Fundamental Analysis and Analyst Recommendations - DAXglobal® China Urbanization

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March 2012

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Currency

Market Capitalization (in

mio USD)

Daily Volume

(M)Total Common

Shares (M)Total Debt

(USD)Preferred

Stock (USD)

Minority Interest (USD)

Cash and Equivalents

(USD)

Enterprise Value (USD)

Tot. Rev. - LFY

Est. Tot. Rev. - Tr.

12MEst. Tot.

Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFYEst. EBITDA -

Tr. 12MEst. EBITDA -

2013Est. EBITDA -

2014 EPS - LFYEst. EPS - Tr. 12M

Est. EPS - 2013

Est. EPS - 2014

P/E Ratio - LFY

Est. P/E Ratio - Tr.

12MEst. P/E

Ratio - 2013Est. P/E

Ratio - 2014

Est. Revenue

Growth - 1Y

Est. Revenue

Growth - 5YEst. EBITDA Growth - 1Y

Est. Est. EBITDA

Growth - 5YEst. EBITDA

Margin -

S&P LT Credit

Rating - S&P LT Credit Rating Date

Moody's LT Credit Rating

Moody's LT Credit Rating Date

S&P 500 INDEX USD 12676468 1870.3025 1090 1090 197 211 211 96.76 104.36 104.36 14.17 14.17 13.14 13.14 18.96

Euro Stoxx 50 Pr EUR 2390006 11369.141 4752 4752 787 885 885 253.23 337.46 337.46 17.21 13.23 12.91 12.91 21.45

NIKKEI 225 JPY 2351224 179.71798 209 209 22 22 22 4.63 5.10 5.10 0.32 - 0.29 0.29 0.14

FTSE 100 INDEX GBP 2581529 13780.524 9269 9269 1687 1759 1759 839.51 881.01 881.01 17.20 16.42 16.39 16.39 27.52

SWISS MARKET INDEX CHF 870741 11181.552 4026 4026 877 868 868 402.65 542.74 542.74 18.34 18.04 13.60 13.60 24.92

S&P/TSX COMPOSITE INDEX CAD 1662132 18710.091 7697 7697 1995 2067 2067 842.72 962.57 962.57 15.04 15.04 13.17 13.17 26.45

S&P/ASX 200 INDEX AUD 1186309 7983.7349 2889 2889 636 687 687 317.22 363.52 363.52 14.91 14.30 13.01 13.01 23.91

HANG SENG INDEX HKD 1547197 2387.2398 1472 1472 346 406 406 278.09 254.05 254.05 1.27 1.45 1.40 1.40 3.34

MSCI EM USD 7618619 1369.8486 993 993 190 193 193 88.59 98.03 98.03 11.86 12.75 10.72 10.72 20.23

DATANG INTL POWER GEN CO-H HKD 9716.01 10110 12310 19.89 0.00 0.98 0.44 28.68 7820 8384 8945 10195 2125 2273 - - 0.03 0.03 0.02 0.03 1.40 - 2.25 1.30 3.42 3.33 2.10 2.28 3.50 - - - -

HUANENG POWER INTL INC-H HKD 11329.46 22914 14055 18.29 0.00 1.11 1.23 30.05 13426 15365 16710 18779 2496 2639 - - 0.04 0.03 0.02 0.04 2.57 - 4.21 1.53 4.61 3.49 0.50 0.97 2.40 NR 14.04.2010 - -

GUANGDONG INVESTMENT LTD HKD 4225.49 13530 6231 0.51 0.00 0.36 0.49 4.46 819 861 888 962 570 604 284 284 0.04 0.06 0.06 0.06 1.45 - 1.55 1.45 0.95 0.50 1.15 0.81 8.98 - - - -

CHINA RESOURCES POWER HOLDIN HKD 9399.83 4414 4720 9.80 0.00 1.04 0.88 20.90 6261 7275 7822 9345 1525 1944 800 800 0.13 0.14 0.13 0.18 1.88 - 1.90 1.41 5.96 6.77 1.44 5.72 3.14 BBB 19.04.2011 Baa3 14.09.2010

GUANGZHOU R&F PROPERTIES - H HKD 4186.29 9389 3222 3.59 0.00 0.03 0.73 6.16 3176 3698 3564 3970 1032 1400 - - 0.13 0.23 0.18 0.18 0.60 0.71 0.76 0.75 4.57 7.76 10.05 5.99 4.19 - - - -

FRANSHION PROPERTIES HKD 2337.90 5012 9161 2.35 0.00 0.46 1.45 5.04 818 527 1016 1865 321 223 - - 0.02 0.03 0.02 0.03 1.01 - 1.42 1.05 0.06 - 3.70 5.31 5.05 BB+ 29.11.2011 (P)Ba1 01.04.2011

CHINA RESOURCES LAND LTD HKD 10378.75 35018 5826 7.83 0.00 0.78 1.98 17.00 4613 4613 5632 6975 1555 1533 - - 0.19 0.19 0.15 0.17 1.21 - 1.53 1.32 5.04 8.14 4.57 8.45 4.34 BBB 03.05.2011 Baa2 03.05.2011

CHINA OVERSEAS LAND & INVEST HKD 16684.20 48001 8173 5.84 0.00 0.41 4.07 19.85 5711 6270 7329 8667 2090 2357 - - 0.18 0.22 0.20 0.22 1.18 - 1.34 1.21 2.41 6.18 6.95 7.42 4.72 BBB 25.03.2010 - -

SINOTRANS SHIPPING LTD HKD 1029.02 1998 3992 0.00 0.00 0.00 0.13 0.03 36 36 35 40 18 18 16 16 0.00 0.00 0.00 0.00 1.46 1.20 1.38 1.15 0.14 1.24 - -0.90 6.56 - - - -

CHINA COSCO HOLDINGS-H HKD 8477.07 13049 10216 7.94 0.00 1.86 6.00 11.74 12429 11973 10787 11548 1363 - - - 0.08 0.01 -0.07 -0.03 8.36 8.78 - - 5.27 3.75 - 0.70 1.41 - - - -

COSCO PACIFIC LTD HKD 4012.28 9691 2712 0.20 0.00 0.02 0.07 0.75 58 65 77 87 28 36 - - 0.01 0.02 0.02 0.02 1.25 - 1.30 1.31 3.58 1.84 2.94 -0.43 6.34 - - - -

CHINA MERCHANTS HLDGS INTL HKD 8547.02 5029 2458 2.87 0.00 1.33 0.87 11.78 749 1032 997 1013 409 511 - - 0.29 0.41 0.27 0.23 1.09 - 1.64 1.91 7.99 3.92 7.13 4.24 7.04 BBB 17.02.2005 - -

CHINA RAILWAY GROUP LTD-H HKD 8902.57 22944 21300 10.79 0.00 0.92 7.09 15.24 58784 63 K 59501 62 K 2020 2047 - - 0.04 0.04 0.03 0.04 0.94 1.00 1.13 1.03 4.71 3.80 2.72 4.23 0.44 - - - -

SINO-OCEAN LAND HOLDINGS HKD 3035.35 3312 5617 3.76 0.00 0.26 1.83 5.29 1768 2174 2415 3129 426 540 - - 0.06 0.05 0.05 0.06 1.03 - 1.09 0.92 7.15 - 7.47 6.87 3.10 - - - -

CHINA COMMUNICATIONS CONST-H HKD 16358.09 14810 14825 10.48 0.00 1.41 5.01 22.41 35151 37570 40380 45713 2371 2622 - - 0.08 0.10 0.10 0.11 1.01 1.06 1.05 0.97 2.60 3.12 1.82 3.59 0.87 - - - -

CITIC PACIFIC LTD HKD 6424.98 5826 3649 10.79 0.00 0.75 3.17 15.65 12899 12899 13639 16155 903 1090 1437 1437 - 0.33 0.22 0.27 0.70 - 1.02 0.84 5.38 2.65 - 2.70 1.28 BB+ 18.07.2011 Ba1 06.04.2011

WEICHAI POWER CO LTD-H HKD 9138.66 2915 1666 0.89 0.00 0.63 1.13 7.82 8076 8552 7810 8424 1379 1401 - - 0.52 0.54 0.46 0.50 0.98 1.00 1.16 1.08 10.02 11.63 11.72 10.08 2.20 - - - -

SINOTRUK HONG KONG LTD HKD 1893.09 1131 2761 1.83 0.00 0.21 1.49 2.64 5111 5071 4900 5315 439 428 - - 0.07 0.08 0.06 0.07 0.95 0.94 1.14 1.10 5.43 - 11.45 6.64 1.11 - - - -

DONGFENG MOTOR GRP CO LTD-H HKD 15879.69 12441 8616 2.57 0.00 0.50 5.50 10.96 15775 16013 16979 19036 2305 2172 - - 0.17 0.15 0.16 0.18 1.26 0.79 1.19 1.08 4.30 3.09 8.09 4.66 1.88 - - - -

DENWAY MOTORS LTD HKD - 0 7519 0.01 0.00 0.01 0.94 - 82 82 94 99 -43 -50 - - 0.03 0.03 0.04 0.04 - - #VALUE! #VALUE! -1.56 -0.91 -42.15 - -6.72 - - - -

Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot

S&P 500 INDEX 2.05 2.05 1.87 1.70 2.05 1.26 1.26 1.19 1.15 1.26 8.77 8.77 7.91 8.03 8.77 8.88 8.88 8.15 7.65 8.88 13.14 13.14 11.66 10.56 13.14 2.14 2.14 2.31 2.54 2.14 1509.2 10.1%

Euro Stoxx 50 Pr 1.08 1.08 1.02 0.96 1.08 0.70 0.70 0.67 0.66 0.70 4.81 4.81 4.55 4.14 4.81 12.84 12.84 12.00 11.91 12.84 9.81 9.81 8.85 8.25 9.81 4.89 4.89 5.23 5.62 4.89 2788.9 10.9%

NIKKEI 225 1.25 1.25 1.18 1.11 1.25 0.58 0.58 0.56 0.54 0.58 7.82 7.82 6.61 6.18 7.82 8.22 8.22 7.34 6.85 8.22 23.60 23.60 15.30 12.30 23.60 1.96 1.96 1.96 2.26 1.96 10275.5 3.8%

FTSE 100 INDEX 1.57 1.57 1.44 0.84 1.57 1.00 1.00 0.96 0.97 1.00 6.82 6.82 6.31 3.27 6.82 7.83 7.83 7.12 7.00 7.83 10.47 10.47 9.46 8.82 10.47 4.04 4.04 4.32 4.93 4.04 6530.6 10.8%

SWISS MARKET INDEX 1.95 1.95 1.81 1.66 1.95 1.68 1.68 1.60 1.53 1.68 10.16 10.16 9.20 8.38 10.16 12.88 12.88 11.81 11.18 12.88 12.46 12.46 11.24 10.36 12.46 3.79 3.79 4.22 4.52 3.79 6760.6 9.2%

S&P/TSX COMPOSITE INDEX 1.71 1.71 1.55 1.43 1.71 1.63 1.63 1.53 1.50 1.63 7.73 7.73 6.98 6.35 7.73 9.05 9.05 7.98 7.70 9.05 13.04 13.04 11.42 10.88 13.04 2.94 2.94 3.00 3.20 2.94 15036.0 21.0%

S&P/ASX 200 INDEX 1.63 1.63 1.52 1.42 1.63 1.55 1.55 1.45 1.37 1.55 9.04 9.04 7.96 7.39 9.04 11.62 11.62 10.27 9.53 11.62 12.33 12.33 10.82 9.99 12.33 5.02 5.02 5.42 5.76 5.02 4821.8 13.5%

HANG SENG INDEX 1.39 1.39 1.27 1.17 1.39 1.87 1.87 1.70 1.56 1.87 6.77 6.77 6.13 6.05 6.77 5.88 5.88 5.26 4.20 5.88 10.83 10.83 9.74 8.69 10.83 3.67 3.67 3.98 4.76 3.67 23463.0 9.9%

MSCI EM 1.52 1.52 1.38 1.26 1.52 1.06 1.06 0.97 0.91 1.06 6.53 6.53 5.81 5.47 6.53 7.10 7.10 6.43 5.72 7.10 10.72 10.72 9.55 8.72 10.72 3.05 3.05 3.47 3.68 3.05 1192.5 13.5%

DATANG INTL POWER GEN CO-H 0.92 0.82 0.78 0.72 0.61 1.03 0.89 0.78 0.70 0.68 2.25 2.33 2.16 1.74 1.66 13.97 12.95 10.11 8.89 7.68 13.42 17.44 10.08 8.16 6.08 3.40 2.38 3.53 4.50 6.31 3.02 8.7%

HUANENG POWER INTL INC-H 1.00 1.04 0.97 0.93 0.82 0.73 0.55 0.49 0.46 0.42 3.75 4.47 3.13 2.88 2.68 12.06 11.52 8.87 8.20 7.02 12.61 32.69 11.89 10.63 7.54 3.95 2.01 4.44 5.25 7.57 5.45 13.3%

GUANGDONG INVESTMENT LTD 1.76 1.57 1.44 1.30 1.27 5.21 4.76 4.39 4.01 3.45 9.48 8.09 8.58 6.83 6.66 7.91 7.17 6.61 6.15 6.02 14.57 12.06 11.29 10.50 10.31 2.36 3.12 3.31 3.67 3.80 5.53 5.1%

CHINA RESOURCES POWER HOLDIN 1.73 1.55 1.40 1.27 1.14 1.59 1.20 1.01 0.87 0.83 6.79 5.29 4.91 4.23 3.59 13.08 11.54 8.65 7.50 6.94 14.17 14.76 10.95 9.29 8.50 2.25 2.15 3.01 3.39 3.80 17.99 17.1%

GUANGZHOU R&F PROPERTIES - H 1.40 1.18 1.04 0.93 1.14 0.96 0.86 0.75 7.49 5.64 4.94 4.39 7.12 5.15 5.21 5.08 7.67 5.93 5.80 5.36 4.59 6.32 6.40 6.52 8.20 -18.6%

FRANSHION PROPERTIES 0.91 0.74 0.69 0.62 2.50 2.30 1.25 0.93 14.56 5.40 2.41 12.14 10.23 6.50 5.72 14.35 11.00 8.11 6.69 1.57 1.82 2.27 2.88 2.36 19.3%

CHINA RESOURCES LAND LTD 1.45 1.26 1.14 0.99 2.47 1.84 1.49 1.26 12.52 7.49 10.34 11.92 10.50 9.08 8.04 12.70 11.86 10.24 8.41 2.36 2.41 2.73 2.87 16.65 20.5%

CHINA OVERSEAS LAND & INVEST 2.60 1.99 1.71 1.48 2.88 2.28 1.92 1.56 25.02 8.68 5.40 5.11 10.17 7.11 6.62 5.67 14.89 10.40 9.35 7.95 1.55 1.88 2.09 2.40 17.45 10.2%

SINOTRANS SHIPPING LTD 0.46 0.45 0.43 0.43 0.40 3.89 3.76 3.31 2.71 2.28 6.44 7.81 6.61 5.48 3.68 1.53 1.61 1.34 1.12 0.80 10.74 10.74 8.89 7.36 5.15 3.49 3.49 3.88 3.88 7.76 2.47 23.4%

CHINA COSCO HOLDINGS-H 0.87 1.06 1.16 1.11 0.58 0.64 0.60 0.53 4.22 30.14 6.38 6.96 52.07 13.22 6.22 22.61 3.27 0.19 0.14 0.96 4.16 -18.5%

COSCO PACIFIC LTD 1.17 1.12 1.06 0.98 0.95 8.67 6.70 5.97 5.45 5.10 13.21 10.64 9.86 8.55 8.70 20.80 18.34 13.59 11.77 13.34 11.21 10.06 10.20 8.97 9.25 3.85 4.19 3.92 4.53 2.70 13.14 14.4%

CHINA MERCHANTS HLDGS INTL 1.82 1.55 1.47 1.40 0.92 14.79 8.58 8.44 7.69 7.23 17.53 12.58 14.79 13.06 25.77 27.43 18.54 17.70 15.97 21.01 15.46 12.72 14.80 13.32 11.58 2.77 3.75 2.91 3.30 3.53 28.53 6.5%

CHINA RAILWAY GROUP LTD-H 0.73 0.69 0.64 0.60 0.13 0.12 0.12 0.12 0.11 2.86 25.56 3.50 3.69 6.50 7.09 6.37 6.13 6.10 8.78 8.01 7.35 3.65 2.13 2.39 2.48 2.78 -1.4%

SINO-OCEAN LAND HOLDINGS 0.67 0.59 0.56 0.53 1.40 1.03 0.79 0.61 8.36 4.08 2.40 10.76 8.21 6.72 6.18 9.35 8.44 7.14 6.41 3.01 3.27 3.80 4.24 3.74 -10.1%

CHINA COMMUNICATIONS CONST-H 1.51 1.33 1.17 1.03 0.38 0.33 0.29 0.27 8.94 4.54 4.80 9.12 7.45 6.45 5.72 10.79 8.11 7.52 6.94 2.22 2.91 3.22 3.44 8.56 12.3%

CITIC PACIFIC LTD 0.65 0.59 0.55 0.57 0.57 0.47 0.40 0.34 5.25 6.29 4.40 4.07 11.03 10.90 7.63 6.68 5.71 7.88 6.50 5.55 3.39 3.11 3.40 3.54 15.43 13.0%

WEICHAI POWER CO LTD-H 3.12 2.21 1.77 1.51 1.25 0.97 0.95 0.88 0.81 0.72 8.36 8.65 7.30 6.09 5.71 6.08 6.56 6.08 5.38 6.32 8.50 8.99 8.39 7.85 8.47 1.26 1.22 1.39 1.66 1.24 41.80 5.7%

SINOTRUK HONG KONG LTD 0.66 0.63 0.59 0.57 0.52 0.31 0.32 0.29 0.28 0.24 13.03 4.96 4.22 4.34 4.38 6.24 6.61 6.26 5.68 5.32 8.36 8.87 8.52 8.23 6.20 1.68 2.77 2.90 3.20 4.61 5.04 -5.3%

DONGFENG MOTOR GRP CO LTD-H 2.71 2.15 1.75 1.44 0.82 0.76 0.68 0.61 9.22 6.45 5.36 4.80 4.70 4.76 4.20 3.78 8.92 9.23 8.37 7.53 1.41 1.49 1.64 1.78 16.51 15.4%

DENWAY MOTORS LTD 35.38 33.23 31.72 35.23

Price to Earnings Ratio

Valuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


13.03.2012

Datang International Power Generation Company Limited develops and operates

power plants, sells electricity, repairs and maintains power equipment, andprovides power-related technical services.

Latest Fiscal Year: 12/2010LTM as of: 12/yy52-Week High (09.05.2011) 3.1252-Week Low (04.10.2011) 1.80Daily Volume

2.7852-Week High % Change -10.90% Dividend Yield 3.0952-Week Low % Change 54.44% Beta 0.84% 52 Week Price Range High/Low 71.21% Equity Float 2'835.00

Shares Out 19.09.2011 3'315.7 Short Int -75'386.51 1 Yr Total Return 2.19%

Total Debt 154'317.59 YTD Return 8.17%Preferred Stock 0.0 Adjusted BETA 0.841Minority Interest 7'582.8 Analyst Recs 27Cash and Equivalents 3'442.98 Consensus Rating 3.259Enterprise Value 222'535.71

Average Volume 5 Day 12'890'340991 HK EQUITY YTD Change - Average Volume 30 Day 19'651'040991 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'787'110

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 12/yy 12/11 Y 12/12 Y 09/10 Q3 12/10 Q424'899 32'763 36'900 47'943 60'672 0 2'515 69'406 79'105 - -

4.33x 8.24x 4.90x 4.76x 3.64x #DIV/0! 0.00x 3.20x 2.94x - -10'159.6 12'873.1 9'069.3 14'183.6 16'490.8 0.0 0.0 17'186.3 22'002.6 - -

10.61x 20.97x 19.94x 16.09x 13.40x 0.00x 0.00x 12.95x 10.11x - -2'777.8 3'564.4 749.4 1'536.6 2'569.7 0 620 1'662 2'983 - -

30.10x 21.01x 56.42x 22.69x 11.02x 0.00x 0.00x 17.44x 10.08x - -

EBITDA 16'490.79 Long-Term Rating Date 25.02.2009EBIT 9'109.11 Long-Term Rating -Operating Margin 15.01% Long-Term Outlook -Pretax Margin 7.75% Short-Term Rating Date -Return on Assets 1.29% Short-Term Rating -Return on Common Equity 9.02%Return on Capital 4.53% EBITDA/Interest Exp. 2.21Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. -0.83

Net Debt/EBITDA 9.15Gross Margin - Total Debt/EBITDA 9.36EBITDA Margin 27.2%EBIT Margin 15.0% Total Debt/Equity 500.2%Net Income Margin 4.2% Total Debt/Capital 80.1%

Asset Turnover 0.31Current Ratio 0.37 Net Fixed Asset Turnover 0.36Quick Ratio 0.21 Accounts receivable turnover-days 44.50Debt to Assets 72.48% Inventory Days -Tot Debt to Common Equity 500.22% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.20 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Datang International Power Generation Co LtdPrice/Volume

Valuation Analysis

10'109'913.00Current Price (3/dd/yy) Market Data

Net IncomeP/E

Market Capitalization

Average Daily Trading VolumeRelative Stock Price Performance

Total RevenueTEV/Revenue

EBITDATEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA DATANG OVERSEA n/a EXCH 480'680'000 14.5 - 06.05.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 165'748'812 5 - 27.02.2012 Investment AdvisorEDMOND DE ROTHSCHILD n/a EXCH 162'722'000 4.91 (3'278'000) 06.12.2011 Investment AdvisorBLACKROCK INC n/a EXCH 122'916'847 3.71 (155'399'542) 15.10.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 108'303'091 3.27 (2'030'000) 31.12.2011 Investment AdvisorDEUTSCHE BANK AG n/a Short (76'074'768) -2.29 - 27.02.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 57'588'640 1.74 - 30.09.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 41'422'000 1.25 (84'000) 08.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 34'322'000 1.04 28'000 08.03.2012 Investment AdvisorBLACKROCK INC n/a Short (12'082'445) -0.36 (24'458) 15.10.2010 Investment AdvisorDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 11'998'862 0.36 - 31.01.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 10'358'000 0.31 (1'834'000) 31.12.2011 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 9'000'000 0.27 - 31.03.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'344'000 0.25 - 09.03.2012 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 7'452'000 0.22 - 09.03.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'000'000 0.15 - 26.01.2012 Mutual Fund ManagerSTB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'584'000 0.14 - 25.11.2011 Mutual Fund ManagerCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4'188'000 0.13 - 09.03.2012 Investment AdvisorKOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 3'908'000 0.12 - 08.08.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 3'436'000 0.1 (2'668'000) 30.09.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 3 12 month 07.03.2012DBS Vickers JUNE NG hold 3 M 3 12 month 06.03.2012Deutsche Bank MICHAEL TONG buy 5 M 3 12 month 05.03.2012Yuanta Securities Investment ConsultingMIN LI hold 3 N 3 Not Provided 05.03.2012BNP Paribas Equity Research DAISY ZHANG buy 5 M 4 12 month 29.02.2012CLSA Asia Pacific Markets ALEX WU sell 1 D 3 Not Provided 24.02.2012JPMorgan ELAINE WU underweight 1 D 2 3 month 22.02.2012UOB Kay Hian YAN SHI buy 5 N 4 Not Provided 21.02.2012Jefferies JOSEPH FONG hold 3 D 3 12 month 20.02.2012Guotai Junan LEO WU accumulate 4 U 3 Not Provided 19.02.2012Standard Chartered LI EVAN in-line 3 M 3 12 month 18.02.2012Nomura IVAN LEE neutral 3 M 3 Not Provided 17.02.2012Bank of China International PETER YAO buy 5 M 3 Not Provided 16.02.2012Mirae Asset Securities RICKY NG hold 3 M 3 12 month 15.02.2012Credit Suisse EDWIN PANG neutral 3 M 3 Not Provided 13.02.2012Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 3 12 month 18.01.2012Citi PIERRE LAU buy 5 M 3 Not Provided 13.01.2012Macquarie SERENA LI neutral 3 M 2 12 month 19.12.2011Daiwa Securities Capital Markets Co. DAVE DAI hold 3 M 3 Not Provided 02.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Masterlink Securities LI YAN hold 3 D 3 6 month 10.11.2011SWS Research Co Ltd HUANG ZHE neutral 3 M 2 Not Provided 02.11.2011China International Capital Corp STEPHEN YU ZHANG hold 3 M 2 12 month 31.10.2011Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 2 12 month 27.10.2011Capital Securities Corp TEAM COVERAGE buy 5 U #N/A N/A Not Provided 29.08.2011Macquarie CAROL CAO neutral 3 M 4 12 month 11.11.2009Kim Eng Securities EDWARD FUNG hold 3 D 5 12 month 18.08.2009SinoPac WENDY HUANG outperform 5 M 5 Not Provided 27.10.2008

Holdings By:

Datang International Power Generation Co Ltd ee


13.03.2012

Huaneng Power International, Inc. develops, constructs, owns and operates

coal-fired power plants throughout China.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 03/yy 03/yy 12/11 Y 12/12 Y 12/10 Q4 03/11 Q144'153.3 49'628.1 67'728.7 76'711.0 104'170.5 0.0 24'338.6 129'649.2 145'706.1 - -

3.05x 4.33x 2.75x 2.33x 1.97x #DIV/0! 0.00x 1.73x 1.56x - -15'398.9 14'929.8 6'911.4 18'639.8 19'363.9 0.0 0.0 20'230.6 26'281.3 - -

8.76x 14.40x 26.99x 9.59x 10.60x 0.00x 0.00x 11.52x 8.87x - -6'071.2 6'161.1 (3'937.7) 4'929.5 3'348.0 0.0 952.8 1'671.2 4'616.6 - -

13.95x 15.06x - 9.43x 12.44x 0.00x 0.00x 32.69x 11.89x - -

EBITDA 19'363.92 Long-Term Rating Date 14.04.2010EBIT 8'698.29 Long-Term Rating NROperating Margin 8.35% Long-Term Outlook -Pretax Margin 4.00% Short-Term Rating Date -Return on Assets 1.57% Short-Term Rating -Return on Common Equity 6.98%Return on Capital 3.92% EBITDA/Interest Exp. 3.18Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. -0.22




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Huaneng Power International IncPrice/Volume

Valuation Analysis


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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA HUA NENG GROUP n/a 20F 520'000'000 14.63 - 31.03.2011 CorporationBLACKROCK INC n/a EXCH 210'175'924 5.91 - 22.02.2012 Investment AdvisorBANK OF NEW YORK MEL n/a EXCH 149'421'551 4.2 - 30.09.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 118'216'429 3.32 114'000 31.12.2011 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 59'376'100 1.67 16'279'600 30.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 47'782'000 1.34 24'000 08.03.2012 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 25'404'000 0.71 1'658'000 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 20'571'500 0.58 (60'000) 08.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'328'000 0.57 14'000 31.01.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 14'980'000 0.42 2'964'000 30.12.2011 Mutual Fund ManagerRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 13'422'000 0.38 - 31.10.2011 Investment AdvisorSEI INVESTMENT MANAG Multiple Portfolios MF-AGG 10'204'900 0.29 372'000 31.01.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 10'153'800 0.29 - 30.11.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 10'022'472 0.28 - 12.03.2012 Investment AdvisorHALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 9'546'000 0.27 (8'186'000) 20.01.2011 Hedge Fund ManagerBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 9'493'136 0.27 2'094'432 31.12.2011 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'416'700 0.26 (88'000) 30.09.2011 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 9'344'000 0.26 - 30.09.2011 Mutual Fund ManagerBLACKROCK INC n/a Short (9'070'556) -0.26 - 22.02.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 8'358'000 0.24 (6'396'000) 31.12.2011 Investment Advisor


Capital Securities Corp LAI SHENSHENG buy 5 M 7 Not Provided 13.03.2012Sanford C. Bernstein & Co MICHAEL W PARKER outperform 5 M 6 12 month 07.03.2012DBS Vickers JUNE NG buy 5 U 6 12 month 06.03.2012Deutsche Bank MICHAEL TONG buy 5 M 6 12 month 05.03.2012Yuanta Securities Investment ConsultingMIN LI buy 5 N 6 Not Provided 05.03.2012BNP Paribas Equity Research DAISY ZHANG hold 3 M 5 12 month 29.02.2012HSBC GIUSEPPE JACOBELLI neutral 3 N 6 Not Provided 27.02.2012Nomura IVAN LEE buy 5 M 6 12 month 24.02.2012JPMorgan BORIS KAN neutral 3 M 5 3 month 22.02.2012UOB Kay Hian YAN SHI buy 5 N 6 Not Provided 21.02.2012Jefferies JOSEPH FONG hold 3 M 5 12 month 20.02.2012Guotai Junan LEO WU accumulate 4 U 6 Not Provided 19.02.2012Standard Chartered LI EVAN in-line 3 D 6 12 month 18.02.2012Bank of China International PETER YAO buy 5 U 6 Not Provided 16.02.2012Mirae Asset Securities RICKY NG buy 5 M 6 12 month 15.02.2012Credit Suisse EDWIN PANG outperform 5 M 6 Not Provided 13.02.2012Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 U 5 12 month 18.01.2012Citi PIERRE LAU buy 5 M 5 Not Provided 11.01.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 28.12.2011KGI Securities CHEN JUDITH outperform 5 U 5 12 month 23.12.2011Macquarie SERENA LI underperform 1 N 3 12 month 19.12.2011CLSA Asia Pacific Markets ALEX WU sell 1 M 4 Not Provided 15.12.2011Daiwa Securities Capital Markets Co. DAVE DAI outperform 5 M 5 Not Provided 02.12.2011SWS Research Co Ltd HUANG ZHE neutral 3 D 3 Not Provided 02.11.2011China International Capital Corp STEPHEN YU ZHANG accumulate 4 M 4 12 month 31.10.2011Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 4 12 month 27.10.2011Masterlink Securities LI YAN buy 5 M 4 6 month 12.08.2011Citic Securities Co., Ltd KYLIE KWOK not rated #N/A N/A M #N/A N/A Not Provided 09.05.2011Kim Eng Securities EDWARD FUNG buy 5 M 5 12 month 02.12.2010

Celestial Securities Limited TEAM COVERAGE hold 3 M 6 12 month 15.04.2010Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 25.08.2009

Holdings By:

Huaneng Power International Inc ee


13.03.2012

Guangdong Investment Limited, through its subsidiaries, operates water supply,

power and electricity, and infrastructure businesses. The Company also investsin and develops real estate properties, operates department stores, and providesfinancial services.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -6'056.3 6'689.1 5'913.2 5'915.8 6'351.7 - - 6'888.2 7'465.8 - -

5.36x 5.41x 4.31x 5.51x 4.38x - - 5.10x 4.50x - -3'523.0 3'663.7 4'367.7 4'062.7 4'425.2 - - 4'830.8 5'234.8 - -

9.21x 9.87x 5.84x 8.02x 6.29x - - 7.17x 6.61x - -1'506.9 1'697.0 1'876.7 2'044.3 2'420.2 - - 2'680.4 2'903.2 - -

14.04x 15.99x 10.18x 13.71x 10.27x - - 12.06x 11.29x - -

EBITDA 4'425.22 Long-Term Rating Date -EBIT 3'440.33 Long-Term Rating -Operating Margin 54.16% Long-Term Outlook -Pretax Margin 59.20% Short-Term Rating Date -Return on Assets 7.72% Short-Term Rating -Return on Common Equity 13.39%Return on Capital 11.12% EBITDA/Interest Exp. 111.76Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. 90.89

Net Debt/EBITDA 0.02Gross Margin 66.0% Total Debt/EBITDA 0.89EBITDA Margin 69.7%EBIT Margin 54.2% Total Debt/Equity 20.6%Net Income Margin 38.1% Total Debt/Capital 15.3%

Asset Turnover 0.20Current Ratio 1.21 Net Fixed Asset Turnover 0.74Quick Ratio 1.07 Accounts receivable turnover-days 12.64Debt to Assets 12.35% Inventory Days 9.22Tot Debt to Common Equity 20.62% Accounts Payable Turnover Day 59.37Accounts Receivable Turnover 28.88 Cash Conversion Cycle -37.51Inventory Turnover 39.57


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Guangdong Investment LtdPrice/Volume

Valuation Analysis


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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGDH LTD n/a EXCH 3'193'574'957 51.24 - 21.07.2011 GovernmentGUANGDONG TRUST n/a EXCH 527'548'742 8.46 - 21.07.2011 n/aPICTET & CIE Multiple Portfolios MF-AGG 111'465'069 1.79 (9'044'650) 30.12.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 92'760'677 1.49 372'000 31.12.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 76'514'000 1.23 290'000 30.12.2011 Investment AdvisorJULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 67'587'727 1.08 25'122 31.07.2011 Mutual Fund ManagerGD ASSETS MGMT CUSTO n/a EXCH 46'708'176 0.75 - 21.07.2011 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 37'262'110 0.6 22'000 08.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 34'904'000 0.56 (5'842'000) 31.01.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 33'411'025 0.54 - 18.11.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 26'972'000 0.43 - 31.12.2011 Investment AdvisorLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 24'311'480 0.39 (1'438'000) 31.12.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 22'000'000 0.35 2'000'000 31.10.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 19'624'000 0.31 (46'000) 08.03.2012 Investment AdvisorHALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 14'618'000 0.23 (7'222'000) 20.01.2011 Hedge Fund ManagerSAM SUSTAINABLE ASSE Multiple Portfolios MF-AGG 13'114'000 0.21 - 16.09.2011 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 12'383'727 0.2 (582'514) 30.12.2011 Mutual Fund ManagerLEUTHOLD WEEDEN CAPI Multiple Portfolios MF-AGG 11'221'501 0.18 308'000 30.12.2011 Investment AdvisorCREDIT SUISSE GROUP Multiple Portfolios MF-AGG 10'228'000 0.16 (234'000) 31.10.2011 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 9'099'700 0.15 (52'000) 31.01.2012 Investment Advisor


Haitong International Securities CHO FOOK TAT buy 5 M 6 12 month 08.03.2012Guotai Junan SIMON JIANG buy 5 M 6 Not Provided 21.02.2012Nomura IVAN LEE neutral 3 M 5 Not Provided 20.02.2012Yuanta Securities Investment ConsultingMIN LI buy 5 N 6 Not Provided 15.02.2012Daiwa Securities Capital Markets Co. JACKIE JIANG outperform 5 N 5 Not Provided 15.02.2012Bank of China International PETER YAO buy 5 U 5 Not Provided 13.02.2012China International Capital Corp STEPHEN YU ZHANG accumulate 4 M 5 12 month 13.02.2012Standard Chartered LI EVAN in-line 3 M 5 12 month 09.02.2012JPMorgan ELAINE WU overweight 5 M 6 3 month 09.02.2012Piper Jaffray CHI MAN WONG overweight 5 M 6 12 month 09.02.2012Jefferies RONG LI buy 5 M 6 12 month 03.02.2012Morgan Stanley SIMON H Y LEE Overwt/Attractive 5 M 5 12 month 02.02.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 5 Not Provided 06.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011VC Brokerage Ltd SCOTT LEUNG buy 5 M 6 12 month 02.11.2011Deutsche Bank KAI-TING WONG buy 5 M 6 12 month 20.10.2011Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 6 12 month 14.09.2011

Holdings By:

Guangdong Investment Ltd ee


13.03.2012

China Resources Power Holdings Company Limited is a power generation company.

The Company invests, develops, owns, and operates coal-fired power plants inChina.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -9'740.4 16'830.5 26'771.7 33'213.7 48'578.3 - - 60'693.6 72'507.7 - -

6.23x 7.88x 3.68x 3.93x 2.96x - - 2.57x 2.23x - -3'368.7 5'877.7 6'270.2 10'643.8 11'828.9 - - 14'047.1 18'753.4 - -

18.01x 22.56x 15.69x 12.26x 12.15x - - 11.54x 8.65x - -2'364.9 3'220.6 1'717.4 5'317.4 4'903.7 - - 4'896.8 6'739.0 - -

18.94x 32.85x 36.08x 12.97x 13.41x - - 14.76x 10.95x - -

EBITDA 11'828.92 Long-Term Rating Date 19.04.2011EBIT 7'554.27 Long-Term Rating BBBOperating Margin 15.55% Long-Term Outlook NEGPretax Margin 13.42% Short-Term Rating Date -Return on Assets 3.74% Short-Term Rating -Return on Common Equity 12.30%Return on Capital 7.00% EBITDA/Interest Exp. 3.89Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. -1.32



Fiscal Year Ended

China Resources Power Holdings Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFINETEX INTERNATIONA n/a EXCH 3'024'999'999 63.71 - 01.04.2011 GovernmentFIRST STATE INVESTME Multiple Portfolios MF-AGG 134'123'700 2.82 - 31.10.2011 Mutual Fund ManagerFIRST STATE INVESTME Multiple Portfolios MF-AGG 109'531'800 2.31 - 31.10.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 61'105'415 1.29 74'000 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 36'702'000 0.77 (5'440'000) 31.12.2011 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 30'185'000 0.64 8'294'000 30.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 25'868'399 0.54 14'000 08.03.2012 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 24'944'000 0.53 - 06.10.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 20'521'200 0.43 8'268'000 31.12.2011 Investment AdvisorFIRST STATE INVEST I n/a EXCH 16'936'000 0.36 - 15.02.2012 n/aSTATE STREET GLOBAL Multiple Portfolios MF-AGG 16'892'486 0.36 253'073 30.06.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 14'697'400 0.31 (6'000) 08.03.2012 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 11'937'800 0.25 3'736'000 30.09.2011 Mutual Fund ManagerCOLONIAL FIRST STATE n/a EXCH 6'680'000 0.14 - 15.02.2012 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 6'313'000 0.13 (498'000) 31.12.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'202'340 0.13 1'650'000 30.06.2011 Investment AdvisorSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 6'009'800 0.13 - 31.10.2011 Mutual Fund ManagerPRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 5'826'000 0.12 - 31.12.2010 Investment AdvisorSHUAI TING WANG n/a Co File 5'260'920 0.11 - 31.12.2010 n/aSTATE STREET CORP Multiple Portfolios MF-AGG 4'943'600 0.1 - 12.03.2012 Investment Advisor


Sanford C. Bernstein & Co MICHAEL W PARKER outperform 5 M 17 12 month 07.03.2012DBS Vickers JUNE NG buy 5 M 17 12 month 06.03.2012Deutsche Bank MICHAEL TONG buy 5 M 20 12 month 05.03.2012Yuanta Securities Investment ConsultingMIN LI buy 5 N 18 Not Provided 05.03.2012BNP Paribas Equity Research DAISY ZHANG buy 5 M 17 12 month 29.02.2012HSBC GIUSEPPE JACOBELLI overweight 5 N 18 Not Provided 27.02.2012JPMorgan BORIS KAN overweight 5 M 19 3 month 22.02.2012UOB Kay Hian YAN SHI buy 5 N 19 Not Provided 21.02.2012Jefferies JOSEPH FONG buy 5 M 19 12 month 20.02.2012Guotai Junan LEO WU accumulate 4 M 18 Not Provided 19.02.2012Standard Chartered LI EVAN outperform 5 M 18 12 month 18.02.2012Nomura IVAN LEE buy 5 M 18 Not Provided 17.02.2012Bank of China International PETER YAO hold 3 D 16 Not Provided 16.02.2012Mirae Asset Securities RICKY NG buy 5 M 20 12 month 15.02.2012Credit Suisse EDWIN PANG outperform 5 M 18 Not Provided 13.02.2012GuoSen Securities Co Ltd VIVIAN FU buy 5 N 18 12 month 09.02.2012Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 18 12 month 18.01.2012Citi PIERRE LAU buy 5 M 18 Not Provided 18.01.2012KGI Securities CHEN JUDITH neutral 3 M 15 12 month 23.12.2011Macquarie SERENA LI outperform 5 M 17 12 month 19.12.2011Daiwa Securities Capital Markets Co. DAVE DAI buy 5 M 18 Not Provided 02.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011CLSA Asia Pacific Markets ALEX WU buy 5 M 19 Not Provided 03.11.2011Masterlink Securities TEAM COVERAGE buy 5 M 18 6 month 13.10.2011China International Capital Corp STEPHEN YU ZHANG hold 3 M 15 12 month 23.08.2011Morgan Stanley SIMON H Y LEE Overwt/In-Line 5 M 19 12 month 22.08.2011SWS Research Co Ltd HUANG ZHE neutral 3 M 14 Not Provided 05.07.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 16 Not Provided 09.06.2011Kim Eng Securities EDWARD FUNG hold 3 M 18 12 month 10.12.2010

Holdings By:

China Resources Power Holdings Co Ltd ee


13.03.2012

Guangzhou R&F Properties Company Limited, through its subsidiaries, develops,

sells, and leases property in Guangzhou and Beijing, China. The Company alsoprovides property management and agency services.


10.0852-Week High % Change -16.00% Dividend Yield 7.3052-Week Low % Change 83.94% Beta 1.53% 52 Week Price Range High/Low 69.94% Equity Float 972.42


Total Debt 27'854.02 YTD Return 64.17%Preferred Stock 0.0 Adjusted BETA 1.533Minority Interest 211.5 Analyst Recs 33Cash and Equivalents 5'653.72 Consensus Rating 3.303Enterprise Value 47'799.81



31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -10'186.8 14'771.9 15'360.2 18'196.5 24'641.8 - - 27'654.0 30'802.5 - -

6.00x 6.94x 2.81x 3.12x 2.14x - - 1.70x 1.54x - -3'274.4 5'164.9 4'140.7 4'501.1 8'010.2 - - 9'286.6 9'182.8 - -

18.66x 19.84x 10.43x 12.60x 6.59x - - 5.15x 5.21x - -2'135.0 5'302.8 3'119.5 2'899.5 4'350.6 - - 4'454.9 4'561.5 - -

24.43x 15.81x 7.78x 13.41x 6.98x - - 5.93x 5.80x - -



Asset Turnover 0.34Current Ratio 1.50 Net Fixed Asset Turnover 1.55Quick Ratio 0.20 Accounts receivable turnover-days 16.65Debt to Assets 35.98% Inventory Days 825.58Tot Debt to Common Equity 140.76% Accounts Payable Turnover Day -Accounts Receivable Turnover 21.92 Cash Conversion Cycle -Inventory Turnover 0.44


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Guangzhou R&F Properties Co LtdPrice/Volume

Valuation Analysis


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20'000.0

25'000.0

30'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMORGAN STANLEY #N/A N/A EXCH 83'070'210 8.18 (210'091) 07.03.2012 Investment AdvisorMORGAN STANLEY n/a Short (70'145'300) -6.91 (16'000) 07.03.2012 Investment AdvisorCITIGROUP INCORPORAT n/a EXCH 59'872'805 5.9 - 05.03.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 57'216'924 5.64 - 13.02.2012 Investment AdvisorBLACKROCK INC n/a EXCH 55'650'453 5.48 - 02.03.2012 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 54'111'600 5.33 7'251'200 06.10.2011 Investment AdvisorLEHMAN BROTHERS HOLD n/a Co File 51'049'240 5.03 - 31.12.2010 CorporationCREDIT SUISSE n/a EXCH 47'474'952 4.68 (2'179'600) 03.05.2011 Investment AdvisorCITIGROUP INCORPORAT n/a Short (45'225'268) -4.45 - 05.03.2012 Investment AdvisorVALUE PARTNERS LIMIT n/a EXCH 44'775'600 4.41 (9'000'000) 22.03.2011 Investment AdvisorHENDERSON GLOBAL INV n/a EXCH 41'315'600 4.07 - 04.05.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 35'810'478 3.53 (30'391) 31.12.2011 Investment AdvisorEUROPEAN INVESTORS I n/a Research 34'861'800 3.43 (2'235'000) 31.12.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 33'864'294 3.34 - 09.02.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (32'944'609) -3.24 - 09.02.2012 Investment AdvisorUBS AG n/a EXCH 32'460'575 3.2 - 05.03.2012 Investment AdvisorJP MORGAN CHASE & CO n/a Short (22'766'257) -2.24 - 13.02.2012 Investment AdvisorFUSION CAPITAL LTD n/a EXCH 20'000'000 1.97 1'669'200 04.10.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18'922'800 1.86 5'600 08.03.2012 Investment AdvisorSZELIM LI n/a EXCH 15'000'000 1.48 - 04.10.2011 n/a


Goldman Sachs WANG YI neutral/attractive 3 M 12 12 month 07.03.2012Credit Suisse JINSONG DU outperform 5 U 12 Not Provided 05.03.2012JPMorgan LUCIA KWONG overweight 5 M 12 Not Provided 05.03.2012BNP Paribas Equity Research FRANK CHEN hold 3 D 9 12 month 01.03.2012Nomura ALVIN WONG neutral 3 M 6 Not Provided 27.02.2012Standard Chartered RAYMOND CHENG in-line 3 M 10 12 month 23.02.2012Mizuho Securities ALAN JIN underperform 1 M 7 12 month 22.02.2012Mirae Asset Securities STEPHANIE LAU buy 5 M 12 12 month 21.02.2012UOB Kay Hian SYLVIA WONG hold 3 M 12 Not Provided 20.02.2012BOCOM International Holdings TONI HO CHI CHUNG sell 1 M 5 12 month 17.02.2012Citi OSCAR CHOI sell 1 M 7 Not Provided 09.02.2012Jefferies JACK GONG hold 3 M 7 12 month 02.02.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 31.01.2012GuoSen Securities Co Ltd HUI CAO neutral 3 M 7 12 month 11.01.2012Macquarie DAVID NG outperform 5 M 10 12 month 05.01.2012CLSA Asia Pacific Markets NICOLE WONG underperform 1 M 7 Not Provided 04.01.2012HSBC DEREK KWONG overweight 5 M 7 Not Provided 03.01.2012CIMB JOHNSON HU neutral 3 U 6 12 month 22.12.2011CCB International Securities Ltd ROSE ZHANG underperform 1 M 4 Not Provided 22.12.2011SWS Research Co Ltd KRIS LI underperform 1 M 6 Not Provided 08.12.2011China International Capital Corp PETER HONGWEI BAI hold 3 M 7 12 month 02.12.2011Morgan Stanley ANGUS CHAN Overwt/Attractive 5 M 17 12 month 23.11.2011Religare Capital Markets KAREN KWAN buy 5 M 11 12 month 22.11.2011Bank of China International CHRISTINA NGAI sell 1 M 6 Not Provided 24.10.2011Daiwa Securities Capital Markets Co. DANNY BAO buy 5 M 10 Not Provided 20.10.2011Kim Eng Securities IVAN CHEUNG buy 5 U 12 12 month 24.08.2011Haitong International Securities HUGO HOU hold 3 M 11 12 month 21.07.2011RBS FAN TSO buy 5 M 16 12 month 07.07.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 12 Not Provided 07.07.2011

Deutsche Bank TONY TSANG buy 5 U 17 12 month 06.06.2011Citic Securities Co., Ltd GARRICK CHENG sell 1 M 10 6 month 25.03.2011

Holdings By:

Guangzhou R&F Properties Co Ltd ee


13.03.2012

Franshion Properties China Limited invests in and develops real estate projects

in the Peoples Republic of China.



Shares Out 30.06.2011 9'161.5 Short Int -18'139.75 1 Yr Total Return -6.83%




31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -700.8 2'813.0 3'913.5 6'320.9 6'348.0 - - 7'881.2 14'470.8 - -

- 9.28x 4.95x 6.27x 5.05x - - 3.95x 2.21x - -191.7 1'100.9 1'541.1 1'933.4 2'488.0 - - 3'819.4 6'016.2 - -

- 23.70x 12.58x 20.49x 12.88x - - 10.23x 6.50x - -207.3 2'520.3 900.9 1'174.4 1'713.6 - - 1'706.3 2'394.7 - -

- 6.10x 14.23x 19.99x 12.51x - - 11.00x 8.11x - -

EBITDA 2'487.97 Long-Term Rating Date 29.11.2011EBIT 2'221.07 Long-Term Rating BB+Operating Margin 34.99% Long-Term Outlook STABLEPretax Margin 48.26% Short-Term Rating Date -Return on Assets 3.75% Short-Term Rating -Return on Common Equity 8.67%Return on Capital 6.43% EBITDA/Interest Exp. 2.67Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. 2.53


Asset Turnover 0.14Current Ratio 1.44 Net Fixed Asset Turnover 0.20Quick Ratio 1.04 Accounts receivable turnover-days 9.40Debt to Assets 35.51% Inventory Days 312.51Tot Debt to Common Equity 78.86% Accounts Payable Turnover Day 134.48Accounts Receivable Turnover 38.84 Cash Conversion Cycle 187.44Inventory Turnover 1.17

Fiscal Year Ended

Franshion Properties China LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

-

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0

0

i--- M--- i--- g--- g--- M--- n--- l--- j--- X--- g--. a--. ! A2 ! A-! ! A-2 ! A.! ! A.2 ! A0! ! A02 ! A1! ! A12 ! A2! ! A

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSINOCHEM HONG KONG G n/a Co File 5'759'881'259 62.87 - 31.12.2010 GovernmentEARN MAX ENTERPRISES n/a Co File 548'254'417 5.98 - 31.12.2010 n/aJP MORGAN CHASE & CO n/a EXCH 407'567'829 4.45 - 06.01.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 250'617'560 2.74 (69'810'000) 31.12.2011 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 160'440'000 1.75 (14'564'000) 30.09.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 134'386'920 1.47 (771'946) 31.12.2011 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 43'792'000 0.48 - 31.10.2011 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 40'814'000 0.45 (24'540'000) 30.09.2011 Mutual Fund ManagerPRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 40'412'000 0.44 - 31.12.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 37'660'000 0.41 (8'498'000) 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 31'794'000 0.35 42'000 08.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 31'444'000 0.34 - 08.03.2012 Investment AdvisorALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 28'362'760 0.31 3'525'000 31.10.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 16'021'032 0.17 2'800 31.10.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 13'680'550 0.15 (9'426'000) 31.12.2011 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 12'734'000 0.14 (1'016'000) 31.03.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 10'075'892 0.11 - 30.11.2011 Investment AdvisorSEB FONDFORVALTNING Multiple Portfolios MF-AGG 9'762'960 0.11 (4'878'000) 30.09.2011 Mutual Fund ManagerDANSKE INVEST A/S Multiple Portfolios MF-AGG 9'122'000 0.1 4'504'000 31.01.2012 UnclassifiedDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 7'694'976 0.08 - 31.08.2011 Investment Advisor


Deutsche Bank TONY TSANG buy 5 M 4 12 month 13.03.2012Goldman Sachs WANG YI neutral/attractive 3 M 2 12 month 07.03.2012DBS Vickers CAROL WU buy 5 M 2 12 month 07.03.2012JPMorgan LUCIA KWONG overweight 5 M 2 12 month 05.03.2012Standard Chartered ANDY SO in-line 3 M 2 12 month 23.02.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 23.02.2012Jefferies LEO SUN buy 5 M 3 12 month 22.02.2012Mizuho Securities ALAN JIN buy 5 M 2 12 month 22.02.2012ICBC International Securities PHILIP TSE buy 5 M 2 Not Provided 20.02.2012Citi OSCAR CHOI buy 5 M 3 Not Provided 15.02.2012Core Pacific WILSON HO buy 5 M 2 12 month 07.02.2012Macquarie JEFFREY GAO outperform 5 M 2 12 month 12.01.2012GuoSen Securities Co Ltd HUI CAO neutral 3 M 2 12 month 11.01.2012HSBC MICHELLE KWOK overweight 5 M 2 Not Provided 03.01.2012China International Capital Corp PETER HONGWEI BAI buy 5 U 3 12 month 02.12.2011RBS FAN TSO buy 5 M 3 12 month 26.05.2011Haitong International Securities HUGO HOU buy 5 M 3 12 month 16.05.2011Everbright Securities Co., Ltd TIMOTHY YEUNG buy 5 U 3 6 month 08.02.2011Capital Securities Corp LANTIS LI buy 5 N 3 Not Provided 14.05.2010

Holdings By:

Franshion Properties China Ltd ee


13.03.2012

China Resources Land Limited, through its subsidiaries, develops and invests in

properties. The Company also provides corporate financing and electricalengineering services.







31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -5'681.1 9'365.8 16'650.2 25'729.2 35'794.8 - - 43'698.1 54'118.9 - -

14.45x 6.52x 5.86x 4.11x 3.47x - - 3.01x 2.37x - -1'732.8 2'554.7 4'888.1 8'905.8 12'065.4 - - 12'570.2 14'525.1 - -

47.37x 23.89x 19.95x 11.88x 10.29x - - 10.50x 9.08x - -1'431.1 1'994.0 4'303.8 6'026.5 8'070.0 - - 6'621.5 7'690.1 - -

43.32x 20.70x 20.02x 11.85x 8.45x - - 11.86x 10.24x - -

EBITDA 12'065.44 Long-Term Rating Date 03.05.2011EBIT 11'739.72 Long-Term Rating BBBOperating Margin 32.80% Long-Term Outlook STABLEPretax Margin 40.15% Short-Term Rating Date -Return on Assets 5.27% Short-Term Rating -Return on Common Equity 14.42%Return on Capital 8.07% EBITDA/Interest Exp. 17.27Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. 6.53



Fiscal Year Ended

China Resources Land LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

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-! ! A

.! ! A

0! ! A

1! ! A

2! ! A

3! ! A

4! ! A

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011! !!

2 !!

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCRH LAND LTD n/a EXCH 3'959'623'882 67.95 - 11.10.2011 GovernmentJP MORGAN CHASE & CO n/a EXCH 286'822'306 4.92 - 24.11.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 76'140'331 1.31 3'636'606 31.12.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 58'790'989 1.01 43'027'875 31.10.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 56'928'000 0.98 - 30.12.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 39'164'000 0.67 - 31.10.2011 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 35'098'000 0.6 22'000 08.03.2012 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 26'798'900 0.46 (3'472'000) 31.12.2011 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'572'700 0.4 (1'122'000) 30.06.2011 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 16'855'888 0.29 (948'461) 30.06.2011 Investment AdvisorJP MORGAN CHASE & CO n/a Short (16'452'706) -0.28 - 24.11.2011 Investment AdvisorEUROPEAN INVESTORS I n/a Research 15'007'800 0.26 3'494'000 31.12.2011 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 14'569'265 0.25 3'204'000 30.09.2011 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 14'016'000 0.24 (42'000) 30.11.2011 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 13'498'000 0.23 (3'368'000) 30.06.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 12'997'570 0.22 2'000 08.03.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 9'764'000 0.17 (682'000) 30.09.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 9'699'538 0.17 1'099'538 31.10.2011 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 8'120'500 0.14 7'898'000 09.03.2012 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 8'010'016 0.14 2'716'150 31.12.2011 Investment Advisor


Credit Suisse JINSONG DU outperform 5 M 17 Not Provided 13.03.2012Deutsche Bank TONY TSANG buy 5 M 22 12 month 12.03.2012JPMorgan LUCIA KWONG neutral 3 M 16 12 month 12.03.2012Citi OSCAR CHOI buy 5 M 18 Not Provided 12.03.2012Macquarie DAVID NG outperform 5 M 16 12 month 12.03.2012DBS Vickers CAROL WU buy 5 M 17 12 month 12.03.2012CIMB JOHNSON HU outperform 5 M 18 12 month 12.03.2012Kim Eng Securities IVAN CHEUNG buy 5 M 17 12 month 12.03.2012China International Capital Corp ERIC YU ZHANG buy 5 M 19 12 month 12.03.2012BNP Paribas Equity Research FRANK CHEN hold 3 M 16 12 month 12.03.2012SWS Research Co Ltd KRIS LI outperform 5 D 17 Not Provided 12.03.2012UOB Kay Hian SYLVIA WONG hold 3 M 16 Not Provided 12.03.2012Mirae Asset Securities STEPHANIE LAU buy 5 M 16 12 month 12.03.2012Religare Capital Markets KAREN KWAN buy 5 M 16 12 month 12.03.2012CMB International Capital Corp Ltd SAMSON MAN buy 5 M 17 12 month 12.03.2012CCB International Securities Ltd ROSE ZHANG outperform 5 M 16 Not Provided 12.03.2012BOCOM International Holdings TONI HO CHI CHUNG long-term buy 5 M 17 12 month 12.03.2012Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 D 14 12 month 11.03.2012Goldman Sachs WANG YI buy/attractive 5 M 20 12 month 11.03.2012HSBC MICHELLE KWOK overweight 5 M 18 Not Provided 11.03.2012Nomura ALVIN WONG buy 5 M 16 Not Provided 11.03.2012Standard Chartered RAYMOND CHENG outperform 5 M 19 12 month 10.03.2012Jefferies CHRISTIE JU buy 5 M 18 12 month 09.03.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 16 Not Provided 10.02.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 31.01.2012GuoSen Securities Co Ltd HUI CAO buy 5 M 15 12 month 11.01.2012CLSA Asia Pacific Markets NICOLE WONG buy 5 M 15 Not Provided 04.01.2012Daiwa Securities Capital Markets Co. DANNY BAO hold 3 D 12 Not Provided 19.12.2011Bank of China International CHRISTINA NGAI buy 5 M 15 Not Provided 24.10.2011

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 18.10.2011Citic Securities Co., Ltd GARRICK CHENG buy 5 M 17 6 month 22.08.2011RBS FAN TSO buy 5 M 18 12 month 06.06.2011Everbright Securities Co., Ltd TIMOTHY YEUNG hold 3 M 14 6 month 08.02.2011

Holdings By:

China Resources Land Ltd ee


13.03.2012

China Overseas Land & Investment Limited, through its subsidiaries, develops and

invests in properties, constructs buildings, invests in treasury securities, andinfrastructure projects. The Company also provides civil engineering,foundation engineering, and real estate agency and management services.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -10'910.2 16'632.6 18'892.4 37'321.6 44'313.0 - - 56'868.7 67'250.6 - -

7.18x 8.01x 5.45x 3.60x 3.03x - - 2.70x 2.21x - -2'919.1 6'778.4 6'867.9 10'532.8 16'214.3 - - 21'652.0 23'275.0 - -

26.82x 19.64x 14.98x 12.76x 8.29x - - 7.11x 6.62x - -2'370.8 4'179.6 5'048.6 7'468.9 12'373.2 - - 12'385.4 14'009.3 - -

29.41x 28.33x 16.64x 17.90x 9.52x - - 10.40x 9.35x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

China Overseas Land & Investment LtdPrice/Volume

Valuation Analysis


!.135

-!-.-1-3-5.!

i--- M--- i--- g--- g--- M--- n--- l--- j--- X--- g--. a--. ! A

.! ! A

1! ! A

3! ! A

5! ! A

-!! ! A

-.! ! A

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

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- .!



13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA OVERSEAS HOLDI n/a EXCH 3'837'380'380 46.95 - 31.12.2011 GovernmentSILVER LOT DEVELOPME n/a EXCH 505'276'928 6.18 - 31.12.2011 n/aJP MORGAN CHASE & CO n/a EXCH 379'327'162 4.64 - 20.09.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 355'640'452 4.35 - 03.11.2011 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 233'369'969 2.86 - 30.09.2011 Investment AdvisorDEUTSCHE BANK AG n/a Short (169'866'271) -2.08 - 03.11.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 160'615'313 1.97 488'550 31.12.2011 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 137'956'000 1.69 (128'525'000) 30.09.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 102'335'861 1.25 67'801'042 30.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 68'669'080 0.84 51'006'000 31.12.2011 Investment AdvisorEUROPEAN INVESTORS I n/a Research 67'569'354 0.83 2'231'960 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 58'635'040 0.72 34'000 08.03.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 43'445'652 0.53 2'328'000 30.09.2011 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 37'990'180 0.46 4'723'760 09.03.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 36'529'626 0.45 430'058 30.06.2011 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 28'280'260 0.35 194'900 31.01.2012 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 22'167'560 0.27 (1'542'000) 31.12.2011 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 21'460'000 0.26 - 31.12.2011 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 21'170'000 0.26 6'180'000 30.09.2011 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 21'045'760 0.26 (32'000) 08.03.2012 Investment Advisor


Yuanta Securities Investment ConsultingZHAO ZHENYI buy 5 M 19 Not Provided 12.03.2012Goldman Sachs WANG YI neutral/attractive 3 M 19 12 month 07.03.2012DBS Vickers CAROL WU buy 5 M 20 12 month 07.03.2012JPMorgan LUCIA KWONG overweight 5 M 18 12 month 05.03.2012BNP Paribas Equity Research FRANK CHEN buy 5 M 18 12 month 01.03.2012Nomura ALVIN WONG buy 5 M 17 Not Provided 27.02.2012Standard Chartered RAYMOND CHENG in-line 3 D 17 12 month 23.02.2012Mizuho Securities ALAN JIN buy 5 M 20 12 month 22.02.2012Mirae Asset Securities STEPHANIE LAU buy 5 M 19 12 month 21.02.2012UOB Kay Hian SYLVIA WONG buy 5 M 19 Not Provided 20.02.2012Guotai Junan DONALD YU buy 5 M 19 Not Provided 16.02.2012Jefferies CHRISTIE JU buy 5 M 19 12 month 14.02.2012Credit Suisse JINSONG DU underperform 1 M 11 Not Provided 02.02.2012Citi OSCAR CHOI buy 5 M 18 Not Provided 31.01.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 31.01.2012Ji Asia WU GONGLIANG sell 1 N 12 12 month 13.01.2012GuoSen Securities Co Ltd HUI CAO buy 5 M 17 12 month 11.01.2012Macquarie DAVID NG outperform 5 M 15 12 month 05.01.2012CLSA Asia Pacific Markets NICOLE WONG buy 5 M 17 Not Provided 04.01.2012HSBC MICHELLE KWOK overweight 5 M 21 Not Provided 03.01.2012KGI Securities ALICE JI outperform 5 M 17 12 month 28.12.2011CCB International Securities Ltd ROSE ZHANG neutral 3 M 15 Not Provided 22.12.2011SWS Research Co Ltd KRIS LI outperform 5 M 15 Not Provided 09.12.2011China International Capital Corp PETER HONGWEI BAI buy 5 M 21 12 month 02.12.2011Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 M 16 12 month 23.11.2011CIMB JOHNSON HU outperform 5 M 19 12 month 10.11.2011Bank of China International CHRISTINA NGAI hold 3 M 11 Not Provided 24.10.2011Daiwa Securities Capital Markets Co. DANNY BAO buy 5 M 16 Not Provided 20.10.2011Kim Eng Securities IVAN CHEUNG hold 3 D 18 12 month 10.08.2011

Deutsche Bank TONY TSANG buy 5 M 23 12 month 09.08.2011RBS FAN TSO buy 5 M 19 12 month 08.07.2011Masterlink Securities TEAM COVERAGE hold 3 N 18 6 month 23.05.2011Citic Securities Co., Ltd GARRICK CHENG buy 5 U 17 6 month 18.03.2011Everbright Securities Co., Ltd TIMOTHY YEUNG hold 3 M 14 6 month 08.02.2011Capital Securities Corp LANTIS LI buy 5 M 16 Not Provided 20.08.2010

Holdings By:

China Overseas Land & Investment Ltd ee


13.03.2012

Sinotrans Shipping Limited provides full service shipping services. The

Company's services include chartering, ship sales and purchases, ship financing,ship repair, and crew recruitment. Sinotrans Shipping mainly operates dry-bulkships.


252-Week High % Change -25.93% Dividend Yield 4.0052-Week Low % Change 30.72% Beta 1.02% 52 Week Price Range High/Low 40.17% Equity Float 1'273.58


Total Debt 0.00 YTD Return 5.82%Preferred Stock 0.0 Adjusted BETA 1.016Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 1'000.02 Consensus Rating 4.267Enterprise Value 203.61



31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -302.2 456.0 229.1 278.5 281.4 - - 273.4 311.1 - -7.37x - 4.80x 1.83x - - - 0.73x 0.39x - -

157.7 236.8 117.2 141.7 - - - 126.6 152.3 - -14.12x - 9.39x 3.60x - - - 1.61x 1.34x - -140.9 347.1 106.4 127.5 91.7 - - 92.2 113.1 - -16.47x 2.92x 17.20x 11.86x 10.58x - - 10.74x 8.89x - -

EBITDA 141.72 Long-Term Rating Date -EBIT 98.48 Long-Term Rating -Operating Margin 35.36% Long-Term Outlook -Pretax Margin 46.07% Short-Term Rating Date -Return on Assets 6.02% Short-Term Rating -Return on Common Equity 6.13%Return on Capital 6.13% EBITDA/Interest Exp. -Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -7.06Gross Margin 41.3% Total Debt/EBITDA 0.00EBITDA Margin 50.9%EBIT Margin 0.0% Total Debt/Equity 0.0%Net Income Margin 32.6% Total Debt/Capital 0.0%

Asset Turnover 0.13Current Ratio 27.66 Net Fixed Asset Turnover 0.30Quick Ratio 26.67 Accounts receivable turnover-days 14.64Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 27.19Accounts Receivable Turnover 24.93 Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Sinotrans Shipping LtdPrice/Volume

Valuation Analysis


!

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-

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0

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1 ! A

3 ! A

5 ! A

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011! !!

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA NATL FOREIGN T n/a Co File 2'718'520'000 68.1 - 31.12.2009 Holding CompanyFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 30'550'762 0.77 - 31.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'296'000 0.46 - 30.06.2011 Investment AdvisorPRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 14'886'500 0.37 - 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5'544'030 0.14 (473'000) 31.12.2011 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'689'500 0.12 - 31.01.2012 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 4'526'000 0.11 - 12.03.2012 Investment AdvisorDEGROOF GESTION INST Multiple Portfolios MF-AGG 4'088'000 0.1 - 31.03.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'703'825 0.09 - 30.11.2011 Investment AdvisorDBS ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'274'000 0.08 - 31.12.2010 Mutual Fund ManagerPCA INVESTMENT TRUST Multiple Portfolios MF-AGG 3'271'000 0.08 866'500 30.09.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'652'073 0.07 - 31.08.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 2'579'000 0.06 - 30.04.2011 Investment AdvisorLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 2'114'500 0.05 - 31.01.2012 Mutual Fund ManagerCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 1'634'500 0.04 - 09.03.2012 Investment AdvisorGUANTAI JUNAN ASSET Multiple Portfolios MF-AGG 1'005'000 0.03 - 26.04.2011 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'000'000 0.03 - 30.11.2011 Investment AdvisorROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 774'400 0.02 774'400 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 704'000 0.02 - 08.03.2012 Investment AdvisorNOMURA INTERNATIONAL Multiple Portfolios MF-AGG 321'000 0.01 - 30.06.2011 Investment Advisor


Morgan Stanley ANDY MENG Overwt/In-Line 5 M 3 12 month 12.03.2012CCB International Securities Ltd WINNIE GUO neutral 3 M 2 Not Provided 05.03.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.03.2012SWS Research Co Ltd LEO FAN outperform 5 M 3 Not Provided 24.02.2012Nomura CECILIA CHAN neutral 3 M 2 Not Provided 20.02.2012HSBC SHISHIR SINGH overweight 5 M 3 Not Provided 17.01.2012Guotai Junan JASON SONG accumulate 4 M 2 Not Provided 09.01.2012CLSA Asia Pacific Markets PHILIP CHOW buy 5 U 2 Not Provided 09.01.2012KGI Securities TE-JEN HSU not rated #N/A N/A M #N/A N/A Not Provided 12.12.2011AM Capital Ltd ERIC TOMTER hold 3 N #N/A N/A Not Provided 14.11.2011Barclays Capital JON WINDHAM equalwt/neutral 3 M 2 Not Provided 11.10.2011Macquarie JANET B LEWIS outperform 5 M 3 12 month 29.08.2011OSK (Asia) Securities EVA LAU buy 5 M 3 12 month 29.08.2011ICBC International Securities MOSES MA hold 3 M 2 Not Provided 29.08.2011Citic Securities Co., Ltd SIMON YEUNG buy 5 M 3 6 month 26.08.2011Goldman Sachs THOMAS KIM Buy/Neutral 5 U 3 12 month 25.08.2011Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 08.04.2010

Holdings By:

Sinotrans Shipping Ltd ee


13.03.2012

China COSCO Holdings Company Ltd. offers marine freight transportation

services. The Company offers container shipping, dry bulk shipping, logisticsservices, freight forwarding, and terminal and container leasing servicesinternationally. China COSCO operates container ships and terminals, andmanufactures shipping containers.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -78'856.3 112'232.8 131'838.9 68'462.5 96'438.5 - - 83'693.8 89'601.8 - -

0.36x 3.30x 0.56x 2.26x 1.24x - - 1.14x 1.16x - -12'451.2 23'894.6 21'072.8 (4'620.0) 10'577.7 - - (2'094.7) 1'748.6 - -

2.28x 15.51x 3.53x - 11.28x - - - 52.07x - -8'292.4 19'481.9 11'606.1 (7'467.8) 6'858.5 - - (6'177.8) (2'302.9) - -

4.88x 9.24x 4.18x - 10.41x - - - - - -



Asset Turnover 0.67Current Ratio 2.13 Net Fixed Asset Turnover 1.44Quick Ratio 1.85 Accounts receivable turnover-days 20.86Debt to Assets 41.21% Inventory Days 8.47Tot Debt to Common Equity 132.51% Accounts Payable Turnover Day 29.48Accounts Receivable Turnover 17.50 Cash Conversion Cycle -0.15Inventory Turnover 43.11

Fiscal Year Ended

China COSCO Holdings Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-.0123456

i--- M--- i--- g--- g--- M--- n--- l--- j--- X--- g--. a--. ! A

.! ! A

1! ! A

3! ! A

5! ! A

-!! ! A

-.! ! A

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 128'951'624 5 - 13.06.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 128'603'615 4.98 - 19.11.2010 Investment AdvisorCREDIT SUISSE n/a Short (124'864'748) -4.84 - 27.02.2012 Investment AdvisorUBS AG n/a EXCH 123'157'397 4.77 - 21.12.2011 Investment AdvisorCREDIT SUISSE n/a EXCH 113'548'236 4.4 - 27.02.2012 Investment AdvisorMORGAN STANLEY n/a EXCH 104'118'863 4.03 (28'992'773) 20.12.2011 Investment AdvisorBLACKROCK INC n/a EXCH 101'151'924 3.92 (100'180'034) 16.12.2011 Investment AdvisorUBS AG n/a Short (97'552'686) -3.78 - 21.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 93'568'065 3.63 505'000 31.12.2011 Investment AdvisorDEUTSCHE BANK AG n/a Short (86'437'764) -3.35 - 19.11.2010 Investment AdvisorMORGAN STANLEY n/a Short (71'360'977) -2.77 - 20.12.2011 Investment AdvisorBLACKROCK INC n/a Short (38'608'244) -1.5 3'428'534 16.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 33'102'500 1.28 23'000 08.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 11'900'475 0.46 (34'500) 08.03.2012 Investment AdvisorJP MORGAN CHASE & CO n/a Short (9'395'071) -0.36 - 13.06.2011 Investment AdvisorAIG INVESTMENT CORP Multiple Portfolios MF-AGG 6'500'000 0.25 - 31.12.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 6'481'193 0.25 - 12.03.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'931'500 0.23 (96'000) 26.01.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'347'500 0.17 - 30.11.2011 Investment AdvisorNISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 4'138'500 0.16 - 21.04.2011 Mutual Fund Manager


Nomura ANDREW LEE neutral 3 M 6 Not Provided 12.03.2012BOCOM International Holdings GEOFFREY CHENG sell 1 M 3 12 month 07.03.2012Morgan Stanley EDWARD XU Equalwt/In-Line 3 D 5 12 month 06.03.2012RBS OSBERT TANG sell 1 D 4 12 month 28.02.2012Jefferies JOHNSON LEUNG hold 3 M 4 12 month 24.02.2012Deutsche Bank JOE LIEW hold 3 U 6 12 month 23.02.2012Bank of China International MATTHEW XU sell 1 M 3 Not Provided 20.02.2012Religare Capital Markets PETER WILLIAMSON buy 5 U 6 12 month 16.02.2012CCB International Securities Ltd WINNIE GUO neutral 3 D 5 Not Provided 13.02.2012Guotai Junan JASON SONG reduce 2 D 4 Not Provided 10.02.2012China International Capital Corp YANG XIN hold 3 M 4 12 month 06.02.2012CLSA Asia Pacific Markets PHILIP CHOW buy 5 M 5 Not Provided 20.01.2012HSBC SHISHIR SINGH underweight 1 M 3 Not Provided 17.01.2012SinoPac JACK XU sell 1 M 3 12 month 17.01.2012Fearnley Fonds RIKARD VABO sell 1 M 3 Not Provided 11.01.2012DNB Markets ERIK BERGOO hold 3 N 4 Not Provided 22.12.2011KGI Securities ZHANG ZHARLEN neutral 3 M 4 12 month 12.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Standard Chartered CLAIRE TENG underperform 1 M 3 12 month 29.11.2011ICBC International Securities MOSES MA hold 3 M 5 Not Provided 09.11.2011Barclays Capital JON WINDHAM underwt/neutral 1 M 3 Not Provided 08.11.2011BNP Paribas Equity Research SARAH LIU reduce 2 M 3 12 month 07.11.2011Credit Suisse SAM LEE underperform 1 M 3 Not Provided 03.11.2011JPMorgan CORRINE PNG overweight 5 M 9 9 month 02.11.2011Masterlink Securities SARAH WANG hold 3 M 4 6 month 02.11.2011Capital Securities Corp TEAM COVERAGE neutral 3 D 10 12 month 28.10.2011UOB Kay Hian LAWRENCE LI sell 1 M 3 Not Provided 28.10.2011SWS Research Co Ltd LEO FAN underperform 1 D 4 Not Provided 14.10.2011Goldman Sachs THOMAS KIM neutral/neutral 3 M 3 12 month 10.10.2011

Macquarie JANET B LEWIS underperform 1 M 3 12 month 15.09.2011Mirae Asset Securities RYU JE-HYUN JAY hold 3 M 9 12 month 08.11.2010Bohai Securities Co Ltd YANLI QI buy 5 N #N/A N/A Not Provided 03.02.2009

Holdings By:

China COSCO Holdings Co Ltd ee


13.03.2012

COSCO Pacific Limited, through its subsidiaries, provides shipping container

leasing services worldwide. The Company also operates container terminals andprovides container handling, storage, transportation and management services,as well as depot handling and stevedoring services.




Total Debt 1'558.76 YTD Return 26.57%Preferred Stock 0.0 Adjusted BETA 1.406Minority Interest 145.7 Analyst Recs 25Cash and Equivalents 524.27 Consensus Rating 4.480Enterprise Value 5'802.79



31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1297.5 298.9 338.0 349.4 446.5 437.1 555.1 598.8 671.6 164.5 -18.74x 21.95x 10.23x 12.00x 13.22x 41.60x 35.00x 9.89x 9.04x - -227.9 177.6 228.6 178.8 219.5 0.0 0.0 316.5 427.0 - -24.46x 36.96x 15.12x 23.44x 26.89x 0.00x 0.00x 18.34x 13.59x - -291.1 427.8 274.7 172.5 361.3 318.0 402.9 392.6 388.4 80.0 -17.86x 13.97x 9.18x 19.64x 16.06x 18.36x 7.51x 10.06x 10.20x - -

EBITDA 219.54 Long-Term Rating Date -EBIT 106.26 Long-Term Rating -Operating Margin 23.80% Long-Term Outlook -Pretax Margin 66.55% Short-Term Rating Date -Return on Assets 7.31% Short-Term Rating -Return on Common Equity 11.86%Return on Capital 8.22% EBITDA/Interest Exp. 6.13Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -4.35



Fiscal Year Ended

COSCO Pacific LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

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! 5!

- !!

- .!



13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA COSCO HOLDINGS n/a EXCH 1'158'303'338 42.71 - 12.05.2010 GovernmentJP MORGAN CHASE & CO n/a EXCH 271'656'048 10.02 1'632'000 07.12.2011 Investment AdvisorUBS AG n/a EXCH 108'395'401 4 - 10.05.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 59'065'720 2.18 86'566 31.12.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 36'023'257 1.33 (374'000) 31.12.2011 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 32'541'770 1.2 32'541'770 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 24'982'000 0.92 18'000 08.03.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 21'130'000 0.78 1'130'000 31.01.2012 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 19'050'000 0.7 940'000 31.01.2012 Mutual Fund ManagerSTATE STREET GLOBAL Multiple Portfolios MF-AGG 14'546'221 0.54 167'446 30.06.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 13'182'000 0.49 (292'000) 30.09.2011 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 11'324'000 0.42 - 30.09.2011 Investment AdvisorINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 9'880'000 0.36 364'000 31.05.2011 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 9'507'813 0.35 (57'722'679) 30.12.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 9'395'511 0.35 - 12.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 8'637'552 0.32 (12'000) 08.03.2012 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 8'130'000 0.3 - 31.12.2010 Mutual Fund ManagerFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 7'883'633 0.29 2'489'289 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 7'654'000 0.28 7'578'000 31.01.2012 Investment AdvisorSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 7'242'000 0.27 (500'000) 30.09.2012 Investment Advisor


OSK (Asia) Securities STENNING HO buy 5 N 14 12 month 13.03.2012Nomura JIM WONG buy 5 M 15 Not Provided 09.03.2012Jefferies BOYONG LIU buy 5 M 15 12 month 06.03.2012Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 15 12 month 27.02.2012Morgan Stanley EDWARD XU Overwt/In-Line 5 M 15 12 month 22.02.2012RBS OSBERT TANG buy 5 M 14 12 month 15.02.2012Deutsche Bank MICHAEL LEE buy 5 M 14 12 month 13.02.2012China International Capital Corp YANG XIN hold 3 M 8 12 month 06.02.2012CLSA Asia Pacific Markets PHILIP CHOW buy 5 M 12 Not Provided 20.01.2012JPMorgan KAREN LI overweight 5 M 14 9 month 19.01.2012DBS Vickers KEN HE buy 5 M 13 12 month 17.01.2012Citic Securities Co., Ltd SIMON YEUNG overweight 5 M 11 6 month 17.01.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 11 Not Provided 17.01.2012HSBC PARASH JAIN overweight 5 M 13 Not Provided 13.01.2012UOB Kay Hian LAWRENCE LI buy 5 M 14 Not Provided 05.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Citi VIVIAN WEI TAO buy 5 N 11 Not Provided 29.11.2011Religare Capital Markets PETER WILLIAMSON buy 5 M 13 12 month 22.11.2011Guotai Junan JASON SONG accumulate 4 M 14 Not Provided 28.10.2011Standard Chartered CLAIRE TENG in-line 3 M 11 12 month 26.10.2011Credit Suisse INGRID WEI outperform 5 M 15 Not Provided 26.10.2011Barclays Capital JON WINDHAM overwt/neutral 5 M 14 Not Provided 11.10.2011Haitong International Securities CHO FOOK TAT buy 5 M 18 12 month 24.06.2011China Merchants Securities YU HUANGYAN outperform 5 M 8 Not Provided 23.02.2009

Holdings By:

COSCO Pacific Ltd ee


13.03.2012

China Merchants Holdings International Company Limited, through its

subsidiaries and associated companies, operates container and cargo terminals,port transportation, and airport cargo handling. The Company also manufacturescontainers, paint, and trailers as well as operates toll road, shipping,property, and dealing securities businesses.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -3'961.0 3'345.0 4'135.0 3'588.0 5'811.0 - - 7'732.0 7'857.9 - -

21.43x 37.81x 11.94x 20.81x 17.43x - - 11.73x 11.61x - -1'014.0 1'870.0 2'445.0 2'044.0 3'174.0 - - 4'931.0 5'167.2 - -

83.73x 67.64x 20.19x 36.53x 31.92x - - 18.54x 17.70x - -2'540.0 3'545.0 3'706.0 3'238.0 5'876.0 - - 4'953.8 4'394.7 - -

31.23x 35.77x 10.20x 22.36x 12.84x - - 12.72x 14.80x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

China Merchants Holdings International Co LtdPrice/Volume

Valuation Analysis


!

2

-!

-2

.!

.2

0!

02

1!

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA MERCHANTS UNIO n/a Co File 1'332'525'504 53.85 - 31.12.2010 GovernmentDAVIS SELECTED ADVIS n/a Co File 145'910'554 5.9 - 31.12.2010 Investment AdvisorFIRST STATE INVESTME n/a EXCH 59'171'667 2.39 - 16.01.2012 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 48'515'365 1.96 - 31.10.2011 Mutual Fund ManagerFIRST STATE INVESTME Multiple Portfolios MF-AGG 48'162'047 1.95 - 31.10.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 41'060'210 1.66 134'341 31.12.2011 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 28'567'800 1.15 262'000 31.01.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 21'560'000 0.87 2'086'000 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 19'646'000 0.79 12'000 08.03.2012 Investment AdvisorARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 17'410'943 0.7 1'320'000 31.10.2011 Investment AdvisorBEST WINNER INVESTME n/a Co File 17'121'762 0.69 - 31.12.2010 n/aPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 16'695'100 0.67 2'205'967 06.10.2011 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 14'689'347 0.59 181'798 31.12.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 12'522'581 0.51 (812'000) 30.12.2011 Investment AdvisorHARDING LOEVNER LP Multiple Portfolios MF-AGG 10'872'032 0.44 121'791 31.12.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 10'362'181 0.42 4'308'117 30.12.2011 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 9'890'541 0.4 190'839 30.06.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 8'087'010 0.33 (12'000) 08.03.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 7'788'000 0.31 224'000 31.12.2011 Investment AdvisorFIRST STATE INVEST I n/a EXCH 7'357'729 0.3 - 16.01.2012 n/a


Nomura JIM WONG buy 5 M 32 Not Provided 09.03.2012RBS OSBERT TANG hold 3 M 26 12 month 28.02.2012Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 30 12 month 27.02.2012Jefferies CHRISTIE JU buy 5 M 38 12 month 24.02.2012Morgan Stanley EDWARD XU Overwt/In-Line 5 M 33 12 month 22.02.2012Deutsche Bank MICHAEL LEE buy 5 M 32 12 month 13.02.2012China International Capital Corp YANG XIN reduce 2 D 19 12 month 06.02.2012JPMorgan KAREN LI underweight 1 M 20 Not Provided 27.01.2012CLSA Asia Pacific Markets PHILIP CHOW buy 5 M 31 Not Provided 20.01.2012Guotai Junan JASON SONG neutral 3 M 23 Not Provided 19.01.2012HSBC PARASH JAIN neutral 3 D 27 Not Provided 13.01.2012Standard Chartered CLAIRE TENG in-line 3 M 24 12 month 12.12.2011DBS Vickers KEN HE buy 5 M 28 12 month 08.12.2011UOB Kay Hian LAWRENCE LI buy 5 M 30 Not Provided 05.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Citi VIVIAN WEI TAO sell 1 N 18 Not Provided 29.11.2011Barclays Capital JON WINDHAM overwt/neutral 5 U 26 Not Provided 11.10.2011Credit Suisse INGRID WEI outperform 5 M 28 Not Provided 23.09.2011Citic Securities Co., Ltd SIMON YEUNG hold 3 D 26 6 month 31.08.2011BNP Paribas Equity Research SARAH LIU hold 3 M 26 12 month 21.06.2011SWS Research Co Ltd LEO FAN outperform 5 M 33 Not Provided 25.06.2010China Merchants Securities YU HUANGYAN buy 5 M 17 Not Provided 23.02.2009

Holdings By:

China Merchants Holdings International Co Ltd ee


13.03.2012

China Railway Group Ltd. offers transportation systems construction services.

The Company builds railroads, roads, tunnels, and bridges.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -153'568.0 177'391.0 225'029.0 334'045.0 456'102.0 - - 461'670.9 480'389.4 - -

- 1.13x 0.55x 0.43x 0.28x - - 0.25x 0.24x - -6'111.0 6'495.0 10'122.0 12'946.0 15'675.0 - - 16'667.1 18'562.6 - -

- 30.78x 12.29x 11.00x 8.28x - - 7.09x 6.37x - -2'046.0 2'488.0 1'350.0 6'875.0 7'490.0 - - 5'567.1 6'190.8 - -

- 54.02x 75.07x 16.47x 13.51x - - 8.78x 8.01x - -




Fiscal Year Ended

China Railway Group LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

.

0

1

2

3

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2! ! A

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

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!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOCIAL SECURITY FUND n/a Co File 382'490'000 9.09 - 31.12.2010 Pension Fund (ERISA)JP MORGAN CHASE & CO n/a EXCH 209'008'317 4.97 (1'825'000) 31.03.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 145'322'772 3.45 391'000 31.12.2011 Investment AdvisorBLACKROCK INC n/a EXCH 143'991'204 3.42 (165'723'000) 16.09.2011 Investment AdvisorLEHMAN BROTHERS FINA n/a Co File 123'652'010 2.94 - 31.12.2010 UnclassifiedLEHMAN BROTHERS INTE n/a Short (67'870'550) -1.61 - 30.06.2010 BankFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 63'986'884 1.52 2'187'090 31.01.2012 Investment AdvisorLEHMAN BROTHERS INTE n/a Co File 59'870'550 1.42 - 31.12.2010 BankBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 45'860'000 1.09 38'000 08.03.2012 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 38'240'000 0.91 - 14.01.2011 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 36'774'000 0.87 (3'004'000) 09.03.2012 Investment AdvisorLEHMAN BROTHERS HOLD n/a Short (26'551'000) -0.63 - 30.06.2010 CorporationLEHMAN BROTHERS HOLD n/a Co File 26'551'000 0.63 - 31.12.2010 CorporationBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 16'289'000 0.39 (1'205'000) 31.12.2011 Investment AdvisorBLACKROCK INC n/a Short (12'803'741) -0.3 5'014'000 16.09.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 8'824'000 0.21 - 12.03.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'250'000 0.2 - 31.12.2011 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 8'238'000 0.2 8'238'000 30.09.2011 Insurance CompanyUNITED SERVICES AUTO Multiple Portfolios MF-AGG 6'872'000 0.16 - 30.11.2011 Investment AdvisorNISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 5'012'000 0.12 - 21.04.2011 Mutual Fund Manager


Standard Chartered BEN HARTWRIGHT in-line 3 M 3 12 month 12.03.2012Jefferies JULIAN BU underperform 1 M 2 12 month 12.03.2012Morgan Stanley KEVIN LUO Underwt/Attractive 1 D 3 12 month 07.03.2012Deutsche Bank PHYLLIS WANG hold 3 D 3 12 month 27.02.2012SinoPac VIVIAN LIU neutral 3 M 3 12 month 23.02.2012JPMorgan KAREN LI overweight 5 U 4 12 month 14.02.2012EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012HSBC ANDERSON CHOW underweight 1 M 2 Not Provided 30.12.2011Masterlink Securities JAMES CHUNG hold 3 M 3 Not Provided 27.12.2011Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 3 Not Provided 22.12.2011Citi ZHEN NI sell 1 D 2 Not Provided 03.11.2011Credit Suisse INGRID WEI outperform 5 U 4 Not Provided 02.11.2011Bank of China International LI PAN hold 3 M 3 Not Provided 31.10.2011DBS Vickers RACHEL MIU hold 3 M 3 12 month 31.10.2011Guotai Junan GARY WONG neutral 3 M 2 Not Provided 09.09.2011Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 31.08.2011China International Capital Corp WU HUIMIN hold 3 M 5 12 month 03.05.2011CCB International Securities Ltd ELIZA LIU neutral 3 M 8 Not Provided 10.12.2010UOB Kay Hian MARK PO buy 5 M 7 Not Provided 06.09.2010Citic Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 08.07.2010

Holdings By:

China Railway Group Ltd ee


13.03.2012

Sino-Ocean Land Holdings Ltd. operates as a real estate holding company. The

Company develops residential, office, and commercial real estate in thenorthern People's Republic of China.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -3'708.4 5'750.0 6'487.4 8'823.7 13'720.7 - - 18'740.0 24'274.5 - -

- 7.71x 3.33x 4.58x 3.01x - - 2.30x 1.72x - -847.3 1'531.3 2'199.0 2'090.0 3'301.9 - - 5'006.1 6'110.2 - -

- 28.94x 9.83x 19.32x 12.50x - - 8.21x 6.72x - -570.4 1'721.5 1'387.9 1'582.1 2'444.1 - - 2'310.0 2'718.9 - -

- 17.65x 9.94x 18.76x 9.97x - - 8.44x 7.14x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Sino-Ocean Land Holdings LtdPrice/Volume

Valuation Analysis


!

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA LIFE INSURANCE n/a Co File 1'357'186'120 23.97 - 31.12.2010 GovernmentSPRING GLORY INVESTM n/a EXCH 662'425'500 11.7 - 20.10.2011 n/aCRYSTAL WILL HOLDING n/a EXCH 287'150'000 5.07 - 23.08.2011 Holding CompanyUBS AG n/a EXCH 279'091'613 4.93 (21'654'174) 11.08.2010 Investment AdvisorNAN FUNG FINANCE LTD n/a EXCH 214'500'000 3.79 - 20.10.2011 OtherSINOCHEM CORP n/a EXCH 171'114'880 3.02 (423'186'120) 12.01.2010 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 128'856'009 2.28 200'836 31.12.2011 Investment AdvisorMING LI n/a EXCH 125'878'375 2.22 - 12.01.2012 n/aGAVAST ESTATES LTD n/a EXCH 121'992'000 2.15 6'405'000 20.10.2011 n/aKEY SKY GROUP LTD n/a EXCH 102'355'189 1.81 - 12.01.2012 n/aUBS AG n/a Short (64'026'700) -1.13 (8'551'200) 11.08.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 63'399'000 1.12 20'000 08.03.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 33'330'500 0.59 1'959'500 31.10.2011 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 24'419'669 0.43 - 31.10.2011 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 17'052'000 0.3 1'595'500 31.10.2011 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 14'697'000 0.26 14'697'000 30.09.2011 Investment AdvisorPRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 12'109'000 0.21 - 31.12.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 11'149'000 0.2 - 30.11.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 10'976'445 0.19 (28'500) 08.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'773'436 0.15 - 30.11.2011 Investment Advisor


Goldman Sachs WANG YI buy/attractive 5 M 6 12 month 07.03.2012DBS Vickers CAROL WU hold 3 D 4 12 month 07.03.2012Religare Capital Markets QIAN LUO sell 1 N 4 Not Provided 06.03.2012JPMorgan LUCIA KWONG underweight 1 M 4 12 month 05.03.2012BNP Paribas Equity Research FRANK CHEN reduce 2 D 4 12 month 01.03.2012Nomura ALVIN WONG neutral 3 M 3 Not Provided 27.02.2012Standard Chartered RAYMOND CHENG underperform 1 D 4 12 month 23.02.2012Mirae Asset Securities STEPHANIE LAU hold 3 M 5 12 month 21.02.2012UOB Kay Hian SYLVIA WONG hold 3 U 5 Not Provided 20.02.2012BOCOM International Holdings TONI HO CHI CHUNG neutral 3 M 3 12 month 17.02.2012ICBC International Securities KEN LUO hold 3 M 4 Not Provided 15.02.2012EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 31.01.2012Jefferies LEO SUN hold 3 M 4 12 month 12.01.2012GuoSen Securities Co Ltd HUI CAO neutral 3 M 3 12 month 11.01.2012Macquarie DAVID NG outperform 5 M 3 12 month 05.01.2012CCB International Securities Ltd ROSE ZHANG underperform 1 D 2 Not Provided 22.12.2011Credit Suisse JINSONG DU neutral 3 M 4 Not Provided 06.12.2011China International Capital Corp PETER HONGWEI BAI accumulate 4 M 4 12 month 02.12.2011Morgan Stanley ANGUS CHAN Equalwt/Attractive 3 M 6 12 month 23.11.2011SWS Research Co Ltd KRIS LI neutral 3 D 3 Not Provided 14.11.2011CIMB JOHNSON HU neutral 3 M 4 12 month 10.11.2011Citi MARCO SZE neutral 3 D 4 Not Provided 31.10.2011Bank of China International CHRISTINA NGAI hold 3 M 3 Not Provided 24.10.2011Kim Eng Securities IVAN CHEUNG hold 3 M 4 12 month 23.08.2011Haitong International Securities HUGO HOU buy 5 M 5 12 month 12.07.2011Deutsche Bank JASON CHING hold 3 N 5 12 month 08.07.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 4 Not Provided 15.06.2011RBS FAN TSO buy 5 M 6 12 month 09.06.2011Citic Securities Co., Ltd GARRICK CHENG overweight 5 D 7 6 month 20.08.2010

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 23.05.2010

Holdings By:

Sino-Ocean Land Holdings Ltd ee


13.03.2012

China Communications Construction Company Ltd. is a transportation

infrastructure group. The Company is involved in infrastructure construction,infrastructure design, dredging, and port machinery manufacturing. ChinaCommunications has operations worldwide.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y 06/10 Q2 09/10 Q3114'881.0 150'601.0 178'889.0 226'920.0 272'734.0 - - 313'311.8 354'684.0 - -

1.04x 2.02x 0.94x 0.64x 0.51x - - 0.56x 0.48x - -8'215.0 11'650.0 15'713.0 16'122.0 18'398.0 - - 23'356.8 26'982.4 - -

14.51x 26.12x 10.65x 9.02x 7.55x - - 7.45x 6.45x - -3'199.0 6'032.0 6'075.0 7'200.0 9'863.0 - - 11'537.7 13'156.2 - -

26.61x 46.67x 20.54x 13.35x 8.60x - - 8.11x 7.52x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

China Communications Construction Co LtdPrice/Volume

Valuation Analysis


!-.0123456

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMERRILL LYNCH FAR EA n/a Short (528'912'000) -11.95 - 30.06.2011 Investment AdvisorMERRILL LYNCH FAR EA n/a Co File 525'000'000 11.86 - 30.06.2011 Investment AdvisorBLACKROCK INC n/a EXCH 241'689'606 5.46 4'051'883 01.03.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 224'389'126 5.07 - 14.09.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 162'307'260 3.67 513'000 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 58'388'000 1.32 39'000 08.03.2012 Investment AdvisorBLACKROCK INC n/a Short (46'565'890) -1.05 (4'065'883) 01.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 43'838'000 0.99 1'341'000 31.01.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 35'887'606 0.81 (24'000) 08.03.2012 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 33'264'000 0.75 2'124'000 17.06.2011 Mutual Fund ManagerROBECO INVESTOR SERV Multiple Portfolios MF-AGG 31'734'000 0.72 8'135'000 31.12.2011 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 30'000'000 0.68 - 31.01.2012 Mutual Fund ManagerJP MORGAN CHASE & CO n/a Short (22'930'145) -0.52 - 14.09.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 17'288'000 0.39 (547'000) 09.03.2012 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 16'203'671 0.37 1'907'000 31.01.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 15'640'000 0.35 301'000 31.01.2012 Investment AdvisorGARTMORE GROUP LTD Multiple Portfolios MF-AGG 12'993'000 0.29 12'993'000 31.01.2012 Investment AdvisorINSTITUTIONAL CAPITA Multiple Portfolios MF-AGG 10'695'850 0.24 514'500 31.01.2012 Investment AdvisorBANK OF AMERICA GLOB Multiple Portfolios MF-AGG 10'604'000 0.24 747'000 31.01.2012 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 10'000'000 0.23 - 30.11.2011 Investment Advisor


EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.03.2012Deutsche Bank PHYLLIS WANG buy 5 M 9 12 month 27.02.2012SinoPac VIVIAN LIU neutral 3 M 8 12 month 23.02.2012Jefferies JULIAN BU hold 3 N 7 12 month 17.02.2012DBS Vickers RACHEL MIU buy 5 M 8 12 month 17.02.2012JPMorgan KAREN LI overweight 5 M 11 9 month 14.02.2012Morgan Stanley KEVIN LUO Overwt/Attractive 5 M 10 12 month 09.02.2012HSBC ANDERSON CHOW overweight 5 M 10 Not Provided 01.02.2012Credit Suisse INGRID WEI neutral 3 M 7 Not Provided 31.01.2012Daiwa Securities Capital Markets Co. EDWIN LEE buy 5 U 8 Not Provided 28.11.2011UOB Kay Hian MARK PO buy 5 M 9 Not Provided 01.11.2011Citi ZHEN NI neutral 3 M 5 Not Provided 08.10.2011China International Capital Corp WU HUIMIN accumulate 4 M 8 12 month 31.08.2011Guotai Junan GARY WONG buy 5 M 8 Not Provided 03.01.2011CCB International Securities Ltd ELIZA LIU neutral 3 M 7 Not Provided 10.12.2010

Holdings By:

China Communications Construction Co Ltd ee


13.03.2012

Citic Pacific Limited manufactures special steel used in bearings, gears,

springs, and high-pressurized piping steel. The Company also has operation iniron ore mining which supplies the raw material in making of special steel andproperty development in mainland China.




Total Debt 83'683.00 YTD Return -2.43%Preferred Stock 0.0 Adjusted BETA 1.218Minority Interest 5'853.0 Analyst Recs 12Cash and Equivalents 24'558.00 Consensus Rating 3.167Enterprise Value 121'446.41



31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/04 Q3 12/04 Q438'534.0 46'420.0 46'409.0 70'614.0 100'086.0 0.0 0.0 105'823.7 125'348.1 - -

3.16x 1.63x 2.70x 1.96x - #DIV/0! #DIV/0! 1.27x 1.10x - -4'749.0 5'223.0 5'205.0 7'008.0 - 0.0 0.0 11'146.7 15'922.3 - -

25.66x 14.46x 24.08x 19.79x - 0.00x 0.00x 10.90x 7.63x - -10'843.0 (12'687.0) 5'950.0 8'915.0 9'233.0 0.0 0.0 6'439.6 8'129.2 - -

8.87x - 12.82x 8.28x 5.53x 0.00x 0.00x 7.88x 6.50x - -

EBITDA 7'008.00 Long-Term Rating Date 18.07.2011EBIT 5'378.00 Long-Term Rating BB+Operating Margin 7.62% Long-Term Outlook NEGPretax Margin 17.51% Short-Term Rating Date 22.06.2006Return on Assets 5.11% Short-Term Rating NRReturn on Common Equity 13.87%Return on Capital 7.49% EBITDA/Interest Exp. 2.26Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -4.50




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Citic Pacific LtdPrice/Volume

Valuation Analysis


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40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011! !!

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFULL CHANCE INVESTME n/a EXCH 450'416'694 12.34 - 27.12.2011 n/aNEWEASE INVESTMENS n/a EXCH 450'416'694 12.34 - 27.12.2011 n/aSKYPROFIT HOLDINGS L n/a EXCH 450'416'694 12.34 - 27.12.2011 n/aHONPVILLE CORP n/a EXCH 310'988'221 8.52 - 27.12.2011 n/aCHI KIN YUNG n/a EXCH 281'928'000 7.73 - 15.11.2011 n/aJETWAY CORP n/a EXCH 122'336'918 3.35 - 27.12.2011 n/aWESTMINSTER INVESTME n/a EXCH 101'960'000 2.79 - 27.12.2011 n/aHAINSWORTH LTD n/a EXCH 93'136'000 2.55 - 27.12.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 46'460'995 1.27 164'000 31.12.2011 Investment AdvisorAFFLUENCE LTD n/a EXCH 43'266'000 1.19 - 27.12.2011 n/aCORDIA CORP n/a EXCH 32'258'064 0.88 - 27.12.2011 n/aWINTON CORP n/a EXCH 30'718'000 0.84 - 27.12.2011 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 20'179'000 0.55 10'000 08.03.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 15'758'000 0.43 13'000 09.03.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 11'415'740 0.31 132'577 30.06.2011 Investment AdvisorINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 10'831'000 0.3 5'179'000 31.05.2011 Mutual Fund ManagerSOUTHPOINT ENTERPRIS n/a EXCH 10'000'000 0.27 - 27.12.2011 n/aFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 9'724'740 0.27 1'748'740 31.12.2011 Investment AdvisorDESMARAIS ANDRE n/a Co File 8'145'000 0.22 - 31.12.2010 n/aUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 6'974'000 0.19 - 30.11.2011 Investment Advisor


Standard Chartered JEREMY GRAY underperform 1 D 13 12 month 02.03.2012Haitong International Securities CHO FOOK TAT buy 5 M 17 12 month 02.03.2012CLSA Asia Pacific Markets PAUL KALOGIROU underperform 1 M 15 Not Provided 02.03.2012Morgan Stanley COREY CHAN Overwt/In-Line 5 M 17 12 month 01.03.2012Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 16 12 month 01.03.2012JPMorgan BENJAMIN LO neutral 3 M 13 9 month 01.03.2012Jefferies CHRISTIE JU buy 5 M 19 12 month 01.03.2012Citi ANIL DASWANI sell 1 M 11 Not Provided 01.03.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 13.02.2012Deutsche Bank MICHAEL LEE hold 3 M 14 12 month 17.01.2012Guotai Junan SIMON JIANG neutral 3 M 9 Not Provided 12.07.2009

Holdings By:

Citic Pacific Ltd ee


13.03.2012

Weichai Power Co., Ltd. manufactures high-speed heavy-duty diesel engines. The

Company's products are used in heavy-duty vehicles, wheel-loaders, bulldozers,and road-rollers.


39.5552-Week High % Change -30.19% Dividend Yield 1.3352-Week Low % Change 29.25% Beta 1.42% 52 Week Price Range High/Low 33.97% Equity Float 404.39

Shares Out 31.07.2011 404.8 Short Int -70'906.88 1 Yr Total Return -19.33%




31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/10 Q4 03/11 Q16'633.7 28'786.2 32'567.2 35'260.9 62'665.5 0.0 10'535.3 60'598.6 65'365.7 - -

1.27x 1.62x 0.67x 1.68x 1.36x #DIV/0! 4.91x 0.85x 0.74x - -1'165.7 4'256.7 3'874.3 5'603.3 10'697.6 0.0 0.0 9'246.1 9'981.3 - -

7.22x 10.96x 5.65x 10.59x 7.99x 0.00x 0.00x 6.56x 6.08x - -702.7 2'014.9 1'929.0 3'406.9 6'780.9 0.0 1'079.6 5'911.4 6'351.5 - -12.93x 19.57x 5.54x 13.50x 9.97x 0.00x 0.00x 8.99x 8.39x - -




Fiscal Year Ended

Weichai Power Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLAZARD ASSET MANAGEM n/a Co File 62'425'757 15.42 - 30.06.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 37'965'741 9.38 - 15.02.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a Co File 32'372'600 8 - 31.12.2010 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 31'766'839 7.85 - 02.03.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (29'164'427) -7.2 - 15.02.2012 Investment AdvisorSCHRODER INVESTMENT n/a EXCH 24'293'000 6 - 31.01.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 22'805'574 5.63 (1'345'000) 31.12.2011 Investment AdvisorFIDELITY INTERNATION n/a EXCH 20'062'000 4.96 (3'794'000) 13.07.2010 Investment AdvisorEARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 20'058'880 4.96 6'012'000 31.12.2011 Investment AdvisorLONE PINE CAPITAL LL n/a EXCH 19'488'814 4.81 - 01.11.2011 Hedge Fund ManagerCREDIT SUISSE n/a EXCH 18'555'663 4.58 - 03.11.2011 Investment AdvisorMORGAN STANLEY n/a Short (16'537'932) -4.09 (82'490) 07.03.2012 Investment AdvisorMORGAN STANLEY #N/A N/A EXCH 15'041'373 3.72 - 07.03.2012 Investment AdvisorCREDIT SUISSE n/a Short (9'719'195) -2.4 - 03.11.2011 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 7'831'400 1.93 - 30.11.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6'340'998 1.57 3'857'003 31.01.2012 Investment AdvisorJP MORGAN CHASE & CO n/a Short (5'759'000) -1.42 - 02.03.2012 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 5'234'749 1.29 232'300 30.09.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 4'710'000 1.16 (175'000) 30.09.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 4'306'000 1.06 149'000 31.12.2011 Investment Advisor


EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.03.2012JPMorgan FRANK MIN LI neutral 3 D 48 9 month 29.02.2012Goldman Sachs YIPENG YANG neutral/neutral 3 M 47 12 month 24.02.2012Masterlink Securities STANLEY YAN hold 3 M 46 Not Provided 24.02.2012Piper Jaffray ALEXANDER E POTTER overweight 5 U 55 12 month 20.02.2012Yuanta Securities Investment ConsultingJOHNNY WONG hold 3 M 49 Not Provided 17.02.2012Barclays Capital VICTORIA LI underwt/negative 1 M 30 Not Provided 09.02.2012CLSA Asia Pacific Markets ALEXIOUS LEE sell 1 M 30 Not Provided 15.01.2012Morgan Stanley KATE ZHU Underwt/In-Line 1 M 42 12 month 08.01.2012Credit Suisse HUNG BIN TOH neutral 3 M 43 Not Provided 05.12.2011Deutsche Bank VINCENT HA hold 3 M 38 12 month 01.12.2011Standard Chartered REBECCA TANG in-line 3 M 36 12 month 02.11.2011SinoPac VIVIEN CHAN neutral 3 M 44 12 month 01.11.2011Bank of China International ERIC HU buy 5 M 50 Not Provided 31.10.2011CIMB CHEAM TZE SHEN neutral 3 D 46 12 month 31.10.2011Citi GERWIN HO sell 1 M 30 Not Provided 05.10.2011BOCOM International Holdings GEORGE YIN long-term buy 5 M 45 12 month 12.09.2011Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 50 12 month 31.08.2011Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 30.08.2011China International Capital Corp ZHENG DONG buy 5 M 45 12 month 30.08.2011SWS Research Co Ltd TITUS WU outperform 5 U 43 Not Provided 30.08.2011KGI Securities ZHANG GUO outperform 5 N 49 12 month 15.08.2011Everbright Securities Co., Ltd WEI YAO neutral 3 D 52 6 month 27.05.2011Citic Securities Co., Ltd TEAM COVERAGE buy 5 N 34 6 month 16.07.2010Phillip Securities JING ZHANG buy 5 N 37 12 month 11.11.2009

Holdings By:

Weichai Power Co Ltd ee


13.03.2012

Sinotruk Hong Kong Ltd is a heavy truck manufacturer in China. The company

specializes in the research, development and manufacturing of heavy trucks andrelated key parts and components, including cabins, engines and axles.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -12'767.5 21'297.4 26'000.2 27'900.8 39'656.2 - - 38'020.1 41'239.2 - -

- 1.03x 0.48x 0.70x 0.58x - - 0.43x 0.38x - -1'602.9 2'228.5 1'804.2 1'803.7 3'406.8 - - 3'099.3 3'275.0 - -

- 9.88x 6.89x 10.81x 6.76x - - 6.61x 6.26x - -638.5 1'109.2 880.8 836.8 1'480.7 - - 1'331.9 1'440.6 - -

- 15.97x 11.79x 21.02x 12.58x - - 8.87x 8.52x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Sinotruk Hong Kong LtdPrice/Volume

Valuation Analysis


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSINOTRUK BI LTD n/a Co File 1'408'106'603 51 - 31.12.2010 GovernmentMAN FINANCE & HOLDIN n/a Co File 690'248'336 25 - 31.12.2010 OtherFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 41'296'438 1.5 4'152'057 31.01.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 35'612'000 1.29 96'000 31.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'552'500 0.24 (2'775'500) 30.06.2011 Investment AdvisorMFS INVESTMENT MANAG Multiple Portfolios MF-AGG 5'874'500 0.21 (46'000) 30.12.2011 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 2'592'500 0.09 2'592'500 30.11.2011 Investment AdvisorDEGROOF GESTION INST Multiple Portfolios MF-AGG 2'388'000 0.09 - 31.03.2011 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'370'000 0.09 370'000 31.03.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'780'000 0.06 - 30.11.2011 Investment AdvisorALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 1'675'000 0.06 1'675'000 31.12.2011 Investment AdvisorMASON STREET ADVISOR Multiple Portfolios MF-AGG 1'632'500 0.06 197'000 30.09.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'502'000 0.05 - 09.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'480'000 0.05 - 31.08.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1'286'555 0.05 - 30.04.2011 Investment AdvisorJULIUS BAER MULTICOO Multiple Portfolios MF-AGG 1'256'874 0.05 346 31.10.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 950'804 0.03 (34'000) 31.12.2011 Investment AdvisorCLARIDEN SICAV Multiple Portfolios MF-AGG 914'800 0.03 - 31.10.2011 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 790'500 0.03 - 30.11.2011 Investment AdvisorCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 777'000 0.03 - 09.03.2012 Investment Advisor


JPMorgan FRANK MIN LI neutral 3 M 6 9 month 29.02.2012Goldman Sachs YIPENG YANG neutral/neutral 3 M 5 12 month 24.02.2012Yuanta Securities Investment ConsultingJOHNNY WONG hold 3 M 5 Not Provided 17.02.2012SWS Research Co Ltd TITUS WU neutral 3 M 5 Not Provided 16.02.2012CLSA Asia Pacific Markets ALEXIOUS LEE outperform 5 M 7 Not Provided 15.02.2012Barclays Capital VICTORIA LI underwt/negative 1 M 3 Not Provided 09.02.2012Morgan Stanley KATE ZHU Underwt/In-Line 1 M 5 12 month 08.01.2012Credit Suisse HUNG BIN TOH outperform 5 U 5 Not Provided 05.12.2011Deutsche Bank VINCENT HA buy 5 U 5 12 month 01.12.2011EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 30.11.2011Citi GERWIN HO sell 1 M 4 Not Provided 06.10.2011KGI Securities ZHANG GUO outperform 5 U 6 12 month 13.09.2011Guotai Junan HARRY CHEN neutral 3 M 6 Not Provided 05.09.2011China International Capital Corp ZHENG DONG buy 5 M 8 12 month 30.08.2011SinoPac VIVIEN CHAN neutral 3 M 6 12 month 29.08.2011Capital Securities Corp TEAM COVERAGE hold 3 M 11 Not Provided 28.03.2011Phillip Securities JING ZHANG hold 3 N 10 12 month 04.09.2009

Holdings By:

Sinotruk Hong Kong Ltd ee


13.03.2012

Dongfeng Motor Group Company Limited, through joint ventures, designs,

manufactures, and markets diesel engines, light trucks, automobiles, castings,and related spare parts.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 06/yy 06/yy 12/11 Y 12/12 Y 09/10 Q3 12/10 Q448'264.0 59'318.0 70'569.0 91'758.0 122'395.0 0.0 61'853.0 131'739.7 147'701.1 - -

0.82x 0.85x 0.35x 0.84x 0.65x #DIV/0! 0.00x 0.52x 0.42x - -4'905.0 5'828.0 7'105.0 10'992.0 17'888.0 0.0 0.0 17'865.3 20'227.5 - -

8.11x 8.67x 3.43x 6.97x 4.41x 0.00x 0.00x 4.76x 4.20x - -2'081.0 3'770.0 3'955.0 6'250.0 10'981.0 0.0 6'529.0 11'043.2 12'138.8 - -

15.66x 11.76x 4.80x 13.57x 8.91x 0.00x 0.00x 9.23x 8.37x - -




Fiscal Year Ended

Dongfeng Motor Group Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 228'798'716 8.01 - 28.12.2011 Investment AdvisorBLACKROCK INC n/a EXCH 170'424'430 5.97 1'317'759 24.02.2012 Investment AdvisorUBS AG n/a EXCH 155'939'491 5.46 - 03.02.2012 Investment AdvisorT ROWE PRICE ASSOCIA n/a EXCH 141'726'151 4.96 - 17.05.2011 Investment AdvisorEDINBURGH PARTNERS L n/a EXCH 141'430'000 4.95 - 10.11.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 105'190'083 3.68 (3'754'000) 31.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 69'296'000 2.43 62'698'000 31.12.2011 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 64'174'000 2.25 - 31.12.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 61'124'000 2.14 (418'000) 30.12.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 49'876'408 1.75 158'000 31.12.2011 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 49'016'000 1.72 3'258'000 31.10.2011 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 46'804'149 1.64 2'428'149 31.12.2011 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 40'746'000 1.43 37'022'000 30.09.2011 Mutual Fund ManagerMORGAN STANLEY n/a Short (40'151'813) -1.41 - 17.06.2010 Investment AdvisorARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 38'310'000 1.34 (30'000) 31.10.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 34'064'000 1.19 24'000 08.03.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 28'822'000 1.01 - 31.12.2011 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 26'909'000 0.94 4'701'000 30.09.2011 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 26'907'965 0.94 1'954'000 30.09.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 24'738'000 0.87 - 31.10.2011 Mutual Fund Manager


DBS Vickers RACHEL MIU hold 3 M 15 12 month 07.03.2012JPMorgan FRANK MIN LI underweight 1 M 13 9 month 29.02.2012Piper Jaffray ALEXANDER E POTTER overweight 5 M 16 12 month 28.02.2012Goldman Sachs YIPENG YANG Buy/Neutral 5 U 18 12 month 24.02.2012Macquarie JANET B LEWIS outperform 5 M 18 12 month 21.02.2012ICBC International Securities ALICE LEUNG hold 3 M 16 Not Provided 21.02.2012UOB Kay Hian KEN LEE buy 5 U 18 12 month 09.02.2012SinoPac VIVIEN CHAN neutral 3 D 17 12 month 09.02.2012Credit Suisse HUNG BIN TOH outperform 5 M 17 Not Provided 07.02.2012Religare Capital Markets STANLEY CHAN buy 5 M 16 Not Provided 06.02.2012KGI Securities WEI SHEN outperform 5 M 15 12 month 30.01.2012BNP Paribas Equity Research JACK YEUNG buy 5 M 16 12 month 11.01.2012Morgan Stanley KATE ZHU Equalwt/In-Line 3 U 16 12 month 08.01.2012Core Pacific OLIVE XIA buy 5 M 15 Not Provided 09.12.2011Deutsche Bank VINCENT HA buy 5 M 17 12 month 01.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Yuanta Securities Investment ConsultingCHARLENE GU hold 3 M 13 Not Provided 25.11.2011Mizuho Securities OLE HUI neutral 3 N 12 12 month 11.11.2011Standard Chartered REBECCA TANG in-line 3 D 14 12 month 02.11.2011Daiwa Securities Capital Markets Co. JEFF CHUNG buy 5 N 17 Not Provided 02.11.2011CIMB CHEAM TZE SHEN outperform 5 M 18 12 month 28.10.2011China International Capital Corp ZHENG DONG buy 5 M 16 12 month 27.10.2011BOCOM International Holdings GEORGE YIN long-term buy 5 M 14 12 month 14.10.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 13 Not Provided 21.09.2011Capital Securities Corp TEAM COVERAGE buy 5 M 16 Not Provided 05.09.2011First Global Stockbroking MITUL SHAH moderate outperform 4 M #N/A N/A Not Provided 02.09.2011Guotai Junan HARRY CHEN accumulate 4 M 15 Not Provided 01.09.2011SWS Research Co Ltd TITUS WU outperform 5 U 15 Not Provided 31.08.2011CCB International Securities Ltd RONNIE HO neutral 3 M 14 Not Provided 31.08.2011

Citi GERWIN HO buy 5 M 18 Not Provided 08.08.2011Everbright Securities Co., Ltd WEI YAO accumulate 4 N 17 6 month 18.07.2011CLSA Asia Pacific Markets SCOTT LAPRISE outperform 5 M 15 Not Provided 01.04.2011Bank of China International ERIC HU buy 5 M 16 Not Provided 31.03.2011Ji Asia STEPHEN USHER buy 5 N 17 12 month 16.02.2011Phillip Securities JING ZHANG buy 5 N 10 12 month 07.10.2009

Holdings By:

Dongfeng Motor Group Co Ltd ee


13.03.2012

Denway Motors Limited, through its subsidiaries, manufactures, assembles, and

trades motor vehicles, automotive equipment, and parts. The Company alsomanufactures and trades audio equipment.

Latest Fiscal Year: 12/2009LTM as of: 01/yy52-Week High (#N/A Field Not Applicable) -52-Week Low (#N/A Field Not Applicable) -Daily Volume

-52-Week High % Change - Dividend Yield 2.0752-Week Low % Change - Beta -% 52 Week Price Range High/Low - Equity Float -

Shares Out 30.06.2010 7'518.7 Short Int -- 1 Yr Total Return -

Total Debt 75.75 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 68.2 Analyst Recs 0Cash and Equivalents 7'277.43 Consensus Rating -Enterprise Value -

Average Volume 5 Day -203 HK EQUITY YTD Change - Average Volume 30 Day -203 HK EQUITY YTD % CHANGE - Average Volume 3 Month -


31.12.2005 31.12.2006 31.12.2007 31.12.2008 31.12.2009 01/yy 01/yy 12/10 Y 12/11 Y - -895.8 828.8 862.6 725.5 637.5 - - 730.7 765.7 - -21.06x 26.15x 36.56x 16.25x 40.11x - - - - - -

(4.5) 4.0 (14.5) (77.8) (332.2) - - 38.1 49.2 - -- 5450.40x - - - - - - - - -

2'007.2 2'320.6 2'170.4 2'094.3 1'914.5 - - 2'273.0 2'450.3 - -9.83x 10.43x 16.22x 7.61x 17.06x - - - - - -

EBITDA -332.21 Long-Term Rating Date -EBIT -341.00 Long-Term Rating -Operating Margin -53.49% Long-Term Outlook -Pretax Margin 304.41% Short-Term Rating Date -Return on Assets 14.03% Short-Term Rating -Return on Common Equity 14.27%Return on Capital 14.18% EBITDA/Interest Exp. -355.68Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -359.21

Net Debt/EBITDA -Gross Margin 8.8% Total Debt/EBITDA -0.23EBITDA Margin -52.1%EBIT Margin -53.5% Total Debt/Equity 0.5%Net Income Margin 300.3% Total Debt/Capital 0.5%


Fiscal Year Ended

Denway Motors LtdPrice/Volume

Valuation Analysis

0.00Current Price (3/dd/yy) Market Data

Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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200.0

400.0

600.0

800.0

1'000.0

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1'400.0

1'600.0

1'800.0

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13.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGUANGZHOU AUTO GROUP n/a Research 7'518'698'730 100 - 26.08.2010 CorporationPLATINUM INVESTMENT n/a Co File 382'427'082 5.09 - 31.12.2009 Hedge Fund ManagerJP MORGAN CHASE & CO n/a EXCH 367'543'800 4.89 (9'352'000) 28.08.2009 Investment AdvisorDOI SHU CHEUNG n/a Co File 3'000'000 0.04 - 31.12.2009 n/aYIMING YAO n/a EXCH - 0 (1'132'000) 25.08.2010 n/aCHINA LOUNGE INVESTM n/a EXCH - 0 (2'849'544'904) 25.08.2010 n/aNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG - 0 (4'000) 10.05.2010 Investment AdvisorUBS GLOBAL ASSET MGM Multiple Portfolios MF-AGG - 0 (1'000'417) 06.12.2010 Investment AdvisorHALBIS CAPITAL MGMT Multiple Portfolios MF-AGG - 0 (17'240'000) 20.01.2011 Hedge Fund Manager


DBS Vickers RACHEL MIU hold 3 M 4 12 month 08.06.2010Bank of China International ERIC HU hold 3 M 4 Not Provided 17.03.2010Phillip Securities JING ZHANG hold 3 M 5 12 month 23.11.2009

Holdings By:

Denway Motors Ltd ee


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