Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Compa 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 MSCI Emerging Market Index Top 100 Companies by Cap. July 2013

Q M S Advisors .

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

15129982

2010.579

1116

203

221

102.58

110.17

15.99

14.89

18.61

Euro Stoxx 50 Pr

EUR

2560708

5279.664

4548

733

764

203.02

296.15

21.82

17.26

14.96

20.21

NIKKEI 225

JPY

2702709

192.4604

189

5.32

7.81

0.27

0.18

0.11

FTSE 100 INDEX

GBP

2644447

11424.18

10089

1399

1645

578.69

803.66

24.97

21.92

17.98

21.06

SWISS MARKET INDEX

CHF

1029358

10706.31

4058

850

823

411.05

552.23

20.70

17.15

15.40

21.86

S&P/TSX COMPOSITE INDEX

CAD

1570670

16391.44

8326

1779

1968

735.25

818.04

14.92

13.41

23.22

S&P/ASX 200 INDEX

AUD

1212809

5828.591

2682

550

684

224.81

323.31

18.23

14.78

12.68

20.21

HANG SENG INDEX

HKD

1583362

3022.909

1673

355

399

278.77

271.53

1.23

1.40

1.27

2.91

MSCI EM

USD

6879381

1274.567

971

188

179

82.64

90.29

10.96

11.12

10.03

19.20

SAMSUNG ELECTRONICS CO LTD

KRW

159591

394

131

143.93

123678

124910

208395

230943

24263

25581

102.18

102.89

221.29

0.01

0.00

0.01

0.04

0.01

0.02

25.01.2006

TAIWAN SEMICONDUCTOR MANUFAC

TWD

91265

35512

25924

91.37

16602

10003

0.22

0.21

0.24

0.27

0.55

0.48

0.43

0.65

0.37

0.82

0.34

2.00

A+

20.04.2010

CHINA MOBILE LTD

HKD

208081

15875

20100

116.58

72245

76308

80283

33107

8342

0.83

0.81

0.78

1.27

1.30

1.34

0.79

1.17

-0.02

0.70

5.91

AA-

16.12.2010

03.11.2005

CHINA CONSTRUCTION BANK-H

HKD

169616

132064

250011

168

409

91972

93918

65314

72510

0.10

0.11

0.12

0.66

0.63

0.58

3.09

2.01

29.11.2011

IND & COMM BK OF CHINA-H

HKD

222418

192304

349620

294

562

108392

111010

75061

83232

0.09

0.10

0.68

0.66

0.61

2.50

1.95

28.08.2012

AMERICA MOVIL SAB DE C-SER L

MXN

75840

101398

75841

60272

60188

60501

62631

20288

20000

4866

0.09

0.10

0.09

0.93

0.85

0.87

1.28

1.60

0.38

1.22

2.58

A-

22.03.2010

26.03.2010

TENCENT HOLDINGS LTD

HKD

71978

2764

1853

54.40

5659

6161

7688

9733

2265

2355

724

0.88

0.97

1.16

1.41

4.07

3.41

2.81

6.97

7.38

4.07

7.46

4.93

A-

24.06.2013

Baa1

14.11.2011

GAZPROM OAO

RUB

81940

22976

123.71

144467

149008

151991

49126

1.56

1.37

1.30

0.07

0.08

0.65

-0.54

0.39

1.03

BBB

29.11.2006

Baa1

03.04.2009

BANK OF CHINA LTD-H

HKD

117197

281622

279142

289

407

79810

50902

56156

0.06

0.07

0.62

0.60

0.56

2.63

1.78

29.11.2011

CNOOC LTD

HKD

75743

34662

44646

31923

33260

35796

15173

0.18

0.94

0.97

0.94

0.36

2.90

-0.15

2.45

6.13

AA-

16.12.2010

SBERBANK

RUB

60318

180

21531

41996

44971

33526

37930

0.48

0.50

0.54

0.18

0.17

0.16

0.94

0.66

Baa1

05.07.2013

HYUNDAI MOTOR CO

KRW

41963

408

209

37804

38984

41586

5213

17.00

32.05

34.59

0.01

0.00

0.01

0.00

0.01

BBB+

20.03.2012

11.08.2010

ITAU UNIBANCO HOLDING S-PREF

BRL

59663

10075

4965

193

57662

54889

34050

37321

1.12

1.14

1.34

1.53

4.58

4.61

3.91

3.42

0.22

7.28

BBB

30.04.2008

(P)Baa1

20.06.2011

MTN GROUP LTD

ZAr

34107

2201

1861

34.47

13436

13936

15008

5723

6063

1.10

1.08

1.29

1.47

1.66

1.64

1.39

1.22

1.08

1.30

0.99

1.23

4.24

LUKOIL OAO

RUB

49247

755

1.63

3528

3628

4115

4081

572

560

145

0.39

0.43

0.14

0.12

0.13

0.45

-0.07

0.13

0.47

BBB

15.04.2013

NASPERS LTD-N SHS

ZAr

31257

338

394

32.78

4997

5992

6948

713

847

1.66

1.71

2.78

3.48

4.36

4.49

2.69

2.15

2.71

2.30

-0.01

0.74

1.42

PETROBRAS - PETROLEO BRAS-PR

BRL

81624

22431

13044

148.90

124306

127134

130200

138770

23484

23128

7260

0.72

0.67

1.01

1.09

4.39

2.90

2.68

6.73

4.27

-6.04

0.11

8.04

BBB

17.11.2011

CIA DE BEBIDAS DAS AME-PREF

BRL

112904

1703

3127

112.81

14239

14476

15386

16969

6904

6996

1423

1.48

1.49

1.58

1.80

10.78

10.82

10.12

8.93

8.31

4.43

8.27

7.57

21.35

05.07.2012

27.04.2010

PETROCHINA CO LTD-H

HKD

238392

60040

183021

261.96

283005

269297

291365

306571

42496

0.08

0.09

0.10

1.46

1.30

1.20

1.23

2.74

0.25

0.53

HON HAI PRECISION INDUSTRY

TWD

29285

29857

11835

31.99

106906

125632

152773

1815

0.26

0.27

0.26

0.29

0.30

0.32

0.28

0.53

0.69

1.09

0.16

0.06

A-

09.11.2007

BANCO BRADESCO SA-PREF

BRL

50686

10077

4199

136

44373

70734

28612

30792

1.39

1.21

1.33

1.49

4.19

3.81

3.40

0.78

6.10

BBB

30.04.2008

Baa1

20.06.2011

SASOL LTD

ZAr

27983

475

673

29.14

16850

17063

17581

18152

4591

4617

3.81

4.26

4.54

4.62

1.01

1.21

0.94

0.93

1.89

1.23

1.99

0.86

2.69

VALE SA-PREF

BRL

65140

15538

5153

87.82

41311

42287

44575

47595

15182

15926

4894

1.90

0.79

2.09

2.11

6.45

2.76

2.44

2.42

-3.68

3.93

-17.57

1.24

16.64

A-

23.11.2011

Baa2

29.08.2008

FOMENTO ECONOMICO MEXICA-UBD

MXN

34683

2612

3578

39.17

18532

18577

20110

22390

2886

2856

773

0.45

0.42

0.49

1.76

1.92

1.64

1.42

0.76

1.64

0.50

1.20

BBB+

24.04.2013

HOUSING DEVELOPMENT FINANCE

INR

21425

3477

1546

48.53

5975

4103

4872

3630

0.73

0.32

0.31

0.61

0.37

1.01

RELIANCE INDUSTRIES LTD

INR

46920

3417

2936

53.90

65945

62973

64651

5544

1.18

1.16

1.29

0.21

0.19

0.18

0.40

-0.08

0.14

BBB+

29.05.2013

Baa2

07.02.2006

PETROBRAS - PETROLEO BRAS

BRL

81624

8400

13044

148.90

124306

127134

130200

138770

23484

23128

7260

0.72

0.67

1.01

1.09

3.97

2.62

2.43

6.73

4.27

-6.04

0.11

8.04

BBB

17.11.2011

CHINA LIFE INSURANCE CO-H

HKD

60969

27272

28265

47883

55033

60676

0.05

0.13

0.16

4.58

1.74

1.48

0.04

2.91

AA-

16.12.2010

INFOSYS LTD

INR

23825

1190

574

20.43

6702

7369

8070

1917

2058

484

2.74

2.79

3.07

0.25

0.22

0.33

0.30

0.12

0.28

0.51

BBB+

07.05.2010

CHINA PETROLEUM & CHEMICAL-H

HKD

81750

68191

112866

105.14

352402

366519

382555

21858

0.07

0.08

0.09

0.95

0.85

0.80

1.41

2.32

-0.11

0.76

0.80

A+

16.12.2010

HDFC BANK LIMITED

INR

26592

1813

2379

7141

0.48

0.38

0.43

0.49

BBB-

17.01.2008

Baa2

30.04.2012

POSCO

KRW

22947

101

29.01

31238

28542

30267

4091

991

28.34

23.01

26.15

0.01

-0.01

0.01

-0.02

0.00

0.01

BBB+

22.10.2012

Baa1

24.10.2012

VALE SA

BRL

65140

3025

5153

87.82

41311

42287

44575

47595

15182

15926

4894

1.90

0.79

2.09

2.11

7.02

3.00

2.66

2.63

-3.68

3.93

-17.57

1.24

16.64

A-

23.11.2011

Baa2

29.08.2008

WALMART DE MEXICO-SER V

MXN

50140

7227

17722

48.89

32509

32898

34861

38771

3172

3213

735

0.10

0.11

0.13

2.14

1.97

1.72

0.76

0.96

0.70

0.99

0.76

HYUNDAI MOBIS CO LTD

KRW

21656

369

19.17

14772

2195

20.44

20.63

31.74

34.27

0.01

0.02

0.01

BBB+

20.03.2012

SHINHAN FINANCIAL GROUP LTD

KRW

15990

437

474

22.31

869

815

0.90

0.03

-0.05

-0.01

-0.05

-0.02

0.08

ASTRA INTERNATIONAL TBK PT

IDR

26359

17568

40484

32.48

18837

18870

20229

22962

2663

2628

0.05

0.06

0.00

BBB-

11.05.2011

BRF SA

BRL

18308

1398

870

21.49

12598

12983

14053

15566

1031

1184

357

0.41

0.52

0.95

1.21

17.92

9.76

7.63

4.83

12.19

-8.37

11.20

4.03

BBB-

04.04.2012

Baa3

31.05.2012

MAGNIT OJSC-SPON GDR REGS

USD

25744

118

14430

18526

23251

1488

406

2.01

2.50

27.08

21.77

26.32

31.23

66.06

46.99

10.31

08.04.2013

KIA MOTORS CORPORATION

KRW

21445

913

405

21.14

24531

24180

25570

2086

4.59

4.62

7.65

8.21

0.01

0.00

0.01

-0.01

0.03

0.01

BBB+

20.03.2012

17.01.2008

GRUPO TELEVISA SAB-SER CPO

MXN

13794

3044

2395

17.00

5388

5416

5676

6062

2070

2134

548

0.28

0.24

0.28

1.55

1.59

1.35

0.83

0.81

0.98

0.66

3.06

BBB+

02.10.2007

Baa1

02.05.2007

MEDIATEK INC

TWD

15842

5189

1342

14.89

2108

4350

5266

273

203

0.41

0.42

0.62

0.77

0.92

0.63

0.50

0.59

0.07

0.79

-0.81

0.43

CHUNGHWA TELECOM CO LTD

TWD

25609

13202

7757

23.79

6342

6992

6498

2597

0.18

0.17

0.66

0.65

-0.03

-0.20

-0.16

30.12.2010

BANK CENTRAL ASIA TBK PT

IDR

22845

10667

24456

3525

3627

3314

3912

0.05

0.07

0.00

11.07.2006

STANDARD BANK GROUP LTD

ZAr

17334

594

1606

12477

7370

8113

0.89

0.96

1.06

1.20

1.11

1.20

1.01

0.89

1.63

0.58

SAMSUNG ELECTRONICS-PREF

KRW

16099

123678

124910

200517

215776

24263

25581

154.77

162.95

0.00

0.01

0.04

0.01

0.02

25.01.2006

14.07.2005

MALAYAN BANKING BHD

MYR

28450

7104

8440

7169

7302

5683

6218

0.21

0.23

0.24

4.48

4.47

4.19

7.81

3.48

A-

11.07.2005

SK HYNIX INC

KRW

17250

5276

698

20.79

8760

9117

12564

14093

1429

1921

-0.59

-0.13

3.39

3.93

0.01

0.00

0.02

-0.03

0.00

0.02

22.02.2013

Ba3

15.02.2012

KB FINANCIAL GROUP INC

KRW

11522

889

386

11.52

608

569

1.46

1.47

0.02

ITC LTD

INR

45598

4888

7902

44.18

5202

6037

7067

1855

0.16

0.19

0.22

0.60

0.51

0.43

104.84

50.08

32.99

0.44

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

14.07.2005

2.16

0.08

0.33

0.27

0.33

0.32

0.59

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

15129982

2010.579

1116

203

221

102.58

110.17

15.99

14.89

18.61

Euro Stoxx 50 Pr

EUR

2560708

5279.664

4548

733

764

203.02

296.15

21.82

17.26

14.96

20.21

NIKKEI 225

JPY

2702709

192.4604

189

5.32

7.81

0.27

0.18

0.11

FTSE 100 INDEX

GBP

2644447

11424.18

10089

1399

1645

578.69

803.66

24.97

21.92

17.98

21.06

SWISS MARKET INDEX

CHF

1029358

10706.31

4058

850

823

411.05

552.23

20.70

17.15

15.40

21.86

S&P/TSX COMPOSITE INDEX

CAD

1570670

16391.44

8326

1779

1968

735.25

818.04

14.92

13.41

23.22

S&P/ASX 200 INDEX

AUD

1212809

5828.591

2682

550

684

224.81

323.31

18.23

14.78

12.68

20.21

HANG SENG INDEX

HKD

1583362

3022.909

1673

355

399

278.77

271.53

1.23

1.40

1.27

2.91

MSCI EM

USD

6879381

1274.567

971

188

179

82.64

90.29

10.96

11.12

10.03

19.20

PING AN INSURANCE GROUP CO-H

HKD

46055

99.92

44029

48797

55918

0.46

0.54

1.97

1.40

1.20

3.26

13.54

TATA CONSULTANCY SVCS LTD

INR

48918

611

1957

47.81

10461

12117

13740

2996

3004

817

1.18

1.34

1.51

0.35

0.31

0.27

0.48

0.37

0.41

0.43

0.48

BBB+

07.05.2010

CEMEX SAB-CPO

MXN

11867

28080

11374

28.06

15322

15060

15270

16257

2674

2191

752

-0.08

-0.10

-0.02

0.01

6.49

0.29

-0.42

1.26

-0.56

1.13

25.01.2013

19.10.2006

CIMB GROUP HOLDINGS BHD

MYR

19686

9823

7433

5970

5968

4612

5100

0.18

0.20

0.22

4.07

4.41

4.14

3.73

2.90

2.69

BBB-

10.09.2008

GRUPO MEXICO SAB DE CV-SER B

MXN

22829

10472

7785

2.08

792

769

791

868

366

347

0.02

0.79

0.87

0.81

-0.21

1.40

-0.74

0.07

3.50

CHINA OVERSEAS LAND & INVEST

HKD

20987

16720

8173

23.44

8325

10530

12409

2980

0.30

0.36

1.12

1.09

0.93

3.33

5.24

2.77

3.58

4.61

BBB+

22.04.2013

NOVATEK OAO-SPONS GDR REG S

USD

36618

132

210973

237165

291791

353740

97218

105373

27916

294.91

346.36

13.49

11.49

19.83

35.16

9.34

27.23

44.43

BBB-

19.11.2010

GRUPO FINANCIERO BANORTE-O

MXN

13389

4532

2326

35.71

7578

8082

4184

4762

3585

3773

0.39

0.46

0.55

1.16

0.98

0.81

1.28

1.32

1.69

0.57

3.63

ECOPETROL SA

COP

85614

2606

41117

90.23

35752

35086

34540

35194

15329

14644

3349

0.18

0.17

0.18

0.01

0.00

0.01

0.00

0.01

0.02

BBB

24.04.2013

Baa2

13.07.2009

TELEKOMUNIKASI INDONESIA PER

IDR

22214

26267

19149

23.66

7727

7903

8287

8822

3982

4025

0.07

0.08

0.00

0.01

15.10.2008

NHN CORP

KRW

12456

108

11.88

1324

618

10.90

10.68

0.02

0.00

0.01

0.00

0.01

0.04

LG CHEM LTD

KRW

14946

150

15.37

17905

17899

20988

2113

2153

17.13

17.11

18.74

22.98

0.01

0.00

0.01

-0.02

0.02

0.01

A-

24.11.2010

NAN YA PLASTICS CORP

TWD

15491

6756

7852

17.86

6079

6324

6412

541

164

0.02

0.10

0.12

3.67

0.66

0.55

-0.19

-0.05

-1.48

-0.60

0.30

BBB+

30.12.2010

FORMOSA PLASTICS CORP

TWD

14697

15353

6121

15.54

5747

6130

6551

450

174

0.08

0.13

0.15

1.00

0.62

0.53

-0.26

0.06

-1.95

-0.46

0.26

BBB+

30.12.2010

ADVANCED INFO SERVICE-NVDR

THB

25931

5663

4523

4597

4823

5194

1956

1975

512

0.42

0.49

0.66

0.56

0.38

0.19

0.25

0.22

1.37

A-

24.10.2005

CHINA STEEL CORP

TWD

12021

13247

14963

15.35

6881

6964

7431

679

211

0.01

0.03

2.66

0.94

0.75

-0.46

-0.09

-1.11

-0.65

0.33

BM&FBOVESPA SA

BRL

10733

5522

1932

9.45

912

920

1002

1101

616

624

185

0.25

0.24

0.36

0.41

9.87

9.90

6.67

5.82

3.71

3.42

8.82

29.95

BBB+

21.06.2010

Baa1

20.06.2011

FIRSTRAND LTD

ZAr

16186

2904

5463

7043

6487

5685

6279

0.24

0.26

0.27

0.30

1.10

1.11

1.07

0.95

0.45

-0.43

BBB-

16.10.2012

ITAUSA-INVESTIMENTOS ITAU-PR

BRL

23108

17267

5373

2497

2544

2549

3065

-5051

-5160

0.37

0.38

0.44

0.54

4.02

3.41

2.82

4.85

-3.76

-98.92

-89.62

Baa2

27.06.2012

MOBILE TELESYSTEMS-SP ADR

USD

19569

1021

12436

12488

12879

13473

4898

5476

1260

2.31

2.50

8.21

7.58

0.95

7.53

-5.13

0.08

43.85

03.02.2012

PTT PCL-NVDR

THB

31574

3381

89260

89510

90085

94122

6776

6762

1985

1.30

1.38

0.27

0.26

0.48

0.38

0.13

0.24

BBB+

15.04.2009

Baa1

21.02.2011

DELTA ELECTRONICS INC

TWD

11763

5482

2421

1205

0.22

0.24

0.23

0.25

0.68

0.70

0.64

0.36

-0.14

0.27

0.01

0.24

BANK RAKYAT INDONESIA PERSER

IDR

17916

21527

24669

5810

5954

4993

5742

0.08

0.09

0.00

BB+

02.05.2012

Baa3

15.03.2013

TURKIYE GARANTI BANKASI

TRY

16361

16613

4197

9108

9322

5082

5386

0.44

0.45

0.48

4.60

4.49

4.22

7.41

5.46

BB+

05.04.2013

Baa2

03.07.2012

CATHAY FINANCIAL HOLDING CO

TWD

15012

65153

10300

15.21

1025

2833

2881

0.10

0.08

0.46

0.56

0.54

BBB+

29.04.2009

SANLAM LTD

ZAr

9656

988

1936

9.01

8827

3775

4114

0.30

0.31

0.34

1.54

1.47

1.33

6.26

4.86

CHINA SHENHUA ENERGY CO-H

HKD

51042

20032

19890

47.22

32262

32900

34912

11346

0.32

0.30

0.32

0.81

0.80

0.85

0.81

2.53

3.27

0.48

2.09

4.53

CIELO SA

BRL

19274

1699

785

20.04

2398

2542

3094

3353

1362

1409

471

1.30

1.35

1.46

1.60

8.05

8.06

7.44

6.75

12.79

12.84

24.49

Baa2

01.11.2012

TATNEFT-CLS

RUB

12288

2123

13.60

13466

SIAM COMMERCIAL BANK P-NVDR

THB

16807

8864

PKO BANK POLSKI SA

PLN

12884

901

1250

UNI-PRESIDENT ENTERPRISES CO

TWD

9544

13763

4862

10.40

SHOPRITE HOLDINGS LTD

ZAr

10631

929

535

SIME DARBY BERHAD

MYR

17777

4080

6010

WANT WANT CHINA HOLDINGS LTD

HKD

17971

11085

13228

TENAGA NASIONAL BHD

MYR

15032

23575

5502

AGRICULTURAL BANK OF CHINA-H

HKD

131456

74706

324794

HINDUSTAN UNILEVER LTD

INR

21727

1158

CREDICORP LTD

USD

9515

ROSNEFT OAO

RUB

74735

URALKALI

RUB

FUBON FINANCIAL HOLDING CO

TWD

ALFA S.A.B.-A

MXN

BANK MANDIRI PERSERO TBK PT

9273

7916

24.79

12.10

0.33

17303

17113

3682

952

0.71

0.95

0.92

0.24

0.18

0.19

-0.85

0.13

0.54

0.33

25.08.2006

5872

5854

3854

4271

0.46

0.53

0.34

0.30

0.87

0.50

BBB+

23.12.2010

(P)A3

27.04.2011

5281

5172

3154

3402

0.89

0.84

0.73

0.85

3.65

4.21

3.63

2.66

1.92

14.06.2013

18.06.2009

1556

1620

1700

0.08

0.09

0.10

0.76

0.70

0.63

-0.32

0.00

0.11

-0.01

0.20

10.33

8227

8791

9459

10830

583

636

0.60

0.64

0.69

0.80

2.90

2.93

2.69

2.31

1.43

1.50

1.74

2.22

0.72

20.29

14933

15104

14915

15814

2095

1949

0.18

0.17

0.19

5.10

5.35

4.97

4.30

1.80

0.86

3.40

4.05

11.01.2013

2.25

433

524

622

104

0.01

4.18

3.50

2.97

1.80

3.43

4.67

3.22

3.11

20.08

11245

11452

11633

12227

3276

3249

0.17

0.25

0.21

0.23

3.39

3.34

4.08

3.67

3.51

2.48

25.87

1.35

8.90

BBB+

10.12.2009

167

399

84119

86270

60533

67655

0.06

0.07

0.68

0.62

0.56

2.46

17.12.2012

2162

4485

5061

5766

702

0.26

0.29

0.28

0.30

0.57

0.64

0.60

0.55

0.25

0.34

0.26

732

4136

4229

3286

3794

9.90

9.80

10.48

12.32

12.17

11.38

9.68

27.26

14.59

9238

2978

3033

3616

3806

565

555

273

0.03

0.19

0.39

0.61

-0.32

0.30

0.55

BBB

16.04.2013

20.11.2006

19330

1352

2846

0.66

0.02

0.01

0.02

0.37

0.41

0.33

0.39

1.52

0.36

1.13

1.77

BBB-

18.06.2012

12118

33144

9041

12.71

531

980

1201

520

0.06

0.11

0.12

0.74

0.39

0.36

3.25

BBB+

16.12.2008

12425

4890

5200

16.06

15566

15582

15447

16266

1887

500

0.14

0.13

0.15

1.48

1.42

1.24

0.73

0.93

1.86

1.40

0.94

IDR

17530

33718

23333

5701

5915

4880

5709

0.07

0.08

0.09

0.00

BB+

21.04.2011

20.12.2004

REMGRO LTD

ZAr

10374

204

514

10.00

1346

1443

1477

1601

112

-65

128

0.94

0.81

1.03

1.34

2.31

2.44

1.81

1.40

1.07

1.12

1.68

-0.09

-0.45

CHINA PACIFIC INSURANCE GR-H

HKD

24417

11890

9062

5.27

21547

24378

27490

0.08

0.14

0.16

4.16

4.18

2.28

1.95

0.97

2.81

SAMSUNG FIRE & MARINE INS

KRW

10104

9.30

12266

15202

16675

15.31

15.32

16.41

18.82

0.01

0.07

0.01

AA-

29.05.2013

TAIWAN MOBILE CO LTD

TWD

12440

3993

2690

13.15

2239

3610

3651

623

0.19

0.18

0.20

0.21

0.67

0.61

0.57

0.29

0.21

-0.08

-0.14

0.92

BANCO BRADESCO S.A.

BRL

50686

1037

4199

136

44373

70734

28612

30792

1.39

1.21

1.33

1.49

4.60

4.18

3.74

0.78

6.10

BBB

30.04.2008

Baa1

20.06.2011

BIDVEST GROUP LTD

ZAr

7952

121

312

13279

14078

14840

16035

875

908

1.33

1.45

1.55

1.73

1.67

1.83

1.56

1.40

1.26

0.72

1.20

0.95

0.64

21.12

4.22

8.20

120

122

137

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

A-

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.29

2.10

1.91

2.29

1.47

1.40

1.35

1.47

10.34

9.65

10.01

10.34

9.10

8.39

7.84

9.10

14.89

13.32

12.13

14.89

2.14

2.30

2.40

2.14

1778.7

8.4%

Euro Stoxx 50 Pr

1.16

1.10

1.04

1.16

0.76

0.74

0.72

0.76

5.77

5.30

4.82

5.77

6.91

6.53

6.18

6.91

11.62

10.36

9.34

11.62

4.30

4.58

4.92

4.30

2970.0

11.1%

NIKKEI 225

1.57

1.47

1.37

1.57

0.75

0.73

0.71

0.75

9.28

8.56

7.84

9.28

8.98

8.31

7.83

8.98

18.31

16.25

14.66

18.31

1.59

1.74

1.88

1.59

14922.4

3.1%

FTSE 100 INDEX

1.70

1.59

1.48

1.70

0.96

0.93

0.96

8.36

7.68

7.02

8.36

6.94

6.41

6.04

6.94

12.08

11.00

10.19

12.08

3.88

4.18

4.52

3.88

7105.8

9.0%

SWISS MARKET INDEX

2.37

2.20

2.05

2.37

2.03

1.93

1.85

2.03

12.17

11.10

9.90

12.17

13.01

11.98

11.22

13.01

14.89

13.41

12.22

14.89

3.26

3.64

4.17

3.26

8622.8

8.5%

S&P/TSX COMPOSITE INDEX

1.63

1.52

1.41

1.63

1.39

1.43

1.48

1.39

8.21

7.41

6.14

8.21

8.33

7.37

6.80

8.33

14.15

12.48

11.35

14.15

3.30

3.45

3.61

3.30

14134.3

15.8%

S&P/ASX 200 INDEX

1.78

1.69

1.59

1.78

1.67

1.58

1.51

1.67

10.08

9.10

8.68

10.08

8.52

7.74

7.21

8.52

13.83

12.55

11.60

13.83

4.82

5.16

5.51

4.82

5201.8

6.6%

HANG SENG INDEX

1.23

1.13

1.07

1.23

1.59

1.47

1.36

1.59

7.38

7.02

6.52

7.38

7.57

6.94

6.30

7.57

9.82

9.03

8.29

9.82

3.92

4.23

4.64

3.92

24805.7

19.9%

MSCI EM

1.31

1.20

1.09

1.31

0.93

0.87

0.81

0.93

6.48

5.94

5.47

6.48

7.10

6.46

5.93

7.10

10.03

9.02

8.26

10.03

3.09

3.41

3.71

3.09

1120.1

23.6%

1.21

0.97

0.82

0.77

0.69

0.61

2.86

2.55

2.31

4.90

4.52

0.61

0.75

0.82

0.83

0.87

1901750.00

53.7%

2.83

2.85

2.87

2.83

121.96

15.1%

4.31

4.37

4.26

4.95

88.69

10.4%

SAMSUNG ELECTRONICS CO LTD TAIWAN SEMICONDUCTOR MANUFAC CHINA MOBILE LTD

1.77

1.60

1.47

1.36

2.27

2.15

2.05

1.93

CHINA CONSTRUCTION BANK-H

1.10

0.95

0.84

0.75

2.28

2.05

1.85

IND & COMM BK OF CHINA-H

1.17

1.01

0.88

0.78

2.56

2.34

AMERICA MOVIL SAB DE C-SER L

3.19

3.11

3.35

3.07

1.28

TENCENT HOLDINGS LTD

10.73

7.80

5.89

4.61

7.05

GAZPROM OAO

0.33

0.27

0.26

0.24

0.17

BANK OF CHINA LTD-H

0.83

0.73

0.66

0.59

CNOOC LTD

1.48

1.28

1.14

1.03

SBERBANK

1.07

1.06

0.91

0.79

0.59

HYUNDAI MOTOR CO

1.45

1.19

0.99

ITAU UNIBANCO HOLDING S-PREF

1.66

1.62

1.43

MTN GROUP LTD

3.58

3.47

LUKOIL OAO

0.60

NASPERS LTD-N SHS PETROBRAS - PETROLEO BRAS-PR

10.07

10.42

10.35

1.67

3.61

4.88

5.06

5.12

5.38

4.89

4.50

4.19

6.44

6.92

7.30

8.17

7.17

36.5%

2.11

1.91

3.86

4.80

5.06

5.64

5.12

4.77

4.37

6.22

6.73

7.18

7.90

6.42

35.4%

1.25

1.21

1.19

1.17

5.18

5.19

4.96

4.68

7.7%

10.06

7.40

5.84

4.76

4.45

26.48

22.91

17.93

15.85

0.58

0.55

0.54

0.52

0.51

1.86

1.76

1.89

1.98

1.99

1.82

1.65

1.47

3.36

4.17

4.40

4.32

1.94

1.80

1.67

1.57

1.56

4.79

4.67

4.32

4.10

2.15

1.80

1.59

1.41

1.28

5.28

5.24

4.92

4.59

1.08

1.01

1.28

1.71

1.75

1.60

1.46

1.51

9.54

9.08

7.98

7.03

3.27

3.07

2.53

2.45

2.27

2.10

1.95

8.57

7.41

6.73

6.11

0.55

0.50

0.46

0.36

0.37

0.36

0.32

2.75

2.96

2.42

2.47

5.64

4.96

4.19

3.48

6.42

5.22

4.50

3.65

35.56

26.30

21.35

12.87

0.54

0.51

0.49

0.65

0.63

0.59

0.58

0.61

3.44

3.37

3.06

2.78

CIA DE BEBIDAS DAS AME-PREF

9.18

8.86

8.45

8.17

8.11

7.34

6.65

6.12

5.30

24.51

21.47

17.48

15.99

PETROCHINA CO LTD-H

1.21

1.14

1.06

1.00

0.71

0.65

0.61

0.60

0.66

4.58

4.19

3.88

3.80

HON HAI PRECISION INDUSTRY

1.20

0.29

0.23

0.19

BANCO BRADESCO SA-PREF

1.57

1.39

1.24

1.12

1.85

1.77

1.65

1.53

1.59

9.39

8.78

7.76

6.90

SASOL LTD

2.05

1.87

1.67

1.52

1.65

1.59

1.54

1.50

1.42

6.83

6.33

5.87

6.17

4.76

5.81

5.79

5.55

5.70

VALE SA-PREF

0.85

0.80

0.73

0.70

1.62

1.46

1.37

1.29

1.25

3.85

3.88

3.90

4.10

4.90

5.24

4.42

4.29

FOMENTO ECONOMICO MEXICA-UBD

4.46

2.96

2.78

2.15

1.88

1.72

1.55

1.42

1.28

26.16

16.75

15.83

11.17

13.49

12.14

10.68

5.22

4.40

3.72

0.76

0.75

0.73

0.64

1.35

1.23

1.11

PETROBRAS - PETROLEO BRAS

0.49

0.46

0.44

0.42

0.65

0.63

0.59

0.58

CHINA LIFE INSURANCE CO-H

1.84

1.60

1.44

1.26

1.15

0.98

0.88

0.79

0.74

INFOSYS LTD

3.70

3.14

2.72

2.37

3.54

3.23

2.95

2.63

CHINA PETROLEUM & CHEMICAL-H

0.93

0.85

0.78

0.72

0.19

0.18

0.17

POSCO

0.65

0.62

0.60

0.57

0.73

0.80

VALE SA

0.93

0.87

0.80

0.76

1.62

WALMART DE MEXICO-SER V

4.65

4.47

4.07

3.58

1.53

HYUNDAI MOBIS CO LTD

1.45

0.60

8.47

8.20

7.18

6.47

0.61

3.11

3.05

2.76

2.51

1.92

13.79

13.76

12.53

11.44

0.16

3.06

2.87

2.81

2.74

0.76

0.77

6.20

6.28

5.89

5.61

1.46

1.37

1.29

1.25

4.19

4.22

4.25

4.46

1.44

1.29

1.17

1.07

22.66

18.98

17.86

13.50

8.66

5.11

5.32

5.22

5.19

5.12

10.23

10.90

11.13

10.75

10.04

1.57

1.43

1.66

1.61

1.48

14.56

17.77

23.15

18.90

15.81

13.59

11.86

33.77

26.45

21.76

17.78

24.35

0.31

0.40

0.47

0.61

0.35

302.85

0.5%

1.55

2.43

2.45

2.55

2.53

2.43

2.29

2.52

2.66

2.65

3.58

6.61

6.33

7.22

7.68

9.22

182.88

60.2%

5.11

4.64

4.33

3.93

6.62

7.32

7.90

8.73

4.13

35.1%

3.91

3.15

2.97

2.75

2.48

2.71

7.17

7.54

7.31

6.86

8.00

3.07

3.49

3.70

3.99

3.89

16.74

27.2%

5.85

5.56

5.16

4.58

4.68

2.86

3.31

3.88

4.54

6.80

133.36

44.7%

6.10

5.94

5.51

0.86

0.90

0.93

0.97

0.91

269441.19

23.9%

9.32

8.85

7.75

6.80

5.93

3.36

3.57

3.96

4.56

5.54

36.89

37.7%

5.42

1.49

3.35

10.14

5.84

RELIANCE INDUSTRIES LTD

3.45

11.68

5.53

HOUSING DEVELOPMENT FINANCE

3.52

12.87

5.52

0.46

3.58

14.50

5.63

0.37

1.76

16.57

%D to Spot

1.91

2.06

3.58

1.86

2.35

5.44

5.10

5.90

5.69

5.34

4.92

4.47

15.70

13.99

12.31

11.12

10.05

4.66

5.19

5.85

6.61

7.91

18879.92

3.7%

2.84

2.87

2.61

2.63

2.45

4.02

4.10

4.12

4.23

3.44

4.72

5.51

6.06

6.58

7.88

2409.94

26.2%

42.38

38.72

32.23

25.90

17.63

35.20

27.03

21.59

16.87

0.54

0.67

0.85

1.01

5.61

4.88

4.31

3.78

3.61

9.25

6.56

6.07

5.41

4.24

4.23

4.79

5.31

5.41

16.74

14.95

13.48

12.30

24.57

22.91

20.22

18.28

15.37

3.10

3.56

3.86

4.16

6.13

5.53

5.10

4.83

10.90

10.05

9.32

8.85

6.51

4.19

4.41

4.75

5.24

5.21

5.72

4.85

4.37

9.40

9.49

8.47

8.11

2.04

2.11

2.24

2.30

9.40

8.62

7.70

6.73

5.59

3.63

3.96

4.35

5.16

9.29

9.49

9.33

9.48

8.83

3.89

4.24

4.30

4.51

6.11

5.53

5.47

5.72

5.65

8.45

9.65

8.33

29.56

24.65

21.07

18.50

9.76

9.26

8.14

6.79

5.61

4.88

4.31

3.78

10.43

10.26

9.35

8.56

4.88

4.22

3.88

3.68

7.37

7.25

6.39

6.24

5.24

4.42

4.29

4.30

15.20

14.08

12.37

10.95

4.79

1.31

3.72

3.20

2.77

2.41

BRF SA

2.87

2.60

2.41

2.16

MAGNIT OJSC-SPON GDR REGS

8.37

6.42

5.26

4.30

KIA MOTORS CORPORATION

1.42

1.12

0.91

GRUPO TELEVISA SAB-SER CPO

2.90

2.55

2.30

3.65

3.64

MEDIATEK INC

2.09

CHUNGHWA TELECOM CO LTD

2.10

2.08

2.04

BANK CENTRAL ASIA TBK PT

4.50

3.71

3.13

2.62

STANDARD BANK GROUP LTD

1.52

1.38

1.27

1.16

0.92

0.77

1.96

1.84

1.74

1.57

1.27

1.04

10.59

9.35

9.06

SAMSUNG ELECTRONICS-PREF MALAYAN BANKING BHD

2.14

SK HYNIX INC

1.30

1.15

1.03

2.04

1.46

1.30

1.18

1.07

3.49

1.79

1.39

1.11

0.91

0.81

0.89

0.84

2.59

2.43

2.28

2.20

3.64

3.01

2.78

3.82

3.66

3.94

8.18

6.89

5.84

5.02

60.90

17.38

15.47

2.65

2.35

2.14

1.95

9.65

8.27

7.66

0.08

0.07

11.97

14.49

5.01

4.58

4.17

13.53

12.71

1.37

1.22

1.15

7.55

6.45

5.48

1.87

2.58

5.47

11.42

9.89

8.95

8.08

0.99

20.56

13.97

11.92

10.72

9.40

0.75

23.87

17.96

14.51

11.93

9.49

12.59

11.97

10.47

9.51

19.28

12.29

10.14

8.99

13.02

17.15

14.99

8.73

19.27

8.25

12.34

8.96

33.57

28.37

23.96

86.31

15.9%

5.00

5.91

36.13

38.9%

4.47

4.64

4.61

42972.00

-0.9%

6.08

5.44

5.26

6.61

45.21

73.3%

1.31

1.62

1.74

1.83

2.24

147.13

11.2%

1.48

1.73

1.97

2.28

906.51

9.2%

6.58

1.02

1.11

1.20

1.32

927.55

6.0%

8.37

5.94

5.49

4.90

3.84

3.93

4.61

5.17

6.45

24.78

82.8%

35.23

13.48

11.50

9.22

8.00

1.20

2.20

2.65

3.00

25.36

44.7%

15.28

14.87

13.50

12.01

1.93

1.98

2.18

2.45

7.78

6.57

6.23

6.10

4.44

5.49

5.85

5.99

0.81

1.01

1.23

1.40

10.02

11.44

10.07

9.94

3.09

2.67

2.72

4.51

6.66

6.01

5.95

6.23

6.15

7.72

5.14

10.07

27.34

25.29

22.13

19.10

17.27

1.50

8.26

7.01

6.49

6.13

3.61

3.39

5.24

8.05

2569.76

2.9%

5.97

7.18

35.5%

738.22

10.1%

2.67

2.46

382875.00

27.4%

5.30

6.19

5.88

51.26

80.6%

2.26

2.14

2.15

3.05

40.65

11.5%

0.71

0.78

0.82

0.83

0.78

339514.72

33.7%

2.20

2.04

2.40

2.62

3.38

47096.55

22.3%

3.30

3.41

3.86

4.23

7857.69

20.9% 9.6%

13.23

11.57

10.38

63.16

22.10

17.28

14.89

12.25

0.74

1.23

1.65

1.85

2.06

52.04

35.29

27.08

21.77

17.45

13.75

0.46

0.95

1.17

1.46

2.78

57.39

5.4%

5.96

6.91

6.44

6.13

1.09

1.12

1.18

1.23

1.14

70029.41

15.9% 11.3%

7.73

7.28

7.06

20.85

20.40

17.33

16.01

0.52

0.61

0.66

0.93

1.16

69.25

12.57

14.68

28.77

19.08

15.18

14.39

2.60

3.08

4.04

4.48

21.77

409.84

15.9%

9.13

8.94

8.59

18.84

19.84

19.49

19.03

4.98

4.99

4.96

5.16

86.21

-13.3%

13.40

19.63

16.87

14.11

12.00

1.37

1.43

1.72

2.09

10343.94

11.8%

6.64

11.57

10.11

8.92

7.77

4.16

4.70

5.32

6.03

11922.33

10.7%

4.56

4.33

1.50

1.81

1550000.00

92.5%

14.25

13.36

12.39

5.07

4.94

5.11

5.57

10.72

2.8%

7.32

6.32

5.94

0.04

0.17

0.41

0.48

38941.18

37.4%

2.35

2.20

2.94

3.52

44560.71

30.9%

30.55

25.80

22.10

1.66

1.92

2.32

2.75

357.69

2.9%

0.01

6.99

2.46

13.69

0.01

11.45

15.10 3.48

2.98

3.05

20.07

16.95

14.14

KB FINANCIAL GROUP INC ITC LTD

21.7%

4.03

16.45 8.87

13.36

11.4%

10.93

9.95

8.36 2.13

91.51

11.26

7.73

1.41

57.5%

12.57

SHINHAN FINANCIAL GROUP LTD ASTRA INTERNATIONAL TBK PT

6.1%

23.60

13.29

HDFC BANK LIMITED

5.34

80072.09 5.27

22.56

24.22

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

36.53

14.73

11.86

2.16

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.29

2.10

1.91

2.29

1.47

1.40

1.35

1.47

10.34

9.65

10.01

10.34

9.10

8.39

7.84

9.10

14.89

13.32

12.13

14.89

2.14

2.30

2.40

2.14

1778.7

8.4%

Euro Stoxx 50 Pr

1.16

1.10

1.04

1.16

0.76

0.74

0.72

0.76

5.77

5.30

4.82

5.77

6.91

6.53

6.18

6.91

11.62

10.36

9.34

11.62

4.30

4.58

4.92

4.30

2970.0

11.1%

NIKKEI 225

1.57

1.47

1.37

1.57

0.75

0.73

0.71

0.75

9.28

8.56

7.84

9.28

8.98

8.31

7.83

8.98

18.31

16.25

14.66

18.31

1.59

1.74

1.88

1.59

14922.4

3.1%

FTSE 100 INDEX

1.70

1.59

1.48

1.70

0.96

0.93

0.96

8.36

7.68

7.02

8.36

6.94

6.41

6.04

6.94

12.08

11.00

10.19

12.08

3.88

4.18

4.52

3.88

7105.8

9.0%

SWISS MARKET INDEX

2.37

2.20

2.05

2.37

2.03

1.93

1.85

2.03

12.17

11.10

9.90

12.17

13.01

11.98

11.22

13.01

14.89

13.41

12.22

14.89

3.26

3.64

4.17

3.26

8622.8

8.5%

S&P/TSX COMPOSITE INDEX

1.63

1.52

1.41

1.63

1.39

1.43

1.48

1.39

8.21

7.41

6.14

8.21

8.33

7.37

6.80

8.33

14.15

12.48

11.35

14.15

3.30

3.45

3.61

3.30

14134.3

15.8%

S&P/ASX 200 INDEX

1.78

1.69

1.59

1.78

1.67

1.58

1.51

1.67

10.08

9.10

8.68

10.08

8.52

7.74

7.21

8.52

13.83

12.55

11.60

13.83

4.82

5.16

5.51

4.82

5201.8

6.6%

HANG SENG INDEX

1.23

1.13

1.07

1.23

1.59

1.47

1.36

1.59

7.38

7.02

6.52

7.38

7.57

6.94

6.30

7.57

9.82

9.03

8.29

9.82

3.92

4.23

4.64

3.92

24805.7

19.9%

MSCI EM

1.31

1.20

1.09

1.31

0.93

0.87

0.81

0.93

6.48

5.94

5.47

6.48

7.10

6.46

5.93

7.10

10.03

9.02

8.26

10.03

3.09

3.41

3.71

3.09

1120.1

23.6%

PING AN INSURANCE GROUP CO-H

1.97

1.64

1.40

1.21

0.84

0.75

0.65

0.57

13.72

10.83

9.27

8.04

1.15

1.44

1.75

2.05

74.96

53.5%

TATA CONSULTANCY SVCS LTD

7.39

5.87

4.80

3.97

4.68

4.04

3.56

3.08

2.37

20.32

17.39

15.56

14.34

15.84

13.72

12.24

10.76

21.17

18.60

16.54

14.40

1.51

1.76

1.95

2.26

1570.79

4.4%

CEMEX SAB-CPO

0.49

1.05

1.02

0.79

0.78

0.73

0.69

0.64

8.38

9.08

7.69

6.60

10.88

9.90

8.75

8.05

6.63

83.48

30.97

0.31

0.00

15.00

11.6%

CIMB GROUP HOLDINGS BHD

2.16

1.95

1.76

1.58

4.75

4.27

3.86

3.49

3.09

3.05

3.35

3.83

8.87

7.7%

GRUPO MEXICO SAB DE CV-SER B

3.05

2.37

2.08

1.84

2.24

2.04

1.85

5.50

5.56

4.99

4.57

4.08

5.83

3.48

4.88

6.82

48.91

29.7%

CHINA OVERSEAS LAND & INVEST

1.96

1.58

1.34

1.17

2.45

1.99

1.69

1.47

7.48

6.34

5.41

4.61

NOVATEK OAO-SPONS GDR REG S

4.21

3.41

3.01

2.59

5.58

4.14

3.41

GRUPO FINANCIERO BANORTE-O

2.13

1.81

1.60

1.38

3.71

3.20

ECOPETROL SA

2.85

2.36

2.22

2.11

2.48

TELEKOMUNIKASI INDONESIA PER

3.94

3.50

3.18

2.91

0.98

2.06

1.93

39.24

25.35

22.89

20.60

1.59

6.59

6.66

6.11

6.91

6.23

4.85

4.17

2.95

2.64

15.47

11.92

10.93

9.74

2.81

2.50

1.62

15.75

12.80

9.99

8.62

2.48

2.43

2.41

2.12

7.76

7.52

7.61

8.08

2.68

2.52

2.36

7.03

6.34

5.99

5.66

8.51 38.46 7.03

5.60

6.02

5.84

5.69

5.94

5.49

5.15

4.82

5.49

14.23

13.18

11.89

10.62

10.04

11.23

10.36

9.10

22.40

7.52

10.44

8.44

7.21

6.26

1.89

2.32

2.72

3.19

25.22

26.6%

17.21

13.49

11.49

10.22

9.20

1.76

2.44

2.58

2.98

3.02

138.33

14.7%

15.55

12.60

10.38

8.80

6.61

0.95

1.35

1.71

2.20

2.97

98.76

33.4%

10.58

12.04

11.66

11.78

9.91

6.04

5.81

5.41

4.88

6.88

4644.82

15.8%

16.43

14.71

13.56

12.37

3.65

4.39

4.97

5.57

12401.04

12.7%

0.21

0.23

0.27

0.30

0.42

341677.41

15.6%

1.55

1.59

1.69

1.63

1.55

323185.19

25.5%

NHN CORP LG CHEM LTD

0.71

7.82

%D to Spot

11.50

12.03

9.82

NAN YA PLASTICS CORP

1.89

1.74

1.68

1.62

2.54

2.45

2.42

2.25

20.38

21.55

15.12

21.68

34.77

25.64

22.94

28.71

135.62

19.73

16.63

14.57

1.18

2.83

3.78

4.44

66.10

11.3%

FORMOSA PLASTICS CORP

1.97

1.84

1.76

1.63

2.56

2.40

2.24

2.15

15.39

13.80

15.12

10.94

31.41

24.21

21.09

21.16

30.31

18.70

15.85

14.24

3.00

2.89

3.80

4.61

77.04

6.6%

ADVANCED INFO SERVICE-NVDR

18.63

17.21

16.18

15.31

5.84

5.38

4.99

4.62

5.40

16.82

15.17

13.22

11.13

22.76

20.79

17.67

15.34

CHINA STEEL CORP

1.29

1.24

1.22

1.07

BM&FBOVESPA SA

1.21

1.20

1.19

FIRSTRAND LTD

2.63

2.24

1.95

1.72

ITAUSA-INVESTIMENTOS ITAU-PR

1.27

1.37

1.21

MOBILE TELESYSTEMS-SP ADR

5.17

4.02

3.68

3.21

PTT PCL-NVDR

1.52

1.41

1.28

DELTA ELECTRONICS INC

4.29

3.87

BANK RAKYAT INDONESIA PERSER

2.82

2.23

TURKIYE GARANTI BANKASI

1.52

CATHAY FINANCIAL HOLDING CO

0.69

1.73

1.62

1.56

1.35

10.86

13.80

11.66

11.45

11.70

10.71

9.75

8.88

7.99

17.83

14.82

13.48

11.63

11.84

9.51

8.78

8.20

3.33

2.85

2.58

2.32

10.55

9.06

7.54

6.57

1.57

1.52

1.45

1.38

1.15

0.36

0.35

0.34

1.85

1.56

4.09

3.59

3.12

2.67

1.32

1.19

1.06

3.68

3.22

3.04

2.68

1.86

1.66

1.62

6.57

5.30

5.21

SANLAM LTD

2.03

1.86

1.69

1.54

3.30

2.56

2.35

2.15

CHINA SHENHUA ENERGY CO-H

1.19

1.08

0.97

0.89

1.32

1.23

1.16

1.11

CIELO SA

18.81

14.67

11.93

10.38

7.21

6.23

5.75

TATNEFT-CLS

0.87

0.88

0.90

0.57

0.64

0.71

0.72

SIAM COMMERCIAL BANK P-NVDR

2.46

2.10

1.83

1.59

1.40

5.05

4.36

PKO BANK POLSKI SA

1.75

1.68

1.57

1.45

1.37

3.74

UNI-PRESIDENT ENTERPRISES CO

3.49

3.24

3.02

2.75

6.05

SHOPRITE HOLDINGS LTD

8.40

6.85

5.97

5.19

SIME DARBY BERHAD

2.17

2.06

1.93

1.81

WANT WANT CHINA HOLDINGS LTD

11.23

9.44

7.85

TENAGA NASIONAL BHD

1.38

1.23

AGRICULTURAL BANK OF CHINA-H

1.03

HINDUSTAN UNILEVER LTD CREDICORP LTD

3.15

1.30

196.23

2.44

19.4%

9.11

8.53

8.01

7.84 3.01

3.92

4.45

5.05

161.04

10.3%

1.95

2.70

2.91

3.67

9708.75

33.9%

10.48

38.6%

42.83

3.0%

16.52

23.11

1.13

1.88

1.90

1.96

15.53

14.80

13.36

12.05

11.95

3.45

4.09

4.51

4.98

4.94

4631.60

0.2%

31.25

60.9%

10.06

1.29

1.12

0.98

0.86

1.26

1.19

1.12

1.06

7.04

5.09

4.42

3.73

1.14

1.08

1.37

1.29

0.90

0.79

0.69

1.89

32.53

33.64

28.96

22.97

2.29

2.02

1.76

1.57

ROSNEFT OAO

0.90

0.87

0.78

0.71

URALKALI

2.44

2.32

2.12

1.98

FUBON FINANCIAL HOLDING CO

1.21

1.13

ALFA S.A.B.-A

3.03

2.75

2.40

2.25

BANK MANDIRI PERSERO TBK PT

2.37

1.98

1.68

1.47

10.69

25.53

24.32

0.76

22.30

21.12

18.16

16.37

0.89

14.03

14.07

15.33

11.76

3.17

26.64

20.90

18.61

1.23

1.17

6.69

5.19

1.72

1.54

1.38

3.24

4.88

4.29

3.77

3.31

3.28

2.90

2.51

2.21

0.50

0.75

0.63

0.60

0.59

1.55

4.81

4.79

4.29

3.92

13.43

12.36

10.09

0.80

0.76

0.71

0.69

10.85

10.04

9.28

8.83

4.27

3.59

3.07

2.61

2.18

11.89

10.88

9.21

8.28

8.20

7.02

6.49

6.00

15.23

13.51

12.15

0.91

0.79

0.70

0.63

0.74

0.66

0.61

0.57

3.45

3.41

0.46

22.62

16.26

12.06

1.53

8.92

16.92

6.19

0.50

8.02

29.52

29.49

1.65

7.28

3.53

3.30

0.54

6.05

3.07

5.43

1.77

7.89

2.43

3.51

0.60

7.58

2.08

5.61

1.85

8.21

6.41

3.79

2.41

42.2%

11.42

7.31

5.89

1.23

16.3%

11.02

8.19

4.09

2.71

3357.90

6.71

8.71

7.96

1.37

5.71

5.55

9.78

9.13

3.05

5.04

4.39

3.94

10.55

1.53

4.39

4.00

4.42

26.23

3.70

3.58

5.18

3.11

1.72

7.92

5.20

5.91

3.48

BIDVEST GROUP LTD

8.57

6.38

6.74

3.93

BANCO BRADESCO S.A.

9.58

7.71

7.84

5.47

0.96

10.76

8.31

19.38

11.32

1.08

13.40

8.90

5.06

7.07

26.2%

21.11

13.54

1.19

-1.3%

15.48

10.46

4.91

6.82

23.39

8.72

23.96

14.31

1.31

2.49

6.30

4.45

16.63

4.46

TAIWAN MOBILE CO LTD

3.50

5.37

7.85

17.69

SAMSUNG FIRE & MARINE INS

2.97

4.25

9.59

0.63

1.25

2.40

3.63

9.17

5.21

1.33

1.76

9.40

20.89

0.71

1.70

11.45

11.41

21.83

5.39

1.51

18.68

13.18

18.60

4.17

1.76

22.64

15.09

4.71

4.04

1.65

28.35

14.42

5.04

4.47

1.81

62.20

9.52

5.18

4.55

1.85

9.69

10.36

5.46

1.13

CHINA PACIFIC INSURANCE GR-H

13.29

11.46

4.00

12.43

REMGRO LTD

15.35

12.87

4.17

14.17

1.19

16.81

14.60

4.32

15.61

1.48

22.17

4.04

18.40

0.84

8.91

4.72

12.73

6.61

10.59

4.63

4.31

4.18

3.93

3.76

4.35

6.48

6.58

6.27

6.22

7.63

5.96

5.88

6.20

6.25

5.15

11.82

11.41

10.42

9.86

9.40

18.73

16.84

15.28

14.03

12.59

3.64

4.18

4.80

5.52

7.56

57.82

4.2%

3.86

3.89

4.01

4.22

3.90

5.77

5.94

6.16

7.15

5.31

4.47

4.18

3.80

3.33

4.14

197.60

6.2%

12.94

10.66

9.28

8.21

7.23 8.66

4.00

4.15

4.28

5.08

6.05

38.60

11.5%

2.04

2.51

2.92

3.18

62.49

5.7%

11.52

14.12

12.18

10.39

63.59

65.44

61.56

78.07

22.95

20.99

19.03

17.59

18.20

15.49

13.33

11.49

29.97

27.06

23.19

19.81

16.68

1.74

1.87

2.19

2.58

3.00

20391.50

8.8%

9.32

10.65

9.68

9.07

14.10

17.05

15.85

14.46

9.34

3.57

3.12

3.26

3.44

4.51

10.12

7.3%

16.78

21.92

18.26

15.47

13.14

33.14

27.18

23.03

19.14

1.84

2.36

2.80

3.31

11.30

7.2%

4.85

4.92

7.40

6.40

6.04

5.75

17.67

13.00

11.69

10.97

1.87

2.61

2.82

3.14

9.29

9.3%

4.43

5.24

4.78

4.35

3.89

6.43

7.10

7.77

8.65

4.16

37.2%

42.17

36.86

33.83

35.97

40.00

36.22

33.15

29.30

2.24

1.92

2.11

2.47

525.19

-13.2%

11.79

11.67

9.86

8.85

12.00

11.38

9.68

8.45

2.26

2.44

2.90

3.69

160.91

34.9%

0.53

3.41

3.15

3.29

3.47

3.45

11.06

10.38

9.15

8.35

1.59

10.30

9.64

8.52

7.57

16.46

10.46

9.79

7.95

10.48

31.01

6.19

27.52

8.85

24.45

6.93

5.35

5.05

5.10

4.09

6.11

6.12

6.37

5.14

3.63

4.16

4.00

5.82

261.48

12.4%

9.17

9.52

8.26

7.43

6.34

13.68

13.43

10.86

9.75

7.82

4.04

4.09

4.47

5.15

7.35

288.31

32.8%

13.87

11.66

10.94

10.18

9.16

2.60

2.85

3.08

3.31

45.77

19.5%

17.03

18.25

15.98

14.94

15.16

0.80

1.25

1.21

1.00

30.25

-2.7%

11.92

9.88

8.45

7.27

5.66

1.97

2.49

2.87

3.42

4.52

10899.57

45.3%

17.30

18.21

14.07

12.30

10.44

2.89

1.92

2.24

2.57

2.74

19361.67

2.5%

29.53

17.65

15.10

12.05

9.87

1.34

1.90

2.15

2.59

2.10

33.57

39.3%

14.45

13.00

11.33

10.42

1.81

1.98

2.22

2.27

1.77

261580.77

7.4%

19.85

18.31

17.04

16.10

4.71

5.07

5.48

5.89

108.19

-1.2%

2.58

2.85

3.19

3.53

26238.67

7.5%

8.40

87.34

9.20

8.49

78.39

7.87

70.12

13.44

13.56

8.66

7.87

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

7.34

62.44

7.18

7.01

10.32

9.47

8.46

7.39

17.78

15.67

14.03

12.77

6.14

09.07.2013

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

Price/Volume

12/2012 03/yy 1'584'000.00 1'091'000.00 393'899.00 1237000 -21.91% 13.38% 27.38% 147.3 182'209'280.00 3'111'874.00 119'467.0 0.0 16'911'345.00 164'325'687.87

1.0 M .8 M .6 M

600000

.4 M

400000

.2 M

200000 0 j-12

a-12

s-12 o-12

n-12 d-12

j-13

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

j-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

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

1.2 M

1200000 1000000 800000

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005930 KS EQUITY YTD Change 005930 KS EQUITY YTD % CHANGE

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

1.4 M

1600000 1400000

Valuation Analysis

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

1800000

LTM-4Q

31.12.2009 31.12.2010 31.12.2011 31.12.2012 89'772'834.0 112'249'475.0 120'815'977.0 141'206'377.0 1.05x 1.02x 1.06x 1.31x 14'207'387.0 20'345'636.0 18'987'465.0 27'701'730.0 6.61x 5.60x 6.75x 6.70x 6'208'140.0 13'236'461.0 10'029'152.0 17'398'530.0 18.96x 10.69x 15.82x 13.17x Profitability 27'701'730.00 18'510'436.00 13.11% 14.69% 13.65% 17.00% 17.16% 1.10% 29.6% 20.5% 14.1% 12.3% 1.77 1.38 2.34% 2.94% 7.84 17.49

Price/ Cash Flow

LTM

FY+1

.0 M j-13

1.14 106.62 10.41% -18.73% 1.142 53 4.830 355'768 393'773 306'787 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 ######### ######### ######### ######### 3.81x 4.80x 0.61x 0.49x ######### ######### ######### ######### 7.82x 6.23x 2.86x 2.55x ######### ######### - ######### 16.30x 13.00x 4.90x S&P Issuer Ratings Long-Term Rating Date 25.01.2006 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 25.01.2006 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 205.30 (EBITDA-Capex)/Interest Exp. 100.84 Net Debt/EBITDA -0.62 Total Debt/EBITDA 0.06 Reference Total Debt/Equity 2.9% Total Debt/Capital 2.9% Asset Turnover 1.10 Net Fixed Asset Turnover 3.36 Accounts receivable turnover-days 46.56 Inventory Days 20.87 Accounts Payable Turnover Day 25.67 Cash Conversion Cycle 38.44 Sales/Revenue/Turnover

12.00

160'000'000.0 140'000'000.0

10.00

120'000'000.0 8.00

100'000'000.0 80'000'000.0

6.00

60'000'000.0

4.00

40'000'000.0 2.00 0.00 02.01.2010

20'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

Samsung Electronics Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS SAMSUNG LIFE INSURAN NATIONAL PENSION SER CITIBANK NA SAMSUNG C&T CORP KUN HEE LEE KOREA INVESTMENT TRU CAPITAL GROUP COMPAN BLACKROCK SAMSUNG FIRE & MARIN VANGUARD GROUP INC SAMSUNG INVESTMENT T NORGES BANK FMR LLC FIL LIMITED T ROWE PRICE ASSOCIA MIRAE ASSET GLOBAL I FRANKLIN RESOURCES JAE-YONG LEE 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst

Tong Yang Investment Bank HYUN PARK BNP Paribas Equity Research PETER YU Nomura CHANG-WON CHUNG BMO Capital Markets TIMOTHY P LONG Daewoo Securities JAMES SONG NH Investment & Securities LEE SUN-TAE Korea Investment & Securities KEVIN SUNG-HYUK LEE Samsung Securities MINSEONG HWANG Eugene Investment & Securities Co., LtdLEE JEONG HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH Shinyoung Securities Co., Ltd. LIM DORI Shinhan Investment Corp KIM YOUNG-CHAN Maybank Kim Eng WARREN LAU Hanwha Securities Co., Ltd AHN SEONG-HO KB Investment & Securities Co., Ltd BYUN HAN-JOON Mirae Asset Securities DOH HYUN-WOO IBK Securities Co Ltd SEUNG-WOO LEE Ji Asia STEVE MYERS HSBC RICKY JUIL SEO HI Investment Securities SONG MYUNG-SUP Susquehanna Financial Group MEHDI HOSSEINI Morgan Stanley SHAWN KIM Hyundai Securities KIM JEFF Jefferies SUNDEEP BAJIKAR Sanford C. Bernstein & Co MARK C NEWMAN Macquarie DANIEL KIM CIMB DO-HOON LEE Mizuho Securities CHARLES PARK Daiwa Securities Co. Ltd. JAE H LEE S&P Capital IQ JAMES CRAWSHAW KIWOOM Securities Co Ltd KIM SUNG-IN KTB Securities JIN SUNG-HAE Woori Investment & Securities YOUNG PARK Credit Suisse KEON HAN Wedge Partners BRIAN BLAIR Goldman Sachs MICHAEL BANG Deutsche Bank SEUNGHOON HAN Barclays BAE SEUNG-CHUL JPMorgan JJ Park Standard Chartered SUN CHUNG Daishin Securities Co., Ltd. KANG JEONG-WON JEFF Hana Daetoo Securities CHUN SUNG-HOON Taurus Investment Securities Co Ltd YOUNG DAE KIM

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

Recommendation buy buy buy outperform buy buy buy buy buy buy buy buy buy buy buy buy buy sell overweight buy Positive Overwt/Attractive buy buy outperform outperform outperform buy buy strong buy buy buy buy outperform no rating system buy/attractive buy overweight overweight outperform buy buy buy

Amt Held 16'513'149 11'118'693 10'316'789 7'316'976 5'976'362 4'985'464 3'989'329 3'788'829 2'796'732 1'856'370 1'559'330 1'510'613 1'231'444 1'220'791 1'044'152 944'595 939'474 911'299 840'403 690'219

% Out 11.21 7.55 7 4.97 4.06 3.38 2.71 2.57 1.9 1.26 1.06 1.03 0.84 0.83 0.71 0.64 0.64 0.62 0.57 0.47

Weighting

Change

5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 5 5 4 5 5 5 5 5 5 5 5 5 5 5 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 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 (399'465) 46'942 1'473'927 (439'096) (33'075) (285'318) 94'994 (188'072) 87'673 2'237 31'047 10'558 119'705

Target Price 1'700'000 2'500'000 2'200'000 1'800'000 2'100'000 1'900'000 2'000'000 1'900'000 1'900'000 1'850'000 1'800'000 1'750'000 1'800'000 1'900'000 1'900'000 1'800'000 1'770'000 1'040'000 1'950'000 1'800'000 2'040'000 1'750'000 1'800'000 2'100'000 2'500'000 1'900'000 2'000'000 1'800'000 1'800'000 #N/A N/A 2'100'000 1'900'000 2'000'000 1'900'000 #N/A N/A 1'800'000 2'100'000 2'100'000 1'900'000 2'100'000 2'000'000 1'750'000 1'900'000

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

File Dt 30.09.2012 21.03.2013 20.11.2012 31.12.2011 21.03.2013 21.03.2013 30.11.2012 31.03.2013 05.07.2013 31.12.2011 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.12.2012 10.05.2013 31.03.2013 30.04.2013 23.12.2011 31.05.2013

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

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

Date 09.07.2013 09.07.2013 09.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 07.07.2013 07.07.2013 07.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 03.07.2013 02.07.2013 28.06.2013 26.06.2013 24.06.2013 12.06.2013 10.06.2013 10.06.2013 06.06.2013 05.06.2013 03.06.2013 27.05.2013 27.05.2013

09.07.2013

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

Price/Volume 120

70.0 M 60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/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 2330 TT EQUITY YTD Change 2330 TT EQUITY YTD % CHANGE

12/2012 12/yy 116.50 73.80 35'511'970.00 106 -9.01% 43.63% 73.07% 25'924.4 2'747'990.25 114'714.93 0.0 0.0 111'697.01 2'751'008.10

40.0 M

30.0 M 20.0 M

10.0 M

0 j-12

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

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

31.12.2012 499'871.9 5.04x 301'201.6 8.36x 166'158.8 15.13x

301'201.65 176'801.77 35.37% 36.74% 19.46% 24.57% 22.03% 0.59% 46.9% 60.3% 35.4% 33.2% 1.50 0.87 12.12% 15.86% 41.58 9.13

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M j-13

0.85 16'951.88 28.33 36.21% 12.34% 0.846 32 4.531 35'054'070 36'267'730 35'423'880 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 418'245.5 499'871.9 17.46x 18.17x 241'831.2 301'201.6 7.96x 8.36x 134'201.3 166'158.8 190'152.2 214'762.9 49'103.7 53'349.2 14.64x 15.14x 14.50x 12.87x 14.24x 13.97x S&P Issuer Ratings Long-Term Rating Date 20.04.2010 Long-Term Rating A+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 318.69 (EBITDA-Capex)/Interest Exp. 62.57 Net Debt/EBITDA 0.01 Total Debt/EBITDA 0.38 Reference Total Debt/Equity 15.9% Total Debt/Capital 13.7% Asset Turnover 0.59 Net Fixed Asset Turnover 0.96 Accounts receivable turnover-days 8.80 Inventory Days 40.07 Accounts Payable Turnover Day 15.08 Cash Conversion Cycle 33.79 Sales/Revenue/Turnover

12.00

600'000.0

10.00

500'000.0

8.00

400'000.0

6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00 02.01.2010

a-12

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

80.0 M

Valuation Analysis

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

90.0 M

100

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

09.07.2013

Taiwan Semiconductor Manufacturing Co Ltd Holdings By:

All

Holder Name TAIWAN SEMICONDUCTOR CAPITAL GROUP COMPAN NATIONAL DEVELOP FUN SAUDI ARABIAN MONETA ABERDEEN BLACKROCK GOVT OF SINGAPORE IN VANGUARD GROUP INC COMMONWEALTH BANK OF ABU DHABI INVESTMENT NORGES BANK CATHAY LIFE INSURANC FIL LIMITED WESTMINSTER FS PACIF POLARIS SEC INVESTME T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC SCHRODER INVESTMENT FRANKLIN RESOURCES JP MORGAN

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

Analyst

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

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

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

Amt Held 5'458'510'828 2'188'192'999 1'653'709'980 813'105'396 718'570'063 579'539'879 496'005'919 381'705'014 347'558'212 271'795'529 264'833'400 255'515'235 236'003'960 226'137'807 218'802'958 182'149'743 169'718'342 164'490'474 159'054'876 146'464'572

% Out 21.06 8.44 6.38 3.14 2.77 2.24 1.91 1.47 1.34 1.05 1.02 0.99 0.91 0.87 0.84 0.7 0.65 0.63 0.61 0.56

Weighting

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

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

Latest Chg 949'000 3'709'980 (48'412'257) (2'893'333) 36'479'965 (4'421'000) (2'620'135) (29'556'042) 9'600'000 14'532'000 6'126'741 (7'633'900) 32'054'118

Target Price 138 130 122 #N/A N/A 117 125 #N/A N/A 120 107 105 135 125 125 125 124 126 116 130 131 120 115 125 113 101 128 #N/A N/A 100 #N/A N/A

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

File Dt 31.12.2012 31.03.2013 31.05.2013 31.12.2012 31.05.2013 05.07.2013 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.05.2013 10.05.2013 30.04.2013 31.05.2013 30.04.2013 31.05.2013

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

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

Date 09.07.2013 07.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 28.06.2013 24.06.2013 21.06.2013 11.06.2013 10.06.2013 10.06.2013 05.06.2013 27.05.2013 23.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.01.2013 17.01.2013

09.07.2013

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 (21.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 941 HK EQUITY YTD Change 941 HK EQUITY YTD % CHANGE

12/2012 03/yy 92.60 74.90 15'875'306.00 80.3 -13.28% 7.21% 27.68% 20'101.0 1'614'107.75 29'846.00 0.0 1'862.0 402'903.00 904'297.10

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 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

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

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

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

31.12.2012 560'413.0 1.94x 256'811.0 4.24x 129'274.0 11.29x

256'811.00 155'549.00 27.76% 30.57% 12.90% 18.84% 18.06% 0.56% 45.8% 27.8% 23.1% 1.50 1.39 2.84% 4.13% 53.66 -

Price/ Cash Flow

LTM

FY+1

.0 M j-13

4.37 0.62 5'209.98 -1.63% -9.06% 0.618 38 3.553 18'033'090 20'849'050 16'463'330 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 537'272.0 567'668.0 591'926.8 622'765.0 155'022.5 0.00x 0.00x 1.56x 1.48x 0.0 0.0 256'966.7 261'854.6 64'710.0 0.00x 0.00x 3.52x 3.45x 126'806.0 129'354.0 127'522.8 123'189.9 39'697.0 0.00x 0.00x 10.07x 10.42x S&P Issuer Ratings Long-Term Rating Date 16.12.2010 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 658.49 (EBITDA-Capex)/Interest Exp. 337.92 Net Debt/EBITDA -1.45 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

7.00

600'000.0

6.00

500'000.0

5.00

400'000.0

4.00

300'000.0 3.00

200'000.0 2.00

100'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

China Mobile Ltd Holdings By:

All

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

Firm Name

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

Analyst

Nomura JIN YOON Deutsche Bank ALAN HELLAWELL HSBC TUCKER GRINNAN Macquarie DANNY CHU China Merchants Securities QIN ZHEN Yuanta Securities Investment ConsultingNICE WANG China International Capital Corp CHEN HAOFEI JPMorgan LUCY LIU Haitong International Securities ALEX LEE DBS Vickers TAM TSZ-WANG Standard Chartered STEVEN LIU BNP Paribas Equity Research ALEN LIN Goldman Sachs DONALD LU SWS Research Co Ltd ASHLEY SHENG Jefferies CYNTHIA JINHONG MENG Credit Suisse COLIN MCCALLUM CIMB BERTRAM LAI Maybank Kim Eng ANDY POON Core Pacific KEVIN TAM BOCOM International Holdings LI ZHIWU Morgan Stanley NAVIN KILLA New Street Research ALASTAIR JONES Barclays ANAND RAMACHANDRAN Pacific Crest Securities STEVE CLEMENT Masterlink Securities LV HAN Guotai Junan RICKY LAI Ji Asia NEIL JUGGINS Capital Securities Corp TEAM COVERAGE Bank of China International MICHAEL MENG 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 AMTD Financial Planning Limited KENNY TANG SING HING

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

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

Amt Held 14'890'116'842 214'809'256 176'608'252 162'179'052 64'676'421 58'165'633 53'719'500 51'875'169 44'508'755 37'789'538 35'979'737 31'895'774 29'089'838 29'042'693 28'091'937 23'813'731 22'804'255 16'763'500 16'448'300 15'521'798

% Out 74.08 1.07 0.88 0.81 0.32 0.29 0.27 0.26 0.22 0.19 0.18 0.16 0.14 0.14 0.14 0.12 0.11 0.08 0.08 0.08

Weighting

Change

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

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

Latest Chg (19'544'000) (3'379'500) (6'798'104) (2'720'871) (794'279) 4'132'500 292'500 (15'493'726) 1'796'272 (2'706'971) (7'949'533) (5'627'000) (1'366'000) (550'600) 1'521'798

Target Price 86 79 94 87 80 91 86 85 90 83 98 105 92 87 90 102 76 74 #N/A N/A 92 85 100 100 #N/A N/A 90 89 68 70 75 77 93 87 #N/A N/A #N/A N/A 89

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

File Dt 31.12.2012 31.05.2013 05.07.2013 31.03.2013 08.07.2013 06.06.2013 31.03.2013 30.04.2013 08.07.2013 31.12.2012 31.05.2012 31.05.2013 08.07.2013 30.06.2012 31.03.2013 31.12.2012 31.03.2013 31.05.2013 31.05.2013 31.05.2013

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

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

Date 09.07.2013 05.07.2013 05.07.2013 03.07.2013 02.07.2013 27.06.2013 27.06.2013 26.06.2013 21.06.2013 20.06.2013 19.06.2013 27.05.2013 23.05.2013 23.05.2013 22.05.2013 13.05.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 03.04.2013 27.03.2013 22.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.01.2013 10.12.2012 03.10.2012

09.07.2013

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

Price/Volume 7 6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 4.71 132'063'712.00 5.25 -22.22% 11.46% 26.47% 240'417.3 1'315'730.75 1'305'403.00 0.0 7'877.0 3'173'620.00 -

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

1 0 j-12

a-12

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

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

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

31.12.2012 713'433.0 193'179.0 6.50x

54.22% 54.26% 1.44% 21.57% 0.05% 41.7% 9.34% 138.62% -

Price/ Cash Flow

LTM

FY+1

1.15 73'180.76 9.47% -10.42% 1.150 38 4.763 ######### ######### ######### FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 615'870.0 728'529.0 506'646.8 562'470.9 128'636.0 126'505.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 173'585.0 201'247.0 210'808.9 228'140.3 59'035.0 57'641.5 7.01x 6.27x 4.89x 4.50x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 138.6% Total Debt/Capital 57.9% Asset Turnover 0.05 Net Fixed Asset Turnover 6.95 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

800'000.0

8.00

700'000.0

7.00

600'000.0

6.00

500'000.0

5.00

400'000.0

4.00

300'000.0

3.00

200'000.0

2.00

100'000.0

1.00 0.00 01.01.2010

s-12

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

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

2000.0 M 1800.0 M 1600.0 M 1400.0 M 1200.0 M 1000.0 M 800.0 M 600.0 M 400.0 M 200.0 M .0 M j-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

China Construction Bank Corp Holdings By:

All

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

Firm Name

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

Analyst

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

Source

Amt Held ULT-AGG 142'590'494'651 ULT-AGG 17'878'670'050 ULT-AGG 2'213'330'498 MF-AGG 2'137'262'411 Co File 2'000'000'000 Co File 2'000'000'000 Co File 1'315'282'730 Co File 1'015'613'000 ULT-AGG 921'243'233 MF-AGG 907'349'635 ULT-AGG 902'989'976 Co File 856'000'000 Co File 856'000'000 ULT-AGG 779'380'662 ULT-AGG 756'059'111 MF-AGG 745'923'963 MF-AGG 542'295'875 ULT-AGG 379'871'582 MF-AGG 375'065'047 Co File 374'500'000

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

Weighting

% Out 59.31 7.44 0.92 0.89 0.83 0.83 0.55 0.42 0.38 0.38 0.38 0.36 0.36 0.32 0.31 0.31 0.23 0.16 0.16 0.16

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

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

Latest Chg (44'294'000) 159'713'814 (810'000'000) 23'700'000 69'264'800 (677'000) 13'115'324 51'787'265 (199'884'208) -

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

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

File Dt 17.06.2013 31.12.2012 05.07.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 08.07.2013 31.12.2012 31.12.2012 31.05.2013 31.05.2013 30.06.2012 31.05.2013 31.12.2012 08.07.2013 31.12.2012

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

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

Date 05.07.2013 04.07.2013 04.07.2013 04.07.2013 26.06.2013 25.06.2013 24.06.2013 21.06.2013 21.06.2013 19.06.2013 17.06.2013 14.06.2013 12.06.2013 06.06.2013 03.06.2013 30.05.2013 21.05.2013 19.05.2013 13.05.2013 02.05.2013 29.04.2013 29.04.2013 28.04.2013 26.04.2013 07.04.2013 28.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.02.2013 07.11.2012 29.10.2012 28.08.2012 26.03.2012 01.11.2010 02.01.2009

09.07.2013

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

Price/Volume 6

2500.0 M

2000.0 M

Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1398 HK EQUITY YTD Change 1398 HK EQUITY YTD % CHANGE

12/2012 03/yy 6.00 3.97 192'304'247.00 4.74 -21.00% 19.40% 37.93% 86'794.0 1'725'320.38 2'277'630.00 0.0 3'462.0 4'355'972.00 -

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

1000.0 M

500.0 M

1 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

1500.0 M

Valuation Analysis

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

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

31.12.2012 840'810.0 238'532.0 6.10x

56.75% 57.46% 1.41% 22.20% 0.05% 44.4% 12.98% 202.46% -

Price/ Cash Flow

LTM

FY+1

.0 M j-13

1.35 69'386.00 20.51% -8.42% 1.352 36 4.639 ######### ######### ######### FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 753'881.0 861'113.0 582'257.1 645'641.6 142'405.0 141'197.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 215'813.0 245'940.0 254'223.4 273'813.7 62'563.0 71'625.0 6.98x 5.72x 5.12x 4.77x S&P Issuer Ratings Long-Term Rating Date 09.12.2010 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 09.12.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 202.5% Total Debt/Capital 66.9% Asset Turnover 0.05 Net Fixed Asset Turnover 6.86 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 |

09.07.2013

Industrial & Commercial Bank of China Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND TEMASEK HOLDINGS PRI JP MORGAN CAPITAL GROUP COMPAN BLACKROCK GOLDMAN SACHS GROUP VANGUARD GROUP INC NOMURA NORGES BANK THORNBURG INVESTMENT STATE STREET HANG SENG INVESTMENT FIL LIMITED SCHRODER INVESTMENT WILLIAM BLAIR & COMP INVESCO LTD PICTET FUNDS BARING INTERNATIONAL FMR LLC SHINHAN BNP PARIBAS

Firm Name

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

Analyst

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

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

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

Amt Held % Out 10'405'376'524 11.99 7'002'665'393 8.07 5'920'894'436 6.82 5'406'405'870 6.23 5'141'730'522 5.92 2'977'315'246 3.43 2'094'766'710 2.41 (1'379'862'087) -1.59 1'158'363'069 1.33 848'834'688 0.98 716'595'277 0.83 693'459'282 0.8 685'290'395 0.79 618'416'556 0.71 537'335'000 0.62 435'478'937 0.5 384'474'061 0.44 383'146'655 0.44 373'021'860 0.43 309'841'776 0.36

Weighting 5 5 5 5 5 5 5 4 3 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 3 5 5

Change M M M M M M M D M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (165'676'750) (1'350'000'000) 253'057'524 (1'770'816) 50'000'000 (29'533'185) (227'897'401) 33'289'626 403'447'000 (20'695'929) 3'795'985 (25'874'000) (2'645'904) 41'383'000

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

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

File Dt 13.12.2012 26.06.2013 31.05.2013 31.03.2013 05.07.2013 28.01.2013 31.03.2013 31.05.2013 31.12.2012 30.04.2013 08.07.2013 30.06.2012 31.12.2012 31.05.2013 31.03.2013 08.07.2013 31.03.2013 31.03.2013 31.05.2013 31.12.2012

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

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

Date 07.07.2013 05.07.2013 04.07.2013 04.07.2013 04.07.2013 02.07.2013 26.06.2013 25.06.2013 25.06.2013 24.06.2013 21.06.2013 21.06.2013 19.06.2013 12.06.2013 07.06.2013 03.06.2013 30.05.2013 19.05.2013 13.05.2013 10.05.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 27.04.2013 07.04.2013 02.04.2013 28.03.2013 28.03.2013 28.03.2013 20.11.2012 07.11.2012 06.07.2012 29.06.2012 23.04.2010

09.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2012) 52-Week Low (15.03.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMXL MM EQUITY YTD Change AMXL MM EQUITY YTD % CHANGE

12/2012 03/yy 18.21 11.53 101'398'155.00 13.52 -25.76% 17.26% 29.79% 47'969.4 975'277.19 417'670.09 0.0 10'525.6 45'487.20 1'348'245.18

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

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

350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M a-12

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

31.12.2012 775'069.6 1.95x 260'894.9 5.80x 91'440.9 12.40x

260'894.92 157'310.19 20.30% 17.87% 9.15% 32.67% 15.53% 0.83% 42.3% 33.2% 19.9% 11.8% 0.83 0.66 41.60% 138.39% 13.37 15.56

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

1.09 -22.00% -9.26% 1.086 14 3.214 91'116'970 ######### ######### FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 734'122.4 773'999.4 778'021.0 805'408.2 189'485.8 195'094.1 8.23x 7.99x 1.73x 1.65x 7.11x 6.89x 261'513.8 257'189.4 253'378.1 258'109.9 62'579.7 64'242.6 5.92x 5.24x 5.32x 5.22x 5.35x 5.33x 91'689.1 85'670.8 90'684.7 89'164.3 21'730.4 22'641.0 10.71x 11.55x 10.90x 11.13x 11.52x 11.35x S&P Issuer Ratings Long-Term Rating Date 22.03.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 10.47 (EBITDA-Capex)/Interest Exp. 5.58 Net Debt/EBITDA 1.42 Total Debt/EBITDA 1.56 Reference Total Debt/Equity 138.4% Total Debt/Capital 57.2% Asset Turnover 0.83 Net Fixed Asset Turnover 1.62 Accounts receivable turnover-days 27.30 Inventory Days 23.46 Accounts Payable Turnover Day 88.95 Cash Conversion Cycle -66.73 Sales/Revenue/Turnover

9.00

900'000.0

8.00

800'000.0

7.00

700'000.0

6.00

600'000.0

5.00

500'000.0

4.00

400'000.0

3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

0.00 01.01.2010

400.0 M

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

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

09.07.2013

America Movil SAB de CV Holdings By:

All

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

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

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios AHORRO CORPORACION I n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ROBIN BIENENSTOCK MARTIN LARA SUSANA SALARU ALEJANDRO GALLOSTRA ANDRES MEDINA-MORA MANUEL JIMENEZ ZALDIVAR MARTIN GONZALEZ BADILLO CARLOS SEQUEIRA JULIO ZETINA RAUL OCHOA ANDRES COELLO RICHARD DINEEN ANDREW S ZAMFOTIS VALDER NOGUEIRA

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

Recommendation underperform buy market perform outperform market outperform hold neutral neutral buy hold sector underperform neutral hold hold

Amt Held 9'531'092'739 5'998'110'014 3'816'448'145 2'698'490'986 1'570'020'348 1'421'178'880 1'070'296'983 963'722'656 672'317'800 658'063'225 486'193'573 400'331'081 374'514'510 356'255'147 168'049'532 136'864'363 104'553'450 90'883'451 68'832'455 66'167'783

% Out 19.87 12.5 7.96 5.63 3.27 2.96 2.23 2.01 1.4 1.37 1.01 0.83 0.78 0.74 0.35 0.29 0.22 0.19 0.14 0.14

Weighting

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

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

Latest Chg 17'344'608 23'509'470 (540'000'000) 268'945'800 11'452'099 (5'950'660) 400'331'081 5'234'399 (5'128'400) 134'909 520'720

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

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

File Dt 30.05.2013 30.05.2013 05.07.2013 30.05.2013 30.05.2013 05.07.2013 31.03.2013 04.06.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 30.05.2013 31.12.2012 30.05.2013 08.07.2013 31.12.2012 31.05.2013 31.05.2013 30.04.2013

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

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

Date 08.07.2013 08.07.2013 07.07.2013 27.06.2013 21.06.2013 21.05.2013 02.05.2013 18.04.2013 11.04.2013 05.04.2013 22.03.2013 13.03.2013 20.02.2013 10.04.2012

09.07.2013

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 350 300 250 200

Valuation Analysis

150

Latest Fiscal Year: LTM as of: 52-Week High (03.06.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 700 HK EQUITY YTD Change 700 HK EQUITY YTD % CHANGE

12/2012 03/yy 315.00 219.40 2'764'217.00 301.4 -4.32% 37.37% 86.82% 1'852.5 558'338.19 10'699.52 0.0 850.8 27'189.07 421'970.60

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

1.20

50 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

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% 19.50% 35.89% 28.84% 0.67% 58.5% 38.2% 33.0% 29.0% 1.77 1.43 14.22% 25.91% 19.24 49.50

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 j-13

LTM

03/yy 31'805.5 33.51x 14'434.1 21.09x 10'282.2 31.08x

03/yy 47'793.4 29.43x 18'269.9 18.98x 13'826.2 26.16x

FY+1

0.34 1.05 961.54 32.04% 21.44% 1.047 33 4.182 3'617'276 4'201'256 4'255'899 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 59'633.1 75'499.9 14'412.6 15'773.6 7.02x 5.36x 22'321.6 26'697.3 5'619.0 5'821.3 18.90x 15.81x 17.50x 16.67x 16'511.9 20'051.0 4'101.3 4'292.9 26.45x 21.76x 25.03x 24.01x S&P Issuer Ratings

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

24.06.2013 ASTABLE 53.80 41.64 -1.10 0.57 25.9% 20.2% 0.67 6.13 18.97 7.37 79.40 -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 |

09.07.2013

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 FIL LIMITED OPPENHEIMERFUNDS INC WADDELL & REED FINAN T ROWE PRICE ASSOCIA STATE STREET NORGES BANK FMR LLC SCHRODER INVESTMENT SHINHAN BNP PARIBAS CHI PING LAU HANG SENG INVESTMENT BAILLIE GIFFORD AND BARING INTERNATIONAL

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

Analyst

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

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

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

Amt Held 630'240'380 189'892'880 83'513'804 65'000'000 42'126'582 36'113'000 30'033'909 21'894'074 20'411'700 17'607'600 16'215'600 11'600'730 11'051'780 9'437'873 8'794'130 5'974'783 5'703'600 5'280'826 4'657'000 4'507'000

% Out 34.02 10.25 4.51 3.51 2.27 1.95 1.62 1.18 1.1 0.95 0.88 0.63 0.6 0.51 0.47 0.32 0.31 0.29 0.25 0.24

Weighting

Change

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

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

Latest Chg (250'000) 411'865 6'000'000 (61'352) (492'906) 3'856'500 (1'007'100) (1'776'300) (477'895) 141'776 309'930 72'300 (100'000) 604'700

Target Price 325 335 330 317 330 335 320 300 266 310 330 325 285 332 320 320 300 195 300 215 300 291 297 320 180 #N/A N/A 320 #N/A N/A 300 343 #N/A N/A 360 217 237 185 188

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

File Dt 24.01.2013 03.06.2013 31.05.2013 17.06.2013 31.03.2013 31.03.2013 05.07.2013 31.12.2012 30.04.2013 31.03.2013 10.05.2013 08.07.2013 31.12.2012 31.05.2013 31.05.2013 31.12.2012 28.06.2013 30.06.2012 28.02.2013 31.03.2013

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided 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 Government Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 09.07.2013 08.07.2013 04.07.2013 03.07.2013 03.07.2013 28.06.2013 27.06.2013 25.06.2013 20.06.2013 19.06.2013 14.06.2013 07.06.2013 05.06.2013 04.06.2013 29.05.2013 28.05.2013 21.05.2013 20.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 16.05.2013 15.05.2013 15.05.2013 30.04.2013 12.04.2013 02.04.2013 21.03.2013 21.03.2013 15.03.2013 12.03.2013 04.06.2012 18.05.2012 23.03.2010 29.01.2010

09.07.2013

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

Price/Volume 180

7.0 M

160

6.0 M

140

5.0 M

120

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2012) 52-Week Low (17.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAZPS RU EQUITY YTD Change GAZPS RU EQUITY YTD % CHANGE

12/2010 12/yy 176.00 104.31 27'872.00 114.15 -35.14% 9.43% 13.63% 23'673.5 2'702'331.50 1'504'741.00 0.0 309'363.0 436'498.00 4'079'937.53

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

4.0 M

3.0 M

2.0 M

1.0 M

20 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

100

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

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

LTM

FY+1

.0 M j-13

0.80 5'448.66 -22.58% -16.86% 0.799 19 3.842 65'034 147'856 604'746 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'764'411.0 ######### ######### ######### ######### ######### ######### 0.98x 4.91x 4.22x 0.83x 0.83x 1'620'130.0 ######### ######### ######### ######### 2.89x 2.73x 2.89x 2.45x 2.55x 1'182'625.0 ######### ######### ######### 976'245.0 228'811.0 208'010.0 2.79x 3.11x 2.79x 2.52x 2.66x S&P Issuer Ratings 1'620'130.00 Long-Term Rating Date 29.11.2006 1'285'968.00 Long-Term Rating BBB 26.99% Long-Term Outlook STABLE 31.73% Short-Term Rating Date 20.08.2010 10.30% Short-Term Rating A-2 14.92% Credit Ratios 12.72% EBITDA/Interest Exp. 15.60 0.41% (EBITDA-Capex)/Interest Exp. 2.70 Net Debt/EBITDA 0.66 - Total Debt/EBITDA 0.93 34.0% Reference 27.0% Total Debt/Equity 17.9% 24.8% Total Debt/Capital 14.7% Asset Turnover 0.41 1.62 Net Fixed Asset Turnover 0.66 0.73 Accounts receivable turnover-days 45.77 12.47% Inventory Days 17.93% Accounts Payable Turnover Day 8.00 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

5.00

6'000'000.0

4.50

5'000'000.0

4.00 3.50

4'000'000.0

3.00

3'000'000.0

2.50 2.00

2'000'000.0

1.50 1.00

1'000'000.0

0.50 0.00 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 |

09.07.2013

Gazprom OAO Holdings By:

All

Holder Name RUSSIAN FEDERATION BANK OF NEW YORK MEL BLACKROCK VANGUARD GROUP INC PICTET FUNDS SWEDBANK ROBUR FONDE CAISSE DE DEPOT ET P BNP PARIBAS INV PART DEKA INTERNATIONAL S HANDELSBANKEN FONDER EAST CAPITAL ASSET M URALSIB JSC JUPITER ASSET MANAGE NOMURA AIG GLOBAL INVESTMEN MANULIFE FUNDS DIREC ING INVESTMENT MANAG VAZHENIN YURI IVANOV SANPAOLO IMI ASSET M DEUTSCHE BANK AG

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

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios EAST CAPITAL LUX-RUS Multiple Portfolios Multiple Portfolios n/a AIG EMERGING EUROPE MANULIFE EMERGING EA Multiple Portfolios n/a Multiple Portfolios n/a

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

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

Recommendation hold buy buy overweight hold hold hold hold buy neutral hold hold buy hold neutral Under Review buy buy

Amt Held 11'836'520'101 6'382'379'286 157'934'545 103'277'914 45'311'554 33'088'629 28'900'196 13'987'991 9'890'000 9'598'662 4'535'949 4'106'000 3'870'000 3'141'784 2'714'285 2'445'836 2'363'800 2'248'984 2'158'247 2'000'000

% Out 50 26.96 0.67 0.44 0.19 0.14 0.12 0.06 0.04 0.04 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change

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

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

Latest Chg 7'265'331 34'595'559 (2'234'294) 10'571'531 500'000 13'640 4'535'949 (509'000) 10'000 678'985 2'714'285 2'445'836 (335'125) (1'198'000)

Target Price 185 163 204 267 138 120 213 167 #N/A N/A 157 189 145 184 170 170 #N/A N/A 228 369

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

File Dt 18.03.2013 31.12.2012 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 28.03.2013 30.06.2013 31.05.2013 31.05.2012 31.03.2013 31.12.2012 31.05.2013 30.04.2013 31.03.2013 31.12.2010 30.06.2011 31.05.2013

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

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 Unclassified Investment Advisor Unclassified Investment Advisor n/a Investment Advisor Investment Advisor

Date 08.07.2013 04.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 19.06.2013 06.06.2013 28.05.2013 15.04.2013 13.03.2013 26.02.2013 20.01.2013 17.01.2013 06.12.2012 22.11.2012 01.11.2012

09.07.2013

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

Price/Volume 800.0 M

700.0 M 600.0 M 500.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3988 HK EQUITY YTD Change 3988 HK EQUITY YTD % CHANGE

12/2012 03/yy 4.00 2.73 281'621'852.00 3.06 -23.50% 12.09% 26.77% 83'622.3 909'107.25 2'243'457.00 0.0 36'865.0 3'157'170.00 -

400.0 M

300.0 M

200.0 M

100.0 M

0 j-12

a-12

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

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

31.12.2012 619'095.0 139'432.0 5.57x

50.02% 50.71% 1.14% 18.01% 5.04% 0.05% 37.7% 17.69% 272.04% -

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M j-13

7.24 1.14 72'987.26 14.45% -5.73% 1.144 38 4.053 ######### ######### ######### FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 551'001.0 623'469.0 394'850.2 435'609.5 93'889.0 98'312.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 127'635.0 142'484.0 145'256.8 156'142.0 38'779.0 37'269.0 5.57x 5.67x 4.64x 4.33x 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

450.00

700'000.0

400.00

600'000.0

350.00

500'000.0

300.00 250.00

400'000.0

200.00

300'000.0

150.00

200'000.0

100.00

100'000.0

50.00 0.00 01.01.2010

s-12

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

900.0 M

4 3

Valuation Analysis

31.12.2008 355'641.0 64'360.0 7.47x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Bank of China Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND BLACKROCK CAPITAL GROUP COMPAN JP MORGAN TEMASEK HOLDINGS PRI VANGUARD GROUP INC DIMENSIONAL FUND ADV HANG SENG INVESTMENT STATE STREET FIL LIMITED MITSUBISHI UFJ FINAN NORGES BANK PICTET FUNDS T ROWE PRICE ASSOCIA ASIAN DEVELOPMENT BA FRANKLIN RESOURCES BANK OF NEW YORK MEL BARING INTERNATIONAL SHINHAN BNP PARIBAS EASTSPRING INVESTMEN

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

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

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

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

Amt Held 7'518'157'041 5'657'996'142 5'233'200'846 4'085'377'221 3'116'864'905 2'188'273'529 1'075'459'052 951'146'461 809'288'616 651'288'549 546'368'134 422'962'873 357'923'329 328'263'100 304'007'461 296'683'500 266'454'098 252'776'700 248'698'686 191'503'000

% Out 8.99 6.77 6.26 4.89 3.73 2.62 1.29 1.14 0.97 0.78 0.65 0.51 0.43 0.39 0.36 0.35 0.32 0.3 0.3 0.23

Weighting

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

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

Latest Chg 182'266'541 (30'714'851) 301'541'230 (2'483'066) 37'844'959 12'475'000 (38'774'000) 204'000 -

Target Price 4 4 3 5 4 3 4 4 5 4 4 #N/A N/A 5 5 4 4 4 5 4 5 #N/A N/A 4 4 4 4 4 4 #N/A N/A 4 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 28.01.2013 05.07.2013 31.03.2013 31.05.2013 04.05.2012 31.03.2013 29.03.2013 30.06.2012 08.07.2013 31.12.2012 31.05.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2011 31.03.2013 08.07.2013 31.03.2013 31.12.2012 14.09.2012

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

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

Date 04.07.2013 04.07.2013 04.07.2013 03.07.2013 26.06.2013 25.06.2013 24.06.2013 23.06.2013 21.06.2013 21.06.2013 19.06.2013 06.06.2013 03.06.2013 30.05.2013 19.05.2013 13.05.2013 10.05.2013 10.05.2013 28.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 07.04.2013 27.03.2013 27.03.2013 25.02.2013 20.02.2013 07.11.2012 30.10.2012 26.10.2012 29.06.2012

09.07.2013

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

Price/Volume 18

160.0 M

140.0 M

120.0 M

100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/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 12.04 34'662'194.00 13.16 -24.28% 9.30% 20.60% 44'646.3 587'545.38 57'886.00 0.0 0.0 133'709.00 388'464.16

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

60.0 M

6 4

40.0 M

20.0 M

0 j-12

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

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

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

s-12

o-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 -

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

.0 M j-13

FY+1 -

3.63 1.25 15'873.58 -9.88% -19.75% 1.249 34 4.382 53'760'310 58'639'580 57'413'560 FY+2

12/13 Y 12/14 Y 258'004.2 277'672.6 1.95x 1.78x 131'012.2 141'501.0 2.97x 2.75x 62'165.5 64'716.5 7.54x 7.31x 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

a-12

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

80.0 M

Valuation Analysis

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 |

09.07.2013

CNOOC Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 28'772'727'273 533'376'247 526'136'260 519'029'601 253'090'302 251'327'499 223'917'992 223'058'491 223'042'588 192'495'980 157'408'000 139'327'500 118'973'400 89'990'090 86'312'291 79'549'000 78'661'957 72'577'000 70'811'109 68'538'000

% Out 64.45 1.19 1.18 1.16 0.57 0.56 0.5 0.5 0.5 0.43 0.35 0.31 0.27 0.2 0.19 0.18 0.18 0.16 0.16 0.15

Weighting

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

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

Latest Chg (6'209'000) 1'160'536 (3'948'000) (12'718'678) (32'934'501) 33'120'992 (46'619'833) (9'710'434) (8'159'101) 3'472'000 1'297'000 6'582'000 (11'098'378) 2'950'000 8'004'000 (4'311'000) 7'140'000 -

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

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

File Dt 31.12.2012 30.04.2013 31.03.2013 05.07.2013 30.04.2013 06.06.2013 30.04.2013 31.12.2012 31.05.2013 08.07.2013 10.05.2013 28.02.2013 31.05.2013 08.07.2013 30.06.2012 31.05.2013 31.12.2012 31.05.2013 08.07.2013 31.03.2013

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

Date 09.07.2013 05.07.2013 03.07.2013 02.07.2013 26.06.2013 26.06.2013 25.06.2013 17.06.2013 13.06.2013 13.06.2013 10.06.2013 06.06.2013 28.05.2013 15.05.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 02.04.2013 27.03.2013 25.03.2013 25.03.2013 21.03.2013 07.03.2013 30.01.2013 18.12.2012 25.07.2012 24.07.2012 29.03.2012 20.07.2009

09.07.2013

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

Price/Volume 120

25.0 M

100

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBERS RU EQUITY YTD Change SBERS RU EQUITY YTD % CHANGE

12/2010 03/yy 111.55 83.24 180'306.00 92.15 -17.39% 10.70% 34.40% 21'587.0 1'989'237.25 2'998'000.00 4'400.0 12'800.0 1'616'800.00 -

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

10.0 M

5.0 M

20 0 j-12

a-12

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

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

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M j-13

0.91 10'294.11 5.04% 1.50% 0.914 29 4.655 292'594 332'124 725'925 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 1'385'000.0 ######### ######### ######### ######### 270'854.0 277'014.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 348'800.0 321'593.0 345'200.0 362'566.2 394'211.4 90.0 5.86x 6.36x 6.26x 5.56x 5.16x 5.29x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 47.26% Long-Term Outlook 48.03% Short-Term Rating Date 2.58% Short-Term Rating 22.57% Credit Ratios 9.53% EBITDA/Interest Exp. 0.11% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 37.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 19.86% Inventory Days 186.61% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

186.6% 64.9% 0.11 3.75 -

Sales/Revenue/Turnover

16.00

1'600'000.0

14.00

1'400'000.0

12.00

1'200'000.0

10.00

1'000'000.0

8.00

800'000.0

6.00

600'000.0

4.00

400'000.0

2.00

200'000.0

0.00 01.01.2010

s-12

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

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 |

09.07.2013

Sberbank of Russia Holdings By:

All

Holder Name CENTRAL BANK OF RUSS VANGUARD GROUP INC BLACKROCK LAZARD ASSET MANAGEM JP MORGAN FRANKLIN RESOURCES FMR LLC BARING INTERNATIONAL SWEDBANK ROBUR FONDE BNP PARIBAS INV PART WILLIAM BLAIR & COMP RAIFFEISEN KAPITALAN ALLIANZ ASSET MANAGE CAISSE DE DEPOT ET P INVESCO LTD ROBECO INVESTOR SERV CAPITAL GROUP COMPAN CARNEGIE FONDER AB/S UBS SCHRODER KOREA LTD

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

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

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

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

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

Amt Held 11'289'973'420 290'669'283 199'475'461 183'911'147 135'305'500 98'820'313 77'138'792 61'638'682 57'825'158 48'592'728 34'873'304 34'082'087 31'029'480 29'110'811 25'347'559 24'146'484 22'735'735 21'745'000 20'254'578 19'990'677

% Out 52.3 1.35 0.92 0.85 0.63 0.46 0.36 0.29 0.27 0.23 0.16 0.16 0.14 0.13 0.12 0.11 0.11 0.1 0.09 0.09

Weighting

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

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

Latest Chg 25'356'598 22'470'087 (1'465'877) 57'832'909 (919'930) (2'023'339) (3'285'707) (7'398'401) (1'496'181) 32'158'936 1'949'400 257'155 8'700'000 100'000 (360'000) 532'559 (1'743'821)

Target Price 139 143 140 160 123 123 112 127 122 151 131 133 131 #N/A N/A 106 141 149 140 116 123 133 138 132 131 135 78 133 133 110

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

File Dt 31.12.2012 31.03.2013 05.07.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 28.03.2013 31.05.2013 31.12.2012 31.03.2013 30.04.2013 31.03.2013 30.04.2013 31.03.2013 31.12.2012

Date 12 month Not Provided 12 month 12 month 12 month 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 Not Provided Not Provided Not Provided 12 month 12 month 2 month Not Provided 12 month 12 month Not Provided 12 month

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

Date 08.07.2013 08.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 02.07.2013 02.07.2013 28.06.2013 28.06.2013 24.06.2013 18.06.2013 07.06.2013 06.06.2013 06.06.2013 04.06.2013 30.05.2013 30.05.2013 30.05.2013 29.05.2013 29.05.2013 09.05.2013 24.04.2013 01.02.2013 14.12.2012 05.12.2012 19.04.2012 03.03.2011 20.05.2010

09.07.2013

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

Price/Volume 300000 250000 200000 150000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005380 KS EQUITY YTD Change 005380 KS EQUITY YTD % CHANGE

12/2012 03/yy 252'000.00 176'500.00 407'680.00 217500 -13.69% 23.23% 49.67% 220.3 47'910'136.00 3'015'534.00 331'011.0 0.0 13'131'318.00 37'664'682.18

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

50000 0 j-12

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

s-12

o-12

n-12 d-12

j-13

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

j-13

Market Data

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

LTM

FY+1

0.87 1.12 136.44 -4.00% -0.46% 1.119 46 4.913 495'704 601'716 670'463 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 43'162'401.0 ######### ######### ######### ######### ######### ######### 0.83x 3.72x 3.68x 0.82x 0.70x 5'951'650.0 ######### ######### ######### ######### 6.04x 6.44x 6.67x 5.44x 5.10x 5'273'448.0 ######### ######### ######### ######### 11.26x 12.17x 11.74x 5.94x 5.51x S&P Issuer Ratings 5'951'650.00 Long-Term Rating Date 20.03.2012 4'297'228.00 Long-Term Rating BBB+ 9.96% Long-Term Outlook STABLE 14.78% Short-Term Rating Date 10.12% Short-Term Rating 14.95% Credit Ratios 14.22% EBITDA/Interest Exp. 29.36 0.83% (EBITDA-Capex)/Interest Exp. 21.18 Net Debt/EBITDA -1.70 24.0% Total Debt/EBITDA 0.51 13.8% Reference 10.0% Total Debt/Equity 8.2% 12.2% Total Debt/Capital 7.5% Asset Turnover 0.83 1.76 Net Fixed Asset Turnover 3.34 1.53 Accounts receivable turnover-days 35.84 5.59% Inventory Days 19.68 8.22% Accounts Payable Turnover Day 43.79 10.21 Cash Conversion Cycle 11.73 18.60

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

50'000'000.0

9.00

45'000'000.0

8.00

40'000'000.0

7.00

35'000'000.0

6.00

30'000'000.0

5.00 4.00

25'000'000.0 20'000'000.0

3.00

15'000'000.0

2.00

10'000'000.0

1.00

5'000'000.0

0.00 02.01.2010

a-12

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

100000

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

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

09.07.2013

Hyundai Motor Co Holdings By:

All

Holder Name HYUNDAI MOBIS NATIONAL PENSION SER MIRAE ASSET GLOBAL I MONG-KOO CHUNG HYUNDAI MOTOR CO WADDELL & REED FINAN CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC FIL LIMITED SAMSUNG INVESTMENT T SCHRODER INVESTMENT JP MORGAN T ROWE PRICE ASSOCIA NORGES BANK WILLIAM BLAIR & COMP MAPS INVESTMENT MANA KOREA INVESTMENT TRU KB ASSET MANAGEMENT UBS HANA ASSET MANAG

Firm Name

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

Analyst

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

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

Recommendation buy buy buy buy buy buy buy buy buy buy buy buy buy buy equalweight buy buy Buy/Neutral outperform buy neutral buy buy overweight buy buy buy buy buy outperform buy buy outperform overweight outperform buy buy Overwt/Attractive buy buy buy buy buy

Amt Held 45'782'023 15'406'112 13'054'486 11'408'874 11'006'710 4'919'300 4'890'027 3'992'933 3'435'624 2'682'702 2'090'356 1'934'996 1'748'490 1'457'276 1'438'321 1'049'043 947'196 813'344 805'839 742'350

% Out 20.78 6.99 5.93 5.18 5 2.23 2.22 1.81 1.56 1.22 0.95 0.88 0.79 0.66 0.65 0.48 0.43 0.37 0.37 0.34

Weighting

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

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

Latest Chg 2'302'666 (2'548'444) 1'276'200 171'560 (3'043) (1'079'683) 88'994 11'039 280'827 (11'892) 67'395 (183'676) (850'204) (137'299) 431'274 15'058

Target Price 280'000 280'000 300'000 300'000 250'000 330'000 214'500 300'000 270'000 270'000 270'000 265'000 300'000 300'000 260'000 290'000 255'000 244'000 265'000 250'000 210'000 248'000 270'000 #N/A N/A 300'000 295'000 265'000 267'000 270'000 260'000 270'000 290'000 254'500 250'000 260'000 290'000 270'000 295'000 250'000 257'000 330'000 300'000 320'000

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

File Dt 19.04.2013 22.01.2013 29.01.2010 19.04.2013 31.12.2012 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.12.2012 31.03.2013 31.05.2013 31.05.2013 10.05.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012

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

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

Date 09.07.2013 09.07.2013 08.07.2013 08.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 26.06.2013 25.06.2013 24.06.2013 21.06.2013 21.06.2013 19.06.2013 10.06.2013 04.06.2013 04.06.2013 02.06.2013 31.05.2013 30.05.2013 27.05.2013 20.05.2013 02.05.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 01.02.2013 07.01.2013 29.10.2012 01.08.2012 15.05.2012

09.07.2013

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

Price/Volume 40

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITUB4 BZ EQUITY YTD Change ITUB4 BZ EQUITY YTD % CHANGE

12/2012 03/yy 33.66 25.05 10'074'700.00 26.8 -20.39% 7.01% 20.36% 2'509.8 135'053.38 436'506.00 0.0 96.0 101'494.00 -

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

15.0 M

15 10

10.0 M

5.0 M

0 j-12

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

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

31.12.2012 130'524.0 12'634.0 11.93x

20.91% 21.12% 1.45% 16.97% 2.83% 0.14% 15.3% 45.60% 575.09% -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

03/yy 03/yy 132'114.2 124'247.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 14'065.4 12'831.0 11.24x 12.67x

FY+1

1.04 2'509.82 4.29% -10.48% 1.041 23 4.522 16'342'360 13'722'400 11'700'680 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 77'075.0 84'480.8 19'541.3 20'020.0 15'094.3 17'265.6 3'732.5 3'951.0 8.85x 7.75x 8.54x 8.23x S&P Issuer Ratings

30.04.2008 BBB NEG 11.07.2012 A-2 575.1% 85.2% 0.14 22.82 -

Sales/Revenue/Turnover

18.00

140'000.0

16.00

120'000.0

14.00

100'000.0

12.00 10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 0.00 01.01.2010

.0 M a-12

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

20.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Itau Unibanco Holding SA Holdings By:

All

Holder Name BLACKROCK ITAU UNIBANCO SA AHORRO CORP GESTION NORGES BANK T ROWE PRICE ASSOCIA VANGUARD GROUP INC CSHG ASSET MGMT SA JP MORGAN BRAM BRADESCO ASSET CAPITAL GROUP COMPAN WESTERN ASSET MANAGE WILLIAM BLAIR & COMP SPX GESTAO DE RECURS ONTARIO TEACHERS PEN REAL GRANDEZA FUNDAC HSBC GESTAO DE RECUR BNP PARIBAS ASSET MA CAISSE DE DEPOT ET P BTG PACTUAL GLOBAL A BB GESTAO DE RECURSO

Firm Name

Portfolio Name n/a n/a AHORRO CORPORACION I Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

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

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

Amt Held 251'250'642 62'996'347 59'595'864 32'965'891 31'923'054 28'771'928 23'150'771 19'145'161 12'072'926 10'784'803 10'138'273 9'879'964 9'740'317 8'910'000 8'733'980 8'465'243 7'952'288 7'112'600 6'432'657 6'328'261

% Out 10.01 2.51 2.37 1.31 1.27 1.15 0.92 0.76 0.48 0.43 0.4 0.39 0.39 0.36 0.35 0.34 0.32 0.28 0.26 0.25

Weighting

Change

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

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

Latest Chg (105'421) 59'503'904 (2'106'269) 3'078'813 640'811 1'090'857 (971'759) (10'833'138) (373'192) 1'898'270 6'368'531 2'574'800 135'695 45'404 2'261'982 (146'360)

Target Price 37 36 41 36 38 #N/A N/A 39 #N/A N/A 35 40 39 35 #N/A N/A 40 32 29 45 37 37 42 #N/A N/A

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

File Dt Inst Type 05.07.2013 Investment Advisor 26.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2010 Pension Fund (ERISA) 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 05.07.2013 25.06.2013 25.06.2013 24.06.2013 17.06.2013 06.06.2013 03.06.2013 03.06.2013 22.05.2013 21.05.2013 10.05.2013 07.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 26.04.2013 20.02.2013 17.01.2013 27.09.2012 27.09.2012

09.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 MTN SJ EQUITY YTD Change MTN SJ EQUITY YTD % CHANGE

12/2012 01/yy 18'779.00 14'151.00 2'201'069.00 18210 -3.06% 28.68% 83.10% 1'883.5 342'983.00 32'532.00 0.0 3'881.0 32'774.00 346'621.99

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

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

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

31.12.2012 135'112.0 2.47x 57'547.0 5.81x 20'704.0 16.31x

57'547.00 40'301.00 29.83% 27.37% 11.41% 23.28% 24.30% 0.74% 66.5% 42.6% 29.8% 15.3% 1.09 0.83 17.94% 36.55% 10.76 17.35

Price/ Cash Flow

20.0 M 15.0 M 10.0 M 5.0 M

a-12

s-12

LTM-4Q

LTM

01/yy

01/yy -

o-12

n-12 d-12

j-13

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

.0 M j-13

j-13

FY+1 -

4.52 0.94 1'451.38 32.93% 5.71% 0.941 21 4.286 5'740'358 8'402'105 6'811'780 FY+2

12/13 Y 12/14 Y 140'136.2 150'920.1 2.46x 2.26x 60'966.0 64'919.6 5.69x 5.34x 23'671.7 26'773.1 13.99x 12.31x S&P Issuer Ratings

FQ+1

FQ+2

5.68 3.46 0.00 0.57 36.6% 25.9% 0.74 1.81 34.02 21.10 57.11 -1.98

Sales/Revenue/Turnover

9.00

160'000.0

8.00

140'000.0

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0

3.00

40'000.0

2.00

20'000.0

1.00 0.00 01.01.2010

25.0 M

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

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 j-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 |

09.07.2013

MTN Group Ltd Holdings By:

All

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

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

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

Analyst JOHN-PAUL DAVIDS DAVID LERCHE TORSTEN ACHTMANN RICHARD BARKER MICHAEL GRESTY EDWARD C HILL-WOOD JONATHAN KENNEDY-GOOD JOHAN SNYMAN ANDREW S ZAMFOTIS ALASTAIR JONES IAN BRINK ALEXANDER BALAKHNIN AADIL OMAR KATE TURNER-SMITH HERVE DROUET SIBONGINKOSI NYANGA SAMEERA CASSIM EVAN D MILLER

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

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

Amt Held 237'910'529 173'925'121 163'061'574 82'346'591 50'024'307 42'927'564 40'632'400 40'046'235 38'491'604 31'350'715 28'455'870 27'138'344 25'463'851 25'209'728 25'163'479 23'826'388 22'757'493 22'336'163 19'644'363 18'524'638

% Out 12.63 9.23 8.66 4.37 2.66 2.28 2.16 2.13 2.04 1.66 1.51 1.44 1.35 1.34 1.34 1.27 1.21 1.19 1.04 0.98

Weighting

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

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

Latest Chg (5'300'000) 8'238'163 1'420'982 698'000 3'018'549 (417'509) 2'597'744 (2'157'286) (115'200) 117'016 502'586 1'067'465 140'980 1'279'653 (471'215) 400'878 (312'925) (153'623)

Target Price 18'700 20'609 19'600 19'000 18'500 18'500 20'000 18'330 #N/A N/A 17'500 19'000 17'800 17'500 21'200 21'000 17'348 #N/A N/A #N/A N/A

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

File Dt 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 05.07.2013 08.07.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013

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

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

Date 09.07.2013 13.06.2013 07.06.2013 31.05.2013 29.05.2013 28.05.2013 28.05.2013 16.05.2013 13.05.2013 09.05.2013 23.04.2013 22.04.2013 04.04.2013 13.03.2013 12.03.2013 12.03.2013 14.12.2012 18.07.2012

09.07.2013

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

Price/Volume 2500 2000 1500

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LKOHS RU EQUITY YTD Change LKOHS RU EQUITY YTD % CHANGE

12/2010 03/yy 2'087.06 1'755.00 44.00 1909.48 -8.51% 8.80% 47.72% 850.6 1'624'133.50 6'621.00 0.0 981.0 3'200.00 53'845.59

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

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

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

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

31.12.2012 116'335.0 0.47x 18'872.0 2.88x 11'004.0 4.57x

18'872.00 14'040.00 12.07% 11.80% 9.95% 13.32% 12.47% 1.22% 15.4% 11.2% 9.5% 1.95 0.77 6.69% 9.04% 14.32 -

Price/ Cash Flow

j-13

Market Data

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

500

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M j-13

LTM

FY+1

0.70 811.12 9.35% -2.60% 0.703 21 4.619 11'936 4'665 6'779 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 116'105.0 119'648.0 135'699.3 134'597.7 33'830.0 35'977.0 1.72x 1.72x 0.42x 0.43x 1.76x 1.65x 19'503.0 18'480.0 18'759.3 20'641.2 4'793.0 5'325.0 2.65x 2.88x 2.87x 2.61x 10'629.0 9'796.0 10'885.1 11'366.8 2'560.0 2'874.0 4.40x 4.98x 4.10x 4.12x S&P Issuer Ratings Long-Term Rating Date 15.04.2013 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 35.08 (EBITDA-Capex)/Interest Exp. 13.43 Net Debt/EBITDA 0.20 Total Debt/EBITDA 0.36 Reference Total Debt/Equity 9.0% Total Debt/Capital 8.2% Asset Turnover 1.22 Net Fixed Asset Turnover 1.87 Accounts receivable turnover-days 25.49 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Lukoil OAO Holdings By:

All

Holder Name ALEKPEROV VAGIT NORGES BANK FEDUN LEONID BLACKROCK VANGUARD GROUP INC KUKURA SERGEI PETROV MAGANOV RAVIL ULIFAT KHOBA LYUBOV NIKOLAE MATYTSYN ALEXANDER K SWEDBANK ROBUR FONDE SCHRODER INVESTMENT CAISSE DE DEPOT ET P DEKA INTERNATIONAL S KAPITAL ASSET MANAGE STATE STREET PICTET FUNDS HANDELSBANKEN FONDER MIKHAILOV SERGEI ANA URALSIB JSC EAST CAPITAL ASSET M

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

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios SCHRODER ISF-BRIC (B Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios EAST CAPITAL LUX-RUS

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

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

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

Amt Held 16'075'646 14'932'342 9'951'591 7'120'017 4'855'944 3'283'174 3'147'084 2'934'443 2'526'173 2'068'733 1'445'203 1'405'011 802'000 654'420 623'779 570'622 538'574 501'832 471'563 364'590

% Out 1.89 1.76 1.17 0.84 0.57 0.39 0.37 0.35 0.3 0.24 0.17 0.17 0.09 0.08 0.07 0.07 0.06 0.06 0.06 0.04

Weighting

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

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

Latest Chg 106'261 2'269'024 1'445'203 (282'000) (20'219) 761 (120'344) 364'590

Target Price 2'357 2'134 2'100 2'497 2'837 2'640 #N/A N/A 2'300 2'536 2'366 3'565 2'555 2'636 2'175 1'793 2'327 2'416 3'609 2'579 2'061 2'229

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

File Dt 30.09.2012 31.12.2012 30.09.2012 05.07.2013 31.03.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.03.2013 31.05.2013 31.12.2012 28.03.2013 25.04.2012 08.07.2013 31.03.2013 30.06.2013 30.09.2012 31.05.2012 31.05.2013

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

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

Date 02.07.2013 28.06.2013 25.06.2013 20.06.2013 14.06.2013 13.06.2013 06.06.2013 19.04.2013 02.04.2013 19.03.2013 14.03.2013 13.03.2013 12.03.2013 20.01.2013 22.11.2012 23.09.2012 29.08.2012 24.08.2012 12.07.2012 22.03.2012 05.07.2011

09.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NPN SJ EQUITY YTD Change NPN SJ EQUITY YTD % CHANGE

03/2013 01/yy 76'500.00 43'801.00 337'968.00 75461 -1.31% 72.28% 96.94% 415.8 314'320.63 29'018.00 0.0 2'112.0 15'813.00 329'637.63

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

8.0 M

70000

7.0 M

60000

6.0 M

50000

5.0 M

40000

4.0 M

30000

3.0 M

20000

2.0 M

10000

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

j-13

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

80000

31.03.2010 31.03.2011 27'998.0 33'085.0 4.47x 4.03x 6'132.0 6'227.0 20.39x 21.41x 3'257.0 5'260.0 35.80x 32.36x Profitability

31.03.2012 39'487.0 4.39x 7'178.0 24.14x 2'894.0 33.23x

31.03.2013 50'249.0 4.80x 7'174.0 33.62x 6'047.0 33.27x 7'174.00 4'512.00 8.98% 18.51% 6.54% 11.94% 10.73% 0.54% 44.6% 14.3% 9.0% 12.0% 1.48 1.08 28.03% 54.00% 13.55 17.52

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.51 0.95 291.92 71.13% 38.92% 0.945 16 4.250 1'387'799 1'697'328 1'771'951 FY+2

03/14 Y 03/15 Y 60'258.2 69'869.6 5.46x 4.72x 8'513.1 10'227.9 38.72x 32.23x 10'414.6 13'052.7 27.03x 21.59x S&P Issuer Ratings

.0 M j-13

FQ+1

FQ+2

4.10 4.20 1.84 4.04 54.0% 34.2% 0.54 4.43 26.94 20.83 45.02 2.75

Sales/Revenue/Turnover

40.00

60'000.0

35.00

50'000.0

30.00

40'000.0

25.00 20.00

30'000.0

15.00

20'000.0

10.00

10'000.0 5.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

09.07.2013

Naspers Ltd Holdings By:

All

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

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

Portfolio Name n/a n/a n/a Multiple Portfolios n/a DODGE & COX WORLDWID n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a

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

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

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

Amt Held 65'997'952 50'563'483 38'471'244 26'187'495 25'561'000 25'502'361 12'285'435 11'580'266 9'761'305 8'757'432 7'729'709 7'093'847 6'684'662 6'609'268 5'772'336 5'543'961 4'755'401 4'722'003 4'715'855 4'185'082

% Out 15.87 12.16 9.25 6.3 6.15 6.13 2.95 2.78 2.35 2.11 1.86 1.71 1.61 1.59 1.39 1.33 1.14 1.14 1.13 1.01

Weighting

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

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

Latest Chg 970'259 4'887'548 215'057 180'000 (1'935'000) 961'266 630'103 549'282 87'111 (2'174'542) (57'000) 35'771 (1'780) (16'937) 276 1'117'782 4'487 177'800

Target Price 83'000 83'000 86'465 72'500 78'000 76'300 71'500 75'400 89'000 70'700 69'540 #N/A N/A 62'000 50'600

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

File Dt 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 08.07.2013 05.07.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013

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

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

Date 09.07.2013 09.07.2013 05.07.2013 05.07.2013 02.07.2013 28.06.2013 26.06.2013 26.06.2013 04.06.2013 26.04.2013 22.03.2013 21.03.2013 25.01.2013 27.11.2012

09.07.2013

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

Price/Volume 25

80.0 M 20

60.0 M 50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (05.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PETR4 BZ EQUITY YTD Change PETR4 BZ EQUITY YTD % CHANGE

12/2012 03/yy 23.84 14.94 22'430'900.00 14.98 -37.16% 0.27% 0.45% 5'602.0 184'763.86 196'350.31 2'354.0 49'302.76 337'056.63

30.0 M 20.0 M

10.0 M 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

70.0 M

Valuation Analysis

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

90.0 M

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

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

31.12.2012 281'379.5 1.44x 53'158.1 7.60x 21'182.4 12.02x

53'158.09 31'391.99 11.16% 9.86% 3.00% 5.85% 5.03% 0.44% 25.2% 18.2% 10.1% 7.5% 1.70 1.03 28.97% 57.23% 16.87 7.13

Price/ Cash Flow

LTM

FY+1

1.01 3'724.04 -18.97% -20.30% 1.015 21 4.333 40'292'360 33'177'740 31'998'870 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 255'048.0 287'780.8 294'720.7 314'119.3 75'473.5 80'645.0 6.02x 5.52x 1.29x 1.32x 4.74x 4.48x 62'822.2 52'352.0 69'068.6 78'196.8 16'433.0 6.48x 7.48x 4.88x 4.31x 31'542.4 19'661.4 28'691.2 33'171.3 (936.5) 12'490.0 9.66x 12.17x 6.56x 6.07x 6.56x 6.00x S&P Issuer Ratings Long-Term Rating Date 17.11.2011 Long-Term Rating BBB Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 3.04 (EBITDA-Capex)/Interest Exp. -1.47 Net Debt/EBITDA 2.87 Total Debt/EBITDA 3.76 Reference Total Debt/Equity 57.2% Total Debt/Capital 36.2% Asset Turnover 0.44 Net Fixed Asset Turnover 0.73 Accounts receivable turnover-days 21.63 Inventory Days 51.17 Accounts Payable Turnover Day 36.89 Cash Conversion Cycle 37.20 Sales/Revenue/Turnover

9.00

300'000.0

8.00

250'000.0

7.00

200'000.0

6.00 5.00

150'000.0

4.00

100'000.0

3.00 2.00

50'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Petroleo Brasileiro SA Holdings By:

All

Holder Name BNDES PARTICIPACOES CAIXA DE PREVIDENCIA BLACKROCK OPPORTUNITY GESTORA AHORRO CORP GESTION NORGES BANK VANGUARD GROUP INC BTG PACTUAL GLOBAL A BRAM BRADESCO ASSET ITAU UNIBANCO SA BB GESTAO DE RECURSO HSBC BANK BRAZIL SA PICTET FUNDS ABERDEEN WESTERN ASSET MANAGE CAISSE DE DEPOT ET P FMR LLC HARBOR CAPITAL ADVIS CAIXA ECONOMICA FEDE REAL GRANDEZA FUNDAC

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios AHORRO CORPORACION I Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

Recommendation

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

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

Amt Held 1'502'945'724 375'053'625 121'273'476 103'051'564 102'739'369 93'085'778 64'429'970 60'419'230 22'997'362 21'524'753 20'764'338 19'317'549 16'100'656 15'630'870 11'939'834 10'684'707 10'423'459 10'384'300 10'280'427 9'613'477

% Out 26.83 6.69 2.16 1.84 1.83 1.66 1.15 1.08 0.41 0.38 0.37 0.34 0.29 0.28 0.21 0.19 0.19 0.19 0.18 0.17

Weighting

Change

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

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

Latest Chg (397'300) 31'989'016 102'656'101 11'212'318 (137'279) (4'400'465) (1'029'709) (724'900) 15'596'750 191'871 (2'024'845) 321'872 (10'567'900) (43'800) (200'000)

Target Price 29 24 20 22 20 25 23 24 20 24 20 #N/A N/A #N/A N/A 22 36 22 20 25 23 25

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

File Dt 28.03.2013 28.03.2013 05.07.2013 31.05.2013 31.03.2013 31.12.2012 31.03.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.03.2013 31.03.2013 30.04.2013 30.06.2013 31.12.2012 31.05.2013 31.03.2013 30.06.2013 30.06.2013

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

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

Date 05.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 27.06.2013 24.06.2013 24.06.2013 21.06.2013 17.06.2013 17.06.2013 06.06.2013 03.06.2013 15.05.2013 30.04.2013 30.04.2013 29.04.2013 28.04.2013 26.04.2013 19.03.2013

09.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (18.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMBV4 BZ EQUITY YTD Change AMBV4 BZ EQUITY YTD % CHANGE

12/2012 03/yy 94.29 73.30 1'703'300.00 82.17 -12.85% 12.10% 42.26% 1'375.0 255'569.98 3'143.85 0.0 1'060.1 9'652.15 255'363.43

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

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 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 20'713.2 3.10x 9'117.2 7.04x 5'119.1 12.15x

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

31.12.2009 31.12.2010 23'194.0 25'233.3 4.39x 5.72x 10'554.4 11'590.2 9.64x 12.46x 5'986.1 7'561.4 17.94x 10.32x Profitability

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

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

15'628.63 13'860.00 43.00% 40.48% 22.22% 37.52% 34.95% 0.69% 68.1% 48.3% 42.6% 32.6% 1.05 0.76 5.80% 10.89% 17.54 4.05

Price/ Cash Flow

LTM

03/yy 27'800.3 27.69x 13'442.2 17.20x 8'866.6 26.53x

03/yy 32'768.1 30.78x 15'836.4 16.66x 10'505.1 25.05x

FY+1

0.46 663.43 9.45% -3.20% 0.461 16 3.875 1'389'440 2'134'443 2'008'877 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 34'828.5 38'410.6 7'598.6 8'621.6 7.20x 6.49x 33.42x 29.34x 17'076.6 18'939.9 3'222.0 3'990.0 14.95x 13.48x 14.99x 14.65x 11'097.8 12'695.3 2'115.6 2'711.4 22.91x 20.22x 22.46x 22.06x S&P Issuer Ratings

05.07.2012 A STABLE 21.52 17.37 -0.08 0.19 10.9% 9.5% 0.69 3.19 20.81 90.14 166.74 -111.50

Sales/Revenue/Turnover

25.00

35'000.0 30'000.0

20.00

25'000.0 15.00

20'000.0 15'000.0

10.00

10'000.0 5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Cia de Bebidas das Americas Holdings By:

All

Holder Name CIA DE BEBIDAS DAS A CAIXA DE PREVIDENCIA BLACKROCK AHORRO CORP GESTION VANGUARD GROUP INC NORGES BANK BRAM BRADESCO ASSET ITAU UNIBANCO SA HSBC GESTAO DE RECUR BANCO BTG PACTUAL SA BTG PACTUAL GLOBAL A CAISSE DE DEPOT ET P CALAMOS ADVISORS LLC BB GESTAO DE RECURSO CSHG ASSET MGMT SA WESTERN ASSET MANAGE SANTANDER BRASIL ASS PICTET FUNDS PARVEST INVESTMENT M CREDIT SUISSE ASSET

Firm Name

Portfolio Name n/a n/a n/a AHORRO CORPORACION I Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

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

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

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

Amt Held 637'049'453 74'474'254 20'757'547 18'501'325 9'275'585 8'821'021 2'843'986 2'546'471 2'309'915 2'303'253 2'246'186 2'106'496 2'010'500 1'884'671 1'706'676 1'705'239 1'339'042 1'198'694 1'076'400 964'600

% Out 46.33 5.42 1.51 1.35 0.67 0.64 0.21 0.19 0.17 0.17 0.16 0.15 0.15 0.14 0.12 0.12 0.1 0.09 0.08 0.07

Weighting

Change

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

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

Latest Chg 21'400 18'435'140 1'119'947 (25'431) 324'616 862'530 220'024 (294'307) 45'460 87'270 (85'766) (70'771) 7'942 (8'000) (4'400)

Target Price 95 95 94 96 87 #N/A N/A 97 83 97 83 #N/A N/A 70 101 95 84 #N/A N/A #N/A N/A

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

File Dt 17.06.2013 08.03.2013 05.07.2013 31.03.2013 31.03.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.03.2013 30.06.2013 31.12.2012 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.03.2013 28.02.2013 29.04.2013

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

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

Date 04.07.2013 02.07.2013 01.07.2013 27.06.2013 19.06.2013 06.06.2013 28.05.2013 02.05.2013 01.05.2013 30.04.2013 20.02.2013 04.02.2013 07.01.2013 07.01.2013 01.08.2012 10.06.2012 08.08.2011

09.07.2013

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

Price/Volume 12

350.0 M

300.0 M 250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/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 11.32 7.73 60'040'450.00 8.98 -20.67% 16.17% 32.59% 21'098.9 1'849'230.25 444'826.00 0.0 116'738.0 46'245.00 2'032'046.48

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

150.0 M

100.0 M

2 0 j-12

50.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

.0 M j-13

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

200.0 M

Valuation Analysis

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

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

LTM

FY+1

0.97 20'807.38 -1.60% -16.75% 0.966 32 4.188 ######### ######### 87'551'060 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 2'195'296.0 ######### ######### ######### ######### 0.99x 4.13x 3.96x 0.92x 0.90x 329'642.0 157'781.0 157'238.0 367'349.0 398'294.1 6.57x 0.00x 0.00x 5.53x 5.10x 115'326.0 135'143.0 112'190.0 129'122.3 138'545.8 14.02x 12.20x 13.04x 10.05x 9.32x S&P Issuer Ratings 329'642.00 Long-Term Rating Date 177'667.00 Long-Term Rating 8.09% Long-Term Outlook 7.60% Short-Term Rating Date 5.18% Short-Term Rating 10.46% Credit Ratios - EBITDA/Interest Exp. 0.96% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference 8.4% Total Debt/Equity 5.3% Total Debt/Capital Asset Turnover 0.72 Net Fixed Asset Turnover 0.21 Accounts receivable turnover-days 20.51% Inventory Days 41.81% Accounts Payable Turnover Day 23.88 Cash Conversion Cycle -

Price/ Cash Flow

17.62 0.96 41.8% 27.4% 0.96 2.65 15.29 -

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 |

09.07.2013

PetroChina Co Ltd Holdings By:

All

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

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

Analyst NEIL BEVERIDGE GRACE LIU ARTHUR YAN MICHAEL YUK ANDREW S F CHAN DUKE SUTTIKULPANICH DAVID HEWITT SCOTT DARLING LABAN YU THOMAS C HILBOLDT YAN SHI ANDY MENG POR YONG LIANG DAVID HURD JAMES HUBBARD LAWRENCE LAU SAMUEL THAWLEY DOUG WALTERS COLIN SMITH BIN GUAN SONIA SONG GORDON KWAN WU FEI ANNA YU ADRIAN LOH LI XIN TEAM COVERAGE HUANG LILI 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 ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform accumulate neutral/neutral buy underperform outperform outperform overweight buy overweight buy Overwt/Attractive buy hold neutral buy buy buy sell accumulate neutral buy long-term buy hold outperform hold hold overweight not rated neutral strong buy

Amt Held 1'956'185'923 1'577'005'761 1'434'922'739 1'178'532'553 602'735'554 350'420'000 291'518'000 277'448'830 227'384'512 188'319'862 114'922'000 66'938'000 64'059'164 59'416'335 58'757'243 54'140'000 50'652'000 45'818'620 45'153'121 42'766'000

% Out 9.27 7.47 6.8 5.59 2.86 1.66 1.38 1.31 1.08 0.89 0.54 0.32 0.3 0.28 0.28 0.26 0.24 0.22 0.21 0.2

Weighting

Change

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

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

Latest Chg 3'448'000 420'000 44'157'000 (9'566'632) (35'015'194) 892'000 484'406 1'066'000 (10'296'000) (3'968'000) (9'282'000) 15'626'620 -

Target Price 12 10 11 11 7 13 11 11 16 11 10 10 10 9 8 12 12 #N/A N/A 9 11 11 13 11 10 12 12 #N/A N/A 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 30.04.2013 16.05.2013 05.07.2013 24.06.2013 31.03.2013 31.03.2013 31.03.2012 30.06.2012 08.07.2013 31.12.2012 08.07.2013 30.06.2012 31.03.2013 31.05.2013 31.12.2012 31.05.2013 31.12.2012 31.05.2013 31.05.2012 30.09.2012

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

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

Date 09.07.2013 08.07.2013 07.07.2013 05.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 26.06.2013 26.06.2013 20.06.2013 18.06.2013 06.06.2013 15.05.2013 26.04.2013 25.04.2013 08.04.2013 22.03.2013 22.03.2013 11.12.2012 28.11.2012 31.10.2012 24.08.2012 31.05.2012 28.10.2011 20.07.2009

09.07.2013

Hon Hai Precision Industry Co Ltd Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products. The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

Price/Volume 120

140.0 M 120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/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 2317 TT EQUITY YTD Change 2317 TT EQUITY YTD % CHANGE

12/2012 12/yy 98.40 68.80 29'857'120.00 74.5 -24.29% 8.28% 15.54% 11'835.9 881'772.31 153'693.61 0.0 0.0 72'208.39 963'257.54

80.0 M

60.0 M 40.0 M

20.0 M

0 j-12

a-12

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

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

o-12

n-12

d-12

j-13

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

j-13

LTM

FY+1

.0 M j-13

1.13 9'473.66 55.40 -9.39% -16.20% 1.127 28 3.750 25'667'910 39'087'640 45'412'700 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'218'928.4 ######### ######### ######### ######### 803'834.0 984'305.0 0.35x 1.42x 1.45x 54'644.5 41'132.9 54'644.5 198'633.0 220'257.0 20.74x 23.49x 20.74x 4.85x 4.37x 94'762.4 81'591.0 94'762.4 92'968.3 103'346.4 15'014.1 27'664.9 11.07x 10.71x 10.90x 9.49x 8.47x 9.37x 8.94x S&P Issuer Ratings 54'644.47 Long-Term Rating Date 09.11.2007 45'925.84 Long-Term Rating A1.43% Long-Term Outlook STABLE 3.34% Short-Term Rating Date 5.84% Short-Term Rating 15.48% Credit Ratios 12.61% EBITDA/Interest Exp. 24.99 1.98% (EBITDA-Capex)/Interest Exp. 22.35 Net Debt/EBITDA 1.49 4.7% Total Debt/EBITDA 2.81 1.7% Reference 1.4% Total Debt/Equity 23.8% 2.9% Total Debt/Capital 19.2% Asset Turnover 1.98 1.10 Net Fixed Asset Turnover 106.04 0.61 Accounts receivable turnover-days 55.51 8.96% Inventory Days 13.14 23.77% Accounts Payable Turnover Day 59.68 6.59 Cash Conversion Cycle 8.97 27.86

Price/ Cash Flow

Sales/Revenue/Turnover

450.00

3'500'000.0

400.00

3'000'000.0

350.00

2'500'000.0

300.00 250.00

2'000'000.0

200.00

1'500'000.0

150.00

1'000'000.0

100.00

500'000.0

50.00 0.00 02.01.2010

s-12

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

160.0 M

Valuation Analysis

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

180.0 M

100

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

09.07.2013

Hon Hai Precision Industry Co Ltd Holdings By:

All

Holder Name GOU TERRY VANGUARD GROUP INC SAUDI ARABIAN MONETA BLACKROCK GOVT OF SINGAPORE IN VANGUARD EMS INDEX F EFG BANK FMR LLC CHINATRUST COMM BK T ABU DHABI INVESTMENT HSIEN CHIN INTL INVE NORGES BANK POLARIS SEC INVESTME SCHRODER INVESTMENT LAZARD ASSET MANAGEM JUI FU INTL INVESTME FIL LIMITED WILLIAM BLAIR & COMP HSIANG-FU YOU SUN LIFE FINANCIAL I

Firm Name

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

Analyst

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

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

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

Amt Held 1'473'989'536 293'210'291 272'197'766 226'728'322 213'675'970 182'275'330 179'470'183 173'423'235 124'034'680 119'029'555 116'176'670 114'040'570 102'177'928 83'644'698 68'252'926 56'536'398 48'886'001 38'155'162 36'643'284 26'971'445

% Out 12.45 2.48 2.3 1.92 1.81 1.54 1.52 1.47 1.05 1.01 0.98 0.96 0.86 0.71 0.58 0.48 0.41 0.32 0.31 0.23

Weighting

Change

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

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

Latest Chg 27'007'541 3'378'782 (6'901'635) (11'818'842) (4'350'062) 16'364'000 8'663'608 4'637'000 234'000

Target Price 90 #N/A N/A 99 74 100 59 #N/A N/A 102 95 81 95 #N/A N/A #N/A N/A #N/A N/A 66 95 105 82 75 61 100 #N/A N/A 101 #N/A N/A 98 110 106

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

File Dt 31.05.2013 31.03.2013 20.04.2012 05.07.2013 20.04.2012 20.04.2012 20.04.2012 31.05.2013 20.04.2012 20.04.2012 20.04.2012 31.12.2012 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.12.2012 31.03.2013 31.05.2013 31.05.2013

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

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

Date 05.07.2013 02.07.2013 28.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 17.06.2013 14.06.2013 11.06.2013 21.05.2013 15.05.2013 15.05.2013 14.05.2013 01.05.2013 25.04.2013 24.04.2013 11.04.2013 10.04.2013 21.03.2013 27.02.2013 06.02.2013 05.09.2012

09.07.2013

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

Price/Volume 40

20.0 M

25 20

12/2012 03/yy 35.38 25.50 10'076'900.00 26 -26.51% 1.96% 5.06% 2'103.6 114'732.37 307'230.10 0.0 208.7 84'145.54 -

15.0 M

10.0 M

10 5.0 M

5 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBDC4 BZ EQUITY YTD Change BBDC4 BZ EQUITY YTD % CHANGE

31.12.2008 76'701.0 7'018.0 4.93x

30.0 M

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

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

31.12.2012 100'442.6 11'291.6 11.89x

24.06% 25.50% 1.37% 18.05% 3.60% 0.19% 18.6% 38.35% 431.88% -

Price/ Cash Flow

LTM

03/yy 03/yy 156'856.8 160'114.2 0.00x 0.00x 0.0 0.0 0.00x 0.00x 11'118.8 11'507.8 10.95x 12.46x

FY+1

0.98 2'039.54 -3.77% -17.57% 0.985 24 4.208 11'017'340 9'122'877 8'048'549 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 64'766.0 69'700.0 16'945.0 17'350.5 12'538.4 14'048.7 3'149.8 3'213.0 8.62x 7.70x 8.62x 8.44x S&P Issuer Ratings

30.04.2008 BBB NEG 11.07.2012 A-2 431.9% 81.2% 0.19 35.18 -

Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Banco Bradesco SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK NCF PARTICIPACOES SA AHORRO CORP GESTION HARBOR CAPITAL ADVIS NORGES BANK VANGUARD GROUP INC T ROWE PRICE ASSOCIA BTG PACTUAL GLOBAL A ITAU UNIBANCO SA BRAM BRADESCO ASSET BANCO BTG PACTUAL SA WESTERN ASSET MANAGE JP MORGAN JGP GESTAO DE RECURS CAISSE DE DEPOT ET P HSBC GESTAO DE RECUR BANCO BRADESCO SA SANTANDER BRASIL ASS BB GESTAO DE RECURSO

Firm Name

Portfolio Name n/a n/a n/a AHORRO CORPORACION I Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

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

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

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

Amt Held 122'086'942 59'303'745 56'924'416 39'792'551 37'474'317 26'993'244 26'419'710 16'235'341 10'579'913 9'825'761 8'400'957 8'357'575 6'793'269 6'512'598 6'383'912 5'580'000 5'496'986 5'322'201 4'832'429 4'386'548

% Out 5.8 2.82 2.71 1.89 1.78 1.28 1.26 0.77 0.5 0.47 0.4 0.4 0.32 0.31 0.3 0.27 0.26 0.25 0.23 0.21

Weighting

Change

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

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

Latest Chg (96'620) 39'673'227 1'602'472 (356'440) 1'939'086 236'016 (175'588) 3'990'776 (483'327) 6'466'925 (690'742) 436'118 511'051 (140'850)

Target Price 38 #N/A N/A 36 36 35 38 42 41 #N/A N/A 40 42 33 31 30 #N/A N/A 40 37 41 35 #N/A N/A #N/A N/A

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

File Dt 31.03.2013 05.07.2013 20.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 30.06.2013 30.06.2013 30.06.2013 31.03.2013 30.06.2013 31.05.2013 30.06.2013 31.12.2012 30.06.2013 20.03.2013 30.06.2013 30.06.2013

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

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

Date 05.07.2013 28.06.2013 17.06.2013 15.06.2013 03.06.2013 21.05.2013 20.05.2013 26.04.2013 26.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 10.04.2013 08.04.2013 14.02.2013 17.01.2013 17.12.2012 26.09.2012 23.01.2012

09.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOL SJ EQUITY YTD Change SOL SJ EQUITY YTD % CHANGE

06/2012 01/yy 45'698.00 33'321.00 475'248.00 43371 -5.02% 30.16% 77.80% 648.8 281'394.69 13'088.00 0.0 3'080.0 13'172.00 293'003.69

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

30.06.2009 30.06.2010 137'836.0 122'256.0 1.31x 1.52x 31'194.0 31'748.0 5.81x 5.85x 13'648.0 15'941.0 10.62x 10.34x Profitability

30.06.2011 142'436.0 1.70x 38'469.0 6.28x 19'794.0 10.52x

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

46'169.00 36'518.00 21.55% 21.25% 10.38% 17.35% 15.61% 0.82% 34.5% 27.1% 20.8% 13.9% 2.12 1.09 6.42% 10.45% 6.85 4.81

Price/ Cash Flow

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M a-12

s-12

LTM-4Q

LTM

01/yy

01/yy -

o-12

n-12

d-12

j-13

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

j-13

FY+1 -

.0 M j-13

4.03 1.02 425.93 32.24% 21.31% 1.017 16 2.875 1'580'708 2'141'337 2'030'019 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/11 Q2 09/11 Q3 176'794.3 182'534.5 1.62x 1.58x 50'639.4 52'834.5 5.79x 5.55x 27'002.7 27'856.9 9.49x 9.33x S&P Issuer Ratings

16.10.2012 NEG 19.02.2003 A-2 22.48 8.30 0.18 0.68 10.5% 9.3% 0.82 1.32 53.44 76.08 69.78

Sales/Revenue/Turnover

10.00

180'000.0

9.00

160'000.0

8.00

140'000.0

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0

3.00

40'000.0

2.00

20'000.0

1.00 0.00 03.07.2009

7.0 M

Fiscal Year Ended 30.06.2008 129'943.0 2.53x 38'753.0 8.49x 22'417.0 12.10x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 j-12

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 |

09.07.2013

Sasol Ltd Holdings By:

All

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

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

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

Analyst LIONEL THEROND NIC DINHAM SEAN UNGERER LEIGH BREGMAN DOUG WALTERS JARRETT GELDENHUYS GEYDAR MAMEDOV CAROLINE LEARMONTH GERHARD ENGELBRECHT ALEX COMER SRIHARSHA PAPPU DOUGIE YOUNGSON STEPHEN MEINTJES ANDREY OVCHINNIKOV JUI KULKARNI

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

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

Amt Held 71'626'357 53'266'887 34'397'871 23'794'536 23'339'310 21'599'528 16'425'349 10'649'027 9'716'198 9'461'882 9'393'175 8'809'886 8'789'616 7'964'184 6'952'275 6'568'869 6'563'514 5'710'033 5'590'605 5'195'369

% Out 11.04 8.21 5.3 3.67 3.6 3.33 2.53 1.64 1.5 1.46 1.45 1.36 1.35 1.23 1.07 1.01 1.01 0.88 0.86 0.8

Weighting

Change

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

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

Latest Chg 4'546'996 64'481 (731'210) 893'572 1'147'782 19'868 (65'478) 325'223 (184'238) 264'956 1'114'747 178'971 38'138 (472'270) (433'999)

Target Price 39'000 46'000 45'520 39'800 #N/A N/A 44'000 43'900 43'000 44'000 44'300 37'500 #N/A N/A #N/A N/A 33'900 #N/A N/A

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

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 05.07.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013

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

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

Date 28.06.2013 24.06.2013 13.06.2013 10.06.2013 06.06.2013 29.05.2013 13.05.2013 06.05.2013 25.03.2013 25.02.2013 17.02.2013 05.12.2012 31.10.2012 07.09.2012 26.03.2012

09.07.2013

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

Price/Volume 45

60.0 M

50.0 M

35 30

40.0 M

12/2012 03/yy 43.09 25.52 15'538'400.00 26.08 -39.48% 2.19% 3.19% 2'108.6 147'450.16 61'855.85 0.0 3'245.0 11'918.22 198'783.50

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

20.0 M

10.0 M

5 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VALE5 BZ EQUITY YTD Change VALE5 BZ EQUITY YTD % CHANGE

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

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

31.12.2012 93'511.5 2.90x 34'366.5 7.89x 9'733.7 22.18x

34'366.50 25'969.07 27.77% 7.05% 3.60% 6.09% 0.37% 44.4% 37.7% 28.6% 10.4% 1.79 1.01 23.17% 40.59% 7.24 5.07

Price/ Cash Flow

LTM

FY+1

0.92 2'020.90 -30.59% -34.41% 0.920 17 4.765 21'469'740 23'112'910 22'987'710 FY+2

FQ+1

FQ+2

03/yy 100'462.6 10.34x 50'759.3 5.14x 33'234.3 6.76x

03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 95'721.3 100'899.7 107'736.4 25'597.6 25'137.0 10.33x 2.08x 2.00x 8.75x 9.26x 36'050.3 44'938.9 46'364.0 11'078.9 9'942.0 6.41x 4.42x 4.29x 4.87x 4.83x 9'213.9 25'071.6 25'017.7 6'200.4 5'328.2 19.54x 5.53x 5.47x 5.88x 5.56x S&P Issuer Ratings Long-Term Rating Date 23.11.2011 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.11 (EBITDA-Capex)/Interest Exp. 0.97 Net Debt/EBITDA 1.34 Total Debt/EBITDA 1.68 Reference Total Debt/Equity 40.6% Total Debt/Capital 28.4% Asset Turnover 0.37 Net Fixed Asset Turnover 0.58 Accounts receivable turnover-days 50.38 Inventory Days 71.93 Accounts Payable Turnover Day 56.52 Cash Conversion Cycle 66.06 Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Vale SA Holdings By:

All

Holder Name OPPORTUNITY GESTORA ABERDEEN BNDES PARTICIPACOES BLACKROCK NORGES BANK AHORRO CORP GESTION VANGUARD GROUP INC VALE SA ITAU UNIBANCO SA BB GESTAO DE RECURSO BRAM BRADESCO ASSET WESTERN ASSET MANAGE SANTANDER BRASIL ASS SPX GESTAO DE RECURS PICTET FUNDS CAIXA ECONOMICA FEDE JGP GESTAO DE RECURS SCHRODER INVESTMENT CAISSE DE DEPOT ET P DYNAMO INTERNACIONAL

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios AHORRO CORPORACION I Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

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

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

Amt Held 114'478'068 105'428'979 67'342'071 56'423'331 37'950'325 27'996'947 27'905'157 20'340'000 19'842'178 17'966'535 14'266'004 10'814'585 10'602'474 9'912'796 8'324'917 8'088'570 8'082'540 5'657'075 5'647'738 5'399'578

% Out 5.43 5 3.19 2.68 1.8 1.33 1.32 0.96 0.94 0.85 0.68 0.51 0.5 0.47 0.39 0.38 0.38 0.27 0.27 0.26

Weighting

Change

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

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

Latest Chg (2'698'560) (159'700) 27'949'525 5'507'414 1'174'033 1'175'767 (283'513) (304'604) (201'681) 6'554'060 97'943 479'000 (440'550) 5'250'775 1'712'088

Target Price 51 45 47 51 43 25 53 41 42 #N/A N/A #N/A N/A 39 42 54 54 44 45 54

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

File Dt 31.05.2013 04.04.2013 31.12.2012 05.07.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.05.2013 31.03.2013 30.06.2013 30.06.2013 31.05.2013 31.12.2012 30.06.2013

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

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

Date 08.07.2013 05.07.2013 05.07.2013 02.07.2013 27.06.2013 26.06.2013 24.06.2013 20.06.2013 18.06.2013 06.06.2013 03.06.2013 30.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 11.04.2013 08.03.2013

09.07.2013

Fomento Economico Mexicano SAB de CV Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is a Company that through its subsidiaries produces, distributes and markets non-alcoholic beverages throughout Latin America as part of the Coca-Cola system. The Company owns and operates convenience stores in Mexico and Colombia and holds a stake in Heineken.

Price/Volume

12.0 M

120

10.0 M 8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.04.2013) 52-Week Low (03.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FEMSAUBDMM EQUITY YTD Change FEMSAUBDMM EQUITY YTD % CHANGE

12/2012 03/yy 153.21 106.00 2'612'091.00 132.28 -13.66% 24.79% 55.67% 2'161.2 446'007.06 37'357.53 0.0 54'901.5 38'116.06 503'742.33

6.0 M

60 40

4.0 M

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

14.0 M

140 100

Valuation Analysis

31.12.2008 168'021.7 1.25x 29'819.0 7.07x 6'707.6 22.07x

160

31.12.2009 31.12.2010 158'503.0 169'702.0 1.71x 1.66x 26'319.0 28'031.0 10.32x 10.06x 9'908.0 40'251.0 33.84x 19.20x Profitability

LTM-4Q 31.12.2011 201'540.1 1.97x 30'646.7 12.97x 15'331.7 22.64x

31.12.2012 238'309.0 2.17x 37'116.9 13.92x 20'706.8 22.35x

37'116.93 29'227.39 12.26% 15.11% 7.73% 15.27% 13.79% 0.88% 42.5% 15.4% 11.9% 8.7% 1.56 0.93 12.62% 24.06% 37.35 9.55

Price/ Cash Flow

LTM

FY+1

0.86 11.39% 3.03% 0.857 16 3.313 2'567'553 3'534'625 3'032'328 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 209'496.9 238'897.8 258'604.6 287'930.7 64'511.7 64'910.5 7.12x 8.47x 1.93x 1.70x 7.87x 7.76x 31'416.0 36'732.9 41'484.5 47'146.9 9'940.7 10'608.0 13.57x 15.11x 12.14x 10.68x 11.89x 11.57x 15'271.2 20'906.8 19'815.3 22'719.3 4'306.0 4'946.0 24.68x 23.78x 24.65x 21.07x 21.77x 20.04x S&P Issuer Ratings Long-Term Rating Date 24.04.2013 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.81 (EBITDA-Capex)/Interest Exp. 8.89 Net Debt/EBITDA 0.20 Total Debt/EBITDA 0.98 Reference Total Debt/Equity 24.1% Total Debt/Capital 15.1% Asset Turnover 0.88 Net Fixed Asset Turnover 4.22 Accounts receivable turnover-days 9.77 Inventory Days 38.21 Accounts Payable Turnover Day 54.33 Cash Conversion Cycle -8.13 Sales/Revenue/Turnover

20.00

300'000.0

18.00

250'000.0

16.00 14.00

200'000.0

12.00

150'000.0

10.00 8.00

100'000.0

6.00 4.00

50'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Fomento Economico Mexicano SAB de CV Holdings By:

All

Holder Name NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK OPPENHEIMERFUNDS INC GRUPO FIN BANAMEX SA NORGES BANK GRUPO FINANCIERO BBV JP MORGAN EMERGING GLOBAL SHAR FMR LLC CAISSE DE DEPOT ET P GRUPO FINANCIERO SCO INVESCO LTD DEUTSCHE BANK AG GESTION SANTANDER ME IMPULSORA DEL FONDO ACTINVER SA DE CV/ME EATON VANCE MANAGEME CREDIT SUISSE ASSET INVESTEC ASSET MANAG

Firm Name BBVA Invex Casa de Bolsa SA de CV Itau BBA Securities Actinver SA Scotia Capital Credit Suisse EVA Dimensions Goldman Sachs GBM Banorte-IXE Punto Casa de Bolsa Grupo Santander Banco BTG Pactual SA Vector Servicios Financieros Interacciones Casa de Bolsa

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

Analyst FERNANDO OLVERA MONTSERRAT ANTON HONORATO ALEXANDRE RUIZ MIGUEL GUSTAVO TERAN RODRIGO ECHAGARAY ANTONIO GONZALEZ CRAIG STERLING LUCA CIPICCIA KARLA MIRANDA MARISOL HUERTA MONDRAGON CRISTINA MORALES LUIS MIRANDA RAFAEL SHIN MARCO MONTANEZ TORRES RAUL OCHOA

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

Recommendation outperform hold market perform sell sector outperform underperform hold Buy/Neutral market underperform hold buy hold buy hold buy

Amt Held 73'027'196 59'751'085 50'303'534 42'945'174 23'417'316 18'757'011 7'627'784 7'026'090 6'685'608 5'473'763 5'220'040 4'746'607 4'597'773 3'592'300 3'304'268 3'100'000 2'845'004 2'599'774 2'391'900 2'318'000

% Out 3.38 2.76 2.33 1.99 1.08 0.87 0.35 0.33 0.31 0.25 0.24 0.22 0.21 0.17 0.15 0.14 0.13 0.12 0.11 0.11

Weighting

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

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

Latest Chg 891'654 7'241'895 498'100 (16'852'022) 246'181 769'205 6'979'866 (1'606'699) 118'607 (17'700) 370'219 (200'000) (100'467) (1'226) (6'800) -

Target Price 150 136 142 143 144 130 #N/A N/A 156 139 155 189 141 139 153 75

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

File Dt 05.07.2013 31.03.2013 05.07.2013 30.04.2013 31.05.2013 31.12.2012 08.07.2013 31.05.2013 08.07.2013 31.05.2013 31.12.2012 31.05.2013 08.07.2013 31.05.2013 31.05.2013 31.01.2013 30.04.2013 30.04.2013 29.04.2013 30.04.2013

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

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

Date 01.07.2013 01.07.2013 01.07.2013 25.06.2013 12.06.2013 06.06.2013 06.06.2013 28.05.2013 14.05.2013 14.05.2013 08.05.2013 25.04.2013 24.04.2013 24.04.2013 03.06.2011

09.07.2013

Housing Development Finance Corp Housing Development Finance Corporation Ltd. HDFC provides housing finance in India. The Company provides long-term housing loans to low and middle income individuals, as well as to corporations. HDFC also provides construction finance to real estate developers, besides providing lease financing facilities to companies and development authorities for infrastructure and other assets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.05.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDFC IN EQUITY YTD Change HDFC IN EQUITY YTD % CHANGE

03/2013 03/yy 931.40 631.25 3'476'592.00 830.05 -10.88% 31.49% 64.23% 1'554.1 1'289'998.13 1'636'626.90 0.0 10'714.7 15'168.60 2'922'171.11

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

31.03.2010 31.03.2011 123'566.6 257'695.6 14.26x 8.57x 113'182.5 132'096.2 15.57x 16.71x 32'409.8 45'284.1 23.91x 22.56x Profitability

LTM-4Q 31.03.2012 302'853.4 7.97x 178'473.4 13.52x 54'625.1 18.14x

31.03.2013 359'789.7 8.09x 218'561.7 13.31x 66'397.2 18.91x 218'561.70 35.19% 24.97% 2.86% 23.60% 3.83% 0.15% 60.7% 18.5% 64.96% 510.48% -

Price/ Cash Flow

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M a-12

s-12

o-12

n-12

d-12

j-13

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

j-13

LTM

FY+1

.0 M j-13

1.51 0.99 1'462.04 24.58% 1.64% 0.995 49 3.592 2'277'413 3'109'680 2'957'390 FY+2

FQ+1

FQ+2

03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 0.0 389'208.4 247'021.0 293'335.0 #DIV/0! 13.27x 0.0 60'269.0 0.00x 0.00x 0.0 66'397.1 0.00x 18.96x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

7.42 7.49 510.5% 83.2% 0.15 57.03 -

Sales/Revenue/Turnover

160.00

400'000.0

140.00

350'000.0

120.00

300'000.0

100.00

250'000.0

80.00

200'000.0

60.00

150'000.0

40.00

100'000.0

20.00

50'000.0

0.00 04.04.2010

90.0 M

Fiscal Year Ended 31.03.2009 117'064.2 10.70x 105'974.0 11.82x 23'105.0 17.38x

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

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

09.07.2013

Housing Development Finance Corp Holdings By:

All

Holder Name ABERDEEN CAPITAL GROUP COMPAN JP MORGAN OPPENHEIMERFUNDS INC VANGUARD GROUP INC LIFE INSURANCE CORP ICICI PRUDENTIAL LIF VIRTUS EMERGING MARK HARRIS TRUST & SAVIN FMR LLC BLACKROCK GOVT OF SINGAPORE IN CARMIGNAC GESTION ABU DHABI INVESTMENT T ROWE PRICE ASSOCIA VONTOBEL ASSET MANAG STICHTING PENSIOEN F SBI LIFE INSURANCE C MATTHEWS INTERNATION CARNEGIE ASSET MANAG

Firm Name

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

Analyst

ICICI Securities SANTANU CHAKRABARTI Motilal Oswal Securities Ltd ALPESH MEHTA Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES Axis Capital Limited PRAVEEN AGRAWAL Standard Chartered MAHRUKH ADAJANIA Sharekhan Ltd TEAM COVERAGE Ambit Capital Pvt Ltd PANKAJ AGARWAL IDFC Securities Ltd MANISH CHOWDHARY Goldman Sachs RAHUL JAIN Macquarie SURESH GANAPATHY Antique Stock Broking Limited ALOK KAPADIA Credit Suisse ASHISH GUPTA Avendus Capital Private Ltd JAYNEE SHAH Kotak Securities NISCHINT CHAWATHE JPMorgan SESHADRI K SEN Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA CIMB JATINDER AGARWAL Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE EVA Dimensions DOUG WALTERS Jefferies NILANJAN KARFA Deutsche Bank MANISH SHUKLA Quant Broking Pvt Ltd NITIN KUMAR Morgan Stanley ANIL AGARWAL Almondz Global Securities Ltd SHIVRAJ GUPTA First Global Stockbroking DEVINA MEHRA KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL BNP Paribas Equity Research AVNEESH SUKHIJA Batlivala & Karani Securities VISHAL SHETH Nomura VIJAY SARATHI Angel Broking Limited VAIBHAV AGRAWAL Spark Capital Advisors GANESHRAM JAYARAMAN ICICIdirect.com KAJAL GANDHI Barclays ANISH TAWAKLEY IIFL SAMPATH S K KUMAR Ventura Securities Ltd TEAM COVERAGE HSBC SACHIN SHETH JM Financial Institutional Securities P PUNEET GULATI Phillip Securities MANISH AGARWALLA Emkay Share & Stock Brokers KASHYAP JHAVERI Tata Securities Limited SREESANKAR RADHAKRISHNAN Religare Capital Markets SIDDHARTH TELI Edelweiss Capital KUNAL SHAH Espirito Santo Investment Bank Research SANTOSH SINGH

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

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

Amt Held 103'622'067 88'391'086 69'366'526 44'606'744 42'854'108 33'079'772 32'427'269 24'906'564 24'906'564 24'464'533 23'212'231 23'123'104 19'048'406 18'880'986 18'255'863 17'860'836 16'539'991 15'842'644 13'637'288 9'605'860

% Out 6.67 5.69 4.46 2.87 2.76 2.13 2.09 1.6 1.6 1.57 1.49 1.49 1.23 1.21 1.17 1.15 1.06 1.02 0.88 0.62

Weighting

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

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

Latest Chg 287'368 (3'560'557) (992'996) 5'811'245 6'417'199 (3'874) 1'576'374 625'400 1'050'853 (190'400)

Target Price 900 969 873 890 820 910 689 837 790 690 840 1'045 948 790 925 900 911 924 #N/A N/A 865 960 950 1'125 904 #N/A N/A 963 954 925 780 #N/A N/A 737 860 925 1'030 #N/A N/A 982 1'000 825 760 912 1'000 929 838

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

File Dt Inst Type 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Government 31.03.2013 Insurance Company 31.03.2013 n/a 28.03.2013 Unclassified 31.05.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Government 31.03.2013 Investment Advisor 31.03.2013 Government 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Insurance Company 28.03.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 07.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 04.07.2013 04.07.2013 03.07.2013 02.07.2013 02.07.2013 28.06.2013 26.06.2013 26.06.2013 25.06.2013 20.06.2013 19.06.2013 14.06.2013 08.06.2013 06.06.2013 03.06.2013 22.05.2013 21.05.2013 15.05.2013 13.05.2013 11.05.2013 10.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 25.02.2013

09.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIL IN EQUITY YTD Change RIL IN EQUITY YTD % CHANGE

03/2013 01/yy 955.00 682.35 3'416'795.00 874.8 -8.40% 28.20% 67.71% 3'229.4 2'825'107.00 1'072'190.00 0.0 9'490.0 661'360.00 3'245'426.93

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

31.03.2010 31.03.2011 2'037'397.2 2'658'106.0 1.78x 1.35x 303'332.8 380'722.6 11.96x 9.40x 245'031.4 192'936.8 13.05x 16.20x Profitability

31.03.2012 3'585'010.0 0.69x 351'080.0 7.09x 197'240.0 11.35x

31.03.2013 3'970'620.0 0.68x 333'830.0 8.06x 208'790.0 10.91x 333'830.00 221'510.00 5.58% 6.60% 6.06% 11.88% 8.30% 1.15% 8.4% 5.6% 5.3% 1.48 0.79 29.59% 58.89% 29.75 -

Price/ Cash Flow

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M a-12

s-12

LTM-4Q

LTM

01/yy

01/yy -

o-12

n-12

d-12

j-13

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

j-13

FY+1 -

.0 M j-13

1.03 1.17 1'501.95 20.86% 5.35% 1.174 54 3.926 3'666'570 4'413'224 3'997'798 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 ######### ######### 0.82x 0.80x 350'547.3 398'663.5 9.26x 8.14x 220'993.4 246'749.6 12.57x 11.26x S&P Issuer Ratings

29.05.2013 BBB+ NEG 12.97 1.03 1.23 3.21 58.9% 36.9% 1.15 3.25 12.27 -

Sales/Revenue/Turnover

18.00

4'500'000.0

16.00

4'000'000.0

14.00

3'500'000.0

12.00

3'000'000.0

10.00

2'500'000.0

8.00

2'000'000.0

6.00

1'500'000.0

4.00

1'000'000.0

2.00

500'000.0

0.00 04.04.2010

14.0 M

Fiscal Year Ended 31.03.2009 1'512'240.1 1.99x 242'169.1 12.44x 149'687.2 14.09x

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

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

09.07.2013

Reliance Industries Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP KANKHAL INVES & TRAD BHUVANESH ENTERPRISE AJITESH ENTERPRISES BADRI COMMERCIALS LL ABHAYAPRADA ENTERPRI TRILOKESH COMMERCIAL PETROLEUM TRUST FARM ENTERPRISES LTD TARAN ENTERPRISES LL PITAMBAR ENTERPRISES ADISESH ENTERPRISES RELIANCE CHEMICALS P RELIANCE POLYOLEFINS RISHIKESH ENTERPRISE FRANKLIN RESOURCES VANGUARD GROUP INC GOVT OF SINGAPORE IN PAVANA ENTERPRISES L JANUS CAPITAL MANAGE

Firm Name Sanford C. Bernstein & Co Nomura Edelweiss Capital JM Financial Institutional Securities P Motilal Oswal Securities Ltd Axis Capital Limited India Nivesh Ltd Jefferies Kotak Securities IDFC Securities Ltd Brics Securities Daiwa Securities Co. Ltd. India Infoline Sharekhan Ltd Systematix Shares & Stocks Ltd Standard Chartered Deutsche Bank BNP Paribas Equity Research IDBI Capital Market Services Ltd Angel Broking Limited Antique Stock Broking Limited IIFL Quant Broking Pvt Ltd Equirus Securities Pvt Ltd Karvy Stock Broking Ltd Ambit Capital Pvt Ltd Emkay Share & Stock Brokers Barclays Goldman Sachs JPMorgan EVA Dimensions Credit Suisse HSBC Morgan Stanley Firstcall India Equity Advisors Pvt Ltd Macquarie CIMB Prabhudas Lilladher Pvt Ltd Batlivala & Karani Securities HDFC Securities Tata Securities Limited LKP Shares and Securities Ltd Religare Capital Markets

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

Analyst NEIL BEVERIDGE ANIL SHARMA NIRAJ MANSINGKA MEHUL THANAWALA HARSHAD BORAWAKE AMIT MISHRA DALJEET SINGH KOHLI ARYA SEN SANJEEV PRASAD PRAKASH JOSHI NILESH RAMESH GHUGE NIRMAL RAGHAVAN PRAYESH JAIN TEAM COVERAGE SUDARSHAN NARASIMHAN RAHUL SINGH HARSHAD KATKAR AMIT SHAH SUDEEP ANAND BHAVESH CHAUHAN AMIT RUSTAGI BHASKAR CHAKRABORTY GAGAN DIXIT MAULIK PATEL VINAY V NAIR DAYANAND MITTAL JAGDISH MEGHNANI SOMSHANKAR SINHA NILESH BANERJEE SAMUEL SW LEE DOUG WALTERS SANJAY MOOKIM KUMAR MANISH VINAY JAISING TEAM COVERAGE JAL IRANI AVADHOOT SABNIS DEEPAK PAREEK BHAVIN GANDHI AISHWARYA DEEPAK SWARNENDU BHUSHAN CHIRAG DHAIFULE BALLABH MODANI

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

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

Amt Held 257'759'467 148'490'952 134'616'811 127'041'799 127'041'799 124'514'168 124'513'168 120'471'003 118'978'113 106'373'069 104'900'070 81'099'093 62'239'998 61'194'924 60'409'418 56'632'502 48'198'185 35'868'560 35'673'400 31'192'819

% Out 7.98 4.6 4.17 3.93 3.93 3.86 3.86 3.73 3.68 3.29 3.25 2.51 1.93 1.89 1.87 1.75 1.49 1.11 1.1 0.97

Weighting

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

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

Latest Chg (2'503'631) 7'533'363 (5'600'000) (204'205)

Target Price 960 1'000 1'055 943 943 1'160 1'053 817 920 892 910 902 950 1'010 864 900 1'040 847 960 #N/A N/A 916 830 1'016 847 800 758 834 900 1'085 800 #N/A N/A 974 845 961 852 1'100 850 867 990 960 800 853 860

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 28.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 12.06.2013 31.03.2013

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

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

Date 09.07.2013 09.07.2013 09.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 03.07.2013 03.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 25.06.2013 21.06.2013 17.06.2013 17.06.2013 13.06.2013 12.06.2013 06.06.2013 27.05.2013 27.05.2013 22.04.2013 19.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013

09.07.2013

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (05.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PETR3 BZ EQUITY YTD Change PETR3 BZ EQUITY YTD % CHANGE

12/2011 03/yy 24.98 13.50 8'400'000.00 13.55 -45.76% 0.37% 0.44% 7'442.5 184'763.86 196'350.31 2'354.0 49'302.76 337'056.63

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

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

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

31.12.2012 281'379.5 1.44x 53'158.1 7.60x 21'182.4 12.02x

53'158.09 31'391.99 11.16% 9.86% 3.00% 5.85% 5.03% 0.44% 25.2% 18.2% 10.1% 7.5% 1.70 1.03 28.97% 57.23% 16.87 7.13

Price/ Cash Flow

LTM

FY+1

1.05 2'944.62 -30.87% -29.71% 1.053 12 4.167 15'776'100 11'505'090 10'263'430 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 255'048.0 287'780.8 294'720.7 314'119.3 75'473.5 80'645.0 6.02x 5.52x 1.29x 1.32x 4.74x 4.48x 62'822.2 52'352.0 69'068.6 78'196.8 16'433.0 6.48x 7.48x 4.88x 4.31x 31'542.4 19'661.4 28'691.2 33'171.3 (936.5) 12'490.0 9.66x 12.17x 5.94x 5.49x 5.93x 5.43x S&P Issuer Ratings Long-Term Rating Date 17.11.2011 Long-Term Rating BBB Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 3.04 (EBITDA-Capex)/Interest Exp. -1.47 Net Debt/EBITDA 2.87 Total Debt/EBITDA 3.76 Reference Total Debt/Equity 57.2% Total Debt/Capital 36.2% Asset Turnover 0.44 Net Fixed Asset Turnover 0.73 Accounts receivable turnover-days 21.63 Inventory Days 51.17 Accounts Payable Turnover Day 36.89 Cash Conversion Cycle 37.20 Sales/Revenue/Turnover

9.00

300'000.0

8.00

250'000.0

7.00

200'000.0

6.00 5.00

150'000.0

4.00

100'000.0

3.00 2.00

50'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Petroleo Brasileiro SA Holdings By:

All

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

Firm Name

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

Analyst

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

Recommendation

Jefferies IAIN REID GBM LUANA HELSINGER JPMorgan CAIO M CARVALHAL Tudor Pickering & Co ROBERT KESSLER Simmons & Company International JEFFREY A DIETERT Grupo Santander CHRISTIAN AUDI Espirito Santo Investment Bank Research OSWALDO ALCANTARA TELLES FILHO Goldman Sachs FELIPE MATTAR Banco do Brasil SA NATANIEL CEZIMBRA Sociedade Corretora Paulista MARCELO VAREJAO VTB Capital COLIN SMITH Banco BTG Pactual SA GUSTAVO GATTASS

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

Amt Held 3'740'470'811 745'903'091 107'644'165 83'149'000 54'028'832 49'962'119 41'564'830 37'786'444 31'502'986 22'787'483 15'643'631 13'725'830 11'457'805 9'404'139 7'992'372 6'558'171 6'257'331 6'201'929 6'193'600 5'733'500

% Out 50.26 10.02 1.45 1.12 0.73 0.67 0.56 0.51 0.42 0.31 0.21 0.18 0.15 0.13 0.11 0.09 0.08 0.08 0.08 0.08

Weighting

Change

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

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

Latest Chg (716'700) 1'235'687 18'536'173 (110'063) 117'201 (25'500) 211'296 (449'466) 851'920 2'400 700 741'000 (423'476) 127'500 (76'000)

Target Price 22 20 22 33 #N/A N/A 20 32 25 25 38 #N/A N/A 47

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

File Dt 28.03.2013 28.03.2013 30.06.2013 05.07.2013 31.03.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 29.03.2013 28.03.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.05.2013 31.05.2013

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

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

Date 08.07.2013 03.07.2013 24.06.2013 24.06.2013 16.05.2013 07.05.2013 30.04.2013 28.04.2013 26.04.2013 25.02.2013 06.02.2013 29.08.2011

09.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/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 27'272'459.00 17.52 -35.94% 3.06% 6.57% 7'441.2 472'941.84 136'480.00 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 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

.0 M j-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

1.01 1.23 7'441.18 -15.41% -30.12% 1.228 31 3.677 34'732'610 39'430'090 37'454'680 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 375'303.0 403'381.0 426'894.9 470'673.7 0.26x 0.00x 0.80x 0.69x 0.0 0.0 0.00x 0.00x 15'985.0 15'513.0 28'368.0 33'960.8 0.00x 29.32x 13.48x 11.50x 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 |

09.07.2013

China Life Insurance Co Ltd Holdings By:

All

Holder Name BLACKROCK JP MORGAN VANGUARD GROUP INC CARMIGNAC GESTION HANG SENG INVESTMENT STATE STREET FIL LIMITED SCHRODER INVESTMENT FRANKLIN RESOURCES CAPITAL GROUP COMPAN ALLIANZ ASSET MANAGE NORGES BANK DEUTSCHE BANK AG INVESCO ASSET MANAGE SHINHAN BNP PARIBAS HARVEST FUND MANAGEM MONTGOMERY ASSET MAN BARING INTERNATIONAL INVESCO LTD MATTHEWS INTERNATION

Firm Name BNP Paribas Equity Research HSBC Nomura JPMorgan Standard Chartered Credit Suisse Religare Capital Markets Sanford C. Bernstein & Co EVA Dimensions Jefferies Daiwa Securities Co. Ltd. China International Capital Corp Goldman Sachs Haitong International Securities Capital Securities Corp Deutsche Bank DBS Vickers BOCOM International Holdings Morgan Stanley Guotai Junan Macquarie UOB Kay Hian Core Pacific CCB International Securities Ltd ICBC International Securities Bank of China International 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 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 LING TANG JAMES GARNER JESSE WANG MW KIM JENNIFER LAW ARJAN VAN VEEN STEVEN LAM LINDA SUN-MATTISON DOUG WALTERS BARON NIE JERRY YANG TANG SHENGBO MANCY SUN CHEN FANNY TEAM COVERAGE ESTHER CHWEI PING CHENG LI WENBING BEN LIN DAYTON WANG SCOTT G RUSSELL EDMOND LAW OLIVE XIA KENNETH YUE PIUS CHENG SUN PENG 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 ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

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

Amt Held 507'161'721 301'857'345 212'518'363 111'470'500 99'573'646 75'055'575 52'139'594 36'319'680 30'474'000 26'290'300 25'272'500 24'938'321 24'625'000 22'689'000 22'022'342 21'890'000 19'447'000 15'726'000 12'397'622 12'376'000

% Out 6.82 4.06 2.86 1.5 1.34 1.01 0.7 0.49 0.41 0.35 0.34 0.34 0.33 0.3 0.3 0.29 0.26 0.21 0.17 0.17

Weighting

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

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

Latest Chg 15'940'000 (19'400'000) (3'433'832) 24'924'808 15'013'000 (4'126'000) (16'099'000) (784'000) 4'150'000 844'000 (3'005'000) 146'000 2'721'000 (9'867'000) 4'680'622 (2'613'000)

Target Price 26 21 27 22 27 24 24 27 #N/A N/A 23 22 27 26 29 #N/A N/A 28 24 25 25 26 24 27 #N/A N/A 25 27 25 22 22 26 20 35

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

File Dt 05.07.2013 31.05.2013 31.03.2013 29.03.2013 30.06.2012 08.07.2013 31.10.2012 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.12.2012 31.05.2013 30.11.2012 31.12.2012 31.12.2012 30.04.2013 31.03.2013 08.07.2013 28.03.2013

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

Date 08.07.2013 07.07.2013 24.06.2013 22.06.2013 14.06.2013 14.06.2013 14.06.2013 13.06.2013 06.06.2013 05.06.2013 29.05.2013 17.05.2013 16.05.2013 15.05.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 18.04.2013 28.03.2013 28.03.2013 28.03.2013 27.03.2013 14.12.2012 06.12.2012 29.10.2012 27.03.2012 16.03.2012 18.10.2011 10.07.2009

09.07.2013

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

Price/Volume 3500

16.0 M

3000

14.0 M 12.0 M

2500

10.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (7/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 INFO IN EQUITY YTD Change INFO IN EQUITY YTD % CHANGE

03/2013 03/yy 3'010.00 2'060.55 1'189'682.00 2498.2 -17.00% 21.24% 42.93% 574.2 1'434'556.75 0.00 0.0 0.0 204'670.00 1'229'886.80

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

6.0 M

1000

4.0 M

500

2.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

j-13

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

8.0 M

1500

31.03.2010 31.03.2011 227'420.0 275'010.0 5.97x 6.16x 79'110.0 89'750.0 17.17x 18.87x 62'660.0 68'350.0 23.82x 27.09x Profitability

LTM-4Q 31.03.2012 337'340.0 4.26x 107'490.0 13.37x 83'320.0 19.66x

31.03.2013 403'520.0 3.60x 115'440.0 12.60x 94'290.0 17.51x 115'440.00 104'450.00 25.88% 31.72% 22.17% 26.49% 26.49% 0.95% 40.1% 30.7% 25.9% 23.4% 3.98 3.40 0.00% 0.00% 6.22 -

Price/ Cash Flow

LTM

FY+1

.0 M j-13

0.90 437.82 4.31% 8.98% 0.897 73 3.534 695'730 995'002 1'400'456 FY+2

FQ+1

FQ+2

03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 337'340.0 403'520.0 443'694.8 485'900.9 109'592.1 111'150.4 16.55x 12.31x 2.60x 2.26x 13.09x 12.91x 114'100.0 123'900.0 119'823.3 131'590.1 29'123.6 31'078.2 12.60x 11.42x 10.26x 9.35x 10.07x 9.73x 83'160.0 94'210.0 95'971.3 105'246.8 23'256.3 24'480.0 19.69x 17.52x 14.87x 13.50x 14.69x 14.39x S&P Issuer Ratings Long-Term Rating Date 07.05.2010 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -1.90 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.95 Net Fixed Asset Turnover 6.84 Accounts receivable turnover-days 58.64 Inventory Days Accounts Payable Turnover Day 1.53 Cash Conversion Cycle Sales/Revenue/Turnover

35.00

450'000.0

30.00

400'000.0 350'000.0

25.00

300'000.0

20.00

250'000.0

15.00

200'000.0 150'000.0

10.00

100'000.0

5.00 0.00 04.04.2010

50'000.0 0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

09.07.2013

Infosys Ltd Holdings By:

All

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

Firm Name

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

Analyst

Societe Generale MUKUL GARG Microsec Capital NITIN PRAKASH DAGA Deutsche Bank ANIRUDDHA BHOSALE India Nivesh Ltd AMAR MOURYA Maybank Kim Eng URMIL SHAH JM Financial Institutional Securities P GOVIND AGARWAL Motilal Oswal Securities Ltd ASHISH CHOPRA Axis Capital Limited PRIYA ROHIRA Ambit Capital Pvt Ltd ANKUR RUDRA Standard Chartered PANKAJ KAPOOR Nomura ASHWIN MEHTA BNP Paribas Equity Research ABHIRAM ELESWARAPU Edelweiss Capital SANDIP KUMAR AGARWAL Sharekhan Ltd TEAM COVERAGE Credit Suisse ANANTHA NARAYAN Jefferies VISHAL AGARWAL IDFC Securities Ltd HITESH SHAH Emkay Share & Stock Brokers MANIK TANEJA Barclays BHUVNESH SINGH Equirus Securities Pvt Ltd BHAVIN SHAH Tata Securities Limited ASHISH AGGARWAL Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN Kotak Securities KAWALJEET SALUJA JPMorgan VIJU K GEORGE ICICIdirect.com ABHISHEK SHINDADKAR Religare Capital Markets RUMIT DUGAR ICICI Securities KULDEEP KOUL Espirito Santo Investment Bank Research NITIN PADMANABHAN IIFL SANDEEP MUTHANGI Nirmal Bang Institutional Equities HARIT SHAH Morgan Stanley VIPIN KHARE CIMB SANDEEP R SHAH EVA Dimensions ANDREW S ZAMFOTIS Dolat Capital Market Ltd. RAHUL JAIN MSFL - Institutional Business Group SHWETA MALIK Techno Shares & Stocks DEBASHISH MAZUMDAR Sushil Finance Consultants Ltd DHANANJAY MISHRA BP Equities Private Limited AMIT CHANDRA Goldman Sachs RISHI JHUNJHUNWALA SBI Capital Markets DIPESH N MEHTA Anand Rathi Securities Pvt. Ltd. ATUL THAKKAR Phillip Securities DEEPAK JAIN Brics Securities SUSHIL SHARMA

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

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

Amt Held 37'498'206 34'233'932 18'951'351 15'106'078 12'805'232 12'745'478 12'702'817 9'067'090 8'345'870 8'106'412 8'078'174 7'997'067 7'956'790 7'949'782 7'435'168 7'314'660 7'047'482 7'011'268 6'882'960 5'512'977

% Out 6.53 5.96 3.3 2.63 2.23 2.22 2.21 1.58 1.45 1.41 1.41 1.39 1.39 1.38 1.29 1.27 1.23 1.22 1.2 0.96

Weighting

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

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

Latest Chg (249'080) (6'494) 658'668 1'420'052 7'504 42'124 192'578 -

Target Price 2'615 2'669 2'450 2'683 2'093 2'800 2'720 2'785 2'267 2'600 2'120 2'400 2'928 #N/A N/A 2'700 2'845 3'200 2'900 2'750 2'536 2'583 2'900 2'750 2'700 2'450 2'800 2'732 2'770 2'683 2'084 2'890 2'415 #N/A N/A 2'435 2'466 2'500 2'780 2'589 2'380 2'375 2'100 2'650 2'400

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

File Dt 31.05.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 05.07.2013 28.02.2013 31.12.2012

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

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

Date 09.07.2013 09.07.2013 08.07.2013 08.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 27.06.2013 25.06.2013 24.06.2013 18.06.2013 17.06.2013 15.06.2013 14.06.2013 07.06.2013 05.06.2013 03.06.2013 03.06.2013 03.06.2013 03.06.2013 02.06.2013 02.06.2013 07.05.2013 22.04.2013 22.04.2013 18.04.2013 17.04.2013 17.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013

09.07.2013

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

Price/Volume

600.0 M 500.0 M

400.0 M

Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 386 HK EQUITY YTD Change 386 HK EQUITY YTD % CHANGE

12/2012 03/yy 7.36 4.91 68'191'262.00 5.3 -28.00% 7.99% 13.95% 25'513.4 634'141.69 284'546.00 0.0 37'122.0 10'864.00 815'570.25

300.0 M

3 2

200.0 M

100.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

700.0 M

7 6

Valuation Analysis

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

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

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

LTM

FY+1

.0 M j-13

5.51 0.82 23'926.92 11.40% -18.84% 0.822 30 4.300 ######### ######### ######### 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 0.33x 1.39x 1.32x 0.29x 0.29x 169'557.0 0.0 0.0 193'204.1 210'303.0 5.39x 0.00x 0.00x 4.22x 3.88x 63'879.0 64'025.0 66'501.0 74'793.0 80'223.6 18'164.0 18'745.0 9.60x 9.29x 9.60x 6.57x 6.23x 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

5.00

3'000'000.0

4.50

2'500'000.0

4.00 3.50

2'000'000.0

3.00

1'500'000.0

2.50 2.00

1'000'000.0

1.50 1.00

500'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

China Petroleum & Chemical Corp Holdings By:

All

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

Firm Name

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

Sanford C. Bernstein & Co NEIL BEVERIDGE China Merchants Securities MICHAEL YUK Mizuho Securities ANDREW S F CHAN JPMorgan SCOTT DARLING Nomura SONIA SONG Deutsche Bank DAVID HURD Credit Suisse DAVID HEWITT Macquarie JAMES HUBBARD Guotai Junan GRACE LIU BNP Paribas Equity Research POR YONG LIANG UOB Kay Hian YAN SHI Standard Chartered DUKE SUTTIKULPANICH Goldman Sachs ARTHUR YAN VTB Capital COLIN SMITH Morgan Stanley ANDY MENG Jefferies LABAN YU HSBC THOMAS C HILBOLDT Daiwa Securities Co. Ltd. ADRIAN LOH EVA Dimensions DOUG WALTERS Bank of China International LAWRENCE LAU ICBC International Securities ANNA YU Masterlink Securities LI XIN BOCOM International Holdings WU FEI Mirae Asset Securities GORDON KWAN SWS Research Co Ltd ALBERT MIAO Capital Securities Corp TEAM COVERAGE 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 ULT-AGG ULT-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

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

Amt Held 2'589'568'064 1'847'590'105 1'543'096'113 1'032'397'800 788'219'226 732'578'352 558'613'478 553'150'000 375'205'861 292'036'736 251'263'472 250'002'151 192'740'975 187'045'495 135'862'156 118'289'074 110'360'420 109'051'378 103'253'800 93'745'600

% Out 10.15 7.24 6.05 4.05 3.09 2.87 2.19 2.17 1.47 1.14 0.98 0.98 0.76 0.73 0.53 0.46 0.43 0.43 0.4 0.37

Weighting

Change

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

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

Latest Chg (1'019'200) 151'127'600 50'473'661 (9'697'967) 117'000 69'066'400 5'198'352 (191'134'118) 2'553'200 (8'499'400)

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

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

File Dt 26.06.2013 05.07.2013 23.05.2013 15.01.2013 04.06.2013 31.03.2013 07.02.2013 09.01.2012 31.05.2013 30.06.2012 31.12.2012 08.07.2013 29.03.2013 31.05.2013 31.05.2012 30.04.2013 08.07.2013 31.12.2012 31.12.2012 31.03.2013

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

Date 09.07.2013 05.07.2013 03.07.2013 02.07.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 25.06.2013 24.06.2013 18.06.2013 13.06.2013 13.06.2013 11.06.2013 10.06.2013 10.06.2013 10.06.2013 10.06.2013 06.06.2013 26.04.2013 12.04.2013 01.04.2013 26.03.2013 25.03.2013 06.03.2013 29.10.2012 15.06.2012 08.02.2012 11.01.2012 29.08.2011 30.10.2009 20.07.2009

09.07.2013

HDFC Bank Ltd HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

Price/Volume 800 600 500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDFCB IN EQUITY YTD Change HDFCB IN EQUITY YTD % CHANGE

03/2013 01/yy 727.30 505.05 1'813'417.00 670.3 -7.84% 32.72% 69.92% 2'388.7 1'601'167.88 474'417.82 0.0 2'213.4 276'228.64 -

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

300 200 100 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.03.2009 197'464.0 22'489.9 18.38x

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 j-13

700

31.03.2010 31.03.2011 204'385.1 246'291.8 30'036.5 39'924.9 28.09x 27.13x Profitability

31.03.2012 341'844.8 52'740.2 23.03x

31.03.2013 429'950.2 68'696.4 21.49x 42.94% 42.95% 1.83% 20.55% 9.28% 0.11% 29.5% 11.64% 129.47% -

Price/ Cash Flow

0.82 0.99 1'816.35 16.91% -0.39% 0.988 68 3.721 2'628'012 3'013'457 3'094'917

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

03/14 Y

03/15 Y

06/13 Q1

09/13 Q2

S&P Issuer Ratings

17.01.2008 BBBNEG 17.01.2008 A-3 129.5% 56.3% 0.11 16.69 -

Sales/Revenue/Turnover

30.00

500'000.0 450'000.0

25.00

400'000.0 350'000.0

20.00

300'000.0

15.00

250'000.0 200'000.0

10.00

150'000.0 100'000.0

5.00 0.00 04.04.2010

50'000.0 0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

09.07.2013

HDFC Bank Ltd Holdings By:

All

Holder Name HOUSING DEVELOPMENT HDFC INVESTMENTS LTD LIFE INSURANCE CORP CAPITAL GROUP COMPAN ICICI PRUDENTIAL LIF ABU DHABI INVESTMENT GOVT OF SINGAPORE IN JP MORGAN DB INTERNATIONAL ASI BLACKROCK VANGUARD GROUP INC HARRIS TRUST & SAVIN FMR LLC SCHRODER INVESTMENT UTI ASSET MANAGEMENT ABERDEEN VONTOBEL ASSET MANAG MATTHEWS INTERNATION SBI FUNDS MANAGEMENT PRUDENTIAL ICICI ASS

Firm Name

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

Analyst

BNP Paribas Equity Research ABHIJIT MAJUMDER Motilal Oswal Securities Ltd ALPESH MEHTA Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES Axis Capital Limited PRAVEEN AGRAWAL Centrum Broking Pvt Ltd BHAVESH KANANI Standard Chartered MAHRUKH ADAJANIA Sharekhan Ltd TEAM COVERAGE IDFC Securities Ltd MANISH CHOWDHARY Goldman Sachs TABASSUM INAMDAR ICICIdirect.com KAJAL GANDHI IIFL SAMPATH S K KUMAR Credit Suisse ASHISH GUPTA Dolat Capital Market Ltd. RAJIV PATHAK Nomura VIJAY SARATHI Elara Securities India Pvt Ltd RAKESH KUMAR Ambit Capital Pvt Ltd A SV KRISHNAN CIMB JATINDER AGARWAL Jefferies NILANJAN KARFA EVA Dimensions DOUG WALTERS Macquarie SURESH GANAPATHY Kotak Securities MB MAHESH Sunidhi Consultancy Services AMIT JAIN Espirito Santo Investment Bank Research SAIKIRAN PULAVARTHI Quant Broking Pvt Ltd NITIN KUMAR Deutsche Bank MANISH KARWA Systematix Shares & Stocks Ltd JYOTI KHATRI MSFL - Institutional Business Group LAXMI AHUJA Shah Investor's Home Limited BUNTY CHAWLA First Global Stockbroking DEVINA MEHRA SBI Capital Markets RAVIKANT BHAT India Infoline RAJIV MEHTA Almondz Global Securities Ltd SHIVRAJ GUPTA Antique Stock Broking Limited ALOK KAPADIA KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL Spark Capital Advisors GANESHRAM JAYARAMAN Fortune Equity Brokers (India) Ltd VIJAY NARA Nirmal Bang Institutional Equities HEMINDRA HAZARI Morgan Stanley ANIL AGARWAL JPMorgan SESHADRI K SEN ICICI Securities SHASHIN UPADHYAY Religare Capital Markets SIDDHARTH TELI Karvy Stock Broking Ltd HATIM K BROACHWALA Aditya Birla Money Limited SUMIT JATIA

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

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

Amt Held 393'211'100 150'000'000 106'787'756 68'321'222 51'493'724 48'657'578 30'385'685 27'913'626 27'215'064 25'964'976 24'447'939 17'695'279 16'090'493 15'772'492 15'558'217 14'835'328 14'307'775 11'279'645 10'352'904 9'955'961

% Out 16.46 6.28 4.47 2.86 2.16 2.04 1.27 1.17 1.14 1.09 1.02 0.74 0.67 0.66 0.65 0.62 0.6 0.47 0.43 0.42

Weighting

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

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

Latest Chg (3'350'793) 135'480 1'638'841 6'491'894 (30'432) 529'257 (116'231) (572'752) 648'137 85'351 (403'226) (514'353)

Target Price 715 756 725 725 725 695 712 735 630 650 860 770 720 780 758 555 714 800 #N/A N/A 800 655 615 721 750 740 864 738 745 #N/A N/A 750 780 713 710 720 795 740 808 825 750 723 740 725 742

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 05.07.2013 31.03.2013 28.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.01.2013 28.03.2013 30.06.2013 31.05.2013

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

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

Date 08.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 04.07.2013 03.07.2013 02.07.2013 29.06.2013 25.06.2013 24.06.2013 21.06.2013 20.06.2013 17.06.2013 11.06.2013 10.06.2013 07.06.2013 06.06.2013 05.06.2013 30.05.2013 30.05.2013 24.05.2013 21.05.2013 09.05.2013 07.05.2013 03.05.2013 29.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013

09.07.2013

POSCO POSCO manufactures various types of steel products. The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.08.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005490 KS EQUITY YTD Change 005490 KS EQUITY YTD % CHANGE

12/2012 03/yy 395'000.00 286'000.00 100'665.00 300500 -23.92% 5.07% 12.84% 87.2 26'199'644.00 9'611'108.00 0.0 0.0 2'668'637.88 33'119'987.27

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

1.8 M

400000

1.6 M

350000

1.4 M

300000

1.2 M

250000

1.0 M

200000

.8 M

150000

.6 M

100000

.4 M

50000

.2 M

0 j-12

a-12

s-12

o-12

n-12 d-12

j-13

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

j-13

Fiscal Year Ended 31.12.2008 30'642'410.0 1.00x 8'448'098.8 3.61x 4'446'933.0 6.45x

450000

31.12.2009 31.12.2010 26'953'944.9 32'582'037.0 1.74x 1.34x 5'207'546.3 7'503'502.7 9.02x 5.82x 3'172'263.5 3'784'361.1 14.93x 9.91x Profitability

LTM-4Q 31.12.2011 39'171'703.0 0.99x 6'103'603.2 6.36x 3'188'844.8 9.21x

LTM

FY+1

2.00 1.01 69.43 -18.27% -13.90% 1.013 48 4.417 122'425 171'188 178'398 FY+2

FQ+1

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 35'664'933.0 ######### ######### ######### ######### ######### 0.95x 4.04x 4.11x 1.04x 0.99x 4.14x 4'670'790.1 ######### ######### ######### ######### ######### 7.26x 6.80x 6.69x 7.25x 6.39x 7.52x 2'499'522.2 ######### ######### ######### ######### 560'713.3 10.79x 10.48x 10.74x 11.44x 10.07x 9.80x S&P Issuer Ratings 4'670'790.05 Long-Term Rating Date 2'789'597.11 Long-Term Rating 7.82% Long-Term Outlook 8.75% Short-Term Rating Date 4.76% Short-Term Rating 6.51% Credit Ratios 5.74% EBITDA/Interest Exp. 0.68% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 13.0% Total Debt/EBITDA 13.1% Reference 7.8% Total Debt/Equity 7.0% Total Debt/Capital Asset Turnover 2.78 Net Fixed Asset Turnover 1.49 Accounts receivable turnover-days 18.37% Inventory Days 24.54% Accounts Payable Turnover Day 8.59 Cash Conversion Cycle 4.95

Price/ Cash Flow

.0 M j-13

FQ+2 09/13 Q3 ######### 4.09x 970'306.0 7.26x 519'265.2 9.40x 22.10.2012 BBB+ NEG 10.20 4.75 1.48 2.06 24.5% 19.7% 0.68 1.63 42.63 73.98 14.83 101.77

Sales/Revenue/Turnover

12.00

45'000'000.0 40'000'000.0

10.00

35'000'000.0 30'000'000.0

8.00

25'000'000.0 6.00

20'000'000.0 15'000'000.0

4.00

10'000'000.0 2.00 0.00 02.01.2010

5'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

POSCO Holdings By:

All

Holder Name BANK OF NEW YORK POSCO NATIONAL PENSION SER EMPLOYEE STOCK OWNER BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN FRANKLIN RESOURCES MITSUBISHI CORP SAMSUNG INVESTMENT T NORGES BANK DIMENSIONAL FUND ADV JP MORGAN POWER CORP OF CANADA GRANTHAM MAYO VAN OT KYOBO AXA INVESTMENT KOREA INVESTMENT TRU MIRAE ASSET GLOBAL I KB ASSET MANAGEMENT MATTHEWS INTERNATION

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

Analyst

Tong Yang Investment Bank KEE-HYUN PARK KTB Securities SHIM HYE-SUN Hanwha Securities Co., Ltd KIM KANG-OH Credit Suisse SINN MIN-SEOK Morgan Stanley YOUNG SUK SHIN Shinhan Investment Corp JINJOO HONG KB Investment & Securities Co., Ltd KIM HYUN-TAE Woori Investment & Securities WILL BYUN HMC Investment Securities Co Ltd PARK HYUN-WOOK IBK Securities Co Ltd PARK BYUNGCHIL KIWOOM Securities Co Ltd CHANG-HO KIM Nomura CINDY PARK Korea Investment & Securities MOON SUN CHOI HI Investment Securities BANG MINJIN Kyobo Securities UM JIN-SEOK BS Securities Co Ltd YOON KWAN-CHUL Deutsche Bank CHANWOOK PARK BNP Paribas Equity Research TOSHIYUKI JOHNO Shinyoung Securities Co., Ltd. KANG-UN CHO Mirae Asset Securities KWON HAE-SOON EVA Dimensions TIMOTHY STANISH Daishin Securities Co., Ltd. KAY NOH E*Trade Securities Korea KANG TAE-HYUN Standard Chartered JAMES KP HONG Daewoo Securities JEON SEUNG-HUN Hyundai Securities KIM JI-HWAN Barclays EPHREM RAVI DBS Vickers LEE EUN YOUNG VTB Capital WIKTOR BIELSKI Samsung Securities CHRIS KIM JPMorgan AKIRA KISHIMOTO Macquarie EUNICE BU Hana Daetoo Securities KIM JUNG-WOOK LIG Investment Securities YOON-SANG KIM HSBC BRIAN CHO Dongbu Securities Co Ltd LEE JAE-HOON SK Securities Co Ltd LEE WON JAE Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Sanford C. Bernstein & Co VANESSA LAU Goldman Sachs SEUNG SHIN Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM Taurus Investment Securities Co Ltd JI-WOONG YOO Ji Asia SAMUEL THAWLEY

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

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

Amt Held 13'823'736 9'942'391 5'225'654 1'671'466 1'568'811 1'151'831 1'031'900 1'000'813 880'587 779'979 777'233 699'084 376'171 337'112 281'906 260'443 232'153 216'846 198'236 195'584

% Out 15.86 11.4 5.99 1.92 1.8 1.32 1.18 1.15 1.01 0.89 0.89 0.8 0.43 0.39 0.32 0.3 0.27 0.25 0.23 0.22

Weighting

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

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

Latest Chg (3'062) 478'579 137'000 77'232 189'547 3'712 153'719 18'126 (1'581) 42'509 117'557 -

Target Price 395'000 370'000 390'000 350'000 340'000 380'000 360'000 400'000 410'000 400'000 373'000 460'000 420'000 380'000 420'000 440'000 355'000 300'000 380'000 400'000 #N/A N/A 390'000 430'000 320'000 440'000 430'000 375'000 380'000 422'000 380'000 350'000 320'000 450'000 400'000 420'000 370'000 300'000 320'000 460'000 350'000 450'000 450'000 470'000

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 29.03.2013 31.05.2013 28.02.2013 31.05.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.03.2013

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

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

Date 09.07.2013 04.07.2013 04.07.2013 03.07.2013 02.07.2013 02.07.2013 01.07.2013 27.06.2013 26.06.2013 26.06.2013 25.06.2013 24.06.2013 20.06.2013 18.06.2013 17.06.2013 13.06.2013 11.06.2013 10.06.2013 07.06.2013 07.06.2013 06.06.2013 28.05.2013 28.05.2013 23.05.2013 23.05.2013 16.05.2013 10.05.2013 08.05.2013 08.05.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 22.04.2013 17.04.2013 08.04.2013 22.03.2013 03.03.2013 30.01.2013 30.01.2013 07.01.2013

09.07.2013

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VALE3 BZ EQUITY YTD Change VALE3 BZ EQUITY YTD % CHANGE

12/2012 03/yy 44.76 27.89 3'025'000.00 28.39 -36.57% 1.79% 2.96% 3'256.7 147'450.16 61'855.85 0.0 3'245.0 11'918.22 198'783.50

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

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

20.0 M 15.0 M 10.0 M 5.0 M .0 M a-12

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

31.12.2012 93'511.5 2.90x 34'366.5 7.89x 9'733.7 22.18x

34'366.50 25'969.07 27.77% 7.05% 3.60% 6.09% 0.37% 44.4% 37.7% 28.6% 10.4% 1.79 1.01 23.17% 40.59% 7.24 5.07

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

0.93 1'232.97 -26.29% -31.06% 0.930 9 4.889 4'205'080 5'163'634 5'172'280 FY+2

FQ+1

FQ+2

03/yy 100'462.6 10.34x 50'759.3 5.14x 33'234.3 6.76x

03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 95'721.3 100'899.7 107'736.4 25'597.6 25'137.0 10.33x 2.08x 2.00x 8.75x 9.26x 36'050.3 44'938.9 46'364.0 11'078.9 9'942.0 6.41x 4.42x 4.29x 4.87x 4.83x 9'213.9 25'071.6 25'017.7 6'200.4 5'328.2 19.54x 6.01x 5.95x 6.40x 6.05x S&P Issuer Ratings Long-Term Rating Date 23.11.2011 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.11 (EBITDA-Capex)/Interest Exp. 0.97 Net Debt/EBITDA 1.34 Total Debt/EBITDA 1.68 Reference Total Debt/Equity 40.6% Total Debt/Capital 28.4% Asset Turnover 0.37 Net Fixed Asset Turnover 0.58 Accounts receivable turnover-days 50.38 Inventory Days 71.93 Accounts Payable Turnover Day 56.52 Cash Conversion Cycle 66.06 Sales/Revenue/Turnover

30.00

120'000.0

25.00

100'000.0

20.00

80'000.0

15.00

60'000.0

10.00

40'000.0

5.00

20'000.0

0.00 01.01.2010

25.0 M

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

50 45 40 35 30 25 20 15 10 5 0 j-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 |

09.07.2013

Vale SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 1'716'293'869 218'200'549 87'931'564 53'648'368 42'808'242 35'559'286 27'457'392 26'343'475 16'594'837 16'075'193 12'371'800 11'360'896 6'031'270 5'817'700 5'223'546 4'311'724 4'011'689 3'734'007 3'504'221 2'857'861

% Out 52.7 6.7 2.7 1.65 1.31 1.09 0.84 0.81 0.51 0.49 0.38 0.35 0.19 0.18 0.16 0.13 0.12 0.11 0.11 0.09

Weighting

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

Latest Chg 799'600 5'507'069 (1'463'424) (115'700) (900'591) 31'202 2'491'773 (311'399) (435'700) (53'800) (14'291) (3'338'435) (515'332) (171'200) (813'181)

Target Price

M M M M M M M M M M M

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

53 55 47 45 59 46 54 73 61 68 55

File Dt 04.04.2013 04.04.2013 04.04.2013 30.06.2013 05.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.03.2013 08.07.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.05.2013 31.05.2013 30.06.2013 28.02.2013 30.06.2013

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

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

Date 08.07.2013 04.07.2013 28.06.2013 18.06.2013 29.04.2013 24.04.2013 24.04.2013 31.08.2012 26.07.2012 17.10.2011 20.10.2009

09.07.2013

Wal-Mart de Mexico SAB de CV Wal-Mart de Mexico SAB de CV retails food, clothing, and other merchandise under a variety of store formats. The Company operates Wal-Mart Supercenters, Sam's Club wholesale outlets, Bodega discount stores, Superama supermarkets, Suburbia apparel stores, and Vips, El Porton, and Ragazzi restaurants.

Price/Volume 45

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

40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.12.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WALMEXV MM EQUITY YTD Change WALMEXV MM EQUITY YTD % CHANGE

12/2012 03/yy 42.89 33.79 7'226'612.00 36.44 -15.04% 7.84% 29.12% 17'694.5 644'785.75 13'246.23 0.0 135.7 28'163.23 628'673.52

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

10 5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 244'917.0 1.24x 23'887.1 12.75x 14'672.8 21.36x

31.12.2009 31.12.2010 269'396.8 335'857.4 1.76x 1.85x 26'914.7 33'236.6 17.59x 18.65x 16'806.1 19'550.4 29.05x 32.35x Profitability

LTM-4Q 31.12.2011 380'906.6 1.75x 37'414.9 17.80x 22'253.8 30.49x

31.12.2012 418'051.0 1.76x 40'792.1 18.03x 23'275.2 32.23x

40'792.14 32'399.04 7.75% 7.85% 11.02% 18.89% 1.98% 22.6% 9.8% 7.7% 5.6% 1.27 0.56 5.96% 9.48% 76.26 9.38

Price/ Cash Flow

LTM

FY+1

0.81 6.70% -12.25% 0.814 23 3.261 10'797'070 18'056'530 16'890'770 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 391'356.1 423'059.9 448'296.3 498'573.1 103'799.3 109'663.0 6.68x 6.40x 1.39x 1.25x 6.01x 5.67x 37'780.1 41'319.8 44'654.7 50'802.0 9'450.0 10'475.7 20.13x 16.94x 14.08x 12.37x 13.59x 13.14x 22'191.8 23'534.3 25'482.4 27'893.6 5'128.0 5'773.0 34.41x 30.46x 25.29x 22.13x 24.12x 23.46x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

41.59 21.19 -0.39 0.32 9.5% 8.7% 1.98 3.72 4.79 38.92 43.70 -4.27

Sales/Revenue/Turnover

30.00

450'000.0 400'000.0

25.00

350'000.0 300'000.0

20.00

250'000.0 15.00

200'000.0 150'000.0

10.00

100'000.0 5.00 0.00 01.01.2010

50'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Wal-Mart de Mexico SAB de CV Holdings By:

All

Holder Name INTERSALT S DE RL DE NACIONAL FINANCIERA BLACKROCK VANGUARD GROUP INC THORNBURG INVESTMENT GRUPO FIN BANAMEX SA CAPITAL GROUP COMPAN HARRIS TRUST & SAVIN T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC JP MORGAN VONTOBEL ASSET MANAG GRUPO FINANCIERO BBV MORGAN STANLEY FRANKLIN RESOURCES FIL LIMITED MACKAY SHIELDS LLC FMR LLC EMERGING GLOBAL SHAR CI INVESTMENTS INC

Firm Name BBVA GBM BX+ Actinver SA Banorte-IXE Credit Suisse Scotia Capital Itau BBA Securities Interacciones Casa de Bolsa Grupo Santander Punto Casa de Bolsa Barclays EVA Dimensions JPMorgan HSBC Invex Casa de Bolsa SA de CV Goldman Sachs Deutsche Bank Banco BTG Pactual SA Vector Servicios Financieros Raymond James

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

Analyst MIGUEL ULLOA SUAREZ LUIS R WILLARD JUAN ELIZALDE GUSTAVO TERAN MARISOL HUERTA MONDRAGON ANTONIO GONZALEZ RODRIGO ECHAGARAY JOAQUIN LEY FRANCISCO GUZMAN REINALDO SANTANA CRISTINA MORALES BENJAMIN M THEURER CRAIG STERLING ANDREA FARIA TEIXEIRA FRANCISCO J CHEVEZ ANA HERNANDEZ VELAZQUEZ IRMA SGARZ JOSE J YORDAN RAFAEL SHIN GASPAR QUIJANO DANIELA M BRETTHAUER

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

Recommendation outperform market perform overweight buy hold underperform sector perform underperform buy hold hold equalweight hold neutral overweight hold neutral/neutral hold neutral Under Review market perform

Amt Held 12'306'000'000 298'997'666 198'864'484 159'246'375 137'062'200 110'011'968 99'783'420 93'499'830 90'007'386 79'310'310 76'963'030 49'224'386 30'519'878 29'359'402 28'198'700 27'522'380 25'909'091 24'681'917 19'883'843 19'011'195

% Out 69.55 1.69 1.12 0.9 0.77 0.62 0.56 0.53 0.51 0.45 0.43 0.28 0.17 0.17 0.16 0.16 0.15 0.14 0.11 0.11

Weighting

Change

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

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

Latest Chg 3'650'549 (1'580'800) 16'320'715 358'968 24'259'301 (1'513'900) (2'974'608) 2'626'100 804'766 (60'800) 12'032'227 9'052'000 (5'222'123) 189'817

Target Price 45 41 39 40 40 37 40 37 42 42 44 42 #N/A N/A 41 46 38 40 37 43 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 05.07.2013 05.07.2013 31.03.2013 30.04.2013 31.05.2013 31.03.2013 28.03.2013 31.03.2013 30.04.2013 31.05.2013 31.01.2013 08.07.2013 31.03.2013 28.02.2013 31.12.2012 31.03.2013 31.05.2013 08.07.2013 31.12.2012

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

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank 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 08.07.2013 04.07.2013 04.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 28.06.2013 13.06.2013 11.06.2013 06.06.2013 06.06.2013 05.06.2013 28.05.2013 27.05.2013 23.05.2013 08.05.2013 23.04.2013 29.01.2013 01.10.2012

09.07.2013

Hyundai Mobis Hyundai Mobis manufactures and markets automotive parts and equipment, such as automotive service components, modules, and systems. The Company also contracts environmental projects, including sewage treatment plant and industrial waste water treatment plant construction.

Price/Volume 350000

1.2 M

300000

1.0 M

250000

.8 M

200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (29.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 012330 KS EQUITY YTD Change 012330 KS EQUITY YTD % CHANGE

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

.4 M

100000

.2 M

50000 0 j-12

a-12

s-12

o-12

n-12 d-12

j-13

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

j-13

Fiscal Year Ended 31.12.2008 9'373'390.0 0.49x 1'325'678.0 3.45x 1'089'995.0 4.96x

.6 M

150000

12/2012 03/yy 325'000.00 245'000.00 369'086.00 254000 -21.85% 3.67% 11.25% 97.3 24'725'342.00 1'158'773.00 127.0 0.0 3'576'949.00 21'883'620.20

31.12.2009 31.12.2010 10'633'020.0 13'695'717.0 1.50x 1.92x 1'652'601.0 2'160'724.0 9.62x 12.15x 1'615'220.0 1'628'807.0 9.60x 16.66x Profitability

LTM-4Q 31.12.2011 15'886'201.0 1.72x 2'316'807.0 11.79x 1'742'742.0 15.99x

LTM

31.12.2012 03/yy 03/yy 16'865'694.0 ######### ######### 1.49x 7.61x 6.20x 2'505'963.0 ######### ######### 10.01x 11.33x 10.99x 2'251'252.0 ######### ######### 12.23x 15.31x 13.40x 2'505'963.00 2'312'302.00 13.71% 16.82% 12.95% 18.23% 16.42% 0.97% 20.4% 14.9% 13.7% 13.3% 2.07 1.82 6.35% 8.64% 4.35 16.93

Price/ Cash Flow

0.75 0.99 59.81 -4.97% -11.81% 0.987 44 4.909 282'856 278'367 304'497

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

- ######### 7.01x 6.49x S&P Issuer Ratings

.0 M j-13

20.03.2012 BBB+ STABLE 92.28 79.57 -0.98 0.46 8.6% 8.0% 0.97 8.79 84.05 21.62 53.61 52.06

Sales/Revenue/Turnover

25.00

18'000'000.0 16'000'000.0

20.00

14'000'000.0 12'000'000.0

15.00

10'000'000.0 8'000'000.0

10.00

6'000'000.0 4'000'000.0

5.00

2'000'000.0 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

Hyundai Mobis Holdings By:

All

Holder Name KIA MOTORS CORP NATIONAL PENSION SER MONG-KOO CHUNG HYUNDAI STEEL CO CAPITAL GROUP COMPAN VANGUARD GROUP INC HYUNDAI MOBIS BLACKROCK T ROWE PRICE ASSOCIA LAZARD ASSET MANAGEM JP MORGAN INVESCO LTD SAMSUNG INVESTMENT T NORGES BANK KOREA INVESTMENT TRU SCHRODER INVESTMENT MATTHEWS INTERNATION UBS HANA ASSET MANAG KYOBO AXA INVESTMENT KB ASSET MANAGEMENT

Firm Name

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

Analyst

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

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

Recommendation buy buy buy outperform buy hold buy buy neutral/neutral buy buy overweight buy buy buy buy buy buy buy buy buy buy outperform buy buy buy buy outperform buy buy Overwt/Attractive overweight outperform buy buy buy overweight buy buy buy buy buy buy

Amt Held 16'427'074 6'983'490 6'778'966 5'504'846 5'323'322 1'816'767 1'806'616 1'568'408 1'401'560 1'318'658 1'045'743 1'019'348 671'849 621'635 491'228 445'064 328'252 266'424 259'376 257'711

% Out 16.88 7.17 6.96 5.66 5.47 1.87 1.86 1.61 1.44 1.35 1.07 1.05 0.69 0.64 0.5 0.46 0.34 0.27 0.27 0.26

Weighting

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

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

Latest Chg (14'901) (507'452) 44'054 72'499 6'192 (65'491) 17'983 75'385 (140'285) (43'433) (1'068) (10'488) 18'348 (59'095)

Target Price 360'000 380'000 320'000 340'000 340'000 270'000 340'000 360'000 304'000 360'000 325'000 325'000 360'000 360'000 325'000 370'000 360'000 325'000 350'000 410'000 380'000 300'000 333'000 380'000 290'000 365'000 330'000 374'000 370'000 350'000 355'000 300'000 360'000 350'000 350'000 360'000 320'000 #N/A N/A 400'000 370'000 393'000 370'000 370'000

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

File Dt 19.04.2013 31.12.2012 19.04.2013 19.04.2013 18.06.2013 31.03.2013 31.12.2012 05.07.2013 10.05.2013 31.05.2013 31.05.2013 08.07.2013 31.03.2013 31.12.2012 31.12.2012 31.05.2013 28.03.2013 31.12.2012 31.12.2012 31.03.2013

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

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

Date 09.07.2013 03.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 26.06.2013 24.06.2013 19.06.2013 10.06.2013 04.06.2013 03.06.2013 27.05.2013 27.05.2013 23.05.2013 22.05.2013 21.05.2013 20.05.2013 14.05.2013 13.05.2013 03.05.2013 02.05.2013 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 26.04.2013 26.04.2013 26.04.2013 24.04.2013 14.03.2013 06.03.2013 12.02.2013 25.06.2012 02.05.2012 16.03.2012

09.07.2013

Shinhan Financial Group Co Ltd Shinhan Financial Group Co., Ltd., a holding company, provides a full range of consumer and commercial banking-related financial services. The company's main businesses include banking, securities brokerage, trust banking, and assets management to individuals, businesses, and other financial institutions.

Price/Volume 45000

4.0 M

40000

3.5 M

35000

3.0 M

30000

2.5 M

25000

Latest Fiscal Year: LTM as of: 52-Week High (04.03.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 055550 KS EQUITY YTD Change 055550 KS EQUITY YTD % CHANGE

12/2012 03/yy 43'650.00 33'100.00 436'730.00 38500 -11.80% 16.31% 47.87% 474.2 18'256'684.00 7'206'951.00 274'055.0 0.0 212'783.00 25'468'560.10

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

1.5 M

15000 10000

1.0 M

5000

.5 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

j-13

Fiscal Year Ended 31.12.2008 2'455'904.0 8.07x 2'409'574.0 8.22x 2'020'398.0 6.64x

2.0 M

20000

Valuation Analysis

31.12.2009 31.12.2010 1'785'561.0 1'043'389.0 15.01x 29.98x 1'718'698.0 965'508.0 15.60x 32.40x 1'306'292.0 617'625.0 18.74x 64.83x Profitability

LTM-4Q 31.12.2011 2'124'112.0 11.27x 2'053'001.0 11.66x 1'672'908.0 13.50x

LTM

31.12.2012 03/yy 03/yy 992'378.0 ######### ######### 25.89x 64.38x 90.41x 930'629.0 ######### ######### 27.61x 17.46x 24.46x 590'449.0 ######### 750'528.0 37.61x 20.51x 28.98x

930'629.00 90.31% 59.35% 2.03% 2.54% 2.21% 0.03% 93.8% 59.5% 26.48% 37.16% -

Price/ Cash Flow

1.82 1.12 450.86 1.81% -0.90% 1.123 40 4.600 632'623 871'449 941'860

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

S&P Issuer Ratings

.0 M j-13

7.52 7.74 37.2% 26.8% 0.03 755.52 -

Sales/Revenue/Turnover

3'500.00

3'000'000.0

3'000.00

2'500'000.0

2'500.00

2'000'000.0

2'000.00

1'500'000.0 1'500.00

1'000'000.0 1'000.00

500'000.0

500.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

Shinhan Financial Group Co Ltd Holdings By:

All

Holder Name NATIONAL PENSION SER BNP PARIBAS SA EMPLOYEE STOCK OWNER LAZARD ASSET MANAGEM BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV ABU DHABI INVESTMENT NORGES BANK SAMSUNG INVESTMENT T JP MORGAN JAE-GEUN YOO FIL LIMITED COMMONWEALTH BANK OF KOREA INVESTMENT TRU KYOBO AXA INVESTMENT SCHRODER INVESTMENT MIRAE ASSET GLOBAL I SWEDBANK ROBUR FONDE ROBECO INVESTOR SERV

Firm Name

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

Analyst

NH Investment & Securities KIM EUN-GAB Credit Suisse GIL HYUNG KIM Daishin Securities Co., Ltd. CHOI JUNG-WOOK Korea Investment & Securities LEE JOANNE KB Investment & Securities Co., Ltd SHIM HYUN-SOO Nomura MICHAEL NA Daewoo Securities TAYE SHIM Hyundai Securities KOO KYUNG-HWE Dongbu Securities Co Ltd LEE BYUNG-GUN KTB Securities OH JIN-WON Standard Chartered JINSANG KIM HI Investment Securities YOO SANG-HO Deutsche Bank JEE HOON PARK Daiwa Securities Co. Ltd. ANDERSON CHA BNP Paribas Equity Research MICHELLE CHO EVA Dimensions DOUG WALTERS CIMB DAEHYUN KIM Hanwha Securities Co., Ltd KYU-SUN SHIM Shinyoung Securities Co., Ltd. IM IL-SUNG Woori Investment & Securities JASON CHOI Samsung Securities JAEWOO KIM Eugene Investment & Securities Co., LtdKIM IN E*Trade Securities Korea HA HAKSOO HMC Investment Securities Co Ltd LEE CHANG-WOOK Tong Yang Investment Bank SUNG BYUNG-SOO KIWOOM Securities Co Ltd SEO YOUNG-SOO Mirae Asset Securities HEATHER KANG Hana Daetoo Securities HAN JEONG-TAE IBK Securities Co Ltd PARK JIN-HYOENG Morgan Stanley JOON SEOK JPMorgan SCOTT YH SEO LIG Investment Securities SOHN JOON-BEOM Leading Investment & Securities BAE JUNG-HYUN Macquarie CHAN HWANG HSBC SINYOUNG PARK Meritz Securities Co., Ltd JUN JAE-GON Kyobo Securities HWANG SEOK-KYU

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

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

Amt Held 34'506'886 30'106'276 18'787'067 11'642'401 9'554'015 8'804'195 5'944'281 5'626'182 4'936'958 4'525'357 3'367'860 3'043'256 2'808'239 2'602'900 2'313'900 1'485'674 1'353'837 1'237'726 1'229'807 1'201'655

% Out 7.28 6.35 3.96 2.46 2.01 1.86 1.25 1.19 1.04 0.95 0.71 0.64 0.59 0.55 0.49 0.31 0.29 0.26 0.26 0.25

Weighting

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

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

Latest Chg (8'560) 112'308 558'106 401'146 29'260 667'667 85'130 (612'490) 127'750 141'463 193'710 119'158 27'427

Target Price 44'800 48'500 51'000 51'000 53'000 44'000 49'700 47'000 47'900 47'000 47'200 50'000 41'000 39'000 41'100 #N/A N/A 52'000 50'300 52'500 49'000 50'000 40'000 38'400 48'000 44'000 41'000 47'500 49'000 47'000 45'000 49'000 54'000 50'000 48'000 45'000 50'900 54'000

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.05.2013 05.07.2013 31.03.2013 29.03.2013 31.12.2011 31.12.2012 31.03.2013 31.05.2013 28.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.05.2013 31.12.2012 31.03.2013 30.04.2013

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

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

Date 09.07.2013 08.07.2013 05.07.2013 05.07.2013 02.07.2013 30.06.2013 27.06.2013 27.06.2013 25.06.2013 25.06.2013 24.06.2013 23.06.2013 21.06.2013 14.06.2013 07.06.2013 06.06.2013 04.06.2013 04.06.2013 03.06.2013 03.06.2013 29.05.2013 20.05.2013 20.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 17.04.2013 15.04.2013 04.04.2013 03.04.2013 01.11.2012 12.03.2012

09.07.2013

Astra International Tbk PT PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts. Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

Price/Volume 9000

140.0 M

8000

120.0 M

7000

100.0 M

6000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/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 ASII IJ EQUITY YTD Change ASII IJ EQUITY YTD % CHANGE

12/2012 03/yy 8'300.00 6'150.00 17'568'000.00 6500 -21.69% 5.69% 16.28% 40'483.6 263'143'088.00 56'757'000.00 0.0 18'613'000.0 11'227'000.00 324'247'095.41

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

80.0 M

4000

60.0 M

3000

40.0 M

2000

20.0 M

1000 0 j-12

a-12

LTM-4Q

31.12.2009 31.12.2010 31.12.2011 31.12.2012 98'526'000.0 129'038'000.0 162'564'000.0 188'053'000.0 1.65x 1.98x 18.72x 1.98x 16'473'000.0 19'286'000.0 23'217'000.0 26'583'000.0 9.87x 13.22x 131.07x 13.99x 10'040'000.0 14'366'000.0 17'785'000.0 19'421'000.0 13.99x 15.37x 16.85x 15.83x Profitability 26'583'000.00 19'870'000.00 10.57% 14.84% 10.90% 27.31% 16.74% 1.08% 19.2% 13.9% 10.1% 10.3% 1.40 0.51 31.14% 79.71% 11.19 11.37

Price/ Cash Flow

o-12

n-12 d-12

j-13

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

j-13

LTM

FY+1

.0 M j-13

1.16 20'180.66 -0.88% -12.68% 1.162 31 3.484 20'233'800 40'856'650 36'740'360 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 ######### ######### ######### ######### ######### ######### 23.43x 7.67x 1.60x 1.42x ######### ######### ######### ######### 14.89x 14.52x 11.97x 10.47x ######### ######### ######### ######### ######### ######### 16.51x 16.80x 13.23x 11.57x S&P Issuer Ratings Long-Term Rating Date 11.05.2011 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 26.04 (EBITDA-Capex)/Interest Exp. 15.88 Net Debt/EBITDA 1.62 Total Debt/EBITDA 2.08 Reference Total Debt/Equity 79.7% Total Debt/Capital 38.7% Asset Turnover 1.08 Net Fixed Asset Turnover 4.18 Accounts receivable turnover-days 32.61 Inventory Days 32.11 Accounts Payable Turnover Day 35.60 Cash Conversion Cycle 29.71 Sales/Revenue/Turnover

45.00

200'000'000.0

40.00

180'000'000.0

35.00

160'000'000.0 140'000'000.0

30.00

120'000'000.0

25.00 20.00

100'000'000.0 80'000'000.0

15.00

60'000'000.0

10.00

40'000'000.0

5.00

20'000'000.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 97'064'000.0 0.67x 14'790'000.0 4.39x 9'191'000.0 4.65x

5000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Astra International Tbk PT Holdings By:

All

Holder Name JARDINE CYCLE & CARR FRANKLIN RESOURCES ABERDEEN CARMIGNAC GESTION VANGUARD GROUP INC JP MORGAN OPPENHEIMERFUNDS INC BLACKROCK CAPITAL GROUP COMPAN SCHRODER INVESTMENT GRANTHAM MAYO VAN OT MATTHEWS INTERNATION T ROWE PRICE ASSOCIA FIL LIMITED NORGES BANK INVESCO LTD DANSKE INVEST A/S MANULIFE ASET MANAJE LAZARD ASSET MANAGEM WILLIAM BLAIR & COMP

Firm Name Deutsche Bank Nomura Mandiri Sekuritas PT/Indonesia Danareksa PT ONIX Capital Tbk UOB Kay Hian Macquarie Bahana Securities Credit Suisse Maybank Kim Eng Indo Premier Securities CIMB Morgan Stanley JPMorgan DBS Vickers HSBC BNP Paribas Equity Research BNI Securities RHB Research Institute Sdn Bhd PT Valbury Asia Securities Sucorinvest Central Gani AmCapital Indonesia Trimegah Securities Tbk PT Goldman Sachs EVA Dimensions Ciptadana Sekuritas PT Batavia Prosperindo Sekuritas

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

Analyst RACHMAN KOESWANTO WILIANTO IE ADRIAN JOEZER HELMY KRISTANTO BAGUS HANANTO STEFANUS DARMAGIRI LYALL TAYLOR LEONARDO HENRY GAVAZA TEDDY OETOMO PANDU ANUGRAH AGUS PRAMONO PETER PAULUS SUTEDJA HOZEFA TOPIWALLA ADITYA SRINATH JAY KIM MARK CARMERON ROSS WEBB ELVIRA TJANDRAWINATA THENDRA CRISNANDA ANDREY WIJAYA BUDI RUSTANTO ARIEF BUDIMAN AKHMAD NURCAHYADI FREDERICK DANIEL TANGGELA MIANG CHUEN KOH CRAIG STERLING MITCHEL JAUWANTO WISNU KARTO

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

Recommendation buy buy neutral buy buy buy underperform reduce outperform buy hold outperform Underwt/No Rating overweight hold neutral hold buy neutral buy hold buy buy neutral/neutral sell hold hold

Amt Held 20'288'255'040 1'855'536'540 1'807'703'658 619'005'031 571'933'928 502'446'740 454'824'992 375'354'330 371'317'000 293'417'850 229'820'000 197'747'800 182'714'000 181'161'041 179'008'673 122'812'890 100'539'500 77'253'060 75'110'860 74'163'740

% Out 50.11 4.58 4.47 1.53 1.41 1.24 1.12 0.93 0.92 0.72 0.57 0.49 0.45 0.45 0.44 0.3 0.25 0.19 0.19 0.18

Weighting

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

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

Latest Chg 7'204'500 99'923'658 27'241'858 (34'079'500) (3'225'000) 40'800'000 (58'731'500) (84'418'267) (43'912'500) 5'126'500 75'110'860 (26'318'000)

Target Price 8'900 9'500 7'300 7'750 8'200 8'500 6'500 6'200 9'000 8'600 7'350 8'150 6'100 8'900 7'600 7'400 6'700 8'600 7'600 9'000 8'050 8'900 8'600 7'700 #N/A N/A 7'500 7'450

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

File Dt 31.03.2013 30.04.2013 31.05.2013 29.03.2013 31.03.2013 31.05.2013 30.04.2013 05.07.2013 31.03.2013 12.07.2013 31.05.2012 28.03.2013 10.05.2013 31.10.2012 31.12.2012 08.07.2013 31.05.2013 31.12.2010 31.05.2013 31.03.2013

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

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

Date 08.07.2013 07.07.2013 03.07.2013 02.07.2013 26.06.2013 20.06.2013 19.06.2013 17.06.2013 14.06.2013 07.06.2013 05.06.2013 30.05.2013 28.05.2013 28.05.2013 27.05.2013 16.05.2013 10.05.2013 01.05.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 25.04.2013 24.04.2013 21.03.2013 09.01.2013 17.12.2012

09.07.2013

BRF SA BRF SA is a food processor in Latin America. The Company operates in the segments of poultry meats, pork and beef, industrialized meats, margarines, pastas, pizzas and frozen vegetables as well as being one of the leading milk collectors and dairy product processers in Brazil.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRFS3 BZ EQUITY YTD Change BRFS3 BZ EQUITY YTD % CHANGE

12/2012 03/yy 50.27 27.53 1'397'600.00 47.5 -5.51% 72.54% 87.82% 872.5 41'442.48 9'518.32 0.0 37.5 2'627.06 48'636.03

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

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 11'393.0 0.84x 1'079.9 8.83x 54.4 112.97x

31.12.2009 31.12.2010 15'905.8 22'681.3 2.74x 1.21x 619.4 2'320.6 70.41x 11.85x 123.0 804.1 222.84x 29.61x Profitability

LTM-4Q 31.12.2011 25'706.2 1.43x 2'878.5 12.81x 1'367.4 23.19x

31.12.2012 28'517.4 1.53x 2'333.1 18.70x 813.2 45.11x

2'333.14 1'366.48 4.79% 2.87% 3.39% 6.95% 6.97% 0.98% 22.6% 9.1% 5.5% 2.9% 1.55 0.76 30.93% 65.47% 10.41 7.23

Price/ Cash Flow

LTM

03/yy 26'022.9 5.10x 2'635.3 14.12x 1'137.1 27.56x

03/yy 29'389.2 5.45x 2'679.3 17.17x 1'018.6 38.09x

FY+1

0.73 832.63 63.33% 14.20% 0.732 17 3.824 1'624'980 2'120'617 2'035'922 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 31'810.5 35'235.2 7'613.0 7'975.0 1.52x 1.36x 6.40x 6.08x 3'956.7 4'798.6 809.2 919.8 12.29x 10.14x 1'886.5 2'397.1 359.8 423.8 22.10x 17.28x S&P Issuer Ratings

04.04.2012 BBBSTABLE 3.98 0.76 2.67 3.41 65.5% 39.5% 0.98 2.80 35.07 50.50 46.74 18.19

Sales/Revenue/Turnover

40.00

30'000.0

35.00

25'000.0

30.00

20'000.0

25.00 20.00

15'000.0

15.00

10'000.0

10.00

5'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

BRF SA Holdings By:

All

Holder Name CAIXA DE PREVIDENCIA FUNDACAO PETROBRAS D TARPON INVESTIMENTOS BLACKROCK WEG PARTICIPACOES E GOVERNANCA & GESTAO FUND VALE DO RIO DOC AHORRO CORP GESTION VANGUARD GROUP INC ONTARIO TEACHERS PEN FUND SISTEL DE SEGUR BTG PACTUAL GLOBAL A GUEPARDO INVESTIMENT NORGES BANK FURLAN LUIZ FERNANDO MORGAN STANLEY JP MORGAN REAL GRANDEZA FUNDAC T ROWE PRICE ASSOCIA HSBC GESTAO DE RECUR

Firm Name Agora CTVM SA Bradesco Corretora Banco BTG Pactual SA Coinvalores Itau BBA Securities EVA Dimensions JPMorgan Planner Corretora de Valores HSBC Banco Safra de Investimento Goldman Sachs Magliano SA CCVM Morgan Stanley Banco do Brasil SA Nau Securities Ltd Grupo Santander Credit Suisse Raymond James Sociedade Corretora Paulista

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a AHORRO CORPORACION I Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOSE FERREIRA GABRIEL VAZ DE LIMA THIAGO DUARTE SANDRA PERES ALEXANDRE RUIZ MIGUEL CRAIG STERLING ALAN ALANIS RICARDO TADEU MARTINS DIEGO MAIA ALAN DE SOUZA CARDOSO LUCA CIPICCIA HENRIQUE KLEINE JAVIER MARTINEZ HENRIQUE AUGUSTO KOCH JOHN NELSON FERREIRA LUIS MIRANDA GUSTAVO JOSEF WIGMAN JOSEPH GIORDANO MARCELO VAREJAO

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

Recommendation buy outperform buy buy outperform underweight neutral Under Review neutral Under Review Buy/Neutral buy Underwt/In-Line Under Review sell buy outperform market perform Under Review

Amt Held 106'401'022 105'530'869 68'925'388 35'171'138 26'346'620 25'547'134 22'166'725 19'264'569 15'411'496 13'400'000 10'400'748 8'678'133 7'996'700 6'678'985 5'944'216 5'179'278 4'788'469 4'481'114 4'432'193 4'307'665

% Out 12.2 12.1 7.9 4.03 3.02 2.93 2.54 2.21 1.77 1.54 1.19 0.99 0.92 0.77 0.68 0.59 0.55 0.51 0.51 0.49

Weighting

Change

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

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

Latest Chg (1'063'102) 19'252'337 3'200'215 1'404'886 731'100 (11'476) 242'958 144'100 (28'500) (174'680)

Target Price 55 55 50 59 53 #N/A N/A 51 #N/A N/A 55 #N/A N/A 58 50 38 #N/A N/A 45 47 55 #N/A N/A #N/A N/A

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

File Dt Inst Type 28.02.2013 Government 28.02.2013 Other 14.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.12.2012 Other 30.06.2013 Investment Advisor 28.02.2013 Other 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 28.02.2013 Pension Fund (ERISA) 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.12.2012 n/a 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 05.07.2013 02.07.2013 02.07.2013 27.06.2013 10.06.2013 06.06.2013 28.05.2013 24.05.2013 17.05.2013 08.05.2013 03.05.2013 03.05.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 01.10.2012 08.08.2011

09.07.2013

Magnit OJSC Magnit retails food. The Company operates a chain of discount supermarkets.

Price/Volume 70

4.0 M

3.5 M

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MGNT LI EQUITY YTD Change MGNT LI EQUITY YTD % CHANGE

12/2012 03/yy 59.15 27.54 118'229.00 54.45 -7.95% 97.71% 83.87% 472.8 25'744.33 2'086.37 0.0 0.0 438.86 -

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

1.20 1.00

1.5 M

1.0 M

.5 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 5'347.8 0.30x 398.0 4.09x 187.6 -

2.0 M

31.12.2009 31.12.2010 5'354.5 7'777.4 1.20x 1.63x 497.0 613.4 12.95x 20.65x 275.2 333.7 Profitability

31.12.2011 11'423.3 0.82x 896.2 10.44x 418.7 -

31.12.2012 14'429.7 1.15x 1'488.3 11.19x 807.8 1'488.27 1'125.82 7.80% 7.20% 12.71% 28.30% 19.31% 2.27% 26.5% 10.3% 7.8% 5.6% 0.75 0.17 28.73% 63.86% 9.40

LTM-4Q

LTM

03/yy 12'177.7 0.00x 0.0 0.00x 510.8 0.00x

03/yy 7'875.7 0.00x 0.0 0.00x 390.9 0.00x

FY+1

.0 M j-13

1.06 92.55% 36.79% 1.057 22 4.000 604'010 1'239'983 1'126'768 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'526.1 23'251.2 4'259.0 1.51x 1.21x 1'865.7 2'261.7 405.6 952.2 1'171.4 192.3 27.08x 21.77x S&P Issuer Ratings

08.04.2013 BB STABLE 11.41 -0.26 1.11 1.40 63.9% 39.0% 2.27 3.19 38.94 40.21 -

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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

09.07.2013

Magnit OJSC Holdings By:

All

Holder Name GALITSKIY SERGEY LAVRENO LTD LABINI INVESTMENTS L GORDEYCHUK VLADIMIR CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK T ROWE PRICE ASSOCIA JP MORGAN ABERDEEN FISHER INVESTMENTS I SCHRODER INVESTMENT OYSTER ASSET MANAGEM BARING INTERNATIONAL VAN ECK ASSOCIATES C ALLIANZ ASSET MANAGE EMERGING GLOBAL SHAR GRANTHAM MAYO VAN OT ARUTYUNYAN ANDREY NI AMERICAN CENTURY COM

Firm Name VTB Capital Uralsib JPMorgan Gazprombank Renaissance Capital Morgan Stanley Raiffeisenbank AG Sberbank CIB Alfa-Bank Barclays Deutsche Bank HSBC Natixis Credit Suisse Otkritie Capital IFC Metropol Goldman Sachs UFS-Finance Investment Company RMG Securities Wood & Company

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a FISHER INVESTMENTS Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst MARIA KOLBINA MARAT IBRAGIMOV ELENA V JOURONOVA VITALY BAIKIN DAVID FERGUSON NICHOLAS ASHWORTH NATALIA KOLUPAEVA MIKHAIL KRASNOPEROV ANDREI NIKITIN BORIS VILIDNITSKY NATALIA SMIRNOVA RAJ SINHA PIERRE-EDOUARD BOUDOT VICTORIA PETROVA MIKHAIL TERENTIEV EVGENY GOLOSNOY ANTON FARLENKOV ILYA BALAKIREV MIKHAIL LOSHININ PATRICK SHIELDS

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

Recommendation hold hold overweight neutral buy Overwt/In-Line hold hold equalweight overweight buy overweight buy outperform hold hold neutral/neutral hold Under Review hold

Amt Held 180'352'486 22'466'208 16'148'977 12'990'362 8'968'072 7'736'787 5'998'261 4'461'306 4'037'988 3'899'722 2'182'326 1'691'581 1'351'100 1'346'788 1'341'301 1'218'387 1'061'084 1'024'944 956'927 897'796

% Out 38.15 4.75 3.42 2.75 1.9 1.64 1.27 0.94 0.85 0.82 0.46 0.36 0.29 0.28 0.28 0.26 0.22 0.22 0.2 0.19

Weighting

Change

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

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

Latest Chg (3'821'642) 693'537 69'138 20'978 (82'160) 46'478 237'358 453'629 8'000 155'617 (19'832) (252'968)

Target Price 65 48 65 44 66 61 58 60 53 67 55 57 55 56 53 43 53 45 #N/A N/A 34

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

File Dt 31.12.2009 25.10.2010 31.12.2009 31.12.2009 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 28.02.2013 31.03.2013 08.07.2013 31.05.2013 08.07.2013 31.05.2012 11.01.2011 31.03.2013

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

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

Date 01.07.2013 20.06.2013 11.06.2013 11.06.2013 10.06.2013 31.05.2013 31.05.2013 29.05.2013 23.05.2013 10.05.2013 29.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 15.04.2013 05.04.2013 25.03.2013 14.01.2013 05.11.2012

09.07.2013

Kia Motors Corp Kia Motors Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks, and commercial vehicles. The Company also produces various auto parts.

Price/Volume 90000

6.0 M

80000

5.0 M

70000 60000

4.0 M

50000

12/2012 03/yy 79'200.00 47'850.00 912'574.00 60400 -23.74% 26.23% 38.12% 405.4 24'483'946.00 3'018'853.00 0.0 0.0 3'141'286.00 24'140'913.16

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

30000

2.0 M

20000

1.0 M

10000 0 j-12

31.12.2009 31.12.2010 18'415'739.0 23'222'969.0 0.57x 0.95x 1'827'909.0 2'402'792.0 5.70x 9.21x 1'450'260.0 1'420'636.0 5.08x 13.96x Profitability

LTM-4Q 31.12.2011 27'742'277.0 1.01x 2'597'837.0 10.77x 1'804'842.0 14.72x

s-12

o-12

n-12

d-12

j-13

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

j-13

LTM

FY+1

.0 M j-13

1.08 0.94 234.96 -15.74% 6.90% 0.940 46 4.826 1'576'116 1'683'685 1'667'482 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 28'007'913.0 ######### ######### ######### ######### ######### ######### 0.81x 4.16x 3.75x 0.85x 0.78x 2'382'062.0 ######### ######### 9.55x 11.91x 9.85x 2'136'797.0 ######### ######### 10.70x 14.64x 10.25x 6.91x 6.44x S&P Issuer Ratings 2'382'062.00 Long-Term Rating Date 20.03.2012 1'645'332.00 Long-Term Rating BBB+ 5.87% Long-Term Outlook STABLE 9.32% Short-Term Rating Date 8.93% Short-Term Rating 15.27% Credit Ratios 12.76% EBITDA/Interest Exp. 22.92 1.17% (EBITDA-Capex)/Interest Exp. 12.18 Net Debt/EBITDA -0.05 20.9% Total Debt/EBITDA 1.27 8.5% Reference 5.9% Total Debt/Equity 20.2% 7.6% Total Debt/Capital 16.8% Asset Turnover 1.17 1.04 Net Fixed Asset Turnover 3.98 0.77 Accounts receivable turnover-days 28.43 12.33% Inventory Days 19.72 20.22% Accounts Payable Turnover Day 55.14 12.87 Cash Conversion Cycle -6.99 18.56

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

30'000'000.0

10.00

25'000'000.0

8.00

20'000'000.0

6.00

15'000'000.0

4.00

10'000'000.0

2.00

5'000'000.0

0.00 02.01.2010

a-12

Fiscal Year Ended 31.12.2008 16'382'231.0 0.43x 1'023'733.0 6.85x 113'784.0 19.97x

3.0 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.08.2012) 52-Week Low (28.01.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000270 KS EQUITY YTD Change 000270 KS EQUITY YTD % CHANGE

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

09.07.2013

Kia Motors Corp Holdings By:

All

Holder Name HYUNDAI MOTOR CO NATIONAL PENSION SER CAPITAL GROUP COMPAN EUI-SUN CHUNG BLACKROCK VANGUARD GROUP INC FIL LIMITED SAMSUNG INVESTMENT T NORGES BANK JP MORGAN ALLIANZ ASSET MANAGE KOREA INVESTMENT TRU KB ASSET MANAGEMENT ALLIANCE BERNSTEIN EMPLOYEE STOCK OWNER KYOBO AXA INVESTMENT ARTISAN PARTNERS HOL CAISSE DE DEPOT ET P MIRAE ASSET GLOBAL I SUN LIFE FINANCIAL I

Firm Name

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

Analyst

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

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

Recommendation buy buy buy buy buy buy buy buy outperform neutral buy buy buy overweight buy buy buy neutral/neutral outperform neutral neutral buy outperform buy buy buy buy buy buy buy outperform buy outperform buy buy Overwt/Attractive buy buy buy buy buy buy outperform

Amt Held 137'318'251 24'374'709 13'170'887 7'061'331 5'884'108 5'161'950 3'736'909 2'614'995 2'499'466 2'439'095 1'429'429 1'313'152 1'161'247 1'146'835 1'090'595 993'345 924'485 707'126 693'405 589'010

% Out 33.88 6.01 3.25 1.74 1.45 1.27 0.92 0.65 0.62 0.6 0.35 0.32 0.29 0.28 0.27 0.25 0.23 0.17 0.17 0.15

Weighting

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

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

Latest Chg (3'212'900) (120'401) (2'037'232) (223'102) (754'048) 170'670 (2'737) (407'949) (221'374) 163'420 171'071 687'998 (1'296'671) 70'070

Target Price 79'000 75'000 75'000 70'000 70'000 100'000 59'700 74'900 69'000 56'000 79'000 80'000 73'000 66'000 74'000 80'000 69'000 51'000 69'000 58'000 67'000 62'000 75'000 63'000 75'000 70'000 70'000 77'000 70'000 65'000 70'000 70'000 64'900 72'000 68'000 70'000 71'000 72'000 69'000 #N/A N/A 70'000 110'000 #N/A N/A

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

File Dt 24.05.2013 31.12.2012 31.03.2013 24.05.2013 05.07.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.05.2013 31.05.2013 31.12.2012 31.03.2013 31.05.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.05.2013

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

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

Date 09.07.2013 09.07.2013 08.07.2013 08.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 26.06.2013 25.06.2013 24.06.2013 21.06.2013 19.06.2013 17.06.2013 10.06.2013 03.06.2013 03.06.2013 02.06.2013 31.05.2013 30.05.2013 24.05.2013 20.05.2013 02.05.2013 02.05.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 26.04.2013 15.04.2013 06.03.2013 29.01.2013 15.01.2013 07.01.2013 27.09.2012 01.02.2012

09.07.2013

Grupo Televisa SAB Grupo Televisa S.A.B., operates media and entertainment businesses in the Spanish speaking world. The Company has interests in television production and broadcasting, programming, direct-to-home satellite services, publishing and publishing distribution, cable television, radio production, show business, feature films and Internet portals.

Price/Volume 80 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/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 TLEVICPOMM EQUITY YTD Change TLEVICPOMM EQUITY YTD % CHANGE

12/2012 03/yy 73.56 56.41 3'044'224.00 62.24 -15.39% 10.34% 33.99% 2'850.1 177'390.23 57'962.57 0.0 7'890.6 24'380.62 218'598.26

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

30 20 10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 47'972.3 2.08x 19'438.9 5.12x 7'803.7 12.32x

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

31.12.2009 31.12.2010 52'352.5 57'856.8 2.75x 3.48x 20'086.5 22'161.9 7.16x 9.09x 6'007.1 7'683.4 21.89x 23.11x Profitability

LTM-4Q 31.12.2011 62'581.5 2.90x 23'635.2 7.68x 6'665.9 20.90x

31.12.2012 69'290.4 2.96x 26'613.8 7.70x 8'760.6 18.66x

26'613.79 18'139.55 26.18% 20.38% 5.27% 14.55% 0.44% 46.9% 39.4% 26.8% 12.6% 1.51 1.20 35.11% 95.58% 4.54 26.67

Price/ Cash Flow

LTM

03/yy 64'538.6 12.05x 24'937.7 7.70x 7'391.4 17.48x

03/yy 69'653.3 12.23x 27'444.3 8.32x 8'324.4 21.03x

FY+1

0.87 10.66% -8.31% 0.871 11 2.909 2'813'501 4'503'235 3'781'194 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 72'994.7 77'952.8 18'091.0 18'372.8 2.94x 2.66x 12.05x 11.89x 28'265.4 30'039.8 7'045.8 7'285.7 7.73x 7.28x 7.62x 7.59x 8'434.8 9'704.9 1'879.7 2'478.5 20.40x 17.33x 19.34x 18.96x S&P Issuer Ratings

02.10.2007 BBB+ STABLE 5.89 3.36 1.20 2.07 95.6% 45.8% 0.44 1.56 80.31 13.69 84.47 33.77

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Grupo Televisa SAB Holdings By:

All

Holder Name AZCARRAGA TRUST NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK GRUPO FIN BANAMEX SA NORGES BANK GRUPO FINANCIERO BBV EMERGING GLOBAL SHAR CAISSE DE DEPOT ET P FMR LLC GRUPO FINANCIERO SCO ACTINVER SA DE CV/ME CREDIT SUISSE ASSET GESTION SANTANDER ME EATON VANCE MANAGEME IMPULSORA DEL FONDO SWEDBANK ROBUR FONDE PICTET FUNDS DIMENSIONAL FUND ADV ING INVESTMENT MANAG

Firm Name Itau BBA Securities Actinver SA BBVA Banorte-IXE GBM Invex Casa de Bolsa SA de CV Vector Servicios Financieros Scotia Capital HSBC EVA Dimensions Grupo Santander Interacciones Casa de Bolsa

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

Analyst GREGORIO TOMASSI MARTIN LARA ALEJANDRO GALLOSTRA MANUEL JIMENEZ ZALDIVAR ANDRES MEDINA-MORA MARTIN GONZALEZ BADILLO JULIO ZETINA ANDRES COELLO RICHARD DINEEN CRAIG STERLING VALDER NOGUEIRA ELIZANDRA CARDOSO AZCOITIA

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

Recommendation market perform sell underperform hold market underperform buy buy sector perform overweight underweight hold buy

Amt Held 455'345'419 108'733'306 73'349'631 72'264'090 30'058'115 25'056'735 11'878'048 7'515'195 6'907'667 5'711'857 5'615'763 3'836'911 3'508'900 3'284'721 3'216'060 3'042'000 3'038'851 2'796'200 2'441'840 1'963'424

% Out 15.98 3.82 2.57 2.54 1.05 0.88 0.42 0.26 0.24 0.2 0.2 0.13 0.12 0.12 0.11 0.11 0.11 0.1 0.09 0.07

Weighting

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

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

Latest Chg 1'327'625 5'131'539 3'078'243 666'040 (774'300) 82'300 (516'200) (266'524) (41'500) 13'000 (1'758) 390'595 (400) (1'100) 140'200

Target Price 68 64 65 76 66 71 73 65 85 #N/A N/A 56 73

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

File Dt 28.02.2013 05.07.2013 31.03.2013 05.07.2013 31.05.2013 31.12.2012 04.07.2013 08.07.2013 31.12.2012 31.05.2013 31.05.2013 30.04.2013 29.04.2013 31.05.2013 30.04.2013 31.01.2013 31.03.2013 31.03.2013 29.03.2013 31.05.2013

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

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

Date 08.07.2013 05.07.2013 04.07.2013 02.07.2013 21.06.2013 08.05.2013 11.04.2013 22.03.2013 01.02.2013 17.01.2013 10.04.2012 03.06.2011

09.07.2013

MediaTek Inc MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

Price/Volume 450

35.0 M

400

30.0 M

350

25.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/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 2454 TT EQUITY YTD Change 2454 TT EQUITY YTD % CHANGE

12/2012 12/yy 385.00 235.50 5'188'960.00 353.5 -8.18% 50.11% 75.92% 1'349.4 477'002.28 2'179.15 0.0 0.0 30'934.56 448'246.88

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

20.0 M

200

15.0 M

150

10.0 M

100

5.0 M

50 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 68'015.5 2.89x 19'806.1 9.91x 19'190.0 12.24x

250

31.12.2009 31.12.2010 77'310.8 71'988.4 7.04x 5.70x 23'857.8 19'364.5 22.81x 21.20x 36'705.6 30'961.4 16.35x 14.68x Profitability

LTM-4Q 31.12.2011 53'842.4 5.31x 6'633.9 43.13x 13'623.1 22.47x

31.12.2012 63'474.0 6.38x 8'221.2 49.29x 15'687.5 25.08x

8'221.23 5'850.32 9.22% 25.93% 9.34% 10.74% 10.67% 0.38% 35.8% 13.0% 9.2% 24.7% 2.38 1.64 1.10% 1.24% 20.35 4.83

Price/ Cash Flow

LTM

FY+1

.0 M j-13

1.11 1'193.99 77.98 33.30% 9.27% 1.114 29 4.345 7'978'033 7'997'904 7'699'600 FY+2

FQ+1

FQ+2

12/yy 53'842.4 23.11x 6'633.9 43.13x 13'623.1 22.31x

12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 63'474.0 130'968.0 158'550.0 31'438.0 37'903.5 21.50x 8'221.2 27'241.5 35'669.0 6'106.0 7'535.0 49.29x 16.45x 12.57x 15'687.5 25'003.7 32'273.0 5'984.6 7'805.1 25.35x 19.08x 15.18x 17.42x 16.24x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4741.19 4492.53 -3.50 0.27 1.2% 1.2% 0.38 9.93 17.99 75.71 54.73 38.97

Sales/Revenue/Turnover

140.00

90'000.0

120.00

80'000.0 70'000.0

100.00

60'000.0

80.00

50'000.0

60.00

40'000.0 30'000.0

40.00

20'000.0

20.00 0.00 02.01.2010

10'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

MediaTek Inc Holdings By:

All

Holder Name LI TSUI-HSIN MING TSAI KAI CAPITAL WORLD GROWTH VANGUARD GROUP INC CAPITAL INC FOUNDA F JYH-JER CHO BLACKROCK US GROWTH FUND LIU TING-JEN REICHARDT FUND EURO PACIFIC GROWTH SCHRODER INVESTMENT VANGUARD EMS INDEX F FRANKLIN RESOURCES COMMONWEALTH BANK OF NORGES BANK LAZARD ASSET MANAGEM FIL LIMITED POLARIS SEC INVESTME FMR LLC

Firm Name

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

Analyst

Jih Sun Securities WENWEN WANG Wedge Partners JUN ZHANG Deutsche Bank JESSICA CHANG Credit Suisse RANDY ABRAMS KGI Securities MICHAEL LIU IBT Securities Co Ltd JESSICA CHIU Nomura AARON JENG Sanford C. Bernstein & Co MARK LI Morgan Stanley BILL LU Daiwa Securities Co. Ltd. ERIC CHEN Barclays ANDREW LU EVA Dimensions ANDREW S ZAMFOTIS Capital Securities Corp TEAM COVERAGE President Capital Management PITERSON YANG JPMorgan ALVIN KWOCK BNP Paribas Equity Research LAURA CHEN Fubon Securities CARLOS PENG Maybank Kim Eng WARREN LAU Berenberg Bank ADNAAN AHMAD Masterlink Securities CHELSEY SU Mega Securities HUNG CHIH-TING Macquarie JEFFREY SU E Sun Securities LIU KUAN-MING HSBC YOLANDA WANG Yuanta Securities Investment ConsultingGEORGE CHANG SinoPac STEFAN CHANG RBS JACK LU Goldman Sachs DONALD LU

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

Recommendation buy no rating system buy outperform outperform buy buy market perform Overwt/In-Line buy overweight underweight neutral buy overweight buy add buy sell buy neutral underperform buy on weakness overweight buy buy buy not rated

Amt Held 48'674'145 41'006'187 40'600'426 34'674'738 31'425'774 30'325'222 30'266'547 22'709'996 21'011'763 20'276'421 15'402'625 15'395'431 15'159'975 14'485'633 13'191'000 13'003'188 12'080'109 11'753'856 11'739'147 9'746'597

% Out 3.61 3.04 3.01 2.57 2.33 2.25 2.24 1.68 1.56 1.5 1.14 1.14 1.12 1.07 0.98 0.96 0.9 0.87 0.87 0.72

Weighting

Change

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

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

Latest Chg 4'804'000 407'400 2'758'425 53'000 2'000'000 (26'000) 11'253'767 468'147 (320'129)

Target Price 428 #N/A N/A 457 400 438 #N/A N/A 460 400 400 415 410 #N/A N/A #N/A N/A 460 480 428 410 500 210 430 395 285 #N/A N/A 435 420 450 365 #N/A N/A

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

File Dt 16.07.2011 31.05.2013 16.07.2011 31.03.2013 16.07.2011 31.05.2013 05.07.2013 16.07.2011 16.07.2011 16.07.2011 16.07.2011 31.05.2013 16.07.2011 31.03.2013 28.02.2013 31.12.2012 31.05.2013 31.12.2012 31.05.2013 31.05.2013

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

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

Date 08.07.2013 08.07.2013 05.07.2013 05.07.2013 05.07.2013 02.07.2013 27.06.2013 26.06.2013 25.06.2013 25.06.2013 25.06.2013 24.06.2013 19.06.2013 11.06.2013 09.06.2013 07.06.2013 05.06.2013 28.05.2013 21.05.2013 09.05.2013 09.05.2013 07.05.2013 07.05.2013 06.05.2013 06.05.2013 20.03.2013 04.02.2013 27.06.2012

09.07.2013

Chunghwa Telecom Co Ltd Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.06.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/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 2412 TT EQUITY YTD Change 2412 TT EQUITY YTD % CHANGE

12/2012 03/yy 102.00 87.80 13'202'054.00 99.4 -2.55% 13.21% 76.76% 7'757.4 771'090.25 0.00 0.0 0.0 54'759.65 716'330.59

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

30.0 M

100

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 j-12

31.12.2009 31.12.2010 184'040.3 186'410.9 2.67x 3.38x 91'113.9 89'400.1 5.39x 7.06x 43'757.4 47'608.9 13.19x 15.09x Profitability

LTM-4Q 31.12.2011 192'462.1 3.70x 83'154.6 8.55x 47'068.4 16.56x

31.12.2012 190'950.8 3.55x 78'195.6 8.67x 39'904.0 18.39x

78'195.56 46'100.37 24.14% 24.81% 42.8% 20.9% 1.68 1.46 0.00% 0.00% -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M j-13

0.46 4'640.57 14.03 10.55% 5.19% 0.456 22 2.227 11'751'900 9'645'775 8'334'615 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 192'622.2 143'206.5 210'531.5 195'668.0 55'629.0 57'042.0 14.41x 14.13x 3.50x 3.77x 80'072.3 59'757.0 78'418.5 80'165.0 7.98x 0.00x 9.13x 8.94x 44'723.0 30'414.5 38'942.5 39'547.0 10'366.2 9'995.5 15.77x 0.00x 19.84x 19.49x 19.51x 19.68x S&P Issuer Ratings Long-Term Rating Date 10.04.2008 Long-Term Rating AA Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 339980.68 (EBITDA-Capex)/Interest Exp. 199221.33 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle 10.55 Sales/Revenue/Turnover

12.00

195'000.0

10.00

190'000.0

8.00

185'000.0

6.00

180'000.0

4.00

175'000.0

2.00

170'000.0

0.00 02.01.2010

a-12

Fiscal Year Ended 31.12.2008 186'780.7 2.28x 95'133.8 4.49x 45'010.3 11.53x

120

165'000.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

Chunghwa Telecom Co Ltd Holdings By:

All

Holder Name MINISTRY OF TRANS & FUBON LIFE INSURANCE CATHAY LIFE INSURANC CHUNGHWA TELECOM CO CHUNGHWA POST CO LTD SHIN KONG LIFE INSUR CHINA LIFE INSURANCE BLACKROCK SAUDI ARABIAN MONETA ISHARES MSCI EMERGIN VANGUARD GROUP INC NORGES BANK POLARIS SEC INVESTME BANK OF NEW YORK MEL PICTET FUNDS GRANTHAM MAYO VAN OT NATIONAL DEVELOP FUN INVESCO LTD CAISSE DE DEPOT ET P CAPITAL SECURITIES I

Firm Name

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

Analyst

Nomura JIN YOON Deutsche Bank JOELIAN TSENG Morgan Stanley GARY YU KGI Securities VINCENT LIAO Standard Chartered STEVEN LIU Fubon Securities LEWIS LIU New Street Research ALASTAIR JONES Goldman Sachs PIYUSH MUBAYI BNP Paribas Equity Research ALEN LIN Mega Securities LU CALVIN Barclays ANAND RAMACHANDRAN Credit Suisse CHATE BENCHAVITVILAI JPMorgan LUCY LIU HSBC NEALE ANDERSON Yuanta Securities Investment ConsultingBONNIE CHANG Macquarie JOSEPH QUINN EVA Dimensions ANDREW S ZAMFOTIS President Capital Management CHARLIE YEH SinoPac JERRY LU Masterlink Securities STEVEN SU Jih Sun Securities CHEN CHUN-CHUNG

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

Recommendation neutral not rated Equalwt/In-Line neutral in-line neutral reduce Sell/Neutral hold neutral underweight underperform neutral underweight hold underperform hold neutral neutral hold buy

Amt Held 2'737'718'976 428'621'087 362'562'080 140'600'004 137'373'719 128'044'184 116'865'779 100'419'822 86'045'425 74'872'410 46'173'244 36'659'651 35'470'623 23'556'912 18'038'344 15'960'329 12'371'562 11'708'012 8'676'635 7'454'090

% Out 35.29 5.53 4.67 1.81 1.77 1.65 1.51 1.29 1.11 0.97 0.6 0.47 0.46 0.3 0.23 0.21 0.16 0.15 0.11 0.1

Weighting

Change

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

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

Latest Chg 373'719 (10'033'560) 8'260'000 (4'793'377) (2'836'000) (1'111'000) (3'684'910)

Target Price 95 #N/A N/A 90 87 90 100 84 84 90 101 84 82 96 79 90 77 #N/A N/A 92 93 91 121

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

File Dt 31.05.2013 27.07.2011 27.07.2011 27.07.2011 31.05.2013 27.07.2011 27.07.2011 05.07.2013 27.07.2011 27.07.2011 31.03.2013 31.12.2012 31.05.2013 08.07.2013 31.03.2013 31.05.2012 31.05.2013 08.07.2013 31.12.2012 28.06.2013

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

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

Date 09.07.2013 02.07.2013 02.07.2013 02.07.2013 19.06.2013 30.05.2013 14.05.2013 12.05.2013 10.05.2013 03.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 15.01.2013 29.10.2012 29.10.2012 04.05.2012 30.12.2011

09.07.2013

Bank Central Asia Tbk PT PT Bank Central Asia Tbk provides banking and related services. The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions. Through its subsidiaries, the Bank also provides leasing and consumer financing services.

Price/Volume 12000

70.0 M

10000

60.0 M 50.0 M

8000

Latest Fiscal Year: LTM as of: 52-Week High (28.03.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/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 BBCA IJ EQUITY YTD Change BBCA IJ EQUITY YTD % CHANGE

12/2012 03/yy 11'400.00 7'250.00 10'667'000.00 9250 -18.86% 27.59% 44.58% 24'655.0 228'058'848.00 4'980'190.00 0.0 71'167.0 ########### -

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

30.0 M

4000

20.0 M

2000

10.0 M

0 j-12

a-12

s-12

o-12

n-12 d-12

j-13

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

j-13

Fiscal Year Ended 31.12.2008 23'163'363.0 5'776'139.0 13.77x

40.0 M

6000

Valuation Analysis

31.12.2009 31.12.2010 27'242'770.0 28'070'381.0 6'807'242.0 8'479'273.0 17.38x 18.39x Profitability

LTM-4Q 31.12.2011 31'780'230.0 10'819'309.0 18.02x

LTM

FY+1

0.97 12'529.10 28.16% 2.30% 0.973 35 3.086 11'168'400 19'914'670 15'567'120 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 35'188'157.0 ######### ######### ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 11'721'717.0 ######### ######### ######### ######### ######### ######### 18.96x 17.54x 22.61x 16.87x 14.11x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 51.76% Long-Term Outlook 53.32% Short-Term Rating Date 2.90% Short-Term Rating 24.42% Credit Ratios 21.99% EBITDA/Interest Exp. 0.09% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 42.6% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 1.12% Inventory Days 9.61% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M j-13

NR 9.6% 8.8% 0.09 6.30 -

Sales/Revenue/Turnover

25.00

40'000'000.0 35'000'000.0

20.00

30'000'000.0 25'000'000.0

15.00

20'000'000.0 10.00

15'000'000.0 10'000'000.0

5.00

0.00 01.01.2010

5'000'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Bank Central Asia Tbk PT Holdings By:

All

Holder Name FARINDO INVESTMENTS FRANKLIN RESOURCES SALIM ANTHONI VANGUARD GROUP INC BLACKROCK FIL LIMITED JP MORGAN MATTHEWS INTERNATION HARRIS TRUST & SAVIN FMR LLC MANULIFE ASET MANAJE EASTSPRING INVESTMEN SCHRODER INVESTMENT INVESCO LTD CAISSE DE DEPOT ET P VAN ECK ASSOCIATES C DAIWA SECURITIES GRO NORGES BANK DIMENSIONAL FUND ADV SETIJOSO DJOHAN EMIR

Firm Name Sanford C. Bernstein & Co Deutsche Bank Bahana Securities UOB Kay Hian JPMorgan Goldman Sachs Nomura Danareksa Mandiri Sekuritas PT/Indonesia DBS Vickers CIMB Barclays Morgan Stanley Indo Premier Securities EVA Dimensions RHB Research Institute Sdn Bhd Standard Chartered Andalan Artha Advisindo Sekuritas PT PT Valbury Asia Securities Sucorinvest Central Gani Trimegah Securities Tbk PT Samuel Sekuritas Indonesia Credit Suisse Maybank Kim Eng Macquarie HSBC PT Batavia Prosperindo Sekuritas Ciptadana Sekuritas AmCapital Indonesia Daiwa Securities Co. Ltd. BNP Paribas Equity Research

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

Analyst KEVIN KWEK RAYMOND KOSASIH TEGUH P. HARTANTO RUFINA TAM HARSH WARDHAN MODI BENJAMIN KOO WILIANTO IE EKA SAVITRI TJANDRA LIENANDJAJA SUE LIN LIM ERWAN TEGUH TEH ANISH TAWAKLEY NICK LORD STEPHAN HASJIM DOUG WALTERS ROCKY INDRAWAN JAJ SINGH A INDRAJATRI BUDI RUSTANTO ISFHAN HELMY ROBBY HAFIL JOSEPH PANGARIBUAN TEDDY OETOMO RAHMI SARI MARINA NICOLAOS OENTUNG LOO KAR WENG ANDY FERDINAND SYAIFUL ADRIAN YAP SWIE CU SRIKANTH VADLAMANI TEAM COVERAGE

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

Recommendation market perform buy buy buy neutral Sell/Neutral reduce hold neutral hold neutral overweight Equalwt/Attractive hold underweight neutral underperform hold buy hold hold hold neutral hold neutral overweight hold buy hold hold hold

Amt Held 11'625'990'000 660'145'053 434'079'976 348'602'564 276'115'558 163'900'192 133'254'249 115'688'500 62'796'500 61'741'450 43'761'000 38'564'200 37'405'000 37'221'500 32'753'098 28'297'500 28'293'977 27'910'895 26'415'500 25'299'234

% Out 47.15 2.68 1.76 1.41 1.12 0.66 0.54 0.47 0.25 0.25 0.18 0.16 0.15 0.15 0.13 0.11 0.11 0.11 0.11 0.1

Weighting

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

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

Latest Chg (25'439'500) 25'564'500 (1'427'000) (24'068'168) (8'944'500) 62'796'500 (1'168'320) (13'767'500) 1'446'500 (518'023) -

Target Price 10'700 11'300 11'200 11'000 9'500 9'300 8'600 10'150 10'300 9'800 11'100 10'500 9'232 10'500 #N/A N/A 12'000 8'979 11'600 12'000 11'400 10'500 10'000 11'000 10'000 10'300 12'500 10'500 10'100 9'200 8'000 8'350

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

File Dt 30.09.2012 30.04.2013 30.09.2012 31.03.2013 05.07.2013 31.12.2012 31.05.2013 28.03.2013 28.03.2013 31.05.2013 31.12.2010 28.12.2012 31.12.2010 08.07.2013 31.12.2012 08.07.2013 30.04.2013 31.12.2012 29.03.2013 30.09.2012

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

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

Date 09.07.2013 08.07.2013 04.07.2013 04.07.2013 27.06.2013 25.06.2013 24.06.2013 24.06.2013 20.06.2013 17.06.2013 17.06.2013 14.06.2013 13.06.2013 13.06.2013 06.06.2013 28.05.2013 16.05.2013 03.05.2013 03.05.2013 02.05.2013 01.05.2013 30.04.2013 29.04.2013 18.04.2013 11.04.2013 27.03.2013 15.02.2013 28.12.2012 01.11.2012 30.10.2012 11.09.2012

09.07.2013

Standard Bank Group Ltd Standard Bank Group Limited is the holding company for a group of companies offering financial services. The Group provides services in personal, corporate, merchant and commercial banking, including insurance broking, mutual fund management, property fund management, as well as other services. Standard Bank is also the holding company of Liberty Life Group Limited.

Price/Volume 14000

16.0 M

12000

14.0 M

10000

12.0 M 10.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2013) 52-Week Low (21.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBK SJ EQUITY YTD Change SBK SJ EQUITY YTD % CHANGE

12/2012 01/yy 12'089.00 10'005.00 593'952.00 10774 -10.88% 7.69% 31.00% 1'617.9 174'314.48 155'823.00 5'503.0 14'300.0 170'181.00 -

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

6.0 M

4000

4.0 M

2000

2.0 M

0 j-12

a-12

s-12

o-12

n-12 d-12

j-13

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

.0 M j-13

j-13

Fiscal Year Ended 31.12.2008 145'080.0 14'461.0 8.28x

8.0 M

6000

31.12.2009 31.12.2010 159'993.0 105'806.0 11'585.0 11'161.0 13.23x 14.63x Profitability

31.12.2011 107'845.0 13'571.0 11.13x

31.12.2012 125'473.0 16'498.0 12.34x

30.83% 28.49% 1.09% 15.42% 6.96% 0.08% 18.2% 10.09% 141.18% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.22 0.76 1'044.29 -1.82% -7.37% 0.762 17 3.118 4'360'501 6'285'588 5'590'481 FY+2

12/13 Y 12/14 Y 74'115.4 81'588.8 16'949.3 19'441.6 10.11x 8.92x S&P Issuer Ratings

FQ+1

FQ+2

141.2% 54.5% 0.08 8.19 -

Sales/Revenue/Turnover

30.00

180'000.0 160'000.0

25.00

140'000.0 120'000.0

20.00

100'000.0 15.00

80'000.0 60'000.0

10.00

40'000.0 5.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Standard Bank Group Ltd Holdings By:

All

Holder Name INDUSTRIAL & COMM BA GOVERNMENT EMP PENSI STATE STREET CUSTODI JP MORGAN CUSTODIAN VANGUARD GROUP INC ALLAN GRAY UNIT TRUS STATE STREET DODGE & COX CITIBANK NEW YORK BANK OF NY CUSTODIAN BLACKROCK OLD MUTUAL BANK OF NEW YORK COMMONWEALTH BANK OF CORONATION ASSET MAN DIMENSIONAL FUND ADV NORTHERN TR AVFC GOV CITIBANK LONDON NORTHERN TRUST COMPA OPPENHEIMERFUNDS INC

Firm Name NOAH Capital Markets EVA Dimensions Morgan Stanley SBG Securities JPMorgan Avior Research Barclays Goldman Sachs Deutsche Bank HSBC BNP Paribas Cadiz Securities Macquarie Nedgroup Securities Renaissance Capital Legae Securities Imara ING Bank

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

Analyst LISA HAAKMAN DOUG WALTERS GREG SAFFY VOYT KRZYCHYLKIEWICZ NANA FRANCOIS HARRY BOTHA CHANTELLE BAPTISTE WALEED MOHSIN STEFAN SWANEPOEL JAN ROST DEBBIE TREDOUX CHARLES RUSSELL DAVID S DANILOWITZ ILAN STERMER PETER MUSHANGWE ADDMORE T CHAKURIRA ANDRZEJ NOWACZEK

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

Recommendation buy overweight Underwt/In-Line hold overweight outperform underweight Sell/Neutral buy neutral hold neutral sell sell hold hold not rated

Amt Held 324'963'464 169'262'210 145'471'258 41'435'684 36'449'250 28'551'104 27'936'264 27'632'295 23'465'758 22'009'073 21'723'762 20'764'080 18'460'582 18'367'987 18'033'210 17'506'304 17'324'047 15'464'836 13'571'520 12'644'862

% Out 20.09 10.46 8.99 2.56 2.25 1.76 1.73 1.71 1.45 1.36 1.34 1.28 1.14 1.14 1.11 1.08 1.07 0.96 0.84 0.78

Weighting

Change

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

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

Latest Chg (2'800'000) 1'025'049 (1'637'335) 2'976'835 (799'466) 3'640'814 1'770'000 431'253 1'195'983 230'893 (2'413'376) (951'274) 801'872 (471'742) 11'163 2'043'192 (736) 191'410 253'815

Target Price 12'698 #N/A N/A 11'200 12'500 12'500 13'007 11'666 10'000 12'750 11'800 10'941 12'100 10'390 10'950 12'560 9'033 #N/A N/A

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

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 08.07.2013 31.03.2013 31.05.2013 31.05.2013 05.07.2013 31.05.2013 31.05.2013 28.02.2013 31.03.2013 29.03.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013

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

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

Date 20.06.2013 06.06.2013 16.05.2013 16.05.2013 02.05.2013 29.04.2013 26.04.2013 16.04.2013 15.04.2013 26.03.2013 20.03.2013 15.03.2013 08.03.2013 06.02.2013 09.07.2012 23.02.2012 13.02.2012

09.07.2013

Price/Volume 1200000 1000000 800000 600000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005935 KS EQUITY YTD Change 005935 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

31.12.2009 -

200000 0 j-12

a-12

s-12

o-12

n-12 d-12

j-13

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

31.12.2010

Profitability

LTM-4Q 31.12.2011

31.12.2012 -

27'701'730.00 18'510'436.00 13.11% 14.69% 13.65% 17.00% 17.16% 1.10% 29.6% 20.5% 14.1% 12.3% 1.77 1.38 2.34% 2.94% 7.84 17.49

j-13

Market Data

Fiscal Year Ended 31.12.2008

400000

12/2012 03/yy 1'000'000.00 685'000.00 20'024.00 805000 -19.50% 17.52% 35.56% 22.8 18'380'908.00 3'111'874.00 119'467.0 0.0 16'911'345.00 497'316.73

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M j-13

LTM

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

FY+1

1.05 22.83 15.70% -5.52% 1.053 3 5.000 29'792 39'328 32'650 FY+2

FQ+1

FQ+2

03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 0.0 ######### ######### ######### ######### #DIV/0! 0.0 ######### ######### 0.00x 0.01x 0.01x 0.0 ######### ######### ######### ######### 0.00x 4.56x 4.33x S&P Issuer Ratings Long-Term Rating Date 25.01.2006 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 25.01.2006 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 205.30 (EBITDA-Capex)/Interest Exp. 100.84 Net Debt/EBITDA -0.62 Total Debt/EBITDA 0.06 Reference Total Debt/Equity 2.9% Total Debt/Capital 2.9% Asset Turnover 1.10 Net Fixed Asset Turnover 3.36 Accounts receivable turnover-days 46.56 Inventory Days 20.87 Accounts Payable Turnover Day 25.67 Cash Conversion Cycle 38.44 Sales/Revenue/Turnover

1.20

1.2

1.00

1.0

0.80

0.8

0.60

0.6

0.40

0.4

0.20

0.2

0.00

0.0

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

09.07.2013

Samsung Electronics Co Ltd Holdings By:

All

Holder Name ABERDEEN SKAGEN AS ORBIS HOLDINGS LIMIT BLACKROCK COMMONWEALTH BANK OF KOREA INVESTMENT TRU DANSKE INVEST A/S VANGUARD GROUP INC GRANTHAM MAYO VAN OT ROBECO INVESTOR SERV CAPITAL GROUP COMPAN FIL LIMITED JYSKE INVEST NORDEA INVESTMENT FU DANSKE INVEST MANAGE ARTISAN PARTNERS HOL ALLIANZ ASSET MANAGE EDINBURGH FUND MANAG FIRST STATE INVESTME CAISSE DE DEPOT ET P

Firm Name Maybank Kim Eng Sanford C. Bernstein & Co Morgan Stanley

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios 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 FIRST STATE GLOBAL G Multiple Portfolios

Analyst WARREN LAU MARK C NEWMAN SHAWN KIM

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

Recommendation buy outperform Overwt/Attractive

Amt Held 3'495'354 1'061'796 360'000 320'602 240'645 173'263 150'822 137'646 120'488 115'896 102'000 87'116 84'473 81'419 76'039 74'062 73'248 64'060 58'954 55'151

% Out 15.31 4.65 1.58 1.4 1.05 0.76 0.66 0.6 0.53 0.51 0.45 0.38 0.37 0.36 0.33 0.32 0.32 0.28 0.26 0.24

Weighting

Change 5 5 5

M M N

Latest Chg (27'868) (10'000) 331 16'728 (22'469) (3'776) (244'557) (110) (74'019) 13'153 5'000 20'103 (10'174) (3'800) 58'954 -

Target Price 1'350'000 1'750'000 1'024'000

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

File Dt 31.05.2013 31.05.2013 31.12.2012 05.07.2013 28.02.2013 31.12.2012 31.05.2013 31.03.2013 31.05.2012 30.04.2013 31.03.2013 31.10.2012 31.01.2013 28.03.2013 28.03.2013 31.03.2013 31.05.2013 30.04.2013 31.05.2013 31.12.2012

Date 12 month 12 month 12 month

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

Date 08.07.2013 05.07.2013 16.10.2012

09.07.2013

Malayan Banking Bhd Malayan Banking Berhad provides commercial and Islamic banking services in Malaysia, Singapore, and other locations. Through its subsidiaries, the Company provides services such as general and life insurance, stock and futures broking, and leasing and factoring. Maybank also has operation in discount house, unit management, property investment, and venture capital.

Price/Volume 70.0 M

60.0 M 50.0 M

40.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.06.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAY MK EQUITY YTD Change MAY MK EQUITY YTD % CHANGE

12/2012 03/yy 10.58 8.66 7'103'800.00 10.42 -1.51% 20.32% 85.42% 8'703.6 90'691.82 68'124.52 0.0 1'725.5 65'064.33 -

30.06.2009 16'111.6 691.9 49.17x

30.0 M

20.0 M

10.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

30.06.2010 30.06.2011 16'440.1 18'297.8 3'818.2 4'450.3 14.03x 14.56x Profitability

LTM-4Q 31.12.2011 18'297.8 4'450.3 14.56x

31.12.2012 22'854.3 5'744.7 12.65x

46.62% 47.73% 1.21% 15.25% 5.40% 0.05% 34.8% 13.77% 161.32% -

Price/ Cash Flow

LTM

03/yy 19'552.1 0.00x 0.0 0.00x 4'769.0 13.75x

03/yy 23'277.8 0.00x 0.0 0.00x 5'904.0 12.82x

FY+1

.0 M j-13

0.90 3'933.52 28.25% 17.17% 0.901 26 3.962 12'869'160 15'568'200 16'777'620 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 18'116.2 19'821.0 4'499.3 4'637.0 6'277.8 6'882.9 1'529.0 1'576.5 14.25x 13.36x 13.89x 13.71x S&P Issuer Ratings

11.07.2005 ASTABLE 26.03.2003 A-2 161.3% 60.8% 0.05 9.60 -

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

09.07.2013

Malayan Banking Bhd Holdings By:

All

Holder Name SKIM AMANAH SAHAM BU EMPLOYEES PROVIDENT YAYASAN PELABURAN BU VANGUARD GROUP INC BLACKROCK NORGES BANK HARRIS TRUST & SAVIN FIL LIMITED PRUDENTIAL UNIT TRUS PICTET FUNDS JP MORGAN BANK OF NEW YORK MEL VONTOBEL ASSET MANAG PENGURUSAN PELABURAN CIMB-PRINCIPAL ASSET SEB CAISSE DE DEPOT ET P DIMENSIONAL FUND ADV PRINCIPAL FINANCIAL DJE INVESTMENT SA

Firm Name DBS Vickers RHB Research Institute Sdn Bhd AmResearch Sdn Bhd TA Securities Holdings Berhad Alliance Research Sdn Bhd Hong Leong Investment Bank Bhd Standard Chartered Morgan Stanley CIMB Kenanga Investment Bank Bhd KAF Seagroatt & Campbell Goldman Sachs Nomura JPMorgan Macquarie Affin Securities Sdn Bhd HSBC Deutsche Bank EVA Dimensions Daiwa Securities Co. Ltd. UOB Kay Hian Credit Suisse ECM Libra

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

Analyst SUE LIN LIM DAVID CHONG RACHEL HUANG TEAM COVERAGE KING YOONG CHEAH LOW YEE HUAP DIKSHA GERA EDWARD GOH WINSON NG TEAM COVERAGE CHEHAN PERERA MELISSA KUANG JULIAN CHUA HARSH WARDHAN MODI MATTHEW SMITH EILEEN TAN LOO KAR WENG TRACY YU DOUG WALTERS SRIKANTH VADLAMANI ONG BOON LEONG DANNY GOH TEAM COVERAGE

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

Recommendation buy buy hold buy neutral buy outperform Equalwt/In-Line outperform outperform hold Sell/Neutral buy neutral neutral add underweight not rated underweight outperform buy outperform hold

Amt Held 3'341'868'835 913'621'439 514'004'267 125'599'422 106'073'309 70'279'923 55'572'945 53'282'912 46'823'161 37'543'712 36'142'337 31'423'446 29'039'495 25'458'497 11'897'246 11'348'600 11'300'247 10'471'339 9'044'300 8'038'000

% Out 38.4 10.5 5.91 1.44 1.22 0.81 0.64 0.61 0.54 0.43 0.42 0.36 0.33 0.29 0.14 0.13 0.13 0.12 0.1 0.09

Weighting

Change

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

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

Latest Chg (50'000'000) 2'621'400 55'000'000 14'824'836 (1'018'300) 19'276'585 7'981'497 (89'843) 2'342'100 10'076'550 (160'000) 242'505 1'941'786 4'763'600 223'035 (1'797'100) -

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

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

File Dt 27.06.2013 03.07.2013 27.06.2013 31.03.2013 05.07.2013 31.12.2012 28.03.2013 31.10.2012 30.11.2012 31.03.2013 31.03.2013 08.07.2013 31.01.2013 31.05.2011 31.05.2013 31.03.2013 31.12.2012 29.03.2013 31.05.2013 30.04.2013

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

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

Date 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 05.07.2013 04.07.2013 04.07.2013 03.07.2013 02.07.2013 02.07.2013 28.06.2013 27.06.2013 24.06.2013 21.06.2013 13.06.2013 10.06.2013 06.06.2013 03.06.2013 27.05.2013 23.05.2013 12.11.2012

09.07.2013

SK Hynix Inc SK Hynix Inc. manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

Price/Volume 35000

25.0 M

30000

20.0 M

25000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.06.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000660 KS EQUITY YTD Change 000660 KS EQUITY YTD % CHANGE

12/2012 03/yy 32'950.00 20'100.00 5'276'470.00 28350 -13.96% 41.04% 59.92% 694.7 19'695'044.00 5'744'740.00 0.0 0.0 1'517'747.00 23'737'614.21

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

15.0 M

15000

10.0 M

10000 5.0 M

5000 0 j-12

a-12

s-12

o-12

n-12 d-12

j-13

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

j-13

Fiscal Year Ended 31.12.2008 6'495'367.1 1.20x (300'341.2) (4'719'632.9) -

20000

31.12.2009 31.12.2010 7'521'457.8 11'973'426.0 2.32x 1.44x 1'722'031.7 4'979'793.0 10.13x 3.47x (347'785.3) 2'785'945.0 5.08x Profitability

LTM-4Q 31.12.2011 10'188'162.0 1.69x 2'347'248.0 7.35x 129'142.0 100.69x

LTM

FY+1

.0 M j-13

1.11 456.83 19.62% 10.10% 1.110 46 4.652 11'266'090 5'966'531 5'091'972 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 10'001'783.0 ######### ######### ######### ######### ######### ######### 2.22x 7.65x 8.31x 1.55x 1.26x 1'630'975.0 ######### ######### ######### ######### 13.61x 13.00x 10.99x 3.48x 2.98x (489'990.0) (469'080.0) (107'486.0) ######### ######### 0.00x 0.00x 7.32x 6.32x S&P Issuer Ratings 1'630'975.00 Long-Term Rating Date 22.02.2013 -616'285.00 Long-Term Rating BB -6.16% Long-Term Outlook STABLE -5.77% Short-Term Rating Date -0.59% Short-Term Rating -1.06% Credit Ratios - EBITDA/Interest Exp. 5.54 0.57% (EBITDA-Capex)/Interest Exp. -4.66 Net Debt/EBITDA 1.83 10.5% Total Debt/EBITDA 2.57 21.1% Reference -0.9% Total Debt/Equity 57.7% -4.9% Total Debt/Capital 36.6% Asset Turnover 0.57 1.11 Net Fixed Asset Turnover 1.22 0.74 Accounts receivable turnover-days 54.94 31.56% Inventory Days 45.08 57.68% Accounts Payable Turnover Day 34.09 6.64 Cash Conversion Cycle 67.85 8.10

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

14'000'000.0

35.00

12'000'000.0

30.00

10'000'000.0

25.00

8'000'000.0

20.00

6'000'000.0

15.00

4'000'000.0

10.00

2'000'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

SK Hynix Inc Holdings By:

All

Holder Name SK TELECOM CO LTD NATIONAL PENSION SER KOREA FINANCE CORPOR BLACKROCK VANGUARD GROUP INC FIL LIMITED SAMSUNG INVESTMENT T NORGES BANK MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU CAPITAL GROUP COMPAN MAPS INVESTMENT MANA UBS HANA ASSET MANAG KB ASSET MANAGEMENT PUTNAM INVESTMENT MA KYOBO AXA INVESTMENT CAISSE DE DEPOT ET P ALLIANCE BERNSTEIN SHINHAN BNP PARIBAS CAPITAL INTERNATIONA

Firm Name

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

Analyst

Tong Yang Investment Bank HYUN PARK NH Investment & Securities LEE SUN-TAE Hyundai Securities CLAIRE KIM Samsung Securities MINSEONG HWANG KB Investment & Securities Co., Ltd BYUN HAN-JOON Korea Investment & Securities SEO WON-SEOK Eugene Investment & Securities Co., LtdLEE JEONG Daiwa Securities Co. Ltd. JAE H LEE Hanwha Securities Co., Ltd AHN SEONG-HO KIWOOM Securities Co Ltd KIM SUNG-IN Morgan Stanley LEE KA KEUN Sanford C. Bernstein & Co MARK C NEWMAN KTB Securities JIN SUNG-HAE BNP Paribas Equity Research PETER YU Shinyoung Securities Co., Ltd. LIM DORI Macquarie DANIEL KIM Deutsche Bank SEUNGHOON HAN JPMorgan JJ Park Nomura CHANG-WON CHUNG Daewoo Securities JAMES SONG HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH IBK Securities Co Ltd SEUNG-WOO LEE HSBC RICKY JUIL SEO Barclays BAE SEUNG-CHUL Woori Investment & Securities YOUNG PARK Credit Suisse KEON HAN CIMB DO-HOON LEE Taurus Investment Securities Co Ltd YOUNG DAE KIM E*Trade Securities Korea JI-WOONG KIM Mizuho Securities CHARLES PARK Standard Chartered SUN CHUNG Daishin Securities Co., Ltd. KANG JEONG-WON JEFF Mirae Asset Securities DOH HYUN-WOO HI Investment Securities SONG MYUNG-SUP Goldman Sachs MARCUS SHIN Hana Daetoo Securities DAE-JONG NAM Shinhan Investment Corp KIM YOUNG-CHAN Capital Securities Corp LIYAN CHEN Leading Investment & Securities SANG-WOO OH LIG Investment Securities CHOI DO-YEON SK Securities Co Ltd SUNG-JAE DAVID CHOI Meritz Securities Co., Ltd SEI CHEOL LEE EVA Dimensions ANDREW S ZAMFOTIS

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

Recommendation buy buy buy buy buy buy buy buy buy buy Overwt/Attractive outperform buy buy buy outperform buy neutral buy buy buy buy overweight overweight buy outperform neutral buy buy buy outperform buy buy buy neutral/attractive buy buy neutral buy buy dropped coverage buy sell

Amt Held 146'100'000 66'862'226 24'772'435 11'241'620 9'952'895 7'026'152 5'266'578 4'831'677 4'792'207 3'674'012 3'550'370 3'254'662 2'800'342 2'339'294 2'176'770 1'903'350 1'397'128 1'341'150 1'324'602 1'257'350

% Out 21.03 9.62 3.57 1.62 1.43 1.01 0.76 0.7 0.69 0.53 0.51 0.47 0.4 0.34 0.31 0.27 0.2 0.19 0.19 0.18

Weighting

Change

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

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

Latest Chg (7'640'500) 51'230 (3'711'070) 1'813'761 (405'024) 1'029'797 1'930'620 (236'830) 400'320 (1'530'398) 918'352 810'590 122'900 (17'670) 181'885 7'700

Target Price 34'000 37'000 40'000 44'000 39'000 39'000 38'000 40'000 42'000 42'000 39'000 40'000 41'000 44'000 35'000 43'000 41'000 31'000 40'000 37'000 40'000 40'000 44'000 36'000 39'000 47'000 30'000 42'000 38'000 38'000 34'000 35'000 39'000 38'000 30'000 40'000 40'000 #N/A N/A 33'000 38'000 #N/A N/A 36'000 #N/A N/A

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

File Dt 03.05.2013 31.12.2012 14.02.2012 05.07.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.05.2013 31.12.2012 31.03.2013

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

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

Date 09.07.2013 08.07.2013 05.07.2013 04.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 27.06.2013 24.06.2013 24.06.2013 24.06.2013 23.06.2013 20.06.2013 19.06.2013 17.06.2013 17.06.2013 17.06.2013 11.06.2013 10.06.2013 05.06.2013 03.06.2013 03.06.2013 31.05.2013 30.05.2013 27.05.2013 20.05.2013 24.04.2013 15.04.2013 19.03.2013 17.03.2013 13.03.2013 17.01.2013

09.07.2013

KB Financial Group Inc KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

Price/Volume 45000

25.0 M

40000 20.0 M

35000 30000

15.0 M

25000 20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2012) 52-Week Low (04.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 105560 KS EQUITY YTD Change 105560 KS EQUITY YTD % CHANGE

12/2012 03/yy 41'850.00 32'450.00 889'007.00 34050 -18.64% 4.93% 17.55% 386.4 13'155'275.00 0.00 0.0 0.0 13'155'275.15

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

10000

31.12.2009 31.12.2010 696'562.0 131'459.0 34.26x 599'907.0 95'109.0 39.78x 539'818.0 41'575.0 35.99x 495.87x Profitability

0 j-12

LTM-4Q 31.12.2011 26'999.0 (19'210.0) (63'678.0) -

31.12.2012 693'943.0 21.10x 649'703.0 22.54x 646'235.0 22.65x

649'703.00 93.38% 92.93% 3.50% 3.61% 3.59% 0.04% 93.6% 93.1% 0.00% 0.00% -

Price/ Cash Flow

a-12

s-12

o-12

LTM

03/yy 03/yy 708'254.0 287'947.0 51.11x 154.43x 663'507.0 243'188.0 0.00x 59.58x 629'185.0 242'408.0 25.49x 59.71x

n-12 d-12

j-13

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

.0 M j-13

j-13

1.76 1.20 349.96 -6.25% -10.16% 1.200 39 4.538 1'468'509 1'169'406 1'120'052

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

S&P Issuer Ratings

0.00 0.00 0.0% 0.0% 0.04 1250.35 -

Sales/Revenue/Turnover

800.00

800'000.0

700.00

700'000.0

600.00

600'000.0

500.00

500'000.0

400.00

400'000.0

300.00

300'000.0

200.00

200'000.0

100.00

100'000.0

0.00 02.01.2010

5.0 M

5000

Fiscal Year Ended 31.12.2008 635'268.0 20.05x 616'576.0 20.66x 611'927.0 15.79x

10.0 M

15000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

KB Financial Group Inc Holdings By:

All

Holder Name THE BANK OF NEW YORK NATIONAL PENSION SER FRANKLIN RESOURCES BLACKROCK LAZARD ASSET MANAGEM VANGUARD GROUP INC NORGES BANK SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV EMPLOYEE STOCK OWNER JP MORGAN KOREA INVESTMENT TRU KB ASSET MANAGEMENT FMR LLC ING GROEP NV KYOBO AXA INVESTMENT ALLIANCE BERNSTEIN MIRAE ASSET GLOBAL I BANK OF NEW YORK MEL PRINCIPAL FINANCIAL

Firm Name

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

Analyst

NH Investment & Securities KIM EUN-GAB Credit Suisse GIL HYUNG KIM Daishin Securities Co., Ltd. CHOI JUNG-WOOK Korea Investment & Securities LEE JOANNE Eugene Investment & Securities Co., LtdKIM IN Tong Yang Investment Bank SUNG BYUNG-SOO Nomura MICHAEL NA Daewoo Securities TAYE SHIM Hyundai Securities KOO KYUNG-HWE Dongbu Securities Co Ltd LEE BYUNG-GUN KTB Securities OH JIN-WON Standard Chartered JINSANG KIM Deutsche Bank JEE HOON PARK Shinhan Investment Corp KIM SOO-HYUN SEAN BNP Paribas Equity Research MICHELLE CHO Mirae Asset Securities HEATHER KANG EVA Dimensions DOUG WALTERS Hanwha Securities Co., Ltd KYU-SUN SHIM Shinyoung Securities Co., Ltd. IM IL-SUNG Woori Investment & Securities JASON CHOI Samsung Securities JAEWOO KIM E*Trade Securities Korea HA HAKSOO HMC Investment Securities Co Ltd LEE CHANG-WOOK HI Investment Securities YOO SANG-HO KIWOOM Securities Co Ltd SEO YOUNG-SOO IBK Securities Co Ltd PARK JIN-HYOENG Morgan Stanley JOON SEOK JPMorgan SCOTT YH SEO HSBC SINYOUNG PARK CIMB DAEHYUN KIM Hana Daetoo Securities HAN JEONG-TAE Daiwa Securities Co. Ltd. ANDERSON CHA LIG Investment Securities SOHN JOON-BEOM Macquarie CHAN HWANG Meritz Securities Co., Ltd JUN JAE-GON Kyobo Securities HWANG SEOK-KYU

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

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

Amt Held 35'026'464 33'158'257 22'324'846 8'648'106 8'317'360 5'931'481 4'483'846 3'954'783 3'850'366 3'179'794 2'780'975 2'456'225 2'142'232 2'127'143 2'002'062 1'271'824 1'092'061 1'088'637 1'077'450 1'071'143

% Out 9.07 8.58 5.78 2.24 2.15 1.54 1.16 1.02 1 0.82 0.72 0.64 0.55 0.55 0.52 0.33 0.28 0.28 0.28 0.28

Weighting

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

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

Latest Chg (23'388) (5'500) (17'780) 1'234'942 24'875 21'606 (98'830) (280'800) (87'128) (25'052) 63'340 (26'611) (49'860) 407'201

Target Price #N/A N/A 42'000 49'000 48'000 40'000 43'000 40'000 51'400 45'000 39'300 44'000 44'600 39'000 47'000 38'500 43'000 #N/A N/A 47'800 49'000 48'000 44'000 36'900 43'000 49'000 40'000 48'000 39'000 44'000 40'000 46'000 50'000 48'000 51'000 48'000 52'000 57'500

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 05.07.2013 31.05.2013 31.03.2013 31.12.2012 31.03.2013 29.03.2013 31.12.2012 31.05.2013 31.12.2012 31.03.2013 31.05.2013 31.12.2012 31.12.2012 31.05.2013 31.12.2012 08.07.2013 31.05.2013

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

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

Date 09.07.2013 08.07.2013 05.07.2013 05.07.2013 01.07.2013 01.07.2013 30.06.2013 27.06.2013 27.06.2013 25.06.2013 25.06.2013 24.06.2013 21.06.2013 14.06.2013 07.06.2013 07.06.2013 06.06.2013 04.06.2013 03.06.2013 03.06.2013 29.05.2013 20.05.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 28.04.2013 28.04.2013 28.04.2013 28.04.2013 28.04.2013 19.04.2013 18.04.2013 04.04.2013 29.10.2012 02.04.2012

09.07.2013

ITC Ltd ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITC IN EQUITY YTD Change ITC IN EQUITY YTD % CHANGE

03/2013 01/yy 355.90 220.25 4'887'637.00 347.45 -2.37% 57.75% 93.22% 7'901.8 2'745'492.00 1'023.80 0.0 1'798.9 88'084.70 2'660'229.91

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

40.0 M

350

35.0 M

300

30.0 M

250

25.0 M

200

20.0 M

150

15.0 M

100

10.0 M

5.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.03.2009 165'561.4 4.03x 51'170.1 13.05x 33'245.9 20.96x

400

31.03.2010 31.03.2011 191'358.7 222'791.1 4.97x 6.05x 63'787.9 77'161.0 14.91x 17.46x 41'681.8 50'179.3 23.89x 27.87x Profitability

31.03.2012 261'795.2 6.51x 92'983.7 18.33x 62'581.4 28.18x

31.03.2013 313'234.5 7.53x 111'661.9 21.13x 76'080.7 31.94x 111'661.90 103'070.80 32.91% 35.49% 23.25% 35.70% 35.90% 0.96% 35.6% 32.9% 24.3% 1.80 0.97 0.29% 0.44% 24.13 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M j-13

1.51 0.76 4'844.29 40.20% 23.02% 0.760 50 4.280 6'283'159 7'250'277 7'143'911 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 363'503.0 425'518.9 7.37x 6.25x 132'523.3 156'960.4 20.07x 16.95x 89'902.0 106'623.3 30.55x 25.80x S&P Issuer Ratings

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

Sales/Revenue/Turnover

40.00

350'000.0

35.00

300'000.0

30.00

250'000.0

25.00

200'000.0

20.00

150'000.0

15.00

100'000.0

10.00

50'000.0

5.00 0.00 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

09.07.2013

ITC Ltd Holdings By:

All

Holder Name TOBACCO MANUFACTURER LIFE INSURANCE CORP UNIT TRUST OF INDIA MYDDLETON INVEST COY NEW INDIA ASSURANCE GENERAL INSURANCE CO ORIENTAL INSURANCE C ABERDEEN NATIONAL INSURANCE C ROTHMANS INTL ENTERP ICICI PRUDENTIAL LIF CAPITAL GROUP COMPAN HARRIS TRUST & SAVIN JP MORGAN VANGUARD GROUP INC VONTOBEL ASSET MANAG BLACKROCK HDFC ASSET MANAGEMEN FMR LLC UTI ASSET MANAGEMENT

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

Analyst

Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI Sharekhan Ltd TEAM COVERAGE ICICI Securities ANAND MOUR Motilal Oswal Securities Ltd GAUTAM DUGGAD HDFC Securities HARSH MEHTA Deutsche Bank MANOJ MENON JPMorgan LATIKA CHOPRA Kotak Securities ROHIT CHORDIA Nomura MANISH JAIN IIFL PERCY PANTHAKI Credit Suisse ARNAB MITRA BNP Paribas Equity Research VIJAY CHUGH EVA Dimensions CRAIG STERLING Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY Religare Capital Markets GAURANG KAKKAD Shah Investor's Home Limited AMEYA HARDAS Ventura Securities Ltd TEAM COVERAGE SBI Capital Markets SAGARIKA MUKHERJEE Angel Broking Limited SRINIVASAN VISWANATHAN Nirmal Bang Securities Private Ltd RUCHITA MAHESHWARI Jefferies RAJASA KAKULAVARAPU HSBC AMIT SACHDEVA Phillip Securities NAVEEN KULKARNI India Infoline VANMALA NAGWEKAR Antique Stock Broking Limited ABHIJEET KUNDU Spark Capital Advisors AASHISH UPGANLAWAR ICICIdirect.com SANJAY MANYAL Goldman Sachs PUNEET JAIN Macquarie AMIT MISHRA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Morgan Stanley NILLAI SHAH Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL Batlivala & Karani Securities ASHIT DESAI IDFC Securities Ltd NIKHIL K VORA Tata Securities Limited SAMEER DESHMUKH Edelweiss Capital ABNEESH ROY VCK Share & Stock Broking Services TEAM COVERAGE Standard Chartered SANJAY SINGH Karvy Stock Broking Ltd NAVEEN TRIVEDI KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL Espirito Santo Investment Bank Research NITIN MATHUR Riedel Research Group Inc DAVID R RIEDEL Ashika Stock Broking Limited PARAS BOTHRA

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

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

Amt Held 1'985'564'880 961'842'593 896'724'540 324'207'960 160'277'033 144'000'540 128'467'513 122'973'768 119'562'220 103'303'260 83'878'495 74'027'310 73'035'653 59'715'162 56'118'376 53'168'303 42'815'029 38'908'284 37'184'938 36'869'726

% Out 25.13 12.17 11.35 4.1 2.03 1.82 1.63 1.56 1.51 1.31 1.06 0.94 0.92 0.76 0.71 0.67 0.54 0.49 0.47 0.47

Weighting

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

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

Latest Chg (1'744'971) 8'455'000 14'584'764 (5'492'507) (2'895'454) 3'415'300 1'004'813 (5'826'410) (1'183'671) (145'293)

Target Price 380 342 372 360 350 365 360 350 392 375 360 380 #N/A N/A 371 325 382 #N/A N/A 384 #N/A N/A 370 381 365 290 372 356 353 328 361 370 368 352 344 355 317 376 386 307 308 325 340 292 340 352

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 28.03.2013 31.05.2013 31.03.2013 31.01.2013 05.07.2013 31.05.2013 31.05.2013 31.05.2013

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

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

Date 08.07.2013 08.07.2013 07.07.2013 05.07.2013 05.07.2013 28.06.2013 24.06.2013 20.06.2013 20.06.2013 20.06.2013 17.06.2013 14.06.2013 06.06.2013 06.06.2013 31.05.2013 22.05.2013 22.05.2013 21.05.2013 21.05.2013 21.05.2013 20.05.2013 20.05.2013 20.05.2013 20.05.2013 20.05.2013 20.05.2013 20.05.2013 19.05.2013 18.05.2013 18.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 17.05.2013 16.04.2013 10.04.2013 09.04.2013 20.03.2013 12.03.2013 05.03.2013

09.07.2013

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

Price/Volume 80

1200.0 M

1000.0 M

60 800.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (08.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 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 47.85 9'273'095.00 48.85 -32.81% 2.09% 4.83% 3'129.7 357'253.94 614'085.00 0.0 50'032.0 169'047.00 775'125.40

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

400.0 M

20 200.0 M

10 0 j-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 5.13x 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

s-12

o-12

n-12

d-12

j-13

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

j-13

.0 M j-13

LTM

FY+1

1.17 1.43 1'564.20 -20.14% -24.26% 1.433 32 4.344 19'524'160 15'226'640 13'429'280 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 281'854.0 346'766.0 378'520.4 433'765.1 7.11x 9.16x 1.28x 1.10x 0.0 0.0 0.00x 0.00x 19'725.0 21'379.0 27'951.2 32'605.2 18.85x 17.85x 10.83x 9.27x 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

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

a-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 |

09.07.2013

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 UBS WADDELL & REED FINAN CITIGROUP INCORPORAT FIL LIMITED MATTHEWS INTERNATION HANG SENG INVESTMENT T ROWE PRICE ASSOCIA STATE STREET MAPS INVESTMENT MANA COMGEST S A DEUTSCHE BANK AG BARING INTERNATIONAL GAM INTERNATIONAL MA UNIVERSAL INVEST CON

Firm Name BNP Paribas Equity Research HSBC Nomura JPMorgan Credit Suisse Standard Chartered Religare Capital Markets Sanford C. Bernstein & Co EVA Dimensions Jefferies Daiwa Securities Co. Ltd. Deutsche Bank Goldman Sachs DBS Vickers Capital Securities Corp Haitong International Securities BOCOM International Holdings Morgan Stanley Macquarie Core Pacific Bank of China International UOB Kay Hian CCB International Securities Ltd ICBC International Securities JF Apex Securities Bhd 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 Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios MAGELLAN n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LING TANG JAMES GARNER JESSE WANG MW KIM ARJAN VAN VEEN JENNIFER LAW STEVEN LAM LINDA SUN-MATTISON DOUG WALTERS BARON NIE JERRY YANG ESTHER CHWEI MANCY SUN PING CHENG XIE JIYONG CHEN FANNY LI WENBING BEN LIN SCOTT G RUSSELL OLIVE XIA SUN PENG EDMOND LAW KENNETH YUE PIUS CHENG TEAM COVERAGE 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 MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-PART ULT-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held % Out 1'232'815'614 39.39 273'865'437 8.75 256'694'218 8.2 155'511'321 4.97 76'000'000 2.43 54'153'326 1.73 (49'523'921) -1.58 47'256'000 1.51 36'354'483 1.16 35'231'313 1.13 31'319'000 1 27'236'813 0.87 25'206'800 0.81 20'367'131 0.65 18'079'308 0.58 16'237'017 0.52 13'366'155 0.43 11'192'500 0.36 10'266'000 0.33 9'630'000 0.31

Weighting

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

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

Latest Chg 1 (120'000'000) 4'052'390 47'256'000 (907'105) 5'839'000 4'316'500 (891'024) 186'619 16'237'017 (83'000) 4'305'000

Target Price 80 61 67 77 83 82 74 51 #N/A N/A 83 72 84 81 79 70 #N/A N/A 77 80 67 78 65 84 76 75 74 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 31.05.2013 01.02.2013 05.07.2013 24.08.2011 31.03.2013 21.06.2013 31.03.2013 21.05.2013 31.12.2012 28.03.2013 30.06.2012 31.03.2013 08.07.2013 31.12.2012 31.05.2013 06.06.2013 31.03.2013 28.03.2013 28.03.2013

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

Inst Type Holding Company Investment Advisor Other Investment Advisor Corporation Investment Advisor Unclassified 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 08.07.2013 07.07.2013 24.06.2013 22.06.2013 17.06.2013 14.06.2013 14.06.2013 13.06.2013 06.06.2013 05.06.2013 29.05.2013 21.05.2013 16.05.2013 09.05.2013 03.05.2013 03.05.2013 29.04.2013 28.04.2013 11.04.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 05.02.2013 11.01.2013 31.10.2012 16.10.2012 02.03.2012 27.10.2011 18.10.2011 12.02.2009

09.07.2013

Tata Consultancy Services Ltd Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

Price/Volume 1800

6.0 M

1600

5.0 M

1400 1200

4.0 M

1000

03/2013 03/yy 1'598.00 1'055.00 610'720.00 1504.9 -5.83% 42.64% 83.18% 1'957.2 2'945'421.75 2'322.70 1'000.0 6'953.1 76'806.60 2'878'890.98

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

600

2.0 M

400

1.0 M

200 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

3.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (7/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 TCS IN EQUITY YTD Change TCS IN EQUITY YTD % CHANGE

31.03.2010 31.03.2011 300'289.2 373'245.1 4.87x 6.08x 86'945.5 111'790.7 16.81x 20.31x 70'006.4 90'570.4 21.88x 25.58x Profitability

LTM-4Q 31.03.2012 488'938.3 4.56x 144'564.9 15.42x 104'134.9 22.01x

31.03.2013 629'894.8 4.79x 180'399.1 16.73x 139'173.1 22.19x 180'399.10 169'599.90 26.93% 28.72% 29.89% 37.95% 37.66% 1.35% 28.7% 27.0% 22.1% 2.67 1.84 0.44% 0.60% 4.93 -

Price/ Cash Flow

LTM

FY+1

.0 M j-13

0.83 460.47 21.40% 21.17% 0.835 73 3.658 884'585 1'327'878 1'523'537 FY+2

FQ+1

FQ+2

03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 488'938.3 629'894.8 729'553.3 827'328.2 176'505.3 184'905.2 17.62x 16.14x 3.86x 3.31x 16.72x 15.96x 0.0 180'871.7 209'781.3 235'107.7 49'162.9 52'678.5 0.00x 16.40x 13.72x 12.24x 13.77x 13.15x 106'382.3 139'413.9 157'734.7 177'516.1 37'586.3 40'099.3 21.50x 22.12x 18.60x 16.54x 18.46x 17.78x S&P Issuer Ratings Long-Term Rating Date 07.05.2010 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 372.03 (EBITDA-Capex)/Interest Exp. 317.63 Net Debt/EBITDA -0.68 Total Debt/EBITDA 0.02 Reference Total Debt/Equity 0.6% Total Debt/Capital 0.6% Asset Turnover 1.35 Net Fixed Asset Turnover 8.60 Accounts receivable turnover-days 74.10 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

40.00

700'000.0

35.00

600'000.0

30.00

500'000.0

25.00

400'000.0

20.00

300'000.0

15.00

200'000.0

10.00

100'000.0

5.00 0.00 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

09.07.2013

Tata Consultancy Services Ltd Holdings By:

All

Holder Name TATA SONS LTD LIFE INSURANCE CORP FRANKLIN RESOURCES ABERDEEN VANGUARD GROUP INC OPPENHEIMERFUNDS INC JP MORGAN LAZARD ASSET MANAGEM BLACKROCK WILLIAM BLAIR & COMP COMMONWEALTH BANK OF HDFC ASSET MANAGEMEN UTI ASSET MANAGEMENT NORGES BANK HARRIS TRUST & SAVIN SCHRODER INVESTMENT BLACKSTONE ASIA ADVI VONTOBEL ASSET MANAG MORGAN STANLEY SBI FUNDS MANAGEMENT

Firm Name Societe Generale Microsec Capital Deutsche Bank Credit Suisse India Nivesh Ltd Maybank Kim Eng JM Financial Institutional Securities P Motilal Oswal Securities Ltd Axis Capital Limited Ambit Capital Pvt Ltd Standard Chartered Nomura Ashika Stock Broking Limited IIFL BNP Paribas Equity Research Edelweiss Capital Sharekhan Ltd Jefferies IDFC Securities Ltd Emkay Share & Stock Brokers Equirus Securities Pvt Ltd SBI Capital Markets ICICIdirect.com Barclays Prabhudas Lilladher Pvt Ltd IDBI Capital Market Services Ltd Morgan Stanley CIMB Kotak Securities Religare Capital Markets Nirmal Bang Institutional Equities JPMorgan EVA Dimensions ITI Securities Ltd MSFL - Institutional Business Group Macquarie Anand Rathi Securities Pvt. Ltd. Phillip Securities Sunidhi Consultancy Services HDFC Securities Dalal & Broacha Brics Securities India Infoline

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

Analyst MUKUL GARG NITIN PRAKASH DAGA ANIRUDDHA BHOSALE ANANTHA NARAYAN AMAR MOURYA URMIL SHAH GOVIND AGARWAL ASHISH CHOPRA PRIYA ROHIRA ANKUR RUDRA PANKAJ KAPOOR ASHWIN MEHTA TEAM COVERAGE SANDEEP MUTHANGI ABHIRAM ELESWARAPU SANDIP KUMAR AGARWAL TEAM COVERAGE VISHAL AGARWAL HITESH SHAH MANIK TANEJA BHAVIN SHAH DIPESH N MEHTA ABHISHEK SHINDADKAR BHUVNESH SINGH SHASHI BHUSAN PRATIK GANDHI VIPIN KHARE SANDEEP R SHAH KAWALJEET SALUJA RUMIT DUGAR HARIT SHAH VIJU K GEORGE ANDREW S ZAMFOTIS APURVA PRASAD SHWETA MALIK NITIN MOHTA ATUL THAKKAR DEEPAK JAIN NAUSHIL SHAH MADHU BABU APURVA SHAH SUSHIL SHARMA ANIRUDDHA MEHTA

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

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

Amt Held 1'443'451'698 50'528'386 47'418'672 15'770'326 13'428'328 11'139'798 10'683'991 10'320'101 7'468'256 7'187'763 6'116'941 5'507'183 5'197'655 3'625'866 3'546'650 3'015'829 2'870'000 2'387'378 2'369'914 2'287'129

% Out 73.75 2.58 2.42 0.81 0.69 0.57 0.55 0.53 0.38 0.37 0.31 0.28 0.27 0.19 0.18 0.15 0.15 0.12 0.12 0.12

Weighting

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

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

Latest Chg 284'085 (199'928) 1'237'925 804'256 50'045 (97'470) 4'805'821 2'894'391 656'879 (42'093) 463'700 (563'357) (730'000) (37'918) 332'565 (428'662)

Target Price 1'325 1'582 1'750 1'760 1'566 1'810 1'710 1'660 1'748 1'619 1'730 1'360 1'640 1'371 1'600 1'588 1'650 1'780 1'580 1'450 1'510 1'490 1'560 1'475 1'550 1'500 1'670 1'525 1'410 1'550 1'512 1'575 #N/A N/A 1'543 1'519 1'200 1'450 1'500 1'500 1'452 1'573 1'600 1'450

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

File Dt 12.04.2013 31.03.2013 30.04.2013 31.05.2013 31.03.2013 30.04.2013 31.05.2013 31.05.2013 05.07.2013 31.03.2013 28.02.2013 31.05.2013 31.05.2013 31.12.2012 28.03.2013 31.03.2013 28.03.2013 31.01.2013 31.05.2013 30.06.2013

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

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

Date 09.07.2013 09.07.2013 08.07.2013 08.07.2013 08.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 04.07.2013 04.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 27.06.2013 24.06.2013 13.06.2013 13.06.2013 13.06.2013 12.06.2013 12.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 07.06.2013 30.05.2013 02.05.2013 23.04.2013 23.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013

09.07.2013

Cemex SAB de CV Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

Price/Volume 16

300.0 M

250.0 M

12 200.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CEMEXCPOMM EQUITY YTD Change CEMEXCPOMM EQUITY YTD % CHANGE

12/2012 03/yy 15.41 8.13 28'079'694.00 13.44 -12.78% 65.42% 72.96% 11'354.8 152'609.11 218'026.00 0.0 14'488.0 12'478.00 360'791.42

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

100.0 M

4 50.0 M

2 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 225'665.0 1.75x 45'787.0 8.63x 2'278.0 518.42x

150.0 M

31.12.2009 31.12.2010 197'801.0 177'641.0 1.98x 2.05x 36'153.0 29'844.0 10.85x 12.23x 1'409.0 (13'482.0) 22.87x Profitability

LTM-4Q 31.12.2011 189'887.0 1.74x 29'600.0 11.18x (24'788.0) -

31.12.2012 197'036.0 1.82x 34'384.0 10.44x (11'881.0) -

34'384.00 17'200.00 8.73% -2.60% -3.12% -10.59% 0.40% 29.6% 14.5% 6.0% -6.0% 1.18 0.67 45.54% 154.51% 7.69 8.23

Price/ Cash Flow

LTM

FY+1

1.83 64.25% 10.06% 1.834 11 4.182 30'363'620 41'648'000 40'013'040 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 194'331.4 193'666.2 196'372.3 209'056.6 49'821.4 51'226.2 6.55x 7.21x 1.83x 1.68x 7.37x 7.08x 29'551.8 28'176.6 36'436.1 41'245.4 9'667.8 10'301.5 11.18x 13.21x 9.90x 8.75x 9.63x 9.47x (14'029.6) (15'082.5) (3'443.9) 3'712.5 (187.8) 635.0 0.00x 0.00x 83.48x 672.00x S&P Issuer Ratings Long-Term Rating Date 25.01.2013 Long-Term Rating B Long-Term Outlook POS Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 1.88 (EBITDA-Capex)/Interest Exp. 1.57 Net Debt/EBITDA 6.88 Total Debt/EBITDA 7.24 Reference Total Debt/Equity 154.5% Total Debt/Capital 58.4% Asset Turnover 0.40 Net Fixed Asset Turnover 0.92 Accounts receivable turnover-days 47.47 Inventory Days 44.35 Accounts Payable Turnover Day 51.89 Cash Conversion Cycle 37.26 Sales/Revenue/Turnover

40.00

250'000.0

35.00

200'000.0

30.00 25.00

150'000.0

20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Cemex SAB de CV Holdings By:

All

Holder Name BLACKROCK SOUTHEASTERN ASSET M NACIONAL FINANCIERA VANGUARD GROUP INC CITIGROUP INCORPORAT GRUPO FIN BANAMEX SA GRUPO FINANCIERO BBV GRUPO FINANCIERO SCO CAISSE DE DEPOT ET P ACTINVER SA DE CV/ME IMPULSORA DEL FONDO ONTARIO TEACHERS PEN EATON VANCE MANAGEME SWEDBANK ROBUR FONDE OPERADORA GBM SA DE INTERACCIONES CASA D GESTION SANTANDER ME CREDIT SUISSE ASSET OPERADORA DE FONDOS PICTET FUNDS

Firm Name Banorte-IXE Actinver SA Invex Casa de Bolsa SA de CV Itau BBA Securities EVA Dimensions HSBC BBVA Vector Servicios Financieros Scotia Capital Grupo Santander

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

Analyst CARLOS HERMOSILLO RAMON ORTIZ MARTIN GONZALEZ BADILLO VIVIAN SALOMON TIMOTHY STANISH FRANCISCO SUAREZ SAVIN FRANCISCO CHAVEZ MARTINEZ JORGE PLACIDO MARCOS DURAN Y CASAHONDA PEDRO BALCAO-REIS

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

Recommendation buy buy buy outperform hold neutral market perform speculative buy sector outperform buy

Amt Held 854'549'827 495'104'075 381'487'612 312'856'116 133'166'657 124'841'516 67'441'419 35'265'806 29'580'277 29'036'090 24'980'800 22'880'000 21'473'047 20'982'013 20'927'692 20'812'412 19'791'454 13'872'768 12'163'341 11'998'007

% Out 7.53 4.36 3.36 2.76 1.17 1.1 0.59 0.31 0.26 0.26 0.22 0.2 0.19 0.18 0.18 0.18 0.17 0.12 0.11 0.11

Weighting

Change 5 5 5 5 3 3 3 4 5 5

M M M M M M M M M M

Latest Chg 4'658'458 22'696'211 (8'541'720) 10'024'971 2'763'100 (1'414'612) 2'100'800 1'354'201 (585'950) 2'975'465 2'010'159 278'304 (67'840) 2'288

Target Price 15 17 16 16 #N/A N/A 16 10 16 16 15

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

File Dt Inst Type 05.07.2013 Investment Advisor 30.04.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2013 Bank 08.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 29.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 27.06.2013 25.06.2013 20.06.2013 17.06.2013 06.06.2013 30.04.2013 29.04.2013 11.04.2013 24.01.2013 07.01.2013

09.07.2013

CIMB Group Holdings Bhd CIMB Group Holdings Berhad provides commercial banking and related financial services. The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.05.2013) 52-Week Low (20.02.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CIMB MK EQUITY YTD Change CIMB MK EQUITY YTD % CHANGE

12/2012 03/yy 8.70 6.90 9'823'200.00 8.24 -5.29% 19.42% 74.44% 7'615.8 62'754.58 51'717.46 200.0 774.8 42'522.14 -

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

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 12'932.1 1'952.0 10.12x

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

31.12.2009 31.12.2010 14'797.0 15'955.1 2'806.8 3'500.8 16.15x 17.45x Profitability

LTM-4Q 31.12.2011 17'421.8 4'030.8 13.73x

31.12.2012 19'031.8 4'344.8 13.07x

38.05% 44.06% 1.36% 15.96% 5.95% 0.06% 33.7% 15.34% 182.25% -

Price/ Cash Flow

LTM

03/yy 18'111.0 0.00x 0.0 0.00x 4'125.0 13.86x

03/yy 14'323.2 0.00x 0.0 0.00x 4'720.3 12.02x

FY+1

.0 M j-13

1.37 4'303.38 9.73% 10.60% 1.369 28 3.607 12'569'320 14'955'550 16'611'720 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 14'700.9 16'257.9 3'536.0 3'672.0 4'661.8 5'233.9 986.0 1'054.0 13.18x 11.89x S&P Issuer Ratings

10.09.2008 BBBSTABLE 17.11.2006 A-3 182.3% 63.8% 0.06 10.64 -

Sales/Revenue/Turnover

120.00

20'000.0 18'000.0

100.00

16'000.0 14'000.0

80.00

12'000.0

60.00

10'000.0 8'000.0

40.00

6'000.0 4'000.0

20.00 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 |

09.07.2013

CIMB Group Holdings Bhd Holdings By:

All

Holder Name KHAZANAH NASIONAL BH EMPLOYEES PROVIDENT MITSUBISHI UFJ FINAN ABERDEEN VANGUARD GROUP INC T ROWE PRICE ASSOCIA BLACKROCK FIL LIMITED ABDUL RAZAK MOHAMED NORGES BANK PRUDENTIAL UNIT TRUS JP MORGAN COMMONWEALTH BANK OF CAPITAL GROUP COMPAN WILLIAM BLAIR & COMP FMR LLC DANSKE INVEST A/S MORGAN STANLEY DIMENSIONAL FUND ADV SCHRODER INVESTMENT

Firm Name DBS Vickers RHB Research Institute Sdn Bhd AmResearch Sdn Bhd Affin Securities Sdn Bhd TA Securities Holdings Berhad Alliance Research Sdn Bhd Hong Leong Investment Bank Bhd Nomura Morgan Stanley Kenanga Investment Bank Bhd KAF Seagroatt & Campbell Goldman Sachs JPMorgan Sanford C. Bernstein & Co Standard Chartered HSBC Maybank Kim Eng Macquarie Public Investment Bank Berhad Deutsche Bank EVA Dimensions UOB Kay Hian Credit Suisse Daiwa Securities Co. Ltd. ECM Libra

Portfolio Name n/a #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a WILLIAM BLAIR & COMP n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst SUE LIN LIM DAVID CHONG RACHEL HUANG EILEEN TAN TEAM COVERAGE KING YOONG CHEAH LOW YEE HUAP JULIAN CHUA EDWARD GOH TEAM COVERAGE CHEHAN PERERA MELISSA KUANG HARSH WARDHAN MODI KEVIN KWEK DIKSHA GERA LOO KAR WENG DESMOND CHNG MATTHEW SMITH WENG JIN CHING TRACY YU DOUG WALTERS ONG BOON LEONG DANNY GOH SRIKANTH VADLAMANI LEONG HON SZE

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

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

Amt Held 2'287'306'267 972'265'332 769'608'770 267'531'455 136'954'290 105'872'756 99'519'297 66'688'602 52'165'481 51'383'990 46'988'204 38'490'200 27'411'900 25'976'540 23'479'587 18'365'865 17'162'500 14'662'892 14'507'590 13'507'500

% Out 30.03 12.77 10.11 3.51 1.8 1.39 1.31 0.88 0.68 0.67 0.62 0.51 0.36 0.34 0.31 0.24 0.23 0.19 0.19 0.18

Weighting

Change

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

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

Latest Chg 64'839'500 2'452'900 (3'259'600) 2'331'295 3'605'362 (5'215'000) 2'342'900 1'586'256 381'200 2'313'700 391'700 (8'735'000) (4'757'036) (84'300) 1'020'100 58'300 10'123'300

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

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

File Dt 09.05.2013 03.07.2013 02.07.2013 31.05.2013 31.03.2013 10.05.2013 05.07.2013 31.12.2012 08.05.2013 31.12.2012 30.06.2011 31.03.2013 28.02.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 29.03.2013 31.03.2013

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

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

Date 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 08.07.2013 07.07.2013 04.07.2013 03.07.2013 02.07.2013 02.07.2013 27.06.2013 27.06.2013 24.06.2013 13.06.2013 13.06.2013 12.06.2013 12.06.2013 10.06.2013 06.06.2013 22.05.2013 21.05.2013 25.04.2013 21.11.2012

09.07.2013

Grupo Mexico SAB de CV Grupo Mexico SAB de CV mines, processes, and markets copper, silver, gold, molybdenum, lead, and zinc. The Company holds concessions to operate the Pacifico-Norte and Chihuahua-Pacifico Railroad lines. Grupo Mexico, through subsidiaries, operates open-pit copper mines, underground mines, a coal mine, copper smelters, a rod mill facility, and a precious metals refinery.

Price/Volume

60.0 M 50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GMEXICOBMM EQUITY YTD Change GMEXICOBMM EQUITY YTD % CHANGE

12/2012 03/yy 51.99 34.60 10'471'805.00 37.71 -27.47% 8.99% 17.88% 7'785.0 293'572.34 5'552.65 0.0 1'833.3 3'700.19 26'704.48

30.0 M

20.0 M

10.0 M

0 j-12

31.12.2009 31.12.2010 4'868.9 8'139.5 4.26x 4.12x 2'133.8 4'008.9 9.73x 8.37x 867.9 1'659.4 19.75x 18.80x Profitability

31.12.2011 10'465.0 2.46x 5'204.9 4.94x 2'456.9 9.33x

31.12.2012 10'182.9 3.13x 4'708.6 6.76x 2'364.0 11.91x

4'708.65 4'082.16 40.09% 41.89% 12.65% 26.51% 19.73% 0.55% 45.8% 45.1% 38.9% 23.2% 4.39 3.00 29.56% 66.86% 9.48 5.06

Price/ Cash Flow

s-12

o-12

LTM-4Q

LTM

03/yy 10'760.3 9.22x 5'416.5 4.98x 2'645.6 9.28x

03/yy 9'894.1 12.29x 4'459.2 7.93x 2'255.0 13.96x

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

1.23 -1.20% -18.37% 1.227 19 3.684 8'897'183 13'436'830 12'427'560 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 10'170.9 11'163.7 2'463.8 2'465.0 2.67x 2.42x 10.55x 10.42x 4'804.5 5'355.2 1'071.0 1'123.0 5.56x 4.99x 5.86x 5.89x 2'252.0 2'469.4 417.0 491.5 11.23x 10.36x 11.68x 11.54x S&P Issuer Ratings

26.01.2012 STABLE 17.23 9.47 0.44 1.25 66.9% 35.4% 0.55 1.04 38.52 72.14 26.68 64.30

Sales/Revenue/Turnover

60.00

12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 01.01.2010

.0 M a-12

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

70.0 M

50 40

Valuation Analysis

31.12.2008 5'946.0 0.97x 2'860.1 2.02x 1'071.0 4.53x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Grupo Mexico SAB de CV Holdings By:

All

Holder Name EMPRESARIOS IND DE M MOTA-VELASCO GERMAN NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK WILLIAM BLAIR & COMP NORGES BANK GRUPO FIN BANAMEX SA LAZARD ASSET MANAGEM DIMENSIONAL FUND ADV FIL LIMITED SCHRODER INVESTMENT OPERADORA GBM SA DE GRUPO FINANCIERO BBV OPERADORA INBURSA SA SEB GRUPO FINANCIERO SCO CAISSE DE DEPOT ET P INVESTEC ASSET MANAG FMR LLC

Firm Name Banco BTG Pactual SA Goldman Sachs Morgan Stanley Credit Suisse HSBC BBVA Invex Casa de Bolsa SA de CV EVA Dimensions Banorte-IXE Punto Casa de Bolsa Grupo Santander Deutsche Bank GBM Itau BBA Securities JPMorgan Vector Servicios Financieros

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

Analyst EDMO CHAGAS MARCELO AGUIAR CARLOS DE ALBA SANTIAGO PEREZ TEUFFER LEONARDO ANDRADE CORREA JEAN-BAPTISTE BRUNY OCTAVIO DIAZ ESCAMILLA TIMOTHY STANISH MARISSA GARZA OSTOS JULIO CESAR MARTINEZ WALTER CHIARVESIO LEANDRO CAPPA RODRIGO C GARCILAZO MARCOS ASSUMPCAO RODOLFO R DE ANGELE JULIO ZETINA

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

Recommendation neutral neutral/attractive Overwt/No Rating outperform neutral underperform buy hold buy buy hold hold market outperform market perform neutral buy

Amt Held 2'811'209'084 1'213'830'907 164'449'978 110'335'755 100'255'995 68'646'466 62'932'377 57'618'808 45'464'357 39'911'696 33'949'150 22'004'563 17'639'432 16'532'277 13'458'631 11'806'646 11'637'065 10'263'783 9'608'100 9'164'664

% Out 36.11 15.59 2.11 1.42 1.29 0.88 0.81 0.74 0.58 0.51 0.44 0.28 0.23 0.21 0.17 0.15 0.15 0.13 0.12 0.12

Weighting

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

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

Latest Chg 2'008'142 8'826'905 916'400 7'452'800 4'405'426 (50'300) 82'188 16'876'306 9'574'713 1'703'498 334'667 (1'467'900) (974'500) 445'000 (210'687)

Target Price 50 43 44 55 42 45 47 #N/A N/A 52 53 51 58 50 52 59 53

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

File Dt 29.04.2011 29.04.2011 05.07.2013 31.03.2013 05.07.2013 31.03.2013 31.12.2012 31.05.2013 31.05.2013 29.03.2013 31.12.2012 31.03.2013 31.05.2013 04.07.2013 31.05.2013 31.03.2013 31.05.2013 31.12.2012 30.04.2013 31.05.2013

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

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

Date 08.07.2013 27.06.2013 25.06.2013 25.06.2013 20.06.2013 11.06.2013 11.06.2013 06.06.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 08.04.2013 11.12.2012

09.07.2013

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 (25.07.2012) Daily Volume Current Price (7/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 16.76 16'720'057.00 19.92 -22.19% 18.85% 36.42% 8'172.6 162'798.52 59'613.84 0.0 312.8 40'880.41 181'844.76

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 j-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

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

.0 M j-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

1.96 1.45 3'800.68 9.98% -12.86% 1.452 37 4.324 27'525'870 27'882'780 23'089'070 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 81'679.5 96'259.6 20'056.0 2.25x 1.82x 28'700.4 33'623.8 6.34x 5.41x 19'325.2 22'711.2 4'918.0 8.44x 7.21x 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

a-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 |

09.07.2013

China Overseas Land & Investment Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 3'837'380'380 509'136'928 509'006'808 172'300'320 148'531'969 146'164'628 140'422'052 115'688'816 68'908'356 61'748'000 55'715'230 41'684'082 29'685'012 26'955'652 25'464'080 24'086'000 21'020'954 19'638'000 19'543'939 18'084'260

% Out 46.95 6.23 6.23 2.11 1.82 1.79 1.72 1.42 0.84 0.76 0.68 0.51 0.36 0.33 0.31 0.29 0.26 0.24 0.24 0.22

Weighting

Change

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

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

Latest Chg (664'000) 27'355'000 (51'314'237) (9'091'000) 1'316'000 1'999'000 (1'887'426) (919'820) (6'276'000) (2'002'000) (134'000) (12'847'086) (248'000)

Target Price 23 31 23 28 24 21 24 31 24 25 25 25 21 29 21 #N/A N/A 26 29 22 28 26 23 25 27 24 24 28 24 23 23 20 26 20 25 #N/A N/A 18 18

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

File Dt 31.12.2012 31.12.2012 03.06.2013 05.07.2013 29.03.2013 17.05.2012 31.03.2013 31.12.2012 31.03.2013 31.03.2013 30.06.2013 08.07.2013 30.04.2013 31.12.2012 31.03.2013 31.05.2013 31.12.2012 31.12.2012 30.06.2012 31.05.2013

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided 12 month 12 month 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 08.07.2013 03.07.2013 02.07.2013 02.07.2013 26.06.2013 24.06.2013 24.06.2013 20.06.2013 20.06.2013 20.06.2013 19.06.2013 18.06.2013 14.06.2013 11.06.2013 10.06.2013 06.06.2013 06.06.2013 30.05.2013 29.05.2013 03.05.2013 19.04.2013 18.04.2013 11.04.2013 25.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 27.09.2012 27.06.2012 31.05.2012 26.04.2012 23.05.2011

09.07.2013

NovaTek OAO NovaTek OAO is a Russian independent producer of natural gas. The Company explores for,produces, processes, transports and markets natural gas and liquid hydrocarbons. The Company's primary production and processing assets are located in the Yamal-Nenets Autonomous Region in Western Siberia.

Price/Volume 140

6.0 M

120

5.0 M

100

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (01.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NVTK LI EQUITY YTD Change NVTK LI EQUITY YTD % CHANGE

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

2.0 M

1.0 M

20 0 j-12

31.12.2009 31.12.2010 89'954.0 117'024.0 6.26x 9.42x 39'344.0 56'200.0 14.30x 19.61x 26'043.0 40'533.0 Profitability

LTM-4Q 31.12.2011 176'064.0 7.20x 88'917.0 14.27x 119'655.0 -

31.12.2012 210'973.0 5.53x 97'218.0 11.99x 69'458.0 97'218.00 85'719.00 40.63% 40.87% 16.32% 24.71% 19.62% 0.55% 44.4% 39.4% 32.9% 1.06 0.59 28.61% 45.68% -

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M j-13

1.17 17.15% 1.78% 1.169 20 4.600 323'889 476'875 492'937 FY+2

FQ+1

FQ+2

Sales/Revenue/Turnover

250'000.0

1.00

200'000.0

0.60

s-12

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 185'576.0 237'165.0 291'790.9 353'740.4 70'928.0 78'917.0 26.02x 18.66x 4.46x 3.62x 18.40x 16.35x 90'542.0 105'373.0 124'077.0 139'504.2 27'916.0 34'122.0 13.55x 10.11x 122'047.0 70'924.0 87'849.1 101'742.2 18'535.0 23'602.0 0.00x 0.00x 13.49x 11.49x S&P Issuer Ratings Long-Term Rating Date 19.11.2010 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 11.57 (EBITDA-Capex)/Interest Exp. 7.12 Net Debt/EBITDA 1.04 Total Debt/EBITDA 1.20 Reference Total Debt/Equity 45.7% Total Debt/Capital 31.3% Asset Turnover 0.55 Net Fixed Asset Turnover 1.26 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle -

1.20

0.80

a-12

Fiscal Year Ended 31.12.2008 79'272.0 2.06x 36'798.0 4.43x 22'899.0 -

3.0 M

12/2012 03/yy 130.40 98.00 45'429.00 120.6 -7.59% 23.06% 67.90% 303.6 36'617.85 132'487.00 0.0 1'251.0 18'420.00 -

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 |

09.07.2013

NovaTek OAO Holdings By:

All

Holder Name OPPENHEIMERFUNDS INC VANGUARD GROUP INC BLACKROCK T ROWE PRICE ASSOCIA JP MORGAN BNP PARIBAS INV PART BARING INTERNATIONAL ALLIANZ ASSET MANAGE VAN ECK ASSOCIATES C SWEDBANK ROBUR FONDE EAST CAPITAL ASSET M PICTET FUNDS CARNEGIE FONDER AB/S DWS INVESTMENT SA NORDEA INVESTMENT FU SCHRODER INVESTMENT LAZARD ASSET MANAGEM FMR LLC CAISSE DE DEPOT ET P NEPTUNE INVESTMENT M

Firm Name Deutsche Bank Renaissance Capital VTB Capital Uralsib Societe Generale Morgan Stanley Sanford C. Bernstein & Co JPMorgan HSBC Goldman Sachs Alfa-Bank Aton LLC Barclays Credit Suisse Raiffeisenbank AG Sberbank CIB Gazprombank RMG Securities Otkritie Capital

Portfolio Name Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios NEPTUNE INVESTMENT F

Analyst PAVEL KUSHNIR ARTEM KVAS DMITRY LOUKASHOV ALEXEI KOKIN EVGENY SOLOVYOV PAVEL SOROKIN OSWALD CLINT ARTEM KONCHIN ILDAR KHAZIEV GEYDAR MAMEDOV ALEXANDER KORNILOV ELENA SAVCHIK MATTHEW THOMAS ANDREY OVCHINNIKOV ANDREY POLISCHUK OLEG MAXIMOV ALEXANDER NAZAROV MIKHAIL LOSHININ ALEXANDER BURGANSKY

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

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

Amt Held 6'482'178 2'071'102 2'061'334 1'305'835 1'277'434 1'113'097 1'078'710 743'510 656'329 514'390 440'361 428'608 410'000 355'600 351'747 273'178 258'233 254'786 244'459 235'487

% Out 2.13 0.68 0.68 0.43 0.42 0.37 0.36 0.24 0.22 0.17 0.15 0.14 0.14 0.12 0.12 0.09 0.09 0.08 0.08 0.08

Weighting

Change

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

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

Latest Chg 629'862 (277'211) (33'276) 47'706 (18'900) (5'672) (58'711) (23'834) (174'199) (209'642) (47'727) (21'200) (1'906) (77'310) 30'184 (77'224) -

Target Price 123 130 142 125 109 153 137 153 140 158 #N/A N/A 163 140 133 140 175 185 135 147

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

File Dt 30.04.2013 31.03.2013 05.07.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 08.07.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 30.04.2013 28.03.2013 31.03.2013 31.05.2013 31.05.2013 31.12.2012 31.12.2012

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

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

Date 05.07.2013 05.07.2013 04.07.2013 02.07.2013 21.06.2013 21.06.2013 19.06.2013 15.05.2013 15.05.2013 26.04.2013 06.12.2012 22.11.2012 12.11.2012 02.11.2012 18.10.2012 21.09.2012 12.07.2012 12.07.2012 13.03.2012

09.07.2013

Grupo Financiero Banorte SAB de CV Grupo Financiero Banorte S.A.B. de C.V. is a financial institution in Mexico. The Company offers banking services, premium banking, wholesale banking, leasing and factoring, warehousing, insurance, pensions and retirement savings.

Price/Volume 120

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

100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFNORTEOMM EQUITY YTD Change GFNORTEOMM EQUITY YTD % CHANGE

12/2012 03/yy 101.07 65.26 4'531'612.00 74.01 -26.77% 13.41% 24.43% 2'326.4 172'173.75 299'427.00 0.0 6'628.0 68'976.00 459'211.38

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

20 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 59'991.0 4.13x 44'075.0 5.62x 7'014.0 7.15x

31.12.2009 31.12.2010 55'966.0 54'141.0 4.74x 5.23x 38'740.0 36'083.0 6.85x 7.85x 5'854.0 6'705.0 16.48x 17.72x Profitability

LTM-4Q 31.12.2011 83'713.0 4.14x 37'875.0 9.14x 8'517.0 11.56x

31.12.2012 97'448.0 4.43x 46'107.0 9.35x 10'888.0 17.83x

46'107.00 21.49% 16.63% 1.29% 14.69% 3.21% 0.12% 46.7% 11.2% 32.67% 365.68% -

Price/ Cash Flow

LTM

03/yy 03/yy 89'538.1 103'927.0 15.52x 16.95x 40'595.1 48'521.7 8.91x 10.65x 9'165.6 11'564.8 14.46x 19.85x

FY+1

1.17 13.53% -10.96% 1.165 19 4.211 4'901'756 7'237'641 6'286'692 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 53'805.3 61'234.7 12'949.5 13'399.0 3.00x 13'742.9 16'784.0 3'071.5 3'588.0 12.60x 10.38x 12.34x 11.82x S&P Issuer Ratings

5.83 7.06 365.7% 77.2% 0.12 8.87 -

Sales/Revenue/Turnover

70.00

120'000.0

60.00

100'000.0

50.00

80'000.0

40.00

60'000.0 30.00

40'000.0 20.00

20'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Grupo Financiero Banorte SAB de CV Holdings By:

All

Holder Name ABERDEEN NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV AHORRO CORP GESTION GRUPO FIN BANAMEX SA JP MORGAN WILLIAM BLAIR & COMP T ROWE PRICE ASSOCIA FIL LIMITED GRUPO FINANCIERO BBV DANSKE INVEST A/S SCHRODER INVESTMENT UMB BANK N A CARMIGNAC GESTION GRUPO FINANCIERO SCO MORGAN STANLEY FRANKLIN RESOURCES AMUNDI LUXEMBOURG SA

Firm Name Grupo Santander Deutsche Bank Nau Securities Ltd GBM Actinver SA BBVA Vector Servicios Financieros Credit Suisse Nomura Morgan Stanley BX+ JPMorgan Itau BBA Securities Barclays EVA Dimensions Goldman Sachs Banco BTG Pactual SA HSBC Invex Casa de Bolsa SA de CV

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a n/a AHORRO CORPORACION I Multiple Portfolios n/a WILLIAM BLAIR & COMP Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst BORIS MOLINA MARIO PIERRY INIGO VEGA LILIAN OCHOA MARTIN LARA ERNESTO GABILONDO MARQUEZ RAFAEL ESCOBAR MARCELO TELLES DARAGH QUINN JORGE KURI ANDRES AUDIFFRED SAUL MARTINEZ REGINA SANCHEZ CRISTINA MARZEA DOUG WALTERS CARLOS G MACEDO MARCELO BARROZO HENRIQUES MARIEL SANTIAGO MARTIN GONZALEZ BADILLO

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

Recommendation buy hold Fairly Valued market outperform hold outperform buy outperform buy restricted strong buy neutral outperform suspended coverage hold neutral/neutral buy neutral buy

Amt Held 191'071'874 88'445'170 72'517'111 57'303'598 53'839'585 53'687'883 24'560'760 24'094'708 15'869'531 14'675'577 12'553'264 9'624'258 9'521'700 8'911'002 8'830'432 8'296'692 7'366'500 6'948'157 6'934'768 6'858'534

% Out 8.21 3.8 3.12 2.46 2.31 2.31 1.06 1.04 0.68 0.63 0.54 0.41 0.41 0.38 0.38 0.36 0.32 0.3 0.3 0.29

Weighting

Change

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

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

Latest Chg 33'622'180 1'079'993 7'486'662 (5'052'075) 278'924 53'614'012 144'868 931'615 (5'488'141) (2'117'100) 286'429 (3'127'371) (1'653'000) 2'536'000 332'747 (888'397) 1'457'600 1'972'343 168'300

Target Price 90 75 86 97 86 119 104 110 115 #N/A N/A 106 95 106 #N/A N/A #N/A N/A 87 120 83 81

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

File Dt 31.05.2013 05.07.2013 31.03.2013 05.07.2013 29.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.10.2012 04.07.2013 31.05.2013 31.03.2013 30.04.2013 29.03.2013 31.05.2013 31.03.2013 31.12.2012 28.02.2013

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

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

Date 08.07.2013 08.07.2013 03.07.2013 25.06.2013 25.06.2013 20.06.2013 17.06.2013 14.06.2013 14.06.2013 12.06.2013 12.06.2013 12.06.2013 11.06.2013 11.06.2013 06.06.2013 03.06.2013 01.04.2013 22.02.2013 18.01.2013

09.07.2013

Ecopetrol SA Ecopetrol SA is an integrated oil company. The Company owns interests in oil producing fields in the central area, south, west and north of Colombia as well as refineries, ports for fuel exports and imports on both coasts and the transportation network of pipelines and polyducts throughout the Colombian territory.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.10.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/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 ECOPETL CB EQUITY YTD Change ECOPETL CB EQUITY YTD % CHANGE

12/2012 03/yy 5'747.76 3'845.00 2'606'032.00 4010 -30.23% 4.29% 8.67% 41'116.7 164'877'968.00 15'977'669.00 0.0 2'602'167.0 9'312'249.00 173'770'366.82

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

30.0 M

5000

25.0 M

4000

20.0 M

3000

15.0 M

2000

10.0 M

1000

5.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

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

j-13

Fiscal Year Ended 31.12.2008 33'896'669.0 2.24x 14'155'420.0 5.36x 11'629'677.0 6.98x

6000

31.12.2009 31.12.2010 30'404'390.0 41'968'311.0 3.41x 4.08x 11'265'800.0 17'103'936.0 9.20x 10.01x 5'132'054.0 8'146'471.0 19.60x 20.37x Profitability

LTM-4Q 31.12.2011 65'967'514.0 2.71x 30'720'740.0 5.83x 15'452'334.0 11.08x

LTM

FY+1

0.91 4'731.91 -14.58% -21.93% 0.911 13 3.000 4'863'565 7'766'108 8'889'112 FY+2

FQ+1

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 68'852'002.0 ######### ######### ######### ######### ######### 3.40x 10.34x 13.01x 2.79x 2.82x 12.00x 29'521'039.0 ######### ######### ######### ######### ######### 7.92x 7.00x 7.68x 6.02x 5.84x 14'778'947.0 ######### ######### ######### ######### ######### 15.19x 13.48x 14.92x 12.04x 11.66x 11.68x S&P Issuer Ratings 29'521'039.00 Long-Term Rating Date 24'206'290.00 Long-Term Rating 35.16% Long-Term Outlook 32.43% Short-Term Rating Date 12.84% Short-Term Rating 27.04% Credit Ratios 22.25% EBITDA/Interest Exp. 0.62% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 41.1% Total Debt/EBITDA 41.7% Reference 33.7% Total Debt/Equity 21.5% Total Debt/Capital Asset Turnover 0.99 Net Fixed Asset Turnover 0.63 Accounts receivable turnover-days 14.03% Inventory Days 24.68% Accounts Payable Turnover Day 12.99 Cash Conversion Cycle 12.08

Price/ Cash Flow

FQ+2 09/13 Q3 ######### ######### ######### 11.63x 24.04.2013 BBB STABLE 175.84 117.15 0.22 0.51 24.7% 19.2% 0.62 1.96 28.10 30.21 185.06 -18.85

Sales/Revenue/Turnover

14.00

80'000'000.0

12.00

70'000'000.0 60'000'000.0

10.00

50'000'000.0 8.00

40'000'000.0 6.00

30'000'000.0

4.00

20'000'000.0

2.00

10'000'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

Ecopetrol SA Holdings By:

All

Holder Name REPUBLIC OF COLOMBIA BLACKROCK NORGES BANK VANGUARD GROUP INC HARRIS TRUST & SAVIN WILLIAM BLAIR & COMP PICTET FUNDS FMR LLC CAISSE DE DEPOT ET P SEB EATON VANCE MANAGEME NORTHERN TRUST CORPO EATON VANCE ADVISORS JOHN HANCOCK ADVISER TIAA CREF INVESTMENT WASATCH ADVISORS INC CHARLES SCHWAB INVES PRUDENTIAL FINANCIAL SEI INVESTMENT MANAG AVIVA PLC

Firm Name Larrain Vial Corredores de Bolsa JPMorgan EVA Dimensions Grupo Santander VTB Capital Asesores en Valores SA Correval SA Davivalores SA Goldman Sachs Acciones y Valores Corredores Asociados Alianza Valores Valores Bancolombia Ultrabursatiles Bolsa y Renta S.A.

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

Analyst JOHANNA CASTRO CASTRO CAIO M CARVALHAL DOUG WALTERS CHRISTIAN AUDI COLIN SMITH OMAR ESCORCIA MARTINEZ VALERIA MARCONI OVALLE EDGAR ROMERO GARCIA FELIPE MATTAR JORGE EDUARDO BELLO SEBASTIAN GALLEGO JUAN DAVID BALLEN RAMIREZ SAMUEL DAVID GARCIA DIEGO USME ROMERO MAURICIO RESTREPO DEL TORO

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

Recommendation hold neutral overweight hold sell buy Under Review no rating system neutral/neutral buy buy hold no rating system sell sell

Amt Held 36'384'788'817 185'444'594 46'706'218 44'025'812 31'334'292 21'437'498 15'559'630 13'635'210 13'241'550 5'906'541 5'603'390 3'113'808 1'769'717 1'746'168 1'664'456 1'152'490 1'060'522 976'126 969'310 819'230

% Out 88.49 0.45 0.11 0.11 0.08 0.05 0.04 0.03 0.03 0.01 0.01 0.01 0 0 0 0 0 0 0 0

Weighting

Change

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

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

Latest Chg 130'798 15'270'884 (44'461'696) (4'411'974) (75'749) 311'636 386'600 (983'016) 146'700 1'324'530 868'522 (52'807) 164'300

Target Price 4'308 4'470 #N/A N/A 4'500 3'700 4'990 #N/A N/A 4'715 5'200 5'460 4'800 4'900 5'140 5'060 5'000

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

File Dt 31.03.2013 05.07.2013 31.12.2012 31.03.2013 28.03.2013 31.03.2013 31.03.2013 31.05.2013 31.12.2012 31.03.2013 30.04.2013 31.03.2013 30.04.2013 31.05.2013 30.04.2013 31.03.2013 31.01.2013 31.05.2013 30.04.2013 28.03.2013

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

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

Date 19.06.2013 11.06.2013 06.06.2013 15.05.2013 15.05.2013 07.05.2013 07.05.2013 06.05.2013 05.05.2013 03.05.2013 23.04.2013 11.04.2013 01.02.2013 02.11.2012 24.07.2012

09.07.2013

Telekomunikasi Indonesia Persero Tbk PT PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services. The Company also offers electronic mail, mobile communication, and cellular phone services.

Price/Volume 14000

120.0 M

12000

100.0 M

10000

80.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/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 TLKM IJ EQUITY YTD Change TLKM IJ EQUITY YTD % CHANGE

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

40.0 M

4000

20.0 M

2000 0 j-12

31.12.2009 67'677'518.0 3.12x 36'762'440.0 5.75x 11'398'826.0 16.31x Profitability

31.12.2010 68'629'181.0 2.64x 37'102'578.0 4.88x 11'536'999.0 13.55x

LTM-4Q 31.12.2011 71'253'000.0 2.22x 36'558'000.0 4.32x 10'965'000.0 12.60x

s-12 o-12

n-12 d-12

j-13

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

j-13

LTM

FY+1

.0 M j-13

0.78 9'053.18 42.56% 26.02% 0.782 28 4.429 20'514'800 32'938'830 26'800'520 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 77'143'000.0 ######### ######### ######### ######### ######### ######### 2.47x 8.93x 10.06x 2.82x 2.60x 39'757'000.0 ######### ######### ######### ######### 4.79x 4.09x 5.60x 5.49x 5.15x 12'850'000.0 ######### ######### ######### ######### ######### ######### 13.52x 11.91x 16.22x 14.71x 13.56x S&P Issuer Ratings 39'757'000.00 Long-Term Rating Date 15.10.2008 25'301'000.00 Long-Term Rating NR 32.80% Long-Term Outlook 31.41% Short-Term Rating Date 11.78% Short-Term Rating 24.84% Credit Ratios 23.87% EBITDA/Interest Exp. 19.35 0.71% (EBITDA-Capex)/Interest Exp. 15.35 Net Debt/EBITDA -0.06 - Total Debt/EBITDA 0.46 50.9% Reference 32.6% Total Debt/Equity 37.4% 16.7% Total Debt/Capital 22.3% Asset Turnover 0.71 1.10 Net Fixed Asset Turnover 1.04 0.94 Accounts receivable turnover-days 25.77 17.31% Inventory Days 37.40% Accounts Payable Turnover Day 14.16 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

9.00

90'000'000.0

8.00

80'000'000.0

7.00

70'000'000.0

6.00

60'000'000.0

5.00

50'000'000.0

4.00

40'000'000.0

3.00

30'000'000.0

2.00

20'000'000.0

1.00

10'000'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 60'689'784.0 2.61x 35'864'332.0 4.42x 10'619'470.0 12.83x

60.0 M

6000

12/2012 03/yy 12'830.19 7'906.98 26'266'500.00 11000 -14.26% 39.12% 60.79% 20'160.0 221'760'000.00 19'275'000.00 0.0 15'437'000.0 17'456'000.00 236'204'992.08

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 |

09.07.2013

Telekomunikasi Indonesia Persero Tbk PT Holdings By:

All

Holder Name REPUBLIC OF INDONESI TELEKOM TREASURY SHA VANGUARD GROUP INC BLACKROCK FIL LIMITED WILLIAM BLAIR & COMP SCHRODER INVESTMENT JP MORGAN INVESCO LTD NORGES BANK MATTHEWS INTERNATION PICTET FUNDS GRANTHAM MAYO VAN OT CAPITAL GROUP COMPAN SCHRODER INVESTMENT PRINCIPAL FINANCIAL UBS EASTSPRING INVESTMEN MANULIFE ASET MANAJE DAIWA SECURITIES GRO

Firm Name Nomura Macquarie Credit Suisse RHB Research Institute Sdn Bhd Deutsche Bank JPMorgan Morgan Stanley Maybank Kim Eng Goldman Sachs Bahana Securities Daiwa Securities Co. Ltd. HSBC Danareksa New Street Research Barclays CIMB UOB Kay Hian DBS Vickers Trimegah Securities Tbk PT Mandiri Sekuritas PT/Indonesia BNP Paribas Equity Research Sucorinvest Central Gani Ciptadana Sekuritas EVA Dimensions

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

Analyst SACHIN GUPTA RIAZ HYDER COLIN MCCALLUM JEFFREY TAN RAYMOND KOSASIH PRINCY SINGH NAVIN KILLA KATARINA SETIAWAN SACHIN SALGAONKAR HARRY SU RAMAKRISHNA MARUVADA LUIS HILADO CHANDRA S PASARIBU CHRIS HOARE ANAND RAMACHANDRAN KELVIN GOH JONATHAN KOH SACHIN MITTAL ROBBY HAFIL RADITYA CHRISTIAN ARTONO FOONG CHOONG CHEN ARIEF BUDIMAN TRIWIRA JUNIARTA TJANDRA ANDREW S ZAMFOTIS

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

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

Amt Held 10'320'470'711 773'659'960 286'551'480 244'951'963 195'012'466 140'169'000 133'758'520 130'806'677 117'915'000 113'708'791 89'497'000 71'060'779 69'440'800 59'644'000 50'443'499 46'192'000 36'574'000 36'450'500 34'669'000 27'446'392

% Out 51.19 3.84 1.42 1.22 0.97 0.7 0.66 0.65 0.58 0.56 0.44 0.35 0.34 0.3 0.25 0.23 0.18 0.18 0.17 0.14

Weighting

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

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

Latest Chg 15'627'000 4'493'500 16'905'711 139'882'000 (164'000) (9'128'500) 1'705'461 3'282'000 18'558'500 1'082'000 (14'075'000) (209'608)

Target Price 10'500 12'000 13'000 13'000 13'400 13'200 13'400 12'400 13'900 14'500 13'074 11'500 13'250 13'600 12'350 14'500 13'050 10'000 10'400 7'600 10'700 10'500 11'250 #N/A N/A

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

File Dt 28.02.2013 31.12.2011 31.03.2013 05.07.2013 31.10.2012 31.03.2013 12.07.2013 31.05.2013 08.07.2013 31.12.2012 28.03.2013 31.03.2013 31.05.2012 31.03.2013 31.03.2013 31.05.2013 31.03.2013 28.12.2012 31.12.2010 30.04.2013

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

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

Date 09.07.2013 08.07.2013 18.06.2013 13.06.2013 12.06.2013 12.06.2013 07.06.2013 07.06.2013 05.06.2013 31.05.2013 29.05.2013 28.05.2013 14.05.2013 10.05.2013 03.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 02.04.2013 07.03.2013 07.03.2013 17.01.2013

09.07.2013

NHN Corp NHN Corp. provides Internet site with web portal services, such as search engine, online game and content development. The Company also offers marketing service through text and banner advertisement.

Price/Volume 350000

.8 M

300000

.7 M .6 M

250000

.5 M

200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (20.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 035420 KS EQUITY YTD Change 035420 KS EQUITY YTD % CHANGE

12/2012 03/yy 323'500.00 215'000.00 107'661.00 295500 -8.66% 37.44% 69.59% 48.1 14'221'737.00 294'540.66 0.0 0.0 887'169.74 13'563'136.70

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

31.12.2009 31.12.2010 1'237'110.9 1'311'639.3 6.75x 7.39x 556'584.1 630'228.8 15.00x 15.37x 421'693.9 473'658.4 20.63x 21.48x Profitability

.2 M

50000

.1 M

0 j-12

LTM-4Q 31.12.2011 1'435'148.2 6.08x 673'960.3 12.95x 471'703.0 19.86x

a-12

s-12

o-12

LTM

31.12.2012 03/yy 03/yy 1'511'390.5 ######### ######### 6.15x 25.36x 28.04x 705'090.8 682'901.2 723'430.7 13.17x 15.81x 15.76x 536'116.2 481'321.2 557'821.4 18.61x 23.86x 21.77x

705'090.76 684'887.05 45.32% 47.21% 23.18% 29.95% 27.21% 0.65% 46.7% 45.3% 35.5% 3.19 2.95 11.15% 14.84% 8.33 -

Price/ Cash Flow

n-12

d-12

j-13

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

j-13

.0 M j-13

0.21 0.64 35.00 12.45% 30.18% 0.642 47 4.489 149'690 191'037 217'757

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

S&P Issuer Ratings

89.74 75.80 -0.84 0.42 14.8% 12.9% 0.65 4.83 43.92 -

Sales/Revenue/Turnover

45.00

1'600'000.0

40.00

1'400'000.0

35.00

1'200'000.0

30.00

1'000'000.0

25.00

800'000.0

20.00

600'000.0

15.00

400'000.0

10.00

200'000.0

5.00 0.00 02.01.2010

.3 M

100000

Fiscal Year Ended 31.12.2008 1'208'126.6 4.67x 531'258.8 10.62x 363'096.2 16.33x

.4 M

150000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

09.07.2013

NHN Corp Holdings By:

All

Holder Name NHN CORP NATIONAL PENSION SER OPPENHEIMERFUNDS INC BAILLIE GIFFORD OVER NORGES BANK HAE-JIN LEE LAZARD ASSET MANAGEM FID DIVERSIFIED INTR JOON-HO LEE VANGUARD GROUP INC BLACKROCK INVESCO LTD MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA COMMONWEALTH BANK OF FMR LLC MATTHEWS INTERNATION SAMSUNG INVESTMENT T KB ASSET MANAGEMENT FIL LIMITED

Firm Name

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

Analyst

LIG Investment Securities JEONG DAE-HO Korea Investment & Securities HONG JONG-GIL Hana Daetoo Securities HWANG SEUNG-TAEK E*Trade Securities Korea SUNG JONG-HWA Nomura STANLEY YANG KIWOOM Securities Co Ltd AHN JAE-MIN Woori Investment & Securities JOSEPH CHUNG KB Investment & Securities Co., Ltd HOON CHOI Samsung Securities JAY PARK Morgan Stanley SAM MIN KTB Securities CHOI CHAN-SEOK Shinyoung Securities Co., Ltd. CHOI YOON-MEE CIMB HOWON RIM Kyobo Securities LEE DAE-WOO NH Investment & Securities KIM JIN-GU Daewoo Securities CHANG KWEAN KIM HSBC HONGSIK JO Tong Yang Investment Bank LEE CHANG-YOUNG Hyundai Securities KIM MIN Goldman Sachs MICHAEL BANG Eugene Investment & Securities Co., LtdKIM DENNY HMC Investment Securities Co Ltd HAN-WOO PARK Shinhan Investment Corp JOSHUA KONG SK Securities Co Ltd CHOI GWAN-SOON Macquarie EUGENE JUNG BNP Paribas Equity Research KYUN JANG Barclays SEYON PARK Deutsche Bank HANJOON KIM JPMorgan HELAINE KANG Dongbu Securities Co Ltd DAE-UP PARK Daiwa Securities Co. Ltd. THOMAS Y KWON Riedel Research Group Inc DAVID R RIEDEL YuHwa Securities Ltd SEUNG-JOON YOO Meritz Securities Co., Ltd DONG HEE KIM IBK Securities Co Ltd ANNE SEONAE LEE Leading Investment & Securities JINA KIM EVA Dimensions ANDREW S ZAMFOTIS Credit Suisse JEFF KAHNG Mirae Asset Securities JEONG WOO-CHEOL Heungkuk Securities Co., Ltd. LEE SEUNG-HOON Daishin Securities Co., Ltd. KANG LOK-HEE Ji Asia JUSTIN WEISS Hanwha Securities Co., Ltd RAH TAEYEARL

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

Recommendation buy buy buy buy buy buy buy buy buy Equalwt/Attractive buy buy outperform buy buy buy overweight buy buy neutral/neutral buy buy buy buy outperform buy equalweight hold restricted buy buy sell buy buy buy buy hold neutral buy buy buy sell buy

Amt Held 4'596'646 4'270'326 2'668'161 2'462'007 2'329'072 2'235'283 2'093'067 1'942'585 1'800'000 1'238'761 990'856 843'916 811'527 745'818 739'713 680'175 586'320 388'277 353'441 259'044

% Out 9.55 8.87 5.54 5.12 4.84 4.64 4.35 4.04 3.74 2.57 2.06 1.75 1.69 1.55 1.54 1.41 1.22 0.81 0.73 0.54

Weighting

Change

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

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

Latest Chg (630'233) (2'244) (513'485) (209'553) (2'843) 56'294 (12'922) (72'243) 115'077 26'811 38'689 (8'660) 193'465 (141'621)

Target Price 340'000 370'000 390'000 400'000 353'000 410'000 400'000 323'000 400'000 280'000 350'000 380'000 340'000 342'000 420'000 382'000 390'000 380'000 340'000 295'000 350'000 360'000 340'000 350'000 370'000 345'000 250'000 254'000 #N/A N/A 410'000 335'000 246'000 330'000 350'000 320'000 314'500 #N/A N/A 267'000 360'000 300'000 350'000 190'000 300'000

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

File Dt 31.12.2012 31.12.2012 31.12.2012 03.08.2012 07.12.2010 31.12.2012 28.02.2013 17.01.2011 31.12.2012 31.03.2013 05.07.2013 08.07.2013 31.03.2013 31.03.2013 28.02.2013 31.05.2013 28.03.2013 31.12.2012 31.03.2013 31.12.2012

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

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

Date 09.07.2013 08.07.2013 08.07.2013 08.07.2013 07.07.2013 05.07.2013 04.07.2013 03.07.2013 02.07.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 25.06.2013 20.06.2013 18.06.2013 02.06.2013 29.05.2013 16.05.2013 15.05.2013 10.05.2013 10.05.2013 10.05.2013 10.05.2013 10.05.2013 10.05.2013 10.05.2013 09.05.2013 08.05.2013 29.04.2013 29.04.2013 22.04.2013 15.04.2013 11.04.2013 03.04.2013 19.03.2013 14.03.2013 11.03.2013 11.03.2013 08.02.2013 18.01.2013 10.01.2013 10.08.2012

09.07.2013

LG Chem Ltd LG Chem Ltd. is a chemical manufacturer. The Company's products include petrochemicals, plastic resins, and engineering plastics. LG Chem also produces industrial and electronic materials.

Price/Volume 400000

.9 M

350000

.8 M

300000

.7 M .6 M

250000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 051910 KS EQUITY YTD Change 051910 KS EQUITY YTD % CHANGE

12/2012 03/yy 345'000.00 230'000.00 150'382.00 257500 -25.36% 11.96% 21.74% 66.3 17'064'808.00 1'922'549.00 38'144.0 0.0 1'080'967.00 17'551'509.25

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

.4 M

150000

.3 M

100000

.2 M

50000

.1 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

Fiscal Year Ended 31.12.2008 12'645'000.0 0.49x 1'728'420.0 3.61x 1'002'585.0 6.26x

.5 M

200000

31.12.2009 31.12.2010 13'694'516.0 16'850'454.0 1.16x 1.54x 2'390'188.0 3'019'236.0 6.67x 8.60x 1'384'472.0 1'970'993.0 12.28x 14.59x Profitability

LTM-4Q 31.12.2011 19'809'874.0 1.08x 3'095'214.0 6.89x 2'028'321.0 11.51x

LTM

FY+1

j-13

.0 M j-13

1.34 39.16 -15.10% -21.97% 1.341 42 4.857 166'595 262'862 261'281 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 20'442'790.0 ######### ######### ######### - ######### ######### 1.11x 5.01x 4.09x 2'412'043.0 ######### ######### 9.38x 8.85x 7.38x 1'440'317.0 ######### ######### ######### - 378'700.0 440'900.0 16.85x 15.34x 13.72x 12.03x 9.82x S&P Issuer Ratings 2'412'043.00 Long-Term Rating Date 24.11.2010 1'726'960.00 Long-Term Rating A8.45% Long-Term Outlook STABLE 8.74% Short-Term Rating Date 9.61% Short-Term Rating 14.93% Credit Ratios 12.60% EBITDA/Interest Exp. 43.63 1.37% (EBITDA-Capex)/Interest Exp. 13.58 Net Debt/EBITDA 0.18 14.5% Total Debt/EBITDA 0.83 12.0% Reference 8.4% Total Debt/Equity 18.9% 7.0% Total Debt/Capital 15.9% Asset Turnover 1.37 1.85 Net Fixed Asset Turnover 3.02 1.12 Accounts receivable turnover-days 51.88 13.00% Inventory Days 43.46 18.92% Accounts Payable Turnover Day 30.26 7.03 Cash Conversion Cycle 66.98 8.40

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

25'000'000.0

16.00

20'000'000.0

14.00 12.00

15'000'000.0

10.00 8.00

10'000'000.0

6.00

5'000'000.0

4.00 2.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

LG Chem Ltd Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER BLACKROCK VANGUARD GROUP INC SCHRODER INVESTMENT SAMSUNG INVESTMENT T FIL LIMITED NORGES BANK JP MORGAN LG CHEM LTD CAPITAL GROUP COMPAN MIRAE ASSET GLOBAL I UBS HANA ASSET MANAG MAPS INVESTMENT MANA KB ASSET MANAGEMENT KOREA INVESTMENT TRU FMR LLC IVY MANAGEMENT INCOR UBS ALLIANZ ASSET MANAGE

Firm Name

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

Analyst

KB Investment & Securities Co., Ltd PARK JAE-CHUL Nomura CINDY PARK E*Trade Securities Korea SEUNG-JAE HAN Tong Yang Investment Bank HWANG KYU-WON NH Investment & Securities CHOI JI-HWAN KIWOOM Securities Co Ltd KYUNG-HYUK MIN Samsung Securities SEUNGWOO KIM IBK Securities Co Ltd CHOONG-JAE LEE Mirae Asset Securities YOUNGBAE KWON KTB Securities YOO YOUNG KOOK Woori Investment & Securities KIM SUN-WOO Hanwha Securities Co., Ltd LEE DA-SOL HI Investment Securities LEE HEE-CHEOL Standard Chartered DANIEL DO YEON LEE Daewoo Securities PARK YEON-JU Deutsche Bank SHAWN PARK EVA Dimensions TIMOTHY STANISH Daishin Securities Co., Ltd. JAE-SUNG YOON Hana Daetoo Securities WON YONG-JIN JPMorgan SAMUEL SW LEE Shinyoung Securities Co., Ltd. OH JUNG-IL Credit Suisse CHO A-HYUNG CIMB PETER K LEE Hyundai Securities BAEK YOUNG-CHAN Korea Investment & Securities PARK KIYONG Eugene Investment & Securities Co., LtdKWAK JIN-HEE Shinhan Investment Corp LEE EUNG-JU Kyobo Securities YOUNG-JOO SON Morgan Stanley KYLE KIM Daiwa Securities Co. Ltd. JUNYONG BANG BNP Paribas Equity Research POR YONG LIANG Meritz Securities Co., Ltd HWANG YOU SIK YuHwa Securities Ltd PARK GUN-TAE LIG Investment Securities PARK YOUNG-HOON HSBC BRIAN SOHN Macquarie BRANDON I LEE Taurus Investment Securities Co Ltd JAESUNG YOON BS Securities Co Ltd SEUK-WON CHOI

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

Recommendation buy buy buy buy buy buy buy buy buy buy buy buy buy in-line buy buy hold buy buy neutral buy outperform outperform buy buy buy buy buy Overwt/Attractive outperform buy buy buy buy overweight outperform buy buy

Amt Held 22'219'326 4'508'785 1'091'946 870'039 682'868 597'153 520'234 430'892 426'160 359'784 353'800 346'162 334'431 303'774 282'375 279'697 248'817 188'180 146'236 144'435

% Out 33.53 6.8 1.65 1.31 1.03 0.9 0.79 0.65 0.64 0.54 0.53 0.52 0.5 0.46 0.43 0.42 0.38 0.28 0.22 0.22

Weighting

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

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

Latest Chg (79'295) (352'596) 211'683 68'560 179'398 (60'897) (155'407) 31'784 (206'548) (42'383) (5'590) (5'281) (68'510) 10'806 (10'846)

Target Price 310'000 350'000 320'000 380'000 330'000 350'000 320'000 320'000 300'000 300'000 330'000 350'000 335'000 288'000 320'000 320'000 #N/A N/A 340'000 315'000 300'000 310'000 365'000 322'000 300'000 310'000 340'000 340'000 312'000 300'000 300'000 320'000 360'000 330'000 395'000 365'000 380'000 410'000 390'000

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

File Dt 31.12.2011 31.12.2011 05.07.2013 31.03.2013 30.04.2013 31.03.2013 31.12.2012 31.12.2012 31.05.2013 21.05.2012 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 31.05.2013

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

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

Date 09.07.2013 09.07.2013 08.07.2013 05.07.2013 04.07.2013 03.07.2013 02.07.2013 01.07.2013 28.06.2013 25.06.2013 21.06.2013 20.06.2013 18.06.2013 17.06.2013 14.06.2013 06.06.2013 06.06.2013 27.05.2013 27.05.2013 21.05.2013 20.05.2013 14.05.2013 14.05.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 08.04.2013 25.03.2013 05.03.2013 19.02.2013 30.01.2013 30.01.2013 22.10.2012

09.07.2013

Nan Ya Plastics Corp Nan Ya Plastics Corporation manufactures and markets plastic and chemical fiber products. The Company's products include polyester filament yarns, flexible PVC (Polyvinyl Chloride) film products, plastic leather products, and rigid film products. Nan Ya also manufactures printed circuit boards.

Price/Volume 70

45.0 M

40.0 M 35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/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 1303 TT EQUITY YTD Change 1303 TT EQUITY YTD % CHANGE

12/2012 12/yy 65.50 46.00 6'756'166.00 59.4 -9.31% 29.13% 60.00% 7'852.3 466'426.56 109'413.72 0.0 0.0 37'950.86 537'889.43

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 j-12

31.12.2009 31.12.2010 160'964.4 212'248.6 3.20x 2.82x 17'312.1 35'054.5 29.75x 17.09x 16'403.8 40'973.8 27.89x 13.93x Profitability

LTM-4Q 31.12.2011 194'021.8 2.76x 29'311.3 18.28x 23'143.0 20.37x

31.12.2012 183'042.9 2.79x 16'278.4 31.40x 4'216.0 103.70x

16'278.38 8'466.51 4.63% 2.48% 1.05% 1.65% 1.64% 0.46% 10.7% 8.9% 4.6% 2.3% 3.03 1.42 27.78% 44.37% 9.45 6.74

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M j-13

1.05 4'415.43 5.38 10.08% 6.07% 1.053 23 3.261 6'950'070 9'596'940 9'399'734 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 194'021.8 183'042.9 190'429.2 193'063.0 46'626.0 47'548.3 12.68x 11.75x 2.86x 2.83x 29'311.3 16'278.4 20'979.4 23'450.8 4'936.0 5'364.0 18.28x 31.40x 25.64x 22.94x 23'143.0 4'216.0 24'136.5 27'867.1 6'138.6 6'374.0 20.42x 104.16x 19.73x 16.63x 20.71x 21.32x S&P Issuer Ratings Long-Term Rating Date 06.05.2009 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 8.38 (EBITDA-Capex)/Interest Exp. 5.58 Net Debt/EBITDA 4.39 Total Debt/EBITDA 6.72 Reference Total Debt/Equity 44.4% Total Debt/Capital 30.7% Asset Turnover 0.46 Net Fixed Asset Turnover 2.80 Accounts receivable turnover-days 38.73 Inventory Days 54.33 Accounts Payable Turnover Day 25.76 Cash Conversion Cycle 67.30 Sales/Revenue/Turnover

25.00

250'000.0

20.00

200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 02.01.2010

a-12

Fiscal Year Ended 31.12.2008 208'718.6 1.65x 19'881.2 17.37x 9'386.4 28.70x

30.0 M

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

Nan Ya Plastics Corp Holdings By:

All

Holder Name CHANG GUNG MEDICAL F FORMOSA PLASTICS COR YUNG-TSAI WANG FORMOSA CHEMICALS & CHANG GUNG UNIVERSIT WAN SHUN INTL INVEST FORMOSA PETROCHEMICA VANGUARD GROUP INC CHIN'S INTL INVESTME CATHAY LIFE INSURANC BLACKROCK YUANTA SYSTEM CO LTD NORGES BANK POLARIS SEC INVESTME JUI-YU WANG BANK OF NEW YORK MEL DIMENSIONAL FUND ADV KUI-YUN WANG CAISSE DE DEPOT ET P FIL LIMITED

Firm Name

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

Analyst

Jih Sun Securities STEPHEN WAN Capital Securities Corp ZHAN MINGFENG KGI Securities AARON LIU Deutsche Bank SHAWN PARK Nomura DAVID WANG EVA Dimensions TIMOTHY STANISH Credit Suisse JEREMY CHEN Goldman Sachs TOMMY WONG IBT Securities Co Ltd FILOLI TSAI Masterlink Securities FRANK FU Yuanta Securities Investment ConsultingYVONNE TSAI Morgan Stanley TIMOTHY HSIAO Fubon Securities KERRY WU Barclays SIDNEY YEH Macquarie CORINNE JIAN BNP Paribas Equity Research POR YONG LIANG President Capital Management TOM HUNG Mega Securities YOU JIANHENG HSBC DENNIS HYUNCHUL YOO SinoPac LILY HSIAO JPMorgan SAMUEL SW LEE

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

Recommendation buy neutral outperform not rated neutral sell neutral Sell/Cautious neutral buy buy Overwt/Attractive add overweight outperform reduce buy neutral underweight sell Rating Suspended

Amt Held 868'052'924 775'505'323 424'452'797 409'235'397 314'135'927 187'898'634 177'440'023 152'920'040 146'095'974 143'660'000 112'630'100 96'282'315 74'897'833 67'088'375 18'863'784 15'852'541 11'862'063 11'498'289 8'144'778 7'661'516

% Out 11.05 9.88 5.41 5.21 4 2.39 2.26 1.95 1.86 1.83 1.43 1.23 0.95 0.85 0.24 0.2 0.15 0.15 0.1 0.1

Weighting

Change

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

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

Latest Chg 22'563'853 707'000 (8'492'625) 109'000 4'407'432

Target Price 70 #N/A N/A 72 #N/A N/A 63 #N/A N/A 66 50 70 75 73 69 72 69 70 50 65 68 51 45 #N/A N/A

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

File Dt 31.05.2013 31.05.2013 23.04.2012 31.05.2013 23.04.2012 23.04.2012 31.05.2013 31.03.2013 23.04.2012 23.04.2012 05.07.2013 23.04.2012 31.12.2012 31.05.2013 31.05.2013 08.07.2013 29.03.2013 31.05.2013 31.12.2012 31.10.2012

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

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

Date 09.07.2013 08.07.2013 08.07.2013 02.07.2013 21.06.2013 06.06.2013 05.06.2013 04.06.2013 03.06.2013 22.05.2013 15.05.2013 14.05.2013 06.05.2013 02.05.2013 01.05.2013 29.04.2013 24.04.2013 25.02.2013 20.02.2013 09.10.2012 10.05.2012

09.07.2013

Formosa Plastics Corp Formosa Plastics Corporation manufactures and markets plastics materials and chemical fiber products. The Company's products include PVC (Polyvinyl Chloride) resins, high density polyethylene, tairylan acrylic fiber, acrylic acid and ester, carbon fiber, caustic soda, PVC modifier, and calcium carbonate.

Price/Volume 90

35.0 M

30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.08.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/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 1301 TT EQUITY YTD Change 1301 TT EQUITY YTD % CHANGE

12/2012 12/yy 85.70 67.30 15'353'386.00 72.3 -15.64% 7.43% 17.39% 6'120.9 442'541.44 85'471.27 0.0 0.0 60'235.18 467'777.54

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

20.0 M

15.0 M

10.0 M

5.0 M

10 0 j-12

31.12.2009 31.12.2010 156'969.6 194'446.0 2.59x 2.90x 21'577.5 36'835.0 18.87x 15.30x 27'533.4 45'546.4 14.96x 13.10x Profitability

LTM-4Q 31.12.2011 187'603.3 2.65x 32'857.5 15.15x 35'724.5 13.84x

31.12.2012 173'034.8 2.93x 13'543.3 37.39x 14'662.5 32.75x

13'543.31 5'744.26 3.32% 9.48% 4.30% 6.27% 5.05% 0.51% 8.5% 7.8% 3.3% 8.5% 2.53 1.51 24.85% 37.72% 15.20 9.02

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M j-13

1.02 3'830.75 19.51 -6.35% -8.02% 1.023 22 2.864 5'077'197 7'205'983 7'183'119 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 187'603.3 173'034.8 184'567.9 197'241.4 44'622.2 45'769.7 11.68x 11.85x 2.62x 2.49x 32'857.5 13'543.3 19'322.8 22'183.4 5'247.0 6'372.0 15.15x 37.39x 24.21x 21.09x 35'724.5 14'662.5 23'031.2 27'402.7 6'628.0 6'356.4 13.85x 32.83x 18.70x 15.85x 19.03x 19.59x S&P Issuer Ratings Long-Term Rating Date 06.05.2009 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 11.53 (EBITDA-Capex)/Interest Exp. 6.63 Net Debt/EBITDA 1.86 Total Debt/EBITDA 6.31 Reference Total Debt/Equity 37.7% Total Debt/Capital 27.4% Asset Turnover 0.51 Net Fixed Asset Turnover 3.26 Accounts receivable turnover-days 24.07 Inventory Days 40.57 Accounts Payable Turnover Day 28.92 Cash Conversion Cycle 35.73 Sales/Revenue/Turnover

25.00

250'000.0

20.00

200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 02.01.2010

a-12

Fiscal Year Ended 31.12.2008 182'042.2 1.56x 17'430.5 16.28x 19'709.5 12.64x

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

Formosa Plastics Corp Holdings By:

All

Holder Name CHANG GUNG MEDICAL F FORMOSA CHEMICALS & MERRILL LYNCH SEC TA NAN YA PLASTICS CORP YUNG-TSAI WANG CHIN'S INTL INVESTME WAN SHUN INTL INVEST VANGUARD GROUP INC FORMOSA PETROCHEMICA BLACKROCK MING CHI UNIV OF TEC VANGUARD EMS INDEX F NORGES BANK POLARIS SEC INVESTME CAPITAL GROUP COMPAN MIN-TING HO EASTSPRING INVESTMEN BANK OF NEW YORK MEL WEN-CHAO WANG PICTET FUNDS

Firm Name

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

Analyst

Jih Sun Securities STEPHEN WAN Capital Securities Corp ZHAN MINGFENG KGI Securities AARON LIU Deutsche Bank SHAWN PARK Nomura DAVID WANG EVA Dimensions TIMOTHY STANISH Goldman Sachs TOMMY WONG Mega Securities YOU JIANHENG Fubon Securities KERRY WU Morgan Stanley TIMOTHY HSIAO Credit Suisse JEREMY CHEN BNP Paribas Equity Research POR YONG LIANG Macquarie CORINNE JIAN Yuanta Securities Investment ConsultingYVONNE TSAI SinoPac LILY HSIAO HSBC DENNIS HYUNCHUL YOO E Sun Securities HONG CLIFF President Capital Management TOM HUNG Barclays SIDNEY YEH JPMorgan SAMUEL SW LEE

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

Recommendation neutral neutral neutral not rated buy sell neutral/cautious neutral neutral Overwt/Attractive outperform reduce outperform hold sell underweight neutral neutral equalweight Rating Suspended

Amt Held 556'155'226 468'162'625 383'395'725 283'454'909 270'911'912 254'512'277 186'770'700 127'834'372 126'404'198 95'974'055 86'457'055 72'714'458 59'107'821 52'686'000 38'140'000 26'754'196 25'087'000 14'956'968 11'507'431 10'247'901

% Out 9.09 7.65 6.26 4.63 4.43 4.16 3.05 2.09 2.07 1.57 1.41 1.19 0.97 0.86 0.62 0.44 0.41 0.24 0.19 0.17

Weighting

Change

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

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

Latest Chg 19'582'274 (861'000) (5'770'000) (877'000)

Target Price #N/A N/A #N/A N/A 76 #N/A N/A 90 #N/A N/A 66 87 77 97 83 62 93 74 60 79 #N/A N/A 81 73 #N/A N/A

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

File Dt 31.05.2013 31.05.2013 21.04.2012 31.05.2013 21.04.2012 21.04.2012 21.04.2012 31.03.2013 31.05.2013 05.07.2013 21.04.2012 21.04.2012 31.12.2012 31.12.2012 31.03.2013 31.05.2013 14.09.2012 08.07.2013 31.05.2013 31.03.2013

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

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

Date 09.07.2013 08.07.2013 08.07.2013 02.07.2013 21.06.2013 06.06.2013 04.06.2013 03.06.2013 06.05.2013 05.05.2013 03.05.2013 03.05.2013 01.05.2013 27.03.2013 05.03.2013 20.02.2013 06.02.2013 15.01.2013 11.10.2012 10.05.2012

09.07.2013

Advanced Info Service PCL Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services. The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

Price/Volume 350 300 250 200

Valuation Analysis

150

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADVANC-R TB EQUITY YTD Change ADVANC-R TB EQUITY YTD % CHANGE

12/2012 03/yy 305.00 184.00 5'662'800.00 273 -10.49% 48.37% 71.90% 2'973.1 811'655.00 20'349.76 0.0 188.7 21'173.27 -

31.12.2009 -

50 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008

100

31.12.2010

Profitability

LTM-4Q 31.12.2011

31.12.2012 -

61'214.71 45'584.83 32.20% 32.22% 33.47% 97.07% 61.27% 1.34% 40.7% 43.0% 32.2% 24.6% 1.05 0.81 20.15% 46.94% 19.19 54.47

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 j-13

LTM

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

FY+1

0.77 46.70% 33.40% 0.766 0 4'080'727 3'883'072 3'294'711 FY+2

FQ+1

FQ+2

03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 0.0 150'953.1 162'579.8 37'376.1 38'523.0 #DIV/0! 5.44x 5.09x 0.0 66'654.8 76'950.5 16'011.1 16'999.0 0.00x 0.0 38'901.1 45'681.1 9'525.8 9'994.7 0.00x 20.79x 17.67x 19.82x 18.94x S&P Issuer Ratings Long-Term Rating Date 03.11.2005 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 56.02 (EBITDA-Capex)/Interest Exp. 50.98 Net Debt/EBITDA -0.23 Total Debt/EBITDA 0.38 Reference Total Debt/Equity 46.9% Total Debt/Capital 31.9% Asset Turnover 1.34 Net Fixed Asset Turnover 3.40 Accounts receivable turnover-days 19.02 Inventory Days 6.70 Accounts Payable Turnover Day 20.70 Cash Conversion Cycle 1.43 Sales/Revenue/Turnover

1.20

1.2

1.00

1.0

0.80

0.8

0.60

0.6

0.40

0.4

0.20

0.2

0.00

0.0

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

09.07.2013

Advanced Info Service PCL Holdings By:

All

Holder Name BLACKROCK ROBECO INVESTOR SERV UBS NOMURA UBS FUND MANAGEMENT ACADIAN ASSET MANAGE RAIFFEISEN KAPITALAN ROBECO FUND MANAGEME PICTET FUNDS SUMITOMO MITSUI TRUS SCHRODER INVESTMENT ARTISAN PARTNERS HOL JF ASSET MANAGEMENT ALLIANZ ASSET MANAGE CIMB-PRINCIPAL ASSET UNION INVESTMENT LUX VANGUARD GROUP INC NORTHERN TRUST CORPO NORDEA INVESTMENT FU JP MORGAN

Firm Name

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

Analyst

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

Recommendation

Amt Held 24'401'502 2'884'648 2'275'200 2'197'302 2'017'100 1'874'300 1'780'100 1'371'300 1'284'600 828'300 766'400 695'300 619'200 599'900 558'400 500'000 491'700 465'499 422'900 411'800

% Out 0.82 0.1 0.08 0.07 0.07 0.06 0.06 0.05 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01

Weighting

Change

Latest Chg 521'100 (6'398) 421'100 136'300 200'400 (34'200) (187'000) 13'200 617'900 (92'600) (222'900) (60'000) (121'300) 62'000 422'900 (37'700)

Target Price

#N/A N/A

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

File Dt 05.07.2013 30.04.2013 28.03.2013 31.12.2012 28.03.2013 30.04.2013 28.03.2013 30.04.2013 31.03.2013 17.12.2012 31.03.2013 31.03.2013 10.09.2012 31.05.2013 31.12.2012 28.03.2013 31.03.2013 31.03.2013 28.03.2013 31.12.2012

Date

Inst Type Investment Advisor Investment Advisor Unclassified Unclassified 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

Date

09.07.2013

China Steel Corp China Steel Corporation manufactures and markets a variety of steel products. The main products are hot rolled coils and sheets, cold rolled coils and sheets, wire rods, steel plates, and steel bars.

Price/Volume 30

70.0 M

60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (7/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 2002 TT EQUITY YTD Change 2002 TT EQUITY YTD % CHANGE

12/2012 12/yy 28.40 23.00 13'247'351.00 23.7 -16.55% 3.04% 6.48% 15'272.5 361'957.78 103'228.06 382.7 0.0 3'345.91 462'222.62

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

30.0 M

20.0 M

10.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 256'358.0 1.33x 44'728.8 7.64x 24'030.4 11.38x

40.0 M

Valuation Analysis

31.12.2009 31.12.2010 165'408.9 239'186.9 2.61x 2.14x 21'270.7 50'776.6 20.29x 10.07x 19'602.5 37'586.8 21.43x 11.84x Profitability

LTM-4Q 31.12.2011 240'376.0 2.11x 30'706.0 16.50x 19'493.7 21.18x

31.12.2012 207'193.1 2.46x 20'440.7 24.93x 5'811.5 71.97x

20'440.71 2'689.57 1.30% 2.96% 1.37% 2.03% 1.88% 0.49% 4.3% 9.9% 1.3% 2.8% 1.05 0.12 24.16% 37.14% 45.08 3.45

Price/ Cash Flow

LTM

FY+1

.0 M j-13

0.62 10'497.65 572.47 -10.74% -13.35% 0.624 25 2.240 13'739'820 19'271'350 16'229'770 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 240'376.0 207'193.1 209'693.0 223'752.0 53'474.3 50'222.6 8.71x 9.94x 2.22x 2.10x 30'706.0 20'440.7 27'493.3 30'103.3 6'356.0 7'108.0 16.50x 24.93x 16.81x 15.35x 19'493.7 5'811.5 13'020.3 15'739.9 4'002.6 2'288.2 20.64x 92.49x 28.35x 22.64x 27.59x 26.07x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

12.29 0.21 4.89 5.05 37.1% 27.1% 0.49 1.08 8.12 106.01 9.77 104.35

Sales/Revenue/Turnover

50.00

300'000.0

45.00

250'000.0

40.00 35.00

200'000.0

30.00

150'000.0

25.00 20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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

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

09.07.2013

China Steel Corp Holdings By:

All

Holder Name MINISTRY OF ECONOMIC CHINA STEEL ESOT VANGUARD GROUP INC BLACKROCK YUN HUNG INVESTMENT BUREAU OF LABOR INSU VANGUARD EMS INDEX F CHUNGHWA POST CO LTD MARUICHI STEEL TUBE GOVT OF SINGAPORE IN YUN YING INVESTMENT ISHARES MSCI EMERGIN NORGES BANK POLARIS SEC INVESTME DIMENSIONAL FUND ADV BANK OF NEW YORK MEL ROBECO INVESTOR SERV CREDIT SUISSE ASSET EATON VANCE MANAGEME PICTET FUNDS

Firm Name KGI Securities Masterlink Securities Barclays EVA Dimensions Capital Securities Corp Jih Sun Securities IBT Securities Co Ltd Goldman Sachs Credit Suisse President Capital Management VTB Capital SinoPac Deutsche Bank Fubon Securities JPMorgan Sanford C. Bernstein & Co HSBC BNP Paribas Equity Research Ji Asia E Sun Securities Macquarie

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

Analyst MARC WANG CHARLES KO EPHREM RAVI TIMOTHY STANISH IVY LIU ERIC CHANG PETER TZENG TOMMY WONG JEREMY CHEN WEICHUN TSENG WIKTOR BIELSKI CHEN YILI JAMES KAN ROGER LEE DANIEL KANG VANESSA LAU SIMON FRANCIS JENNY TSAI SAMUEL THAWLEY DAVID LAI CORINNE JIAN

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

Recommendation underperform hold underweight sell neutral neutral neutral Sell/Neutral underperform neutral hold neutral hold neutral neutral market perform underweight reduce sell neutral neutral

Amt Held 3'060'000'000 569'143'276 334'976'805 302'987'200 240'560'407 239'000'000 208'802'582 206'372'896 149'273'708 145'992'823 142'156'753 132'930'827 109'324'295 99'504'615 34'117'461 20'029'482 19'312'013 14'878'839 13'404'765 12'953'342

% Out 20.04 3.73 2.19 1.98 1.58 1.56 1.37 1.35 0.98 0.96 0.93 0.87 0.72 0.65 0.22 0.13 0.13 0.1 0.09 0.08

Weighting

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

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

Latest Chg (2'230'011) 34'432'000 (563'000) (218'423) (9'416'414) 34'300 2'462'405 218'000 2'533'000 (1'000)

Target Price 23 28 21 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 20 22 26 28 #N/A N/A 30 26 29 25 25 21 23 #N/A N/A 27

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

File Dt 31.05.2013 31.05.2012 31.03.2013 05.07.2013 31.05.2012 31.05.2013 31.05.2012 31.05.2012 31.05.2012 31.05.2012 31.05.2012 31.05.2012 31.12.2012 31.05.2013 29.03.2013 08.07.2013 30.04.2013 29.04.2013 30.04.2013 31.03.2013

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

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

Date 17.06.2013 11.06.2013 10.06.2013 06.06.2013 03.06.2013 31.05.2013 31.05.2013 30.05.2013 30.05.2013 20.05.2013 08.05.2013 26.04.2013 23.04.2013 22.04.2013 26.03.2013 22.03.2013 21.02.2013 01.02.2013 11.01.2013 14.12.2012 16.11.2012

09.07.2013

BM&FBovespa SA BM&FBOVESPA SA combines activities of BOVESPA, the Brazilian Stock Exchange, and BM&F, the futures and commodities exchange. The Company operates as a regional exchange and provides integrated business model, including clearing and settlement activities, financial products for trading in equity and commodity derivatives, as well as full service Central Security Depository.

Price/Volume 16 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BVMF3 BZ EQUITY YTD Change BVMF3 BZ EQUITY YTD % CHANGE

12/2012 03/yy 14.63 10.40 5'522'300.00 12.27 -16.13% 17.98% 44.21% 1'980.0 24'294.60 1'279.12 0.0 16.0 3'850.64 21'381.96

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

6 4 2 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 1'602.0 913.5 645.6 18.75x

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

31.12.2009 31.12.2010 1'502.5 1'889.8 14.21x 12.61x 975.1 1'311.1 21.90x 18.17x 881.1 1'144.6 28.42x 22.95x Profitability

LTM-4Q 31.12.2011 1'904.7 8.56x 1'163.2 14.01x 1'048.0 18.22x

31.12.2012 2'064.8 11.86x 1'395.4 17.55x 1'074.3 25.16x

1'395.41 1'301.67 63.04% 80.39% 4.43% 5.48% 5.43% 0.09% 67.8% 63.0% 52.0% 2.13 2.01 5.30% 6.59% 37.03 -

Price/ Cash Flow

03/yy 2'146.6 33.47x 1'216.1 16.67x 1'057.7 20.67x

LTM 03/yy 2'082.9 41.16x 1'412.1 16.62x 1'060.8 24.83x

FY+1

1.06 1'733.94 15.46% -10.32% 1.058 20 3.900 10'373'840 16'077'870 14'012'430 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'268.2 2'491.9 583.8 577.2 9.48x 8.43x 37.03x 37.13x 1'661.6 1'865.5 419.5 408.3 12.87x 11.46x 12.98x 12.77x 1'575.8 1'805.7 454.3 455.0 15.09x 13.18x 14.57x 13.96x S&P Issuer Ratings

21.06.2010 BBB+ NEG 21.06.2010 A-2 17.40 16.56 -2.07 0.88 6.6% 6.2% 0.09 5.96 9.86 -

Sales/Revenue/Turnover

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

09.07.2013

BM&FBovespa SA Holdings By:

All

Holder Name BLACKROCK VONTOBEL ASSET MANAG OPPENHEIMERFUNDS INC CMEG BRASIL I PARTIC LONE PINE CAPITAL LL VANGUARD GROUP INC BM&F BOVESPA FMR LLC HARRIS TRUST & SAVIN DIMENSIONAL FUND ADV T ROWE PRICE ASSOCIA VONTOBEL ASSET MANAG FIL LIMITED JP MORGAN ITAU UNIBANCO SA PICTET FUNDS SUN LIFE FINANCIAL I BRAM BRADESCO ASSET BB GESTAO DE RECURSO GRANTHAM MAYO VAN OT

Firm Name

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

Analyst

Deutsche Bank MARIO PIERRY Itau BBA Securities ALEXANDRE SPADA Bradesco Corretora CARLOS W FIRETTI HSBC MARIEL SANTIAGO Banco BTG Pactual SA EDUARDO ROSMAN Agora CTVM SA ALOISIO VILLETH LEMOS Coinvalores MARCO AURELIO BARBOSA EVA Dimensions DOUG WALTERS Banco Safra de Investimento FRANCISCO KOPS Riedel Research Group Inc DAVID R RIEDEL Credit Suisse VICTOR SCHABBEL Goldman Sachs CARLOS G MACEDO JPMorgan KENNETH B WORTHINGTON Morgan Stanley JORGE KURI Raymond James FEDERICO REY-MARINO Votorantim CTVM Research RENATO SCHUETZ Grupo Santander HENRIQUE NAVARRO SLW Corretora de Valores e Cambio LTDPEDRO GALDI

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

Recommendation buy market perform outperform overweight buy buy hold hold outperform buy outperform neutral/neutral overweight Equalwt/No Rating market perform market perform underperform hold

Amt Held 195'560'064 129'888'000 102'960'000 101'178'000 98'159'351 77'773'602 46'728'000 43'528'449 43'226'861 36'467'869 32'209'181 28'147'745 18'840'170 17'881'717 16'319'769 15'846'870 14'004'645 13'554'384 12'521'686 11'434'000

% Out 9.88 6.56 5.2 5.11 4.96 3.93 2.36 2.2 2.18 1.84 1.63 1.42 0.95 0.9 0.82 0.8 0.71 0.68 0.63 0.58

Weighting

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

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

Latest Chg 1'392'635 (2'424'649) 6'350'404 5'953'625 26'825'550 29'356 (2'841'000) 16'914'672 1'737'724 1'118'270 (785'430) 224'161 (973'400) (1'601'333) (1'060'700) -

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

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

File Dt Inst Type 05.07.2013 Investment Advisor 05.02.2013 Investment Advisor 05.02.2013 Investment Advisor 05.02.2013 Other 22.02.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 05.02.2013 Corporation 31.05.2013 Investment Advisor 28.03.2013 Unclassified 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2012 Investment Advisor

Date 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 12 month Not Provided Not Provided

Date 05.07.2013 05.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 21.06.2013 20.06.2013 17.06.2013 11.06.2013 03.06.2013 21.05.2013 13.05.2013 10.05.2013 10.05.2013 07.01.2013 08.11.2012

09.07.2013

FirstRand Ltd FirstRand Limited is a financial services group providing banking and insurance products and services to retail, commercial, corporate and public sector customers through its portfolio of separately branded franchises. In addition to South Africa, the Group operates in African territories.

Price/Volume 3500

60.0 M

3000

50.0 M

2500

40.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (17.09.2012) Daily Volume Current Price (7/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 FSR SJ EQUITY YTD Change FSR SJ EQUITY YTD % CHANGE

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

20.0 M

1000

10.0 M

500 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

.0 M j-13

j-13

Fiscal Year Ended 30.06.2008 82'857.0 11'718.0 6.95x

30.0 M

1500

06/2012 01/yy 3'359.00 2'515.00 2'904'197.00 2887 -14.11% 14.79% 39.10% 5'637.9 162'767.38 7'885.00 4'519.0 2'767.0 38'363.00 -

30.06.2009 30.06.2010 72'074.0 65'620.0 6'965.0 9'788.0 10.55x 10.03x Profitability

30.06.2011 67'752.0 20'366.0 10.84x

30.06.2012 70'829.0 13'471.0 11.40x

34.82% 37.00% 1.82% 23.33% 22.15% 0.08% 26.2% 1.02% 12.61% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.91 0.72 2'742.05 12.49% -5.27% 0.725 18 3.222 9'276'745 21'966'050 17'853'910 FY+2

06/13 Y 06/14 Y 57'171.4 63'146.4 15'043.8 16'725.3 10.76x 9.58x S&P Issuer Ratings

FQ+1

FQ+2

16.10.2012 BBBNEG 16.10.2012 A-3 12.6% 10.1% 0.08 5.19 -

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 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 |

09.07.2013

FirstRand Ltd Holdings By:

All

Holder Name RMB HOLDINGS LTD GOVERNMENT EMP PENSI FIRST RAND EMPOWERME STATE STREET CUSTODI JP MORGAN CUSTODIAN JP MORGAN EQUITIES L NORTHERN TR AVFC GOV VANGUARD GROUP INC LIBERTY LIFE ASSURAN JP MORGAN WILLIAM BLAIR & COMP OLD MUTUAL BLACKROCK BANK OF NEW YORK CITIBANK NEW YORK STATE STREET BANK OF NY CUSTODIAN CITIBANK LONDON UMB BANK N A ESKOM PENSION & PROV

Firm Name NOAH Capital Markets Deutsche Bank EVA Dimensions Morgan Stanley SBG Securities JPMorgan Avior Research Barclays Goldman Sachs Afrifocus Securities HSBC Macquarie BNP Paribas Cadiz Securities Nedgroup Securities Renaissance Capital Legae Securities Imara ING Bank

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

Analyst LISA HAAKMAN STEFAN SWANEPOEL DOUG WALTERS GREG SAFFY VOYT KRZYCHYLKIEWICZ NANA FRANCOIS HARRY BOTHA CHANTELLE BAPTISTE WALEED MOHSIN JOHANN SCHOLTZ JAN ROST CHARLES RUSSELL DEBBIE TREDOUX NIGEL MCKENZIE ILAN STERMER PETER MUSHANGWE TEAM COVERAGE ANDRZEJ NOWACZEK

Source SJ-REG SJ-REG SJ-REG ULT-AGG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG ULT-AGG 13F ULT-AGG ULT-AGG SJ-REG SJ-REG ULT-AGG SJ-REG SJ-REG MF-AGG SJ-REG

Recommendation buy hold underweight Overwt/In-Line sell neutral neutral equalweight neutral/neutral hold neutral outperform hold buy hold hold add not rated

Amt Held 1'912'687'952 465'081'340 285'953'846 254'616'025 211'865'030 105'219'793 94'701'575 84'478'643 71'035'035 59'005'746 57'667'897 56'823'196 52'909'372 46'552'695 42'255'534 37'874'282 33'903'444 33'070'925 27'736'487 26'554'634

% Out 33.93 8.25 5.07 4.52 3.76 1.87 1.68 1.5 1.26 1.05 1.02 1.01 0.94 0.83 0.75 0.67 0.6 0.59 0.49 0.47

Weighting

Change

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

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

Latest Chg (63'000'000) 5'315'497 4'920'234 (773'151) 4'620'766 393'572 (8'103'208) 5'480'639 (3'803'946) 946'668 183'491 4'824'209 614'595 404'554 (6'251'678) 171'269 1'045'212 1'353'803

Target Price 3'892 3'100 #N/A N/A 3'500 3'300 2'900 2'961 3'464 3'360 3'302 3'300 3'400 2'907 3'250 3'000 2'880 2'501 #N/A N/A

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

File Dt Inst Type 31.05.2013 Holding Company 31.05.2013 Government 31.05.2013 Other 31.05.2013 Other 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Other 31.03.2013 Investment Advisor 31.05.2013 Insurance Company 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Unclassified 05.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Unclassified 08.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Bank 30.04.2013 Investment Advisor 31.05.2013 Pension Fund (ERISA)

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

Date 20.06.2013 13.06.2013 06.06.2013 16.05.2013 16.05.2013 02.05.2013 29.04.2013 26.04.2013 16.04.2013 16.04.2013 26.03.2013 15.03.2013 14.03.2013 06.03.2013 06.02.2013 09.07.2012 23.02.2012 13.02.2012

09.07.2013

Itausa - Investimentos Itau SA Itausa - Investimentos Itau S.A. is a holding company. The Company operates in the finance, insurance, construction materials, electronics, chemicals, real estate, and telecommunications industries. Itausa has operations in Portugal, the United States, Luxembourg, Argentina, Germany, and Belgium.

Price/Volume 12

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITSA4 BZ EQUITY YTD Change ITSA4 BZ EQUITY YTD % CHANGE

12/2012 03/yy 9.78 7.42 17'267'000.00 7.75 -20.75% 4.51% 14.14% 3'279.3 52'307.71 0.0 2'682.0 191'495.00 56'123.71

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

15.0 M

10.0 M

5.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 15'734.7 9'342.0 2'699.7 11.52x

20.0 M

Valuation Analysis

31.12.2009 31.12.2010 4'299.0 5'240.0 (12'926.0) (13'154.0) 4'362.0 4'417.0 5.74x 6.53x Profitability

31.12.2011 5'094.0 (3'530.0) 4'837.0 10.25x

31.12.2012 5'653.0 (11'434.0) 4'539.0 10.35x

-11'434.00 -12'904.00 -228.27% 117.34% 2.58% 15.32% 0.03% 28.6% -202.9% -224.9% 80.3% 1.20 1.08 0.00% 0.00% 0.17 4.81

Price/ Cash Flow

LTM-4Q

LTM

03/yy 5'130.0 0.00x (10'096.0) 0.00x 4'820.0 10.52x

03/yy 5'758.0 9.54x (11'681.0) 0.00x 4'579.0 11.17x

FY+1

1.04 2'679.83 1.62% -10.00% 1.038 7 4.429 21'153'500 16'546'850 14'421'140 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'770.5 6'937.0 1'425.0 1'498.0 5'672.0 6'830.0 7.71x 6.38x S&P Issuer Ratings

-0.64 -0.72 -0.26 0.0% 0.03 1.31 2182.11 75.88 -

Sales/Revenue/Turnover

35.00

18'000.0

30.00

16'000.0 14'000.0

25.00

12'000.0

20.00

10'000.0

15.00

8'000.0 6'000.0

10.00

4'000.0

5.00 0.00 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 |

09.07.2013

Itausa - Investimentos Itau SA Holdings By:

All

Holder Name BLACKROCK BARRETTO VI ANA LUCI ARRUDA VILL ALFREDO RUDRIC ITH SA FRANKLIN RESOURCES VANGUARD GROUP INC DYNAMO INTERNACIONAL INVESTIDOR PROFISSIO SETUBAL MARIA ALICE MARINO RODOLFO VILLE MARINO RICARDO VILLE SETUBAL ROBERTO EGYD SETUBAL NETO PAULO QUATRO A ADMIN DE RE CSHG ASSET MGMT SA SETUBAL RICARDO EGYD SETUBAL JR OLAVO EGY SETUBAL ALFREDO EGYD EGYDIO SETUBAL JOSE HSBC GESTAO DE RECUR

Firm Name

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

Analyst

EVA Dimensions DOUG WALTERS Goldman Sachs CARLOS G MACEDO Agora CTVM SA ALOISIO VILLETH LEMOS Credit Suisse MARCELO TELLES Grupo Santander BORIS MOLINA SLW Corretora de Valores e Cambio LTDPEDRO GALDI Nau Securities Ltd PEDRO BAPTISTA Sociedade Corretora Paulista MARCELO VAREJAO

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

Recommendation hold Buy/Neutral hold outperform buy buy Fairly Valued Under Review

Amt Held 242'530'730 143'304'849 143'304'849 103'297'546 90'312'595 78'476'224 44'969'335 29'956'537 26'562'226 26'234'297 26'234'297 21'971'224 21'643'295 21'471'254 21'364'611 19'347'794 19'347'794 18'691'936 17'708'150 17'451'027

% Out 7.4 4.37 4.37 3.15 2.75 2.39 1.37 0.91 0.81 0.8 0.8 0.67 0.66 0.65 0.65 0.59 0.59 0.57 0.54 0.53

Weighting

Change

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

M M M U M M M M

Latest Chg (878'488) 539'881 4'667'817 (620'070) 568'916 (21'800) 8'831 271'177

Target Price #N/A N/A 12 11 11 12 #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 05.07.2013 22.11.2012 22.11.2012 22.11.2012 30.04.2013 31.03.2013 30.06.2013 31.05.2013 22.11.2012 22.11.2012 22.11.2012 22.11.2012 22.11.2012 30.06.2013 30.06.2013 22.11.2012 22.11.2012 22.11.2012 22.11.2012 30.06.2013

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

Inst Type Investment Advisor n/a n/a Other Investment Advisor Investment Advisor Investment Advisor Other n/a n/a n/a n/a n/a Investment Advisor Investment Advisor n/a n/a n/a n/a Investment Advisor

Date 06.06.2013 03.06.2013 07.05.2013 28.03.2013 07.01.2013 31.10.2012 06.06.2012 11.08.2011

09.07.2013

Mobile Telesystems OJSC Mobile TeleSystems provides mobile telephone services in Russia and the former Soviet Union. The Company uses the GSM 900/1800 standard, operating throughout Russia and throughout Belarus, Ukraine, and Uzbekistan.

Price/Volume 25

12.0 M

10.0 M 8.0 M

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MBT US EQUITY YTD Change MBT US EQUITY YTD % CHANGE

12/2012 03/yy 21.62 16.21 1'020'596.00 18.94 -12.40% 16.84% 50.46% 1'033.2 19'568.94 7'641.90 0.0 183.3 857.63 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 11'900.9 1.12x 5'849.7 2.27x 2'000.1 -

4.0 M

31.12.2009 31.12.2010 9'823.5 11'293.2 2.18x 2.06x 4'462.2 4'862.9 4.80x 4.79x 1'004.5 1'380.6 Profitability

LTM-4Q 31.12.2011 12'318.7 1.49x 5'163.1 3.55x 1'443.9 -

31.12.2012 12'435.7 1.86x 4'898.3 4.71x 1'007.3 4'898.35 2'623.48 21.10% 13.03% 6.22% 23.59% 11.39% 0.84% 71.6% 43.8% 25.8% 8.1% 0.81 0.52 51.01% 209.63% 11.86 12.82

LTM

03/yy 12'398.5 6.59x 5'288.8 4.24x 1'634.0 0.00x

03/yy 12'474.5 7.13x 5'469.2 4.44x 921.7 0.00x

FY+1

0.99 3.80 16.07% 6.42% 0.992 26 4.385 1'513'210 2'339'163 1'944'082 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 12'878.6 13'472.5 3'024.0 2.02x 1.90x 5'431.2 5'645.2 1'260.0 1'898.8 2'038.8 400.0 423.0 8.21x 7.58x 10.67x 10.52x S&P Issuer Ratings

03.02.2012 BB STABLE 8.62 3.97 1.07 1.31 209.6% 66.6% 0.84 1.49 30.76 28.47 80.59 -21.55

Sales/Revenue/Turnover

14'000.0 12'000.0 10'000.0

0.80

8'000.0 0.60

6'000.0

0.40

4'000.0 2'000.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Mobile Telesystems OJSC Holdings By:

All

Holder Name LAZARD ASSET MANAGEM CAPITAL GROUP COMPAN JP MORGAN BLACKROCK UBS VANGUARD GROUP INC SCHRODER INVESTMENT BARING INTERNATIONAL WELLS FARGO SUN LIFE FINANCIAL I PICTET FUNDS FMR LLC STATE STREET BANK OF NEW YORK MEL NORGES BANK FIL LIMITED CREDIT SUISSE AG ALLIANZ ASSET MANAGE LSV ASSET MANAGEMENT MACQUARIE GROUP

Firm Name Barclays Gazprombank Infina Investment Company Sberbank CIB HSBC Deutsche Bank Uralsib Otkritie Capital EVA Dimensions UFS-Finance Investment Company Morgan Stanley Credit Suisse Goldman Sachs Alfa-Bank Renaissance Capital New Street Research JPMorgan IFC Metropol VTB Capital Raiffeisenbank AG BCS RMG Securities Riedel Research Group Inc Gabelli & Co

Portfolio Name n/a n/a n/a n/a n/a VANGUARD GROUP INC SCHRODER INVESTMENT BARING INTERNATIONAL n/a n/a n/a n/a n/a BANK OF NEW YORK MEL Multiple Portfolios n/a n/a n/a LSV ASSET MANAGEMENT n/a

Analyst JOHN-PAUL DAVIDS SERGEY VASIN MARIA SHIPOVSKIKH ANNA LEPETUKHINA HERVE DROUET IGOR SEMENOV KONSTANTIN B CHERNYSHEV ALEXANDER VENGRANOVICH ANDREW S ZAMFOTIS ILYA BALAKIREV CESAR TIRON OLGA BYSTROVA ALEXANDER BALAKHNIN ELINA KULIEVA ALEXANDER KAZBEGI CHRIS HOARE ALEXEI GOGOLEV EVGENY GOLOSNOY IVAN KIM SERGEY LIBIN ANNA KURBATOVA KSENIA ARUTYUNOVA DAVID R RIEDEL EVAN D MILLER

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F MF-AGG ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG

Recommendation equalweight overweight hold buy overweight hold buy hold hold hold Overwt/In-Line outperform Buy/Neutral overweight buy neutral overweight buy buy hold buy buy buy buy

Amt Held 48'549'872 45'371'196 23'338'814 23'191'959 20'275'956 15'688'098 14'221'811 11'575'291 8'091'436 7'189'945 7'136'031 7'066'294 6'970'015 5'539'708 5'316'728 5'056'488 4'744'407 4'510'120 4'067'049 3'909'705

% Out 4.7 4.39 2.26 2.24 1.96 1.52 1.38 1.12 0.78 0.7 0.69 0.68 0.67 0.54 0.51 0.49 0.46 0.44 0.39 0.38

Weighting

Change 3 5 3 5 5 3 5 3 3 3 5 5 5 5 5 3 5 5 5 3 5 5 5 5

M M M M M M U M U M M M M U M M U M M D N M N M

Latest Chg 138'568 1'134'900 1'740'820 286'576 1'892'884 265'995 (433'800) 2'813'822 362'197 426'600 (515'537) 765'374 (222'912) 455'549 2'547'857 1'096'118 1'337'514 (59'350) 102'490

Target Price 21 27 19 24 25 20 23 22 #N/A N/A 21 22 25 25 22 23 21 26 25 23 23 23 24 23 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2013 31.05.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 08.07.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 6 month 12 month 12 month 12 month 2 month Not Provided Not Provided Not Provided

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.07.2013 08.07.2013 02.07.2013 28.06.2013 27.06.2013 26.06.2013 20.06.2013 14.06.2013 11.06.2013 11.06.2013 07.06.2013 07.06.2013 05.06.2013 04.06.2013 16.05.2013 08.05.2013 05.04.2013 21.03.2013 20.03.2013 25.02.2013 06.02.2013 13.12.2012 10.07.2012 18.06.2012

09.07.2013

PTT PCL PTT PCL is a state-controlled fully integrated gas and oil company. The company explores for, produces, transports, and sells natural gas and crude oil. It also produces, transports and markets refined petroleum products.

Price/Volume 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (18.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTT-R TB EQUITY YTD Change PTT-R TB EQUITY YTD % CHANGE

12/2012 03/yy 368.00 305.00 3'380'900.00 346 -5.98% 13.44% 61.90% 2'856.3 988'279.69 455'221.09 0.0 125'880.2 143'322.88 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100 50 0 j-12

a-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

31.12.2009 31.12.2010 1'586'174.5 1'898'682.2 0.64x 0.64x 129'141.0 166'568.6 7.86x 7.31x 59'547.6 83'992.1 Profitability

LTM-4Q 31.12.2011 2'428'126.1 0.53x 203'702.5 6.27x 106'260.3 -

LTM

FY+1

0.97 9.94% 6.67% 0.968 0 2'408'378 1'750'356 1'565'322 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 2'793'833.1 ######### ######### ######### ######### 705'309.0 714'761.7 0.50x 2.00x 1.96x 0.49x 0.45x 212'079.8 208'302.5 211'650.4 239'659.7 257'106.2 62'141.0 64'448.0 6.54x 6.65x 6.37x 104'665.8 108'873.1 103'385.5 115'857.4 123'451.2 26'766.8 31'263.0 0.00x 0.00x 8.53x 8.01x 8.40x 8.24x S&P Issuer Ratings 212'079.83 Long-Term Rating Date 01.11.2006 143'897.02 Long-Term Rating BBB+ 5.15% Long-Term Outlook STABLE 6.16% Short-Term Rating Date 6.50% Short-Term Rating 16.95% Credit Ratios 12.05% EBITDA/Interest Exp. 10.73 1.76% (EBITDA-Capex)/Interest Exp. 4.92 Net Debt/EBITDA 1.39 7.4% Total Debt/EBITDA 2.16 7.6% Reference 5.0% Total Debt/Equity 75.1% 3.7% Total Debt/Capital 38.4% Asset Turnover 1.76 1.24 Net Fixed Asset Turnover 4.34 1.02 Accounts receivable turnover-days 30.88 27.91% Inventory Days 7.25 75.15% Accounts Payable Turnover Day 34.70 11.82 Cash Conversion Cycle 1.09 50.37 Sales/Revenue/Turnover

1.20

3'000'000.0

1.00

2'500'000.0

0.80

2'000'000.0

0.60

s-12

Fiscal Year Ended 31.12.2008 2'000'815.8 0.35x 148'987.3 4.69x 51'704.8 -

150

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M j-13

1'500'000.0 1'000'000.0

0.40

500'000.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

PTT PCL Holdings By:

All

Holder Name BLACKROCK BANK OF NEW YORK MEL ROBECO INVESTOR SERV ROBECO FUND MANAGEME ALLIANZ ASSET MANAGE PICTET FUNDS AGF INVESTMENTS INC ACADIAN ASSET MANAGE NORTHERN TRUST CORPO CREDIT SUISSE FUND S MIRABAUD & CIE RAIFFEISEN KAPITALAN FIDEURAM GESTIONS SA CIMB-PRINCIPAL ASSET JP MORGAN HSBC INVESTMENT FUND NOMURA SUMITOMO MITSUI TRUS BSI SA UNION INVESTMENT LUX

Firm Name

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Source ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation

Amt Held 17'299'203 6'206'894 2'140'167 1'410'900 977'100 921'000 824'200 784'500 767'600 727'000 541'700 473'300 427'200 408'500 343'800 323'100 322'802 319'900 315'000 310'000

% Out 0.61 0.22 0.07 0.05 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change

Latest Chg 485'300 (4'553) 76'700 369'000 100 (59'000) (123'800) 76'000 10'000 (6'300) 148'500 40'000 57'800 -

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 05.07.2013 08.07.2013 30.04.2013 30.04.2013 31.05.2013 31.03.2013 28.03.2013 30.04.2013 31.03.2013 29.04.2013 31.03.2013 28.03.2013 01.07.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 17.12.2012 28.03.2013 28.09.2012

Date

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 Unclassified Bank Investment Advisor Investment Advisor

Date

09.07.2013

Delta Electronics Inc Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors. Delta also manufactures magnetic and networking components.

Price/Volume 160

100

15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2013) 52-Week Low (19.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2308 TT EQUITY YTD Change 2308 TT EQUITY YTD % CHANGE

12/2012 12/yy 150.00 89.40 5'481'930.00 146 -2.67% 63.31% 90.10% 2'426.0 354'198.38 16'315.00 0.0 0.0 6'321.28 364'192.09

10.0 M

60 40

5.0 M

20 0 j-12

31.12.2009 31.12.2010 29'550.8 34'051.6 7.84x 10.22x 2'023.7 2'197.4 114.43x 158.34x 11'657.5 15'754.2 19.23x 21.29x Profitability

LTM-4Q 31.12.2011 32'701.5 5.70x 2'399.8 77.64x 10'991.0 15.72x

31.12.2012 36'287.6 7.38x 2'596.6 103.15x 16'109.5 14.96x

2'596.58 1'830.23 5.04% 49.87% 13.49% 19.95% 16.23% 0.30% 10.7% 7.2% 5.0% 44.4% 1.23 0.94 13.70% 19.50% 6.06 38.25

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

12/yy 32'701.5 27.85x 2'399.8 77.64x 10'991.0 15.71x

12/yy 36'287.6 27.83x 2'596.6 103.15x 16'109.5 14.96x

FY+1

.0 M j-13

0.95 1'768.04 3.78 67.13% 42.13% 0.949 25 4.320 6'078'694 6'285'428 5'386'382 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'805.0 - 43'280.0 49'857.0 28'615.0 12.73x 16'827.0 21.11x 19.38x S&P Issuer Ratings

19.25 0.03 3.85 6.28 19.5% 16.3% 0.30 4.45 60.38 9.57 79.01 -9.06

Sales/Revenue/Turnover

90.00

70'000.0

80.00

60'000.0

70.00

50'000.0

60.00 50.00

40'000.0

40.00

30'000.0

30.00

20'000.0

20.00

10'000.0

10.00 0.00 02.01.2010

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

120

Valuation Analysis

31.12.2008 37'906.4 3.67x 1'476.8 94.20x 10'250.9 13.54x

25.0 M

140

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Delta Electronics Inc Holdings By:

All

Holder Name HSIANG TA INTERNATIO YING TA HOLDING CO L CAPITAL GROUP COMPAN CHUNG-HUA CHENG CAPITAL INCOME DEVLP JP MORGAN COMMONWEALTH BANK OF VANGUARD GROUP INC CAPITAL WORLD GROWTH BLACKROCK LABOR INSURANCE FUND EMS GROWTH FUND MATTHEWS INTERNATION JPMORGAN ASSET MANAG NORGES BANK POLARIS SEC INVESTME EASTSPRING INVESTMEN PICTET FUNDS PING CHENG ROBECO INVESTOR SERV

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Deutsche Bank JOELIAN TSENG Daiwa Securities Co. Ltd. CHRISTINE WANG JPMorgan GOKUL HARIHARAN Mega Securities LU CALVIN Nomura ANNE LEE HSBC JENNY LAI E Sun Securities LIU KUAN-MING Credit Suisse PAULINE CHEN BNP Paribas Equity Research CHARLES HSU EVA Dimensions ANDREW S ZAMFOTIS Masterlink Securities JUSTINA HSIAO Capital Securities Corp LEE MENGXUAN Fubon Securities KEVIN CHANG President Capital Management YING-CHANG KUO SinoPac BAMBOO LIN Macquarie TAMMY LAI Morgan Stanley GRACE CHEN Goldman Sachs ROBERT YEN Yuanta Securities Investment ConsultingDENNIS CHAN KGI Securities JENNIFER LIANG Barclays WAYNE DONG Jih Sun Securities JOEE CHANG

Source EXCH Co File ULT-AGG EXCH Co File ULT-AGG MF-AGG MF-AGG Co File ULT-AGG Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG ULT-AGG EXCH MF-AGG

Recommendation not rated outperform overweight neutral neutral overweight buy on weakness outperform buy hold buy neutral add buy buy outperform Overwt/In-Line Buy/Neutral buy outperform overweight neutral

Amt Held 254'000'000 207'324'184 197'574'243 140'000'000 89'053'233 69'445'460 62'293'811 57'804'324 55'344'092 47'467'506 44'665'000 40'210'348 40'184'000 35'018'000 23'448'270 20'899'000 15'324'424 13'730'554 8'304'645 7'700'115

% Out 10.47 8.55 8.14 5.77 3.67 2.86 2.57 2.38 2.28 1.96 1.84 1.66 1.66 1.44 0.97 0.86 0.63 0.57 0.34 0.32

Weighting

Change

#N/A N/A 5 5 3 3 5 5 5 5 3 5 3 4 5 5 5 5 5 5 5 5 3

M M M M M U M M M U M M M U M M M M M M M N

Latest Chg (207'372) 1'375'000 407'407 2'971'460 1'803'000 9'012'000 1'330'557 (2'095'000) 3'794'000 (614'000) (100'000) (489'126)

Target Price #N/A N/A 165 160 151 160 153 #N/A N/A 160 160 #N/A N/A 172 #N/A N/A 160 159 166 171 158 165 160 168 160 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 21.04.2012 31.03.2013 31.05.2013 21.04.2012 31.05.2013 28.02.2013 31.03.2013 21.04.2012 05.07.2013 21.04.2012 21.04.2012 21.04.2012 21.04.2012 31.12.2012 31.12.2012 14.09.2012 31.03.2013 31.05.2013 30.04.2013

Date Not Provided Not Provided 6 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 6 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Other Other Investment Advisor n/a n/a Investment Advisor Bank Investment Advisor n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor

Date 02.07.2013 02.07.2013 01.07.2013 28.06.2013 25.06.2013 17.06.2013 17.06.2013 06.06.2013 03.06.2013 30.05.2013 08.05.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 20.08.2012

09.07.2013

Bank Rakyat Indonesia Persero Tbk PT PT Bank Rakyat Indonesia (Persero) Tbk provides commercial banking activities and its related services. The Bank also provides banking activities based on shariah principles.

Price/Volume 12000

160.0 M 140.0 M

10000

120.0 M 8000

Latest Fiscal Year: LTM as of: 52-Week High (01.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/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 BBRI IJ EQUITY YTD Change BBRI IJ EQUITY YTD % CHANGE

12/2012 03/yy 9'950.00 6'250.00 21'526'500.00 7250 -27.14% 16.00% 28.38% 24'669.2 178'851'424.00 15'783'935.00 0.0 75'021.0 ########### -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M 60.0 M

4000

40.0 M 2000

20.0 M

0 j-12

a-12

s-12 o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 30'432'515.0 5'958'368.0 9.21x

100.0 M

6000

Valuation Analysis

31.12.2009 31.12.2010 38'635'691.0 50'159'369.0 7'308'292.0 11'472'385.0 12.55x 10.98x Profitability

LTM-4Q 31.12.2011 53'941'703.0 15'082'939.0 10.73x

LTM

FY+1

.0 M j-13

1.17 10'669.16 11.81% 6.99% 1.166 35 4.371 25'419'200 46'291'750 38'507'240 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 58'000'153.0 ######### ######### ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 18'680'884.0 ######### ######### ######### ######### ######### ######### 8.92x 10.38x 10.74x 8.90x 7.84x S&P Issuer Ratings - Long-Term Rating Date 02.05.2012 - Long-Term Rating BB+ 50.55% Long-Term Outlook STABLE 53.17% Short-Term Rating Date 02.05.2012 4.03% Short-Term Rating B 32.80% Credit Ratios 24.65% EBITDA/Interest Exp. 0.12% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 24.4% 41.6% Total Debt/Capital 19.6% Asset Turnover 0.12 - Net Fixed Asset Turnover 23.37 - Accounts receivable turnover-days 2.86% Inventory Days 24.36% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

70'000'000.0

25.00

60'000'000.0 50'000'000.0

20.00

40'000'000.0 15.00

30'000'000.0

10.00

20'000'000.0

5.00

10'000'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Bank Rakyat Indonesia Persero Tbk PT Holdings By:

All

Holder Name REPUBLIC OF INDONESI FIL LIMITED FRANKLIN RESOURCES VANGUARD GROUP INC WILLIAM BLAIR & COMP BLACKROCK FMR LLC JP MORGAN CAPITAL GROUP COMPAN SCHRODER INVESTMENT EASTSPRING INVESTMEN SUN LIFE FINANCIAL I ARTISAN PARTNERS HOL GRANTHAM MAYO VAN OT PANIN SEKURITAS ROBECO INVESTOR SERV UBS EASTSPRING INVESTMEN JYSKE INVEST MANULIFE ASET MANAJE

Firm Name Deutsche Bank Bahana Securities UOB Kay Hian Goldman Sachs JPMorgan DBS Vickers Panin Sekuritas Mandiri Sekuritas PT/Indonesia CIMB Barclays Indo Premier Securities RHB Research Institute Sdn Bhd EVA Dimensions Danareksa Standard Chartered Maybank Kim Eng Macquarie Andalan Artha Advisindo Sekuritas PT Nomura PT Valbury Asia Securities AmCapital Indonesia Credit Suisse Trimegah Securities Tbk PT Samuel Sekuritas Indonesia Sucorinvest Central Gani Morgan Stanley PT Batavia Prosperindo Sekuritas Ciptadana Sekuritas HSBC Daiwa Securities Co. Ltd. BNP Paribas Equity Research BNI Securities PT Sinarmas Sekuritas

Portfolio Name n/a n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst RAYMOND KOSASIH TEGUH P. HARTANTO RUFINA TAM BENJAMIN KOO HARSH WARDHAN MODI SUE LIN LIM RAYMOND BUDIMAN TJANDRA LIENANDJAJA ERWAN TEGUH TEH ANISH TAWAKLEY STEPHAN HASJIM ROCKY INDRAWAN DOUG WALTERS EKA SAVITRI JAJ SINGH RAHMI SARI MARINA NICOLAOS OENTUNG A INDRAJATRI WILIANTO IE BUDI RUSTANTO YAP SWIE CU TEDDY OETOMO ROBBY HAFIL JOSEPH PANGARIBUAN ISFHAN HELMY NICK LORD ANDY FERDINAND SYAIFUL ADRIAN LOO KAR WENG SRIKANTH VADLAMANI TEAM COVERAGE NORICO GAMAN JANSEN KUSTIANTO

Source Co File ULT-AGG ULT-AGG MF-AGG 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold buy Buy/Neutral overweight buy buy buy neutral underweight buy buy overweight buy in-line hold outperform buy buy buy buy neutral buy buy buy Overwt/Attractive buy buy underweight hold buy buy accumulate

Amt Held 13'999'999'999 474'329'250 357'928'500 340'162'778 315'458'321 281'794'547 254'744'126 248'904'950 180'202'500 101'080'000 77'340'000 73'716'500 65'678'500 60'181'000 59'094'000 58'006'940 54'604'000 53'950'000 50'891'760 50'075'000

% Out 56.75 1.92 1.45 1.38 1.28 1.14 1.03 1.01 0.73 0.41 0.31 0.3 0.27 0.24 0.24 0.24 0.22 0.22 0.21 0.2

Weighting

Change 5 3 5 5 5 5 5 5 3 1 5 5 5 5 3 3 5 5 5 5 5 3 5 5 5 5 5 5 1 3 5 5 4

M M U M M U N M M M N M M M M M M M M M M M M M M M M M D D M M M

Latest Chg 9'064'596 (3'027'000) 42'065'732 48'726'000 24'000 13'611'866 17'201'000 (7'916'000) (70'086'500) 3'133'000 27'448'500 (5'220'159) 1'865'000 170'000 -

Target Price 9'400 8'500 9'700 9'050 10'000 9'000 9'900 10'600 8'900 7'300 10'250 11'200 #N/A N/A 10'600 8'507 8'500 11'000 10'500 10'800 10'000 9'900 9'000 10'000 11'000 10'600 9'668 9'000 9'900 6'000 7'750 9'000 9'000 7'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 31.12.2012 30.04.2013 31.03.2013 31.03.2013 05.07.2013 31.05.2013 31.05.2013 31.03.2013 12.07.2013 31.12.2012 31.05.2013 31.03.2013 31.05.2012 31.12.2011 30.04.2013 31.03.2013 14.09.2012 31.01.2013 31.12.2010

Date 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month

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 Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 08.07.2013 04.07.2013 04.07.2013 02.07.2013 27.06.2013 24.06.2013 21.06.2013 20.06.2013 17.06.2013 14.06.2013 13.06.2013 11.06.2013 06.06.2013 26.05.2013 16.05.2013 13.05.2013 03.05.2013 01.05.2013 29.04.2013 29.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 04.02.2013 28.12.2012 01.11.2012 31.10.2012 11.09.2012 20.04.2012 11.04.2012

09.07.2013

Turkiye Garanti Bankasi AS Turkiye Garanti Bankasi A.S. attracts deposits and offers retail and commercial banking services. The Group offers lease financing, insurance, asset management, securities brokerage, automobile and mortgage loans, credit cards, and other financial services. Turkiye Garanti Bankasi operates in Turkey, the Netherlands, Germany, Romania, Russia, Luxembourg, Malta, and Bahrain.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/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 GARAN TI EQUITY YTD Change GARAN TI EQUITY YTD % CHANGE

12/2012 03/yy 11.35 6.64 16'613'127.00 7.56 -33.39% 13.86% 17.41% 4'200.0 31'752.00 45'583.99 0.0 140.5 26'337.81 -

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 j-12

31.12.2009 31.12.2010 14'640.5 13'694.0 3'085.7 3'381.1 8.64x 9.71x Profitability

LTM-4Q 31.12.2011 15'453.2 3'326.3 7.45x

31.12.2012 17'675.4 3'334.1 11.66x

41.98% 41.98% 2.02% 17.14% 5.66% 0.10% 32.5% 25.36% 211.86% -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 16'116.9 0.00x 0.0 0.00x 3'368.2 8.80x

d-12

03/yy 18'091.3 0.00x 0.0 0.00x 3'554.7 11.41x

j-13

f-13 m-13

a-13 m-13

j-13

.0 M j-13

FY+1

1.17 10.73% -17.25% 1.174 31 3.581 50'353'930 62'947'900 45'695'150 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 9'862.2 10'452.9 2'382.0 2'353.5 3'593.0 3'800.8 919.0 917.0 8.71x 8.19x 9.69x S&P Issuer Ratings

05.04.2013 BB+ STABLE 211.9% 67.8% 0.10 4.37 -

Sales/Revenue/Turnover

160.00

20'000.0

140.00

18'000.0 16'000.0

120.00

14'000.0

100.00

12'000.0

80.00

10'000.0 8'000.0

60.00

6'000.0

40.00

4'000.0

20.00

2'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 12'829.6 1'879.4 5.81x

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 |

09.07.2013

Turkiye Garanti Bankasi AS Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA DOGUS HOLDING AS ABERDEEN VANGUARD GROUP INC BLACKROCK JP MORGAN T ROWE PRICE ASSOCIA FMR LLC CAPITAL GROUP COMPAN OPPENHEIMERFUNDS INC NORGES BANK MORGAN STANLEY UMB BANK N A SCHRODER INVESTMENT THAMES RIVER CAPITAL BARING INTERNATIONAL BNP PARIBAS INV PART JUPITER ASSET MANAGE EAST CAPITAL ASSET M FIL LIMITED

Firm Name Seker Securities BGC Partners Burgan Securities Oyak Securities Eczacibasi Securities Global Menkul Degerler Ak Investment Goldman Sachs Credit Suisse JPMorgan Ekspres Invest Barclays Morgan Stanley Societe Generale FinansInvest BNP Paribas Equity Research EVA Dimensions VTB Capital IS Investment & Securities ATA Invest Deutsche Bank HSBC Yatirim Finansman Securities Tera Stock Brokers Keefe, Bruyette & Woods Marfin Analysis (ESN) Renaissance Capital Yapi Kredi Yatirim ve Menkul Degerler

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst NESLIHAN KARAGOZ CAGDAS DOGAN NERGIS KASABALI METIN ESENDAL SERCAN SOYLU SEVGI ONUR HAKAN AYGUN DMITRY TREMBOVOLSKY ATES BULDUR PAUL FORMANKO CIHAN SARAOGLU CRISTINA MARZEA MAGDALENA STOKLOSA ALAN WEBBORN MUGE DAGISTAN SADRETTIN BAGCI DOUG WALTERS AKIN TUZUN BULENT SENGONUL DERYA GUZEL KAZIM ANDAC TAMER SENGUN ZUMRUT CAN HASAN DEMIR RONNY REHN KONSTANTINOS MANOLOPOULOS YAVUZ UZAY MURAT BOREKCI

Source Co File Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation market perform hold hold market perform market perform buy market perform neutral/neutral neutral neutral hold equalweight Equalwt/In-Line buy outperform hold hold hold outperform market outperform buy overweight market perform neutral market perform accumulate hold hold

Amt Held 1'050'420'000 857'316'600 135'922'788 104'302'952 89'009'875 71'100'589 39'661'640 39'218'846 32'742'270 29'470'111 21'914'217 16'468'636 16'442'912 15'651'678 12'405'000 12'307'071 10'595'273 8'946'215 8'785'103 8'536'333

% Out 25.01 20.41 3.24 2.48 2.12 1.69 0.94 0.93 0.78 0.7 0.52 0.39 0.39 0.37 0.3 0.29 0.25 0.21 0.21 0.2

Weighting

Change 3 3 3 3 3 5 3 3 3 3 3 3 3 5 5 3 3 3 5 4 5 5 3 3 3 4 3 3

M M M D M M M M M D M M M M M M M U M U U U M M M M M U

Latest Chg (170'000) 513'288 (1'705'588) (2'947'756) 3'575'162 129'192 (4'022'108) 619'630 5'202'336 26'329 335'000 1'669'215 (612'200) (4'032'979)

Target Price 11 10 11 10 9 10 10 10 9 10 9 10 10 10 13 11 #N/A N/A 9 11 13 13 13 11 10 9 11 11 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 31.05.2013 31.03.2013 05.07.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 30.04.2013 31.12.2012 31.03.2013 30.04.2013 31.03.2013 30.09.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.10.2012

Date Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month

Inst Type Bank Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 05.07.2013 05.07.2013 05.07.2013 02.07.2013 02.07.2013 28.06.2013 28.06.2013 27.06.2013 26.06.2013 24.06.2013 24.06.2013 24.06.2013 19.06.2013 18.06.2013 18.06.2013 06.06.2013 06.06.2013 05.06.2013 03.06.2013 29.05.2013 22.05.2013 15.05.2013 30.04.2013 26.04.2013 25.04.2013 23.04.2013 22.04.2013 11.02.2013

09.07.2013

Cathay Financial Holding Co Ltd Cathay Financial Holding Co., Ltd. is a holding company. Through its subsidiaries, the Company provides traditional life, health care, and accident insurances, as well as banking, security underwriting, and brokerage services.

Price/Volume 45

140.0 M

120.0 M

100.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/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 2882 TT EQUITY YTD Change 2882 TT EQUITY YTD % CHANGE

12/2012 03/yy 42.60 27.14 65'153'058.00 41.6 -2.35% 53.26% 83.18% 10'865.4 452'000.22 23'774.56 0.0 0.0 17'798.89 457'975.88

2'196.0 182.50x

80.0 M

60.0 M

40.0 M

20.0 M

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

.0 M j-13

Fiscal Year Ended 31.12.2008

31.12.2009

31.12.2010

11'050.0 52.37x Profitability

LTM-4Q 31.12.2011

31.12.2012 -

98.76% 96.81% 16.24% 18.81% 16.69% 0.17% 96.6% 11.87% 13.56% -

Price/ Cash Flow

09/yy 0.0 #DIV/0! 0.0 0.00x 7'490.6 0.00x

LTM 03/yy 0.0 #DIV/0! 0.0 0.00x 7'856.7 0.00x

FY+1

1.08 6'328.64 66.25 49.85% 32.06% 1.084 26 3.808 25'603'250 25'562'650 23'780'950 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 85'294.0 86'738.0 26'277.9 27'422.7 6'222.4 6'091.3 16.92x 16.26x 16.07x S&P Issuer Ratings

29.04.2009 BBB+ STABLE 13.05.2002 A-2 13.6% 11.9% 0.17 -

Sales/Revenue/Turnover

35.00

35'000.0

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 06.01.2007 06.07.2007 06.01.2008 06.07.2008 06.01.2009 06.07.2009 06.01.2010 06.07.2010 06.01.2011 06.07.2011 06.01.2012 06.07.2012 06.01.2013

0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Cathay Financial Holding Co Ltd Holdings By:

All

Holder Name WAN PAO DEVELOPMENT LIN YUAN INVESTMENT VANGUARD GROUP INC BLACKROCK VANGUARD EMS INDEX F WAN TA INVESTMENT CO SINGAPORE GOVERNMENT LABOR INSURANCE FUND PO HAN INVESTMENT CO PAI HSING INVEST CO CHUNGHWA POST CO LTD PUBLIC SERVICE PENSI NORGES BANK POLARIS SEC INVESTME CHENG-DA TSAI HONG-TU TSAI CATHAY LIFE EMPLOYEE CHEN-CHIU TSAI CHEN SHENG CORP DIMENSIONAL FUND ADV

Firm Name

Portfolio Name #N/A N/A #N/A N/A Multiple Portfolios n/a n/a #N/A N/A n/a n/a n/a #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a

Analyst

HSBC BRUCE B WARDEN BNP Paribas Equity Research LING TANG Jih Sun Securities ERIC CHANG SinoPac LILY HSIAO JPMorgan JEMMY S HUANG Capital Securities Corp THONY CHEN President Capital Management TINA YENG PING CHEN Nomura JESSE WANG KGI Securities WEN-YEN FANG EVA Dimensions DOUG WALTERS Macquarie DEXTER HSU Mega Securities CHUANG PIYEN Yuanta Securities Investment ConsultingPEGGY SHIH Morgan Stanley BEN LIN Masterlink Securities TOM LIANG Credit Suisse CHUNG HSU Deutsche Bank PANDORA LEE Fubon Securities LIN CHIU-SIANG IBT Securities Co Ltd YU CONG WU Barclays NOEL CHAN Goldman Sachs VINCENT CHANG Daiwa Securities Co. Ltd. JERRY YANG E Sun Securities HONG CLIFF RBS NORA HOU

Source EXCH EXCH MF-AGG ULT-AGG Co File EXCH Co File Co File Co File EXCH Co File Co File MF-AGG MF-AGG EXCH EXCH EXCH EXCH EXCH ULT-AGG

Recommendation underweight hold buy Under Review overweight buy buy neutral outperform underweight neutral buy on weakness restricted Underwt/Cautious buy neutral buy add buy overweight neutral/neutral buy buy hold

Amt Held 1'960'000'000 1'690'000'000 195'493'260 151'477'853 128'978'630 120'000'000 119'393'371 106'885'199 91'466'691 88'462'784 86'040'750 83'800'237 80'803'175 71'655'683 55'413'530 45'595'229 30'852'893 30'259'767 24'256'606 20'045'208

% Out 18.04 15.55 1.8 1.39 1.19 1.1 1.1 0.98 0.84 0.81 0.79 0.77 0.74 0.66 0.51 0.42 0.28 0.28 0.22 0.18

Weighting

Change

1 3 5 #N/A N/A 5 5 5 3 5 1 3 5 #N/A N/A 1 5 3 5 4 5 5 3 5 5 3

M M M M M M M M M D M M M M M M M M N M M M U M

Latest Chg 7'904'800 (770'000) (7'101'317) 169'050

Target Price 26 40 49 45 48 47 48 45 47 #N/A N/A 36 47 #N/A N/A 34 47 44 46 45 #N/A N/A 49 36 49 #N/A N/A 32

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.03.2013 05.07.2013 17.04.2012 31.05.2013 17.04.2012 17.04.2012 17.04.2012 31.05.2013 17.04.2012 17.04.2012 31.12.2012 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 29.03.2013

Date Not Provided 12 month 6 month Not Provided 6 month Not Provided 6 month Not Provided 12 month Not Provided 12 month 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

Inst Type Other Corporation Investment Advisor Investment Advisor n/a Corporation n/a n/a Corporation Corporation Government n/a Government Investment Advisor n/a n/a Other n/a Corporation Investment Advisor

Date 09.07.2013 08.07.2013 04.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 24.06.2013 21.06.2013 19.06.2013 17.06.2013 17.06.2013 29.05.2013 27.05.2013 22.05.2013 20.05.2013 06.05.2013 06.05.2013 06.05.2013 06.05.2013 05.05.2013 03.05.2013 16.04.2013 04.03.2013

09.07.2013

Sanlam Ltd Sanlam Limited is a financial services group in South Africa. Through its subsidiaries, Sanlam is a provider of life insurance, retirement annuities, unit trusts, health insurance, and employee benefits. In addition, the Group provides investment and risk products to group funds. Sanlam has investments in companies involved in securities trading, short-term insurance, and commercial banking.

Price/Volume

30.0 M 25.0 M 20.0 M

3000

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/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 SLM SJ EQUITY YTD Change SLM SJ EQUITY YTD % CHANGE

12/2012 01/yy 5'024.00 3'488.17 988'190.00 4624 -7.96% 32.56% 71.68% 2'100.0 97'104.00 5'463.00 0.0 2'970.0 14'952.00 90'585.00

15.0 M

2000

10.0 M

1000

5.0 M

0 j-12

31.12.2009 31.12.2010 60'880.0 67'501.0 0.70x 0.77x 4'388.0 5'523.0 10.15x 10.74x Profitability

31.12.2011 54'481.0 0.93x 5'166.0 11.13x

31.12.2012 88'765.0 0.90x 5'655.0 14.98x

11.50% 11.36% 1.37% 15.99% 15.26% 0.21% 6.4% 1.23% 14.80% -

Price/ Cash Flow

s-12

LTM-4Q

LTM

01/yy

01/yy -

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

.0 M j-13

j-13

FY+1 -

3.57 0.93 1'381.88 33.52% 8.26% 0.933 8 3.000 4'610'823 7'665'219 7'034'909 FY+2

12/13 Y 12/14 Y 37'963.0 41'373.0 6'326.7 6'978.3 14.80x 13.36x S&P Issuer Ratings

FQ+1

FQ+2

14.8% 12.0% 0.21 -

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

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

5000 4000

Valuation Analysis

31.12.2008 19'944.0 1.64x 2'494.0 12.56x

6000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Sanlam Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI UBUNTU-BOTHO INVEST STATE STREET CUSTODI SANLAM LIFE INSURANC JP MORGAN CUSTODIAN ALLAN GRAY UNIT TRUS VANGUARD GROUP INC STATE STREET NORTHERN TR AVFC GOV CITIBANK NEW YORK CAPITAL GROUP COMPAN DIMENSIONAL FUND ADV LAZARD ASSET MANAGEM SANLAM LTD SHARE INC BLACKROCK OLD MUTUAL GEPF SIM PTY LTD FIN LIBERTY LIFE ASSURAN CITIBANK LONDON BANK OF NY CUSTODIAN

Firm Name JPMorgan Avior Research SBG Securities EVA Dimensions Credit Suisse Investec Nedgroup Securities Afrifocus Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst FRANCOIS DU TOIT HARRY BOTHA RISTO KETOLA DOUG WALTERS BRIAN MUSHONGA MARK SALMON DAVID S DANILOWITZ VIJU JOSEPH

Source SJ-REG SJ-REG ULT-AGG SJ-REG SJ-REG MF-AGG MF-AGG ULT-AGG SJ-REG SJ-REG ULT-AGG ULT-AGG ULT-AGG SJ-REG ULT-AGG ULT-AGG SJ-REG SJ-REG SJ-REG SJ-REG

Recommendation overweight underperform sell overweight outperform sell hold hold

Amt Held 271'515'581 226'000'000 133'301'259 124'995'285 71'993'754 64'104'159 53'082'192 52'953'957 51'922'297 37'402'666 37'372'800 35'977'674 32'276'868 32'126'209 29'602'120 24'508'891 23'239'208 22'200'272 21'181'243 19'119'824

% Out 12.93 10.76 6.35 5.95 3.43 3.05 2.53 2.52 2.47 1.78 1.78 1.71 1.54 1.53 1.41 1.17 1.11 1.06 1.01 0.91

Weighting

Change 5 1 1 5 5 1 3 3

U M M M U M M M

Latest Chg (4'637'403) 32'271 (17'561'681) (7'284'709) 4'735'154 403'636 2'826'065 937'230 (16'433'200) 12'771 (70'098) (45'396) 335'703 333'891 166'967 187'704 6'590

Target Price 5'100 4'907 4'200 #N/A N/A 5'000 4'551 4'370 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 08.07.2013 31.05.2013 31.05.2013 31.03.2013 29.03.2013 31.05.2013 31.05.2013 05.07.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

Date 9 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Government n/a Other Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Unclassified Investment Advisor Investment Advisor Unclassified n/a Investment Advisor Unclassified n/a Insurance Company Bank Investment Advisor

Date 24.06.2013 13.06.2013 11.06.2013 06.06.2013 14.05.2013 03.05.2013 08.03.2013 09.11.2011

09.07.2013

China Shenhua Energy Co Ltd China Shenhua Energy Company Limited is an integrated coal-based energy company focusing on the coal and power businesses in China. The Company also owns and operates an integrated coal transportation network consisting of dedicated rail lines and port facilities.

Price/Volume 40

60.0 M

50.0 M

30 40.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (03.07.2013) Daily Volume Current Price (7/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 1088 HK EQUITY YTD Change 1088 HK EQUITY YTD % CHANGE

12/2012 03/yy 35.45 18.10 20'032'437.00 19.42 -45.22% 7.29% 10.84% 3'398.6 395'940.19 87'184.00 0.0 49'968.0 55'599.00 366'272.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

10 10.0 M

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 104'416.0 3.62x 50'621.0 7.47x 25'959.0 11.07x

30.0 M

31.12.2009 31.12.2010 117'526.0 157'662.0 6.12x 3.31x 58'355.0 72'181.0 12.32x 7.22x 30'276.0 38'834.0 21.98x 14.16x Profitability

LTM-4Q 31.12.2011 209'225.0 2.69x 84'836.0 6.64x 45'846.0 11.86x

31.12.2012 250'260.0 2.37x 88'014.0 6.73x 48'858.0 11.12x

88'014.00 69'864.00 27.92% 27.18% 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

.0 M j-13

6.26 1.11 3'388.20 -28.39% -39.36% 1.110 36 4.611 33'258'590 22'822'010 21'515'200 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 217'580.0 246'167.0 255'209.6 270'818.0 62'400.5 69'925.0 10.26x 8.58x 1.47x 1.36x 5.88x 0.0 0.0 87'549.1 93'188.5 0.00x 0.00x 4.18x 3.93x 45'776.0 47'543.0 46'221.2 48'482.8 11'473.5 13'963.0 11.55x 9.44x 6.58x 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

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 |

09.07.2013

China Shenhua Energy Co Ltd Holdings By:

All

Holder Name JP MORGAN BLACKROCK VANGUARD GROUP INC FRANKLIN RESOURCES HANG SENG INVESTMENT MATTHEWS INTERNATION BANK OF NEW YORK MEL STATE STREET INVESCO LTD INVESTEC ASSET MANAG ALLIANZ ASSET MANAGE EASTSPRING INVESTMEN SHINHAN BNP PARIBAS FIL LIMITED NORGES BANK WILLIAM BLAIR & COMP CAPITAL GROUP COMPAN MANULIFE FUNDS DIREC EASTSPRING INVESTMEN MITSUBISHI CORP

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Goldman Sachs JULIAN ZHU Standard Chartered CHEN YAN Deutsche Bank JAMES KAN Credit Suisse TRINA CHEN JPMorgan DANIEL KANG Barclays EPHREM RAVI Yuanta Securities Investment ConsultingNICE WANG Jefferies LABAN YU Sanford C. Bernstein & Co MICHAEL W PARKER Guotai Junan LEO WU Nomura JOSEPH C LAM Macquarie MATTY ZHAO EVA Dimensions DOUG WALTERS Bank of China International LAWRENCE LAU Haitong International Securities CHO FOOK TAT ICBC International Securities ANNA YU Masterlink Securities LI XIN BOCOM International Holdings WANG RONGJUAN DBS Vickers JUNE NG UOB Kay Hian HELEN LAU Morgan Stanley WEE KIAT TAN China International Capital Corp CAI HONGYU ABC International MARK YIBIAO CHEN HSBC SIMON FRANCIS BNP Paribas Equity Research JAMES CLARKE Mirae Asset Securities SHIRLEY ZHAO Daiwa Securities Co. Ltd. DAVE DAI Citic Securities Co., Ltd ZU GUOPENG Capital Securities Corp TEAM COVERAGE Religare Capital Markets TRACY HUANG Ji Asia SAMUEL THAWLEY KGI Securities FLANNERY HUEI-CHEN 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 MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG 13F ULT-AGG MF-AGG MF-AGG Co File

Recommendation Buy/Neutral outperform buy outperform overweight overweight buy hold underperform buy neutral neutral buy buy buy buy buy buy buy buy Overwt/In-Line buy buy overweight buy buy buy buy buy buy neutral neutral buy buy neutral buy

Amt Held 380'967'654 265'015'711 108'979'692 54'133'130 45'577'836 41'746'500 39'037'400 35'183'978 27'952'992 26'121'500 20'745'500 19'010'000 16'085'130 16'038'043 14'382'108 14'117'304 13'382'525 12'043'500 11'228'500 10'378'500

% Out 11.21 7.8 3.21 1.59 1.34 1.23 1.15 1.04 0.82 0.77 0.61 0.56 0.47 0.47 0.42 0.42 0.39 0.35 0.33 0.31

Weighting

Change 5 5 5 5 5 5 5 3 1 5 3 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 3 5 5 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M D M M M M N

Latest Chg 5'706'890 (2'109'000) 7'432'500 5'375'500 (1'567'272) 7'389'956 (52'500) 780'000 6'685'000 (4'556'500) (5'277'165) (894'500) (7'399'000) (1'718'500) -

Target Price 24 35 26 35 30 38 26 22 20 38 30 26 #N/A N/A 38 36 32 32 32 36 35 36 37 33 37 37 40 38 35 34 36 #N/A N/A 36 30 38 35 35

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.06.2013 05.07.2013 31.03.2013 30.04.2013 30.06.2012 28.03.2013 08.07.2013 08.07.2013 08.07.2013 30.04.2013 31.05.2013 14.09.2012 31.12.2012 31.10.2012 31.12.2012 31.03.2013 31.03.2013 30.06.2012 31.12.2012 31.03.2012

Date 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Corporation

Date 08.07.2013 05.07.2013 04.07.2013 04.07.2013 04.07.2013 04.07.2013 02.07.2013 27.06.2013 27.06.2013 21.06.2013 20.06.2013 17.06.2013 06.06.2013 03.06.2013 27.05.2013 23.05.2013 09.05.2013 03.05.2013 29.04.2013 29.04.2013 28.04.2013 28.04.2013 22.04.2013 25.03.2013 25.03.2013 25.03.2013 19.11.2012 05.11.2012 30.10.2012 29.10.2012 29.10.2012 13.08.2012 16.07.2012 14.05.2012 13.04.2012 07.07.2010

09.07.2013

Cielo SA Cielo SA is an electronic payment solutions company based in Brazil and Latin America. The Company is responsible for accreditation of commercial establishments, capture, transmission, processing and settlement of transactions made with credit cards and debit cards as well as network management services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CIEL3 BZ EQUITY YTD Change CIEL3 BZ EQUITY YTD % CHANGE

12/2012 03/yy 56.99 37.13 1'699'100.00 55.5 -2.61% 49.46% 92.50% 786.1 43'629.41 2'114.14 0.0 8.9 431.16 45'372.28

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 2'747.8 2'126.0 1'342.1 -

31.12.2009 31.12.2010 3'309.5 3'992.5 6.16x 2'274.5 2'564.0 8.97x 1'533.8 1'829.3 13.65x 10.00x Profitability

LTM-4Q 31.12.2011 4'208.7 6.21x 2'388.5 10.94x 1'810.3 14.49x

31.12.2012 5'427.4 7.18x 3'082.6 12.65x 2'314.6 16.09x

3'082.59 2'765.27 50.95% 64.70% 31.09% 117.23% 75.07% 0.75% 65.9% 55.4% 49.6% 42.6% 1.37 1.36 21.06% 92.84% 1.26 -

Price/ Cash Flow

03/yy 4'448.0 23.23x 2'590.3 13.01x 1'953.6 17.24x

LTM 03/yy 5'753.2 26.43x 3'189.2 12.75x 2'388.9 16.28x

FY+1

0.52 334.02 15.30% 19.48% 0.522 24 3.417 1'884'580 1'896'600 2'265'920 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 7'003.2 7'590.2 1'787.2 1'871.4 6.30x 5.77x 25.11x 24.10x 3'975.3 4'354.4 1'066.7 1'127.3 11.41x 10.42x 9.94x 9.69x 2'579.0 2'805.9 637.0 679.0 16.84x 15.28x 15.99x 15.49x S&P Issuer Ratings

81.88 79.48 0.54 0.68 92.8% 48.0% 0.75 11.31 288.71 567.54 -

Sales/Revenue/Turnover

40.00

6'000.0

35.00

5'000.0

30.00

4'000.0

25.00 20.00

3'000.0

15.00

2'000.0

10.00

1'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Cielo SA Holdings By:

All

Holder Name BB BCO DE INVESTIMEN COLUMBUS HOLDINGS SA LAZARD ASSET MANAGEM BLACKROCK VANGUARD GROUP INC BTG PACTUAL GLOBAL A JP MORGAN NORGES BANK INVESCO LTD BB GESTAO DE RECURSO CSHG ASSET MGMT SA DYNAMO INTERNACIONAL PICTET FUNDS BTG PACTUAL WM GESTA MODAL ADMIN DE RECUR HARRIS TRUST & SAVIN BRAM BRADESCO ASSET GRANTHAM MAYO VAN OT SQUADRA INV GESTAO D BNY MELLON ARX INV L

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Planner Corretora de Valores LUIZ FRANCISCO CAETANO Banco BTG Pactual SA EDUARDO ROSMAN Coinvalores SANDRA PERES Votorantim CTVM Research RENATO SCHUETZ Goldman Sachs CARLOS G MACEDO Agora CTVM SA ALOISIO VILLETH LEMOS Itau BBA Securities ALEXANDRE SPADA Bradesco Corretora CARLOS W FIRETTI Deutsche Bank MARIO PIERRY Morgan Stanley JORGE KURI Banco Safra de Investimento FRANCISCO KOPS EVA Dimensions ANDREW S ZAMFOTIS Grupo Santander HENRIQUE NAVARRO JPMorgan DOMINGOS FALAVINA Banco do Brasil SA NATANIEL CEZIMBRA Credit Suisse VICTOR SCHABBEL HSBC MARIEL SANTIAGO Raymond James FEDERICO REY-MARINO Brasil Plural EDUARDO NISHIO SLW Corretora de Valores e Cambio LTDPEDRO GALDI

Source EXCH EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral neutral buy market perform neutral/neutral hold market perform market perform hold Overwt/No Rating neutral underweight underperform overweight outperform outperform neutral market perform overweight hold

Amt Held 225'222'070 225'222'070 79'310'947 15'321'689 11'677'467 10'646'381 9'701'803 7'066'963 6'351'465 5'787'376 5'496'384 4'147'545 3'912'422 3'683'228 3'651'474 3'609'100 3'569'395 3'228'192 3'153'386 2'858'582

% Out 28.65 28.65 10.09 1.95 1.49 1.35 1.23 0.9 0.81 0.74 0.7 0.53 0.5 0.47 0.46 0.46 0.45 0.41 0.4 0.36

Weighting

Change 3 3 5 3 3 3 3 3 3 5 3 1 1 5 5 5 3 3 5 3

M M M M M M M M M M M D M M M M D M N M

Latest Chg 8'160 2'257'911 1'058'222 757'226 (351'040) 759'960 103'980 (855'942) (603'111) (418'227) 53'200 1'674 2'114'257 (161'214) 116'956 (378'543)

Target Price 60 60 73 58 54 67 57 57 49 62 52 #N/A N/A 52 54 57 60 45 #N/A N/A 56 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 06.12.2012 06.12.2012 31.05.2013 05.07.2013 31.03.2013 30.06.2013 31.05.2013 31.12.2012 08.07.2013 30.06.2013 30.06.2013 30.06.2013 31.03.2013 30.06.2013 31.05.2013 28.03.2013 30.06.2013 31.05.2012 31.05.2013 30.06.2013

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Bank Other Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 05.07.2013 01.07.2013 27.06.2013 27.06.2013 03.06.2013 03.06.2013 28.05.2013 24.05.2013 21.05.2013 20.05.2013 09.05.2013 07.05.2013 06.05.2013 06.05.2013 03.05.2013 02.05.2013 04.03.2013 07.02.2013 22.01.2013 26.10.2012

09.07.2013

Tatneft OAO Tatneft explores for, produces, refines, and markets crude oil. The Company operates a chain of retail gasoline filling stations, and exports some of its petrochemical products to former Soviet Union countries and Europe.

Price/Volume 250

.1 M .1 M

200

.1 M .1 M

150

.0 M

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (16.01.2013) 52-Week Low (13.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATNS RU EQUITY YTD Change TATNS RU EQUITY YTD % CHANGE

12/2008 03/yy 227.95 169.21 36.00 186 -18.40% 9.92% 28.58% 2'178.7 405'236.47 70'087.00 746.0 16'279.0 28'014.00 448'362.47

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M .0 M

0 j-12

31.12.2009 31.12.2010 380'648.0 468'032.0 0.95x 0.89x 81'910.0 76'235.0 4.42x 5.48x 54'372.0 46'673.0 5.48x 6.74x Profitability

LTM-4Q 31.12.2011 615'867.0 0.71x 103'005.0 4.23x 61'428.0 5.56x

31.12.2012 444'099.0 1.18x 121'442.0 4.30x 73'473.0 6.39x

121'442.00 103'672.00 23.34% 22.93% 16.5% 1.83 1.02 11.11% 16.33% -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

LTM

FY+1

j-13

0.94 1'462.11 1.44% -11.28% 0.940 17 2.588 0 1'562 1'193 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 635'171.0 427'028.0 570'654.7 564'382.1 113'003.0 118'842.0 2.76x 3.34x 0.80x 0.77x 3.96x 3.87x 109'604.0 85'862.0 115'137.6 111'724.6 31'405.0 34'667.0 4.37x 0.00x 3.89x 4.01x 65'013.0 49'578.0 71'814.2 68'208.7 19'085.0 21'795.0 6.43x 8.86x 5.94x 6.16x 11.82x 17.40x S&P Issuer Ratings Long-Term Rating Date 25.08.2006 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.83 (EBITDA-Capex)/Interest Exp. 8.63 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 16.3% Total Debt/Capital 13.6% Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

700'000.0

6.00

600'000.0

5.00

500'000.0

4.00

400'000.0

3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 444'332.0 0.33x 46'026.0 3.20x 8'413.0 14.78x

.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Tatneft OAO Holdings By:

All

Holder Name SVYAZINVESTNEFTEKHIM BLACKROCK VANGUARD GROUP INC RAIFFEISEN KAPITALAN TAKHAUTDINOV SHAFAGA HANDELSBANKEN FONDER PICTET FUNDS MUSLIMOV RENAT KHALI LAVUSHCHENK VLADIMIR DEKA INTERNATIONAL S DEKA INVESTMENT GMBH SHCHELKOV FEDOR LAZA ERSTE SPARINVEST KAG RAKHMANOV RIFKAT MAZ GRANTHAM MAYO VAN OT IBRAGIMOV NAIL GABDU KHISAMOV RAIS SALIKH PRUDENTIAL FINANCIAL SANPAOLO IMI ASSET M SWEDBANK ROBUR FONDE

Firm Name Deutsche Bank AK Bars Finance Uralsib EVA Dimensions Goldman Sachs HSBC Gazprombank Energocapital Brokerage UFS-Finance Investment Company Alfa-Bank Otkritie Capital VTB Capital Raiffeisenbank AG BCS Aton LLC RMG Securities Veles Capital Sberbank CIB

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios 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

Analyst TATIANA KAPUSTINA ALEXANDER SIDOROV ALEXEI KOKIN DOUG WALTERS GEYDAR MAMEDOV ILDAR KHAZIEV ALEXANDER NAZAROV Vasiliy Koposov ILYA BALAKIREV ALEXANDER KORNILOV ALEXANDER BURGANSKY DMITRY LOUKASHOV ANDREY POLISCHUK VLADISLAV METNEV ELENA SAVCHIK MIKHAIL LOSHININ VASILIY TANURKOV OLEG MAXIMOV

Source Co File ULT-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG Co File Co File MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG Co File Co File ULT-AGG MF-AGG MF-AGG

Recommendation hold buy hold buy Sell/Neutral underweight neutral sell hold equalweight hold sell reduce not rated buy hold sell hold

Amt Held 708'292'338 20'184'854 11'266'356 3'966'882 2'699'616 1'789'094 1'589'716 1'516'804 1'049'911 982'500 800'000 686'723 630'000 472'340 457'996 450'335 430'291 416'370 402'232 400'000

% Out 32.51 0.93 0.52 0.18 0.12 0.08 0.07 0.07 0.05 0.05 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02

Weighting

Change

3 5 3 5 1 1 3 1 3 3 3 1 2 #N/A N/A 5 3 1 3

M N M M M M M N M M M M D M M D N D

Latest Chg 313'280 2'437'790 23'300 3'092 (197'500) (11'445) -

Target Price 200 256 197 #N/A N/A 164 170 198 215 210 209 202 187 198 #N/A N/A 218 225 168 199

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 14.05.2012 05.07.2013 31.03.2013 28.03.2013 31.12.2012 30.06.2013 31.03.2013 31.12.2012 31.12.2012 28.03.2013 20.08.2012 31.12.2012 31.01.2013 31.12.2012 31.05.2012 31.12.2012 31.12.2012 31.05.2013 30.06.2011 31.03.2013

Date 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor

Date 05.07.2013 28.06.2013 20.06.2013 06.06.2013 13.05.2013 22.04.2013 09.04.2013 08.04.2013 08.04.2013 02.04.2013 19.03.2013 14.03.2013 13.03.2013 04.12.2012 22.11.2012 10.09.2012 24.08.2012 12.04.2012

09.07.2013

Siam Commercial Bank PCL Siam Commercial Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCB-R TB EQUITY YTD Change SCB-R TB EQUITY YTD % CHANGE

12/2012 03/yy 199.50 147.00 8'864'400.00 155 -22.31% 5.44% 17.14% 3'393.9 526'050.44 249'243.05 75.9 1'554.2 194'077.45 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 87'779.9 21'413.7 -

31.12.2009 31.12.2010 81'015.4 85'342.9 20'758.1 24'206.0 Profitability

LTM-4Q 31.12.2011 144'348.7 36'272.7 -

31.12.2012 183'801.4 40'219.9 35.92% 35.92% 1.98% 20.24% 9.05% 0.08% 28.2% 10.98% 114.58% -

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 j-13

LTM

FY+1

1.14 6.87% -12.83% 1.140 0 4'175'293 3'996'680 3'358'156 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 145'937.1 183'244.9 120'643.0 133'692.4 32'255.2 30'334.3 0.00x 0.00x 0.0 0.0 0.00x 0.00x 33'245.5 42'994.0 49'702.2 56'782.1 12'816.7 12'164.0 0.00x 0.00x 10.66x 9.28x 10.07x 9.79x S&P Issuer Ratings Long-Term Rating Date 23.12.2010 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 28.09.2005 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 114.6% Total Debt/Capital 53.2% Asset Turnover 0.08 Net Fixed Asset Turnover 5.27 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

200'000.0 180'000.0

1.00

160'000.0 140'000.0

0.80 0.60 0.40

120'000.0 100'000.0 80'000.0 60'000.0 40'000.0

0.20

20'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Siam Commercial Bank PCL Holdings By:

All

Holder Name BLACKROCK CARMIGNAC GESTION ROBECO INVESTOR SERV CARMIGNAC GESTION LU ROBECO FUND MANAGEME PICTET FUNDS FIDEURAM GESTIONS SA BNP PARIBAS INV PART CI INVESTMENTS INC MIRABAUD & CIE NORTHERN TRUST CORPO CIMB-PRINCIPAL ASSET NOMURA MIRAE ASSET GLOBAL I BAILLIE GIFFORD AND CREDIT SUISSE ASSET UNION INVESTMENT LUX CHARLES SCHWAB INVES JP MORGAN INTERFUND ADVISORY C

Firm Name

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Source 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 MF-AGG ULT-AGG MF-AGG

Recommendation

Amt Held 37'174'000 10'134'180 4'053'146 3'014'752 2'981'400 1'915'200 1'490'600 1'420'900 1'061'766 949'200 746'976 733'400 606'702 538'400 517'600 511'700 500'000 473'100 419'200 385'000

% Out 1.1 0.3 0.12 0.09 0.09 0.06 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change

Latest Chg (578'100) (8'324) 200 360'000 240'583 949'200 95'300 124'900 35'000 (131'200) 385'100 125'000

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 05.07.2013 29.03.2013 30.04.2013 29.03.2013 30.04.2013 31.03.2013 01.07.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013 29.04.2013 28.03.2013 08.07.2013 31.03.2013 01.07.2013

Date

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 Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

09.07.2013

Powszechna Kasa Oszczednosci Bank Polski SA Powszechna Kasa Oszczednosci Bank Polski S.A. attracts deposits and offers commercial banking services. The Bank offers all types of banking services present on the Polish banking market, money market and capital market for institutional and individual clients.

Price/Volume 40

25.0 M

20.0 M

30 25

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (7/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 PKO PW EQUITY YTD Change PKO PW EQUITY YTD % CHANGE

12/2012 03/yy 38.50 30.50 900'860.00 34.62 -10.05% 13.51% 51.50% 1'250.0 43'275.00 16'490.53 0.0 (0.3) 13'532.65 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

15 10

5.0 M

5 0 j-12

31.12.2009 31.12.2010 13'824.8 14'751.9 2'305.5 3'216.9 18.49x 16.84x Profitability

LTM-4Q 31.12.2011 16'283.2 3'807.2 10.55x

31.12.2012 17'737.9 3'748.6 12.30x

38.17% 36.78% 1.82% 14.37% 8.48% 0.09% 29.7% 8.52% 66.74% -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 16'834.7 0.00x 0.0 0.00x 3'941.0 10.66x

d-12

03/yy 17'371.5 0.00x 0.0 0.00x 3'525.3 12.25x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

0.92 857.58 3.96% -6.18% 0.922 27 3.815 4'220'268 4'246'720 3'372'275 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 10'592.1 11'425.9 2'646.0 2'649.0 3'082.1 3'539.8 705.0 773.0 14.12x 12.18x 12.09x 10.81x S&P Issuer Ratings

14.06.2013 A- *08.05.2012 A-2 66.7% 40.0% 0.09 6.77 -

Sales/Revenue/Turnover

50.00

20'000.0

45.00

18'000.0

40.00

16'000.0

35.00

14'000.0

30.00

12'000.0

25.00 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 13'199.2 3'120.7 11.38x

15.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Powszechna Kasa Oszczednosci Bank Polski SA Holdings By:

All

Holder Name POLAND STATE TREASUR ING OFE AVIVA OFE OFE PZU ZLOTA JESIEN VANGUARD GROUP INC BLACKROCK METLIFE AMPLICO AXA OFE AVIVA INVESTORS POLA AEGON OFE NORDEA OFE ASSICURAZIONI GENERA JP MORGAN ING INVESTMENT MANAG NORGES BANK BZ WBK TOWARZYSTWO F PIONEER PEKAO INVEST BARING INTERNATIONAL ALLIANZ PEKAO OFE

Firm Name

Portfolio Name #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Dom Inwestycyjny BRE Banku IZA ROKICKA Barclays IVAN BOKHMAT Societe Generale ALAN WEBBORN Morgan Stanley DANIEL E COWAN Deutsche Bank MARCIN JABLCZYNSKI Wood & Company MARK MACRAE Espirito Santo Investment Bank Research KAMIL STOLARSKI Credit Suisse HUGO SWANN Raiffeisenbank AG JOVAN SIKIMIC Goldman Sachs PAWEL DZIEDZIC EVA Dimensions DOUG WALTERS ING Bank PIOTR PALENIK Renaissance Capital ARMEN GASPARYAN Keefe, Bruyette & Woods RONNY REHN JPMorgan PAUL FORMANKO Dom Maklerski IDM SA MICHAL SOBOLEWSKI Dom Maklerski BZ WBK DARIUSZ GORSKI Mediobanca SpA RICCARDO ROVERE UniCredit Research PAWEL KOZUB Concorde Securities Rt ATTILA GYURCSIK KBC Securities MARTA CZAJKOWSKA-BALDYGA Millennium Dom Maklerski MARCIN MATERNA Ipopema Securities SA TOMASZ BURSA Erste Group GUENTER HOHBERGER

Source EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy equalweight hold Equalwt/In-Line buy sell buy neutral buy neutral/neutral hold buy hold underperform overweight buy buy neutral buy underweight buy accumulate buy accumulate

Amt Held 392'406'277 67'239'229 55'745'770 37'164'265 24'673'301 22'186'620 21'340'121 14'546'854 13'677'920 11'434'924 11'134'944 10'738'690 8'657'898 8'125'211 7'859'636 7'749'480 7'540'336 6'918'662 6'872'533 5'352'866

% Out 31.39 5.38 4.46 2.97 1.97 1.77 1.71 1.16 1.09 0.91 0.89 0.86 0.69 0.65 0.63 0.62 0.6 0.55 0.55 0.43

Weighting

Change 5 3 3 3 5 1 5 3 5 3 3 5 3 1 5 5 5 3 5 1 5 4 5 4

M M M M M M M M M M D M M M M M M M M D M M M M

Latest Chg 4'603'127 273'197 799'047 1'255'598 209'673 (224'276) (604'994) -

Target Price 42 39 38 35 45 35 42 32 40 40 #N/A N/A 40 34 33 43 38 43 38 40 33 41 41 45 40

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.07.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 05.07.2013 31.12.2012 31.12.2012 30.06.2012 31.12.2012 31.12.2012 31.12.2012 31.05.2013 30.06.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012

Date 9 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month

Inst Type Government Pension Fund (ERISA) Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Insurance Company Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA)

Date 01.07.2013 24.06.2013 17.06.2013 17.06.2013 14.06.2013 14.06.2013 14.06.2013 13.06.2013 10.06.2013 07.06.2013 07.06.2013 28.05.2013 17.05.2013 13.05.2013 08.05.2013 23.04.2013 19.04.2013 25.03.2013 14.03.2013 05.03.2013 13.02.2013 18.01.2013 09.01.2013 04.11.2012

09.07.2013

Uni-President Enterprises Corp Uni-President Enterprises Corp. manufactures, processes, and markets instant noodles, dairy products, frozen foods, soft drinks, soy sauces, canned pickles, meat products, animal feeds, aquatic feeds, edible oils, bread, cakes, and desserts. The Company also operates vending machines and food distribution centers in Taiwan.

Price/Volume 70

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.05.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/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 1216 TT EQUITY YTD Change 1216 TT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 49'444.8 2.76x 2'875.9 47.50x 3'600.8 30.10x

15.0 M

12/2012 12/yy 61.10 44.58 13'762'791.00 59.1 -3.27% 32.57% 81.84% 4'862.5 287'372.25 26'627.21 0.0 0.0 776.56 313'222.92

31.12.2009 31.12.2010 44'784.1 48'962.4 4.00x 4.28x 2'934.8 2'758.5 61.05x 75.94x 7'860.8 10'929.0 19.53x 16.96x Profitability

LTM-4Q 31.12.2011 51'829.5 4.41x 2'780.6 82.25x 9'447.7 21.27x

31.12.2012 46'851.6 6.08x 2'873.7 99.18x 12'407.3 20.90x

2'873.74 1'994.20 4.26% 26.85% 10.74% 15.91% 12.11% 0.41% 28.0% 6.1% 4.3% 26.5% 1.06 0.69 22.16% 32.24% 8.06 11.10

Price/ Cash Flow

LTM

12/yy 51'829.5 16.16x 2'780.6 82.25x 9'447.7 21.09x

12/yy 46'851.6 21.78x 2'873.7 99.18x 12'407.3 20.66x

FY+1

.0 M j-13

0.71 3'809.66 8.49 30.09% 10.88% 0.711 22 3.682 9'103'874 8'832'669 8'660'373 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 48'785.5 51'197.9 12'145.8 13'343.7 6.39x 6.09x 4'786.6 5'088.3 65.44x 61.56x 13'632.7 15'059.4 3'462.1 3'922.8 20.99x 19.03x 20.83x 20.40x S&P Issuer Ratings

8.35 5.31 9.00 9.27 32.2% 24.4% 0.41 2.83 45.43 32.96 21.40 56.99

Sales/Revenue/Turnover

80.00

60'000.0

70.00

50'000.0

60.00

40'000.0

50.00 40.00

30'000.0

30.00

20'000.0

20.00

10'000.0 10.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Uni-President Enterprises Corp Holdings By:

All

Holder Name COMMONWEALTH BANK OF KAO CHUAN INVESTMENT PO-MING HOU SAUDI ARABIAN MONETA VANGUARD GROUP INC PO-YU HOU BNP PARIBAS/SINGAPOR BLACKROCK T ROWE PRICE ASSOCIA FIL LIMITED HSIU-LING KAO HSIU-JEN LIU RBS FS GLOBAL EMERGI VANGUARD EMS INDEX F MITSUBISHI CORP NORGES BANK CHANG-SHENG LIN POLARIS SEC INVESTME KUO-KENG CHEN JP MORGAN

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst

KGI Securities DAVE CHIOU Fubon Securities CHLOE WU Mega Securities YOU JIANHENG Capital Securities Corp IVY LIU BNP Paribas Equity Research MICHELLE CHENG Deutsche Bank JOELIAN TSENG Daiwa Securities Co. Ltd. CHRISTINE WANG EVA Dimensions CRAIG STERLING Yuanta Securities Investment ConsultingBONNIE CHANG Goldman Sachs ROXAN HSU Credit Suisse CHUNG HSU HSBC ABEL LEE Barclays SIDNEY YEH Masterlink Securities CHANG WANCHEN RBS JACK LIN JPMorgan CAREN HUANG Macquarie LINDA HUANG E Sun Securities DAVID LAI SinoPac JERRY LU Jih Sun Securities REGINA LEE RBS ANDRE CHANG Primasia Securities VICTOR FANG

Source MF-AGG EXCH EXCH Co File MF-AGG EXCH Co File ULT-AGG MF-AGG ULT-AGG Co File EXCH Co File Co File Co File MF-AGG EXCH MF-AGG EXCH ULT-AGG

Recommendation outperform add buy on weakness neutral buy hold outperform underweight hold neutral/neutral neutral overweight overweight buy buy neutral neutral buy on weakness neutral buy dropped coverage suspended coverage

Amt Held 243'821'582 212'030'064 126'440'610 123'656'110 116'400'971 110'322'816 102'494'384 97'687'279 81'370'699 80'599'747 79'742'756 75'494'126 68'080'015 66'774'245 53'730'499 45'574'180 42'832'498 41'446'904 40'105'934 39'241'884

% Out 5.01 4.36 2.6 2.54 2.39 2.27 2.11 2.01 1.67 1.66 1.64 1.55 1.4 1.37 1.11 0.94 0.88 0.85 0.82 0.81

Weighting

Change

5 4 5 3 5 3 5 1 3 3 3 5 5 5 5 3 3 5 3 5 #N/A N/A #N/A N/A

M M M M M M N M M M M M M N M M M N M M M M

Latest Chg (410'000) 5'191'405 (691'000) 515'000 71'956'867 (21'250'682) (6'147'066) (4'936'924)

Target Price 70 70 70 #N/A N/A 66 66 65 #N/A N/A 63 48 54 67 62 69 54 49 53 #N/A N/A 47 50 42 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.02.2013 31.05.2013 31.05.2013 31.12.2011 31.03.2013 31.05.2013 31.12.2011 05.07.2013 31.03.2013 31.10.2012 31.12.2011 31.05.2013 31.12.2011 31.12.2011 31.03.2012 31.12.2012 31.05.2013 31.12.2012 31.05.2013 31.05.2013

Date 12 month 6 month 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Bank Corporation n/a Government Investment Advisor n/a Bank Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a Corporation Government n/a Investment Advisor n/a Investment Advisor

Date 28.06.2013 26.06.2013 26.06.2013 25.06.2013 14.06.2013 10.06.2013 07.06.2013 06.06.2013 15.05.2013 14.05.2013 14.05.2013 14.05.2013 26.03.2013 27.02.2013 30.10.2012 30.10.2012 24.10.2012 16.08.2012 15.06.2012 09.05.2012 28.10.2011 04.05.2010

09.07.2013

Shoprite Holdings Ltd Shoprite Holdings Limited is an investment holding company with subsidiaries operating in the supermarket, produce distribution, furniture retailing, and property holding industries. Retail chains of the Group include "Shoprite", "Checkers", "OK", "Hyperama", "Freshmark", and "Sentra".

Price/Volume 25000

16.0 M 14.0 M

20000

12.0 M 10.0 M

15000

8.0 M

Valuation Analysis

10000

Latest Fiscal Year: LTM as of: 52-Week High (28.12.2012) 52-Week Low (17.08.2012) Daily Volume Current Price (7/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 SHP SJ EQUITY YTD Change SHP SJ EQUITY YTD % CHANGE

06/2012 01/yy 20'776.00 15'340.00 928'696.00 18737 -9.61% 22.14% 56.20% 570.6 106'909.47 4'058.29 0.0 62.7 7'939.33 103'924.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 2.0 M

0 j-12

a-12

s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

.0 M j-13

j-13

Fiscal Year Ended 30.06.2008 47'651.5 0.36x 2'923.3 5.80x 1'570.3 12.74x

6.0 M

5000

30.06.2009 30.06.2010 59'318.6 67'402.4 0.46x 0.65x 3'737.4 4'386.6 7.27x 9.98x 1'998.2 2'266.5 13.71x 18.19x Profitability

30.06.2011 72'297.8 0.77x 4'993.1 11.12x 2'509.8 20.06x

30.06.2012 82'730.6 0.93x 5'865.2 13.10x 3'026.6 24.82x

5'865.24 4'665.13 5.64% 5.42% 11.14% 30.91% 25.36% 2.98% 20.5% 7.2% 5.7% 3.7% 1.52 0.70 13.13% 31.84% 7.02

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.69 0.73 485.56 22.26% -7.73% 0.727 15 2.933 1'336'815 2'244'363 2'160'654 FY+2

06/13 Y 06/14 Y 95'118.6 108'904.8 1.09x 0.95x 6'707.1 7'794.0 15.49x 13.33x 3'697.8 4'348.3 27.06x 23.19x S&P Issuer Ratings

FQ+1

FQ+2

26.24 12.29 -0.48 0.68 31.8% 24.1% 2.98 8.73 52.16 9.12

Sales/Revenue/Turnover

30.00

90'000.0 80'000.0

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00 0.00 03.07.2009

10'000.0 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 |

09.07.2013

Shoprite Holdings Ltd Holdings By:

All

Holder Name JP MORGAN CUSTODIAN GOVERNMENT EMP PENSI CAPITAL GROUP COMPAN STATE STREET CUSTODI STATE STREET LAZARD ASSET MANAGEM NORTHERN TR AVFC GOV VANGUARD GROUP INC JP MORGAN T ROWE PRICE ASSOCIA BANK OF NY CUSTODIAN BLACKROCK BANK OF NEW YORK CITIBANK LONDON NORTHERN TRUST COMPA CARMIGNAC GESTION CITIBANK NEW YORK OLD MUTUAL HSBC FUND SRV CUSTOD NORGES BANK

Firm Name SBG Securities NOAH Capital Markets Goldman Sachs Avior Research EVA Dimensions Deutsche Bank Barclays Macquarie Imara BPI BNP Paribas Cadiz Securities Investec JPMorgan Riedel Research Group Inc Afrifocus Securities

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 n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst KIRSTY LASCHINGER ROGER TEJWANI TATYANA LUKINA MICHAEL MCLEOD CRAIG STERLING SEAN HOLMES KAELEEN BROWN DAVID SMITH WARWICK LUCAS LUIS COLACO SHAMIL ISMAIL ROHAN DYER STEPHEN CARROTT DAVID R RIEDEL KATHRYN ROBINSON

Source SJ-REG SJ-REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG SJ-REG MF-AGG ULT-AGG MF-AGG SJ-REG ULT-AGG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG ULT-AGG SJ-REG MF-AGG

Recommendation sell buy Buy/Neutral underperform underweight buy overweight neutral hold hold reduce sell neutral sell hold

Amt Held 94'358'612 62'024'748 59'595'382 56'425'728 25'461'551 17'804'606 12'491'460 12'309'181 11'207'428 10'260'325 9'622'029 8'867'610 8'851'029 4'956'093 4'565'376 4'075'140 4'022'733 3'612'147 3'106'768 3'056'912

% Out 16.54 10.87 10.44 9.89 4.46 3.12 2.19 2.16 1.96 1.8 1.69 1.55 1.55 0.87 0.8 0.71 0.71 0.63 0.54 0.54

Weighting

Change 1 5 5 1 1 5 5 3 3 3 2 1 3 1 3

M M M M M M M N M N M M U N M

Latest Chg (948'341) (5'936'699) (4'680'500) 1'697'869 (226'788) (38'992) 1'335'937 656'046 (42'331) 3'051'144 938'772 369'984 430'492 56'191 (223'406) 218'671 (187'982) 245'736 -

Target Price 18'541 20'600 23'200 19'191 #N/A N/A 21'300 20'100 19'300 #N/A N/A 17'498 15'800 15'300 18'200 11'200 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.03.2013 31.05.2013 08.07.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 05.07.2013 31.05.2013 31.05.2013 31.05.2013 29.03.2013 31.05.2013 31.05.2013 31.05.2013 31.12.2012

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 6 month Not Provided Not Provided

Inst Type Investment Advisor Government Investment Advisor Other Investment Advisor Unclassified Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Unclassified Unclassified Other Government

Date 05.07.2013 01.07.2013 13.06.2013 13.06.2013 06.06.2013 28.05.2013 28.05.2013 16.04.2013 12.04.2013 08.04.2013 02.04.2013 21.02.2013 20.02.2013 02.07.2012 27.06.2011

09.07.2013

Sime Darby Bhd Sime Darby Berhad is an investment holding company. The Group's principal activities include plantations, property development, heavy equipment and motor vehicle distribution, and energy and utilities.

Price/Volume 12

40.0 M 35.0 M

30.0 M 8

Latest Fiscal Year: LTM as of: 52-Week High (24.07.2012) 52-Week Low (04.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIME MK EQUITY YTD Change SIME MK EQUITY YTD % CHANGE

06/2012 03/yy 10.00 8.93 4'080'100.00 9.43 -5.70% 5.60% 47.66% 6'009.5 56'669.25 9'803.40 0.0 873.8 4'564.70 64'676.65

30.06.2008 34'044.7 1.61x 5'695.4 9.65x 3'512.1 15.51x

20.0 M 15.0 M

10.0 M 2

5.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

Valuation Analysis

30.06.2009 30.06.2010 31'013.9 32'506.2 1.44x 1.60x 3'966.7 4'150.7 11.26x 12.49x 2'280.1 726.8 18.32x 26.93x Profitability

LTM-4Q 30.06.2011 41'858.8 1.40x 6'500.2 8.99x 3'664.5 15.14x

30.06.2012 47'602.3 1.38x 6'677.7 9.82x 4'150.2 14.10x

6'677.70 5'470.70 11.49% 12.02% 7.32% 13.64% 10.92% 1.01% 12.9% 10.3% 8.7% 1.53 0.70 20.36% 37.68% 7.54 -

Price/ Cash Flow

LTM

03/yy 46'454.2 5.14x 7'581.4 8.54x 4'363.7 13.16x

03/yy 48'147.0 5.40x 6'214.4 10.25x 3'489.1 15.97x

FY+1

.0 M j-13

0.83 2'396.91 -1.67% -0.21% 0.833 28 3.679 3'511'500 6'006'680 6'501'167 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 47'546.8 50'413.2 1.32x 1.25x 6'075.0 6'683.6 10.65x 9.68x 3'285.7 3'570.4 17.05x 15.85x S&P Issuer Ratings

11.01.2013 A STABLE 16.89 13.09 1.15 1.81 37.7% 26.7% 1.01 3.00 48.43 -

Sales/Revenue/Turnover

70.00

50'000.0 45'000.0

60.00

40'000.0

50.00

35'000.0 30'000.0

40.00

25'000.0 20'000.0

30.00

15'000.0

20.00

10'000.0 10.00 0.00 03.07.2009

5'000.0 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 |

09.07.2013

Sime Darby Bhd Holdings By:

All

Holder Name SKIM AMANAH SAHAM BU EMPLOYEES PROVIDENT YAYASAN PELABURAN BU HARBOR CAPITAL ADVIS VANGUARD GROUP INC BLACKROCK NORGES BANK PRUDENTIAL UNIT TRUS JP MORGAN PENGURUSAN PELABURAN SCHRODER INVESTMENT CIMB-PRINCIPAL ASSET FIL LIMITED CAISSE DE DEPOT ET P EATON VANCE MANAGEME DIMENSIONAL FUND ADV PACIFIC MUTUAL FUND MONTGOMERY ASSET MAN PICTET FUNDS I-VCAP MANAGEMENT SD

Firm Name TA Securities Holdings Berhad KAF Seagroatt & Campbell DBS Vickers UOB Kay Hian Kenanga Investment Bank Bhd Nomura CIMB Public Investment Bank Berhad Alliance Research Sdn Bhd Hong Leong Investment Bank Bhd EVA Dimensions Maybank Kim Eng RHB Research Institute Sdn Bhd AmResearch Sdn Bhd Affin Securities Sdn Bhd Morgan Stanley JPMorgan Goldman Sachs Deutsche Bank BNP Paribas Equity Research Credit Suisse Macquarie Standard Chartered ECM Libra

Portfolio Name #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a MYETF DOW JONES ISLA

Analyst JAMES RATNAM VINCE NG BEN SANTOSO TEAM COVERAGE LIM SEONG CHUN MUZHAFAR MUKHTAR IVY NG HOE LEONG CHONG ARHNUE TAN CHYE WEN FEI TIMOTHY STANISH ONG CHEE TING HOE LEE LENG THOMAS SOON ONG KENG WEE CHARLES C SPENCER YING-JIAN CHAN PATRICK TIAH MICHELLE FOONG MICHAEL GREENALL TAN TING MIN SUNAINA DHANUKA ADRIAN FOULGER TEAM COVERAGE

Source EXCH EXCH ULT-AGG MF-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 ULT-AGG MF-PART

Recommendation hold buy hold hold market perform neutral neutral neutral neutral hold underweight hold buy buy add Equalwt/Attractive overweight neutral/neutral hold buy outperform neutral in-line hold

Amt Held 2'183'157'804 825'302'055 604'098'609 125'299'947 98'010'794 62'259'006 39'739'342 36'122'638 22'838'990 14'929'108 12'852'800 11'550'112 9'241'341 7'858'779 6'710'248 6'480'822 5'704'870 5'272'137 4'208'220 3'853'022

% Out 36.33 13.73 10.05 2.09 1.63 1.04 0.66 0.6 0.38 0.25 0.21 0.19 0.15 0.13 0.11 0.11 0.09 0.09 0.07 0.06

Weighting

Change 3 5 3 3 3 3 3 3 3 3 1 3 5 5 4 3 5 3 3 5 5 3 3 3

M M M M M M M M M M M M M M M M M M M M M M D M

Latest Chg 575'600 (328'800) (30'000'000) 19'558'246 (678'700) 42'931 (58'000) 2'032'900 (125'200) (1'536'599) (77'800) 532'900 49'000 3'853'022

Target Price 11 11 10 10 10 10 10 9 10 9 #N/A N/A 10 11 11 10 9 11 9 8 12 11 10 8 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.07.2013 03.07.2013 27.06.2013 31.03.2013 31.03.2013 05.07.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2011 31.03.2013 31.12.2012 31.10.2012 31.12.2012 30.04.2013 29.03.2013 31.05.2013 30.04.2013 31.03.2013 30.04.2013

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month

Inst Type Other Government Other Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 25.06.2013 21.06.2013 11.06.2013 11.06.2013 11.06.2013 06.06.2013 03.06.2013 03.06.2013 03.06.2013 03.06.2013 31.05.2013 31.05.2013 12.04.2013 11.04.2013 10.04.2013 26.03.2013 26.03.2013 05.02.2013 28.11.2012

09.07.2013

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 (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 151 HK EQUITY YTD Change 151 HK EQUITY YTD % CHANGE

12/2012 06/yy 12.52 9.00 11'085'451.00 10.54 -15.81% 17.11% 42.61% 13'225.7 139'399.30 1'003.00 0.0 8.1 1'499.21 17'483.23

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 j-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

s-12

o-12

n-12

d-12

LTM 06/yy 510.7 0.00x 110.1 0.00x 73.6 0.00x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

2.10 0.66 5'606.11 5.83% -0.07% 0.664 33 3.424 13'167'990 16'752'180 14'330'170 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 4'061.4 4'824.2 4.30x 3.59x 957.3 1'130.5 18.26x 15.47x 669.5 788.3 27.18x 23.03x 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

a-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 |

09.07.2013

Want Want China Holdings Ltd Holdings By:

All

Holder Name ENG-MENG TSAI IWATSUKA CONFECTIONE MR BIG LTD OPPENHEIMERFUNDS INC WEN-HSIEN CHENG BLACKROCK FMR LLC T ROWE PRICE ASSOCIA TSAI WANG-CHIA SHAO-CHUNG TSAI STATE STREET JP MORGAN CARMIGNAC GESTION FIL LIMITED VANGUARD GROUP INC NORGES BANK HANG SENG INVESTMENT COLUMBIA WANGER ASSE WILLIAM BLAIR & COMP AMERIPRISE FINANCIAL

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios

Analyst

Maybank Kim Eng JACQUELINE KO Credit Suisse KEVIN YIN KGI Securities ANSON CHAN CIMB Yang Lei Religare Capital Markets KA LEONG LO BOCOM International Holdings SUMMER WANG Goldman Sachs LISA DENG China International Capital Corp FEIYANG YUAN EVA Dimensions CRAIG STERLING Standard Chartered CHARLES YAN JPMorgan KURUMLU EBRU SENER 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 Bank of China International LI YAN Citic Securities Co., Ltd MOHAN SINGH UOB Kay Hian TAI RENEE Oriental Patron Securities Ltd TRACY SUN Barclays VINEET SHARMA DBS Vickers TITUS WU 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 EXCH Co File EXCH MF-AGG EXCH ULT-AGG ULT-AGG MF-AGG EXCH Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG

Recommendation sell neutral outperform outperform hold long-term buy Buy/Neutral hold overweight in-line neutral underperform Equalwt/Attractive outperform reduce hold neutral hold hold hold hold hold equalweight fully valued outperform overweight outperform buy hold buy hold hold

Amt Held 6'343'843'100 616'434'480 299'490'000 239'496'992 158'644'640 143'310'117 119'775'596 117'297'000 100'031'500 100'000'000 73'690'479 72'355'000 59'260'033 58'335'426 53'151'127 50'450'767 34'775'240 22'218'000 21'281'217 18'676'000

% Out 47.97 4.66 2.26 1.81 1.2 1.08 0.91 0.89 0.76 0.76 0.56 0.55 0.45 0.44 0.4 0.38 0.26 0.17 0.16 0.14

Weighting

Change 1 3 5 5 3 5 5 3 5 3 3 1 3 5 2 3 3 3 3 3 3 3 3 2 5 5 5 5 3 5 3 3

M M M M M M M M M M M M D M M M M M M M M M M D M U M M M M N D

Latest Chg 19'150 9'019'000 (7'929'950) 17'631'000 10'500 (1'856'452) 12'744'000 9'558'560 (69'235'079) (10'756'000) (15'726'000) (1'579'000)

Target Price 8 11 12 12 12 12 13 12 #N/A N/A 11 10 9 12 12 8 12 11 13 12 12 11 11 10 10 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 21.06.2013 31.03.2012 10.04.2012 30.04.2013 10.04.2012 05.07.2013 31.05.2013 31.03.2013 10.04.2012 31.12.2011 08.07.2013 31.05.2013 29.03.2013 31.12.2012 31.03.2013 31.12.2012 30.06.2012 31.05.2013 31.03.2013 31.05.2013

Date 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 6 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month

Inst Type n/a Corporation Other Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.07.2013 08.07.2013 08.07.2013 08.07.2013 28.06.2013 28.06.2013 27.06.2013 18.06.2013 06.06.2013 07.05.2013 01.05.2013 16.04.2013 11.04.2013 08.04.2013 05.04.2013 28.03.2013 27.03.2013 11.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 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

09.07.2013

Tenaga Nasional Bhd Tenaga Nasional Berhad transmits, distributes, and sells electricity under license issued by the Director General of Electricity Supply. Through its subsidiaries, the Company manufactures, sells and repairs transformers and switchgears. Tenaga Nasional also provides project management and consultancy, engineering works and energy project development services.

Price/Volume

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (09.07.2013) 52-Week Low (11.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TNB MK EQUITY YTD Change TNB MK EQUITY YTD % CHANGE

08/2012 02/yy 8.59 6.49 23'575'100.00 8.5 -1.05% 30.97% 87.56% 5'637.5 47'918.35 24'465.70 0.0 261.0 8'635.40 64'017.95

20.0 M

15.0 M

10.0 M

5.0 M

1 0 j-12

31.08.2009 31.08.2010 28'785.6 30'317.4 1.78x 1.70x 7'188.5 8'241.7 7.13x 6.24x 917.9 3'200.8 37.87x 15.04x Profitability

LTM-4Q 31.08.2011 32'241.2 1.41x 5'723.4 7.92x 965.4 29.64x

31.08.2012 35'848.4 1.50x 10'443.3 5.14x 4'197.6 8.90x 10'443.30 6'175.20 17.23% 15.45% 4.97% 12.51% 8.47% 0.42% 28.4% 16.5% 11.7% 2.00 1.54 27.65% 67.70% 5.13 -

Price/ Cash Flow

s-12

o-12

n-12

LTM

02/yy 34'427.0 5.59x 0.0 0.00x 2'044.0 16.77x

d-12

02/yy 36'506.8 5.90x 10'355.7 5.28x 4'314.6 8.84x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

0.96 2'281.20 30.83% 23.95% 0.956 25 4.680 12'404'180 12'034'710 12'547'170 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 05/13 Q3 08/13 Q4 37'083.8 38'978.8 9'205.0 9'353.0 1.69x 1.59x 9'997.7 10'600.0 6.40x 6.04x 3'642.0 4'006.3 874.0 890.0 13.00x 11.69x 13.71x 13.93x S&P Issuer Ratings

10.12.2009 BBB+ STABLE 12.69 4.18 1.53 2.23 67.7% 40.2% 0.42 0.57 71.09 -

Sales/Revenue/Turnover

8.00

40'000.0

7.00

35'000.0

6.00

30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 04.09.2009

a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

8 7

Valuation Analysis

31.08.2008 24'755.3 2.09x 7'363.8 7.02x 2'594.0 13.20x

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Tenaga Nasional Bhd Holdings By:

All

Holder Name KHAZANAH NASIONAL BH EMPLOYEES PROVIDENT SKIM AMANAH SAHAM BU KUMPULAN WANG PERSAR BLACKROCK VANGUARD GROUP INC PRUDENTIAL UNIT TRUS T ROWE PRICE ASSOCIA PRINCIPAL FINANCIAL NORGES BANK FIL LIMITED INVESTEC ASSET MANAG PENGURUSAN PELABURAN SEB GREAT EASTERN LIFE A CAISSE DE DEPOT ET P ACADIAN ASSET MANAGE ROBECO INVESTOR SERV DIMENSIONAL FUND ADV PACIFIC MUTUAL FUND

Firm Name Deutsche Bank RHB Research Institute Sdn Bhd Public Investment Bank Berhad Alliance Research Sdn Bhd Hong Leong Investment Bank Bhd Affin Securities Sdn Bhd BIMB Securities Sdn Bhd AmResearch Sdn Bhd Kenanga Investment Bank Bhd TA Securities Holdings Berhad KAF Seagroatt & Campbell JPMorgan Macquarie CIMB Morgan Stanley EVA Dimensions Nomura Credit Suisse DBS Vickers Maybank Kim Eng HSBC S&P Capital IQ ECM Libra

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst CHIA AUN-LING KONG HENG SIONG SIEW JIN LING JEREMY GOH DANIEL WONG CHONG LEE LEN CHIONG TONG CHAI ALEX GOH TEH KIAN YEONG JAMES RATNAM CHUE KWOK YAN AJAY NARAYAN MIRCHANDANI PREM JEARAJASINGAM YEOH YUNG-JUEN MAYANK MAHESHWARI DOUG WALTERS DANIEL RAATS ANNUAR AZIZ JUNE NG TAN CHI WEI ARUN KUMAR SINGH HOOI TOW CHEW TEAM COVERAGE

Source EXCH EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy buy outperform trading buy buy buy trading buy buy outperform buy buy overweight outperform outperform Overwt/Attractive buy buy outperform hold hold overweight buy strong buy

Amt Held 1'829'655'861 715'674'319 536'940'300 273'901'075 67'819'645 49'612'082 43'919'750 29'403'100 20'813'800 20'464'715 18'589'939 16'946'757 13'794'999 13'113'100 10'733'796 7'361'428 7'154'700 6'925'318 5'910'974 5'344'650

% Out 32.46 12.69 9.52 4.86 1.2 0.88 0.78 0.52 0.37 0.36 0.33 0.3 0.24 0.23 0.19 0.13 0.13 0.12 0.1 0.09

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 3 5 5 5

M M M M M M M M M M M U M M M M M U M M N U U

Latest Chg (50'000'000) (3'557'500) (2'500'000) (302'800) 706'700 (12'437'900) 719'338 2'986'300 5'379'400 (1'345'000) (564'411) 11'982'500 2'144'000 (31'532) (79'900)

Target Price 10 9 9 10 9 9 9 9 9 10 10 11 10 10 10 #N/A N/A 9 10 7 8 9 7 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.06.2013 28.06.2013 28.06.2013 04.07.2012 05.07.2013 31.03.2013 31.12.2012 10.05.2013 31.05.2013 31.12.2012 31.10.2012 30.04.2013 31.03.2011 31.03.2013 31.12.2010 31.12.2012 30.04.2013 30.04.2013 29.03.2013 31.05.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month 3 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month

Inst Type Government Government Other Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.07.2013 09.07.2013 09.07.2013 09.07.2013 09.07.2013 08.07.2013 08.07.2013 04.07.2013 03.07.2013 03.07.2013 02.07.2013 26.06.2013 17.06.2013 09.06.2013 06.06.2013 06.06.2013 05.06.2013 09.05.2013 19.04.2013 10.04.2013 27.03.2013 20.02.2012 01.12.2011

09.07.2013

Agricultural Bank of China Ltd Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

Price/Volume 5 4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (7/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 1288 HK EQUITY YTD Change 1288 HK EQUITY YTD % CHANGE

12/2012 03/yy 4.44 2.72 74'706'294.00 3.03 -31.76% 11.40% 18.02% 30'738.8 1'019'719.00 1'293'154.00 0.0 1'539.0 3'098'724.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

1 1 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 335'717.0 51'474.0 -

31.12.2009 31.12.2010 339'235.0 409'295.0 64'992.0 94'873.0 10.02x Profitability

LTM-4Q 31.12.2011 547'924.0 121'927.0 7.13x

31.12.2012 652'516.0 145'094.0 6.85x 43.79% 43.87% 1.11% 19.92% 6.71% 0.05% 33.9% 9.76% 172.46% -

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-13

LTM

FY+1

1.34 30'738.82 6.06% -15.82% 1.343 38 4.105 ######### ######### ######### FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 584'132.0 669'204.0 469'559.5 524'807.5 110'073.0 119'776.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 131'314.0 148'651.0 161'421.8 177'830.3 40'013.0 45'230.0 6.59x 6.60x 4.78x 4.35x 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 4.95 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 |

09.07.2013

Agricultural Bank of China Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN CITIGROUP INCORPORAT BLACKROCK JP MORGAN STANDARD CHARTERED B DEUTSCHE BANK AG VANGUARD GROUP INC DIMENSIONAL FUND ADV HANG SENG INVESTMENT SEB PICTET FUNDS HARVEST FUND MANAGEM ALLIANZ ASSET MANAGE SHINHAN BNP PARIBAS MATTHEWS INTERNATION BANK OF NEW YORK MEL CHINA INTERNATIONAL FIL LIMITED LAZARD ASSET MANAGEM BARING INTERNATIONAL

Firm Name Sanford C. Bernstein & Co Standard Chartered DBS Vickers Mizuho Securities Masterlink Securities Religare Capital Markets BOCOM International Holdings Core Pacific Jefferies UOB Kay Hian SWS Research Co Ltd Nomura EVA Dimensions Daiwa Securities Co. Ltd. Macquarie Barclays ABC International Deutsche Bank Credit Suisse CCB International Securities Ltd JPMorgan CIMB Guotai Junan HSBC Capital Securities Corp China International Capital Corp Mirae Asset Securities Morgan Stanley Goldman Sachs ICBC International Securities Bank of China International CMB International Capital Corp Ltd Phillip Securities AMTD Financial Planning Limited Citic Securities Co., Ltd

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst MICHAEL WERNER DORRIS CHEN ALEXANDER LEE JIM ANTOS RAINY YUAN SOPHIE JIANG LI SHANSHAN TIMOTHY LI TAN MING EDMOND LAW XUE HUIRU LUCY FENG DOUG WALTERS GRACE WU VICTOR WANG MAY YAN JOHANNES AU TRACY YU SANJAY JAIN SHENG NAN KATHERINE LEI TREVOR KALCIC WILSON LI TODD DUNIVANT TEAM COVERAGE MAO JUNHUA NAN LI RICHARD XU NING MA IVAN LIN YUAN LIN TEAM COVERAGE CHEN XINGYU KENNY TANG SING HING ZHU YAN

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation market perform in-line buy neutral buy sell neutral buy buy buy outperform neutral buy hold outperform equalweight buy buy neutral outperform neutral outperform accumulate underweight buy buy hold Overwt/In-Line Buy/Neutral buy buy buy accumulate buy overweight

Amt Held % Out 3'353'871'000 10.91 1'970'931'572 6.41 1'775'270'940 5.78 1'355'826'770 4.41 1'217'281'000 3.96 (1'023'815'664) -3.33 657'104'703 2.14 244'468'000 0.8 199'342'531 0.65 151'087'000 0.49 117'648'294 0.38 109'071'000 0.35 100'165'000 0.33 83'685'000 0.27 79'788'000 0.26 78'317'000 0.25 74'013'000 0.24 73'288'859 0.24 69'314'500 0.23 54'629'000 0.18

Weighting

Change 3 3 5 3 5 1 3 5 5 5 5 3 5 3 5 3 5 5 3 5 3 5 4 1 5 5 3 5 5 5 5 5 4 5 5

M M M M M M D M M M U D M D M M M M M M M M N M M M M M M M M M D M M

Latest Chg (92'444'239) 150'000 75'058'000 426'000 1'395'000 7'887'284 41'884'000 29'646'000 46'884'000 8'685'000 44'434'000 (83'384'498) (1'366'000) 87'000

Target Price 4 4 5 3 4 2 3 4 5 4 4 4 #N/A N/A 4 5 4 6 4 4 5 4 5 4 3 #N/A N/A 4 3 4 5 5 4 4 4 4 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.04.2013 26.06.2013 05.07.2013 18.06.2013 31.12.2012 30.04.2013 31.03.2013 29.03.2013 30.06.2012 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.12.2012 28.03.2013 08.07.2013 31.12.2012 31.10.2012 31.05.2013 31.03.2013

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 05.07.2013 04.07.2013 04.07.2013 04.07.2013 28.06.2013 26.06.2013 25.06.2013 24.06.2013 21.06.2013 21.06.2013 19.06.2013 12.06.2013 06.06.2013 03.06.2013 30.05.2013 19.05.2013 13.05.2013 10.05.2013 29.04.2013 29.04.2013 28.04.2013 27.04.2013 09.04.2013 07.04.2013 27.03.2013 27.03.2013 27.03.2013 26.03.2013 25.02.2013 20.02.2013 29.01.2013 22.11.2012 07.11.2012 29.10.2012 29.06.2012

09.07.2013

Hindustan Unilever Ltd Hindustan Unilever Limited manufactures branded and packaged consumer products including soap, detergent, personal care products and processed food. The Company also manufactures ice creams, cooking oils, fertilizers and hybrid seeds.

Price/Volume 700

25.0 M

600

20.0 M

500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HUVR IN EQUITY YTD Change HUVR IN EQUITY YTD % CHANGE

03/2013 01/yy 632.00 431.93 1'158'294.00 604.95 -4.28% 40.06% 88.85% 2'162.5 1'308'187.63 247.40 0.0 208.6 36'868.00 1'271'775.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

300

10.0 M

200 5.0 M

100 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.03.2009

400

31.03.2010 31.03.2011 177'642.7 200'225.5 2.83x 3.01x 28'498.6 27'443.4 17.67x 21.96x 21'566.3 22'960.5 24.22x 27.26x Profitability

31.03.2012 234'363.3 3.64x 35'044.4 24.34x 27'906.6 31.75x

31.03.2013 270'039.9 3.60x 42'250.9 23.04x 38'289.8 26.36x 42'250.90 39'737.70 14.72% 18.76% 32.59% 116.99% 103.59% 2.30% 15.6% 14.7% 14.2% 1.01 0.59 0.20% 0.86% 29.14 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M j-13

1.74 0.53 926.47 39.43% 15.26% 0.529 50 2.380 4'076'809 3'694'944 3'349'723 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 304'722.7 347'191.2 4.17x 3.63x 46'213.5 52'015.3 27.52x 24.45x 36'264.1 39'500.5 36.22x 33.15x S&P Issuer Ratings

164.27 147.11 -0.87 0.01 0.9% 0.9% 2.30 10.68 12.52 -

Sales/Revenue/Turnover

45.00

300'000.0

40.00

250'000.0

35.00

200'000.0

30.00 25.00

150'000.0

20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Hindustan Unilever Ltd Holdings By:

All

Holder Name UNILEVER PLC BROOKE BOND GROUP LT ABERDEEN UNILEVER OVERSEAS HO LIFE INSURANCE CORP UNILEVER UK & CN HOL BROOKE BOND SOUTH IN OPPENHEIMERFUNDS INC BROOKE BOND ASSAM ES VIRTUS EMERGING MARK HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG VANGUARD GROUP INC BLACKROCK COMMONWEALTH BANK OF UTI ASSET MANAGEMENT HDFC ASSET MANAGEMEN BLACKSTONE ASIA ADVI EMERGING GLOBAL SHAR NORGES BANK

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Sharekhan Ltd TEAM COVERAGE Motilal Oswal Securities Ltd GAUTAM DUGGAD Axis Capital Limited HEMANT B PATEL ICICIdirect.com SANJAY MANYAL Phillip Securities NAVEEN KULKARNI IDFC Securities Ltd NIKHIL K VORA IIFL PERCY PANTHAKI Deutsche Bank MANOJ MENON Nomura MANISH JAIN Credit Suisse ARNAB MITRA EVA Dimensions CRAIG STERLING Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY Ambit Capital Pvt Ltd RAKSHIT RANJAN Religare Capital Markets GAURANG KAKKAD Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA Standard Chartered SANJAY SINGH Goldman Sachs PUNEET JAIN Anand Rathi Securities Pvt. Ltd. SHIRISH PARDESHI ICICI Securities ANAND MOUR Angel Broking Limited SRINIVASAN VISWANATHAN Antique Stock Broking Limited ABHIJEET KUNDU Ventura Securities Ltd TEAM COVERAGE Macquarie AMIT MISHRA BNP Paribas Equity Research VIJAY CHUGH HDFC Securities HARSH MEHTA Kotak Securities ROHIT CHORDIA Brics Securities SACHIN B BOBADE Edelweiss Capital ABNEESH ROY Spark Capital Advisors AASHISH UPGANLAWAR Morgan Stanley NILLAI SHAH JPMorgan LATIKA CHOPRA Jefferies RAJASA KAKULAVARAPU Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL Batlivala & Karani Securities ASHIT DESAI Tata Securities Limited SAMEER DESHMUKH Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Karvy Stock Broking Ltd NAVEEN TRIVEDI KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL HSBC AMIT SACHDEVA Espirito Santo Investment Bank Research NITIN MATHUR Microsec Capital NAVEEN VYAS First Global Stockbroking DEVINA MEHRA India Infoline VANMALA NAGWEKAR

Source Research Co File ULT-AGG Co File Co File Co File Co File MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold neutral sell hold sell neutral reduce hold reduce neutral hold sell sell hold sell in-line Sell/Neutral sell sell neutral sell hold outperform hold sell reduce reduce hold reduce Underwt/In-Line neutral hold buy outperform sell buy sell accumulate restricted sell buy underperform market perform

Amt Held 794'806'750 106'739'460 95'304'485 87'649'320 69'623'098 60'086'250 52'747'200 38'297'991 32'820'480 31'193'923 31'193'923 20'502'548 17'930'420 12'720'548 6'553'199 5'433'445 4'485'792 4'139'000 3'989'691 3'838'403

% Out 36.75 4.94 4.41 4.05 3.22 2.78 2.44 1.77 1.52 1.44 1.44 0.95 0.83 0.59 0.3 0.25 0.21 0.19 0.18 0.18

Weighting

Change

3 3 1 3 1 3 2 3 2 3 3 1 1 3 1 3 1 1 1 3 1 3 5 3 1 2 2 3 2 1 3 3 5 5 1 5 1 4 #N/A N/A 1 5 1 3

M M M M M M M M M M M M N M D M M M D M M M M D D M M M M M M M M M M M M M M M M D M

Latest Chg (339'965'241) 5'515'253 6'559'012 729'561 (2'314'833) 319'660 643'057 (47'354) (685'116) -

Target Price #N/A N/A 500 504 590 507 600 525 600 535 541 #N/A N/A 446 503 480 525 547 509 510 418 #N/A N/A 484 #N/A N/A 650 600 530 550 552 595 477 405 475 479 509 580 430 545 471 510 #N/A N/A 400 676 #N/A N/A 513

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 28.03.2013 31.01.2013 31.03.2013 05.07.2013 31.01.2013 31.05.2013 31.05.2013 28.03.2013 08.07.2013 31.12.2012

Date Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 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 12 month 12 month 9 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 9 month

Inst Type Corporation Holding Company Investment Advisor Unclassified Government Other Holding Company Investment Advisor n/a n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 08.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 04.07.2013 04.07.2013 28.06.2013 28.06.2013 25.06.2013 06.06.2013 06.06.2013 04.06.2013 31.05.2013 14.05.2013 09.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 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 10.04.2013 09.04.2013 04.04.2013 20.03.2013 30.01.2013 24.01.2013 23.01.2013

09.07.2013

Credicorp Ltd Credicorp Limited is a holding company for Banco de Credito del Peru, El Pacifico-Peruano Suiza Insurance Company and Atlantic Security Holding Corporation, among others. Credicorp provides a full range of financial services including commercial banking, corporate finance, brokerage services, asset management, trust and insurance.

Price/Volume 180

1.2 M

160

1.0 M

140 120

.8 M

100

12/2012 03/yy 167.63 110.15 732'092.00 119.29 -28.84% 8.29% 15.90% 79.8 9'514.75 7'469.65 0.0 197.4 9'049.32 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

.4 M

.2 M

20 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 2'027.4 357.8 10.03x

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.04.2013) 52-Week Low (07.08.2012) Daily Volume Current Price (7/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 BAP US EQUITY YTD Change BAP US EQUITY YTD % CHANGE

31.12.2009 31.12.2010 2'171.8 2'756.5 469.8 571.3 12.88x 16.52x Profitability

LTM-4Q 31.12.2011 3'249.8 709.3 12.30x

31.12.2012 4'135.7 788.8 14.80x 28.61% 30.79% 2.04% 20.52% 7.01% 0.11% 22.9% 18.31% 179.22% -

03/yy 3'409.7 0.00x 0.0 0.00x 723.4 14.55x

LTM 03/yy 4'228.7 0.00x 0.0 0.00x 781.2 16.94x

FY+1

0.93 46.00 0.78 -2.29% -17.24% 0.931 17 3.706 508'284 378'830 360'899 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'286.3 3'794.4 817.0 842.5 826.9 971.5 172.0 226.0 11.38x 9.68x 11.05x 10.46x S&P Issuer Ratings

179.2% 63.1% 0.11 7.95 -

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 |

09.07.2013

Credicorp Ltd Holdings By:

All

Holder Name ATLANTIC SECURITY HO SEMINARIO DIONISIO R AFP INTEGRA SA BAILLIE GIFFORD AND BLACKROCK FRANKLIN RESOURCES MONDRIAN INVESTMENT PROFUTURO CARTADM CARMIGNAC GESTION MORGAN STANLEY SUN LIFE FINANCIAL I BANCO DE CHILE E INV THE BANK OF NOVA SCO STATE STREET URIGELER INTERNACION WILLIAM BLAIR & COMP VANGUARD GROUP INC CREDIT AGRICOLE SA JP MORGAN OPPENHEIMERFUNDS INC

Firm Name JPMorgan EVA Dimensions HSBC Raymond James Deutsche Bank Itau BBA Securities Goldman Sachs Larrain Vial Corredores de Bolsa Inteligo SAB Grupo Santander Morgan Stanley Banco BTG Pactual SA Seminarios SAB Kallpa Securities SAB

Portfolio Name n/a n/a n/a BAILLIE GIFFORD & CO n/a n/a MONDRIAN INVESTMENT n/a CARMIGNAC GESTION n/a n/a n/a THE BANK OF NOVA SCO n/a n/a WILLIAM BLAIR & COMP VANGUARD GROUP INC CREDIT AGRICOLE SA n/a OPPENHEIMER FUNDS IN

Analyst SAUL MARTINEZ AUSTIN BURKETT MARIEL SANTIAGO FRANCISCO PEREYRA TITO LABARTA REGINA SANCHEZ CARLOS G MACEDO JAVIER PIZARRO LUIS ORDONEZ BORIS MOLINA JORGE KURI ALONSO ARAMBURU HUMBERTO AGURTO MARCO CONTRERAS

Source 20F 20F EXCH 13F ULT-AGG ULT-AGG 13F EXCH 13F ULT-AGG ULT-AGG 20F 13F ULT-AGG EXCH 13F 13F 13F ULT-AGG 13F

Recommendation neutral hold underweight market perform buy outperform neutral/neutral hold buy buy Equalwt/No Rating neutral hold neutral

Amt Held 14'620'846 13'438'428 6'380'918 4'412'923 3'920'282 2'689'480 2'663'308 2'392'844 2'229'764 2'219'040 2'119'823 1'710'000 1'647'705 1'640'616 1'595'229 1'384'741 1'290'043 1'271'430 980'999 892'563

% Out 18.33 16.85 8 5.53 4.92 3.37 3.34 3 2.8 2.78 2.66 2.14 2.07 2.06 2 1.74 1.62 1.59 1.23 1.12

Weighting

Change 3 3 1 3 5 5 3 3 5 5 3 3 3 3

M M M M M M M U M M M M M M

Latest Chg 142'083 (164'400) 120'562 2'229'764 46'910 (383'309) 298'414 (15'568) 549'514 (159'261) 74'347 198'661 (6'120)

Target Price 158 #N/A N/A 133 #N/A N/A 160 180 155 163 172 170 #N/A N/A 151 155 152

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 13.02.2012 Holding Company 13.02.2012 n/a 27.05.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 27.05.2013 Other 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 13.02.2012 Bank 31.03.2013 Investment Advisor 08.07.2013 Investment Advisor 27.05.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 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 12 month

Date 08.07.2013 08.07.2013 04.07.2013 01.07.2013 28.06.2013 21.06.2013 03.06.2013 13.05.2013 09.05.2013 08.05.2013 07.05.2013 07.05.2013 26.04.2013 07.02.2013

09.07.2013

Rosneft OAO Rosneft Oil Company produces and markets petroleum products. The Company explores, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia.

Price/Volume 300

1.6 M 1.4 M

250

1.2 M 200

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROSNS RU EQUITY YTD Change ROSNS RU EQUITY YTD % CHANGE

12/2009 03/yy 276.19 191.36 7'750.00 232.56 -15.80% 21.53% 50.10% 10'598.2 2'464'712.25 31'874.34 0.0 1'178.1 9'555.76 139'023.31

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M .6 M

100

.4 M 50

.2 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 68'991.0 0.84x 16'988.0 3.40x 11'120.0 3.24x

1.0 M

150

Valuation Analysis

31.12.2009 31.12.2010 46'549.1 63'088.0 2.10x 1.42x 13'439.8 19'173.5 7.29x 4.68x 4'901.6 9'652.6 15.60x 7.16x Profitability

LTM-4Q 31.12.2011 92'124.1 0.99x 22'025.2 4.15x 10'773.9 6.49x

31.12.2012 98'224.1 1.05x 18'632.6 5.56x 10'992.6 7.46x

18'632.60 11'314.95 11.52% 14.34% 6.59% 13.58% 8.75% 0.62% 18.3% 10.9% 11.2% 2.15 1.16 25.25% 43.68% 12.47 -

Price/ Cash Flow

LTM

FY+1

.0 M j-13

0.73 1'263.08 18.07% -10.86% 0.734 18 3.889 4'944 11'861 28'780 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 96'681.9 100'036.8 119'237.3 125'529.6 38'702.3 41'284.6 3.42x 4.14x 1.05x 1.02x 3.69x 3.45x 20'732.2 18'260.0 25'985.7 27'524.4 8'989.3 9'736.0 4.28x 7.96x 5.35x 5.05x 12'286.8 10'531.6 11'972.5 11'662.4 4'622.7 5'116.8 5.52x 6.71x 6.11x 6.12x S&P Issuer Ratings Long-Term Rating Date 16.04.2013 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.82 (EBITDA-Capex)/Interest Exp. 2.87 Net Debt/EBITDA 3.29 Total Debt/EBITDA 3.85 Reference Total Debt/Equity 43.7% Total Debt/Capital 30.1% Asset Turnover 0.62 Net Fixed Asset Turnover 0.90 Accounts receivable turnover-days 29.27 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Rosneft OAO Holdings By:

All

Holder Name RUSSIAN FEDERATION BP PLC BLACKROCK VANGUARD GROUP INC KHUDAINATOV EDUARD Y SWEDBANK ROBUR FONDE CAISSE DE DEPOT ET P URALSIB JSC DEKA INTERNATIONAL S PICTET FUNDS KALANDA LARISA RUDLOFF HANS-JOERG SANPAOLO IMI ASSET M KAPITAL ASSET MANAGE HANDELSBANKEN FONDER AVDEEV DMITRY VIKTOR PRUDENTIAL FINANCIAL NOMURA DEXIA ASSET MANAGEME ARCA SGR SPA

Firm Name UFS-Finance Investment Company Deutsche Bank Infina Investment Company AK Bars Finance EVA Dimensions Uralsib Alfa-Bank Otkritie Capital Credit Suisse RMG Securities Raiffeisenbank AG Energocapital Brokerage Aton LLC VTB Capital HSBC Veles Capital Sberbank CIB

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst ILYA BALAKIREV PAVEL KUSHNIR ALEXANDER IVANISCHEV ALEXANDER SIDOROV DOUG WALTERS ALEXEI KOKIN ALEXANDER KORNILOV ALEXANDER BURGANSKY ANDREY OVCHINNIKOV MIKHAIL LOSHININ ANDREY POLISCHUK Vasiliy Koposov ELENA SAVCHIK DMITRY LOUKASHOV ILDAR KHAZIEV VASILIY TANURKOV OLEG MAXIMOV

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File Co File MF-AGG Research MF-AGG Co File ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy sell buy buy underweight hold overweight buy underperform buy hold buy buy buy underweight buy hold

Amt Held 7'365'816'383 1'960'449'797 16'272'791 8'000'002 6'411'898 5'610'000 3'413'124 2'182'880 1'599'999 1'417'791 1'250'585 508'713 421'076 405'530 394'296 392'133 326'150 324'121 292'000 272'272

% Out 69.5 18.5 0.15 0.08 0.06 0.05 0.03 0.02 0.02 0.01 0.01 0 0 0 0 0 0 0 0 0

Weighting

Change 5 1 5 5 1 3 5 5 1 5 3 5 5 5 1 5 3

U M M N D M U M M U M N M M D N D

Latest Chg 384'776 3'124'442 2'059'230 4'999 2'504 (1'227) 5'740 80'588 20'000 70'000

Target Price 280 160 321 305 #N/A N/A 240 264 271 200 281 246 290 259 288 171 305 253

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.04.2013 01.04.2013 05.07.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.05.2012 28.03.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2011 25.04.2012 30.06.2013 31.03.2013 31.05.2013 31.12.2012 31.05.2013 28.03.2013

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Government Corporation Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 08.07.2013 02.07.2013 02.07.2013 28.06.2013 27.06.2013 20.06.2013 03.06.2013 31.05.2013 19.04.2013 08.04.2013 13.03.2013 14.02.2013 22.11.2012 31.10.2012 29.08.2012 24.08.2012 07.02.2012

09.07.2013

Uralkali OJSC Uralkali OJSC produces potash. The Company operates mines and ore-treatment mills in the Perm Territory, Russia. Uralkali extracts and processes potassium ore and sells standard and granular muriate of potash for the agriculture and chemical industries. The Company's main markets include Brazil, India, China, Southeast Asia, Russia, the United States, and Europe.

Price/Volume 300

30.0 M 25.0 M

150

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 52-Week Low (20.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance URKA RM EQUITY YTD Change URKA RM EQUITY YTD % CHANGE

12/2012 09/yy 277.95 215.00 1'351'800.00 217.13 -21.87% 0.99% 5.91% 2'936.0 637'497.13 3'942.35 0.0 8.3 1'665.58 21'608.40

20.0 M 15.0 M

100

10.0 M 50

5.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

200

Valuation Analysis

31.12.2008 2'533.6 1.77x 1'668.2 2.69x 885.0 5.08x

40.0 M

250

31.12.2009 31.12.2010 1'069.1 1'699.4 8.13x 8.80x 517.9 800.4 16.78x 18.69x 287.4 548.4 29.00x 27.47x Profitability

LTM-4Q 31.12.2011 3'495.9 6.91x 2'068.2 11.68x 1'184.0 16.56x

31.12.2012 3'949.8 6.15x 2'311.4 10.52x 1'600.8 14.33x

2'311.35 1'851.85 46.88% 49.03% 11.88% 19.05% 13.45% 0.29% 74.9% 58.5% 46.9% 40.5% 1.99 1.39 27.59% 45.02% 11.24 4.08

Price/ Cash Flow

09/yy 527.9 0.00x 0.0 0.00x 185.7 0.00x

LTM 09/yy 677.9 0.00x 0.0 0.00x 207.8 0.00x

FY+1

.0 M j-13

0.82 1'098.15 -12.48% -5.98% 0.821 9 3.889 4'444'464 6'981'649 6'232'935 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/11 Q4 03/12 Q1 4'033.8 4'509.6 5.50x 4.83x 2'270.1 2'615.7 9.52x 8.26x 1'415.6 1'652.3 13.43x 10.86x S&P Issuer Ratings

18.06.2012 BBBSTABLE 88.09 72.86 0.99 1.71 45.0% 31.0% 0.29 1.21 32.56 89.72 24.71 97.57

Sales/Revenue/Turnover

60.00

4'500.0 4'000.0

50.00

3'500.0 3'000.0

40.00

2'500.0 30.00

2'000.0 1'500.0

20.00

1'000.0 10.00 0.00 03.01.2010

500.0 0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Uralkali OJSC Holdings By:

All

Holder Name SBERBANK KALIHA FINANCE LTD GALTCHEV FILARET SKUROV ANATOLY MUTSOEV ZELIMKHAN NESIS ALEXANDER VANGUARD GROUP INC BLACKROCK NORGES BANK CAISSE DE DEPOT ET P PICTET FUNDS HANDELSBANKEN FONDER MANULIFE FUNDS DIREC NORTHERN TRUST CORPO EATON VANCE MANAGEME KAPITAL FUNDS ARCA SGR SPA NOMURA SANPAOLO IMI ASSET M FMR LLC

Firm Name UFS-Finance Investment Company Infina Investment Company EVA Dimensions Energocapital Brokerage Morgan Stanley BCS IFC Metropol Veles Capital Aton LLC Otkritie Capital RMG Securities Uralsib

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios MANULIFE EMERGING EA Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst ANNA MILOSTNOVA JULIA GAPON TIMOTHY STANISH Alexander Ignatyuk DMITRIY KOLOMYTSYN OLEG PETROPAVLOVSKIY SERGEY FILCHENKOV VASILIY TANURKOV MIKHAIL PAK DENIS GABRIELIK ELENA SADOVSKAYA ANNA KUPRIYANOVA

Source Co File Research Research Research Research Research MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-PART MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy hold hold buy Equalwt/No Rating hold buy hold hold not rated Under Review buy

Amt Held 608'405'819 504'994'729 217'862'511 198'985'220 157'826'535 149'736'809 37'565'776 17'703'611 9'990'332 3'545'770 1'492'721 1'293'978 853'312 509'249 370'000 299'340 268'600 267'390 225'603 221'655

% Out 20.72 17.2 7.42 6.78 5.38 5.1 1.28 0.6 0.34 0.12 0.05 0.04 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change

5 3 3 5 3 3 5 3 3 #N/A N/A #N/A N/A 5

M M M N M N M D M M M M

Latest Chg (100'885'197) (35'897'800) (87'578'254) (226'571'164) 2'435'413 214'440 10'795 (250'000) 853'312 40'500 2'140 25'000 86'861 6'682 (40'000)

Target Price 295 357 #N/A N/A 280 241 231 277 274 309 #N/A N/A #N/A N/A 163

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.04.2012 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 31.03.2013 05.07.2013 31.12.2012 31.12.2012 31.03.2013 30.06.2013 30.04.2013 31.03.2013 30.04.2013 30.06.2013 28.03.2013 31.12.2012 30.06.2011 31.05.2013

Date Not Provided Not Provided Not Provided Not Provided 12 month 2 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Government Corporation n/a n/a n/a n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 05.07.2013 02.07.2013 06.06.2013 03.06.2013 23.05.2013 21.05.2013 12.02.2013 18.07.2012 20.01.2012 13.01.2012 09.03.2011 23.12.2009

09.07.2013

Fubon Financial Holding Co Ltd Fubon Financial Holding Co., Ltd. is a financial holding company, formed through the merger of Fubon Insurance, Fubon Securities, Fubon Commercial Bank, and Fubon Life Assurance.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/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 2881 TT EQUITY YTD Change 2881 TT EQUITY YTD % CHANGE

12/2012 06/yy 44.20 28.62 33'143'947.00 38.3 -13.35% 33.82% 56.35% 9'526.9 364'880.88 19'092.70 0.0 0.0 1'305.68 382'667.89

10'810.0 17.07x

120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

.0 M j-13

Fiscal Year Ended 31.12.2008

50 45 40 35 30 25 20 15 10 5 0 j-12

31.12.2009

31.12.2010

Profitability

LTM-4Q 31.12.2011

31.12.2012 -

15'665.50 93.48% 8.44% 9.90% 8.55% 0.09% 98.0% 93.9% 10.67% 12.18% -

Price/ Cash Flow

LTM

12/yy 7'512.1 70.23x 7'304.4 0.00x 6'125.2 0.00x

06/yy 0.0 #DIV/0! 0.0 0.00x 11'346.1 0.00x

FY+1

1.12 5'189.99 122.10 38.43% 11.86% 1.117 26 4.231 52'408'720 25'099'640 21'109'310 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 29'515.0 36'172.0 31'941.1 33'474.6 7'959.3 6'391.0 11.66x 10.94x 11.53x 11.24x S&P Issuer Ratings

16.12.2008 BBB+ STABLE 06.09.2005 A-2 1.14 1.22 12.2% 10.9% 0.09 2476.05 -

Sales/Revenue/Turnover

10.00

18'000.0

9.00

16'000.0

8.00

14'000.0

7.00

12'000.0

6.00

10'000.0

5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 31.12.2005 30.06.2006 31.12.2006 30.06.2007 31.12.2007 30.06.2008 31.12.2008 30.06.2009 31.12.2009 30.06.2010 31.12.2010 30.06.2011 31.12.2011 30.06.2012 31.12.2012

0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Fubon Financial Holding Co Ltd Holdings By:

All

Holder Name CITY OF TAIPEI TAIWA MING TUNG INDUSTRIAL TAO YING INDUSTRIAL MING-HSING TSAI MING-CHUNG TSAI HUNG FU INVESTMENT C VANGUARD GROUP INC CHUNG HSING DEVELOPM LABOR INSURANCE FUND TSAI YANG HSIANG-HSU BLACKROCK TSAI WAN-TSAI DIMENSIONAL FUND ADV NORGES BANK POLARIS SEC INVESTME INVESTEC ASSET MANAG CAISSE DE DEPOT ET P ROBECO INVESTOR SERV ACADIAN ASSET MANAGE PRINCIPAL FINANCIAL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Jih Sun Securities ERIC CHANG BNP Paribas Equity Research LING TANG Nomura JESSE WANG JPMorgan JEMMY S HUANG HSBC BRUCE B WARDEN Capital Securities Corp THONY CHEN President Capital Management TINA YENG PING CHEN KGI Securities WEN-YEN FANG Macquarie DEXTER HSU Mega Securities CHUANG PIYEN EVA Dimensions DOUG WALTERS Deutsche Bank PANDORA LEE Masterlink Securities TOM LIANG Morgan Stanley LILY CHOI Barclays NOEL CHAN Credit Suisse CHUNG HSU Yuanta Securities Investment ConsultingPEGGY SHIH Goldman Sachs VINCENT CHANG Daiwa Securities Co. Ltd. JERRY YANG IBT Securities Co Ltd YU CONG WU SinoPac LILY HSIAO RBS NORA HOU E Sun Securities HONG CLIFF

Source EXCH EXCH Co File EXCH EXCH Co File MF-AGG Co File Co File Co File ULT-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy buy restricted underweight buy buy outperform neutral buy on weakness overweight hold buy Equalwt/In-Line overweight neutral buy neutral/neutral buy buy buy buy buy

Amt Held 1'340'000'000 860'000'000 756'595'101 284'000'000 266'000'000 260'857'897 197'256'736 144'573'175 139'642'670 138'652'580 131'594'315 130'046'246 85'790'875 70'258'048 62'124'508 30'678'942 15'256'607 15'235'862 15'057'520 14'379'248

% Out 14.07 9.03 7.94 2.98 2.79 2.74 2.07 1.52 1.47 1.46 1.38 1.37 0.9 0.74 0.65 0.32 0.16 0.16 0.16 0.15

Weighting

Change

5 5 5 #N/A N/A 1 5 5 5 3 5 5 3 5 3 5 3 5 3 5 5 5 5 5

M M M M M M M M M M M M M D M D M M M N M M U

Latest Chg (1'479'793) 405'011 338'726 326'290 30'740'000 (1'108'000) (6'294'872) (957'000) 10'127'010 413'000

Target Price 44 48 52 #N/A N/A 30 50 49 47 39 50 #N/A N/A 43 51 45 48 43 49 44 49 #N/A N/A 50 41 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 16.04.2012 31.05.2013 31.05.2013 16.04.2012 31.03.2013 16.04.2012 16.04.2012 16.04.2012 05.07.2013 16.04.2012 29.03.2013 31.12.2012 31.05.2013 30.04.2013 31.12.2012 30.04.2013 30.04.2013 31.05.2013

Date 6 month 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Government Other Investment Advisor n/a n/a Other Investment Advisor Other n/a n/a Investment Advisor n/a Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.07.2013 08.07.2013 07.07.2013 03.07.2013 03.07.2013 03.07.2013 03.07.2013 21.06.2013 17.06.2013 17.06.2013 06.06.2013 29.05.2013 24.05.2013 21.05.2013 21.05.2013 20.05.2013 20.05.2013 19.04.2013 12.04.2013 18.03.2013 11.03.2013 08.03.2013 14.12.2012

09.07.2013

Alfa SAB de CV Alfa, S.A.B., through subsidiaries, operates petrochemical, food processing, automotive and telecommunication businesses. The Company produces refrigerated food products, high-tech engine aluminum heads and blocks for gasoline and diesel.

Price/Volume 35

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

30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALFAA MM EQUITY YTD Change ALFAA MM EQUITY YTD % CHANGE

12/2012 03/yy 32.35 20.70 4'890'084.00 31.07 -3.96% 50.10% 89.01% 5'142.5 159'777.47 51'773.00 0.0 8'735.0 13'661.00 206'519.92

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 116'190.0 0.51x 10'478.0 5.71x (9'513.0) -

31.12.2009 31.12.2010 115'632.0 136'395.0 0.74x 0.78x 14'280.0 15'952.0 5.95x 6.63x 2'021.0 4'927.0 23.09x 13.65x Profitability

LTM-4Q 31.12.2011 182'967.0 0.74x 19'587.0 6.88x 4'748.0 17.07x

31.12.2012 200'167.0 0.95x 24'267.0 7.80x 8'994.0 15.74x

24'267.00 16'305.00 8.15% 6.78% 5.71% 18.00% 10.89% 1.36% 17.8% 12.1% 8.1% 4.5% 1.75 1.06 33.65% 99.48% 9.81 7.92

Price/ Cash Flow

LTM

FY+1

1.02 45.87% 14.52% 1.020 14 2.571 5'777'912 8'818'105 7'859'244 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 190'348.3 200'379.1 198'640.0 209'170.9 51'713.0 50'988.0 2.88x 3.67x 1.01x 0.91x 4.00x 4.02x 20'754.2 24'262.1 24'310.9 26'258.0 6'433.5 6'576.5 7.07x 8.68x 8.49x 7.87x 7.97x 7.91x 5'578.9 8'433.1 8'662.0 10'159.0 1'289.0 1'442.0 17.31x 19.48x 18.25x 15.98x 20.92x 21.50x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

5.84 4.08 1.57 2.04 99.5% 46.0% 1.36 2.80 35.38 43.79 41.78 27.47

Sales/Revenue/Turnover

10.00

250'000.0

9.00

200'000.0

8.00 7.00

150'000.0

6.00 5.00

100'000.0

4.00 3.00

50'000.0

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 |

09.07.2013

Alfa SAB de CV Holdings By:

All

Holder Name NACIONAL FINANCIERA BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV GRUPO FIN BANAMEX SA FIL LIMITED NORGES BANK JP MORGAN GRUPO FINANCIERO BBV MORGAN STANLEY SCHRODER INVESTMENT EATON VANCE MANAGEME AMERIPRISE FINANCIAL IMPULSORA DEL FONDO PRINCIPAL FINANCIAL BNP PARIBAS INV PART CAISSE DE DEPOT ET P GRUPO FINANCIERO SCO ACTINVER SA DE CV/ME SOL CAPITAL MANAGEME

Firm Name EVA Dimensions Banorte-IXE BBVA HSBC JPMorgan Grupo Santander Morgan Stanley GBM Scotia Capital Invex Casa de Bolsa SA de CV Vector Servicios Financieros

Portfolio Name Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios SOL CAPITAL MANAGEME

Analyst TIMOTHY STANISH CARLOS HERMOSILLO PABLO ABRAHAM P JUAN CARLOS MATEOS CASSIO LUCIN LUIS MIRANDA NIKOLAJ LIPPMANN LILIAN OCHOA MARCOS DURAN Y CASAHONDA MARTIN GONZALEZ BADILLO RAFAEL ESCOBAR

Source MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-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 MF-AGG 13F

Recommendation underweight hold underperform overweight overweight underperform Equalwt/No Rating market underperform sector underperform sell speculative buy

Amt Held 152'060'084 129'131'509 80'698'240 65'521'500 43'491'496 35'034'192 23'336'429 18'406'512 17'881'361 17'041'430 17'022'341 10'638'120 10'126'670 9'800'000 9'749'320 7'991'880 7'616'450 7'147'000 6'443'457 6'164'050

% Out 2.96 2.51 1.57 1.27 0.85 0.68 0.45 0.36 0.35 0.33 0.33 0.21 0.2 0.19 0.19 0.16 0.15 0.14 0.13 0.12

Weighting

Change 1 3 1 5 5 1 3 2 1 1 4

M M M U M M M M M M M

Latest Chg 1'856'612 (993'800) 4'343'189 44'630 11'777'378 6'094'609 45'095 (53'810) 487'300 10'916'360 1'006'700 (2'290'000) 2'608'311 (104'080) (566'700) 115'100 57'950

Target Price #N/A N/A 31 30 35 34 30 28 25 24 32 34

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 05.07.2013 05.07.2013 31.03.2013 29.03.2013 31.05.2013 31.12.2012 31.12.2012 31.05.2013 04.07.2013 31.03.2013 31.03.2013 30.04.2013 31.05.2013 31.01.2013 31.05.2013 31.03.2013 31.12.2012 31.05.2013 30.04.2013 31.03.2013

Date Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 03.06.2013 03.06.2013 22.05.2013 14.05.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 14.02.2013

09.07.2013

Bank Mandiri Persero Tbk PT PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank operates in the commercial banking services.

Price/Volume 12000

80.0 M 70.0 M

10000

60.0 M 8000

Latest Fiscal Year: LTM as of: 52-Week High (17.04.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/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 BMRI IJ EQUITY YTD Change BMRI IJ EQUITY YTD % CHANGE

12/2012 03/yy 10'750.00 6'850.00 33'717'500.00 7500 -30.23% 9.49% 17.95% 23'333.3 175'000'000.00 32'613'314.00 0.0 1'952'745.0 ########### -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M 30.0 M

4000

20.0 M 2000

10.0 M

0 j-12

a-12

s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 31'980'359.0 5'312'821.0 7.96x

50.0 M

6000

Valuation Analysis

31.12.2009 31.12.2010 38'302'812.0 43'012'339.0 7'155'464.0 9'218'298.0 13.75x 14.79x Profitability

LTM-4Q 31.12.2011 51'482'002.0 12'246'044.0 12.86x

LTM

FY+1

.0 M j-13

1.26 9'333.33 10.74% -5.67% 1.256 33 4.273 38'605'100 37'929'220 30'330'780 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 56'917'327.0 ######### ######### ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 15'504'067.0 ######### ######### ######### ######### ######### ######### 12.19x 13.47x 14.22x 9.88x 8.45x S&P Issuer Ratings - Long-Term Rating Date 21.04.2011 - Long-Term Rating BB+ 46.84% Long-Term Outlook STABLE 48.94% Short-Term Rating Date 12.03.2010 2.76% Short-Term Rating B 22.77% Credit Ratios 14.42% EBITDA/Interest Exp. 0.10% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 43.7% 37.0% Total Debt/Capital 29.9% Asset Turnover 0.10 - Net Fixed Asset Turnover 8.76 - Accounts receivable turnover-days 5.13% Inventory Days 43.73% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

60'000'000.0

40.00

50'000'000.0

35.00

40'000'000.0

30.00 25.00

30'000'000.0

20.00

20'000'000.0

15.00 10.00

10'000'000.0

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 |

09.07.2013

Bank Mandiri Persero Tbk PT Holdings By:

All

Holder Name REPUBLIC OF INDONESI VANGUARD GROUP INC NORGES BANK LAZARD ASSET MANAGEM SCHRODER INVESTMENT BLACKROCK FIL LIMITED SCHRODER INVESTMENT T ROWE PRICE ASSOCIA INVESCO LTD DIMENSIONAL FUND ADV JP MORGAN PANIN SEKURITAS EASTSPRING INVESTMEN ALLIANZ ASSET MANAGE ALLIANCE BERNSTEIN BNP PARIBAS INV PART GRANTHAM MAYO VAN OT CI INVESTMENTS INC FORTIS INVESTMENTS P

Firm Name Sanford C. Bernstein & Co Deutsche Bank Bahana Securities UOB Kay Hian Nomura Goldman Sachs JPMorgan Macquarie Standard Chartered DBS Vickers CIMB Barclays Indo Premier Securities RHB Research Institute Sdn Bhd EVA Dimensions Danareksa Maybank Kim Eng Andalan Artha Advisindo Sekuritas PT Trimegah Securities Tbk PT Samuel Sekuritas Indonesia HSBC Sucorinvest Central Gani Morgan Stanley Credit Suisse Daiwa Securities Co. Ltd. PT Batavia Prosperindo Sekuritas Ciptadana Sekuritas AmCapital Indonesia BNP Paribas Equity Research

Portfolio Name n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KEVIN KWEK RAYMOND KOSASIH TEGUH P. HARTANTO RUFINA TAM WILIANTO IE BENJAMIN KOO HARSH WARDHAN MODI NICOLAOS OENTUNG JAJ SINGH SUE LIN LIM ERWAN TEGUH TEH ANISH TAWAKLEY STEPHAN HASJIM ROCKY INDRAWAN DOUG WALTERS EKA SAVITRI RAHMI SARI MARINA A INDRAJATRI ROBBY HAFIL JOSEPH PANGARIBUAN LOO KAR WENG ISFHAN HELMY NICK LORD TEDDY OETOMO SRIKANTH VADLAMANI ANDY FERDINAND SYAIFUL ADRIAN YAP SWIE CU TEAM COVERAGE

Source EXCH MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy buy buy buy neutral/neutral neutral neutral in-line hold outperform equalweight buy buy hold buy buy buy hold hold neutral buy Overwt/Attractive outperform hold buy buy buy buy

Amt Held 14'000'000'391 389'975'795 368'415'194 299'046'088 228'945'334 226'472'026 224'734'874 167'253'062 98'910'255 93'810'869 85'152'108 64'793'413 53'907'000 49'359'130 48'672'810 44'226'704 42'558'181 41'930'702 38'560'164 37'356'000

% Out 60 1.67 1.58 1.28 0.98 0.97 0.96 0.72 0.42 0.4 0.36 0.28 0.23 0.21 0.21 0.19 0.18 0.18 0.17 0.16

Weighting

Change 5 5 5 5 5 3 3 3 3 3 5 3 5 5 3 5 5 5 3 3 3 5 5 5 3 5 5 5 5

M M U M M M D D M M M D N M M M U M D D D U M M M M M M M

Latest Chg 13'318'500 (188'000) (2'229'500) 5'803'500 (51'758'635) 4'581'000 54'612'000 2'213'000 (32'889'500) 1'041'000 (1'433'638) 57'000 15'418'950 -

Target Price 12'000 10'900 10'400 11'500 11'400 10'510 9'000 9'000 10'137 9'900 11'300 8'700 12'150 11'750 #N/A N/A 11'700 11'050 11'500 11'100 10'500 11'200 11'950 10'768 12'750 10'000 11'000 11'000 9'700 8'800

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.04.2012 31.03.2013 31.12.2012 31.05.2013 30.04.2013 05.07.2013 31.12.2012 12.07.2013 31.03.2013 08.07.2013 29.03.2013 31.03.2013 31.12.2011 28.12.2012 31.05.2013 31.05.2013 31.03.2013 31.05.2012 31.12.2012 31.12.2011

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month

Inst Type Government Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.07.2013 08.07.2013 04.07.2013 04.07.2013 03.07.2013 02.07.2013 27.06.2013 27.06.2013 24.06.2013 17.06.2013 17.06.2013 14.06.2013 13.06.2013 11.06.2013 06.06.2013 03.06.2013 29.05.2013 03.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 02.04.2013 26.02.2013 28.12.2012 05.11.2012 11.09.2012

09.07.2013

Remgro Ltd Remgro Ltd is an investment holding company that invests in banking and financial services, packaging, glass products, medical services, mining, petroleum, wine and spirits, food and home and personal care products. It holds investments, amongst others, in FirstRand Bank, RMB Holdings, Rainbow Chicken, Medi-Clinic Corp., Unilever South Africa, Tsb Sugar and Total South Africa.

Price/Volume 25000 20000 15000

Valuation Analysis

10000

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/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 REM SJ EQUITY YTD Change REM SJ EQUITY YTD % CHANGE

06/2012 01/yy 20'390.00 13'506.00 204'133.00 18894 -7.21% 39.89% 70.44% 516.6 104'317.38 384.00 0.0 799.0 8'828.00 100'530.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5000 0 j-12

a-12

s-12

o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13

j-13

Market Data

Fiscal Year Ended 30.06.2008 9'447.0 9.24x (485.0) 9'893.0 11.57x

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 j-13

30.06.2009 30.06.2010 11'455.0 11'849.0 2.27x 3.83x 855.0 1'141.0 30.39x 39.81x 45'330.0 3'060.0 6.83x 14.20x Profitability

30.06.2011 12'222.0 4.20x 966.0 53.16x 9'715.0 13.71x

30.06.2012 13'532.0 4.46x 1'129.0 53.40x 9'284.0 13.22x 1'129.00 772.00 5.70% 72.62% 12.02% 13.04% 12.86% 0.24% -4.5% -7.1% 68.6% 4.91 3.90 0.66% 0.72% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.76 0.86 407.23 38.13% 19.69% 0.863 6 2.000 1'144'054 1'865'436 1'399'878 FY+2

06/13 Y 06/14 Y 14'854.3 16'095.0 6.99x 6.39x 1'282.5 1'435.0 78.39x 70.12x 5'279.8 6'858.0 18.21x 14.07x S&P Issuer Ratings

FQ+1

FQ+2

53.76 15.48 -0.99 0.7% 0.7% 0.24 4.26 -

Sales/Revenue/Turnover

80.00

16'000.0

70.00

14'000.0

60.00

12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011

0.0 03.04.2012 03.10.2012 03.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Remgro Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI ALLAN GRAY UNIT TRUS JP MORGAN CUSTODIAN STATE STREET CUSTODI VANGUARD GROUP INC BANK OF NEW YORK OLD MUTUAL BLACKROCK NORTHERN TR AVFC GOV GEPF CORONATION FM HARRIS TRUST & SAVIN GEPF SIM PTY LTD IND RBC INVESTOR SERVICE LIBERTY LIFE ASSURAN FRANKLIN RESOURCES NORTHERN TRUST COMPA CITIBANK LONDON SIMLEND MAIN ACCOUNT GLOBAL BALANCED PORT GEPF ABSA ASSET MGMT

Firm Name JPMorgan Avior Research EVA Dimensions Investec Renaissance Capital

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst ANDREW CUFFE RICHARD TESSENDORF TIMOTHY STANISH THANE DUFF REY WIUM

Source SJ-REG MF-AGG SJ-REG ULT-AGG MF-AGG SJ-REG ULT-AGG ULT-AGG SJ-REG SJ-REG MF-AGG SJ-REG SJ-REG SJ-REG ULT-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG

Recommendation neutral underperform underweight hold sell

Amt Held 65'355'668 27'161'238 22'789'915 22'663'849 13'432'009 10'842'625 9'044'046 7'425'095 7'192'020 6'859'272 6'191'280 6'024'426 5'344'375 5'222'752 5'155'510 4'472'897 4'181'000 4'038'101 3'895'596 3'600'000

% Out 12.65 5.26 4.41 4.39 2.6 2.1 1.75 1.44 1.39 1.33 1.2 1.17 1.03 1.01 1 0.87 0.81 0.78 0.75 0.7

Weighting

Change 3 1 1 3 1

D M M M M

Latest Chg 1'650'000 (2'856'956) 823'877 183'675 1'587'214 890'348 (119'276) 218'157 1'235'057 2'046'388 837'300 (18'711) 3'510'990 287'158 (15'394) (97'772) (265'264) -

Target Price 19'567 19'825 #N/A N/A 18'550 14'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 05.07.2013 31.05.2013 31.05.2013 28.03.2013 31.05.2013 31.05.2013 31.05.2013 31.12.2012 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

Date 6 month Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Unclassified Investment Advisor Other Other Unclassified Other Investment Advisor Insurance Company Investment Advisor Investment Advisor Bank Other Other Other

Date 14.06.2013 13.06.2013 06.06.2013 09.04.2013 05.11.2012

09.07.2013

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 (10.09.2012) Daily Volume Current Price (7/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 j-12

31.12.2009 31.12.2010 104'175.0 141'127.0 1.92x 1.45x 7'356.0 8'557.0 26.97x 22.90x Profitability

LTM-4Q 31.12.2011 155'446.0 1.21x 8'313.0 19.80x

31.12.2012 167'146.0 1.49x 5'077.0 38.14x

5.01% 3.66% 0.81% 5.87% 5.01% 0.27% 3.0% 9.63% 68.25% -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

.0 M j-13

LTM

FY+1

1.84 1.30 1'855.18 -3.68% -14.44% 1.296 33 4.485 19'665'000 14'394'360 11'912'600 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 161'973.0 176'042.0 189'104.2 213'240.0 2.32x 1.95x 0.86x 0.78x 0.0 0.0 0.00x 0.00x 5'516.0 6'650.0 9'502.3 11'218.6 30.08x 24.19x 17.65x 15.10x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

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

a-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 22.30 11'889'800.00 24.1 -25.85% 8.07% 14.71% 2'775.3 189'402.25 65'643.00 0.0 1'392.0 23'875.00 40'857.50

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 |

09.07.2013

China Pacific Insurance Group Co Ltd Holdings By:

All

Holder Name JP MORGAN GOVT OF SINGAPORE IN NORGES BANK BLACKROCK AZ EURO INVESTMENTS BERKOWITZ BRUCE R CARLYLE HOLDINGS MAU MORGAN STANLEY PARALLEL INVESTORS H ABU DHABI INVESTMENT SCHRODER INVESTMENT VANGUARD GROUP INC ALLIANZ FINANCE II L FMR LLC CAPITAL GROUP COMPAN BARING INTERNATIONAL SCHRODER KOREA LTD MATTHEWS INTERNATION SHINHAN BNP PARIBAS EASTSPRING INVESTMEN

Firm Name BNP Paribas Equity Research HSBC Capital Securities Corp BOCOM International Holdings Nomura JPMorgan Guotai Junan Standard Chartered Religare Capital Markets Credit Suisse Sanford C. Bernstein & Co EVA Dimensions Jefferies Daiwa Securities Co. Ltd. Haitong International Securities China International Capital Corp Goldman Sachs Deutsche Bank DBS Vickers Morgan Stanley Macquarie UOB Kay Hian Core Pacific CCB International Securities Ltd Guoyuan Securities (HK) Ltd SWS Research Co Ltd ICBC International Securities Bank of China International Phillip Securities 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 Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LING TANG JAMES GARNER TEAM COVERAGE LI WENBING JESSE WANG MW KIM DAYTON WANG JENNIFER LAW STEVEN LAM ARJAN VAN VEEN LINDA SUN-MATTISON DOUG WALTERS BARON NIE JERRY YANG CHEN FANNY TANG SHENGBO MANCY SUN ESTHER CHWEI PING CHENG BEN LIN SCOTT G RUSSELL EDMOND LAW OLIVE XIA KENNETH YUE TEAM COVERAGE ROBERT HU PIUS CHENG SUN PENG CHEN XINGYU LI YAN KENNY TANG SING HING IVAN CHEUNG YANAN WANG

Source ULT-AGG ULT-AGG EXCH ULT-AGG EXCH EXCH EXCH ULT-AGG EXCH Research MF-AGG MF-AGG EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy overweight strong buy buy neutral overweight accumulate outperform buy outperform outperform sell buy buy buy buy neutral/neutral buy hold Overwt/In-Line outperform buy buy outperform buy outperform buy hold buy buy buy buy buy

Amt Held 359'065'552 293'830'400 231'734'200 192'436'539 191'940'303 114'665'400 113'323'498 96'842'838 90'384'102 76'187'483 69'784'975 66'443'468 41'517'800 40'307'305 32'735'800 26'683'303 21'534'400 20'355'800 19'039'200 18'294'400

% Out 12.94 10.59 8.35 6.93 6.92 4.13 4.08 3.49 3.26 2.75 2.51 2.39 1.5 1.45 1.18 0.96 0.78 0.73 0.69 0.66

Weighting

Change 5 5 5 5 3 5 4 5 5 5 5 1 5 5 5 5 3 5 3 5 5 5 5 5 5 5 5 3 5 5 5 5 5

M M U M M M M M M M M M M N M M M M M M M M M U M M M M M M M M M

Latest Chg 55'160'000 15'694'975 7'056'520 (4'889'490) 12'834'000 (577'600) (70'000) 12'541'800 (1'174'400)

Target Price 33 33 32 35 32 32 31 41 32 38 32 #N/A N/A 33 33 38 33 32 35 26 37 35 36 29 30 36 30 32 25 28 28 26 32 40

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.06.2013 15.11.2012 14.11.2012 05.07.2013 14.11.2012 29.11.2011 10.01.2013 31.03.2013 10.01.2013 14.11.2012 31.05.2013 31.03.2013 14.11.2012 31.05.2013 31.03.2013 31.03.2013 31.12.2012 28.03.2013 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor Government Government Investment Advisor Other n/a Other Investment Advisor Holding Company Government Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.07.2013 07.07.2013 26.06.2013 26.06.2013 24.06.2013 22.06.2013 17.06.2013 14.06.2013 14.06.2013 13.06.2013 13.06.2013 06.06.2013 05.06.2013 29.05.2013 20.05.2013 17.05.2013 16.05.2013 25.04.2013 25.04.2013 24.04.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 31.01.2013 14.01.2013 14.12.2012 06.12.2012 16.11.2012 07.06.2012 08.12.2011 18.10.2011 01.08.2011

09.07.2013

Samsung Fire & Marine Insurance Co Ltd Samsung Fire & Marine Insurance Co., Ltd. offers non-life insurance services such as auto, fire, marine, casualty, health, leisure, and retirement. The Company offers services to the domestic and overseas clients through a network of branches and outlets.

Price/Volume 300000

.4 M .4 M

250000

.3 M 200000

Latest Fiscal Year: LTM as of: 52-Week High (08.07.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000810 KS EQUITY YTD Change 000810 KS EQUITY YTD % CHANGE

03/2013 03/yy 251'000.00 202'000.00 72'446.00 243500 -2.99% 20.54% 82.65% 47.4 11'535'773.00 0.00 1'671.0 0.0 924'759.96 10'612'683.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M .2 M

100000

.1 M 50000

.1 M

0 j-12

31.03.2010 31.03.2011 11'864'682.6 7'325'197.4 0.66x 1.40x 524'510.2 676'406.0 15.35x 15.91x Profitability

LTM-4Q 31.03.2012 7'686'272.0 784'528.7 12.10x

s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

LTM

FY+1

.0 M j-13

1.54 0.69 38.60 11.58% 13.62% 0.685 34 4.765 110'580 108'105 95'350 FY+2

FQ+1

FQ+2

31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 14'004'635.8 ######### ######### ######### ######### ######### ######### 0.59x 3.67x 1.88x 0.0 0.0 0.00x 0.00x 760'483.6 784'528.7 760'483.6 864'435.3 997'167.4 215'745.7 202'957.9 12.46x 12.05x 12.49x 13.00x 11.33x 13.22x 12.60x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 6.75% Long-Term Outlook 7.04% Short-Term Rating Date 1.80% Short-Term Rating 9.03% Credit Ratios - EBITDA/Interest Exp. 0.33% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 5.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 0.00% Inventory Days 0.00% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

AASTABLE 0.0% 0.0% 0.33 -

Sales/Revenue/Turnover

4.50

16'000'000.0

4.00

14'000'000.0

3.50

12'000'000.0

3.00

10'000'000.0

2.50

8'000'000.0

2.00

6'000'000.0

1.50

4'000'000.0

1.00

2'000'000.0

0.50 0.00 03.04.2010

a-12

Fiscal Year Ended 31.03.2009 10'359'007.8 0.67x 598'707.9 11.82x

.3 M

150000

Valuation Analysis

0.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Samsung Fire & Marine Insurance Co Ltd Holdings By:

All

Holder Name SAMSUNG LIFE INSURAN FIRST STATE INVESTME SAMSUNG FIRE & MARIN NATIONAL PENSION SER GENESIS ASSET MANAGE COMMONWEALTH BANK OF KOREA INVESTMENT TRU TOKIO MARINE & NICHI SAMSUNG INVESTMENT T BLACKROCK VANGUARD GROUP INC NORGES BANK SAMSUNG CARD CO JP MORGAN KB ASSET MANAGEMENT MIRAE ASSET GLOBAL I SCHRODER INVESTMENT FIL LIMITED BANK OF NEW YORK MEL UBS HANA ASSET MANAG

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Dongbu Securities Co Ltd LEE BYUNG-GUN BNP Paribas Equity Research MICHELLE CHO KB Investment & Securities Co., Ltd YOO SEUNG-CHANG KTB Securities CHO SOUNG KYUNG Daishin Securities Co., Ltd. KANG SEUNG-GUN NH Investment & Securities KIM TAE-HYUN Korea Investment & Securities LEE CHUL-HO Samsung Securities SEAN CHANG Eugene Investment & Securities Co., LtdSEO BO-ICK Woori Investment & Securities STEPHANIE HAN Nomura MICHAEL NA Hana Daetoo Securities SHIN SEUNG-HYUN Hanwha Securities Co., Ltd YOON TAE-HO Daiwa Securities Co. Ltd. ANDERSON CHA EVA Dimensions DOUG WALTERS Standard Chartered JUSTIN KIM Hyundai Securities RHEE TAE-KYUNG E*Trade Securities Korea LEE CHI-YOUNG Shinhan Investment Corp SONG IN-CHAN Daewoo Securities JEONG GIL-WON Tong Yang Investment Bank WON JAE-WOONG JPMorgan MW KIM Macquarie CJ YUN Deutsche Bank JEE HOON PARK Morgan Stanley SARA LEE Credit Suisse GIL HYUNG KIM HSBC SINYOUNG PARK Sanford C. Bernstein & Co LINDA SUN-MATTISON KIWOOM Securities Co Ltd KYUNG-HEE CHA Kyobo Securities KIM JI-YOUNG Shinyoung Securities Co., Ltd. PARK EUN-JOON IBK Securities Co Ltd HAN-SANG LEE

Source Co File EXCH Co File Co File EXCH MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy buy buy buy neutral buy buy buy overweight outperform buy buy buy buy buy overweight outperform buy Equalwt/Attractive neutral overweight market perform buy buy buy buy

Amt Held 4'905'718 4'561'004 3'599'589 3'348'727 2'935'515 2'599'136 1'499'288 1'488'150 994'901 841'216 729'683 360'750 298'377 182'671 169'332 165'777 163'155 159'646 151'801 139'832

% Out 10.36 9.63 7.6 7.07 6.2 5.49 3.16 3.14 2.1 1.78 1.54 0.76 0.63 0.39 0.36 0.35 0.34 0.34 0.32 0.3

Weighting

Change 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 3 3 5 3 5 5 5 5

M M M M M M M M M M M M M M U M M M M M M M M M M M M N M M M M

Latest Chg 522'717 (26'177) 563'064 (30'562) 27'528 (5'227) (234'415) 71'069 (141) (62'385) (30'896) 27'936 (2'587)

Target Price 39'100 260'000 290'000 280'000 290'000 280'000 260'000 260'000 280'000 262'000 241'000 277'000 300'000 278'000 #N/A N/A 280'000 260'000 268'000 280'000 303'000 280'000 300'000 325'000 270'000 233'000 230'000 274'000 230'000 289'000 280'000 300'000 270'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2012 25.04.2012 30.06.2012 31.03.2012 14.02.2013 28.02.2013 31.12.2012 31.03.2013 31.03.2013 05.07.2013 31.03.2013 31.12.2012 31.03.2012 31.05.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 08.07.2013 31.12.2012

Date 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month 6 month 12 month 12 month

Inst Type Insurance Company Investment Advisor Insurance Company Government Investment Advisor Bank Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.07.2013 08.07.2013 05.07.2013 04.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 01.07.2013 30.06.2013 20.06.2013 19.06.2013 06.06.2013 03.06.2013 27.05.2013 16.05.2013 15.05.2013 15.05.2013 15.05.2013 15.05.2013 14.05.2013 14.05.2013 14.05.2013 14.05.2013 07.05.2013 04.03.2013 15.02.2013 29.06.2012 30.04.2012

09.07.2013

Taiwan Mobile Co Ltd Taiwan Mobile Co., Ltd. provides cellular telecommunication services in Taiwan. The Company also sells and leases cellular phones.

Price/Volume 120

16.0 M 14.0 M

100

12.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (09.07.2012) Daily Volume Current Price (7/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 3045 TT EQUITY YTD Change 3045 TT EQUITY YTD % CHANGE

12/2012 12/yy 121.40 93.92 3'992'626.00 109.5 -9.80% 16.59% 62.16% 3'420.8 374'581.22 22'795.18 0.0 0.0 1'360.75 396'015.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M 6.0 M

4.0 M 20

2.0 M

0 j-12

31.12.2009 31.12.2010 57'015.5 58'547.3 3.48x 3.81x 24'519.5 21'763.2 8.10x 10.26x 13'888.9 13'822.2 13.39x 15.09x Profitability

LTM-4Q 31.12.2011 61'919.3 4.37x 19'239.5 14.07x 13'468.8 20.09x

31.12.2012 67'406.4 4.59x 18'748.0 16.50x 14'691.6 19.60x

18'747.96 10'764.55 15.97% 24.31% 16.63% 29.78% 21.58% 0.76% 37.1% 27.8% 16.0% 21.8% 0.41 0.26 24.79% 45.84% 10.70 25.08

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M j-13

0.52 2'176.23 1.17 19.84% 7.41% 0.520 20 3.200 9'115'652 7'370'757 5'704'823 FY+2

FQ+1

FQ+2

12/yy 61'919.3 15.53x 19'239.5 14.07x 13'468.8 18.51x

12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 67'406.4 108'703.0 109'920.0 17.27x 18'748.0 29'459.0 29'205.0 16.50x 13.44x 13.56x 14'691.6 16'118.9 17'240.2 4'047.0 4'277.6 19.60x 18.31x 17.04x 18.11x 17.13x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

47.29 34.46 1.14 1.22 45.8% 31.4% 0.76 2.08 34.19 14.59 35.20 13.59

Sales/Revenue/Turnover

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 02.01.2010

a-12

Fiscal Year Ended 31.12.2008 54'311.6 3.03x 23'886.7 6.89x 15'371.4 9.40x

10.0 M

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |

09.07.2013

Taiwan Mobile Co Ltd Holdings By:

All

Holder Name TAI LIEN NET INVEST ABERDEEN TAI HSIN UNITED INVE MING TUNG INDUSTRIAL CATHAY LIFE INSURANC FUBON LIFE INSURANCE TAI KU HSIN CHUANG I TAO YING INDUSTRIAL MING-CHUNG TSAI MING-HSING TSAI SAUDI ARABIAN MONETA BLACKROCK BANK OF NEW YORK MEL VANGUARD GROUP INC FIL LIMITED COLUMBIA WANGER ASSE EASTSPRING INVESTMEN CAPITAL GROUP COMPAN NORGES BANK POLARIS SEC INVESTME

Firm Name

Portfolio Name #N/A N/A n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Deutsche Bank JOELIAN TSENG Morgan Stanley GARY YU KGI Securities VINCENT LIAO Standard Chartered STEVEN LIU Nomura JIN YOON Fubon Securities LEWIS LIU HSBC NEALE ANDERSON New Street Research ALASTAIR JONES Goldman Sachs PIYUSH MUBAYI BNP Paribas Equity Research ALEN LIN Mega Securities LU CALVIN Credit Suisse CHATE BENCHAVITVILAI JPMorgan LUCY LIU Yuanta Securities Investment ConsultingBONNIE CHANG Barclays ANAND RAMACHANDRAN Macquarie JOSEPH QUINN EVA Dimensions ANDREW S ZAMFOTIS SinoPac JERRY LU

Source EXCH ULT-AGG EXCH Co File Co File Co File Co File Co File EXCH EXCH Co File ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation not rated Equalwt/In-Line neutral in-line buy not rated neutral neutral neutral/neutral hold neutral neutral neutral hold underweight neutral overweight neutral

Amt Held 411'000'000 253'536'035 200'000'000 166'262'807 160'115'940 111'412'260 107'607'424 94'459'268 91'979'990 90'127'938 76'827'443 61'582'099 48'148'592 46'924'772 31'983'155 24'818'000 19'133'000 17'957'000 16'517'554 15'948'000

% Out 12.01 7.41 5.85 4.86 4.68 3.26 3.15 2.76 2.69 2.63 2.25 1.8 1.41 1.37 0.93 0.73 0.56 0.52 0.48 0.47

Weighting

Change

#N/A N/A 3 3 3 5 #N/A N/A 3 3 3 3 3 3 3 3 1 3 5 3

M U M M M M M M M M N M M M M M M M

Latest Chg (17'527'197) (128'389) 2'999'000 4'362'552 (12'000) 337'000 (1'727'000)

Target Price #N/A N/A 100 107 102 110 #N/A N/A 120 101 104 110 112 108 110 110 100 100 #N/A N/A 109

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.05.2013 03.10.2011 03.10.2011 03.10.2011 03.10.2011 03.10.2011 31.05.2013 31.05.2013 03.10.2011 05.07.2013 08.07.2013 31.03.2013 31.12.2012 31.05.2013 14.09.2012 31.03.2013 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Corporation Other Insurance Company Unclassified Corporation Investment Advisor n/a n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor

Date 02.07.2013 02.07.2013 02.07.2013 19.06.2013 06.06.2013 30.05.2013 26.05.2013 14.05.2013 12.05.2013 10.05.2013 02.05.2013 01.05.2013 30.04.2013 30.04.2013 10.04.2013 22.03.2013 15.01.2013 26.10.2012

09.07.2013

Price/Volume

60.0 M 50.0 M

40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBDC3 BZ EQUITY YTD Change BBDC3 BZ EQUITY YTD % CHANGE

12/2012 03/yy 36.07 21.56 1'036'500.00 28.54 -20.88% 32.41% 48.12% 2'103.6 114'732.37 307'230.10 0.0 208.7 84'145.54 -

30.0 M

15 10

20.0 M

10.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

35 30

Valuation Analysis

31.12.2008 76'701.0 7'018.0 4.93x

31.12.2009 31.12.2010 85'241.0 78'055.6 9'216.0 9'939.6 8.25x 12.36x Profitability

LTM-4Q 31.12.2011 98'694.6 10'958.1 10.71x

31.12.2012 100'442.6 11'291.6 11.89x

24.06% 25.50% 1.37% 18.05% 3.60% 0.19% 18.6% 38.35% 431.88% -

Price/ Cash Flow

LTM

03/yy 03/yy 156'856.8 160'114.2 0.00x 0.00x 0.0 0.0 0.00x 0.00x 11'118.8 11'507.8 10.95x 12.46x

FY+1

0.91 391.97 28.50% -6.39% 0.907 1 5.000 2'147'920 1'736'670 1'536'799 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 64'766.0 69'700.0 16'945.0 17'350.5 12'538.4 14'048.7 3'149.8 3'213.0 9.47x 8.46x 9.46x 9.27x S&P Issuer Ratings

30.04.2008 BBB NEG 11.07.2012 A-2 431.9% 81.2% 0.19 35.18 -

Sales/Revenue/Turnover

10.00

120'000.0

9.00

100'000.0

8.00 7.00

80'000.0

6.00

60'000.0

5.00 4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.07.2013

Banco Bradesco SA Holdings By:

All

Holder Name CIDADE DEUS CIA CIAL FUNDACAO BRADESCO NCF PARTICIPACOES SA MITSUBISHI UFJ FINAN ABERDEEN VANGUARD GROUP INC BLACKROCK CSHG ASSET MGMT SA COMMONWEALTH BANK OF GRANTHAM MAYO VAN OT BANCO BRADESCO SA ITAU UNIBANCO SA QUATRO A ADMIN DE RE CAISSE DE DEPOT ET P FUNDACAO CESP CREDIT SUISSE ASSET INVESTIDOR PROFISSIO EOS INVESTIMENTOS LT REAL GRANDEZA FUNDAC BB GESTAO DE RECURSO

Firm Name Brasil Plural

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst EDUARDO NISHIO

Source EXCH EXCH EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight

Amt Held 1'124'604'451 394'305'758 189'748'076 52'446'992 21'869'491 18'364'977 16'041'035 8'307'996 5'803'913 3'513'368 3'008'201 2'399'395 1'129'119 1'106'380 1'087'046 1'066'170 1'034'962 931'620 842'100 820'348

% Out 53.46 18.74 9.02 2.49 1.04 0.87 0.76 0.39 0.28 0.17 0.14 0.11 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.04

Weighting

Change 5

Latest Chg 2'966'900 7'056'525 1'202'976 (162'810) 174'351 (82'880) (310'173) (46'204) (99'860) (209'850) 807'100 313'500

Target Price

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 20.03.2013 20.03.2013 20.03.2013 28.01.2013 31.05.2013 31.03.2013 05.07.2013 30.06.2013 28.02.2013 31.05.2012 20.03.2013 30.06.2013 30.06.2013 31.12.2012 31.03.2013 31.03.2012 31.03.2013 31.03.2013 30.06.2013 30.06.2013

Date Not Provided

Inst Type Holding Company Other Venture Capital Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor

Date 17.09.2012

09.07.2013

Bidvest Group Ltd Bidvest Group Limited is the holding company for a group of companies operating in a range of sectors. Subsidiaries manufacture and distribute food and allied products to the catering industry, as well as packaging, stapling, fastening and adhesive tapes, office products, cosmetics, toiletries and skin care products. Bidvest supplies cleansing products and provides laundering services.

Price/Volume 30000

3.0 M 2.5 M

15000

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (13.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BVT SJ EQUITY YTD Change BVT SJ EQUITY YTD % CHANGE

06/2012 01/yy 26'640.00 18'016.00 121'417.00 24400 -8.30% 35.44% 69.39% 327.7 79'967.32 5'721.54 0.0 969.3 6'082.52 82'507.48

30.06.2008 110'477.6 0.32x 6'851.5 5.14x 3'252.9 9.21x

2.0 M 1.5 M

10000

1.0 M 5000

.5 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

Fiscal Year Ended 30.06.2009 30.06.2010 112'427.8 109'789.2 0.30x 0.39x 6'482.5 7'372.7 5.23x 5.84x 2'802.4 3'345.2 10.40x 11.39x Profitability

30.06.2011 118'482.7 0.45x 7'858.0 6.82x 3'538.7 13.00x

30.06.2012 133'533.6 0.43x 8'803.7 6.52x 4'442.9 12.35x

8'803.73 6'801.86 5.09% 4.82% 8.01% 20.56% 18.05% 2.52% 20.4% 6.4% 5.0% 3.3% 1.12 0.65 10.24% 26.45% 10.71

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M j-13

2.73 1.04 246.17 35.22% 14.78% 1.042 12 3.000 708'281 1'026'733 980'091 FY+2

06/13 Y 06/14 Y 149'227.7 161'247.9 0.56x 0.51x 9'528.9 10'479.0 8.66x 7.87x 4'915.3 5'485.0 15.67x 14.03x S&P Issuer Ratings

FQ+1

FQ+2

10.52 6.17 0.17 0.82 26.5% 20.2% 2.52 11.13 34.17 20.58

Sales/Revenue/Turnover

16.00

160'000.0

14.00

140'000.0

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 03.07.2009

3.5 M

20000

Valuation Analysis

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

25000

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 |

09.07.2013

Bidvest Group Ltd Holdings By:

All

Holder Name STATE STREET CUSTODI GOVERNMENT EMP PENSI JP MORGAN CUSTODIAN STATE STREET BB INV CO (PTY) LTD LAZARD ASSET MANAGEM JP MORGAN VANGUARD GROUP INC NORTHERN TR AVFC GOV BANK OF NY CUSTODIAN BANK OF NEW YORK OLD MUTUAL BLACKROCK NORTHERN TRUST COMPA GEPF SIM PTY LTD IND SANLAM LIFE INSURANC WILLIAM BLAIR & COMP CITIBANK LONDON NORTHERN TRUST CUSTO SKAGEN AS

Firm Name Avior Research HSBC EVA Dimensions JPMorgan Barclays BPI SBG Securities Macquarie Investec Renaissance Capital Afrifocus Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a Multiple Portfolios

Analyst MARK HODGSON MICHELE OLIVIER TIMOTHY STANISH ANDREW CUFFE KANYISA NTONTELA BRENT MADEL IRINA GAVRILOVA PETER STEYN ANTHONY GEARD ROY MUTOONI PAUL ROSS

Source ULT-AGG SJ-REG SJ-REG ULT-AGG SJ-REG ULT-AGG ULT-AGG MF-AGG SJ-REG SJ-REG SJ-REG ULT-AGG ULT-AGG SJ-REG SJ-REG SJ-REG 13F SJ-REG SJ-REG MF-AGG

Recommendation underperform underweight hold overweight overweight sell hold neutral hold hold buy

Amt Held 39'710'663 39'634'349 23'754'670 15'147'471 13'434'678 10'378'692 8'212'840 7'825'439 7'644'993 7'440'259 5'877'023 5'495'182 5'332'314 4'845'055 4'181'629 4'149'684 4'117'246 3'871'960 3'740'320 2'878'881

% Out 12.12 12.09 7.25 4.62 4.1 3.17 2.51 2.39 2.33 2.27 1.79 1.68 1.63 1.48 1.28 1.27 1.26 1.18 1.14 0.88

Weighting

Change 1 1 3 5 5 1 3 3 3 3 5

M D M N M D M D M M N

Latest Chg 452'186 (1'050'000) 209'257 (75'090) (359'080) (22'539) 626'794 (155'347) 667'638 183'192 931'893 48'830 97'620 212'848 (550'721) 25'588 57'255 30'307 26'181 -

Target Price 26'716 23'500 #N/A N/A 27'912 25'000 22'320 22'000 24'800 26'500 21'000 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.05.2013 08.07.2013 31.05.2013 31.05.2013 06.06.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 05.07.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided Not Provided Not Provided 9 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided

Inst Type Other Government Investment Advisor Investment Advisor Other Unclassified Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Other Insurance Company Investment Advisor Bank Other Investment Advisor

Date 14.06.2013 12.06.2013 06.06.2013 15.04.2013 05.04.2013 02.04.2013 25.03.2013 06.03.2013 05.03.2013 26.02.2013 01.12.2010