ltd PANKAJ AGARWAL Quant Broking Pvt Ltd NITIN KUMAR Avendus Capital Private Ltd JAYNEE SHAH Quantum Securities Pvt Ltd RATI PANDIT Deutsche Bank MANISH SHUKLA Religare Capital Markets SIDDHARTH TELI Nomura ABHISHEK BHATTACHARYA Edelweiss Capital KUNAL SHAH IIFL SAMPATH S K KUMAR Microsec Capital SANJEEV JAIN EVA Dimensions DOUG WALTERS Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA India Nivesh Ltd DALJEET SINGH KOHLI ICICI Securities SHASHIN UPADHYAY ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT Ashika Stock Broking Limited PARAS BOTHRA Inventure Growth & Securities Ltd MILAN BAVISHI Dalmia Securities Pvt Ltd SUBRATA SARKAR

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

Recommendation outperform buy buy buy Buy/Neutral buy buy underweight neutral hold buy Under Review buy overweight buy buy buy outperform buy buy sell buy buy buy buy buy buy buy reduce buy buy accumulate not rated add buy buy buy buy

Amt Held 973'061'665 93'582'498 14'491'465 12'380'528 9'114'836 8'863'988 6'853'886 6'798'287 6'785'171 4'818'954 4'348'689 3'769'274 2'444'581 1'838'955 1'544'882 1'485'550 1'463'963 1'334'000 1'200'000 1'154'735

% Out 73.71 7.09 1.1 0.94 0.69 0.67 0.52 0.52 0.51 0.37 0.33 0.29 0.19 0.14 0.12 0.11 0.11 0.1 0.09 0.09

Weighting

Change

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

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

Latest Chg 541'082 1'304'466 1'608 22'599 (424'799) 2'564'223 (1'650'615) (78'000) 112'958 224'000 -

Target Price 130 150 130 248 135 155 177 101 116 123 185 #N/A N/A 160 130 160 163 187 152 178 151 #N/A N/A 212 197 160 170 180 240 155 214 #N/A N/A #N/A N/A 210 #N/A N/A 233 225 235 #N/A N/A 252

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

File Dt 30.06.2013 23.09.2013 30.06.2013 31.12.2012 30.06.2013 31.08.2013 31.08.2013 30.04.2013 31.08.2013 10.05.2013 27.09.2013 31.03.2013 27.09.2013 31.05.2013 31.08.2013 31.07.2013 30.04.2013 31.08.2013 18.07.2012 31.05.2013

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

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

Date 30.09.2013 28.09.2013 27.09.2013 19.09.2013 05.09.2013 03.09.2013 30.08.2013 29.08.2013 26.08.2013 22.08.2013 21.08.2013 19.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 03.08.2013 02.08.2013 02.08.2013 25.06.2013 08.06.2013 06.06.2013 09.04.2013 31.01.2013 09.11.2012 25.05.2012 17.04.2012 26.03.2012 02.08.2011

01.10.2013

Indian Oil Corp Ltd Indian Oil Corporation Limited explores for and refines crude oil, in addition to manufacturing petroleum & petroleum products. The Company's products include lubricating oils, liquid petroleum gas, aviation turbine fuels, greases, wax, bitumen and asphalt. Indian Oil Corporation has retail outlets throughout India. The greatest majority shareholding in the Company is held by Indian Government.

Price/Volume 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (31.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IOCL IB EQUITY YTD Change IOCL IB EQUITY YTD % CHANGE

03/2013 01/yy 375.00 186.20 43'222.00 205.7 -45.05% 10.47% 11.57% 2'428.0 499'429.84 895'958.80 0.0 12'617.6 148'272.80 1'259'733.43

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

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

Fiscal Year Ended 31.03.2009 2'441'665.6 0.32x 135'248.5 5.70x 25'994.0 18.11x

150

31.03.2010 31.03.2011 2'333'291.8 3'097'970.2 0.43x 0.40x 144'779.6 148'675.4 6.92x 8.34x 107'131.9 78'307.2 6.70x 10.32x Profitability

31.03.2012 4'089'230.0 0.32x 224'275.8 5.85x 42'259.8 15.09x

31.03.2013 4'617'796.7 0.31x 163'080.5 8.85x 44'490.1 15.37x

163'080.50 105'794.80 2.29% 0.98% 1.94% 7.21% 5.70% 2.02% 3.5% 2.3% 1.0% 1.03 0.21 37.69% 142.13% 38.40 -

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M o-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.01 0.75 171.04 -16.16% -21.49% 0.751 40 3.825 78'792 83'528 77'182 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 ######### ######### 0.24x 0.23x 165'623.2 188'411.8 7.60x 6.68x 59'666.1 71'731.4 8.44x 6.91x S&P Issuer Ratings

29.12.2009 NR 2.73 0.59 4.58 5.49 142.1% 58.2% 2.02 5.65 9.51 -

Sales/Revenue/Turnover

25.00

5'000'000.0 4'500'000.0 4'000'000.0

20.00

3'500'000.0 15.00

3'000'000.0

10.00

2'500'000.0 2'000'000.0 1'500'000.0 1'000'000.0

5.00

500'000.0 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 |

01.10.2013

Indian Oil Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA OIL & NATURAL GAS CO LIFE INSURANCE CORP IOC SHARES TRUST HDFC ASSET MANAGEMEN VANGUARD GROUP INC NORGES BANK TEMPLETON ASSET MGMT BRANDES INVESTMENT P INVESCO LTD UTI ASSET MANAGEMENT BANK OF NEW YORK MEL DIMENSIONAL FUND ADV SBI FUNDS MANAGEMENT WARBURG INVEST LUXEM L&T INVESTMENT MANAG EATON VANCE MANAGEME CAPITAL AT WORK INTE QUANTUM ASSET MGMT C WELLS FARGO & COMPAN

Firm Name JM Financial Institutional Securities P Nomura Batlivala & Karani Securities Axis Capital Limited Credit Suisse Ambit Capital Pvt Ltd Quant Broking Pvt Ltd HSBC Motilal Oswal Securities Ltd Tata Securities Limited CIMB Antique Stock Broking Limited IIFL Macquarie Spark Capital Advisors Emkay Share & Stock Brokers SBI Capital Markets HDFC Securities ICICIdirect.com Barclays BOB Capital Markets Deutsche Bank Morgan Stanley JPMorgan IDFC Securities Ltd IDBI Capital Market Services Ltd Edelweiss Capital Standard Chartered EVA Dimensions Daiwa Securities Co. Ltd. UBS Religare Capital Markets Avendus Capital Private Ltd Kotak Securities Goldman Sachs Elara Securities India Pvt Ltd Systematix Shares & Stocks Ltd India Infoline Firstcall India Equity Advisors Pvt Ltd LKP Shares and Securities Ltd IFCI Financial Services Equirus Securities Pvt Ltd

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

Analyst GARIMA MISHRA ANIL SHARMA BHAVIN GANDHI AMIT MISHRA SANJAY MOOKIM DAYANAND MITTAL GAGAN DIXIT KUMAR MANISH HARSHAD BORAWAKE SWARNENDU BHUSHAN AVADHOOT SABNIS AMIT RUSTAGI BHASKAR CHAKRABORTY ABHISHEK AGARWAL MAYUR PATEL DHAVAL JOSHI AMIT AGARWAL AISHWARYA DEEPAK MAYUR MATANI SOMSHANKAR SINHA NEELABH SHARMA HARSHAD KATKAR VINAY JAISING NEIL GUPTE PRAKASH JOSHI SUDEEP ANAND NIRAJ MANSINGKA RAHUL SINGH DOUG WALTERS NIRMAL RAGHAVAN ASHISH JAGNANI NITIN TIWARI SAURABH BHARAT TARUN LAKHOTIA NILESH BANERJEE ALOK DESHPANDE SUDARSHAN NARASIMHAN PRAYESH JAIN TEAM COVERAGE CHIRAG DHAIFULE ABHIJEET BORA MAULIK PATEL

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

Recommendation hold buy outperform hold neutral buy buy neutral buy sell outperform buy buy outperform add accumulate buy buy hold underweight hold buy Underwt/Attractive neutral underperform accumulate buy outperform underweight buy neutral Under Review buy add Sell/Neutral accumulate buy market perform buy neutral sell buy

Amt Held 1'916'155'710 212'906'190 69'545'001 58'279'614 8'891'995 8'621'821 3'655'581 2'852'300 2'367'089 2'123'116 1'533'501 1'452'614 1'339'609 1'000'811 1'000'000 715'000 464'300 450'000 258'365 253'733

% Out 78.92 8.77 2.86 2.4 0.37 0.36 0.15 0.12 0.1 0.09 0.06 0.06 0.06 0.04 0.04 0.03 0.02 0.02 0.01 0.01

Weighting

Change

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

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

Latest Chg 1'817'747 (25'200) 594'550 117'187 (59'568) 48

Target Price 259 325 272 210 233 251 333 262 271 195 290 302 260 300 255 285 293 260 204 225 224 265 163 320 198 227 324 251 #N/A N/A 303 255 #N/A N/A 371 250 285 640 #N/A N/A 340 339 276 286 350

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 31.08.2013 30.06.2013 31.12.2012 31.08.2013 31.08.2013 27.09.2013 31.08.2013 27.09.2013 30.04.2013 31.08.2013 28.03.2013 31.08.2013 31.07.2013 30.08.2013 31.08.2013 31.07.2013

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

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

Date 30.09.2013 30.09.2013 27.09.2013 27.09.2013 24.09.2013 19.09.2013 19.09.2013 17.09.2013 12.09.2013 11.09.2013 09.09.2013 06.09.2013 21.08.2013 20.08.2013 19.08.2013 16.08.2013 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 12.08.2013 29.07.2013 12.07.2013 11.07.2013 08.07.2013 26.06.2013 21.06.2013 13.06.2013 06.06.2013 03.06.2013 13.03.2013 02.03.2013 17.08.2012 06.07.2012 07.12.2011

01.10.2013

Federal Bank Ltd Federal Bank Limited operates branches and regional offices throughout India. The Bank offers a wide range of financial services, including merchant banking, international banking and foreign exchange, leasing facilities, money markets and agricultural advances. The Bank also provides lending for hi-tech agricultural and government sponsored schemes.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (04.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FB IB EQUITY YTD Change FB IB EQUITY YTD % CHANGE

03/2013 01/yy 550.75 221.25 43'310.00 286.45 -47.72% 29.47% 19.36% 171.0 48'976.86 59'562.30 0.0 0.0 37'294.98 -

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

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

31.03.2010 31.03.2011 43'031.4 45'700.4 4'396.7 5'564.7 10.38x 12.87x Profitability

31.03.2012 61'135.8 7'537.3 9.68x

31.03.2013 69'107.6 8'526.6 9.64x

44.77% 44.87% 1.30% 14.38% 7.55% 0.11% 31.6% 8.39% 95.07% -

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

3.14 1.09 136.68 -34.86% -45.59% 1.088 36 4.500 49'076 70'454 59'017

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

S&P Issuer Ratings

95.1% 48.7% 0.11 18.45 -

Sales/Revenue/Turnover

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00

50'000.0

4.00

40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 38'308.2 4'720.1 5.00x

600

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 |

01.10.2013

Federal Bank Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES INTERNATIONAL FINANC HDFC ASSET MANAGEMEN TEMPLETON ASSET MGMT WARHOL LTD YUSUFFAL MUSALIAM VE LIFE INSURANCE CORP MORGAN STANLEY NAPEAN TRDG INVES CO RELIANCE CAPITAL TRU GENERAL INSURANCE CO EQUINOX PARTNERS LP EASTSPRING INVESTMEN DEUTSCHE BANK TRUST DIMENSIONAL FUND ADV AMANSA CAPITAL PVT L SUN LIFE FINANCIAL I BANK MUSCAT SAOG KUROTO FUND LP REGAL INV TRADING CO

Firm Name

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

Analyst

HDFC Securities DARPIN SHAH Spark Capital Advisors ABHINESH VIJAYARAJ Anand Rathi Securities Pvt. Ltd. KAITAV SHAH Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA Goldman Sachs RAHUL JAIN Batlivala & Karani Securities VIKASH MUNDHRA Espirito Santo Investment Bank Research SAIKIRAN PULAVARTHI Equirus Securities Pvt Ltd ROHAN MANDORA Kotak Securities MB MAHESH Ambit Capital Pvt Ltd RAVI SINGH Barclays ANISH TAWAKLEY UBS VISHAL GOYAL Sunidhi Consultancy Services KANIKA THACKER ICICIdirect.com KAJAL GANDHI Almondz Global Securities Ltd SHIVRAJ GUPTA Motilal Oswal Securities Ltd ALPESH MEHTA JM Financial Institutional Securities P PUNEET GULATI Nirmal Bang Securities Private Ltd SILKY JAIN Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA Centrum Broking Pvt Ltd BHAVESH KANANI Quantum Securities Pvt Ltd RATI PANDIT CIMB VIVEK VERMA Emkay Share & Stock Brokers PRADEEP AGRAWAL Edelweiss Capital NILESH PARIKH Sharekhan Ltd TEAM COVERAGE EVA Dimensions DOUG WALTERS First Global Stockbroking DEVINA MEHRA MSFL - Institutional Business Group LAXMI AHUJA Dani Shares and Stocks Pvt Ltd NAMITA LOHIA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE India Infoline BHAVNA SINYAL Fairwealth Securities Ltd PREETI GUPTA Angel Broking Limited VAIBHAV AGRAWAL Right Horizons Financial Services JAGDISH BHANUSHALI Maybank Kim Eng JIGAR A SHAH SKP Securities Limited VIKESH P MEHTA JHP Securities Private Limited KUNAL SABNIS ULJK Securities Pvt. Ltd. India RICHA CHANDAK

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

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

Amt Held 16'851'477 8'224'239 6'928'130 6'726'347 6'565'212 6'315'364 4'918'543 4'787'930 4'103'041 3'914'854 3'885'000 3'643'927 3'519'348 3'381'312 3'247'353 2'789'680 2'553'722 2'362'171 1'900'907 1'846'029

% Out 9.86 4.81 4.05 3.93 3.84 3.69 2.88 2.8 2.4 2.29 2.27 2.13 2.06 1.98 1.9 1.63 1.49 1.38 1.11 1.08

Weighting

Change

5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 #N/A N/A 5 4 3 5 3 5 5 5 5 3 5 5 3 5 5 4 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 D M M M M U M M M M U U M

Latest Chg 3'546'073 44'000 163'500 (1'521'359) 93'767 56'173 -

Target Price 409 448 364 420 410 450 565 410 400 312 390 425 547 320 513 446 #N/A N/A 470 421 425 510 400 580 575 500 #N/A N/A #N/A N/A 537 600 490 584 609 549 540 525 468 498 530

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

File Dt Inst Type 30.06.2013 Investment Advisor 30.06.2013 Government 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Holding Company 30.06.2013 n/a 30.06.2013 Government 30.06.2013 Investment Advisor 30.06.2013 Other 31.08.2013 Other 30.06.2013 Government 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Other 31.07.2013 Investment Advisor 30.06.2013 Bank 30.06.2013 n/a 30.06.2013 Other

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 9 month 12 month Not Provided Not Provided Not Provided 12 month 1 month 12 month

Date 23.09.2013 23.09.2013 19.09.2013 11.09.2013 05.09.2013 05.09.2013 05.09.2013 05.09.2013 03.09.2013 29.08.2013 29.08.2013 27.08.2013 23.08.2013 21.08.2013 20.08.2013 19.08.2013 01.08.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 12.07.2013 07.05.2013 06.05.2013 03.05.2013 02.05.2013 06.03.2013 08.02.2013 18.12.2012 05.11.2012 22.10.2012 05.09.2012 04.08.2012 24.01.2012

01.10.2013

United Phosphorus Ltd United Phosphorus Ltd. manufactures, distributes and exports off-patent agrochemicals. The Company also manufactures phosphorus & phosphorus-based compounds and its products include herbicides, fungicides, insecticides, fumigants and rodenticides. United Phosphorus also manufactures industrial chemicals, specialty chemicals and chloralkaline products

Price/Volume 180

4.0 M

160

3.5 M

140

3.0 M

120

2.5 M

100

Latest Fiscal Year: LTM as of: 52-Week High (05.06.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNTP IB EQUITY YTD Change UNTP IB EQUITY YTD % CHANGE

03/2013 06/yy 167.50 108.00 70'082.00 142.85 -14.54% 32.27% 61.68% 442.6 63'226.03 42'033.20 0.0 2'342.3 18'216.40 89'385.13

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

1.5 M

60 40

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 31.03.2009 48'021.2 1.26x 9'791.1 6.16x 4'558.7 9.47x

2.0 M

Valuation Analysis

31.03.2010 31.03.2011 52'900.4 57'606.8 1.34x 1.13x 9'156.9 10'858.3 7.74x 5.98x 5'261.6 5'576.2 12.46x 12.00x Profitability

LTM-4Q 31.03.2012 76'713.2 1.16x 14'066.6 6.33x 5'555.5 10.81x

31.03.2013 91'945.2 0.85x 16'846.5 4.64x 7'746.0 6.86x

16'846.50 13'309.30 14.48% 10.62% 6.79% 17.57% 12.11% 0.81% 18.3% 14.5% 8.4% 1.77 1.07 33.75% 90.49% 3.58 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.75 1.09 301.28 10.57% 11.71% 1.087 28 4.750 122'550 168'856 182'966 FY+2

FQ+1

FQ+2

06/yy 78'925.3 1.10x 14'469.9 0.00x 5'741.5 10.11x

06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 92'395.9 103'052.4 113'964.0 22'804.0 24'387.0 0.85x 0.88x 0.75x 17'240.6 18'686.7 20'888.8 4'252.0 5'164.0 0.00x 4.78x 4.28x 7'843.4 8'946.3 10'463.9 1'493.0 2'036.0 7.70x 7.04x 6.02x 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

5.33 3.82 1.41 2.50 90.5% 46.3% 0.81 6.21 101.83 -

Sales/Revenue/Turnover

12.00

100'000.0 90'000.0

10.00

80'000.0 70'000.0

8.00

60'000.0

6.00

50'000.0 40'000.0

4.00

30'000.0 20'000.0

2.00 0.00 04.04.2010

10'000.0 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 |

01.10.2013

United Phosphorus Ltd Holdings By:

All

Holder Name NERKA CHEMICALS PVT UNIPHOS ENTERPRISES HDFC LIFE INSURANCE GOLDMAN SACHS ASIA L LIFE INSURANCE CORP RELIANCE CAPITAL TRU PRUDENTIAL ICICI ASS ICICI PRUDENTIAL LIF CAPITAL GROUP COMPAN SBI FUNDS MANAGEMENT CITIBANK INTERNATION DIMENSIONAL FUND ADV CREDIT SUISSE/SINGAP INVESCO ASSET MANAGE INVESCO LTD SUNDARAM ASSET MANAG SHROFF SHILPA R BRANDES INVESTMENT P ALLIANCE BERNSTEIN NORDEA INV MANAGEMEN

Firm Name Edelweiss Capital Angel Broking Limited Kotak Securities Motilal Oswal Securities Ltd Phillip Securities IIFL Indsec Securities & Finance Ltd Emkay Share & Stock Brokers Quant Broking Pvt Ltd MSFL - Institutional Business Group Quantum Securities Pvt Ltd India Nivesh Ltd Deutsche Bank Morgan Stanley CIMB Prabhudas Lilladher Pvt Ltd Batlivala & Karani Securities HDFC Securities Sharekhan Ltd Right Horizons Financial Services EVA Dimensions Sunidhi Consultancy Services UBS IDFC Securities Ltd JHP Securities Private Limited Nirmal Bang Securities Private Ltd Firstcall India Equity Advisors Pvt Ltd Spark Capital Advisors Shah Investor's Home Limited Prime Broking Company

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

Analyst MANISH MAHAWAR SARABJIT KOUR NANGRA JASDEEP WALIA JINESH K GANDHI GAURI ANAND ABHIJIT R AKELLA MILAN WADKAR ROHAN GUPTA HIMANSHU NAYYAR RAHUL METKAR AMIT RANE DALJEET SINGH KOHLI AMIT MURARKA GIRISH ACHHIPALIA ATUL RASTOGI BALWINDAR SINGH G VIJAYARAGHAVAN SATISH MISHRA TEAM COVERAGE TUSHAR PENDHARKAR TIMOTHY STANISH SHYAM BHATT GAUTAM CHHAOCHHARIA NITIN AGARWAL ABHISHEK JAIN RUNJHUN JAIN NAGRAJ TEAM COVERAGE MUKESH SARAF AMEYA HARDAS ROHIT SANGHAVI

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

Recommendation buy buy reduce buy buy add buy accumulate buy buy buy buy buy Overwt/Attractive outperform buy buy neutral buy buy buy buy buy outperform buy buy buy add buy buy

Amt Held 98'633'100 25'337'060 17'251'955 15'410'833 13'311'787 8'608'573 7'722'554 7'610'111 6'232'375 6'120'000 5'681'083 5'492'009 4'602'187 3'327'511 3'206'868 2'935'000 2'907'279 2'790'325 2'696'693 1'603'466

% Out 22.28 5.72 3.9 3.48 3.01 1.94 1.74 1.72 1.41 1.38 1.28 1.24 1.04 0.75 0.72 0.66 0.66 0.63 0.61 0.36

Weighting

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

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

Latest Chg (648'627) 792'375 320'000 234'060 8'721 (35'472) 1'224'444 492'200 (1'133'322)

Target Price 185 225 135 205 165 175 191 172 270 205 196 217 175 196 185 185 175 150 180 170 #N/A N/A 183 180 240 168 #N/A N/A 134 140 158 167

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 31.08.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.04.2013 30.06.2013 31.01.2013 28.03.2013 31.08.2013 30.06.2013 31.08.2013 30.06.2013 31.07.2013

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

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

Date 30.09.2013 13.09.2013 21.08.2013 19.08.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 06.06.2013 02.05.2013 26.04.2013 25.04.2013 28.02.2013 31.01.2013 30.10.2012 23.07.2012 03.05.2012 31.01.2012

01.10.2013

Siemens Ltd Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

Price/Volume

09/2012 01/yy 749.95 414.05 29'001.00 488 -34.88% 17.86% 19.05% 356.1 173'786.50 0.00 0.0 0.0 12'750.40 161'036.10

.4 M .3 M .3 M .2 M

300

.2 M

200

.1 M

100

.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

.4 M

600 400

Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (03.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIEM IB EQUITY YTD Change SIEM IB EQUITY YTD % CHANGE

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

.5 M

700 500

Valuation Analysis

30.09.2008 96'336.4 1.24x 7'274.2 16.46x 5'995.5 22.41x

800

30.09.2009 30.09.2010 92'336.3 95'752.1 1.88x 2.70x 10'386.8 13'296.2 16.67x 19.47x 7'046.0 7'577.7 26.66x 36.64x Profitability

30.09.2011 119'063.4 2.29x 12'670.3 21.49x 8'677.5 32.71x

30.09.2012

LTM-4Q

LTM

01/yy

12'670.26 11'130.35 9.35% 10.83% 8.91% 24.46% 24.70% 1.22% 24.1% 10.6% 9.3% 7.3% 1.35 0.86 0.00% 0.00% 3.14 11.84

Price/ Cash Flow

FY+1 -

.0 M o-13

1.23 1.15 51.06 -30.63% -26.17% 1.153 26 1.846 44'048 78'686 58'408 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 115'903.7 131'158.5 1.35x 1.15x 6'757.4 10'270.7 23.86x 15.68x 3'759.7 6'438.4 45.24x 26.30x S&P Issuer Ratings

99.55 65.51 -1.01 0.00 0.0% 0.0% 1.22 9.65 116.24 30.84 116.43 30.65

Sales/Revenue/Turnover

350.00

140'000.0

300.00

120'000.0

250.00

100'000.0

200.00

80'000.0

150.00

60'000.0

100.00

40'000.0

50.00

20'000.0

0.00 05.10.200805.04.200905.10.200905.04.201005.10.201005.04.201105.10.201105.04.201205.10.201205.04.2013

0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

01.10.2013

Siemens Ltd Holdings By:

All

Holder Name SIEMENS AG LIFE INSURANCE CORP SIEMENS VAI METALS T VANGUARD GROUP INC RELIANCE CAPITAL TRU IDFC MUTUAL FUND BLACKROCK UTI ASSET MANAGEMENT SUNDARAM ASSET MANAG INVESCO LTD GOLDMAN SACHS GROUP NORGES BANK DSP BLACKROCK INVEST BLACKROCK ASSET MANA CAISSE DE DEPOT ET P DWS INVESTMENTS BANK OF NEW YORK MEL DIMENSIONAL FUND ADV STATE STREET CORP EATON VANCE MANAGEME

Firm Name Axis Capital Limited Jefferies Phillip Securities Deutsche Bank Motilal Oswal Securities Ltd Macquarie CIMB Prabhudas Lilladher Pvt Ltd Anand Rathi Securities Pvt. Ltd. Antique Stock Broking Limited Quant Broking Pvt Ltd Nirmal Bang Institutional Equities JPMorgan Tata Securities Limited Religare Capital Markets Daiwa Securities Co. Ltd. Kotak Securities Batlivala & Karani Securities Edelweiss Capital IIFL HSBC EVA Dimensions BNP Paribas Equity Research Firstcall India Equity Advisors Pvt Ltd Ventura Securities Ltd Barclays Jaypee Capital Services

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

Analyst BHAVIN VITHLANI LAVINA QUADROS ANKUR SHARMA MANISH SAXENA SATYAM AGARWAL INDERJEET SINGH BHATIA HARISH BIHANI KUNAL SHETH AMOL RAO DHIRENDRA TIWARI ABHINEET ANAND CHIRAG MUCHHALA SUMIT KISHORE RAVIKIRAN SURANA MISAL SINGH SAURABH MEHTA LOKESH GARG RENU BAID AMIT MAHAWAR GOPAL RITOLIA ASHUTOSH NARKAR TIMOTHY STANISH GIRISH NAIR TEAM COVERAGE TEAM COVERAGE VENUGOPAL GARRE JYOTSNA SAWDEKAR

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

Recommendation sell hold neutral sell neutral underperform underperform reduce sell hold sell sell underweight sell hold underperform reduce underperform hold sell neutral sell buy hold sell underweight sell

Amt Held 255'351'805 37'960'310 11'738'108 2'416'083 1'345'840 1'034'212 832'055 459'893 402'476 304'066 267'628 266'390 254'380 182'967 153'197 143'080 133'428 122'093 109'099 104'980

% Out 71.7 10.66 3.3 0.68 0.38 0.29 0.23 0.13 0.11 0.09 0.08 0.07 0.07 0.05 0.04 0.04 0.04 0.03 0.03 0.03

Weighting

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

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

Latest Chg 140'525 (61'004) 57'958 1'221 (58'875) 71'388 (174'068) 10'308 21'874 -

Target Price 351 465 400 390 333 386 400 410 290 402 395 362 400 380 460 420 400 375 431 352 590 #N/A N/A 620 581 #N/A N/A 590 750

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 31.08.2013 31.08.2013 27.09.2013 31.08.2013 31.08.2013 27.09.2013 30.04.2013 31.12.2012 31.08.2013 30.08.2013 31.12.2012 28.06.2013 27.09.2013 30.04.2013 27.09.2013 31.07.2013

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

Inst Type Corporation Government Corporation Investment Advisor Other 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

Date 27.09.2013 26.09.2013 04.09.2013 28.08.2013 20.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 03.08.2013 03.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 03.07.2013 06.06.2013 06.03.2013 06.03.2013 04.02.2013 10.09.2012 18.01.2012

01.10.2013

Jaiprakash Associates Ltd Jaiprakash Associates Ltd. is an industrial conglomerate. The Company's lines of business include engineering and construction, cement, power, hospitality, real estate, and expressways and highways.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.12.2012) 52-Week Low (19.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JPA IB EQUITY YTD Change JPA IB EQUITY YTD % CHANGE

03/2013 01/yy 106.75 28.40 2'041'987.00 34.95 -67.12% 23.06% 8.30% 2'219.1 77'556.98 631'109.80 0.0 38'601.5 18'573.40 728'694.87

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

12.0 M

100

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 o-12

31.03.2010 31.03.2011 63'743.3 112'593.4 9.33x 5.30x 23'459.3 50'554.3 25.34x 11.80x 11'191.8 17'928.2 28.24x 11.00x Profitability

31.03.2012 147'732.3 4.87x 55'188.3 13.03x 6'329.2 27.45x

31.03.2013 188'163.9 4.23x 68'248.1 11.67x 4'617.9 30.41x

68'248.10 53'933.10 28.66% 4.92% 0.53% 3.84% 6.01% 0.22% 36.3% 28.7% 2.5% 0.94 0.18 66.75% 502.76% 10.35 -

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

s-13

FY+1 -

.0 M o-13

1.43 1.73 1'112.32 -58.95% -63.61% 1.729 36 4.028 2'226'962 4'778'416 4'356'026 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 220'204.8 258'973.8 3.03x 2.57x 79'143.1 99'675.5 9.21x 7.31x 5'676.9 11'969.6 2'089.0 2'564.0 12.41x 6.31x S&P Issuer Ratings

1.57 -1.26 8.98 9.25 502.8% 79.4% 0.22 0.35 35.26 -

Sales/Revenue/Turnover

160.00

200'000.0

140.00

180'000.0 160'000.0

120.00

140'000.0

100.00

120'000.0

80.00

100'000.0 80'000.0

60.00

60'000.0

40.00

40'000.0

20.00

20'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 46'177.9 6.04x 19'046.5 14.65x 4'202.5 27.77x

120

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 |

01.10.2013

Jaiprakash Associates Ltd Holdings By:

All

Holder Name JAYPEE VENTURES PVT LIFE INSURANCE CORP HSBC GLOBAL INV MAUR HDFC ASSET MANAGEMEN GAUR SAMIR PLATINUM INVESTMENT DIXIT REKHA SHARMA SUNIL KUMAR T ROWE PRICE ASSOCIA VANGUARD GROUP INC GAUR SUNNY DIMENSIONAL FUND ADV BLACKROCK UTI ASSET MANAGEMENT HSBC INVESTMENTS HON NORGES BANK DSP BLACKROCK INVEST SCHRODER INVESTMENT JAIN SARAT KUMAR JAIN KUMUD

Firm Name Axis Capital Limited Macquarie Maybank Kim Eng HDFC Securities Angel Broking Limited Edelweiss Capital ICICIdirect.com Barclays India Nivesh Ltd Morgan Stanley Credit Suisse IDFC Securities Ltd EVA Dimensions Goldman Sachs Sharekhan Ltd Motilal Oswal Securities Ltd Deutsche Bank UBS HSBC ICICI Securities Prabhudas Lilladher Pvt Ltd Batlivala & Karani Securities Emkay Share & Stock Brokers Kotak Securities IIFL Anand Rathi Securities Pvt. Ltd. Antique Stock Broking Limited Standard Chartered Systematix Shares & Stocks Ltd Ventura Securities Ltd BNP Paribas Equity Research Firstcall India Equity Advisors Pvt Ltd Khambatta Securities Ltd First Global Stockbroking Aditya Birla Money Limited

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

Analyst NITIN IDNANI INDERJEET SINGH BHATIA ANUBHAV GUPTA ANKUR KULSHRESTHA VIRAL SHAH AASHIESH AGARWAAL DEEPAK PURSWANI SAURABH MISHRA SANTOSH YELLAPU AKSHAY SONI AMISH SHAH SHIRISH RANE TIMOTHY STANISH PULKIT PATNI TEAM COVERAGE NALIN BHATT CHOCKALINGAM NARAYANAN SANDIP BANSAL ASHUTOSH NARKAR KRUPAL MANIAR RUPA SHAH RISHAB BOTHRA AJIT MOTWANI MURTUZA ARSIWALLA GOPAL RITOLIA JASPREET SINGH ARORA NIRAV SHAH GAURAV PATHAK BINOD MODI TEAM COVERAGE VISHAL SHARMA TEAM COVERAGE RAJ KUMAR JHA DEVINA MEHRA MONIKA BHANDARI

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

Recommendation buy underperform buy buy neutral buy buy overweight buy Equalwt/In-Line outperform outperform hold neutral/neutral buy buy sell buy underweight buy accumulate outperform hold buy add buy buy outperform buy hold reduce hold strong buy market perform buy

Amt Held 726'150'727 109'139'905 72'707'028 71'275'887 67'850'627 65'977'318 49'727'066 45'076'415 41'048'709 28'501'944 26'973'781 24'173'757 13'849'808 13'663'320 10'816'469 7'659'065 6'571'839 6'468'909 5'448'016 5'322'894

% Out 32.72 4.92 3.28 3.21 3.06 2.97 2.24 2.03 1.85 1.28 1.22 1.09 0.62 0.62 0.49 0.35 0.3 0.29 0.25 0.24

Weighting

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

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

Latest Chg (3'873) 1'392'710 823'229 (46'954) (1'766'321) 211'758 6'571'839 844'786 -

Target Price 51 38 55 51 #N/A N/A 102 50 78 66 42 92 89 #N/A N/A 38 63 75 26 71 30 63 46 65 45 57 60 84 75 105 91 #N/A N/A 54 77 106 #N/A N/A 180

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 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 27.09.2013 31.08.2013 11.03.2013 31.12.2012 31.08.2013 31.03.2013 30.06.2013 30.06.2013

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

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

Date 27.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 09.09.2013 28.08.2013 19.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 08.07.2013 04.07.2013 13.06.2013 07.05.2013 07.05.2013 06.05.2013 12.04.2013 04.03.2013 21.02.2013 19.02.2013 26.10.2009

01.10.2013

Tata Chemicals Ltd Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy chemicals, pharmaceuticals, fertilizers and agro-chemicals. The Company's salt products include common salt, pure salt and gypsum salt. Heavy chemicals include soda ash, caustic soda and hydrochloric acid. Tata Chemicals' pharmaceuticals include bromides of ammonium, sodium, potassium and ethyl.

Price/Volume .8 M

300

.7 M .6 M .5 M

200

Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (04.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTCH IB EQUITY YTD Change TTCH IB EQUITY YTD % CHANGE

03/2013 06/yy 381.50 234.50 8'238.00 239 -37.27% 1.92% 2.24% 254.8 60'886.75 83'802.00 0.0 5'361.4 7'739.10 142'311.05

.4 M

150

.3 M

100

.2 M

.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

.9 M

350 250

Valuation Analysis

31.03.2009 126'519.8 0.67x 17'665.1 4.83x 6'481.0 5.13x

400

31.03.2010 31.03.2011 94'486.8 110'605.8 1.31x 1.21x 16'304.2 18'784.3 7.60x 7.11x 6'059.1 6'534.7 12.81x 13.10x Profitability

LTM-4Q 31.03.2012 138'150.3 1.13x 23'757.8 6.58x 8'375.9 10.54x

31.03.2013 148'588.3 1.10x 23'493.6 6.95x 4'004.0 20.46x

23'493.60 18'154.80 12.22% 6.12% 2.04% 6.28% 6.15% 0.76% 15.8% 12.2% 2.7% 1.06 0.69 41.41% 130.66% 5.17 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

4.18 0.79 161.84 -22.72% -29.54% 0.786 21 4.143 29'763 29'367 33'073 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 137'523.3 149'894.7 156'324.9 164'780.6 41'064.0 45'100.0 2.03x 2.02x 0.78x 0.70x 22'654.1 20'796.3 22'154.3 23'699.2 0.00x 0.00x 6.42x 6.01x 7'453.1 3'680.2 7'929.0 8'858.2 1'478.0 10.63x 19.48x 7.85x 7.00x 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

5.41 3.97 3.24 3.57 130.7% 54.7% 0.76 3.14 70.65 -

Sales/Revenue/Turnover

12.00

160'000.0 140'000.0

10.00

120'000.0 8.00

100'000.0 80'000.0

6.00

60'000.0

4.00

40'000.0 2.00 0.00 04.04.2010

20'000.0 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 |

01.10.2013

Tata Chemicals Ltd Holdings By:

All

Holder Name TATA SONS LTD FRANKLIN RESOURCES LIFE INSURANCE CORP TATA INVESTMENT CORP GOVT PENSION FUND GL TATA GLOBAL BEVERAGE ICICI PRUDENTIAL LIF NORGES BANK TEMPLETON ASSET MGMT HDFC LIFE INSURANCE GENERAL INSURANCE CO HINDUSTAN UNILEVER L NEW INDIA ASSURANCE UTI ASSET MANAGEMENT SBI LIFE INSURANCE C MACQUARIE GROUP IDFC MUTUAL FUND DIMENSIONAL FUND ADV VANGUARD GROUP INC BRANDES INVESTMENT P

Firm Name Prabhudas Lilladher Pvt Ltd Firstcall India Equity Advisors Pvt Ltd Batlivala & Karani Securities EVA Dimensions Dalal & Broacha Phillip Securities IIFL Quant Broking Pvt Ltd Deutsche Bank HSBC CIMB Kotak Securities Sharekhan Ltd Sunidhi Consultancy Services Emkay Share & Stock Brokers GEPL Capital Pvt Ltd Spark Capital Advisors India Infoline MSFL - Institutional Business Group Daiwa Securities Co. Ltd. ICICIdirect.com

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

Analyst BALWINDAR SINGH TEAM COVERAGE G VIJAYARAGHAVAN TIMOTHY STANISH APURVA SHAH GAURI ANAND ABHIJIT R AKELLA HIMANSHU NAYYAR HARSHAD KATKAR PUNEET GULATI ATUL RASTOGI JASDEEP WALIA TEAM COVERAGE SHYAM BHATT ROHAN GUPTA ADITYA ANAND BAPAT MUKESH SARAF PRITESH MEHTA RAHUL METKAR NIRMAL RAGHAVAN AMIT GUPTA

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

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

Amt Held 49'306'423 23'534'117 16'233'195 15'753'501 11'466'536 11'185'522 10'982'420 9'960'858 5'452'987 4'686'626 4'400'005 3'833'619 3'534'286 3'498'379 3'111'976 2'198'338 1'900'000 1'783'134 1'556'129 1'476'195

% Out 19.35 9.24 6.37 6.18 4.5 4.39 4.31 3.91 2.14 1.84 1.73 1.5 1.39 1.37 1.22 0.86 0.75 0.7 0.61 0.58

Weighting

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

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

Latest Chg (501'836) 100'000 (895'000) 447'967 311'692 24'007 144'617 1'011'330

Target Price 270 278 301 #N/A N/A 309 300 315 318 290 250 320 300 346 354 400 351 375 403 394 372 365

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 31.12.2012 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.07.2013 31.01.2013 30.04.2013 30.06.2013 31.08.2013

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

Inst Type Holding Company Investment Advisor Government Private Equity n/a Corporation Insurance Company Government Investment Advisor Insurance Company Government Corporation Government Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 13.09.2013 13.09.2013 19.08.2013 19.08.2013 08.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 31.05.2013 29.05.2013 28.05.2013 11.02.2013 20.12.2012 14.12.2012 12.11.2012 03.10.2012

01.10.2013

Steel Authority of India Ltd Steel Authority of India Limited is an integrated steel manufacturing company. The Company's products include pig iron, steel ingots, liquid steel, alloy steel, special steel, stainless steel, ferro alloys, ERW pipes, spirally welded pipes, and calcium ammonium nitrate. The Government of India is currently a majority shareholder in the company.

Price/Volume

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (07.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAIL IB EQUITY YTD Change SAIL IB EQUITY YTD % CHANGE

03/2013 01/yy 101.60 37.65 258'290.00 49.9 -50.79% 32.54% 19.16% 4'130.1 206'090.55 225'405.30 0.0 0.0 42'226.60 389'269.25

1.0 M

.5 M

20 0 o-12

31.03.2010 31.03.2011 405'770.0 433'993.9 2.45x 1.69x 99'514.9 78'383.7 9.97x 9.35x 68'506.1 50'139.1 15.23x 13.97x Profitability

31.03.2012 466'615.6 1.06x 64'166.0 7.74x 35'935.0 10.83x

31.03.2013 450'872.4 0.98x 50'839.3 8.69x 23'294.0 11.09x

50'839.30 35'506.10 7.87% 7.68% 2.82% 5.69% 4.44% 0.55% 11.3% 7.9% 5.2% 1.23 0.38 26.05% 54.12% 9.47 -

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

s-13

FY+1 -

.0 M o-13

4.01 1.22 497.78 -40.36% -43.22% 1.224 47 2.532 367'542 731'554 549'936 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 472'727.4 541'734.9 119'083.0 119'083.0 0.95x 0.90x 56'081.8 73'508.2 6.95x 5.30x 22'188.0 28'614.9 4'246.0 4'247.0 9.22x 7.04x S&P Issuer Ratings

29.04.2010 BBBNEG 9.17 -7.48 3.60 4.43 54.1% 35.1% 0.55 0.91 38.56 -

Sales/Revenue/Turnover

20.00

500'000.0

18.00

450'000.0

16.00

400'000.0

14.00

350'000.0

12.00

300'000.0

10.00 8.00

250'000.0 200'000.0

6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00 04.04.2010

n-12

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

2.5 M

100 80

Valuation Analysis

31.03.2009 432'186.9 0.69x 92'919.6 3.23x 62'452.7 6.38x

120

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 |

01.10.2013

Steel Authority of India Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP VANGUARD GROUP INC BANK OF NEW YORK MEL HDFC ASSET MANAGEMEN DIMENSIONAL FUND ADV SUN LIFE FINANCIAL I TEMPLETON ASSET MGMT INVESCO LTD MASON STREET ADVISOR HIRTLE CALLAGHAN & C EATON VANCE MANAGEME FRANKLIN RESOURCES CIBC GLOBAL ASSET MA IDFC MUTUAL FUND SOCIETE GENERALE HSBC INVESTMENT FUND JOHN HANCOCK ADVISER GRANTHAM MAYO VAN OT KOTAK MAHINDRA

Firm Name

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

Analyst

Motilal Oswal Securities Ltd SANJAY JAIN Macquarie RAKESH ARORA BNP Paribas Equity Research KUNAL AGRAWAL Batlivala & Karani Securities PARIN TANNA Standard Chartered SATISH KUMAR Morgan Stanley VIPUL PRASAD Nomura AMAR KEDIA Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR Emkay Share & Stock Brokers GOUTAM CHAKRABORTY Centrum Broking Pvt Ltd ABHISAR JAIN Angel Broking Limited BHAVESH CHAUHAN Ambit Capital Pvt Ltd PARITA ASHAR India Infoline TEAM COVERAGE UBS SANDIP BANSAL Quant Broking Pvt Ltd KALPESH MAKWANA HSBC JIGAR MISTRY EVA Dimensions TIMOTHY STANISH Credit Suisse NEELKANTH MISHRA JPMorgan PINAKIN M PAREKH IDFC Securities Ltd PRAKASH JOSHI CIMB RAHUL JAIN KR Choksey Shares & Sec Pvt Ltd UMESH PATEL IIFL BIJAL SHAH Phillip Securities DHAWAL DOSHI Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR Dolat Capital Market Ltd. RAM MODI Edelweiss Capital PRASAD BAJI ICICIdirect.com DEWANG SANGHAVI Nirmal Bang Institutional Equities GIRIRAJ DAGA Deutsche Bank ANUJ SINGLA JM Financial Institutional Securities P ASHUTOSH SOMANI ICICI Securities ABHIJIT MITRA MSFL - Institutional Business Group TANUJ RASTOGI Elara Securities India Pvt Ltd ASHISH KEJRIWAL VTB Capital WIKTOR BIELSKI Barclays CHIRAG SHAH Avendus Capital Private Ltd JIMESH SANGHVI Sunidhi Consultancy Services CHINTAN J MEHTA Daiwa Securities Co. Ltd. DEEPAK PODDAR Maybank Kim Eng ANUBHAV GUPTA Espirito Santo Investment Bank Research RITESH SHAH Antique Stock Broking Limited AMIT AGARWAL Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE

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

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

Amt Held 3'304'293'713 327'996'140 22'102'636 17'931'396 16'589'791 9'958'989 9'021'631 7'000'000 2'680'515 1'456'906 1'197'510 1'055'300 914'938 763'610 596'000 492'689 344'568 333'223 330'160 309'600

% Out 80.01 7.94 0.54 0.43 0.4 0.24 0.22 0.17 0.06 0.04 0.03 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

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

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

Latest Chg 8'841'377 138'320 558'829 147'163 (914'938) 370'460 376'000 (20'078) 149'334

Target Price 26 48 48 58 48 51 103 51 41 36 #N/A N/A 50 46 55 45 49 #N/A N/A 30 90 42 40 38 39 46 37 35 47 40 38 75 45 46 39 41 59 43 61 65 66 65 63 71 79

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 31.08.2013 30.04.2013 31.07.2013 31.08.2013 27.09.2013 30.06.2013 28.03.2013 31.07.2013 28.06.2013 30.06.2013 31.08.2013 30.03.2012 30.04.2013 31.08.2013 31.05.2013 31.08.2013

Date Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 9 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 15 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided

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

Date 30.09.2013 26.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 20.09.2013 17.09.2013 17.09.2013 16.09.2013 13.09.2013 11.09.2013 10.09.2013 06.09.2013 05.09.2013 04.09.2013 04.09.2013 02.09.2013 20.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 17.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 05.08.2013 02.08.2013 25.06.2013 06.06.2013 05.06.2013 30.05.2013 29.05.2013 21.03.2013 08.03.2013

01.10.2013

Reliance Capital Ltd Reliance Capital Limited is a full service financial services company. The Company has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products, consumer finance and other activities in financial services. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RCAPT IB EQUITY YTD Change RCAPT IB EQUITY YTD % CHANGE

Price/Volume

03/2013 06/yy 508.00 290.00 355'769.00 320.7 -36.62% 10.59% 11.51% 245.6 78'774.44 229'440.00 0.0 5'160.0 11'240.00 302'134.44

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

1.20 1.00

3.0 M

500

2.5 M

400

2.0 M

300

1.5 M

200

1.0 M

100

.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 31.03.2009 59'825.2 3.64x 27'105.2 8.02x 10'157.2 8.55x

600

31.03.2010 31.03.2011 61'335.9 55'230.0 5.31x 6.13x 21'029.3 16'290.0 15.50x 20.79x 4'345.3 2'910.0 42.74x 49.21x Profitability

LTM-4Q 31.03.2012 66'030.0 4.38x 29'930.0 9.67x 4'580.0 21.05x

31.03.2013 74'920.0 4.01x 36'230.0 8.29x 8'120.0 9.46x 36'230.00 22.36% 13.36% 2.14% 6.84% 2.60% 0.20% 48.4% 10.8% 56.53% 191.66% -

LTM

06/yy 67'938.4 8.30x 8'622.0 0.00x 4'679.3 18.82x

06/yy 77'740.0 7.37x 14'590.0 0.00x 9'000.0 9.19x

FY+1

.0 M o-13

2.49 1.73 105.39 -25.28% -31.58% 1.733 12 4.417 647'181 925'649 1'018'342 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 59'536.2 66'465.4 6'891.0 7'893.0 43.86x 38.29x 6'847.3 8'265.2 13.01x 10.74x S&P Issuer Ratings

6.02 6.33 191.7% 64.8% 0.20 39.33 -

Sales/Revenue/Turnover

80'000.0 70'000.0 60'000.0

0.80 0.60

50'000.0 40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

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 |

01.10.2013

Reliance Capital Ltd Holdings By:

All

Holder Name AAA ENTERPRISES PVT AAA INFRA CONSULT & JANUS CAPITAL MANAGE LIFE INSURANCE CORP VANGUARD GROUP INC VANGUARD FUNDS REL UTILITY ENGINEER DIMENSIONAL FUND ADV ABU DHABI INVESTMENT RELIANCE RCOM ESOS T BLACKROCK MANULIFE ASSET MGMT RELIANCE INNOVENTURE AMBANI KOKILA D GOLDMAN SACHS GROUP BIRLA SUN LIFE ASSET GRANTHAM MAYO VAN OT EATON VANCE MANAGEME MANULIFE FUNDS DIREC BLACKROCK 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 Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Macquarie SURESH GANAPATHY EVA Dimensions DOUG WALTERS Kotak Securities NISCHINT CHAWATHE ICICIdirect.com KAJAL GANDHI Deutsche Bank MANISH SHUKLA JHP Securities Private Limited ANIL WALA Edelweiss Capital KUNAL SHAH Centrum Broking Pvt Ltd BHAVESH KANANI Espirito Santo Investment Bank Research SANTOSH SINGH Barclays JATIN MAMTANI Fairwealth Securities Ltd TEAM COVERAGE Morgan Stanley ANIL AGARWAL JPMorgan SESHADRI K SEN Motilal Oswal Securities Ltd ALPESH MEHTA

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

Recommendation outperform hold add buy buy buy buy buy buy underweight buy not rated overweight neutral

Amt Held 98'414'206 27'975'633 13'372'870 10'512'400 3'491'933 3'484'751 3'250'000 2'704'622 2'485'889 1'600'000 1'419'952 1'228'402 576'450 545'126 459'637 432'747 422'046 331'635 313'958 299'122

% Out 40.07 11.39 5.44 4.28 1.42 1.42 1.32 1.1 1.01 0.65 0.58 0.5 0.23 0.22 0.19 0.18 0.17 0.14 0.13 0.12

Weighting

Change

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

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

Latest Chg 263'703 19'598 (38'000) 459'637 (532'749) -

Target Price 430 #N/A N/A 505 375 450 563 514 550 592 320 450 #N/A N/A 650 #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 30.04.2013 30.06.2013 30.06.2013 27.09.2013 28.02.2013 30.06.2013 30.06.2013 31.01.2013 31.08.2013 31.05.2013 31.07.2013 30.06.2012 10.12.2012

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

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

Date 25.09.2013 04.09.2013 21.08.2013 21.08.2013 08.08.2013 06.08.2013 30.07.2013 30.07.2013 02.07.2013 20.03.2013 26.11.2012 25.10.2012 10.07.2012 15.02.2011

01.10.2013

Adani Enterprises Ltd Adani Enterprises Limited is an international trading house that operates from offices in India as well as other countries. The Company is involved in coal mining, cargo handling and power generation. Adani also trades in a large number of products including textiles, energy, metals and agricultural products.

Price/Volume 350 300 250 200

Valuation Analysis

150

Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 52-Week Low (04.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADE IB EQUITY YTD Change ADE IB EQUITY YTD % CHANGE

03/2013 06/yy 296.90 126.05 151'456.00 143.05 -51.97% 13.49% 8.49% 1'099.8 157'327.83 694'574.80 0.0 32'339.5 26'182.10 858'060.03

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

50 0 o-12

31.03.2010 31.03.2011 211'207.0 264'054.7 1.90x 4.02x 16'992.6 42'841.3 23.66x 24.77x 9'193.0 24'760.9 25.32x 28.64x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.03.2012 393'556.3 2.66x 53'071.5 19.70x 18'392.1 18.23x

31.03.2013 464'624.1 1.99x 64'999.0 14.20x 16'129.8 13.79x

64'999.00 42'020.40 9.04% 4.32% 1.47% 7.88% 3.15% 0.42% 14.0% 9.0% 3.5% 0.82 0.34 61.87% 323.68% 5.05 -

Price/ Cash Flow

LTM

FY+1

0.98 1.56 255.82 -27.27% -46.80% 1.565 13 4.231 242'023 482'839 355'073 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 407'123.4 468'692.0 571'505.8 676'862.5 144'576.0 144'578.0 2.46x 3.85x 1.43x 1.21x 49'615.0 69'283.1 99'777.8 128'933.8 28'897.0 28'901.0 0.00x 0.00x 8.60x 6.66x 16'723.0 9'318.0 18'921.9 29'637.0 7'361.0 7'375.0 14.63x 24.33x 7.86x 5.21x 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

2.29 -3.26 10.28 10.69 323.7% 73.8% 0.42 0.63 72.27 -

Sales/Revenue/Turnover

45.00

500'000.0

40.00

450'000.0

35.00

400'000.0 350'000.0

30.00

300'000.0

25.00 20.00

250'000.0 200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 225'736.3 0.75x 9'697.8 17.41x 5'046.5 13.08x

100

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

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 |

01.10.2013

Adani Enterprises Ltd Holdings By:

All

Holder Name S B ADANI FAMILY TRU ADANI VINOD S ADANI AGRO PVT LTD JANUS CAPITAL MANAGE ADANI PROPERTIES PVT ASHMORE EMM LLC ELARA INDIA OPPORTUN HSBC BANK MAURITIUS ALBULA INVESTMENT FU GUDAMI INTERNATIONAL CRESTA FUND LTD CITIGROUP GLBL MKTS GAUTAM S ADANI FAMIL GAUTAM S ADANI FAMIL VANGUARD GROUP INC CAPITAL GROUP COMPAN VENTURA POWER INVEST BLACKROCK DIMENSIONAL FUND ADV BANK OF NEW YORK MEL

Firm Name Axis Capital Limited EVA Dimensions Morgan Stanley Batlivala & Karani Securities IDFC Securities Ltd Credit Suisse Edelweiss Capital UBS KR Choksey Shares & Sec Pvt Ltd Standard Chartered Firstcall India Equity Advisors Pvt Ltd

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

Analyst NITIN IDNANI TIMOTHY STANISH AKSHAY SONI RISHAB BOTHRA SHIRISH RANE AMISH SHAH SHANKAR K SANDIP BANSAL UMESH PATEL GAURAV PATHAK TEAM COVERAGE

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

Recommendation buy underweight Overwt/In-Line outperform outperform underperform buy buy buy outperform buy

Amt Held 621'197'910 90'749'100 83'089'065 30'579'619 16'402'654 16'387'800 16'081'880 15'801'251 14'701'610 13'980'900 13'636'973 11'494'969 8'836'750 8'836'750 7'494'553 5'736'596 3'688'000 2'743'096 1'829'980 1'523'384

% Out 56.48 8.25 7.55 2.78 1.49 1.49 1.46 1.44 1.34 1.27 1.24 1.05 0.8 0.8 0.68 0.52 0.34 0.25 0.17 0.14

Weighting

Change 5 1 5 5 5 1 5 5 5 5 5

M U M M M M M M M M N

Latest Chg (159'431) 386'487 33'284 -

Target Price 285 #N/A N/A 297 275 340 165 340 260 354 291 322

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 30.05.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 27.09.2013 30.04.2013 27.09.2013

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

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

Date 27.09.2013 20.09.2013 12.08.2013 12.08.2013 10.08.2013 08.08.2013 08.08.2013 02.08.2013 09.04.2013 06.02.2013 22.12.2012

01.10.2013

Bank of India Bank of India, through its subsidiaries, provides corporate, commercial, personal banking, retail, rural, and development banking. The Group specializes its services towards corporate and medium businesses, in addition to upmarket retail customers.

Price/Volume 400

1.4 M

350

1.2 M

300

1.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOI IB EQUITY YTD Change BOI IB EQUITY YTD % CHANGE

03/2013 03/yy 392.20 126.95 197'572.00 161.85 -58.57% 27.49% 11.67% 595.9 96'446.77 766'898.81 0.0 734.3 862'396.03 -

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

.6 M

150 100

.4 M

.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 31.03.2009 194'930.5 30'875.4 3.73x

.8 M

200

Valuation Analysis

31.03.2010 31.03.2011 205'968.2 245'002.3 17'871.6 25'424.2 10.00x 9.83x Profitability

LTM-4Q 31.03.2012 319'294.4 27'248.6 7.27x

31.03.2013 358'802.0 28'199.0 6.18x

23.35% 23.95% 0.67% 12.29% 2.91% 0.09% 21.8% 16.80% 313.39% -

Price/ Cash Flow

LTM

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

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

6.18 1.13 137.86 -45.77% -50.98% 1.133 56 2.982 342'961 407'791 329'908

FY+1

FY+2

FQ+1

FQ+2

03/14 Y

03/15 Y

09/13 Q2

12/13 Q3

S&P Issuer Ratings

.0 M o-13

30.01.2007 BBBNEG 30.01.2007 A-3 313.4% 75.8% 0.09 12.59 -

Sales/Revenue/Turnover

14.00

400'000.0

12.00

350'000.0 300'000.0

10.00

250'000.0 8.00

200'000.0 6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00 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 |

01.10.2013

Bank of India Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP LAZARD ASSET MANAGEM VANGUARD GROUP INC ROBECO BLACKROCK SAHARA ASSET MGMT CO BANK OF NEW YORK MEL ALLIANCE BERNSTEIN LAZARD GLOBAL ACTIVE HDFC ASSET MANAGEMEN SBI FUNDS MANAGEMENT SUNDARAM ASSET MANAG KOTAK MAHINDRA SANFORD C BERNSTEIN DIMENSIONAL FUND ADV NORTHERN TRUST CORPO EATON VANCE MANAGEME BLACKROCK ASSET MANA FRANK RUSSELL TRUST

Firm Name Elara Securities India Pvt Ltd Axis Capital Limited Standard Chartered Firstcall India Equity Advisors Pvt Ltd Religare Capital Markets Anand Rathi Securities Pvt. Ltd. Macquarie Prabhudas Lilladher Pvt Ltd Avendus Capital Private Ltd Batlivala & Karani Securities Barclays IIFL Nirmal Bang Institutional Equities Phillip Securities Fortune Equity Brokers (India) Ltd Sunidhi Consultancy Services IDFC Securities Ltd Kotak Securities ICICIdirect.com Deutsche Bank Almondz Global Securities Ltd Motilal Oswal Securities Ltd Dolat Capital Market Ltd. Morgan Stanley HSBC JM Financial Institutional Securities P Spark Capital Advisors KR Choksey Shares & Sec Pvt Ltd Ajcon Global Services Ltd. Credit Suisse Karvy Stock Broking Ltd Angel Broking Limited Antique Stock Broking Limited Asian Markets Securities Pvt. Ltd Ambit Capital Pvt Ltd Quant Broking Pvt Ltd Centrum Broking Pvt Ltd Quantum Securities Pvt Ltd ICICI Securities JPMorgan SBI Capital Markets HDFC Securities Tata Securities Limited

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

Analyst RAKESH KUMAR PRAVEEN AGRAWAL MAHRUKH ADAJANIA TEAM COVERAGE SIDDHARTH TELI CLYTON FERNANDES SURESH GANAPATHY ADARSH PARASRAMPURIA CHANDANA JHA ANAND DAMA ANISH TAWAKLEY SAMPATH S K KUMAR HEMINDRA HAZARI MANISH AGARWALLA VIJAY NARA AMIT JAIN MANISH CHOWDHARY MB MAHESH KAJAL GANDHI MANISH KARWA SHIVRAJ GUPTA ALPESH MEHTA RAJIV PATHAK SUMEET KARIWALA TEJAS MEHTA PUNEET GULATI ABHINESH VIJAYARAJ MANISH OSTWAL AKASH AJAY JAIN ASHISH GUPTA HATIM K BROACHWALA VAIBHAV AGRAWAL ALOK KAPADIA ASUTOSH KUMAR MISHRA A SV KRISHNAN NITIN KUMAR BHAVESH KANANI RATI PANDIT SHASHIN UPADHYAY SESHADRI K SEN RAVIKANT BHAT DARPIN SHAH BIJOY SHAH

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

Recommendation buy hold underperform buy hold hold underperform accumulate buy underperform underweight reduce buy neutral buy buy underperform add hold hold neutral neutral buy Underwt/Cautious neutral hold sell accumulate buy neutral buy neutral hold buy sell reduce buy buy buy underweight hold neutral hold

Amt Held 382'006'827 76'035'632 23'734'669 3'481'519 2'651'195 1'399'446 1'344'034 1'294'803 1'059'102 888'065 814'000 600'000 562'298 553'214 482'700 421'735 406'839 314'000 304'803 264'130

% Out 64.11 12.76 3.98 0.58 0.44 0.23 0.23 0.22 0.18 0.15 0.14 0.1 0.09 0.09 0.08 0.07 0.07 0.05 0.05 0.04

Weighting

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

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

Latest Chg 225'732 (7'920) 21'450 44'955 200'000 (123'886) 187'699 (16'169) 345'175 17'172 -

Target Price 232 149 125 183 195 192 115 170 302 200 125 120 230 240 290 271 180 180 145 185 240 218 230 135 190 225 144 200 245 175 285 #N/A N/A 215 217 #N/A N/A 190 225 285 263 175 224 216 200

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

File Dt 30.06.2013 30.06.2013 31.08.2013 30.06.2013 30.04.2013 27.09.2013 31.08.2013 27.09.2013 30.06.2013 30.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 30.06.2013 30.04.2013 30.06.2013 31.07.2013 30.08.2013 30.06.2013

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

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

Date 30.09.2013 27.09.2013 26.09.2013 26.09.2013 23.09.2013 19.09.2013 16.09.2013 11.09.2013 11.09.2013 05.09.2013 29.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 19.08.2013 14.08.2013 07.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 27.07.2013 27.07.2013 27.07.2013 27.07.2013

01.10.2013

NHPC Ltd National Hydroelectric Power Corp Ltd. is a hydro-power development company based in India. The Company has constructed approximately 11 hydro-power projects in India and abroad with a total installed capacity of 2554.35 MW.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (07.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NHPC IB EQUITY YTD Change NHPC IB EQUITY YTD % CHANGE

03/2013 01/yy 29.40 14.80 293'572.00 19.3 -34.18% 30.41% 32.19% 12'300.7 237'404.33 203'402.50 0.0 23'102.0 79'551.20 384'357.63

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

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 o-12

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 31.03.2009 34'277.7 26'082.6 9'392.5 -

31.03.2010 31.03.2011 50'485.7 51'436.5 9.75x 8.62x 42'854.1 35'820.6 11.48x 12.38x 21'755.6 23'161.6 16.59x 13.44x Profitability

31.03.2012 72'180.9 5.11x 51'550.6 7.15x 30'855.8 7.85x

31.03.2013 64'020.8 6.11x 43'083.3 9.08x 26'174.1 9.33x

43'083.30 30'836.30 48.17% 61.28% 4.27% 8.87% 7.85% 0.10% 67.3% 48.2% 40.9% 1.95 1.33 32.63% 66.96% 2.85 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.11 0.70 1'450.43 1.13% -21.32% 0.701 22 3.864 1'009'524 944'670 817'454 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 69'141.1 77'048.6 5.51x 4.94x 46'006.7 51'808.1 8.35x 7.42x 24'097.6 27'049.2 9.95x 8.87x S&P Issuer Ratings

25.09.2009 BBBNEG 23.08.2004 NR 2.91 1.29 2.87 4.72 67.0% 38.4% 0.10 0.16 127.91 -

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 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 |

01.10.2013

NHPC Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP FMR LLC VANGUARD GROUP INC JP MORGAN TEMPLETON ASSET MGMT BANK OF NEW YORK MEL DIMENSIONAL FUND ADV EMERGING GLOBAL SHAR UTI ASSET MANAGEMENT ING INVESTMENT MANAG INVESCO LTD ROBECO ROCHDALE INVESTMENT ING INVESTMENT MANAG BLACKROCK DAIWA ASSET MANAGEME EATON VANCE MANAGEME ICICI PRUDENTIAL LIF PRINCIPAL PNB ASSET

Firm Name Axis Capital Limited Elara Securities India Pvt Ltd BNP Paribas Equity Research Firstcall India Equity Advisors Pvt Ltd Deutsche Bank SBI Capital Markets Emkay Share & Stock Brokers Batlivala & Karani Securities EVA Dimensions Motilal Oswal Securities Ltd Spark Capital Advisors IIFL Quant Broking Pvt Ltd Credit Suisse Prabhudas Lilladher Pvt Ltd JM Financial Institutional Securities P ICICIdirect.com Kotak Securities HSBC India Nivesh Ltd CIMB SMC Global Securities Ltd.

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

Analyst BHAVIN VITHLANI DEEPAK AGRAWALA GIRISH NAIR TEAM COVERAGE ABHISHEK PURI RABINDRA NATH NAYAK AMIT GOLCHHA VISHAL BIRAIA DOUG WALTERS NALIN BHATT BHARANIDHAR VIJAYAKUMAR HARSHAWARDHAN S DOLE ABHINEET ANAND AMISH SHAH RUPA SHAH SUBHADIP MITRA CHIRAG J SHAH MURTUZA ARSIWALLA ARUN KUMAR SINGH ABHISHEK JAIN HARISH BIHANI JAISHEEL GARG

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

Recommendation buy buy hold buy buy buy hold underperform hold neutral reduce buy buy outperform accumulate hold buy add overweight not rated neutral outperform

Amt Held 10'623'368'758 226'947'133 51'670'181 46'863'689 36'616'002 16'273'444 12'731'689 11'438'348 10'519'677 10'321'599 7'705'162 6'526'206 3'957'308 3'499'817 2'716'283 2'413'474 2'213'529 2'174'100 1'897'282 1'711'026

% Out 86.36 1.84 0.42 0.38 0.3 0.13 0.1 0.09 0.09 0.08 0.06 0.05 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01

Weighting

Change

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

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

Latest Chg 10'181'655 10'171'654 (383'998) 2'981'760 (2'217'397) 3'957'308 1'799'817 (2'038'145)

Target Price 21 23 18 25 24 21 20 17 #N/A N/A 20 16 20 19 23 22 19 19 23 24 28 21 30

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

File Dt 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.05.2013 31.08.2013 27.09.2013 30.04.2013 27.09.2013 31.08.2013 30.06.2013 27.09.2013 30.04.2013 30.06.2013 30.06.2013 28.06.2013 12.10.2012 31.07.2013 31.08.2013 31.08.2013

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

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

Date 27.09.2013 24.09.2013 20.09.2013 20.09.2013 05.09.2013 30.08.2013 28.08.2013 21.08.2013 20.08.2013 19.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 11.07.2013 09.07.2013 31.05.2013 09.01.2012

01.10.2013

Canara Bank Canara Bank Ltd. provides a full range of banking services throughout India. The Group's activities include retail banking, commercial and personal banking, investment management, treasury & NRI services, cash management and assorted ATM facilities.

Price/Volume 600

.9 M .8 M

500

.7 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CBK IB EQUITY YTD Change CBK IB EQUITY YTD % CHANGE

03/2013 01/yy 550.00 189.90 102'250.00 225.7 -58.95% 18.85% 8.73% 443.0 99'985.10 337'531.88 0.0 2'321.6 347'939.69 -

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

1.20 1.00

.5 M .4 M

200

.3 M .2 M

100

.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 31.03.2009 194'807.3 11'420.1 5.95x

.6 M

300

31.03.2010 31.03.2011 216'844.7 258'296.3 27'728.8 40'341.8 6.07x 6.39x Profitability

31.03.2012 339'192.0 33'417.0 6.31x

31.03.2013 373'726.0 29'697.1 5.73x 33.70% 34.13% 0.74% 12.32% 5.50% 0.09% 26.6% 8.05% 134.07% -

5.76 1.23 120.99 -46.41% -52.74% 1.234 34 2.912 145'953 287'093 221'957

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

S&P Issuer Ratings

.0 M o-13

30.12.2011 NR 30.12.2011 NR 134.1% 57.1% 0.09 12.95 -

Sales/Revenue/Turnover

400'000.0 350'000.0 300'000.0

0.80 0.60

250'000.0 200'000.0 150'000.0

0.40 0.20

100'000.0 50'000.0 0.0

0.00

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 |

01.10.2013

Canara Bank Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP HDFC ASSET MANAGEMEN HSBC GLOBAL INV MAUR RELIANCE CAPITAL TRU VANGUARD GROUP INC DIMENSIONAL FUND ADV HSBC INVESTMENTS HON GRANTHAM MAYO VAN OT BLACKROCK BANK OF NEW YORK MEL RAIFFEISEN KAPITALAN IDFC MUTUAL FUND BIRLA SUN LIFE ASSET EXCEL FUNDS MANAGEME BIRLA SUN LIFE ASSET NORTHERN TRUST CORPO VALIC CO I KOTAK MAHINDRA EATON VANCE MANAGEME

Firm Name Axis Capital Limited Firstcall India Equity Advisors Pvt Ltd Religare Capital Markets Anand Rathi Securities Pvt. Ltd. Macquarie Batlivala & Karani Securities Fortune Equity Brokers (India) Ltd Sunidhi Consultancy Services Kotak Securities Nirmal Bang Institutional Equities Deutsche Bank Almondz Global Securities Ltd Motilal Oswal Securities Ltd Morgan Stanley Elara Securities India Pvt Ltd Angel Broking Limited HSBC CIMB Phillip Securities Emkay Share & Stock Brokers HDFC Securities Tata Securities Limited Antique Stock Broking Limited Asian Markets Securities Pvt. Ltd Spark Capital Advisors Quant Broking Pvt Ltd ICICI Securities JM Financial Institutional Securities P India Nivesh Ltd EVA Dimensions First Global Stockbroking IDFC Securities Ltd Dolat Capital Market Ltd. Proactive Universal India Infoline

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

Analyst PRAVEEN AGRAWAL TEAM COVERAGE SIDDHARTH TELI CLYTON FERNANDES SURESH GANAPATHY ANAND DAMA VIJAY NARA AMIT JAIN MB MAHESH HEMINDRA HAZARI MANISH KARWA SHIVRAJ GUPTA ALPESH MEHTA SUMEET KARIWALA RAKESH KUMAR VAIBHAV AGRAWAL TEJAS MEHTA JATINDER AGARWAL MANISH AGARWALLA KASHYAP JHAVERI VISHAL MODI BIJOY SHAH ALOK KAPADIA ASUTOSH KUMAR MISHRA ABHINESH VIJAYARAJ NITIN KUMAR SHASHIN UPADHYAY KARAN UBEROI YOGESH HEMANDAS HOTWANI DOUG WALTERS DEVINA MEHRA MANISH CHOWDHARY RAKESH KUMAR UJJWAL SOMANI RAJIV MEHTA

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

Recommendation hold buy hold sell underperform underperform buy buy reduce hold sell hold buy Underwt/Cautious buy neutral underweight neutral buy reduce neutral hold hold reduce sell accumulate buy buy not rated hold market perform dropped coverage accumulate hold market perform

Amt Held 300'000'000 22'008'605 9'927'671 7'566'592 5'546'331 2'618'317 2'100'726 1'349'199 1'247'127 1'085'282 1'072'154 664'800 553'500 540'763 472'349 380'217 327'911 319'967 282'350 234'600

% Out 67.72 4.97 2.24 1.71 1.25 0.59 0.47 0.3 0.28 0.24 0.24 0.15 0.12 0.12 0.11 0.09 0.07 0.07 0.06 0.05

Weighting

Change

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

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

Latest Chg (26'000) 160'000 157'428 21'277 (16'000) (14'000) 212'500 (691'650) (281'111) 280'422 66'129 -

Target Price 220 254 250 239 167 255 280 338 250 222 170 288 370 170 309 #N/A N/A 238 265 350 260 265 259 285 249 209 280 329 290 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 440 420 459

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

File Dt 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.08.2013 30.06.2013 30.04.2013 11.03.2013 31.05.2013 27.09.2013 27.09.2013 28.06.2013 31.08.2013 31.08.2013 28.03.2013 31.08.2013 30.06.2013 31.05.2013 31.08.2013 31.07.2013

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

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

Date 27.09.2013 24.09.2013 23.09.2013 19.09.2013 16.09.2013 05.09.2013 26.08.2013 23.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 19.08.2013 07.08.2013 07.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 04.08.2013 03.08.2013 11.07.2013 02.07.2013 09.05.2013 13.03.2013 07.11.2012 25.07.2012 09.12.2011

01.10.2013

Bharat Forge Ltd Bharat Forge Limited manufactures steel forgings and machined components for the automotive, diesel engine, railway, earthmoving, cement, sugar, steel, coal, ship building and oilfield industries. The Company specializes in Closed Die as well as Open Die Forgings.

Price/Volume 350

9.0 M

300

8.0 M 7.0 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BHFC IB EQUITY YTD Change BHFC IB EQUITY YTD % CHANGE

03/2013 03/yy 315.00 185.55 11'144.00 249.8 -20.17% 34.63% 49.67% 232.8 58'152.02 27'865.78 0.0 1'642.5 9'109.04 78'551.22

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

5.0 M

150

4.0 M 3.0 M

100

2.0 M

1.0 M

0 o-12

31.03.2010 31.03.2011 32'616.0 49'686.1 2.33x 2.00x 3'471.8 7'948.6 21.85x 12.48x (683.2) 2'901.6 26.65x Profitability

LTM-4Q 31.03.2012 62'790.6 1.43x 10'879.7 8.28x 4'130.5 18.04x

31.03.2013 57'021.9 1.20x 7'941.5 8.64x 2'475.8 18.23x

7'941.46 4'581.08 8.03% 6.87% 3.35% 11.15% 6.16% 0.77% 13.9% 8.0% 4.3% 1.22 0.52 37.46% 123.50% 8.00 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

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

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

FY+1

.0 M o-13

1.36 0.96 175.43 -17.87% 0.61% 0.962 31 3.387 18'523 420'280 227'877 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 61'341.9 68'323.1 1.28x 1.13x 9'359.0 10'717.3 8.39x 7.33x 3'375.2 4'504.8 17.22x 12.97x S&P Issuer Ratings

4.20 1.24 2.36 3.51 123.5% 53.5% 0.77 1.74 45.60 -

Sales/Revenue/Turnover

45.00

70'000.0

40.00

60'000.0

35.00

50'000.0

30.00 25.00

40'000.0

20.00

30'000.0

15.00

20'000.0

10.00

10'000.0

5.00 0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 46'739.9 0.88x 5'581.1 7.38x 584.0 39.35x

6.0 M

200

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 |

01.10.2013

Bharat Forge Ltd Holdings By:

All

Holder Name SUNDARAM TRADING & I KALYANI INVESTMENT C KSL HOLDING PVT LTD LIFE INSURANCE CORP RELIANCE CAPITAL TRU AJINKYA INVEST & TRA KRITADNYA MGMT & TRA BF INVESTMENT LTD NEW INDIA ASSURANCE GAGANDEEP CREDIT CAP SUDARSHAN SECURITIES VANGUARD GROUP INC NORGES BANK JANNHAVI INVEST PVT AGF INVESTMENTS INC PRUDENTIAL ICICI ASS UTI ASSET MANAGEMENT NATCAN INVESTMENT MA TOUCHSTONE ADVISORS TATA ASSET MANAGEMEN

Firm Name Goldman Sachs JM Financial Institutional Securities P Quant Broking Pvt Ltd Axis Capital Limited Nomura Kotak Securities Deutsche Bank ICICIdirect.com Morgan Stanley Angel Broking Limited Maybank Kim Eng Standard Chartered Jefferies CIMB Anand Rathi Securities Pvt. Ltd. Batlivala & Karani Securities Brics Securities India Infoline Spark Capital Advisors ICICI Securities EVA Dimensions Prabhudas Lilladher Pvt Ltd Barclays Dolat Capital Market Ltd. GEPL Capital Pvt Ltd Sharekhan Ltd Firstcall India Equity Advisors Pvt Ltd Prime Broking Company Dalmia Securities Pvt Ltd Antique Stock Broking Limited Karvy Stock Broking Ltd Daiwa Securities Co. Ltd. Dalal & Broacha

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

Analyst SANDEEP PANDYA SANDEEP TULSIYAN BASUDEB BANERJEE CHIRAG SHAH KAPIL SINGH HITESH GOEL AMYN PIRANI NISHANT VAAS BINAY SINGH YARESH KOTHARI JIGAR A SHAH AMIT KASAT GOVINDARAJAN CHELLAPPA PRAMOD AMTHE ROHAN KORDE ANNAMALAI JAYARAJ UMESH KARNE PRAYESH JAIN MUKESH SARAF SANKET MAHESHWARI CRAIG STERLING SURJIT SINGH ARORA SAHIL KEDIA MAYUR MILAK GAURAV OZA TEAM COVERAGE TEAM COVERAGE PAURAV LAKHANI ARJUN NIYOGI AMOL RAO YOGESH NAGAONKAR NAVIN MATTA KUNAL BHATIA

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

Recommendation Sell/Neutral buy buy hold buy sell buy buy Equalwt/In-Line accumulate sell in-line hold underperform hold outperform add market perform add add sell accumulate overweight accumulate hold neutral hold hold buy buy buy buy hold

Amt Held 31'907'087 31'656'095 23'142'870 20'576'534 12'858'357 9'818'925 8'431'225 5'807'338 4'404'879 3'418'062 3'140'216 2'397'032 2'312'779 2'217'570 2'212'695 2'128'298 1'542'578 1'088'704 1'007'616 948'200

% Out 13.71 13.6 9.94 8.84 5.52 4.22 3.62 2.49 1.89 1.47 1.35 1.03 0.99 0.95 0.95 0.91 0.66 0.47 0.43 0.41

Weighting

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

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

Latest Chg 2'489'525 65'384 (568'800) 419'440 529'112 18'400 38'600 85'500

Target Price 169 300 308 250 316 220 320 259 221 256 174 223 253 190 236 283 241 250 260 264 #N/A N/A 274 316 255 238 #N/A N/A 294 287 323 400 351 345 #N/A N/A

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

File Dt 18.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 28.03.2013 31.08.2013 31.08.2013 28.06.2013 28.06.2013 31.08.2013

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

Inst Type Other Other Other Government Other Unclassified Other Other Government Corporation Holding Company Investment Advisor Government 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 23.09.2013 20.08.2013 17.08.2013 16.08.2013 15.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 10.08.2013 09.08.2013 08.08.2013 08.08.2013 12.06.2013 29.05.2013 27.05.2013 20.12.2012 06.11.2012 01.11.2012 13.08.2012 12.04.2012 10.04.2012 26.05.2011

01.10.2013

Crompton Greaves Ltd Crompton Greaves Ltd. manufactures, distributes, installs and services electrical and allied equipment such as transformers, reactors, switchgear control equipment & accessories, industrial motors, fractional horse power motors and pumps. The Company also manufactures railway & electronic equipment, communication systems, computers, software, lighting equipment and other items.

Price/Volume 4.0 M

120

3.5 M 3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (08.10.2012) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRG IB EQUITY YTD Change CRG IB EQUITY YTD % CHANGE

03/2013 06/yy 141.70 71.70 102'901.00 87.5 -38.39% 22.04% 20.71% 641.5 56'130.51 20'270.00 0.0 94.8 10'239.90 66'255.41

2.0 M

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

4.5 M

140 100

Valuation Analysis

31.03.2009 87'372.6 0.54x 11'234.0 4.21x 5'599.0 8.09x

160

31.03.2010 31.03.2011 91'408.7 100'051.1 1.79x 1.72x 12'771.3 13'437.8 12.83x 12.84x 8'598.7 8'886.7 20.30x 19.69x Profitability

LTM-4Q 31.03.2012 112'485.8 0.79x 8'036.4 11.07x 3'735.9 23.71x

31.03.2013 120'944.4 0.58x 3'831.6 18.35x (361.4) -

3'831.60 1'802.40 1.49% 0.53% -0.38% -1.01% -1.82% 1.28% 3.2% 1.5% -0.3% 1.38 0.90 19.96% 56.91% 3.84 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.37 1.22 321.82 -29.69% -24.16% 1.223 50 3.040 212'056 283'504 384'234 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 116'219.8 124'405.2 132'829.6 147'384.7 32'220.8 32'773.0 1.67x 1.30x 0.49x 0.43x 7'885.3 3'611.7 7'928.6 10'245.3 1'465.0 1'644.5 0.00x 0.00x 8.35x 6.46x 3'800.2 (619.6) 3'878.5 5'548.6 759.7 848.7 20.47x 0.00x 14.33x 10.03x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.02 1.71 2.62 5.29 56.9% 36.2% 1.28 8.58 95.12 -

Sales/Revenue/Turnover

40.00

140'000.0

35.00

120'000.0

30.00

100'000.0

25.00

80'000.0

20.00

60'000.0

15.00

40'000.0

10.00

20'000.0

5.00 0.00 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 |

01.10.2013

Crompton Greaves Ltd Holdings By:

All

Holder Name AVANTHA HOLDINGS LTD HDFC ASSET MANAGEMEN LIFE INSURANCE CORP HSBC GLOBAL INV MAUR GOVT PENSION FUND GL HDFC LIFE INSURANCE NORGES BANK AMANSA CAPITAL PVT L COPTHALL MAURITIUS I RELIANCE CAPITAL TRU CORELLA INVESTMENTS HSBC INVESTMENTS HON BIRLA SUN LIFE ASSET TEMPLETON ASSET MGMT LUSTRE INTERNATIONAL VANGUARD GROUP INC UTI ASSET MANAGEMENT DSP BLACKROCK INVEST SBI FUNDS MANAGEMENT BIRLA SUN LIFE ASSET

Firm Name

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

Analyst

Axis Capital Limited BHAVIN VITHLANI Jefferies LAVINA QUADROS India Nivesh Ltd SANTOSH YELLAPU UBS PANKAJ SHARMA Standard Chartered SATISH KUMAR Angel Broking Limited AMIT PATIL Goldman Sachs PULKIT PATNI Phillip Securities ANKUR SHARMA Antique Stock Broking Limited DHIRENDRA TIWARI JPMorgan SUMIT KISHORE Fortune Equity Brokers (India) Ltd TEAM COVERAGE Motilal Oswal Securities Ltd SATYAM AGARWAL Kantilal Chhaganlal Sec. Pvt. Ltd AMIT HARICHAND ANWANI BNP Paribas Equity Research GIRISH NAIR Prabhudas Lilladher Pvt Ltd KUNAL SHETH Batlivala & Karani Securities RENU BAID Spark Capital Advisors APURVA PATEL HSBC ASHUTOSH NARKAR Macquarie INDERJEET SINGH BHATIA Daiwa Securities Co. Ltd. SAURABH MEHTA HDFC Securities ABHINAV SHARMA Tata Securities Limited RAVIKIRAN SURANA KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE Ambit Capital Pvt Ltd BHARGAV BUDDHADEV Barclays VENUGOPAL GARRE IIFL GOPAL RITOLIA Quantum Securities Pvt Ltd MAHESH BENDRE Nirmal Bang Institutional Equities CHIRAG MUCHHALA Morgan Stanley ASHISH G JAIN Credit Suisse AMISH SHAH Kotak Securities LOKESH GARG JM Financial Institutional Securities P SUBHADIP MITRA Nomura AMAR KEDIA IDFC Securities Ltd BHOOMIKA NAIR Edelweiss Capital AMIT MAHAWAR Sharekhan Ltd TEAM COVERAGE CIMB HARISH BIHANI ICICI Securities VIVEK SHARMA EVA Dimensions TIMOTHY STANISH Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Religare Capital Markets MISAL SINGH Asian Markets Securities Pvt. Ltd JOHN JOSE PERINCHERY Espirito Santo Investment Bank Research KRISHNAKANT THAKUR

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

Recommendation hold underperform hold sell underperform buy Buy/Neutral neutral buy neutral buy buy hold buy accumulate outperform add neutral neutral hold neutral hold buy sell equalweight sell buy buy Overwt/In-Line underperform add hold reduce neutral hold hold neutral sell sell hold buy sell sell

Amt Held 255'937'034 58'269'500 34'219'724 19'264'369 16'111'520 15'692'791 10'751'558 9'078'378 8'980'997 7'366'139 7'190'750 5'146'901 4'824'066 4'550'000 4'314'712 3'799'323 3'787'932 3'195'519 2'485'312 2'258'833

% Out 39.9 9.08 5.33 3 2.51 2.45 1.68 1.42 1.4 1.15 1.12 0.8 0.75 0.71 0.67 0.59 0.59 0.5 0.39 0.35

Weighting

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

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

Latest Chg (900'000) (234'482) 37'186 651'701 1'425'622 433'814 (252'878)

Target Price 81 70 88 75 87 103 94 85 141 85 95 116 102 136 108 115 93 95 90 90 85 91 112 94 93 81 123 105 128 92 105 77 79 92 95 105 102 76 #N/A N/A 103 160 81 103

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

File Dt 30.06.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.08.2013 30.06.2013 11.03.2013 31.08.2013 31.08.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013

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

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

Date 27.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 13.09.2013 09.09.2013 04.09.2013 03.09.2013 02.09.2013 22.08.2013 20.08.2013 13.08.2013 09.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 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 15.07.2013 11.07.2013 06.06.2013 28.05.2013 27.05.2013 09.04.2013 22.02.2013

01.10.2013

Hindustan Petroleum Corp Ltd Hindustan Petroleum Corporation Limited refines crude oil and manufactures petroleum and petroleum products. The Company's products, which are sold via outlets throughout India, include lube products, lubricating oil, aviation fuel, hydraulic brake fluid, greases, liquefied petroleum gas and insecticides. The Government of India is the majority shareholder in the company.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HPCL IB EQUITY YTD Change HPCL IB EQUITY YTD % CHANGE

03/2013 01/yy 381.40 158.45 86'389.00 190.5 -49.99% 20.23% 14.89% 338.6 64'508.49 457'366.80 0.0 14.8 32'204.60 489'685.49

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

4.0 M

350

3.5 M

300

3.0 M

250

2.5 M

200

2.0 M

150

1.5 M

100

1.0 M

.5 M

0 o-12

n-12

31.03.2010 31.03.2011 1'051'779.3 1'385'672.9 0.27x 0.27x 28'268.5 41'062.7 10.19x 9.00x 14'766.3 17'036.0 7.30x 7.09x Profitability

31.03.2012 1'850'872.6 0.25x 42'638.2 10.98x 1'746.5 58.87x

31.03.2013 2'159'502.3 0.24x 41'955.0 12.44x 5'013.0 19.27x

41'955.00 18'780.80 0.87% 0.41% 0.56% 3.74% 2.33% 2.43% 1.9% 0.9% 0.2% 0.87 0.17 49.57% 336.48% 44.66 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

4.46 0.93 132.27 -36.26% -31.50% 0.930 46 4.174 225'363 284'621 214'104 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 ######### ######### 0.18x 0.17x 51'022.1 52'477.7 9.60x 9.33x 9'401.2 11'813.4 6.70x 5.50x S&P Issuer Ratings

2.93 -1.58 10.13 10.90 336.5% 77.1% 2.43 5.40 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 04.04.2010

d-12

Fiscal Year Ended 31.03.2009 1'136'797.4 0.24x 32'154.7 8.46x 7'573.9 12.04x

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 |

01.10.2013

Hindustan Petroleum Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP HDFC ASSET MANAGEMEN RELIANCE CAPITAL TRU HDFC LIFE INSURANCE PRUDENTIAL ICICI ASS BIRLA SUN LIFE INSUR ICICI PRUDENTIAL LIF BANK OF NEW YORK MEL JP MORGAN VANGUARD GROUP INC NOMURA BNP PARIBAS KOTAK MAHINDRA SBI FUNDS MANAGEMENT IDFC MUTUAL FUND SUNDARAM ASSET MANAG L&T INVESTMENT MANAG HSBC ASSET MGMT INDI SOCIETE GENERALE

Firm Name JM Financial Institutional Securities P Nomura Batlivala & Karani Securities Axis Capital Limited Credit Suisse Ambit Capital Pvt Ltd Quant Broking Pvt Ltd HSBC BNP Paribas Equity Research Motilal Oswal Securities Ltd Tata Securities Limited CIMB Antique Stock Broking Limited Morgan Stanley IIFL Macquarie Spark Capital Advisors Emkay Share & Stock Brokers IDFC Securities Ltd HDFC Securities ICICIdirect.com Barclays BOB Capital Markets Standard Chartered Deutsche Bank JPMorgan ICICI Securities IDBI Capital Market Services Ltd Edelweiss Capital Religare Capital Markets EVA Dimensions Daiwa Securities Co. Ltd. UBS Avendus Capital Private Ltd Kotak Securities Goldman Sachs Systematix Shares & Stocks Ltd SBI Capital Markets Elara Securities India Pvt Ltd Karvy Stock Broking Ltd India Infoline Prabhudas Lilladher Pvt Ltd Firstcall India Equity Advisors Pvt Ltd

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

Analyst GARIMA MISHRA ANIL SHARMA BHAVIN GANDHI AMIT MISHRA SANJAY MOOKIM DAYANAND MITTAL GAGAN DIXIT KUMAR MANISH AMIT SHAH HARSHAD BORAWAKE SWARNENDU BHUSHAN AVADHOOT SABNIS AMIT RUSTAGI VINAY JAISING BHASKAR CHAKRABORTY ABHISHEK AGARWAL MAYUR PATEL DHAVAL JOSHI PRAKASH JOSHI AISHWARYA DEEPAK MAYUR MATANI SOMSHANKAR SINHA NEELABH SHARMA RAHUL SINGH HARSHAD KATKAR NEIL GUPTE ROHIT AHUJA SUDEEP ANAND NIRAJ MANSINGKA NITIN TIWARI DOUG WALTERS NIRMAL RAGHAVAN ASHISH JAGNANI SAURABH BHARAT TARUN LAKHOTIA NILESH BANERJEE SUDARSHAN NARASIMHAN GUNJAN PODDAR ALOK DESHPANDE VINAY V NAIR PRAYESH JAIN DEEPAK PAREEK TEAM COVERAGE

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

Recommendation buy buy outperform hold neutral buy buy neutral buy buy buy outperform buy Equalwt/Attractive reduce outperform add buy underperform buy buy underweight hold outperform buy overweight buy accumulate buy buy underweight buy neutral buy add Sell/Neutral buy buy accumulate buy market perform accumulate buy

Amt Held 173'076'750 33'279'877 13'202'470 7'483'065 7'126'083 5'113'472 4'323'089 4'066'902 3'788'645 2'746'510 2'246'369 2'195'212 1'541'229 1'076'157 978'060 904'000 663'936 499'500 466'000 430'986

% Out 51.11 9.83 3.9 2.21 2.1 1.51 1.28 1.2 1.12 0.81 0.66 0.65 0.46 0.32 0.29 0.27 0.2 0.15 0.14 0.13

Weighting

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

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

Latest Chg (2'541'059) 214'170 25'890 413'044 510'000 (136'351) 24'700 904'000 (420'155) 250'000 90'000

Target Price 278 330 272 195 194 265 356 201 255 308 221 300 287 215 220 255 239 315 186 240 233 200 214 221 270 365 295 210 311 400 #N/A N/A 320 275 407 240 265 #N/A N/A 330 320 428 330 378 354

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

File Dt 30.06.2013 30.06.2013 31.08.2013 31.08.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 27.09.2013 31.05.2013 30.06.2013 12.09.2012 30.04.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 30.03.2012

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

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

Date 30.09.2013 30.09.2013 27.09.2013 27.09.2013 24.09.2013 19.09.2013 19.09.2013 17.09.2013 13.09.2013 12.09.2013 11.09.2013 09.09.2013 06.09.2013 22.08.2013 21.08.2013 20.08.2013 19.08.2013 16.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 29.07.2013 12.07.2013 01.07.2013 26.06.2013 21.06.2013 13.06.2013 31.05.2013 30.05.2013 12.04.2013 10.04.2013 13.03.2013 06.03.2013 02.03.2013

01.10.2013

Union Bank of India Union Bank of India Limited provides a full range of banking services throughout India. The Company's activities include retail banking, commercial and personal banking, investment management, treasury and NRI services, cash management and assorted ATM facilities. Union Bank has an online tele-banking facility for all its core banking customers.

Price/Volume

2.0 M 1.5 M

150

Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (29.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNBK IB EQUITY YTD Change UNBK IB EQUITY YTD % CHANGE

03/2013 01/yy 288.00 97.10 604'675.00 111.05 -61.25% 14.37% 6.65% 596.8 66'274.00 368'290.13 1'110.0 297.9 223'925.75 -

31.03.2010 -

1.0 M

100

.5 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 31.03.2009

2.5 M

250 200

Valuation Analysis

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

300

Profitability

31.03.2011 185'010.2 22'078.9 8.25x

31.03.2012 234'694.5 17'718.5 6.98x

31.03.2013 280'382.7 21'565.8 5.58x 29.05% 29.17% 0.75% 13.48% 4.38% 0.10% 20.6% 11.77% 212.65% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

7.20 1.25 186.53 -44.31% -57.89% 1.247 49 3.224 659'478 723'401 555'434 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 115'809.0 131'976.0 28'766.0 33'545.0 2.30x 1.98x S&P Issuer Ratings

17.06.2008 BBBNEG 17.06.2008 A-3 212.6% 67.8% 0.10 11.72 -

Sales/Revenue/Turnover

1'200.00

300'000.0

1'000.00

250'000.0

800.00

200'000.0

600.00

150'000.0

400.00

100'000.0

200.00

50'000.0

0.00 01.04.2007 01.10.2007 01.04.2008 01.10.2008 01.04.2009 01.10.2009 01.04.2010 01.10.2010 01.04.2011 01.10.2011 01.04.2012 01.10.2012 01.04.2013

0.0 1999 2000 20012002 2003 2004 2005 20062007 2008 2009 2010 20112012 2013

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

01.10.2013

Union Bank of India Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP EQUINOX FUND MANAGEM HDFC LIFE INSURANCE HDFC ASSET MANAGEMEN PRUDENTIAL ICICI ASS TEMPLETON ASSET MGMT UTI ASSET MANAGEMENT BANK OF NOVA SCOTIA VANGUARD GROUP INC ALLIANCE BERNSTEIN DSP BLACKROCK INVEST BANK OF NEW YORK MEL DIMENSIONAL FUND ADV EATON VANCE MANAGEME GUARDIAN LIFE GROUP IDFC MUTUAL FUND SBI FUNDS MANAGEMENT BLACKROCK KOTAK MAHINDRA

Firm Name

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

Analyst

Axis Capital Limited PRAVEEN AGRAWAL Standard Chartered MAHRUKH ADAJANIA Religare Capital Markets SIDDHARTH TELI Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA Macquarie SURESH GANAPATHY Batlivala & Karani Securities ANAND DAMA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE IIFL SAMPATH S K KUMAR Fortune Equity Brokers (India) Ltd VIJAY NARA Sunidhi Consultancy Services AMIT JAIN IDFC Securities Ltd MANISH CHOWDHARY Kotak Securities MB MAHESH Deutsche Bank MANISH KARWA Almondz Global Securities Ltd SHIVRAJ GUPTA Motilal Oswal Securities Ltd ALPESH MEHTA Dolat Capital Market Ltd. RAJIV PATHAK Morgan Stanley SUMEET KARIWALA Spark Capital Advisors ABHINESH VIJAYARAJ JM Financial Institutional Securities P PUNEET GULATI Angel Broking Limited VAIBHAV AGRAWAL KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL Credit Suisse ASHISH GUPTA HSBC TEJAS MEHTA CIMB JATINDER AGARWAL Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA ICICI Securities SHASHIN UPADHYAY Phillip Securities MANISH AGARWALLA HDFC Securities VISHAL MODI Tata Securities Limited BIJOY SHAH India Infoline RAJIV MEHTA Edelweiss Capital NILESH PARIKH Antique Stock Broking Limited ALOK KAPADIA Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA Quant Broking Pvt Ltd NITIN KUMAR Elara Securities India Pvt Ltd RAKESH KUMAR Emkay Share & Stock Brokers KASHYAP JHAVERI Sharekhan Ltd TEAM COVERAGE Ambit Capital Pvt Ltd A SV KRISHNAN Karvy Stock Broking Ltd HATIM K BROACHWALA EVA Dimensions DOUG WALTERS Espirito Santo Investment Bank Research SAIKIRAN PULAVARTHI Centrum Broking Pvt Ltd BHAVESH KANANI

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

Recommendation hold in-line hold hold accumulate underperform outperform buy reduce buy buy underperform add hold reduce Under Review buy Underwt/Cautious sell sell neutral accumulate underperform neutral underperform hold buy buy neutral hold market perform buy hold accumulate accumulate buy hold hold buy buy underweight neutral buy

Amt Held 345'459'689 64'799'582 45'401'582 16'860'023 13'079'625 6'145'002 5'000'000 4'491'646 4'004'199 3'087'123 2'667'928 1'530'556 1'374'232 1'367'075 1'288'150 1'272'780 1'255'000 1'240'000 1'120'754 1'012'859

% Out 57.89 10.86 7.61 2.83 2.19 1.03 0.84 0.75 0.67 0.52 0.45 0.26 0.23 0.23 0.22 0.21 0.21 0.21 0.19 0.17

Weighting

Change

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

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

Latest Chg (64'867'337) 191'000 934'880 (395'049) (246'300) 609'223 (162'300) 325'129 11'342 605'790 329'000 540'000 (304'501) (230'171)

Target Price 115 120 130 135 125 80 180 120 90 175 158 125 150 125 160 #N/A N/A 162 100 96 140 #N/A N/A 131 120 132 121 138 200 180 157 142 128 184 140 129 165 200 150 150 285 315 #N/A N/A 244 260

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

File Dt 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 27.09.2013 30.04.2013 31.07.2013 30.06.2013 31.08.2013 31.08.2013 28.06.2013 31.08.2013

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

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

Date 27.09.2013 26.09.2013 23.09.2013 19.09.2013 11.09.2013 10.09.2013 05.09.2013 04.09.2013 27.08.2013 26.08.2013 23.08.2013 22.08.2013 21.08.2013 20.08.2013 20.08.2013 19.08.2013 14.08.2013 07.08.2013 07.08.2013 05.08.2013 05.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 25.07.2013 18.07.2013 16.07.2013 10.07.2013

01.10.2013

ABB India Ltd ABB India Limited undertakes engineering and construction projects and manufactures heavy engineering and industrial equipment. The Company undertakes projects in the field of energy production, power transmission, transportation, process automation and pollution control. ABB India's products include pollution control equipment, switch gears and high current rectifiers.

Price/Volume

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

12/2012 12/yy 830.00 448.10 13'016.00 552 -33.62% 23.19% 25.09% 211.9 116'973.42 3'276.80 0.0 0.0 854.00 119'396.22

.5 M

500

.4 M

400

.3 M

300

.2 M

200

.1 M

100 0 o-12

31.12.2010

Profitability

LTM-4Q 31.12.2011 74'517.9 1.62x 3'406.0 35.54x 1'847.1 66.92x

31.12.2012 76'104.8 1.98x 3'891.6 38.78x 1'409.4 105.36x 3'891.60 2'949.90 3.88% 2.78% 2.20% 5.49% 6.07% 1.19% 5.1% 3.9% 1.9% 1.25 0.86 5.04% 12.60% 2.39 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

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

12/yy 21'720.9 0.00x 1'082.8 0.00x 642.9 0.00x

a-13

m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.54 1.08 32.78 -29.97% -20.73% 1.084 34 1.500 13'557 23'052 16'064 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 77'968.5 84'728.0 1.45x 1.31x 5'130.7 6'507.2 23.27x 18.35x 2'530.3 3'482.5 45.84x 32.29x S&P Issuer Ratings

10.36 5.54 0.62 0.84 12.6% 11.2% 1.19 6.62 153.28 -

Sales/Revenue/Turnover

200.00

80'000.0

180.00

70'000.0

160.00

60'000.0

140.00

50'000.0

120.00 100.00

40'000.0

80.00

30'000.0

60.00

20'000.0

40.00

10'000.0

20.00 0.00 03.01.2010

n-12

31.12.2009 -

.6 M

600

Fiscal Year Ended 31.12.2008

.7 M

800 700

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.11.2012) 52-Week Low (30.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABB IB EQUITY YTD Change ABB IB EQUITY YTD % CHANGE

900

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 |

01.10.2013

ABB India Ltd Holdings By:

All

Holder Name ABB ASEA BROWN BOVER LIFE INSURANCE CORP ABB NORDEN HOLDING A ABERDEEN VANGUARD GROUP INC RELIANCE CAPITAL TRU BLACKSTONE ASIA ADVI IDFC MUTUAL FUND UTI ASSET MANAGEMENT DANSKE INVEST MANAGE BIRLA SUN LIFE ASSET EATON VANCE MANAGEME JOHN HANCOCK ADVISER WELLS FARGO & COMPAN AXIS ASSET MANAGEMEN BESSEMER GROUP INCOR KBC GROUP NV BANK OF NEW YORK MEL DWS INVESTMENTS DIMENSIONAL FUND ADV

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

Analyst

Axis Capital Limited BHAVIN VITHLANI Jefferies LAVINA QUADROS Standard Chartered SATISH KUMAR Batlivala & Karani Securities RENU BAID Phillip Securities ANKUR SHARMA Deutsche Bank MANISH SAXENA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Motilal Oswal Securities Ltd SATYAM AGARWAL Spark Capital Advisors APURVA PATEL Angel Broking Limited AMIT PATIL KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE JPMorgan SUMIT KISHORE Macquarie INDERJEET SINGH BHATIA CIMB HARISH BIHANI Daiwa Securities Co. Ltd. SAURABH MEHTA Prabhudas Lilladher Pvt Ltd KUNAL SHETH BNP Paribas Equity Research GIRISH NAIR HDFC Securities ABHINAV SHARMA Antique Stock Broking Limited DHIRENDRA TIWARI Quant Broking Pvt Ltd ABHINEET ANAND Nirmal Bang Institutional Equities CHIRAG MUCHHALA HSBC ASHUTOSH NARKAR JM Financial Institutional Securities P SUBHADIP MITRA IDFC Securities Ltd BHOOMIKA NAIR Religare Capital Markets MISAL SINGH Edelweiss Capital AMIT MAHAWAR Kotak Securities LOKESH GARG Tata Securities Limited RAVIKIRAN SURANA UBS PANKAJ SHARMA Karvy Stock Broking Ltd RUPESH D SANKHE EVA Dimensions TIMOTHY STANISH IIFL GOPAL RITOLIA Espirito Santo Investment Bank Research KRISHNAKANT THAKUR Barclays VENUGOPAL GARRE Proactive Universal VINAY PANDIT Jaypee Capital Services JYOTSNA SAWDEKAR India Infoline TEAM COVERAGE

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

Recommendation sell hold underperform underperform neutral sell hold neutral sell reduce hold underweight underperform underperform sell sell reduce sell sell sell sell underweight hold underperform hold reduce sell sell sell sell sell sell sell underweight sell sell sell

Amt Held 146'390'951 20'196'092 12'540'330 5'186'166 1'348'845 1'291'475 499'224 390'000 175'000 90'888 44'854 42'900 32'944 29'426 28'019 18'184 10'564 10'414 10'330 9'769

% Out 69.08 9.53 5.92 2.45 0.64 0.61 0.24 0.18 0.08 0.04 0.02 0.02 0.02 0.01 0.01 0.01 0 0 0 0

Weighting

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

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

Latest Chg 337'285 (43'731) (9'112) (42) 6 (3'501)

Target Price 373 470 445 435 500 301 536 457 371 442 518 400 380 400 400 406 423 370 432 401 436 440 450 380 530 421 400 400 450 560 #N/A N/A 387 432 471 600 542 724

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 28.06.2013 31.08.2013 31.08.2013 28.06.2013 31.08.2013 31.07.2013 31.08.2013 31.07.2013 31.08.2013 30.04.2013 31.07.2013 27.09.2013 31.05.2012 30.04.2013

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

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

Date 27.09.2013 26.09.2013 18.09.2013 13.09.2013 04.09.2013 28.08.2013 26.08.2013 20.08.2013 14.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 12.08.2013 11.08.2013 11.08.2013 10.08.2013 10.08.2013 09.08.2013 08.08.2013 08.08.2013 06.08.2013 11.07.2013 06.06.2013 09.05.2013 22.02.2013 10.09.2012 08.08.2012 18.01.2012 11.07.2011

01.10.2013

GMR Infrastructure Ltd GMR Infrastructure is an infrastructure company with interests in airports, power and roads. The Company is developing a greenfield international airport at Hyderabad, and is also operating, managing and developing the Delhi airport. Additionally, it is involved in development and operation of power plants and road projects in India.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GMRI IB EQUITY YTD Change GMRI IB EQUITY YTD % CHANGE

03/2013 06/yy 27.00 10.65 455'947.00 21.85 -17.22% 105.16% 67.58% 3'892.4 85'049.70 423'493.00 19'711.0 17'200.0 42'563.10 502'890.60

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

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 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 38'436.1 7.49x 9'040.6 31.86x 2'794.5 61.80x

31.03.2010 31.03.2011 45'665.1 63'321.4 8.97x 5.55x 14'134.8 15'776.3 28.99x 22.26x 1'584.0 (9'296.4) 144.94x Profitability

LTM-4Q 31.03.2012 83'201.1 5.72x 18'890.8 25.21x (6'033.4) -

31.03.2013 98'718.7 5.08x 25'354.8 19.80x 881.2 95.41x

25'354.80 14'225.20 14.41% 3.98% 0.15% 1.19% 1.64% 0.16% 25.7% 14.4% 0.9% 0.53 0.33 66.36% 581.87% 5.81 -

Price/ Cash Flow

LTM

06/yy 84'443.9 9.63x 18'365.0 0.00x (6'309.4) 0.00x

06/yy 99'139.8 9.91x 25'189.5 0.00x (1'436.1) 0.00x

FY+1

.0 M o-13

0.46 1.49 903.70 -11.48% 13.68% 1.493 20 3.950 1'222'757 1'267'251 1'035'708 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 98'720.3 124'989.6 21'688.0 21'690.0 4.90x 3.85x 36'865.8 46'336.5 13.64x 10.85x (4'337.4) (1'707.5) (1'047.0) (1'033.0) S&P Issuer Ratings

1.26 -3.86 15.02 16.70 581.9% 79.4% 0.16 0.29 62.84 -

Sales/Revenue/Turnover

40.00

120'000.0

35.00

100'000.0

30.00

80'000.0

25.00 20.00

60'000.0

15.00

40'000.0

10.00

20'000.0 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 |

01.10.2013

GMR Infrastructure Ltd Holdings By:

All

Holder Name GMR HOLDINGS CARMIGNAC GESTION LIFE INSURANCE CORP NEW LEAINA INVESTMEN GMR INFRA VENTURES P VANGUARD GROUP INC GMR ENTERPRISES PVT CARMIGNAC GESTION LU NORGES BANK IDFC MUTUAL FUND KOTAK MAHINDRA DIMENSIONAL FUND ADV T ROWE PRICE ASSOCIA FRANK RUSSELL TRUST EATON VANCE MANAGEME RAO G MALLIKARJUNA T.ROWE PRICE GLOBAL GRANDHI MALLIKARJUNA STATE STREET CORP VARALAKSHMI G

Firm Name Elara Securities India Pvt Ltd Batlivala & Karani Securities IDFC Securities Ltd Edelweiss Capital ICICIdirect.com Nirmal Bang Institutional Equities Macquarie CIMB Kotak Securities Prabhudas Lilladher Pvt Ltd JM Financial Institutional Securities P Phillip Securities UBS BNP Paribas Equity Research Axis Capital Limited EVA Dimensions Standard Chartered Firstcall India Equity Advisors Pvt Ltd Emkay Share & Stock Brokers JPMorgan IIFL

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

Analyst DEEPAK AGRAWALA PREM KHURANA SHIRISH RANE SHANKAR K DEEPAK PURSWANI AMIT K SRIVASTAVA INDERJEET SINGH BHATIA PRAMOD AMTHE LOKESH GARG RUPA SHAH NAVEEN JAIN VIBHOR SINGHAL SANDIP BANSAL VISHAL SHARMA NITIN IDNANI TIMOTHY STANISH SHASHIKIRAN RAO TEAM COVERAGE JITESH BHANOT SUMIT KISHORE GOPAL RITOLIA

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

Recommendation buy buy outperform buy hold buy outperform outperform not rated accumulate buy buy buy hold buy sell in-line hold hold overweight reduce

Amt Held 2'736'221'862 141'475'076 112'477'182 83'360'880 31'321'815 30'904'369 17'100'000 12'600'000 7'382'562 7'270'000 5'240'000 4'512'952 3'292'377 3'268'754 2'913'600 1'731'330 1'452'422 1'231'330 1'196'225 942'660

% Out 70.3 3.63 2.89 2.14 0.8 0.79 0.44 0.32 0.19 0.19 0.13 0.12 0.08 0.08 0.07 0.04 0.04 0.03 0.03 0.02

Weighting

Change

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

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

Latest Chg 1'620'129 10'000'000 1'500'000 (1'500'000) 318'536 400'000 90'000

Target Price 23 21 21 26 13 20 25 33 #N/A N/A 17 22 19 24 26 27 #N/A N/A 25 22 21 50 35

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 25.07.2013 30.06.2013 30.06.2013 28.06.2013 31.12.2012 31.08.2013 31.08.2013 30.04.2013 30.06.2013 31.05.2012 31.07.2013 18.07.2013 06.07.2012 30.06.2013 27.09.2013 24.07.2013

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

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

Date 24.09.2013 20.09.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 05.08.2013 28.06.2013 07.06.2013 06.06.2013 06.05.2013 05.03.2013 16.11.2012 13.09.2012 25.11.2011

01.10.2013

IDBI Bank Ltd IDBI Bank Limited provides a range of banking and financial services. The Bank's services include fund-based operations, such as venture capital and fee-based activities, which include merchant banking and debenture trusteeship.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (04.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IDBI IB EQUITY YTD Change IDBI IB EQUITY YTD % CHANGE

03/2013 09/yy 118.20 52.30 120'814.00 59.35 -49.45% 13.48% 9.56% 1'332.8 79'100.09 935'630.46 0.0 363.9 183'125.40 -

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

1.2 M

100

1.0 M

.8 M

.6 M

.4 M

.2 M

0 o-12

31.03.2010 31.03.2011 178'185.1 208'408.8 10'205.3 15'635.1 8.17x 8.19x Profitability

LTM-4Q 31.03.2012 255'831.9 19'977.6 5.17x

31.03.2013 284'101.4 18'899.3 5.44x

21.83% 0.62% 9.31% 1.80% 0.09% 21.6% 29.00% 441.29% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

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

a-13 m-13

j-13

a-13

s-13

.0 M o-13

5.90 1.32 116.52 -38.18% -43.32% 1.320 13 2.538 214'741 393'632 343'119

FY+1

FY+2

FQ+1

FQ+2

03/14 Y

03/15 Y

09/13 Q2

12/13 Q3

S&P Issuer Ratings

30.01.2007 NEG 30.01.2007 A-3 441.3% 81.5% 0.09 9.49 -

Sales/Revenue/Turnover

6.00

300'000.0

5.00

250'000.0

4.00

200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 133'336.1 7'665.4 4.29x

120

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 |

01.10.2013

IDBI Bank Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP HDFC ASSET MANAGEMEN SBI LIFE INSURANCE C VANGUARD GROUP INC DIMENSIONAL FUND ADV BANK OF NEW YORK MEL ACADIAN ASSET MANAGE ROBECO EATON VANCE MANAGEME KOTAK MAHINDRA IDFC MUTUAL FUND JOHN HANCOCK ADVISER WELLS FARGO & COMPAN BENCHMARK ASSET MANA NOMURA INTERNATIONAL BESSEMER GROUP INCOR BARODA PIONEER MUTUA MOTILAL OSWAL ASSET LEGAL & GENERAL

Firm Name Anand Rathi Securities Pvt. Ltd. Avendus Capital Private Ltd Batlivala & Karani Securities Sunidhi Consultancy Services ICICIdirect.com Motilal Oswal Securities Ltd EVA Dimensions Macquarie Quantum Securities Pvt Ltd Angel Broking Limited Sharekhan Ltd MSFL - Institutional Business Group Dalmia Securities Pvt Ltd Shah Investor's Home Limited SKP Securities Limited Wallfort Financial Services Ltd

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

Analyst CLYTON FERNANDES CHANDANA JHA VIKASH MUNDHRA AMIT JAIN KAJAL GANDHI ALPESH MEHTA DOUG WALTERS SURESH GANAPATHY RATI PANDIT VAIBHAV AGRAWAL TEAM COVERAGE LAXMI AHUJA ZEENAT KERAWALA AMEYA HARDAS VIKESH P MEHTA KAILASH GANDHI

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

Recommendation buy buy underperform hold sell neutral underweight underperform hold neutral hold hold accumulate buy buy hold

Amt Held 955'852'609 260'399'218 33'228'741 23'774'747 6'554'544 4'689'690 2'394'308 1'383'084 724'176 713'300 551'142 384'000 211'610 130'148 125'531 116'534 94'790 74'000 40'450 37'162

% Out 71.72 19.54 2.49 1.78 0.49 0.35 0.18 0.1 0.05 0.05 0.04 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0 0

Weighting

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

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

Latest Chg 1'205'755 22'294 (25'000) (158'552) 167'100 365'390 384'000 25 (18'318) (48'969) -

Target Price 73 108 75 82 48 68 #N/A N/A 40 75 #N/A N/A 94 100 103 121 136 127

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 31.08.2013 30.06.2013 30.04.2013 27.09.2013 31.07.2013 30.04.2013 31.07.2013 31.08.2013 31.08.2013 31.08.2013 31.07.2013 31.08.2013 31.03.2013 30.04.2013 31.08.2013 31.08.2013 31.07.2013

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

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

Date 19.09.2013 11.09.2013 05.09.2013 23.08.2013 21.08.2013 19.08.2013 14.08.2013 12.08.2013 23.07.2013 19.07.2013 19.07.2013 01.11.2012 10.07.2012 21.06.2012 08.02.2012 21.10.2011

01.10.2013

Adani Power Ltd Adani Power Ltd is a power project development company. The Company develops, operates and maintains power projects in India.

Price/Volume 80

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.12.2012) 52-Week Low (05.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADANI IB EQUITY YTD Change ADANI IB EQUITY YTD % CHANGE

03/2013 06/yy 70.00 29.45 212'150.00 32.05 -54.29% 8.83% 6.91% 2'871.9 92'045.10 399'569.40 0.0 0.0 1'503.80 490'110.70

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

(49.9) -

6.0 M

30 20

4.0 M

2.0 M

0 o-12

31.03.2010 31.03.2011 4'348.6 21'351.9 80.80x 22.96x 2'439.5 12'549.7 144.04x 39.06x 1'701.1 5'135.7 141.19x 47.86x Profitability

LTM-4Q 31.03.2012 40'897.9 12.88x 14'804.4 35.58x (2'872.7) -

31.03.2013 67'747.9 7.31x 10'969.9 45.16x (22'950.1) -

10'969.90 -1'926.90 -2.84% -26.84% -4.32% -44.41% 0.13% 16.2% -2.8% -33.9% 0.31 0.06 72.70% 930.66% 11.22 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.00 1.30 546.66 -38.07% -48.06% 1.298 35 1.800 374'176 477'113 646'745 FY+2

FQ+1

FQ+2

06/yy 15'018.8 0.00x (976.9) 0.00x (8'098.1) 0.00x

06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 78'077.6 129'578.4 176'532.7 12.44x 3.66x 2.59x 14'431.0 41'842.3 63'404.8 0.00x 11.71x 7.73x (26'637.3) (4'961.1) 5'487.1 0.00x 14.18x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

0.72 -3.74 36.29 36.42 930.7% 90.3% 0.13 0.15 32.53 -

Sales/Revenue/Turnover

180.00

80'000.0

160.00

70'000.0

140.00

60'000.0

120.00

50'000.0

100.00

40'000.0

80.00

30'000.0

60.00

20'000.0

40.00

10'000.0

20.00 0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009

8.0 M

Valuation Analysis

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 |

01.10.2013

Adani Power Ltd Holdings By:

All

Holder Name ADANI ENTERPRISES LT OPAL INVESTMENT MAUR 3I POWER INVESTMENTS VENTURA POWER INVEST SHANTILAL ADANI VINO ADANI AGRO PVT LTD JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA ADANI VINOD S VANGUARD GROUP INC DIMENSIONAL FUND ADV DSP BLACKROCK INVEST STATE STREET CORP HDFC ASSET MANAGEMEN EATON VANCE ADVISORS EATON VANCE MANAGEME JOHN HANCOCK ADVISER PRUDENTIAL FINANCIAL WELLS FARGO & COMPAN BESSEMER GROUP INCOR

Firm Name HSBC Axis Capital Limited Barclays Nomura Deutsche Bank Emkay Share & Stock Brokers Edelweiss Capital Morgan Stanley JPMorgan BNP Paribas Equity Research Batlivala & Karani Securities IDFC Securities Ltd Fortune Equity Brokers (India) Ltd UBS Karvy Stock Broking Ltd Macquarie ICICI Securities Almondz Global Securities Ltd Ambit Capital Pvt Ltd Credit Suisse Kotak Securities JM Financial Institutional Securities P Tata Securities Limited Standard Chartered India Nivesh Ltd Avendus Capital Private Ltd EVA Dimensions ITI Securities Ltd Spark Capital Advisors KR Choksey Shares & Sec Pvt Ltd CIMB Daiwa Securities Co. Ltd. Prabhudas Lilladher Pvt Ltd MSFL - Institutional Business Group

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

Analyst ARUN KUMAR SINGH BHAVIN VITHLANI VENUGOPAL GARRE ANIRUDH GANGAHAR ABHISHEK PURI AMIT GOLCHHA SHANKAR K PARAG GUPTA SUMIT KISHORE GIRISH NAIR VISHAL BIRAIA SHIRISH RANE TEAM COVERAGE PANKAJ SHARMA RUPESH D SANKHE INDERJEET SINGH BHATIA PRAKASH GAURAV GOEL AMIT SHAH BHARGAV BUDDHADEV AMISH SHAH MURTUZA ARSIWALLA SUBHADIP MITRA RAVIKIRAN SURANA PANKAJ KAPOOR DALJEET SINGH KOHLI ABHAY MOGHE DOUG WALTERS ABHISHEK B PATEL BHARANIDHAR VIJAYAKUMAR CHINMAY S GANDRE HARISH BIHANI SAURABH MEHTA RUPA SHAH SITARAMAN IYER

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

Recommendation underweight Under Review underweight reduce hold sell reduce Underwt/In-Line underweight reduce sell neutral sell sell sell underperform sell hold buy underperform sell hold hold underperform not rated hold sell hold sell accumulate underperform hold neutral sell

Amt Held 1'981'290'000 213'236'910 160'598'342 70'878'997 57'700'000 44'066'085 35'267'493 34'968'454 28'900'000 15'860'202 4'320'206 1'203'187 1'116'280 1'000'000 770'500 700'600 448'722 447'255 185'838 176'085

% Out 68.99 7.42 5.59 2.47 2.01 1.53 1.23 1.22 1.01 0.55 0.15 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.01 0.01

Weighting

Change

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

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

Latest Chg (3'294'636) 4'600'000 7'138'805 647'071 246'422 770'500 35 -

Target Price 32 #N/A N/A 30 35 29 21 31 27 32 28 23 34 31 34 39 26 23 38 81 35 30 30 31 36 #N/A N/A 44 #N/A N/A 47 40 50 45 50 #N/A N/A 36

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 19.03.2013 30.06.2013 30.04.2013 31.08.2013 27.09.2013 31.08.2013 31.07.2013 31.07.2013 31.08.2013 31.07.2013 31.07.2013 30.04.2013

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

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

Date 30.09.2013 27.09.2013 26.09.2013 06.09.2013 05.09.2013 28.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 19.08.2013 13.08.2013 02.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 09.07.2013 09.07.2013 26.06.2013 06.06.2013 13.05.2013 08.05.2013 09.04.2013 03.04.2013 18.03.2013 18.12.2012 23.10.2012

01.10.2013

Unitech Ltd Unitech Limited is a real estate development company. The Company develops self-sustaining residential areas, commercial spaces, amusement parks, infrastructure development, thermal power plants, transmission lines, highways, flyovers, industrial facilities, steel plants, and overseas turnkey projects.

Price/Volume 45

40.0 M

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (06.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UT IB EQUITY YTD Change UT IB EQUITY YTD % CHANGE

03/2013 06/yy 40.90 14.65 1'466'038.00 15.85 -61.37% 8.19% 4.00% 2'614.5 41'440.11 61'133.26 0.0 592.9 3'626.39 99'539.85

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

15.0 M

15 10

10.0 M

5.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 28'449.1 4.98x 16'323.3 8.68x 11'964.3 4.74x

20.0 M

Valuation Analysis

31.03.2010 31.03.2011 29'309.8 33'960.2 7.94x 4.19x 10'756.0 9'867.4 21.64x 14.40x 6'750.5 5'676.6 24.80x 18.01x Profitability

LTM-4Q 31.03.2012 24'183.0 5.03x 3'268.9 37.18x 2'373.8 31.69x

31.03.2013 24'405.4 4.91x 3'604.7 33.21x 2'095.7 29.40x

3'604.75 3'206.31 13.14% 14.03% 0.89% 1.79% 1.29% 0.10% 14.8% 13.1% 8.6% 2.21 0.24 25.59% 53.67% 1.44 -

Price/ Cash Flow

LTM

06/yy 22'637.7 10.69x 3'390.4 0.00x 1'958.2 29.40x

06/yy 26'053.7 8.23x 3'474.7 0.00x 2'265.8 24.53x

FY+1

.0 M o-13

0.00 1.60 1'502.57 -35.96% -52.90% 1.601 21 2.762 2'298'487 3'105'609 3'788'415 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 29'819.9 34'447.0 6'877.0 7'150.0 3.34x 2.87x 5'340.5 6'527.7 878.0 1'091.0 18.61x 15.25x 3'638.8 4'569.1 645.0 792.0 11.28x 9.24x S&P Issuer Ratings

11.37 1.61 15.95 16.96 53.7% 34.8% 0.10 0.97 253.72 -

Sales/Revenue/Turnover

60.00

45'000.0 40'000.0

50.00

35'000.0 30'000.0

40.00

25'000.0 30.00

20'000.0 15'000.0

20.00

10'000.0 10.00 0.00 04.04.2010

5'000.0 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 |

01.10.2013

Unitech Ltd Holdings By:

All

Holder Name MAYFAIR CAPITAL LTD PLATINUM INVESTMENT HARSIL PROJECTS PVT HSBC GLOBAL INV MAUR R V TECHNO INVEST PV COLLEGE RETIREMENT E TULIP INVSTS PVT LTD INDRUS COUNTERTRADE CHANDRA SANJAY GOVT PENSION FUND GL DIMENSIONAL FUND ADV VANGUARD GROUP INC NORGES BANK BLACKROCK BAHRI RAHUL WADHA MINOTI BAHRI UNIBILD ENGINEER & C BANK OF NEW YORK MEL GURNANI PRAVEEN CITILINK HOLDINGS LT

Firm Name JPMorgan Goldman Sachs BNP Paribas Equity Research Motilal Oswal Securities Ltd Batlivala & Karani Securities UBS Macquarie CIMB Prabhudas Lilladher Pvt Ltd Phillip Securities Jefferies IIFL EVA Dimensions ICICI Securities JM Financial Institutional Securities P Religare Capital Markets HSBC Standard Chartered Edelweiss Capital IFCI Financial Services Nomura Systematix Shares & Stocks Ltd Kotak Securities IDFC Securities Ltd KR Choksey Shares & Sec Pvt Ltd Axis Capital Limited

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

Analyst SAURABH S KUMAR PUNEET JAIN AVNEESH SUKHIJA SANDIPAN PAL PREM KHURANA ASHISH JAGNANI ABHISHEK BHANDARI PRAKASH AGARWAL KEJAL MEHTA ABHISHEK RANGANATHAN ANAND AGARWAL BHASKAR CHAKRABORTY DOUG WALTERS SHALEEN SILORI HIMANSHU MAHESHWARI ARUN AGGARWAL ASHUTOSH NARKAR GAURAV PATHAK AASHIESH AGARWAAL RAJEEV DESAI PRABHAT AWASTHI ROHIT JAIN SAMAR SARDA NITIN AGARWAL NIYATI JHAVERI CHIRAG NEGANDHI

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

Recommendation underweight neutral/attractive buy buy outperform sell underperform underperform reduce Under Review hold sell hold buy sell buy overweight underperform not rated sell suspended coverage hold not rated Under Review hold Under Review

Amt Held 667'427'658 270'080'215 227'501'000 134'064'250 124'212'400 103'257'712 77'085'970 70'129'800 66'894'880 52'111'938 44'593'471 41'517'567 30'689'508 18'912'784 8'422'350 8'290'900 6'240'000 4'391'900 4'275'310 3'822'000

% Out 25.53 10.33 8.7 5.13 4.75 3.95 2.95 2.68 2.56 1.99 1.71 1.59 1.17 0.72 0.32 0.32 0.24 0.17 0.16 0.15

Weighting

Change

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

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

Latest Chg 1'414'886 915'335 -

Target Price 15 23 22 28 23 16 12 15 14 #N/A N/A 33 20 #N/A N/A 32 24 50 43 28 #N/A N/A 20 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 39 #N/A N/A

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

File Dt 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 30.06.2013 31.12.2012 27.09.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 30.06.2013 30.06.2013

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

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

Date 25.09.2013 11.09.2013 04.09.2013 19.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 03.07.2013 21.06.2013 06.06.2013 31.05.2013 30.05.2013 13.02.2013 30.01.2013 16.01.2013 07.01.2013 06.11.2012 05.11.2012 11.07.2012 16.05.2012 19.09.2011 31.05.2011 13.11.2010

01.10.2013

Ashok Leyland Ltd Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

Price/Volume

12.0 M 10.0 M 8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.12.2012) 52-Week Low (29.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AL IB EQUITY YTD Change AL IB EQUITY YTD % CHANGE

03/2013 06/yy 28.70 11.82 444'725.00 15.05 -47.56% 27.33% 19.79% 2'660.7 40'043.18 43'554.33 0.0 0.0 78.11 83'519.40

6.0 M

4.0 M

2.0 M

0 o-12

31.03.2010 31.03.2011 72'447.1 111'771.1 1.35x 0.93x 7'714.5 12'243.8 12.68x 8.53x 4'236.7 6'313.0 17.52x 23.96x Profitability

LTM-4Q 31.03.2012 129'043.3 0.86x 12'504.0 8.91x 5'659.8 14.27x

31.03.2013 124'812.0 0.81x 8'821.8 11.52x 4'337.1 13.40x

8'821.81 4'956.85 3.97% 3.77% 3.47% 10.01% 9.10% 1.00% 7.1% 4.0% 3.5% 0.81 0.27 33.26% 97.76% 9.42 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 06/yy 131'511.7 115'065.7 1.32x 1.74x 12'521.7 6'579.6 0.00x 0.00x 5'566.6 2'250.2 11.91x 23.10x

a-13 m-13

j-13

a-13

.0 M o-13

s-13

3.99 0.96 1'383.88 -35.27% -42.35% 0.958 50 2.920 2'195'492 1'784'945 1'402'287

FY+1

FY+2

FQ+1

FQ+2

03/14 Y

03/15 Y

09/13 Q2

12/13 Q3

S&P Issuer Ratings

2.50 0.66 4.93 4.94 97.8% 49.4% 1.00 2.38 38.74 -

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 04.04.2010

n-12

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

14.0 M

25 20

Valuation Analysis

31.03.2009 59'810.7 0.81x 4'847.8 9.97x 1'900.0 12.71x

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 |

01.10.2013

Ashok Leyland Ltd Holdings By:

All

Holder Name HINDUJA AUTOMOTIVE L LIFE INSURANCE CORP FRANKLIN RESOURCES HDFC LIFE INSURANCE Baytree Investments MATTHEWS INTERNATION DIMENSIONAL FUND ADV GENERAL INSURANCE CO VANGUARD GROUP INC EASTSPRING INVESTMEN SCHRODER INVESTMENT UTI ASSET MANAGEMENT VAN ECK ASSOCIATES C HANDELSBANKEN FONDER BANK OF NEW YORK MEL DAIWA ASSET MANAGEME MARSHALL & ISLEY TRU TATA ASSET MANAGEMEN WELLS FARGO & COMPAN MIZUHO FINANCIAL GRO

Firm Name Goldman Sachs Axis Capital Limited Nomura Kotak Securities LKP Shares and Securities Ltd Barclays Sunidhi Consultancy Services Ambit Capital Pvt Ltd Edelweiss Capital Macquarie Anand Rathi Securities Pvt. Ltd. HDFC Securities Angel Broking Limited Antique Stock Broking Limited IIFL India Nivesh Ltd Fortune Equity Brokers (India) Ltd ICICIdirect.com Motilal Oswal Securities Ltd Morgan Stanley Brics Securities IDBI Capital Market Services Ltd Standard Chartered Deutsche Bank UBS JPMorgan Daiwa Securities Co. Ltd. Batlivala & Karani Securities Karvy Stock Broking Ltd India Infoline Credit Suisse CIMB Prabhudas Lilladher Pvt Ltd JM Financial Institutional Securities P ICICI Securities IDFC Securities Ltd Emkay Share & Stock Brokers Sharekhan Ltd Quant Broking Pvt Ltd Dolat Capital Market Ltd. Right Horizons Financial Services EVA Dimensions Phillip Securities

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

Analyst SANDEEP PANDYA CHIRAG SHAH KAPIL SINGH HITESH GOEL ASHWIN PATIL SAHIL KEDIA ABHISHEK GAOSHINDE ASHVIN SHETTY AASHIESH AGARWAAL AMIT MISHRA ROHAN KORDE SORABH TALWAR YARESH KOTHARI ASHISH NIGAM JOSEPH GEORGE ABHISHEK JAIN MAHANTESH SABARAD NISHANT VAAS JINESH K GANDHI BINAY SINGH UMESH KARNE BHAUMIK BHATIA AMIT KASAT B SRINIVAS RAO SONAL GUPTA ADITYA MAKHARIA NAVIN MATTA ANNAMALAI JAYARAJ MITUL SHAH PRAYESH JAIN JATIN CHAWLA PRAMOD AMTHE SURJIT SINGH ARORA AMBRISH MISHRA SANKET MAHESHWARI PRAMOD KUMAR KAUSHAL MAROO TEAM COVERAGE BASUDEB BANERJEE RAHUL JAIN TUSHAR PENDHARKAR TIMOTHY STANISH DEEPAK JAIN

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

Recommendation Sell/Neutral hold neutral reduce sell equalweight sell buy hold outperform sell neutral buy hold reduce neutral hold hold neutral Underwt/In-Line buy reduce in-line sell buy underweight hold outperform hold market perform neutral underperform reduce hold sell outperform hold hold buy buy sell sell buy

Amt Held 1'027'237'424 249'456'674 91'477'074 46'814'629 46'350'000 40'022'554 34'141'114 30'320'000 28'187'901 22'667'113 11'920'086 7'456'500 5'950'899 5'512'557 4'180'508 3'892'199 2'820'690 2'291'048 2'180'389 1'547'100

% Out 38.61 9.38 3.44 1.76 1.74 1.5 1.28 1.14 1.06 0.85 0.45 0.28 0.22 0.21 0.16 0.15 0.11 0.09 0.08 0.06

Weighting

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

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

Latest Chg 1'937'763 2'399'655 607'285 2'322'563 10'775'020 3'892'199 (400'000) 120 -

Target Price 11 12 16 15 11 15 12 17 13 15 12 18 18 19 18 #N/A N/A 14 17 17 11 20 18 16 11 20 16 18 17 21 17 17 15 15 18 15 23 17 18 21 20 13 #N/A N/A 30

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 28.06.2013 30.04.2013 30.06.2013 30.06.2013 28.06.2013 31.03.2013 31.08.2013 27.09.2013 30.08.2013 27.09.2013 17.12.2012 30.06.2013 31.08.2013 31.07.2013 15.04.2013

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

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

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 21.09.2013 18.09.2013 13.09.2013 12.09.2013 05.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 03.09.2013 02.09.2013 24.08.2013 20.08.2013 19.08.2013 07.08.2013 06.08.2013 31.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 18.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 16.07.2013 15.07.2013 06.06.2013 03.06.2013

01.10.2013

Housing Development & Infrastructure Ltd Housing Development & Infrastructure Limited is real estate development company. The Company's services include residential, commercial, and retail real estate development.

Price/Volume 140

40.0 M

120

35.0 M 30.0 M

100

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.01.2013) 52-Week Low (06.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDIL IB EQUITY YTD Change HDIL IB EQUITY YTD % CHANGE

03/2013 06/yy 123.95 26.10 491'321.00 36.75 -70.35% 40.80% 10.17% 419.0 15'398.40 40'188.38 0.0 72.6 2'225.21 53'434.14

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

15.0 M

10.0 M

5.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 17'284.4 3.61x 13'105.9 4.76x 7'812.5 2.89x

20.0 M

31.03.2010 31.03.2011 15'021.2 18'467.1 8.93x 6.19x 12'047.8 15'460.3 11.14x 7.39x 5'678.6 8'217.6 16.51x 8.44x Profitability

31.03.2012 20'090.6 3.71x 15'100.9 4.93x 8'098.1 4.42x

31.03.2013 10'252.4 5.60x 4'112.1 13.96x 733.2 26.40x

4'112.09 3'266.69 31.86% 9.15% 0.42% 0.71% 4.10% 0.06% 40.1% 31.9% 7.2% 2.98 0.18 23.21% 38.71% 1.22 -

Price/ Cash Flow

LTM-4Q

LTM

06/yy 16'865.8 9.19x 12'266.8 0.00x 7'252.4 5.02x

06/yy 9'533.8 13.60x 8'659.1 0.00x (158.0) 0.00x

FY+1

.0 M o-13

0.00 2.10 250.22 -63.38% -67.03% 2.098 12 2.250 1'243'792 2'048'923 2'790'043 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 18'465.3 22'200.4 4'673.0 4'673.0 2.93x 2.34x 8'598.3 10'538.4 6.21x 5.06x 5'004.2 6'005.8 3.13x 2.59x S&P Issuer Ratings

0.62 0.62 9.23 9.77 38.7% 27.9% 0.06 4.52 298.11 -

Sales/Revenue/Turnover

45.00

25'000.0

40.00

20'000.0

35.00 30.00

15'000.0

25.00 20.00

10'000.0

15.00

5'000.0

10.00 5.00 0.00 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 |

01.10.2013

Housing Development & Infrastructure Ltd Holdings By:

All

Holder Name WADHAWAN RAKESH KUMA ORBIS SICAV ASIA EX PLATINUM INVESTMENT INTERACTIVE MULTIMED DHEERAJ CONSULTANCY DINSHAW TRAPINEX BUI CREDIT SUISSE/SINGAP PRIVILEGE DISTILLERI GOVT PENSION FUND GL DIMENSIONAL FUND ADV WADHAWAN MALTI RAKES SINGH WARYAM EDUCATIONAL & SCIEN ORBIS GLOBAL EQUITY HANDELSBANKEN FONDER GRANTHAM MAYO VAN OT WADHAWAN SARANG VAN ECK ASSOCIATES C VANGUARD GROUP INC DAIWA ASSET MANAGEME

Firm Name JPMorgan Macquarie Kotak Securities Goldman Sachs Batlivala & Karani Securities Kantilal Chhaganlal Sec. Pvt. Ltd EVA Dimensions Motilal Oswal Securities Ltd Prabhudas Lilladher Pvt Ltd Jefferies IIFL Maybank Kim Eng Nirmal Bang Institutional Equities ICICI Securities IFCI Financial Services Nomura IDFC Securities Ltd Axis Capital Limited

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

Analyst SAURABH S KUMAR ABHISHEK BHANDARI SAMAR SARDA PUNEET JAIN PREM KHURANA AMIT HARICHAND ANWANI DOUG WALTERS SANDIPAN PAL KEJAL MEHTA ANAND AGARWAL BHASKAR CHAKRABORTY ANUBHAV GUPTA PARAM DESAI SHALEEN SILORI RAJEEV DESAI PRABHAT AWASTHI NITIN AGARWAL NITIN IDNANI

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

Recommendation underweight outperform not rated neutral/attractive underperform Under Review underweight Under Review reduce hold reduce Under Review suspended coverage reduce buy suspended coverage underperform buy

Amt Held 76'047'661 32'990'632 18'689'040 15'390'385 13'885'714 13'885'714 11'194'245 10'185'171 9'378'000 8'481'590 8'100'000 7'997'400 7'868'571 5'709'943 5'350'000 4'262'025 4'159'115 2'264'777 1'747'250 1'700'000

% Out 18.15 7.87 4.46 3.67 3.31 3.31 2.67 2.43 2.24 2.02 1.93 1.91 1.88 1.36 1.28 1.02 0.99 0.54 0.42 0.41

Weighting

Change

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

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

Latest Chg 364'198 180'870 147'000

Target Price 37 43 #N/A N/A 44 41 #N/A N/A #N/A N/A #N/A N/A 31 53 60 #N/A N/A #N/A N/A 101 102 #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 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 24.01.2013 30.06.2013 30.06.2013 30.04.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 30.06.2013 30.06.2013 27.09.2013 30.06.2013 17.12.2012

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

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

Date 25.09.2013 23.09.2013 16.09.2013 11.09.2013 06.09.2013 28.08.2013 21.08.2013 19.08.2013 16.08.2013 03.07.2013 07.04.2013 25.01.2013 25.01.2013 09.11.2012 06.11.2012 05.11.2012 16.08.2012 20.01.2012

01.10.2013

Suzlon Energy Ltd Suzlon Energy Ltd. designs, manufactures, operates, and maintains wind generating equipment. The Company constructs large wind parks.

Price/Volume 30

180.0 M 160.0 M

140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 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 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUEL IB EQUITY YTD Change SUEL IB EQUITY YTD % CHANGE

03/2013 06/yy 26.90 5.72 366'111.00 6.53 -75.65% 14.16% 3.64% 2'162.1 14'118.76 151'907.70 59.4 781.1 19'589.50 147'277.46

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

100.0 M 80.0 M

60.0 M 40.0 M

20.0 M

0 o-12

31.03.2010 31.03.2011 206'196.6 178'791.3 1.04x 0.99x 11'658.8 10'122.5 18.32x 17.46x (9'825.6) (13'239.7) Profitability

LTM-4Q 31.03.2012 210'823.7 0.75x 18'998.4 8.38x (4'785.8) -

31.03.2013 187'431.4 0.84x (9'520.4) (47'239.6) -

-9'520.40 -16'925.10 -9.03% -23.38% -15.38% -160.67% 0.61% -5.1% -9.0% -25.2% 0.90 0.29 52.37% 1683.97% 4.66 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-13

LTM

FY+1

0.00 1.55 1'148.44 -63.62% -64.80% 1.545 8 2.125 940'024 1'610'849 1'539'388 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 215'030.9 178'478.7 237'936.0 254'136.3 1.57x 1.73x 0.58x 0.47x 10'810.9 (13'719.9) 8'494.3 19'431.3 0.00x 0.00x 17.34x 7.58x (13'876.7) (49'338.9) (11'521.7) (3'775.3) 0.00x 0.00x 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

-0.62 -1.07 -15.96 1684.0% 93.9% 0.61 4.67 78.36 -

Sales/Revenue/Turnover

60.00

300'000.0

50.00

250'000.0

40.00

200'000.0

30.00

150'000.0

20.00

100'000.0

10.00

50'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 260'817.0 0.81x 33'284.1 6.35x 2'364.8 26.83x

120.0 M

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 |

01.10.2013

Suzlon Energy Ltd Holdings By:

All

Holder Name SANMAN HOLDINGS PVT TANTI HOLDINGS LTD INDUSTRIAL DEV BANK TANTI TULSI R TANTI GIRISH R MORGAN STANLEY TANTI SANGITA V TANTI LINA J TANTI GITA T TANTI PRANAV T STATE BANK OF INDIA LIFE INSURANCE CORP TANTI BRIJ J SAMANVAYA HOLDING PV TANTI VINOD R BLACKROCK DIMENSIONAL FUND ADV TANTI JITENDRA R CITICORP INTERNATION PUNJAB NATIONAL BANK

Firm Name Batlivala & Karani Securities HSBC EVA Dimensions JPMorgan Prabhudas Lilladher Pvt Ltd KR Choksey Shares & Sec Pvt Ltd Ambit Capital Pvt Ltd IIFL Keynote Capitals Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

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

Analyst BHALCHANDRA SHINDE CHARANJIT SINGH TIMOTHY STANISH SUMIT KISHORE KUNAL SHETH ANKUSH MAHAJAN BHARGAV BUDDHADEV HARSHAWARDHAN S DOLE TEAM COVERAGE

Recommendation underperform neutral sell restricted reduce reduce suspended coverage reduce buy

Amt Held 172'748'588 154'626'093 120'903'018 107'135'000 100'019'000 73'626'259 70'182'000 70'182'000 64'512'000 59'067'000 44'035'104 39'624'328 37'117'000 33'001'495 30'267'000 30'238'671 25'537'056 25'123'000 25'000'000 24'200'437

% Out 7.99 7.15 5.59 4.96 4.63 3.41 3.25 3.25 2.98 2.73 2.04 1.83 1.72 1.53 1.4 1.4 1.18 1.16 1.16 1.12

Weighting

Change

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

M U M M M U M M M

Latest Chg 2'109'916 -

Target Price 5 10 #N/A N/A #N/A N/A 20 22 #N/A N/A 18 32

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

File Dt 07.09.2011 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 27.09.2013 30.04.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 05.08.2013 11.07.2013 06.06.2013 20.03.2013 18.02.2013 18.02.2013 11.10.2012 11.10.2012 08.10.2012