Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 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 Hang Seng Mainland 100 100 largest companies which derive the majority of their sales revenue (or profit or assets if more relevant) from mainland China, including H shares, Red Chips and shares of otherHong Kong-listed Mainland companies.

May 2013

Q M S Advisors .

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P 500 INDEX

USD

14664995

1960.721

1107

204

218

101.88

110.18

15.64

14.46

18.83

Euro Stoxx 50 Pr

EUR

2665458

5644.23

4685

751

783

212.38

307.58

21.91

18.23

15.13

20.12

NIKKEI 225

JPY

2754343

195.4507

193

5.03

6.89

0.29

0.28

0.21

0.11

FTSE 100 INDEX

GBP

2770298

12036.34

9308

1468

1668

548.60

826.37

28.19

23.76

18.71

23.07

SWISS MARKET INDEX

CHF

1069323

11302.06

4148

879

844

422.09

560.69

21.41

18.40

16.12

22.77

S&P/TSX COMPOSITE INDEX

CAD

1638689

17043.62

7901

1862

2073

795.38

870.10

15.16

13.86

24.48

S&P/ASX 200 INDEX

AUD

1457007

6845.162

2833

630

701

250.06

336.12

22.19

17.81

16.51

23.22

HANG SENG INDEX

HKD

1731677

3400.73

1701

364

405

274.80

269.60

1.37

1.50

1.40

2.97

MSCI EM

USD

7701703

1416.96

7066542

196

195

85.16

95.99

12.07

13.13

10.70

19.56

CHINA CONSTRUCTION BANK-H

HKD

208593

147

CHINA MOBILE LTD

HKD

220019

15563

20100

IND & COMM BK OF CHINA-H

HKD

233730

263220

349620

264

561

TENCENT HOLDINGS LTD

HKD

63578

4940

1853

BANK OF CHINA LTD-H

HKD

130132

356119

279142

289

407

CNOOC LTD

HKD

83299

66687

44646

56.40

PETROCHINA CO LTD-H

HKD

249549

55777

183021

CHINA PETROLEUM & CHEMICAL-H

HKD

97926

78686

86820

CHINA LIFE INSURANCE CO-H

HKD

76935

38036

28265

PING AN INSURANCE GROUP CO-H

HKD

55688

17662

7916

CHINA OVERSEAS LAND & INVEST

HKD

24957

13287

8173

CHINA SHENHUA ENERGY CO-H

HKD

66829

20268

19890

WANT WANT CHINA HOLDINGS LTD

HKD

20964

8762

13228

AGRICULTURAL BANK OF CHINA-H

HKD

142997

104266

324794

CHINA MERCHANTS BANK-H

HKD

43149

21450

HENGAN INTL GROUP CO LTD

HKD

12701

BELLE INTERNATIONAL HOLDINGS

HKD

CHINA PACIFIC INSURANCE GR-H

251808

250011

450

91935

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

92014

64985

72073

0.10

0.11

0.82

0.80

0.75

3.09

29.11.2011

72210

76257

80120

33087

0.83

0.81

0.78

1.35

1.38

1.43

0.79

1.17

-0.02

0.70

5.90

AA-

16.12.2010

03.11.2005

109571

110691

75124

83200

0.09

0.10

0.79

0.78

0.72

2.67

1.91

28.08.2012

5656

7476

9294

2264

2242

679

0.88

0.90

1.15

1.41

3.91

3.06

2.49

6.96

7.97

4.06

7.46

5.11

BBB+

14.11.2011

Baa1

14.11.2011

79771

50747

55617

0.06

0.07

0.74

0.73

0.69

2.63

1.78

29.11.2011

31907

32354

34662

15166

0.18

1.04

1.08

1.04

0.36

2.90

-0.15

2.45

6.12

AA-

16.12.2010

271.78

251159

261024

299875

313785

41935

0.08

0.09

0.10

1.63

1.38

1.28

-0.35

2.74

0.08

0.49

118.31

352230

364921

377404

21848

0.09

0.11

0.12

1.18

1.01

0.96

1.41

2.34

-0.11

0.76

0.80

A+

16.12.2010

47860

55033

60707

0.05

0.14

0.16

5.56

2.06

1.77

0.04

2.90

AA-

16.12.2010

82.52

44008

47122

53896

0.33

0.47

0.54

2.49

1.73

1.50

3.25

13.53

27.41

8321

10373

12206

2978

0.30

0.35

1.33

1.32

1.13

3.33

5.24

2.77

3.58

4.61

BBB+

22.04.2013

63.60

32246

33748

36514

11341

0.32

0.31

0.32

1.14

1.16

1.12

2.53

3.26

0.48

2.09

4.53

2.64

433

528

629

104

0.01

4.87

4.00

3.35

1.80

3.42

4.67

3.22

3.10

167

504

83737

83858

60528

67710

0.06

0.07

0.84

0.76

0.69

2.40

17.12.2012

21577

124

22745

22760

16379

18668

0.27

0.26

0.28

0.81

0.82

0.83

0.77

3.04

2.85

BBB+

06.12.2011

3034

1229

12.96

2387

2905

3460

685

0.37

0.43

0.52

3.61

3.08

2.58

1.11

3.48

6.36

3.79

3.70

13758

16863

8434

10.14

4234

4890

5579

812

772

892

0.07

0.08

2.51

2.26

1.97

1.74

2.77

0.57

3.23

2.35

HKD

29107

6463

9062

9.10

21537

24536

27658

0.08

0.14

0.17

4.84

4.86

2.62

2.21

0.97

2.81

CHINA TELECOM CORP LTD-H

HKD

41296

44469

80932

41.57

36474

40829

44589

9128

9268

0.02

0.03

0.04

2.19

1.80

1.48

2.00

1.26

-0.77

-0.61

3.27

CHINA MINSHENG BANKING-H

HKD

43400

30060

28366

136

189

23118

24527

14985

17361

0.17

0.18

0.20

0.72

0.66

4.17

4.24

11.07.2006

BANK OF COMMUNICATIONS CO-H

HKD

57312

33392

74263

134

172

34925

34967

21025

23309

0.11

0.71

0.76

0.73

3.08

2.60

A-

06.12.2011

02.12.1999

CHINA UNICOM HONG KONG LTD

HKD

33825

20410

23565

43.03

32074

36778

40672

9482

0.04

0.06

0.08

3.80

2.49

1.80

2.45

0.51

1.93

-0.14

3.81

KUNLUN ENERGY CO LTD

HKD

15748

17993

8051

19.59

4246

5598

7093

1992

2504

0.11

0.13

0.15

2.33

1.92

1.65

3.50

8.43

3.59

7.37

6.05

CHINA RESOURCES POWER HOLDIN

HKD

15622

6069

4763

27.31

8045

9348

10461

2360

0.22

0.20

0.26

0.28

2.06

1.64

1.48

0.37

3.41

4.41

3.29

3.78

BBB

19.04.2011

Baa3

14.09.2010

CHINA RESOURCES LAND LTD

HKD

17645

5390

5827

22.59

5716

7730

9460

1812

1802

0.23

0.20

0.25

1.66

1.93

1.53

3.08

8.09

2.32

6.70

4.06

BBB

03.05.2011

Baa1

11.04.2013

LENOVO GROUP LTD

HKD

9537

34514

10336

0.78

3811

4321

4394

4864

108

127

0.01

2.11

1.96

1.63

4.76

2.28

5.48

2.41

0.38

TINGYI (CAYMAN ISLN) HLDG CO

HKD

15461

6506

5593

2.20

1187

1402

1603

129

0.01

4.38

3.91

3.21

2.20

2.52

1.37

2.08

1.40

BBB+

05.06.2012

CHINA CITIC BANK CORP LTD-H

HKD

30477

53125

46787

114

19810

19809

12704

14217

0.08

0.09

0.10

0.68

0.63

0.58

3.93

3.54

GREAT WALL MOTOR COMPANY-H

HKD

16176

5215

3042

12.54

5356

6659

7833

971

0.24

0.29

0.34

1.84

1.52

1.31

5.56

6.18

7.61

2.34

ANHUI CONCH CEMENT CO LTD-H

HKD

16130

6615

5299

14.95

5866

5879

7104

7924

1454

1524

0.14

0.15

0.21

0.24

2.42

2.56

1.73

1.51

-0.83

2.68

-5.13

2.13

3.34

ENN ENERGY HOLDINGS LTD

HKD

6265

3143

1083

5.89

2323

2845

3468

476

528

0.18

0.23

0.27

3.31

2.63

2.20

2.53

2.98

3.48

3.50

2.64

BBB-

18.10.2012

Baa3

18.10.2012

CHINA COMMUNICATIONS CONST-H

HKD

13670

25231

16175

24.37

37170

37551

42959

47152

3200

3235

3607

0.09

0.10

0.11

0.12

1.00

1.02

0.91

0.81

0.06

1.67

2.21

2.11

1.11

COUNTRY GARDEN HOLDINGS CO

HKD

10335

15785

18230

11.49

5398

6349

7451

1557

0.05

0.06

1.18

1.05

0.90

2.65

2.76

2.91

1.60

3.72

03.09.2009

Ba3

23.03.2010

CHINA RESOURCES ENTERPRISE

HKD

8234

3332

2401

10.14

16266

18759

21651

920

802

0.11

0.21

0.11

0.13

2.09

3.71

4.07

3.28

1.88

2.60

0.02

1.27

0.64

DONGFENG MOTOR GRP CO LTD-H

HKD

12834

10776

8616

8.65

15982

17848

19439

1876

0.14

0.15

0.16

1.12

1.05

0.98

-0.73

2.00

-1.26

2.59

1.51

CHINA MERCHANTS HLDGS INTL

HKD

7882

2896

2491

10.77

1420

1171

1222

574

694

0.17

0.20

0.22

0.25

2.06

1.85

1.65

2.11

5.86

0.53

2.44

5.21

BBB

17.02.2005

BEIJING ENTERPRISES HLDGS

HKD

8561

1768

1138

11.43

4583

5335

6371

535

815

0.32

0.37

0.44

0.53

2.61

3.02

2.19

1.82

2.16

2.52

-0.07

1.57

1.50

A-

28.04.2011

CHINA MENGNIU DAIRY CO

HKD

5014

4578

1768

3.36

4649

5371

6140

318

316

202

0.09

0.12

0.14

3.15

2.72

2.46

2.03

-0.45

1.37

-0.60

1.14

0.88

HUANENG POWER INTL INC-H

HKD

14958

10301

14055

28.10

17175

18339

19376

3756

3750

0.05

0.09

2.24

2.22

1.38

1.25

0.03

2.71

4.83

1.85

2.81

14.04.2010

BRILLIANCE CHINA AUTOMOTIVE

HKD

6152

11268

5026

5.03

762

777

826

0.06

0.08

0.09

2.12

1.61

1.34

-1.05

27.90

-12.12

-6.69

0.05

AAC TECHNOLOGIES HOLDINGS IN

HKD

5989

3766

1228

4.77

810

1071

1271

290

0.19

0.18

0.24

0.29

2.70

2.69

2.09

1.75

7.06

3.74

7.28

3.45

4.62

PICC PROPERTY & CASUALTY -H

HKD

15729

17177

12256

13.24

20997

26312

29865

0.11

0.12

0.13

1.20

1.11

1.02

2.45

2.31

CHINA NATIONAL BUILDING MA-H

HKD

6372

57226

5399

25.34

11238

14406

16361

3399

0.13

0.17

0.20

0.91

0.72

0.60

1.15

7.04

3.78

8.78

3.90

SUN ART RETAIL GROUP LTD

HKD

13325

3875

9540

9.71

10031

11743

13976

671

677

0.03

0.04

4.44

4.41

3.85

3.30

1.85

4.03

0.87

CHINA OILFIELD SERVICES-H

HKD

10483

4406

4495

11.08

2848

3247

3507

1148

0.13

0.15

0.16

1.54

1.51

1.34

1.24

2.57

2.91

1.19

2.32

5.19

A-

20.12.2012

CHINA COAL ENERGY CO-H

HKD

13268

47417

13259

15.41

11248

11720

13123

2267

0.09

0.08

0.91

1.01

0.94

-0.51

2.41

-0.95

1.97

2.60

SHIMAO PROPERTY HOLDINGS LTD

HKD

7481

6556

3473

9.82

3692

5133

6101

1055

1019

0.22

0.21

0.22

0.26

1.03

0.99

0.84

1.30

3.27

-0.36

2.71

3.70

BB-

09.07.2012

15.12.2008

KERRY PROPERTIES LTD

HKD

6512

1558

1439

10.36

4447

4299

4627

910

0.62

0.41

0.94

1.44

1.43

8.64

2.77

12.31

2.26

2.64

BBB-

16.11.1998

JIANGXI COPPER CO LTD-H

HKD

9704

11202

3463

7.90

20359

19436

19859

897

908

0.16

0.20

0.18

1.00

1.08

4.50

3.90

-2.56

0.16

0.57

SINOPHARM GROUP CO-H

HKD

7628

3274

2403

8.73

17496

21493

26180

728

727

0.10

0.11

0.13

0.16

2.88

3.18

2.39

1.95

4.23

4.84

5.65

0.54

126.95

48.49

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14664995

1960.721

1107

204

218

101.88

110.18

15.64

14.46

18.83

Euro Stoxx 50 Pr

EUR

2665458

5644.23

4685

751

783

212.38

307.58

21.91

18.23

15.13

20.12

NIKKEI 225

JPY

2754343

195.4507

193

5.03

6.89

0.29

0.28

0.21

0.11

FTSE 100 INDEX

GBP

2770298

12036.34

9308

1468

1668

548.60

826.37

28.19

23.76

18.71

23.07

SWISS MARKET INDEX

CHF

1069323

11302.06

4148

879

844

422.09

560.69

21.41

18.40

16.12

22.77

S&P/TSX COMPOSITE INDEX

CAD

1638689

17043.62

7901

1862

2073

795.38

870.10

15.16

13.86

24.48

S&P/ASX 200 INDEX

AUD

1457007

6845.162

2833

630

701

250.06

336.12

22.19

17.81

16.51

23.22

HANG SENG INDEX

HKD

1731677

3400.73

1701

364

405

274.80

269.60

1.37

1.50

1.40

2.97

MSCI EM

USD

7701703

1416.96

7066542

196

195

85.16

95.99

12.07

13.13

10.70

19.56

CHINA RESOURCES GAS GROUP LT

HKD

6233

2635

2224

6.60

2524

3189

4107

490

0.11

0.12

0.15

3.42

2.95

2.35

4.88

11.69

5.31

5.21

2.50

(P)Baa1

21.03.2012

TSINGTAO BREWERY CO LTD-H

HKD

8658

1297

1351

6.11

3038

3122

3771

4318

360

156

0.14

0.17

0.20

0.23

4.01

3.50

3.03

1.49

1.59

-0.05

1.35

GUANGDONG INVESTMENT LTD

HKD

6036

8924

6234

6.32

997

1066

1169

641

634

0.07

1.77

1.89

1.76

1.03

1.04

0.84

0.81

8.20

SINO-OCEAN LAND HOLDINGS

HKD

3869

10293

5826

6.30

3693

4254

4840

766

0.09

0.06

0.07

0.79

1.14

0.93

5.67

3.27

4.01

2.67

CHINA LONGYUAN POWER GROUP-H

HKD

7415

12014

8036

13.65

2228

2500

2877

1253

1482

0.05

0.04

0.05

0.06

2.10

1.89

1.52

0.55

2.85

4.30

8.57

BBB+

29.11.2012

EVERGRANDE REAL ESTATE GROUP

HKD

6546

52460

14991

11.12

8409

10793

12420

1630

1947

0.08

0.07

0.08

0.53

0.44

0.61

0.52

0.70

-2.61

12.74

2.91

29.11.2009

10.01.2011

GEELY AUTOMOBILE HOLDINGS LT

HKD

4157

26017

8259

3.28

3173

3872

4563

451

0.03

0.04

0.05

1.48

1.34

1.13

2.25

159.41

2.40

1.83

LONGFOR PROPERTIES

HKD

9070

3783

5429

9.41

3594

5783

6430

1249

0.15

0.16

0.15

0.18

1.10

1.12

0.97

2.03

1.86

8.90

4.48

BB+

02.03.2011

Ba2

20.03.2013

CHINA GAS HOLDINGS LTD

HKD

4504

3859

4383

5.93

2440

2524

2772

3354

371

391

0.03

0.04

0.05

3.12

3.09

2.66

2.50

8.30

3.07

6.97

2.00

COSCO PACIFIC LTD

HKD

3691

6364

2786

0.77

104

114

0.02

1.36

1.22

1.06

2.93

2.57

3.06

2.22

6.89

NEW CHINA LIFE INSURANCE C-H

HKD

11966

1649

3120

14615

16572

18642

0.12

0.18

0.22

3.14

2.09

1.73

0.60

CHINA RAILWAY GROUP LTD-H

HKD

9952

37351

21300

22.73

60405

60220

66185

71168

2530

2528

2729

0.04

0.05

1.21

1.10

1.00

0.77

2.97

0.45

2.84

0.54

BBB+

23.01.2013

HAITONG SECURITIES CO LTD-H

HKD

16231

15825

9585

9.70

1272

1579

1922

654

722

0.04

0.06

0.07

3.47

2.63

2.12

-0.57

0.56

0.19

-1.05

6.62

YANZHOU COAL MINING CO-H

HKD

9322

17850

4918

12.91

7492

7566

7091

7788

1252

1206

0.18

0.15

0.08

0.10

0.70

1.26

1.11

2.35

4.11

-4.83

1.39

2.05

BBB-

27.04.2012

Baa3

27.04.2012

CHOW TAI FOOK JEWELLERY GROU

HKD

13452

3252

10000

14.28

7289

7721

9208

1204

0.09

0.07

0.09

1.96

1.92

2.36

1.91

7.92

7.84

2.13

CITIC SECURITIES CO LTD-H

HKD

22492

9972

11017

14.31

1788

2100

2591

932

1081

0.05

0.07

0.09

4.74

4.79

3.19

2.50

2.30

-1.24

24.46

-2.52

6.72

BBB+

18.10.2012

CITIC PACIFIC LTD

HKD

4416

8145

3649

16.91

12018

13142

15119

740

1255

0.23

0.13

0.18

0.68

1.16

0.88

-0.48

1.93

-4.44

0.50

0.79

BB+

18.07.2011

Ba1

06.04.2011

BYD CO LTD-H

HKD

9047

3426

2354

11.08

5719

6804

7410

585

0.01

0.00

0.06

0.08

82.05

60.20

6.59

4.67

-0.54

1.95

-0.81

1.32

GUANGZHOU AUTOMOBILE GROUP-H

HKD

5749

6345

6435

4.18

1624

1636

2064

2351

-106

-101

0.02

0.05

0.07

3.52

1.60

1.17

2.13

1.08

-0.80

HAIER ELECTRONICS GROUP CO

HKD

4532

2630

2449

3.10

7166

8090

9387

311

310

376

0.09

0.11

0.13

2.01

2.14

1.70

1.46

1.48

7.16

2.63

5.23

0.56

AGILE PROPERTY HOLDINGS LTD

HKD

4462

5449

3449

6.65

3875

4334

4873

1375

1262

0.16

0.19

0.18

0.20

0.71

0.73

0.65

4.00

3.32

4.35

5.47

04.09.2006

Ba2

13.04.2011

ZIJIN MINING GROUP CO LTD-H

HKD

9796

29322

21812

10.45

6485

1373

0.03

0.98

1.00

1.04

1.09

2.78

3.71

-0.09

1.93

2.87

WEICHAI POWER CO LTD-H

HKD

7084

3728

1999

6.85

6182

6991

7713

646

0.17

0.19

0.23

0.27

1.85

2.41

1.52

1.30

-2.55

1.74

-5.29

0.43

1.35

AIR CHINA LTD-H

HKD

10921

8637

12892

17.38

12642

12488

14416

15939

2357

2362

0.04

0.05

0.06

0.07

1.69

1.37

1.14

0.66

2.22

0.20

3.63

2.44

KINGBOARD CHEMICAL HOLDINGS

HKD

2324

2519

855

4.95

4805

5194

5655

630

0.31

0.32

0.37

0.42

1.11

0.95

0.83

0.26

1.81

-1.20

0.39

1.69

BBB-

15.06.2012

GCL-POLY ENERGY HOLDINGS LTD

HKD

3131

71435

15476

7.77

2880

3186

3893

424

417

-0.02

-0.03

0.00

0.01

2.09

-1.60

-8.20

6.76

1.87

03.02.2012

XINYI GLASS HOLDINGS LTD

HKD

2594

10914

3786

3.05

1261

1521

1802

258

0.04

0.06

0.07

2.16

1.53

1.24

2.44

3.65

0.49

2.50

2.64

SHANGHAI INDUSTRIAL HLDG LTD

HKD

3426

595

1080

7.49

2485

2579

3049

693

696

818

0.23

0.41

0.31

0.36

1.00

2.13

1.33

1.13

3.72

15.44

4.91

2.83

3.61

SHANDONG WEIGAO GP MEDICAL-H

HKD

4297

6083

4476

3.28

475

586

712

129

0.03

0.04

3.41

2.80

2.30

2.06

2.84

4.54

SOHO CHINA LTD

HKD

4301

4662

5080

3.97

1972

1885

1227

1126

0.24

0.27

0.08

0.06

0.33

1.05

1.54

21.81

29.69

2.95

7.36

BB+

26.10.2012

Ba1

27.11.2012

ALUMINUM CORP OF CHINA LTD-H

HKD

7674

11030

13524

21.87

19261

19299

19601

20816

222

137

-0.07

-0.08

-0.04

-0.02

0.35

2.64

-10.44

-5.06

CHINA TAIPING INSURANCE HOLD

HKD

2906

1560

1706

7.88

8290

9408

11031

0.07

0.12

0.16

3.10

1.82

1.40

2.48

2.56

BBB-

03.06.2009

NINE DRAGONS PAPER HOLDINGS

HKD

4044

6013

4663

6.59

3501

3770

4008

4533

576

652

0.04

0.03

0.04

0.06

2.60

1.97

1.41

1.47

2.42

0.58

1.52

2.23

14.06.2011

CHINA EVERBRIGHT LTD

HKD

2736

2828

1721

2.82

249

292

328

199

0.09

0.14

0.16

2.40

2.36

1.46

1.25

5.54

15.81

6.35

0.01

10.27

ZOOMLION HEAVY INDUSTRY - H

HKD

9138

13018

7706

7.96

6160

6179

6585

7312

1278

1260

0.12

0.13

0.14

0.84

0.82

0.73

0.41

4.03

-0.37

5.81

2.63

BB+

16.03.2012

FRANSHION PROPERTIES

HKD

3128

2144

9161

5.82

2213

2669

3350

794

0.02

0.05

0.04

0.05

0.93

1.04

0.82

20.69

10.83

16.46

5.30

4.62

BB+

29.11.2011

(P)Ba1

01.04.2011

SHOUGANG FUSHAN RESOURCES GR

HKD

2070

35589

5302

1.82

728

720

769

423

0.04

1.16

1.31

-2.69

437.54

-2.89

7.49

INTIME DEPARTMENT STORE

HKD

2386

4324

2003

2.36

503

610

763

157

166

0.06

0.07

1.96

1.84

1.63

3.27

4.34

1.96

3.21

4.26

25.04.2013

UNI-PRESIDENT CHINA HOLDINGS

HKD

3914

9501

3599

3.33

2758

3371

4032

211

258

283

0.03

0.04

0.05

3.63

2.80

2.47

3.40

2.78

15.34

1.65

1.21

GOLDEN EAGLE RETAIL GROUP

HKD

3340

4584

1935

2.40

467

540

637

230

229

0.08

0.09

0.10

2.22

1.98

1.73

1.63

3.27

0.83

2.97

6.33

BBB-

25.04.2013

CHINA AGRI-INDUSTRIES HLDGS

HKD

2577

11425

5250

5.81

11767

13951

16001

300

392

601

0.01

0.04

0.05

0.06

1.78

1.33

1.07

1.40

3.21

66.24

1.55

0.43

CHINA RESOURCES CEMENT

HKD

3755

9426

6519

6.23

3266

3677

4159

663

0.05

0.06

1.62

1.63

1.37

1.17

-2.22

5.96

2.62

Aa1

05.11.2012

CHINA COSCO HOLDINGS-H

HKD

5264

6759

10216

12.58

11381

11159

11810

-958

-0.12

-0.02

0.01

5.01

0.56

0.99

1.91

CHINA SHANSHUI CEMENT GROUP

HKD

1593

8874

2816

2.96

2082

2335

2592

534

593

0.10

0.07

0.08

0.09

0.83

0.73

0.69

0.63

-0.54

-1.69

4.66

3.31

08.05.2011

GOME ELECTRICAL APPLIANCES

HKD

1696

22659

16873

2.12

6168

7047

8106

-96

0.00

0.01

18.94

3.47

1.77

-2.57

0.49

3.17

-0.20

ZHONGSHENG GROUP HOLDINGS

HKD

2651

1214

1908

4.22

6449

7846

9309

335

0.05

0.09

0.13

2.83

2.85

1.55

1.10

2.50

-1.98

5.17

0.67

HUABAO INTERNATIONAL HOLDING

HKD

1423

5942

3160

1.24

427

447

491

560

272

271

0.07

0.08

0.84

0.76

2.07

2.78

1.48

3.81

7.82

ANTA SPORTS PRODUCTS LTD

HKD

2089

2258

2494

1.07

982

820

847

194

163

0.07

0.05

1.22

1.65

1.62

-1.85

2.44

-2.96

3.09

2.54

CHINA YURUN FOOD GROUP LTD

HKD

1085

5170

1823

1.67

3451

4067

5118

-0.04

-0.01

0.07

1.16

-2.21

3.16

-12.47

-5.07

0.04

PARKSON RETAIL GROUP LTD

HKD

1521

8231

2810

0.89

586

692

765

172

171

0.05

0.04

0.05

1.42

1.22

0.54

1.24

-3.03

1.12

3.76

BB+

21.04.2011

(P)Ba1

21.04.2013

6169

6392

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

1.34

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

2.23

2.05

1.87

2.23

1.44

1.38

1.33

1.44

10.03

9.39

9.69

10.03

9.01

8.34

7.81

9.01

14.46

13.01

11.80

14.46

2.18

2.34

2.52

2.18

1719.1

7.9%

Euro Stoxx 50 Pr

1.18

1.12

1.05

1.18

0.76

0.74

0.72

0.76

5.89

5.46

4.90

5.89

7.21

6.82

6.47

7.21

11.57

10.33

9.43

11.57

4.21

4.52

4.84

4.21

2915.9

7.1%

NIKKEI 225

1.57

1.47

1.41

1.57

0.74

0.72

0.71

0.74

9.11

8.48

8.25

9.11

8.93

8.32

7.94

8.93

20.64

16.38

14.55

20.64

1.51

1.72

1.87

1.51

13153.7

-5.1%

FTSE 100 INDEX

1.71

1.59

1.38

1.71

1.07

1.04

1.01

1.07

8.45

7.68

6.11

8.45

7.22

6.78

6.38

7.22

12.08

10.98

10.07

12.08

3.86

4.14

4.52

3.86

6931.4

7.5%

SWISS MARKET INDEX

2.41

2.26

2.06

2.41

2.04

1.94

1.85

2.04

12.46

11.35

10.03

12.46

13.40

12.40

11.60

13.40

15.09

13.54

12.32

15.09

3.24

3.59

4.10

3.24

8289.2

4.7%

S&P/TSX COMPOSITE INDEX

1.65

1.53

1.43

1.65

1.54

1.46

1.37

1.54

8.22

7.42

6.84

8.22

7.30

6.86

8.22

14.00

12.39

11.38

14.00

3.23

3.39

3.59

3.23

14254.0

15.8%

S&P/ASX 200 INDEX

1.97

1.87

1.77

1.97

1.89

1.78

1.69

1.89

11.76

10.47

9.56

11.76

9.77

8.63

7.97

9.77

15.97

14.26

13.07

15.97

4.24

4.53

4.88

4.24

5163.8

-0.5%

HANG SENG INDEX

1.35

1.24

1.14

1.35

1.72

1.59

1.47

1.72

8.08

7.58

7.25

8.08

8.39

7.65

7.05

8.39

10.87

9.98

9.03

10.87

3.56

3.85

4.24

3.56

24857.0

9.3%

MSCI EM

1.44

1.31

1.21

1.44

0.00

6.95

6.42

6.05

6.95

7.28

6.64

6.27

7.28

10.70

9.62

8.97

10.70

3.11

3.56

3.46

3.11

1190.5

15.9%

CHINA CONSTRUCTION BANK-H

1.37

1.20

1.06

0.93

2.82

2.55

2.30

2.05

4.49

6.07

6.30

6.37

5.17

5.42

5.79

6.57

7.34

13.0%

CHINA MOBILE LTD

1.88

1.70

1.56

1.44

2.42

2.29

2.18

2.05

5.99

5.90

5.84

6.04

3.90

3.84

3.77

3.64

4.05

4.08

4.01

4.08

86.13

1.4%

IND & COMM BK OF CHINA-H

1.36

1.17

1.03

0.90

2.71

2.47

2.23

2.01

4.47

5.56

5.86

5.37

5.65

6.09

6.85

6.54

19.7%

TENCENT HOLDINGS LTD

9.52

7.08

5.33

4.24

8.93

6.76

5.43

4.38

23.51

22.05

16.71

15.97

0.35

0.47

0.54

0.69

BANK OF CHINA LTD-H

0.99

0.87

0.79

0.70

2.22

2.04

1.86

1.65

4.01

4.97

5.24

5.15

5.55

5.93

6.35

7.18

CNOOC LTD

1.64

1.42

1.26

1.13

1.05

2.15

2.05

1.91

1.86

1.77

5.30

4.87

4.95

4.32

3.55

3.45

3.21

2.95

2.88

PETROCHINA CO LTD-H

1.33

1.25

1.17

1.09

0.99

0.75

0.66

0.63

0.69

5.06

4.51

4.13

4.12

3.96

6.36

5.69

5.27

5.09

4.98

CHINA PETROLEUM & CHEMICAL-H

1.15

1.06

0.96

0.89

0.75

0.23

0.21

0.19

0.26

3.80

3.45

3.38

3.30

3.04

5.49

4.66

4.37

4.10

3.80

CHINA LIFE INSURANCE CO-H

2.24

1.94

1.74

1.49

1.25

1.11

1.01

PING AN INSURANCE GROUP CO-H

2.49

2.11

1.82

1.52

1.03

0.94

CHINA OVERSEAS LAND & INVEST

2.33

1.90

1.62

1.39

2.91

CHINA SHENHUA ENERGY CO-H

1.69

1.52

1.39

1.24

WANT WANT CHINA HOLDINGS LTD

13.10

11.01

9.27

AGRICULTURAL BANK OF CHINA-H

1.26

1.09

0.97

CHINA MERCHANTS BANK-H

1.44

1.24

1.07

0.92

HENGAN INTL GROUP CO LTD

7.14

6.24

5.53

4.90

BELLE INTERNATIONAL HOLDINGS

3.76

3.27

2.83

2.51

CHINA PACIFIC INSURANCE GR-H

2.15

1.94

1.78

1.56

CHINA TELECOM CORP LTD-H

0.96

0.92

0.88

0.83

CHINA MINSHENG BANKING-H

1.36

1.15

0.96

BANK OF COMMUNICATIONS CO-H

0.96

0.85

CHINA UNICOM HONG KONG LTD

0.98

KUNLUN ENERGY CO LTD CHINA RESOURCES POWER HOLDIN

6.70

6.24

5.81

5.26

10.79

10.74

11.12

10.94

6.53

6.04

5.60

5.10

29.99

23.75

19.29

16.56

6.10

5.67

5.34

4.74

7.93

8.39

8.10

7.96

8.71

2.77

3.19

3.32

3.43

12.04

10.68

9.92

9.74

7.19

3.79

4.18

4.44

4.45

9.65

7.81

7.46

7.31

6.81

3.59

4.49

4.70

4.82

0.96

42.85

16.01

13.74

11.06

0.99

1.88

2.27

0.82

0.72

17.35

13.43

11.64

9.84

0.91

1.13

2.41

2.04

1.77

12.42

10.23

8.73

7.42

1.59

1.73

1.57

1.45

1.40

9.21

9.02

8.72

8.28

8.17

5.94

5.11

4.30

38.66

31.08

25.98

0.84

2.07

1.88

1.68

6.45

5.92

5.36

2.34

2.09

1.84

1.58

5.06

4.37

3.67

2.55

2.23

1.09 0.90

0.81

0.77

0.68

0.95

0.90

0.85

2.68

2.39

2.07

2.24

1.95

1.73

CHINA RESOURCES LAND LTD

1.99

1.75

1.54

LENOVO GROUP LTD

4.15

3.49

TINGYI (CAYMAN ISLN) HLDG CO

6.17

CHINA CITIC BANK CORP LTD-H

0.81

GREAT WALL MOTOR COMPANY-H ANHUI CONCH CEMENT CO LTD-H

6.41

1.87

4.11

15.75

20.65

17.16

13.87

12.25

10.51

9.21

22.17

0.39

282.49

6.1%

4.09

12.8%

3.74

16.89

16.6%

4.72

11.34

14.9%

4.60

9.82

15.7%

2.71

25.46

20.1%

1.37

1.81

76.49

24.5%

1.91

2.24

2.69

25.18

6.2%

4.19

4.34

4.53

4.73

34.71

26.5%

22.01

1.58

2.02

2.40

2.90

11.41

-7.2%

4.78

5.23

5.73

6.04

7.06

4.25

14.7%

18.18

9.9%

8.22

7.49

5.71

5.00

8.75

7.57

6.47

5.48

6.47

6.04

5.47

5.34

5.81

5.48

5.08

4.78

3.65

31.08

24.38

21.42

19.57

25.67

21.06

17.77

15.14

1.50

3.98

5.46

6.66

6.41

5.97

5.37

3.73

4.06

4.36

5.07

3.11

27.63

22.88

18.78

16.51

19.97

16.80

14.16

12.14

28.13

23.88

20.00

17.40

2.19

2.55

3.02

3.46

84.08

4.8%

1.96

1.73

18.59

17.31

15.10

13.37

12.53

11.37

9.86

8.74

19.23

17.52

15.26

13.36

1.65

1.75

2.01

2.75

14.81

17.0%

0.94

0.84

0.75

34.36

20.32

17.11

14.49

1.16

1.71

1.97

2.64

33.63

20.5%

0.80

0.74

0.68

3.60

3.27

2.59

2.50

4.45

3.41

3.13

2.90

17.38

13.98

11.52

9.59

2.23

2.57

2.99

3.53

4.73

19.4%

2.62

2.30

1.99

1.70

6.04

5.56

5.09

4.41

3.90

4.05

4.43

5.57

10.66

6.9%

2.41

2.17

1.95

1.72

5.93

5.92

5.63

5.04

3.55

4.18

4.47

5.08

6.46

4.6%

0.82

0.83

0.73

0.66

0.61

1.84

1.59

3.52

2.81

2.22

1.53

1.41

1.88

1.67

1.49

1.36

2.95

2.28

1.87

1.59

2.93

2.62

0.34

0.28

0.25

0.23

5.69

5.03

4.48

1.62

1.42

1.24

0.71

0.64

0.56

2.12

1.91

1.70

3.77

3.11

2.53

2.09

2.32

1.93

1.64

1.40

2.39

2.08

1.82

1.61

1.39

2.14

1.80

1.62

1.50

ENN ENERGY HOLDINGS LTD

4.46

3.70

3.15

2.77

2.70

2.11

1.75

1.43

1.18

CHINA COMMUNICATIONS CONST-H

1.14

0.99

0.90

0.77

0.29

0.25

0.23

0.21

COUNTRY GARDEN HOLDINGS CO

1.75

1.48

1.28

1.10

1.61

1.29

1.10

0.98

CHINA RESOURCES ENTERPRISE

1.67

1.48

1.39

1.33

0.50

0.44

0.38

0.33

8.82

DONGFENG MOTOR GRP CO LTD-H

1.48

1.27

1.11

0.94

0.63

0.57

0.52

0.48

CHINA MERCHANTS HLDGS INTL

1.35

1.27

1.20

1.12

6.41

6.73

6.45

6.09

BEIJING ENTERPRISES HLDGS

1.65

1.55

1.42

1.31

1.87

1.60

1.34

1.14

CHINA MENGNIU DAIRY CO

2.41

2.25

2.03

1.83

0.81

0.74

0.65

0.58

HUANENG POWER INTL INC-H

1.76

1.60

1.50

1.35

0.68

0.65

0.61

0.58

BRILLIANCE CHINA AUTOMOTIVE

4.04

3.01

2.35

1.82

6.33

6.29

5.92

5.51

AAC TECHNOLOGIES HOLDINGS IN

6.16

4.90

3.99

3.34

5.97

4.44

3.74

3.08

PICC PROPERTY & CASUALTY -H

2.16

1.80

1.52

1.24

0.50

0.47

0.42

0.38

CHINA NATIONAL BUILDING MA-H

1.26

1.07

0.90

0.80

0.43

0.35

0.31

0.28

0.32

3.70

3.14

2.19

1.94

10.78

8.12

7.01

6.39

7.16

5.59

4.69

4.24

SUN ART RETAIL GROUP LTD

4.90

4.45

3.99

3.49

1.03

0.90

0.76

0.67

0.52

13.60

12.87

10.25

10.04

14.39

12.34

10.48

9.01

34.45

29.90

25.63

21.80

CHINA OILFIELD SERVICES-H

1.70

1.49

1.33

1.23

3.04

2.56

2.37

2.18

7.00

6.24

5.80

5.53

9.35

8.38

7.85

7.88

11.99

10.41

9.59

9.30

CHINA COAL ENERGY CO-H

0.72

0.67

0.63

0.59

0.93

0.90

0.80

0.74

4.87

4.77

3.78

3.45

6.94

6.54

5.87

5.28

7.20

7.86

7.27

7.05

SHIMAO PROPERTY HOLDINGS LTD

1.35

1.16

1.03

0.93

1.42

1.16

0.97

0.85

5.64

4.87

3.34

2.06

8.07

6.60

5.50

4.99

10.19

7.71

6.50

5.69

KERRY PROPERTIES LTD

0.74

0.69

0.66

0.64

1.54

1.51

1.41

1.36

13.16

15.18

10.08

11.15

11.23

10.98

12.77

10.89

11.15

11.10

JIANGXI COPPER CO LTD-H

0.96

0.88

0.82

0.76

0.47

0.40

0.39

9.57

6.83

6.78

6.35

7.98

8.03

7.83

8.54

8.01

8.38

SINOPHARM GROUP CO-H

2.13

2.04

1.81

1.56

0.35

0.28

0.23

0.19

113.03

15.89

11.80

8.77

12.67

10.00

8.28

6.98

22.95

18.55

1.19

0.92

0.77

1.21

1.02

0.69

0.58

1.45

0.63

2.14

5.86

2.68

5.21 3.80

5.45

5.77

5.70

0.50

3.27

2.51

2.34

2.25

1.91

1.45

9.14

7.76

6.78

1.34

1.28

7.83

6.76

5.79

16.10

10.02

8.23

1.11 1.51

6.81

8.74

3.62

4.41

3.81

4.55

3.95

3.56

3.19

2.99

30.10

19.32

14.00

10.97

10.06

1.49

1.94

2.59

3.46

2.82

13.70

23.0%

5.82

9.60

7.83

6.58

5.78

6.09

16.96

14.88

12.79

11.24

9.35

1.59

1.90

2.22

2.52

3.36

17.78

17.2%

5.03

11.45

8.91

7.97

7.01

5.79

17.02

12.75

11.51

10.23

9.10

1.84

2.46

2.78

3.18

4.02

26.23

3.3%

9.69

8.41

12.69

10.48

8.38

7.24

18.25

14.96

11.87

10.37

1.34

1.72

2.11

2.41

23.58

0.3%

8.70

9.14

6.97

8.17

6.21

5.25

4.61

19.44

15.23

12.69

11.01

1.42

2.19

2.74

3.17

8.56

20.7%

10.47

10.31

8.48

10.09

14.07

13.05

11.05

9.50

34.12

30.37

24.90

21.59

1.66

1.56

1.95

2.24

20.68

-3.6%

2.92

4.96

5.42

5.11

4.84

4.88

4.51

3.92

5.07

4.84

5.27

6.31

5.01

14.7%

1.30

15.43

10.23

9.22

7.20

12.96

10.49

8.77

7.51

7.29

14.36

11.77

10.16

8.48

8.23

1.50

2.17

2.60

3.36

34.33

2.0%

1.42

10.54

9.68

8.95

7.98

9.56

7.35

6.50

6.19

7.16

18.33

13.45

11.75

10.95

11.60

0.99

1.38

1.59

1.75

1.10

30.10

7.1%

1.34

14.23

12.73

10.71

7.52

12.86

11.16

9.63

8.44

7.61

24.48

20.41

17.05

14.40

15.58

1.03

1.22

1.51

1.93

2.61

44.16

-1.7%

9.63

5.86

5.30

4.71

7.71

6.76

6.06

5.38

8.26

7.05

6.27

5.62

2.96

3.41

3.76

4.10

8.85

19.1%

16.03

15.67

7.39

8.76

7.74

6.34

5.37

4.87

9.66

8.17

6.95

6.26

3.75

4.43

5.01

5.61

4.62

5.0%

6.03

6.76

4.94

8.96

8.42

7.31

6.58

34.19

31.55

25.48

20.80

1.94

1.55

1.84

1.79

25.20

-5.3%

7.84

5.13

5.71

4.11

4.63

4.11

3.82

3.51

9.29

8.13

7.59

6.60

1.64

1.81

1.94

2.33

13.30

15.0%

8.93

11.69

9.93

8.96

16.18

15.51

14.08

15.70

16.36

14.39

12.79

11.24

2.65

3.08

3.54

3.94

27.60

12.4%

11.58

7.42

9.43

9.79

15.64

14.02

12.35

11.30

20.21

17.03

14.10

11.79

1.42

1.66

1.98

2.23

64.39

10.9%

12.42

10.44

8.92

6.51

9.65

8.56

7.15

6.06

21.94

19.10

15.72

13.48

1.01

1.17

1.45

1.87

24.66

12.9%

0.46

4.80

4.23

3.89

3.70

7.13

6.18

5.84

5.33

16.69

10.70

9.71

8.46

7.20

2.98

4.81

5.15

6.08

3.19

61.36

53.15

38.70

503.13

137.03

348.39

273.17

278.38

15.99

12.47

10.44

8.21

5.24

0.03

0.30

0.45

21.71

15.19

13.79

12.05

16.67

12.47

10.55

8.78

21.59

16.18

13.57

11.17

1.76

2.41

9.45

8.60

7.92

6.87

3.21

2.79

4.23

2.01

14.35

1.14

0.20

0.45

1.16

0.63

0.17

2.01

10.85

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

3.42

10.19

3.39

8.85

5.82

5.61

7.61

6.20

2.52

9.24

3.0%

2.35

10.59

11.5%

2.85

3.51

37.77

-0.2%

3.03

3.79

12.22

22.7%

2.54

3.09

3.15

11.82

29.1%

1.21

1.43

1.64

11.13

2.7%

1.69

2.24

2.43

2.65

16.97

10.9%

4.17

3.90

4.13

4.36

7.31

22.4%

2.76

4.01

4.67

5.43

18.68

11.7%

10.40

2.63

2.72

2.81

2.95

41.69

18.8%

8.37

9.09

3.14

3.31

3.26

3.16

18.24

21.3%

15.12

12.69

1.31

1.59

1.93

2.14

28.19

22.3%

10.78

11.20

12.49

3.57

2.53

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

2.23

2.05

1.87

2.23

1.44

1.38

1.33

1.44

10.03

9.39

9.69

10.03

9.01

8.34

7.81

9.01

14.46

13.01

11.80

14.46

2.18

2.34

2.52

2.18

1719.1

7.9%

Euro Stoxx 50 Pr

1.18

1.12

1.05

1.18

0.76

0.74

0.72

0.76

5.89

5.46

4.90

5.89

7.21

6.82

6.47

7.21

11.57

10.33

9.43

11.57

4.21

4.52

4.84

4.21

2915.9

7.1%

NIKKEI 225

1.57

1.47

1.41

1.57

0.74

0.72

0.71

0.74

9.11

8.48

8.25

9.11

8.93

8.32

7.94

8.93

20.64

16.38

14.55

20.64

1.51

1.72

1.87

1.51

13153.7

-5.1%

FTSE 100 INDEX

1.71

1.59

1.38

1.71

1.07

1.04

1.01

1.07

8.45

7.68

6.11

8.45

7.22

6.78

6.38

7.22

12.08

10.98

10.07

12.08

3.86

4.14

4.52

3.86

6931.4

7.5%

SWISS MARKET INDEX

2.41

2.26

2.06

2.41

2.04

1.94

1.85

2.04

12.46

11.35

10.03

12.46

13.40

12.40

11.60

13.40

15.09

13.54

12.32

15.09

3.24

3.59

4.10

3.24

8289.2

4.7%

S&P/TSX COMPOSITE INDEX

1.65

1.53

1.43

1.65

1.54

1.46

1.37

1.54

8.22

7.42

6.84

8.22

7.30

6.86

8.22

14.00

12.39

11.38

14.00

3.23

3.39

3.59

3.23

14254.0

15.8%

S&P/ASX 200 INDEX

1.97

1.87

1.77

1.97

1.89

1.78

1.69

1.89

11.76

10.47

9.56

11.76

9.77

8.63

7.97

9.77

15.97

14.26

13.07

15.97

4.24

4.53

4.88

4.24

5163.8

-0.5%

HANG SENG INDEX

1.35

1.24

1.14

1.35

1.72

1.59

1.47

1.72

8.08

7.58

7.25

8.08

8.39

7.65

7.05

8.39

10.87

9.98

9.03

10.87

3.56

3.85

4.24

3.56

24857.0

9.3%

MSCI EM

1.44

1.31

1.21

1.44

0.00

6.95

6.42

6.05

6.95

7.28

6.64

6.27

7.28

10.70

9.62

8.97

10.70

3.11

3.56

3.46

3.11

1190.5

15.9%

CHINA RESOURCES GAS GROUP LT

4.09

3.50

3.03

2.74

2.37

2.73

1.95

1.52

1.16

1.09

13.56

16.26

9.43

7.23

15.46

11.77

9.64

8.05

7.19

28.25

22.89

18.25

13.96

13.18

0.67

0.84

1.10

1.50

1.38

20.68

-4.9%

TSINGTAO BREWERY CO LTD-H

4.41

3.97

3.49

3.12

2.06

1.82

1.59

1.46

21.32

19.46

15.41

14.71

15.78

13.88

12.05

10.54

31.30

27.18

23.53

19.97

0.62

0.96

1.12

1.35

47.88

-8.0%

GUANGDONG INVESTMENT LTD

2.01

1.85

1.72

1.61

6.05

5.66

5.16

4.70

11.13

9.27

8.73

9.48

8.92

8.37

8.00

15.05

14.64

13.65

12.82

2.52

2.68

2.89

3.20

7.19

-4.3%

SINO-OCEAN LAND HOLDINGS

0.65

0.61

0.57

0.54

0.90

0.72

0.63

0.56

16.14

6.48

3.96

3.89

8.12

7.01

5.91

4.91

10.22

8.84

7.24

5.89

3.49

4.70

5.41

6.37

5.48

7.0%

CHINA LONGYUAN POWER GROUP-H

1.47

1.40

1.27

1.16

2.60

2.36

2.05

1.80

5.90

4.69

4.33

3.90

11.09

9.52

7.97

6.92

15.02

14.63

11.82

9.74

1.22

1.27

1.61

2.07

EVERGRANDE REAL ESTATE GROUP

0.96

0.81

0.69

0.62

0.54

0.48

0.42

0.38

12.53

14.15

5.24

3.06

5.47

5.37

4.51

4.12

4.62

4.75

4.07

3.66

6.47

5.68

6.51

7.23

GEELY AUTOMOBILE HOLDINGS LT

2.08

1.70

1.42

1.17

1.05

0.85

0.72

0.62

10.19

7.96

13.18

10.36

8.75

7.26

0.97

1.26

1.52

LONGFOR PROPERTIES

1.90

1.58

1.35

1.16

1.74

1.25

1.12

1.01

9.84

8.67

7.56

6.58

2.01

2.19

2.68

CHINA GAS HOLDINGS LTD

3.45

3.08

2.67

2.41

1.78

1.62

1.34

1.20

37.32

23.98

20.68

17.31

0.37

0.84

1.12

1.45

COSCO PACIFIC LTD

0.94

0.87

0.81

0.76

5.04

4.59

4.15

3.84

10.11

9.46

8.23

7.66

4.00

4.15

4.83

NEW CHINA LIFE INSURANCE C-H

1.99

1.77

1.57

1.41

0.63

0.57

0.51

0.44

CHINA RAILWAY GROUP LTD-H

0.90

0.81

0.75

0.67

0.13

0.12

0.11

HAITONG SECURITIES CO LTD-H

1.47

1.38

1.31

1.21

9.91

8.16

YANZHOU COAL MINING CO-H

0.69

0.67

0.64

0.60

1.09

CHOW TAI FOOK JEWELLERY GROU

3.43

3.08

2.66

2.27

CITIC SECURITIES CO LTD-H

1.75

1.70

1.59

CITIC PACIFIC LTD

0.41

0.39

BYD CO LTD-H

2.43

2.26

GUANGZHOU AUTOMOBILE GROUP-H

1.07

HAIER ELECTRONICS GROUP CO

4.75

AGILE PROPERTY HOLDINGS LTD

1.09

2.39

5.05

1.64

0.52

228.79

5.57

8.01

6.35

5.51

4.67

13.76

7.13

6.68

5.59

4.68

5.53

11.47

14.63

14.17

10.98

15.74

13.41

11.66

10.24

7.79

7.32

6.59

4.73

14.23

13.18

12.43

12.39

22.21

16.20

13.39

11.66

0.95

0.99

0.10

10.55

4.10

5.70

6.84

9.39

8.33

7.77

7.56

9.79

8.57

7.77

7.38

1.60

1.85

6.71

5.98

23.62

19.95

16.94

14.96

17.18

13.43

11.58

10.30

26.32

20.40

16.44

13.32

1.37

1.04

0.95

0.89

3.68

4.99

3.88

3.44

10.62

11.29

9.96

8.72

6.00

9.77

8.62

8.57

1.87

1.74

1.46

1.24

15.63

34.12

28.06

12.65

13.79

11.10

9.10

16.19

18.35

14.79

1.55

11.77

8.51

6.90

5.60

32.51

24.97

20.87

18.16

18.78

13.23

9.84

10.41

34.87

24.79

0.38

0.33

0.34

0.29

0.25

6.98

5.49

4.10

13.37

13.47

10.45

7.54

7.35

8.97

2.12

1.63

1.19

1.06

0.97

0.82

15.00

9.26

8.19

7.01

20.09

15.70

13.95

10.80

536.70

51.17

0.98

0.92

0.84

2.78

2.21

1.94

1.72

203.37

72.63

31.78

23.22

3.49

2.74

2.20

0.51

0.45

0.38

0.34

12.91

11.71

9.92

8.95

9.97

8.24

6.91

5.75

15.53

1.09

0.90

0.79

0.71

1.01

0.82

0.73

0.64

11.71

6.11

3.77

5.12

4.74

4.26

3.96

6.57

ZIJIN MINING GROUP CO LTD-H

1.38

1.26

1.19

1.13

1.29

1.22

1.20

1.23

5.98

5.48

6.10

6.86

7.97

7.98

7.64

7.66

7.68

WEICHAI POWER CO LTD-H

1.59

1.48

1.30

1.14

0.94

0.80

0.73

0.67

17.26

9.72

8.24

5.85

9.82

8.41

7.49

6.61

13.09

AIR CHINA LTD-H

1.29

1.17

1.05

0.93

0.66

0.60

0.54

0.51

4.24

3.18

2.95

2.82

7.87

6.50

5.84

5.46

15.12

10.66

KINGBOARD CHEMICAL HOLDINGS

0.60

0.55

0.52

0.49

0.52

0.45

0.41

0.38

4.91

6.33

3.22

3.07

6.69

6.44

5.75

5.32

8.40

7.38

GCL-POLY ENERGY HOLDINGS LTD

1.22

1.42

1.31

1.21

1.16

0.98

0.80

0.81

10.90

10.47

4.66

3.35

20.03

14.15

10.15

8.54

XINYI GLASS HOLDINGS LTD

2.11

1.84

1.65

1.49

2.07

1.71

1.44

1.30

13.86

9.73

8.21

6.90

11.67

8.69

7.09

6.20

SHANGHAI INDUSTRIAL HLDG LTD

0.81

0.77

0.72

0.70

1.52

1.33

1.12

0.96

13.74

7.40

8.53

10.17

9.16

7.82

SHANDONG WEIGAO GP MEDICAL-H

3.03

2.73

2.45

2.18

6.83

5.83

4.80

4.08

23.86

20.62

15.14

12.08

22.78

19.02

SOHO CHINA LTD

1.11

0.85

0.77

0.71

1.66

1.81

2.79

4.35

17.51

11.67

10.44

12.73

4.20

ALUMINUM CORP OF CHINA LTD-H

0.67

0.79

0.84

0.90

0.33

0.31

0.29

9.86

10.39

5.92

4.19

46.96

CHINA TAIPING INSURANCE HOLD

1.64

1.44

1.26

1.16

0.37

0.31

0.26

0.22

NINE DRAGONS PAPER HOLDINGS

1.13

1.09

1.01

0.92

0.90

0.80

0.71

0.65

9.81

5.43

5.97

4.84

CHINA EVERBRIGHT LTD

0.76

0.71

0.68

0.63

11.18

9.36

8.35

7.32

14.02

13.87

11.43

10.20

ZOOMLION HEAVY INDUSTRY - H

1.13

1.01

0.89

0.80

1.10

0.99

0.95

9.99

9.28

7.73

5.85

FRANSHION PROPERTIES

0.89

0.79

0.74

0.64

1.58

1.17

0.93

0.85

29.78

34.42

SHOUGANG FUSHAN RESOURCES GR

0.81

0.80

0.76

0.74

2.68

2.87

2.69

2.75

5.71

5.61

6.62

6.93

INTIME DEPARTMENT STORE

2.03

1.88

1.71

1.55

3.95

3.11

2.48

2.04

11.73

7.82

6.46

5.77

UNI-PRESIDENT CHINA HOLDINGS

3.17

2.79

2.46

2.28

1.15

0.92

0.77

0.65

11.21

10.14

9.22

8.17

GOLDEN EAGLE RETAIL GROUP

3.90

3.47

2.94

2.53

5.54

4.91

4.16

3.56

2.68

13.51

11.45

9.54

7.88

CHINA AGRI-INDUSTRIES HLDGS

0.67

0.69

0.64

0.62

0.20

0.18

0.16

0.15

6.57

7.57

7.02

CHINA RESOURCES CEMENT

1.42

1.23

1.10

0.98

1.14

1.02

0.90

0.82

0.84

10.59

6.70

6.04

CHINA COSCO HOLDINGS-H

0.98

1.10

1.07

1.04

0.37

0.35

0.34

8.69

4.69

3.38

CHINA SHANSHUI CEMENT GROUP

1.14

1.00

0.88

0.79

0.61

0.54

0.49

0.46

3.53

2.97

2.82

GOME ELECTRICAL APPLIANCES

0.70

0.71

0.69

0.67

0.21

0.19

0.17

0.15

10.87

7.75

5.63

ZHONGSHENG GROUP HOLDINGS

2.05

1.82

1.54

1.33

0.32

0.27

0.23

0.20

73.19

6.28

4.96

5.52

11.72

HUABAO INTERNATIONAL HOLDING

1.79

1.45

1.24

1.06

3.21

2.90

2.54

2.24

6.98

7.42

8.09

5.16

4.56

ANTA SPORTS PRODUCTS LTD

1.89

1.84

1.76

1.63

1.65

2.02

1.96

1.79

1.35

9.35

11.08

11.20

9.65

CHINA YURUN FOOD GROUP LTD

0.52

0.53

0.52

0.51

0.29

0.27

0.21

0.19

0.15

10.74

5.57

5.25

PARKSON RETAIL GROUP LTD

1.64

1.52

1.39

1.23

1.84

1.74

1.58

1.42

1.12

7.01

6.30

5.59

1.92

1.01

1.43

1.08

0.89

1.79

3.69

0.62

1.66

3.95

7.28

11.82

10.14

9.26

19.87

1.37

1.22

6.55 65.16

5.91

7.72

8.5%

4.11

29.5%

1.84

4.63

18.7%

3.04

15.31

18.1%

7.74

1.1%

5.13

13.14

27.8%

1.15

1.26

32.69

13.3%

2.06

2.19

4.60

12.5%

1.80

2.23

2.68

14.01

24.0%

5.37

3.30

3.40

3.29

8.74

8.2%

12.13

2.40

1.39

1.69

2.01

12.28

17.6%

19.42

16.07

1.20

1.55

1.98

2.63

19.93

13.2%

6.83

5.40

4.23

4.79

4.87

4.93

10.56

12.5%

36.25

18.60

0.06

0.05

0.09

0.79

17.61

-36.4%

12.40

9.05

8.52

1.26

2.26

3.25

3.72

5.93

-7.3%

13.20

11.32

9.70

0.64

0.98

1.12

1.70

14.32

3.3%

5.67

5.04

4.60

3.90

4.29

4.79

5.09

11.88

18.4%

8.09

8.46

9.47

3.79

4.40

4.07

3.63

2.91

27.2%

11.80

10.09

8.48

0.57

1.17

1.26

1.55

26.51

-2.0%

8.81

7.52

1.18

1.58

1.88

1.96

7.16

14.0%

9.97

0.92

6.41

5.68

2.64

2.96

3.39

3.65

29.03

37.6%

16.19

15.39

0.19

0.06

0.57

0.45

1.76

11.8%

17.35

11.91

9.64

8.35

2.67

3.99

4.86

5.59

6.58

23.9%

6.16

12.11

10.34

8.75

8.52

4.44

4.38

4.51

4.39

28.44

15.6%

15.42

12.75

24.56

21.76

17.88

15.41

1.01

1.18

1.47

1.66

7.60

2.0%

4.51

7.09

12.06

7.63

8.16

11.96

21.72

4.66

4.64

4.40

6.48

-3.2%

34.21

21.40

18.42

0.00

2.67

-8.9%

20.43

14.12

10.86

8.97

0.10

0.17

0.45

0.56

16.65

26.0%

14.93

15.32

10.96

9.05

1.57

1.50

2.11

2.54

7.69

14.2%

14.25

11.32

9.72

8.21

2.45

2.82

3.19

3.71

15.73

27.5%

10.10

8.54

5.95

22.17

3.01

7.66

14.43

5.72

6.44

5.67

5.68

5.54

6.36

5.63

5.73

4.26

3.73

3.82

3.86

9.50

22.3%

7.37

6.22

5.29

4.24

10.00

8.10

6.39

5.76

2.15

2.87

3.62

4.45

3.35

26.6%

4.48

4.80

4.66

4.55

9.13

10.17

10.13

10.38

4.39

3.99

4.13

4.09

3.35

10.5%

14.03

11.80

9.99

8.47

16.92

14.27

12.62

10.75

2.46

2.80

3.13

3.63

10.85

18.0%

14.54

11.73

9.58

8.22

26.82

21.70

19.16

16.12

1.07

1.12

1.30

1.33

10.65

9.39

7.93

6.93

16.96

15.39

13.43

11.71

1.71

1.87

2.16

2.50

5.15

11.80

9.68

8.33

8.53

12.06

10.35

8.34

8.02

1.73

2.31

2.91

3.07

4.84

10.01

8.06

7.04

6.41

14.90

10.64

9.05

7.98

0.92

1.50

1.77

2.08

34.57

15.05

11.22

38.89

12.01

0.00

0.12

0.23

1.65

3.13

-4.5%

5.00

4.50

4.16

5.35

4.91

4.66

4.47

5.48

6.34

6.85

5.79

31.9%

25.04

13.19

10.98

26.94

13.77

11.47

0.16

0.81

1.78

1.94

0.91

16.2%

8.88

7.21

6.10

18.46

12.06

8.56

7.58

0.93

1.53

2.03

2.51

10.90

1.1%

4.40

3.95

3.58

6.62

6.50

5.89

5.33

6.32

5.11

4.55

4.94

5.31

49.2%

9.35

12.81

12.59

11.37

6.91

5.60

5.17

5.64

5.89

-9.4%

9.01

8.49

0.41

0.63

1.52

2.58

9.45

8.12

4.35

4.17

4.50

4.95

4.72

5.05

5.85

8.07

4.07

4.84

6.54

6.30

5.64

42.43

15.37

8.37

5.78

4.91

4.75

4.29

3.72

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

8.34

5.18

6.87

6.26

3.71

2.77

10.14

10.36

10.29

8.41

10.64

7.59

6.42

2.87

3.59

1.34

7.94

7.19

8.95

6.0%

15.69

14.9%

5.44

42.7%

5.01

12.2%

4.76

3.1%

4.76

13.4%

01.05.2013

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

Price/Volume 8

2500.0 M

2000.0 M

6 5

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (5/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 939 HK EQUITY YTD Change 939 HK EQUITY YTD % CHANGE

12/2012 03/yy 6.75 4.71 251'808'033.00 6.5 -3.70% 38.00% 87.75% 240'417.3 1'618'869.00 1'143'635.00 0.0 7'877.0 3'490'305.00 -

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

1000.0 M

3 2

500.0 M

1 0 m-12

.0 M j-12

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

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

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

31.12.2012 713'496.0 193'179.0 6.50x 54.37% 54.25% 1.47% 22.04% 0.05% 41.7% 8.18% 121.44% -

Price/ Cash Flow

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

LTM

FY+1

1.12 69'156.38 13.65% 4.50% 1.116 37 4.703 ######### ######### ######### FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 615'870 540'635 504'345 559'351 0.00x 0.00x 0.0 0.0 0.00x 0.00x 173'585.0 201'247.0 208'007.9 225'782.1 59'570.0 58'822.0 7.01x 6.27x 6.24x 5.81x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 121.4% Total Debt/Capital Asset Turnover 0.05 Net Fixed Asset Turnover 6.36 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

10.00

800'000.0

9.00

700'000.0

8.00

600'000.0

7.00

500'000.0

6.00 5.00

400'000.0

4.00

300'000.0

3.00

200'000.0

2.00

100'000.0

1.00 0.00 01.01.2010

j-12

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

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

1500.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Construction Bank Corp Holdings By:

All

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

Firm Name

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

Analyst

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

Source

Amt Held ULT-AGG 142'590'494'651 ULT-AGG 17'878'670'050 EXCH 5'942'736'979 Co File 3'210'000'000 ULT-AGG 2'760'000'000 ULT-AGG 2'548'089'428 MF-AGG 1'991'111'597 Co File 1'315'282'730 ULT-AGG 1'074'985'497 Co File 1'070'000'000 ULT-AGG 921'243'233 Co File 856'000'000 Co File 856'000'000 ULT-AGG 782'570'662 MF-AGG 745'923'963 ULT-AGG 703'140'350 MF-AGG 635'309'327 MF-AGG 539'376'610 Co File 374'500'000 MF-AGG 359'744'032

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

Weighting

% Out 59.31 7.44 2.47 1.34 1.15 1.06 0.83 0.55 0.45 0.45 0.38 0.36 0.36 0.33 0.31 0.29 0.26 0.22 0.16 0.15

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

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

Latest Chg 3'851'540 (24'785'185) 70'918'800 23'700'000 (7'882'000) (194'897'331) 1'114'688 68'432'000 -

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

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

File Dt 14.11.2011 04.05.2012 17.11.2011 31.12.2010 14.11.2011 29.04.2013 31.03.2013 31.12.2010 30.04.2013 31.12.2010 31.03.2013 31.12.2010 31.12.2010 31.03.2013 30.06.2012 31.03.2013 29.04.2013 31.03.2013 31.12.2010 31.07.2012

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

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

Date 30.04.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 27.04.2013 27.04.2013 26.04.2013 26.04.2013 19.04.2013 12.04.2013 11.04.2013 07.04.2013 28.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 27.02.2013 25.02.2013 05.02.2013 22.01.2013 09.01.2013 06.12.2012 07.11.2012 29.10.2012 28.08.2012 28.03.2012 26.03.2012 01.11.2010 02.01.2009

01.05.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (5/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 941 HK EQUITY YTD Change 941 HK EQUITY YTD % CHANGE

12/2012 03/yy 92.60 76.50 15'563'362.00 84.95 -8.26% 11.05% 52.48% 20'100.6 1'707'547.25 29'846.00 0.0 1'862.0 402'903.00 985'275.95

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

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

LTM-4Q 31.12.2011 527'999.0 1.77x 257'202.0 3.63x 125'870.0 9.82x

31.12.2012 560'413.0 1.94x 256'783.0 4.24x 129'274.0 11.29x

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

256'783.00 155'521.00 27.75% 30.57% 12.90% 18.84% 18.06% 0.56% 45.8% 27.8% 23.1% 1.50 1.39 2.84% 4.13% 53.66 -

LTM

FY+1

4.11 0.61 5'209.58 2.96% -5.87% 0.608 36 3.333 13'193'680 15'135'070 15'710'970 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 537'272.0 567'668.0 591'821.9 621'800.8 0.00x 0.00x 1.71x 1.62x 0.0 0.0 256'723.8 261'339.5 0.00x 0.00x 3.84x 3.77x 126'806.0 129'354.0 126'694.5 122'443.3 0.00x 0.00x 10.74x 11.12x S&P Issuer Ratings Long-Term Rating Date 16.12.2010 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 658.42 (EBITDA-Capex)/Interest Exp. 337.84 Net Debt/EBITDA -1.45 Total Debt/EBITDA 0.12 Reference Total Debt/Equity 4.1% Total Debt/Capital 4.0% Asset Turnover 0.56 Net Fixed Asset Turnover 1.15 Accounts receivable turnover-days 6.82 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

1.20

600'000.0

1.00

500'000.0

0.80

400'000.0

0.60

70.0 M

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

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

300'000.0 200'000.0

0.40

100'000.0 0.20

0.0 0.00

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

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

01.05.2013

China Mobile Ltd Holdings By:

All

Holder Name CHINA MOBILE HK BVI ABERDEEN BLACKROCK VANGUARD GROUP INC STATE STREET HARBOR CAPITAL ADVIS FRANKLIN RESOURCES BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT SCHRODER INVESTMENT FMR LLC HANG SENG INVESTMENT WILLIAM BLAIR & COMP INVESCO LTD JP MORGAN BARING ASSET MANAGEM PICTET ASSET MANAGEM ALLIANZ ASSET MANAGE ROBECO INVESTOR SERV ARTISAN PARTNERS HOL

Firm Name

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

Analyst

Deutsche Bank ALAN HELLAWELL SWS Research Co Ltd JIM TANG Haitong International Securities ALEX LEE DBS Vickers TAM TSZ-WANG CIMB BERTRAM LAI Maybank Kim Eng ANDY POON Core Pacific KEVIN TAM BOCOM International Holdings LI ZHIWU Standard Chartered STEVEN LIU Morgan Stanley NAVIN KILLA Credit Suisse COLIN MCCALLUM JPMorgan LUCY LIU Jefferies CYNTHIA JINHONG MENG Yuanta Securities Investment ConsultingNICE WANG BNP Paribas Equity Research ALEN LIN Nomura JIN YOON New Street Research ALASTAIR JONES Barclays ANAND RAMACHANDRAN Macquarie LISA SOH Pacific Crest Securities STEVE CLEMENT HSBC TUCKER GRINNAN Masterlink Securities LV HAN Guotai Junan RICKY LAI Ji Asia NEIL JUGGINS Capital Securities Corp TEAM COVERAGE Bank of China International MICHAEL MENG China International Capital Corp CHEN HAOFEI Citic Securities Co., Ltd CHEN JIAN UOB Kay Hian VICTOR YIP ICBC International Securities KARY SEI EVA Dimensions ANDREW S ZAMFOTIS GuoSen Securities Co Ltd MICHAEL NG Goldman Sachs DONALD LU AMTD Financial Planning Limited KENNY TANG SING HING

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

Recommendation hold underperform hold hold neutral sell neutral long-term buy outperform Equalwt/In-Line outperform underweight hold hold buy neutral buy overweight underperform suspended coverage overweight hold accumulate sell hold sell reduce sell buy hold buy buy Buy/Neutral buy

Amt Held 14'890'116'842 234'353'256 196'402'752 170'106'656 76'143'989 53'719'500 49'564'408 43'343'135 35'979'737 34'311'500 32'462'235 29'042'693 28'431'255 28'402'066 19'549'707 17'876'500 17'393'276 16'389'300 15'537'281 15'005'931

% Out 74.08 1.17 0.98 0.85 0.38 0.27 0.25 0.22 0.18 0.17 0.16 0.14 0.14 0.14 0.1 0.09 0.09 0.08 0.08 0.07

Weighting

Change

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

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

Latest Chg 5'556'000 239'000 (450'567) (2'773'371) 4'171'000 406'635 (14'679'000) (9'031'747) 1'697'000 2'571'466 (109'000) 6'452'500 (763'471) (1'234'600) (673'001) 319'000

Target Price 79 75 90 83 76 74 #N/A N/A 92 93 85 102 78 90 91 105 86 100 100 72 #N/A N/A 101 90 89 68 70 75 75 77 93 87 #N/A N/A #N/A N/A 105 89

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

File Dt 31.12.2012 31.03.2013 29.04.2013 31.03.2013 30.04.2013 31.12.2012 28.03.2013 29.04.2013 31.05.2012 31.03.2013 31.03.2013 30.06.2012 31.12.2012 30.04.2013 31.03.2013 31.12.2012 31.01.2013 31.03.2013 28.02.2013 31.12.2012

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

Inst Type Corporation 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 Investment Advisor

Date 30.04.2013 25.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 08.04.2013 03.04.2013 02.04.2013 27.03.2013 22.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.01.2013 10.12.2012 09.12.2012 03.10.2012

01.05.2013

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

Price/Volume 7

2500.0 M

2000.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1398 HK EQUITY YTD Change 1398 HK EQUITY YTD % CHANGE

12/2012 03/yy 6.00 3.97 263'219'558.00 5.46 -9.00% 37.53% 73.40% 86'794.0 1'813'951.50 2'045'444.00 0.0 3'462.0 4'355'972.00 -

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

1500.0 M

1000.0 M

2 500.0 M

1 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

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

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

31.12.2012 850'373.0 238'532.0 6.10x 56.45% 56.46% 1.41% 22.20% 0.05% 43.6% 11.66% 181.82% -

Price/ Cash Flow

LTM

FY+1

1.33 71'813.62 11.24% -0.73% 1.331 37 4.622 ######### ######### ######### FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 753'881.0 859'058.0 583'027.4 645'703.4 0.00x 0.00x 0.0 0.0 0.00x 0.00x 215'813.0 245'940.0 252'115.9 271'878.1 6.98x 5.72x 6.04x 5.60x S&P Issuer Ratings Long-Term Rating Date 09.12.2010 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 09.12.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 181.8% Total Debt/Capital Asset Turnover 0.05 Net Fixed Asset Turnover 6.77 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

350.00

900'000.0

300.00

800'000.0 700'000.0

250.00

600'000.0

200.00

500'000.0

150.00

400'000.0 300'000.0

100.00

200'000.0

50.00 0.00 01.01.2010

100'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Industrial & Commercial Bank of China Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND BLACKROCK JP MORGAN CAPITAL GROUP COMPAN TEMASEK HOLDINGS PRI GOLDMAN SACHS GROUP VANGUARD GROUP INC NOMURA FMR LLC STATE STREET THORNBURG INVESTMENT HANG SENG INVESTMENT SCHRODER INVESTMENT INVESCO LTD BARING ASSET MANAGEM SHINHAN BNP PARIBAS PICTET & CIE ALLIANZ ASSET MANAGE BANK OF NEW YORK MEL PRUDENTIAL FINANCIAL

Firm Name

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

Analyst

Deutsche Bank TRACY YU Sanford C. Bernstein & Co MICHAEL WERNER Macquarie VICTOR WANG Bank of China International YUAN LIN DBS Vickers ALEXANDER LEE Credit Suisse SANJAY JAIN Jefferies TAN MING Yuanta Securities Investment ConsultingNICE WANG Mizuho Securities JIM ANTOS Core Pacific TIMOTHY LI CCB International Securities Ltd SHENG NAN BOCOM International Holdings LI SHANSHAN JPMorgan KATHERINE LEI Nomura LUCY FENG CIMB TREVOR KALCIC Religare Capital Markets SOPHIE JIANG ABC International JOHANNES AU HSBC TODD DUNIVANT Morgan Stanley RICHARD XU Capital Securities Corp TEAM COVERAGE China International Capital Corp MAO JUNHUA UOB Kay Hian EDMOND LAW AMTD Financial Planning Limited KENNY TANG SING HING Barclays MAY YAN Standard Chartered JOHN CAPARUSSO Goldman Sachs NING MA Daiwa Securities Co. Ltd. GRACE WU EVA Dimensions AUSTIN BURKETT Mirae Asset Securities NAN LI BNP Paribas Equity Research DORRIS CHEN SWS Research Co Ltd ROBERT HU Masterlink Securities RAINY YUAN Citic Securities Co., Ltd ZHU YAN Guotai Junan WILSON LI Phillip Securities CHEN XINGYU ICBC International Securities IVAN LIN

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

Recommendation buy outperform outperform hold buy outperform buy buy buy buy outperform neutral overweight buy outperform buy buy overweight restricted buy buy buy buy overweight outperform Buy/Neutral buy buy buy buy neutral hold overweight buy buy buy

Amt Held % Out 10'405'376'524 11.99 6'928'335'051 7.98 5'941'259'181 6.85 5'386'435'920 6.21 4'575'047'470 5.27 2'977'315'246 3.43 1'853'341'186 2.14 (1'397'779'606) -1.61 1'066'765'789 1.23 874'068'348 1.01 798'834'688 0.92 693'459'282 0.8 532'867'930 0.61 418'663'901 0.48 403'715'655 0.47 309'841'776 0.36 297'404'935 0.34 279'904'280 0.32 271'966'732 0.31 270'488'219 0.31

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

Change M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M M

Latest Chg (36'157'445) (595'000) (162'044'750) (1'350'000'000) (21'524'000) 43'000 (212'553'193) (28'115'185) 57'800'616 (42'371'000) (29'532'504) 36'944'000 41'383'000 (3'227'000) 1'745'000 440'176 24'006'670

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

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

File Dt 13.12.2012 29.04.2013 31.12.2012 31.03.2013 30.05.2012 28.01.2013 31.03.2013 29.01.2013 31.03.2013 30.04.2013 28.02.2013 30.06.2012 31.03.2013 30.04.2013 31.12.2012 31.12.2012 31.01.2013 31.03.2013 29.04.2013 31.03.2013

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

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

Date 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 28.04.2013 27.04.2013 27.04.2013 12.04.2013 07.04.2013 02.04.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 27.02.2013 26.02.2013 25.02.2013 22.01.2013 17.01.2013 20.11.2012 07.11.2012 29.10.2012 06.07.2012 29.06.2012 11.05.2012 09.10.2011 23.04.2010

01.05.2013

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

Price/Volume 300

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

250 200 150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 700 HK EQUITY YTD Change 700 HK EQUITY YTD % CHANGE

12/2012 12/yy 286.00 203.60 4'940'443.00 266.2 -6.92% 30.75% 75.97% 1'853.6 493'425.38 10'699.52 0.0 850.8 27'189.07 376'337.01

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

1.20

50 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

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

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

100

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

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

31.12.2012 43'893.7 8.10x 17'569.2 20.24x 12'731.9 28.76x 17'569.23 14'948.99 34.06% 34.29% 19.28% 36.50% 27.89% 0.66% 58.5% 39.6% 34.1% 29.0% 1.77 1.43 14.22% 25.91% 20.07 64.10

LTM

12/yy 28'496.1 36.37x 13'357.0 16.23x 10'203.1 22.57x

12/yy 43'893.7 31.08x 17'398.8 20.44x 12'731.9 28.76x

FY+1

1.09 962.81 9.55% 6.91% 1.085 35 4.229 3'671'843 6'119'982 4'886'696 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 58'017.7 72'127.2 12'901.4 13'981.1 6.33x 4.88x 21'930.5 27'134.1 5'269.5 5'452.8 17.16x 13.87x 17.12x 16.32x 16'293.3 20'057.0 3'991.2 4'127.3 23.75x 19.29x 23.17x 21.90x S&P Issuer Ratings

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

14.11.2011 BBB+ STABLE 53.80 41.64 -0.95 0.61 25.9% 20.2% 0.66 5.84 18.24 5.71 62.92 -38.97

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

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

0.20

5'000.0 0.0

0.00

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

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

01.05.2013

Tencent Holdings Ltd Holdings By:

All

Holder Name MIH TC HOLDINGS LTD HUATENG MA JP MORGAN ZHIDONG ZHANG VANGUARD GROUP INC CAPITAL GROUP COMPAN BLACKROCK FMR LLC WADDELL & REED FINAN T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC STATE STREET SCHRODER INVESTMENT THORNBURG INVESTMENT SHINHAN BNP PARIBAS HANG SENG INVESTMENT BAILLIE GIFFORD AND CHI PING LAU ARTISAN PARTNERS HOL BARING ASSET MANAGEM

Firm Name

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

Analyst

Deutsche Bank ALAN HELLAWELL AMTD Financial Planning Limited KENNY TANG SING HING SWS Research Co Ltd JIM TANG Brean Murray Carret & Co FAWNE JIANG Barclays ALICIA YAP HSBC CHI TSANG Daiwa Securities Co. Ltd. JOHN CHOI Nomura JIN YOON Jefferies CYNTHIA JINHONG MENG Haitong International Securities ALEX LEE BOCOM International Holdings MA YUAN China International Capital Corp CHEN HAOFEI EVA Dimensions ANDREW S ZAMFOTIS First Shanghai Securities Ltd TSOI HO Avior Research RICHARD TESSENDORF Capital Securities Corp HU JIAMING Core Pacific KEVIN TAM Morgan Stanley TIMOTHY CHAN JPMorgan DICK WEI Pacific Crest Securities EVAN S WILSON Macquarie JIONG SHAO Bank of China International THOMAS CHONG DBS Vickers BILL HUANG CIMB WENDY HUANG Goldman Sachs PIYUSH MUBAYI Piper Jaffray MARK A MAROSTICA Wedge Partners JUAN LIN Ji Asia JUSTIN WEISS Credit Suisse WALLACE CHEUNG Yuanta Securities Investment ConsultingTEAM COVERAGE Guotai Junan DUNDAS DENG ICBC International Securities KARY SEI Standard Chartered DON SEE Mega Securities TIMOTHY LI PingAn Securities ZHONGZHI LI

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

Recommendation hold buy outperform buy overweight underweight buy reduce buy hold buy buy overweight hold neutral buy buy Overwt/Attractive overweight outperform underperform buy hold outperform Buy/Neutral neutral no rating system buy outperform Under Review buy hold outperform hold strong buy

Amt Held 630'240'380 189'892'880 83'853'904 66'000'000 41'864'402 36'113'000 33'829'061 31'307'167 18'614'700 16'215'600 15'521'800 13'809'851 8'509'100 6'313'082 5'974'783 5'280'826 4'657'000 4'603'600 3'891'429 3'873'000

% Out 34 10.24 4.52 3.56 2.26 1.95 1.83 1.69 1 0.87 0.84 0.75 0.46 0.34 0.32 0.28 0.25 0.25 0.21 0.21

Weighting

Change

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

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

Latest Chg 800 (452'815) 6'000'000 319'700 (2'555'651) 1'189'900 (1'776'300) 486'800 (522'595) (909'700) 61'103 72'300 214'300 (625'700)

Target Price 266 280 275 297 290 223 320 180 330 265 293 286 #N/A N/A 260 299 290 295 316 300 300 180 293 260 343 304 220 #N/A N/A 360 301 #N/A N/A 270 217 237 185 188

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

File Dt 24.01.2013 09.04.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2013 29.04.2013 31.03.2013 31.12.2012 31.03.2013 28.02.2013 30.04.2013 31.03.2013 28.02.2013 31.12.2012 30.06.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 30.04.2013 30.04.2013 25.04.2013 23.04.2013 19.04.2013 17.04.2013 12.04.2013 11.04.2013 10.04.2013 08.04.2013 03.04.2013 02.04.2013 02.04.2013 27.03.2013 26.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 15.03.2013 12.03.2013 31.01.2013 16.08.2012 09.07.2012 04.06.2012 18.05.2012 23.03.2010 29.01.2010

01.05.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (5/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 3988 HK EQUITY YTD Change 3988 HK EQUITY YTD % CHANGE

12/2012 03/yy 4.00 2.73 356'119'091.00 3.63 -9.25% 32.97% 70.87% 83'622.3 1'009'942.06 2'243'457.00 0.0 36'865.0 3'157'170.00 -

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

4500.0 M

4000.0 M

3500.0 M

3000.0 M

2500.0 M

2000.0 M

1500.0 M

1000.0 M

500.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

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

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

31.12.2012 619'095.0 139'432.0 5.57x 50.02% 50.71% 1.14% 18.01% 5.04% 0.05% 37.7% 17.69% 272.04% -

Price/ Cash Flow

LTM

FY+1

6.07 1.12 72'987.26 19.15% 4.91% 1.116 39 4.077 ######### ######### ######### FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 551'001.0 460'542.0 393'840.9 431'641.5 0.00x 0.00x 0.0 0.0 0.00x 0.00x 127'600.0 142'484.0 142'817.9 152'145.5 5.57x 5.67x 5.67x 5.34x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 272.0% Total Debt/Capital 72.3% Asset Turnover 0.05 Net Fixed Asset Turnover 4.03 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

500.00

700'000.0

450.00

600'000.0

400.00 350.00

500'000.0

300.00

400'000.0

250.00

300'000.0

200.00

200'000.0

150.00 100.00

100'000.0

50.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Bank of China Ltd Holdings By:

All

Holder Name BLACKROCK SOCIAL SECURITY FUND CAPITAL GROUP COMPAN JP MORGAN TEMASEK HOLDINGS PRI VANGUARD GROUP INC DIMENSIONAL FUND ADV STATE STREET HANG SENG INVESTMENT FMR LLC MITSUBISHI UFJ FINAN T ROWE PRICE ASSOCIA ASIAN DEVELOPMENT BA BANK OF NEW YORK MEL FRANKLIN RESOURCES PRUDENTIAL FINANCIAL BARING ASSET MANAGEM PICTET & CIE SHINHAN BNP PARIBAS EASTSPRING INVESTMEN

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

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

Analyst TRACY YU MICHAEL WERNER VICTOR WANG ALEXANDER LEE TAN MING KATHERINE LEI YUAN LIN EDMOND LAW SOPHIE JIANG LI SHANSHAN KENNY TANG SING HING RICHARD XU SANJAY JAIN TREVOR KALCIC LUCY FENG SHENG NAN JOHANNES AU TODD DUNIVANT TEAM COVERAGE JIM ANTOS MAO JUNHUA NAN LI MAY YAN JOHN CAPARUSSO NING MA IVAN LIN TIMOTHY LI GRACE WU AUSTIN BURKETT ROBERT HU DORRIS CHEN RAINY YUAN WILSON LI CHEN XINGYU ZHU YAN

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

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

Amt Held 8'164'115'320 7'518'157'041 5'385'933'846 4'087'482'221 3'116'864'905 2'019'069'988 1'064'669'933 960'629'200 951'146'461 692'199'106 548'954'200 328'263'100 304'007'461 301'735'882 300'179'500 267'659'000 252'617'700 250'834'100 248'698'686 191'503'000

% Out 9.76 8.99 6.44 4.89 3.73 2.41 1.27 1.15 1.14 0.83 0.66 0.39 0.36 0.36 0.36 0.32 0.3 0.3 0.3 0.23

Weighting

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

Latest Chg 44'624'000 702'000 (19'461'100) (29'415'851) 311'393'890 1'383'000 12'475'000 516'608 (36'674'000) (12'092'000) 71'550'000 (4'008'000) -

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

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

File Dt 29.04.2013 28.01.2013 31.03.2013 31.12.2012 04.05.2012 31.03.2013 31.07.2012 30.04.2013 30.06.2012 31.03.2013 22.01.2013 31.03.2013 31.12.2011 29.04.2013 31.12.2012 31.03.2013 31.12.2012 31.01.2013 31.12.2012 14.09.2012

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

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

Date 30.04.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 28.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 12.04.2013 07.04.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.02.2013 26.02.2013 25.02.2013 20.02.2013 05.02.2013 22.01.2013 17.01.2013 09.01.2013 07.11.2012 30.10.2012 30.10.2012 26.10.2012 29.06.2012

01.05.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 883 HK EQUITY YTD Change 883 HK EQUITY YTD % CHANGE

12/2012 01/yy 17.38 13.18 66'687'176.00 14.48 -16.69% 9.86% 30.95% 44'646.3 646'478.50 57'886.00 0.0 0.0 133'709.00 437'734.49

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

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

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

31.12.2012 247'627.0 2.13x 117'702.0 4.48x 63'691.0 9.44x

140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M j-12

j-12

a-12

117'702.00 84'799.00 34.24% 36.41% 15.16% 22.24% 0.59% 47.5% 34.2% 25.7% 2.07 1.91 12.69% 18.69% 11.18 -

LTM-4Q

LTM

01/yy

01/yy -

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

3.28 1.25 15'873.58 -9.78% -13.71% 1.249 33 4.121 60'515'140 65'280'120 63'290'860 FY+2

12/13 Y 12/14 Y 251'097.4 269'009.9 2.09x 1.89x 127'019.2 136'301.2 3.45x 3.21x 62'601.1 65'080.1 8.39x 8.10x S&P Issuer Ratings

FQ+1

FQ+2

16.12.2010 AASTABLE 71.42 33.25 -0.64 0.49 18.7% 15.7% 0.59 1.05 32.73 -

Sales/Revenue/Turnover

1.20

300'000.0

1.00

250'000.0

0.80

200'000.0

0.60

160.0 M

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

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

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

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

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

01.05.2013

CNOOC Ltd Holdings By:

All

Holder Name CHINA NATIONAL OFFSH BLACKROCK FRANKLIN RESOURCES VANGUARD GROUP INC THORNBURG INVESTMENT FMR LLC STATE STREET SCHRODER INVESTMENT OPPENHEIMERFUNDS INC T ROWE PRICE ASSOCIA COMMONWEALTH BANK OF JP MORGAN LAZARD ASSET MANAGEM HANG SENG INVESTMENT SHINHAN BNP PARIBAS ABERDEEN BARING ASSET MANAGEM INVESCO LTD ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN

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

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

Analyst LABAN YU NEIL BEVERIDGE DAVID HEWITT LAWRENCE LAU YAN SHI WU FEI DAVID HURD ANDY MENG SONIA SONG COLIN SMITH ANDREW S F CHAN ALBERT MIAO BIN GUAN GORDON KWAN ANNA YU DUKE SUTTIKULPANICH JAMES HUBBARD BRYNJAR EIRIK BUSTNES CHENG KHOO SAMUEL THAWLEY ARTHUR YAN THOMAS C HILBOLDT GRACE LIU ADRIAN LOH CRAIG STERLING HUANG LILI BRADLEY WAY TEAM COVERAGE KENNY TANG SING HING TEAM COVERAGE FANG LEI

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

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

Amt Held 28'772'727'273 590'469'601 532'935'247 528'716'724 265'808'980 237'922'779 229'365'203 229'247'200 181'137'000 157'408'000 139'327'500 128'788'000 86'396'000 86'312'291 78'661'957 76'599'000 76'087'000 71'342'468 70'168'164 68'538'000

% Out 64.45 1.32 1.19 1.18 0.6 0.53 0.51 0.51 0.41 0.35 0.31 0.29 0.19 0.19 0.18 0.17 0.17 0.16 0.16 0.15

Weighting

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

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

Latest Chg 7'235'000 (6'030'000) (13'460'500) (28'785'000) (52'889'505) (8'344'101) (21'188'000) 8'151'000 1'058'000 (8'768'000) (1'001'000) 8'004'000 10'176'000 3'949'000 (30'335'907) (2'224'700) -

Target Price 13 22 20 17 14 17 15 17 15 17 16 19 18 16 15 18 20 13 17 10 18 18 19 20 #N/A N/A 19 16 #N/A N/A 16 #N/A N/A #N/A N/A

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

File Dt 31.03.2012 29.04.2013 28.03.2013 31.03.2013 28.02.2013 31.03.2013 30.04.2013 31.03.2013 28.02.2013 31.03.2013 31.01.2013 31.03.2013 31.03.2013 30.06.2012 31.12.2012 31.03.2013 31.12.2012 30.04.2013 31.03.2013 31.03.2013

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

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

Date 30.04.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 24.04.2013 16.04.2013 27.03.2013 25.03.2013 25.03.2013 25.03.2013 23.03.2013 23.03.2013 22.03.2013 22.03.2013 21.03.2013 18.03.2013 07.03.2013 04.02.2013 30.01.2013 17.01.2013 18.12.2012 30.11.2012 25.07.2012 24.07.2012 29.03.2012 20.07.2009

01.05.2013

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

Price/Volume 12

160.0 M 140.0 M

120.0 M 8

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (05.09.2012) Daily Volume Current Price (5/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 857 HK EQUITY YTD Change 857 HK EQUITY YTD % CHANGE

12/2012 03/yy 11.82 9.03 55'776'963.00 9.87 -16.50% 9.30% 30.11% 21'098.9 1'936'725.13 447'286.00 0.0 116'619.0 49'953.00 2'109'286.31

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

80.0 M 60.0 M

40.0 M 2 0 m-12

20.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

100.0 M

Valuation Analysis

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

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

LTM

FY+1

0.93 20'807.38 -12.60% -10.11% 0.934 32 3.563 71'054'550 68'013'610 68'100'180 FY+2

FQ+1

FQ+2

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'949'218.0 ######### ######### ######### ######### 608'986.0 652'358.0 1.11x 4.13x 4.09x 0.91x 0.89x 325'453.0 157'781.0 71'646.0 370'951.4 400'123.0 6.65x 0.00x 0.00x 5.69x 5.27x 115'323.0 135'143.0 112'189.0 134'299.3 144'471.8 32'281.0 30'063.0 14.02x 12.20x 13.14x 10.68x 9.92x S&P Issuer Ratings 325'453.00 Long-Term Rating Date 174'918.00 Long-Term Rating 8.97% Long-Term Outlook 8.56% Short-Term Rating Date 5.18% Short-Term Rating 10.46% Credit Ratios - EBITDA/Interest Exp. 0.94% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 16.1% Total Debt/EBITDA - Reference 8.6% Total Debt/Equity 5.9% Total Debt/Capital Asset Turnover 0.73 Net Fixed Asset Turnover 0.22 Accounts receivable turnover-days 20.62% Inventory Days 42.03% Accounts Payable Turnover Day 23.15 Cash Conversion Cycle -

Price/ Cash Flow

14.19 -0.24 42.0% 27.5% 0.94 2.57 15.76 14.58

Sales/Revenue/Turnover

10.00

2'500'000.0

9.00

2'000'000.0

8.00 7.00

1'500'000.0

6.00 5.00

1'000'000.0

4.00 3.00

500'000.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

PetroChina Co Ltd Holdings By:

All

Holder Name BLACKROCK ABERDEEN FRANKLIN RESOURCES JP MORGAN VANGUARD GROUP INC HARBOR CAPITAL ADVIS CHINA NATIONAL PETRO HANG SENG INVESTMENT STATE STREET FMR LLC TEMPLETON INVESTMENT BANK OF NEW YORK MEL MANULIFE FUNDS DIREC HARVEST FUND MANAGEM DANSKE INVEST A/S SHINHAN BNP PARIBAS BARING ASSET MANAGEM PRINCIPAL FINANCIAL GRANTHAM MAYO VAN OT SCHRODER INVESTMENT

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

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

Analyst LABAN YU NEIL BEVERIDGE YAN SHI DAVID HURD ANDY MENG LAWRENCE LAU SONIA SONG GORDON KWAN DAVID HEWITT CHENG KHOO DUKE SUTTIKULPANICH ANDREW S F CHAN BIN GUAN WU FEI ANNA YU BRYNJAR EIRIK BUSTNES THOMAS C HILBOLDT JAMES HUBBARD COLIN SMITH ARTHUR YAN CRAIG STERLING ADRIAN LOH BRADLEY WAY LI XIN SAMUEL THAWLEY TEAM COVERAGE HUANG LILI GRACE LIU VIVIAN CHEUNG YE RONG FANG LEI

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

Recommendation buy market perform hold hold Equalwt/Attractive buy neutral buy neutral hold outperform underperform accumulate long-term buy hold underweight underweight neutral sell neutral/neutral buy outperform buy hold neutral hold overweight accumulate not rated neutral strong buy

Amt Held 1'964'964'108 1'909'262'023 1'506'858'769 1'470'551'067 562'558'554 350'420'000 291'518'000 277'448'830 277'091'176 201'301'800 78'740'272 77'038'000 66'938'000 59'934'000 59'346'335 58'757'243 54'274'000 53'337'703 45'153'121 41'892'000

% Out 9.31 9.05 7.14 6.97 2.67 1.66 1.38 1.31 1.31 0.95 0.37 0.37 0.32 0.28 0.28 0.28 0.26 0.25 0.21 0.2

Weighting

Change

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

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

Latest Chg 2'382'000 250'000 224'000 (15'095'200) (9'760'632) (33'685'999) (364'000) 10'000'000 (14'076'000) 1'406'000 (10'296'000) (72'000) 16'205'700 10'046'000

Target Price 15 11 11 11 10 12 11 13 11 10 14 9 11 11 10 8 10 11 9 11 #N/A N/A 12 13 12 10 #N/A N/A 11 11 #N/A N/A 10 #N/A N/A

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

File Dt 29.04.2013 16.04.2013 28.02.2013 21.01.2013 31.03.2013 31.12.2012 31.03.2012 30.06.2012 30.04.2013 31.03.2013 31.12.2012 29.04.2013 30.06.2012 30.06.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.05.2012 31.03.2013

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

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

Date 30.04.2013 30.04.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 08.04.2013 04.04.2013 27.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 18.03.2013 06.03.2013 11.12.2012 30.11.2012 28.11.2012 08.11.2012 31.10.2012 24.08.2012 14.08.2012 31.05.2012 28.10.2011 20.07.2009

01.05.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (5/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 386 HK EQUITY YTD Change 386 HK EQUITY YTD % CHANGE

12/2012 03/yy 9.57 6.38 78'686'338.00 8.49 -11.29% 33.07% 66.14% 19'625.7 759'992.06 284'546.00 0.0 37'122.0 10'864.00 918'193.81

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

600.0 M 500.0 M 400.0 M 300.0 M 200.0 M 100.0 M .0 M j-12

31.12.2009 31.12.2010 1'212'168.0 1'876'758.0 1.09x 0.48x 151'545.0 178'098.0 8.73x 5.03x 62'677.0 71'782.0 8.42x 7.62x Profitability

LTM-4Q 31.12.2011 2'463'767.0 0.35x 170'962.0 5.05x 73'225.0 7.84x

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

LTM

FY+1

4.45 0.81 18'405.32 6.85% -3.30% 0.811 30 3.900 92'013'100 90'820'000 ######### FY+2

FQ+1

FQ+2

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'733'618.0 ######### ######### ######### ######### 732'951.0 722'780.0 0.34x 1.39x 1.32x 0.32x 0.32x 169'557.0 0.0 0.0 196'859.4 210'220.4 5.45x 0.00x 0.00x 4.66x 4.37x 63'879.0 64'025.0 66'501.0 77'451.9 81'160.5 18'164.0 18'745.0 9.60x 9.29x 9.60x 7.81x 7.46x S&P Issuer Ratings 169'557.00 Long-Term Rating Date 16.12.2010 99'101.00 Long-Term Rating A+ 3.63% Long-Term Outlook STABLE 3.32% Short-Term Rating Date 5.30% Short-Term Rating 12.99% Credit Ratios 9.42% EBITDA/Interest Exp. 14.05 2.27% (EBITDA-Capex)/Interest Exp. 1.98 Net Debt/EBITDA 1.61 - Total Debt/EBITDA 1.68 6.2% Reference 3.6% Total Debt/Equity 55.7% 2.3% Total Debt/Capital 34.2% Asset Turnover 2.27 0.71 Net Fixed Asset Turnover 3.65 0.22 Accounts receivable turnover-days 12.59 22.46% Inventory Days 55.69% Accounts Payable Turnover Day 29.06 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

6.00

3'000'000.0

5.00

2'500'000.0

4.00

2'000'000.0

3.00

1'500'000.0

2.00

1'000'000.0

1.00

500'000.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 1'387'077.0 0.59x 29'228.0 27.82x 28'445.0 12.59x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Petroleum & Chemical Corp Holdings By:

All

Holder Name BLACKROCK JP MORGAN FRANKLIN RESOURCES CITIGROUP INCORPORAT GOVT OF SINGAPORE IN CREDIT SUISSE AG VANGUARD GROUP INC CHINA PETROLEUM SHEN SCHRODER INVESTMENT STATE STREET HANG SENG INVESTMENT DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE CREDIT SUISSE AG FMR LLC GRANTHAM MAYO VAN OT ROBECO INVESTOR SERV CAPITAL GROUP COMPAN SCHRODER KOREA LTD PRUDENTIAL FINANCIAL

Firm Name

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

Analyst

Jefferies LABAN YU Sanford C. Bernstein & Co NEIL BEVERIDGE UOB Kay Hian YAN SHI Deutsche Bank DAVID HURD Bank of China International LAWRENCE LAU Nomura SONIA SONG Morgan Stanley ANDY MENG ICBC International Securities ANNA YU Credit Suisse DAVID HEWITT Masterlink Securities LI XIN Macquarie JAMES HUBBARD BNP Paribas Equity Research CHENG KHOO Standard Chartered DUKE SUTTIKULPANICH BOCOM International Holdings WU FEI VTB Capital COLIN SMITH JPMorgan BRYNJAR EIRIK BUSTNES HSBC THOMAS C HILBOLDT Mizuho Securities ANDREW S F CHAN Daiwa Securities Co. Ltd. ADRIAN LOH Mirae Asset Securities GORDON KWAN Goldman Sachs ARTHUR YAN SWS Research Co Ltd ALBERT MIAO EVA Dimensions CRAIG STERLING Renaissance Capital BRADLEY WAY Capital Securities Corp TEAM COVERAGE Guotai Junan GRACE LIU Yuanta Securities Investment ConsultingTEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Citic Securities Co., Ltd YIN XIAODONG China International Capital Corp BIN GUAN China Galaxy Securities LI GUOHONG Industrial Securities FANG LEI

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

Recommendation underperform market perform buy buy buy buy Overwt/Attractive buy neutral buy underperform buy in-line buy hold overweight underweight neutral underperform buy Buy/Neutral buy overweight sell buy accumulate Under Review buy buy buy buy strong buy

Amt Held % Out 2'230'756'982 11.37 1'884'174'190 9.6 1'206'497'203 6.15 802'957'526 4.09 794'152'154 4.05 521'252'296 2.66 455'801'810 2.32 425'500'000 2.17 277'602'000 1.41 233'941'831 1.19 224'643'644 1.14 147'230'289 0.75 141'497'150 0.72 (119'014'506) -0.61 105'700'731 0.54 104'509'351 0.53 88'107'588 0.45 84'918'000 0.43 79'426'000 0.4 75'892'000 0.39

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

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

Latest Chg 21'478'000 28'000 (784'000) (4'877'100) 48'888'000 (7'758'128) 54'095'800 (156'218'743) 1'111'998 1'964'000 71'358'000

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

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

File Dt 29.04.2013 31.03.2013 15.02.2013 23.04.2013 15.01.2013 07.02.2013 31.03.2013 09.01.2012 31.03.2013 30.04.2013 30.06.2012 31.07.2012 31.03.2013 07.02.2013 31.03.2013 31.05.2012 28.02.2013 31.01.2013 31.12.2012 31.03.2013

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

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

Date 30.04.2013 30.04.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 12.04.2013 04.04.2013 01.04.2013 27.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 18.03.2013 06.03.2013 15.01.2013 30.11.2012 29.10.2012 20.07.2012 15.06.2012 08.02.2012 11.01.2012 29.08.2011 30.10.2009 20.07.2009

01.05.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (5/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 2628 HK EQUITY YTD Change 2628 HK EQUITY YTD % CHANGE

12/2012 03/yy 27.35 17.00 38'035'932.00 21.2 -22.49% 24.71% 38.16% 7'441.2 597'085.44 136'480.00 0.0 2'016.0 69'452.00 -

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

1.20

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

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

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

31.12.2012 371'436.0 1.73x 11'061.0 52.18x 2.83% 2.95% 0.64% 5.36% 0.21% 3.0% 7.19% 61.73% -

LTM

FY+1

0.83 1.25 7'441.18 2.54% -16.21% 1.251 28 3.571 34'602'740 39'425'960 37'676'900 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 375'303.0 403'381.0 427'106.1 471'139.0 0.26x 0.00x 1.03x 0.91x 0.0 0.0 0.00x 0.00x 15'985.0 15'513.0 28'679.6 34'252.5 0.00x 29.32x 16.01x 13.74x 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

AANEG 61.7% 38.0% 0.21 -

Sales/Revenue/Turnover

450'000.0 400'000.0

1.00 0.80

350'000.0 300'000.0 250'000.0

0.60

200'000.0 150'000.0

0.40 0.20

100'000.0 50'000.0 0.0

0.00

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

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

01.05.2013

China Life Insurance Co Ltd Holdings By:

All

Holder Name BLACKROCK JP MORGAN VANGUARD GROUP INC CARMIGNAC GESTION HANG SENG INVESTMENT STATE STREET FMR LLC DEUTSCHE BANK AG SCHRODER INVESTMENT CAPITAL GROUP COMPAN BARING ASSET MANAGEM FRANKLIN RESOURCES CHINA ASSET MANAGEME ALLIANZ ASSET MANAGE INVESCO ASSET MANAGE SHINHAN BNP PARIBAS HARVEST FUND MANAGEM MONTGOMERY ASSET MAN GAM INTERNATIONAL MA MATTHEWS INTERNATION

Firm Name Capital Securities Corp Deutsche Bank DBS Vickers Nomura Religare Capital Markets BOCOM International Holdings Standard Chartered Morgan Stanley Credit Suisse Jefferies HSBC Guotai Junan Macquarie China International Capital Corp UOB Kay Hian Core Pacific JPMorgan CCB International Securities Ltd Haitong International Securities EVA Dimensions ICBC International Securities Bank of China International Goldman Sachs SWS Research Co Ltd AMTD Financial Planning Limited Phillip Securities Mirae Asset Securities Sun Hung Kai Securities

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

Analyst TEAM COVERAGE ESTHER CHWEI PING CHENG JESSE WANG STEVEN LAM LI WENBING JENNIFER LAW BEN LIN ARJAN VAN VEEN BARON NIE JAMES GARNER DAYTON WANG SCOTT G RUSSELL TANG SHENGBO EDMOND LAW OLIVE XIA CHAN BAO LING KENNETH YUE CHEN FANNY AUSTIN BURKETT PIUS CHENG SUN PENG MANCY SUN ROBERT HU KENNY TANG SING HING CHEN XINGYU IVAN CHEUNG KENIX LAI

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

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

Amt Held 756'024'288 302'552'816 198'024'363 111'470'500 99'573'646 91'846'907 62'099'992 38'019'528 36'018'680 32'889'300 32'082'000 27'556'000 26'080'000 25'349'500 22'689'000 22'022'342 21'744'000 16'541'000 15'733'000 14'989'000

% Out 10.16 4.07 2.66 1.5 1.34 1.23 0.83 0.51 0.48 0.44 0.43 0.37 0.35 0.34 0.3 0.3 0.29 0.22 0.21 0.2

Weighting

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

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

Latest Chg 1'078'000 (3'000) (2'964'000) (19'400'000) (3'436'832) 23'826'319 (12'520'516) 14'712'000 (12'215'000) (6'692'000) (4'333'000) 5'080'000 234'000 844'000 (3'005'000) 6'742'000 1'088'000 (370'000)

Target Price #N/A N/A 28 24 27 24 25 27 25 24 23 23 26 24 29 27 #N/A N/A 23 25 29 #N/A N/A 27 25 26 22 22 26 20 35

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

File Dt 29.04.2013 16.04.2013 31.03.2013 29.03.2013 30.06.2012 30.04.2013 31.03.2013 29.03.2013 31.03.2013 31.03.2013 31.12.2012 28.03.2013 30.06.2012 31.03.2013 30.11.2012 31.12.2012 30.06.2012 28.02.2013 31.12.2012 31.12.2012

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

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

Date 29.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 18.04.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 27.03.2013 27.03.2013 06.02.2013 17.01.2013 14.12.2012 06.12.2012 13.11.2012 29.10.2012 27.03.2012 16.03.2012 18.10.2011 10.07.2009

01.05.2013

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

Price/Volume 80

1200.0 M

1000.0 M

60 800.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (5/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 2318 HK EQUITY YTD Change 2318 HK EQUITY YTD % CHANGE

12/2012 03/yy 72.70 53.00 17'661'647.00 61.45 -15.47% 15.94% 42.89% 3'129.7 432'187.16 614'085.00 0.0 50'032.0 169'047.00 640'412.12

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

400.0 M

20 200.0 M

10 0 m-12

31.12.2009 31.12.2010 152'961.0 195'052.0 3.24x 3.37x 13'883.0 17'311.0 31.68x 32.03x Profitability

LTM-4Q 31.12.2011 272'683.0 2.06x 19'475.0 16.61x

31.12.2012 341'539.0 2.66x 20'050.0 20.64x 22.41% 9.47% 0.78% 13.80% 9.61% 0.13% 5.9% 21.59% 384.72% -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13

LTM

FY+1

0.92 1.46 1'564.20 -4.54% -5.32% 1.463 28 4.393 11'321'090 12'027'950 30'653'770 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 281'854.0 320'245.0 365'708.9 418'277.7 7.11x 7.19x 1.56x 1.40x 0.0 0.0 0.00x 0.00x 19'725.0 21'379.0 28'251.2 32'711.9 18.85x 17.87x 13.43x 11.64x 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

384.7% 74.5% 0.13 -

Sales/Revenue/Turnover

18.00

400'000.0

16.00

350'000.0

14.00

300'000.0

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0

6.00

100'000.0

4.00

50'000.0

2.00 0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 87'666.0 3.19x 1'418.0 173.82x

600.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Ping An Insurance Group Co of China Ltd Holdings By:

All

Holder Name CHAROEN POKPHAND GRO JP MORGAN DIAMOND EPOCH LTD BLACKROCK JINJUN CO LTD VANGUARD GROUP INC FMR LLC CITIGROUP INCORPORAT HANG SENG INVESTMENT MATTHEWS INTERNATION T ROWE PRICE ASSOCIA STATE STREET UBS MAPS INVESTMENT MANA UNIVERSAL INVEST CON BARING ASSET MANAGEM ALLIANZ ASSET MANAGE GAM INTERNATIONAL MA CITIGROUP INCORPORAT SHINHAN BNP PARIBAS

Firm Name Standard Chartered Deutsche Bank Credit Suisse Jefferies DBS Vickers BOCOM International Holdings Morgan Stanley Religare Capital Markets Nomura HSBC Capital Securities Corp Macquarie Goldman Sachs Core Pacific Bank of China International UOB Kay Hian CCB International Securities Ltd ICBC International Securities JPMorgan JF Apex Securities Bhd EVA Dimensions SWS Research Co Ltd Guotai Junan AMTD Financial Planning Limited Phillip Securities China International Capital Corp Mirae Asset Securities China Merchants Securities

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

Analyst JENNIFER LAW ESTHER CHWEI ARJAN VAN VEEN BARON NIE PING CHENG LI WENBING BEN LIN STEVEN LAM JESSE WANG JAMES GARNER XIE JIYONG SCOTT G RUSSELL MANCY SUN OLIVE XIA SUN PENG EDMOND LAW KENNETH YUE PIUS CHENG CHAN BAO LING TEAM COVERAGE AUSTIN BURKETT ROBERT HU FELIX LUO KENNY TANG SING HING CHEN XINGYU TANG SHENGBO IVAN CHEUNG LUO JINMING

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

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

Amt Held % Out 1'232'815'614 39.39 281'012'937 8.98 256'694'218 8.2 229'845'827 7.34 76'000'000 2.43 50'357'936 1.61 50'233'863 1.61 41'353'477 1.32 27'236'813 0.87 25'480'000 0.81 25'206'800 0.81 24'454'627 0.78 (20'650'341) -0.66 18'079'308 0.58 9'630'000 0.31 9'049'500 0.29 8'822'000 0.28 8'274'000 0.26 (6'721'467) -0.21 6'628'202 0.21

Weighting

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

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 D M

Latest Chg 1 139'000 165'500 (120'000'000) (2'867'000) (1'468'561) (152'500) 4'316'500 (994'024) (172'400) 186'619 4'305'000 (1'400'500) 625'500 330'000 (4'537'500)

Target Price 81 84 83 83 79 77 80 74 67 71 70 67 80 78 65 84 76 75 76 74 #N/A N/A 62 73 64 80 77 58 60

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

File Dt 06.02.2013 18.02.2013 01.02.2013 29.04.2013 24.08.2011 31.03.2013 31.03.2013 26.03.2013 30.06.2012 31.12.2012 31.03.2013 30.04.2013 22.04.2013 31.12.2012 28.03.2013 31.12.2012 31.03.2013 31.12.2012 26.03.2013 31.12.2012

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

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

Date 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 27.04.2013 26.04.2013 25.04.2013 15.04.2013 11.04.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 05.02.2013 15.01.2013 11.01.2013 31.10.2012 16.10.2012 02.03.2012 27.10.2011 18.10.2011 12.02.2009

01.05.2013

China Overseas Land & Investment Ltd China Overseas Land & Investment Limited, through its subsidiaries, develops and invests in properties, constructs buildings, invests in treasury securities, and infrastructure projects. The Company also provides civil engineering, foundation engineering, and real estate agency and management services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 688 HK EQUITY YTD Change 688 HK EQUITY YTD % CHANGE

12/2012 12/yy 25.60 14.62 13'286'925.00 23.7 -7.42% 62.07% 81.32% 8'172.6 193'691.02 59'613.84 0.0 312.8 40'880.41 212'737.25

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 m-12

31.12.2009 31.12.2010 37'321.6 44'313.0 3.60x 3.03x 10'532.8 16'214.3 12.76x 8.29x 7'468.9 12'373.2 17.90x 9.52x Profitability

LTM-4Q 31.12.2011 51'332.3 2.53x 19'021.7 6.83x 15'464.1 6.87x

31.12.2012 64'580.7 3.22x 23'113.1 8.99x 18'722.2 10.09x 23'113.08 23'060.58 35.71% 45.56% 9.23% 23.57% 14.49% 0.32% 41.8% 35.8% 35.7% 29.0% 2.15 0.51 25.94% 68.33% 39.50 0.37

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

LTM

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

12/yy 39'298.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.65 1.46 3'800.68 44.06% 2.60% 1.456 37 4.243 17'097'940 22'690'960 25'145'850 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 80'506.4 94'730.4 20'056.0 2.67x 2.21x 28'118.6 32'904.7 7.57x 6.47x 18'882.5 22'075.6 4'918.0 10.23x 8.73x S&P Issuer Ratings

22.04.2013 BBB+ STABLE 12.82 11.87 0.81 2.58 68.3% 40.5% 0.32 3.01 9.27 990.32 81.19 918.39

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 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 18'892.4 5.45x 6'867.9 14.98x 5'048.6 16.64x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Overseas Land & Investment Ltd Holdings By:

All

Holder Name CHINA OVERSEAS HOLDI SILVER LOT DEVELOPME JP MORGAN DEUTSCHE BANK AG BLACKROCK DEUTSCHE BANK AG CARMIGNAC GESTION FMR LLC VANGUARD GROUP INC SCHRODER INVESTMENT WILLIAM BLAIR & COMP EUROPEAN INVESTORS I STATE STREET ROBECO INVESTOR SERV SHINHAN BNP PARIBAS MAPS INVESTMENT MANA SCHRODER KOREA LTD HANG SENG INVESTMENT LAZARD GLOBAL ACTIVE ING INVESTMENT MANAG

Firm Name

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

Analyst

Deutsche Bank TONY TSANG BNP Paribas Equity Research LEE WEE LIAT Jefferies CHRISTIE JU Standard Chartered RAYMOND CHENG Nomura ALVIN WONG Sanford C. Bernstein & Co KENNETH TSANG CIMB JOHNSON HU SWS Research Co Ltd KRIS LI JPMorgan LUCIA KWONG Ji Asia WU GONGLIANG DBS Vickers CAROL WU Credit Suisse JINSONG DU EVA Dimensions AUSTIN BURKETT First Shanghai Securities Ltd MICHAEL KE Yuanta Securities Investment ConsultingNICE WANG KGI Securities ALICE JI Mizuho Securities ALAN JIN Citic Securities Co., Ltd ADRIAN NGAN UOB Kay Hian SYLVIA WONG Mirae Asset Securities STEPHANIE LAU AMTD Financial Planning Limited KENNY TANG SING HING Morgan Stanley BRIAN LEUNG Goldman Sachs WANG YI HSBC MICHELLE KWOK Bank of China International CHRISTINA NGAI China International Capital Corp ERIC YU ZHANG Daiwa Securities Co. Ltd. JONAS KAN CCB International Securities Ltd EDISON BIAN Barclays WENDY LUO Guotai Junan DONALD YU Maybank Kim Eng IVAN CHEUNG Macquarie DAVID NG Capital Securities Corp LANTIS LI Everbright Securities Co., Ltd TIMOTHY YEUNG GuoSen Securities Co Ltd HUI CAO Masterlink Securities TEAM COVERAGE

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

Recommendation buy buy buy underperform buy market perform outperform neutral neutral buy buy neutral buy buy hold outperform buy overweight buy hold buy Equalwt/Attractive neutral/attractive overweight hold buy buy outperform equalweight buy hold neutral strong buy not rated buy hold

Amt Held % Out 3'837'380'380 46.95 509'136'928 6.23 469'773'048 5.75 301'486'252 3.69 204'330'320 2.5 (155'321'624) -1.9 148'531'969 1.82 127'037'698 1.55 113'867'052 1.39 70'402'356 0.86 60'432'000 0.74 53'716'230 0.66 50'816'788 0.62 32'904'874 0.4 26'955'652 0.33 21'020'954 0.26 19'638'000 0.24 19'543'939 0.24 18'794'260 0.23 17'240'491 0.21

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

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

Latest Chg (578'000) (554'000) (51'285'262) (5'937'800) (9'309'000) 34'412'000 (738'720) (1'887'426) (6'276'000) (12'847'086) (3'836'000) (2'007'900)

Target Price 28 31 28 23 24 21 26 25 23 25 25 21 #N/A N/A 27 24 24 28 24 25 23 23 22 25 31 20 26 26 27 24 26 20 19 25 #N/A N/A 18 18

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

File Dt 31.12.2012 31.12.2012 31.03.2013 17.05.2012 29.04.2013 17.05.2012 29.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 30.04.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2012 31.03.2013 31.12.2012

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

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

Date 30.04.2013 29.04.2013 23.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 11.04.2013 10.04.2013 09.04.2013 26.03.2013 25.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 07.03.2013 06.03.2013 28.02.2013 04.01.2013 27.09.2012 13.08.2012 27.06.2012 31.05.2012 26.04.2012 23.05.2011

01.05.2013

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

Price/Volume 40

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (07.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1088 HK EQUITY YTD Change 1088 HK EQUITY YTD % CHANGE

12/2012 03/yy 35.45 24.15 20'268'046.00 27.45 -22.57% 13.66% 29.20% 3'398.6 518'649.44 87'184.00 0.0 49'968.0 55'599.00 493'564.07

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

10 5 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

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

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

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

31.12.2012 250'260.0 2.37x 88'014.0 6.73x 48'858.0 11.12x 88'014.00 69'864.00 27.92% 27.18% 11.31% 20.16% 16.18% 0.58% 33.0% 35.2% 27.9% 19.5% 1.05 0.72 19.06% 33.98% 14.88 11.94

Price/ Cash Flow

LTM

FY+1

4.40 1.14 3'388.20 -17.12% -19.15% 1.142 38 4.579 23'945'000 20'929'930 20'712'090 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 216'800.0 247'274.0 261'915.4 283'379.6 - 73'050.0 10.30x 6.51x 1.78x 1.60x 0.0 0.0 90'119.0 97'119.4 0.00x 0.00x 5.48x 5.08x 45'707.0 48'103.0 48'030.5 50'395.4 - 13'414.0 11.56x 9.34x 9.02x 8.72x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

23.62 9.30 0.36 0.99 34.0% 22.1% 0.58 0.86 24.60 30.66 58.40 -3.13

Sales/Revenue/Turnover

14.00

300'000.0

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0 6.00

100'000.0 4.00

50'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Shenhua Energy Co Ltd Holdings By:

All

Holder Name BLACKROCK JP MORGAN VANGUARD GROUP INC FRANKLIN RESOURCES HANG SENG INVESTMENT STATE STREET FMR LLC OPPENHEIMERFUNDS INC MATTHEWS INTERNATION BANK OF NEW YORK MEL INVESTEC ASSET MANAG CAPITAL GROUP COMPAN INVESCO LTD EASTSPRING INVESTMEN ALLIANZ ASSET MANAGE BARING ASSET MANAGEM SHINHAN BNP PARIBAS WILLIAM BLAIR & COMP HARVEST FUND MANAGEM MANULIFE FUNDS DIREC

Firm Name

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

Analyst

Deutsche Bank JAMES KAN Credit Suisse TRINA CHEN Sanford C. Bernstein & Co MICHAEL W PARKER Yuanta Securities Investment ConsultingNICE WANG Bank of China International LAWRENCE LAU Haitong International Securities CHO FOOK TAT DBS Vickers JUNE NG UOB Kay Hian HELEN LAU Morgan Stanley WEE KIAT TAN JPMorgan DANIEL KANG Barclays EPHREM RAVI Guotai Junan LEO WU ABC International MARK YIBIAO CHEN Jefferies LABAN YU Goldman Sachs JULIAN ZHU Macquarie MATTY ZHAO HSBC SIMON FRANCIS BNP Paribas Equity Research JAMES CLARKE Mirae Asset Securities SHIRLEY ZHAO Core Pacific KENNY CHEUNG BOCOM International Holdings HE WEI China International Capital Corp CAI HONGYU Standard Chartered CHEN YAN Nomura JOSEPH C LAM EVA Dimensions CRAIG STERLING Daiwa Securities Co. Ltd. DAVE DAI Citic Securities Co., Ltd ZU GUOPENG Capital Securities Corp TEAM COVERAGE Masterlink Securities LI XIN Religare Capital Markets TRACY HUANG Ji Asia SAMUEL THAWLEY KGI Securities FLANNERY HUEI-CHEN ICBC International Securities ANNA YU AMTD Financial Planning Limited KENNY TANG SING HING GuoSen Securities Co Ltd DAVID LAM SWS Research Co Ltd HUANG ZHE Cinda Securities Ltd CASTOR PANG

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

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

Amt Held 414'875'747 347'037'088 103'944'802 54'365'630 45'577'836 43'714'586 36'966'199 34'709'000 34'314'000 28'516'400 25'480'000 24'821'025 21'245'036 19'010'000 18'997'500 17'519'000 16'085'130 15'011'804 12'945'000 12'043'500

% Out 12.21 10.21 3.06 1.6 1.34 1.29 1.09 1.02 1.01 0.84 0.75 0.73 0.63 0.56 0.56 0.52 0.47 0.44 0.38 0.35

Weighting

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

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

Latest Chg 576'500 (84'000) (3'769'900) 4'738'430 (1'570'272) (4'176'671) 2'826'000 5'285'500 (84'000) 1'855'500 6'685'000 7'731'826 32'500 (4'556'500) (230'000) (974'500) -

Target Price 31 40 21 36 36 36 36 35 36 35 40 35 33 25 33 30 37 37 40 39 36 37 37 30 #N/A N/A 38 35 34 39 36 #N/A N/A 36 33 30 38 35 35

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

File Dt 29.04.2013 22.03.2013 31.03.2013 28.03.2013 30.06.2012 30.04.2013 31.03.2013 28.02.2013 31.12.2012 29.04.2013 28.02.2013 31.01.2013 30.04.2013 14.09.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2012 30.06.2012

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

Date 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 28.04.2013 26.04.2013 24.04.2013 22.04.2013 18.04.2013 11.04.2013 10.04.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 18.03.2013 15.03.2013 17.01.2013 19.11.2012 05.11.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 13.08.2012 16.07.2012 16.07.2012 14.05.2012 13.04.2012 07.07.2010

01.05.2013

Want Want China Holdings Ltd Want Want China Holdings Limited manufactures and trades rice crackers, snack food, beverages, and packing materials. The Company also manufactures wheat, flour, and raw materials for the manufacture of snack foods. Most of the company's production facilities are located in China and Taiwan.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (5/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 151 HK EQUITY YTD Change 151 HK EQUITY YTD % CHANGE

12/2012 06/yy 12.52 8.56 8'761'589.00 12.3 -1.76% 43.69% 94.44% 13'227.7 162'701.20 1'003.00 0.0 8.1 1'499.21 20'476.91

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

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 m-12

31.12.2009 31.12.2010 1'710.9 2'244.1 5.22x 5.04x 398.6 500.1 22.39x 22.63x 312.6 358.4 29.60x 32.33x Profitability

LTM-4Q 31.12.2011 2'946.5 4.34x 594.0 21.52x 419.5 31.48x

31.12.2012 3'358.7 5.28x 809.2 21.92x 553.8 32.89x

809.16 721.33 21.48% 22.30% 16.82% 37.86% 22.73% 1.02% 39.5% 24.1% 21.5% 16.5% 1.92 1.41 28.98% 62.87% 20.61 4.66

Price/ Cash Flow

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

j-12

a-12

s-12

o-12

LTM 06/yy 510.7 0.00x 110.1 0.00x 73.6 0.00x

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

1.80 0.64 5'608.11 31.64% 15.17% 0.643 34 3.471 11'611'730 12'390'410 16'202'080 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 4'100.6 4'879.2 4.97x 4.14x 972.4 1'152.2 21.06x 17.77x 680.0 804.3 31.08x 25.98x S&P Issuer Ratings

58.74 41.07 -0.61 1.24 62.9% 38.5% 1.02 3.08 17.75 78.50 38.93 57.33

Sales/Revenue/Turnover

40.00

4'000.0

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 1'553.9 3.45x 333.9 16.04x 262.7 20.71x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Want Want China Holdings Ltd Holdings By:

All

Holder Name ENG-MENG TSAI IWATSUKA CONFECTIONE MR BIG LTD OPPENHEIMERFUNDS INC FMR LLC WEN-HSIEN CHENG BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA TSAI WANG-CHIA SHAO-CHUNG TSAI STATE STREET CARMIGNAC GESTION WILLIAM BLAIR & COMP HANG SENG INVESTMENT COLUMBIA WANGER ASSE INVESCO LTD HARVEST FUND MANAGEM AMERIPRISE FINANCIAL SUN LIFE FINANCIAL I

Firm Name

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

Analyst

Jefferies JESSIE GUO Morgan Stanley LILLIAN LOU SWS Research Co Ltd SEAN ZHANG BNP Paribas Equity Research CHARLIE Y CHEN Yuanta Securities Investment ConsultingNICE WANG Nomura EMMA LIU First Shanghai Securities Ltd PATRICK WONG China International Capital Corp FEIYANG YUAN EVA Dimensions AUSTIN BURKETT Standard Chartered CHARLES YAN KGI Securities ANSON CHAN Bank of China International LI YAN Maybank Kim Eng JACQUELINE KO Citic Securities Co., Ltd MOHAN SINGH UOB Kay Hian TAI RENEE Oriental Patron Securities Ltd TRACY SUN Religare Capital Markets KA LEONG LO BOCOM International Holdings SUMMER WANG Barclays VINEET SHARMA Goldman Sachs LISA DENG Credit Suisse KEVIN YIN JPMorgan KURUMLU EBRU SENER DBS Vickers TITUS WU CIMB Yang Lei CCB International Securities Ltd FORREST CHAN HSBC CHRISTOPHER K LEUNG Macquarie LINDA HUANG Haitong International Securities GLORIA WANG Capital Securities Corp TEAM COVERAGE ICBC International Securities ALEX CHENG Everbright Securities Co., Ltd DONGLIANG CHANG Phillip Securities BING WANG

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

Recommendation underperform Equalwt/Attractive outperform reduce hold neutral hold hold overweight in-line neutral hold sell hold hold hold hold neutral equalweight Buy/Neutral neutral neutral fully valued outperform outperform overweight outperform buy hold buy hold hold

Amt Held 6'343'843'100 616'434'480 299'490'000 239'496'992 198'078'213 158'644'640 152'712'117 123'186'206 117'297'000 100'031'500 100'000'000 88'321'724 59'260'033 37'007'217 34'775'240 34'606'000 17'299'000 16'574'000 16'361'100 15'937'146

% Out 47.96 4.66 2.26 1.81 1.5 1.2 1.15 0.93 0.89 0.76 0.76 0.67 0.45 0.28 0.26 0.26 0.13 0.13 0.12 0.12

Weighting

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

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

Latest Chg 1'868'159 19'150 16'645'000 (40'202'163) 17'631'000 10'500 (1'856'452) 2'865'000 4'446'000 715'000 1'007'000 3'216'100 (426'854)

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

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

File Dt 31.12.2011 31.03.2012 10.04.2012 28.02.2013 31.03.2013 10.04.2012 29.04.2013 31.03.2013 31.03.2013 10.04.2012 31.12.2011 30.04.2013 29.03.2013 31.12.2012 30.06.2012 28.02.2013 30.04.2013 30.06.2012 28.02.2013 28.02.2013

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

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

Date 16.04.2013 11.04.2013 08.04.2013 05.04.2013 28.03.2013 27.03.2013 11.03.2013 08.03.2013 08.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 25.02.2013 08.02.2013 29.10.2012 05.09.2012 06.07.2012 21.07.2011 17.03.2011

01.05.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1288 HK EQUITY YTD Change 1288 HK EQUITY YTD % CHANGE

Price/Volume

12/2012 03/yy 4.44 2.72 104'265'581.00 3.71 -16.44% 36.40% 57.56% 30'738.8 1'109'782.00 1'293'154.00 0.0 1'539.0 3'913'344.00 -

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

1.20 1.00

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 335'717.0 51'474.0 -

5 5 4 4 3 3 2 2 1 1 0 m-12

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

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

31.12.2012 649'877.0 145'094.0 6.85x 43.92% 44.15% 1.16% 20.74% 7.56% 0.05% 34.1% 9.76% 172.46% -

LTM

FY+1

1.32 30'738.82 6.07% -3.13% 1.318 39 4.231 ######### ######### ######### FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 584'132.0 491'372.0 469'749.8 525'491.8 0.00x 0.00x 0.0 0.0 0.00x 0.00x 131'314.0 148'651.0 161'471.3 178'867.7 6.59x 6.60x 5.92x 5.36x S&P Issuer Ratings Long-Term Rating Date 17.12.2012 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 17.12.2012 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 172.5% Total Debt/Capital 63.3% Asset Turnover 0.05 Net Fixed Asset Turnover 4.05 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

700'000.0 600'000.0 500'000.0

0.80

400'000.0 0.60

300'000.0

0.40

200'000.0 100'000.0

0.20

0.0 0.00

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

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

01.05.2013

Agricultural Bank of China Ltd Holdings By:

All

Holder Name QATAR HOLDINGS LLC CAPITAL GROUP COMPAN BLACKROCK CITIGROUP INCORPORAT JP MORGAN DEUTSCHE BANK AG DEUTSCHE BANK AG VANGUARD GROUP INC CITIGROUP INCORPORAT DIMENSIONAL FUND ADV HANG SENG INVESTMENT SEB PICTET & CIE FMR LLC STATE STREET SHINHAN BNP PARIBAS LAZARD ASSET MANAGEM MATTHEWS INTERNATION HARVEST FUND MANAGEM ALLIANZ ASSET MANAGE

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

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

Analyst TRACY YU MICHAEL WERNER VICTOR WANG ALEXANDER LEE SANJAY JAIN TAN MING SHENG NAN LI SHANSHAN KATHERINE LEI TREVOR KALCIC SOPHIE JIANG LUCY FENG JOHANNES AU WILSON LI TODD DUNIVANT TEAM COVERAGE JIM ANTOS MAO JUNHUA EDMOND LAW NAN LI TIMOTHY LI RICHARD XU MAY YAN NING MA IVAN LIN YUAN LIN GRACE WU RAINY YUAN AUSTIN BURKETT JOHN CAPARUSSO TEAM COVERAGE CHEN XINGYU ROBERT HU KENNY TANG SING HING ZHU YAN

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

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

Amt Held % Out 6'816'775'000 22.18 3'353'871'000 10.91 3'098'348'896 10.08 2'362'586'953 7.69 1'475'884'382 4.8 1'153'222'513 3.75 (1'024'915'664) -3.33 587'198'703 1.91 (326'678'566) -1.06 241'589'460 0.79 199'342'531 0.65 149'071'000 0.48 101'947'000 0.33 100'084'046 0.33 90'436'328 0.29 83'685'000 0.27 71'629'500 0.23 71'103'000 0.23 67'187'000 0.22 65'270'000 0.21

Weighting

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

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 U M M M D M M M

Latest Chg (13'061'130) 2'522'000 4'351'300 269'000 36'368'000 (37'484'000) (78'575'820) 46'884'000 2'591'000 (24'861'000) 1'571'000

Target Price 4 4 5 5 4 5 5 4 4 5 2 5 6 4 3 #N/A N/A 4 4 5 3 5 4 4 5 5 4 5 5 #N/A N/A 4 4 4 3 4 #N/A N/A

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

File Dt 31.12.2011 17.04.2013 29.04.2013 23.04.2013 12.04.2013 11.10.2011 11.10.2011 31.03.2013 23.04.2013 31.07.2012 30.06.2012 28.03.2013 31.01.2013 31.03.2013 30.04.2013 31.12.2012 31.03.2013 31.12.2012 30.06.2012 31.03.2013

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

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

Date 30.04.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 27.04.2013 27.04.2013 26.04.2013 12.04.2013 09.04.2013 07.04.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 27.02.2013 25.02.2013 20.02.2013 29.01.2013 22.01.2013 18.01.2013 17.01.2013 06.12.2012 22.11.2012 07.11.2012 29.10.2012 29.10.2012 29.06.2012

01.05.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3968 HK EQUITY YTD Change 3968 HK EQUITY YTD % CHANGE

12/2012 03/yy 19.02 12.02 21'450'208.00 16.54 -13.04% 37.60% 64.57% 3'910.5 334'877.69 610'425.00 0.0 73.0 962'670.00 -

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

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

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

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

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

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

31.12.2012 176'522.0 45'273.0 6.55x 51.49% 51.89% 1.46% 24.78% 6.75% 0.06% 39.4% 17.91% 304.55% -

Price/ Cash Flow

LTM

FY+1

4.79 1.50 3'910.48 1.66% -3.27% 1.503 39 3.692 20'926'400 20'548'950 19'182'440 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 154'124.0 133'367.0 127'112.3 144'881.8 31'377.0 31'917.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 38'961.0 46'652.0 46'691.5 51'390.3 13'157.0 13'382.0 6.60x 5.86x 6.41x 5.97x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 15.04.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 304.6% Total Debt/Capital 75.3% Asset Turnover 0.06 Net Fixed Asset Turnover 9.38 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

250.00

200'000.0 180'000.0 160'000.0

200.00

140'000.0 150.00

120'000.0

100.00

100'000.0 80'000.0 60'000.0 40'000.0

50.00

20'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Merchants Bank Co Ltd Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES JP MORGAN COMMONWEALTH BANK OF VANGUARD GROUP INC DEUTSCHE BANK AG DEUTSCHE BANK AG THORNBURG INVESTMENT FMR LLC MATTHEWS INTERNATION EASTSPRING INVESTMEN HANG SENG INVESTMENT MAPS INVESTMENT MANA BNP PARIBAS INV PART STATE STREET ROBECO INVESTOR SERV EASTSPRING INVESTMEN GAM INTERNATIONAL MA CHINA ASSET MANAGEME FIDELITY INVESTMENTS

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

Analyst

Sanford C. Bernstein & Co MICHAEL WERNER Macquarie VICTOR WANG Bank of China International YUAN LIN DBS Vickers ALEXANDER LEE Deutsche Bank TRACY YU Credit Suisse SANJAY JAIN Jefferies TAN MING Yuanta Securities Investment ConsultingNICE WANG CCB International Securities Ltd SHENG NAN BOCOM International Holdings LI SHANSHAN JPMorgan KATHERINE LEI CIMB TREVOR KALCIC Religare Capital Markets SOPHIE JIANG Nomura LUCY FENG Guotai Junan WILSON LI ABC International JOHANNES AU Masterlink Securities RAINY YUAN HSBC TODD DUNIVANT Mizuho Securities JIM ANTOS UOB Kay Hian EDMOND LAW Morgan Stanley RICHARD XU Core Pacific TIMOTHY LI Capital Securities Corp TEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Barclays MAY YAN Goldman Sachs NING MA ICBC International Securities IVAN LIN Daiwa Securities Co. Ltd. GRACE WU EVA Dimensions AUSTIN BURKETT SWS Research Co Ltd ROBERT HU Standard Chartered JOHN CAPARUSSO CMB International Capital Corp Ltd TEAM COVERAGE BNP Paribas Equity Research DORRIS CHEN Mirae Asset Securities NAN LI Citic Securities Co., Ltd ZHU YAN Phillip Securities CHEN XINGYU China International Capital Corp MAO JUNHUA

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

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

Amt Held % Out 496'299'325 12.69 473'403'645 12.11 336'691'400 8.61 122'743'266 3.14 106'354'717 2.72 94'671'177 2.42 (64'631'275) -1.65 60'670'080 1.55 47'204'921 1.21 47'160'464 1.21 40'824'500 1.04 33'923'330 0.87 22'143'513 0.57 19'083'804 0.49 16'595'016 0.42 14'053'714 0.36 12'236'000 0.31 12'046'500 0.31 10'036'500 0.26 9'712'545 0.25

Weighting

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

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

Latest Chg (902'442) 1'496'000 220'000 5'573'000 254'000 (7'273'813) (6'928'806) 40'824'500 (1'879) (644'855) 11'500 (1'000'000) 11'190'500 11'329'500 (13'200'000) -

Target Price 16 23 21 20 19 18 19 20 17 20 18 18 10 20 17 21 19 17 15 16 18 19 19 18 18 22 19 20 #N/A N/A 19 16 16 17 17 #N/A N/A 18 27

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

File Dt 29.04.2013 31.01.2013 22.04.2013 31.01.2013 31.03.2013 24.02.2012 24.02.2012 28.02.2013 31.03.2013 31.12.2012 14.09.2012 30.06.2012 31.12.2012 28.02.2013 30.04.2013 28.02.2013 31.12.2012 28.02.2013 30.06.2012 31.12.2010

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

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

Date 30.04.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 27.04.2013 27.04.2013 26.04.2013 24.04.2013 12.04.2013 09.04.2013 07.04.2013 02.04.2013 02.04.2013 28.03.2013 13.03.2013 04.03.2013 04.03.2013 27.02.2013 25.02.2013 20.02.2013 22.01.2013 17.01.2013 09.01.2013 06.12.2012 22.11.2012 07.11.2012 30.10.2012 29.06.2012 11.06.2012 19.07.2011

01.05.2013

Hengan International Group Co Ltd Hengan International Group Company Limited, through its subsidiaries, manufactures and sells personal hygiene products such as sanitary napkins and disposable baby diapers in China. The Company's products are sold under the Anerle brand name.

Price/Volume 90

14.0 M

12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (14.12.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1044 HK EQUITY YTD Change 1044 HK EQUITY YTD % CHANGE

12/2012 01/yy 83.10 67.00 3'033'886.00 80.2 -3.49% 19.70% 81.99% 1'229.0 98'568.02 11'227.80 0.0 330.0 9'544.38 100'581.48

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

1.20

8.0 M

6.0 M

4.0 M

2.0 M

10 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 8'001.5 3.63x 1'767.3 16.46x 1'340.9 21.25x

31.12.2009 31.12.2010 10'833.8 13'431.7 6.39x 6.08x 2'897.5 3'203.6 23.88x 25.51x 2'117.5 2'438.3 32.54x 33.59x Profitability

31.12.2011 17'050.6 5.20x 3'559.6 24.90x 2'648.8 33.63x

31.12.2012 18'524.2 4.75x 5'317.2 16.55x 3'518.7 24.43x 5'317.19 4'756.44 25.68% 24.50% 13.40% 26.64% 16.34% 0.71% 44.9% 28.7% 25.7% 19.0% 1.50 1.05 38.45% 79.75% 9.85 3.02

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.12 0.54 722.34 -0.45% 14.65% 0.541 32 3.969 3'353'648 2'851'863 2'635'035 FY+2

12/13 Y 12/14 Y 22'547.5 26'851.7 4.41x 3.70x 5'988.1 7'102.1 16.80x 14.16x 4'137.6 4'940.9 23.88x 20.00x S&P Issuer Ratings

FQ+1

FQ+2

22.19 7.95 0.32 2.11 79.8% 43.8% 0.71 2.03 37.18 121.26 60.71 97.72

Sales/Revenue/Turnover

20'000.0 18'000.0

1.00

16'000.0 14'000.0

0.80 0.60 0.40

12'000.0 10'000.0 8'000.0 6'000.0 4'000.0

0.20

2'000.0 0.0

0.00

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

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

01.05.2013

Hengan International Group Co Ltd Holdings By:

All

Holder Name TIN LEE INVESTMENTS AN PING INVESTMENTS JP MORGAN FMR LLC CAPITAL GROUP COMPAN VANGUARD GROUP INC SKYFUL HOLDINGS LTD CHUN MAN XU BLACKROCK COMMONWEALTH BANK OF MATTHEWS INTERNATION GO-AHEAD GROUP LTD STATE STREET SCHRODER INVESTMENT WAN LI CO LTD SHINHAN BNP PARIBAS BARING ASSET MANAGEM FIDELITY INVESTMENTS HANG SENG INVESTMENT GAM INTERNATIONAL MA

Firm Name

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

Analyst

Guotai Junan SUNNY KWOK Religare Capital Markets KA LEONG LO Bank of China International TIFFANY FENG Maybank Kim Eng JACQUELINE KO Sun Hung Kai Securities STUWART CHEN SWS Research Co Ltd SEAN ZHANG Goldman Sachs LISA DENG Ji Asia WU GONGLIANG Nomura EMMA LIU Daiwa Securities Co. Ltd. CRIS XU Deutsche Bank ANNE LING BNP Paribas Equity Research CHARLIE Y CHEN Macquarie JAMIE ZHOU DBS Vickers PATRICIA YEUNG CIMB Yang Lei China International Capital Corp XUE GUAN JF Apex Securities Bhd TEAM COVERAGE BOCOM International Holdings SUMMER WANG Credit Suisse KEVIN YIN JPMorgan KURUMLU EBRU SENER HSBC WALDEN SHING CCB International Securities Ltd FORREST CHAN Barclays VINEET SHARMA Capital Securities Corp LANTIS LI Standard Chartered JUNTUNG WU EVA Dimensions AUSTIN BURKETT UOB Kay Hian TOMMY HO First Shanghai Securities Ltd WANG SHIZHEN Yuanta Securities Investment ConsultingTEAM COVERAGE Citic Securities Co., Ltd ERIC NG Industrial Securities LUO YAMEI

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

Recommendation accumulate buy hold buy buy outperform Sell/Neutral sell buy buy buy hold outperform buy outperform buy hold buy outperform neutral neutral outperform overweight hold in-line underweight buy hold Under Review sell buy

Amt Held 228'228'999 224'669'751 62'114'710 38'333'162 24'459'500 20'309'088 17'270'000 16'167'445 16'059'965 13'994'000 11'658'500 10'000'000 8'839'854 8'489'300 7'000'000 5'901'521 4'844'500 4'003'500 3'820'532 3'708'000

% Out 18.57 18.28 5.05 3.12 1.99 1.65 1.41 1.32 1.31 1.14 0.95 0.81 0.72 0.69 0.57 0.48 0.39 0.33 0.31 0.3

Weighting

Change

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

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

Latest Chg (21'000) (1'204'990) 2'968'500 28'895 (776'500) 858'500 (241'500) (380'234) 2'032'800 (43'000) (898'000)

Target Price 85 89 76 91 93 82 76 66 98 90 84 70 90 82 84 88 #N/A N/A 85 85 64 82 82 83 84 75 #N/A N/A 90 78 #N/A N/A 54 #N/A N/A

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

File Dt 27.07.2012 27.07.2012 10.04.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2011 27.07.2012 29.04.2013 31.01.2013 31.12.2012 21.07.2011 30.04.2013 31.03.2013 27.07.2012 31.12.2012 31.12.2012 31.12.2010 30.06.2012 31.12.2012

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

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

Date 29.04.2013 29.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 23.04.2013 23.04.2013 19.04.2013 16.04.2013 09.04.2013 05.04.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 22.03.2013 28.01.2013 15.01.2013 03.01.2013 30.08.2012 05.09.2011 31.08.2011 03.08.2010

01.05.2013

Belle International Holdings Ltd Belle International Holdings Limited retails woman's footwear. The Company operates retail stores in the Peoples Republic of China, Hong Kong, Macau, and the United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1880 HK EQUITY YTD Change 1880 HK EQUITY YTD % CHANGE

12/2012 01/yy 18.58 11.80 16'862'784.00 12.66 -31.86% 7.29% 12.68% 8'434.2 106'777.39 2'176.30 0.0 142.9 8'421.90 78'720.97

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

250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 17'855.8 1.28x 2'867.7 7.96x 2'010.4 12.57x

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

31.12.2009 31.12.2010 19'761.6 23'705.9 3.17x 3.75x 3'465.1 4'642.1 18.07x 19.14x 2'533.5 3'424.5 26.56x 27.44x Profitability

31.12.2011 28'944.7 3.04x 6'034.6 14.57x 4'254.6 21.77x

31.12.2012 32'859.0 3.29x 6'303.0 17.14x 4'352.3 26.22x 6'303.00 5'396.80 16.42% 17.28% 16.04% 20.80% 18.85% 1.21% 56.6% 18.2% 15.5% 13.2% 3.35 1.97 7.61% 9.71% 11.18 2.11

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.59 1.04 4'475.75 -15.58% -24.73% 1.038 37 3.486 22'893'250 34'967'900 32'688'040 FY+2

12/13 Y 12/14 Y 37'952.8 43'298.4 2.09x 1.77x 6'924.1 7'982.2 11.37x 9.86x 4'842.5 5'541.2 17.52x 15.26x S&P Issuer Ratings

FQ+1

FQ+2

154.86 117.51 -1.04 0.36 9.7% 8.8% 1.21 7.60 32.75 173.87 29.74 176.88

Sales/Revenue/Turnover

50.00

35'000.0

45.00

30'000.0

40.00 35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00

10'000.0

15.00 10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Belle International Holdings Ltd Holdings By:

All

Holder Name PROFIT LEADER HOLDIN JP MORGAN HANDY LTD ESSEN WORLDWIDE HLDG BLACKROCK VANGUARD GROUP INC FMR LLC CAPITAL GROUP COMPAN TANG WING SZE T ROWE PRICE ASSOCIA BAIJIAO SHENG SCHRODER INVESTMENT COMMONWEALTH BANK OF STATE STREET BANK OF NEW YORK MEL BARING ASSET MANAGEM INVESCO LTD SHINHAN BNP PARIBAS ALLIANCE BERNSTEIN HANG SENG INVESTMENT

Firm Name BOCOM International Holdings Deutsche Bank Everbright Securities Co., Ltd BNP Paribas Equity Research Nomura Kingsway SW Securities Credit Suisse KGI Securities Haitong International Securities DBS Vickers China International Capital Corp Morgan Stanley First Shanghai Securities Ltd Macquarie Capital Securities Corp SWS Research Co Ltd Guotai Junan UOB Kay Hian Standard Chartered Goldman Sachs JPMorgan HSBC CIMB Mizuho Securities Daiwa Securities Co. Ltd. CCB International Securities Ltd Barclays Mirae Asset Securities GuoSen Securities Co Ltd Ji Asia EVA Dimensions AMTD Financial Planning Limited ABC International

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

Analyst PHOEBE WONG ANNE LING TEAM COVERAGE SARAH LIU EMMA LIU STEVE CHOW KEVIN YIN FLANNERY HUEI-CHEN WANG ELYSE ALICE HUI HAIYAN GUO ROBERT LIN TRACY CHENG LINDA HUANG LIU HUI JOYCE JIA JERRY PENG KEN LEE EMILY LEE CAROLINE LI KURUMLU EBRU SENER CHRIS ZEE KATHERINE CHAN PETER TANG BING ZHOU FORREST CHAN CANDY HUANG JANEY DILLON MAGGIE ZHENG YUANYUAN JI CRAIG STERLING KENNY TANG SING HING JUDY HU

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

Recommendation neutral hold buy hold neutral buy outperform neutral hold hold buy Overwt/Attractive buy outperform hold neutral buy sell outperform buy/attractive neutral underweight neutral neutral underperform neutral overweight buy neutral sell underweight buy sell

Amt Held 2'627'500'000 626'211'181 580'877'000 573'373'000 234'893'624 153'350'528 145'918'648 110'590'000 81'842'500 79'369'000 75'000'000 62'829'000 58'384'000 51'383'644 31'477'490 30'470'000 28'519'000 27'379'000 23'657'698 22'186'687

% Out 31.15 7.42 6.89 6.8 2.79 1.82 1.73 1.31 0.97 0.94 0.89 0.74 0.69 0.61 0.37 0.36 0.34 0.32 0.28 0.26

Weighting

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

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 N M M N N

Latest Chg 37'501'905 759'000 (840'383) (45'225'376) 14'921'000 567'000 (2'150'437) (637'000) (242'000) (814'000) (1'855'070) -

Target Price 12 15 16 14 16 15 17 14 14 14 15 18 16 15 14 12 17 11 17 18 13 10 13 14 13 14 17 18 16 10 #N/A N/A 18 13

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

File Dt 28.12.2012 05.04.2013 31.12.2011 31.12.2011 29.04.2013 31.03.2013 31.03.2013 31.03.2013 20.09.2011 31.03.2013 31.12.2011 31.03.2013 31.01.2013 30.04.2013 31.03.2013 31.12.2012 30.04.2013 31.12.2012 28.02.2013 30.06.2012

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

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

Date 25.04.2013 22.04.2013 19.04.2013 17.04.2013 16.04.2013 16.04.2013 15.04.2013 09.04.2013 09.04.2013 09.04.2013 09.04.2013 08.04.2013 02.04.2013 28.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 19.03.2013 23.01.2013 15.01.2013 14.01.2013 10.05.2012

01.05.2013

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

Price/Volume 35

300.0 M

250.0 M

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (5/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 2601 HK EQUITY YTD Change 2601 HK EQUITY YTD % CHANGE

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

100.0 M

50.0 M

5 0 m-12

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

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

31.12.2012 167'146.0 1.48x 5'077.0 38.14x

5.01% 3.66% 0.81% 5.87% 5.01% 0.27% 3.0% 9.63% 68.25% -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

LTM

FY+1

1.58 1.31 1'855.18 12.10% -2.62% 1.310 31 4.452 9'319'741 11'390'150 12'059'160 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 161'973.0 176'042.0 190'418.2 214'649.0 2.32x 1.95x 1.01x 0.91x 0.0 0.0 0.00x 0.00x 5'516.0 6'650.0 9'765.2 11'524.4 30.08x 24.26x 20.32x 17.11x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

68.3% 40.2% 0.27 -

Sales/Revenue/Turnover

5.00

180'000.0

4.50

160'000.0

4.00

140'000.0

3.50

120'000.0

3.00

100'000.0

2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50 0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 76'135.0 1.02x 2'569.0 33.70x

150.0 M

12/2011 03/yy 32.50 21.25 6'463'344.00 27.9 -14.15% 31.29% 59.11% 2'775.3 225'893.73 65'643.00 0.0 1'392.0 23'875.00 70'638.38

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Pacific Insurance Group Co Ltd Holdings By:

All

Holder Name JP MORGAN BLACKROCK GOVT OF SINGAPORE IN NORGES BANK AZ EURO INVESTMENTS BERKOWITZ BRUCE R CARLYLE HOLDINGS MAU MORGAN STANLEY PARALLEL INVESTORS H ABU DHABI INVESTMENT FMR LLC SCHRODER INVESTMENT VANGUARD GROUP INC ALLIANZ FINANCE II L CAPITAL GROUP COMPAN BARING ASSET MANAGEM CITIGROUP INCORPORAT SCHRODER KOREA LTD MATTHEWS INTERNATION SHINHAN BNP PARIBAS

Firm Name Capital Securities Corp Nomura Deutsche Bank Credit Suisse HSBC DBS Vickers Religare Capital Markets BOCOM International Holdings Standard Chartered Morgan Stanley Jefferies China International Capital Corp Haitong International Securities Macquarie UOB Kay Hian Core Pacific CCB International Securities Ltd Guoyuan Securities (HK) Ltd EVA Dimensions JPMorgan SWS Research Co Ltd ICBC International Securities Bank of China International Phillip Securities Goldman Sachs Guotai Junan Masterlink Securities AMTD Financial Planning Limited Mirae Asset Securities RBS

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

Analyst TEAM COVERAGE JESSE WANG ESTHER CHWEI ARJAN VAN VEEN JAMES GARNER PING CHENG STEVEN LAM LI WENBING JENNIFER LAW BEN LIN BARON NIE TANG SHENGBO CHEN FANNY SCOTT G RUSSELL EDMOND LAW OLIVE XIA KENNETH YUE TEAM COVERAGE AUSTIN BURKETT CHAN BAO LING ROBERT HU PIUS CHENG SUN PENG CHEN XINGYU MANCY SUN FELIX LUO LI YAN KENNY TANG SING HING IVAN CHEUNG YANAN WANG

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

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

Amt Held 359'343'092 342'508'992 293'830'400 231'734'200 191'940'303 114'665'400 113'323'498 102'535'438 90'384'102 76'187'483 70'098'873 68'629'000 60'380'548 41'517'800 32'735'800 23'541'303 23'486'806 21'534'400 20'355'800 19'039'200

% Out 12.95 12.34 10.59 8.35 6.92 4.13 4.08 3.69 3.26 2.75 2.53 2.47 2.18 1.5 1.18 0.85 0.85 0.78 0.73 0.69

Weighting

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

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

Latest Chg 2'837'200 199'400 55'160'000 (9'325'373) 18'255'200 6'085'400 12'834'000 61'600 (70'000) 12'541'800

Target Price 32 32 35 38 36 26 32 35 41 37 33 33 38 35 36 29 30 36 #N/A N/A 34 30 32 25 28 29 31 28 26 32 40

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

File Dt 31.03.2013 29.04.2013 15.11.2012 14.11.2012 14.11.2012 29.11.2011 10.01.2013 31.12.2012 10.01.2013 14.11.2012 31.03.2013 31.03.2013 31.03.2013 14.11.2012 31.03.2013 31.12.2012 19.11.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 30.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 09.04.2013 27.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 31.01.2013 17.01.2013 16.01.2013 14.01.2013 14.12.2012 06.12.2012 16.11.2012 13.11.2012 30.10.2012 07.06.2012 08.12.2011 18.10.2011 01.08.2011

01.05.2013

China Telecom Corp Ltd China Telecom Corporation Limited, through its subsidiaries, provides wireline telephone, data, and Internet, as well as leased line services in China.

Price/Volume 6

350.0 M

300.0 M 250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 728 HK EQUITY YTD Change 728 HK EQUITY YTD % CHANGE

12/2012 03/yy 4.92 3.23 44'468'659.00 3.96 -19.51% 22.60% 37.87% 13'877.4 320'492.19 99'808.00 0.0 961.0 32'712.00 322'655.14

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

150.0 M

100.0 M

50.0 M

0 m-12

.0 M j-12

31.12.2009 31.12.2010 209'370.0 219'864.0 1.44x 1.48x 75'654.0 75'667.0 4.00x 4.30x 14'422.0 15'347.0 15.85x 18.16x Profitability

LTM-4Q 31.12.2011 245'041.0 1.28x 75'353.0 4.17x 16'502.0 17.93x

31.12.2012 283'073.0 1.23x 70'841.0 4.92x 14'925.0 19.26x 70'841.00 21'186.00 7.48% 6.99% 3.10% 5.73% 4.94% 0.59% 25.4% 7.9% 5.3% 0.34 0.27 18.31% 37.65% 15.20 -

Price/ Cash Flow

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

LTM

FY+1

0.67 12'970.22 -2.83% -8.12% 0.668 36 4.028 48'988'800 58'012'200 57'400'420 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 254'296.0 292'962.0 316'867.9 346'049.3 1.45x 1.99x 1.02x 0.91x 40'021.0 103'187.0 94'676.7 103'183.6 0.00x 0.00x 3.41x 3.13x 16'156.0 15'349.0 18'341.2 21'915.5 17.52x 0.00x 13.98x 11.52x 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

28.58 8.86 0.93 1.39 37.7% 27.3% 0.59 0.76 24.07 -

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 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 186'529.0 1.62x 83'192.0 3.64x 884.0 254.52x

200.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Telecom Corp Ltd Holdings By:

All

Holder Name BLACKROCK COMMONWEALTH BANK OF JP MORGAN FRANKLIN RESOURCES RFS HOLDINGS BV CAPITAL GROUP COMPAN VANGUARD GROUP INC FMR LLC SCHRODER INVESTMENT HANG SENG INVESTMENT GRANTHAM MAYO VAN OT INVESCO ASSET MANAGE GAM INTERNATIONAL MA STATE STREET SHINHAN BNP PARIBAS PRINCIPAL FINANCIAL SCHRODER KOREA LTD MASON STREET ADVISOR HARVEST FUND MANAGEM SKANDIA GLOBAL FUNDS

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 Multiple Portfolios Multiple Portfolios

Analyst

Deutsche Bank ALAN HELLAWELL Yuanta Securities Investment ConsultingNICE WANG Haitong International Securities ALEX LEE DBS Vickers TAM TSZ-WANG CIMB BERTRAM LAI Maybank Kim Eng ANDY POON UOB Kay Hian VICTOR YIP BOCOM International Holdings LI ZHIWU HSBC TUCKER GRINNAN JPMorgan LUCY LIU Standard Chartered STEVEN LIU Morgan Stanley NAVIN KILLA Credit Suisse COLIN MCCALLUM Jefferies CYNTHIA JINHONG MENG Sun Hung Kai Securities EVA YIP BNP Paribas Equity Research ALEN LIN Barclays ANAND RAMACHANDRAN EVA Dimensions ANDREW S ZAMFOTIS Nomura JIN YOON Pacific Crest Securities STEVE CLEMENT Guotai Junan RICKY LAI New Street Research ALASTAIR JONES SWS Research Co Ltd JIM TANG Ji Asia NEIL JUGGINS Citic Securities Co., Ltd JUNTAO GONG Capital Securities Corp TEAM COVERAGE Macquarie LISA SOH Bank of China International MICHAEL MENG China International Capital Corp CHEN HAOFEI ICBC International Securities KARY SEI Goldman Sachs DONALD LU First Shanghai Securities Ltd TSOI HO AMTD Financial Planning Limited KENNY TANG SING HING

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

Recommendation buy hold hold buy outperform buy hold neutral overweight neutral outperform Overwt/In-Line outperform buy buy hold equalweight underweight buy suspended coverage accumulate buy neutral buy hold hold outperform buy buy buy neutral/neutral hold buy

Amt Held 2'139'653'202 1'806'696'795 1'234'586'278 1'085'436'563 907'191'530 690'412'000 377'899'051 207'531'634 158'444'000 120'692'152 98'790'000 72'880'000 64'064'000 62'767'764 54'286'366 53'502'000 52'184'000 45'846'000 43'678'000 40'520'000

% Out 15.42 13.02 8.9 7.82 6.54 4.98 2.72 1.5 1.14 0.87 0.71 0.53 0.46 0.45 0.39 0.39 0.38 0.33 0.31 0.29

Weighting

Change

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

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

Latest Chg (7'803'998) (52'000) (11'777'530) (46'558'000) 104'238'068 69'988'000 72'880'000 3'364'000 (32'168'000) 20'034'000 (9'244'000) (14'414'000) -

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

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

File Dt 29.04.2013 13.03.2013 28.01.2013 28.03.2013 23.04.2012 21.06.2011 31.03.2013 31.03.2013 31.03.2013 30.06.2012 31.05.2012 30.11.2012 31.12.2012 30.04.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 30.06.2012 31.01.2013

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

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

Date 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 27.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 22.04.2013 15.04.2013 03.04.2013 28.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 09.12.2012 30.08.2012 23.07.2012

01.05.2013

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

Price/Volume 14

250.0 M

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (5/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 1988 HK EQUITY YTD Change 1988 HK EQUITY YTD % CHANGE

12/2012 03/yy 12.32 5.35 30'060'022.00 9.97 -19.07% 86.36% 63.70% 5'778.0 336'824.75 1'057'701.00 0.0 5'467.0 1'469'323.00 -

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

150.0 M

100.0 M

4 50.0 M

2 0 m-12

31.12.2009 31.12.2010 63'580.0 80'034.0 12'104.0 17'581.0 12.56x 7.61x Profitability

LTM-4Q 31.12.2011 135'546.0 27'920.0 5.61x

31.12.2012 179'413.0 37'563.0 5.87x 49.29% 48.39% 1.38% 24.88% 4.45% 0.07% 35.9% 32.93% 648.59% -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

LTM

FY+1

1.18 5'080.15 33.82% 11.27% 1.175 37 3.919 66'091'940 57'268'550 52'879'360 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 151'116.0 190'349.0 116'299.5 134'740.1 0.00x 0.00x 1.25x 0.60x 0.0 0.0 0.00x 0.00x 30'882.0 39'406.0 40'196.1 44'569.4 9'916.0 10'616.0 5.44x 6.82x 5.56x 5.09x 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

NR 648.6% 86.3% 0.07 17.99 -

Sales/Revenue/Turnover

200.00

200'000.0

180.00

180'000.0

160.00

160'000.0

140.00

140'000.0

120.00

120'000.0

100.00 80.00

100'000.0 80'000.0

60.00

60'000.0

40.00

40'000.0

20.00

20'000.0

0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 61'198.0 7'885.0 9.69x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Minsheng Banking Corp Ltd Holdings By:

All

Holder Name BLACKROCK JP MORGAN CITIGROUP INCORPORAT WADDELL & REED FINAN YUZHU SHI UBS DEUTSCHE BANK AG CITIGROUP INCORPORAT GOLDMAN SACHS GROUP FOSUN INTERNATIONAL DEUTSCHE BANK AG VANGUARD GROUP INC MORGAN STANLEY TOPPER LINK LTD PRUDENTIAL OF AMERIC DIMENSIONAL FUND ADV ROBECO INVESTOR SERV HANG SENG INVESTMENT SEB STATE STREET

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

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

Analyst XIE JIYONG VICTOR WANG ALEXANDER LEE TRACY YU TAN MING KATHERINE LEI YUAN LIN JIM ANTOS LUCY FENG EDMOND LAW TIMOTHY LI LI SHANSHAN KENNY TANG SING HING RICHARD XU SANJAY JAIN TREVOR KALCIC SOPHIE JIANG SHENG NAN JOHANNES AU TODD DUNIVANT IVAN LIN MAO JUNHUA WILSON LI MAY YAN NING MA NAN LI AUSTIN BURKETT ROBERT HU GRACE WU RAINY YUAN JOHN CAPARUSSO TEAM COVERAGE DORRIS CHEN ZHU YAN CHEN XINGYU

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

Recommendation buy outperform buy hold buy underweight buy underperform buy hold buy buy buy Underwt/In-Line underperform neutral buy outperform buy underweight buy buy buy equalweight Buy/Neutral buy hold buy buy buy in-line buy buy buy accumulate

Amt Held % Out 719'123'077 12.45 599'496'103 10.38 424'627'663 7.35 406'493'740 7.04 336'279'500 5.82 301'067'232 5.21 286'227'564 4.95 (271'597'594) -4.7 (267'744'413) -4.63 254'316'500 4.4 (162'712'429) -2.82 140'686'217 2.43 (139'694'185) -2.42 74'355'000 1.29 68'469'000 1.18 64'403'000 1.11 52'226'080 0.9 47'694'202 0.83 38'464'876 0.67 31'855'292 0.55

Weighting

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

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

Latest Chg (13'138'724) 418'500 5'000'000 384'000 469'000 200'000 (11'100'001) 8'935'000 (246'000)

Target Price 9 14 13 10 13 10 10 8 11 10 11 12 10 8 10 10 11 12 14 7 11 10 11 11 12 12 #N/A N/A 9 13 12 7 9 8 #N/A N/A 9

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

File Dt 29.04.2013 23.04.2013 10.04.2013 25.07.2012 06.09.2012 25.04.2013 10.12.2012 10.04.2013 26.10.2012 17.12.2012 10.12.2012 31.03.2013 25.04.2013 17.12.2012 31.12.2012 31.07.2012 28.02.2013 30.06.2012 28.03.2013 30.04.2013

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

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

Date 30.04.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 28.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 12.04.2013 07.04.2013 02.04.2013 29.03.2013 04.03.2013 27.02.2013 25.02.2013 08.02.2013 05.02.2013 29.01.2013 22.01.2013 18.01.2013 06.12.2012 22.11.2012 07.11.2012 29.06.2012 08.02.2012

01.05.2013

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

Price/Volume 7

160.0 M

140.0 M

120.0 M 100.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (16.07.2012) Daily Volume Current Price (5/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 3328 HK EQUITY YTD Change 3328 HK EQUITY YTD % CHANGE

12/2012 03/yy 6.70 4.75 33'392'192.00 6.17 -7.91% 29.89% 72.82% 35'011.9 444'791.16 1'037'971.00 0.0 1'529.0 1'337'809.00 -

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

60.0 M

40.0 M

20.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

80.0 M

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

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

31.12.2012 271'051.0 58'373.0 5.34x 49.39% 49.95% 1.18% 17.91% 4.43% 0.05% 38.8% 19.68% 273.21% -

Price/ Cash Flow

LTM

FY+1

4.90 1.23 12'658.61 5.30% 5.65% 1.230 37 3.243 36'821'310 34'670'620 36'650'120 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 235'961.0 276'987.0 163'170.1 180'900.7 0.00x 0.00x 0.0 0.0 0.00x 0.00x 53'332.0 60'199.0 60'252.3 63'915.0 5.53x 5.33x 5.92x 5.63x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 28.11.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 273.2% Total Debt/Capital 73.1% Asset Turnover 0.05 Net Fixed Asset Turnover 6.48 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

450.00

300'000.0

400.00

250'000.0

350.00

200'000.0

300.00 250.00

150'000.0

200.00

100'000.0

150.00 100.00

50'000.0

50.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Bank of Communications Co Ltd Holdings By:

All

Holder Name HSBC HOLDINGS PLC SOCIAL SECURITY FUND CHINA MINISTRY OF FI BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV HANG SENG INVESTMENT STATE STREET SHINHAN BNP PARIBAS CHINA ASSET MANAGEME MANULIFE FUNDS DIREC SEB ROBECO INVESTOR SERV HARVEST FUND MANAGEM DIMENSIONAL FUND ADV NEUBERGER BERMAN EUR CREDIT SUISSE ASSET GRANTHAM MAYO VAN OT ACADIAN ASSET MANAGE HANDELSBANKEN FONDER

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

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

Analyst MICHAEL WERNER VICTOR WANG ALEXANDER LEE TRACY YU JACLYN WANG KATHERINE LEI YUAN LIN EDMOND LAW SOPHIE JIANG TIMOTHY LI RICHARD XU SANJAY JAIN TREVOR KALCIC LUCY FENG SHENG NAN JOHANNES AU TODD DUNIVANT XIE JIYONG JIM ANTOS MAO JUNHUA MAY YAN JOHN CAPARUSSO NING MA IVAN LIN ROBERT HU GRACE WU AUSTIN BURKETT DORRIS CHEN NAN LI ZHU YAN RAINY YUAN CHEN XINGYU LI SHANSHAN WILSON LI

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

Recommendation market perform outperform hold buy hold neutral hold sell hold hold Underwt/In-Line neutral neutral neutral neutral hold neutral buy neutral buy equalweight underperform Sell/Neutral hold neutral hold buy buy hold overweight hold accumulate buy accumulate

Amt Held 11'530'478'263 7'027'777'777 3'795'000'000 397'807'348 199'142'309 117'304'402 98'412'776 87'555'174 26'457'000 24'860'000 21'636'000 16'349'224 16'146'524 14'876'400 13'165'076 13'155'000 9'506'200 8'259'480 6'713'000 6'211'579

% Out 32.93 20.07 10.84 1.14 0.57 0.34 0.28 0.25 0.08 0.07 0.06 0.05 0.05 0.04 0.04 0.04 0.03 0.02 0.02 0.02

Weighting

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

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 M M M M M M D M M

Latest Chg 735'000 5'880'000 85'000 (3'382'084) 2'391'000 (6'740'000) (371'200) 10'999'999 (4'943'000) (1'599'000) 1'610'000 1'600'000 -

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

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

File Dt 24.08.2012 30.06.2012 30.06.2012 29.04.2013 31.03.2013 31.07.2012 30.06.2012 30.04.2013 31.12.2012 30.06.2012 30.06.2012 28.03.2013 28.02.2013 30.06.2012 31.01.2013 28.02.2013 28.02.2013 31.05.2012 28.02.2013 31.03.2013

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

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

Date 30.04.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 28.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 12.04.2013 07.04.2013 28.03.2013 28.03.2013 28.03.2013 27.02.2013 26.02.2013 25.02.2013 20.02.2013 29.01.2013 22.01.2013 15.01.2013 07.11.2012 03.07.2012 29.06.2012 13.06.2012 10.05.2012 03.05.2012 09.04.2012

01.05.2013

China Unicom Hong Kong Ltd China Unicom (Hong Kong) Limited, through its subsidiaries, provides telecommunications services in the People's Republic of China. The Company's services include cellular, paging, long distance, data, and Internet services.

Price/Volume 16

140.0 M

120.0 M

100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.05.2012) 52-Week Low (18.07.2012) Daily Volume Current Price (5/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 762 HK EQUITY YTD Change 762 HK EQUITY YTD % CHANGE

12/2012 03/yy 13.96 9.45 20'409'647.00 11.14 -20.20% 17.88% 35.25% 23'565.1 262'514.69 141'776.00 0.0 0.0 18'282.00 333'958.97

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

60.0 M

6 4

40.0 M

20.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 159'792.0 1.34x 70'301.0 3.05x 35'398.0 24.82x

80.0 M

Valuation Analysis

31.12.2009 31.12.2010 153'945.0 171'370.0 1.81x 1.73x 59'317.0 60'349.0 4.69x 4.91x 9'556.0 3'701.0 22.63x 58.92x Profitability

LTM-4Q 31.12.2011 209'167.0 1.93x 63'996.0 6.31x 4'227.0 73.63x

31.12.2012 248'926.0 1.44x 73'587.0 4.88x 7'096.0 33.30x 73'587.00 12'530.00 5.03% 3.82% 1.46% 3.42% 2.84% 0.51% 29.6% 5.0% 2.9% 0.16 0.11 27.47% 67.67% 19.78 -

Price/ Cash Flow

LTM

FY+1

1.36 0.87 4'576.91 -18.35% -10.31% 0.873 35 4.086 32'413'550 36'503'630 32'810'840 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 221'352.0 258'333.0 285'433.1 315'648.7 6.86x 5.06x 1.13x 1.03x 51'445.0 76'699.0 84'500.2 93'913.4 0.00x 4.19x 3.95x 3.56x 5'033.0 7'988.0 10'840.6 15'014.0 51.62x 24.70x 19.32x 14.00x 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

15.90 -2.85 1.68 1.93 67.7% 40.4% 0.51 0.60 18.50 -

Sales/Revenue/Turnover

4.00

300'000.0

3.50

250'000.0

3.00

200'000.0

2.50 2.00

150'000.0

1.50

100'000.0

1.00

50'000.0 0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Unicom Hong Kong Ltd Holdings By:

All

Holder Name CHINA UNICOM BVI LTD CHINA NETCOM GROUP C TELEFONICA INTERNACI BLACKROCK T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I VANGUARD GROUP INC FMR LLC SKAGEN AS STATE STREET WADDELL & REED FINAN MAPS INVESTMENT MANA HANG SENG INVESTMENT EASTSPRING INVESTMEN UBS CHINA SOUTHERN FUND CALAMOS ADVISORS LLC EASTSPRING INVESTMEN UNITED SERVICES AUTO IVY MANAGEMENT INCOR

Firm Name

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

Analyst

Deutsche Bank ALAN HELLAWELL JPMorgan LUCY LIU Bank of China International MICHAEL MENG Haitong International Securities ALEX LEE DBS Vickers TAM TSZ-WANG CIMB BERTRAM LAI Maybank Kim Eng ANDY POON SWS Research Co Ltd JIM TANG UOB Kay Hian VICTOR YIP BOCOM International Holdings LI ZHIWU Barclays ANAND RAMACHANDRAN Standard Chartered STEVEN LIU Morgan Stanley NAVIN KILLA Credit Suisse COLIN MCCALLUM Jefferies CYNTHIA JINHONG MENG Yuanta Securities Investment ConsultingNICE WANG BNP Paribas Equity Research ALEN LIN Nomura JIN YOON Guotai Junan RICKY LAI Pacific Crest Securities STEVE CLEMENT HSBC TUCKER GRINNAN New Street Research ALASTAIR JONES EVA Dimensions ANDREW S ZAMFOTIS Macquarie LISA SOH ICBC International Securities KARY SEI Core Pacific KEVIN TAM Masterlink Securities LV HAN Goldman Sachs DONALD LU Ji Asia NEIL JUGGINS Capital Securities Corp HU JIAMING China International Capital Corp CHEN HAOFEI First Shanghai Securities Ltd TSOI HO Everbright Securities Co., Ltd MICHAEL LI Citic Securities Co., Ltd JUNTAO GONG AMTD Financial Planning Limited KENNY TANG SING HING

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

Recommendation buy overweight buy hold buy outperform buy outperform hold neutral overweight in-line Overwt/In-Line outperform buy buy buy buy accumulate suspended coverage underweight buy underweight neutral buy Positive buy neutral/neutral sell hold buy buy not rated buy buy

Amt Held 9'725'000'020 8'082'130'236 1'180'601'587 259'422'856 152'076'000 133'059'944 129'923'470 88'603'756 78'380'230 58'760'250 38'466'000 30'808'104 23'239'941 19'793'990 18'138'519 17'064'000 16'687'000 15'021'648 13'806'000 13'192'000

% Out 41.27 34.3 5.01 1.1 0.65 0.56 0.55 0.38 0.33 0.25 0.16 0.13 0.1 0.08 0.08 0.07 0.07 0.06 0.06 0.06

Weighting

Change

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

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

Latest Chg 8'754'000 (19'400'000) 1'472'000 (653'800) (23'753'435) 10'718'880 (2'184'353) 8'234'000 30'725'705 (1'485'900) (16'000) (1'194'000) (8'700'000) 360'000 (2'402'000)

Target Price 16 16 14 11 15 15 14 12 12 11 13 12 15 18 16 14 13 17 15 #N/A N/A 9 15 #N/A N/A 12 13 #N/A N/A 17 13 10 #N/A N/A 16 15 #N/A N/A 21 18

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

File Dt 30.07.2012 30.07.2012 30.07.2012 29.04.2013 31.03.2013 28.02.2013 31.03.2013 31.03.2013 27.03.2013 30.04.2013 31.12.2012 31.12.2012 30.06.2012 31.12.2010 31.01.2013 30.06.2012 28.03.2013 31.12.2012 30.11.2012 31.12.2012

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

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

Date 30.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 08.04.2013 03.04.2013 02.04.2013 26.03.2013 26.03.2013 22.03.2013 22.03.2013 20.12.2012 14.12.2012 09.12.2012 04.12.2012 29.10.2012 26.10.2012 30.08.2012 22.05.2012 09.03.2012 06.01.2012

01.05.2013

Kunlun Energy Co Ltd Kunlun Energy Company Ltd, through its subsidiaries, explores and produces crude oil and natural gas in China.

Price/Volume 18

140.0 M

120.0 M

100.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 135 HK EQUITY YTD Change 135 HK EQUITY YTD % CHANGE

12/2012 01/yy 17.32 11.54 17'993'337.00 15.18 -12.36% 31.54% 62.98% 8'051.4 122'220.38 31'671.00 0.0 17'756.0 19'592.00 152'055.38

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

80.0 M

60.0 M

40.0 M

20.0 M

2 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 6'787.9 1.46x 3'047.8 3.25x 3'385.2 3.39x

31.12.2009 31.12.2010 6'164.0 17'336.0 8.01x 4.61x 2'106.0 9'035.0 23.43x 8.84x 1'234.0 4'194.0 37.58x 20.54x Profitability

31.12.2011 25'915.0 4.26x 12'095.0 9.13x 5'621.0 14.07x

31.12.2012 32'953.0 4.86x 15'461.0 10.36x 6'518.0 19.37x 15'461.00 11'027.00 33.46% 40.38% 6.76% 17.43% 12.46% 0.34% 60.8% 46.9% 33.5% 19.8% 1.48 1.14 29.18% 71.30% 31.34 20.18

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.52 0.89 3'018.67 13.03% -6.18% 0.889 24 4.333 20'574'200 21'550'270 19'443'190 FY+2

12/13 Y 12/14 Y 43'443.0 55'048.3 3.44x 2.62x 19'431.3 23'103.1 7.83x 6.58x 8'299.7 9'551.3 14.88x 12.79x S&P Issuer Ratings

FQ+1

FQ+2

10.88 0.05 0.78 2.05 71.3% 33.7% 0.34 0.51 11.68 18.14 51.19 -21.37

Sales/Revenue/Turnover

20.00

35'000.0

18.00

30'000.0

16.00 14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Kunlun Energy Co Ltd Holdings By:

All

Holder Name SUN WORLD LTD FAIRY KING INVESTMEN CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK MAPS INVESTMENT MANA FMR LLC SHINHAN BNP PARIBAS HUALIN LI ALLIANZ ASSET MANAGE INVESCO ASSET MANAGE INVESCO LTD GAM INTERNATIONAL MA BAILLIE GIFFORD AND MACQUARIE GROUP BANK OF AMERICA CORP SWEDBANK ROBUR FONDE SCHRODER INVESTMENT BNP PARIBAS INV PART BARING ASSET MANAGEM

Firm Name Nomura HSBC Sanford C. Bernstein & Co Bank of China International Jefferies Capital Securities Corp Deutsche Bank BNP Paribas Equity Research EVA Dimensions Morgan Stanley UOB Kay Hian Credit Suisse JPMorgan Macquarie CIMB Mizuho Securities China International Capital Corp Goldman Sachs GuoSen Securities Co Ltd Standard Chartered Citic Securities Co., Ltd AMTD Financial Planning Limited Guotai Junan

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios SISF - HONG KONG EQU n/a Multiple Portfolios

Analyst JOSEPH C LAM KEVIN LIAN NEIL BEVERIDGE LAWRENCE LAU LABAN YU TEAM COVERAGE ERIC CHENG DAISY ZHANG CRAIG STERLING VINCENT CHOW YAN SHI EDWIN PANG BORIS KAN ADITYA SURESH KEITH LI ZENO TSE BIN GUAN FRANK HE STEVEN LU LI EVAN HUANG LILI KENNY TANG SING HING GRACE LIU

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

Recommendation buy overweight outperform hold underperform buy buy buy hold Equalwt/Attractive hold outperform overweight outperform outperform buy buy Buy/Neutral buy outperform buy buy accumulate

Amt Held 4'708'302'133 277'432'000 113'000'000 87'043'930 77'821'615 61'944'000 58'808'621 34'224'000 28'600'000 26'716'000 23'140'000 21'140'000 18'538'000 17'086'000 16'280'900 15'489'063 15'251'207 14'666'000 14'628'000 14'504'000

% Out 58.48 3.45 1.4 1.08 0.97 0.77 0.73 0.43 0.36 0.33 0.29 0.26 0.23 0.21 0.2 0.19 0.19 0.18 0.18 0.18

Weighting

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

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

Latest Chg 305'600 (1'016'000) (5'848'000) 4'741'049 7'774'000 (90'000) 8'822'000 2'960'000 (12'000) 1'500'000 9'940'000 70'000 56'000 1'818'000

Target Price 18 18 20 16 14 20 17 19 #N/A N/A 17 17 18 18 18 18 19 19 18 19 19 16 14 11

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

File Dt 16.04.2012 16.04.2012 31.03.2013 31.03.2013 29.04.2013 31.12.2012 31.03.2013 31.12.2012 18.09.2012 31.03.2013 30.11.2012 30.04.2013 28.02.2013 31.01.2013 28.02.2013 10.04.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012

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

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

Date 30.04.2013 23.04.2013 19.04.2013 17.04.2013 15.04.2013 12.04.2013 09.04.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 07.03.2013 01.03.2013 06.07.2012 14.03.2012 20.06.2010

01.05.2013

China Resources Power Holdings Co Ltd China Resources Power Holdings Company Limited is a power generation company. The Company invests, develops, owns, and operates coal-fired power plants in China.

Price/Volume 30

25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (15.05.2012) Daily Volume Current Price (5/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 836 HK EQUITY YTD Change 836 HK EQUITY YTD % CHANGE

12/2012 01/yy 25.80 13.46 6'068'789.00 25.4 -1.55% 88.71% 96.76% 4'773.2 121'239.70 80'267.04 0.0 14'853.0 4'400.98 211'958.77

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

10.0 M

5.0 M

5 0 m-12

31.12.2009 31.12.2010 33'213.7 48'578.3 3.93x 2.96x 10'643.8 11'828.9 12.26x 12.15x 5'317.4 4'903.7 12.97x 13.41x Profitability

31.12.2011 60'708.7 2.72x 13'647.5 12.12x 4'450.6 15.77x

31.12.2012 62'435.5 2.96x 18'314.2 10.10x 7'478.9 12.44x 18'314.19 12'131.05 19.43% 15.86% 4.32% 14.73% 8.09% 0.36% 29.3% 19.4% 12.0% 0.56 0.30 45.15% 148.52% 6.57 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.01 0.52 1'739.33 83.01% 28.41% 0.519 28 4.679 5'156'124 8'171'282 7'006'280 FY+2

12/13 Y 12/14 Y 72'552.0 81'186.7 3.02x 2.71x 23'797.7 26'589.9 8.91x 7.97x 9'348.2 10'410.4 12.75x 11.51x S&P Issuer Ratings

FQ+1

FQ+2

19.04.2011 BBB STABLE 4.14 1.79 4.14 4.38 148.5% 53.8% 0.36 0.61 55.71 -

Sales/Revenue/Turnover

18.00

70'000.0

16.00

60'000.0

14.00

50'000.0

12.00 10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 26'771.7 3.68x 6'270.2 15.69x 1'717.4 36.08x

15.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Resources Power Holdings Co Ltd Holdings By:

All

Holder Name FINETEX INTERNATIONA COMMONWEALTH BANK OF BLACKROCK VANGUARD GROUP INC SCHRODER INVESTMENT T ROWE PRICE ASSOCIA FMR LLC EASTSPRING INVESTMEN STATE STREET SCHRODER KOREA LTD INVESTEC ASSET MANAG EASTSPRING INVESTMEN INVESCO ASSET MANAGE HANG SENG INVESTMENT HARVEST FUND MANAGEM EASTSPRING INVESTMEN DWS INVESTMENT SA ROBECO INVESTOR SERV IVY MANAGEMENT INCOR LBPAM

Firm Name Nomura Credit Suisse Morgan Stanley Macquarie EVA Dimensions Deutsche Bank Sanford C. Bernstein & Co AMTD Financial Planning Limited UOB Kay Hian Bank of China International First Shanghai Securities Ltd KGI Securities BNP Paribas Equity Research Masterlink Securities Guotai Junan Standard Chartered JPMorgan China International Capital Corp Mirae Asset Securities Jefferies HSBC DBS Vickers Daiwa Securities Co. Ltd. Goldman Sachs GuoSen Securities Co Ltd SWS Research Co Ltd Maybank Kim Eng

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

Analyst JOSEPH C LAM EDWIN PANG SIMON H Y LEE IVAN LEE AUSTIN BURKETT MICHAEL TONG MICHAEL W PARKER KENNY TANG SING HING YAN SHI PETER YAO ZHANG ZHIBIN CHEN JUDITH DAISY ZHANG TEAM COVERAGE LEO WU LI EVAN BORIS KAN JUNHUA CHEN RICKY NG JOSEPH FONG JENNY COSGROVE JUNE NG DAVE DAI FRANKLIN CHOW VIVIAN FU HUANG ZHE EDWARD FUNG

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

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

Amt Held 3'024'999'999 236'443'900 64'708'194 51'929'448 51'788'000 29'778'000 24'971'930 23'696'000 22'177'527 18'767'800 12'718'000 12'687'600 11'902'000 9'083'361 8'882'000 5'826'000 5'323'000 4'627'613 4'418'000 4'166'000

% Out 63.37 4.95 1.36 1.09 1.08 0.62 0.52 0.5 0.46 0.39 0.27 0.27 0.25 0.19 0.19 0.12 0.11 0.1 0.09 0.09

Weighting

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

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

Latest Chg (13'745'000) 102'500 (6'882'000) (1'838'000) (3'325'019) (1'248'000) (851'677) (1'216'000) (52'000) (2'618'000) 11'902'000 2'800'000 348'000 -

Target Price 25 28 28 27 #N/A N/A 28 24 26 28 26 28 27 27 25 27 27 28 25 24 25 24 24 25 21 17 14 18

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

File Dt 31.12.2012 01.11.2012 29.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 14.09.2012 30.04.2013 31.12.2012 28.02.2013 31.12.2012 30.11.2012 30.06.2012 30.06.2012 31.12.2010 28.02.2013 28.02.2013 31.12.2012 31.01.2013

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

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

Date 29.04.2013 26.04.2013 24.04.2013 23.04.2013 22.04.2013 19.04.2013 19.04.2013 15.04.2013 12.04.2013 11.04.2013 11.04.2013 10.04.2013 08.04.2013 29.03.2013 25.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 04.12.2012 11.04.2012 05.07.2011 10.12.2010

01.05.2013

China Resources Land Ltd China Resources Land Limited, through its subsidiaries, develops and invests in properties. The Company also provides corporate financing and electrical engineering services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1109 HK EQUITY YTD Change 1109 HK EQUITY YTD % CHANGE

12/2012 01/yy 24.50 12.40 5'390'479.00 23.5 -4.08% 89.52% 91.74% 5'827.4 136'943.88 52'902.82 0.0 7'391.1 21'952.96 175'284.86

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 9'365.8 6.52x 2'554.7 23.89x 1'994.0 20.70x

31.12.2009 31.12.2010 16'650.2 25'729.2 5.86x 4.10x 4'888.1 8'877.5 19.95x 11.88x 4'303.8 6'004.6 20.02x 11.89x Profitability

31.12.2011 35'794.8 3.56x 11'920.0 10.70x 8'070.0 8.45x

31.12.2012 44'363.6 3.64x 14'061.6 11.47x 10'568.6 11.60x 14'061.63 13'722.08 30.93% 39.44% 5.17% 16.33% 8.99% 0.22% 37.6% 31.5% 30.8% 23.8% 1.76 0.25 23.18% 76.55% 21.77 0.23

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.43 1.45 1'856.44 59.64% 11.37% 1.453 39 4.590 6'413'188 8'463'440 10'539'530 FY+2

12/13 Y 12/14 Y 59'990.4 73'421.0 3.01x 2.39x 16'729.4 20'923.3 10.48x 8.38x 9'177.8 11'541.3 14.96x 11.87x S&P Issuer Ratings

FQ+1

FQ+2

03.05.2011 BBB STABLE 21.00 5.36 2.21 3.78 76.6% 40.9% 0.22 1.04 16.82 1564.93 69.94 1511.81

Sales/Revenue/Turnover

12.00

50'000.0 45'000.0

10.00

40'000.0 35'000.0

8.00

30'000.0

6.00

25'000.0 20'000.0

4.00

15'000.0 10'000.0

2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Resources Land Ltd Holdings By:

All

Holder Name CRH LAND LTD JP MORGAN MATTHEWS INTERNATION VANGUARD GROUP INC ARTISAN PARTNERS HOL BLACKROCK COMMONWEALTH BANK OF FMR LLC DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE EUROPEAN INVESTORS I STATE STREET SWEDBANK ROBUR FONDE SHINHAN BNP PARIBAS GAM INTERNATIONAL MA JF ASSET MANAGEMENT HARVEST FUND MANAGEM UBS HANG SENG INVESTMENT ROBECO INVESTOR SERV

Firm Name

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

Analyst

Deutsche Bank TONY TSANG BNP Paribas Equity Research LEE WEE LIAT Yuanta Securities Investment ConsultingNICE WANG First Shanghai Securities Ltd MICHAEL KE DBS Vickers CAROL WU Standard Chartered RAYMOND CHENG Sanford C. Bernstein & Co KENNETH TSANG Credit Suisse JINSONG DU Goldman Sachs WANG YI CIMB JOHNSON HU Nomura ALVIN WONG EVA Dimensions AUSTIN BURKETT Mizuho Securities ALAN JIN UOB Kay Hian SYLVIA WONG Core Pacific WILSON HO JPMorgan LUCIA KWONG Macquarie DAVID NG Bank of China International CHRISTINA NGAI China International Capital Corp ERIC YU ZHANG SWS Research Co Ltd KRIS LI Mirae Asset Securities STEPHANIE LAU CMB International Capital Corp Ltd SAMSON MAN BOCOM International Holdings TONI HO CHI CHUNG Morgan Stanley BRIAN LEUNG HSBC MICHELLE KWOK Jefferies CHRISTIE JU CCB International Securities Ltd EDISON BIAN Ji Asia WU GONGLIANG Barclays WENDY LUO Maybank Kim Eng KAREN KWAN Guotai Junan DONALD YU AMTD Financial Planning Limited KENNY TANG SING HING Daiwa Securities Co. Ltd. JONAS KAN Citic Securities Co., Ltd GARRICK CHENG Capital Securities Corp LANTIS LI GuoSen Securities Co Ltd HUI CAO Everbright Securities Co., Ltd TIMOTHY YEUNG

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

Recommendation buy buy buy buy buy outperform underperform outperform buy/attractive neutral buy hold buy hold buy overweight outperform buy buy outperform buy buy long-term buy Overwt/Attractive overweight buy outperform buy equalweight hold buy buy buy buy strong buy buy hold

Amt Held 3'959'501'021 271'001'600 73'930'000 57'068'238 48'240'759 43'176'200 41'066'000 33'614'080 29'658'408 29'187'500 25'693'807 23'588'077 19'804'996 18'845'265 12'566'000 10'526'000 10'148'000 10'076'691 9'752'837 9'675'613

% Out 67.95 4.65 1.27 0.98 0.83 0.74 0.7 0.58 0.51 0.5 0.44 0.4 0.34 0.32 0.22 0.18 0.17 0.17 0.17 0.17

Weighting

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

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

Latest Chg (188'000) (2'574'000) 565'200 1'024'000 42'000 3'484'000 (30'404'889) 236'500 152'000 404'842 15'134'000 8'258'000 3'398'000 4'088'000 (482'000) -

Target Price 25 27 25 7 24 27 15 25 30 20 24 #N/A N/A 26 18 24 24 25 25 25 22 22 22 23 26 28 27 25 25 24 20 24 23 22 18 21 15 14

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

File Dt 03.04.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 29.04.2013 31.01.2013 31.03.2013 31.07.2012 31.03.2013 31.03.2013 30.04.2013 31.12.2012 31.12.2012 31.12.2012 30.09.2011 30.06.2012 31.01.2013 30.06.2012 28.02.2013

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

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

Date 30.04.2013 29.04.2013 25.04.2013 24.04.2013 23.04.2013 22.04.2013 12.04.2013 11.04.2013 07.04.2013 02.04.2013 25.03.2013 25.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 17.03.2013 17.03.2013 15.03.2013 06.03.2013 06.03.2013 28.02.2013 07.02.2013 12.12.2012 03.12.2012 20.11.2012 17.08.2012 20.06.2012 11.01.2012 08.02.2011

01.05.2013

Lenovo Group Ltd Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld device. The Company also provides Internet services and IT services, and contracting manufacturing business.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.03.2013) 52-Week Low (01.08.2012) Daily Volume Current Price (5/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 992 HK EQUITY YTD Change 992 HK EQUITY YTD % CHANGE

Price/Volume

03/2012 12/yy 9.07 5.35 34'514'165.00 7.09 -21.83% 32.52% 48.39% 10'439.2 74'013.59 619.18 0.0 86.7 4'171.32 6'038.03

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

1.20 1.00

600.0 M 500.0 M 400.0 M 300.0 M 200.0 M 100.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.03.2008 16'351.5 0.28x 810.6 5.61x 484.3 12.14x

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

31.03.2009 31.03.2010 14'900.9 16'604.8 0.08x 0.30x 28.4 337.6 41.82x 14.82x (226.4) 129.4 48.61x Profitability

LTM-4Q 31.03.2011 21'594.4 0.14x 586.3 5.24x 273.2 20.06x

31.03.2012 29'574.4 0.20x 835.8 6.99x 473.0 19.28x 835.84 594.02 2.01% 1.97% 3.44% 23.27% 18.95% 2.00% 11.7% 2.9% 2.2% 1.6% 1.00 0.61 3.90% 26.22% 9.10 19.40

LTM

12/yy 26'957.5 0.41x 612.0 0.00x 448.3 14.99x

12/yy 33'537.3 0.67x 982.9 5.95x 575.1 16.20x

FY+1

2.05 0.83 6'230.91 -2.73% 1.00% 0.825 37 4.405 33'814'960 64'264'790 62'707'110 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 34'102.9 37'749.0 7'974.5 8'498.8 0.17x 0.13x 972.5 1'149.4 211.0 278.0 6.21x 5.25x 5.05x 4.87x 615.7 744.6 107.4 165.3 15.23x 12.69x 13.44x 12.51x S&P Issuer Ratings

65.79 41.64 -3.58 0.98 26.2% 20.2% 2.00 54.28 40.22 18.87 51.47 0.63

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

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

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

01.05.2013

Lenovo Group Ltd Holdings By:

All

Holder Name LEGEND HOLDINGS LTD RIGHT LANE LTD SUREINVEST HOLDIGNS FMR LLC VANGUARD GROUP INC WILLIAM BLAIR & COMP MATTHEWS INTERNATION COMMONWEALTH BANK OF BLACKROCK RIGHT LANE LTD GAM INTERNATIONAL MA BARING ASSET MANAGEM LOYAL TALENT HOLDING YUANQING YANG BNP PARIBAS INV PART SKAGEN AS HARTFORD INVESTMENT MAPS INVESTMENT MANA INVESTEC ASSET MANAG INVESCO ASSET MANAGE

Firm Name

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

Analyst

Deutsche Bank IVY LEE Nomura LEPING HUANG Sanford C. Bernstein & Co ALBERTO MOEL Maybank Kim Eng WARREN LAU BNP Paribas Equity Research LAURA CHEN ICBC International Securities KARY SEI Wedge Partners JUN ZHANG Morgan Stanley GRACE CHEN Jefferies KEN HUI AM Capital Ltd TEAM COVERAGE Credit Suisse THOMPSON WU Yuanta Securities Investment ConsultingVINCENT CHEN Haitong International Securities ALEX LEE Sun Hung Kai Securities STEPHEN YANG Mizuho Securities CHARLES PARK China International Capital Corp CHEN HAOFEI Goldman Sachs ROBERT YEN JPMorgan GOKUL HARIHARAN Ji Asia JEAN-LOUIS LAFAYEEDNEY Macquarie STEVE ZHANG UOB Kay Hian MARK PO Guotai Junan RICKY LAI Barclays KIRK YANG CIMB JONATHAN NG BOCOM International Holdings JIANYING MILES XIE First Shanghai Securities Ltd TSOI HO HSBC JENNY LAI Bank of China International YANG TONY DBS Vickers DENNIS LAM AMTD Financial Planning Limited KENNY TANG SING HING CCB International Securities Ltd RONNIE HO Daiwa Securities Co. Ltd. CHRISTINE WANG EVA Dimensions ANDREW S ZAMFOTIS Standard Chartered DON SEE

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

Recommendation hold buy outperform buy buy buy no rating system Overwt/In-Line hold buy outperform buy buy buy buy accumulate neutral/neutral overweight sell outperform sell accumulate overweight outperform buy buy overweight buy buy buy neutral outperform buy outperform

Amt Held % Out 2'667'636'724 25.55 705'159'317 6.75 686'000'000 6.57 469'823'244 4.5 170'791'964 1.64 147'275'014 1.41 137'700'000 1.32 136'522'000 1.31 126'668'000 1.21 (117'740'000) -1.13 93'062'000 0.89 70'948'000 0.68 65'946'222 0.63 57'661'876 0.55 53'224'493 0.51 52'990'000 0.51 46'460'570 0.45 45'174'000 0.43 42'068'000 0.4 40'808'000 0.39

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

Change 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

Latest Chg (85'000'000) 6'310'365 864'800 6'792'000 (5'944'000) 20'320'000 (416'000) (342'000) 406'240 22'000 45'174'000 (292'000) 31'164'000

Target Price 7 10 8 9 10 9 #N/A N/A 10 7 8 10 9 9 9 8 9 8 9 7 10 7 9 9 9 9 10 10 9 9 9 8 9 #N/A N/A 8

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

File Dt 22.02.2013 22.02.2013 04.03.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.01.2013 29.04.2013 22.02.2013 28.02.2013 31.12.2012 04.07.2011 04.03.2013 28.02.2013 27.03.2013 31.03.2013 31.12.2012 28.02.2013 30.11.2012

Date 12 month 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 12 month 12 month 12 month 3 month 12 month 12 month 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 12 month

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

Date 30.04.2013 28.04.2013 26.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 19.04.2013 17.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 26.03.2013 20.03.2013 15.03.2013 08.03.2013 05.03.2013 04.03.2013 20.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 28.01.2013 15.01.2013 03.01.2013

01.05.2013

Tingyi Cayman Islands Holding Corp Tingyi (Cayman Islands) Holding Corporation, through its subsidiaries, manufactures and sells instant noodles, baked goods, and beverages in China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.10.2012) 52-Week Low (29.05.2012) Daily Volume Current Price (5/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 322 HK EQUITY YTD Change 322 HK EQUITY YTD % CHANGE

12/2012 12/yy 25.00 17.90 6'506'372.00 21.45 -14.20% 19.83% 47.18% 5'593.9 119'988.67 1'484.47 0.0 946.3 830.87 17'061.18

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

1.20

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 4'272.1 1.64x 637.2 10.97x 260.4 24.86x

31.12.2009 31.12.2010 5'081.1 6'681.5 2.78x 2.19x 834.3 971.8 16.90x 15.03x 383.2 476.8 36.10x 30.01x Profitability

LTM-4Q 31.12.2011 7'866.6 2.32x 902.6 20.20x 419.5 40.46x

31.12.2012 9'211.9 1.86x 998.2 17.18x 455.2 34.16x 998.23 610.47 6.63% 8.99% 6.85% 19.57% 13.99% 1.39% 29.9% 10.9% 6.6% 4.9% 0.70 0.38 19.86% 58.19% 47.47 16.33

LTM

12/yy 7'866.6 8.13x 902.6 20.20x 419.5 40.46x

12/yy 9'211.9 7.35x 1'001.6 17.12x 455.2 34.16x

FY+1

1.16 0.60 1'870.98 5.21% -0.46% 0.596 34 3.265 7'504'827 6'973'281 6'706'280 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'879.8 12'443.2 1.54x 1.32x 1'307.1 1'543.5 13.05x 11.05x 516.6 622.9 30.37x 24.90x S&P Issuer Ratings

05.06.2012 BBB+ STABLE 27.05 -39.63 0.65 1.48 58.2% 29.8% 1.39 1.94 7.71 22.41 55.74 -25.63

Sales/Revenue/Turnover

10'000.0 9'000.0

1.00

8'000.0 7'000.0

0.80 0.60 0.40

6'000.0 5'000.0 4'000.0 3'000.0 2'000.0

0.20

1'000.0 0.0

0.00

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

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

01.05.2013

Tingyi Cayman Islands Holding Corp Holdings By:

All

Holder Name SANYO FOODS CO LTD TING HSIN CAYMAN ISL OPPENHEIMERFUNDS INC CAPITAL GROUP COMPAN MATTHEWS INTERNATION COMMONWEALTH BANK OF BLACKROCK VANGUARD GROUP INC MAPS INVESTMENT MANA STATE STREET JP MORGAN FMR LLC ING-CHOU WEI GAM INTERNATIONAL MA HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG T ROWE PRICE ASSOCIA MONTGOMERY ASSET MAN HANG SENG INVESTMENT AGF INVESTMENTS INC

Firm Name

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

Goldman Sachs LISA DENG Jefferies JESSIE GUO SWS Research Co Ltd SEAN ZHANG BNP Paribas Equity Research CHARLIE Y CHEN Nomura EMMA LIU KGI Securities ANSON CHAN First Shanghai Securities Ltd PATRICK WONG Standard Chartered CHARLES YAN Deutsche Bank ANNE LING Macquarie LINDA HUANG Bank of China International LI YAN Maybank Kim Eng JACQUELINE KO Citic Securities Co., Ltd MOHAN SINGH Guotai Junan SUNNY KWOK UOB Kay Hian TAI RENEE Oriental Patron Securities Ltd TRACY SUN Religare Capital Markets KA LEONG LO BOCOM International Holdings SUMMER WANG Morgan Stanley ANGELA MOH Credit Suisse KEVIN YIN JPMorgan KURUMLU EBRU SENER HSBC CHRISTOPHER K LEUNG Yuanta Securities Investment ConsultingNICE WANG DBS Vickers TITUS WU CIMB Yang Lei China International Capital Corp FEIYANG YUAN Barclays VINEET SHARMA EVA Dimensions AUSTIN BURKETT Haitong International Securities GLORIA WANG ICBC International Securities ALEX CHENG Capital Securities Corp TRACY SUN AMTD Financial Planning Limited KENNY TANG SING HING

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

Recommendation neutral/neutral hold underperform reduce neutral outperform hold outperform hold outperform buy buy hold neutral buy hold hold sell Equalwt/Attractive outperform underweight overweight hold fully valued neutral accumulate equalweight sell hold hold hold buy

Amt Held 1'854'827'866 1'854'827'866 153'500'000 90'970'000 54'555'000 41'844'000 41'400'394 40'661'301 25'833'760 24'584'675 17'902'000 14'525'426 13'242'000 13'014'000 12'789'795 12'095'651 10'840'000 9'386'000 9'357'696 8'910'355

% Out 33.16 33.16 2.74 1.63 0.98 0.75 0.74 0.73 0.46 0.44 0.32 0.26 0.24 0.23 0.23 0.22 0.19 0.17 0.17 0.16

Weighting

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

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

Latest Chg (4'948'500) 8'656'000 (440'000) 4'438'000 46'000 (13'200'335) 1'360'000 (498'263) 50'000 9'355'409 10'770'000 986'000 (1'831'336)

Target Price 21 21 18 18 21 25 7 25 21 25 22 24 20 20 23 19 18 16 19 24 15 24 22 17 22 25 19 #N/A N/A 22 17 22 23

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

File Dt 31.12.2011 17.01.2012 28.02.2013 31.03.2013 31.12.2012 31.01.2013 29.04.2013 31.03.2013 31.12.2012 30.04.2013 31.03.2013 31.03.2013 26.04.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.02.2013 30.06.2012 28.09.2012

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

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

Date 23.04.2013 16.04.2013 08.04.2013 05.04.2013 27.03.2013 25.03.2013 25.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 17.01.2013 20.11.2012 29.05.2012 23.03.2012 07.11.2011

01.05.2013

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

Price/Volume 6

700.0 M

600.0 M 500.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 998 HK EQUITY YTD Change 998 HK EQUITY YTD % CHANGE

12/2012 03/yy 5.51 3.50 53'125'184.00 4.37 -20.69% 24.86% 43.28% 14'882.2 236'530.97 456'136.00 0.0 4'730.0 885'643.00 -

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

300.0 M

200.0 M

100.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

400.0 M

Valuation Analysis

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

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

31.12.2012 153'743.0 31'032.0 5.61x 46.23% 46.02% 1.08% 16.65% 4.41% 0.05% 34.3% 15.41% 229.96% -

Price/ Cash Flow

LTM

03/yy 03/yy 130'716.0 117'019.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 32'877.0 31'687.0 5.26x 5.48x

FY+1

4.32 1.30 7'860.49 -7.41% -5.00% 1.300 37 3.459 43'145'820 53'954'670 49'730'980 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 98'590.7 110'335.7 33'789.6 36'604.9 10'721.0 10'847.0 4.88x 4.51x S&P Issuer Ratings

230.0% 69.2% 0.05 13.44 -

Sales/Revenue/Turnover

25.00

180'000.0 160'000.0

20.00

140'000.0 120'000.0

15.00

100'000.0 80'000.0

10.00

60'000.0 40'000.0

5.00

20'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China CITIC Bank Corp Ltd Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA BLACKROCK LEHMAN BROTHERS ASIA JP MORGAN VANGUARD GROUP INC DIMENSIONAL FUND ADV HANG SENG INVESTMENT BANK OF NEW YORK MEL CHINA INTERNATIONAL SEB NORDEA INV MANAGEMEN STATE STREET NORDEA INVESTMENT FU GRANTHAM MAYO VAN OT GOLDMAN SACHS GROUP GAM INTERNATIONAL MA NORDEA FONDER AB/SWE GOLDMAN SACHS ASSET JYSKE INVEST CREDIT SUISSE FUND S

Firm Name Sanford C. Bernstein & Co DBS Vickers Deutsche Bank Jefferies CCB International Securities Ltd BOCOM International Holdings JPMorgan CIMB Religare Capital Markets Credit Suisse Nomura Guotai Junan Macquarie ABC International HSBC Bank of China International Mizuho Securities Mirae Asset Securities Core Pacific China International Capital Corp Morgan Stanley Barclays Goldman Sachs ICBC International Securities Daiwa Securities Co. Ltd. Masterlink Securities EVA Dimensions SWS Research Co Ltd Standard Chartered CMB International Capital Corp Ltd BNP Paribas Equity Research Citic Securities Co., Ltd Phillip Securities Capital Securities Corp

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

Analyst MICHAEL WERNER ALEXANDER LEE TRACY YU TAN MING SHENG NAN LI SHANSHAN KATHERINE LEI TREVOR KALCIC SOPHIE JIANG SANJAY JAIN LUCY FENG WILSON LI VICTOR WANG JOHANNES AU TODD DUNIVANT YUAN LIN JIM ANTOS NAN LI TIMOTHY LI MAO JUNHUA RICHARD XU MAY YAN NING MA IVAN LIN GRACE WU RAINY YUAN AUSTIN BURKETT ROBERT HU JOHN CAPARUSSO TEAM COVERAGE DORRIS CHEN ZHU YAN CHEN XINGYU TEAM COVERAGE

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

Recommendation market perform buy buy hold neutral long-term buy underweight neutral sell neutral neutral buy outperform hold overweight hold underperform reduce hold buy Equalwt/In-Line underweight neutral/neutral buy hold hold buy outperform in-line buy hold overweight buy buy

Amt Held 7'018'099'055 1'098'844'126 732'821'000 310'889'565 203'594'909 123'617'251 71'471'757 53'007'500 40'752'000 36'124'117 30'104'000 29'356'264 28'688'000 27'845'000 25'473'000 20'718'200 17'001'000 15'106'000 14'451'000 13'220'000

% Out 47.16 7.38 4.92 2.09 1.37 0.83 0.48 0.36 0.27 0.24 0.2 0.2 0.19 0.19 0.17 0.14 0.11 0.1 0.1 0.09

Weighting

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

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

Latest Chg 8'918'000 1'015'000 879'800 104'000 40'472'000 (715'200) (419'000) 1'334'000 (2'196'000) 3'989'000 2'022'000 11'305'000 114'000 4'200'000

Target Price 5 6 6 5 5 5 4 5 3 5 5 6 6 6 6 6 4 4 5 5 4 5 5 6 5 5 #N/A N/A 6 4 5 4 #N/A N/A 5 #N/A N/A

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

File Dt 30.06.2012 29.04.2013 30.06.2012 31.12.2012 31.03.2013 31.07.2012 30.06.2012 29.04.2013 30.06.2012 28.03.2013 27.03.2013 30.04.2013 31.01.2013 31.05.2012 31.03.2013 31.12.2012 28.03.2013 31.12.2012 31.01.2013 28.02.2013

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

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

Date 30.04.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 27.04.2013 27.04.2013 26.04.2013 26.04.2013 22.04.2013 19.04.2013 12.04.2013 07.04.2013 02.04.2013 02.04.2013 02.04.2013 02.04.2013 29.03.2013 28.03.2013 27.02.2013 25.02.2013 20.02.2013 22.01.2013 21.01.2013 15.01.2013 09.01.2013 06.12.2012 22.11.2012 07.11.2012 29.06.2012 19.06.2012 05.04.2012

01.05.2013

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

Price/Volume 40.0 M

35.0 M 30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2333 HK EQUITY YTD Change 2333 HK EQUITY YTD % CHANGE

12/2012 03/yy 36.20 14.08 5'214'805.00 33.65 -7.04% 138.99% 88.47% 1'033.2 125'542.49 4'393.38 0.0 129.1 6'348.63 97'352.78

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

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

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

31.12.2012 41'565.2 1.40x 7'539.4 7.69x 5'692.4 10.52x 7'539.45 6'590.22 15.86% 16.46% 15.04% 29.76% 1.10% 24.1% 18.1% 15.9% 13.7% 1.34 1.13 10.32% 20.42% 3.34 11.54

Price/ Cash Flow

03/yy 30'495.0 1.81x 0.0 0.00x 3'583.5 0.00x

j-12

a-12

s-12

o-12

LTM 03/yy 45'411.8 4.53x 1'942.3 0.00x 6'495.1 9.87x

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

1.21 1'033.18 105.32% 37.63% 1.212 36 3.889 9'941'308 11'231'830 9'111'629 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 51'679.3 60'793.0 1.75x 1.43x 9'281.3 11'095.0 10.49x 8.77x 6'956.1 8'064.7 11.77x 10.16x S&P Issuer Ratings

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

Sales/Revenue/Turnover

50.00

45'000.0

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 01.01.2010

.0 M j-12

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

45.0 M

35 25

Valuation Analysis

31.12.2008 8'207.3 0.26x 514.1 12.52x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

01.05.2013

Great Wall Motor Co Ltd Holdings By:

All

Holder Name JP MORGAN SKAGEN AS BLACKROCK FRANKLIN RESOURCES FMR LLC INVESTEC ASSET MANAG HSBC GLOBAL ASSET MA DEUTSCHE BANK AG VANGUARD GROUP INC WILLIAM BLAIR & COMP DEUTSCHE BANK AG MORGAN STANLEY ROBECO INVESTOR SERV SHINHAN BNP PARIBAS PRINCIPAL FINANCIAL SWEDBANK ROBUR FONDE UOB ASSET MANAGEMENT INVESCO ASSET MANAGE BANK OF NEW YORK MEL STATE STREET

Firm Name

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

Analyst

Capital Securities Corp HAN WEIQI Goldman Sachs YIPENG YANG JPMorgan NICK LAI Sanford C. Bernstein & Co MAX WARBURTON HSBC CARSON NG KGI Securities WEI SHEN Bank of China International WANG YUSHENG CIMB CHEAM TZE SHEN UOB Kay Hian KEN LEE Oriental Patron Securities Ltd VIVIEN CHAN Morgan Stanley KATE ZHU Credit Suisse JACK YEUNG Citic Securities Co., Ltd XU YINGBO Nomura BENJAMIN LO Religare Capital Markets STANLEY CHAN BNP Paribas Equity Research TINA LI Core Pacific OLIVE XIA Guoyuan Securities (HK) Ltd TEAM COVERAGE Macquarie JANET B LEWIS Ji Asia STEPHEN USHER Haitong International Securities LIANG YONGHUO Standard Chartered REBECCA TANG Yuanta Securities Investment ConsultingSAMUEL KWOK China International Capital Corp ZHENG DONG CCB International Securities Ltd RONNIE HO SWS Research Co Ltd TITUS WU Kingsway SW Securities FOO LEUNG GuoSen Securities Co Ltd JOHN LUO Daiwa Securities Co. Ltd. JEFF CHUNG Mizuho Securities OLE HUI AMTD Financial Planning Limited KENNY TANG SING HING EVA Dimensions CRAIG STERLING President Securities HK Ltd TEAM COVERAGE Everbright Securities Co., Ltd WEI YAO Maybank Kim Eng ROBERT WANG PingAn Securities YU BING First Shanghai Securities Ltd XIAOXIA CHEN

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

Recommendation hold Buy/Neutral overweight market perform overweight outperform buy neutral buy hold Underwt/In-Line outperform buy neutral hold buy buy buy outperform neutral buy in-line sell buy outperform outperform not rated buy buy buy buy underweight buy not rated buy not rated buy

Amt Held % Out 149'993'567 14.52 84'439'500 8.17 76'306'677 7.39 76'151'118 7.37 55'129'421 5.34 51'632'000 5 51'513'377 4.99 42'292'016 4.09 27'442'500 2.66 23'482'000 2.27 (19'378'271) -1.88 (12'253'315) -1.19 12'156'664 1.18 11'223'500 1.09 10'106'000 0.98 8'713'590 0.84 8'282'750 0.8 7'643'000 0.74 6'674'300 0.65 5'678'436 0.55

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

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

Latest Chg (290'000) (569'000) 325'500 18'527'664 2'595'679 (69'500) 8'000 2'466'000 (750'000) 2'803'500 5'606'500 7'643'000 (3'500) 8'000

Target Price 38 35 40 36 41 42 41 33 40 37 18 46 45 32 27 35 36 36 33 #N/A N/A 35 30 25 35 34 31 #N/A N/A 35 36 35 33 #N/A N/A 21 #N/A N/A 17 #N/A N/A 15

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

File Dt 06.03.2013 27.03.2013 29.04.2013 25.03.2013 17.04.2013 29.11.2012 31.05.2012 14.05.2012 31.03.2013 31.12.2012 14.05.2012 24.04.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 30.06.2011 30.11.2012 29.04.2013 30.04.2013

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

Date 29.04.2013 28.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 16.04.2013 16.04.2013 11.04.2013 27.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 11.03.2013 19.02.2013 15.02.2013 22.01.2013 22.01.2013 17.01.2013 31.08.2012 10.05.2012 23.08.2011 12.08.2011 03.08.2011

01.05.2013

Anhui Conch Cement Co Ltd Anhui Conch Cement Company Limited produces and sells ordinary portland cement, portland cement, portland blast furnace slag cement, compound cement, and commercial clinker.

Price/Volume 35

45.0 M

40.0 M 35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (5/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 914 HK EQUITY YTD Change 914 HK EQUITY YTD % CHANGE

12/2012 03/yy 31.70 19.10 6'614'537.00 28.1 -11.36% 47.12% 69.05% 1'299.6 125'183.16 23'864.21 0.0 2'274.9 8'340.03 116'008.73

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

25.0 M

20.0 M 15.0 M

10.0 M

5.0 M

0 m-12

31.12.2009 31.12.2010 24'998.0 34'508.3 10.56x 3.42x 6'530.7 10'630.0 40.43x 11.12x 3'505.9 6'159.6 22.19x 17.76x Profitability

LTM-4Q 31.12.2011 48'653.8 2.13x 18'761.2 5.51x 11'586.4 8.54x

31.12.2012 45'525.7 3.03x 11'287.0 12.23x 6'307.6 19.06x

j-12

a-12

s-12

11'286.99 8'011.04 17.60% 17.77% 7.37% 13.55% 10.25% 0.53% 27.4% 25.9% 18.7% 13.9% 1.59 1.15 27.27% 48.80% 4.72 7.87

LTM

03/yy 47'932.3 11.01x 0.0 0.00x 10'622.8 9.92x

o-12

03/yy 46'558.3 10.64x 0.0 0.00x 6'030.6 18.20x

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

1.42 1'183.03 10.12% -0.35% 1.417 37 4.027 17'324'940 15'062'270 13'806'630 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 55'133.2 61'493.7 2.07x 1.79x 15'792.1 17'851.7 7.35x 6.50x 8'722.7 10'005.8 13.45x 11.75x S&P Issuer Ratings

9.14 3.62 1.31 2.02 48.8% 31.8% 0.53 0.85 77.56 46.48 56.77 67.42

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

.0 M j-12

Fiscal Year Ended 31.12.2008 24'228.3 2.18x 5'396.1 9.77x 2'607.2 20.26x

30.0 M

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

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

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

01.05.2013

Anhui Conch Cement Co Ltd Holdings By:

All

Holder Name JP MORGAN BLACKROCK GENESIS ASSET MANAGE TAIWAN CEMENT CORP MORGAN STANLEY DEUTSCHE BANK AG DEUTSCHE BANK AG FRANKLIN RESOURCES VANGUARD GROUP INC TIAA CREF INVESTMENT SHINHAN BNP PARIBAS BARING ASSET MANAGEM MAPS INVESTMENT MANA GAM INTERNATIONAL MA HANG SENG INVESTMENT FMR LLC STATE STREET HARDING LOEVNER LP CHINA ASSET MANAGEME DWS INVESTMENT SA

Firm Name HSBC Jefferies Nomura EVA Dimensions Morgan Stanley Guotai Junan ICBC International Securities Deutsche Bank Capital Securities Corp Haitong International Securities DBS Vickers Sun Hung Kai Securities Citic Securities Co., Ltd SWS Research Co Ltd Credit Suisse JPMorgan Bank of China International CIMB BNP Paribas Equity Research GuoSen Securities Co Ltd Religare Capital Markets UOB Kay Hian Macquarie China International Capital Corp KGI Securities Goldman Sachs AMTD Financial Planning Limited SinoPac Standard Chartered Mirae Asset Securities Barclays Daiwa Securities Co. Ltd. Masterlink Securities Hua Tai Securities Co., Ltd

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

Analyst JOHN FRASER-ANDREWS PO WEI YANG LUO CRAIG STERLING JOHN LAM RAY ZHAO DUNCAN CHAN JOHNSON WAN ZHU JIXIANG ZHANG WEN XIAN ADDISON DAI STUWART CHEN TIMOTHY LEE YE RONG TRINA CHEN NICK LAI MICHELLE LEUNG KEVIN YOU RACHEL CHEUNG ETHANE CHENG TRACY HUANG MARK PO IVAN LEE LUO WEI XIAOQING YAN JULIAN ZHU KENNY TANG SING HING YU ZHOU BEN HARTWRIGHT SHIRLEY ZHAO ADA DAI FELIX LAM DAI KAI-YU PAN LILI

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

Recommendation underweight hold buy underweight Overwt/Attractive reduce buy buy buy hold fully valued buy hold buy neutral overweight buy neutral buy buy buy buy neutral buy outperform Buy/Neutral buy neutral outperform buy equalweight hold buy buy

Amt Held % Out 208'520'248 16.04 161'014'254 12.39 130'188'638 10.02 116'568'000 8.97 67'738'373 5.21 57'079'859 4.39 (48'668'456) -3.74 44'680'231 3.44 33'212'952 2.56 22'621'500 1.74 14'214'000 1.09 14'080'000 1.08 12'792'291 0.98 11'779'500 0.91 10'727'695 0.83 9'603'710 0.74 6'592'620 0.51 6'266'000 0.48 5'665'000 0.44 5'122'500 0.39

Weighting

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

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

Latest Chg (1'814'000) (3'249'947) 60'625'013 5'074'000 (556'200) (720'000) (4'032'000) (450'000) 1'277'885 (4'500) (8'147'891) 6'266'000 5'665'000 12'000

Target Price 26 27 32 #N/A N/A 32 20 32 34 28 27 23 33 29 31 23 32 35 29 34 #N/A N/A 32 35 30 35 34 36 30 26 30 30 26 26 30 #N/A N/A

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

File Dt 08.04.2013 29.04.2013 03.07.2012 31.12.2011 23.03.2012 04.03.2013 04.03.2013 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 30.06.2012 31.03.2013 30.04.2013 30.06.2012 30.06.2012 28.02.2013

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

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

Date 30.04.2013 29.04.2013 29.04.2013 26.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 18.04.2013 10.04.2013 27.03.2013 26.03.2013 25.03.2013 18.03.2013 24.01.2013 16.01.2013 18.12.2012 06.12.2012 06.12.2012 21.11.2012 09.11.2012 29.10.2012 12.09.2012

01.05.2013

ENN Energy Holdings Ltd ENN Energy Holdings Ltd. distributes natural gas in China. The Company, through its subsidiaries, invests in, operates, and manages gas pipelines, and sells and distributes piped and bottled gas in China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2013) 52-Week Low (22.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2688 HK EQUITY YTD Change 2688 HK EQUITY YTD % CHANGE

12/2012 01/yy 46.00 26.20 3'142'681.00 44.9 -2.39% 71.37% 94.44% 1'082.9 48'620.39 11'242.00 2'017.0 6'156.00 45'726.66

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

16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 8'265.5 1.47x 1'487.2 8.16x 630.7 11.51x

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

31.12.2009 31.12.2010 8'412.9 11'215.1 2.73x 2.29x 1'824.3 2'163.8 12.59x 11.86x 802.9 1'013.1 22.66x 20.47x Profitability

31.12.2011 15'068.0 2.01x 2'912.0 10.42x 1'253.0 16.97x

31.12.2012 18'027.0 2.02x 3'698.0 9.87x 1'482.0 19.53x 3'698.00 3'057.00 16.96% 15.82% 5.13% 18.88% 11.72% 0.62% 26.9% 20.5% 17.0% 8.2% 0.83 0.71 36.39% 129.92% 12.68 27.35

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.96 0.57 755.97 66.69% 33.04% 0.568 25 4.000 2'424'149 2'712'717 2'387'946 FY+2

12/13 Y 12/14 Y 22'077.6 26'917.9 2.07x 1.67x 4'098.7 4'750.6 11.16x 9.63x 1'868.5 2'240.1 20.41x 17.05x S&P Issuer Ratings

FQ+1

FQ+2

18.10.2012 BBBSTABLE 5.95 1.32 1.38 3.04 129.9% 51.3% 0.62 1.21 28.86 13.38 87.76 -45.52

Sales/Revenue/Turnover

14.00

20'000.0 18'000.0

12.00

16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

ENN Energy Holdings Ltd Holdings By:

All

Holder Name ENN GROUP INTL INVES CAPITAL GROUP COMPAN COMMONWEALTH BANK OF FMR LLC JP MORGAN VANGUARD GROUP INC BLACKROCK T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL FRANKLIN RESOURCES SHINHAN BNP PARIBAS DEUTSCHE BANK AG HARTFORD INVESTMENT BNP PARIBAS INV PART THREADNEEDLE INVESTM ROBECO INVESTOR SERV NOMURA DNB ASSET MANAGEMENT DIMENSIONAL FUND ADV OPPENHEIMERFUNDS INC

Firm Name Daiwa Securities Co. Ltd. Sanford C. Bernstein & Co Standard Chartered KGI Securities Deutsche Bank AMTD Financial Planning Limited UOB Kay Hian Core Pacific Morgan Stanley Credit Suisse JPMorgan Jefferies HSBC China International Capital Corp Nomura Mirae Asset Securities Goldman Sachs Macquarie EVA Dimensions BOCOM International Holdings Bank of China International

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

Analyst DAVE DAI MICHAEL W PARKER LI EVAN ZHANG GUO ERIC CHENG KENNY TANG SING HING YAN SHI KENNY CHEUNG VINCENT CHOW EDWIN PANG BORIS KAN JOSEPH FONG JENNY COSGROVE BIN GUAN JOSEPH C LAM RICKY NG FRANK HE SERENA LI AUSTIN BURKETT WU FEI PETER YAO

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

Recommendation buy underperform outperform outperform hold buy hold buy Overwt/Attractive underperform overweight buy neutral accumulate neutral hold neutral/neutral outperform hold buy buy

Amt Held 326'095'000 233'836'592 75'488'000 50'105'966 27'485'245 20'619'615 14'046'930 9'710'000 6'134'530 5'398'000 5'273'800 4'147'900 4'146'515 3'550'000 3'482'000 2'742'000 2'710'183 2'488'000 2'384'000 2'382'000

% Out 30.11 21.59 6.97 4.63 2.54 1.9 1.3 0.9 0.57 0.5 0.49 0.38 0.38 0.33 0.32 0.25 0.25 0.23 0.22 0.22

Weighting

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

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

Latest Chg 48'000 40'000 19'485'700 (7'600) 118'000 (7'220'000) (264'000) 1'904'000 602'000 (1'433'500) (54'355) (238'000) 56'000 4'000 52'000 -

Target Price 49 26 51 49 38 46 46 53 45 36 40 50 48 48 34 41 42 46 #N/A N/A 39 38

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

File Dt 18.01.2013 31.03.2013 31.01.2013 31.03.2013 08.04.2013 31.03.2013 29.04.2013 31.03.2013 28.02.2013 30.11.2012 31.12.2012 29.03.2013 31.03.2013 28.02.2013 31.12.2012 28.02.2013 30.10.2012 28.02.2013 31.07.2012 28.02.2013

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

Inst Type Other Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 22.04.2013 19.04.2013 16.04.2013 11.04.2013 09.04.2013 02.04.2013 28.03.2013 28.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 13.03.2013 17.01.2013 13.12.2012 27.11.2012

01.05.2013

China Communications Construction Co Ltd China Communications Construction Company Ltd. is a transportation infrastructure group. The Company is involved in infrastructure construction, infrastructure design, dredging, and port machinery manufacturing. China Communications has operations worldwide.

Price/Volume 9

80.0 M

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1800 HK EQUITY YTD Change 1800 HK EQUITY YTD % CHANGE

12/2012 03/yy 8.43 5.75 25'230'631.00 7.43 -11.86% 29.22% 55.60% 4'427.5 106'094.97 146'158.69 0.0 9'495.6 91'757.15 189'150.62

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

1.20 1.00

30.0 M

3 2

20.0 M

10.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 176'054.1 0.92x 13'432.1 12.11x 5'875.4 21.05x

40.0 M

Valuation Analysis

31.12.2009 31.12.2010 226'920.0 272'734.0 0.64x 0.51x 16'122.0 18'384.0 9.02x 7.55x 7'200.0 9'599.0 13.35x 8.87x Profitability

LTM-4Q 31.12.2011 287'122.1 0.46x 21'197.9 6.21x 11'595.0 6.31x

31.12.2012 288'474.3 0.56x 24'837.1 6.49x 11'950.3 8.02x 24'837.05 17'899.08 6.20% 5.25% 3.05% 15.25% 7.04% 0.73% 11.3% 8.6% 6.2% 4.1% 1.07 0.58 33.68% 166.69% 5.43 3.22

LTM

FY+1

1.41 4'427.50 -1.72% -0.67% 1.406 22 4.682 20'217'320 22'715'470 20'333'310 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 49'005.7 292'862.1 333'399.5 365'944.6 3.64x 2.37x 0.55x 0.52x 0.0 0.0 27'995.5 31'208.9 0.00x 0.00x 6.76x 6.06x 1'527.8 12'213.3 13'512.2 14'947.1 0.00x 7.64x 7.05x 6.27x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.60 0.76 2.17 5.82 166.7% 60.1% 0.73 4.67 67.41 113.66 130.57 51.04

Sales/Revenue/Turnover

350'000.0 300'000.0 250'000.0

0.80

200'000.0 0.60

150'000.0

0.40

100'000.0 50'000.0

0.20

0.0 0.00

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

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

01.05.2013

China Communications Construction Co Ltd Holdings By:

All

Holder Name MERRILL LYNCH FAR EA BLACKROCK JP MORGAN VANGUARD GROUP INC DIMENSIONAL FUND ADV ROBECO INVESTOR SERV GRANTHAM MAYO VAN OT FMR LLC HANG SENG INVESTMENT INVESCO LTD AMERIPRISE FINANCIAL HARVEST FUND MANAGEM SHINHAN BNP PARIBAS DWS INVESTMENT SA STATE STREET BANK OF NEW YORK MEL AMUNDI LUXEMBOURG SA INSTITUTIONAL CAPITA F&C FUND MANAGEMENT ALLIANZ ASSET MANAGE

Firm Name DBS Vickers HSBC EVA Dimensions Deutsche Bank Guotai Junan JPMorgan Daiwa Securities Co. Ltd. UOB Kay Hian Barclays Jefferies Bank of China International China International Capital Corp Morgan Stanley Goldman Sachs Macquarie CCB International Securities Ltd AMTD Financial Planning Limited Citic Securities Co., Ltd SinoPac Credit Suisse

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

Analyst RACHEL MIU ANDERSON CHOW CRAIG STERLING PHYLLIS WANG GARY WONG KAREN LI JOSEPH HO MARK PO PATRICK XU JULIAN BU LI PAN YUE DING KEVIN LUO TIAN LU SAIYI HE ELIZA LIU KENNY TANG SING HING BAO RONGFU VIVIAN LIU INGRID WEI

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

Recommendation buy neutral buy buy accumulate overweight outperform buy overweight buy buy buy Overwt/Attractive neutral/neutral outperform outperform buy buy buy neutral

Amt Held 525'000'000 424'567'097 309'025'233 121'379'497 80'164'714 55'783'094 49'328'150 40'839'314 37'826'652 35'189'000 27'683'560 23'262'000 21'846'000 20'829'800 20'662'812 20'171'300 17'129'251 16'465'000 16'356'000 15'979'000

% Out 11.86 9.59 6.98 2.74 1.81 1.26 1.11 0.92 0.85 0.79 0.63 0.53 0.49 0.47 0.47 0.46 0.39 0.37 0.37 0.36

Weighting

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

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

Latest Chg 4'758'000 18'000 506'800 95'000 (3'000'000) (25'896'127) (1'421'000) (812'000) 2'339'000 21'846'000 (500'000) 238'000 475'000 1'347'000 (1'422'000)

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

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

File Dt 30.06.2011 29.04.2013 01.03.2013 31.03.2013 31.07.2012 28.02.2013 31.05.2012 31.03.2013 30.06.2012 30.04.2013 28.02.2013 30.06.2012 31.12.2012 28.02.2013 30.04.2013 29.04.2013 31.12.2012 28.02.2013 28.02.2013 31.03.2013

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

Date 29.04.2013 26.04.2013 25.04.2013 18.04.2013 08.04.2013 02.04.2013 28.03.2013 28.03.2013 28.03.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 20.01.2013 11.01.2013 17.10.2012 04.10.2012 30.08.2012 16.05.2012 31.01.2012

01.05.2013

Country Garden Holdings Co Ltd Country Garden Holdings Company Limited is a real estate developer. The Company builds villas, townhouses and apartments in Mainland China. Country Gardens also develops large-scale community facilities such as schools, hotels, hospitals, and theme parks.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (15.05.2012) Daily Volume Current Price (5/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 2007 HK EQUITY YTD Change 2007 HK EQUITY YTD % CHANGE

12/2012 12/yy 4.60 2.51 15'785'269.00 4.4 -4.35% 75.30% 88.04% 18'229.7 80'210.51 35'968.79 0.0 1'307.3 11'809.03 89'186.04

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

1.20

90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 15'712.8 2.32x 5'741.1 6.34x 1'378.2 19.80x

5 5 4 4 3 3 2 2 1 1 0 m-12

31.12.2009 31.12.2010 17'585.7 25'804.1 3.15x 2.24x 3'888.1 7'214.8 14.25x 8.01x 2'190.2 4'290.6 18.98x 9.76x Profitability

LTM-4Q 31.12.2011 34'748.3 1.78x 9'857.3 6.26x 5'813.2 6.74x

31.12.2012 41'891.0 2.03x 12'087.1 7.03x 6'852.7 8.58x 12'087.14 11'660.27 27.83% 27.55% 5.62% 20.59% 10.54% 0.34% 36.6% 28.9% 27.8% 16.4% 1.40 0.22 26.35% 95.72% 20.19 0.53

LTM

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

12/yy 25'124.2 6.21x 6'490.7 0.00x 3'876.5 0.00x

FY+1

3.97 1.54 4'337.10 36.98% 8.37% 1.535 30 4.467 19'054'740 26'640'090 26'404'850 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 49'273.3 57'830.1 1.78x 1.52x 14'058.3 16'596.9 6.34x 5.37x 7'755.7 9'108.8 8.17x 6.95x S&P Issuer Ratings

03.09.2009 BB STABLE 3.90 2.87 2.00 2.98 95.7% 48.1% 0.34 1.12 18.13 693.06 85.71 625.49

Sales/Revenue/Turnover

45'000.0 40'000.0

1.00 0.80

35'000.0 30'000.0 25'000.0

0.60

20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

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

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

01.05.2013

Country Garden Holdings Co Ltd Holdings By:

All

Holder Name HUIYAN YANG ERZHU YANG YAOYUAN ZHANG XUEMING OU RUBO SU FMR LLC VANGUARD GROUP INC BLACKROCK INVESTEC ASSET MANAG PICTET & CIE DIMENSIONAL FUND ADV MORGAN STANLEY ALLIANCE BERNSTEIN COHEN & STEERS CAPIT FRANK RUSSELL TRUST STATE STREET PRINCIPAL FINANCIAL SANFORD C BERNSTEIN NORTHERN TRUST CORPO AMUNDI

Firm Name BNP Paribas Equity Research DBS Vickers ICBC International Securities Standard Chartered Nomura EVA Dimensions Deutsche Bank Maybank Kim Eng CCB International Securities Ltd Jefferies JPMorgan Macquarie Bank of China International Mizuho Securities Daiwa Securities Co. Ltd. China International Capital Corp CMB International Capital Corp Ltd Morgan Stanley Goldman Sachs Credit Suisse HSBC Guotai Junan Barclays SWS Research Co Ltd Ji Asia AMTD Financial Planning Limited First Shanghai Securities Ltd

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

Analyst RONNEY CHEUNG DANIELLE WANG PHILIP TSE ANDY SO ALVIN WONG AUSTIN BURKETT JASON CHING KAREN KWAN EDISON BIAN VENANT CHIANG RYAN LI DAVID NG CHRISTINA NGAI ALAN JIN FELIX LAM ERIC YU ZHANG SAMSON MAN BRIAN LEUNG WANG YI JINSONG DU DEREK KWONG DONALD YU WENDY LUO KRIS LI WU GONGLIANG KENNY TANG SING HING MICHAEL KE

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

Recommendation buy buy hold outperform buy buy buy buy neutral buy overweight outperform hold buy buy accumulate buy Overwt/Attractive buy/attractive outperform overweight accumulate overweight neutral sell buy hold

Amt Held 10'481'739'707 1'019'733'743 856'072'771 772'144'068 751'129'497 163'687'289 128'133'732 100'488'149 82'053'800 60'855'312 50'695'814 45'480'311 29'218'470 28'541'092 21'160'641 20'324'409 19'607'000 14'498'000 11'075'238 10'012'349

% Out 57.5 5.59 4.7 4.24 4.12 0.9 0.7 0.55 0.45 0.33 0.28 0.25 0.16 0.16 0.12 0.11 0.11 0.08 0.06 0.05

Weighting

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

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

Latest Chg 490'650'303 47'733'743 40'072'771 36'144'068 14'523'388 (60'379'415) 925'672 (2'407'473) 515'000 10'453'000 (1) (422'000) 629'000 (17'343'818) 2'214'995 (346'000) 1'632'000 396'000 202'000

Target Price 4 5 4 5 4 #N/A N/A 4 4 4 5 5 5 3 5 6 4 4 5 5 4 5 5 5 3 3 4 3

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

File Dt 15.06.2012 15.06.2012 15.06.2012 15.06.2012 18.06.2012 31.03.2013 31.03.2013 29.04.2013 28.02.2013 31.01.2013 31.07.2012 31.12.2012 28.02.2013 31.03.2013 31.05.2012 30.04.2013 31.03.2013 28.02.2013 31.03.2013 31.12.2012

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

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

Date 29.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 15.04.2013 10.04.2013 02.04.2013 27.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 04.03.2013 28.02.2013 30.01.2013 11.01.2013 10.12.2012 02.03.2012

01.05.2013

China Resources Enterprise Ltd China Resources Enterprise Ltd, through its subsidiaries, focuses on the consumer businesses in both Hong Kong and the Chinese Mainland, with core activities being retail, beverage, food processing and distribution, textile, and property investment.

Price/Volume 35

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.05.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (5/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 291 HK EQUITY YTD Change 291 HK EQUITY YTD % CHANGE

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

4.0 M

2.0 M

5 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 57'220.0 0.84x 4'467.0 10.76x 2'322.0 15.72x

6.0 M

12/2012 12/yy 29.50 18.88 3'332'245.00 26.6 -9.83% 40.89% 72.69% 2'402.4 63'904.08 17'726.00 0.0 13'042.0 16'005.00 78'667.08

31.12.2009 31.12.2010 64'131.0 86'728.0 1.27x 0.98x 5'532.0 6'380.0 14.66x 13.34x 2'913.0 5'674.0 24.23x 28.44x Profitability

LTM-4Q 31.12.2011 110'164.0 0.67x 7'125.0 10.36x 2'832.0 22.58x

31.12.2012 126'236.0 0.65x 7'138.0 11.47x 3'945.0 17.04x 7'138.00 3'846.00 3.05% 5.27% 3.27% 10.23% 7.71% 1.05% 24.1% 4.9% 2.3% 3.1% 0.89 0.30 13.90% 43.51% 86.70 4.57

Price/ Cash Flow

LTM

FY+1

1.13 0.94 1'166.16 -3.89% -4.83% 0.944 25 3.440 3'397'891 4'556'047 3'826'154 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 108'052.0 126'236.0 145'588.9 168'033.3 0.00x 0.00x 0.55x 0.46x 0.0 0.0 9'337.9 10'760.2 0.00x 0.00x 8.42x 7.31x 3'147.0 3'945.0 2'115.0 2'565.4 0.00x 0.00x 31.55x 25.48x 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

22.10 0.56 0.28 2.85 43.5% 24.8% 1.05 2.35 4.22 80.12 73.75 10.59

Sales/Revenue/Turnover

12.00

140'000.0

10.00

120'000.0 100'000.0

8.00

80'000.0 6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Resources Enterprise Ltd Holdings By:

All

Holder Name GLOBE FAME INVESTMEN CAPITAL GROUP COMPAN GENESIS ASSET MANAGE ARTIO GLOBAL MANAGEM JP MORGAN VANGUARD GROUP INC ABERDEEN MATTHEWS INTERNATION BLACKROCK FRANKLIN RESOURCES COMMONWEALTH BANK OF MAPS INVESTMENT MANA STATE STREET ING INVESTMENT MANAG FIDELITY INVESTMENTS DELTA LLOYD FUND MAN DIMENSIONAL FUND ADV HANG SENG INVESTMENT SKANDIA GLOBAL FUNDS EMERGING GLOBAL SHAR

Firm Name Maybank Kim Eng BOCOM International Holdings DBS Vickers Goldman Sachs Jefferies Deutsche Bank BNP Paribas Equity Research Nomura Macquarie Standard Chartered KGI Securities Bank of China International China International Capital Corp Guotai Junan Religare Capital Markets Morgan Stanley Barclays JPMorgan Ji Asia Haitong International Securities EVA Dimensions SinoPac Capital Securities Corp AMTD Financial Planning Limited GuoSen Securities Co Ltd

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

Analyst JACQUELINE KO PHOEBE WONG TITUS WU LISA DENG JESSIE GUO ANNE LING CHARLIE Y CHEN EMMA LIU LINDA HUANG CHARLES YAN ANSON CHAN TIFFANY FENG DAN WANG FRANK XU KA LEONG LO LILLIAN LOU VINEET SHARMA KURUMLU EBRU SENER WU GONGLIANG CHO FOOK TAT AUSTIN BURKETT VIVIAN LIU TEAM COVERAGE KENNY TANG SING HING SEASON SUN

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

Recommendation sell sell buy neutral/neutral buy buy buy neutral neutral outperform neutral hold hold accumulate hold Equalwt/Attractive equalweight restricted sell buy sell neutral buy buy buy

Amt Held 1'232'764'380 159'046'000 144'188'662 119'860'360 108'953'953 53'547'564 34'664'000 32'932'000 29'536'000 25'324'000 25'070'900 16'978'000 15'229'538 9'896'243 8'018'000 7'001'862 6'499'000 5'737'826 4'682'017 4'521'147

% Out 51.31 6.62 6 4.99 4.54 2.23 1.44 1.37 1.23 1.05 1.04 0.71 0.63 0.41 0.33 0.29 0.27 0.24 0.19 0.19

Weighting

Change

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

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

Latest Chg (2'447'600) 4'850'000 2'990'000 214'000 2'570'000 (1'350'000) (404'000) (554'889) 47'977 (305'269) -

Target Price 18 19 26 27 32 25 29 27 22 29 26 24 23 26 25 23 23 #N/A N/A 23 31 #N/A N/A 24 30 31 36

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

File Dt 31.12.2011 31.03.2013 31.12.2011 14.10.2010 19.04.2011 31.03.2013 31.03.2013 31.12.2012 29.04.2013 28.03.2013 31.01.2013 31.12.2012 30.04.2013 28.02.2013 31.12.2010 31.01.2013 31.07.2012 30.06.2012 31.01.2013 29.04.2013

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

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

Date 29.04.2013 25.04.2013 24.04.2013 23.04.2013 16.04.2013 08.04.2013 05.04.2013 27.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 27.02.2013 05.02.2013 30.01.2013 17.01.2013 23.11.2012 21.11.2012 22.03.2012 08.02.2012

01.05.2013

Dongfeng Motor Group Co Ltd Dongfeng Motor Group Company Limited, through joint ventures, designs, manufactures, and markets diesel engines, light trucks, automobiles, castings, and related spare parts.

Price/Volume 16

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M

14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (04.10.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 489 HK EQUITY YTD Change 489 HK EQUITY YTD % CHANGE

12/2012 06/yy 15.40 8.54 10'776'386.00 11.56 -24.94% 35.36% 44.02% 2'855.7 99'602.35 16'413.00 0.0 3'715.0 32'101.00 67'150.33

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

1.20 1.00

4 2 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 70'569.0 0.35x 7'105.0 3.43x 3'955.0 4.80x

31.12.2009 31.12.2010 91'758.0 122'395.0 0.84x 0.65x 10'992.0 17'888.0 6.97x 4.41x 6'250.0 10'981.0 13.57x 8.91x Profitability

LTM-4Q 31.12.2011 131'441.0 0.55x 16'142.0 4.47x 10'481.0 8.88x

31.12.2012 124'036.0 0.57x 14'561.0 4.87x 9'092.0 9.12x 14'561.00 11'305.00 9.11% 10.24% 7.83% 18.13% 14.04% 1.07% 19.2% 11.7% 9.1% 7.3% 1.35 0.96 14.30% 30.44% 6.18 8.38

LTM

FY+1

1.63 1.15 2'855.73 -23.09% -3.34% 1.153 35 3.771 12'858'180 14'181'420 17'148'450 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 09/12 Q3 12/12 Q4 61'853.0 138'520.4 150'862.6 0.00x 0.33x 0.25x 0.0 16'343.5 17'600.7 0.00x 4.11x 3.82x 6'529.0 9'591.3 10'411.9 0.00x 8.13x 7.59x 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

44.94 22.26 -1.08 1.13 30.4% 22.2% 1.07 4.81 59.24 43.66 78.84 24.07

Sales/Revenue/Turnover

140'000.0 120'000.0 100'000.0

0.80

80'000.0 0.60

60'000.0

0.40

40'000.0 20'000.0

0.20

0.0 0.00

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

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

01.05.2013

Dongfeng Motor Group Co Ltd Holdings By:

All

Holder Name JP MORGAN THIRD AVENUE MANAGEM BLACKROCK STANDARD CHARTERED B MATTHEWS INTERNATION EDINBURGH PARTNERS L SCHRODER INVESTMENT WELLINGTON MANAGEMEN UBS T ROWE PRICE ASSOCIA VANGUARD GROUP INC FMR LLC FRANKLIN RESOURCES CAPITAL GROUP COMPAN GAM INTERNATIONAL MA SHINHAN BNP PARIBAS HANG SENG INVESTMENT ALLIANZ ASSET MANAGE SCHRODER KOREA LTD GRANTHAM MAYO VAN OT

Firm Name

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

Analyst

EVA Dimensions CRAIG STERLING Deutsche Bank VINCENT HA Credit Suisse JACK YEUNG DBS Vickers RACHEL MIU UOB Kay Hian KEN LEE Sanford C. Bernstein & Co MAX WARBURTON Guotai Junan HARRY CHEN Religare Capital Markets STANLEY CHAN Goldman Sachs YIPENG YANG BNP Paribas Equity Research TINA LI Ji Asia STEPHEN USHER KGI Securities WEI SHEN Haitong International Securities LIANG YONGHUO CIMB CHEAM TZE SHEN Sun Hung Kai Securities EVA YIP China International Capital Corp ZHENG DONG SWS Research Co Ltd TITUS WU Oriental Patron Securities Ltd VIVIEN CHAN Standard Chartered REBECCA TANG Macquarie JANET B LEWIS Bank of China International ERIC HU CCB International Securities Ltd RONNIE HO Morgan Stanley KATE ZHU JPMorgan NICK LAI Nomura BENJAMIN LO Core Pacific OLIVE XIA HSBC CARSON NG Daiwa Securities Co. Ltd. JEFF CHUNG AMTD Financial Planning Limited KENNY TANG SING HING Mizuho Securities OLE HUI Capital Securities Corp TEAM COVERAGE Yuanta Securities Investment ConsultingTEAM COVERAGE Citic Securities Co., Ltd LI CHUNBO Everbright Securities Co., Ltd WEI YAO

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

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

Amt Held 427'413'465 384'047'056 304'172'756 242'282'000 173'664'000 153'514'000 140'258'000 136'994'216 125'280'643 98'056'000 74'060'314 56'945'596 52'156'408 33'874'000 33'718'000 26'096'000 23'178'063 20'304'000 19'792'000 17'478'000

% Out 14.97 13.45 10.65 8.48 6.08 5.38 4.91 4.8 4.39 3.43 2.59 1.99 1.83 1.19 1.18 0.91 0.81 0.71 0.69 0.61

Weighting

Change

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

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

Latest Chg (4'000) (10'126'221) (241'000) 39'690'000 (173'300) (7'488'541) 538'000 26'096'000 15'632'000 (10'024'000) -

Target Price #N/A N/A 14 14 15 9 17 13 15 13 14 14 12 12 16 15 14 13 14 14 13 13 13 10 8 16 14 11 11 13 9 12 #N/A N/A 11 #N/A N/A

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

File Dt Inst Type 11.04.2013 Investment Advisor 14.01.2013 Hedge Fund Manager 29.04.2013 Investment Advisor 31.12.2011 Bank 05.03.2013 Investment Advisor 31.12.2011 Investment Advisor 04.10.2012 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor

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

Date 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 26.04.2013 24.04.2013 23.04.2013 17.04.2013 16.04.2013 16.04.2013 12.04.2013 11.04.2013 09.04.2013 03.04.2013 02.04.2013 02.04.2013 02.04.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 27.03.2013 27.03.2013 19.03.2013 12.03.2013 17.02.2013 15.02.2013 08.02.2013 11.12.2012 04.09.2012 04.09.2012 30.08.2012 10.05.2012

01.05.2013

China Merchants Holdings International Co Ltd China Merchants Holdings International Company Limited, through its subsidiaries and associated companies, operates container and cargo terminals, port transportation, and airport cargo handling. The Company also manufactures containers, paint, and trailers as well as operates toll road, shipping, property, and dealing securities businesses.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 144 HK EQUITY YTD Change 144 HK EQUITY YTD % CHANGE

12/2012 01/yy 29.00 21.00 2'896'119.00 24.55 -15.34% 16.90% 44.37% 2'491.9 61'175.00 18'822.00 0.0 8'140.0 4'561.00 83'576.00

40.0 M 35.0 M 30.0 M

25.0 M

20.0 M 15.0 M

10.0 M

5.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

45.0 M

30 25

Valuation Analysis

31.12.2008 4'135.0 11.94x 2'445.0 20.19x 3'706.0 10.20x

31.12.2009 31.12.2010 3'588.0 5'811.0 20.81x 17.43x 2'044.0 3'174.0 36.53x 31.92x 3'238.0 5'876.0 22.36x 12.84x Profitability

31.12.2011 9'470.0 8.88x 4'277.0 19.66x 5'569.0 10.02x

31.12.2012 11'022.0 7.65x 4'453.0 18.93x 3'818.0 16.21x 4'453.00 3'169.00 28.75% 62.34% 4.64% 8.58% 8.96% 0.13% 39.3% 40.4% 28.8% 34.6% 0.69 0.62 24.30% 41.33% 10.72 2.84

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.85 1.11 1'141.59 1.88% -1.21% 1.114 23 3.348 3'017'702 2'946'191 2'867'647 FY+2

12/13 Y 12/14 Y 9'087.1 9'483.6 10.09x 9.83x 5'388.9 5'936.8 15.51x 14.08x 4'222.2 4'760.1 14.39x 12.79x S&P Issuer Ratings

FQ+1

FQ+2

17.02.2005 BBB STABLE 3.11 2.02 3.20 4.23 41.3% 26.0% 0.13 0.37 34.14 128.87 51.95 111.06

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Merchants Holdings International Co Ltd Holdings By:

All

Holder Name CHINA MERCHANTS UNIO DAVIS SELECTED ADVIS COMMONWEALTH BANK OF CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC THORNBURG INVESTMENT EASTSPRING INVESTMEN BEST WINNER INVESTME DEUTSCHE BANK AG STATE STREET DIMENSIONAL FUND ADV MATTHEWS INTERNATION HARDING LOEVNER LP ROYAL BANK OF CANADA FRANK RUSSELL TRUST LITMAN/GREGORY FUND HANG SENG INVESTMENT CAUSEWAY CAPITAL MAN

Firm Name Guotai Junan Nomura Barclays DBS Vickers China International Capital Corp UOB Kay Hian Morgan Stanley JPMorgan Jefferies HSBC Deutsche Bank Daiwa Securities Co. Ltd. Credit Suisse Goldman Sachs Citic Securities Co., Ltd AMTD Financial Planning Limited Standard Chartered EVA Dimensions Macquarie Bank of China International SWS Research Co Ltd China Merchants Securities

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

Analyst JASON SONG ANDREW LEE JON WINDHAM PAUL YONG NIE DIZHONG LAWRENCE LI EDWARD XU KAREN LI BOYONG LIU PARASH JAIN SKY HONG KELVIN LAU DAVIN CHUNPONG WU SIMON CHEUNG SIMON YEUNG KENNY TANG SING HING CLAIRE TENG CRAIG STERLING BONNIE CHAN MATTHEW XU LEO FAN YU HUANGYAN

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

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

Amt Held 1'344'024'687 145'910'554 106'292'884 71'476'599 40'900'000 31'455'377 30'571'503 22'844'776 18'839'133 17'269'516 15'581'514 14'870'166 13'238'781 12'220'581 12'178'032 5'600'000 5'397'701 5'355'000 5'163'715 3'278'000

% Out 53.94 5.86 4.27 2.87 1.64 1.26 1.23 0.92 0.76 0.69 0.63 0.6 0.53 0.49 0.49 0.22 0.22 0.21 0.21 0.13

Weighting

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

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

Latest Chg 3'124'973 16'842'000 198'000 (62'900) 1'654'000 (1'590'686) 7'013 (44'000) 3'510'000 24'701 (1'108'000) 20'000

Target Price 33 32 29 28 20 18 32 21 25 28 33 34 24 28 27 29 24 #N/A N/A 24 23 33 17

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

File Dt 20.07.2012 31.12.2011 31.01.2013 31.03.2013 31.03.2013 29.04.2013 31.03.2013 28.02.2013 14.09.2012 20.07.2012 29.03.2013 30.04.2013 31.07.2012 31.12.2012 30.06.2012 31.12.2012 31.05.2012 31.12.2012 30.06.2012 31.03.2013

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

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

Date 24.04.2013 16.04.2013 11.04.2013 28.03.2013 28.03.2013 28.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 07.03.2013 01.03.2013 22.02.2013 07.02.2013 29.01.2013 29.01.2013 28.01.2013 17.01.2013 15.01.2013 31.08.2012 25.06.2010 23.02.2009

01.05.2013

Beijing Enterprises Holdings Ltd Beijing Enterprises Holdings Ltd. is a diversified company. The Company brews beer, distributes natural gas through pipelines, invests in, designs, constructs and operates water supply and wastewater treatment plants, operates toll roads, disposes of hazardous waste, and offers electronic payment systems.

Price/Volume 70

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

60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (10.04.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (5/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 392 HK EQUITY YTD Change 392 HK EQUITY YTD % CHANGE

12/2012 01/yy 64.50 41.25 1'768'329.00 58.05 -10.00% 40.73% 72.26% 1'144.6 66'442.40 26'460.84 0.0 8'030.2 12'236.96 88'696.49

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

1.20 1.00

10 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 19'704.2 2.21x 3'391.0 12.83x 2'281.8 15.72x

31.12.2009 31.12.2010 24'208.4 27'612.8 3.04x 2.14x 4'209.3 4'257.0 17.46x 13.90x 2'398.9 2'639.3 26.66x 20.78x Profitability

31.12.2011 30'471.8 2.23x 4'174.1 16.30x 2'775.9 19.10x

31.12.2012 35'569.6 2.24x 4'152.2 19.19x 3'270.4 17.60x 4'152.23 2'289.10 6.44% 11.81% 3.92% 8.47% 6.45% 0.43% 20.7% 11.7% 6.4% 9.2% 1.34 0.72 29.56% 66.80% 17.83 4.98

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.29 0.59 469.27 35.80% 14.95% 0.590 22 4.273 2'568'377 2'611'286 2'506'458 FY+2

12/13 Y 12/14 Y 41'401.3 49'447.2 2.12x 1.76x 6'326.5 7'179.4 14.02x 12.35x 3'927.9 4'788.2 17.03x 14.10x S&P Issuer Ratings

FQ+1

FQ+2

28.04.2011 ASTABLE 3.80 -3.64 3.43 6.37 66.8% 35.7% 0.43 1.13 20.53 73.43 28.72 65.24

Sales/Revenue/Turnover

40'000.0 35'000.0 30'000.0

0.80 0.60

25'000.0 20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

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

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

01.05.2013

Beijing Enterprises Holdings Ltd Holdings By:

All

Holder Name BEIJING ENTERPRISES BEIJING ENTERPRISES MODERN ORIENT LTD CAPITAL GROUP COMPAN JP MORGAN VANGUARD GROUP INC BLACKROCK T ROWE PRICE ASSOCIA DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE MORGAN STANLEY DEUTSCHE BANK AG SCHRODER INVESTMENT UNIVERSAL INVEST CON NORTHERN TRUST CORPO FRANK RUSSELL TRUST STATE STREET NORDEA INV MANAGEMEN MACQUARIE INFRASTRUC ALLIANZ GLOBAL INVES

Firm Name Nomura Haitong International Securities Deutsche Bank Guotai Junan Jefferies UOB Kay Hian JPMorgan CIMB China International Capital Corp Goldman Sachs Credit Suisse BNP Paribas Equity Research Morgan Stanley Bank of China International Standard Chartered EVA Dimensions Daiwa Securities Co. Ltd. AMTD Financial Planning Limited

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios SISF - HONG KONG EQU Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOSEPH C LAM CHO FOOK TAT ERIC CHENG PETER SHENG RONG LI YAN SHI BORIS KAN KEITH LI BIN GUAN FRANK HE EDWIN PANG DAISY ZHANG VINCENT CHOW PETER YAO LI EVAN CRAIG STERLING DAVE DAI KENNY TANG SING HING

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

Recommendation buy buy buy buy hold buy overweight outperform buy neutral/neutral outperform buy Equalwt/Attractive buy in-line sell outperform buy

Amt Held 411'250'000 163'730'288 100'050'000 54'208'750 41'846'243 36'982'869 35'036'253 23'515'000 8'577'500 8'028'219 7'314'500 6'676'550 3'525'000 3'000'000 1'941'571 1'915'813 1'806'964 1'708'000 1'665'000 1'661'000

% Out 35.93 14.3 8.74 4.74 3.66 3.23 3.06 2.05 0.75 0.7 0.64 0.58 0.31 0.26 0.17 0.17 0.16 0.15 0.15 0.15

Weighting

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

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

Latest Chg (1'206'670) (868'000) 4'559'000 384'000 543'500 1'370'400 37'800 40'153 518'000 (137'000) -

Target Price 63 66 67 68 59 68 60 70 70 55 65 67 62 72 55 #N/A N/A 59 52

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

File Dt 28.03.2013 28.03.2013 28.03.2013 21.01.2013 24.04.2012 31.03.2013 29.04.2013 31.03.2013 31.07.2012 31.03.2013 31.12.2012 29.03.2013 31.12.2012 28.03.2013 31.03.2013 31.05.2012 30.04.2013 27.03.2013 30.11.2012 31.12.2012

Date Not Provided 12 month 12 month Not Provided 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

Inst Type Other 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 Investment Advisor Investment Advisor Investment Advisor

Date 30.04.2013 18.04.2013 15.04.2013 08.04.2013 02.04.2013 02.04.2013 01.04.2013 01.04.2013 01.04.2013 29.03.2013 29.03.2013 29.03.2013 28.03.2013 07.03.2013 01.03.2013 15.01.2013 17.12.2012 31.08.2012

01.05.2013

China Mengniu Dairy Co Ltd China Mengniu Dairy Company Limited, through its subsidiaries, manufactures and distributes quality dairy products in China. The principal products are liquid milk products, ice cream, and other dairy products, such as milk powder. The Company markets its products under its primary MENGNIU core brand.

Price/Volume 30

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

25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (15.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2319 HK EQUITY YTD Change 2319 HK EQUITY YTD % CHANGE

12/2012 01/yy 24.30 19.52 4'577'599.00 21.85 -10.08% 11.94% 48.74% 1'781.1 38'916.13 743.29 0.0 628.6 6'178.39 26'108.12

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

5 0 m-12

31.12.2009 31.12.2010 25'710.5 30'265.4 1.46x 0.82x 1'985.6 2'108.0 18.86x 11.80x 1'115.8 1'237.3 35.88x 24.53x Profitability

31.12.2011 37'387.8 0.56x 2'586.0 8.03x 1'589.3 16.22x

31.12.2012 36'080.4 0.73x 2'464.6 10.75x 1'257.1 24.89x 2'464.63 1'447.76 4.01% 4.67% 6.10% 10.51% 11.02% 1.75% 25.1% 6.8% 4.0% 3.5% 1.40 1.00 3.54% 5.97% 44.07 17.41

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.92 0.55 1'213.93 -7.94% -0.68% 0.545 30 3.733 4'238'537 4'998'665 5'196'341 FY+2

12/13 Y 12/14 Y 41'680.4 47'651.6 0.62x 0.52x 3'050.6 3'651.3 8.56x 7.15x 1'608.8 1'943.0 19.10x 15.72x S&P Issuer Ratings

FQ+1

FQ+2

66.74 3.53 -2.21 0.30 6.0% 5.4% 1.75 4.11 8.30 21.03 33.68 -4.35

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 23'865.0 0.55x (554.1) (948.6) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Mengniu Dairy Co Ltd Holdings By:

All

Holder Name COFCO DAIRY INVESTME COMMONWEALTH BANK OF FARWILL LTD UBS FMR LLC JP MORGAN MORGAN STANLEY YINNIU MILK INDUSTRY BLACKROCK VANGUARD GROUP INC SCHRODER INVESTMENT JINNIU MILK INDUSTRY CAPITAL GROUP COMPAN MATTHEWS INTERNATION SCHRODER INVESTMENT COLONIAL FIRST STATE FIDEURAM GESTIONS SA STATE STREET SCHRODER INVESTMENT MACQUARIE GROUP

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios SISF - HONG KONG EQU n/a n/a Multiple Portfolios SCHRODER INTL SEL-EM n/a Multiple Portfolios n/a SISF GREATER CHINA F n/a

Analyst

CIMB Yang Lei Jefferies JESSIE GUO Nomura EMMA LIU Deutsche Bank ANNE LING SWS Research Co Ltd SEAN ZHANG BNP Paribas Equity Research CHARLIE Y CHEN Maybank Kim Eng JACQUELINE KO First Shanghai Securities Ltd PATRICK WONG EVA Dimensions AUSTIN BURKETT KGI Securities ANSON CHAN China International Capital Corp FEIYANG YUAN Standard Chartered CHARLES YAN Goldman Sachs LISA DENG Guotai Junan SUNNY KWOK Oriental Patron Securities Ltd TRACY SUN ABC International LISA LEE Morgan Stanley LILLIAN LOU Credit Suisse KEVIN YIN JPMorgan KURUMLU EBRU SENER DBS Vickers TITUS WU Barclays VINEET SHARMA Mirae Asset Securities MAXWELL YANG Citic Securities Co., Ltd HUANG WEI HSBC CHRISTOPHER K LEUNG UOB Kay Hian TAI RENEE Bank of China International JENNY CHAN ICBC International Securities ALEX CHENG Capital Securities Corp TRACY SUN Core Pacific OLIVE XIA AMTD Financial Planning Limited KENNY TANG SING HING Yuanta Securities Investment ConsultingTEAM COVERAGE

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

Recommendation outperform buy buy hold buy buy hold buy sell neutral buy outperform Buy/Neutral accumulate hold buy Overwt/Attractive outperform overweight hold equalweight reduce buy underweight sell hold hold buy buy buy Under Review

Amt Held 347'600'000 176'299'821 148'014'022 102'862'569 88'859'847 83'650'965 71'908'671 45'344'396 29'639'000 22'634'336 14'159'000 12'654'292 10'564'250 10'066'000 8'847'000 8'307'000 7'040'000 5'921'000 5'882'000 5'828'000

% Out 19.52 9.9 8.31 5.78 4.99 4.7 4.04 2.55 1.66 1.27 0.79 0.71 0.59 0.57 0.5 0.47 0.4 0.33 0.33 0.33

Weighting

Change

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

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

Latest Chg (924'000) (19'515'000) (8'000) (2'429'000) 32'000 (10'825'700) 1'550'000 415'000 312'000 157'000 1'390'000 451'000 -

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

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

File Dt 15.06.2012 19.04.2013 15.06.2012 15.02.2013 31.03.2013 31.12.2012 28.02.2013 09.09.2011 29.04.2013 31.03.2013 31.12.2012 09.09.2011 31.01.2013 31.12.2012 31.12.2012 23.07.2012 02.04.2013 30.04.2013 31.12.2012 28.02.2013

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

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

Date 24.04.2013 16.04.2013 16.04.2013 08.04.2013 08.04.2013 05.04.2013 02.04.2013 02.04.2013 02.04.2013 29.03.2013 29.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 05.03.2013 15.01.2013 03.01.2013 09.11.2012 26.10.2012 02.05.2012 29.03.2012 28.03.2012 13.02.2012 05.09.2011

01.05.2013

Huaneng Power International Inc Huaneng Power International, Inc. develops, constructs, owns and operates coal-fired power plants throughout China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (03.05.2012) Daily Volume Current Price (5/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 902 HK EQUITY YTD Change 902 HK EQUITY YTD % CHANGE

12/2012 03/yy 9.07 4.44 10'300'669.00 8.97 -1.10% 102.03% 97.84% 3'555.4 116'088.23 132'091.81 0.0 9'337.5 10'732.00 218'051.04

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

1.20 1.00

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 67'728.7 2.75x 6'911.4 26.99x (3'937.7) -

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

31.12.2009 31.12.2010 76'711.0 104'170.5 2.33x 1.97x 18'639.8 19'363.9 9.59x 10.60x 4'929.5 3'348.0 9.43x 12.44x Profitability

LTM-4Q 31.12.2011 132'936.8 1.77x 21'207.5 11.08x 1'180.5 41.87x

31.12.2012 133'294.6 1.59x 29'152.8 7.26x 5'868.7 13.73x 29'152.77 18'062.83 13.55% 7.07% 2.25% 10.86% 6.22% 0.52% 15.9% 21.8% 13.5% 4.4% 0.39 0.29 51.43% 237.66% 8.69 -

LTM

FY+1

2.95 0.62 3'058.98 97.17% 25.10% 0.624 28 4.286 21'729'590 21'656'920 20'107'690 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 136'732.4 131'081.6 142'323.5 150'378.7 5.90x 6.52x 1.80x 1.70x 0.0 0.0 35'305.4 37'352.6 0.00x 0.00x 6.18x 5.84x 1'961.3 7'503.0 9'358.5 10'311.0 23.15x 12.49x 10.70x 9.71x S&P Issuer Ratings Long-Term Rating Date 14.04.2010 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 3.05 (EBITDA-Capex)/Interest Exp. 1.42 Net Debt/EBITDA 4.17 Total Debt/EBITDA 4.54 Reference Total Debt/Equity 237.7% Total Debt/Capital 67.0% Asset Turnover 0.52 Net Fixed Asset Turnover 0.73 Accounts receivable turnover-days 42.12 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle 38.94 Sales/Revenue/Turnover

140'000.0 120'000.0 100'000.0

0.80

80'000.0 0.60

60'000.0

0.40

40'000.0 20'000.0

0.20

0.0 0.00

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

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

01.05.2013

Huaneng Power International Inc Holdings By:

All

Holder Name CHINA HUANENG GROUP BLACKROCK HSBC GLOBAL ASSET MA VANGUARD GROUP INC CAPITAL GROUP COMPAN FMR LLC PICTET & CIE PRINCIPAL FINANCIAL ROBECO INVESTOR SERV HANG SENG INVESTMENT STATE STREET FRANK RUSSELL TRUST SHINHAN BNP PARIBAS BNP PARIBAS INV PART BANK OF NEW YORK MEL ALLIANZ ASSET MANAGE HARVEST FUND MANAGEM ROYAL BANK OF CANADA ROBECO FUND MANAGEME COHEN & STEERS CAPIT

Firm Name Capital Securities Corp EVA Dimensions Nomura KGI Securities Guotai Junan Credit Suisse BNP Paribas Equity Research Deutsche Bank Morgan Stanley JPMorgan Jefferies Sanford C. Bernstein & Co Bank of China International DBS Vickers SWS Research Co Ltd UOB Kay Hian Macquarie HSBC China International Capital Corp Mirae Asset Securities Standard Chartered Masterlink Securities Goldman Sachs Daiwa Securities Co. Ltd. Everbright Securities Co., Ltd Maybank Kim Eng Kingsway SW Securities

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

Analyst LAI SHENSHENG AUSTIN BURKETT JOSEPH C LAM CHEN JUDITH LEO WU EDWIN PANG DAISY ZHANG MICHAEL TONG SIMON H Y LEE BORIS KAN JOSEPH FONG MICHAEL W PARKER PETER YAO JUNE NG HUANG ZHE YAN SHI IVAN LEE JENNY COSGROVE JUNHUA CHEN RICKY NG LI EVAN LI YAN FRANKLIN CHOW DAVE DAI BARBARA HON EDWARD FUNG FRANCO HONG

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

Recommendation buy buy buy outperform accumulate outperform buy buy Equalwt/In-Line underweight buy market perform hold buy outperform buy outperform overweight accumulate buy in-line buy Buy/Neutral underperform not rated buy not rated

Amt Held 496'400'000 292'184'901 172'501'054 88'853'629 79'600'000 42'512'063 38'690'000 34'980'000 29'373'486 27'338'955 24'670'530 21'788'000 20'142'000 19'050'000 16'209'657 14'376'000 13'826'000 11'250'000 9'889'731 9'452'205

% Out 13.96 8.22 4.85 2.5 2.24 1.2 1.09 0.98 0.83 0.77 0.69 0.61 0.57 0.54 0.46 0.4 0.39 0.32 0.28 0.27

Weighting

Change

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

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

Latest Chg (18'100'000) 57'000 (42'031'922) (244'000) 9'750'000 2'999'999 30'000 (880'000) 838'000 (598'000) (658'000) 24'000 3'626'000 21'731 (13'491'800)

Target Price 10 #N/A N/A 8 9 10 9 10 10 9 7 9 9 10 9 8 10 9 9 9 9 9 8 8 6 #N/A N/A 5 #N/A N/A

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

File Dt 03.08.2012 29.04.2013 05.11.2012 31.03.2013 31.03.2013 31.03.2013 31.01.2013 31.03.2013 28.02.2013 30.06.2012 30.04.2013 31.05.2012 31.12.2012 28.02.2013 29.04.2013 31.03.2013 30.06.2012 31.12.2012 28.02.2013 31.03.2013

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

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

Date 30.04.2013 30.04.2013 29.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 01.02.2013 27.01.2013 17.12.2012 25.10.2012 02.12.2010 25.08.2009

01.05.2013

Brilliance China Automotive Holdings Ltd Brilliance China Automotive Holdings Limited, through its subsidiaries, manufactures and distributes minibuses and sedans in the People's Republic of China. The Company also manufactures and trades automotive components.

Price/Volume 12

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

10 8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1114 HK EQUITY YTD Change 1114 HK EQUITY YTD % CHANGE

12/2012 01/yy 11.40 6.15 11'267'705.00 9.5 -16.67% 54.47% 63.81% 5'025.8 47'744.81 2'827.16 0.0 (816.1) 894.07 39'045.10

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

1.20 1.00

2 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 5'472.7 0.83x 734.2 6.18x 80.9 2.21x

31.12.2009 31.12.2010 6'149.0 8'948.7 1.37x 3.03x 1'406.3 660.2 5.99x 41.02x (1'639.8) 1'270.9 19.75x Profitability

31.12.2011 6'442.9 5.54x 359.5 99.32x 1'812.3 18.74x

31.12.2012 5'916.0 6.71x 21.4 1855.86x 2'301.0 16.75x 21.38 -118.78 -2.01% 38.79% 15.94% 27.06% 22.55% 0.41% 11.8% 0.4% -2.0% 38.9% 0.94 0.39 17.61% 28.23% 3.66 6.63

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.31 2'881.14 12.83% -0.42% 1.310 34 3.824 9'391'954 15'929'570 15'569'070 FY+2

12/13 Y 12/14 Y 6'030.8 6'412.1 6.22x 5.79x 112.1 142.9 348.39x 273.17x 3'011.9 3'638.4 12.47x 10.44x S&P Issuer Ratings

FQ+1

FQ+2

0.12 0.26 90.40 132.21 28.2% 23.5% 0.41 3.34 99.90 55.24 192.10 -36.96

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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

01.05.2013

Brilliance China Automotive Holdings Ltd Holdings By:

All

Holder Name HUACHEN AUTOMOTIVE G FRANKLIN RESOURCES TEMPLETON INVESTMENT WILLIAM BLAIR & COMP VANGUARD GROUP INC MAPS INVESTMENT MANA MANULIFE FUNDS DIREC BLACKROCK FMR LLC BNP PARIBAS INV PART SHINHAN BNP PARIBAS MACQUARIE GROUP VALUE PARTNERS GROUP AMERICAN CENTURY COM HARVEST FUND MANAGEM FIDELITY INVESTMENTS AMUNDI LUXEMBOURG SA BARING ASSET MANAGEM INVESCO LTD MIRAE ASSET GLOBAL I

Firm Name

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

Analyst

Sanford C. Bernstein & Co MAX WARBURTON Deutsche Bank VINCENT HA Religare Capital Markets STANLEY CHAN BNP Paribas Equity Research TINA LI Goldman Sachs YIPENG YANG BOCOM International Holdings WEI YAO Morgan Stanley KATE ZHU KGI Securities WEI SHEN CIMB CHEAM TZE SHEN First Shanghai Securities Ltd XIAOXIA CHEN Standard Chartered REBECCA TANG Credit Suisse JACK YEUNG Macquarie JANET B LEWIS Bank of China International ERIC HU Haitong International Securities LIANG YONGHUO DBS Vickers RACHEL MIU China International Capital Corp ZHENG DONG SWS Research Co Ltd TITUS WU UOB Kay Hian KEN LEE JPMorgan NICK LAI HSBC CARSON NG Nomura BENJAMIN LO CCB International Securities Ltd RONNIE HO Guotai Junan HARRY CHEN Daiwa Securities Co. Ltd. JEFF CHUNG EVA Dimensions CRAIG STERLING Mizuho Securities OLE HUI Oriental Patron Securities Ltd VIVIEN CHAN Everbright Securities Co., Ltd WEI YAO Yuanta Securities Investment ConsultingTEAM COVERAGE Citic Securities Co., Ltd LI CHUNBO Hua Tai Securities Co., Ltd TEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING

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

Recommendation outperform buy hold buy neutral/neutral long-term buy Underwt/In-Line neutral neutral buy outperform outperform outperform hold hold buy hold neutral sell overweight overweight neutral neutral neutral outperform underweight underperform buy buy Under Review buy buy buy

Amt Held 2'135'074'988 890'373'347 284'577'031 91'808'000 66'562'700 59'110'000 51'090'000 43'840'000 38'709'597 34'572'473 33'276'000 31'830'000 25'012'000 22'972'000 22'040'000 17'372'000 16'902'000 15'980'000 13'538'000 12'254'000

% Out 42.48 17.72 5.66 1.83 1.32 1.18 1.02 0.87 0.77 0.69 0.66 0.63 0.5 0.46 0.44 0.35 0.34 0.32 0.27 0.24

Weighting

Change

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

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

Latest Chg (125'000'000) 20'000 50'566'000 204'700 (10'562'000) 20'000 (10'412'525) (734'330) 10'190'000 20'522'000 12'014'000 (2'658'000) 12'254'000

Target Price 13 12 9 10 9 10 7 10 11 10 11 12 12 11 10 12 10 10 8 11 14 12 11 11 12 #N/A N/A 7 11 9 #N/A N/A 9 #N/A N/A 8

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

File Dt 10.09.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 30.06.2012 29.04.2013 31.03.2013 28.02.2013 31.12.2012 30.06.2011 31.08.2012 31.12.2012 30.06.2012 31.12.2010 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 26.04.2013 23.04.2013 23.04.2013 19.04.2013 17.04.2013 17.04.2013 15.04.2013 12.04.2013 09.04.2013 08.04.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 07.03.2013 15.02.2013 15.01.2013 11.12.2012 19.10.2012 12.09.2012 30.08.2012 30.08.2012 29.08.2012 25.05.2012

01.05.2013

AAC Technologies Holdings Inc AAC Technologies Holdings Inc. designs and manufactures miniature acoustic components. The Company's products are used in mobile telecommunications, IT products, consumer electronics, home appliances, automobile and medical applications and markets.

Price/Volume 45

60.0 M

50.0 M

35 30

40.0 M

12/2012 12/yy 39.45 20.10 3'766'247.00 37.85 -4.06% 88.31% 91.73% 1'228.0 46'479.80 1'354.25 0.0 51.8 1'313.96 37'015.32

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

31.12.2009 31.12.2010 2'203.1 3'349.0 5.65x 6.15x 828.9 1'284.1 15.02x 16.03x 615.0 986.7 22.54x 21.89x Profitability

10.0 M

5 0 m-12

.0 M j-12

LTM-4Q 31.12.2011 4'059.7 4.23x 1'439.2 11.92x 1'036.2 16.76x

31.12.2012 6'282.9 4.28x 2'252.1 11.93x 1'762.6 15.19x 2'252.11 1'949.28 31.02% 32.08% 22.54% 32.56% 26.39% 0.80% 44.2% 35.8% 31.0% 28.1% 1.67 1.17 15.17% 22.28% 4.02 4.63

Price/ Cash Flow

12/yy 4'059.7 4.30x 0.0 0.00x 1'036.2 16.88x

j-12

a-12

s-12

o-12

LTM 12/yy 6'282.9 7.82x 0.0 0.00x 1'762.6 15.19x

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

1.89 0.90 726.32 67.96% 39.67% 0.904 30 4.400 3'633'508 5'547'720 4'325'973 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'311.6 9'866.3 1'823.2 1'897.0 4.36x 3.63x 2'967.8 3'508.2 531.5 602.0 12.47x 10.55x 14.81x 2'306.7 2'727.7 487.6 526.3 16.18x 13.57x 15.85x 14.72x S&P Issuer Ratings

187.16 47.63 0.02 0.60 22.3% 18.1% 0.80 1.92 91.08 79.08 58.10 112.06

Sales/Revenue/Turnover

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

20.0 M

Fiscal Year Ended 31.12.2008 2'256.0 1.19x 753.8 3.56x 590.4 6.38x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2018 HK EQUITY YTD Change 2018 HK EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

AAC Technologies Holdings Inc Holdings By:

All

Holder Name CHUNYUAN WU INGRID JP MORGAN PAN ZHENGMIN CAPITAL GROUP COMPAN CREDIT SUISSE AG WELLINGTON MANAGEMEN FMR LLC COMMONWEALTH BANK OF COLUMBIA WANGER ASSE BARING ASSET MANAGEM INVESCO LTD SCHRODER INVESTMENT LAZARD ASSET MANAGEM UMB BANK N A AMERIPRISE FINANCIAL GCIC LTD/CANADA WILLIAM BLAIR & COMP VANGUARD GROUP INC CALAMOS ADVISORS LLC BANK OF NEW YORK MEL

Firm Name

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

Analyst

Macquarie STEVE ZHANG Nomura ANNE LEE Credit Suisse YAN TAW BOON Daiwa Securities Co. Ltd. LU CHIA-LIN CCB International Securities Ltd RONNIE HO Morgan Stanley JASMINE LU First Shanghai Securities Ltd TSOI HO Haitong International Securities ALEX LEE SWS Research Co Ltd LAN KUN KGI Securities RICHARD KO DBS Vickers DENNIS LAM Maybank Kim Eng ANDY POON OSK (Asia) Securities KY NG BOCOM International Holdings JIANYING MILES XIE Goldman Sachs ROBERT YEN Jefferies KEN HUI HSBC YOLANDA WANG Bank of China International YANG TONY Barclays DALE GAI CIMB JONATHAN NG EVA Dimensions ANDREW S ZAMFOTIS Standard Chartered DON SEE Citic Securities Co., Ltd ZHENMIN LIN Capital Securities Corp TEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Yuanta Securities Investment ConsultingBONNIE CHANG GuoSen Securities Co Ltd BILL FAN

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

Recommendation outperform buy outperform buy neutral Equalwt/Attractive buy buy buy outperform hold buy neutral buy Buy/Neutral hold neutral buy overweight outperform underweight in-line overweight buy buy Under Review buy

Amt Held 262'820'525 256'048'828 238'066'007 154'145'200 93'600'000 60'375'375 24'872'085 18'916'000 9'414'527 9'119'500 9'093'500 7'388'000 7'333'340 6'155'270 5'652'996 5'576'500 5'331'287 3'987'732 3'155'000 3'103'500

% Out 21.4 20.85 19.39 12.55 7.62 4.92 2.03 1.54 0.77 0.74 0.74 0.6 0.6 0.5 0.46 0.45 0.43 0.32 0.26 0.25

Weighting

Change

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

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

Latest Chg (33'000'000) 57'000 (1'309'000) (6'519'438) (250'000) 5'500 (1'984'500) (565'000) 3'468'000 117'500 160'500 (2'587'500) (629'500) 93'930 (896'000)

Target Price 42 40 39 45 35 38 43 37 23 40 34 37 36 41 40 31 36 39 40 36 #N/A N/A 30 34 35 #N/A N/A 26 #N/A N/A

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

File Dt 04.09.2012 22.04.2013 04.09.2012 31.03.2013 31.12.2011 15.04.2011 31.03.2013 31.01.2013 28.02.2013 31.12.2012 30.04.2013 31.03.2013 31.03.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.03.2013 28.03.2013 29.04.2013

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

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

Date 25.04.2013 24.04.2013 21.04.2013 19.04.2013 18.04.2013 10.04.2013 10.04.2013 08.04.2013 28.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 18.01.2013 17.01.2013 04.01.2013 02.01.2013 14.12.2012 22.05.2012 08.05.2012 15.07.2011

01.05.2013

PICC Property & Casualty Co Ltd PICC Property and Casualty Company Limited provides a broad range of property and casualty insurance products for a wide variety of customers throughout China.

Price/Volume 14

90.0 M

80.0 M 70.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (25.05.2012) Daily Volume Current Price (5/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 2328 HK EQUITY YTD Change 2328 HK EQUITY YTD % CHANGE

12/2012 01/yy 12.28 7.81 17'177'273.00 9.96 -18.89% 27.53% 48.10% 3'801.6 122'069.56 19'427.00 0.0 0.0 13'631.00 102'767.11

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

1.20

50.0 M

40.0 M 30.0 M

20.0 M

10.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 83'596.0 0.18x 109.0 368.13x

60.0 M

31.12.2009 31.12.2010 98'218.0 128'040.0 0.45x 0.76x 1'783.0 5'288.0 38.52x 21.12x Profitability

31.12.2011 136'955.0 0.79x 8'027.0 12.47x

31.12.2012 162'959.0 0.69x 10'405.0 10.29x 9.08% 8.19% 3.74% 25.82% 19.46% 0.59% 6.4% 6.69% 42.74% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.65 1.19 3'801.58 5.24% -8.29% 1.190 26 3.615 13'459'530 20'790'770 18'425'380 FY+2

12/13 Y 12/14 Y 204'203.2 231'778.0 0.51x 0.45x 11'022.4 11'829.5 8.60x 7.92x S&P Issuer Ratings

FQ+1

FQ+2

42.7% 29.9% 0.59 -

Sales/Revenue/Turnover

180'000.0 160'000.0

1.00 0.80

140'000.0 120'000.0 100'000.0

0.60

80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

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

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

01.05.2013

PICC Property & Casualty Co Ltd Holdings By:

All

Holder Name AMERICAN INTERNATION BLACKROCK JP MORGAN OWL CREEK ASSET MANA VANGUARD GROUP INC MAPS INVESTMENT MANA RUFFER LLP INVESTEC ASSET MANAG HANG SENG INVESTMENT PRINCIPAL FINANCIAL STATE STREET GRANTHAM MAYO VAN OT FMR LLC BARING ASSET MANAGEM ROBECO INVESTOR SERV HARVEST FUND MANAGEM MIRAE ASSET GLOBAL I BANK OF NEW YORK MEL ROBECO FUND MANAGEME VONTOBEL ASSET MANAG

Firm Name Nomura Morgan Stanley Deutsche Bank Standard Chartered Jefferies Religare Capital Markets BOCOM International Holdings Credit Suisse Macquarie DBS Vickers Core Pacific HSBC CCB International Securities Ltd SWS Research Co Ltd AMTD Financial Planning Limited EVA Dimensions JPMorgan Daiwa Securities Co. Ltd. Goldman Sachs GuoSen Securities Co Ltd Guotai Junan Masterlink Securities Bank of China International China International Capital Corp UOB Kay Hian ICBC International Securities Mirae Asset Securities Phillip Securities RBS

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

Analyst JESSE WANG BEN LIN ESTHER CHWEI JENNIFER LAW BARON NIE STEVEN LAM LI WENBING ARJAN VAN VEEN SCOTT G RUSSELL PING CHENG OLIVE XIA JAMES GARNER KENNETH YUE ROBERT HU KENNY TANG SING HING AUSTIN BURKETT CHAN BAO LING JERRY YANG MANCY SUN ALBERT XU FELIX LUO TEAM COVERAGE JINHUA YIN TANG SHENGBO EDMOND LAW PIUS CHENG IVAN CHEUNG CHEN XINGYU YANAN WANG

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

Recommendation buy Overwt/In-Line hold underperform hold hold neutral outperform outperform hold Positive neutral outperform outperform buy buy underweight hold neutral/neutral buy accumulate hold hold buy sell hold buy buy sell

Amt Held 1'213'341'800 368'341'487 194'859'193 153'967'500 73'980'174 49'162'890 36'878'000 31'100'000 23'243'486 22'702'600 16'874'350 14'514'800 14'012'141 12'992'200 12'000'000 11'290'800 10'214'000 9'418'600 7'383'521 5'450'000

% Out 31.92 9.69 5.13 4.05 1.95 1.29 0.97 0.82 0.61 0.6 0.44 0.38 0.37 0.34 0.32 0.3 0.27 0.25 0.19 0.14

Weighting

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

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

Latest Chg 434'000 (7'330'000) 84'200 43'290 2'042'000 8'466'600 (7'838'461) (7'330'000) 3'208'000 (280'000) 1'526'000 23'521 650'000

Target Price 14 14 11 11 11 10 10 15 15 12 11 12 13 11 13 #N/A N/A 10 12 12 12 11 9 10 12 9 11 14 12 9

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

File Dt Inst Type 31.12.2012 Government 29.04.2013 Investment Advisor 11.04.2013 Investment Advisor 11.04.2011 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 27.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 30.06.2012 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 29.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 28.04.2013 22.04.2013 18.04.2013 17.04.2013 17.04.2013 16.04.2013 09.04.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 27.02.2013 18.01.2013 17.01.2013 16.01.2013 10.01.2013 09.01.2013 12.12.2012 23.08.2012 25.05.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 30.11.2011 19.10.2011 01.08.2011

01.05.2013

China National Building Material Co Ltd China National Building Material Company Ltd. manufactures building materials. The Company produces cement, dry wall, ceiling systems, and fiberglass.

Price/Volume 14

180.0 M

160.0 M 140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3323 HK EQUITY YTD Change 3323 HK EQUITY YTD % CHANGE

12/2012 03/yy 12.80 7.07 57'226'048.00 9.16 -28.44% 29.56% 36.47% 2'879.2 49'455.08 154'282.70 0.0 13'568.7 10'469.72 196'668.46

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 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 26'365.2 1.75x 4'289.2 10.75x 1'511.5 12.06x

120.0 M

31.12.2009 31.12.2010 33'297.4 51'987.8 2.11x 1.84x 8'427.1 13'420.6 8.35x 7.12x 2'352.4 3'369.4 14.73x 11.36x Profitability

LTM-4Q 31.12.2011 80'058.5 1.64x 20'396.8 6.42x 8'015.1 4.83x

31.12.2012 87'217.6 2.37x 26'380.7 7.83x 5'579.6 8.86x 26'380.74 21'917.44 25.13% 11.38% 2.76% 19.64% 8.15% 0.43% 23.1% 30.2% 25.1% 6.4% 0.54 0.26 62.61% 505.91% 4.43 5.81

Price/ Cash Flow

LTM

FY+1

2.13 1.58 2'476.86 -10.09% -19.22% 1.584 33 3.818 42'775'630 52'032'980 40'827'070 FY+2

FQ+1

FQ+2

03/yy 14'318.7 9.62x 0.0 0.00x 601.5 0.00x

03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 92'696.5 111'800.3 126'972.3 0.00x 1.63x 1.44x 0.0 24'213.1 28'069.7 0.00x 8.12x 7.01x 5'289.9 7'095.8 8'419.0 7.98x 5.59x 4.69x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.46 1.92 5.45 5.85 505.9% 77.8% 0.43 0.89 82.67 62.95 77.27 68.35

Sales/Revenue/Turnover

30.00

100'000.0 90'000.0

25.00

80'000.0 70'000.0

20.00

60'000.0

15.00

50'000.0 40'000.0

10.00

30'000.0 20'000.0

5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China National Building Material Co Ltd Holdings By:

All

Holder Name JP MORGAN BLACKROCK ATLANTIS INVESTMENT GOVT OF SINGAPORE IN T ROWE PRICE ASSOCIA NORGES BANK DEUTSCHE BANK AG CITIGROUP INCORPORAT VALUE PARTNERS GROUP DEUTSCHE BANK AG CREDIT SUISSE AG VANGUARD GROUP INC FMR LLC FRANKLIN RESOURCES CITIGROUP INCORPORAT MORGAN STANLEY CREDIT SUISSE AG JF ASSET MANAGEMENT HANG SENG INVESTMENT ROBECO INVESTOR SERV

Firm Name HSBC Credit Suisse JPMorgan Jefferies Bank of China International DBS Vickers Citic Securities Co., Ltd Nomura Deutsche Bank Morgan Stanley CIMB Haitong International Securities BNP Paribas Equity Research GuoSen Securities Co Ltd Standard Chartered ICBC International Securities Religare Capital Markets Macquarie CCB International Securities Ltd EVA Dimensions China International Capital Corp SWS Research Co Ltd Guotai Junan UOB Kay Hian Barclays KGI Securities Goldman Sachs SinoPac Mirae Asset Securities Daiwa Securities Co. Ltd. Guoyuan Securities (HK) Ltd AMTD Financial Planning Limited

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

Analyst JOHN FRASER-ANDREWS TRINA CHEN NICK LAI PO WEI MICHELLE LEUNG ADDISON DAI TIMOTHY LEE YANG LUO JOHNSON WAN JOHN LAM KEVIN YOU ZHANG WEN XIAN RACHEL CHEUNG ETHANE CHENG BEN HARTWRIGHT DUNCAN CHAN TRACY HUANG IVAN LEE ELIZA LIU CRAIG STERLING XUE GUAN YE RONG RAY ZHAO MARK PO ADA DAI XIAOQING YAN JULIAN ZHU YU ZHOU SHIRLEY ZHAO FELIX LAM TEAM COVERAGE KENNY TANG SING HING

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

Recommendation underweight underperform neutral underperform buy fully valued buy neutral sell Overwt/Attractive outperform buy buy buy outperform buy hold outperform outperform sell buy outperform sell buy overweight outperform Buy/Neutral neutral buy buy buy buy

Amt Held % Out 422'187'649 14.66 218'167'604 7.58 142'548'000 4.95 141'605'502 4.92 140'460'758 4.88 138'944'000 4.83 124'931'897 4.34 123'989'979 4.31 121'760'000 4.23 (100'066'500) -3.48 88'055'908 3.06 77'919'822 2.71 73'235'294 2.54 72'599'000 2.52 (57'857'914) -2.01 (45'252'064) -1.57 (39'469'176) -1.37 25'960'000 0.9 24'599'571 0.85 22'613'420 0.79

Weighting

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

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

Latest Chg 28'000 (11'505'426) 326'600 (14'663'480) 6'214'000 1'884'000 4'000'000

Target Price 6 7 10 8 11 9 12 12 7 12 12 13 13 #N/A N/A 13 15 10 18 13 #N/A N/A 16 12 7 15 12 15 16 8 13 14 15 18

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

File Dt 05.04.2013 29.04.2013 26.04.2011 28.12.2012 17.05.2011 24.08.2012 09.04.2013 17.04.2013 31.03.2011 09.04.2013 24.09.2012 31.03.2013 31.03.2013 31.12.2012 17.04.2013 25.04.2013 24.09.2012 30.09.2011 30.06.2012 28.02.2013

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

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

Date 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 28.04.2013 28.04.2013 26.04.2013 23.04.2013 18.04.2013 15.04.2013 12.04.2013 10.04.2013 28.03.2013 27.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 28.01.2013 24.01.2013 18.12.2012 06.12.2012 09.11.2012 03.04.2012 21.07.2011

01.05.2013

Sun Art Retail Group Ltd Sun Art Retail Group Ltd. operates hypermarkets. The Company retails food and offers ammenities such as restaurants, automated teller machines, pharmacies and dry cleaners.

Price/Volume 14

40.0 M

35.0 M

30.0 M 25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.12.2012) 52-Week Low (29.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6808 HK EQUITY YTD Change 6808 HK EQUITY YTD % CHANGE

12/2012 06/yy 12.34 8.47 3'874'564.00 10.84 -12.16% 27.98% 61.24% 9'539.7 103'410.40 487.00 0.0 528.0 7'827.00 75'336.42

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

15.0 M

10.0 M

5.0 M

0 m-12

31.12.2009 31.12.2010 45'394.0 56'168.0 2'503.0 3'240.0 811.0 1'031.0 Profitability

LTM-4Q 31.12.2011 68'084.0 1.00x 3'969.0 17.19x 1'600.0 39.38x

31.12.2012 77'851.0 1.09x 5'209.0 16.22x 2'409.0 38.29x 5'209.00 3'257.00 4.18% 4.50% 5.61% 15.07% 15.11% 1.81% 20.7% 6.8% 4.2% 3.1% 0.79 0.30 1.09% 2.89% 291.03 5.83

Price/ Cash Flow

j-12

a-12

s-12

LTM

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

o-12

06/yy 50'115.0 0.00x 3'466.0 0.00x 1'180.0 0.00x

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

1.16 0.72 2'570.20 6.33% -8.91% 0.722 23 3.391 2'991'169 6'705'626 5'979'343 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 91'138.7 108'469.7 - 39'653.0 0.85x 0.70x 6'104.1 7'191.3 2'485.0 12.34x 10.48x 2'738.1 3'200.7 29.90x 25.63x S&P Issuer Ratings

434.08 -15.43 -1.40 0.09 2.9% 2.7% 1.81 3.76 1.26 62.76 88.42 -24.40

Sales/Revenue/Turnover

18.00

90'000.0

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 37'852.0 2'030.0 680.0 -

20.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Sun Art Retail Group Ltd Holdings By:

All

Holder Name A-RT RETAIL HOLDINGS AUCHANHYPER SA CONCORD GREATER CHIN KOFU INTERNATIONAL L MING TUAN HUANG GAOLING FUND LP GENERAL ATLANTIC FUN ARISAIG ASIA CONSURE TIGER GLOBAL MANAGEM OWL CREEK ASSET MANA CARMIGNAC GESTION GOVT OF SINGAPORE IN BROOKSIDE CAPITAL TR MAXWELL HILL INVEST VANGUARD GROUP INC WILLIAM BLAIR & COMP BLACKROCK MAPS INVESTMENT MANA GRANTHAM MAYO VAN OT JP MORGAN

Firm Name

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

Analyst

Ji Asia WU GONGLIANG EVA Dimensions AUSTIN BURKETT Yuanta Securities Investment ConsultingNICE WANG Macquarie LINDA HUANG China International Capital Corp BING QIAN Citic Securities Co., Ltd ZHAO XUEQIN Guotai Junan FRANK XU Barclays VINEET SHARMA Standard Chartered CHARLES YAN Deutsche Bank LYDIA LING Morgan Stanley ANGELA MOH Bank of China International TIFFANY FENG CIMB Yang Lei HSBC LINA YAN Religare Capital Markets STANLEY CHAN SinoPac VIVIAN LIU GuoSen Securities Co Ltd FRANCO HONG SWS Research Co Ltd JOYCE JIA CMB International Capital Corp Ltd TEAM COVERAGE Goldman Sachs JOSHUA LU

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

Recommendation sell hold buy neutral hold hold accumulate equalweight outperform hold Equalwt/Attractive buy underperform overweight buy neutral buy neutral hold Buy/Neutral

Amt Held 4'865'338'686 926'418'766 807'024'010 748'376'538 116'784'074 96'389'060 96'389'000 55'079'500 55'079'500 55'079'500 55'079'500 55'079'500 55'079'500 55'079'500 42'740'606 40'818'245 36'474'000 27'129'000 15'458'500 14'788'000

% Out 51 9.71 8.46 7.84 1.22 1.01 1.01 0.58 0.58 0.58 0.58 0.58 0.58 0.58 0.45 0.43 0.38 0.28 0.16 0.16

Weighting

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

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

Latest Chg 100'000 (11'729'153) 11'276'000 272'500 (764'000) 1'819'500

Target Price 9 #N/A N/A 13 10 10 11 12 11 13 10 10 13 10 13 11 10 12 10 9 13

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 Other 31.12.2011 Other 31.12.2011 Investment Advisor 29.06.2012 n/a 04.07.2011 Private Equity 04.07.2011 Private Equity 04.07.2011 n/a 04.07.2011 Hedge Fund Manager 04.07.2011 Hedge Fund Manager 04.07.2011 Investment Advisor 04.07.2011 Government 04.07.2011 Investment Advisor 04.07.2011 Other 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 29.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor 31.03.2013 Investment Advisor

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

Date 17.04.2013 15.04.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 26.02.2013 18.01.2013 21.11.2012 18.10.2012 21.09.2012 29.08.2012 28.08.2012

01.05.2013

China Oilfield Services Ltd China Oilfield Services Limited provides drilling services, well services, marine support and transportation services, and geophysical services to the oil field industry in the offshore China market.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.01.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (5/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 2883 HK EQUITY YTD Change 2883 HK EQUITY YTD % CHANGE

Price/Volume

12/2012 03/yy 17.66 10.02 4'405'817.00 15.3 -13.36% 52.69% 69.11% 1'534.9 81'359.02 33'369.96 0.0 11.0 13'769.08 85'990.06

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

31.12.2009 31.12.2010 17'878.7 17'561.0 4.91x 6.90x 8'139.6 8'564.8 10.79x 14.14x 3'135.3 4'128.5 11.74x 15.55x Profitability

31.12.2012 22'104.7 3.50x 8'911.0 8.69x 4'559.4 12.67x

40.0 M 30.0 M 20.0 M 10.0 M .0 M j-12

j-12

a-12

s-12

8'911.00 5'737.54 25.96% 24.60% 6.54% 15.03% 8.18% 0.32% 40.3% 26.0% 20.6% 2.80 2.34 44.70% 103.65% 4.44 -

LTM

03/yy 19'395.6 13.53x 0.0 0.00x 4'265.9 9.47x

o-12

03/yy 23'031.5 12.59x 0.0 0.00x 4'571.1 12.75x

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

2.55 1.22 1'534.34 24.01% -4.26% 1.218 27 3.519 6'415'778 6'855'696 7'043'904 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 25'201.6 27'219.0 3.32x 2.98x 10'258.2 10'948.2 8.38x 7.85x 5'305.6 5'759.1 10.41x 9.59x S&P Issuer Ratings

20.12.2012 ASTABLE 14.19 8.39 2.20 3.74 103.7% 50.9% 0.32 0.47 82.49 -

Sales/Revenue/Turnover

25'000.0

1.00

20'000.0

0.60

50.0 M

LTM-4Q 31.12.2011 18'426.1 4.33x 8'159.6 9.77x 4'039.3 11.07x

1.20

0.80

60.0 M

Fiscal Year Ended 31.12.2008 12'142.9 5.57x 5'228.0 12.93x 3'102.2 7.98x

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

15'000.0 10'000.0

0.40

5'000.0 0.20

0.0 0.00

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

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

01.05.2013

China Oilfield Services Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF ALLIANZ GLOBAL INVES JP MORGAN BLACKROCK T ROWE PRICE ASSOCIA VALUE PARTNERS GROUP VANGUARD GROUP INC OPPENHEIMERFUNDS INC MATTHEWS INTERNATION FMR LLC CHINA INTERNATIONAL HANG SENG INVESTMENT ALLIANZ ASSET MANAGE INVESCO ASSET MANAGE MACKENZIE FINANCIAL GAM INTERNATIONAL MA HARVEST FUND MANAGEM GOLDMAN SACHS GROUP KB ASSET MANAGEMENT JP MORGAN ASSET MGMT

Firm Name Bank of China International BNP Paribas Equity Research Nomura Sanford C. Bernstein & Co Barclays Morgan Stanley Standard Chartered KGI Securities Mirae Asset Securities BOCOM International Holdings EVA Dimensions Credit Suisse Jefferies Macquarie Mizuho Securities China International Capital Corp HSBC Goldman Sachs Daiwa Securities Co. Ltd. JPMorgan Deutsche Bank Renaissance Capital GuoSen Securities Co Ltd SWS Research Co Ltd Guotai Junan Citic Securities Co., Ltd Industrial Securities

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

Analyst LAWRENCE LAU GORDON WAI HANZHI DING NEIL BEVERIDGE CLEMENT CHEN WEE KIAT TAN LEONG WAI MUN ZHANG GUO GORDON KWAN WU FEI CRAIG STERLING HORACE TSE LABAN YU JAMES HUBBARD ANDREW S F CHAN BIN GUAN KEVIN LIAN ARTHUR YAN ADRIAN LOH AKHIL HANDA DAVID HURD BRADLEY WAY STEVEN LU ALBERT MIAO GRACE LIU YIN XIAODONG FANG LEI

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

Recommendation buy hold buy market perform equalweight Overwt/Attractive in-line outperform buy buy hold neutral underperform underperform underperform buy underweight neutral/neutral buy neutral hold buy buy outperform accumulate buy strong buy

Amt Held 215'034'000 200'744'000 199'678'576 98'110'969 76'072'000 74'892'000 43'725'087 33'312'000 23'016'000 19'857'270 18'986'000 13'113'002 12'161'000 10'340'000 9'827'000 7'980'000 7'352'000 7'280'000 6'082'000 6'078'000

% Out 14.01 13.08 13.01 6.39 4.96 4.88 2.85 2.17 1.5 1.29 1.24 0.85 0.79 0.67 0.64 0.52 0.48 0.47 0.4 0.4

Weighting

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

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

Latest Chg (136'000) 396'000 (2'200) (546'000) 1'018'224 18'986'000 (700'000) 10'340'000 194'000 7'980'000 (4'150'000) 4'646'000 834'000 -

Target Price 19 17 18 17 18 19 16 20 20 18 #N/A N/A 15 14 13 13 20 14 17 19 15 16 14 15 16 15 16 #N/A N/A

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

File Dt 22.04.2013 17.05.2012 21.03.2013 29.04.2013 09.10.2012 17.02.2012 31.03.2013 28.02.2013 31.12.2012 31.03.2013 30.06.2012 30.06.2012 31.03.2013 30.11.2012 31.01.2013 31.12.2012 30.06.2012 31.03.2013 31.12.2012 17.12.2012

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

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

Date 29.04.2013 29.04.2013 28.04.2013 26.04.2013 23.04.2013 22.04.2013 16.04.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 18.03.2013 01.02.2013 31.01.2013 10.01.2013 20.06.2012 17.05.2012 27.04.2012 06.04.2012 28.11.2011 20.07.2009

01.05.2013

China Coal Energy Co Ltd China Coal Energy Company Ltd mines and markets thermal coal and coking coal. The Company also manufactures coal mining equipment and offers coal mine design services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (29.04.2013) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1898 HK EQUITY YTD Change 1898 HK EQUITY YTD % CHANGE

12/2012 03/yy 9.14 5.89 47'416'516.00 5.97 -34.68% 1.36% 2.46% 4'106.7 102'973.13 48'092.09 0.0 14'694.0 22'693.96 119'581.45

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

31.12.2009 31.12.2010 53'187.0 70'302.6 3.06x 1.98x 12'138.8 14'723.9 13.40x 9.46x 7'409.3 7'466.4 22.39x 18.38x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

LTM-4Q 31.12.2011 90'864.7 1.35x 18'996.1 6.46x 9'955.3 9.06x

31.12.2012 87'291.7 1.49x 17'593.0 7.38x 8'842.2 10.11x 17'592.96 12'895.77 14.77% 14.65% 5.08% 10.45% 7.53% 0.50% 19.8% 20.2% 14.8% 10.1% 1.45 1.00 25.90% 55.45% 9.00 9.99

Price/ Cash Flow

LTM

03/yy 90'531.9 4.39x 0.0 0.00x 10'003.6 9.36x

03/yy 84'156.3 3.84x 0.0 0.00x 8'299.4 8.87x

FY+1

4.43 1.51 3'820.18 -30.59% -29.10% 1.507 35 3.429 47'021'000 27'152'230 27'141'720 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 90'957.6 101'844.9 1.44x 1.36x 18'289.5 20'379.6 6.54x 5.87x 8'120.4 8'744.0 2'518.0 2'288.0 7.86x 7.27x S&P Issuer Ratings

7.75 -4.39 1.44 2.73 55.5% 32.2% 0.50 1.14 40.69 36.64 65.61 11.72

Sales/Revenue/Turnover

16.00

100'000.0

14.00

90'000.0 80'000.0

12.00

70'000.0

10.00

60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M

Fiscal Year Ended 31.12.2008 51'753.1 1.20x 12'819.2 4.85x 7'131.0 10.06x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Coal Energy Co Ltd Holdings By:

All

Holder Name BLACKROCK GOVT OF SINGAPORE IN CITIGROUP INCORPORAT JP MORGAN MORGAN STANLEY DAVIS SELECTED ADVIS VANGUARD GROUP INC DIMENSIONAL FUND ADV FRANKLIN RESOURCES HANG SENG INVESTMENT STATE STREET ALLIANZ ASSET MANAGE CHINA ASSET MANAGEME PRINCIPAL FINANCIAL GRANTHAM MAYO VAN OT BANK OF NEW YORK MEL SCHRODER INVESTMENT FMR LLC VAN ECK ASSOCIATES C ROBECO INVESTOR SERV

Firm Name

Portfolio Name n/a n/a #N/A N/A n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios SCHRODER INTL SEL-EM n/a n/a Multiple Portfolios

Analyst

Credit Suisse TRINA CHEN Sanford C. Bernstein & Co MICHAEL W PARKER Yuanta Securities Investment ConsultingNICE WANG Bank of China International LAWRENCE LAU Haitong International Securities CHO FOOK TAT DBS Vickers JUNE NG JPMorgan DANIEL KANG Deutsche Bank JAMES KAN Morgan Stanley WEE KIAT TAN Barclays EPHREM RAVI Jefferies LABAN YU ABC International MARK YIBIAO CHEN Goldman Sachs JULIAN ZHU Ji Asia SAMUEL THAWLEY Nomura JOSEPH C LAM Guotai Junan LEO WU Macquarie MATTY ZHAO UOB Kay Hian HELEN LAU Mirae Asset Securities SHIRLEY ZHAO Standard Chartered CHEN YAN HSBC SIMON FRANCIS BNP Paribas Equity Research JAMES CLARKE Core Pacific KENNY CHEUNG BOCOM International Holdings HE WEI China International Capital Corp CAI HONGYU AMTD Financial Planning Limited KENNY TANG SING HING EVA Dimensions CRAIG STERLING SWS Research Co Ltd HUANG ZHE Daiwa Securities Co. Ltd. DAVE DAI Masterlink Securities LI XIN Religare Capital Markets TRACY HUANG ICBC International Securities ANNA YU GuoSen Securities Co Ltd DAVID LAM Citic Securities Co., Ltd WALLACE CHENG KGI Securities YANG TAO Cinda Securities Ltd CASTOR PANG

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

Recommendation outperform underperform hold hold buy hold overweight hold Equalwt/In-Line overweight underperform hold neutral/neutral buy reduce neutral outperform buy hold outperform underweight hold hold long-term buy neutral buy sell neutral buy hold buy buy buy buy neutral neutral

Amt Held 544'035'775 286'482'390 238'645'235 234'163'810 154'776'102 122'514'560 112'624'359 66'411'945 62'960'820 52'556'777 47'844'234 32'860'000 27'244'000 26'675'000 23'874'700 22'522'000 18'686'000 16'281'841 13'042'047 12'907'170

% Out 13.25 6.98 5.81 5.7 3.77 2.98 2.74 1.62 1.53 1.28 1.17 0.8 0.66 0.65 0.58 0.55 0.46 0.4 0.32 0.31

Weighting

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

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

Latest Chg 5'565'000 (1'443'000) (392'000) 3'028'000 643'800 182'000 (6'783'000) (1'768'090) (136'100) 20'644'000 10'409'000 2'269'000 18'686'000 15'600'065 (136'000) -

Target Price 10 4 7 6 9 7 8 7 7 8 4 8 6 8 5 8 10 9 7 9 7 7 7 8 9 9 #N/A N/A 12 10 9 9 8 11 11 11 10

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

File Dt 29.04.2013 25.04.2013 24.04.2013 15.02.2013 25.04.2013 06.07.2012 31.03.2013 31.07.2012 28.03.2013 30.06.2012 30.04.2013 31.01.2013 30.06.2012 31.03.2013 31.05.2012 29.04.2013 31.12.2012 31.03.2013 29.04.2013 28.02.2013

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

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

Date 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 26.04.2013 26.04.2013 26.04.2013 18.04.2013 16.04.2013 11.04.2013 10.04.2013 27.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 17.03.2013 23.01.2013 15.01.2013 04.01.2013 28.12.2012 28.11.2012 24.10.2012 17.07.2012 05.04.2012 12.03.2012 21.12.2011 07.07.2010

01.05.2013

Shimao Property Holdings Ltd Shimao Property Holdings Limited develops real estate projects in China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (5/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 813 HK EQUITY YTD Change 813 HK EQUITY YTD % CHANGE

12/2012 01/yy 17.64 9.01 6'556'181.00 16.72 -5.22% 85.57% 89.34% 3'472.6 58'061.39 40'993.94 0.0 5'020.1 15'893.85 76'243.70

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

1.20 1.00

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 7'196.3 3.94x 2'104.8 13.47x 841.2 18.51x

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

31.12.2009 31.12.2010 17'032.1 21'789.4 3.62x 2.78x 4'751.3 6'846.8 12.98x 8.84x 3'511.2 4'671.5 12.74x 7.55x Profitability

31.12.2011 26'031.4 2.05x 8'419.4 6.33x 5'722.8 3.32x

31.12.2012 28'652.2 2.48x 8'186.0 8.67x 5'764.6 7.07x 8'185.99 7'796.59 27.21% 35.48% 4.65% 17.34% 8.39% 0.23% 33.5% 28.7% 24.4% 20.1% 1.37 0.32 31.33% 114.17% 14.48 0.43

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.31 1.43 1'251.83 65.67% 14.36% 1.428 28 4.929 5'515'677 10'517'910 9'810'466 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 39'836.2 47'353.0 1.90x 1.52x 11'549.4 13'850.9 6.60x 5.50x 6'028.1 7'169.1 7.71x 6.50x S&P Issuer Ratings

09.07.2012 BBSTABLE 2.54 1.92 3.47 5.21 114.2% 50.0% 0.23 0.80 25.28 859.14 260.50 623.92

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

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

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

01.05.2013

Shimao Property Holdings Ltd Holdings By:

All

Holder Name WING MAU HUI CITIGROUP INCORPORAT UBS CITIGROUP INCORPORAT BLACKROCK FMR LLC VANGUARD GROUP INC DIMENSIONAL FUND ADV INVESCO ASSET MANAGE MORGAN STANLEY PRINCIPAL FINANCIAL T ROWE PRICE ASSOCIA PICTET & CIE GOLDMAN SACHS GROUP INVESCO LTD STATE STREET ROBECO INVESTOR SERV SEB CHINA ASSET MANAGEME ROBECO FUND MANAGEME

Firm Name BNP Paribas Equity Research Guotai Junan ICBC International Securities Standard Chartered Nomura EVA Dimensions Credit Suisse Goldman Sachs CIMB Maybank Kim Eng JPMorgan DBS Vickers China International Capital Corp UOB Kay Hian Mirae Asset Securities CMB International Capital Corp Ltd CCB International Securities Ltd BOCOM International Holdings Morgan Stanley Jefferies HSBC SWS Research Co Ltd Macquarie AMTD Financial Planning Limited

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

Analyst LEE WEE LIAT DONALD YU PHILIP TSE RAYMOND CHENG ALVIN WONG AUSTIN BURKETT DUO CHEN WANG YI JOHNSON HU KAREN KWAN LUCIA KWONG CAROL WU ERIC YU ZHANG CYNTHIA CHAN STEPHANIE LAU SAMSON MAN EDISON BIAN TONI HO CHI CHUNG BRIAN LEUNG CHRISTIE JU MICHELLE KWOK KRIS LI JEFFREY GAO KENNY TANG SING HING

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

Recommendation buy accumulate buy outperform buy overweight outperform buy/attractive outperform buy overweight buy accumulate buy buy buy outperform buy Overwt/Attractive buy overweight buy outperform buy

Amt Held % Out 2'216'437'442 63.83 147'569'174 4.25 135'155'912 3.89 (66'022'631) -1.9 51'456'100 1.48 43'051'548 1.24 38'810'398 1.12 29'633'589 0.85 25'093'000 0.72 (22'647'884) -0.65 21'039'500 0.61 13'757'500 0.4 11'628'500 0.33 10'906'000 0.31 10'599'500 0.31 10'031'598 0.29 10'000'000 0.29 9'656'400 0.28 8'369'000 0.24 7'116'128 0.2

Weighting

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

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

Latest Chg 324'000 118'000 (2'045'000) 12'379'302 182'901 24'347'000 1'660'000 8'732'500 (1'655'500) (5'848'500) 276'500 610'500 (3'500) 852'900 (8'337'500) 1'089'145

Target Price 21 16 19 20 18 #N/A N/A 19 21 19 20 17 18 17 16 16 17 19 19 20 19 22 20 22 14

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

File Dt 12.06.2012 25.03.2013 31.01.2013 25.03.2013 29.04.2013 31.03.2013 31.03.2013 31.07.2012 30.11.2012 31.12.2012 31.03.2013 31.03.2013 31.01.2013 31.03.2013 30.04.2013 30.04.2013 28.02.2013 28.03.2013 30.06.2012 28.02.2013

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

Inst Type n/a 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 Unclassified Investment Advisor Investment Advisor

Date 29.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 18.04.2013 08.04.2013 07.04.2013 02.04.2013 02.04.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 30.01.2013 23.01.2013 10.07.2012

01.05.2013

Kerry Properties Ltd Kerry Properties Limited, through its subsidiaries, invests in and develops real estate. The Company also owns and operates logistics, freight and warehouses business. In addition, Kerry Properties invests in infrastructure-related projects and operates hotels.

Price/Volume 45

8.0 M

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 683 HK EQUITY YTD Change 683 HK EQUITY YTD % CHANGE

12/2012 01/yy 43.50 29.50 1'558'100.00 35.1 -19.31% 18.98% 40.00% 1'439.9 50'539.37 32'534.96 0.0 13'562.1 16'241.97 80'394.43

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

3.0 M

15 10

2.0 M

1.0 M

0 m-12

31.12.2009 31.12.2010 12'938.3 21'226.0 5.62x 3.70x 3'649.7 4'387.6 19.92x 17.91x 4'384.3 6'702.7 12.87x 8.65x Profitability

31.12.2011 20'660.4 2.92x 3'612.7 16.69x 5'347.7 6.91x

31.12.2012 34'513.0 2.54x 7'063.3 12.43x 6'960.2 8.32x 7'063.28 6'633.96 19.22% 28.68% 5.34% 10.33% 7.72% 0.26% 25.5% 20.5% 19.2% 20.2% 2.17 1.31 23.73% 45.96% 8.27 2.28

Price/ Cash Flow

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

2.71 0.90 968.38 1.46% -12.80% 0.899 18 3.667 2'178'120 2'713'445 2'421'455 FY+2

12/13 Y 12/14 Y 33'363.1 35'909.1 2.68x 2.49x 7'157.2 7'318.9 11.23x 10.98x 4'464.4 4'402.9 11.15x 11.10x S&P Issuer Ratings

FQ+1

FQ+2

16.11.1998 BBBPOS 6.06 -2.74 2.31 4.61 46.0% 27.8% 0.26 0.47 44.25 160.84 24.74 181.14

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 13'115.7 3.62x 3'554.0 13.34x 3'050.6 9.65x

4.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Kerry Properties Ltd Holdings By:

All

Holder Name KERRY GROUP LTD JP MORGAN T ROWE PRICE ASSOCIA EUROPEAN INVESTORS I BLACKROCK STATE STREET SCHRODER INVESTMENT MORGAN STANLEY FMR LLC ING INVESTMENT MANAG VANGUARD GROUP INC KHOON CHEN KUOK ALLIANZ ASSET MANAGE SCHRODER INVESTMENT SCHRODER INVESTMENT SCHRODER INVESTMENT INVESCO LTD NORTHERN TRUST CORPO SCHRODER INVESTMENT SCHRODER INVESTMENT

Firm Name Jefferies Standard Chartered Morgan Stanley DBS Vickers Macquarie EVA Dimensions Nomura JPMorgan HSBC AMTD Financial Planning Limited Credit Suisse BNP Paribas Equity Research UOB Kay Hian Goldman Sachs Deutsche Bank

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a SISF - HONG KONG EQU n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a SCHRODER GLOBAL PROP SISF - ASIAN EQUITY SCHRODER INSTITUTION n/a Multiple Portfolios SISF GLOBAL PROPERTY SISF PACIFIC EQUITY

Analyst VENANT CHIANG KAREN FAN PRAVEEN K CHOUDHARY JEFF YAU DAVID NG AUSTIN BURKETT PAUL LOUIE AMY LUK PERVEEN WONG KENNY TANG SING HING CUSSON LEUNG PATRICK WONG SYLVIA WONG ANTHONY WU TONY TSANG

Source ULT-AGG ULT-AGG MF-AGG Research ULT-AGG ULT-AGG MF-LUX ULT-AGG ULT-AGG MF-AGG MF-AGG EXCH ULT-AGG UT-UK MF-LUX UT-UK ULT-AGG MF-AGG MF-LUX MF-LUX

Recommendation hold outperform Underwt/In-Line buy neutral buy neutral neutral overweight buy outperform hold sell buy/attractive not rated

Amt Held 791'941'086 70'806'848 37'310'500 33'406'433 18'726'979 17'804'522 11'013'500 10'695'514 10'089'497 9'727'418 8'018'926 7'915'208 6'099'567 4'483'286 4'417'000 3'854'520 3'331'677 3'240'706 3'173'082 2'945'000

% Out 55 4.92 2.59 2.32 1.3 1.24 0.76 0.74 0.7 0.68 0.56 0.55 0.42 0.31 0.31 0.27 0.23 0.23 0.22 0.2

Weighting

Change

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

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

Latest Chg 4'133'500 (877'000) 56'000 27'000 1'139'500 42'500 7'900'085 (103'000) 276'431 60'000 249'500 (175'000) 4'417'000 (83'500) 33'000 525'000 1'226'000

Target Price 41 44 34 47 34 #N/A N/A 40 35 47 39 50 39 37 46 #N/A N/A

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

File Dt 14.03.2013 11.04.2013 31.03.2013 31.03.2013 29.04.2013 30.04.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.03.2013 19.03.2013 31.03.2013 28.09.2012 31.12.2012 31.10.2012 30.04.2013 31.03.2013 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 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 n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.04.2013 26.04.2013 26.04.2013 23.04.2013 18.04.2013 21.03.2013 19.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 15.01.2013 06.11.2012 20.09.2012

01.05.2013

Jiangxi Copper Co Ltd Jiangxi Copper Company Ltd. operates in the copper mining, milling, smelting and refining to produce copper cathode and other related products, including pyrite concentrates, sulphuric acid and electrolytic gold and silver businesses. The Company also provides smelting and refining services pursuant to tolling arrangements for customers.

Price/Volume

50.0 M 40.0 M 30.0 M

12/2012 03/yy 21.95 14.74 11'202'394.00 15.04 -31.48% 2.04% 4.16% 1'387.5 75'309.55 20'760.04 0.0 1'087.8 20'363.40 61'309.77

20.0 M

10.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (16.04.2013) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 358 HK EQUITY YTD Change 358 HK EQUITY YTD % CHANGE

31.12.2008 53'693.4 0.52x 5'583.5 5.01x 2'285.1 6.58x

31.12.2009 31.12.2010 51'430.6 76'138.9 1.87x 1.75x 4'522.3 7'575.6 21.25x 17.55x 2'383.2 4'987.6 20.46x 13.62x Profitability

LTM-4Q 31.12.2011 117'119.2 0.61x 8'684.2 8.20x 6'586.9 7.16x

31.12.2012 158'006.0 0.37x 6'960.8 8.38x 5'215.9 10.87x 6'960.77 5'679.87 3.59% 3.97% 7.26% 12.93% 9.78% 2.16% 4.7% 4.5% 3.6% 3.3% 1.93 1.09 26.57% 48.48% 18.54 10.02

Price/ Cash Flow

LTM

FY+1

4.18 1.69 1'387.48 -17.02% -26.27% 1.686 23 3.870 22'272'550 14'383'490 12'603'080 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 120'632.7 175'197.9 150'837.8 154'125.5 42'810.0 44'900.0 1.86x 0.97x 0.40x 0.39x 0.0 0.0 7'631.5 7'827.1 0.00x 0.00x 8.03x 7.83x 6'396.4 4'752.3 4'873.9 4'935.9 1'395.0 1'680.0 7.81x 10.01x 8.38x 8.37x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

8.37 5.13 0.06 2.95 48.5% 32.1% 2.16 8.12 19.74 36.52 11.19 45.06

Sales/Revenue/Turnover

70.00

180'000.0

60.00

160'000.0 140'000.0

50.00

120'000.0

40.00

100'000.0

30.00

80'000.0 60'000.0

20.00

40'000.0

10.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Jiangxi Copper Co Ltd Holdings By:

All

Holder Name BLACKROCK DEUTSCHE BANK AG JP MORGAN DEUTSCHE BANK AG FRANKLIN RESOURCES VANGUARD GROUP INC SHINHAN BNP PARIBAS MAPS INVESTMENT MANA HANG SENG INVESTMENT BARING ASSET MANAGEM STATE STREET SWEDBANK ROBUR FONDE BNP PARIBAS INV PART FIDELITY INVESTMENTS INVESCO LTD FMR LLC PRINCIPAL FINANCIAL DWS INVESTMENT SA HSBC HOLDINGS PLC MIRAE ASSET GLOBAL I

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios MIRAEASSET CHINA BLU

Analyst

Credit Suisse TRINA CHEN Yuanta Securities Investment ConsultingNICE WANG UOB Kay Hian HELEN LAU BOCOM International Holdings BENJAMIN PEI Deutsche Bank JOHNSON WAN HSBC THOMAS J ZHU Barclays EPHREM RAVI Morgan Stanley RACHEL L ZHANG Goldman Sachs JULIAN ZHU EVA Dimensions CRAIG STERLING BNP Paribas Equity Research KUNAL AGRAWAL Standard Chartered CHEN YAN SWS Research Co Ltd DIMI DU Masterlink Securities SARAH WANG Guotai Junan KEVIN GUO China International Capital Corp CAI HONGYU Ping An Of China Sec. (HK) Co. Ltd PATRICK CHOW Macquarie IVAN LEE Bank of China International ROBIN TSUI ICBC International Securities DUNCAN CHAN GuoSen Securities Co Ltd THOMAS ZHANG AMTD Financial Planning Limited KENNY TANG SING HING

Source ULT-AGG EXCH ULT-AGG Short ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-KOR

Recommendation outperform hold sell long-term buy hold overweight equalweight Overwt/In-Line Buy/Neutral underweight reduce in-line outperform hold neutral accumulate buy outperform hold buy buy buy

Amt Held % Out 114'551'039 8.26 67'700'402 4.88 66'100'867 4.76 (47'158'796) -3.4 41'778'636 3.01 37'918'898 2.73 24'048'512 1.73 19'475'420 1.4 11'854'667 0.85 11'602'000 0.84 10'684'044 0.77 10'353'965 0.75 7'632'000 0.55 7'331'000 0.53 5'638'516 0.41 5'541'650 0.4 5'357'000 0.39 3'974'000 0.29 3'914'000 0.28 3'814'000 0.27

Weighting

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

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

Latest Chg 198'000 (2'641'364) (38'700) (748'000) (1'237'000) (148'000) (173'000) 5'578'000 (314'000) 3'804'000 (3'239'090) 645'000 (588'000)

Target Price 19 17 11 18 18 19 20 20 18 #N/A N/A 12 14 20 19 16 21 24 22 18 20 22 28

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

File Dt 29.04.2013 27.09.2012 08.03.2013 27.09.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 30.06.2012 31.12.2012 30.04.2013 31.12.2012 28.02.2013 31.12.2010 30.04.2013 31.03.2013 31.03.2013 28.02.2013 21.05.2012 31.12.2012

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

Date 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 28.04.2013 27.04.2013 26.04.2013 25.04.2013 25.04.2013 24.04.2013 20.04.2013 08.04.2013 02.04.2013 28.03.2013 27.03.2013 05.03.2013 22.02.2013 30.10.2012 06.07.2012 16.04.2012 13.07.2011

01.05.2013

Sinopharm Group Co Ltd Sinopharm Group Co is a pharmacy distribution company. The Company also owns several pharmacy enterprise groups in different industries such as logistics, retail stores, pharmaceutical manufacturing, and chemical testing.

Price/Volume 30

25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1099 HK EQUITY YTD Change 1099 HK EQUITY YTD % CHANGE

12/2012 12/yy 28.10 16.76 3'273'503.00 23.05 -17.97% 37.53% 55.47% 994.0 59'199.16 24'775.26 0.0 5'664.9 9'723.55 67'743.97

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

1.20 1.00

10.0 M

5.0 M

5 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 38'191.9 1'335.0 587.6 -

15.0 M

Valuation Analysis

31.12.2009 31.12.2010 52'668.2 69'233.7 1.05x 0.82x 2'153.5 2'625.0 25.68x 21.75x 967.2 1'208.8 45.77x 43.35x Profitability

LTM-4Q 31.12.2011 102'224.8 0.48x 4'104.4 11.86x 1'560.6 22.93x

31.12.2012 135'786.8 0.50x 5'646.4 11.97x 1'973.8 23.79x 5'646.44 4'733.54 3.49% 2.96% 2.68% 12.05% 9.24% 1.84% 8.1% 4.2% 3.5% 1.5% 1.32 0.94 31.03% 145.07% 4.24 9.67

LTM

FY+1

1.37 0.78 915.63 14.75% -4.95% 0.781 22 4.091 7'271'686 6'408'833 4'939'000 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 0.0 135'786.8 166'806.1 203'180.6 #DIV/0! 0.42x 0.34x 0.29x 0.0 0.0 6'772.1 8'180.7 0.00x 0.00x 10.00x 8.28x 0.0 1'973.8 2'456.4 3'043.8 0.00x 23.79x 18.55x 15.12x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.18 3.41 2.67 4.39 145.1% 52.1% 1.84 22.46 86.24 37.87 66.99 57.12

Sales/Revenue/Turnover

160'000.0 140'000.0 120'000.0

0.80 0.60

100'000.0 80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

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

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

01.05.2013

Sinopharm Group Co Ltd Holdings By:

All

Holder Name THORNBURG INVESTMENT BLACKROCK OPPENHEIMERFUNDS INC JP MORGAN MATTHEWS INTERNATION CAPITAL GROUP COMPAN SOCIAL SECURITY FUND MIRAE ASSET GLOBAL I GOVT OF SINGAPORE IN GOLDMAN SACHS GROUP VANGUARD GROUP INC INVESCO LTD MORGAN STANLEY GOLDMAN SACHS GROUP HANG SENG INVESTMENT PRUDENTIAL FINANCIAL HARVEST FUND MANAGEM TRANSAMERICA INVESTM ARTISAN PARTNERS HOL SHINHAN BNP PARIBAS

Firm Name Credit Suisse Goldman Sachs JPMorgan Deutsche Bank Morgan Stanley Bank of China International Guotai Junan SWS Research Co Ltd KGI Securities HSBC CCB International Securities Ltd Citic Securities Co., Ltd China International Capital Corp Oppenheimer & Co UOB Kay Hian BOCOM International Holdings EVA Dimensions First Shanghai Securities Ltd Piper Jaffray Capital Securities Corp AMTD Financial Planning Limited Everbright Securities Co., Ltd

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

Analyst IRIS WANG DU WEI SEAN WU JACK HU BIN LI DERRICK SUN JOHNSON SUN SHI MING TE-JEN HSU NAM PARK FORREST CHAN DONGHAN TAN JESSICA LI INGRID YIN CAROL XIAO QIN DOU WU BIN ANDREW S ZAMFOTIS WANG SHIZHEN ZHOU HAO TEAM COVERAGE KENNY TANG SING HING YAO JIE

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

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

Amt Held % Out 119'304'404 12 114'080'613 11.48 100'503'000 10.11 68'085'872 6.85 66'286'800 6.67 63'226'800 6.36 41'182'302 4.14 40'648'000 4.09 37'196'800 3.74 (33'432'741) -3.36 21'503'433 2.16 15'154'000 1.52 11'786'717 1.19 7'781'788 0.78 6'368'999 0.64 4'304'246 0.43 3'716'400 0.37 3'252'707 0.33 2'937'300 0.3 2'913'200 0.29

Weighting

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

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

Latest Chg 4'144'725 441'200 (124'700) 207'901 3'661'200 (354'092) (27'200) -

Target Price 28 26 31 28 30 23 18 30 28 30 31 33 31 #N/A N/A 30 29 #N/A N/A 25 26 24 29 #N/A N/A

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

File Dt 30.04.2012 29.04.2013 24.04.2013 10.04.2013 28.03.2013 10.04.2013 06.03.2013 31.12.2011 29.01.2013 03.08.2012 31.03.2013 31.12.2012 15.04.2013 03.08.2012 30.06.2012 28.03.2013 30.06.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 29.04.2013 28.04.2013 28.04.2013 26.04.2013 26.04.2013 26.04.2013 17.04.2013 15.04.2013 09.04.2013 01.04.2013 28.03.2013 27.03.2013 25.03.2013 25.03.2013 25.03.2013 21.01.2013 17.01.2013 27.08.2012 15.08.2012 06.08.2012 05.05.2011 22.02.2010

01.05.2013

China Resources Gas Group Ltd China Resources Gas Group Ltd distributes natural gas and petroleum gas in the cities of Chengdu, Fuyang, Huaibei, Linhai, Suzhou and Wuxi in the PRC. The Company also operates compressed natural gas filling stations in Chengdu, Nanjing and Wuxi. The group also is involved in bottled liquefied petroleum gas distribution in cities of Fuyang, Suzhou and Wuxi.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.04.2013) 52-Week Low (29.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1193 HK EQUITY YTD Change 1193 HK EQUITY YTD % CHANGE

12/2012 01/yy 22.70 13.16 2'635'371.00 21.75 -4.19% 65.27% 90.04% 2'224.0 48'372.24 12'056.34 3'099.8 12'285.56 51'242.77

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

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 2'525.6 1.24x 631.0 4.96x 297.0 4.16x

31.12.2009 31.12.2010 4'110.2 9'331.5 4.15x 2.31x 762.4 1'823.2 22.37x 11.80x 459.6 786.7 34.55x 20.48x Profitability

31.12.2011 14'208.0 1.72x 2'690.5 9.08x 1'176.3 18.20x

31.12.2012 19'590.6 1.96x 3'799.1 10.12x 1'651.0 19.51x 3'799.10 3'010.96 15.37% 14.31% 4.64% 15.71% 9.98% 0.55% 30.7% 19.4% 15.4% 8.4% 1.23 1.12 28.44% 103.01% 5.25 9.88

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.12 0.52 801.10 45.44% 35.94% 0.517 27 4.037 2'115'557 3'628'258 3'417'254 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 24'750.8 31'873.5 2.24x 1.70x 4'354.0 5'316.4 11.77x 9.64x 2'092.6 2'621.5 22.89x 18.25x S&P Issuer Ratings

11.38 -0.50 -0.06 3.17 103.0% 44.9% 0.55 1.21 69.70 37.04 140.06 -33.33

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Resources Gas Group Ltd Holdings By:

All

Holder Name CRH GAS LTD JP MORGAN FMR LLC COMMONWEALTH BANK OF VANGUARD GROUP INC BLACKROCK SUN LIFE FINANCIAL I JF ASSET MANAGEMENT COMMOTRA CO LTD MAPS INVESTMENT MANA CHINA INTERNATIONAL ALLIANZ ASSET MANAGE PICTET ASSET MANAGEM JP MORGAN ASSET MGMT OSK UOB UNIT TRUST M KB ASSET MANAGEMENT STATE STREET DEUTSCHE ASSET MGMT DIMENSIONAL FUND ADV PUTNAM INVESTMENT MA

Firm Name Capital Securities Corp HSBC Deutsche Bank Nomura First Shanghai Securities Ltd Goldman Sachs Guoyuan Securities (HK) Ltd Bank of China International BNP Paribas Equity Research Standard Chartered Credit Suisse Jefferies CIMB China International Capital Corp UOB Kay Hian Core Pacific BOCOM International Holdings AMTD Financial Planning Limited Morgan Stanley JPMorgan Macquarie EVA Dimensions Daiwa Securities Co. Ltd.

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

Analyst ALLEN NGAI JENNY COSGROVE ERIC CHENG JOSEPH C LAM ZHANG ZHIBIN FRANK HE YIQIONG YANG PETER YAO DAISY ZHANG LI EVAN EDWIN PANG JOSEPH FONG KEITH LI BIN GUAN YAN SHI KENNY CHEUNG WU FEI KENNY TANG SING HING VINCENT CHOW BORIS KAN SERENA LI AUSTIN BURKETT DAVE DAI

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

Recommendation buy underweight sell neutral buy Buy/Neutral neutral buy buy in-line neutral buy outperform buy buy buy buy buy Overwt/Attractive overweight outperform hold hold

Amt Held 1'407'828'991 129'181'998 105'509'806 55'568'000 20'498'008 20'036'000 14'972'000 14'574'000 14'470'000 13'662'000 8'830'000 6'477'000 5'354'497 3'552'000 3'308'000 2'932'000 2'832'000 2'666'000 2'146'000 1'986'000

% Out 63.3 5.81 4.74 2.5 0.92 0.9 0.67 0.66 0.65 0.61 0.4 0.29 0.24 0.16 0.15 0.13 0.13 0.12 0.1 0.09

Weighting

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

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

Latest Chg 96'000 (256'214) 928'100 (17'734'000) 28'000 6'718'000 3'560'000 8'830'000 (86'000) 793'940 160'000 674'000

Target Price 24 21 13 19 23 25 22 23 21 18 18 21 20 22 22 22 21 20 21 21 22 #N/A N/A 16

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

File Dt 30.11.2012 31.12.2012 31.03.2013 31.01.2013 31.03.2013 29.04.2013 28.02.2013 30.09.2011 30.11.2012 31.12.2012 30.06.2012 28.03.2013 31.01.2013 17.12.2012 31.12.2010 31.12.2012 30.04.2013 31.12.2010 31.07.2012 31.12.2012

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

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

Date 23.04.2013 12.04.2013 09.04.2013 26.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 17.01.2013 17.12.2012

01.05.2013

Tsingtao Brewery Co Ltd Tsingtao Brewery Company Limited produces and distributes beer products. The Company markets its products throughout China and around the world under the Tsingtao Beer brand name.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (5/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 168 HK EQUITY YTD Change 168 HK EQUITY YTD % CHANGE

12/2012 03/yy 54.40 40.30 1'296'837.00 52.05 -4.32% 29.16% 83.33% 655.1 67'192.87 2'094.09 0.0 315.5 7'118.25 47'423.01

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 m-12

31.12.2009 31.12.2010 16'478.8 18'234.7 2.87x 2.24x 2'418.9 2'775.0 19.57x 14.72x 1'250.0 1'520.5 39.86x 30.67x Profitability

LTM-4Q 31.12.2011 21'133.6 2.00x 2'807.2 15.05x 1'737.9 27.12x

31.12.2012 23'580.5 1.91x 2'795.3 16.10x 1'758.9 28.27x 2'795.28 1'951.44 8.28% 10.53% 7.57% 14.65% 1.02% 34.5% 8.4% 7.5% 1.38 0.99 8.85% 16.80% 98.06 7.07

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 21'329.0 8.07x 0.0 0.00x 1'795.1 25.61x

o-12

03/yy 24'232.2 7.23x 0.0 0.00x 1'796.3 29.80x

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

0.68 327.93 11.31% 13.77% 0.679 26 2.692 1'490'280 1'479'369 1'724'474 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 29'268.5 33'514.7 8'608.0 9'366.0 1.64x 1.40x 3'416.4 3'934.3 1'214.0 1'430.0 13.88x 12.05x 11.51x 11.07x 2'043.8 2'365.4 585.5 636.5 27.18x 23.53x 26.76x 26.94x S&P Issuer Ratings

25.90 3.86 16.8% 14.1% 1.02 2.83 3.72 51.65 48.29 18.40

Sales/Revenue/Turnover

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 15'781.4 1.41x 1'887.7 11.75x 699.6 26.64x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Tsingtao Brewery Co Ltd Holdings By:

All

Holder Name ASAHI GROUP HOLDINGS JP MORGAN FASHU CHEN MARATHON ASSET MANAG VANGUARD GROUP INC HARRIS TRUST & SAVIN OPPENHEIMERFUNDS INC VONTOBEL ASSET MANAG MONTGOMERY ASSET MAN TSINGTAO BREWERY CO BLACKROCK MATTHEWS INTERNATION FMR LLC MORGAN STANLEY CALAMOS ADVISORS LLC HANG SENG INVESTMENT LOMBARD ODIER DARIER ING INVESTMENT MANAG JOHN HANCOCK INVESTM MANNING & NAPIER ADV

Firm Name

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

Analyst

Deutsche Bank WINNIE MAK KGI Securities ANSON CHAN Religare Capital Markets KA LEONG LO Morgan Stanley LILLIAN LOU JPMorgan KURUMLU EBRU SENER CIMB Yang Lei Goldman Sachs LISA DENG Jefferies JESSIE GUO China International Capital Corp FEIYANG YUAN Guotai Junan SUNNY KWOK Barclays VINEET SHARMA BNP Paribas Equity Research CHARLIE Y CHEN Masterlink Securities LIU WEI Capital Securities Corp LIU HUI DBS Vickers TITUS WU Nomura EMMA LIU EVA Dimensions AUSTIN BURKETT SinoPac VIVIAN LIU Bank of China International JENNY CHAN HSBC CHRISTOPHER K LEUNG Yuanta Securities Investment ConsultingTEAM COVERAGE Standard Chartered CHARLES YAN AMTD Financial Planning Limited KENNY TANG SING HING Citic Securities Co., Ltd HUANG WEI Core Pacific OLIVE XIA

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

Recommendation buy outperform sell Underwt/Attractive underweight neutral neutral/neutral hold buy accumulate underweight hold buy hold buy reduce underweight neutral hold underweight sell outperform buy overweight buy

Amt Held 270'127'836 62'274'263 49'069'342 32'746'500 11'248'091 10'648'904 9'886'000 9'059'649 8'390'000 7'944'000 6'558'000 6'171'000 4'613'521 4'054'000 2'827'000 2'518'412 2'394'000 2'312'000 1'896'859 1'552'000

% Out 41.24 9.51 7.49 5 1.72 1.63 1.51 1.38 1.28 1.21 1 0.94 0.7 0.62 0.43 0.38 0.37 0.35 0.29 0.24

Weighting

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

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

Latest Chg 1'654'000 (1'351'043) 3'690'000 196'704 458'000 190'000 (202'000) (978'848) (60'000) 160'000 98'000 6'000 1'552'000

Target Price 54 55 48 39 36 48 55 43 60 55 38 43 58 45 54 39 #N/A N/A 46 44 35 36 53 52 44 46

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

File Dt 31.12.2012 31.12.2012 21.06.2012 15.11.2010 31.03.2013 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 29.04.2013 31.12.2012 31.03.2013 28.02.2013 28.03.2013 30.06.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012

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

Inst Type Corporation Investment Advisor n/a Investment Advisor Investment Advisor Unclassified 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 30.04.2013 29.04.2013 29.04.2013 28.04.2013 26.04.2013 26.04.2013 23.04.2013 16.04.2013 11.04.2013 10.04.2013 09.04.2013 05.04.2013 02.04.2013 28.03.2013 28.03.2013 27.03.2013 17.01.2013 21.11.2012 31.10.2012 03.10.2012 06.09.2012 23.08.2012 15.08.2011 20.06.2011 17.09.2010

01.05.2013

Guangdong Investment Ltd Guangdong Investment Limited, through its subsidiaries, operates water supply, power and electricity, and infrastructure businesses. The Company also invests in and develops real estate properties, operates department stores, and provides financial services.

Price/Volume 9

25.0 M

8 20.0 M

7 6

15.0 M

5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 270 HK EQUITY YTD Change 270 HK EQUITY YTD % CHANGE

12/2012 01/yy 7.75 5.02 8'924'127.00 7.51 -3.10% 49.60% 91.21% 6'237.2 46'841.34 2'785.41 0.0 4'346.3 4'903.93 49'069.07

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

1.20

5.0 M

1 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 5'913.2 4.31x 4'367.7 5.84x 1'876.7 10.18x

10.0 M

31.12.2009 31.12.2010 5'915.8 6'351.7 5.51x 4.38x 4'062.7 4'425.2 8.02x 6.29x 2'044.3 2'420.2 13.71x 10.27x Profitability

31.12.2011 7'161.4 4.54x 4'668.7 6.96x 2'994.1 9.80x

31.12.2012 7'736.1 5.20x 4'972.4 8.08x 3'413.8 11.12x 4'972.39 3'913.01 50.58% 63.62% 9.46% 14.96% 13.45% 0.21% 65.8% 63.6% 49.9% 44.1% 2.27 1.47 7.46% 11.59% 23.95 44.89

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.66 0.53 2'390.02 35.79% 23.32% 0.532 15 4.133 7'197'424 7'254'132 7'353'397 FY+2

12/13 Y 12/14 Y 8'271.3 9'072.1 6.01x 5.24x 5'498.2 5'862.0 8.92x 8.37x 3'141.4 3'374.2 14.64x 13.65x S&P Issuer Ratings

FQ+1

FQ+2

93.49 120.20 -0.43 0.57 11.6% 8.9% 0.21 0.67 15.28 8.15 71.68 -48.25

Sales/Revenue/Turnover

9'000.0 8'000.0

1.00 0.80

7'000.0 6'000.0 5'000.0

0.60

4'000.0 3'000.0

0.40 0.20

2'000.0 1'000.0 0.0

0.00

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

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

01.05.2013

Guangdong Investment Ltd Holdings By:

All

Holder Name GDH LTD GUANGDONG TRUST PICTET & CIE BLACKROCK MATTHEWS INTERNATION VANGUARD GROUP INC GD ASSETS MGMT CUSTO JULIUS BAER MULTIPAR INVESCO LTD INVESTEC ASSET MANAG ROYAL BANK OF CANADA LORD ABBETT & CO LLC ACTIVEST MUNICH STATE STREET BANK OF NEW YORK MEL AMERIPRISE FINANCIAL NORDEA INVESTMENT FU HARTFORD INVESTMENT ROBECO INVESTOR SERV JYSKE INVEST

Firm Name

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

Analyst

EVA Dimensions AUSTIN BURKETT Jefferies RONG LI Haitong International Securities CHO FOOK TAT Deutsche Bank KAI-TING WONG JPMorgan ELAINE WU Nomura ALAN HON Morgan Stanley VINCENT CHOW Standard Chartered LI EVAN Yuanta Securities Investment ConsultingNICE WANG Goldman Sachs FRANKLIN CHOW Bank of China International PETER YAO China International Capital Corp STEPHEN YU ZHANG Guotai Junan SIMON JIANG AMTD Financial Planning Limited KENNY TANG SING HING VC Brokerage Ltd SCOTT LEUNG

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

Recommendation overweight buy hold buy overweight neutral Overwt/Attractive in-line hold Buy/Neutral hold accumulate buy buy buy

Amt Held 3'193'574'957 576'404'918 97'870'123 87'120'110 70'734'000 69'106'828 46'708'176 44'338'137 29'214'000 22'250'000 22'000'000 20'793'480 18'716'000 18'490'904 13'746'808 13'480'000 12'936'000 12'317'375 10'874'168 10'632'000

% Out 51.2 9.24 1.57 1.4 1.13 1.11 0.75 0.71 0.47 0.36 0.35 0.33 0.3 0.3 0.22 0.22 0.21 0.2 0.17 0.17

Weighting

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

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

Latest Chg (138'000) (264'000) 400'000 (1'759'600) (22'039) (4'700'000) (1'590'000) 380'000 1'580'000 170'000 433'015 (1) (96'000)

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

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

File Dt 31.12.2011 31.12.2011 31.01.2013 29.04.2013 31.12.2012 31.03.2013 21.07.2011 29.02.2012 30.04.2013 28.02.2013 31.12.2012 28.03.2013 31.01.2013 30.04.2013 29.04.2013 28.02.2013 31.01.2013 31.03.2013 28.02.2013 31.01.2013

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

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

Date 30.04.2013 11.04.2013 11.04.2013 09.04.2013 04.04.2013 02.04.2013 01.04.2013 28.01.2013 28.12.2012 04.09.2012 27.08.2012 27.08.2012 26.03.2012 06.12.2011 02.11.2011

01.05.2013

Sino-Ocean Land Holdings Ltd Sino-Ocean Land Holdings Ltd. operates as a real estate holding company. The Company develops residential, office, and commercial real estate in the northern People's Republic of China.

Price/Volume 7

60.0 M

50.0 M

40.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (5/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 3377 HK EQUITY YTD Change 3377 HK EQUITY YTD % CHANGE

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

1.20 1.00

20.0 M

10.0 M

1 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 6'487.4 3.33x 2'199.0 9.83x 1'387.9 9.94x

30.0 M

12/2012 01/yy 6.34 2.82 10'292'664.00 5.12 -19.24% 81.56% 65.34% 5'864.0 30'023.53 32'393.05 0.0 3'785.8 11'155.05 48'874.26

31.12.2009 31.12.2010 8'823.7 13'720.7 4.58x 3.01x 2'090.0 3'301.9 19.32x 12.50x 1'582.1 2'444.1 18.76x 9.97x Profitability

31.12.2011 19'896.9 2.22x 4'740.3 9.33x 2'570.7 8.30x

31.12.2012 28'657.8 1.82x 5'942.8 8.78x 3'796.0 6.99x 5'942.81 5'895.75 20.57% 25.25% 3.18% 10.33% 5.90% 0.24% 26.9% 20.7% 20.6% 13.2% 1.80 0.19 25.25% 84.66% 53.00 0.27

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.65 1.39 4'876.68 48.88% -11.57% 1.391 29 3.517 4'844'046 8'771'785 9'520'971 FY+2

12/13 Y 12/14 Y 33'017.8 37'564.6 1.47x 1.23x 6'968.5 8'268.1 7.01x 5.91x 2'679.8 3'284.8 8.84x 7.24x S&P Issuer Ratings

FQ+1

FQ+2

2.02 1.94 3.57 5.45 84.7% 43.5% 0.24 4.37 6.91 1377.13 93.98 1290.06

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

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

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

01.05.2013

Sino-Ocean Land Holdings Ltd Holdings By:

All

Holder Name CHINA LIFE INSURANCE SPRING GLORY INVESTM CRYSTAL WILL HOLDING NAN FUNG FINANCE LTD MING LI GAVAST ESTATES LTD KEY SKY GROUP LTD VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV GRAND WAVE ENTERPRIS ALLIANZ ASSET MANAGE INVESCO ASSET MANAGE STATE STREET EASTSPRING INVESTMEN UBS ALLIANZ GLOBAL INVES DIMENSIONAL FUND ADV INVESCO LTD ROBECO INVESTOR SERV

Firm Name Nomura DBS Vickers ICBC International Securities Standard Chartered First Shanghai Securities Ltd Maybank Kim Eng Credit Suisse Deutsche Bank Everbright Securities Co., Ltd JPMorgan Macquarie Goldman Sachs Bank of China International SWS Research Co Ltd UOB Kay Hian Mirae Asset Securities BOCOM International Holdings Morgan Stanley Jefferies HSBC CIMB China International Capital Corp CCB International Securities Ltd EVA Dimensions Citic Securities Co., Ltd AMTD Financial Planning Limited GuoSen Securities Co Ltd

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

Analyst ALVIN WONG CAROL WU PHILIP TSE RAYMOND CHENG MICHAEL KE KAREN KWAN JINSONG DU JASON CHING TEAM COVERAGE LUCIA KWONG DAVID NG WANG YI CHRISTINA NGAI KRIS LI CYNTHIA CHAN STEPHANIE LAU TONI HO CHI CHUNG BRIAN LEUNG VENANT CHIANG DEREK KWONG JOHNSON HU ERIC YU ZHANG EDISON BIAN AUSTIN BURKETT CONG CHEN KENNY TANG SING HING HUI CAO

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

Recommendation buy hold hold underperform buy hold outperform sell accumulate neutral outperform neutral/attractive hold neutral hold hold neutral Underwt/Attractive buy overweight neutral buy outperform buy hold buy neutral

Amt Held 1'384'147'850 695'692'130 362'411'187 214'500'000 128'605'470 128'508'450 102'355'189 85'487'533 81'974'945 68'808'115 48'873'000 34'594'000 28'054'000 15'911'322 12'109'000 11'306'519 9'647'000 8'548'530 8'302'000 5'129'467

% Out 23.6 11.86 6.18 3.66 2.19 2.19 1.75 1.46 1.4 1.17 0.83 0.59 0.48 0.27 0.21 0.19 0.16 0.15 0.14 0.09

Weighting

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

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

Latest Chg 21'430'687 166'965 272'000 (270'000) 28'054'000 (665'500) 7'763'500 (2)

Target Price 6 5 5 4 7 6 6 4 5 5 6 6 5 5 5 5 5 4 7 7 5 8 6 #N/A N/A 6 6 3

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

File Dt 31.12.2011 06.02.2013 18.03.2013 31.12.2011 18.03.2013 06.02.2013 18.03.2013 31.03.2013 29.04.2013 31.07.2012 18.03.2013 31.03.2013 30.11.2012 30.04.2013 31.12.2010 31.01.2013 31.12.2012 31.01.2013 30.04.2013 28.02.2013

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

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

Date 28.04.2013 23.04.2013 23.04.2013 22.04.2013 15.04.2013 11.04.2013 10.04.2013 22.03.2013 22.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 17.01.2013 08.01.2013 12.11.2012 11.01.2012

01.05.2013

China Longyuan Power Group Corp China Longyuan Power Group Corp. designs, develops, manages, and operates wind farms. The Company also sells the electricity generated by the wind farms.

Price/Volume 8

250.0 M

200.0 M

6 5

Latest Fiscal Year: LTM as of: 52-Week High (17.04.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 916 HK EQUITY YTD Change 916 HK EQUITY YTD % CHANGE

12/2012 03/yy 7.53 4.47 12'013'626.00 7.11 -5.58% 59.06% 86.27% 3'340.0 57'545.49 58'652.11 0.0 6'992.5 5'439.32 105'918.97

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

100.0 M

3 2

50.0 M

1 0 m-12

31.12.2009 31.12.2010 9'743.7 14'217.7 9.05x 5.84x 5'452.2 6'178.8 16.17x 13.43x 894.1 2'013.4 50.81x 22.35x Profitability

LTM-4Q 31.12.2011 16'584.5 5.30x 7'967.4 11.04x 2'578.3 14.25x

31.12.2012 17'288.2 5.50x 9'727.9 9.78x 2'593.2 12.44x 9'727.93 6'031.17 34.89% 21.21% 2.56% 9.37% 6.40% 0.17% 66.5% 34.9% 15.0% 0.49 0.37 54.39% 199.30% 2.58 -

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 12'611.1 0.00x 0.0 0.00x 1'776.8 0.00x

o-12

03/yy 17'649.7 10.32x 0.0 0.00x 2'666.7 0.00x

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

1.13 0.98 3'032.38 18.11% 32.65% 0.980 25 4.080 10'286'620 16'257'790 20'930'960 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 19'398.4 22'330.5 5.70x 5.27x 11'130.1 13'289.4 9.52x 7.97x 3'033.4 3'823.0 14.63x 11.82x S&P Issuer Ratings

29.11.2012 BBB+ STABLE 3.03 -1.25 4.63 5.10 199.3% 61.7% 0.17 0.25 142.13 -

Sales/Revenue/Turnover

20.00

20'000.0

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00 8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 8'554.7 3'440.8 337.4 -

150.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Longyuan Power Group Corp Holdings By:

All

Holder Name JP MORGAN SOCIAL SECURITY FUND T ROWE PRICE ASSOCIA CHINA LIFE INSURANCE CHINA INVESTMENT COR BLACKROCK FMR LLC CAPITAL GROUP COMPAN CREDIT SUISSE AG UBS VANGUARD GROUP INC SUN LIFE FINANCIAL I MATTHEWS INTERNATION HANG SENG INVESTMENT COMMONWEALTH BANK OF NATIXIS ASSET MANAGE JUPITER ASSET MANAGE STATE STREET ALLIANZ ASSET MANAGE CHINA LIFE INSURANCE

Firm Name Nomura JPMorgan Sanford C. Bernstein & Co Bank of China International CIMB ICBC International Securities Deutsche Bank Morgan Stanley Credit Suisse HSBC BNP Paribas Equity Research Guotai Junan KGI Securities China International Capital Corp Jefferies SWS Research Co Ltd Macquarie Goldman Sachs EVA Dimensions Daiwa Securities Co. Ltd. BOCOM International Holdings Capital Securities Corp GuoSen Securities Co Ltd Masterlink Securities Guodu Securities Co Ltd

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

Analyst DANIEL RAATS BORIS KAN MICHAEL W PARKER PETER YAO KEITH LI KARL LIU KAI-TING WONG SIMON H Y LEE EDWIN PANG JENNY COSGROVE DAISY ZHANG LEO WU JERRY WENG RAN SHI JOSEPH FONG VINCENT YU PATRICK DAI FRANKLIN CHOW AUSTIN BURKETT DAVE DAI PENG LIN KATHERINE LIAO VIVIAN FU TEAM COVERAGE DAVID XIE

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

Recommendation buy overweight outperform buy outperform hold buy Overwt/Attractive neutral underweight buy neutral neutral accumulate buy buy outperform neutral/neutral sell outperform buy buy buy buy hold

Amt Held 332'227'824 303'640'000 299'772'000 256'241'000 243'442'000 242'178'920 180'527'000 134'510'000 125'006'816 92'567'906 61'630'800 22'619'000 20'724'000 16'211'525 15'420'000 9'729'000 8'390'000 8'180'000 6'511'000 5'950'000

% Out 9.95 9.09 8.98 7.67 7.29 7.25 5.4 4.03 3.74 2.77 1.85 0.68 0.62 0.49 0.46 0.29 0.25 0.24 0.19 0.18

Weighting

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

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

Latest Chg (3'251'000) 57'210'000 (150'000'000) 12'000 8'589'000 1'553'800 (7'307'000) 4'628'000 (1'286'000) 790'000 -

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

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

File Dt 15.04.2013 31.12.2012 27.03.2013 21.12.2012 08.03.2013 29.04.2013 05.04.2013 15.05.2012 21.12.2012 08.03.2013 31.03.2013 28.02.2013 31.12.2012 30.06.2012 30.11.2012 28.02.2013 31.01.2013 30.04.2013 28.02.2013 21.12.2012

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

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

Date 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 28.04.2013 26.04.2013 26.04.2013 26.04.2013 22.04.2013 16.04.2013 27.03.2013 26.03.2013 26.03.2013 19.02.2013 01.02.2013 17.01.2013 17.12.2012 27.06.2012 17.02.2012 16.02.2012 25.07.2011 19.07.2011

01.05.2013

Evergrande Real Estate Group Ltd Evergrande Real Estate Group Limited is an integrated residential property developer. The Company operates in property development, investment, management, and other related services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.05.2012) 52-Week Low (05.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3333 HK EQUITY YTD Change 3333 HK EQUITY YTD % CHANGE

12/2012 01/yy 4.81 2.80 52'460'326.00 3.17 -34.10% 13.21% 18.41% 16'027.1 50'805.79 60'273.86 0.0 3'427.6 17'790.32 86'270.85

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

31.12.2009 31.12.2010 5'722.7 45'801.4 11.15x 1.48x 133.0 10'485.9 479.75x 6.45x 1'046.4 7'588.8 51.05x 6.33x Profitability

31.12.2011 61'918.2 1.17x 15'860.8 4.58x 11'381.7 3.43x

31.12.2012 65'260.8 1.49x 12'651.3 7.68x 9'170.8 5.58x 12'651.30 12'063.35 18.48% 25.27% 4.39% 25.85% 9.77% 0.31% 27.9% 22.6% 18.3% 14.1% 1.33 0.14 25.22% 157.52% 23.26 0.38

Price/ Cash Flow

1400.0 M 1200.0 M 1000.0 M 800.0 M 600.0 M 400.0 M 200.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.72 5'864.94 -25.22% -25.41% 1.721 28 3.857 50'697'910 73'570'000 72'151'150 FY+2

12/13 Y 12/14 Y 83'767.0 96'389.3 0.93x 0.81x 16'073.2 19'111.1 5.37x 4.51x 8'616.3 9'732.3 4.75x 4.07x S&P Issuer Ratings

FQ+1

FQ+2

29.11.2009 BB STABLE 2.19 1.66 2.72 3.95 157.5% 59.1% 0.31 2.17 15.73 965.62 164.96 816.40

Sales/Revenue/Turnover

4.50

70'000.0

4.00

60'000.0

3.50

50'000.0

3.00 2.50

40'000.0

2.00

30'000.0

1.50

20'000.0

1.00

10'000.0

0.50 0.00 01.01.2010

1600.0 M

Fiscal Year Ended 31.12.2008 3'606.8 78.5 524.8 -

5 5 4 4 3 3 2 2 1 1 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Evergrande Real Estate Group Ltd Holdings By:

All

Holder Name KA YAN HUI VALUE PARTNERS GROUP DEUTSCHE BANK AG JANUS CAPITAL MANAGE VANGUARD GROUP INC DEUTSCHE BANK AG BLACKROCK ALLIANCE BERNSTEIN EASTSPRING INVESTMEN MANULIFE FUNDS DIREC FMR LLC CHINA ASSET MANAGEME STATE STREET SANFORD C BERNSTEIN GAM INTERNATIONAL MA PICTET & CIE GCIC LTD/CANADA MACQUARIE GROUP INVESCO ASSET MANAGE CHINA SOUTHERN FUND

Firm Name BNP Paribas Equity Research DBS Vickers ICBC International Securities Standard Chartered Guotai Junan AMTD Financial Planning Limited Haitong International Securities Sanford C. Bernstein & Co Deutsche Bank Bank of China International CIMB Mizuho Securities China International Capital Corp Mirae Asset Securities Goldman Sachs Credit Suisse JPMorgan Jefferies Barclays SWS Research Co Ltd Ji Asia EVA Dimensions Macquarie ABC International BOCOM International Holdings GuoSen Securities Co Ltd South China Research Ltd

Portfolio Name 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 n/a Multiple Portfolios Multiple Portfolios

Analyst LEE WEE LIAT CAROL WU PHILIP TSE RAYMOND CHENG DONALD YU KENNY TANG SING HING KATIE CHAN KENNETH TSANG JASON CHING CHRISTINA NGAI JOHNSON HU ALAN JIN ERIC YU ZHANG STEPHANIE LAU WANG YI JINSONG DU RYAN LI CHRISTIE JU WENDY LUO KRIS LI WU GONGLIANG AUSTIN BURKETT DAVID NG VIVIAN LI TONI HO CHI CHUNG HUI CAO KAISER CHOI

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

Recommendation reduce buy hold in-line accumulate buy buy underperform buy buy neutral underperform hold buy buy/attractive neutral overweight hold overweight buy buy buy neutral buy not rated buy buy

Amt Held % Out 10'162'119'735 63.41 734'857'000 4.59 708'086'434 4.42 505'369'000 3.15 150'301'401 0.94 (129'070'182) -0.81 113'383'388 0.71 89'767'379 0.56 61'530'000 0.38 58'248'000 0.36 46'617'823 0.29 45'496'000 0.28 38'163'134 0.24 36'465'000 0.23 34'508'000 0.22 32'887'000 0.21 32'326'000 0.2 29'191'000 0.18 28'931'000 0.18 27'000'000 0.17

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

Change M M M M M M M M M M M D M M M M M M U M M M M M M M M

Latest Chg (25'995'000) 3'587'900 203'000 10'977'297 (116'601'037) 33'812'000 940'000 6'008'000 (186'000) (330'000) 1'741'000 28'931'000 17'000'000

Target Price 3 5 5 4 4 4 4 3 5 5 4 3 4 4 5 5 4 4 5 6 5 #N/A N/A 4 6 #N/A N/A 5 6

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

File Dt 17.01.2013 17.01.2012 17.12.2012 31.03.2013 31.03.2013 17.12.2012 29.04.2013 28.02.2013 31.12.2010 30.06.2012 31.03.2013 30.06.2012 30.04.2013 28.02.2013 31.12.2012 31.01.2013 31.12.2012 30.06.2011 30.11.2012 30.06.2012

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

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

Date 29.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 16.04.2013 12.04.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 28.02.2013 30.01.2013 28.01.2013 17.01.2013 15.01.2013 27.12.2012 13.06.2012 11.01.2012 06.09.2011

01.05.2013

Geely Automobile Holdings Ltd Geely Automobile Holdings Limited, through its subsidiaries, manufactures and sells automobiles and related components.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 175 HK EQUITY YTD Change 175 HK EQUITY YTD % CHANGE

12/2012 01/yy 4.75 2.35 26'016'920.00 3.9 -17.89% 65.96% 64.58% 8'272.9 32'264.23 3'677.22 0.0 317.4 4'201.54 25'423.50

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

31.12.2009 31.12.2010 14'069.2 20'099.4 2.11x 1.12x 1'966.6 2'614.0 15.10x 8.60x 1'182.7 1'368.4 21.99x 15.51x Profitability

31.12.2011 20'964.9 0.65x 2'947.5 4.65x 1'543.4 6.66x

31.12.2012 24'627.9 0.98x 3'496.6 6.91x 2'040.0 10.91x 3'496.65 2'636.55 10.71% 10.27% 6.92% 18.16% 13.62% 0.84% 18.5% 14.2% 10.7% 8.3% 1.19 0.94 11.72% 28.54% 2.23 12.62

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.01 1.32 4'934.12 36.42% 6.27% 1.316 35 4.114 44'814'720 73'605'340 70'090'860 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 30'052.8 35'411.8 0.77x 0.61x 4'005.3 4'613.6 6.35x 5.51x 2'432.5 2'891.7 10.36x 8.75x S&P Issuer Ratings

14.77 10.10 -0.15 1.05 28.5% 21.8% 0.84 2.94 164.36 28.99 135.33 58.03

Sales/Revenue/Turnover

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2010

1000.0 M 900.0 M 800.0 M 700.0 M 600.0 M 500.0 M 400.0 M 300.0 M 200.0 M 100.0 M .0 M

Fiscal Year Ended 31.12.2008 4'289.0 1.44x 566.3 10.91x 879.1 3.70x

5 5 4 4 3 3 2 2 1 1 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Geely Automobile Holdings Ltd Holdings By:

All

Holder Name PROPER GLORY HOLDING GOLDMAN SACHS GROUP ZHEJIANG GEELY MERRI JP MORGAN VANGUARD GROUP INC GAM INTERNATIONAL MA BLACKROCK BARING ASSET MANAGEM GEHICLE INVESTMENT H ROBECO INVESTOR SERV SUN LIFE FINANCIAL I FMR LLC ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV CHINA ASSET MANAGEME SCHRODER INVESTMENT DRIEHAUS CAPITAL MAN HARVEST FUND MANAGEM PRINCIPAL FINANCIAL SCHRODER KOREA LTD

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios SCHRODER ISF CHINA O Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Capital Securities Corp HAN WEIQI Nomura BENJAMIN LO Sanford C. Bernstein & Co MAX WARBURTON Deutsche Bank VINCENT HA BNP Paribas Equity Research TINA LI Religare Capital Markets STANLEY CHAN EVA Dimensions CRAIG STERLING JPMorgan NICK LAI KGI Securities WEI SHEN Goldman Sachs YIPENG YANG CIMB CHEAM TZE SHEN Daiwa Securities Co. Ltd. JEFF CHUNG UOB Kay Hian KEN LEE Credit Suisse JACK YEUNG Macquarie JANET B LEWIS Haitong International Securities LIANG YONGHUO First Shanghai Securities Ltd XIAOXIA CHEN Rising Securities Co.,LTD WANG LIANG Guotai Junan HARRY CHEN Guoyuan Securities (HK) Ltd TEAM COVERAGE Yuanta Securities Investment ConsultingSAMUEL KWOK Bank of China International WANG YUSHENG DBS Vickers RACHEL MIU China International Capital Corp ZHENG DONG SWS Research Co Ltd TITUS WU Oriental Patron Securities Ltd VIVIEN CHAN Standard Chartered REBECCA TANG HSBC CARSON NG CCB International Securities Ltd RONNIE HO Ji Asia STEPHEN USHER Mizuho Securities OLE HUI BOCOM International Holdings GEOFFREY CHENG Citic Securities Co., Ltd LI CHUNBO HuaChuang Securities WANG YANXUE Cinda Securities Ltd ALVIN FUNG

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

Recommendation buy buy underperform buy buy buy hold overweight outperform neutral/neutral outperform buy buy neutral underperform strong buy buy add accumulate buy buy buy hold accumulate outperform buy outperform neutral outperform buy underperform not rated hold buy neutral

Amt Held 2'462'400'000 776'913'022 776'408'000 446'379'977 175'935'300 77'400'000 66'590'001 60'455'000 49'689'819 43'781'514 42'169'145 40'111'772 39'900'000 37'325'000 28'200'000 26'745'000 19'945'118 18'205'000 17'335'000 15'695'000

% Out 29.76 9.39 9.38 5.4 2.13 0.94 0.8 0.73 0.6 0.53 0.51 0.48 0.48 0.45 0.34 0.32 0.24 0.22 0.21 0.19

Weighting

Change

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

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

Latest Chg 6'573'580 (36'550'700) 5'000'000 1'140'000 (27'295'000) (635'132'509) 3'771'168 (150'855) (25'850'085) 10'300'000 28'200'000 9'010'000 679'505 5'245'000 (6'485'000) (1'005'000)

Target Price 5 6 3 5 5 5 #N/A N/A 7 5 4 5 5 5 4 3 5 5 #N/A N/A 5 5 6 6 4 5 4 5 5 4 5 5 2 #N/A N/A 3 #N/A N/A 5

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

File Dt Inst Type 31.12.2011 Holding Company 29.11.2012 Investment Advisor 31.12.2011 n/a 19.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 29.04.2013 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Other 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Hedge Fund Manager 30.06.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 30.04.2013 28.04.2013 26.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 19.04.2013 19.04.2013 17.04.2013 15.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 11.04.2013 02.04.2013 27.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 11.03.2013 11.12.2012 05.09.2012 13.07.2012 25.04.2012 13.01.2010

01.05.2013

Longfor Properties Co Ltd Longfor Properties operates in the property development, property investment and property management businesses in China.

Price/Volume 18

400.0 M

350.0 M

300.0 M

250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 960 HK EQUITY YTD Change 960 HK EQUITY YTD % CHANGE

12/2012 01/yy 16.10 10.60 3'782'542.00 12.96 -19.50% 22.26% 42.91% 5'431.3 70'389.91 32'836.77 0.0 2'668.2 18'383.52 73'038.61

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

150.0 M

6 4

100.0 M

50.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 4'475.2 496.6 331.6 -

200.0 M

Valuation Analysis

31.12.2009 31.12.2010 11'374.0 15'093.1 3.85x 3.72x 3'007.2 4'390.2 14.56x 12.79x 2'209.2 4'130.2 14.40x 11.44x Profitability

31.12.2011 24'092.9 2.02x 8'470.9 5.75x 6'327.6 5.79x

31.12.2012 27'892.8 2.99x 9'696.7 8.60x 6'301.1 10.18x 9'696.73 9'663.50 34.65% 40.52% 5.66% 24.31% 12.15% 0.25% 40.1% 34.8% 34.6% 22.6% 1.40 0.30 26.18% 109.79% 120.40 0.30

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.94 1.30 1'175.28 7.09% -14.62% 1.301 33 3.909 3'810'938 7'688'388 8'120'705 FY+2

12/13 Y 12/14 Y 44'879.7 49'901.9 1.76x 1.58x 10'927.5 13'069.6 6.68x 5.59x 6'249.6 7'310.2 8.67x 7.56x S&P Issuer Ratings

FQ+1

FQ+2

02.03.2011 BB+ STABLE 4.68 -0.27 1.49 3.39 109.8% 50.2% 0.25 1.17 3.04 1233.95 48.35 1188.64

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00 8.00

15'000.0

6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Longfor Properties Co Ltd Holdings By:

All

Holder Name CHARM TALENT INTL LT JUNSON DEVELOPMENT I FENBOURNE INVESTMENT DENARIE ENTERPRISES FMR LLC MARGINGLE INTERNATIO VANGUARD GROUP INC CAPITAL GROUP COMPAN BLACKROCK SHINHAN BNP PARIBAS BRISTOL CHOICE LTD BARING ASSET MANAGEM HARVEST FUND MANAGEM INVESCO ASSET MANAGE SCHRODER INVESTMENT MAPS INVESTMENT MANA SCHRODER KOREA LTD EASTSPRING INVESTMEN MINGXIAO SHAO BANK OF NEW YORK MEL

Firm Name Jefferies BNP Paribas Equity Research ICBC International Securities Standard Chartered Maybank Kim Eng CIMB Guotai Junan Capital Securities Corp Nomura Deutsche Bank Morgan Stanley Bank of China International Haitong International Securities China International Capital Corp SWS Research Co Ltd UOB Kay Hian Mirae Asset Securities HSBC JPMorgan Macquarie Goldman Sachs Barclays Ji Asia KGI Securities First Shanghai Securities Ltd EVA Dimensions AMTD Financial Planning Limited President Securities HK Ltd Daiwa Securities Co. Ltd. GuoSen Securities Co Ltd South China Research Ltd

Portfolio Name n/a 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 SCHRODER ISF CHINA O Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst VENANT CHIANG RONNEY CHEUNG PHILIP TSE RAYMOND CHENG KAREN KWAN JOHNSON HU DONALD YU ZHU JIXIANG ALVIN WONG JASON CHING BRIAN LEUNG CHRISTINA NGAI KATIE CHAN ERIC YU ZHANG KRIS LI CYNTHIA CHAN STEPHANIE LAU DEREK KWONG RYAN LI DAVID NG WANG YI WENDY LUO WU GONGLIANG ALICE JI MICHAEL KE AUSTIN BURKETT KENNY TANG SING HING TEAM COVERAGE JONAS KAN HUI CAO KAISER CHOI

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

Recommendation underperform buy hold outperform sell outperform neutral buy buy buy Overwt/Attractive sell buy buy neutral sell buy overweight neutral outperform buy/attractive equalweight buy outperform buy overweight buy neutral hold buy buy

Amt Held 2'343'736'600 1'559'394'400 218'242'000 43'341'000 42'068'740 38'637'000 37'700'933 34'192'500 29'296'500 28'062'000 21'527'000 17'735'000 17'305'500 16'017'500 15'344'500 12'302'500 11'723'500 11'427'000 9'220'000 6'794'500

% Out 43.15 28.71 4.02 0.8 0.77 0.71 0.69 0.63 0.54 0.52 0.4 0.33 0.32 0.29 0.28 0.23 0.22 0.21 0.17 0.13

Weighting

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

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

Latest Chg 260'000'000 12'133'649 2'161'300 55'500 (3'745'000) 4'658'500 1'056'500 16'017'500 (3'696'000) 286'000 257'500

Target Price 11 18 14 19 12 14 14 16 14 17 17 11 14 20 11 11 14 20 13 18 21 15 16 15 18 #N/A N/A 16 13 12 10 15

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

File Dt 25.09.2012 25.09.2012 06.12.2012 06.12.2012 31.03.2013 06.12.2012 31.03.2013 31.03.2013 29.04.2013 31.12.2012 06.12.2012 31.12.2012 30.06.2012 30.11.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.11.2012 31.03.2013

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

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

Date 30.04.2013 29.04.2013 23.04.2013 22.04.2013 15.04.2013 02.04.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 17.03.2013 16.03.2013 16.03.2013 15.03.2013 28.02.2013 25.02.2013 21.02.2013 21.01.2013 15.01.2013 28.12.2012 22.08.2012 20.08.2012 11.01.2012 23.08.2011

01.05.2013

China Gas Holdings Ltd China Gas Holdings Ltd. invests in, operates and manages natural gas distribution pipelines. The Company distributes and sells natural gas to residential, commercial and industrial users, and bottles and sells compressed natural gas. China Gas also constructs and operates gas stations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (11.06.2012) Daily Volume Current Price (5/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 384 HK EQUITY YTD Change 384 HK EQUITY YTD % CHANGE

03/2012 01/yy 8.99 3.52 3'858'544.00 7.65 -14.91% 117.33% 75.50% 4'569.7 34'958.40 15'375.33 0.0 1'056.8 4'828.66 46'029.87

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

1.20

300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.03.2008 2'552.1 4.53x 761.9 15.17x 141.1 43.96x

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

31.03.2009 31.03.2010 6'323.8 10'212.0 2.12x 2.50x 1'065.4 1'693.7 12.58x 15.08x 103.7 875.6 38.91x 16.65x Profitability

31.03.2011 15'861.9 1.78x 2'324.9 12.16x 625.9 23.42x

31.03.2012 18'933.6 1.48x 2'878.8 9.73x 953.9 17.19x 2'878.77 2'241.60 11.84% 8.56% 4.29% 14.04% 8.97% 0.60% 19.0% 15.5% 12.2% 5.0% 0.77 0.44 48.24% 156.58% 21.29 7.88

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.80 0.94 1'488.06 100.69% 25.82% 0.942 19 3.632 3'483'122 8'144'656 8'950'744 FY+2

03/13 Y 03/14 Y 21'515.9 26'028.9 2.14x 1.75x 3'431.7 3'949.2 13.41x 11.66x 1'467.6 1'732.0 23.98x 20.68x S&P Issuer Ratings

FQ+1

FQ+2

2.93 1.11 3.25 4.83 156.6% 58.6% 0.60 1.23 17.19 46.43 65.60 7.78

Sales/Revenue/Turnover

20'000.0 18'000.0

1.00

16'000.0 14'000.0

0.80 0.60 0.40

12'000.0 10'000.0 8'000.0 6'000.0 4'000.0

0.20

2'000.0 0.0

0.00

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

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

01.05.2013

China Gas Holdings Ltd Holdings By:

All

Holder Name BEIJING ENTERPRISES CHINA GAS GROUP LTD SK E&S CO LTD DEUTSCHE BANK AG GAIL INDIA LTD MING HUI LIU SK GAS LTD ASIAN DEVELOPMENT BA YING XU VANGUARD GROUP INC PUSAN CITY GAS CO LT BLACKROCK DEUTSCHE BANK AG MAPS INVESTMENT MANA SHINHAN BNP PARIBAS MORGAN STANLEY DIMENSIONAL FUND ADV UNION INVESTMENT LUX XIAO YUN LI MIRAE ASSET GLOBAL I

Firm Name Jefferies Deutsche Bank CIMB Nomura Macquarie Bank of China International EVA Dimensions Goldman Sachs Standard Chartered UOB Kay Hian China International Capital Corp Mirae Asset Securities AMTD Financial Planning Limited JPMorgan Credit Suisse Hua Tai Securities Co., Ltd First Shanghai Securities Ltd Daiwa Securities Co. Ltd.

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a MIRAEASSET CHINA BLU

Analyst JOSEPH FONG ERIC CHENG MIKE YIP JOSEPH C LAM SERENA LI PETER YAO AUSTIN BURKETT FRANK HE LI EVAN YAN SHI STEPHEN YU ZHANG RICKY NG KENNY TANG SING HING BORIS KAN EDWIN PANG WENQIAN CHEN ZHANG ZHIBIN DAVE DAI

Source EXCH EXCH EXCH EXCH Research EXCH Co File Research EXCH MF-AGG EXCH ULT-AGG Short MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG EXCH MF-KOR

Recommendation buy hold outperform neutral outperform buy underweight neutral/neutral outperform hold hold hold buy neutral neutral buy buy hold

Amt Held % Out 964'902'132 21.12 702'446'000 15.37 614'595'000 13.45 214'769'483 4.7 209'948'343 4.59 209'104'000 4.58 196'919'000 4.31 150'000'000 3.28 95'000'000 2.08 75'356'500 1.65 73'008'000 1.6 69'426'000 1.52 (31'053'757) -0.68 19'780'000 0.43 17'850'000 0.39 16'392'000 0.36 15'045'500 0.33 13'950'000 0.31 10'000'000 0.22 7'550'000 0.17

Weighting

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

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

Latest Chg 75'000'000 (14'250'100) (106'000) (1'286'000) 8'972'000 (26'120'000) (1'550'000) (2'636'000)

Target Price 9 6 9 4 10 10 #N/A N/A 7 6 7 6 6 7 3 6 #N/A N/A 5 4

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

File Dt 28.02.2013 10.04.2013 21.11.2012 30.01.2012 31.03.2011 10.04.2013 31.03.2012 31.03.2011 24.03.2011 31.03.2013 21.11.2012 29.04.2013 30.01.2012 31.12.2012 31.12.2012 31.12.2012 31.07.2012 28.09.2012 24.03.2011 31.12.2012

Date 12 month 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 Not Provided

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

Date 30.04.2013 18.04.2013 18.04.2013 26.03.2013 13.03.2013 07.03.2013 06.03.2013 27.02.2013 25.01.2013 16.01.2013 18.12.2012 18.12.2012 18.12.2012 29.11.2012 28.11.2012 16.10.2012 10.07.2012 03.01.2012

01.05.2013

COSCO Pacific Ltd COSCO Pacific Limited, through its subsidiaries, provides shipping container leasing services worldwide. The Company also operates container terminals and provides container handling, storage, transportation and management services, as well as depot handling and stevedoring services.

Price/Volume 14

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1199 HK EQUITY YTD Change 1199 HK EQUITY YTD % CHANGE

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

1.20 1.00

10.0 M

5.0 M

2 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 338.0 10.23x 228.6 15.12x 274.7 9.18x

15.0 M

12/2012 03/yy 13.32 8.82 6'363'754.00 10.28 -22.82% 16.55% 32.44% 2'786.2 28'642.40 2'844.17 0.0 263.4 848.42 5'949.84

31.12.2009 31.12.2010 349.4 446.5 12.00x 13.22x 178.8 219.5 23.44x 26.89x 172.5 361.3 19.64x 16.06x Profitability

LTM-4Q 31.12.2011 599.2 8.60x 318.0 16.20x 388.8 8.14x

31.12.2012 735.5 8.47x 393.4 15.83x 342.2 11.39x 393.38 225.51 30.66% 51.99% 4.95% 9.03% 6.37% 0.11% 42.9% 53.5% 30.7% 46.5% 0.96 0.82 38.62% 71.93% 8.71 38.07

03/yy 642.9 19.65x 0.0 0.00x 356.9 11.47x

LTM 03/yy 752.6 23.36x 0.0 0.00x 331.1 11.95x

FY+1

3.78 1.45 1'580.95 -5.44% -6.88% 1.451 25 4.440 6'356'363 8'772'422 7'718'690 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 803.7 888.5 7.98x 7.40x 451.4 478.7 13.18x 12.43x 378.5 436.8 9.46x 8.23x S&P Issuer Ratings

4.41 -4.96 5.07 7.23 71.9% 40.3% 0.11 0.20 42.01 9.61 33.46 18.16

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

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

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

01.05.2013

COSCO Pacific Ltd Holdings By:

All

Holder Name COSCO PACIFIC INVEST COSCO INVESTMENTS LT BLACKROCK JP MORGAN CITIGROUP INCORPORAT PRUDENTIAL FINANCIAL VANGUARD GROUP INC FRANKLIN RESOURCES DIMENSIONAL FUND ADV STATE STREET DWS INVESTMENT SA DEUTSCHE BANK AG EASTSPRING INVESTMEN INVESCO LTD BANK OF NEW YORK MEL FIDEURAM GESTIONS SA FRANK RUSSELL TRUST FIDELITY INVESTMENTS FMR LLC HANG SENG INVESTMENT

Firm Name Clarkson Capital Markets LLC Deutsche Bank Daiwa Securities Co. Ltd. Citic Securities Co., Ltd UOB Kay Hian Morgan Stanley Goldman Sachs Credit Suisse Jefferies HSBC Standard Chartered Barclays EVA Dimensions DBS Vickers China International Capital Corp JPMorgan Guotai Junan BOCOM International Holdings AMTD Financial Planning Limited Macquarie Bank of China International Nomura Masterlink Securities Religare Capital Markets Haitong International Securities China Merchants Securities

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

Analyst URS M DUR SKY HONG KELVIN LAU SIMON YEUNG LAWRENCE LI EDWARD XU SIMON CHEUNG DAVIN CHUNPONG WU BOYONG LIU PARASH JAIN CLAIRE TENG JON WINDHAM CRAIG STERLING PAUL YONG XIN YANG KAREN LI JASON SONG GEOFFREY CHENG KENNY TANG SING HING BONNIE CHAN MATTHEW XU ANDREW LEE TEAM COVERAGE PETER WILLIAMSON CHO FOOK TAT YU HUANGYAN

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

Recommendation outperform buy buy overweight buy Equalwt/In-Line Buy/Neutral neutral hold overweight outperform overweight underweight buy hold overweight buy not rated buy outperform buy buy buy buy buy outperform

Amt Held 993'192'993 210'538'143 187'511'147 136'919'673 93'921'158 47'727'062 43'938'708 42'168'610 28'131'532 27'820'129 16'938'000 14'500'000 12'853'771 12'740'000 11'286'700 10'920'200 9'338'113 8'130'000 7'825'417 7'634'339

% Out 35.65 7.56 6.73 4.91 3.37 1.71 1.58 1.51 1.01 1 0.61 0.52 0.46 0.46 0.41 0.39 0.34 0.29 0.28 0.27

Weighting

Change

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

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

Latest Chg 9'781'743 (109'699'158) (29'844'718) 172'800 2'419'353 4'914 (519'243) 62'000 (300'795) 4'158'000 1'182'906 (1'740'062) -

Target Price 13 16 12 14 15 12 13 11 11 13 13 15 #N/A N/A 15 11 14 14 #N/A N/A 14 14 11 16 12 13 18 8

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

File Dt 24.10.2012 24.10.2012 29.04.2013 06.03.2013 04.02.2013 28.03.2013 31.03.2013 31.12.2012 31.07.2012 30.04.2013 28.02.2013 28.02.2013 31.12.2012 30.04.2013 29.04.2013 02.04.2013 31.05.2012 31.12.2010 31.03.2013 30.06.2012

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

Inst Type Holding Company 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 Investment Advisor

Date 29.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 16.04.2013 11.04.2013 29.03.2013 27.03.2013 27.03.2013 26.03.2013 04.03.2013 19.02.2013 18.02.2013 15.01.2013 25.10.2012 07.10.2012 13.06.2012 22.11.2011 24.06.2011 23.02.2009

01.05.2013

New China Life Insurance Co Ltd New China Life Insurance Company Limited provides life insurance in local and foreign currencies, acts as an insurance agent, provides checks, claims and insurance consulting. The Company's main products include life insurance, accident insurance, health insurance products and services.

Price/Volume 40

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.05.2012) 52-Week Low (06.09.2012) Daily Volume Current Price (5/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 1336 HK EQUITY YTD Change 1336 HK EQUITY YTD % CHANGE

12/2012 03/yy 36.81 21.25 1'649'189.00 28.85 -21.62% 35.76% 48.84% 1'034.1 92'865.07 74'171.00 0.0 8.0 196'892.00 -

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

10 5 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 48'899.0 649.0 -

31.12.2009 31.12.2010 73'904.0 102'657.0 2'660.0 2'249.0 Profitability

LTM-4Q 31.12.2011 108'404.0 0.75x 2'799.0 16.81x

31.12.2012 113'424.0 2'933.0 25.20x 2.26% 2.02% 0.67% 8.73% 0.26% 2.6% 15.02% 206.78% -

Price/ Cash Flow

LTM

FY+1

1.40 566.06 -16.06% -2.04% 23 3.957 1'861'567 1'609'643 3'342'484 FY+2

FQ+1

FQ+2

03/yy 38'803.0 0.00x 0.0 0.00x 768.0 0.00x

03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 75'344.0 128'610.3 144'678.3 0.00x 0.30x 0.25x 0.0 0.00x 3'630.0 4'344.3 5'256.3 18.19x 16.20x 13.39x 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

206.8% 67.4% 0.26 -

Sales/Revenue/Turnover

1.40

120'000.0

1.20

100'000.0

1.00

80'000.0

0.80

60'000.0 0.60

40'000.0 0.40

20'000.0

0.20 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

New China Life Insurance Co Ltd Holdings By:

All

Holder Name ZURICH INSURANCE CO TEMASEK HOLDINGS PRI DEUTSCHE BANK AG CICC SECURITIES HK L GREAT EASTERN LIFE A DEUTSCHE BANK AG JP MORGAN GREAT EASTERN TRUST NOMURA OVERSEAS ASSURANCE C BLACKROCK CHINA INTERNATIONAL CHINA SOUTHERN FUND HANG SENG INVESTMENT VANGUARD GROUP INC HARVEST FUND MANAGEM JP MORGAN ASSET MGMT PICTET CONSEIL EN IN KB ASSET MANAGEMENT STATE STREET

Firm Name EVA Dimensions Deutsche Bank Jefferies DBS Vickers Morgan Stanley Religare Capital Markets Standard Chartered Credit Suisse HSBC China International Capital Corp BOCOM International Holdings Macquarie Capital Securities Corp JPMorgan CCB International Securities Ltd Bank of China International Phillip Securities SWS Research Co Ltd AMTD Financial Planning Limited Goldman Sachs

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

Analyst AUSTIN BURKETT ESTHER CHWEI BARON NIE PING CHENG BEN LIN STEVEN LAM JENNIFER LAW FRANCES FENG MICHAEL P CHANG TANG SHENGBO LI WENBING JIAN LI TEAM COVERAGE CHAN BAO LING KENNETH YUE SUN PENG CHEN XINGYU ROBERT HU KENNY TANG SING HING MANCY SUN

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

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

Amt Held % Out 390'000'000 37.71 78'000'000 7.54 76'935'575 7.44 65'000'000 6.29 63'158'500 6.11 (53'763'000) -5.2 51'761'083 5.01 31'061'600 3 28'967'900 2.8 9'318'500 0.9 8'260'700 0.8 5'733'700 0.55 5'000'000 0.48 4'859'076 0.47 4'530'100 0.44 1'568'000 0.15 1'419'300 0.14 1'059'000 0.1 1'017'300 0.1 974'600 0.09

Weighting

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

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

Latest Chg 408'300 511'900 4'133'700 (500'000) 4'158'000 (1'232'000) 402'200 (55'400) -

Target Price #N/A N/A 36 27 29 26 35 37 32 33 34 40 39 #N/A N/A 34 31 30 37 30 30 41

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 08.04.2013 30.06.2012 29.01.2013 30.06.2012 29.04.2013 30.06.2012 30.06.2012 30.06.2012 31.03.2013 30.06.2012 17.12.2012 31.01.2013 31.12.2012 30.04.2013

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

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

Date 30.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 27.04.2013 26.04.2013 26.04.2013 25.04.2013 09.04.2013 09.04.2013 28.03.2013 27.03.2013 26.03.2013 26.03.2013 23.01.2013 14.01.2013 11.01.2013 14.12.2012 13.11.2012

01.05.2013

China Railway Group Ltd China Railway Group Ltd. offers transportation systems construction services. The Company builds railroads, roads, tunnels, and bridges.

Price/Volume 6

90.0 M 80.0 M

70.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (15.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 390 HK EQUITY YTD Change 390 HK EQUITY YTD % CHANGE

12/2012 03/yy 4.98 2.55 37'351'272.00 4.09 -17.87% 60.39% 63.37% 4'207.4 77'239.16 182'875.56 0.0 10'198.7 73'641.59 176'420.47

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

50.0 M 40.0 M

30.0 M 20.0 M

10.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 227'245.5 0.55x 10'036.8 12.52x 1'115.2 94.59x

60.0 M

31.12.2009 31.12.2010 334'045.0 456'162.0 0.43x 0.29x 12'946.0 15'702.0 11.00x 8.38x 6'875.0 7'398.0 16.47x 13.71x Profitability

LTM-4Q 31.12.2011 442'216.0 0.30x 18'977.0 6.90x 6'690.0 6.28x

31.12.2012 468'793.6 0.42x 19'638.1 10.03x 7'354.7 10.56x 19'638.13 13'507.82 2.88% 2.26% 1.44% 9.79% 5.29% 0.92% 7.9% 4.2% 2.9% 1.6% 1.19 0.48 33.21% 233.37% 4.64 2.46

Price/ Cash Flow

LTM

FY+1

1.68 4'207.39 35.03% -9.71% 1.677 26 3.885 28'283'560 19'832'470 21'919'200 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 427'850.3 487'108.4 513'657.3 552'325.3 1.23x 1.51x 0.31x 0.30x 0.0 0.0 21'179.4 22'705.0 0.00x 0.00x 8.33x 7.77x 5'911.7 7'918.5 8'051.6 8'769.5 7.56x 8.46x 8.57x 7.77x S&P Issuer Ratings Long-Term Rating Date 23.01.2013 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 1.92 (EBITDA-Capex)/Interest Exp. 0.98 Net Debt/EBITDA 5.57 Total Debt/EBITDA 9.32 Reference Total Debt/Equity 233.4% Total Debt/Capital 67.4% Asset Turnover 0.92 Net Fixed Asset Turnover 9.79 Accounts receivable turnover-days 78.82 Inventory Days 148.53 Accounts Payable Turnover Day 122.53 Cash Conversion Cycle 104.49 Sales/Revenue/Turnover

12.00

500'000.0 450'000.0

10.00

400'000.0 350'000.0

8.00

300'000.0

6.00

250'000.0 200'000.0

4.00

150'000.0 100'000.0

2.00 0.00 01.01.2010

50'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

China Railway Group Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND BLACKROCK JP MORGAN LEHMAN BROTHERS FINA VANGUARD GROUP INC LEHMAN BROTHERS INTE GRANTHAM MAYO VAN OT HANG SENG INVESTMENT LEHMAN BROTHERS HOLD BANK OF NEW YORK MEL ROBECO INVESTOR SERV FMR LLC STATE STREET ING INVESTMENT MANAG ING INTERNATIONAL AD HSBC HOLDINGS PLC FIDELITY INVT ASSET DAIWA SB INVESTMENTS DIMENSIONAL FUND ADV BNP PARIBAS INV PART

Firm Name EVA Dimensions DBS Vickers HSBC Nomura Deutsche Bank UOB Kay Hian Jefferies JPMorgan Bank of China International China International Capital Corp Capital Securities Corp Standard Chartered Goldman Sachs Macquarie Daiwa Securities Co. Ltd. Morgan Stanley Guotai Junan AMTD Financial Planning Limited GuoSen Securities Co Ltd CCB International Securities Ltd Religare Capital Markets Barclays SinoPac Credit Suisse

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

Analyst CRAIG STERLING RACHEL MIU ANDERSON CHOW GE WENJIE PHYLLIS WANG MARK PO JULIAN BU KAREN LI LI PAN WU HUIMIN LI XIAOLU BEN HARTWRIGHT TIAN LU SAIYI HE JOSEPH HO KEVIN LUO GARY WONG KENNY TANG SING HING ETHANE CHENG ELIZA LIU PETER WILLIAMSON PATRICK XU VIVIAN LIU INGRID WEI

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

Recommendation underweight hold overweight buy buy buy hold overweight hold accumulate buy outperform Sell/Neutral neutral outperform Equalwt/Attractive neutral buy buy neutral buy overweight buy outperform

Amt Held 382'490'000 273'098'281 209'623'317 123'652'010 106'109'947 59'870'550 46'799'000 34'148'451 26'551'000 23'991'273 22'662'611 22'659'019 19'080'816 17'351'863 11'481'000 10'206'000 9'794'000 9'296'000 9'020'000 7'825'000

% Out 9.09 6.49 4.98 2.94 2.52 1.42 1.11 0.81 0.63 0.57 0.54 0.54 0.45 0.41 0.27 0.24 0.23 0.22 0.21 0.19

Weighting

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

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

Latest Chg 416'000 (1'727'000) 129'800 (2) (46'126'666) (146'685) (96'000) 4'183'000 9'238'000 -

Target Price #N/A N/A 4 5 7 5 5 3 6 4 4 5 5 4 4 5 4 4 4 #N/A N/A #N/A N/A 5 6 3 4

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

File Dt 31.12.2010 29.04.2013 31.12.2012 31.12.2010 31.03.2013 31.12.2010 31.05.2012 30.06.2012 31.12.2010 29.04.2013 28.02.2013 31.03.2013 30.04.2013 28.02.2013 31.01.2013 30.01.2013 31.12.2012 24.07.2012 31.07.2012 28.02.2013

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

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

Date 30.04.2013 29.04.2013 26.04.2013 19.04.2013 18.04.2013 11.04.2013 10.04.2013 02.04.2013 02.04.2013 29.03.2013 12.03.2013 28.02.2013 20.01.2013 11.01.2013 06.12.2012 15.11.2012 09.11.2012 31.10.2012 22.10.2012 17.10.2012 15.10.2012 12.10.2012 16.05.2012 02.11.2011

01.05.2013

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

Price/Volume 16

140.0 M

120.0 M

100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (29.05.2012) Daily Volume Current Price (5/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 6837 HK EQUITY YTD Change 6837 HK EQUITY YTD % CHANGE

12/2012 03/yy 14.08 8.21 15'825'200.00 11.3 -19.74% 37.64% 52.64% 1'492.6 125'964.42 24'666.87 0.0 1'750.9 52'312.05 75'272.50

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

60.0 M

6 4

40.0 M

20.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

80.0 M

Valuation Analysis

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

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

31.12.2012 9'874.1 7.33x 5'074.0 14.26x 3'019.8 31.06x 5'073.98 44.20% 41.62% 2.68% 5.82% 4.50% 0.09% 51.4% 30.6% 19.52% 42.04% -

Price/ Cash Flow

LTM

03/yy 10'081.5 11.93x 1'805.9 0.00x 2'967.0 24.81x

03/yy 10'375.5 23.78x 1'243.1 0.00x 3'404.6 28.30x

FY+1

1.34 1'344.06 4.05% -15.04% 20 4.250 13'899'000 13'218'420 16'614'840 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 12'256.2 14'914.3 4.60x 3.68x 5'604.0 6'500.0 13.43x 11.58x 4'251.1 5'200.6 20.40x 16.44x S&P Issuer Ratings

-5.45 4.86 42.0% 29.0% 0.09 10.48 -

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Haitong Securities Co Ltd Holdings By:

All

Holder Name BARLEYLAND INVESTMEN BLACKROCK PAGAC HORSESHOE HOLD JP MORGAN SOCIAL SECURITY FUND VALUE PARTNERS GROUP WELLINGTON MANAGEMEN DE SHAW VALENCE INTE CITIGROUP INCORPORAT CAPITAL GROUP COMPAN DEUTSCHE BANK AG BARING ASSET MANAGEM MORGAN STANLEY CARMIGNAC GESTION CITIGROUP INCORPORAT VANGUARD GROUP INC SBI HOLDINGS INC OMAN INVESTMENT FUND KGI FINANCE LTD CREDIT SUISSE AG

Firm Name ICBC International Securities Nomura Credit Suisse Jefferies Goldman Sachs Deutsche Bank HSBC Capital Securities Corp China International Capital Corp CCB International Securities Ltd BNP Paribas Equity Research JPMorgan EVA Dimensions Bank of China International AMTD Financial Planning Limited Macquarie

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

Analyst IVAN LIN LUCY FENG FRANCES FENG JACLYN WANG BOWEI CHENG PANDORA LEE YORK PUN TEAM COVERAGE JIE HUANG SILVIA FUN KATHRYN DING JOSHUA KLACZEK AUSTIN BURKETT JINHUA YIN KENNY TANG SING HING VICTOR WANG

Source Research ULT-AGG EXCH ULT-AGG EXCH ULT-AGG EXCH Research EXCH ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG Short MF-AGG Research Research Research EXCH

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

Amt Held % Out 163'875'600 10.98 132'236'773 8.86 130'704'400 8.76 106'597'483 7.14 105'503'200 7.07 73'208'000 4.9 72'982'600 4.89 71'707'200 4.8 71'090'072 4.76 58'700'000 3.93 50'567'416 3.39 41'368'400 2.77 37'473'946 2.51 31'579'174 2.12 (24'776'471) -1.66 24'486'000 1.64 21'512'000 1.44 21'512'000 1.44 21'512'000 1.44 21'294'436 1.43

Weighting

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

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

Latest Chg 2'154'800 (89'000'000) 108'000 1'080'800 (3'850'400) (16'300'000) (13'015'600) 482'938 1'728'923 21'854'400 -

Target Price 16 14 16 16 13 15 13 #N/A N/A 13 14 15 11 #N/A N/A 15 14 12

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

File Dt 26.04.2012 29.04.2013 06.02.2013 20.03.2013 01.03.2013 09.01.2013 14.02.2013 17.04.2012 28.03.2013 05.12.2012 20.05.2012 31.12.2012 21.05.2012 29.03.2013 28.03.2013 31.03.2013 17.04.2012 17.04.2012 17.04.2012 19.05.2012

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

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

Date 30.04.2013 25.04.2013 24.04.2013 24.04.2013 17.04.2013 12.04.2013 03.04.2013 27.03.2013 27.03.2013 27.03.2013 12.03.2013 31.01.2013 17.01.2013 09.01.2013 31.12.2012 19.12.2012

01.05.2013

Yanzhou Coal Mining Co Ltd Yanzhou Coal Mining Company Limited operates underground mining and coal preparation and operation businesses. Its products are sold in domestic and international markets. The Company also provides railway transportation services.

Price/Volume 18

120.0 M

100.0 M

14 12

80.0 M

12/2012 03/yy 16.88 8.02 17'850'041.00 8.08 -52.13% 0.75% 0.68% 1'958.4 72'349.10 44'901.53 0.0 3'264.8 15'904.32 100'193.09

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

40.0 M

20.0 M

2 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 25'956.7 0.97x 10'119.3 2.50x 6'324.0 3.90x

60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (29.04.2013) Daily Volume Current Price (5/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 1171 HK EQUITY YTD Change 1171 HK EQUITY YTD % CHANGE

31.12.2009 31.12.2010 20'677.1 33'944.3 5.26x 3.33x 7'221.7 10'248.0 15.06x 11.02x 4'117.3 9'281.4 17.99x 10.65x Profitability

LTM-4Q 31.12.2011 49'170.7 2.28x 15'539.0 7.22x 8'530.2 7.75x

31.12.2012 58'146.2 1.83x 9'713.9 10.96x 6'219.0 8.18x 9'713.88 5'698.52 9.80% 10.91% 5.32% 13.36% 8.46% 0.53% 22.0% 15.9% 9.3% 10.7% 1.06 0.82 36.59% 97.98% 7.61 31.02

Price/ Cash Flow

LTM

03/yy 54'188.6 7.10x 0.0 0.00x 8'246.4 8.14x

03/yy 55'457.4 5.86x 0.0 0.00x 3'804.2 10.83x

FY+1

5.61 1.34 1'958.40 -47.36% -36.97% 1.336 30 2.367 39'395'590 29'425'290 26'690'970 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 55'033.4 60'442.3 1.65x 1.52x 8'871.3 10'061.0 11.29x 9.96x 3'151.4 3'493.5 9.77x 8.62x S&P Issuer Ratings

27.04.2012 BBBSTABLE 6.29 2.26 3.10 4.80 98.0% 47.8% 0.53 1.58 48.08 11.80 19.70 40.55

Sales/Revenue/Turnover

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00

0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Yanzhou Coal Mining Co Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES JP MORGAN BNP PARIBAS INVESTME DEUTSCHE BANK AG DEUTSCHE BANK AG BLACKROCK VANGUARD GROUP INC MORGAN STANLEY UBS HANG SENG INVESTMENT LORD ABBETT & CO LLC STATE STREET BANK OF NEW YORK MEL FIDELITY INVESTMENTS GRANTHAM MAYO VAN OT JF ASSET MANAGEMENT MACKAY SHIELDS LLC DUPONT CAPITAL MANAG CHINA ASSET MANAGEME JULIUS BAER MULTICOO

Firm Name

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

Analyst

Sanford C. Bernstein & Co MICHAEL W PARKER Bank of China International LAWRENCE LAU Haitong International Securities CHO FOOK TAT BOCOM International Holdings HE WEI DBS Vickers JUNE NG UOB Kay Hian HELEN LAU ICBC International Securities ANNA YU Deutsche Bank JAMES KAN Credit Suisse TRINA CHEN JPMorgan DANIEL KANG Barclays EPHREM RAVI Jefferies LABAN YU BNP Paribas Equity Research JAMES CLARKE Macquarie MATTY ZHAO Goldman Sachs JULIAN ZHU HSBC SIMON FRANCIS Morgan Stanley WEE KIAT TAN China International Capital Corp CAI HONGYU Standard Chartered CHEN YAN Guotai Junan LEO WU EVA Dimensions CRAIG STERLING SWS Research Co Ltd HUANG ZHE Daiwa Securities Co. Ltd. DAVE DAI Yuanta Securities Investment ConsultingTEAM COVERAGE Religare Capital Markets TRACY HUANG AMTD Financial Planning Limited KENNY TANG SING HING Ji Asia SAMUEL THAWLEY Mirae Asset Securities SHIRLEY ZHAO KGI Securities YANG TAO Masterlink Securities LI XIN Citic Securities Co., Ltd TEAM COVERAGE GuoSen Securities Co Ltd DAVID LAM Cinda Securities Ltd CASTOR PANG

Source ULT-AGG ULT-AGG Co File EXCH Short ULT-AGG 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

Recommendation underperform hold hold neutral hold sell sell sell underperform underweight equalweight underperform buy underperform Sell/Neutral underweight Underwt/In-Line hold in-line neutral underweight outperform hold Under Review buy buy buy reduce neutral buy buy buy buy

Amt Held % Out 255'952'032 13.07 159'431'592 8.14 117'641'207 6.01 107'759'838 5.5 (94'857'908) -4.84 90'349'185 4.61 53'820'230 2.75 34'822'655 1.78 33'076'159 1.69 17'002'544 0.87 12'382'000 0.63 11'869'316 0.61 8'524'000 0.44 8'320'000 0.42 7'456'000 0.38 5'720'000 0.29 4'472'000 0.23 4'406'000 0.22 3'548'000 0.18 3'081'400 0.16

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

Change 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 N M M M N M

Latest Chg 25'276'000 (10'143'865) (61'400) 74'000 (4'526'000) 16'000 2'688'000 182'000 1'660'000 3'548'000 (3'349'359)

Target Price 6 9 13 8 9 8 7 9 7 8 11 5 13 7 7 10 8 13 11 14 #N/A N/A 22 11 #N/A N/A 12 14 16 13 18 24 26 #N/A N/A 19

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

File Dt 25.04.2013 19.04.2013 30.06.2012 27.03.2013 27.03.2013 29.04.2013 31.03.2013 25.04.2013 23.04.2013 30.06.2012 28.03.2013 30.04.2013 29.04.2013 31.12.2010 31.05.2012 30.09.2011 28.02.2013 31.12.2012 30.06.2012 30.11.2012

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

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

Date 29.04.2013 29.04.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 18.04.2013 18.04.2013 16.04.2013 11.04.2013 26.03.2013 24.03.2013 24.03.2013 18.03.2013 28.01.2013 15.01.2013 07.01.2013 19.11.2012 29.10.2012 29.10.2012 22.10.2012 28.08.2012 07.05.2012 21.12.2011 26.10.2011 04.10.2011 20.09.2011 07.07.2010

01.05.2013

Chow Tai Fook Jewellery Group Ltd Chow Tai Fook Jewellery Group Limited retails jewelry. The Company sells rings, necklaces, earrings, pendants, bracelets, and small statues. Chow Tai Fook Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia, and Singapore.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1929 HK EQUITY YTD Change 1929 HK EQUITY YTD % CHANGE

03/2012 01/yy 13.40 8.40 3'252'193.00 10.44 -22.09% 24.29% 40.80% 10'000.0 104'399.99 14'807.20 0.0 594.7 9'987.80 110'832.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

31.03.2009 31.03.2010 18'410.9 22'933.6 2'469.1 3'399.0 1'896.7 2'138.6 Profitability

31.03.2011 35'042.5 5'808.0 3'537.6 -

31.03.2012 56'571.1 2.27x 9'342.9 13.74x 6'340.6 17.96x

j-12

a-12

9'342.90 8'941.40 15.81% 14.43% 16.58% 31.48% 21.70% 1.48% 29.1% 16.5% 15.8% 11.2% 3.18 0.99 31.23% 51.10% 19.96 1.71

LTM-4Q

LTM

01/yy

01/yy -

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

0.96 1'064.09 -9.24% -16.08% 29 3.897 4'953'702 5'313'651 4'994'178 FY+2

03/13 Y 03/14 Y 59'921.4 71'459.5 1.76x 1.48x 8'034.7 9'988.4 13.79x 11.10x 5'582.2 7'013.0 18.35x 14.79x S&P Issuer Ratings

FQ+1

FQ+2

25.73 23.34 0.52 1.58 51.1% 33.4% 1.48 37.27 18.34 213.43 2.88 228.89

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

.0 M j-12

Fiscal Year Ended 31.03.2008

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

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

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

01.05.2013

Chow Tai Fook Jewellery Group Ltd Holdings By:

All

Holder Name CHOW TAI FOOK HOLDIN ONTARIO TEACHERS PEN BARING ASSET MANAGEM GCIC LTD/CANADA BNP PARIBAS INV PART DEUTSCHE BANK AG VANGUARD GROUP INC MORGAN STANLEY FMR LLC CLARIDEN SICAV GLOBAL X MANAGEMENT MIRAE ASSET GLOBAL I NORDEA INVESTMENT FU DAIWA SB INVESTMENTS MIRAE ASSET GLOBAL I TOCQUEVILLE ASSET MA JANUS CAPITAL MANAGE ING INVESTMENT MANAG NORDEA INV MANAGEMEN ING INTERNATIONAL AD

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios MIRAE ASSET KORCHIND Multiple Portfolios Multiple Portfolios MIRAE ASSET CHINA DI TOCQUEVILLE ASSET MA n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Deutsche Bank ANNE LING Standard Chartered EMILY LEE UOB Kay Hian JAMIE SOO Morgan Stanley EDWARD LUI BOCOM International Holdings PHOEBE WONG Yuanta Securities Investment ConsultingPETER CHU BNP Paribas Equity Research SARAH LIU Jefferies EDWIN FAN Kingsway SW Securities STEVE CHOW HSBC LINA YAN Mirae Asset Securities JANEY DILLON Barclays CANDY HUANG Credit Suisse GABRIEL CHAN China International Capital Corp LIU BING Oriental Patron Securities Ltd TERENCE LOK CCB International Securities Ltd FORREST CHAN EVA Dimensions CRAIG STERLING Ji Asia YUANYUAN JI CIMB LARRY CHO JPMorgan KURUMLU EBRU SENER Haitong International Securities WANG ELYSE Essence Securities ZHAO ZHONGWEI Macquarie LINDA HUANG Goldman Sachs JOSHUA LU Daiwa Securities Co. Ltd. BING ZHOU

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

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

Amt Held 8'933'937'400 130'700'000 30'634'800 22'663'400 14'116'256 11'000'000 7'199'600 5'871'000 5'046'009 4'601'600 4'289'172 4'180'200 4'009'400 3'058'400 2'905'600 2'828'295 2'680'800 2'487'422 2'482'800 2'261'600

% Out 89.34 1.31 0.31 0.23 0.14 0.11 0.07 0.06 0.05 0.05 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.02 0.02 0.02

Weighting

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

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

Latest Chg 6'401'000 (10'661'200) 642'090 (2'645'200) (602'000) (2'181'791) 15'000 523'400 4'009'400 3'058'400 706'600 2'507'800 154'209 163'400 -

Target Price 12 12 11 12 10 13 14 11 11 12 11 13 12 15 11 15 #N/A N/A 14 15 14 13 10 13 13 9

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

File Dt Inst Type 31.03.2012 Holding Company 31.12.2011 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 15.02.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 27.03.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 28.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 23.04.2013 18.04.2013 16.04.2013 16.04.2013 15.04.2013 25.03.2013 21.03.2013 18.03.2013 12.03.2013 12.03.2013 12.03.2013 04.03.2013 19.02.2013 18.01.2013 16.01.2013 14.01.2013 11.01.2013 08.01.2013 09.12.2012 18.09.2012

01.05.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6030 HK EQUITY YTD Change 6030 HK EQUITY YTD % CHANGE

12/2012 03/yy 21.40 12.36 9'971'500.00 17.6 -17.76% 42.39% 57.96% 1'178.3 174'560.78 24'334.18 0.0 219.3 52'172.20 111'051.01

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

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

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

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

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

31.12.2012 13'874.5 8.62x 7'235.3 16.53x 4'237.4 35.16x 7'235.28 45.35% 39.55% 2.68% 4.90% 3.44% 0.09% 52.1% 30.5% 14.44% 28.14% -

Price/ Cash Flow

LTM

03/yy 24'648.9 12.48x 0.0 0.00x 12'082.5 10.28x

03/yy 14'256.4 21.87x 0.0 0.00x 4'349.5 31.25x

FY+1

2.15 1'008.69 11.49% -10.20% 24 4.083 9'208'985 10'005'200 10'753'070 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'301.3 20'106.8 6.07x 5.36x 8'393.0 11'289.3 13.23x 9.84x 6'167.3 7'877.5 24.79x 19.42x S&P Issuer Ratings

18.10.2012 BBB+ STABLE 18.10.2012 A-2 -3.85 3.36 28.1% 21.9% 0.09 4.17 -

Sales/Revenue/Turnover

200.00

35'000.0

180.00

30'000.0

160.00 140.00

25'000.0

120.00

20'000.0

100.00

15'000.0

80.00

10'000.0

60.00 40.00

5'000.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

CITIC Securities Co Ltd Holdings By:

All

Holder Name BLACKROCK JP MORGAN TEMASEK HOLDINGS PRI SOCIAL SECURITY FUND CITIGROUP INCORPORAT LAZARD ASSET MANAGEM BANCO BTG PACTUAL SA CAPITAL GROUP COMPAN OZ MANAGEMENT LP WELLINGTON MANAGEMEN CITIGROUP INCORPORAT VANGUARD GROUP INC BARING ASSET MANAGEM UBS MAPS INVESTMENT MANA FMR LLC SHINHAN BNP PARIBAS IVY MANAGEMENT INCOR WADDELL & REED FINAN ALLIANCE BERNSTEIN

Firm Name Capital Securities Corp ICBC International Securities Nomura Credit Suisse Jefferies Haitong International Securities Goldman Sachs BOCOM International Holdings Deutsche Bank HSBC Macquarie China International Capital Corp CCB International Securities Ltd BNP Paribas Equity Research Mirae Asset Securities AMTD Financial Planning Limited JPMorgan Guoyuan Securities (HK) Ltd Bank of China International Morgan Stanley CIMB

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

Analyst TEAM COVERAGE IVAN LIN LUCY FENG FRANCES FENG JACLYN WANG CHEN FANNY BOWEI CHENG LI WENBING PANDORA LEE YORK PUN VICTOR WANG MAO JUNHUA SILVIA FUN KATHRYN DING NAN LI KENNY TANG SING HING JOSHUA KLACZEK TEAM COVERAGE JINHUA YIN ANIL AGARWAL JAMES LIU

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

Recommendation buy buy buy neutral buy hold neutral/neutral buy hold overweight neutral buy outperform buy hold buy neutral buy hold Equalwt/In-Line outperform

Amt Held % Out 115'704'319 9.82 96'086'428 8.15 87'938'000 7.46 81'699'000 6.93 78'525'336 6.66 61'757'000 5.24 58'625'500 4.98 58'576'000 4.97 57'694'000 4.9 53'683'000 4.56 (42'840'099) -3.64 26'471'200 2.25 23'116'500 1.96 19'227'609 1.63 18'002'000 1.53 14'437'331 1.23 11'093'000 0.94 7'822'500 0.66 7'822'500 0.66 7'646'600 0.65

Weighting

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

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

Latest Chg 142'000 (6'228'304) 9'540'700 (13'090'500) (46'500) 6'792'000 (21'267'729) 5'868'000 (868'000)

Target Price #N/A N/A 22 22 19 23 19 19 20 22 20 17 20 21 22 19 22 14 24 14 15 18

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

File Dt 29.04.2013 14.03.2013 30.06.2012 30.01.2013 24.04.2013 22.01.2013 30.06.2012 31.03.2013 07.11.2012 03.11.2011 24.04.2013 31.03.2013 31.12.2012 05.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 07.09.2012 28.02.2013

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

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

Date 30.04.2013 30.04.2013 28.04.2013 25.04.2013 25.04.2013 24.04.2013 17.04.2013 17.04.2013 12.04.2013 03.04.2013 28.03.2013 28.03.2013 28.03.2013 12.03.2013 07.02.2013 07.02.2013 31.01.2013 28.01.2013 24.01.2013 17.09.2012 01.06.2012

01.05.2013

CITIC Pacific Ltd Citic Pacific Limited manufactures special steel used in bearings, gears, springs, and high-pressurized piping steel. The Company also has operation in iron ore mining which supplies the raw material in making of special steel and property development in mainland China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 267 HK EQUITY YTD Change 267 HK EQUITY YTD % CHANGE

12/2012 06/yy 14.12 8.64 8'144'569.00 9.39 -33.50% 8.68% 12.77% 3'649.4 34'268.28 116'629.00 5'953.0 7'188.0 32'821.00 131'217.28

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

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 46'420.0 1.63x 5'223.0 14.46x (12'687.0) -

31.12.2009 31.12.2010 46'409.0 70'614.0 2.70x 1.96x 5'205.0 6'652.0 24.08x 20.85x 5'950.0 8'893.0 12.82x 8.28x Profitability

LTM-4Q 31.12.2011 96'890.0 1.36x 8'770.0 15.04x 9'233.0 5.85x

31.12.2012 93'272.0 1.49x 5'746.0 24.21x 6'954.0 6.53x 5'746.00 2'648.00 2.84% 9.75% 2.91% 9.05% 4.91% 0.39% 10.4% 6.2% 2.8% 7.5% 1.36 0.77 47.14% 148.15% 13.30 4.69

Price/ Cash Flow

LTM

FY+1

4.79 1.20 1'309.35 -23.37% -18.77% 1.199 10 2.600 7'338'466 7'600'422 8'659'454 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 09/12 Q3 12/12 Q4 0.0 101'994.8 117'337.3 #DIV/0! 1.40x 1.25x 0.0 9'740.0 12'557.8 0.00x 13.47x 10.45x 0.0 3'605.3 4'836.5 0.00x 8.97x 6.83x S&P Issuer Ratings Long-Term Rating Date 18.07.2011 Long-Term Rating BB+ Long-Term Outlook NEG Short-Term Rating Date 22.06.2006 Short-Term Rating NR Credit Ratios EBITDA/Interest Exp. 1.10 (EBITDA-Capex)/Interest Exp. -1.76 Net Debt/EBITDA 14.59 Total Debt/EBITDA 20.30 Reference Total Debt/Equity 148.1% Total Debt/Capital 55.9% Asset Turnover 0.39 Net Fixed Asset Turnover 0.79 Accounts receivable turnover-days 27.51 Inventory Days 77.96 Accounts Payable Turnover Day 54.68 Cash Conversion Cycle 50.79 Sales/Revenue/Turnover

35.00

120'000.0

30.00

100'000.0

25.00

80'000.0

20.00

60'000.0 15.00

40'000.0 10.00

20'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

CITIC Pacific Ltd Holdings By:

All

Holder Name CITIC GROUP ROCKHAMPTON INVESTME GRAND LAND HLDS C VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV STATE STREET GRANTHAM MAYO VAN OT DESMARAIS ANDRE HANG SENG INVESTMENT FRANCIS MOORE VERNON DNB ASSET MANAGEMENT DIMENSIONAL FUND ADV UBS CREDIT SUISSE ASSET MACQUARIE GROUP EATON VANCE MANAGEME ROBECO INVESTOR SERV ROBECO FUND MANAGEME FIRST TRUST

Firm Name Goldman Sachs Morgan Stanley Haitong International Securities Standard Chartered Jefferies EVA Dimensions Deutsche Bank AMTD Financial Planning Limited Guotai Junan

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

Analyst FRANK HE COREY CHAN CHO FOOK TAT JEREMY GRAY CHRISTIE JU CRAIG STERLING MICHAEL TONG KENNY TANG SING HING SIMON JIANG

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

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

Amt Held 2'101'559'285 181'581'000 43'266'000 34'292'674 27'913'000 22'412'567 17'303'022 12'372'400 8'145'000 6'108'017 4'200'000 3'616'000 3'418'000 3'072'000 2'512'000 1'710'000 1'492'000 1'387'621 1'187'000 1'068'405

% Out 57.59 4.98 1.19 0.94 0.76 0.61 0.47 0.34 0.22 0.17 0.12 0.1 0.09 0.08 0.07 0.05 0.04 0.04 0.03 0.03

Weighting

Change

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

M M M D M M M N M

Latest Chg 2'823'000 64'800 189'000 36'000 (407'662) 25'000 (1) 296'000 -

Target Price 11 11 12 10 14 #N/A N/A #N/A N/A 12 9

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

File Dt 31.12.2011 22.08.2012 27.12.2011 31.03.2013 29.04.2013 31.07.2012 30.04.2013 31.05.2012 31.12.2011 30.06.2012 16.10.2012 28.02.2013 31.01.2013 31.01.2013 28.02.2013 30.06.2011 28.02.2013 28.02.2013 28.02.2013 30.04.2013

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

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

Date 23.04.2013 21.04.2013 08.03.2013 01.03.2013 28.02.2013 15.01.2013 07.01.2013 19.12.2012 12.07.2009

01.05.2013

Byd Co Ltd BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

Price/Volume 35

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

30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 52-Week Low (16.07.2012) Daily Volume Current Price (5/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 1211 HK EQUITY YTD Change 1211 HK EQUITY YTD % CHANGE

12/2012 03/yy 32.80 12.54 3'425'876.00 27.7 -15.55% 120.89% 74.83% 793.1 70'210.21 18'629.12 0.0 2'947.4 3'486.56 86'014.96

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

5 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

31.12.2009 31.12.2010 40'440.3 47'788.8 3.57x 2.04x 3'793.6 2'523.4 34.05x 31.20x Profitability

LTM-4Q 31.12.2011 46'312.3 1.38x 4'847.8 13.19x 1'384.6 22.77x

31.12.2012 44'380.9 1.46x 4'541.8 14.24x 81.4 540.54x 4'541.78 1'182.45 2.66% 0.66% 0.12% 0.38% 1.68% 0.65% 11.6% 10.2% 2.7% 0.2% 0.63 0.36 26.61% 87.89% 4.50 5.63

LTM

03/yy 45'398.1 7.58x 0.0 0.00x 206.6 0.00x

03/yy 46'931.0 5.57x 0.0 0.00x 166.7 270.95x

FY+1

0.00 1.43 775.67 35.45% 19.14% 1.435 19 1.947 5'750'869 3'748'157 3'945'890 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 52'804.5 57'505.0 1.41x 1.29x 5'477.6 6'166.1 15.70x 13.95x 1'007.6 1'424.3 51.17x 36.25x S&P Issuer Ratings

4.14 -1.12 3.33 4.10 87.9% 43.6% 0.65 1.17 81.31 64.99 165.55 -19.24

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

j-12

Fiscal Year Ended 31.12.2008 27'426.8 1.28x 1'021.2 22.37x

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

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

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

01.05.2013

Byd Co Ltd Holdings By:

All

Holder Name MIDAMERICAN ENERGY H LL INVESTMENT PARTNE FMR LLC BEGHELLI ASIA PAC LT VANGUARD GROUP INC BLACKROCK MORGAN STANLEY HANG SENG INVESTMENT STATE STREET EASTSPRING INVESTMEN DIMENSIONAL FUND ADV CHOU ASSOCIATES MANA EATON VANCE MANAGEME CLAYMORE ADVISORS LL CAPITAL GROUP COMPAN CREDIT SUISSE ASSET EATON VANCE ADVISORS PICTET & CIE SANPAOLO IMI ASSET M OKASAN ASSET MANAGEM

Firm Name

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

Analyst

Nomura LEPING HUANG Deutsche Bank VINCENT HA Religare Capital Markets STANLEY CHAN Goldman Sachs YIPENG YANG Macquarie JANET B LEWIS Credit Suisse JACK YEUNG UOB Kay Hian KEN LEE CCB International Securities Ltd RONNIE HO Haitong International Securities LIANG YONGHUO EVA Dimensions CRAIG STERLING First Shanghai Securities Ltd XIAOXIA CHEN Mizuho Securities OLE HUI Standard Chartered REBECCA TANG Yuanta Securities Investment ConsultingTEAM COVERAGE SWS Research Co Ltd TITUS WU Guotai Junan HARRY CHEN Capital Securities Corp TEAM COVERAGE JPMorgan ALVIN KWOCK Bank of China International MICHAEL MENG PingAn Securities YU BING

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

Recommendation buy sell sell Sell/Neutral underperform neutral sell neutral sell sell buy underperform underperform Under Review neutral neutral neutral underweight buy buy

Amt Held 225'000'000 55'511'200 39'788'986 17'426'040 14'504'488 8'092'700 7'074'810 4'404'692 3'993'664 2'499'900 1'428'686 1'383'500 1'182'200 819'000 726'800 462'000 380'000 361'000 324'908 320'000

% Out 28.37 7 5.02 2.2 1.83 1.02 0.89 0.56 0.5 0.32 0.18 0.17 0.15 0.1 0.09 0.06 0.05 0.05 0.04 0.04

Weighting

Change

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

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

Latest Chg 158'500 14'000 (544'500) 53'000 (21'000) (142'276) -

Target Price 30 19 9 13 11 20 11 25 23 #N/A N/A 24 8 12 #N/A N/A 13 15 48 42 65 #N/A N/A

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

File Dt 30.06.2012 30.06.2012 31.03.2013 31.12.2011 31.03.2013 29.04.2013 30.06.2012 30.06.2012 30.04.2013 31.12.2010 31.07.2012 31.12.2012 28.02.2013 29.04.2013 31.01.2013 28.02.2013 28.02.2013 31.01.2013 30.06.2011 20.02.2012

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

Inst Type Corporation Other Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.04.2013 25.04.2013 23.04.2013 17.04.2013 11.04.2013 26.03.2013 26.03.2013 25.03.2013 08.03.2013 15.01.2013 13.12.2012 11.12.2012 03.12.2012 04.10.2012 06.08.2012 19.06.2012 26.03.2012 01.03.2011 27.08.2010 01.07.2010

01.05.2013

Guangzhou Automobile Group Co Ltd Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Price/Volume 9

35.0 M

30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (04.10.2012) Daily Volume Current Price (5/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 2238 HK EQUITY YTD Change 2238 HK EQUITY YTD % CHANGE

12/2012 03/yy 8.74 4.75 6'344'865.00 6.4 -26.77% 34.74% 41.35% 2'213.3 44'616.65 11'401.71 0.0 921.8 15'575.67 32'465.82

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

20.0 M

15.0 M

10.0 M

5.0 M

1 0 m-12

31.12.2009 31.12.2010 50'253.6 8'742.3 5.77x 4'346.2 99.6 506.49x 2'031.8 4'295.1 9.89x Profitability

LTM-4Q 31.12.2011 10'814.3 2.61x (895.2) 4'271.6 7.62x

31.12.2012 12'602.3 2.76x (820.0) 1'133.6 30.70x -820.04 -1'488.04 -11.81% 7.93% 2.41% 3.76% 0.27% 5.5% -6.2% -11.5% 9.0% 2.29 1.88 23.09% 36.67% 13.30 8.19

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 4'420.6 8.43x 0.0 0.00x 2'251.1 0.00x

o-12

03/yy 14'022.0 6.17x 0.0 0.00x 709.9 47.60x

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

1.77 1.09 2'213.30 -20.99% -6.84% 1.091 23 2.435 6'805'453 7'626'707 7'199'182 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'015.3 18'249.0 2.32x 2.07x (389.2) (376.7) 2'560.9 3'568.8 12.40x 9.05x S&P Issuer Ratings

-1.59 -7.37 -14.53 36.7% 26.3% 0.27 2.10 27.52 44.69 71.93 0.24

Sales/Revenue/Turnover

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 43'769.7 3'793.7 1'566.8 -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Guangzhou Automobile Group Co Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES SUN LIFE FINANCIAL I PLATINUM INVESTMENT BLACKROCK JP MORGAN DEUTSCHE BANK AG DEUTSCHE BANK AG TEMPLETON INVESTMENT VANGUARD GROUP INC DIMENSIONAL FUND ADV CREDIT SUISSE AG BANK OF NEW YORK MEL HANG SENG INVESTMENT NORTHERN TRUST CORPO STATE STREET THRIVENT FINANCIAL F GLOBAL X MANAGEMENT CREDIT SUISSE AG DIMENSIONAL FUND ADV MCLEAN BUDDEN LTD

Firm Name Credit Suisse Sanford C. Bernstein & Co Deutsche Bank JPMorgan BNP Paribas Equity Research Religare Capital Markets Haitong International Securities Goldman Sachs KGI Securities CIMB UOB Kay Hian CCB International Securities Ltd Macquarie Nomura Bank of China International Daiwa Securities Co. Ltd. Standard Chartered HSBC Mizuho Securities First Shanghai 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst JACK YEUNG MAX WARBURTON VINCENT HA NICK LAI TINA LI STANLEY CHAN LIANG YONGHUO YIPENG YANG WEI SHEN CHEAM TZE SHEN KEN LEE RONNIE HO JANET B LEWIS BENJAMIN LO WANG YUSHENG JEFF CHUNG REBECCA TANG CARSON NG OLE HUI LI HANG

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

Recommendation neutral market perform hold underweight reduce hold hold neutral/neutral neutral neutral sell neutral underperform neutral hold sell in-line underweight underperform buy

Amt Held % Out 593'993'280 26.84 310'448'000 14.03 154'700'342 6.99 130'408'769 5.89 110'297'408 4.98 110'198'109 4.98 (84'435'942) -3.81 77'848'800 3.52 59'545'103 2.69 36'599'170 1.65 33'946'157 1.53 29'199'323 1.32 18'911'454 0.85 18'353'181 0.83 13'571'426 0.61 11'219'000 0.51 8'918'177 0.4 (7'080'414) -0.32 5'641'675 0.25 4'366'000 0.2

Weighting

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

Latest Chg 882'000 (34'000) 135'500 130'000 797'000 31'000 (238'000)

Target Price

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

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

File Dt 12.04.2013 14.01.2013 31.12.2011 29.04.2013 23.05.2012 04.03.2013 04.03.2013 31.12.2012 31.03.2013 31.07.2012 21.01.2013 29.04.2013 30.06.2012 31.03.2013 30.04.2013 31.12.2012 30.04.2013 21.01.2013 31.01.2013 28.02.2013

Date 6 7 7 5 5 6 6 6 6 6 4 7 5 7 7 5 6 4 5 7

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

Date 26.04.2013 26.04.2013 25.04.2013 25.04.2013 23.04.2013 23.04.2013 18.04.2013 17.04.2013 12.04.2013 02.04.2013 02.04.2013 01.04.2013 31.03.2013 19.03.2013 19.02.2013 15.02.2013 28.01.2013 25.01.2013 11.12.2012 29.08.2012

01.05.2013

Haier Electronics Group Co Ltd Haier Electronics Group Co Ltd., through its subsidiaries, manufactures and sells washing machines and water heaters.

Price/Volume 16

25.0 M

20.0 M

12 10

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (02.05.2012) Daily Volume Current Price (5/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 1169 HK EQUITY YTD Change 1169 HK EQUITY YTD % CHANGE

12/2012 01/yy 14.32 7.70 2'629'600.00 13.86 -3.21% 80.00% 93.05% 2'537.8 35'174.24 1'150.37 0.0 300.5 5'368.31 24'024.70

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

10.0 M

6 4

5.0 M

2 0 m-12

31.12.2009 31.12.2010 12'878.0 36'794.5 0.61x 0.39x 760.3 1'561.9 10.27x 9.29x 448.7 974.2 20.00x 16.19x Profitability

31.12.2011 49'899.8 0.21x 2'003.9 5.10x 1'406.0 9.22x

31.12.2012 55'615.0 0.33x 2'412.5 7.63x 1'695.1 12.90x

j-12

a-12

2'412.50 2'301.08 4.14% 4.04% 10.43% 35.48% 29.35% 3.42% 16.1% 4.3% 4.1% 3.0% 1.47 1.13 6.32% 20.77% 8.90 20.37

LTM-4Q

LTM

01/yy

01/yy -

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

0.58 1.07 1'294.30 70.69% 22.22% 1.075 11 4.727 3'368'510 6'485'348 6'541'512 FY+2

12/13 Y 12/14 Y 62'782.9 72'853.8 0.35x 0.28x 2'916.4 3'477.1 8.24x 6.91x 2'077.1 2'468.4 13.20x 11.32x S&P Issuer Ratings

FQ+1

FQ+2

37.40 75.60 -1.75 0.48 20.8% 16.5% 3.42 39.07 41.12 17.97 18.42 40.67

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

.0 M j-12

Fiscal Year Ended 31.12.2008 10'183.9 0.12x 311.3 3.98x 135.8 11.91x

15.0 M

Valuation Analysis

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

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

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

01.05.2013

Haier Electronics Group Co Ltd Holdings By:

All

Holder Name HAIER SHAREHOLDINGS QINGDAO HAIER CO LTD QINGDAO HAIER INVEST HAWAII ASIA HOLDINGS WILLIAM BLAIR & COMP ROBECO INVESTOR SERV VANGUARD GROUP INC BLACKROCK FRANKLIN RESOURCES JF ASSET MANAGEMENT HAISER ELECTRICAL AP DRIEHAUS CAPITAL MAN INVESCO LTD NORDEA INV MANAGEMEN SWEDBANK ROBUR FONDE JYSKE INVEST SHINHAN BNP PARIBAS NORDEA INVESTMENT FU PRINCIPAL FINANCIAL INVESCO ASSET MANAGE

Firm Name EVA Dimensions DBS Vickers Essence Securities Maybank Kim Eng China International Capital Corp Fortune CLSA Securities Limited Standard Chartered Ji Asia Citic Securities Co., Ltd GuoSen Securities Co Ltd

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

Analyst CRAIG STERLING MARK LI ZHAO ZHONGWEI ALEX YEUNG HAIYAN GUO KATHARINE SONG AI-LIN KUO SAMUEL THAWLEY HU YALI BILL FAN

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

Recommendation overweight buy add buy buy buy outperform buy overweight buy

Amt Held 831'762'110 392'677'482 336'600'000 100'000'000 57'201'170 23'072'000 21'552'101 19'912'001 16'706'000 14'571'000 12'091'000 11'797'256 9'515'000 7'769'000 6'852'439 6'568'000 5'876'000 5'313'000 5'241'761 5'070'000

% Out 32.77 15.47 13.26 3.94 2.25 0.91 0.85 0.78 0.66 0.57 0.48 0.46 0.37 0.31 0.27 0.26 0.23 0.21 0.21 0.2

Weighting

Change 5 5 4 5 5 5 5 5 5 5

D M N M M M M M N N

Latest Chg 70'000'000 (6'953'000) (973'000) 348'000 5'257'000 4'689'000 4'669'000 (4'584'471) (400'000) (450'000) 901'000 (1'405'000) (377'000) 1'918'525 -

Target Price #N/A N/A 15 14 15 15 14 14 12 14 11

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

File Dt Inst Type 21.03.2013 Other 21.03.2013 Holding Company 21.03.2013 Investment Advisor 18.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 29.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.09.2011 Investment Advisor 21.03.2013 Holding Company 28.02.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 27.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 30.11.2012 Investment Advisor

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

Date 30.04.2013 24.04.2013 15.04.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 14.03.2013 31.01.2013 21.02.2012

01.05.2013

Agile Property Holdings Ltd Agile Property Holdings Limited develops and operates real estate. The Company primarily develops, owns and manages commercial and hotel properties. Agile has projects in various states of completion in Hainan, Shanghai, Nanjing, Changzhou, Chengdu, Xi'an, Chongqing, Shenyang, Tianjing, Guangzhou, Foshan, Zhongshan, Huizhou and Heyuan.

Price/Volume

12/2012 01/yy 12.82 8.05 5'448'701.00 10.04 -21.68% 24.72% 42.56% 3'449.5 34'632.48 27'565.00 0.0 2'298.3 5'803.79 51'571.32

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

1.20 1.00

40.0 M 35.0 M 30.0 M

25.0 M

20.0 M 15.0 M

10.0 M

5.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 9'326.3 2.25x 2'530.8 8.30x 5'466.9 2.43x

45.0 M

12 10

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3383 HK EQUITY YTD Change 3383 HK EQUITY YTD % CHANGE

31.12.2009 31.12.2010 13'330.8 20'520.2 3.35x 2.42x 3'774.4 7'966.1 11.82x 6.23x 1'865.2 5'975.7 19.38x 5.68x Profitability

31.12.2011 22'944.6 1.70x 10'672.6 3.65x 4'105.3 4.77x

31.12.2012 30'074.0 1.81x 5'000.5 6.05x 10'672.58 10'160.00 33.78% 35.02% 5.76% 21.15% 10.24% 0.35% 41.4% 42.4% 33.8% 16.6% 1.57 0.19 30.05% 107.62% 17.79 0.44

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.87 1.63 1'230.50 3.47% -7.89% 1.630 36 4.222 6'103'820 10'687'520 10'560'880 FY+2

12/13 Y 12/14 Y 33'637.9 37'821.2 1.47x 1.32x 10'884.4 12'104.0 4.74x 4.26x 4'976.3 5'596.3 5.67x 5.04x S&P Issuer Ratings

FQ+1

FQ+2

04.09.2006 BB STABLE 5.99 5.25 2.06 2.98 107.6% 49.7% 0.35 1.12 20.57 831.66 137.31 714.91

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

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

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

01.05.2013

Agile Property Holdings Ltd Holdings By:

All

Holder Name TOP COAST INVESTMENT JP MORGAN BLACKROCK VANGUARD GROUP INC FMR LLC FRANKLIN RESOURCES DIMENSIONAL FUND ADV MORGAN STANLEY JF ASSET MANAGEMENT BARING ASSET MANAGEM CHEUK YIN CHAN CHINA INTERNATIONAL STATE STREET COHEN & STEERS CAPIT FRANK RUSSELL TRUST THREADNEEDLE INVESTM FAMOUS TONE INVESTME CHEUK HEI CHAN JYSKE INVEST CHEUK NAM CHAN

Firm Name BNP Paribas Equity Research Nomura DBS Vickers ICBC International Securities Standard Chartered Guotai Junan Deutsche Bank Credit Suisse JPMorgan Bank of China International Haitong International Securities CIMB Mizuho Securities China International Capital Corp Citic Securities Co., Ltd UOB Kay Hian Mirae Asset Securities Core Pacific CMB International Capital Corp Ltd BOCOM International Holdings Morgan Stanley Goldman Sachs Jefferies HSBC CCB International Securities Ltd Maybank Kim Eng Barclays SWS Research Co Ltd Macquarie EVA Dimensions KGI Securities First Shanghai Securities Ltd GuoSen Securities Co Ltd

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

Analyst RONNEY CHEUNG ALVIN WONG DANIELLE WANG PHILIP TSE RAYMOND CHENG DONALD YU TONY TSANG JINSONG DU RYAN LI CHRISTINA NGAI KATIE CHAN JOHNSON HU ALAN JIN ERIC YU ZHANG ADRIAN NGAN SYLVIA WONG STEPHANIE LAU WILSON HO SAMSON MAN TONI HO CHI CHUNG BRIAN LEUNG WANG YI VENANT CHIANG DEREK KWONG EDISON BIAN KAREN KWAN WENDY LUO KRIS LI DAVID NG AUSTIN BURKETT ALICE JI MICHAEL KE HUI CAO

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

Recommendation buy buy buy buy outperform neutral buy underperform overweight hold buy neutral buy accumulate buy buy hold Positive buy buy Overwt/Attractive neutral/attractive hold overweight neutral buy equalweight outperform outperform buy neutral buy buy

Amt Held 2'180'530'000 166'710'278 43'312'481 39'402'004 37'487'050 23'585'610 22'283'525 18'620'000 16'995'000 13'864'000 12'700'000 11'360'000 10'756'394 8'232'000 7'473'565 7'334'850 7'190'000 7'000'000 6'328'000 6'028'000

% Out 63.21 4.83 1.26 1.14 1.09 0.68 0.65 0.54 0.49 0.4 0.37 0.33 0.31 0.24 0.22 0.21 0.21 0.2 0.18 0.17

Weighting

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

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

Latest Chg 256'000 132'000 170'304 3'863'315 (831'000) (22'000) 1'398'000 1'514'000 (130'000) 300'000 11'360'000 (1'058'000) (976'000) 50'000 102'000 (612'000) -

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

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

File Dt 26.04.2013 31.12.2012 29.04.2013 31.03.2013 31.03.2013 28.03.2013 31.07.2012 31.12.2012 30.09.2011 31.12.2012 26.04.2013 30.06.2012 30.04.2013 31.03.2013 31.05.2012 31.12.2012 31.12.2011 31.12.2011 31.01.2013 31.12.2011

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

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

Date 29.04.2013 26.04.2013 23.04.2013 23.04.2013 22.04.2013 10.04.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 13.03.2013 28.02.2013 30.01.2013 23.01.2013 17.01.2013 16.11.2012 17.08.2012 11.01.2012

01.05.2013

Zijin Mining Group Co Ltd Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, produces, refines, and sells gold and other mineral resources in China.

Price/Volume 4

250.0 M

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (16.04.2013) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2899 HK EQUITY YTD Change 2899 HK EQUITY YTD % CHANGE

12/2012 03/yy 3.30 2.21 29'322'348.00 2.29 -30.61% 3.62% 7.34% 6'008.2 76'027.55 23'412.70 0.0 5'401.4 8'144.34 81'065.43

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

150.0 M

100.0 M

1 50.0 M

1 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 16'744.7 4.10x 5'615.7 12.23x 3'005.3 19.71x

31.12.2009 31.12.2010 20'215.1 28'186.6 6.50x 4.18x 6'038.3 8'635.6 21.75x 13.64x 3'552.3 4'827.9 27.22x 18.41x Profitability

LTM-4Q 31.12.2011 39'381.9 2.12x 10'731.6 7.78x 5'712.6 9.11x

31.12.2012 47'873.6 1.55x 10'658.6 6.96x 5'211.2 10.22x 10'658.62 8'978.60 18.75% 17.87% 8.71% 19.59% 13.91% 0.80% 23.9% 22.3% 18.8% 10.9% 1.06 0.42 34.76% 83.08% 38.60 3.88

Price/ Cash Flow

LTM

03/yy 41'079.5 6.36x 0.0 0.00x 5'217.7 10.45x

03/yy 50'458.3 4.18x 0.0 0.00x 4'860.8 9.18x

FY+1

1.44 6'008.16 -5.35% -24.92% 1.436 23 4.565 45'563'320 49'537'990 49'700'110 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 49'610.4 50'326.5 14'811.0 15'193.0 1.50x 1.47x 10'163.9 10'614.6 7.98x 7.64x 4'820.1 4'697.8 1'670.0 1'817.0 8.09x 8.46x S&P Issuer Ratings

11.30 2.82 1.43 2.20 83.1% 41.1% 0.80 2.19 9.48 94.29 33.17 70.60

Sales/Revenue/Turnover

18.00

60'000.0

16.00

50'000.0

14.00

40'000.0

12.00 10.00

30'000.0

8.00

20'000.0

6.00 4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

01.05.2013

Zijin Mining Group Co Ltd Holdings By:

All

Holder Name BLACKROCK HSBC GLOBAL ASSET MA JP MORGAN MORGAN STANLEY VANGUARD GROUP INC ROYAL BANK OF CANADA HANG SENG INVESTMENT XINGHANG INVEST HK C FRANKLIN RESOURCES T ROWE PRICE ASSOCIA STATE STREET BARING ASSET MANAGEM CHINA ASSET MANAGEME LANDESBANK BERLIN IN SUMITOMO MITSUI ASSE SKANDIA GLOBAL FUNDS HSBC HOLDINGS PLC DIMENSIONAL FUND ADV CREDIT SUISSE ASSET SEB

Firm Name Argonaut Securities Pty Ltd EVA Dimensions Deutsche Bank Credit Suisse Morgan Stanley HSBC Macquarie Goldman Sachs Guotai Junan Standard Chartered BNP Paribas Equity Research SWS Research Co Ltd Masterlink Securities BOCOM International Holdings China International Capital Corp Capital Securities Corp Bank of China International CCB International Securities Ltd UOB Kay Hian ICBC International Securities GuoSen Securities Co Ltd

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst CHRIS JIANG CRAIG STERLING JAMES KAN TRINA CHEN RACHEL L ZHANG THOMAS J ZHU MATTY ZHAO JULIAN ZHU KEVIN GUO CHEN YAN KUNAL AGRAWAL DIMI DU SARAH WANG BENJAMIN PEI CAI HONGYU LI XIAOLU ROBIN TSUI KIN CHUNG LI HELEN LAU DUNCAN CHAN THOMAS ZHANG

Source ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy overweight buy outperform Overwt/Attractive overweight underperform Buy/Neutral accumulate outperform buy outperform buy long-term buy accumulate hold buy outperform hold buy buy

Amt Held % Out 459'144'626 7.64 295'631'868 4.92 262'632'848 4.37 (241'990'889) -4.03 159'416'861 2.65 92'842'100 1.55 52'162'194 0.87 42'528'000 0.71 41'626'000 0.69 31'080'000 0.52 31'079'366 0.52 20'894'000 0.35 17'726'000 0.3 13'566'000 0.23 12'662'750 0.21 12'518'000 0.21 11'560'000 0.19 9'892'000 0.16 9'468'000 0.16 9'207'936 0.15

Weighting

Change 5 5 5 5 5 5 1 5 4 5 5 5 5 5 4 3 5 5 3 5 5

M U M M M M D M D M M M M M M M M M M M M

Latest Chg (17'668'705) 621'500 1'930'000 9'684'000 (24'852'000) 8'726'000 (80'000) 320'000 (456'800)

Target Price 3 #N/A N/A 3 3 3 3 2 3 3 3 3 3 3 3 3 3 4 3 3 4 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.04.2013 19.11.2012 19.03.2013 25.04.2013 31.03.2013 28.02.2013 30.06.2012 29.12.2012 30.11.2012 31.03.2013 30.04.2013 31.12.2012 30.06.2012 28.03.2013 12.11.2012 31.01.2013 30.01.2013 31.07.2012 28.02.2013 28.03.2013

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank 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

Date 30.04.2013 30.04.2013 29.04.2013 29.04.2013 28.04.2013 28.04.2013 25.04.2013 22.04.2013 22.04.2013 20.04.2013 16.04.2013 08.04.2013 02.04.2013 02.04.2013 28.03.2013 20.02.2013 29.10.2012 28.10.2012 13.08.2012 18.06.2012 16.04.2012

01.05.2013

Weichai Power Co Ltd Weichai Power Co., Ltd. manufactures high-speed heavy-duty diesel engines. The Company's products are used in heavy-duty vehicles, wheel-loaders, bulldozers, and road-rollers.

Price/Volume 40

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2338 HK EQUITY YTD Change 2338 HK EQUITY YTD % CHANGE

12/2012 03/yy 38.90 17.58 3'727'700.00 27.05 -30.46% 53.84% 42.30% 485.8 54'980.03 17'374.75 0.0 6'529.9 16'726.97 53'138.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

15 10

4.0 M

2.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 32'567.2 0.67x 3'874.3 5.65x 1'929.0 5.54x

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 35'260.9 62'665.5 1.68x 1.36x 5'603.3 10'697.6 10.59x 7.99x 3'406.9 6'780.9 13.50x 9.97x Profitability

LTM-4Q 31.12.2011 59'797.3 0.88x 8'502.9 6.22x 5'596.9 9.22x

31.12.2012 47'978.2 1.30x 5'010.8 12.47x 2'991.0 18.45x 5'010.83 3'458.56 7.21% 8.25% 4.68% 12.52% 0.75% 19.0% 10.4% 7.2% 6.2% 1.64 1.26 26.20% 69.86% 3.46 4.35

Price/ Cash Flow

LTM

03/yy 54'923.7 4.10x 0.0 0.00x 4'772.5 10.24x

03/yy 47'588.5 4.21x 0.0 0.00x 2'779.3 14.81x

FY+1

1.46 1.40 485.76 -10.31% -21.37% 1.395 22 2.909 3'544'841 3'436'949 4'004'581 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 54'257.7 59'857.9 0.81x 0.70x 6'317.9 7'095.9 8.41x 7.49x 3'639.6 4'241.9 11.80x 10.09x S&P Issuer Ratings

14.95 8.33 0.13 3.47 69.9% 35.6% 0.75 2.88 105.65 84.10 117.03 72.73

Sales/Revenue/Turnover

30.00

70'000.0

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Weichai Power Co Ltd Holdings By:

All

Holder Name BRANDES INVESTMENT P LAZARD ASSET MANAGEM JP MORGAN CAPITAL GROUP COMPAN SCHRODER INVESTMENT LONE PINE CAPITAL LL EARNEST PARTNERS LLC DEUTSCHE BANK AG UBS CREDIT SUISSE AG BLACKROCK DEUTSCHE BANK AG VANGUARD GROUP INC CREDIT SUISSE AG SCHRODER KOREA LTD FMR LLC SCHRODER INVESTMENT AGF INVESTMENTS INC GRANTHAM MAYO VAN OT HANG SENG INVESTMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Morgan Stanley KATE ZHU JPMorgan NICK LAI Jefferies ZHI AIK YEO Deutsche Bank VINCENT HA BNP Paribas Equity Research TINA LI Goldman Sachs YIPENG YANG Fortune CLSA Securities Limited YANG YAN KGI Securities ZAO YANG Haitong International Securities LIANG YONGHUO EVA Dimensions CRAIG STERLING Capital Securities Corp HAN WEIQI Oriental Patron Securities Ltd VIVIEN CHAN Barclays VICTORIA LI Standard Chartered REBECCA TANG Bank of China International ERIC HU CIMB CHEAM TZE SHEN China International Capital Corp ZHENG DONG SWS Research Co Ltd TITUS WU Guoyuan Securities (HK) Ltd TEAM COVERAGE Yuanta Securities Investment ConsultingTEAM COVERAGE Citic Securities Co., Ltd LI CHUNBO Credit Suisse HUNG BIN TOH Everbright Securities Co., Ltd WEI YAO

Source EXCH ULT-AGG ULT-AGG ULT-AGG EXCH EXCH EXCH EXCH ULT-AGG EXCH ULT-AGG Short MF-AGG Short MF-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG

Recommendation Equalwt/In-Line underweight underperform hold hold Sell/Neutral sell outperform buy sell buy hold underweight underperform buy neutral hold buy buy Under Review overweight neutral neutral

Amt Held % Out 78'578'612 16.18 64'813'676 13.34 40'062'602 8.25 33'203'280 6.84 32'700'599 6.73 23'386'576 4.81 23'134'576 4.76 23'017'456 4.74 22'437'321 4.62 22'266'795 4.58 21'949'171 4.52 (20'098'639) -4.14 16'656'838 3.43 (9'719'195) -2 9'479'600 1.95 8'754'837 1.8 7'320'198 1.51 5'280'201 1.09 4'260'720 0.88 4'151'594 0.85

Weighting 3 1 1 3 3 1 1 5 5 1 5 3 1 1 5 3 3 5 5 #N/A N/A 5 3 3

Change M M M M M M M M M D M U M M M M M M M M M M D

Latest Chg (889'160) (348'100) 607'400 (32'522) (1'081'061) -

Target Price 24 19 21 32 24 23 23 32 32 #N/A N/A 35 23 22 23 33 29 29 36 35 #N/A N/A 23 35 43

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.11.2012 Investment Advisor 12.04.2013 Unclassified 17.04.2013 Investment Advisor 31.01.2013 Investment Advisor 19.04.2013 Investment Advisor 01.11.2011 Hedge Fund Manager 19.03.2013 Investment Advisor 09.04.2013 Investment Advisor 19.02.2013 Unclassified 03.11.2011 Investment Advisor 29.04.2013 Investment Advisor 09.04.2013 Investment Advisor 31.03.2013 Investment Advisor 03.11.2011 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 19.04.2013 Investment Advisor 28.09.2012 Investment Advisor 31.05.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month Not Provided 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 12 month 12 month Not Provided 12 month Not Provided 6 month Not Provided 6 month

Date 29.04.2013 29.04.2013 29.04.2013 26.04.2013 23.04.2013 17.04.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 05.02.2013 27.11.2012 03.09.2012 03.09.2012 31.01.2012 27.05.2011

01.05.2013

Air China Ltd Air China Limited provides passenger, cargo, and airline-related services in China. The Company is primarily based in Beijing and a major hub for domestic and international air transportation. Air China's airline-related services include aircraft maintenance, repair, overhaul service, ground services, and in-flight catering services.

Price/Volume 8

80.0 M

12/2012 03/yy 7.41 4.40 8'636'525.00 6.28 -15.25% 42.73% 60.80% 4'562.7 84'759.96 98'443.36 0.0 3'368.0 12'603.56 134'900.26

60.0 M

40.0 M

2 20.0 M

1 0 m-12

.0 M j-12

31.12.2009 31.12.2010 48'091.6 78'209.2 3.35x 2.81x 9'985.1 19'185.1 16.14x 11.44x 4'854.2 12'005.0 13.03x 7.18x Profitability

LTM-4Q 31.12.2011 93'343.4 1.61x 18'022.4 8.36x 7'082.4 8.00x

31.12.2012 98'112.4 1.60x 18'295.3 8.59x 4'948.0 12.85x

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

18'295.31 8'003.90 8.16% 7.17% 2.67% 9.99% 4.63% 0.54% 17.7% 18.9% 8.1% 5.0% 0.37 0.28 53.01% 194.63% 34.18 -

LTM

FY+1

1.03 1'815.82 15.09% -4.12% 1.025 29 3.897 8'478'425 13'747'010 13'491'130 FY+2

FQ+1

FQ+2

03/yy 96'495.7 5.16x 0.0 0.00x 6'044.6 8.99x

03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 98'396.6 111'879.8 123'700.1 25'758.0 31'075.0 5.49x 1.42x 1.30x 0.0 20'759.7 23'103.3 0.00x 6.50x 5.84x 4'957.6 5'697.7 7'004.1 723.0 3'757.0 13.84x 10.66x 8.81x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

6.29 1.03 4.68 5.37 194.6% 64.6% 0.54 0.75 10.71 -32.33

Sales/Revenue/Turnover

1.20

120'000.0

1.00

100'000.0

0.80

80'000.0

0.60

j-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100.0 M

6 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (5/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 753 HK EQUITY YTD Change 753 HK EQUITY YTD % CHANGE

31.12.2008 50'536.7 1.85x 3'154.8 29.68x (9'255.8) -

120.0 M

60'000.0 40'000.0

0.40

20'000.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Air China Ltd Holdings By:

All

Holder Name CATHAY PACIFIC AIRWA CHINA NATIONAL AVIAT FMR LLC VANGUARD GROUP INC MATTHEWS INTERNATION INVESCO ASSET MANAGE BLACKROCK INVESCO LTD HANG SENG INVESTMENT SCHRODER INVESTMENT STATE STREET FIDELITY INVESTMENTS FEDERATED INVESTORS ROBECO INVESTOR SERV MIRAE ASSET GLOBAL I TIAA CREF INVESTMENT MAPS INVESTMENT MANA GLOBAL X MANAGEMENT NORDEA INVESTMENT FU HARVEST FUND MANAGEM

Firm Name Capital Securities Corp Standard Chartered Nomura UOB Kay Hian HSBC Deutsche Bank Credit Suisse SWS Research Co Ltd BOCOM International Holdings JPMorgan Jefferies CIMB BNP Paribas Equity Research Guotai Junan Macquarie Barclays Daiwa Securities Co. Ltd. DBS Vickers China International Capital Corp Morgan Stanley Goldman Sachs ICBC International Securities EVA Dimensions Bank of China International Masterlink Securities CCB International Securities Ltd Citic Securities Co., Ltd Haitong International Securities China Merchants Securities

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios SCHRODER ISF CHINA O n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios MIRAEASSET CHINA BLU Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LI XIAOLU CLAIRE TENG SHIRLEY LAM K AJITH WEI SIM VINCENT HA DAVIN CHUNPONG WU LEO FAN GEOFFREY CHENG CORRINE PNG BOYONG LIU ANDREW ORCHARD ARNAUD BOUCHET HARRY CHEN BONNIE CHAN PATRICK XU KELVIN LAU PAUL YONG SHEN XIAOFENG EDWARD XU HINO LAM MOSES MA CRAIG STERLING DU JIANPING DAI KAI-YU WINNIE GUO TEAM COVERAGE CHO FOOK TAT YU HUANGYAN

Source EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-LUX ULT-AGG MF-AGG MF-AGG MF-AGG MF-KOR MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold outperform buy hold neutral buy outperform outperform buy overweight hold neutral buy neutral outperform underweight buy buy buy Equalwt/Attractive neutral/neutral buy sell buy hold neutral hold buy neutral

Amt Held 2'523'011'455 223'852'000 64'023'547 52'298'504 43'555'900 42'452'000 42'030'000 19'232'000 17'858'507 13'588'000 11'671'396 11'008'000 10'808'000 10'000'000 9'834'000 8'494'000 8'092'000 7'917'136 7'646'000 7'290'000

% Out 55.3 4.91 1.4 1.15 0.95 0.93 0.92 0.42 0.39 0.3 0.26 0.24 0.24 0.22 0.22 0.19 0.18 0.17 0.17 0.16

Weighting

Change 3 5 5 3 3 5 5 5 5 5 3 3 5 3 5 1 5 5 5 3 3 5 1 5 3 3 3 5 3

M U M M U M M M M M M M N M N M M M M M M M M M M M M M U

Latest Chg (17'188'066) (324'800) (1'472'000) 42'452'000 406'000 17'400'000 13'588'000 4'824'000 (868'000) (28'798) 27'600 372'000 (546'000)

Target Price 5 8 8 7 7 8 8 8 7 8 6 7 7 5 8 5 8 9 8 7 7 8 #N/A N/A 7 6 5 #N/A N/A 11 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.01.2013 30.01.2013 31.03.2013 31.03.2013 31.12.2012 30.11.2012 29.04.2013 31.12.2012 30.06.2012 31.12.2012 30.04.2013 31.12.2010 31.03.2013 28.02.2013 31.12.2012 28.02.2013 31.12.2012 30.04.2013 31.01.2013 30.06.2012

Date Not Provided 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 Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 12 month Not Provided

Inst Type Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 16.04.2013 09.04.2013 08.04.2013 05.04.2013 28.03.2013 27.03.2013 27.03.2013 26.03.2013 26.03.2013 17.01.2013 17.01.2013 11.12.2012 01.11.2012 03.07.2012 16.01.2012 31.05.2011 29.12.2008

01.05.2013

Kingboard Chemical Holdings Ltd Kingboard Chemical Holdings Limited, through its subsidiaries, manufactures laminates, copper foil, glass fabric, glass yarn, bleached kraft paper, printed circuit boards, and chemicals.

Price/Volume 35

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (03.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 148 HK EQUITY YTD Change 148 HK EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

5 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 23'681.4 0.93x 3'875.8 5.68x 1'705.9 6.86x

6.0 M

12/2012 01/yy 29.90 13.86 2'519'400.00 21.1 -29.43% 52.24% 39.53% 854.7 18'033.47 18'634.03 0.0 5'503.5 3'752.10 38'418.92

31.12.2009 31.12.2010 23'863.4 33'891.5 1.56x 1.58x 4'793.6 6'860.5 7.75x 7.83x 2'396.0 3'620.8 10.86x 10.88x Profitability

31.12.2011 36'559.1 1.10x 5'386.7 7.49x 2'594.1 7.57x

31.12.2012 37'290.3 1.18x 4'887.1 8.98x 2'097.0 11.21x 4'887.10 2'656.68 7.12% 7.85% 3.45% 7.15% 5.20% 0.61% 13.7% 13.1% 7.1% 5.6% 2.31 0.89 30.58% 60.80% 5.06 2.51

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.46 1.27 542.65 -1.02% -23.27% 1.268 9 3.889 2'415'041 2'645'323 2'479'594 FY+2

12/13 Y 12/14 Y 40'308.2 43'887.6 0.88x 0.77x 5'970.0 6'677.4 6.44x 5.75x 2'520.0 3'009.3 7.38x 6.41x S&P Issuer Ratings

FQ+1

FQ+2

15.06.2012 BBBNEG 13.69 8.05 3.05 3.81 60.8% 34.0% 0.61 1.54 72.37 145.93 31.13 187.17

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0 8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Kingboard Chemical Holdings Ltd Holdings By:

All

Holder Name HALLGAIN MANAGEMENT FMR LLC JP MORGAN CAPITAL GROUP COMPAN VALUE PARTNERS GROUP GRYPHON INTERNATIONA FRANKLIN RESOURCES VANGUARD GROUP INC MANULIFE FUNDS DIREC DIMENSIONAL FUND ADV BLACKROCK WING YIU CHANG STATE STREET KWOK WING CHEUNG YIN SANG HO CHAM HUNG MOK PRUDENTIAL FINANCIAL T ROWE PRICE ASSOCIA KWONG KWAN CHEUNG VALIC CO I

Firm Name Credit Suisse EVA Dimensions UOB Kay Hian HSBC JPMorgan Capital Securities Corp

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 n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst KENNY LAU ANDREW S ZAMFOTIS MARK PO TSE-YONG YAO LEON CHIK TEAM COVERAGE

Source EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG EXCH ULT-AGG EXCH EXCH EXCH ULT-AGG MF-AGG EXCH MF-AGG

Recommendation neutral underweight buy neutral overweight buy

Amt Held 293'006'429 53'423'096 42'674'051 41'533'132 41'467'308 39'342'908 16'742'170 16'390'532 12'019'000 11'916'027 8'634'500 4'115'274 3'507'900 3'465'725 3'317'229 3'040'000 2'970'000 2'742'300 2'468'200 1'995'000

% Out 34.28 6.25 4.99 4.86 4.85 4.6 1.96 1.92 1.41 1.39 1.01 0.48 0.41 0.41 0.39 0.36 0.35 0.32 0.29 0.23

Weighting

Change 3 1 5 3 5 5

M U M M M N

Latest Chg 318'000 5'716'142 5'000 61'406 (1'198'000) 400'000 100'000 100'000 (176'600) (11'245'500) 50'000 -

Target Price 24 #N/A N/A 31 26 34 21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.01.2013 31.12.2012 28.03.2013 31.03.2013 11.01.2013 18.10.2012 28.03.2013 31.03.2013 30.06.2012 31.07.2012 29.04.2013 31.10.2012 30.04.2013 17.04.2013 13.03.2013 02.11.2012 31.03.2013 31.03.2013 15.03.2013 28.02.2013

Date Not Provided Not Provided Not Provided Not Provided 6 month Not Provided

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor n/a Investment Advisor n/a n/a n/a Investment Advisor Investment Advisor n/a Investment Advisor

Date 16.04.2013 15.03.2013 11.03.2013 10.03.2013 09.03.2013 27.09.2012

01.05.2013

GCL-Poly Energy Holdings Ltd GCL-Poly Energy Holdings Ltd is a Chinese power company that produces solar grade polysilicon and operates cogeneration plants and in China.

Price/Volume 3

800.0 M 700.0 M

600.0 M 500.0 M

400.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (5/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 3800 HK EQUITY YTD Change 3800 HK EQUITY YTD % CHANGE

12/2012 01/yy 2.33 1.11 71'434'721.00 1.57 -32.62% 41.44% 37.70% 15'478.4 24'301.04 38'931.80 0.0 1'560.4 4'511.03 60'282.24

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200.0 M 100.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 3'946.6 0.66x 2'727.6 0.96x 2'155.0 0.27x

300.0 M

31.12.2009 31.12.2010 4'943.6 18'471.9 8.07x 2.95x 773.8 7'556.2 51.55x 7.20x (199.7) 4'023.6 11.00x Profitability

31.12.2011 25'505.6 2.42x 9'062.3 6.82x 4'274.9 7.86x

31.12.2012 22'348.0 2.69x 3'293.3 18.26x (3'515.5) 3'293.28 158.54 0.71% -14.59% -5.20% -19.12% 3.34% 0.33% 7.8% 14.5% 0.4% -15.7% 0.73 0.37 57.41% 240.17% 4.17 7.01

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.54 10'444.38 -19.56% 0.64% 1.543 30 3.067 96'107'920 ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/12 Q1 06/12 Q2 24'726.6 30'213.8 - 11'600.0 2.19x 1.76x 4'261.6 5'937.0 14.15x 10.15x (348.1) 1'337.1 (62.0) 16.19x S&P Issuer Ratings

03.02.2012 NR 1.34 -4.11 10.64 12.03 240.2% 68.7% 0.33 0.52 87.78 52.19 55.87 84.10

Sales/Revenue/Turnover

160.00

30'000.0

140.00

25'000.0

120.00

20'000.0

100.00 80.00

15'000.0

60.00

10'000.0

40.00

5'000.0 20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

GCL-Poly Energy Holdings Ltd Holdings By:

All

Holder Name ASIA PACIFIC ENERGY VANGUARD GROUP INC BLACKROCK IVY MANAGEMENT INCOR MORGAN STANLEY GAM INTERNATIONAL MA DIMENSIONAL FUND ADV CLAYMORE ADVISORS LL BANK OF NEW YORK MEL SCHRODER INVESTMENT DWS INVESTMENT S A PICTET & CIE FIDELITY INVESTMENTS DIMENSIONAL FUND ADV STATE STREET AMERIPRISE FINANCIAL VAN ECK ASSOCIATES C FRANK RUSSELL TRUST FIDELITY INVT ASSET INVESCO LTD

Firm Name

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios SISF GREATER CHINA F Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Deutsche Bank ERIC CHENG SWS Research Co Ltd VINCENT YU HSBC JENNY COSGROVE Nomura NITIN KUMAR Kingsway SW Securities JOHNNY LAU Yuanta Securities Investment ConsultingNICE WANG Everbright Securities Co., Ltd ZHOU LIQIAN Capital Securities Corp HAN WEIQI KGI Securities JENNIFER LIANG Guotai Junan PETER SHENG Bank of China International PETER YAO DBS Vickers DENNIS LAM CIMB KEITH LI China International Capital Corp RAN SHI UOB Kay Hian JAMIE SOO Mirae Asset Securities RICKY NG ABC International LISA LEE Goldman Sachs AMY SONG EVA Dimensions ANDREW S ZAMFOTIS AMTD Financial Planning Limited KENNY TANG SING HING Macquarie PATRICK DAI ICBC International Securities KARL LIU JPMorgan RICK HSU Daiwa Securities Co. Ltd. PRANAB KUMAR SARMAH Hua Tai Securities Co., Ltd TEAM COVERAGE Citic Securities Co., Ltd YANG FAN CCB International Securities Ltd CHRISTINE LEE Guodu Securities Co Ltd TEAM COVERAGE

Source ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-LUX MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation hold neutral overweight neutral hold buy buy hold neutral accumulate hold fully valued underperform accumulate sell hold sell neutral/neutral sell buy underperform hold overweight hold add hold outperform hold

Amt Held 5'018'843'327 213'729'000 169'163'191 150'000'000 54'584'578 54'485'000 50'557'134 47'780'768 40'000'000 21'324'000 20'344'000 19'637'500 19'507'000 18'313'000 17'606'312 15'869'000 12'724'000 12'017'800 11'575'000 10'893'372

% Out 32.42 1.38 1.09 0.97 0.35 0.35 0.33 0.31 0.26 0.14 0.13 0.13 0.13 0.12 0.11 0.1 0.08 0.08 0.07 0.07

Weighting

Change 3 3 5 3 3 5 5 3 3 4 3 2 1 4 1 3 1 3 1 5 1 3 5 3 4 3 5 3

M M M M M U N M M U M M M M M M M M M M M M M M D N M N

Latest Chg 2'289'000 415'000 (60'000'000) 50'717'000 124'000 7'020'000 10'780'000 (403'000) (1'274'000) 1'555'000 11'575'000 -

Target Price 2 1 3 2 1 2 #N/A N/A 2 2 2 2 1 2 3 1 2 2 2 #N/A N/A 2 1 1 2 1 #N/A N/A 1 #N/A N/A 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.03.2013 29.04.2013 31.12.2012 15.05.2012 28.02.2013 31.07.2012 29.04.2013 31.03.2013 31.12.2012 28.02.2013 31.01.2013 31.12.2010 31.01.2013 30.04.2013 28.02.2013 29.04.2013 31.05.2012 31.12.2012 30.04.2013

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month

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 Investment Advisor Investment Advisor

Date 29.04.2013 26.04.2013 25.04.2013 24.04.2013 17.04.2013 10.04.2013 10.04.2013 20.03.2013 20.03.2013 19.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 17.02.2013 17.01.2013 04.01.2013 23.11.2012 16.11.2012 29.10.2012 06.09.2012 24.08.2012 26.07.2012 28.06.2012 07.07.2011

01.05.2013

Xinyi Glass Holdings Ltd Xinyi Glass Holdings Ltd, through its subsidiaries, produces a variety of processed glass products for automobile, construction and household applications. The Company also tenders for glass curtain wall projects and conducts installation service of glass curtain wall in China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 868 HK EQUITY YTD Change 868 HK EQUITY YTD % CHANGE

12/2012 01/yy 5.92 3.25 10'914'354.00 5.31 -10.30% 63.38% 79.78% 3'791.6 20'133.43 4'265.55 0.0 4.2 703.49 23'699.67

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 m-12

31.12.2009 31.12.2010 3'958.0 6'364.3 3.41x 3.90x 1'063.9 2'244.1 12.69x 11.06x 773.5 1'571.2 15.76x 14.40x Profitability

31.12.2011 8'226.7 2.48x 1'927.1 10.58x 1'264.9 12.69x

31.12.2012 9'785.2 2.21x 2'000.6 10.83x 1'188.1 15.07x

j-12

a-12

2'000.59 1'396.50 14.27% 14.28% 7.56% 12.88% 9.12% 0.62% 25.3% 20.5% 14.2% 12.1% 1.24 0.67 26.55% 42.90% 6.86 5.97

LTM-4Q

LTM

01/yy

01/yy -

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

2.82 1.37 1'760.49 8.50% 11.09% 1.369 13 4.538 6'506'943 9'614'479 14'189'440 FY+2

12/13 Y 12/14 Y 11'800.8 13'987.0 2.04x 1.71x 2'727.8 3'341.9 8.69x 7.09x 1'707.5 2'114.2 11.91x 9.64x S&P Issuer Ratings

FQ+1

FQ+2

20.45 -17.51 1.78 2.13 42.9% 30.0% 0.62 0.87 53.33 61.34 29.25 85.42

Sales/Revenue/Turnover

1.20

12'000.0

1.00

10'000.0

0.80

8'000.0

0.60

.0 M j-12

Fiscal Year Ended 31.12.2008 3'894.3 1.18x 943.7 4.85x 709.2 4.96x

6'000.0 4'000.0

0.40

2'000.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Xinyi Glass Holdings Ltd Holdings By:

All

Holder Name YIN YEE LEE CHING SAI TUNG LEE SING DIN CHING BOR TUNG OZ MANAGEMENT LP CHING WAI LI NANG SZE SZE CHING LEUNG LI NGAN HO NG MAN YIN LI BANK OF NEW YORK MEL FULL GUANG HLDGS LTD HARDING LOEVNER LP DWS INVESTMENT S A FRANKLIN RESOURCES GCIC LTD/CANADA VANGUARD GROUP INC STATE STREET DEUTSCHE BANK AG RUFFER LLP

Firm Name OSK (Asia) Securities GuoSen Securities Co Ltd UOB Kay Hian HSBC First Shanghai Securities Ltd Oriental Patron Securities Ltd Maybank Kim Eng China International Capital Corp Citic Securities Co., Ltd Kingsway SW Securities JPMorgan EVA Dimensions JF Apex Securities Bhd Capital Securities Corp

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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst JOE CHAN ETHANE CHENG MARK PO WALDEN SHING XIAOXIA CHEN VIVIEN CHAN ALEX YEUNG ZHENG DONG TIMOTHY LEE JOHNNY LAU LEON CHIK CRAIG STERLING TEAM COVERAGE TRACY SUN

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy buy overweight buy buy buy hold buy buy overweight sell buy buy

Amt Held 753'529'193 302'920'579 271'365'089 186'666'456 186'522'544 118'562'868 108'800'781 81'441'911 81'241'912 80'581'911 50'000'000 44'548'000 25'032'000 17'484'674 13'866'000 11'954'000 10'410'847 8'690'388 6'043'146 6'000'000

% Out 19.87 7.99 7.16 4.92 4.92 3.13 2.87 2.15 2.14 2.13 1.32 1.17 0.66 0.46 0.37 0.32 0.27 0.23 0.16 0.16

Weighting

Change 5 5 5 5 5 5 5 3 5 5 5 1 5 5

M M M M U U M M U M M M M M

Latest Chg 238'000 300'000 228'000 500'000 5'688'000 12'204'000 392'021 -

Target Price 7 8 7 7 7 6 6 5 6 7 7 #N/A N/A 5 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.06.2012 n/a 17.10.2012 n/a 04.06.2012 n/a 05.06.2012 n/a 05.07.2012 Investment Advisor 11.05.2012 n/a 11.05.2012 n/a 11.05.2012 n/a 11.05.2012 n/a 11.05.2012 n/a 31.01.2013 Investment Advisor 17.10.2012 Other 30.06.2012 Investment Advisor 28.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 28.02.2013 Investment Advisor 27.12.2012 Hedge Fund Manager

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 6 month Not Provided 6 month Not Provided Not Provided Not Provided

Date 15.04.2013 19.03.2013 08.03.2013 07.03.2013 07.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 17.01.2013 13.04.2012 08.08.2011

01.05.2013

Shanghai Industrial Holdings Ltd Shanghai Industrial Holdings Limited, through its subsidiaries, manufactures and sells cigarettes, Chinese medicine and health food, packaging materials, printed products, commercial vehicles, and automobile components and spare parts. The Company also operates a shopping center, infrastructure and modern logistic business, information technology business, and medical technology business.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (5/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 363 HK EQUITY YTD Change 363 HK EQUITY YTD % CHANGE

12/2012 01/yy 28.15 20.05 594'732.00 24.6 -12.61% 22.69% 50.62% 1'080.9 26'589.53 35'578.58 0.0 15'829.5 19'869.74 58'127.91

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

0 m-12

31.12.2009 31.12.2010 7'061.7 14'435.2 8.56x 4.19x 2'830.0 3'895.4 21.36x 15.54x 2'870.1 6'205.0 19.15x 12.17x Profitability

31.12.2011 14'969.1 3.76x 3'894.9 14.44x 4'088.5 5.69x

31.12.2012 19'286.9 3.16x 5'378.9 11.34x 3'438.2 8.56x 5'378.88 4'454.55 23.10% 30.84% 2.98% 10.88% 6.10% 0.17% 28.9% 28.0% 23.2% 17.8% 2.16 0.57 30.85% 109.78% 25.68 0.26

Price/ Cash Flow

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

4.39 1.05 595.04 -0.50% -9.72% 1.048 10 4.200 657'884 1'006'455 1'089'018 FY+2

12/13 Y 12/14 Y 20'015.6 23'662.8 3.09x 2.59x 6'347.4 7'433.8 9.16x 7.82x 2'522.9 2'988.5 10.34x 8.75x S&P Issuer Ratings

FQ+1

FQ+2

5.21 1.68 2.91 6.59 109.8% 42.4% 0.17 1.49 14.25 1406.67 87.84 1333.09

Sales/Revenue/Turnover

250.00

25'000.0

200.00

20'000.0

150.00

15'000.0

100.00

10'000.0

50.00

5'000.0

0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 7'452.1 3.78x 2'356.4 11.96x 2'101.5 10.35x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Shanghai Industrial Holdings Ltd Holdings By:

All

Holder Name SHANGHAI INVESTMENT SIIC CAPITAL BVI LTD SIIC TREASURY BVI LT FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC SHANGHAI INDU FIN HO CAPITAL GROUP COMPAN DIMENSIONAL FUND ADV ROBECO INVESTOR SERV BANK OF NEW YORK MEL UBS LORD ABBETT & CO LLC STATE STREET PICTET & CIE HENDERSON GLOBAL INV MACKENZIE FINANCIAL UBS GLOBAL ASSET MAN FIDEURAM GESTIONS SA AMUNDI LUXEMBOURG SA

Firm Name EVA Dimensions Haitong International Securities Morgan Stanley Goldman Sachs Jefferies Nomura Deutsche Bank HSBC Guotai Junan Maybank Kim Eng

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING CHO FOOK TAT COREY CHAN FRANK HE CHRISTIE JU BENJAMIN LO MICHAEL TONG STEPHEN WAN SIMON JIANG IVAN CHEUNG

Source Co File EXCH Co File ULT-AGG ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight buy Equalwt/In-Line Buy/Neutral buy buy not rated overweight buy trading buy

Amt Held 466'644'371 80'000'000 48'068'377 21'656'493 14'174'000 14'140'923 13'685'000 13'331'000 10'912'192 7'039'399 6'778'500 6'397'000 6'146'000 5'769'864 5'235'000 3'933'000 3'921'800 2'808'000 2'580'000 1'588'000

% Out 43.17 7.4 4.45 2 1.31 1.31 1.27 1.23 1.01 0.65 0.63 0.59 0.57 0.53 0.48 0.36 0.36 0.26 0.24 0.15

Weighting

Change

1 5 3 5 5 5 #N/A N/A 5 5 5

U M M M M M M M M M

Latest Chg (960'000) (5'000) (3'600) (411'000) 971'000 (86'000) 468'000 (7'000) 19'000 3'933'000 114'000 (80'000) 174'000

Target Price #N/A N/A 28 26 32 30 29 #N/A N/A 27 38 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 28.06.2012 31.12.2011 28.03.2013 29.04.2013 31.03.2013 28.06.2012 31.03.2013 31.07.2012 28.02.2013 29.04.2013 31.01.2013 28.03.2013 30.04.2013 31.01.2013 31.12.2012 31.01.2013 20.04.2012 02.04.2013 31.12.2012

Date Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Bank Other Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.04.2013 11.04.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 07.01.2013 30.08.2012 11.09.2011 28.02.2011

01.05.2013

Shandong Weigao Group Medical Polymer Co Ltd Shandong Weigao Group Medical Polymer Company Limited, through its subsidiaries, researches and develops, produces, and sells single-use aseptic polymer medical products.

Price/Volume 12

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M

10 8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.10.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1066 HK EQUITY YTD Change 1066 HK EQUITY YTD % CHANGE

12/2012 12/yy 11.38 6.50 6'082'980.00 7.45 -34.53% 14.62% 19.06% 1'883.7 33'348.97 231.90 0.0 9.4 1'297.86 25'435.63

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

2 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 1'514.4 7.02x 527.1 20.17x 482.4 21.58x

31.12.2009 31.12.2010 1'878.5 2'462.6 7.00x 11.36x 618.0 755.6 21.28x 37.01x 633.9 799.1 38.65x 50.52x Profitability

LTM-4Q 31.12.2011 3'180.6 7.54x 1'001.4 23.94x 3'462.2 7.27x

31.12.2012 3'689.1 7.24x 996.5 28.19x 1'001.42 909.59 24.66% 30.53% 10.04% 11.65% 0.37% 57.3% 24.2% 27.0% 2.53 1.82 2.21% 2.60% 2.64 2.44

12/yy 3'180.6 20.20x 0.0 0.00x 3'462.2 7.15x

LTM 12/yy 3'689.1 15.39x 0.0 0.00x 996.5 27.77x

FY+1

1.12 0.70 1'628.08 -16.23% -3.37% 0.696 19 3.105 13'803'880 12'598'470 13'392'350 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'546.2 5'524.7 1'016.0 1'211.0 5.48x 4.45x 1'337.5 1'649.8 19.02x 15.42x 1'227.4 1'502.8 229.0 284.0 21.76x 17.88x 24.66x 23.67x S&P Issuer Ratings

225.65 -72.93 2.6% 2.5% 0.37 1.13 138.45 150.10 111.47 177.08

Sales/Revenue/Turnover

4'000.0 3'500.0 3'000.0

0.80 0.60

2'500.0 2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Shandong Weigao Group Medical Polymer Co Ltd Holdings By:

All

Holder Name JP MORGAN OPPENHEIMERFUNDS INC NORGES BANK BAILLIE GIFFORD AND ATLANTIS CAPITAL HOL MEDTRONIC HOLDING SW FMR LLC VANGUARD GROUP INC CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA SCHRODER INVESTMENT SCHRODER INVESTMENT BARING ASSET MANAGEM BLACKROCK HARDING LOEVNER LP ALLIANCE BERNSTEIN MAPS INVESTMENT MANA EATON VANCE MANAGEME HANG SENG INVESTMENT DEUTSCHE ASSET MGMT

Firm Name Morgan Stanley Guotai Junan KGI Securities EVA Dimensions Bank of China International SWS Research Co Ltd Deutsche Bank Credit Suisse JPMorgan HSBC China International Capital Corp Oppenheimer & Co UOB Kay Hian Fortune CLSA Securities Limited Goldman Sachs GuoSen Securities Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BIN LI JOHNSON SUN TE-JEN HSU ANDREW S ZAMFOTIS DERRICK SUN SHI MING JACK HU JINSONG DU SEAN WU CAROLYN POON JESSICA LI INGRID YIN CAROL XIAO QIN DOU ZEN ZHOU DU WEI HELENA QIU

Source ULT-AGG EXCH EXCH EXCH ULT-AGG EXCH ULT-AGG MF-AGG ULT-AGG EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Equalwt/Attractive sell neutral overweight hold neutral hold underperform overweight neutral buy market perform buy underperform neutral/neutral neutral

Amt Held 264'371'221 196'632'000 133'552'000 132'076'000 131'004'000 122'096'324 115'324'114 95'815'924 93'861'000 93'756'214 79'445'481 30'324'000 28'284'000 24'264'000 19'841'000 17'224'964 15'544'000 15'216'000 12'877'235 10'624'000

% Out 14.03 10.44 7.09 7.01 6.95 6.48 6.12 5.09 4.98 4.98 4.22 1.61 1.5 1.29 1.05 0.91 0.83 0.81 0.68 0.56

Weighting

Change 3 1 3 5 3 3 3 1 5 3 5 3 5 1 3 3

M M M D M M D M M M M M M M M M

Latest Chg 18'864'000 (84'000'000) 220'000 316'600 14'092'000 (24'000) 1'001'000 7'614'735 (3'380'000) -

Target Price 8 4 7 #N/A N/A 7 8 7 7 10 8 9 #N/A N/A 9 8 8 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 28.02.2013 26.02.2013 01.08.2012 28.02.2013 12.04.2013 11.04.2013 31.03.2013 04.02.2013 15.08.2012 10.04.2013 10.04.2013 31.12.2012 29.04.2013 30.06.2012 28.02.2013 31.12.2012 28.02.2013 30.06.2012 31.12.2010

Date 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month

Inst Type Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.04.2013 24.04.2013 22.04.2013 03.04.2013 27.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 06.02.2013

01.05.2013

SOHO China Ltd Soho China Ltd. is a property developer. The Company develops properties in central Beijing and Shanghai. Soho China collaborates with internationally recognized architects, translating their designs into real estate which possesses strong appeal to property investors and the local businesses and customer bases they serve.

Price/Volume

Price/ Cash Flow

1.20

50.0 M 40.0 M

12/2012 01/yy 7.10 4.65 4'661'793.00 6.7 -5.63% 44.09% 84.90% 4'982.6 33'383.18 23'004.41 0.0 1'011.0 19'708.72 30'825.98

30.0 M

3 2

20.0 M

10.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended

60.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 410 HK EQUITY YTD Change 410 HK EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

7 6

Valuation Analysis

31.12.2008 3'121.4 3.10x 1'102.4 8.78x 399.1 38.59x

31.12.2009 31.12.2010 7'413.5 18'215.1 2.49x 1.04x 3'402.7 8'621.3 5.41x 2.21x 3'300.2 3'636.2 5.81x 6.99x Profitability

31.12.2011 5'684.8 4.39x 2'645.1 9.44x 3'892.3 5.58x

31.12.2012 15'305.1 1.94x 8'738.8 3.40x 10'584.9 2.44x 8'738.85 8'715.91 56.95% 118.88% 15.09% 40.38% 23.93% 0.22% 58.8% 57.1% 56.9% 69.2% 1.41 0.79 28.55% 74.93% 99.09 0.38

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.70 0.86 1'650.35 17.45% 7.72% 0.856 29 3.103 7'388'680 9'091'472 10'788'120 FY+2

12/13 Y 12/14 Y 14'626.4 9'520.1 2.21x 3.51x 6'831.6 4'349.1 4.51x 7.09x 3'389.7 2'318.7 8.16x 11.96x S&P Issuer Ratings

FQ+1

FQ+2

26.10.2012 BB+ NEG 8.50 2.77 0.38 2.63 74.9% 42.0% 0.22 0.58 3.69 972.66 -

Sales/Revenue/Turnover

20'000.0 18'000.0

1.00

16'000.0 14'000.0

0.80 0.60 0.40

12'000.0 10'000.0 8'000.0 6'000.0 4'000.0

0.20

2'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

SOHO China Ltd Holdings By:

All

Holder Name BOYCE LIMITED CAPEVALE LIMITED BVI JP MORGAN OPPENHEIMERFUNDS INC FRANKLIN RESOURCES VANGUARD GROUP INC BLACKROCK PICTET & CIE T ROWE PRICE ASSOCIA DIMENSIONAL FUND ADV FIDELITY INVESTMENTS GAM INTERNATIONAL MA BNP PARIBAS INV PART NOMURA ARTISAN PARTNERS HOL GUINNESS ATKINSON AS JENNISON ASSOCIATES FIDEURAM GESTIONS SA FMR LLC JUPITER ASSET MANAGE

Firm Name Standard Chartered Morgan Stanley Haitong International Securities DBS Vickers ICBC International Securities EVA Dimensions First Shanghai Securities Ltd KGI Securities UOB Kay Hian SWS Research Co Ltd Essence Securities Macquarie CIMB China International Capital Corp CMB International Capital Corp Ltd BOCOM International Holdings AMTD Financial Planning Limited Jefferies HSBC China Galaxy Securities Mizuho Securities Goldman Sachs Maybank Kim Eng Citic Securities Co., Ltd Deutsche Bank GuoSen Securities Co Ltd Guoyuan Securities (HK) Ltd Everbright Securities Co., Ltd Capital Securities Corp

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst RAYMOND CHENG JACKY CHAN KATIE CHAN CAROL WU PHILIP TSE AUSTIN BURKETT MICHAEL KE ALICE JI CYNTHIA CHAN XUE HUIRU XU HAITAO JEFFREY GAO JOHNSON HU ERIC YU ZHANG SAMSON MAN TONI HO CHI CHUNG KENNY TANG SING HING VENANT CHIANG MICHELLE KWOK JANUS CHAN ALAN JIN WANG YI IVAN CHEUNG GARRICK CHENG TONY TSANG HUI CAO TEAM COVERAGE TIMOTHY YEUNG LANTIS LI

Source EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation in-line Equalwt/Attractive hold hold hold buy buy neutral sell neutral add neutral neutral hold buy sell buy hold neutral take profits underperform neutral/attractive hold overweight buy buy buy buy buy

Amt Held 1'662'050'000 1'662'050'000 254'523'042 143'167'992 109'663'057 59'399'902 56'617'202 47'800'000 42'620'500 37'464'490 22'119'500 16'645'500 16'592'719 14'774'500 13'688'000 12'010'000 11'733'162 10'715'500 9'974'482 7'050'000

% Out 33.36 33.36 5.11 2.87 2.2 1.19 1.14 0.96 0.86 0.75 0.44 0.33 0.33 0.3 0.27 0.24 0.24 0.22 0.2 0.14

Weighting

Change 3 3 3 3 3 5 5 3 1 3 4 3 3 3 5 1 5 3 3 1 1 3 3 5 5 5 5 5 5

M M M M M U M M M M M M M M M M M M M D M M M D M M N M M

Latest Chg 4'565'500 (701'304) (504'500) (22'125'000) 660'000 16'592'719 13'688'000 (958'000) (1'300'000) 4'965'637 (500'000)

Target Price 6 7 7 6 6 #N/A N/A 8 6 6 7 7 6 6 6 8 5 7 7 7 7 5 7 6 6 8 6 8 8 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 05.04.2013 05.04.2013 17.05.2012 28.02.2013 31.12.2012 31.03.2013 29.04.2013 31.01.2013 31.03.2013 31.07.2012 31.12.2010 31.12.2012 28.02.2013 06.09.2012 31.12.2012 31.12.2012 28.03.2013 02.04.2013 31.03.2013 31.01.2013

Date 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 12 month 6 month Not Provided

Inst Type Other Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 16.04.2013 13.03.2013 11.03.2013 11.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 03.01.2013 13.12.2012 03.12.2012 27.09.2012 17.08.2012 22.05.2012 11.01.2012 20.07.2011 08.02.2011 25.03.2010

01.05.2013

Aluminum Corp of China Ltd Aluminum Corporation of China Limited, also known as Chalco, is a producer of alumina and primary aluminum in China. The Company refines bauxite into alumina and smelts aluminato to produce primary aluminum.

Price/Volume 5

160.0 M

140.0 M

120.0 M

100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (05.04.2013) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2600 HK EQUITY YTD Change 2600 HK EQUITY YTD % CHANGE

12/2012 03/yy 4.21 2.77 11'029'536.00 2.93 -30.40% 5.78% 11.11% 3'944.0 59'555.38 106'726.54 0.0 9'963.4 9'072.58 169'756.25

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

2 1

40.0 M

20.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 76'728.1 1.58x 7'607.8 15.90x 19.5 2566.61x

80.0 M

Valuation Analysis

31.12.2009 31.12.2010 70'268.0 120'994.8 3.29x 1.56x 3'024.7 9'697.0 76.49x 19.48x (4'642.9) 778.0 100.18x Profitability

LTM-4Q 31.12.2011 145'514.9 0.97x 9'088.5 15.55x 238.0 137.08x

31.12.2012 149'478.8 0.98x 1'722.7 84.89x (8'233.8) 1'722.70 -4'662.46 -3.12% -6.08% -4.23% -17.35% 0.78% -0.2% -3.5% -5.5% 0.58 0.14 60.98% 243.62% 25.80 5.32

Price/ Cash Flow

LTM

FY+1

1.49 3'943.97 -22.28% -17.46% 1.495 20 1.550 12'805'000 14'749'310 18'287'140 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 150'899.7 149'776.7 152'118.2 161'552.0 41'002.5 40'836.5 3.10x 3.62x 1.05x 1.01x 0.0 0.0 4'962.4 7'932.8 1'061.0 1'820.0 0.00x 0.00x 34.21x 21.40x (1'181.6) (8'120.4) (4'717.9) (2'710.7) (1'140.0) (1'000.5) 0.00x 0.00x S&P Issuer Ratings Long-Term Rating Date 12.09.2012 Long-Term Rating Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 0.31 (EBITDA-Capex)/Interest Exp. -1.34 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 243.6% Total Debt/Capital 66.5% Asset Turnover 0.78 Net Fixed Asset Turnover 1.42 Accounts receivable turnover-days 14.15 Inventory Days 68.55 Accounts Payable Turnover Day 17.44 Cash Conversion Cycle 57.05 Sales/Revenue/Turnover

60.00

160'000.0 140'000.0

50.00

120'000.0 40.00

100'000.0 80'000.0

30.00

60'000.0

20.00

40'000.0 10.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Aluminum Corp of China Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK DEUTSCHE BANK AG DEUTSCHE BANK AG JP MORGAN VANGUARD GROUP INC TEMPLETON INVESTMENT HANG SENG INVESTMENT STATE STREET MORGAN STANLEY JF ASSET MANAGEMENT SCOTTISH WIDOWS DIMENSIONAL FUND ADV CREDIT SUISSE ASSET EATON VANCE MANAGEME BARCLAYS MULTI-MANAG DIMENSIONAL FUND ADV PICTET & CIE CLARIDEN SICAV NORTHERN TRUST CORPO

Firm Name Credit Suisse BOCOM International Holdings Deutsche Bank JPMorgan Barclays Morgan Stanley Standard Chartered Sanford C. Bernstein & Co Masterlink Securities SWS Research Co Ltd China International Capital Corp HSBC BNP Paribas Equity Research Macquarie EVA Dimensions Goldman Sachs ICBC International Securities Bank of China International UOB Kay Hian Guotai Junan China Merchants Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TRINA CHEN BENJAMIN PEI JOHNSON WAN DANIEL KANG EPHREM RAVI RACHEL L ZHANG CHEN YAN VANESSA LAU SARAH WANG DIMI DU CAI HONGYU SIMON FRANCIS KUNAL AGRAWAL IVAN LEE CRAIG STERLING JULIAN ZHU DUNCAN CHAN ROBIN TSUI HELEN LAU KEVIN GUO WEI XIAOSHUANG

Source ULT-AGG ULT-AGG EXCH Short ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral neutral hold underweight underweight Underwt/In-Line underperform underperform hold not rated hold underweight reduce underperform sell Sell/Neutral sell sell buy sell neutral

Amt Held % Out 1'058'354'800 26.83 206'619'410 5.24 195'253'168 4.95 (143'875'810) -3.65 142'518'919 3.61 107'603'450 2.73 102'922'800 2.61 53'104'313 1.35 52'907'901 1.34 35'732'666 0.91 14'508'000 0.37 10'556'000 0.27 9'690'000 0.25 8'056'000 0.2 3'926'000 0.1 3'130'000 0.08 2'896'000 0.07 2'798'000 0.07 2'558'348 0.06 2'177'435 0.06

Weighting 3 3 3 1 1 1 1 1 3 #N/A N/A 3 1 2 1 1 1 1 1 5 1 3

Change M M M M M M M M M M M M M M M M M D M N D

Latest Chg 36'000 (586'000) 389'500 (1'192'718) 14'508'000 (250'000) (270'000) (216'000) 172'000

Target Price 3 3 3 3 3 2 3 3 3 #N/A N/A 3 2 3 2 #N/A N/A 2 3 3 11 6 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 29.04.2013 14.12.2012 14.12.2012 16.12.2011 31.03.2013 31.12.2012 30.06.2012 30.04.2013 07.01.2013 30.09.2011 31.01.2013 31.07.2012 28.02.2013 28.02.2013 27.03.2013 31.01.2013 31.01.2013 28.02.2013 31.03.2013

Date Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 6 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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.04.2013 29.04.2013 28.04.2013 28.04.2013 26.04.2013 23.04.2013 20.04.2013 19.04.2013 11.04.2013 08.04.2013 28.03.2013 27.03.2013 18.03.2013 27.02.2013 17.01.2013 04.12.2012 16.11.2012 31.10.2012 15.03.2011 04.03.2011 13.02.2009

01.05.2013

China Taiping Insurance Holdings Co Ltd China Taiping Insurance Holdings Company Ltd., through subsidiaries, underwrites life and property/casualty insurance and reinsurance.

Price/Volume 18

16.0 M

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 966 HK EQUITY YTD Change 966 HK EQUITY YTD % CHANGE

12/2012 01/yy 17.18 10.06 1'559'677.00 13.22 -23.05% 31.41% 44.38% 1'705.9 22'551.67 48'761.55 0.0 7'155.6 17'317.63 61'151.24

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

6.0 M

6 4

4.0 M

2.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 16'403.1 1.46x (486.1) -

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 34'287.8 52'174.2 1.39x 0.96x 825.7 2'244.8 47.63x 18.11x Profitability

31.12.2011 53'965.8 0.80x 495.3 49.48x

31.12.2012 64'336.9 1.02x 936.6 28.55x 3.50% 1.92% 0.43% 7.41% 2.74% 0.30% 1.5% 20.07% 352.41% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.11 785.84 -18.29% -15.80% 1.108 22 4.000 1'344'369 2'257'852 2'265'537 FY+2

12/13 Y 12/14 Y 73'011.7 85'609.3 1'628.7 2'188.7 14.12x 10.86x S&P Issuer Ratings

FQ+1

FQ+2

03.06.2009 BBBSTABLE 24.10.2003 A-3 352.4% 69.9% 0.30 -

Sales/Revenue/Turnover

70'000.0 60'000.0 50'000.0

0.80

40'000.0 0.60

30'000.0

0.40

20'000.0 10'000.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

China Taiping Insurance Holdings Co Ltd Holdings By:

All

Holder Name CHINA TAIPING INSURA EASIWELL LTD COMMONWEALTH BANK OF JP MORGAN GOLDEN WIN DEVELOPME MANHOLD LTD SCHRODER INVESTMENT VANGUARD GROUP INC T ROWE PRICE ASSOCIA BLACKROCK SCHRODER INVESTMENT SCHRODER INVESTMENT SCHRODER INVESTMENT SCHRODER INVESTMENT BANK OF NEW YORK MEL SCHRODER KOREA LTD GAM INTERNATIONAL MA KOPING SHEN GUARDIAN INVESTOR SE SCHRODER INVESTMENT

Firm Name JPMorgan Nomura HSBC Deutsche Bank CCB International Securities Ltd Standard Chartered Morgan Stanley Credit Suisse Jefferies BOCOM International Holdings DBS Vickers Macquarie China International Capital Corp UOB Kay Hian Bank of China International AMTD Financial Planning Limited EVA Dimensions SWS Research Co Ltd HuaChuang Securities Goldman Sachs Guotai Junan RBS Everbright Securities Co., Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a SISF - HONG KONG EQU Multiple Portfolios Multiple Portfolios n/a SISF PACIFIC EQUITY SCHRODER ISF CHINA O SCHRODER INTL SEL-EM SCHRODER ASIAN ALPHA Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios SISF GREATER CHINA F

Analyst CHAN BAO LING JESSE WANG JAMES GARNER ESTHER CHWEI KENNETH YUE JENNIFER LAW BEN LIN FRANCES FENG BARON NIE LI WENBING PING CHENG JIAN LI TANG SHENGBO EDMOND LAW SUN PENG KENNY TANG SING HING AUSTIN BURKETT ROBERT HU GAO LI MANCY SUN FELIX LUO YANAN WANG XIAO CHAOHU

Source EXCH Co File EXCH ULT-AGG Co File Co File MF-LUX MF-AGG MF-AGG ULT-AGG MF-LUX MF-LUX MF-LUX UT-UK MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-LUX

Recommendation restricted buy neutral buy outperform in-line Equalwt/In-Line restricted buy long-term buy buy neutral accumulate hold buy buy sell buy buy Buy/Neutral accumulate buy buy

Amt Held 643'425'705 138'924'700 102'440'688 84'758'270 71'544'000 54'795'000 27'260'400 23'237'700 21'228'400 11'898'000 7'543'600 7'235'200 6'696'200 6'556'400 6'497'600 6'460'400 5'697'800 4'301'000 4'226'000 4'094'800

% Out 37.72 8.14 6.01 4.97 4.19 3.21 1.6 1.36 1.24 0.7 0.44 0.42 0.39 0.38 0.38 0.38 0.33 0.25 0.25 0.24

Weighting

Change

#N/A N/A 5 3 5 5 3 3 #N/A N/A 5 5 5 3 4 3 5 5 1 5 5 5 4 5 5

M M M M M M M M M M M M M M N M M M N U M M N

Latest Chg 4'629'000 (13'100) (16'136'800) (7'000) 3'717'400 2'025'400 3'361'200 (25'000) (2'083'000) -

Target Price #N/A N/A 18 16 18 15 18 15 #N/A N/A 16 17 18 15 18 16 19 17 #N/A N/A 19 17 20 16 26 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.03.2011 31.12.2011 06.02.2013 18.03.2013 31.12.2011 31.12.2011 31.12.2012 31.03.2013 31.03.2013 29.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2011 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided

Inst Type Government Other Bank Investment Advisor Other Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor

Date 26.04.2013 26.04.2013 25.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 09.04.2013 22.03.2013 20.03.2013 20.03.2013 20.03.2013 18.02.2013 15.02.2013 15.01.2013 11.01.2013 12.12.2012 13.11.2012 03.09.2012 01.08.2011 25.10.2010

01.05.2013

Nine Dragons Paper Holdings Ltd Nine Dragons Paper Holdings Limited produces a wide range of containerboard products. The Company primarily produces linerboard, including kraft linerboard, test linerboard, white top linerboard, high performance corrugating medium and coated duplex board.

Price/Volume 9

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M

8 7 6 5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2689 HK EQUITY YTD Change 2689 HK EQUITY YTD % CHANGE

06/2012 01/yy 7.94 3.09 6'013'100.00 6.73 -15.24% 117.80% 75.05% 4'663.9 31'388.19 29'477.36 0.0 431.3 4'364.54 51'118.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 1 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 30.06.2008 14'113.6 2.60x 2'663.9 13.78x 1'876.9 12.27x

30.06.2009 30.06.2010 13'128.6 17'946.0 2.46x 3.25x 2'546.0 4'005.6 12.66x 14.58x 1'661.1 2'166.5 11.77x 19.45x Profitability

30.06.2011 24'386.9 2.03x 4'280.9 11.55x 1'967.8 13.30x

30.06.2012 27'169.7 1.55x 4'472.6 9.39x 1'420.2 11.59x 4'472.57 3'133.93 11.53% 7.02% 2.04% 5.77% 4.32% 0.48% 16.0% 17.3% 11.7% 5.2% 1.01 0.53 50.64% 136.78% 6.69 7.54

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.31 1.61 1'547.29 6.76% -3.86% 1.609 15 4.067 8'516'606 11'522'880 15'253'760 FY+2

06/13 Y 06/14 Y 31'102.6 35'178.7 1.54x 1.34x 5'062.6 5'985.3 10.10x 8.54x 1'632.4 2'279.0 15.32x 10.96x S&P Issuer Ratings

FQ+1

FQ+2

14.06.2011 NR 2.73 -0.06 5.08 6.60 136.8% 57.3% 0.48 0.65 54.71 48.53 40.50 71.06

Sales/Revenue/Turnover

80.00

30'000.0

70.00

25'000.0

60.00

20'000.0

50.00 40.00

15'000.0

30.00

10'000.0

20.00

5'000.0 10.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Nine Dragons Paper Holdings Ltd Holdings By:

All

Holder Name BEST RESULT HOLDINGS FRANKLIN RESOURCES YAN CHEUNG BLACKROCK VANGUARD GROUP INC FMR LLC DIMENSIONAL FUND ADV MING CHUNG LIU CHENG FEI ZHANG INVESCO LTD CAPITAL GROUP COMPAN PICTET ASSET MANAGEM UBS GRANTHAM MAYO VAN OT EASTSPRING INVESTMEN CAPITAL INTERNATIONA HARVEST FUND MANAGEM NORTHERN TRUST CORPO STATE STREET SUMITOMO MITSUI ASSE

Firm Name AMTD Financial Planning Limited JPMorgan Nomura UOB Kay Hian EVA Dimensions Deutsche Bank Credit Suisse HSBC China International Capital Corp Standard Chartered DBS Vickers Macquarie Capital Securities Corp GuoSen Securities Co Ltd SWS Research Co Ltd Piper Jaffray

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst KENNY TANG SING HING LEON CHIK BENJAMIN LO MARK PO CRAIG STERLING VIVIAN HAO KENNY LAU WALDEN SHING XUE GUAN JUNTUNG WU MARK KONG IVAN LEE LANTIS LI MAGGIE ZHENG SEAN ZHANG TEAM COVERAGE

Source EXCH ULT-AGG EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG EXCH EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy overweight buy buy hold buy underperform neutral buy outperform buy outperform strong sell buy neutral suspended coverage

Amt Held 2'992'120'000 74'256'000 67'214'758 52'029'400 41'712'240 37'057'575 27'987'000 27'094'184 25'883'821 25'083'000 20'524'400 15'352'722 12'982'000 7'944'200 7'731'000 6'933'000 6'875'000 6'476'923 6'041'744 5'888'000

% Out 64.15 1.59 1.44 1.12 0.89 0.79 0.6 0.58 0.55 0.54 0.44 0.33 0.28 0.17 0.17 0.15 0.15 0.14 0.13 0.13

Weighting

Change

5 5 5 5 3 5 1 3 5 5 5 5 1 5 3 #N/A N/A

N M M M U M M M M M M M D N M M

Latest Chg 32'407'000 1'064'000 12'204'000 502'000 (26'823'442) 75'000 1'101'000 19'505'000 795'092 (1'044'000) 7'731'000 6'933'000 6'875'000 1'656'000 33'000 4'576'000

Target Price 8 10 10 8 #N/A N/A 7 5 7 8 8 9 5 4 8 13 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.04.2013 31.12.2012 23.04.2013 29.04.2013 31.03.2013 31.03.2013 31.07.2012 23.04.2013 02.04.2013 31.12.2012 31.01.2013 31.01.2013 31.01.2013 31.05.2012 31.12.2012 31.01.2013 30.06.2012 31.03.2013 30.04.2013 12.11.2012

Date Not Provided 6 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided

Inst Type Other Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 11.04.2013 20.03.2013 18.03.2013 08.03.2013 04.03.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 30.01.2013 12.04.2012 20.03.2012 02.08.2011 02.10.2009

01.05.2013

China Everbright Ltd China Everbright Limited, through its subsidiaries, provides investment banking, commercial banking, corporate finance, and investment advisory services. The Company also invests in properties and provides insurance, brokerage, secretarial, and money lending services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 165 HK EQUITY YTD Change 165 HK EQUITY YTD % CHANGE

12/2012 01/yy 15.50 9.02 2'827'573.00 12.34 -20.39% 36.81% 51.23% 1'720.6 21'231.73 1'468.16 0.0 1'844.3 2'664.80 21'879.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

31.12.2009 31.12.2010 311.8 1'731.4 95.98x 17.01x 105.4 1'416.7 283.96x 20.78x 4'757.6 1'927.2 6.54x 15.65x Profitability

31.12.2011 1'351.9 15.54x 1'031.8 20.36x 1'922.7 10.96x

31.12.2012 1'933.6 13.63x 1'540.6 17.11x 1'141.6 22.53x

a-12

1'540.64 77.92% 81.80% 3.60% 4.18% 4.44% 0.06% 79.7% 59.0% 4.55% 5.22% -

LTM

01/yy

01/yy -

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

2.11 1.49 852.72 4.18% -17.40% 1.491 8 5.000 2'422'031 2'840'072 3'033'778 FY+2

12/13 Y 12/14 Y 2'268.5 2'544.0 1'860.3 2'080.3 11.32x 9.72x S&P Issuer Ratings

FQ+1

FQ+2

-0.78 0.95 5.2% 4.7% 0.06 3.53 -

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

j-12

LTM-4Q

1.20

0.80

.0 M j-12

Fiscal Year Ended 31.12.2008 1'076.3 10.64x 718.4 15.94x 1'014.8 14.90x

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

China Everbright Ltd Holdings By:

All

Holder Name HONORICH HOLDINGS LT EDMOND DE ROTHSCHILD VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV WELLS FARGO SCHRODER INVESTMENT GRANTHAM MAYO VAN OT DNB ASSET MANAGEMENT UBS FIDELITY INVESTMENTS PRINCIPAL FINANCIAL ING INVESTMENT MANAG BANK OF NEW YORK MEL CREDIT SUISSE ASSET DIMENSIONAL FUND ADV FMR LLC STATE STREET RUSSELL INVESTMENTS UNION INVESTMENT LUX

Firm Name Haitong International Securities China International Capital Corp EVA Dimensions SWS Research Co Ltd Phillip Securities

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a SCHRODER ASIAN ALPHA Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CHEN FANNY JIE HUANG AUSTIN BURKETT ROBERT HU CHEN XINGYU

Source Co File EXCH MF-AGG ULT-AGG MF-AGG ULT-AGG UT-UK MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy overweight outperform buy

Amt Held 867'119'207 30'600'000 23'965'116 23'496'000 18'258'765 10'858'799 6'842'000 5'716'000 4'748'000 4'596'000 4'140'000 3'854'000 3'234'126 3'000'000 2'470'000 2'326'000 2'304'931 1'506'000 1'474'000 1'400'000

% Out 50.4 1.78 1.39 1.37 1.06 0.63 0.4 0.33 0.28 0.27 0.24 0.22 0.19 0.17 0.14 0.14 0.13 0.09 0.09 0.08

Weighting

Change 5 5 5 5 5

M M M M M

Latest Chg 44'000 18'000 36'727 6'842'000 62'000 266'000 3'854'000 (98) (194'000) (90'000) (80'000) (8'018'814) 14'000 -

Target Price 18 15 #N/A N/A 15 16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 21.07.2010 31.03.2013 29.04.2013 31.07.2012 28.02.2013 31.12.2012 31.05.2012 28.02.2013 31.01.2013 31.12.2010 31.12.2012 28.02.2013 31.03.2013 28.02.2013 31.01.2013 31.03.2013 30.04.2013 20.08.2012 28.09.2012

Date 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.04.2013 27.03.2013 17.01.2013 09.01.2013 30.05.2012

01.05.2013

Zoomlion Heavy Industry Science and Technology Co Ltd Zoomlion Heavy Industry Science and Technology Co., Ltd.manufactures and markets construction machinery. The Company's products include concrete machinery, cranes, road machinery, drilling equipment, and other heavy construction equipment. Zoomlion also produces environmental machinery and satellite navigation products.

Price/Volume 14

160.0 M

140.0 M 120.0 M

100.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 52-Week Low (16.04.2013) Daily Volume Current Price (5/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 1157 HK EQUITY YTD Change 1157 HK EQUITY YTD % CHANGE

12/2012 03/yy 12.16 7.39 13'018'000.00 7.77 -36.10% 5.14% 7.97% 1'430.0 70'916.48 26'196.89 0.0 386.8 23'207.19 61'803.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

40.0 M

20.0 M

0 m-12

31.12.2009 31.12.2010 20'654.2 32'015.5 2.51x 3'363.1 6'210.3 12.93x 2'446.4 4'665.6 19.85x Profitability

LTM-4Q 31.12.2011 46'323.0 1.30x 10'212.0 5.90x 8'066.0 6.46x

31.12.2012 47'810.3 1.55x 9'915.5 7.48x 7'330.1 9.67x 9'915.52 9'414.18 19.69% 18.53% 9.13% 19.24% 0.60% 31.5% 20.4% 19.3% 15.3% 1.93 1.26 29.44% 64.20% 2.96 3.06

Price/ Cash Flow

j-12

a-12

s-12

LTM

03/yy 46'942.7 4.93x 0.0 0.00x 8'130.7 7.26x

o-12

03/yy 42'180.5 5.88x 0.0 0.00x 5'833.1 9.92x

n-12

d-12

j-13

f-13 m-13

a-13

FY+1

3.24 1.66 1'358.52 -30.77% -31.96% 1.660 32 3.469 16'951'350 21'013'700 17'857'890 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 51'105.7 56'749.3 16'671.0 11'487.0 1.07x 0.91x 9'603.2 10'900.3 6.44x 5.67x 7'490.9 8'427.8 3'356.0 1'609.0 6.36x 5.63x S&P Issuer Ratings

16.03.2012 BB+ STABLE 13.11 10.69 0.31 2.68 64.2% 38.9% 0.60 6.93 123.68 119.73 78.34 165.39

Sales/Revenue/Turnover

600.00

60'000.0

500.00

50'000.0

400.00

40'000.0

300.00

30'000.0

200.00

20'000.0

100.00

10'000.0

0.00 01.01.2010

.0 M j-12

Fiscal Year Ended 31.12.2008 13'548.0 1.93x 2'280.0 11.47x 1'544.0 -

80.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Zoomlion Heavy Industry Science and Technology Co Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND JP MORGAN BLACKROCK CREDIT SUISSE AG TEMASEK HOLDINGS PRI FRANKLIN RESOURCES FMR LLC ARTIO GLOBAL MANAGEM CITIGROUP INCORPORAT GOLDMAN SACHS GROUP DEUTSCHE BANK AG TIAA CREF INVESTMENT CITIGROUP INCORPORAT UBS DEUTSCHE BANK AG CREDIT SUISSE AG GOLDMAN SACHS GROUP BARING ASSET MANAGEM VANGUARD GROUP INC MORGAN STANLEY

Firm Name Credit Suisse Jefferies Bank of China International Haitong International Securities Sun Hung Kai Securities Barclays JPMorgan Deutsche Bank Morgan Stanley HSBC Nomura Fortune CLSA Securities Limited BNP Paribas Equity Research ABC International KGI Securities Mizuho Securities Daiwa Securities Co. Ltd. OSK (Asia) Securities Macquarie ICBC International Securities Ji Asia China International Capital Corp Standard Chartered Goldman Sachs EVA Dimensions SWS Research Co Ltd SinoPac Capital Securities Corp Citic Securities Co., Ltd AMTD Financial Planning 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 Multiple Portfolios Multiple Portfolios n/a

Analyst YANG SONG JULIAN BU ERIC HU ZHANG WEN XIAN VIK CHOPRA VICTORIA LI KAREN LI PHYLLIS WANG KATE ZHU ANDERSON CHOW GE WENJIE YANG YAN TINA LI STEVE WONG ZAO YANG OLE HUI JOSEPH HO JOE CHAN SAIYI HE PIUS CHENG TONY MOYER WU HUIMIN REBECCA TANG TIAN LU CRAIG STERLING TITUS WU YU ZHOU HAN WEIQI XIAOBO XUE KENNY TANG SING HING

Source EXCH ULT-AGG ULT-AGG EXCH ULT-AGG ULT-AGG ULT-AGG EXCH EXCH EXCH EXCH EXCH Short ULT-AGG Short Short Short MF-AGG MF-AGG ULT-AGG

Recommendation neutral underperform hold buy neutral equalweight underweight hold Underwt/Cautious neutral neutral buy reduce buy neutral neutral neutral neutral outperform sell sell buy outperform Buy/Neutral overweight outperform buy buy buy buy

Amt Held % Out 99'728'746 6.97 94'561'309 6.61 84'555'046 5.91 76'343'905 5.34 71'505'300 5 71'337'940 4.99 71'242'200 4.98 71'090'160 4.97 67'728'486 4.74 67'498'717 4.72 61'625'511 4.31 61'140'018 4.28 (58'284'129) -4.08 53'513'598 3.74 (43'512'537) -3.04 (42'864'330) -3 (38'530'787) -2.69 37'509'000 2.62 36'817'471 2.57 (23'889'128) -1.67

Weighting

Change 3 1 3 5 3 3 1 3 1 3 3 5 2 5 3 3 3 3 5 1 1 5 5 5 5 5 5 5 5 5

M M M M M D M M M M M M D M M D M D M D M M M M M M M M M M

Latest Chg 200'000 (16'262'624) 1'498'400 35'600 (1'450'420) 4'482'200 95'800 -

Target Price 7 7 9 11 8 8 7 10 8 10 11 11 6 9 10 8 #N/A N/A 8 13 8 7 12 12 13 #N/A N/A 12 15 13 #N/A N/A 14

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 13.04.2011 16.04.2013 29.04.2013 15.04.2013 10.04.2013 31.12.2012 31.03.2013 22.11.2011 24.04.2013 10.09.2012 05.04.2012 18.11.2011 24.04.2013 31.01.2013 05.04.2012 15.04.2013 10.09.2012 31.12.2012 31.03.2013 25.04.2013

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 17.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 02.04.2013 02.04.2013 02.04.2013 29.03.2013 26.02.2013 13.02.2013 15.01.2013 11.01.2013 13.12.2012 12.11.2012 31.08.2012 27.02.2012

01.05.2013

Franshion Properties China Ltd Franshion Properties China Limited invests in and develops real estate projects in the Peoples Republic of China.

Price/Volume 4

60.0 M

50.0 M

40.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.01.2013) 52-Week Low (17.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 817 HK EQUITY YTD Change 817 HK EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

20.0 M

10.0 M

1 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 3'913.5 4.95x 1'541.1 12.58x 900.9 14.23x

30.0 M

12/2012 01/yy 2.95 1.88 2'144'000.00 2.65 -10.17% 40.96% 71.96% 9'161.5 24'277.95 28'275.42 0.0 5'625.0 13'011.77 45'166.59

31.12.2009 31.12.2010 6'320.9 6'348.0 6.27x 5.05x 1'933.4 2'488.0 20.49x 12.88x 1'174.4 1'713.6 19.99x 12.51x Profitability

31.12.2011 6'591.7 4.72x 2'704.5 11.50x 2'344.4 5.86x

31.12.2012 17'175.7 2.70x 6'158.9 7.54x 3'377.7 7.57x 6'158.91 5'877.15 34.22% 39.14% 4.44% 12.27% 7.62% 0.23% 41.9% 35.9% 34.2% 19.7% 1.48 0.58 34.27% 97.91% 16.29 0.65

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.64 1.03 3'401.21 25.91% -5.02% 1.033 22 4.818 2'235'831 4'203'337 5'816'633 FY+2

12/13 Y 12/14 Y 20'712.9 25'999.1 2.18x 1.68x 7'259.9 8'542.0 6.22x 5.29x 3'097.2 3'912.4 8.10x 6.39x S&P Issuer Ratings

FQ+1

FQ+2

29.11.2011 BB+ STABLE 3.58 3.39 2.48 4.59 97.9% 45.0% 0.23 0.39 22.46 563.34 45.39 540.42

Sales/Revenue/Turnover

20'000.0 18'000.0

1.00

16'000.0 14'000.0

0.80 0.60 0.40

12'000.0 10'000.0 8'000.0 6'000.0 4'000.0

0.20

2'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Franshion Properties China Ltd Holdings By:

All

Holder Name SINOCHEM HONG KONG G JP MORGAN WARBURG PINCUS LLC EASTSPRING INVESTMEN MAPS INVESTMENT MANA VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV SCHRODER INVESTMENT EASTSPRING INVESTMEN INVESCO LTD ALPINE WOODS CAPITAL GAM INTERNATIONAL MA SCHRODER INVESTMENT DIMENSIONAL FUND ADV VONTOBEL ASSET MANAG PCA INVESTMENT TRUST SCHRODER INVESTMENT DANSKE INVEST A/S CLAYMORE ADVISORS LL

Firm Name BNP Paribas Equity Research DBS Vickers ICBC International Securities Standard Chartered First Shanghai Securities Ltd Haitong International Securities EVA Dimensions Credit Suisse Goldman Sachs CIMB JPMorgan Macquarie China International Capital Corp Core Pacific Jefferies HSBC Essence Securities Mizuho Securities Capital Securities Corp Citic Securities Co., Ltd Deutsche Bank GuoSen Securities Co Ltd Everbright Securities Co., Ltd

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios SISF - HONG KONG EQU Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios SISF GREATER CHINA F Multiple Portfolios Multiple Portfolios Multiple Portfolios SCHRODER ASIAN GROWT Multiple Portfolios Multiple Portfolios

Analyst LEE WEE LIAT CAROL WU PHILIP TSE ANDY SO MICHAEL KE KATIE CHAN AUSTIN BURKETT JINSONG DU VICKY LI CHRISTINE LAM LUCIA KWONG JEFFREY GAO ERIC YU ZHANG WILSON HO VENANT CHIANG MICHELLE KWOK XU HAITAO ALAN JIN TEAM COVERAGE CONG CHEN TONY TSANG HUI CAO TIMOTHY YEUNG

Source Co File ULT-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-LUX MF-AGG ULT-AGG MF-AGG MF-AGG MF-LUX MF-AGG MF-AGG MF-AGG MF-SGP MF-AGG MF-AGG

Recommendation buy buy buy outperform buy buy buy outperform neutral/attractive outperform neutral outperform buy buy buy overweight buy buy buy buy buy neutral buy

Amt Held 5'759'881'259 411'731'829 183'630'000 130'382'000 103'388'000 94'979'040 80'114'000 71'365'856 68'866'000 40'412'000 36'054'000 30'879'720 26'244'000 16'426'000 9'375'892 9'120'000 8'688'000 6'968'000 6'830'000 6'622'000

% Out 62.87 4.49 2 1.42 1.13 1.04 0.87 0.78 0.75 0.44 0.39 0.34 0.29 0.18 0.1 0.1 0.09 0.08 0.07 0.07

Weighting

Change 5 5 5 5 5 5 5 5 3 5 3 5 5 5 5 5 5 5 5 5 5 3 5

M M M M M M U M M M M M M M M M M M M N M M U

Latest Chg (6'806'000) (968'000) 1'650'000 5'596'000 1'742'000 34'000 (700'000) 910'000 3'664'000 -

Target Price 3 3 3 4 4 3 #N/A N/A 4 3 3 3 3 4 3 4 4 3 3 3 3 4 2 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 31.12.2012 27.09.2012 31.12.2012 31.12.2012 31.03.2013 29.04.2013 31.07.2012 31.12.2012 31.12.2010 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2010 31.03.2013 29.04.2013

Date 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 6 month 12 month Not Provided 6 month 12 month 12 month 6 month

Inst Type Government Investment Advisor Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.04.2013 23.04.2013 23.04.2013 22.04.2013 05.04.2013 02.04.2013 02.04.2013 01.04.2013 28.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 28.02.2013 13.12.2012 18.06.2012 18.05.2012 13.03.2012 11.01.2012 08.02.2011

01.05.2013

Shougang Fushan Resources Group Ltd Shougang Fushan Resources Group Ltd. produces and sells coking coal products and side products in China. The Company is principally engaged in mining of coking coal and production and sales of raw and clean coking coal,

Price/Volume 4

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M

4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 639 HK EQUITY YTD Change 639 HK EQUITY YTD % CHANGE

12/2012 01/yy 3.65 1.93 35'588'537.00 3.03 -16.99% 56.99% 63.95% 5'301.8 16'064.57 1'075.45 0.0 1'638.3 4'674.01 14'104.30

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 1 0 m-12

31.12.2009 31.12.2010 4'260.7 5'543.3 9.56x 5.14x 2'705.0 3'342.0 15.06x 8.53x 1'126.3 1'802.8 30.21x 14.85x Profitability

31.12.2011 7'138.6 1.70x 4'233.3 2.86x 2'256.0 6.15x

31.12.2012 5'650.6 2.33x 3'283.4 4.00x 1'800.4 8.43x 3'283.44 2'754.58 48.75% 52.60% 6.69% 9.43% 10.00% 0.21% 63.5% 58.1% 48.7% 31.9% 2.30 2.15 4.01% 5.59% 1.64 11.67

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.95 1.45 4'118.63 19.83% 6.32% 1.445 22 3.500 26'111'430 22'269'380 23'350'710 FY+2

12/13 Y 12/14 Y 5'591.3 5'967.4 2.23x 1.94x 2'936.1 3'027.9 4.80x 4.66x 1'528.4 1'603.8 10.17x 10.13x S&P Issuer Ratings

FQ+1

FQ+2

79.51 72.19 -1.10 0.33 5.6% 4.9% 0.21 1.66 223.19 31.36 157.11 97.43

Sales/Revenue/Turnover

16.00

8'000.0

14.00

7'000.0

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 1'896.6 5.99x 1'187.0 9.57x 567.6 11.51x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Shougang Fushan Resources Group Ltd Holdings By:

All

Holder Name FINE POWER GROUP SINO LIFE INSURANCE ULTIMATE CAPITAL LTD LIBIN XING JP MORGAN FAIR GAIN INVESTMENT BLACKROCK KING RICH GROUP LTD DIMENSIONAL FUND ADV VANGUARD GROUP INC PICTET & CIE INVESTEC ASSET MANAG STATE STREET PRUDENTIAL FINANCIAL PRIME SUCCESS INVEST SHOUGANG HOLDING HK SCHRODER INVESTMENT FRANKLIN RESOURCES VAN ECK ASSOCIATES C MANULIFE FUNDS DIREC

Firm Name Standard Chartered Macquarie Deutsche Bank Morgan Stanley Goldman Sachs UOB Kay Hian Credit Suisse Jefferies Bank of China International DBS Vickers China International Capital Corp BOCOM International Holdings HSBC Haitong International Securities EVA Dimensions BNP Paribas Equity Research Citic Securities Co., Ltd Guoyuan Securities (HK) Ltd Mirae Asset Securities Hua Tai Securities Co., Ltd KGI Securities SWS Research Co Ltd

Portfolio Name n/a #N/A N/A n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst WEI OUYANG MATTY ZHAO JAMES KAN SARA CHAN JULIAN ZHU HELEN LAU FRANKIE ZHU PO WEI LAWRENCE LAU PEI HWA HO CAI HONGYU HE WEI CHRIS CHEN CHO FOOK TAT CRAIG STERLING RACHEL CHEUNG ZU GUOPENG YIQIONG YANG Henry Liu TEAM COVERAGE TE-JEN HSU WENQIAN CHEN

Source Co File EXCH Co File EXCH ULT-AGG Co File ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG Co File Co File MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation underperform underperform hold Underwt/In-Line Buy/Neutral buy neutral buy hold buy reduce long-term buy underweight buy buy hold overweight neutral buy buy not rated outperform

Amt Held 663'918'497 656'838'306 650'000'000 414'663'934 257'785'558 149'089'993 89'370'000 83'000'000 64'685'055 60'972'966 51'836'000 40'970'000 40'319'496 22'026'000 20'410'000 15'492'000 14'128'000 13'824'000 11'920'067 11'622'000

% Out 12.52 12.39 12.26 7.82 4.86 2.81 1.69 1.57 1.22 1.15 0.98 0.77 0.76 0.42 0.38 0.29 0.27 0.26 0.22 0.22

Weighting

Change

1 1 3 1 5 5 3 5 3 5 2 5 1 5 5 3 5 3 5 5 #N/A N/A 5

D D M D U M M M M M M M M N M D M D N M M N

Latest Chg 496'000 (36'729'018) (270'000) 36'050'000 1'808'000 4'644'000 11'646'000 5'416'000 (124'000) -

Target Price 2 3 3 2 4 4 3 4 3 4 3 4 3 4 #N/A N/A 3 2 2 3 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 23.04.2013 30.06.2012 26.02.2013 20.03.2013 30.06.2012 29.04.2013 30.06.2012 31.07.2012 31.03.2013 31.01.2013 28.02.2013 30.04.2013 28.03.2013 30.06.2012 30.06.2012 31.03.2013 31.12.2012 29.04.2013 30.06.2012

Date 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 6 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Other Insurance Company Venture Capital n/a Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 30.04.2013 25.04.2013 23.04.2013 17.04.2013 11.04.2013 05.04.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 27.03.2013 11.03.2013 17.01.2013 14.12.2012 05.11.2012 04.09.2012 29.05.2012 26.03.2012 13.12.2011 28.10.2009

01.05.2013

Intime Department Store Group Co Ltd Intime Department Store Group Company Limited operates a department store chain. The Company retails a wide range of consumer products, including apparel, cosmetics, jewelery, footwear, luggage, athletic apparel, home furnishings, electronics, and appliances.

Price/Volume 12

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1833 HK EQUITY YTD Change 1833 HK EQUITY YTD % CHANGE

12/2012 01/yy 11.50 6.93 4'324'139.00 9.2 -20.00% 32.76% 49.67% 2'012.4 18'513.65 4'804.44 0.0 913.0 2'117.38 18'307.20

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

15.0 M

10.0 M

2 0 m-12

5.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 1'224.5 3.53x 443.8 9.75x 377.6 8.77x

20.0 M

Valuation Analysis

31.12.2009 31.12.2010 1'572.1 2'288.8 7.33x 8.87x 604.5 903.8 19.06x 22.45x 462.6 685.2 24.32x 24.69x Profitability

31.12.2011 3'117.2 5.09x 1'056.5 15.01x 821.4 15.00x

31.12.2012 3'907.2 4.69x 1'217.1 15.06x 972.5 15.00x 1'217.07 834.91 21.37% 33.80% 5.05% 14.08% 9.52% 0.20% 68.3% 33.0% 18.4% 24.9% 0.76 0.20 22.56% 66.16% 105.18 1.34

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.60 1.51 1'166.24 -3.79% 0.66% 1.515 29 4.621 4'503'068 7'005'860 6'111'098 FY+2

12/13 Y 12/14 Y 4'732.7 5'920.6 3.65x 2.81x 1'551.9 1'833.0 11.80x 9.99x 1'006.5 1'161.7 14.27x 12.62x S&P Issuer Ratings

FQ+1

FQ+2

25.04.2013 BB STABLE 4.85 -3.90 2.08 3.72 66.2% 37.0% 0.20 0.46 3.48 273.35 693.09 -416.26

Sales/Revenue/Turnover

4'500.0 4'000.0

1.00 0.80

3'500.0 3'000.0 2'500.0

0.60

2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Intime Department Store Group Co Ltd Holdings By:

All

Holder Name INTIME INTERNATIONAL JP MORGAN GOVT OF SINGAPORE IN COMAX INVESTMENT LTD WELLINGTON MANAGEMEN CITIGROUP INCORPORAT ARTIO GLOBAL MANAGEM WARBURG PINCUS LLC CHINA ASSET MANAGEME JF ASSET MANAGEMENT CHINA INTERNATIONAL VANGUARD GROUP INC BLACKROCK UBS BNP PARIBAS INV PART ARTISAN PARTNERS HOL FIDELITY INVESTMENTS FMR LLC AMUNDI LUXEMBOURG SA THORNBURG INVESTMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Religare Capital Markets KA LEONG LO BOCOM International Holdings ALBERT YIP KGI Securities JESSIE GUO Bank of China International TIFFANY FENG Jefferies JESSIE GUO BNP Paribas Equity Research SARAH LIU Haitong International Securities WANG ELYSE Morgan Stanley ROBERT LIN SWS Research Co Ltd JOYCE JIA Macquarie LINDA HUANG Standard Chartered CHARLES YAN Credit Suisse VIVIAN ZHAO Citic Securities Co., Ltd ZHAO XUEQIN Guotai Junan FRANK XU First Shanghai Securities Ltd PATRICK WONG Goldman Sachs CAROLINE LI HSBC LINA YAN CIMB KATHERINE CHAN China International Capital Corp HAIYAN GUO Nomura EMMA LIU EVA Dimensions CRAIG STERLING UOB Kay Hian TOMMY HO Capital Securities Corp TEAM COVERAGE Ji Asia WU GONGLIANG Essence Securities ZHAO ZHONGWEI AMTD Financial Planning Limited KENNY TANG SING HING Guoyuan Securities (HK) Ltd TEAM COVERAGE GuoSen Securities Co Ltd SEASON SUN Yuanta Securities Investment ConsultingTEAM COVERAGE Everbright Securities Co., Ltd DONGLIANG CHANG Phillip Securities BING WANG

Source Co File ULT-AGG ULT-AGG Co File EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy outperform buy buy hold hold Overwt/In-Line outperform outperform outperform outperform buy buy buy buy/attractive overweight outperform accumulate buy sell buy buy neutral buy buy neutral buy Under Review buy buy

Amt Held 661'814'015 260'778'372 184'101'789 147'664'835 102'446'162 99'171'859 97'433'000 77'845'000 54'591'000 23'964'000 23'378'000 19'149'594 18'948'001 17'518'500 17'413'637 16'621'300 9'120'000 8'853'895 8'225'000 7'947'500

% Out 32.89 12.96 9.15 7.34 5.09 4.93 4.84 3.87 2.71 1.19 1.16 0.95 0.94 0.87 0.87 0.83 0.45 0.44 0.41 0.39

Weighting

Change

5 5 5 5 5 3 3 5 5 5 5 5 5 5 5 5 5 5 4 5 1 5 5 3 5 5 3 5 #N/A N/A 5 5

M M M M M M M M M M M M M M M M M M D M M M N D N M D M M M N

Latest Chg (25'500) (10'052'787) (80'000'000) 4'195'000 2'334'000 (5'232'500) (8'931'000) 264'000 (97'500) 74'667 (281'000) 5'647'908 7'947'500

Target Price 11 11 10 10 11 8 10 10 11 12 12 12 11 12 10 14 10 11 9 11 #N/A N/A #N/A N/A 11 10 11 10 10 12 #N/A N/A 15 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 20.03.2013 02.01.2013 31.12.2011 12.04.2013 04.02.2013 27.06.2011 18.05.2011 30.06.2012 30.09.2011 30.06.2012 31.03.2013 29.04.2013 31.01.2013 28.02.2013 31.12.2012 31.12.2010 31.03.2013 31.12.2012 28.02.2013

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 month 12 month Not Provided 6 month 12 month

Inst Type Other Investment Advisor Government Other Investment Advisor Investment Advisor Investment Advisor Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.04.2013 25.04.2013 18.04.2013 18.04.2013 16.04.2013 10.04.2013 09.04.2013 08.04.2013 08.04.2013 02.04.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 15.01.2013 14.01.2013 16.11.2012 13.11.2012 02.11.2012 08.10.2012 10.04.2012 19.10.2011 05.09.2011 28.06.2011 13.08.2010

01.05.2013

Uni-President China Holdings Ltd Uni-President China Holdings Ltd. processes food. The Company's products include fruit drinks and instant noodles.

Price/Volume 12

180.0 M 160.0 M

140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.12.2012) 52-Week Low (15.05.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 220 HK EQUITY YTD Change 220 HK EQUITY YTD % CHANGE

12/2012 01/yy 10.40 6.26 9'500'735.00 8.44 -18.85% 34.82% 52.66% 3'599.4 30'379.31 3'970.88 0.0 0.0 2'290.81 25'813.16

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 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 9'241.6 0.34x 791.7 3.93x 343.8 18.52x

120.0 M

31.12.2009 31.12.2010 9'108.6 12'590.8 1.62x 0.83x 1'062.7 866.6 13.87x 12.04x 704.9 519.1 25.68x 24.46x Profitability

31.12.2011 16'931.9 0.84x 748.4 19.11x 311.9 43.50x

31.12.2012 21'405.7 1.19x 1'639.7 15.52x 855.9 27.77x 1'639.68 836.66 3.91% 5.03% 5.65% 11.82% 8.33% 1.41% 34.6% 9.4% 3.9% 4.0% 0.99 0.57 24.01% 51.76% 41.73 10.94

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.71 0.59 1'062.31 20.29% 2.80% 0.594 29 3.345 8'923'200 11'219'780 8'493'865 FY+2

12/13 Y 12/14 Y 26'161.8 31'295.5 1.09x 0.94x 2'199.8 2'695.1 11.73x 9.58x 1'096.0 1'253.5 21.70x 19.16x S&P Issuer Ratings

FQ+1

FQ+2

31.01 -38.40 0.84 1.98 51.8% 34.1% 1.41 2.62 8.77 33.44 34.42 7.79

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Uni-President China Holdings Ltd Holdings By:

All

Holder Name UNI-PRESIDENT ENTERP ARISAIG PARTNERS LTD FMR LLC BLACKROCK FRANKLIN RESOURCES MACQUARIE GROUP VANGUARD GROUP INC HARVEST FUND MANAGEM ROBECO INVESTOR SERV INVESCO LTD DIMENSIONAL FUND ADV BELGRAVE CAPITAL MAN MORGAN STANLEY GLOBAL X MANAGEMENT FIDELITY INVT ASSET STATE STREET CLAYMORE ADVISORS LL BNP PARIBAS INV PART KB ASSET MANAGEMENT CREDIT SUISSE ASSET

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Goldman Sachs LISA DENG BOCOM International Holdings SUMMER WANG First Shanghai Securities Ltd PATRICK WONG Yuanta Securities Investment ConsultingNICE WANG Deutsche Bank ANNE LING BNP Paribas Equity Research MICHELLE CHENG Maybank Kim Eng JACQUELINE KO China International Capital Corp FEIYANG YUAN KGI Securities ANSON CHAN Macquarie LINDA HUANG DBS Vickers TITUS WU Nomura EMMA LIU Guotai Junan SUNNY KWOK Oriental Patron Securities Ltd TRACY SUN Standard Chartered CHARLES YAN Morgan Stanley ANGELA MOH JPMorgan KURUMLU EBRU SENER CIMB Yang Lei HSBC CHRISTOPHER K LEUNG Bank of China International LI YAN EVA Dimensions AUSTIN BURKETT Haitong International Securities GLORIA WANG UOB Kay Hian TAI RENEE Hua Tai Securities Co., Ltd QIU YANG Sinolink Securities Co Ltd ZHAO XIAOYUAN SWS Research Co Ltd WANG HAITAO

Source ULT-AGG EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation neutral/neutral buy buy buy hold hold sell buy neutral neutral buy reduce neutral buy underperform Equalwt/Attractive neutral outperform underweight buy sell hold hold add buy not rated

Amt Held 2'537'090'000 197'086'000 68'635'667 36'812'000 31'506'000 30'469'000 16'613'836 15'857'000 6'502'000 6'414'000 5'664'090 4'189'000 3'933'000 3'828'026 1'903'000 1'717'800 1'513'000 1'417'000 1'384'000 1'200'000

% Out 70.49 5.48 1.91 1.02 0.88 0.85 0.46 0.44 0.18 0.18 0.16 0.12 0.11 0.11 0.05 0.05 0.04 0.04 0.04 0.03

Weighting

Change

3 5 5 5 3 3 1 5 3 3 5 2 3 5 1 3 3 5 1 5 1 3 3 4 5 #N/A N/A

M M M M M M M M M M M M M U M M M M M N M M N M M M

Latest Chg (108'000'000) 27'160'303 12'252'000 (1'092'000) (10'892'000) 11'201'000 (2'527'296) (49'903'000) 1'389'000 3'655'000 13'400 1'903'000 (116'000) (253'000) -

Target Price 9 10 10 10 8 8 7 11 10 8 10 7 9 10 7 9 8 11 7 11 #N/A N/A 10 9 11 10 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.12.2012 13.02.2012 31.03.2013 29.04.2013 31.12.2012 28.02.2013 31.03.2013 30.06.2012 28.02.2013 30.04.2013 31.07.2012 31.12.2012 31.12.2012 30.04.2013 31.12.2012 30.04.2013 29.04.2013 28.02.2013 31.12.2012 28.02.2013

Date 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 23.04.2013 23.04.2013 16.04.2013 15.04.2013 08.04.2013 05.04.2013 02.04.2013 02.04.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 31.01.2013 24.01.2013 17.01.2013 13.12.2012 09.11.2012 26.10.2012 28.06.2012 03.09.2010

01.05.2013

Golden Eagle Retail Group Ltd Golden Eagle Retail Group Ltd. operates department stores in China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.05.2012) 52-Week Low (30.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3308 HK EQUITY YTD Change 3308 HK EQUITY YTD % CHANGE

12/2012 01/yy 22.15 12.94 4'583'641.00 13.66 -38.33% 5.56% 7.82% 1'897.8 25'923.61 3'210.72 0.0 2.7 5'165.57 18'641.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 1'426.4 5.09x 773.2 9.40x 613.4 14.13x

31.12.2009 31.12.2010 1'850.1 2'450.4 13.69x 11.95x 1'062.2 1'369.6 23.85x 21.37x 250.9 959.2 101.81x 32.88x Profitability

31.12.2011 3'216.9 7.36x 1'678.5 14.11x 1'212.1 21.38x

31.12.2012 3'622.9 7.66x 1'786.9 15.53x 1'217.6 24.40x 1'786.86 1'565.65 43.22% 45.48% 9.69% 24.69% 17.49% 0.29% 73.4% 49.1% 43.6% 33.6% 0.97 0.84 23.29% 60.64% 51.23 2.74

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.73 1.27 559.88 -32.00% -28.41% 1.266 32 3.594 5'203'124 6'764'221 5'426'333 FY+2

12/13 Y 12/14 Y 4'193.0 4'946.3 4.71x 4.02x 1'985.4 2'349.9 9.39x 7.93x 1'356.0 1'556.1 15.39x 13.43x S&P Issuer Ratings

FQ+1

FQ+2

25.04.2013 BBBSTABLE 23.63 43.76 -1.10 1.81 60.6% 37.7% 0.29 0.68 7.14 133.45 532.19 -391.60

Sales/Revenue/Turnover

30.00

4'000.0 3'500.0

25.00

3'000.0 20.00

2'500.0 2'000.0

15.00

1'500.0

10.00

1'000.0 5.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Golden Eagle Retail Group Ltd Holdings By:

All

Holder Name GEICO HOLDINGS LTD CAPITAL GROUP COMPAN VANGUARD GROUP INC MATTHEWS INTERNATION MAPS INVESTMENT MANA BARING ASSET MANAGEM FMR LLC BLACKROCK INVESCO LTD FORTIS FUND MANAGERS SANFORD C BERNSTEIN WILLIAM BLAIR & COMP FIDELITY INVESTMENTS ALLIANCE BERNSTEIN BNP PARIBAS INV PART WASATCH ADVISORS INC MIRAE ASSET GLOBAL I FALCON FUND MANAGEME F&C FUND MANAGEMENT ING INVESTMENT MANAG

Firm Name Religare Capital Markets Deutsche Bank BOCOM International Holdings KGI Securities Macquarie Jefferies Haitong International Securities SWS Research Co Ltd Bank of China International Guotai Junan UOB Kay Hian First Shanghai Securities Ltd Morgan Stanley Credit Suisse JPMorgan HSBC DBS Vickers CIMB China International Capital Corp Nomura Barclays BNP Paribas Equity Research Goldman Sachs EVA Dimensions Ji Asia Essence Securities Citic Securities Co., Ltd China Galaxy Securities South China Research Ltd Everbright Securities Co., Ltd Capital Securities Corp Phillip Securities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KA LEONG LO ANNE LING ALBERT YIP JESSIE GUO LINDA HUANG JESSIE GUO WANG ELYSE JOYCE JIA TIFFANY FENG FRANK XU TAI RENEE PATRICK WONG ROBERT LIN VIVIAN ZHAO KURUMLU EBRU SENER LINA YAN MAVIS HUI KATHERINE CHAN HAIYAN GUO EMMA LIU CANDY HUANG SARAH LIU CAROLINE LI CRAIG STERLING WU GONGLIANG ANDY CHAW ZHAO XUEQIN TEAM COVERAGE MICHAEL TAM DONGLIANG CHANG TEAM COVERAGE BING WANG

Source ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold sell neutral outperform hold hold neutral hold neutral hold hold Equalwt/In-Line outperform overweight overweight hold outperform accumulate buy overweight reduce buy/attractive hold neutral add overweight buy buy buy hold hold

Amt Held 1'335'344'000 156'196'000 19'211'000 16'964'000 15'671'000 12'661'000 12'446'392 11'588'910 9'093'000 8'500'000 8'285'000 6'093'547 5'898'000 5'301'000 4'845'000 4'800'087 4'328'000 3'192'000 3'191'000 3'117'583

% Out 70.36 8.23 1.01 0.89 0.83 0.67 0.66 0.61 0.48 0.45 0.44 0.32 0.31 0.28 0.26 0.25 0.23 0.17 0.17 0.16

Weighting

Change 3 3 1 3 5 3 3 3 3 3 3 3 3 5 5 5 3 5 4 5 5 2 5 3 3 4 5 5 5 5 3 3

M M M M M M M M U M M M M M M M M M M M M M M M D N N N N M M N

Latest Chg (26'509'000) (68'000) (435'000) (445'000) (226'000) (6'593'694) (1'580'000) 9'093'000 (2'085'000) (827'000) (1'110'000) (382'000) 395'000 258'000 669'632

Target Price 16 15 11 16 16 16 13 11 13 16 16 16 16 17 17 17 16 17 16 18 18 13 22 #N/A N/A 18 21 17 #N/A N/A 21 24 #N/A N/A 22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 29.04.2013 31.12.2012 31.01.2013 28.02.2013 31.12.2012 31.12.2010 28.02.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013 28.02.2013 28.02.2013

Date 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month 6 month Not Provided Not Provided 6 month Not Provided 12 month

Date 30.04.2013 28.04.2013 25.04.2013 19.04.2013 18.04.2013 16.04.2013 09.04.2013 08.04.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 19.03.2013 15.03.2013 31.01.2013 23.01.2013 17.01.2013 06.12.2012 15.11.2012 22.08.2012 22.08.2012 17.11.2011 28.06.2011 19.05.2011 20.09.2010

01.05.2013

China Agri-Industries Holdings Ltd China Agri-Industries Holdings Ltd. produces biofuel and biochemical. The Company also processes oilseed and wheat, and produces malt used for beer brewage.

Price/Volume 6

90.0 M 80.0 M

70.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 606 HK EQUITY YTD Change 606 HK EQUITY YTD % CHANGE

12/2012 01/yy 5.47 3.47 11'424'879.00 3.81 -30.32% 9.83% 17.06% 5'249.9 20'002.04 32'188.93 0.0 3'429.0 10'503.31 45'116.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

50.0 M 40.0 M

30.0 M 20.0 M

10.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 41'802.1 0.43x 4'435.3 4.08x 2'624.9 5.27x

60.0 M

31.12.2009 31.12.2010 43'827.9 53'491.7 1.13x 1.05x 2'738.6 3'769.3 18.10x 14.95x 1'952.0 1'701.6 19.71x 20.41x Profitability

31.12.2011 82'349.9 0.62x 379.5 134.27x 2'368.0 10.08x

31.12.2012 91'319.2 0.52x 2'330.6 20.55x 1'227.5 15.24x 2'330.55 1'070.49 1.17% 1.76% 1.70% 5.01% 3.62% 1.26% 6.4% 3.3% 1.9% 1.3% 1.19 0.39 43.15% 118.98% 18.41 4.43

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.69 1.40 2'069.05 -28.26% -12.21% 1.399 14 4.429 9'079'358 12'893'320 12'314'210 FY+2

12/13 Y 12/14 Y 108'270.9 124'178.4 0.47x 0.42x 4'663.1 5'414.3 9.68x 8.33x 1'832.4 2'274.6 10.35x 8.34x S&P Issuer Ratings

FQ+1

FQ+2

2.44 -6.20 7.13 10.59 119.0% 51.4% 1.26 3.80 19.89 82.57 14.95 87.50

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

60'000.0 50'000.0 40'000.0 30'000.0 20'000.0

0.20

10'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

China Agri-Industries Holdings Ltd Holdings By:

All

Holder Name WIDE SMART HOLDINGS COFCO HONG KONG LTD COFCO (BVI) NO. 108 MITSUBISHI CORP MAPS INVESTMENT MANA VANGUARD GROUP INC BLACKROCK DWS INVESTMENT S A DIMENSIONAL FUND ADV ROBECO INVESTOR SERV STATE STREET FMR LLC GRANTHAM MAYO VAN OT ROBECO FUND MANAGEME GLOBAL X MANAGEMENT INVESCO LTD DIMENSIONAL FUND ADV JULIUS BAER MULTICOO COMMONWEALTH BANK OF OSK UOB UNIT TRUST M

Firm Name First Shanghai Securities Ltd CIMB China International Capital Corp Nomura Morgan Stanley JPMorgan Ji Asia SWS Research Co Ltd EVA Dimensions Bank of China International Hua Tai Securities Co., Ltd Guoyuan Securities (HK) Ltd

Portfolio Name 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 Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ZHANG ZHIBIN Yang Lei FEIYANG YUAN TANUJ SHORI LILLIAN LOU YING-JIAN CHAN SAMUEL THAWLEY SEAN ZHANG AUSTIN BURKETT JENNY CHAN QIU YANG TEAM COVERAGE

Source EXCH EXCH EXCH Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform accumulate buy Overwt/Attractive overweight buy neutral underweight buy add buy

Amt Held 2'499'315'430 356'893'827 182'000'000 141'483'000 111'004'400 56'978'032 42'632'400 40'668'309 35'156'102 17'000'800 10'583'200 9'818'218 9'661'000 8'410'695 7'170'088 6'673'648 5'452'200 4'352'205 4'183'000 3'980'000

% Out 47.61 6.8 3.47 2.69 2.11 1.09 0.81 0.77 0.67 0.32 0.2 0.19 0.18 0.16 0.14 0.13 0.1 0.08 0.08 0.08

Weighting

Change 5 5 4 5 5 5 5 3 1 5 4 5

M M M M M M M M M U D M

Latest Chg 1'000'000 11'614'400 12'684'775 (370'934) 102'000 72'900 470'000 2'127'295 20'625 74'200 476'000 1'763'878 -

Target Price 5 5 5 5 5 5 10 5 #N/A N/A 4 5 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.12.2012 17.04.2013 17.04.2013 31.03.2012 31.12.2012 31.03.2013 29.04.2013 28.02.2013 31.07.2012 28.02.2013 30.04.2013 31.03.2013 31.05.2012 28.02.2013 30.04.2013 30.04.2013 31.01.2013 30.11.2012 30.11.2012 31.03.2011

Date 12 month 12 month 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided Not Provided 6 month 12 month

Inst Type Government Corporation Other Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor

Date 26.04.2013 03.04.2013 28.03.2013 27.03.2013 26.03.2013 26.03.2013 14.03.2013 06.02.2013 15.01.2013 03.09.2012 02.07.2012 02.04.2012

01.05.2013

China Resources Cement Holdings Ltd China Resources Cement Holdings Limited, through its subsidiaries, produces, distributes and sells cement, clinker and concrete.

Price/Volume 7

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M

6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (06.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1313 HK EQUITY YTD Change 1313 HK EQUITY YTD % CHANGE

12/2012 01/yy 6.20 3.35 9'426'003.00 4.47 -27.90% 33.43% 39.30% 6'519.3 29'141.07 22'208.75 0.0 582.5 3'561.86 48'370.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 0 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 5'781.3 1'029.0 760.9 -

31.12.2009 31.12.2010 6'906.9 14'141.5 4.22x 3.40x 1'600.4 3'308.1 18.20x 14.53x 1'010.2 2'040.8 9.63x 18.85x Profitability

31.12.2011 23'240.0 2.41x 6'218.8 9.01x 4'179.0 9.03x

31.12.2012 25'345.3 2.07x 5'145.4 10.17x 2'324.4 14.23x 5'145.42 3'400.13 13.42% 11.34% 4.53% 11.43% 7.08% 0.49% 24.1% 20.3% 13.4% 9.2% 0.64 0.36 42.58% 103.90% 11.41 8.33

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.57 1.26 1'734.08 -26.69% -12.01% 1.256 36 3.139 6'382'001 12'711'070 13'873'630 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 28'540.1 32'275.6 1.70x 1.50x 6'004.4 6'873.8 8.06x 7.04x 2'741.9 3'242.5 10.64x 9.05x S&P Issuer Ratings

5.69 1.87 3.62 4.32 103.9% 50.3% 0.49 0.76 32.07 43.91 64.71 11.27

Sales/Revenue/Turnover

18.00

30'000.0

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

China Resources Cement Holdings Ltd Holdings By:

All

Holder Name CHINA RESOURCES CEME JP MORGAN CREDIT SUISSE AG FMR LLC BLACKROCK VANGUARD GROUP INC EASTSPRING INVESTMEN BNP PARIBAS INV PART SCHRODER INVESTMENT DEUTSCHE ASSET MGMT EASTSPRING INVESTMEN DIMENSIONAL FUND ADV SCHRODER INVESTMENT SCHRODER KOREA LTD BNP PARIBAS ASSET MA DAIWA SB INVESTMENT STATE STREET CLAYMORE ADVISORS LL UBI PRAMERICA SGR SP BARING ASSET MANAGEM

Firm Name HSBC Jefferies Nomura DBS Vickers Morgan Stanley Bank of China International GuoSen Securities Co Ltd Masterlink Securities Religare Capital Markets Credit Suisse First Shanghai Securities Ltd CCB International Securities Ltd KGI Securities Mirae Asset Securities Macquarie Haitong International Securities China International Capital Corp BNP Paribas Equity Research Citic Securities Co., Ltd Guotai Junan UOB Kay Hian ICBC International Securities Deutsche Bank Barclays JPMorgan CIMB Goldman Sachs EVA Dimensions AMTD Financial Planning Limited SinoPac Daiwa Securities Co. Ltd. Standard Chartered Capital Securities Corp Cinda Securities Ltd

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a SISF GREATER CHINA F Multiple Portfolios Multiple Portfolios Multiple Portfolios SCHRODER ISF CHINA O Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOHN FRASER-ANDREWS PO WEI YANG LUO ADDISON DAI JOHN LAM MICHELLE LEUNG ETHANE CHENG TEAM COVERAGE TRACY HUANG TRINA CHEN XIAOXIA CHEN ELIZA LIU XIAOQING YAN Henry Liu IVAN LEE ZHANG WEN XIAN XUE GUAN RACHEL CHEUNG TIMOTHY LEE RAY ZHAO MARK PO DUNCAN CHAN JOHNSON WAN ADA DAI NICK LAI KEVIN YOU JULIAN ZHU CRAIG STERLING KENNY TANG SING HING YU ZHOU FELIX LAM BEN HARTWRIGHT TEAM COVERAGE ALVIN FUNG

Source Co File ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-LUX MF-AGG MF-AGG MF-AGG MF-LUX MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight hold reduce buy Equalwt/Attractive hold neutral hold hold neutral hold neutral neutral hold neutral hold buy hold sell neutral hold hold buy equalweight neutral neutral Sell/Neutral sell buy neutral buy outperform buy neutral

Amt Held 4'781'051'462 321'152'000 249'438'000 72'068'164 53'814'000 51'741'339 21'212'000 19'609'651 11'186'000 7'580'000 5'924'000 5'518'000 3'696'000 3'434'000 3'270'000 2'880'000 2'863'640 2'760'000 2'642'000 2'338'000

% Out 73.34 4.93 3.83 1.11 0.83 0.79 0.33 0.3 0.17 0.12 0.09 0.08 0.06 0.05 0.05 0.04 0.04 0.04 0.04 0.04

Weighting

Change 1 3 2 5 3 3 3 3 3 3 3 3 3 3 3 3 5 3 1 3 3 3 5 3 3 3 1 1 5 3 5 5 5 3

M M M M U M M D M M M U M M U D M M M M M M M M U M M M M M M U N N

Latest Chg (376'000) (43'683'714) 18'736'000 34'000 (7'195'044) (25'682'000) (4'614'000) (732'000) (1'120'000) (1'412'000) -

Target Price 4 5 4 6 5 5 #N/A N/A 5 5 4 5 5 6 5 5 5 6 5 4 4 6 6 6 5 6 5 4 #N/A N/A 6 4 6 6 6 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2012 23.10.2009 31.03.2013 29.04.2013 31.03.2013 31.12.2010 28.02.2013 31.12.2012 31.12.2010 31.12.2012 31.07.2012 31.12.2012 31.12.2012 30.11.2012 11.01.2013 30.04.2013 29.04.2013 31.03.2013 31.12.2012

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.04.2013 29.04.2013 29.04.2013 26.04.2013 24.04.2013 18.04.2013 18.04.2013 11.04.2013 10.04.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 04.03.2013 04.03.2013 03.03.2013 03.03.2013 24.01.2013 17.01.2013 03.01.2013 18.12.2012 09.11.2012 30.10.2012 12.10.2012 11.11.2009

01.05.2013

China COSCO Holdings Co Ltd China COSCO Holdings Company Ltd. offers marine freight transportation services. The Company offers container shipping, dry bulk shipping, logistics services, freight forwarding, and terminal and container leasing services internationally. China COSCO operates container ships and terminals, and manufactures shipping containers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1919 HK EQUITY YTD Change 1919 HK EQUITY YTD % CHANGE

12/2012 03/yy 4.84 2.75 6'759'317.00 3.28 -32.23% 19.27% 25.36% 2'580.6 40'856.71 94'945.73 0.0 16'560.6 46'336.79 97'625.83

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 131'838.9 0.56x 21'072.8 3.53x 11'606.1 4.18x

5 5 4 4 3 3 2 2 1 1 0 m-12

31.12.2009 31.12.2010 55'211.7 96'487.6 2.80x 1.24x (3'783.8) 9'955.8 11.97x (7'539.8) 6'785.5 10.52x Profitability

LTM-4Q 31.12.2011 84'639.2 1.07x (8'724.7) (10'495.3) -

31.12.2012 88'329.1 1.09x (7'433.4) (9'559.2) -7'433.44 -7'731.70 -8.75% -8.37% -5.93% -31.95% 0.55% -2.5% -8.8% -10.8% 1.56 1.37 57.47% 377.71% 11.57 29.60

LTM

03/yy 67'701.9 4.79x 0.0 0.00x (12'641.1) 0.00x

03/yy 71'248.6 3.86x 0.0 0.00x (8'851.7) 0.00x

FY+1

0.00 1.51 2'580.58 -27.11% -13.68% 1.508 30 2.067 11'037'490 11'298'260 13'769'530 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 86'605.7 91'656.3 21'134.0 22'844.0 1.14x 1.08x 2'824.1 6'488.1 34.57x 15.05x (1'699.4) 1'278.2 38.89x S&P Issuer Ratings

-2.97 -9.83 377.7% 69.5% 0.55 1.11 31.63 12.37 31.36 12.63

Sales/Revenue/Turnover

140'000.0 120'000.0 100'000.0

0.80

80'000.0 0.60

60'000.0

0.40

40'000.0 20'000.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

China COSCO Holdings Co Ltd Holdings By:

All

Holder Name BLACKROCK CREDIT SUISSE AG CREDIT SUISSE AG JP MORGAN VANGUARD GROUP INC DIMENSIONAL FUND ADV MORGAN STANLEY FMR LLC HANG SENG INVESTMENT STATE STREET TOCQUEVILLE ASSET MA DIMENSIONAL FUND ADV CREDIT SUISSE ASSET CLAYMORE ADVISORS LL EATON VANCE MANAGEME FRANK RUSSELL TRUST UBS NATIXIS ASSET MANAGE BLACKROCK ASSET MGMT PICTET & CIE

Firm Name Credit Suisse Jefferies HSBC Nomura UOB Kay Hian Clarkson Capital Markets LLC Barclays Standard Chartered BOCOM International Holdings Goldman Sachs JPMorgan Capital Securities Corp KGI Securities Daiwa Securities Co. Ltd. SWS Research Co Ltd Morgan Stanley Fearnley Fonds Religare Capital Markets EVA Dimensions Deutsche Bank ICBC International Securities GuoSen Securities Co Ltd Masterlink Securities China International Capital Corp CCB International Securities Ltd Macquarie Guotai Junan Bank of China International

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a TOCQUEVILLE ASSET MA Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DAVIN CHUNPONG WU JOHNSON LEUNG SHISHIR SINGH ANDREW LEE LAWRENCE LI URS M DUR JON WINDHAM CLAIRE TENG GEOFFREY CHENG RONALD KEUNG CORRINE PNG TEAM COVERAGE ZHANG ZHARLEN KELVIN LAU LEO FAN EDWARD XU RIKARD VABO PETER WILLIAMSON CRAIG STERLING SKY HONG MOSES MA MICHAEL NG SARAH WANG XIN YANG WINNIE GUO BONNIE CHAN JASON SONG DU JIANPING

Source ULT-AGG Short EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform underperform underweight neutral sell market perform underweight underperform sell neutral/neutral restricted neutral neutral buy underperform Underwt/In-Line sell hold sell hold hold buy hold hold underperform underperform neutral sell

Amt Held % Out 125'532'964 4.86 (110'476'206) -4.28 97'601'470 3.78 94'440'754 3.66 69'263'750 2.68 43'991'500 1.7 32'757'886 1.27 30'322'872 1.18 22'046'961 0.85 14'720'858 0.57 13'168'450 0.51 5'747'500 0.22 5'098'750 0.2 4'092'500 0.16 3'874'125 0.15 2'486'000 0.1 2'131'040 0.08 2'100'000 0.08 1'786'556 0.07 1'769'000 0.07

Weighting 1 1 1 3 1 3 1 1 1 3 #N/A N/A 3 3 5 1 1 1 3 1 3 3 5 3 3 1 1 3 1

Change 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 M M

Latest Chg (593'000) 1'072'000 (28'992'773) 28'626'374 13'168'450 (697'500) (165'000) 709'500 2'486'000 (187'000)

Target Price 3 3 2 4 2 4 3 3 3 3 #N/A N/A #N/A N/A 3 5 3 3 2 4 #N/A N/A 5 5 4 5 3 2 3 4 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.04.2013 Investment Advisor 12.04.2012 Investment Advisor 12.04.2012 Investment Advisor 13.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2012 Investment Advisor 20.12.2011 Investment Advisor 31.03.2013 Investment Advisor 30.06.2012 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 29.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.05.2012 Investment Advisor 22.02.2013 Unclassified 28.03.2013 Investment Advisor 29.04.2013 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided 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 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided

Date 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 25.04.2013 11.04.2013 09.04.2013 02.04.2013 01.04.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 27.03.2013 13.03.2013 18.01.2013 17.01.2013 10.01.2013 17.12.2012 11.12.2012 02.11.2012 31.10.2012 31.10.2012 23.10.2012 28.09.2012 30.03.2012

01.05.2013

China Shanshui Cement Group Ltd China Shanshui Cement Group produces cement and clinker. The Company also quarries limestone.

Price/Volume 7

45.0 M

40.0 M 35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (31.08.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 691 HK EQUITY YTD Change 691 HK EQUITY YTD % CHANGE

12/2012 01/yy 6.34 3.90 8'874'176.00 4.39 -30.76% 12.56% 20.08% 2'816.0 12'362.02 13'515.07 0.0 745.7 1'083.22 22'997.80

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

25.0 M

20.0 M 15.0 M

10.0 M

5.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 7'500.8 1.05x 1'649.6 4.79x 539.4 6.89x

30.0 M

31.12.2009 31.12.2010 8'727.6 11'854.1 2.17x 1.69x 1'883.4 2'561.7 10.05x 7.80x 701.6 979.1 19.94x 13.44x Profitability

31.12.2011 16'862.0 1.23x 4'768.0 4.36x 2'225.3 5.31x

31.12.2012 16'161.0 1.61x 4'144.2 6.28x 1'518.5 8.45x 4'144.25 3'010.09 18.63% 13.64% 5.72% 18.56% 10.53% 0.61% 25.4% 25.7% 18.6% 9.4% 0.84 0.37 48.21% 156.23% 9.76 6.48

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.35 1.38 1'950.42 -27.04% -22.57% 1.383 30 4.033 8'260'035 9'578'634 8'706'722 FY+2

12/13 Y 12/14 Y 18'120.9 20'116.3 1.26x 1.13x 4'603.6 5'110.1 5.00x 4.50x 1'788.6 2'022.3 5.35x 4.91x S&P Issuer Ratings

FQ+1

FQ+2

08.05.2011 BB NEG 4.17 1.10 3.00 3.26 156.2% 59.0% 0.61 0.98 37.50 56.48 73.75 20.22

Sales/Revenue/Turnover

18'000.0 16'000.0

1.00 0.80

14'000.0 12'000.0 10'000.0

0.60

8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

China Shanshui Cement Group Ltd Holdings By:

All

Holder Name CHINA SHANSHUI INVST HILLHOUSE CAPITAL MA JP MORGAN T ROWE PRICE ASSOCIA DEUTSCHE BANK AG ASIA CEMENT PIONEER BLACKROCK VANGUARD GROUP INC FMR LLC ALLIANZ ASSET MANAGE AC MEGA III INVESTME UBS EASTSPRING INVESTMEN AC MEGA IV INVESTMEN AC MEGA II INVESTMEN ASIA CEMENT PIONEER ASIA CEMENT PIONEER DIMENSIONAL FUND ADV IVY MANAGEMENT INCOR ASIA INVESTMENT CO L

Firm Name HSBC Jefferies Haitong International Securities Morgan Stanley GuoSen Securities Co Ltd First Shanghai Securities Ltd Religare Capital Markets CIMB Macquarie SWS Research Co Ltd BNP Paribas Equity Research Deutsche Bank Bank of China International DBS Vickers Citic Securities Co., Ltd Guotai Junan Barclays Credit Suisse Goldman Sachs UOB Kay Hian EVA Dimensions Standard Chartered KGI Securities ICBC International Securities SinoPac Mirae Asset Securities Daiwa Securities Co. Ltd. Maybank Kim Eng Guoyuan Securities (HK) Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst JOHN FRASER-ANDREWS PO WEI ZHANG WEN XIAN JOHN LAM ETHANE CHENG XIAOXIA CHEN TRACY HUANG KEVIN YOU IVAN LEE YE RONG RACHEL CHEUNG JOHNSON WAN MICHELLE LEUNG ADDISON DAI TIMOTHY LEE RAY ZHAO ADA DAI TRINA CHEN JULIAN ZHU MARK PO CRAIG STERLING BEN HARTWRIGHT XIAOQING YAN DUNCAN CHAN YU ZHOU Henry Liu FELIX LAM CATHERINE CHAN TEAM COVERAGE

Source Co File EXCH ULT-AGG EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG EXCH ULT-AGG MF-AGG EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH

Recommendation overweight hold buy Overwt/Attractive buy buy buy outperform outperform buy buy hold hold hold overweight reduce overweight neutral neutral/neutral sell overweight outperform neutral hold neutral buy sell buy buy

Amt Held 847'908'316 252'992'000 197'271'369 168'594'000 166'887'147 81'786'000 48'704'000 37'762'363 32'902'003 27'933'000 17'627'000 16'582'000 16'277'000 15'800'000 15'208'000 14'020'000 13'598'000 11'962'645 11'003'000 9'655'000

% Out 30.11 8.98 7.01 5.99 5.93 2.9 1.73 1.34 1.17 0.99 0.63 0.59 0.58 0.56 0.54 0.5 0.48 0.42 0.39 0.34

Weighting

Change 5 3 5 5 5 5 5 5 5 5 5 3 3 3 5 2 5 3 3 1 5 5 3 3 3 5 1 5 5

M M M U M M M U M M M M M M M M M M M M M M M M D N D N M

Latest Chg (2'000) 7'190'000 (11'277'000) 21'030'597 10'518'000 9'259'000 11'003'000 -

Target Price 6 5 6 5 #N/A N/A 6 5 5 9 7 7 4 5 5 6 4 7 4 7 5 #N/A N/A 6 7 6 5 7 5 8 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 30.10.2012 31.12.2012 24.10.2012 13.09.2012 16.08.2012 29.04.2013 31.03.2013 31.03.2013 31.12.2012 16.08.2012 31.01.2013 31.12.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 31.07.2012 31.12.2012 16.08.2012

Date 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 12 month 6 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.04.2013 29.04.2013 26.04.2013 24.04.2013 18.04.2013 12.04.2013 10.04.2013 31.03.2013 26.03.2013 26.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 24.01.2013 18.01.2013 17.01.2013 04.01.2013 04.01.2013 03.01.2013 18.12.2012 06.12.2012 09.11.2012 30.05.2012 27.03.2012

01.05.2013

GOME Electrical Appliances Holding Ltd GOME Electrical Appliances Holding Limited, through its subsidiaries, retails household appliances and consumer electronic products in China.

Price/Volume 1

800.0 M

700.0 M

600.0 M 500.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.05.2012) 52-Week Low (30.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 493 HK EQUITY YTD Change 493 HK EQUITY YTD % CHANGE

12/2012 12/yy 1.35 0.56 22'659'429.00 0.78 -42.22% 39.29% 27.85% 16'875.1 13'162.54 13'105.16 0.0 (394.8) 6'730.96 16'435.65

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

300.0 M

200.0 M

100.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 45'889.3 0.29x 2'051.9 6.54x 1'048.2 12.03x

400.0 M

31.12.2009 31.12.2010 42'667.6 50'910.1 0.87x 0.70x 1'846.0 2'469.4 20.08x 14.35x 1'409.3 1'961.7 24.11x 18.69x Profitability

LTM-4Q 31.12.2011 59'820.8 0.35x 2'729.8 7.60x 1'839.9 13.39x

31.12.2012 47'867.3 0.39x (741.4) (596.6) -741.36 -1'202.02 -2.51% -1.37% -1.62% -3.84% 0.20% 1.30% 13.0% -1.5% -2.5% -1.2% 1.07 0.32 36.02% 86.51% 242.77 4.90

Price/ Cash Flow

LTM

12/yy 59'820.8 0.97x 0.0 0.00x 1'839.9 0.00x

12/yy 47'867.3 0.19x 0.0 0.00x (596.6) 0.00x

FY+1

0.00 1.17 11'448.35 -44.29% -15.22% 1.174 22 2.636 41'083'920 49'980'870 67'878'250 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 54'687.2 62'912.1 - 17'054.7 0.13x 0.10x 656.5 1'246.4 25.04x 13.19x 361.9 700.7 370.3 26.94x 13.77x S&P Issuer Ratings

-3.26 7.73 -6.57 -17.68 86.5% 47.0% 1.30 9.88 1.51 74.71 108.81 -32.59

Sales/Revenue/Turnover

30.00

70'000.0

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

GOME Electrical Appliances Holding Ltd Holdings By:

All

Holder Name GUANGYU HUANG BAIN CAPITAL GLORY L CARMIGNAC GESTION JP MORGAN VANGUARD GROUP INC BLACKROCK JUAN DU CI INVESTMENTS INC INVESCO LTD DIMENSIONAL FUND ADV MANULIFE FUNDS DIREC FMR LLC MORGAN STANLEY STATE STREET GLOBAL X MANAGEMENT ARTISAN PARTNERS HOL DIMENSIONAL FUND ADV CAPITAL AT WORK INTE DEUTSCHE ASSET MGMT APS ASSET MGMT

Firm Name Deutsche Bank EVA Dimensions Macquarie First Shanghai Securities Ltd Standard Chartered Credit Suisse HSBC DBS Vickers CIMB Mizuho Securities China International Capital Corp Citic Securities Co., Ltd Barclays CCB International Securities Ltd Haitong International Securities BNP Paribas Equity Research Religare Capital Markets Goldman Sachs Capital Securities Corp Guotai Junan Phillip Securities SWS Research Co Ltd

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANNE LING CRAIG STERLING LINDA HUANG PATRICK WONG AI-LIN KUO KEVIN YIN LINA YAN MARK LI Yang Lei PETER TANG BING QIAN ZHAO XUEQIN CANDY HUANG FORREST CHAN WANG ELYSE CHARLIE Y CHEN STANLEY CHAN WEIBO HU TEAM COVERAGE FRANK XU BING WANG JOYCE JIA

Source Co File Co File EXCH ULT-AGG MF-AGG ULT-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold underweight underperform hold in-line underperform underweight buy neutral neutral sell overweight equalweight outperform hold buy sell sell/attractive buy neutral buy not rated

Amt Held % Out 5'174'553'890 30.66 1'665'546'935 9.87 848'009'394 5.03 640'388'075 3.79 279'615'482 1.66 268'955'980 1.59 242'985'600 1.44 185'184'170 1.1 110'798'160 0.66 100'898'720 0.6 97'981'000 0.58 97'144'474 0.58 (80'202'063) -0.48 58'088'200 0.34 45'916'571 0.27 42'661'881 0.25 24'219'000 0.14 24'000'000 0.14 22'116'000 0.13 19'302'000 0.11

Weighting 3 1 1 3 3 1 1 5 3 3 1 5 3 5 3 5 1 1 5 3 5 #N/A N/A

Change M U M M M M M M M M M U M M M M M D M M N M

Latest Chg 5'228'321 2'533'000 15'145'570 (43'000) 392'000 (205'201'617) 189'000 160'200 7'253'000 -

Target Price 1 #N/A N/A 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 18.01.2012 28.08.2012 31.03.2013 29.04.2013 31.12.2011 31.12.2012 30.04.2013 31.07.2012 30.06.2012 31.03.2013 09.04.2013 30.04.2013 30.04.2013 31.12.2012 31.01.2013 28.03.2013 31.12.2010 31.12.2012

Date 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a 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

Date 26.04.2013 08.04.2013 28.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.01.2013 23.01.2013 20.11.2012 19.11.2012 10.03.2011 07.03.2011 08.10.2010 03.09.2010

01.05.2013

Zhongsheng Group Holdings Ltd Zhongsheng Group Holdings Ltd. retails automobiles. The Company imports and retails primarily luxury and mid- to high-end automobile brands.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2012) 52-Week Low (18.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 881 HK EQUITY YTD Change 881 HK EQUITY YTD % CHANGE

12/2012 01/yy 16.00 7.95 1'213'894.00 10.78 -32.63% 35.60% 35.16% 1'908.5 20'573.43 19'457.44 0.0 1'291.2 4'348.66 32'743.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M

16.0 M

14.0 M

12.0 M

10 8

10.0 M 8.0 M

6.0 M

4.0 M

2.0 M

0 m-12

31.12.2009 31.12.2010 13'722.2 24'042.9 1.24x 807.6 1'598.8 18.66x 470.9 1'031.2 25.59x Profitability

31.12.2011 41'903.4 0.66x 3'074.5 9.04x 1'417.3 14.18x

31.12.2012 50'048.3 0.69x 2'602.6 13.21x 750.5 24.17x

j-12

a-12

2'602.62 2'109.56 4.22% 2.31% 2.53% 10.26% 6.85% 1.69% 8.6% 5.2% 4.2% 1.5% 0.95 0.25 61.78% 258.10% 95.93 7.19

LTM-4Q

LTM

01/yy

01/yy -

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

FY+1 -

0.93 0.93 562.58 -29.02% -8.02% 0.932 25 3.480 1'869'666 2'823'324 2'494'889 FY+2

12/13 Y 12/14 Y 60'891.9 72'247.2 0.46x 0.39x 3'686.2 4'542.4 8.88x 7.21x 1'338.2 1'911.9 12.06x 8.56x S&P Issuer Ratings

FQ+1

FQ+2

2.52 1.35 5.81 7.48 258.1% 68.8% 1.69 8.74 3.82 50.89 4.81 49.89

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

.0 M j-12

Fiscal Year Ended 31.12.2008 10'548.6 469.1 218.7 -

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Zhongsheng Group Holdings Ltd Holdings By:

All

Holder Name MOUNTAIN BRIGHT LTD VINTAGE STAR LTD CAPITAL GROUP COMPAN YI HUANG BLUE NATURAL DEVELOP GENERAL ATLANTIC PAR T ROWE PRICE ASSOCIA BLACKROCK ALLIANZ ASSET MANAGE ALLIANCE BERNSTEIN VANGUARD GROUP INC GAP-W INTERNATIONAL INVESCO LTD CHINA ASSET MANAGEME HARTFORD INVESTMENT MANULIFE FUNDS DIREC NATIXIS INTERNATIONA UOB ASSET MANAGEMENT ALLIANZ GLOBAL INVES PRUDENTIAL FINANCIAL

Firm Name Deutsche Bank Goldman Sachs Haitong International Securities EVA Dimensions KGI Securities Credit Suisse Macquarie Bank of China International DBS Vickers China International Capital Corp UOB Kay Hian Oriental Patron Securities Ltd BOCOM International Holdings Standard Chartered Morgan Stanley JPMorgan Nomura Citic Securities Co., Ltd Daiwa Securities Co. Ltd. Mizuho Securities First Shanghai Securities Ltd Hua Tai Securities Co., Ltd GuoSen Securities Co Ltd AMTD Financial Planning Limited Guoyuan Securities (HK) Ltd Capital Securities Corp

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst VINCENT HA YIPENG YANG LIANG YONGHUO CRAIG STERLING WEI SHEN JACK YEUNG ZHIXUAN LIN ERIC HU RACHEL MIU ZHENG DONG KEN LEE VIVIEN CHAN WEI YAO REBECCA TANG KATE ZHU NICK LAI BENJAMIN LO XU YINGBO JEFF CHUNG OLE HUI LI HANG TEAM COVERAGE JOHN LUO KENNY TANG SING HING LI MING TRACY SUN

Source EXCH EXCH ULT-AGG EXCH EXCH EXCH MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy neutral/neutral hold sell neutral underperform neutral buy hold buy sell buy neutral in-line Overwt/In-Line underweight buy hold outperform underperform buy buy buy buy buy buy

Amt Held 486'657'686 486'657'686 226'610'000 152'678'504 129'257'000 73'004'486 49'488'200 33'687'208 30'649'884 23'520'385 20'485'547 17'644'433 9'749'000 7'245'500 6'232'400 5'313'000 4'737'500 4'241'500 3'898'000 3'223'500

% Out 25.5 25.5 11.87 8 6.77 3.83 2.59 1.77 1.61 1.23 1.07 0.92 0.51 0.38 0.33 0.28 0.25 0.22 0.2 0.17

Weighting

Change 5 3 3 1 3 1 3 5 3 5 1 5 3 3 5 1 5 3 5 1 5 5 5 5 5 5

M M M D M M M M M M M M M M M M M N N M M N N M M M

Latest Chg 1'220'500 195'000 (52'752'283) 691'000 3'556'673 11'786'050 (587'313) 218'500 (12'247'717) (5'100'000) 7'245'500 153'500 (2'047'000) -

Target Price 13 10 10 #N/A N/A 9 8 9 11 11 14 6 11 9 12 13 8 13 9 14 7 12 #N/A N/A #N/A N/A 15 20 16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.04.2013 11.04.2013 31.03.2013 11.04.2013 11.04.2013 20.04.2012 31.03.2013 29.04.2013 31.03.2013 28.02.2013 31.03.2013 20.04.2012 31.12.2012 30.06.2012 31.03.2013 30.06.2012 28.02.2013 30.06.2011 31.12.2012 28.03.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month Not Provided 12 month 14 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Corporation Corporation Investment Advisor n/a Unclassified Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 17.04.2013 11.04.2013 29.03.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 14.03.2013 15.02.2013 11.12.2012 07.09.2012 06.07.2012 08.02.2012 29.12.2011 20.10.2011 22.08.2011

01.05.2013

Huabao International Holdings Ltd Huabao International Holdings Limited, through its subsidiaries, produces and supplies flavors and fragrances for tobacco, food and household related products. The company also provides product research, development and marketing services to its customers.

Price/Volume 6

180.0 M 160.0 M

140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 336 HK EQUITY YTD Change 336 HK EQUITY YTD % CHANGE

03/2012 01/yy 5.03 2.81 5'942'320.00 3.56 -29.28% 26.89% 33.85% 3'101.3 11'040.69 927.50 0.0 331.9 2'286.58 9'601.16

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

100.0 M 80.0 M

60.0 M 40.0 M

20.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.03.2008 1'419.1 13.21x 889.3 21.07x 862.1 22.75x

120.0 M

31.03.2009 31.03.2010 1'938.4 2'366.4 9.77x 11.69x 1'237.5 1'573.5 15.31x 17.58x 1'110.3 1'340.1 17.68x 21.62x Profitability

31.03.2011 2'852.2 12.97x 1'894.0 19.53x 1'604.4 23.45x

31.03.2012 3'311.3 4.51x 2'111.4 7.07x 1'750.4 9.10x 2'111.42 2'001.27 60.44% 62.85% 20.45% 27.64% 23.82% 0.41% 70.5% 60.7% 57.3% 52.9% 2.38 1.89 11.11% 14.68% 4.29 1.73

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.60 0.63 1'873.66 -6.37% -5.15% 0.632 9 4.556 5'175'944 14'789'560 12'782'760 FY+2

03/13 Y 03/14 Y 3'809.5 4'349.8 2.49x 2.02x 2'181.3 2'429.0 4.40x 3.95x 1'735.3 1'921.0 6.50x 5.89x S&P Issuer Ratings

FQ+1

FQ+2

128.96 92.48 -0.84 0.44 14.7% 12.2% 0.41 2.97 85.25 211.25 98.56 199.54

Sales/Revenue/Turnover

3'500.0 3'000.0 2'500.0

0.80

2'000.0 0.60

1'500.0

0.40

1'000.0 500.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Huabao International Holdings Ltd Holdings By:

All

Holder Name LAM YIU CHU LAZARD ASSET MANAGEM BLACKROCK PRUDENTIAL PLC BANK OF NEW YORK MEL JP MORGAN WELLINGTON MANAGEMEN ARTISAN PARTNERS HOL FMR LLC UBS EASTSPRING INVESTMEN CREDIT SUISSE AG CREDIT SUISSE AG VANGUARD GROUP INC MORGAN STANLEY ALLIANZ ASSET MANAGE STATE STREET EASTSPRING INVESTMEN DIMENSIONAL FUND ADV LORD ABBETT & CO LLC

Firm Name Jefferies Deutsche Bank Guoyuan Securities (HK) Ltd EVA Dimensions First Shanghai Securities Ltd Credit Suisse DBS Vickers Bank of China International China International Capital Corp SWS Research Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JESSIE GUO ANNE LING LI MING CRAIG STERLING PATRICK WONG EVA WANG PATRICIA YEUNG JENNY CHAN FEIYANG YUAN WANG HAITAO

Source EXCH ULT-AGG ULT-AGG EXCH EXCH ULT-AGG EXCH EXCH ULT-AGG ULT-AGG MF-AGG EXCH Short MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy neutral suspended coverage hold accumulate neutral

Amt Held % Out 1'219'813'415 39.33 449'672'412 14.5 250'841'622 8.09 249'416'500 8.04 158'483'274 5.11 156'696'669 5.05 150'566'515 4.85 147'854'726 4.77 142'521'035 4.6 130'285'302 4.2 85'769'000 2.77 73'832'542 2.38 (69'171'668) -2.23 34'192'296 1.1 (32'438'642) -1.05 19'920'000 0.64 17'975'000 0.58 12'951'000 0.42 10'359'000 0.33 10'063'868 0.32

Weighting 5 5 5 5 5 3 #N/A N/A 3 4 3

Change M M M M M M M D M D

Latest Chg 9'519'678 (687'394) (526'750) 1'659'000 (17'839'000) 27'214'357 3'987'000 8'536'000 (13'044'000)

Target Price 6 5 5 #N/A N/A 4 4 #N/A N/A 10 14 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.03.2013 01.04.2013 29.04.2013 15.03.2013 22.08.2012 03.01.2013 17.12.2012 05.08.2011 31.12.2012 24.04.2013 31.12.2012 25.01.2013 25.01.2013 31.03.2013 28.02.2013 31.12.2012 30.04.2013 31.12.2010 31.07.2012 28.03.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 16.04.2013 08.04.2013 25.01.2013 17.01.2013 26.11.2012 21.11.2012 12.06.2012 21.06.2011 11.04.2011 25.03.2011

01.05.2013

Anta Sports Products Ltd Anta Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

Price/Volume 9

30.0 M

25.0 M

7 6

20.0 M

12/2012 01/yy 8.69 3.98 2'258'281.00 6.5 -25.23% 63.26% 53.45% 2'494.2 16'212.06 1'035.07 0.0 180.5 5'817.54 8'276.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

10.0 M

5.0 M

1 0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 4'626.8 0.92x 934.5 4.55x 894.8 8.58x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2020 HK EQUITY YTD Change 2020 HK EQUITY YTD % CHANGE

31.12.2009 31.12.2010 5'874.6 7'408.3 3.64x 2.96x 1'458.5 1'821.7 14.66x 12.02x 1'250.9 1'551.1 20.19x 16.82x Profitability

31.12.2011 8'904.8 1.61x 1'953.1 7.34x 1'730.1 10.79x

31.12.2012 7'622.8 1.20x 1'505.1 6.09x 1'358.7 10.13x 1'505.08 1'395.23 18.30% 22.69% 14.91% 20.71% 18.99% 0.84% 38.0% 19.7% 18.3% 17.8% 2.80 2.24 10.31% 15.33% 10.67 7.25

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

6.29 1.16 760.97 -7.44% -1.53% 1.163 21 2.762 2'599'696 3'774'217 4'918'024 FY+2

12/13 Y 12/14 Y 6'365.4 6'576.7 1.39x 1.31x 1'265.9 1'314.0 6.54x 6.30x 998.5 1'012.4 12.81x 12.59x S&P Issuer Ratings

FQ+1

FQ+2

86.02 73.78 -3.18 0.69 15.3% 13.0% 0.84 8.53 34.29 50.51 46.06 38.74

Sales/Revenue/Turnover

10'000.0 9'000.0

1.00

8'000.0 7'000.0

0.80 0.60 0.40

6'000.0 5'000.0 4'000.0 3'000.0 2'000.0

0.20

1'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Anta Sports Products Ltd Holdings By:

All

Holder Name ANTA INTL GROUP HLDG ANDA HOLDINGS LTD ANDA INVESTMENTS FMR LLC FRANKLIN RESOURCES VANGUARD GROUP INC BLACKROCK CAPITAL GROUP COMPAN SCHRODER INVESTMENT HARDING LOEVNER LP IVY MANAGEMENT INCOR HSBC INTERNATIONAL T STATE STREET SHINE WELL FAR EAST CAPITAL INTERNATIONA DIMENSIONAL FUND ADV CHARLES SCHWAB INVES SHIZHONG DING ROBECO INVESTOR SERV MORGAN STANLEY

Firm Name BOCOM International Holdings Haitong International Securities JPMorgan SWS Research Co Ltd First Shanghai Securities Ltd Deutsche Bank Credit Suisse Macquarie Mizuho Securities China International Capital Corp Guotai Junan Goldman Sachs CCB International Securities Ltd Barclays EVA Dimensions HSBC Morgan Stanley CMB International Capital Corp Ltd IBT Securities Co Ltd

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst PHOEBE WONG WANG ELYSE SHEN LI JOYCE JIA PATRICK WONG LYDIA LING EVA WANG LINDA HUANG PETER TANG HAIYAN GUO JERRY PENG CAROLINE LI FORREST CHAN CANDY HUANG CRAIG STERLING CATHERINE CHAO ROBERT LIN TEAM COVERAGE KENT CHEN

Source EXCH EXCH EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH ULT-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG ULT-AGG

Recommendation neutral buy underweight underperform sell hold outperform underperform neutral sell reduce sell/attractive underperform equalweight buy underweight Overwt/In-Line hold neutral

Amt Held 1'431'900'000 167'700'000 120'400'000 42'323'081 29'979'661 24'220'000 22'244'544 9'868'000 9'868'000 9'698'000 7'906'000 7'653'000 6'622'312 6'446'000 5'963'000 5'728'000 5'720'000 5'446'000 5'237'000 4'721'780

% Out 57.41 6.72 4.83 1.7 1.2 0.97 0.89 0.4 0.4 0.39 0.32 0.31 0.27 0.26 0.24 0.23 0.23 0.22 0.21 0.19

Weighting

Change 3 5 1 1 1 3 5 1 3 1 2 1 1 3 5 1 5 3 3

M M M M M M M M M M M M D M M M M M N

Latest Chg 10'221'486 4'000 (1'489'000) 744'000 9'868'000 450'000 (3'373'000) (6'515'000) 8'000 5'963'000 44'000 (2'545'000)

Target Price 6 8 3 5 4 7 8 3 7 4 6 4 6 6 #N/A N/A 4 8 7 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.03.2011 28.03.2011 28.03.2011 31.03.2013 31.12.2012 31.03.2013 29.04.2013 31.01.2013 31.03.2013 30.06.2012 31.12.2012 28.03.2011 30.04.2013 28.03.2011 31.01.2013 31.07.2012 30.04.2013 28.03.2011 28.02.2013 29.08.2011

Date Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Holding Company Holding Company Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor

Date 25.04.2013 09.04.2013 08.04.2013 08.04.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 15.01.2013 28.11.2012 05.11.2012 22.02.2012 27.08.2010

01.05.2013

China Yurun Food Group Ltd China Yurun Food Group Limited is a meat product supplier in China. Through its subsidiaries, the Company offers a wide range of raw pork and processed meat products. China Yurun operates production and distribution networks across China.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (08.04.2013) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1068 HK EQUITY YTD Change 1068 HK EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 10.48 4.32 5'170'276.00 4.62 -55.92% 6.94% 4.87% 1'822.8 8'421.13 7'276.91 0.0 57.3 2'815.46 12'939.84

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 13'023.9 1.14x 1'197.6 12.41x 1'137.8 12.24x

31.12.2009 31.12.2010 13'870.4 21'472.7 2.83x 2.05x 1'973.2 3'053.1 19.90x 14.43x 1'745.3 2'728.2 21.12x 16.33x Profitability

31.12.2011 32'315.2 0.61x 2'334.6 8.40x 1'799.1 10.31x

31.12.2012 26'781.6 0.55x 74.8 197.54x (605.5) 74.82 -464.45 -1.73% -2.13% -2.37% -3.83% 2.00% 1.05% 1.5% 0.3% -1.7% -2.3% 1.06 0.53 28.37% 46.98% 48.97 16.92

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.35 1'335.13 -53.47% -17.94% 1.346 19 2.526 7'963'431 10'511'520 12'264'210 FY+2

12/13 Y 12/14 Y 31'563.6 39'722.3 0.40x 0.33x 841.8 1'546.9 15.37x 8.37x (40.8) 892.2 9.01x S&P Issuer Ratings

FQ+1

FQ+2

0.39 -10.10 59.63 97.25 47.0% 31.9% 1.05 1.56 7.47 21.63 11.99 17.11

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

China Yurun Food Group Ltd Holdings By:

All

Holder Name WILLIE HOLDINGS LTD CAPITAL GROUP COMPAN KERRY GROUP LTD DEUTSCHE BANK AG JP MORGAN CREDIT SUISSE AG DEUTSCHE BANK AG VANGUARD GROUP INC MORGAN STANLEY CREDIT SUISSE AG DIMENSIONAL FUND ADV CHINA ASSET MANAGEME GRANTHAM MAYO VAN OT STATE STREET FMR LLC UBS MACKAY SHIELDS LLC GLOBAL X MANAGEMENT FIDELITY INVESTMENTS ING INVESTMENT MANAG

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 Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Goldman Sachs LISA DENG SWS Research Co Ltd SEAN ZHANG CIMB Yang Lei First Shanghai Securities Ltd PATRICK WONG Bank of China International LI YAN DBS Vickers TITUS WU Maybank Kim Eng JACQUELINE KO China International Capital Corp FEIYANG YUAN Guotai Junan SUNNY KWOK Oppenheimer & Co INGRID YIN EVA Dimensions AUSTIN BURKETT Jefferies JESSIE GUO CCB International Securities Ltd FORREST CHAN ICBC International Securities ALEX CHENG Capital Securities Corp TRACY SUN Citic Securities Co., Ltd HUANG WEI Guoyuan Securities (HK) Ltd TEAM COVERAGE Credit Suisse KEVIN YIN Hua Tai Securities Co., Ltd QIU YANG Yuanta Securities Investment ConsultingTEAM COVERAGE GuoSen Securities Co Ltd TEAM COVERAGE

Source Co File ULT-AGG ULT-AGG EXCH ULT-AGG EXCH Short MF-AGG ULT-AGG Short MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral/neutral outperform neutral hold hold fully valued Under Review hold reduce market perform sell hold underperform hold hold buy buy outperform buy Under Review buy

Amt Held % Out 470'699'900 25.82 87'217'000 4.78 86'856'103 4.77 85'120'912 4.67 71'606'698 3.93 56'214'486 3.08 (48'592'548) -2.67 35'462'562 1.95 (29'230'053) -1.6 (28'905'799) -1.59 22'712'000 1.25 17'700'000 0.97 12'011'000 0.66 8'204'318 0.45 7'455'664 0.41 7'199'868 0.39 5'637'000 0.31 5'354'594 0.29 4'339'000 0.24 3'991'716 0.22

Weighting 3 5 3 3 3 2 #N/A N/A 3 2 3 1 3 1 3 3 5 5 5 5 #N/A N/A 5

Change M M M M M M M M D N M M M M M M M M M M N

Latest Chg (190'000) (126'340) 1'136'000 74'000 17'700'000 (18'337'653) 4'900 (2'170)

Target Price 5 7 5 5 5 3 #N/A N/A 5 5 #N/A N/A #N/A N/A 8 4 8 9 16 18 14 15 #N/A N/A 35

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 22.11.2012 02.08.2012 03.02.2012 31.12.2012 20.08.2012 03.02.2012 31.03.2013 24.12.2012 20.08.2012 31.07.2012 30.06.2012 31.05.2012 30.04.2013 31.03.2013 31.01.2013 28.02.2013 30.04.2013 31.12.2010 28.02.2013

Date 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided 6 month Not Provided 12 month

Inst Type Other Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 17.04.2013 15.04.2013 02.04.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 06.02.2013 17.01.2013 11.09.2012 15.08.2012 06.06.2012 25.05.2012 21.05.2012 13.03.2012 12.03.2012 12.03.2012 05.09.2011 18.04.2011

01.05.2013

Parkson Retail Group Ltd Parkson Retail Group Ltd. operates a national network of department stores in the Peoples Republic of China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2012) 52-Week Low (23.04.2013) Daily Volume Current Price (5/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3368 HK EQUITY YTD Change 3368 HK EQUITY YTD % CHANGE

12/2012 12/yy 8.97 4.14 8'230'671.00 4.2 -53.18% 1.45% 1.24% 2'810.5 11'804.10 2'491.16 0.0 77.3 5'066.45 6'879.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

Fiscal Year Ended 31.12.2008 3'137.4 7.09x 1'367.1 16.28x 841.1 25.66x

10 9 8 7 6 5 4 3 2 1 0 m-12

31.12.2009 31.12.2010 3'461.3 3'819.4 9.92x 6.88x 1'287.2 1'578.6 26.68x 16.66x 910.8 991.8 37.06x 28.77x Profitability

LTM-4Q 31.12.2011 4'364.3 4.39x 1'748.5 10.95x 1'122.9 19.30x

31.12.2012 4'547.1 2.56x 1'337.0 8.70x 850.8 16.59x 1'337.03 1'042.19 22.92% 26.50% 6.87% 15.68% 14.35% 0.37% 29.2% 22.7% 18.7% 0.98 0.78 19.61% 44.61% 295.10 -

Price/ Cash Flow

12/yy 4'364.3 19.80x 1'748.5 10.95x 1'122.9 19.35x

LTM 12/yy 4'547.1 12.40x 1'326.4 8.77x 850.8 16.69x

FY+1

4.20 1.08 1'361.36 -50.11% -32.80% 1.075 27 2.037 7'149'300 5'026'040 5'189'320 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'374.0 5'938.1 1.58x 1.34x 1'449.6 1'605.0 4.75x 4.29x 889.8 981.5 10.36x 9.45x S&P Issuer Ratings

21.04.2011 BB+ STABLE 12.35 4.89 -1.94 1.88 44.6% 30.6% 0.37 1.40 1.24 -

Sales/Revenue/Turnover

25.00

5'000.0 4'500.0 4'000.0

20.00

3'500.0 15.00

3'000.0

10.00

2'500.0 2'000.0 1'500.0 1'000.0

5.00

500.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.05.2013

Parkson Retail Group Ltd Holdings By:

All

Holder Name PRG CORP LTD JP MORGAN T ROWE PRICE ASSOCIA GENESIS ASSET MANAGE PRUDENTIAL PLC PANGKOR INVESTMENTS DEUTSCHE BANK AG DEUTSCHE BANK AG VANGUARD GROUP INC SCHRODER INVESTMENT EASTSPRING INVESTMEN BLACKROCK CAPITAL GROUP COMPAN MATTHEWS INTERNATION ARTISAN PARTNERS HOL JF ASSET MANAGEMENT ING INVESTMENT MANAG EAST CREST INTL LTD SCHRODER INVESTMENT NORTHERN TRUST CORPO

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios SISF - HONG KONG EQU Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a SISF GREATER CHINA F Multiple Portfolios

Analyst

Bank of China International TIFFANY FENG Religare Capital Markets KA LEONG LO Deutsche Bank ANNE LING BOCOM International Holdings ALBERT YIP KGI Securities JESSIE GUO Jefferies JESSIE GUO SWS Research Co Ltd JOYCE JIA Nomura EMMA LIU Credit Suisse VIVIAN ZHAO EVA Dimensions CRAIG STERLING Morgan Stanley ROBERT LIN JPMorgan KURUMLU EBRU SENER DBS Vickers MAVIS HUI Mizuho Securities PETER TANG China International Capital Corp BING QIAN BNP Paribas Equity Research SARAH LIU Guotai Junan FRANK XU UOB Kay Hian TAI RENEE Goldman Sachs CAROLINE LI Macquarie LINDA HUANG Barclays CANDY HUANG HSBC LINA YAN CIMB KATHERINE CHAN Yuanta Securities Investment ConsultingTEAM COVERAGE Haitong International Securities WINNIE FONG Capital Securities Corp TEAM COVERAGE

Source Co File ULT-AGG EXCH EXCH EXCH EXCH EXCH Short MF-AGG MF-LUX MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-LUX MF-AGG

Recommendation sell sell hold sell underperform buy neutral neutral underperform underweight Equalwt/In-Line underweight buy underperform hold hold neutral sell neutral/attractive underperform underweight underweight neutral Under Review hold neutral

Amt Held % Out 1'438'300'000 51.18 280'137'651 9.97 261'743'500 9.31 174'903'439 6.22 141'109'500 5.02 119'516'679 4.25 114'928'098 4.09 (68'256'732) -2.43 40'778'709 1.45 26'561'000 0.95 22'025'500 0.78 18'742'701 0.67 15'626'000 0.56 13'191'500 0.47 11'255'000 0.4 11'201'500 0.4 10'885'500 0.39 9'970'000 0.35 7'532'000 0.27 7'121'022 0.25

Weighting 1 1 3 1 1 5 3 3 1 1 3 1 5 1 3 3 3 1 3 1 1 1 3 #N/A N/A 3 3

Change M M M M M M M M D D U M U M M M N M M M M M M M M M

Latest Chg (6'184'500) 7'437'500 7'545'000 1'045'500 (5'704'000) (190'500) 1'021'500 5'214'500 7'532'000 864'500

Target Price 4 4 5 4 5 6 5 5 4 #N/A N/A 5 4 6 4 5 6 5 4 5 4 4 5 5 #N/A N/A 12 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 10.12.2012 14.09.2012 10.05.2012 12.04.2013 15.03.2012 25.01.2013 25.01.2013 31.03.2013 31.12.2012 31.12.2012 29.04.2013 31.03.2013 31.12.2012 31.12.2012 30.09.2011 31.12.2012 31.12.2011 31.12.2012 31.03.2013

Date Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 6 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 12 month Not Provided

Date 30.04.2013 30.04.2013 28.04.2013 25.04.2013 18.04.2013 16.04.2013 08.04.2013 19.03.2013 12.03.2013 05.03.2013 01.03.2013 27.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 24.02.2013 23.02.2013 23.02.2013 22.02.2013 22.02.2013 05.09.2011 26.05.2011 22.02.2011