Fundamental Analysis - MXEF50 Index (MSCI EM 50) Members & Index Analysis

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October 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.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. 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 13319369 1851.307 1092 1092 202 212 212 98.94 105.02 105.02 14.56 14.56 13.71 13.71 19.13

Euro Stoxx 50 Pr EUR 2389912 5545.264 4642 4642 764 790 790 154.55 307.12 307.12 27.85 14.77 14.02 14.01 21.02

NIKKEI 225 JPY 2116769 167.1154 227 227 23 24 24 5.14 7.59 7.59 0.27 0.22 0.18 0.18 0.14

FTSE 100 INDEX GBP 2593232 11355.09 9623 9623 1569 1647 1647 718.72 826.16 826.16 21.17 19.99 18.42 18.42 26.07

SWISS MARKET INDEX CHF 911923 10685.77 3992 3992 814 796 796 389.66 525.43 525.43 20.16 19.85 14.95 14.95 22.48

S&P/TSX COMPOSITE INDEX CAD 1668638 16877.13 7806 7806 1953 1983 1983 821.02 845.22 845.22 15.34 15.34 14.90 14.90 25.46

S&P/ASX 200 INDEX AUD 1244677 6119.921 2877 2877 637 708 708 269.66 346.65 346.65 17.59 14.80 13.68 13.68 23.51

HANG SENG INDEX HKD 1584425 3139.939 1449 1449 346 362 362 256.70 245.96 245.96 1.38 1.50 1.44 1.44 3.13

MSCI EM USD 7310309 1379.294 965 965 182 182 182 79.49 87.18 87.18 12.52 12.92 11.42 11.42 18.97

SAMSUNG ELECTR-GDR REG S USD 178085 36 4797 119 0 14630 #VALUE! 120815977 131592518 #VALUE! #VALUE! 18987465 21893496 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 7.63 16.73 -6.68 8.52 15.72 A 25.01.2006 A1 14.07.2005

TAIWAN SEMICONDUCTOR-SP ADR USD 79252 13757 48 0 0 89 #VALUE! 418245 438601 #VALUE! #VALUE! 241831 254952 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 2.77 13.24 1.52 4.61 57.82 A+ 20.04.2010 - -

CHINA MOBILE LTD HKD 217060 21078 20072 4 0 0 43 128.70 68124 70246 72456 77053 33185 33043 8840 8840 0.83 0.82 0.80 0.81 1.38 - 1.40 1.38 1.14 1.28 0.82 1.24 6.29 AA- 16.12.2010 WR 03.11.2005

CHINA CONSTRUCTION BANK-H HKD 182590 322939 250011 156 0 1 357 #VALUE! 74257 84450 57862 63007 - - - - 0.09 0.10 0.10 0.10 0.80 0.80 0.80 0.78 3.61 2.70 - - - A 29.11.2011 - -

GAZPROM OAO-SPON ADR USD 117125 13540 1540 0 297 525 #VALUE! 4637090 4545221 4708414 4948964 1970093 1783269 457803 457803 - - 103.08 102.46 - - 2.96 2.98 28.91 16.79 40.73 15.57 42.49 BBB 29.11.2006 Baa1 03.04.2009

AMERICA MOVIL-ADR SERIES L USD 99406 4054 381 0 10 59 #VALUE! 665302 733604 746540 783292 248773 259750 65745 65745 - - 24.58 27.32 - - 13.62 12.25 9.45 22.29 2.21 23.67 37.39 A- 22.03.2010 A2 26.03.2010

PETROLEO BRASILEIRO-SPON ADR USD 148665 7236 156 2 58 #VALUE! 244176 262088 283172 295086 61582 56472 16947 16947 - - 4.47 5.47 - - 10.17 8.30 15.26 11.56 3.82 2.90 25.22 BBB 17.11.2011 - -

IND & COMM BK OF CHINA-H HKD 214731 294400 349084 248 0 0 463 #VALUE! 90881 101847 68179 74432 - - - - 0.08 0.08 0.08 0.09 0.81 - 0.80 0.76 3.80 2.45 - - - A 28.08.2012 - -

CNOOC LTD HKD 91820 37823 44659 5 0 0 13 66.42 31087 30274 30070 31266 15359 14707 6959 6959 0.20 0.18 0.19 0.19 1.19 - 1.14 1.14 4.36 4.46 2.77 2.43 6.37 AA- 16.12.2010 - -

VALE SA-SP PREF ADR USD 97211 5545 49 0 3 8 #VALUE! 103195 98143 94656 103328 57579 48392 9068 9068 - - 4.52 5.35 - - 7.98 6.74 24.00 57.41 24.55 25.11 55.80 A- 23.11.2011 Baa2 29.08.2008

ITAU UNIBANCO HLDNG-PREF ADR USD 66919 9865 331 0 1 137 #VALUE! 129875 136108 82519 91287 - - - - - - 3.27 3.78 - - 9.10 7.89 22.04 32.61 - - - BBB 30.04.2008 (P)Baa1 20.06.2011

TENCENT HOLDINGS LTD HKD 62085 1400 1822 2 0 0 3 47.77 3677 4592 5585 7206 1723 2008 619 619 0.71 0.78 0.93 1.18 4.47 - 3.76 2.96 5.81 8.44 3.70 7.80 6.05 BBB+ 14.11.2011 Baa1 14.11.2011

LUKOIL OAO-SPON ADR USD 53500 1273 9 0 0 3 #VALUE! 134 K 137 K 130 K 130 K 17628 16139 18342 18342 - - 13.98 13.58 - - 4.50 4.63 55.27 24.87 9.83 7.90 13.19 BBB- 12.11.2010 - -

HYUNDAI MOTOR CO KRW 45261 584 209 4 0 0 9 37.44 38633 38633 40855 41821 5638 5638 - - - 15.77 33.51 34.73 0.01 - 0.01 0.01 0.01 0.01 0.03 0.02 0.01 BBB+ 20.03.2012 NR 11.08.2010

COMPANHIA DE BEBIDAS-PRF ADR USD 114628 1996 4 0 0 9 #VALUE! 27127 28814 31471 34614 13164 - 3467 3467 - - 3.33 3.66 - - 24.85 22.62 7.50 8.72 13.58 15.49 48.53 A 05.07.2012 A3 27.04.2010

MTN GROUP LTD ZAr 33712 3278 1848 4 0 0 5 34.57 14006 15142 15638 16604 6017 6567 6819 6819 1.21 1.30 1.42 1.58 1.58 1.59 1.45 1.30 0.72 1.73 1.19 2.14 4.94 - - - -

BANK OF CHINA LTD-H HKD 118641 316596 279136 247 0 4 404 #VALUE! 66335 74603 46915 51178 - - - - 0.06 0.06 0.06 0.06 0.69 - 0.70 0.70 3.88 2.35 - - - A 29.11.2011 - -

BANCO BRADESCO-ADR USD 54293 6940 27 0 94 #VALUE! 98695 159025 69298 77454 - - - - - - 3.21 3.47 - - 9.84 9.11 26.44 19.15 - - - BBB 30.04.2008 Baa1 20.06.2011

HON HAI PRECISION-GDR REG S USD 35241 101 155 0 0 75 #VALUE! 2773311 3105477 #VALUE! #VALUE! 41133 50360 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 19.89 24.17 -8.71 2.71 1.48 A- 09.11.2007 - -

PETROCHINA CO LTD-H HKD 258392 102772 183021 41 0 10 8 264.86 258540 270722 267239 286183 41722 41850 - - 0.10 0.09 0.10 0.11 1.57 1.54 1.48 1.34 4.74 3.34 0.84 0.55 2.08 - - - -

SBERBANK-SPONSORED ADR USD #VALUE! 9 1349 4 3 762 #VALUE! 1058036 1196188 856001 947006 - - - - - - 91.18 95.26 - - 4.01 3.84 7.84 23.67 - - - - - A3 24.02.2009

NASPERS LTD-N SHS ZAr 25889 580 412 2 0 0 1 26.83 4537 4537 5406 6179 825 825 823 823 1.31 1.49 2.19 2.66 4.84 5.51 3.28 2.71 2.22 1.84 1.75 0.91 2.09 - - - -

SASOL LTD ZAr 28469 1159 664 2 0 0 2 29.16 19471 19471 20187 20444 4304 - - - 4.40 4.86 5.02 5.00 1.04 1.15 1.01 1.01 2.18 1.05 - 1.36 3.02 - - - -

CHINA LIFE INSURANCE CO-H HKD 83661 17821 28265 6 0 0 7 #VALUE! 47784 45392 47597 52618 - - - - 0.08 0.07 0.11 0.15 4.60 4.60 2.89 2.15 -0.51 2.64 - - - AA- 16.12.2010 - -

POSCO-ADR USD 27900 119 11641 0 0 2187 #VALUE! 39171703 39171703 #VALUE! #VALUE! 6100453 6100453 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 20.22 15.57 -18.68 2.28 15.57 A- 31.10.2011 A3 *- 25.07.2012

INFOSYS LTD-SP ADR USD 25594 2270 574 0 0 0 208 1127.70 337340 337340 389029 421229 107490 107490 27929 27929 145.82 145.83 159.25 167.19 16.15 16.16 14.79 14.09 22.66 19.71 19.77 18.94 31.86 BBB+ 07.05.2010 - -

FOMENTO ECONOMICO MEX-SP ADR USD 33195 424 30 0 58 28 #VALUE! 203044 220972 234228 264876 33445 33690 9808 9808 - - 43.94 52.37 - - 27.00 22.66 19.65 12.68 19.31 6.27 16.47 - - - -

HYUNDAI MOBIS KRW 26376 139 96 2 0 0 2 25.35 14348 14348 21757 24004 2093 2093 - - 16.47 16.49 33.23 37.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 BBB+ 20.03.2012 - -

ICICI BANK LTD-SPON ADR USD 22991 980 1769 14 412 #VALUE! 666620 666620 218285 259993 - - - - - - 142.75 172.19 - - 14.81 12.28 8.28 11.32 - - - NR 27.10.2003 Baa2 25.05.2006

CHINA PETROLEUM & CHEMICAL-H HKD 85239 57159 86703 31 0 5 3 111.50 317881 332141 326599 342847 22058 20247 - - 0.11 0.08 0.09 0.11 1.25 - 1.19 0.94 4.04 3.11 -0.52 1.20 0.90 A+ 16.12.2010 - -

KIA MOTORS CORPORATION KRW 24530 1496 404 3 0 0 2 24.23 25056 25056 27175 28534 2346 2346 - - 4.15 4.09 9.71 10.57 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008

STANDARD BANK GROUP LTD ZAr 19355 2140 1589 16 1 1 19 #VALUE! 12393 13154 7649 8471 - - - - 0.95 1.05 1.09 1.24 1.32 1.38 1.27 1.12 0.22 1.18 - - - - - - -

SHINHAN FINANCIAL GROUP-ADR USD 16014 28 7039 274 0 2220 #VALUE! 2124112 2124112 #VALUE! #VALUE! 2051750 2051750 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 103.58 12.35 112.50 1.01 96.59 - - - -

PING AN INSURANCE GROUP CO-H HKD 56680 7556 7916 42 0 5 12 31.57 35182 41221 38020 43784 - - - - 0.32 0.34 0.41 0.48 2.45 - 2.01 1.71 5.14 2.87 - - - - - - -

CHINA SHENHUA ENERGY CO-H HKD 73310 8504 19890 8 0 5 8 64.80 26862 29543 30234 33058 10872 11202 - - 0.30 0.32 0.30 0.33 1.31 1.31 1.40 1.29 4.14 3.44 2.16 2.55 5.22 - - - -

LG CHEM LTD KRW 18944 244 66 1 0 0 1 19.91 17892 18483 #VALUE! #VALUE! 2796 2353 - - 25.46 19.33 23.73 29.64 0.01 0.01 0.01 0.01 0.02 0.01 0.00 0.03 0.01 A- 24.11.2010 - -

ANGLOGOLD ASHANTI LTD ZAr 13333 407 383 2 0 0 1 14.86 5498 6175 6761 8253 2349 2674 717 717 2.72 3.77 3.57 5.00 1.05 1.26 1.11 0.79 2.67 2.17 12.68 3.42 4.91 BBB- 09.04.2010 - -

KB FINANCIAL GROUP INC-ADR USD 13236 84 180 0 #VALUE! #VALUE! #VALUE! 26999 26999 #VALUE! #VALUE! -19210 -19210 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! -79.46 - - - -71.15 - - - -

MEDIATEK INC TWD 14646 9935 1140 0 0 0 1 13.61 1841 1876 #VALUE! #VALUE! 227 195 - - 0.42 0.39 0.44 0.64 0.94 - 0.84 0.58 -0.86 -0.08 -2.25 -0.80 0.42 - - - -

CHUNGHWA TELECOM LTD-ADR USD 24335 171 0 0 0 64 #VALUE! 192462 191292 #VALUE! #VALUE! 83155 79916 - - - - 52.06 54.40 - - 17.60 16.84 3.25 -0.13 -6.99 -3.28 43.21 AA 30.12.2010 - -

GRUPO TELEVISA SA-SPON ADR USD 13526 2209 57 0 7 22 #VALUE! 62582 66397 67983 73650 24252 26056 7128 7128 - - 12.49 14.95 - - 24.25 20.25 8.17 - 9.43 8.10 38.75 BBB+ 02.10.2007 Baa1 02.05.2007

BRF - BRASIL FOODS SA-ADR USD 15923 1624 8 0 0 3 #VALUE! 25706 26571 27845 30341 2878 2412 492 492 - - 0.98 1.85 - - 37.80 20.09 13.34 41.54 24.04 52.90 11.20 BBB- 04.04.2012 Baa3 31.05.2012

NOVATEK OAO-SPONS GDR REG S USD 36679 180 95 0 1 24 #VALUE! 176064 190145 217832 275608 88917 91324 22409 22409 - - 234.71 298.31 - - 15.89 12.50 50.45 - 58.22 31.24 50.50 BBB- 19.11.2010 - -

FORMOSA PLASTICS CORP TWD 16740 6815 6121 2 0 0 2 16.83 6414 5996 6115 6596 1123 712 181 181 - 0.07 0.12 0.17 1.27 - 0.80 0.54 -0.12 -0.01 -0.37 0.39 0.60 BBB+ 30.12.2010 - -

URALKALI-SPON GDR-REG S USD 23788 986 3 0 0 1 #VALUE! 3496 4465 4247 5012 2068 2809 - - - - 2.80 3.57 - - 14.48 11.36 105.72 55.16 158.40 45.69 59.16 BBB- 18.06.2012 - -

SK HYNIX INC KRW 14325 3902 596 5 0 0 1 17.15 9202 8769 9000 10372 2120 1189 - - 0.25 -1.73 -0.44 1.15 - - #VALUE! 0.02 -0.01 0.01 -0.05 -0.01 0.02 BB- 14.02.2012 Ba3 15.02.2012

CHINA STEEL CORP TWD 13575 7880 14972 3 0 0 0 16.66 8218 7894 7424 7669 1050 632 174 174 0.05 0.01 0.02 0.04 2.68 - 1.55 0.87 0.02 0.30 -1.35 -0.29 0.44 - - - -

HYUNDAI HEAVY INDUSTRIES KRW 16131 239 61 4 0 0 1 20.12 22597 22597 27010 29201 2815 2815 498 498 24.98 28.68 26.69 25.54 0.01 0.01 0.01 0.01 0.01 0.01 -0.02 0.02 0.01 - - - -

GOLD FIELDS LTD ZAr 9042 793 724 2 0 0 1 10.53 4812 5274 5313 6407 2424 2681 - - 1.17 1.33 1.29 1.95 1.07 1.00 1.10 0.73 3.75 2.15 9.80 3.97 5.79 BBB- 19.03.2009 - -

IMPALA PLATINUM HOLDINGS LTD ZAr 10974 921 607 0 0 0 0 11.36 3171 3171 3640 4334 1329 - - - 0.79 0.79 0.71 0.97 2.54 2.52 2.80 2.07 -1.92 0.28 - 1.06 4.01 - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

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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 2.13 2.13 1.94 1.78 2.13 1.32 1.32 1.27 1.21 1.32 9.37 9.37 8.53 8.18 9.37 8.73 8.73 8.12 7.55 8.73 13.71 13.71 12.35 11.07 13.71 2.19 2.19 2.38 2.56 2.19 1589.7 10.4%

Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.71 0.71 0.69 0.67 0.71 5.17 5.17 4.87 4.53 5.17 7.02 7.02 6.67 6.35 7.02 10.74 10.74 9.78 8.88 10.74 4.26 4.26 4.72 5.08 4.26 2711.6 7.3%

NIKKEI 225 1.06 1.06 0.99 0.93 1.06 0.49 0.49 0.46 0.46 0.49 6.20 6.20 5.69 5.45 6.20 6.88 6.88 6.29 5.94 6.88 14.52 14.52 12.80 10.48 14.52 2.32 2.32 2.34 2.75 2.32 9887.1 13.6%

FTSE 100 INDEX 1.63 1.63 1.51 1.40 1.63 0.98 0.98 0.95 0.94 0.98 7.51 7.51 6.86 6.33 7.51 6.89 6.89 6.34 5.98 6.89 11.43 11.43 10.35 9.53 11.43 4.03 4.03 4.29 4.58 4.03 6360.3 8.6%

SWISS MARKET INDEX 2.15 2.15 2.00 1.85 2.15 1.82 1.82 1.72 1.63 1.82 11.85 11.85 10.24 9.18 11.85 13.43 13.43 12.35 11.49 13.43 13.86 13.86 12.41 11.30 13.86 3.47 3.47 3.83 4.16 3.47 7089.0 5.0%

S&P/TSX COMPOSITE INDEX 1.72 1.72 1.59 1.46 1.72 1.59 1.59 1.48 1.42 1.59 8.71 8.71 7.79 7.12 8.71 8.51 8.51 7.41 6.95 8.51 14.69 14.69 12.78 11.62 14.69 2.98 2.98 3.12 3.31 2.98 14140.3 15.6%

S&P/ASX 200 INDEX 1.68 1.68 1.59 1.50 1.68 1.60 1.60 1.49 1.41 1.60 9.77 9.77 8.91 8.28 9.77 8.64 8.64 7.66 7.11 8.64 13.32 13.32 11.91 10.97 13.32 4.86 4.86 5.22 5.62 4.86 4684.7 4.3%

HANG SENG INDEX 1.38 1.38 1.27 1.16 1.38 1.89 1.89 1.74 1.61 1.89 7.01 7.01 6.50 6.18 7.01 8.67 8.67 7.89 7.26 8.67 11.12 11.12 10.30 9.30 11.12 3.48 3.48 3.72 4.07 3.48 22628.3 6.7%

MSCI EM 1.51 1.51 1.36 1.23 1.51 1.03 1.03 0.95 0.89 1.03 7.08 7.08 6.38 5.73 7.08 7.58 7.58 6.78 6.20 7.58 11.42 11.42 9.91 8.96 11.42 2.89 2.89 3.10 3.43 2.89 1131.7 13.7%

SAMSUNG ELECTR-GDR REG S 940.00 55.5%

TAIWAN SEMICONDUCTOR-SP ADR 17.53 15.07 -1.4%

CHINA MOBILE LTD 2.10 1.89 1.71 1.57 1.43 2.59 2.42 2.28 2.13 2.01 5.95 5.79 5.58 5.25 5.03 3.96 3.95 3.85 3.70 3.63 10.88 10.86 10.72 10.37 9.66 3.97 4.02 4.09 4.32 4.66 86.49 3.3%

CHINA CONSTRUCTION BANK-H 1.42 1.23 1.08 0.95 2.86 2.55 2.34 2.10 1.92 4.46 3.99 3.73 3.38 6.82 6.19 6.04 5.48 4.99 5.40 5.42 5.53 6.23 10.02 6.44 13.4%

GAZPROM OAO-SPON ADR 0.46 0.42 0.38 0.35 0.31 0.81 0.77 0.73 0.73 0.69 2.72 2.24 2.63 2.31 2.07 3.08 2.96 2.98 3.28 3.06 4.68 5.08 5.31 5.30 6.06 13.98 41.3%

AMERICA MOVIL-ADR SERIES L 3.67 4.12 3.43 2.94 1.94 1.70 1.62 1.55 1.45 7.03 6.52 5.75 5.45 14.00 13.62 12.25 11.46 12.10 1.13 1.17 1.76 2.20 2.70 29.26 11.8%

PETROLEO BRASILEIRO-SPON ADR 0.91 0.87 0.83 0.81 1.23 1.07 1.02 1.12 1.09 5.01 4.19 4.15 7.63 10.17 8.30 7.91 10.55 3.09 3.60 3.31 3.22 29.65 32.8%

IND & COMM BK OF CHINA-H 1.44 1.24 1.09 0.95 2.86 2.55 2.33 2.11 1.90 4.59 4.02 3.72 3.37 6.67 6.16 5.90 5.40 4.87 5.45 5.55 5.78 6.29 9.13 5.48 12.4%

CNOOC LTD 2.18 1.86 1.62 1.44 1.30 2.49 2.47 2.37 2.38 2.18 5.73 5.97 5.87 5.86 6.75 4.22 4.21 4.10 4.09 3.92 8.34 8.85 8.86 8.93 8.44 3.95 2.72 2.90 2.87 3.57 17.27 8.4%

VALE SA-SP PREF ADR 1.42 1.06 0.95 0.86 1.96 2.09 1.91 1.78 1.76 5.97 5.50 6.23 4.82 7.98 6.74 6.50 7.08 7.64 6.82 5.04 5.47 3.80 22.05 24.4%

ITAU UNIBANCO HLDNG-PREF ADR 1.92 1.62 1.41 1.26 1.82 1.65 1.49 1.32 1.15 9.11 9.10 7.89 6.44 2.98 3.48 4.00 5.17 19.23 31.4%

TENCENT HOLDINGS LTD 12.48 9.38 6.83 5.09 3.77 13.77 8.98 6.96 5.58 4.35 31.59 23.98 20.24 16.87 10.65 27.83 20.18 16.01 13.08 11.02 36.96 29.13 22.94 18.49 16.09 0.29 0.36 0.50 0.65 0.66 266.29 2.4%

LUKOIL OAO-SPON ADR 0.72 0.66 0.61 0.61 0.40 0.41 0.41 0.43 0.42 3.21 3.14 3.14 2.98 4.39 4.50 4.63 4.74 3.52 4.03 4.27 4.63 4.74 7.11 80.24 27.6%

HYUNDAI MOTOR CO 1.74 1.52 1.25 1.04 1.24 1.11 1.08 1.01 9.22 6.58 5.96 5.99 5.61 7.99 6.13 5.92 5.55 0.75 0.82 0.85 0.90 0.85 314477.41 38.2%

COMPANHIA DE BEBIDAS-PRF ADR 9.39 9.08 8.70 8.27 7.41 6.73 6.20 5.37 24.61 20.64 19.19 29.20 24.85 22.62 21.10 3.31 3.88 3.83 40.25 -1.1%

MTN GROUP LTD 3.56 3.00 2.80 2.60 2.42 2.16 2.03 1.89 1.66 8.11 7.02 6.51 5.90 5.60 5.08 4.82 4.51 3.89 14.31 12.65 11.35 10.51 9.62 4.53 5.61 6.51 7.11 10.40 16990.77 9.2%

BANK OF CHINA LTD-H 0.96 0.87 0.79 0.71 0.59 2.26 2.04 1.87 1.70 1.51 3.65 3.45 3.18 2.89 2.39 5.76 5.41 5.41 4.99 4.21 6.17 6.29 6.25 6.81 7.66 3.47 12.9%

BANCO BRADESCO-ADR 2.23 1.69 1.48 1.33 1.81 1.59 1.43 1.26 10.84 9.84 9.11 7.78 3.21 3.47 3.78 4.47 18.88 21.6%

HON HAI PRECISION-GDR REG S

PETROCHINA CO LTD-H 1.56 1.47 1.36 1.26 1.12 0.86 0.78 0.73 0.71 0.67 5.24 5.03 4.61 4.46 4.06 6.17 5.86 5.34 4.99 4.39 11.52 11.45 10.36 9.55 8.01 3.86 3.91 4.31 4.57 5.63 11.25 5.1%

SBERBANK-SPONSORED ADR 28.89 2.19 1.85 0.97 0.83 6.39 4.01 3.84 3.45 2.39 0.90 2.06 1.88 1.97

NASPERS LTD-N SHS 4.56 3.98 3.59 3.13 5.75 4.79 4.19 3.68 3.54 31.77 26.33 20.90 12.05 32.51 32.62 28.11 23.19 30.85 28.57 23.59 18.82 0.61 0.72 0.86 1.06 56613.00 3.7%

SASOL LTD 1.82 1.62 1.46 1.33 1.45 1.41 1.39 1.32 1.28 6.04 5.65 5.38 5.95 5.03 5.12 5.09 4.96 4.60 8.22 8.78 8.81 8.55 12.18 4.40 4.72 5.18 5.53 4.87 40019.23 4.3%

CHINA LIFE INSURANCE CO-H 2.69 2.42 2.17 1.94 1.52 1.45 1.42 1.29 1.16 24.82 22.41 16.66 13.81 8.26 1.28 1.43 1.88 2.14 4.07 23.29 -0.4%

POSCO-ADR

INFOSYS LTD-SP ADR 3.84 3.69 3.37 3.08 3.76 3.48 3.21 3.07 13.79 12.76 12.44 12.49 10.11 10.03 9.30 8.86 15.35 14.79 14.09 13.43 1.66 2.47 2.60 3.15 45.24 1.5%

FOMENTO ECONOMICO MEX-SP ADR 3.53 2.88 2.69 2.63 2.14 1.81 1.60 1.43 1.35 14.66 16.71 18.58 26.39 27.00 22.66 19.82 1.26 1.47 1.55 1.64 97.46 5.1%

HYUNDAI MOBIS 2.20 1.75 1.44 1.31 1.83 1.21 1.10 0.85 10.89 10.51 8.41 7.63 6.28 9.00 8.15 7.32 7.40 0.53 0.60 0.63 0.67 0.58 391225.81 30.4%

ICICI BANK LTD-SPON ADR 6.79 5.57 4.67 4.00 18.53 14.81 12.28 1.74 2.13 2.57 44.00 10.0%

CHINA PETROLEUM & CHEMICAL-H 1.16 1.07 0.98 0.89 0.79 0.23 0.21 0.20 0.20 0.18 3.81 3.82 3.27 3.21 2.47 4.94 5.22 4.48 4.19 3.85 7.29 9.19 7.31 6.93 7.13 3.53 3.59 4.24 4.59 4.24 8.15 4.2%

KIA MOTORS CORPORATION 2.09 1.58 1.24 1.01 1.01 0.90 0.86 0.82 8.74 9.61 9.29 8.93 8.93 7.91 6.23 5.73 5.33 0.89 0.99 1.07 1.10 1.16 99570.97 48.6%

STANDARD BANK GROUP LTD 1.66 1.51 1.39 1.27 2.75 2.53 2.28 2.05 7.15 9.19 8.08 6.86 12.35 11.08 9.71 8.51 7.91 3.76 4.33 4.81 5.47 11446.42 9.1%

SHINHAN FINANCIAL GROUP-ADR 97.00 187.2%

PING AN INSURANCE GROUP CO-H 2.97 2.46 2.04 1.90 2.39 1.63 1.20 1.05 0.90 0.96 19.70 15.59 13.22 11.52 8.90 0.95 1.04 1.25 1.44 1.85 71.02 15.8%

CHINA SHENHUA ENERGY CO-H 2.20 1.97 1.75 1.57 1.49 2.25 1.96 1.79 1.68 1.55 7.58 7.61 6.56 6.47 5.97 5.80 5.44 5.17 5.37 11.07 10.84 10.02 9.61 10.06 3.29 3.53 3.88 4.04 3.68 34.36 9.3%

LG CHEM LTD 2.16 0.96 9.11 5.81 9.74 12.05 9.65 8.75 1.35 1.31 1.36 1.42 1.33 384448.28 21.5%

ANGLOGOLD ASHANTI LTD 2.91 2.36 1.76 1.47 2.38 1.97 1.62 1.53 1.90 6.63 5.78 4.84 4.62 6.12 5.64 5.01 3.76 3.48 5.06 10.56 9.68 6.91 6.89 7.78 1.02 1.37 1.68 1.81 1.33 37058.57 23.2%

KB FINANCIAL GROUP INC-ADR 51.00 48.9%

MEDIATEK INC 3.51 20.70 25.31 24.44 17.03 14.67 5.17 4.40 3.02 3.67 4.60 3.23 350.77 10.5%

CHUNGHWA TELECOM LTD-ADR 15.75 17.60 16.84 27.33 -12.9%

GRUPO TELEVISA SA-SPON ADR 4.48 3.01 2.68 2.43 2.88 2.54 2.35 2.18 2.07 20.01 38.14 33.61 58.65 64.24 23.12 24.25 20.26 20.19 11.83 0.96 0.34 0.74 0.96 0.72 25.06 5.8%

BRF - BRASIL FOODS SA-ADR 2.20 2.11 2.11 1.20 1.16 1.07 0.94 0.88 11.49 10.71 11.44 17.33 37.80 20.09 13.03 11.43 0.28 0.78 1.45 2.02 18.40 0.8%

NOVATEK OAO-SPONS GDR REG S 5.78 3.93 3.16 2.62 2.06 6.41 5.20 4.11 3.44 2.90 17.42 13.31 10.82 9.42 7.48 18.29 15.89 12.50 10.67 8.48 1.39 1.83 2.16 2.54 3.95 148.95 23.3%

FORMOSA PLASTICS CORP 1.89 2.12 1.97 1.87 1.73 2.56 2.74 2.54 2.43 9.73 12.14 11.66 11.36 12.73 19.34 15.14 14.56 12.95 23.49 15.83 14.00 6.91 3.46 4.30 5.40 78.37 -2.0%

URALKALI-SPON GDR-REG S 2.52 2.98 2.64 2.38 2.14 6.52 5.60 4.75 4.52 3.95 16.01 11.70 9.54 8.95 8.60 15.60 14.48 11.36 10.67 9.50 2.93 3.52 4.50 4.93 5.65 44.92 10.9%

SK HYNIX INC 1.55 1.62 1.49 1.30 1.46 1.59 1.38 1.18 4.25 5.39 6.03 3.98 3.04 17.66 17.95 10.03 0.46 0.13 0.24 0.35 29000.00 26.9%

CHINA STEEL CORP 1.39 1.38 1.34 1.32 1.46 1.66 1.83 1.77 1.74 1.59 11.11 11.93 11.29 10.18 14.85 20.60 15.87 14.57 14.68 19.82 45.22 25.32 20.17 17.11 4.80 2.13 2.93 3.94 4.85 23.46 -9.8%

HYUNDAI HEAVY INDUSTRIES 1.04 0.97 0.88 0.76 0.71 0.60 0.55 0.45 7.73 6.34 6.01 4.61 5.83 7.70 7.43 5.74 5.15 7.95 8.31 6.55 2.90 1.79 1.84 1.80 1.70 314961.53 34.0%

GOLD FIELDS LTD 1.64 1.51 1.27 1.18 1.90 1.70 1.41 1.43 1.71 5.66 5.41 4.42 5.90 6.12 4.86 4.28 3.22 3.53 5.78 10.07 9.58 6.35 6.88 15.47 2.61 3.10 4.31 3.92 3.06 13038.07 20.9%

IMPALA PLATINUM HOLDINGS LTD 1.84 1.72 1.60 1.49 1.31 3.42 3.02 2.53 2.18 1.70 16.61 14.67 13.02 11.01 8.29 14.44 13.69 10.38 7.76 5.54 22.56 24.36 17.91 11.31 7.48 1.62 1.38 2.61 4.55 8.35 14257.14 -5.7%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


16.10.2012

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and

industrial electronic equipment and products such as semiconductors, personal

computers, peripherals, monitors, televisions, and home appliances including air

conditioners and microwave ovens. The Company also produces Internet access

network systems and telecommunications equipment including mobile phones.

Latest Fiscal Year: 12/2011

LTM as of: 06/yy

52-Week High (05.10.2012) 630.00

52-Week Low (18.10.2011) 380.00

Daily Volume

604.5

52-Week High % Change -4.05% Dividend Yield -

52-Week Low % Change 59.08% Beta 1.09

% 52 Week Price Range High/Low 84.60% Equity Float -

Shares Out 30.09.2012 294.6 Short Int -

178'084.89 1 Yr Total Return 55.34%

Total Debt 4'796'865.00 YTD Return 31.27%

Preferred Stock 119'467.0 Adjusted BETA 1.086

Minority Interest 0.0 Analyst Recs 3

Cash and Equivalents 14'630'145.00 Consensus Rating 3.667

Enterprise Value -

Average Volume 5 Day 91'594

SMSN LI EQUITY YTD Change - Average Volume 30 Day 68'965

SMSN LI EQUITY YTD % CHANGE - Average Volume 3 Month 59'524

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

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 12/12 Q4 03/13 Q1

63'175'968.0 72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 ######### ######### - - - -

0.99x 0.70x 1.05x 1.02x 1.06x 3.63x 4.11x - - - -

12'999'646.0 11'753'254.0 14'207'387.0 20'345'636.0 18'987'465.0 ######### ######### - - - -

4.82x 4.32x 6.61x 5.60x 6.75x 5.18x 6.88x - - - -

7'425'016.0 5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 ######### ######### - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

EBITDA 18'987'465.00 Long-Term Rating Date 25.01.2006

EBIT 9'679'775.00 Long-Term Rating A

Operating Margin 8.01% Long-Term Outlook POS

Pretax Margin 9.51% Short-Term Rating Date 25.01.2006

Return on Assets 8.93% Short-Term Rating A-1

Return on Common Equity 11.76%

Return on Capital 11.50% EBITDA/Interest Exp. 75.22

Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 23.73

Net Debt/EBITDA -0.52

Gross Margin 25.2% Total Debt/EBITDA 0.25

EBITDA Margin 15.7%

EBIT Margin 8.0% Total Debt/Equity 5.4%

Net Income Margin 8.3% Total Debt/Capital 5.1%

Asset Turnover 1.08

Current Ratio 1.46 Net Fixed Asset Turnover 2.96

Quick Ratio 1.11 Accounts receivable turnover-days 43.19

Debt to Assets 4.08% Inventory Days 20.60

Tot Debt to Common Equity 5.40% Accounts Payable Turnover Day 26.05

Accounts Receivable Turnover 8.45 Cash Conversion Cycle 37.74

Inventory Turnover 17.72

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Samsung Electronics Co LtdPrice/Volume

Valuation Analysis

35'663.00

Current Price (10/dd/yy) Market Data

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40'000'000.0

60'000'000.0

80'000'000.0

100'000'000.0

120'000'000.0

140'000'000.0

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16.10.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'409'994 1.84 76'650 30.06.2012 Investment Advisor

SPRUCEGROVE INVESTME SPRUCEGROVE INVESTME 13F 711'813 0.24 (65'557) 30.06.2012 Investment Advisor

UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 168'000 0.06 - 28.09.2012 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 155'869 0.05 - 29.06.2012 Investment Advisor

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 105'969 0.04 (16'300) 30.09.2011 Mutual Fund Manager

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 92'488 0.03 511 29.06.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 86'926 0.03 3'521 30.06.2012 Investment Advisor

HARDING LOEVNER LP Multiple Portfolios MF-AGG 82'850 0.03 (92'130) 30.06.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 81'497 0.03 (7'038) 31.08.2012 Investment Advisor

ODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 78'436 0.03 (2'644) 31.08.2012 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 75'105 0.03 - 29.06.2012 Investment Advisor

LEGG MASON INC Multiple Portfolios MF-AGG 71'600 0.02 (20'100) 30.06.2012 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 49'595 0.02 (7'724) 30.03.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 46'900 0.02 1'300 31.12.2011 Mutual Fund Manager

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 38'412 0.01 (2'925) 30.06.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 37'870 0.01 - 31.08.2012 Investment Advisor

POLARIS CAPITAL MANA POLARIS CAPITAL MANA 13F 37'652 0.01 - 30.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 34'444 0.01 (1'421) 30.06.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 34'170 0.01 - 12.10.2012 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 29'109 0.01 (100) 31.08.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 955 12 month 16.10.2012

Jyske Bank ROBERT JAKOBSEN sell 1 M 325 Not Provided 28.03.2012

Holdings By:

Samsung Electronics Co Ltd ee


16.10.2012

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits

based on its proprietary designs. The Company offers a comprehensive set of

integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode,

volatile and non-volatile memory and BiCMOS chips. Taiwan Semiconductor is an

affiliate of Philips Electronics N.V.


LTM as of: 06/yy

52-Week High (05.10.2012) 16.31

52-Week Low (20.10.2011) 11.64

Daily Volume

15.29




Shares Out 30.06.2012 5'183.2 Short Int 21.77

79'251.81 1 Yr Total Return 28.84%

Total Debt 48'426.53 YTD Return 22.75%

Preferred Stock 0.0 Adjusted BETA 1.020


Cash and Equivalents 88'580.79 Consensus Rating 2.750

Enterprise Value -

Average Volume 5 Day 10'626'979

TSM US EQUITY YTD Change - Average Volume 30 Day 11'880'975

TSM US EQUITY YTD % CHANGE - Average Volume 3 Month 12'421'711


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 09/12 Q3 12/12 Q4

313'647.6 321'767.1 285'742.9 406'963.3 418'245.5 426'546.8 438'601.0 - - - -

4.76x 3.13x 5.41x 4.32x 4.60x 16.14x 18.09x - - - -

185'072.6 180'859.8 168'850.2 238'212.6 241'831.2 250'111.8 254'951.6 - - - -

8.07x 5.56x 9.16x 7.37x 7.96x 7.23x 8.06x - - - -

109'177.1 99'933.2 89'217.8 161'605.0 134'201.3 159'888.1 137'260.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

EBITDA 241'831.19 Long-Term Rating Date 20.04.2010

EBIT 138'905.76 Long-Term Rating A+

Operating Margin 33.21% Long-Term Outlook STABLE

Pretax Margin 34.60% Short-Term Rating Date -

Return on Assets 18.35% Short-Term Rating -






EBITDA Margin 57.8%



Asset Turnover 0.57







Fiscal Year Ended

Taiwan Semiconductor Manufacturing Co LtdPrice/Volume

Valuation Analysis

13'756'826.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5

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2 ! E

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0! ! E

02 ! E

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

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

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16.10.2012


ABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 75'524'649 1.46 (3'838'000) 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 69'432'502 1.34 4'991'966 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 67'807'123 1.31 (500'000) 30.06.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 65'746'762 1.27 58'116'167 30.06.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 65'725'842 1.27 416'130 30.06.2012 Investment Advisor

NOMURA HOLDINGS INC NOMURA HOLDINGS INC 13F 51'495'325 0.99 49'760'715 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 48'725'236 0.94 4'892'963 30.06.2012 Investment Advisor

MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 45'745'375 0.88 (3'483'737) 30.06.2012 Investment Advisor

NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 40'810'190 0.79 15'033 30.06.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38'036'197 0.73 (416'002) 30.06.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 35'388'173 0.68 1'469'989 30.06.2012 Investment Advisor

LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 32'366'695 0.62 (169'093) 30.06.2012 Investment Advisor

CI INVESTMENTS INC CI INVESTMENTS INC 13F 30'218'522 0.58 (1'625'450) 30.06.2012 Hedge Fund Manager

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28'163'795 0.54 (141'100) 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 18'193'267 0.35 (15'562'794) 30.06.2012 Investment Advisor

WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 14'876'854 0.29 1'989'920 30.06.2012 Investment Advisor

SANDERSON ASSET MANA SANDERSON ASSET MANA 13F 14'251'179 0.27 (161'200) 30.06.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 12'840'171 0.25 3'648'620 30.06.2012 Hedge Fund Manager

FISHER INVESTMENTS I FISHER INVESTMENTS 13F 11'700'231 0.23 2'660'890 30.06.2012 Investment Advisor

MONDRIAN INVESTMENT MONDRIAN INVESTMENT 13F 10'759'297 0.21 (2'164'952) 30.06.2012 Hedge Fund Manager


Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 11.10.2012

Susquehanna Financial Group MEHDI HOSSEINI neutral 3 M 17 12 month 10.10.2012

Sanford C. Bernstein & Co MARK LI market perform 3 M 15 12 month 09.10.2012

Jefferies ROBERT LEA underperform 1 D 12 12 month 07.08.2012

HSBC STEVEN C PELAYO overweight 5 M 17 Not Provided 19.07.2012

Goldman Sachs DONALD LU neutral/neutral 3 M 14 12 month 31.05.2012

EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011

First Global Stockbroking ISHANSH VIJ market perform 3 M #N/A N/A Not Provided 02.05.2011

Holdings By:

Taiwan Semiconductor Manufacturing Co Ltd ee


16.10.2012

China Mobile Limited, through its subsidiaries, provides cellular

telecommunications and related services in the People's Republic of China and

Hong Kong SAR.


LTM as of: 03/yy

52-Week High (14.08.2012) 92.60

52-Week Low (19.12.2011) 72.20

Daily Volume

83.7

52-Week High % Change -9.61% Dividend Yield 4.06


% 52 Week Price Range High/Low 58.33% Equity Float 5'212.77

Shares Out 30.09.2012 20'099.7 Short Int -

1'682'343.88 1 Yr Total Return 15.64%



Minority Interest 1'355.0 Analyst Recs 33


Enterprise Value 997'518.99


941 HK EQUITY YTD Change - Average Volume 30 Day 17'744'940

941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17'679'090


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

356'959.0 411'810.0 452'103.0 485'231.0 527'999.0 494'316.0 537'272.0 561'577.2 597'207.5 141'691.3 142'930.0

6.81x 2.90x 2.34x 2.18x 1.77x 0.00x 0.00x 1.81x 1.60x - -

197'093.0 219'788.0 233'788.0 241'758.0 257'202.0 0.0 0.0 252'444.5 259'235.2 68'511.8 65'976.5

12.34x 5.43x 4.52x 4.37x 3.63x 0.00x 0.00x 3.95x 3.85x - -

87'062.0 112'627.0 115'166.0 119'640.0 125'870.0 121'026.0 126'806.0 125'427.1 127'035.0 35'359.8 31'142.5

29.66x 12.19x 11.18x 10.98x 9.82x 0.00x 0.00x 10.86x 10.72x - -


EBIT 159'710.00 Long-Term Rating AA-








Gross Margin - Total Debt/EBITDA 0.12

EBITDA Margin 48.7%



Asset Turnover 0.58



Debt to Assets 3.18% Inventory Days -

Tot Debt to Common Equity 4.67% Accounts Payable Turnover Day -

Accounts Receivable Turnover 62.87 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

China Mobile LtdPrice/Volume

Valuation Analysis

21'077'927.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

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16.10.2012


CHINA MOBILE HK BVI n/a 20F 14'885'998'621 74.06 - 31.03.2012 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 264'607'960 1.32 4'085'964 30.09.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 175'760'183 0.87 4'327'000 28.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 123'415'000 0.61 210'000 12.10.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53'719'500 0.27 - 30.06.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 52'944'396 0.26 (739'697) 31.12.2011 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 50'427'000 0.25 (9'591'500) 30.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 44'569'290 0.22 10'223'214 30.12.2011 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 42'107'908 0.21 (7'269'850) 31.08.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 39'511'302 0.2 (211'000) 12.10.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 36'888'947 0.18 1'090'500 12.10.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 31'549'430 0.16 3'984'663 31.07.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 24'357'000 0.12 759'500 15.10.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 18'886'000 0.09 855'500 31.07.2012 Mutual Fund Manager

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 18'587'500 0.09 (3'484'000) 31.03.2012 Mutual Fund Manager

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 17'939'500 0.09 - 31.08.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 17'030'255 0.08 1'587'500 30.06.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 15'575'207 0.08 - 30.06.2012 Investment Advisor

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 15'507'000 0.08 - 30.06.2011 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 14'868'470 0.07 (81'500) 30.06.2012 Investment Advisor


BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 12 month 16.10.2012

Barclays ANAND RAMACHANDRAN equalweight 3 M 83 Not Provided 16.10.2012

Nomura DANNY CHU neutral 3 M 91 Not Provided 15.10.2012

Standard Chartered STEVEN LIU outperform 5 M 95 12 month 12.10.2012

BNP Paribas Equity Research ALEN LIN hold 3 M 85 12 month 12.10.2012

Jefferies CYNTHIA JINHONG MENG hold 3 M 91 12 month 11.10.2012

Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 10.10.2012

DBS Vickers TAM TSZ-WANG hold 3 M 85 12 month 05.10.2012

Haitong International Securities ALEX LEE hold 3 M 90 12 month 04.10.2012

Deutsche Bank ALAN HELLAWELL hold 3 M 86 12 month 03.10.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 89 Not Provided 03.10.2012

Bank of China International MICHAEL MENG sell 1 M 75 Not Provided 25.09.2012

Kim Eng Securities ANDY POON sell 1 M 72 12 month 21.09.2012

Guotai Junan RICKY LAI accumulate 4 M 90 Not Provided 12.09.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.09.2012

Goldman Sachs DONALD LU Buy/Neutral 5 M 100 12 month 17.08.2012

Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 17.08.2012

Macquarie LISA SOH neutral 3 M 76 12 month 17.08.2012

China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 17.08.2012

SWS Research Co Ltd JIM TANG underperform 1 M 72 Not Provided 17.08.2012

UOB Kay Hian VICTOR YIP buy 5 M 100 Not Provided 17.08.2012

ICBC International Securities KARY SEI hold 3 D 87 Not Provided 17.08.2012

Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 80 12 month 16.08.2012

JPMorgan LUCY LIU neutral 3 M 92 3 month 16.08.2012

Pacific Crest Securities STEVE CLEMENT outperform 5 M 91 12 month 16.08.2012

HSBC TUCKER GRINNAN overweight 5 M 103 Not Provided 16.08.2012

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.08.2012

Mizuho Securities MARVIN LO underperform 1 D 74 12 month 16.08.2012

Religare Capital Markets RUMIT DUGAR buy 5 M 97 12 month 16.08.2012

Ji Asia NEIL JUGGINS buy 5 U 96 12 month 11.06.2012

Holdings By:

China Mobile Ltd ee


16.10.2012

China Construction Bank Corporation provides a complete range of banking

services and other financial services to individual and corporate customers. The

bank's services include retail banking, international settlement, project

finance, and credit card services.


LTM as of: 06/yy

52-Week High (02.03.2012) 6.62

52-Week Low (12.07.2012) 4.71

Daily Volume

5.68





1'415'184.13 1 Yr Total Return 16.70%





Enterprise Value -

Average Volume 5 Day #########

939 HK EQUITY YTD Change - Average Volume 30 Day #########

939 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########


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 09/12 Q3 12/12 Q4

306'520.0 388'058.0 396'529.0 449'841.0 575'537.0 507'820.0 654'862.0 448'467.5 488'340.9 114'520.0 -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

69'053.0 92'599.0 106'756.0 134'844.0 169'258.0 156'928.0 182'716.0 186'511.4 191'714.7 51'000.0 -

20.61x 9.36x 12.77x 10.55x 6.47x 8.43x 5.90x 6.19x 6.04x - -

EBITDA - Long-Term Rating Date 29.11.2011

EBIT - Long-Term Rating A





Return on Capital 9.46% EBITDA/Interest Exp. -

Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 149.3%


Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 5.45

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Construction Bank CorpPrice/Volume

Valuation Analysis

322'939'006.00


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200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

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16.10.2012


CENTRAL HUIJIN INVES n/a EXCH 142'590'494'651 59.31 - 14.11.2011 Government

TEMASEK HOLDINGS PRI n/a EXCH 17'878'670'050 7.44 - 04.05.2012 Government

BANK OF AMERICA CORP n/a EXCH 5'942'736'979 2.47 - 17.11.2011 Investment Advisor

BAOSTEEL GROUP CORP n/a Co File 3'210'000'000 1.34 - 31.12.2010 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'996'209'024 1.25 360'329'270 30.09.2012 Investment Advisor

BEST INVESTMENT CORP n/a EXCH 2'760'000'000 1.15 - 14.11.2011 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'540'250'930 0.64 2'666'000 12.10.2012 Investment Advisor

STATE GRID INTL DEVP n/a Co File 1'315'282'730 0.55 - 31.12.2010 n/a

CHINA YANGTZE POWER n/a Co File 1'070'000'000 0.45 - 31.12.2010 Government

RECA INVESTMENT LTD n/a Co File 856'000'000 0.36 - 31.12.2010 n/a

YINGDA INTL HOLDINGS n/a Co File 856'000'000 0.36 - 31.12.2010 n/a

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 808'305'345 0.34 (21'223'500) 30.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 718'786'095 0.3 (74'739'516) 29.02.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 692'820'990 0.29 (181'578'000) 29.06.2012 Investment Advisor

LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 671'621'995 0.28 99'887'000 31.08.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 632'279'467 0.26 96'278'869 31.12.2011 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 523'882'130 0.22 3'717'976 12.10.2012 Investment Advisor


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 436'933'756 0.18 894'000 12.10.2012 Investment Advisor

SHANDONG LUNENG GROU n/a Co File 374'500'000 0.16 - 31.12.2010 Corporation


Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 16.10.2012

Religare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 15.10.2012

Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 11.10.2012

Jefferies TAN MING buy 5 M 6 12 month 11.10.2012

Nomura LUCY FENG neutral 3 M 5 Not Provided 11.10.2012

Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 10.10.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 10.10.2012

CIMB TREVOR KALCIC outperform 5 M 7 12 month 05.10.2012

Keefe, Bruyette & Woods BILL STACEY market perform 3 M 6 12 month 01.10.2012

DBS Vickers ALEXANDER LEE buy 5 M 7 12 month 24.09.2012

Credit Suisse SANJAY JAIN outperform 5 M 7 Not Provided 20.09.2012

Standard Chartered LAWRENCE CHEN outperform 5 M 6 12 month 19.09.2012

BOCOM International Holdings LI SHANSHAN long-term buy 5 M 6 12 month 18.09.2012

HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 16.09.2012

Mizuho Securities JIM ANTOS neutral 3 M 5 12 month 14.09.2012

Deutsche Bank TRACY YU hold 3 M 6 12 month 06.09.2012

Kim Eng Securities IVAN LI buy 5 M 8 12 month 06.09.2012

Barclays MAY YAN equalweight 3 M 6 Not Provided 06.09.2012

Core Pacific LI TIMOTHY buy 5 M 6 Not Provided 05.09.2012

Guotai Junan WILSON LI accumulate 4 D 7 Not Provided 29.08.2012

Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012

JPMorgan JOSHUA KLACZEK overweight 5 M 7 3 month 27.08.2012

Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 27.08.2012

Bank of China International SUN PENG buy 5 M 6 Not Provided 27.08.2012

Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 6 Not Provided 27.08.2012

China International Capital Corp MAO JUNHUA buy 5 M 10 12 month 27.08.2012

SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 27.08.2012

UOB Kay Hian EDMOND LAW hold 3 M 6 Not Provided 27.08.2012


Mirae Asset Securities NAN LI buy 5 M 7 12 month 26.08.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 13.08.2012

Macquarie VICTOR WANG outperform 5 M 6 12 month 19.06.2012

GuoSen Securities Co Ltd CHEN HUFEI buy 5 M #N/A N/A Not Provided 27.04.2012

Phillip Securities CHEN XINGYU accumulate 4 D 7 Not Provided 28.03.2012

Hua Tai Securities Co., Ltd LIU XIAOCHANG buy 5 M #N/A N/A Not Provided 26.03.2012

RBS DESMOND CHEUNG buy 5 M 8 12 month 24.10.2011

Masterlink Securities RAINY YUAN trading buy 5 N 9 6 month 24.11.2010

ICBC International Securities IVAN LIN buy 5 M 9 Not Provided 01.11.2010

KGI Securities MICHELLE CHEN outperform 5 N 8 12 month 16.04.2010

Tebon Securities Co Ltd XU MINGQIANG outperform 5 N #N/A N/A Not Provided 02.01.2009

Holdings By:

China Construction Bank Corp ee


16.10.2012

Gazprom OAO operates gas pipeline systems, produces and explores gas, and

transports high pressure gas in the Russian Federation and European countries.

The Company is also engaged in oil production, oil refining, gas storage, and

electric and heat energy generation.


LTM as of: 03/yy

52-Week High (05.03.2012) 13.64

52-Week Low (01.06.2012) 8.47

Daily Volume

9.895





117'124.71 1 Yr Total Return -1.14%

Total Debt 1'540'162.00 YTD Return -2.16%




Enterprise Value -


OGZD LI EQUITY YTD Change - Average Volume 30 Day 26'244'440

OGZD LI EQUITY YTD % CHANGE - Average Volume 3 Month 23'062'670


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2

2'390'467.0 3'518'960.0 2'990'971.0 3'597'054.0 4'637'090.0 ######### ######### ######### ######### ######### #########

4.02x 1.10x 2.00x 1.60x 1.16x 5.61x 4.74x 1.07x 1.02x - -

885'355.0 1'554'286.0 1'115'242.0 1'399'892.0 1'970'093.0 ######### ######### ######### ######### 457'803.0 -

10.85x 2.48x 5.37x 4.10x 2.73x 4.20x 2.97x - - - -

658'038.0 742'928.0 779'585.0 968'557.0 1'307'018.0 ######### ######### ######### ######### 376'950.5 291'752.5

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 2.96x 2.98x - -


EBIT 1'694'909.00 Long-Term Rating BBB







Net Debt/EBITDA 0.52


EBITDA Margin 42.5%



Asset Turnover 0.46







Fiscal Year Ended

Gazprom OAOPrice/Volume

Valuation Analysis

13'539'816.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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16.10.2012


VANGUARD GROUP INC Multiple Portfolios MF-AGG 204'256'183 1.73 (929'561) 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 65'005'800 0.55 2'265'780 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 61'085'000 0.52 - 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 40'418'308 0.34 307'100 12.10.2012 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 38'295'733 0.32 - 28.09.2012 Mutual Fund Manager

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 36'857'000 0.31 2'816'800 30.06.2012 Investment Advisor



LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 21'900'694 0.19 (202'330) 31.08.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 16'824'220 0.14 (470'000) 31.08.2012 Mutual Fund Manager

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 14'257'664 0.12 - 12.10.2012 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 13'500'000 0.11 7'500'000 30.09.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 11'855'044 0.1 1'213'849 30.06.2012 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 11'043'945 0.09 (4'008'960) 30.06.2012 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 11'023'813 0.09 (703'455) 31.03.2012 Mutual Fund Manager

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 10'886'848 0.09 (5'630) 30.06.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 10'783'661 0.09 (323'701) 31.08.2012 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 10'768'204 0.09 (468'099) 29.06.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'757'851 0.09 427 31.08.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 9'914'540 0.08 2'694'212 31.08.2012 Investment Advisor


Renaissance Capital BRADLEY WAY buy 5 M 13 12 month 12.10.2012

Morgan Stanley PAVEL SOROKIN Equalwt/In-Line 3 M 12 12 month 09.10.2012

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 17 12 month 04.10.2012

ING Wholesale Banking IGOR KURINNYY hold 3 M 11 12 month 26.09.2012

Alfa-Bank MARIYA YEGIKYAN overweight 5 M 13 Not Provided 21.09.2012

Goldman Sachs GEYDAR MAMEDOV Buy/Neutral 5 M 16 12 month 17.09.2012

Societe Generale EVGENY SOLOVYOV buy 5 M 16 12 month 11.09.2012

HSBC ILDAR KHAZIEV overweight 5 M 14 Not Provided 31.08.2012

RMG Securities MIKHAIL LOSHININ buy 5 M 14 Not Provided 12.07.2012

UFS-Finance Investment Company ILYA BALAKIREV buy 5 M 14 Not Provided 02.07.2012

Gazprombank IVAN KHROMUSHIN overweight 5 M 16 12 month 12.05.2012

Aton LLC ELENA SAVCHIK buy 5 M 32 12 month 20.01.2012

Otkritie Capital VADIM MITROSHIN buy 5 M 25 Not Provided 21.12.2011

Barclays LYDIA RAINFORTH underweight 1 M 15 Not Provided 15.11.2011

Wood & Company CHIRVANI ABDOULLAEV hold 3 N 14 12 month 22.06.2011

CS Capital CHRISTOPHER PARKINSON buy 5 M #N/A N/A Not Provided 24.01.2011

Holdings By:

Gazprom OAO ee


16.10.2012

America Movil SAB de C.V. provides wireless communications in 18 countries

across Latin America, the Caribbean and the U.S. The company also offers

fixed-line phone, Internet and pay-TV services in most parts of the region.


LTM as of: 06/yy

52-Week High (07.05.2012) 28.47

52-Week Low (19.12.2011) 21.60

Daily Volume

26.17





99'406.23 1 Yr Total Return 10.85%





Enterprise Value -


AMX US EQUITY YTD Change - Average Volume 30 Day 5'128'935

AMX US EQUITY YTD % CHANGE - Average Volume 3 Month 4'776'151


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 09/12 Q3 12/12 Q4

311'579.8 345'654.9 561'254.6 607'855.7 665'301.5 632'882.8 733'603.6 746'539.7 783'291.7 188'495.5 200'301.8

3.86x 2.29x 2.28x 2.73x 2.33x 10.00x 8.53x 2.18x 2.03x 8.69x 8.20x

126'012.6 137'313.5 228'715.8 243'392.7 248'772.5 243'760.3 259'749.9 260'897.1 273'113.5 65'744.7 69'731.0

9.55x 5.78x 5.60x 6.82x 6.23x 6.09x 6.53x - - - -

58'587.5 59'485.5 92'697.6 91'123.1 82'853.5 95'899.9 81'083.0 97'444.3 105'034.1 25'970.8 23'784.2

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 13.62x 12.25x 14.68x 14.50x


EBIT 154'775.47 Long-Term Rating A-









EBITDA Margin 37.4%



Asset Turnover 0.73





Accounts Receivable Turnover 6.10 Cash Conversion Cycle -62.24



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

America Movil SAB de CVPrice/Volume

Valuation Analysis

4'054'394.00


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400'000.0

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600'000.0

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16.10.2012


CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 72'019'326 2.77 (17'892'800) 30.06.2012 Investment Advisor

CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 69'854'668 2.69 (24'606'700) 30.06.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 50'939'316 1.96 474'200 30.06.2012 Investment Advisor

GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 29'864'226 1.15 257'432 30.06.2012 Investment Advisor

NOMURA HOLDINGS INC NOMURA HOLDINGS INC 13F 21'512'060 0.83 21'453'980 30.06.2012 Investment Advisor

LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 21'508'182 0.83 267'884 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 20'072'352 0.77 (1'386'345) 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17'435'803 0.67 (2'589'640) 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 17'284'039 0.67 17'120 30.06.2012 Investment Advisor

BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 16'083'199 0.62 (1'203'345) 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 15'597'043 0.6 2'097'005 30.06.2012 Investment Advisor

FIDELITY INTERNATION FIDELITY INTERNATION 13F 13'420'115 0.52 4'258'192 30.06.2012 Investment Advisor

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 12'928'223 0.5 388'700 30.06.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 12'710'980 0.49 1'690'498 30.06.2012 Investment Advisor


WESTWOOD GLOBAL INVE WESTWOOD GLOBAL INVE 13F 11'723'354 0.45 265'505 30.06.2012 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 10'509'674 0.4 524'200 30.06.2012 Investment Advisor

ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 10'124'939 0.39 10'124'939 30.06.2012 Hedge Fund Manager

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 10'115'685 0.39 10'115'685 30.06.2012 Hedge Fund Manager

GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 9'837'719 0.38 4'070'900 30.06.2012 Investment Advisor


Itau BBA Securities GREGORIO TOMASSI outperform 5 M 30 Not Provided 14.10.2012

Actinver SA MARTIN LARA buy 5 M 29 12 month 12.10.2012

HSBC RICHARD DINEEN overweight 5 U 32 Not Provided 05.10.2012

Scotia Capital ANDRES COELLO sector underperform 1 M 25 12 month 05.10.2012

BBVA ALEJANDRO GALLOSTRA outperform 5 M 30 Not Provided 01.10.2012

JPMorgan ANDRE BAGGIO neutral 3 M 28 15 month 26.09.2012

Banorte-IXE MANUEL JIMENEZ ZALDIVAR buy 5 M 31 Not Provided 20.09.2012

Raymond James RICHARD H PRENTISS JR market perform 3 M #N/A N/A Not Provided 19.09.2012

Macquarie KEVIN SMITHEN outperform 5 M 32 12 month 09.08.2012

Morgan Stanley MICHEL MORIN Underwt/In-Line 1 M 25 12 month 30.07.2012

Goldman Sachs LUCIO G ALDWORTH neutral/neutral 3 M 28 12 month 27.07.2012

William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 27.07.2012

Banco BTG Pactual SA CARLOS SEQUEIRA neutral 3 M 27 12 month 27.07.2012

Stifel Nicolaus CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 27.07.2012

Credit Suisse ANDREW T CAMPBELL outperform 5 M 30 Not Provided 26.07.2012

Barclays VERA ROSSI overweight 5 M 32 Not Provided 23.07.2012

Grupo Santander VALDER NOGUEIRA hold 3 M 26 Not Provided 10.04.2012

Wells Fargo Securities, LLC JENNIFER M FRITZSCHE suspended coverage #N/A N/A M #N/A N/A Not Provided 30.12.2011

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011

Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 31.10.2011

Davenport & Co F DRAKE JOHNSTONE reduce 2 U #N/A N/A Not Provided 21.07.2011

First Global Stockbroking RUPALI VERMA moderate outperform 4 M #N/A N/A Not Provided 29.10.2009

Holdings By:

America Movil SAB de CV ee


16.10.2012

Petroleo Brasileiro S.A. - Petrobras explores for and produces oil and natural

gas. The Company refines, markets, and supplies oil products. Petrobras

operates oil tankers, distribution pipelines, marine, river and lake terminals,

thermal power plants, fertilizer plants, and petrochemical units. The Company

operates in South America and elsewhere around the world.


LTM as of: 06/yy

52-Week High (08.02.2012) 30.20

52-Week Low (28.06.2012) 16.69

Daily Volume

22.32





148'665.20 1 Yr Total Return -0.25%

Total Debt 155'554.69 YTD Return -2.75%

Preferred Stock - Adjusted BETA 1.217



Enterprise Value -


PBR/A US EQUITY YTD Change - Average Volume 30 Day 7'503'190

PBR/A US EQUITY YTD % CHANGE - Average Volume 3 Month 7'833'152


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 03/12 Q1 06/12 Q2

170'718.9 217'220.4 183'481.6 211'841.9 244'176.1 223'163.6 262'088.2 283'172.5 295'085.9 63'827.1 67'771.7

2.95x 0.98x 2.60x 2.07x 1.56x 7.82x 5.77x 1.60x 1.64x - -

52'508.7 57'350.1 58'032.9 59'315.3 61'582.3 61'581.1 56'472.1 66'363.1 74'245.2 16'946.9 15'752.9

9.58x 3.73x 8.22x 7.39x 6.17x 6.42x 6.50x - - - -

25'564.5 38'932.0 30'964.7 35'189.4 33'313.1 41'096.0 19'253.7 29'361.9 36'244.3 8'983.5 4'234.2

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 10.17x 8.30x 9.28x 8.95x


EBIT 43'842.85 Long-Term Rating BBB





Return on Capital - EBITDA/Interest Exp. -




EBITDA Margin 25.2%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Petroleo Brasileiro SAPrice/Volume

Valuation Analysis

7'236'161.00


!

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02

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

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16.10.2012


ABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 110'460'369 3.94 21'409'540 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 53'890'039 1.92 2'528'838 30.06.2012 Investment Advisor


DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 33'467'136 1.19 2'542'249 30.06.2012 Investment Advisor

ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 30'203'497 1.08 2'654'965 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 25'667'412 0.92 (1'709'232) 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 23'306'947 0.83 303'718 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'215'148 0.79 (7'901'232) 30.06.2012 Investment Advisor

DODGE & COX DODGE & COX 13F 17'287'100 0.62 2'346'300 30.06.2012 Investment Advisor

TEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 15'441'395 0.55 (3'141'319) 30.06.2012 Investment Advisor

BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 12'942'568 0.46 2'044'790 30.06.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 11'111'941 0.4 (1'138'262) 30.06.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 10'941'709 0.39 (1'440'300) 30.06.2012 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 10'677'940 0.38 4'666'370 30.06.2012 Investment Advisor


BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 10'079'936 0.36 (7'552'959) 30.06.2012 Investment Advisor

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 9'951'696 0.36 (1'125'400) 30.06.2012 Investment Advisor

GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 8'948'714 0.32 (2'463'400) 30.06.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 8'484'636 0.3 (499'967) 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 8'418'324 0.3 191'000 30.06.2012 Investment Advisor


Barclays PAUL Y CHENG equalweight 3 M 32 Not Provided 05.10.2012

Espirito Santo Investment Bank ResearchOSWALDO ALCANTARA TELLES FILHO buy 5 M 32 12 month 01.10.2012

Itau BBA Securities PAULA KOVARSKY market perform 3 M 29 Not Provided 30.09.2012

Howard Weil Inc RICHARD ROBERTS JR market perform 3 M 32 12 month 06.08.2012

JPMorgan CAIO M CARVALHAL neutral 3 M 23 15 month 06.08.2012

Banco BTG Pactual SA GUSTAVO GATTASS buy 5 M 28 12 month 06.08.2012

Goldman Sachs FELIPE MATTAR Buy/Neutral 5 M 27 6 month 18.07.2012

Societe Generale JOHN HERRLIN buy 5 U 25 12 month 08.06.2012

HSBC ANISA REDMAN overweight 5 M 46 Not Provided 02.06.2011

Bradesco Corretora AURO ROZENBAUM buy 5 M 73 Not Provided 20.10.2008

Holdings By:

Petroleo Brasileiro SA ee


16.10.2012

Industrial and Commercial Bank of China Ltd provides a broad range of personal

and corporate commercial banking services all over China. The Bank's businesses

include deposit, loan, credit card, fund underwriting and trust, and foreign

currency settlement and trading.


LTM as of: 06/yy

52-Week High (29.02.2012) 5.72

52-Week Low (12.07.2012) 3.97

Daily Volume

4.88





1'664'291.50 1 Yr Total Return 21.18%





Enterprise Value -





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 09/12 Q3 12/12 Q4

391'906.0 469'928.0 470'638.0 544'045.0 704'382.0 616'599.0 790'946.0 528'428.5 576'896.3 133'740.0 -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

81'520.0 110'841.0 128'645.0 165'156.0 208'265.0 190'034.0 221'944.0 227'897.1 236'728.3 61'185.0 52'616.0

33.88x 10.73x 13.95x 8.83x 7.07x 8.18x 6.20x 6.16x 5.90x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Industrial & Commercial Bank of China LtdPrice/Volume

Valuation Analysis

294'399'948.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

.

0

1

2

3


0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-. !. !4 .!-.



16.10.2012


SOCIAL SECURITY FUND n/a EXCH 11'276'281'524 12.99 - 08.08.2012 Pension Fund (ERISA)

JP MORGAN CHASE & CO n/a EXCH 5'072'177'118 5.84 - 23.05.2012 Investment Advisor


GOLDMAN SACHS GROUP n/a EXCH 4'327'315'246 4.99 - 18.04.2012 Investment Advisor

CAPITAL RESEARCH GLO n/a EXCH 4'266'918'759 4.92 - 12.09.2011 Investment Advisor


NOMURA HOLDINGS INC n/a Short (2'319'702'900) -2.67 - 01.02.2012 Investment Advisor


FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'198'146'302 1.38 (21'984'997) 31.03.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 949'417'954 1.09 (370'602'040) 30.06.2012 Investment Advisor

NOMURA HOLDINGS INC n/a EXCH 857'877'144 0.99 - 01.02.2012 Investment Advisor



CARMIGNAC GESTION Multiple Portfolios MF-AGG 540'862'000 0.62 (215'017'000) 29.06.2012 Investment Advisor



INVESCO LTD Multiple Portfolios MF-AGG 426'582'405 0.49 51'321'000 15.10.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 327'270'356 0.38 (2'262'331) 31.08.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 275'044'935 0.32 11'176'000 31.07.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 263'249'610 0.3 13'171'000 30.06.2012 Investment Advisor



Religare Capital Markets SOPHIE JIANG buy 5 M 6 12 month 15.10.2012

Core Pacific LI TIMOTHY buy 5 M 6 12 month 12.10.2012



Nomura LUCY FENG buy 5 M 5 Not Provided 11.10.2012

Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 10.10.2012



Keefe, Bruyette & Woods BILL STACEY outperform 5 M 6 12 month 01.10.2012

CIMB TREVOR KALCIC outperform 5 N 6 12 month 25.09.2012




Mizuho Securities JIM ANTOS neutral 3 M 5 12 month 14.09.2012


EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 10.09.2012

Deutsche Bank TRACY YU buy 5 M 5 12 month 06.09.2012


Barclays MAY YAN overweight 5 M 5 Not Provided 06.09.2012

Credit Suisse SANJAY JAIN outperform 5 M 5 Not Provided 04.09.2012

Bank of China International SUN PENG hold 3 M 5 Not Provided 31.08.2012


SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 31.08.2012

UOB Kay Hian EDMOND LAW buy 5 M 5 Not Provided 31.08.2012


JPMorgan JOSHUA KLACZEK overweight 5 M 6 3 month 30.08.2012

Daiwa Securities Co. Ltd. GRACE WU buy 5 M 6 Not Provided 30.08.2012

CCB International Securities Ltd SHENG NAN outperform 5 M 6 Not Provided 30.08.2012

Masterlink Securities RAINY YUAN hold 3 M 6 6 month 06.07.2012

Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012


Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 11.04.2012

Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 30.03.2012

RBS DESMOND CHEUNG buy 5 M 6 12 month 24.10.2011

Phillip Securities CHEN XINGYU buy 5 M 6 12 month 09.10.2011


KGI Securities MICHELLE CHEN outperform 5 M 6 12 month 30.03.2010

Holdings By:

Industrial & Commercial Bank of China Ltd ee


16.10.2012

CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells

crude oil and natural gas. The Group's core operation areas are Bohai, Western

South China Sea, Eastern South China Sea and East China Sea in offshore China.

Internationally, the Group has oil and gas assets in Asia, Africa, North

America, South America and Oceania.


LTM as of: 01/yy

52-Week High (20.02.2012) 18.20

52-Week Low (20.10.2011) 12.52

Daily Volume

15.94





711'662.13 1 Yr Total Return 23.69%










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 - -

90'723.8 125'977.4 105'195.1 180'036.0 240'944.0 - - 233'060.9 242'334.1 - -

5.75x 1.95x 4.24x 3.71x 1.79x - - 2.40x 2.26x - -

49'242.7 65'262.9 56'272.8 97'993.0 119'044.0 - - 122'303.5 125'445.9 - -

10.59x 3.77x 7.93x 6.82x 3.62x - - 4.21x 4.10x - -

31'258.3 44'375.3 29'485.6 54'410.0 70'255.0 - - 64'509.1 64'190.4 - -

17.26x 6.44x 16.28x 12.81x 7.02x - - 8.85x 8.86x - -


EBIT 88'523.00 Long-Term Rating AA-









EBITDA Margin 49.4%



Asset Turnover 0.69







Fiscal Year Ended

CNOOC LtdPrice/Volume

Valuation Analysis

37'822'568.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

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

j--- f--- S--- d--. a--. e--. M--. e--. d--. d--. M--. m--. ! E.! ! E1! ! E3! ! E5! ! E-!! ! E-.! ! E-1! ! E-3! ! E-5! ! E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



16.10.2012


CHINA NATIONAL OFFSH n/a 20F 28'772'727'273 64.45 - 31.03.2012 Government




THORNBURG INVESTMENT Multiple Portfolios MF-AGG 306'196'683 0.69 11'864'213 31.07.2012 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 248'990'200 0.56 9'125'000 30.06.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 157'111'003 0.35 (2'211'309) 31.12.2011 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 151'519'600 0.34 (1'808'000) 12.10.2012 Investment Advisor


FIRST STATE INVESTME Multiple Portfolios MF-AGG 138'905'500 0.31 (4'520'000) 29.06.2012 Mutual Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 121'732'000 0.27 - 30.08.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 107'771'467 0.24 9'576'000 30.06.2012 Investment Advisor




SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 67'404'957 0.15 (24'685'000) 31.03.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 66'860'000 0.15 (255'000) 30.04.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 63'636'436 0.14 (561'000) 31.08.2012 Investment Advisor



Credit Suisse DAVID HEWITT outperform 5 M 19 Not Provided 15.10.2012

Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 12.10.2012

Nomura SONIA SONG neutral 3 D 18 Not Provided 09.10.2012

Deutsche Bank DAVID HURD hold 3 M 17 12 month 02.10.2012

Mirae Asset Securities GORDON KWAN hold 3 M 16 12 month 27.09.2012

VTB Capital COLIN SMITH hold 3 N 17 12 month 27.09.2012

Macquarie JAMES HUBBARD outperform 5 M 21 12 month 24.09.2012

BOCOM International Holdings WU FEI neutral 3 M 18 12 month 24.09.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 21 12 month 21.09.2012

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 3 month 18.09.2012

Jefferies LABAN YU underperform 1 M 13 12 month 17.09.2012

Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 03.09.2012

SWS Research Co Ltd ALBERT MIAO underperform 1 M 13 Not Provided 23.08.2012

Bank of China International LAWRENCE LAU hold 3 M 16 Not Provided 22.08.2012

DBS Vickers WEE KEAT LEE hold 3 M 16 12 month 22.08.2012

China International Capital Corp BIN GUAN accumulate 4 M 17 12 month 22.08.2012

BNP Paribas Equity Research CHENG KHOO buy 5 M 18 12 month 22.08.2012

UOB Kay Hian YAN SHI buy 5 M 18 Not Provided 22.08.2012

ICBC International Securities ANNA YU hold 3 M 14 Not Provided 22.08.2012

Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 20 12 month 21.08.2012

HSBC THOMAS C HILBOLDT overweight 5 M 18 Not Provided 21.08.2012

Mizuho Securities ANDREW S F CHAN buy 5 M 18 12 month 21.08.2012

Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 21 Not Provided 21.08.2012

Barclays SCOTT DARLING overweight 5 M 21 Not Provided 21.08.2012

Goldman Sachs ARTHUR YAN not rated #N/A N/A M #N/A N/A Not Provided 02.08.2012

JF Apex Securities Bhd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 25.07.2012


Guotai Junan GRACE LIU accumulate 4 M 18 Not Provided 26.06.2012


Ji Asia SAMUEL THAWLEY sell 1 M 10 12 month 11.05.2012

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 29.03.2012


GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011

RBS PETER HILTON hold 3 M 14 12 month 07.11.2011

Industrial Securities FANG LEI buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

CNOOC Ltd ee


16.10.2012

Vale SA produces and sells iron ore, pellets, manganese, alloys, gold, nickel,

copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in

Brazil, where it owns and operates railroads and maritime terminals.


LTM as of: 06/yy

52-Week High (03.02.2012) 25.73

52-Week Low (04.09.2012) 15.53

Daily Volume

17.73





97'211.15 1 Yr Total Return -21.71%





Enterprise Value -


VALE/P US EQUITY YTD Change - Average Volume 30 Day 8'560'203

VALE/P US EQUITY YTD % CHANGE - Average Volume 3 Month 8'028'911


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 09/12 Q3 12/12 Q4

62'738.0 68'746.0 46'557.0 83'225.0 103'195.0 98'103.4 98'143.3 94'655.9 103'328.1 22'160.9 23'069.7

5.44x 1.84x 6.82x 3.87x 2.38x 12.42x 10.36x 2.63x 2.47x - -

29'927.1 33'990.9 17'533.5 46'231.0 57'579.0 59'265.2 48'391.8 41'803.4 48'224.9 9'068.4 10'990.6

11.40x 3.72x 18.11x 6.97x 4.27x 4.76x 5.26x - - - -

23'009.6 24'279.5 10'683.1 30'070.0 37'814.0 42'122.2 28'281.0 24'295.1 27'285.8 4'793.2 6'106.3

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 7.98x 6.74x 9.05x -











EBITDA Margin 55.8%



Asset Turnover 0.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vale SAPrice/Volume

Valuation Analysis

5'545'473.00


!

2

-!

-2

.!

.2

0!

j--- f--- S--- d--. a--. e--. M--. e--. d--. d--. M--. m--. ! E. ! E1 ! E3 ! E5 ! E-! ! E-. ! E-1 ! E-3 ! E-5 ! E.! ! E

0.0

20'000.0

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! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



16.10.2012



BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 68'568'528 3.25 3'230'410 30.06.2012 Investment Advisor

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 56'889'871 2.7 (468'900) 30.06.2012 Investment Advisor




ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 25'499'865 1.21 (962'087) 30.06.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 15'283'260 0.72 1'442'782 30.06.2012 Investment Advisor


MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 13'122'855 0.62 (1'121'700) 30.06.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 12'976'410 0.62 (309'170) 30.06.2012 Investment Advisor


MONDRIAN INVESTMENT MONDRIAN INVESTMENT 13F 12'430'314 0.59 390'800 30.06.2012 Hedge Fund Manager


FRANKLIN RESOURCES I TEMPLETON GLOBAL ADV 13F 11'892'978 0.56 834'564 30.06.2012 Investment Advisor


COMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 9'296'765 0.44 (3'390'810) 30.06.2012 Bank

FRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 9'168'471 0.43 1'058'880 30.06.2012 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 9'088'134 0.43 (10'290) 30.06.2012 Investment Advisor

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 8'060'212 0.38 (1'138'113) 30.06.2012 Investment Advisor


Goldman Sachs MARCELO AGUIAR buy/attractive 5 M 23 12 month 15.10.2012

Banco BTG Pactual SA EDMO CHAGAS buy 5 M 27 12 month 08.10.2012

Espirito Santo Investment Bank ResearchCATARINA PEDROSA neutral 3 M 20 Not Provided 05.10.2012

JPMorgan RODOLFO R DE ANGELE overweight 5 M 22 15 month 20.09.2012

Itau BBA Securities MARCOS ASSUMPCAO outperform 5 M 24 Not Provided 17.09.2012

HSBC JONATHAN BRANDT overweight 5 M 20 Not Provided 14.09.2012

Banco Safra de Investimento LEONARDO ALVES outperform 5 M #N/A N/A Not Provided 10.09.2012

Grupo Santander FELIPE REIS hold 3 M 21 Not Provided 15.08.2012

RBC Capital Markets FRASER PHILLIPS sector perform 3 M #N/A N/A Not Provided 06.05.2011

Credit Suisse TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 21.05.2009

Holdings By:

Vale SA ee


16.10.2012

Itau Unibanco Holding SA attracts deposits and offer retail, commercial,

corporate, and private banking services. The Bank offers consumer loans,

financial management, insurance, pension plans, treasury services, mortgage

loans, lease financing, securities brokerage, and foreign exchange services.


LTM as of: 06/yy

52-Week High (02.03.2012) 22.00

52-Week Low (28.06.2012) 12.84

Daily Volume

14.64





66'918.50 1 Yr Total Return -16.44%





Enterprise Value -


ITUB US EQUITY YTD Change - Average Volume 30 Day 11'564'993

ITUB US EQUITY YTD % CHANGE - Average Volume 3 Month 12'535'507


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 09/12 Q3 12/12 Q4

44'044.5 62'950.0 116'402.0 106'419.0 129'875.0 114'827.8 136'108.0 82'518.7 91'286.9 21'263.3 21'903.9

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

8'473.6 4'849.0 14'085.0 11'708.0 13'837.0 13'252.8 13'449.0 14'686.3 16'439.5 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 9.10x 7.89x 8.86x 8.57x


EBIT - Long-Term Rating BBB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Itau Unibanco Holding SAPrice/Volume

Valuation Analysis

9'864'793.00


!

2

-!

-2

.!

.2

j--- f--- S--- d--. a--. e--. M--. e--. d--. d--. M--. m--. ! E2 ! E-! ! E-2 ! E.! ! E.2 ! E0! ! E02 ! E1! ! E12 ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



16.10.2012



THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 31'613'051 1.39 4'031'739 30.06.2012 Investment Advisor

NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 30'811'749 1.35 4'404'717 30.06.2012 Investment Advisor


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28'558'859 1.25 505'800 30.06.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 28'520'005 1.25 4'400'000 30.06.2012 Investment Advisor



FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 18'796'564 0.82 (9'086'492) 30.06.2012 Investment Advisor


GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 17'140'082 0.75 1'243'381 30.06.2012 Investment Advisor


CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 17'039'525 0.75 (412'935) 30.06.2012 Investment Advisor


MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 12'416'035 0.54 1'955'728 30.06.2012 Investment Advisor

UBS GLOBAL ASSET MAN UBS GLOBAL ASSET MAN 13F 11'858'010 0.52 1'238'562 30.06.2012 Investment Advisor

FIDELITY INTERNATION FIDELITY INTERNATION 13F 11'731'728 0.51 2'021'200 30.06.2012 Investment Advisor

ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 10'315'864 0.45 10'315'864 30.06.2012 Hedge Fund Manager

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 10'090'596 0.44 6'542'336 30.06.2012 Investment Advisor



Raymond James FEDERICO REY-MARINO outperform 5 M 19 12 month 01.10.2012

Goldman Sachs CARLOS G MACEDO Buy/Neutral 5 M 20 12 month 27.09.2012

HSBC VICTOR GALLIANO overweight 5 M 18 Not Provided 14.09.2012

Deutsche Bank MARIO PIERRY buy 5 M 23 12 month 17.08.2012

Barclays FABIO ZAGATTI overweight 5 M 23 Not Provided 07.08.2012

Morgan Stanley JORGE KURI Equalwt/No Rating 3 M 18 12 month 02.08.2012

Banco BTG Pactual SA MARCELO BARROZO HENRIQUES neutral 3 M 14 12 month 24.07.2012

JPMorgan SAUL MARTINEZ restricted #N/A N/A M #N/A N/A Not Provided 09.07.2012

Grupo Santander BORIS MOLINA underperform 1 M 18 Not Provided 25.04.2012

Bradesco Corretora CARLOS W FIRETTI outperform 5 M 23 Not Provided 04.01.2012


Espirito Santo Investment Bank ResearchGUSTAVO VITTORAZZE SCHRODEN buy 5 M 20 12 month 25.10.2011

Holdings By:

Itau Unibanco Holding SA ee


16.10.2012

Tencent Holdings Limited provides Internet, mobile, and telecommunication

value-added services in China. The Company has an instant messaging community

in China. Tencent also provides online advertising services.


LTM as of: 06/yy

52-Week High (03.10.2012) 268.80

52-Week Low (29.11.2011) 139.80

Daily Volume

260



% 52 Week Price Range High/Low 92.09% Equity Float 959.98


481'198.91 1 Yr Total Return 51.14%










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 09/12 Q3 12/12 Q4

3'820.9 7'154.5 12'440.0 19'646.0 28'496.1 23'828.3 35'593.7 43'288.9 55'854.5 11'401.3 12'099.3

24.95x 10.35x 20.68x 12.43x 7.61x 45.46x 30.30x 8.52x 6.37x - -

1'791.9 3'539.9 6'415.5 10'382.4 13'357.0 6'319.4 15'564.6 18'352.8 23'126.5 4'798.5 4'921.5

53.21x 20.91x 40.10x 23.52x 16.23x 0.00x 20.74x 20.18x 16.01x 17.69x 16.82x

1'566.0 2'784.6 5'155.6 8'053.6 10'203.1 9'573.5 11'033.0 13'276.5 16'838.7 3'537.1 3'621.5

62.78x 28.37x 51.84x 32.31x 22.57x 33.37x 30.54x 29.13x 22.94x 25.18x 23.60x


EBIT 11'417.56 Long-Term Rating BBB+









EBITDA Margin 46.9%



Asset Turnover 0.62







Fiscal Year Ended

Tencent Holdings LtdPrice/Volume

Valuation Analysis

1'399'569.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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20'000.0

25'000.0

30'000.0

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16.10.2012


MIH TC HOLDINGS LTD n/a EXCH 630'240'380 34.05 - 25.09.2012 Other

HUATENG MA n/a EXCH 189'892'880 10.26 - 10.07.2012 n/a

JP MORGAN CHASE & CO n/a EXCH 87'228'804 4.71 - 28.05.2012 Investment Advisor

ZHIDONG ZHANG n/a EXCH 66'000'000 3.57 - 18.09.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 57'076'300 3.08 (1'230'188) 30.06.2012 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 25'857'000 1.4 (629'300) 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 23'686'000 1.28 95'000 30.06.2012 Investment Advisor

WADDELL & REED FINAN Multiple Portfolios MF-AGG 18'707'800 1.01 (1'410'200) 30.06.2012 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 11'766'400 0.64 (598'600) 30.08.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'867'070 0.53 7'600 31.07.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 9'684'904 0.52 679'909 31.12.2011 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'525'300 0.51 (906'500) 30.06.2012 Investment Advisor


FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5'158'295 0.28 137'496 31.08.2012 Investment Advisor

CHI PING LAU n/a EXCH 4'603'600 0.25 (50'000) 31.08.2012 n/a

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'371'390 0.24 - 31.07.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'320'630 0.23 (1'276'844) 30.06.2012 Investment Advisor




Nomura JIN YOON reduce 2 M 146 Not Provided 11.10.2012

Credit Suisse WALLACE CHEUNG outperform 5 M 300 Not Provided 09.10.2012

BOCOM International Holdings CONNIE XINYU GU buy 5 M 260 12 month 09.10.2012

Mizuho Securities MARVIN LO buy 5 M 321 12 month 08.10.2012

Barclays ALICIA YAP overweight 5 M 292 Not Provided 04.10.2012

China International Capital Corp YU JIN buy 5 M 275 12 month 27.09.2012

Ji Asia JUSTIN WEISS neutral 3 U #N/A N/A Not Provided 27.09.2012

Brean Murray Carret & Co FAWNE JIANG buy 5 M 253 12 month 25.09.2012

First Shanghai Securities Ltd TSOI HO buy 5 M 300 12 month 20.09.2012

Jefferies CYNTHIA JINHONG MENG buy 5 M 330 12 month 19.09.2012

Morgan Stanley RICHARD W JI Overwt/Attractive 5 M 285 12 month 09.09.2012

OSK (Asia) Securities BILLY LEUNG sell 1 M 210 12 month 07.09.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 20.08.2012

Deutsche Bank ALAN HELLAWELL buy 5 M 270 12 month 17.08.2012

HSBC CHI TSANG underweight 1 M 221 Not Provided 17.08.2012

JPMorgan DICK WEI overweight 5 M 276 15 month 16.08.2012


Macquarie JIONG SHAO underperform 1 M 180 12 month 16.08.2012

Bank of China International THOMAS CHONG buy 5 M 258 Not Provided 16.08.2012

Haitong International Securities ALEX LEE buy 5 M 265 12 month 16.08.2012

DBS Vickers BILL HUANG hold 3 M 222 12 month 16.08.2012

CIMB WENDY HUANG outperform 5 M 271 12 month 16.08.2012

SWS Research Co Ltd JIM TANG outperform 5 M 260 Not Provided 16.08.2012

Core Pacific KEVIN TAM buy 5 M 268 Not Provided 16.08.2012

Goldman Sachs PIYUSH MUBAYI Buy/Neutral 5 M 270 12 month 15.08.2012

Pacific Crest Securities EVAN S WILSON outperform 5 M 285 12 month 15.08.2012

Piper Jaffray MARK A MAROSTICA overweight 5 M 263 12 month 15.08.2012


Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 14.08.2012

Daiwa Securities Co. Ltd. JOHN CHOI buy 5 N 275 Not Provided 10.08.2012

Guotai Junan DUNDAS DENG buy 5 M 270 Not Provided 09.07.2012

ICBC International Securities KARY SEI hold 3 M 217 Not Provided 04.06.2012

Standard Chartered DON SEE outperform 5 M 237 12 month 18.05.2012

Mega Securities TIMOTHY LI hold 3 D 185 12 month 23.03.2010

PingAn Securities ZHONGZHI LI strong buy 5 M 188 6 month 29.01.2010

Holdings By:

Tencent Holdings Ltd ee


16.10.2012

LUKOIL explores for, produces, refines, transports, and markets oil and gas,

mainly from Western Siberia. The Company also manufactures petrochemicals,

fuels, and other petroleum products. LUKOIL operates refineries, and gasoline

filling stations in Russia and the United States. The Company transports oil

through pipelines, and petroleum products with its fleet of ships.


LTM as of: 06/yy

52-Week High (17.09.2012) 66.60

52-Week Low (14.12.2011) 49.67

Daily Volume

62.9





53'500.43 1 Yr Total Return 19.31%



Minority Interest (172.0) Analyst Recs 13


Enterprise Value -


LKOD LI EQUITY YTD Change - Average Volume 30 Day 2'978'087

LKOD LI EQUITY YTD % CHANGE - Average Volume 3 Month 2'627'331


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 09/12 Q3 12/12 Q4

66'858.0 86'340.0 68'025.0 86'078.0 133'650.0 110'201.0 136'770.0 129'504.6 129'852.5 - -

1.15x 0.41x 0.84x 0.62x 0.35x 2.06x 1.39x 0.46x 0.47x - -

15'366.0 17'092.0 14'096.0 16'050.0 17'628.0 18'847.0 16'139.0 18'341.5 19'045.4 - -

4.99x 2.07x 4.05x 3.32x 2.67x 2.99x 2.90x - - - -

9'511.0 9'144.0 7'011.0 9'006.0 10'357.0 11'772.0 8'396.0 10'899.1 10'901.7 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 4.50x 4.63x - -


EBIT 13'155.00 Long-Term Rating BBB-

Operating Margin 9.84% Long-Term Outlook POS








EBITDA Margin 13.2%



Asset Turnover 1.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lukoil OAOPrice/Volume

Valuation Analysis

1'272'893.00


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40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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16.10.2012


ROYAL BANK OF CANADA n/a RNS-MAJ 91'131'178 10.71 - 22.09.2010 Bank



UNICREDIT BANK AG n/a RNS-MAJ 19'752'533 2.32 15'446'091 17.03.2011 Bank


FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 5'275'006 0.62 (39'900) 30.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'086'597 0.48 484'122 30.06.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3'388'932 0.4 244'051 31.08.2012 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 2'993'707 0.35 (719'026) 30.06.2012 Investment Advisor



LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'260'300 0.27 (31'600) 30.06.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 2'213'900 0.26 (231'000) 31.08.2012 Mutual Fund Manager


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'966'267 0.23 25'890 30.06.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'645'980 0.19 118'880 30.04.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'499'341 0.18 (10'220) 31.08.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'465'237 0.17 (31'924) 31.08.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'444'100 0.17 134'099 31.12.2011 Mutual Fund Manager

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 1'416'715 0.17 (46'000) 31.03.2012 Mutual Fund Manager



Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 57 12 month 04.10.2012

VTB Capital DMITRY LOUKASHOV buy 5 M 130 12 month 28.09.2012

Societe Generale EVGENY SOLOVYOV buy 5 M 72 12 month 24.09.2012

Alfa-Bank MARIYA YEGIKYAN overweight 5 N 69 Not Provided 03.09.2012


Goldman Sachs GEYDAR MAMEDOV neutral/neutral 3 M 76 12 month 26.07.2012

RMG Securities MIKHAIL LOSHININ buy 5 M 79 Not Provided 12.07.2012

UFS-Finance Investment Company ILYA BALAKIREV buy 5 M 81 Not Provided 07.06.2012

Otkritie Capital VADIM MITROSHIN buy 5 M 69 Not Provided 20.12.2011

Barclays LYDIA RAINFORTH equalweight 3 M 70 Not Provided 15.11.2011

Wood & Company CHIRVANI ABDOULLAEV sell 1 N 58 12 month 22.06.2011

Holdings By:

Lukoil OAO ee


16.10.2012

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks,

and commercial vehicles. The Company also sells various auto parts and operates

auto repair service centers throughout South Korea. Hyundai Motor provides

financial services through its subsidiaries.


LTM as of: 06/yy

52-Week High (02.05.2012) 272'500.00

52-Week Low (15.12.2011) 200'500.00

Daily Volume

227500





50'112'900.00 1 Yr Total Return 7.94%





Enterprise Value 41'454'867.97


005380 KS EQUITY YTD Change - Average Volume 30 Day 549'482

005380 KS EQUITY YTD % CHANGE - Average Volume 3 Month 595'875


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 09/12 Q3 12/12 Q4

30'489'129.0 32'189'786.0 31'859'327.0 36'761'115.0 42'774'077.0 ######### ######### ######### ######### - -

0.42x 0.20x 0.64x 0.86x 0.91x 3.55x 3.57x 0.92x 0.83x - -

2'981'391.0 3'221'449.0 3'649'386.0 4'833'935.0 6'242'388.0 ######### ######### ######### ######### - -

4.25x 2.05x 5.60x 6.54x 6.21x 8.57x 5.73x 5.96x 5.99x - -

1'682'419.0 1'447'904.0 2'961'509.0 3'476'238.0 4'740'886.0 ######### ######### ######### ######### - -

11.54x 7.42x 11.11x 13.55x 12.20x 13.71x 11.51x 6.13x 5.92x - -


EBIT 4'684'413.00 Long-Term Rating BBB+









EBITDA Margin 14.6%



Asset Turnover 0.90







Fiscal Year Ended

Hyundai Motor CoPrice/Volume

Valuation Analysis

584'089.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

40'000'000.0

45'000'000.0

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

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16.10.2012


HYUNDAI MOBIS n/a EXCH 45'782'023 20.78 - 20.03.2012 Corporation

NATIONAL PENSION SER n/a Co File 14'873'261 6.75 - 31.12.2011 Investment Advisor

MIRAE ASSET GLOBAL I n/a EXCH 13'054'486 5.93 (2'548'444) 29.01.2010 Investment Advisor

CHUNG MONG-KOO n/a EXCH 11'408'874 5.18 - 20.03.2012 n/a

HYUNDAI MOTOR CO n/a Co File 11'006'710 5 - 31.12.2011 Corporation


CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 3'011'390 1.37 (358'100) 30.06.2012 Investment Advisor

WADDELL & REED FINAN Multiple Portfolios MF-AGG 2'702'100 1.23 (273'300) 30.06.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'660'724 1.21 (228) 12.10.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'308'262 1.05 (2'498) 31.08.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 2'265'216 1.03 (115'782) 29.02.2012 Investment Advisor


SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'862'051 0.85 (3'519) 29.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'604'082 0.73 101'955 30.06.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'429'500 0.65 (94'050) 30.06.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'193'706 0.54 246'719 31.03.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'096'014 0.5 161'155 30.06.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'090'881 0.5 35'094 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 885'913 0.4 (9'699) 12.10.2012 Investment Advisor

UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 760'168 0.35 (14'210) 31.03.2012 Mutual Fund Manager


SK Securities Co Ltd KIM YONG-SOO buy 5 M 320'000 6 month 16.10.2012

Tong Yang Investment Bank AHN SANG JUN buy 5 M 300'000 12 month 16.10.2012

KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 370'000 6 month 15.10.2012

Hana Daetoo Securities SONG SUN-JAE buy 5 M 310'000 12 month 15.10.2012

Korea Investment & Securities SUH SUNGMOON buy 5 M 320'000 12 month 11.10.2012

LIG Investment Securities IN-WOO PARK buy 5 M 310'000 12 month 11.10.2012

HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 330'000 6 month 10.10.2012

Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 330'000 12 month 10.10.2012

Nomura ANGELA HONG buy 5 M 320'000 Not Provided 10.10.2012

Samsung Securities YOON PIL JOONG buy 5 M 298'000 12 month 09.10.2012

Macquarie MICHAEL SOHN outperform 5 M 320'000 12 month 09.10.2012

HI Investment Securities KOH TAE-BONG buy 5 M 350'000 6 month 09.10.2012

Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 M 310'000 Not Provided 08.10.2012

Standard Chartered DAVID KIM outperform 5 M 326'000 12 month 06.10.2012

Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 330'000 12 month 05.10.2012

KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 330'000 12 month 05.10.2012

Barclays PAUL HWANG equalweight 3 M 270'000 Not Provided 05.10.2012

KTB Securities NAM KYEONG MOON buy 5 M 320'000 12 month 04.10.2012

BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 280'000 12 month 04.10.2012

Kyobo Securities SONG SANG-HOON buy 5 M 320'000 12 month 04.10.2012

IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 320'000 Not Provided 26.09.2012

Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 313'000 6 month 24.09.2012

NH Investment & Securities LEE SANG-HYUN buy 5 M 330'000 6 month 19.09.2012

Eugene Investment & Securities Co., LtdPARK SANG-WON buy 5 M 320'000 12 month 19.09.2012


Daewoo Securities PARK YOUNG HO buy 5 M 324'000 12 month 05.09.2012

Mirae Asset Securities YOON-KI KIM buy 5 M 316'000 12 month 04.09.2012

Goldman Sachs SEUNG SHIN Buy/Neutral 5 M 285'000 12 month 27.08.2012

E*Trade Securities Korea KANG SANG-MIN buy 5 M 330'000 12 month 13.08.2012

Hyundai Securities CHAE HEE-GUEN buy 5 M 328'000 Not Provided 02.08.2012

Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 300'000 6 month 01.08.2012

Woori Investment & Securities CHO SOO-HONG buy 5 M 310'000 Not Provided 30.07.2012

Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 320'000 12 month 27.07.2012

Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 300'000 6 month 27.07.2012

Deutsche Bank SANJEEV RANA buy 5 M 325'000 12 month 26.07.2012

Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 316'000 12 month 26.07.2012

Credit Suisse HENRY KWON outperform 5 M 332'500 Not Provided 26.07.2012

JPMorgan PARK WAN SUN overweight 5 M 310'000 9 month 26.07.2012

Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 270'000 6 month 22.06.2012

Hanyang Securities KIM YEON-WOO buy 5 M 320'000 6 month 15.05.2012

First Global Stockbroking MITUL SHAH market perform 3 M #N/A N/A Not Provided 07.05.2012

BS Securities Co Ltd CHOI DAE-SIK buy 5 N 310'000 6 month 30.04.2012

HSBC PAUL CHOI overweight 5 M 330'000 Not Provided 26.04.2012

Holdings By:

Hyundai Motor Co ee


16.10.2012

Companhia de Bebidas das Americas (AmBev) produces beer, soft drinks, teas,

mineral water, and sports drinks. The Company's main brands are Antarctica,

Brahma, and Skol. AmBev is the sole distributor of Pepsi products in Brazil.


LTM as of: 06/yy

52-Week High (20.04.2012) 44.61

52-Week Low (23.11.2011) 31.30

Daily Volume

40.68





114'627.71 1 Yr Total Return 26.29%





Enterprise Value -


ABV US EQUITY YTD Change - Average Volume 30 Day 1'913'619

ABV US EQUITY YTD % CHANGE - Average Volume 3 Month 1'909'324


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 09/12 Q3 12/12 Q4

19'648.2 20'713.2 23'194.0 25'233.3 27'126.7 25'807.2 28'814.1 31'471.5 34'614.0 7'442.3 9'358.7

4.42x 3.10x 4.39x 5.72x 7.58x 22.18x 29.61x 7.33x 6.64x 31.28x 24.83x

7'089.3 9'117.2 10'554.4 11'590.2 13'164.2 12'084.7 9'333.9 15'097.6 16'719.3 3'467.1 4'925.1

12.24x 7.04x 9.64x 12.46x 15.62x 13.13x 0.00x - - - -

2'816.4 5'119.1 5'986.1 7'561.4 8'641.0 8'322.2 8'998.6 10'235.4 11'196.3 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 24.85x 22.62x 24.56x 24.24x


EBIT 11'709.44 Long-Term Rating A









EBITDA Margin 48.5%



Asset Turnover 0.61







Fiscal Year Ended

Cia de Bebidas das AmericasPrice/Volume

Valuation Analysis

1'996'439.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

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- .!



16.10.2012


JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 24'778'025 1.81 (877'106) 30.06.2012 Investment Advisor

VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 14'488'067 1.06 2'946'230 30.06.2012 Investment Advisor


CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'793'477 0.86 2'164'899 29.06.2012 Investment Advisor



MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 9'334'975 0.68 (177'100) 30.06.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 8'586'523 0.63 1'597'000 30.06.2012 Hedge Fund Manager

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 8'585'446 0.63 143'790 30.06.2012 Investment Advisor


CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 8'072'809 0.59 (1'784'701) 30.06.2012 Investment Advisor

ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 7'324'030 0.53 756'813 30.06.2012 Hedge Fund Manager



RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 5'512'500 0.4 1'151'700 30.06.2012 Hedge Fund Manager

MONDRIAN INVESTMENT MONDRIAN INVESTMENT 13F 5'184'200 0.38 195'600 30.06.2012 Hedge Fund Manager


CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 4'400'000 0.32 - 30.06.2012 Investment Advisor


HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 3'840'407 0.28 141'852 29.06.2012 Unclassified


Morgan Stanley LORE SERRA Equalwt/In-Line 3 M #N/A N/A Not Provided 10.10.2012

HSBC LAUREN E TORRES neutral 3 M 42 Not Provided 10.10.2012

Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 43 Not Provided 10.10.2012

Raymond James CHRIS THORNSBERRY market perform 3 M #N/A N/A Not Provided 04.10.2012

Bradesco Corretora RICARDO BOIATI outperform 5 U 47 Not Provided 28.09.2012

Deutsche Bank JOSE J YORDAN hold 3 M 38 12 month 21.08.2012

Daiwa Securities Co. Ltd. TORU SUGIURA neutral 3 M 38 Not Provided 02.08.2012

Credit Suisse GUSTAVO JOSEF WIGMAN neutral 3 M 36 Not Provided 31.07.2012

Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 33 12 month 31.07.2012

JPMorgan ALAN ALANIS overweight 5 M 46 3 month 18.06.2012

Grupo Santander LUIS MIRANDA hold 3 D 45 Not Provided 13.03.2012


Holdings By:

Cia de Bebidas das Americas ee


16.10.2012

MTN Group Limited provides a wide range of communication services. The

Company's services include cellular network access and business solutions. MTN

Group is a multinational telecommunications group, operating in countries in

Africa and the Middle East.


LTM as of: 01/yy

52-Week High (14.09.2012) 16'389.00

52-Week Low (04.04.2012) 12'700.00

Daily Volume

15564





293'377.09 1 Yr Total Return 25.27%







MTN SJ EQUITY YTD Change - Average Volume 30 Day 6'508'800

MTN SJ EQUITY YTD % CHANGE - Average Volume 3 Month 6'528'916


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 - -

73'145.0 102'526.0 111'947.0 114'684.0 121'884.0 - - 136'089.4 144'490.5 - -

3.55x 2.16x 2.08x 2.22x 2.12x - - 2.14x 1.99x - -

32'136.0 45'014.0 46'195.0 47'452.0 52'360.0 - - 59'338.8 62'560.1 - -

8.08x 4.92x 5.04x 5.37x 4.93x - - 5.08x 4.82x - -

10'608.0 15'315.0 14'650.0 14'300.0 20'754.0 - - 23'162.4 25'404.1 - -

21.90x 12.97x 14.68x 17.67x 13.45x - - 12.65x 11.35x - -

EBITDA 52'360.00 Long-Term Rating Date -

EBIT 36'901.00 Long-Term Rating -

Operating Margin 30.28% Long-Term Outlook -








EBITDA Margin 43.0%



Asset Turnover 0.73







Fiscal Year Ended

MTN Group LtdPrice/Volume

Valuation Analysis

3'278'137.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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100'000.0

120'000.0

140'000.0

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

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16.10.2012


GOVERNMENT EMP PENSI #N/A N/A SJ-REG 245'565'229 13.03 - 28.09.2012 Government

STATE STREET BANK & #N/A N/A SJ-REG 178'009'469 9.44 - 28.09.2012 Investment Advisor

MTN ZAKHELE LTD n/a SJ-REG 75'857'138 4.02 - 28.09.2012 n/a

JP MORGAN CHASE BANK #N/A N/A SJ-REG 75'657'353 4.01 - 28.09.2012 Investment Advisor



CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 46'540'691 2.47 (190'000) 30.06.2012 Investment Advisor

M1 LTD #N/A N/A SJ-REG 44'046'128 2.34 - 28.09.2012 Corporation

M1 CITI PLEDGED CUST n/a SJ-REG 40'700'000 2.16 - 28.09.2012 n/a

DODGE & COX Multiple Portfolios MF-AGG 40'632'400 2.16 137'000 30.06.2012 Investment Advisor

NORTHERN TR AVFC GOV n/a SJ-REG 36'929'480 1.96 - 28.09.2012 n/a

OLD MUTUAL LIFE ASSU #N/A N/A SJ-REG 36'626'848 1.94 - 28.09.2012 Insurance Company

UBS AG M1 LIMITED n/a SJ-REG 33'000'000 1.75 - 28.09.2012 n/a

MLI GMF & S M1 LTD S n/a SJ-REG 32'500'000 1.72 - 28.09.2012 n/a

GEPF CORONATION FM n/a SJ-REG 29'039'170 1.54 - 28.09.2012 n/a

CSFB EUROPE LTD #N/A N/A SJ-REG 26'010'300 1.38 - 28.09.2012 Unclassified

BANK OF NEW YORK #N/A N/A SJ-REG 25'401'377 1.35 - 28.09.2012 Investment Advisor

NORTHERN TRUST COMPA #N/A N/A SJ-REG 24'630'193 1.31 - 28.09.2012 Unclassified

MOBILE TELEPHONE NET n/a SJ-REG 22'337'752 1.19 - 28.09.2012 n/a

CORONATION ASSET MAN Multiple Portfolios MF-AGG 21'897'513 1.16 548'790 30.06.2012 Investment Advisor


SBG Securities JONATHAN KENNEDY-GOOD buy 5 M 17'000 12 month 15.10.2012

JPMorgan JEAN-CHARLES LEMARDELEY overweight 5 M 18'500 15 month 12.10.2012

Macquarie AADIL OMAR outperform 5 M 17'000 12 month 10.10.2012

Barclays JOHN-PAUL DAVIDS overweight 5 M 18'000 Not Provided 10.10.2012

BNP Paribas Cadiz Securities DAN LEECH buy 5 M 17'500 12 month 10.10.2012

Goldman Sachs ALEXANDER BALAKHNIN neutral/neutral 3 M 17'100 12 month 04.10.2012

Renaissance Capital JOHAN SNYMAN hold 3 M 17'180 Not Provided 25.09.2012


Avior Research DAVID LERCHE outperform 5 M 18'400 Not Provided 05.09.2012

HSBC HERVE DROUET overweight 5 M 17'900 Not Provided 03.09.2012

Morgan Stanley EDWARD C HILL-WOOD Equalwt/In-Line 3 M 14'300 12 month 09.08.2012

Credit Suisse RICHARD BARKER neutral 3 M 16'000 Not Provided 31.07.2012

Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 18.07.2012

BPI KATE TURNER-SMITH buy 5 N 17'500 Not Provided 05.07.2012

Afrifocus Securities SAMEERA CASSIM buy 5 M #N/A N/A Not Provided 04.05.2012

FM Capital Partners TEAM COVERAGE overweight 5 N 16'900 Not Provided 15.11.2011

Holdings By:

MTN Group Ltd ee


16.10.2012

Bank of China Ltd provides a complete range of banking and other financial

services to individual and corporation customers worldwide. The bank's services

include retail banking, Great Wall credit card and debit card services, consumer

credit, foreign currency transaction, corporate banking, settlement and

clearing,investment banking, and fund management businesses.


LTM as of: 06/yy

52-Week High (06.02.2012) 3.45

52-Week Low (25.11.2011) 2.35

Daily Volume

3.07





919'539.38 1 Yr Total Return 22.20%





Enterprise Value -





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 09/12 Q3 12/12 Q4

305'131.0 355'641.0 337'018.0 395'271.0 514'133.0 453'050.0 578'310.0 363'623.1 396'656.9 87'066.7 90'913.0

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

56'248.0 64'360.0 80'819.0 104'418.0 124'182.0 118'952.0 129'270.0 129'143.1 129'618.4 34'705.3 32'712.0

16.08x 7.47x 11.62x 8.91x 5.27x 7.16x 5.22x 5.41x 5.41x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank of China LtdPrice/Volume

Valuation Analysis

316'596'378.00


!

-

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.

0

0

1

1


0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

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

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16.10.2012


SOCIAL SECURITY FUND n/a EXCH 8'357'384'041 9.99 - 08.02.2012 Pension Fund (ERISA)

BLACKROCK INC n/a EXCH 4'609'897'318 5.51 (55'335'432) 11.09.2012 Investment Advisor



CAPITAL RESEARCH AND n/a EXCH 2'784'918'000 3.33 - 18.09.2012 Investment Advisor


CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'480'961'400 1.77 (135'216'000) 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'362'527'600 1.63 - 30.06.2012 Investment Advisor

CAPITAL INTERNATIONA n/a EXCH 716'654'188 0.86 - 18.09.2012 Investment Advisor

BLACKROCK INC n/a Short (628'237'926) -0.75 100'684'116 11.09.2012 Investment Advisor


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 541'984'791 0.65 (34'202'000) 12.10.2012 Investment Advisor

CAPITAL GUARDIAN TRU n/a EXCH 370'545'906 0.44 - 18.09.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 360'050'000 0.43 210'000'000 31.12.2011 Investment Advisor


FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 346'255'500 0.41 - 30.06.2012 Investment Advisor



CAPITAL INTERNATIONA n/a EXCH 253'480'390 0.3 - 18.09.2012 Investment Advisor




Religare Capital Markets SOPHIE JIANG buy 5 M 3 12 month 15.10.2012


Nomura LUCY FENG buy 5 M 3 Not Provided 11.10.2012

Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 3 12 month 10.10.2012



Keefe, Bruyette & Woods BILL STACEY market perform 3 M 3 12 month 01.10.2012

RBS DESMOND CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 25.09.2012

CIMB TREVOR KALCIC neutral 3 N 3 12 month 25.09.2012


Phillip Securities CHEN XINGYU accumulate 4 D 3 12 month 20.09.2012



Mizuho Securities JIM ANTOS underperform 1 M 3 12 month 14.09.2012


Deutsche Bank TRACY YU buy 5 M 3 12 month 06.09.2012


Barclays MAY YAN overweight 5 U 4 Not Provided 06.09.2012

Core Pacific LI TIMOTHY hold 3 M 3 Not Provided 05.09.2012

Credit Suisse SANJAY JAIN neutral 3 M 3 Not Provided 04.09.2012

Guotai Junan WILSON LI accumulate 4 M 4 Not Provided 27.08.2012

Bank of China International JINHUA YIN buy 5 M 4 Not Provided 24.08.2012

Daiwa Securities Co. Ltd. GRACE WU outperform 5 U 3 Not Provided 24.08.2012



JPMorgan JOSHUA KLACZEK neutral 3 M 4 3 month 23.08.2012

CCB International Securities Ltd SHENG NAN outperform 5 U 4 Not Provided 23.08.2012


Masterlink Securities RAINY YUAN hold 3 M 3 Not Provided 11.07.2012

Goldman Sachs NING MA neutral/neutral 3 D 4 12 month 05.07.2012


Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012


Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.04.2012

SWS Research Co Ltd ROBERT HU neutral 3 D 4 Not Provided 27.10.2011

KGI Securities MICHELLE CHEN neutral 3 M 4 12 month 25.03.2010

Holdings By:

Bank of China Ltd ee


16.10.2012

Banco Bradesco S.A. attracts deposits and offers commercial banking services.

The Bank offers business loans, personal credit, mortgages, lease financing,

mutual funds, securities brokerage, and Internet banking services. Bradesco

operates in Brazil and Argentina, the United States, the Cayman Islands, and the

United Kingdom. Bradesco offers credit cards, insurance, and pension funds.


LTM as of: 06/yy

52-Week High (27.10.2011) 19.11

52-Week Low (18.05.2012) 13.17

Daily Volume

15.53





54'292.96 1 Yr Total Return -4.69%





Enterprise Value -


BBD US EQUITY YTD Change - Average Volume 30 Day 8'096'823

BBD US EQUITY YTD % CHANGE - Average Volume 3 Month 8'629'012


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 09/12 Q3 12/12 Q4

70'328.9 76'701.0 87'438.0 78'055.6 98'694.6 134'728.3 159'024.7 69'298.3 77'453.7 16'203.0 19'272.4

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

8'009.7 7'018.0 9'216.0 9'939.6 10'958.1 11'001.1 11'166.3 12'124.3 13'341.9 2'896.5 -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 9.84x 9.11x 9.88x 9.77x


EBIT - Long-Term Rating BBB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banco Bradesco SAPrice/Volume

Valuation Analysis

6'940'139.00


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16.10.2012




SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 28'116'671 1.47 243'224 30.06.2012 Investment Advisor



FISHER INVESTMENTS I FISHER INVESTMENTS 13F 20'056'552 1.05 539'957 30.06.2012 Investment Advisor


TRILOGY GLOBAL ADVIS TRILOGY GLOBAL ADVIS 13F 13'717'411 0.72 1'448'441 30.06.2012 Hedge Fund Manager




TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 8'793'112 0.46 - 30.06.2012 Investment Advisor


MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 8'144'885 0.43 (213'900) 30.06.2012 Investment Advisor

CAPITAL INTERNATIONA CAPITAL INTERNATIONA 13F 7'830'234 0.41 673'424 30.06.2012 Investment Advisor

UBS GLOBAL ASSET MAN UBS GLOBAL ASSET MAN 13F 7'727'344 0.4 226'567 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 7'372'377 0.39 2'575'318 30.06.2012 Investment Advisor

HENDERSON GROUP PLC HENDERSON GROUP PLC 13F 7'260'432 0.38 (614'199) 30.06.2012 Investment Advisor

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 6'922'041 0.36 (911'990) 30.06.2012 Investment Advisor

FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 6'905'222 0.36 3'380'222 30.06.2012 Investment Advisor


Raymond James FEDERICO REY-MARINO outperform 5 M 18 12 month 01.10.2012

Goldman Sachs CARLOS G MACEDO neutral/neutral 3 M 17 12 month 27.09.2012

Morgan Stanley JORGE KURI Equalwt/No Rating 3 M 18 12 month 26.09.2012

HSBC VICTOR GALLIANO neutral 3 M 17 Not Provided 14.09.2012

Deutsche Bank MARIO PIERRY buy 5 M 21 12 month 17.08.2012

Barclays FABIO ZAGATTI equalweight 3 M 20 Not Provided 07.08.2012

Itau BBA Securities REGINA SANCHEZ outperform 5 M 26 Not Provided 24.07.2012

JPMorgan SAUL MARTINEZ overweight 5 M 19 15 month 23.07.2012

Banco BTG Pactual SA MARCELO BARROZO HENRIQUES neutral 3 M 14 12 month 23.07.2012

Espirito Santo Investment Bank ResearchGUSTAVO VITTORAZZE SCHRODEN buy 5 M 19 12 month 23.07.2012

Grupo Santander BORIS MOLINA buy 5 M 20 Not Provided 25.04.2012

Holdings By:

Banco Bradesco SA ee


16.10.2012

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services

for computers, communications, and consumer electronic products. The Company's

business operations include desktop and notebook PC assembly, connector

production, cable assembly, PCB assembly, handset manufacturing, networking

equipment, and other consumer electronic devices manufacturing.


LTM as of: 06/yy

52-Week High (30.03.2012) 7.14

52-Week Low (20.10.2011) 4.30

Daily Volume

5.955





35'241.29 1 Yr Total Return 38.88%




Cash and Equivalents 74'742.04 Consensus Rating -

Enterprise Value -


HHPD LI EQUITY YTD Change - Average Volume 30 Day 490'224

HHPD LI EQUITY YTD % CHANGE - Average Volume 3 Month 566'635


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 09/12 Q3 12/12 Q4

1'235'581.2 1'473'026.3 1'420'573.1 2'313'129.1 2'773'311.4 ######### ######### - - - -

1.07x 0.34x 0.93x 0.51x 0.35x 1.74x 1.34x - - - -

43'131.8 37'195.4 35'084.6 45'056.3 41'132.9 38'459.7 50'359.6 - - - -

30.75x 13.43x 37.56x 26.12x 23.49x 27.42x 20.34x - - - -

77'689.5 55'133.2 75'685.1 77'154.6 81'591.0 69'800.3 81'740.3 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -











EBITDA Margin 1.5%



Asset Turnover 2.05







Fiscal Year Ended

Hon Hai Precision Industry Co LtdPrice/Volume

Valuation Analysis

100'529.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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16.10.2012


CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 2'466'778 0.04 1 29.06.2012 Investment Advisor

JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 2'267'825 0.04 28'567 31.08.2012 Investment Advisor


DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'119'700 0.04 - 31.08.2012 Mutual Fund Manager

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 1'533'159 0.03 (653'473) 30.06.2012 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 1'461'922 0.02 - 30.06.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'302'699 0.02 (82'007) 31.12.2011 Mutual Fund Manager

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1'150'401 0.02 - 30.09.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'014'532 0.02 - 30.06.2012 Investment Advisor

SEDCO CAPITAL GLOBAL Multiple Portfolios MF-AGG 1'006'844 0.02 - 31.08.2012 Mutual Fund Manager

ALLIANZ OF AMERICA Multiple Portfolios MF-AGG 889'934 0.02 (65'833) 30.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 785'010 0.01 657'030 30.03.2012 Investment Advisor

BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 772'264 0.01 (387'480) 31.05.2012 Mutual Fund Manager

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 723'593 0.01 - 31.05.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 682'698 0.01 11'825 30.06.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 610'751 0.01 - 31.07.2012 Investment Advisor

SMITH BARNEY FUND MA Multiple Portfolios MF-AGG 539'575 0.01 (36'325) 29.06.2012 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 527'952 0.01 - 31.08.2012 Investment Advisor

UBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 524'955 0.01 - 02.10.2012 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 457'667 0.01 92'985 31.05.2012 Mutual Fund Manager


#N/A N/A

Holdings By:

Hon Hai Precision Industry Co Ltd ee


16.10.2012

PetroChina Company Limited explores, develops, and produces crude oil and

natural gas. The Company also refines, transports, and distributes crude oil

and petroleum products, produces and sells chemicals, and transmits, markets

and sells natural gas.


LTM as of: 06/yy

52-Week High (08.02.2012) 11.92

52-Week Low (19.12.2011) 8.85

Daily Volume

10.7





2'002'693.75 1 Yr Total Return 19.42%










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 09/12 Q3 12/12 Q4

836'353.0 1'072'604.0 1'019'275.0 1'465'415.0 2'003'843.0 ######### ######### ######### ######### 541'663.0 586'495.0

6.35x 1.78x 2.57x 1.54x 0.88x 5.01x 3.89x 1.00x 0.94x - -

269'727.0 256'680.0 237'168.0 303'643.0 323'368.0 167'207.0 243'216.0 350'034.0 384'126.7 - -

19.70x 7.45x 11.04x 7.43x 5.48x 0.00x 0.00x 5.86x 5.34x - -

146'750.0 114'453.0 103'387.0 139'992.0 132'961.0 140'667.0 129'012.0 138'146.1 151'938.1 29'283.0 -

15.86x 9.49x 14.65x 11.33x 10.74x 12.30x 11.62x 11.45x 10.36x - -











EBITDA Margin 16.1%



Asset Turnover 1.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PetroChina Co LtdPrice/Volume

Valuation Analysis

102'771'872.00


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-2! ! E

.!! ! E

.2! ! E

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-. !. !4 .!-.



16.10.2012


HK AGENT CO LTD n/a Co File 20'809'855'498 98.63 - 31.12.2011 n/a

ABERDEEN ASSET MANAG n/a EXCH 1'711'231'963 8.11 - 08.08.2012 Investment Advisor

FRANKLIN RESOURCES I n/a Co File 1'270'171'357 6.02 - 31.12.2011 Investment Advisor


BLACKROCK INC n/a EXCH 1'177'565'718 5.58 54'894'896 13.09.2012 Investment Advisor



HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 350'420'000 1.66 - 30.06.2012 Investment Advisor

CHINA NATIONAL PETRO n/a 20F 291'518'000 1.38 - 31.03.2012 Government

BLACKROCK INC n/a Short (202'404'340) -0.96 (53'778'896) 13.09.2012 Investment Advisor





TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 79'168'272 0.38 896'000 30.06.2012 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 74'010'000 0.35 9'270'000 31.12.2011 Investment Advisor


MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 64'988'243 0.31 22'852'243 31.03.2012 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 64'278'000 0.3 (22'000) 12.10.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 63'680'335 0.3 5'048'000 30.09.2012 Investment Advisor


Credit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 15.10.2012

Jefferies LABAN YU buy 5 M 16 12 month 15.10.2012


Nomura SONIA SONG neutral 3 M 10 Not Provided 09.10.2012

Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 03.10.2012

Deutsche Bank DAVID HURD hold 3 M 11 12 month 02.10.2012

VTB Capital COLIN SMITH sell 1 N 9 12 month 27.09.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 11 12 month 21.09.2012

BNP Paribas Equity Research CHENG KHOO hold 3 M 10 Not Provided 11.09.2012


Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 11 12 month 25.08.2012

Bank of China International LAWRENCE LAU buy 5 M 13 Not Provided 24.08.2012


Mizuho Securities ANDREW S F CHAN neutral 3 M 9 12 month 24.08.2012

China International Capital Corp BIN GUAN accumulate 4 M 10 12 month 24.08.2012

Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012

UOB Kay Hian YAN SHI hold 3 M 11 Not Provided 24.08.2012

BOCOM International Holdings WU FEI long-term buy 5 M 13 Not Provided 24.08.2012

ICBC International Securities ANNA YU hold 3 M 9 Not Provided 24.08.2012

Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 9 12 month 23.08.2012

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 9 3 month 23.08.2012

HSBC THOMAS C HILBOLDT neutral 3 M 11 Not Provided 23.08.2012

Macquarie JAMES HUBBARD outperform 5 M 12 12 month 23.08.2012

Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 11 Not Provided 23.08.2012

Barclays SCOTT DARLING overweight 5 M 13 Not Provided 23.08.2012

Guotai Junan GRACE LIU accumulate 4 D 11 Not Provided 14.08.2012

Goldman Sachs ARTHUR YAN neutral/neutral 3 M 10 12 month 02.08.2012


Everbright Securities Co., Ltd VIVIAN CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012

Ji Asia SAMUEL THAWLEY buy 5 M 14 12 month 02.05.2012

Capital Securities Corp TEAM COVERAGE buy 5 U #N/A N/A Not Provided 27.04.2012

GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011

RBS PETER HILTON hold 3 M 10 12 month 01.11.2011

SWS Research Co Ltd YE RONG neutral 3 M 10 Not Provided 28.10.2011

Masterlink Securities LI XIN buy 5 M 11 6 month 30.08.2011

Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

PetroChina Co Ltd ee


16.10.2012

Sberbank of Russia attracts deposits and offers commercial banking services. The

Bank offers time deposits,corporate banking, securities brokerage,credit,

foreign exchange services and sponsors credit cards.


LTM as of: 06/yy

52-Week High (14.09.2012) 12.85

52-Week Low (01.06.2012) 9.63

Daily Volume

11.85


52-Week Low % Change 23.12% Beta -


Shares Out #N/A N/A - Short Int -

- 1 Yr Total Return -

Total Debt 1'348'630.00 YTD Return -

Preferred Stock 4'405.0 Adjusted BETA -


Cash and Equivalents 761'867.00 Consensus Rating -

Enterprise Value -


SBER S1 EQUITY YTD Change - Average Volume 30 Day 117'801

SBER S1 EQUITY YTD % CHANGE - Average Volume 3 Month 62'044


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 09/12 Q3 12/12 Q4

531'495.0 704'252.0 987'562.0 981'117.0 1'058'036.0 ######### ######### 856'001.4 947'006.1 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

106'489.0 97'746.0 24'396.0 182'131.0 316'195.0 294'394.0 315'343.0 330'452.6 345'158.9 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 4.01x 3.84x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11







Fiscal Year Ended

Sberbank of RussiaPrice/Volume

Valuation Analysis

9'196.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

e--. d--. d--. M--. m--. j--. ! E - E . E 0 E 1 E 2 E 3 E 4 E 5 E 6 E

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



16.10.2012


CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 49'865'875 0 9'205'000 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 24'930'479 0 8'418'240 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 24'518'344 0 1'101'885 12.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'384'382 0 1'050'652 30.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'901'387 0 9'692'644 30.06.2012 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 10'700'807 0 - 12.10.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 8'925'000 0 (990'000) 31.08.2012 Mutual Fund Manager

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 7'778'801 0 21'953 31.08.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 7'491'500 0 - 30.06.2012 Investment Advisor

JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 6'693'682 0 6'571'290 30.06.2012 Investment Advisor

THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 6'343'456 0 207'257 30.06.2012 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 6'239'488 0 306'800 30.06.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'098'671 0 - 30.04.2012 Investment Advisor

GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 3'644'700 0 778'400 30.06.2012 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 3'370'692 0 218'213 30.06.2012 Investment Advisor

HARDING LOEVNER LP Multiple Portfolios MF-AGG 3'367'300 0 605'300 30.06.2012 Investment Advisor

ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 2'699'585 0 258'004 31.08.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'690'600 0 - 30.03.2012 Investment Advisor

THAMES RIVER CAPITAL Multiple Portfolios MF-AGG 2'475'475 0 (455'000) 29.02.2012 Investment Advisor

KLEINHEINZ CAPITAL P KLEINHEINZ CAPITAL P 13F 2'394'000 0 200'000 30.06.2012 Hedge Fund Manager


#N/A N/A

Holdings By:

Sberbank of Russia ee


16.10.2012

Naspers Limited is a holding company for a group of companies which operate in

the electronic and print media industries. The Group provides television

subscription and internet services and publishes newspapers, magazines and

books.


LTM as of: 01/yy

52-Week High (16.10.2012) 54'795.00

52-Week Low (12.12.2011) 33'450.00

Daily Volume

54578





225'293.02 1 Yr Total Return 52.65%







NPN SJ EQUITY YTD Change - Average Volume 30 Day 1'133'374

NPN SJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'103'271


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

20'518.4 26'690.1 27'998.0 33'085.0 39'487.0 - - 47'041.9 53'776.3 - -

2.92x 2.41x 4.47x 4.41x 4.71x - - 4.94x 4.32x - -

5'021.0 6'027.7 6'132.0 6'227.0 7'178.0 - - 7'159.7 8'311.1 - -

11.95x 10.68x 20.39x 23.45x 25.91x - - 32.62x 28.11x - -

3'418.1 5'760.8 3'257.0 5'260.0 2'894.0 - - 6'960.1 9'059.5 - -

13.10x 19.35x 35.80x 32.36x 33.23x - - 28.57x 23.59x - -











EBITDA Margin 18.2%



Asset Turnover 0.52







Fiscal Year Ended

Naspers LtdPrice/Volume

Valuation Analysis

580'076.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!!!

.!!!!

0!!!!

1!!!!

2!!!!

3!!!!

j--- f--- S--- d--. a--. e--. M--. e--. d--. d--. M--. m--. ! E- ! E. ! E0 ! E1 ! E2 ! E3 ! E4 ! E5 ! E6 ! E-! ! E

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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



16.10.2012




DODGE & COX Multiple Portfolios MF-AGG 27'732'495 6.73 (450'000) 30.06.2012 Investment Advisor



NASPERS SHARE TRUST n/a SJ-REG 17'054'178 4.14 - 28.09.2012 n/a


DEUTSCHE SECURITIES #N/A N/A SJ-REG 14'063'255 3.41 - 28.09.2012 Unclassified




CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 6'270'000 1.52 - 30.06.2012 Investment Advisor



GSCO EQUITY CLIENTS n/a SJ-REG 5'314'245 1.29 - 28.09.2012 n/a

GEPF CORONATION FM n/a SJ-REG 5'257'199 1.28 - 28.09.2012 n/a

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'980'029 1.21 327 12.10.2012 Investment Advisor

MELLON BANK NA #N/A N/A SJ-REG 4'494'521 1.09 - 28.09.2012 Investment Advisor

CORONATION ASSET MAN Multiple Portfolios MF-AGG 4'455'745 1.08 (201'080) 30.06.2012 Investment Advisor

ROYAL BANK OF CANADA #N/A N/A SJ-REG 3'842'636 0.93 - 28.09.2012 Investment Advisor


Jefferies DAVID REYNOLDS hold 3 U 50'600 12 month 12.10.2012

Avior Research KEVIN MATTISON neutral 3 M 60'091 Not Provided 11.10.2012

SBG Securities JENNIFER HENRY buy 5 M 59'000 12 month 10.10.2012

Morgan Stanley EDWARD C HILL-WOOD Overwt/In-Line 5 M 58'500 12 month 06.10.2012

JPMorgan ZIYAD JOOSUB overweight 5 M 62'511 9 month 03.10.2012

BPI KATE TURNER-SMITH hold 3 N 52'000 Not Provided 13.08.2012

Renaissance Capital DAVID FERGUSON buy 5 M 57'500 Not Provided 25.07.2012

Credit Suisse RICHARD BARKER outperform 5 M 50'000 Not Provided 06.07.2012

Goldman Sachs ALEXANDER BALAKHNIN Buy/Neutral 5 M 54'500 12 month 29.06.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 31.01.2012

Holdings By:

Naspers Ltd ee


16.10.2012

Sasol is an integrated oil and gas company with substantial chemical interests,

with production facilities located in South Africa, Europe, North America and

Asia. The Company operates commercial scale facilities to produce fuels and

chemicals from coal in South Africa, and is developing ventures internationally

to convert natural gas into clean diesel fuel.


LTM as of: 01/yy

52-Week High (20.01.2012) 41'150.00

52-Week Low (12.07.2012) 33'321.00

Daily Volume

38365





247'744.33 1 Yr Total Return 14.98%







SOL SJ EQUITY YTD Change - Average Volume 30 Day 2'306'029

SOL SJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'944'447


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 06/11 Q2 09/11 Q3

129'943.0 137'836.0 122'256.0 142'436.0 169'446.0 - - 175'677.1 177'910.4 - -

2.52x 1.31x 1.53x 1.71x 1.38x - - 1.44x 1.43x - -

39'053.0 31'194.0 31'748.0 37'453.0 0.0 - - 49'564.3 49'829.2 - -

8.40x 5.81x 5.88x 6.49x 0.00x - - 5.12x 5.09x - -

22'417.0 13'648.0 15'941.0 19'794.0 23'583.0 - - 26'643.2 26'187.6 - -

12.10x 10.62x 10.34x 10.52x 8.10x - - 8.78x 8.81x - -



Operating Margin 21.69% Long-Term Outlook NEG








EBITDA Margin 26.3%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sasol LtdPrice/Volume

Valuation Analysis

1'158'754.00


!2!!!

-!!!!-2!!!.!!!!.2!!!0!!!!02!!!1!!!!12!!!

j--- f--- S--- d--. a--. e--. M--. e--. d--. d--. M--. m--. ! E

- ! E

. ! E

0 ! E

1 ! E

2 ! E

3 ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-.



16.10.2012



KONOIL PTY LIMITED n/a SJ-REG 53'266'887 8.25 - 28.09.2012 n/a



SASOL INZALO EMPL SC n/a SJ-REG 23'339'310 3.61 - 28.09.2012 n/a

ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 19'030'504 2.95 1'287'970 29.06.2012 Investment Advisor





SASOL INZALO FOUNDAT n/a SJ-REG 9'461'882 1.47 - 28.09.2012 n/a

SASOL INVESTMENT COM n/a SJ-REG 8'809'886 1.36 - 28.09.2012 n/a



SANLAM LIFE INSURANC #N/A N/A SJ-REG 7'148'937 1.11 - 28.09.2012 Insurance Company

CITIBANK LONDON #N/A N/A SJ-REG 6'788'792 1.05 - 28.09.2012 Bank


CORONATION ASSET MAN Multiple Portfolios MF-AGG 6'127'682 0.95 124'672 30.06.2012 Investment Advisor

INVESTEC FUND GROUP Multiple Portfolios MF-AGG 5'901'740 0.91 (97'644) 31.07.2012 Investment Advisor

OLD MUTUAL ASSET MAN Multiple Portfolios MF-AGG 5'664'362 0.88 264'067 31.03.2012 Investment Advisor


Investec CAMPBELL PARRY hold 3 M 43'400 12 month 15.10.2012

BNP Paribas Cadiz Securities NIC DINHAM buy 5 M 44'000 12 month 15.10.2012

Morgan Stanley LEIGH BREGMAN Underwt/In-Line 1 M 37'000 12 month 11.10.2012

HSBC SRIHARSHA PAPPU underweight 1 D 37'500 Not Provided 02.10.2012

Goldman Sachs GEYDAR MAMEDOV neutral/neutral 3 M 45'550 12 month 18.09.2012

Renaissance Capital GERHARD ENGELBRECHT hold 3 D 41'000 Not Provided 17.09.2012

Avior Research DAVID LERCHE neutral 3 M 42'900 Not Provided 17.09.2012

Nedgroup Securities MOHAMED KHARVA sell 1 M 37'000 12 month 14.09.2012

Barclays CAROLINE LEARMONTH equalweight 3 M 37'500 Not Provided 10.09.2012


Credit Suisse ANDREY OVCHINNIKOV neutral 3 M 33'900 Not Provided 07.09.2012

JPMorgan ALEX COMER overweight 5 M 41'400 9 month 23.07.2012

Deutsche Bank JARRETT GELDENHUYS buy 5 M 45'000 12 month 03.07.2012

Afrifocus Securities JUI KULKARNI buy 5 U #N/A N/A Not Provided 26.03.2012

Holdings By:

Sasol Ltd ee


16.10.2012

China Life Insurance Co., Limited offers a wide range of life, accident, and

health insurance products and services.


LTM as of: 06/yy

52-Week High (23.02.2012) 24.70

52-Week Low (04.06.2012) 17.00

Daily Volume

23.4





648'420.19 1 Yr Total Return 16.79%





Enterprise Value -





31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

191'372.0 299'478.0 339'262.0 385'446.0 370'352.0 393'192.0 390'669.0 368'903.6 407'820.3 - -

7.65x 1.74x 2.68x 1.61x 1.16x 2.89x 0.25x 1.40x 1.25x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

38'879.0 19'137.0 32'881.0 33'626.0 18'331.0 31'383.0 18'381.0 23'349.2 31'922.8 - -

27.36x 30.50x 29.11x 22.62x 23.96x 22.15x 0.00x 22.41x 16.66x - -


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.25

Current Ratio - Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Life Insurance Co LtdPrice/Volume

Valuation Analysis

17'821'228.00


!

2

-!

-2

.!

.2

0!

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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

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



16.10.2012




CARMIGNAC GESTION Multiple Portfolios MF-AGG 150'281'500 2.02 - 29.06.2012 Investment Advisor

BLACKROCK INC n/a Short (78'915'350) -1.06 - 16.08.2012 Investment Advisor



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 53'587'693 0.72 (29'748'217) 31.07.2012 Investment Advisor





SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 25'317'342 0.34 4'239'000 31.03.2012 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 21'845'000 0.29 9'795'000 31.05.2012 Mutual Fund Manager

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 21'751'000 0.29 (9'381'000) 31.08.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 21'000'000 0.28 8'000'000 31.12.2011 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 15'615'296 0.21 (137'986) 31.08.2012 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 15'359'000 0.21 (1'449'000) 29.06.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 15'120'000 0.2 1'400'000 30.06.2012 Investment Advisor



Jefferies BARON NIE hold 3 M 23 12 month 15.10.2012

Credit Suisse ARJAN VAN VEEN neutral 3 M 23 Not Provided 10.10.2012

China International Capital Corp TANG SHENGBO buy 5 M 26 12 month 10.10.2012

Keefe, Bruyette & Woods STANLEY TSAI underperform 1 M 22 12 month 27.09.2012

Deutsche Bank ESTHER CHWEI buy 5 M 27 12 month 14.09.2012

BOCOM International Holdings LI WENBING buy 5 M 26 12 month 14.09.2012

JPMorgan CHAN BAO LING neutral 3 M 21 3 month 03.09.2012

DBS Vickers PING CHENG hold 3 M 22 12 month 30.08.2012

Morgan Stanley BEN LIN Equalwt/In-Line 3 M 23 12 month 29.08.2012

Macquarie SCOTT G RUSSELL neutral 3 M 24 12 month 29.08.2012


Kim Eng Securities IVAN LI buy 5 U 24 12 month 29.08.2012

Mizuho Securities THOMAS J MONACO underperform 1 M 12 12 month 29.08.2012

Nomura DAVID CHUNG buy 5 M 34 Not Provided 29.08.2012


Guotai Junan FELIX LUO accumulate 4 M 26 Not Provided 29.08.2012


Core Pacific OLIVE XIA hold 3 M 23 12 month 29.08.2012

Barclays MARK KELLOCK equalweight 3 U 27 Not Provided 29.08.2012

HSBC JAMES GARNER neutral 3 M 24 Not Provided 28.08.2012

CCB International Securities Ltd KENNETH YUE neutral 3 M 21 Not Provided 28.08.2012

BNP Paribas Equity Research DORRIS CHEN hold 3 M 21 12 month 21.08.2012

Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 15.08.2012

Goldman Sachs NING MA neutral/neutral 3 M 24 12 month 10.08.2012

ICBC International Securities PIUS CHENG hold 3 M 21 Not Provided 06.07.2012

Standard Chartered PETER O'BRIEN in-line 3 M 17 12 month 27.06.2012


Phillip Securities CHEN XINGYU buy 5 U 26 12 month 16.03.2012


Mirae Asset Securities IVAN CHEUNG hold 3 M 20 12 month 18.10.2011

RBS YANAN WANG buy 5 M 36 12 month 01.08.2011

Sun Hung Kai Securities KENIX LAI buy 5 M 35 Not Provided 10.07.2009

Holdings By:

China Life Insurance Co Ltd ee


16.10.2012

POSCO manufactures various types of steel products. The Company produces hot

rolled steel, cold rolled steel, stainless steel, and other forms of steel. The

products are mainly used for automobile, construction, and shipbuilding

industries.


LTM as of: 06/yy

52-Week High (02.03.2012) 95.27

52-Week Low (01.06.2012) 74.05

Daily Volume

80




Shares Out 30.09.2012 348.7 Short Int 0.46

27'899.79 1 Yr Total Return -0.33%





Enterprise Value -


PKX US EQUITY YTD Change - Average Volume 30 Day 178'027

PKX US EQUITY YTD % CHANGE - Average Volume 3 Month 187'966


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 09/12 Q3 12/12 Q4

22'206'685.0 30'642'410.0 26'953'944.9 32'582'037.0 39'171'703.0 ######### ######### - - - -

1.92x 1.00x 1.74x 1.34x 0.99x 4.95x 3.95x - - - -

6'028'563.1 8'448'098.8 5'207'546.3 7'501'397.7 6'100'453.2 ######### ######### - - - -

7.06x 3.61x 9.02x 5.83x 6.36x 6.83x 6.95x - - - -

3'679'431.4 4'446'933.0 3'172'263.5 3'784'361.1 3'188'844.8 ######### ######### - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -


EBIT 4'330'380.23 Long-Term Rating A-









EBITDA Margin 15.6%



Asset Turnover 0.77







Fiscal Year Ended

POSCOPrice/Volume

Valuation Analysis

119'454.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!

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. E

0 E

1 E

2 E

3 E

4 E

5 E

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

40'000'000.0

45'000'000.0

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

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16.10.2012


NIPPON STEEL & SUMIT n/a MOF-JP 4'394'712 1.26 - 01.10.2012 Corporation

NIPPON STEEL & SUMIT n/a MOF-JP 4'394'712 1.26 - 01.10.2012 Corporation


THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 3'883'880 1.11 (141'207) 30.06.2012 Hedge Fund Manager

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'116'962 0.89 38'647 30.06.2012 Investment Advisor

SPRUCEGROVE INVESTME SPRUCEGROVE INVESTME 13F 1'812'408 0.52 212'900 30.06.2012 Investment Advisor

GEICO INDEMNITY COMP GEICO INDEMNITY COMP Sch-D 1'326'574 0.38 - 30.06.2012 Insurance Company

NATIONAL INDEMNITY C NATIONAL INDEMNITY C Sch-D 1'087'900 0.31 - 30.06.2012 Insurance Company

BANK OF AMERICA CORP BANK OF AMERICA 13F 1'043'981 0.3 1'008'072 30.06.2012 Investment Advisor

BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 895'570 0.26 (13'929) 30.06.2012 Investment Advisor

NFJ INVESTMENT GROUP NFJ INVESTMENT GROUP 13F 859'641 0.25 36'820 30.06.2012 Investment Advisor

PRINCIPAL FINANCIAL PRINCIPAL FINANCIAL 13F 631'521 0.18 148'322 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 582'014 0.17 52'276 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 428'081 0.12 62'540 30.06.2012 Investment Advisor

DUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 409'294 0.12 55'840 30.06.2012 Investment Advisor

BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 400'339 0.11 (198) 30.06.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 387'750 0.11 65'363 30.06.2012 Investment Advisor

MAWER INVESTMENT MAN MAWER INVESTMENT MAN 13F 371'339 0.11 6'495 30.06.2012 Investment Advisor

PHILADELPHIA INTERNA PHILADELPHIA INTERNA 13F 360'428 0.1 (38'098) 30.06.2012 Investment Advisor

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 357'090 0.1 12'776 30.06.2012 Investment Advisor


Goldman Sachs SEUNG SHIN neutral/neutral 3 D 80 12 month 21.06.2012


Holdings By:

POSCO ee


16.10.2012

Infosys Limited provides IT consulting and software services, including

e-business, program management and supply chain solutions. The Group's services

include application development, product co-development, and system

implementation and system engineering. Infosys targets businesses specializing

in the insurance, banking, telecommunication and manufacturing sectors.


LTM as of: 09/yy

52-Week High (27.10.2011) 61.22

52-Week Low (24.07.2012) 37.93

Daily Volume

44.57





25'593.54 1 Yr Total Return -19.82%

Total Debt 0.00 YTD Return -11.53%






INFY US EQUITY YTD Change - Average Volume 30 Day 2'252'394

INFY US EQUITY YTD % CHANGE - Average Volume 3 Month 1'894'721


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4

166'920.0 216'930.0 227'420.0 275'010.0 337'340.0 299'400.0 376'240.0 389'028.6 421'229.3 98'781.4 101'433.4

4.52x 3.05x 5.97x 6.16x 4.26x 21.00x 14.02x 2.84x 2.49x 11.23x 10.77x

52'590.0 72'190.0 79'110.0 89'750.0 107'490.0 96'010.0 94'470.0 112'421.7 121'195.7 27'928.6 28'920.3

14.34x 9.16x 17.17x 18.87x 13.37x 13.16x 0.00x 10.03x 9.30x 9.79x 9.59x

46'590.0 59'880.0 62'660.0 68'350.0 83'320.0 72'260.0 93'460.0 90'360.9 96'057.3 22'242.3 23'035.8

17.66x 12.66x 23.82x 27.09x 19.66x 20.03x 15.50x 14.79x 14.09x 14.73x 14.50x











EBITDA Margin 31.9%



Asset Turnover 0.96







Fiscal Year Ended

Infosys LtdPrice/Volume

Valuation Analysis

2'270'257.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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. ! E

1 ! E

3 ! E

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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

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

! !!

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-2 !!

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16.10.2012


JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 8'961'621 1.56 (174'043) 30.06.2012 Investment Advisor

GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 7'928'338 1.38 58'684 30.06.2012 Investment Advisor


UBS GLOBAL ASSET MAN UBS GLOBAL ASSET MAN 13F 4'257'884 0.74 732'300 30.06.2012 Investment Advisor

TRILOGY GLOBAL ADVIS TRILOGY GLOBAL ADVIS 13F 3'562'070 0.62 190'131 30.06.2012 Hedge Fund Manager

INVESCO LTD INVESCO LTD 13F 3'205'445 0.56 546'969 30.06.2012 Investment Advisor

COMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 2'857'115 0.5 541'895 30.06.2012 Bank

WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 2'816'880 0.49 887'600 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 2'400'154 0.42 (54'036) 30.06.2012 Investment Advisor

HSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 2'323'501 0.4 (62'385) 30.06.2012 Investment Advisor

ABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 2'141'064 0.37 95'800 30.06.2012 Investment Advisor


CREDIT SUISSE AG CREDIT SUISSE AG 13F 1'766'511 0.31 351'330 30.06.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'630'513 0.28 389'261 30.06.2012 Pension Fund (ERISA)

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'539'100 0.27 453'500 30.06.2012 Investment Advisor

MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 1'382'622 0.24 (515'123) 30.06.2012 Investment Advisor


GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 1'228'080 0.21 66'200 30.06.2012 Investment Advisor

POLARIS CAPITAL MANA POLARIS CAPITAL MANA 13F 1'181'339 0.21 60'300 30.06.2012 Investment Advisor

PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1'070'531 0.19 214'633 30.06.2012 Investment Advisor


BMO Capital Markets KEITH F BACHMAN market perform 3 M 43 Not Provided 15.10.2012

Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 46 12 month 15.10.2012

Robert W. Baird & Co DAVID J KONING neutral 3 M 44 12 month 15.10.2012

Wells Fargo Securities, LLC EDWARD S CASO JR market perform 3 M #N/A N/A Not Provided 15.10.2012

Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 15.10.2012

Societe Generale RICHARD NGUYEN sell 1 M 38 12 month 12.10.2012

Goldman Sachs RISHI JHUNJHUNWALA neutral/neutral 3 M 48 12 month 12.10.2012

Needham & Co MAYANK TANDON hold 3 M #N/A N/A Not Provided 12.10.2012

Pacific Crest Securities JESSE HULSING sector perform 3 M #N/A N/A Not Provided 12.10.2012

Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 40 12 month 12.10.2012

William Blair & Co BHAVAN SURI market perform 3 M #N/A N/A Not Provided 12.10.2012

Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 12.10.2012

Susquehanna Financial Group JAMES E FRIEDMAN neutral 3 M 50 12 month 12.10.2012

Stifel Nicolaus DAVID M GROSSMAN hold 3 M #N/A N/A Not Provided 11.10.2012

BOE Securities BINDAL PARIKH TOTLANI hold 3 M 54 12 month 27.01.2012

Jefferies JASON KUPFERBERG hold 3 M 64 12 month 04.01.2012


Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 14.09.2011

Holdings By:

Infosys Ltd ee


16.10.2012

Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is a Company that through

its subsidiaries produces, distributes and markets non-alcoholic beverages

throughout Latin America as part of the Coca-Cola system. The Company owns and

operates convenience stores in Mexico and Colombia and holds a stake in

Heineken.


LTM as of: 06/yy

52-Week High (08.10.2012) 95.64

52-Week Low (25.11.2011) 61.61

Daily Volume

92.77





33'195.20 1 Yr Total Return 36.68%





Enterprise Value -


FMX US EQUITY YTD Change - Average Volume 30 Day 530'020

FMX US EQUITY YTD % CHANGE - Average Volume 3 Month 525'247


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 09/12 Q3 12/12 Q4

147'556.1 168'021.7 158'503.0 169'702.0 203'044.0 179'120.9 220'972.1 234'227.6 264'875.5 60'943.9 62'999.6

1.38x 1.25x 1.71x 1.66x 2.00x 6.36x 7.54x 2.04x 1.77x 7.82x 7.51x

27'250.9 29'819.0 26'319.0 28'031.0 33'445.0 29'206.1 33'690.1 37'202.9 42'782.3 9'808.4 12'013.7

7.48x 7.07x 10.32x 10.06x 12.16x 10.69x 14.19x - - - -

8'510.4 6'707.6 9'908.0 40'251.0 15'133.0 14'045.3 15'832.0 17'783.9 20'931.0 4'823.6 4'907.8

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 27.00x 22.66x 22.86x 21.73x











EBITDA Margin 16.5%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fomento Economico Mexicano SAB de CVPrice/Volume

Valuation Analysis

423'907.00


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3 E

5 E

- ! E

- . E

- 1 E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

! .!

! 1!

! 3!

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16.10.2012


CASCADE INVESTMENT L n/a 13D 27'887'349 12.9 1'000'000 25.03.2011 Investment Advisor

ABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 27'493'416 12.72 (1'657'303) 30.06.2012 Investment Advisor


VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 4'961'289 2.3 613'554 30.06.2012 Investment Advisor



MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 3'629'908 1.68 5'108 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 2'933'618 1.36 (318'695) 30.06.2012 Investment Advisor

GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 2'362'247 1.09 (572'163) 30.06.2012 Investment Advisor

MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 1'974'449 0.91 775'234 30.06.2012 Hedge Fund Manager

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'447'256 0.67 (79'077) 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 1'415'190 0.65 321'201 30.06.2012 Investment Advisor

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 1'400'120 0.65 138'325 29.06.2012 Unclassified

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'256'735 0.58 (11'513) 30.06.2012 Investment Advisor

BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'239'174 0.57 (24'343) 30.06.2012 Investment Advisor

FIDELITY INTERNATION FIDELITY INTERNATION 13F 1'214'642 0.56 235'988 30.06.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 995'112 0.46 52'676 29.06.2012 Investment Advisor

PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 989'648 0.46 (110'378) 30.06.2012 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 975'976 0.45 319'098 30.06.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 951'570 0.44 (125'037) 29.06.2012 Investment Advisor


Itau BBA Securities RENATO SALOMONE market perform 3 N 104 Not Provided 07.10.2012


Grupo Santander LUIS MIRANDA hold 3 M 103 Not Provided 25.09.2012

JPMorgan ALAN ALANIS overweight 5 M 102 15 month 13.09.2012

Morgan Stanley LORE SERRA Overwt/In-Line 5 U 93 12 month 16.08.2012

HSBC LAUREN E TORRES overweight 5 M 103 Not Provided 30.07.2012

Banco BTG Pactual SA RAFAEL SHIN buy 5 M 94 12 month 30.07.2012

Scotia Capital RODRIGO ECHAGARAY sector perform 3 M 83 12 month 30.07.2012

Banorte-IXE MARISOL HUERTA MONDRAGON hold 3 M 98 Not Provided 27.07.2012

Barclays GABRIEL VAZ DE LIMA overweight 5 M 106 Not Provided 27.07.2012

Holdings By:

Fomento Economico Mexicano SAB de CV ee


16.10.2012

Hyundai Mobis manufactures and markets automotive parts and equipment, such as

automotive service components, modules, and systems. The Company also contracts

environmental projects, including sewage treatment plant and industrial waste

water treatment plant construction.


LTM as of: 06/yy

52-Week High (28.10.2011) 364'000.00

52-Week Low (28.02.2012) 261'500.00

Daily Volume

300000





29'203'158.00 1 Yr Total Return -10.71%










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 09/12 Q3 12/12 Q4

8'490'912.0 9'373'390.0 10'633'020.0 13'695'717.0 15'886'201.0 ######### ######### ######### ######### - -

0.85x 0.49x 1.50x 1.92x 1.72x 7.91x 6.70x 1.10x 0.95x - -

926'546.0 1'325'678.0 1'652'601.0 2'160'724.0 2'316'807.0 ######### ######### ######### ######### - -

7.78x 3.45x 9.62x 12.15x 11.79x 16.31x 10.49x 8.41x 7.63x - -

776'675.0 1'089'995.0 1'615'220.0 1'628'807.0 1'742'742.0 ######### ######### ######### ######### - -

9.64x 4.96x 9.60x 16.66x 15.99x 21.27x 13.16x 8.15x 7.32x - -











EBITDA Margin 14.6%



Asset Turnover 1.03







Fiscal Year Ended

Hyundai MobisPrice/Volume

Valuation Analysis

139'117.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!!!

-!!!!!

-2!!!!

.!!!!!

.2!!!!

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02!!!!

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2 E

- ! E

- 2 E

. ! E

. 2 E

0.0

2'000'000.0

4'000'000.0

6'000'000.0

8'000'000.0

10'000'000.0

12'000'000.0

14'000'000.0

16'000'000.0

18'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

!0 !- .!!6 !0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-.



16.10.2012


KIA MOTORS CORP n/a EXCH 16'427'074 16.88 - 24.08.2012 Corporation

ALLIANCEBERNSTEIN LP n/a Co File 6'903'539 7.09 - 31.12.2011 Investment Advisor

CHUNG MONG-KOO n/a EXCH 6'778'966 6.96 - 24.08.2012 n/a

CAPITAL GROUP COMPAN n/a EXCH 6'116'500 6.28 251'299 02.10.2012 Investment Advisor

NATIONAL PENSION SER n/a Co File 5'837'749 6 - 31.12.2011 Investment Advisor

HYUNDAI STEEL CO n/a EXCH 5'504'846 5.66 - 24.08.2012 Corporation



HYUNDAI MOBIS n/a EXCH 1'806'615 1.86 - 27.04.2012 Corporation


LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 1'064'443 1.09 49'195 31.08.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 877'813 0.9 (221'334) 29.02.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 752'239 0.77 (17'370) 30.06.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 588'650 0.6 44'035 15.10.2012 Investment Advisor

SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 531'590 0.55 (78) 29.06.2012 Investment Advisor

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 446'653 0.46 443'853 30.06.2012 Investment Advisor


KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 422'822 0.43 150'694 31.03.2012 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 406'508 0.42 (425'532) 31.03.2012 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 344'245 0.35 (26'894) 29.06.2012 Investment Advisor









Nomura ANGELA HONG neutral 3 M 340'000 Not Provided 10.10.2012




Kyobo Securities DONG-HA KIM buy 5 M 470'000 12 month 24.09.2012

Barclays PAUL HWANG overweight 5 M 349'000 Not Provided 30.08.2012


Goldman Sachs SEUNG SHIN Buy/Neutral 5 M 360'000 12 month 27.08.2012

Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 D 310'000 Not Provided 27.08.2012



Credit Suisse HENRY KWON outperform 5 M 456'000 Not Provided 14.08.2012








Woori Investment & Securities CHO SOO-HONG buy 5 M 410'000 12 month 30.07.2012










Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 393'000 6 month 25.06.2012

BS Securities Co Ltd CHOI DAE-SIK buy 5 N 370'000 6 month 02.05.2012



DBS Vickers JAY KIM buy 5 M 370'000 12 month 30.01.2012


Holdings By:

Hyundai Mobis ee


16.10.2012

ICICI Bank Limited operates a network of bank's located throughout India. The

Group specializes in retail and corporate banking, in addition to Forex and

treasury operations. ICICI Bank also provides a wide variety of investment

banking, insurance and financial services to its clients.


LTM as of: 06/yy

52-Week High (04.10.2012) 42.49

52-Week Low (19.12.2011) 24.14

Daily Volume

40





22'990.99 1 Yr Total Return 11.14%





Enterprise Value -


IBN US EQUITY YTD Change - Average Volume 30 Day 1'787'449

IBN US EQUITY YTD % CHANGE - Average Volume 3 Month 1'554'927


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 06/yy 06/yy 03/13 Y 03/14 Y 09/12 Q2 12/12 Q3

599'917.4 641'516.2 595'176.1 615'647.1 666'619.9 181'789.9 193'005.3 218'285.2 259'993.3 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

33'982.3 35'769.5 46'702.9 60'932.7 76'429.4 66'690.4 84'183.7 79'373.8 95'259.7 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 14.81x 12.28x - -


EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ICICI Bank LtdPrice/Volume

Valuation Analysis

979'925.00


!2

-!-2.!.20!021!12

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- ! E

. ! E

0 ! E

1 ! E

2 ! E

3 ! E

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

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

! .!

! 1!

! 3!

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- !!

- .!



16.10.2012




MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 7'415'399 1.29 1'585'610 30.06.2012 Investment Advisor

GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 7'190'150 1.25 2'898'771 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 6'310'000 1.1 (958'600) 30.06.2012 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 5'649'826 0.98 349'656 30.06.2012 Investment Advisor



FRANKLIN RESOURCES I TEMPLETON GLOBAL ADV 13F 4'465'002 0.78 (330) 30.06.2012 Investment Advisor

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 4'289'751 0.75 2'634'444 30.06.2012 Investment Advisor


DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 4'220'378 0.73 1'358'225 30.06.2012 Investment Advisor

PRINCIPAL FINANCIAL PRINCIPAL FINANCIAL 13F 3'856'699 0.67 1'635'202 30.06.2012 Investment Advisor

HSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 3'739'510 0.65 493'460 30.06.2012 Investment Advisor

CAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 3'376'316 0.59 30'913 30.06.2012 Investment Advisor

CAPITAL INTERNATIONA CAPITAL INTERNATIONA 13F 3'351'184 0.58 4'000 30.06.2012 Investment Advisor


ABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 2'437'084 0.42 - 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 2'377'906 0.41 (35'667) 30.06.2012 Investment Advisor



EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011

Holdings By:

ICICI Bank Ltd ee


16.10.2012

China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades

petroleum and petrochemical products such as gasoline, diesel, jet fuel,

kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and

chemical fertilizers. Also, The company explores for and produces crude oil and

natural gas in China.


LTM as of: 06/yy

52-Week High (02.02.2012) 9.67

52-Week Low (11.07.2012) 6.38

Daily Volume

7.82





660'652.13 1 Yr Total Return 13.96%










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 09/12 Q3 12/12 Q4

1'170'539.0 1'387'077.0 1'212'168.0 1'876'758.0 2'463'767.0 ######### ######### ######### ######### 694'626.0 783'948.0

1.73x 0.59x 1.09x 0.48x 0.35x 1.56x 1.35x 0.32x 0.32x - -

127'499.0 29'228.0 151'545.0 178'098.0 170'962.0 0.0 0.0 165'473.3 192'759.1 - -

15.87x 27.82x 8.73x 5.03x 5.05x 0.00x 0.00x 5.22x 4.48x - -

56'515.0 28'445.0 62'677.0 71'782.0 73'225.0 75'523.0 55'155.0 59'332.8 75'075.6 19'009.5 23'647.0

16.90x 12.59x 8.42x 7.62x 7.84x 7.47x 8.86x 9.19x 7.31x - -


EBIT 107'146.00 Long-Term Rating A+









EBITDA Margin 6.9%



Asset Turnover 2.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Petroleum & Chemical CorpPrice/Volume

Valuation Analysis

57'158'556.00


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

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16.10.2012



BLACKROCK INC n/a EXCH 1'159'575'167 6.91 - 28.09.2012 Investment Advisor

FRANKLIN RESOURCES I n/a EXCH 1'006'669'203 6 - 26.01.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a EXCH 803'053'154 4.79 - 27.08.2012 Government


CH PETROLEUM SHENGJU n/a EXCH 425'500'000 2.54 - 09.01.2012 n/a







ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 108'482'200 0.65 103'986'000 30.09.2012 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 94'112'000 0.56 (13'892'000) 29.06.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 91'792'998 0.55 (8'354'000) 31.08.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 90'120'000 0.54 (22'168'000) 31.08.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 79'068'342 0.47 138'000 31.03.2012 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 78'231'071 0.47 1'300'000 31.08.2012 Investment Advisor




Credit Suisse DAVID HEWITT outperform 5 M 8 Not Provided 15.10.2012

Renaissance Capital BRADLEY WAY sell 1 M 7 12 month 12.10.2012

Jefferies LABAN YU buy 5 M 8 12 month 09.10.2012

Nomura SONIA SONG reduce 2 M 7 Not Provided 09.10.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 U 9 12 month 05.10.2012

ICBC International Securities ANNA YU buy 5 M 8 Not Provided 05.10.2012

Deutsche Bank DAVID HURD buy 5 U 9 12 month 02.10.2012

Mirae Asset Securities GORDON KWAN buy 5 M 8 12 month 28.09.2012

VTB Capital COLIN SMITH hold 3 N 8 12 month 27.09.2012

UOB Kay Hian YAN SHI buy 5 M 9 Not Provided 12.09.2012

BNP Paribas Equity Research CHENG KHOO buy 5 M 9 12 month 11.09.2012

SWS Research Co Ltd ALBERT MIAO buy 5 M 10 Not Provided 11.09.2012


Bank of China International LAWRENCE LAU buy 5 U 8 Not Provided 28.08.2012

BOCOM International Holdings WU FEI buy 5 M 8 12 month 28.08.2012

JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 9 3 month 27.08.2012

HSBC THOMAS C HILBOLDT underweight 1 M 7 Not Provided 27.08.2012

Capital Securities Corp TEAM COVERAGE hold 3 D 11 Not Provided 27.08.2012

Macquarie JAMES HUBBARD neutral 3 M 7 12 month 27.08.2012


Mizuho Securities ANDREW S F CHAN neutral 3 M 7 12 month 27.08.2012

Daiwa Securities Co. Ltd. ADRIAN LOH hold 3 M 7 Not Provided 27.08.2012

Barclays SCOTT DARLING equalweight 3 M 10 Not Provided 27.08.2012

Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 8 12 month 26.08.2012

Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 8 12 month 25.08.2012

Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 9 12 month 02.08.2012

Guotai Junan GRACE LIU accumulate 4 D 8 Not Provided 20.07.2012


Masterlink Securities LI XIN hold 3 M 10 6 month 30.03.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 10 Not Provided 08.02.2012

Citic Securities Co., Ltd YIN XIAODONG buy 5 M 10 6 month 11.01.2012

GuoSen Securities Co Ltd STEVEN LU buy 5 M 11 12 month 22.11.2011

RBS PETER HILTON buy 5 M 9 12 month 01.11.2011

China International Capital Corp BIN GUAN buy 5 M 11 12 month 29.08.2011

China Galaxy Securities LI GUOHONG buy 5 M #N/A N/A Not Provided 30.10.2009

Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

China Petroleum & Chemical Corp ee


16.10.2012

Kia Motors Corporation manufactures, sells, and exports passenger cars,

mini-buses, trucks, and commercial vehicles. The Company also produces various

auto parts.


LTM as of: 06/yy

52-Week High (02.05.2012) 84'800.00

52-Week Low (19.12.2011) 64'000.00

Daily Volume

67000





27'159'344.00 1 Yr Total Return -3.83%







000270 KS EQUITY YTD Change - Average Volume 30 Day 1'658'591

000270 KS EQUITY YTD % CHANGE - Average Volume 3 Month 1'445'343


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 09/12 Q3 12/12 Q4

15'948'542.0 16'382'231.0 18'415'739.0 23'222'969.0 27'742'277.0 ######### ######### ######### ######### ######### #########

0.43x 0.43x 0.57x 0.95x 1.01x 3.68x 4.07x 0.90x 0.83x - -

620'992.0 1'023'733.0 1'827'909.0 2'402'792.0 2'597'837.0 ######### ######### ######### ######### - -

11.09x 6.85x 5.70x 9.21x 10.77x 11.43x 11.08x 9.29x 8.93x - -

13'563.0 113'784.0 1'450'260.0 1'420'636.0 1'804'842.0 ######### ######### ######### ######### - -

258.97x 19.97x 5.08x 13.96x 14.72x 14.82x 13.84x 6.23x 5.73x - -











EBITDA Margin 9.4%



Asset Turnover 1.24







Fiscal Year Ended

Kia Motors CorpPrice/Volume

Valuation Analysis

1'495'757.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

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

! !!

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16.10.2012


HYUNDAI MOTOR CO n/a EXCH 137'318'251 33.88 - 27.04.2012 Corporation

NATIONAL PENSION SER n/a EXCH 28'154'313 6.95 4'133'953 02.11.2011 Investment Advisor



EUI SUN CHUNG n/a EXCH 7'061'331 1.74 - 27.04.2012 n/a

FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'501'349 1.11 (229'249) 29.02.2012 Investment Advisor


SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3'374'214 0.83 11'359 29.06.2012 Investment Advisor

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'039'412 0.5 136'229 29.06.2012 Mutual Fund Manager

UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1'958'044 0.48 311'196 31.03.2012 Mutual Fund Manager



MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1'882'949 0.46 316'520 31.03.2012 Investment Advisor

EMPLOYEE STOCK OWNER n/a Co File 1'554'703 0.38 (102'440) 30.09.2011 n/a



SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 903'006 0.22 (147'991) 31.03.2012 Investment Advisor

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 852'202 0.21 196'978 31.03.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 786'102 0.19 (597'543) 31.03.2012 Mutual Fund Manager

KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 773'899 0.19 3'803 31.03.2012 Mutual Fund Manager










Nomura ANGELA HONG buy 5 M 100'000 Not Provided 10.10.2012





Barclays PAUL HWANG overweight 5 M 87'000 Not Provided 05.10.2012



Kyobo Securities SONG SANG-HOON buy 5 M 96'000 12 month 04.10.2012




Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 99'000 6 month 24.09.2012



Daiwa Securities Co. Ltd. CHUNG SUNG-YOP outperform 5 D 84'000 Not Provided 19.09.2012



Woori Investment & Securities CHO SOO-HONG buy 5 M 105'000 12 month 17.09.2012



Goldman Sachs SEUNG SHIN neutral/neutral 3 M 76'000 12 month 27.08.2012







Credit Suisse HENRY KWON neutral 3 M 70'000 Not Provided 27.07.2012


First Global Stockbroking MITUL SHAH market perform 3 M #N/A N/A Not Provided 10.05.2012


Daniel Stewart & Co AMRIT SINGH outperform 5 M #N/A N/A Not Provided 01.02.2012

DBS Vickers JAY KIM buy 5 M 88'000 12 month 30.01.2012


Holdings By:

Kia Motors Corp ee


16.10.2012

Standard Bank Group Limited is the holding company for a group of companies

offering financial services. The Group provides services in personal, corporate,

merchant and commercial banking, including insurance broking, mutual fund

management, property fund management, as well as other services. Standard Bank

is also the holding company of Liberty Life Group Limited.


LTM as of: 01/yy

52-Week High (03.08.2012) 12'000.00

52-Week Low (23.11.2011) 9'185.00

Daily Volume

10492





168'432.70 1 Yr Total Return 12.45%





Enterprise Value -


SBK SJ EQUITY YTD Change - Average Volume 30 Day 4'128'085

SBK SJ EQUITY YTD % CHANGE - Average Volume 3 Month 3'500'023


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 - -

102'996.0 145'080.0 159'993.0 105'806.0 107'845.0 - - 66'563.5 73'714.7 - -

0.00x 0.00x 0.00x 0.00x 0.00x - - - - - -

0.0 0.0 0.0 0.0 0.0 - - - - - -

0.00x 0.00x 0.00x 0.00x 0.00x - - - - - -

14'101.0 14'461.0 11'585.0 11'161.0 13'571.0 - - 14'919.6 16'937.4 - -

9.68x 8.28x 13.23x 14.63x 11.13x - - 11.08x 9.71x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Standard Bank Group Ltd/South AfricaPrice/Volume

Valuation Analysis

2'140'154.00


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20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

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16.10.2012


INDUSTRIAL & COMM BA #N/A N/A SJ-REG 320'369'791 19.96 - 28.09.2012 Bank




TUTUWA STRATEGIC HOL n/a SJ-REG 35'752'909 2.23 - 28.09.2012 n/a

TUTUWA STAFF HOLDING n/a SJ-REG 34'540'805 2.15 - 28.09.2012 n/a


ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 27'205'522 1.69 (45'300) 29.06.2012 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 25'379'417 1.58 (15'649'200) 30.06.2012 Investment Advisor


GEPF SIM PTY LTD FIN n/a SJ-REG 22'289'909 1.39 - 28.09.2012 n/a

CITIBANK NEW YORK #N/A N/A SJ-REG 20'851'361 1.3 - 28.09.2012 Unclassified

CORONATION ASSET MAN Multiple Portfolios MF-AGG 20'554'409 1.28 (1'886'076) 30.06.2012 Investment Advisor


TUTUWA COMMUNITY PTY n/a SJ-REG 17'876'454 1.11 - 28.09.2012 n/a





SANLAM LIFE INSURANC #N/A N/A SJ-REG 11'735'083 0.73 - 28.09.2012 Insurance Company


Macquarie CHARLES RUSSELL neutral 3 U 10'800 12 month 05.10.2012

Avior Research FAIZAL MOOLLA outperform 5 M 13'007 Not Provided 26.09.2012

Goldman Sachs WALEED MOHSIN Sell/Neutral 1 D 9'900 12 month 09.09.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012

SBG Securities VOYT KRZYCHYLKIEWICZ hold 3 M 12'000 12 month 04.09.2012

HSBC JAN ROST neutral 3 M 12'000 Not Provided 28.08.2012

Credit Suisse MERVIN NAIDOO underperform 1 M 12'300 Not Provided 27.08.2012

Renaissance Capital ILAN STERMER sell 1 M 10'950 12 month 21.08.2012

Nedgroup Securities DAVID S DANILOWITZ sell 1 M 10'390 12 month 17.08.2012

Morgan Stanley GREG SAFFY Equalwt/In-Line 3 M 11'500 12 month 16.08.2012

JPMorgan NANA FRANCOIS underweight 1 M 11'980 6 month 17.07.2012

Legae Securities PETER MUSHANGWE hold 3 M 12'560 Not Provided 09.07.2012

Deutsche Bank STEFAN SWANEPOEL buy 5 M 12'500 12 month 04.07.2012

Barclays RICHARD LADBROOK underweight 1 N 11'569 Not Provided 12.04.2012

Imara ADDMORE T CHAKURIRA hold 3 M 9'033 Not Provided 23.02.2012

ING Wholesale Banking ANDRZEJ NOWACZEK not rated #N/A N/A M #N/A N/A Not Provided 13.02.2012

Holdings By:

Standard Bank Group Ltd/South Africa ee


16.10.2012

Shinhan Financial Group Co., Ltd., a holding company, provides a full range of

consumer and commercial banking-related financial services. The company's main

businesses include banking, securities brokerage, trust banking, and assets

management to individuals, businesses, and other financial institutions.


LTM as of: 06/yy

52-Week High (27.10.2011) 42.49

52-Week Low (23.07.2012) 29.14

Daily Volume

33.77





16'013.72 1 Yr Total Return -13.68%





Enterprise Value -


SHG US EQUITY YTD Change - Average Volume 30 Day 56'587

SHG US EQUITY YTD % CHANGE - Average Volume 3 Month 64'083


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 09/12 Q3 12/12 Q4

2'749'443.0 2'455'904.0 1'785'561.0 1'043'389.0 2'124'112.0 ######### ######### - - - -

10.49x 8.07x 15.01x 29.98x 11.27x 82.48x 61.10x - - - -

2'702'984.0 2'409'574.0 1'718'698.0 965'508.0 2'051'750.0 ######### ######### - - - -

10.67x 8.22x 15.60x 32.40x 11.67x 22.31x 0.00x - - - -

2'396'377.0 2'020'398.0 1'306'292.0 617'625.0 1'672'908.0 991'948.0 ######### - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

EBITDA 2'051'750.00 Long-Term Rating Date -










EBITDA Margin 96.6%



Asset Turnover 0.07







Fiscal Year Ended

Shinhan Financial Group Co LtdPrice/Volume

Valuation Analysis

27'628.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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j--- f--- S--- d--. a--. e--. M--. e--. d--. d--. M--. m--. ! E - E - E . E . E 0 E 0 E 1 E 1 E 2 E

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

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

! .!

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- .!



16.10.2012



DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'633'000 0.77 (2'508) 30.06.2012 Investment Advisor


NEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 587'200 0.12 (45'408) 30.06.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 524'396 0.11 15'102 30.06.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 509'614 0.11 - 30.04.2011 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 383'140 0.08 (53'842) 30.06.2012 Investment Advisor

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 369'442 0.08 1'832 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 343'450 0.07 99'088 30.06.2012 Investment Advisor

TEACHERS RETIREMENT TEACHERS RETIREMENT 13F 234'000 0.05 40'000 30.06.2012 Pension Fund (ERISA)

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 227'896 0.05 - 31.07.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 200'438 0.04 (17'828) 30.06.2012 Investment Advisor

TODD-VEREDUS ASSET M TODD-VEREDUS ASSET M 13F 198'782 0.04 2'176 30.06.2012 Investment Advisor

NASDAQ GLOBAL FUNDS Multiple Portfolios MF-AGG 191'392 0.04 - 15.10.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 182'006 0.04 (17'486) 30.06.2012 Investment Advisor

HSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 170'034 0.04 61'782 30.06.2012 Investment Advisor

BNP PARIBAS INV PART BNP PARIBAS INVESTME 13F 156'422 0.03 40'318 30.06.2012 Investment Advisor

BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 129'168 0.03 10'610 30.06.2012 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 127'800 0.03 - 30.06.2012 Investment Advisor

BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 127'800 0.03 - 30.06.2012 Investment Advisor



Holdings By:

Shinhan Financial Group Co Ltd ee


16.10.2012

Ping An Insurance (Group) Company of China Limited provides a variety of

insurance service in China. The Company writes property, casualty, and life

insurance. Ping An Insurance also offers financial services.


LTM as of: 06/yy

52-Week High (23.02.2012) 68.60

52-Week Low (09.01.2012) 46.80

Daily Volume

61.35





439'302.38 1 Yr Total Return 16.04%










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 09/12 Q3 12/12 Q4

139'137.0 87'666.0 152'961.0 195'052.0 272'683.0 227'433.0 306'171.0 294'676.5 339'352.1 - -

5.10x 3.19x 3.24x 3.37x 2.19x 10.51x 7.29x 1.86x 1.62x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

18'688.0 1'418.0 13'883.0 17'311.0 19'475.0 20'457.0 20'677.0 24'711.4 29'449.0 - -

30.00x 173.82x 31.68x 32.03x 16.61x 24.90x 19.34x 15.59x 13.22x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.16

Current Ratio - Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ping An Insurance Group Co of China LtdPrice/Volume

Valuation Analysis

7'555'743.00


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50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

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16.10.2012


HSBC HOLDINGS PLC n/a Co File 1'233'926'425 39.43 - 31.12.2011 Investment Advisor


JINJUN CO LTD n/a EXCH 76'000'000 2.43 (120'000'000) 24.08.2011 Corporation






MATTHEWS INTERNATION Multiple Portfolios MF-AGG 26'300'500 0.84 553'000 29.06.2012 Investment Advisor



MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 16'688'355 0.53 8'685'194 31.03.2012 Mutual Fund Manager


SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 9'744'202 0.31 2'097'000 31.03.2012 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 8'821'000 0.28 - 31.08.2012 Investment Advisor


JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 8'451'000 0.27 2'403'000 30.04.2012 Investment Advisor

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 8'279'400 0.26 227'000 29.06.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 6'077'449 0.19 (3'387'500) 30.06.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 5'970'500 0.19 4'500 31.08.2012 Investment Advisor



Credit Suisse ARJAN VAN VEEN outperform 5 M 73 Not Provided 15.10.2012

Jefferies BARON NIE hold 3 M 64 12 month 15.10.2012

Guotai Junan FELIX LUO accumulate 4 M 68 Not Provided 28.09.2012

Keefe, Bruyette & Woods STANLEY TSAI outperform 5 M 83 12 month 27.09.2012

Mizuho Securities THOMAS J MONACO buy 5 M 68 12 month 25.09.2012

Deutsche Bank ESTHER CHWEI hold 3 M 65 12 month 14.09.2012

BOCOM International Holdings LI WENBING buy 5 M 75 12 month 07.09.2012

Nomura DAVID CHUNG buy 5 M 97 Not Provided 05.09.2012


JPMorgan CHAN BAO LING overweight 5 M 65 3 month 03.09.2012

Core Pacific OLIVE XIA buy 5 M 71 12 month 27.08.2012

Morgan Stanley BEN LIN Overwt/In-Line 5 M 77 12 month 24.08.2012

HSBC JAMES GARNER neutral 3 M 71 Not Provided 24.08.2012

Macquarie SCOTT G RUSSELL neutral 3 M 67 12 month 24.08.2012


Kim Eng Securities IVAN LI buy 5 M 75 Not Provided 24.08.2012


UOB Kay Hian EDMOND LAW buy 5 M 79 Not Provided 24.08.2012

CCB International Securities Ltd KENNETH YUE neutral 3 M 63 Not Provided 24.08.2012

Barclays MARK KELLOCK overweight 5 M 80 Not Provided 24.08.2012

BNP Paribas Equity Research DORRIS CHEN hold 3 M 67 12 month 21.08.2012


ICBC International Securities PIUS CHENG hold 3 M 63 Not Provided 06.07.2012

Standard Chartered PETER O'BRIEN outperform 5 M 67 12 month 27.06.2012

DBS Vickers PING CHENG buy 5 M 73 12 month 25.06.2012


Phillip Securities CHEN XINGYU buy 5 M 80 Not Provided 02.03.2012

China International Capital Corp TANG SHENGBO buy 5 M 77 12 month 27.10.2011

Mirae Asset Securities IVAN CHEUNG hold 3 D 58 12 month 18.10.2011

RBS DESMOND CHEUNG hold 3 M 84 12 month 01.08.2011

China Merchants Securities LUO JINMING buy 5 M 60 Not Provided 12.02.2009

Holdings By:

Ping An Insurance Group Co of China Ltd ee


16.10.2012

China Shenhua Energy Company Limited is an integrated coal-based energy company

focusing on the coal and power businesses in China. The Company also owns and

operates an integrated coal transportation network consisting of dedicated rail

lines and port facilities.


LTM as of: 03/yy

52-Week High (28.10.2011) 38.00

52-Week Low (07.06.2012) 24.15

Daily Volume

31.45





568'192.94 1 Yr Total Return 0.50%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

80'275.0 104'416.0 117'526.0 157'662.0 208'197.0 165'161.0 215'786.0 234'328.4 256'222.1 59'011.0 69'563.0

15.67x 3.62x 6.12x 3.31x 2.62x 13.57x 7.76x 2.11x 1.87x - -

41'526.0 50'621.0 58'355.0 72'181.0 84'268.0 0.0 0.0 86'656.6 92'297.1 - -

30.29x 7.47x 12.32x 7.22x 6.46x 0.00x 0.00x 5.80x 5.44x - -

20'497.0 25'959.0 30'276.0 38'834.0 45'677.0 39'094.0 45'538.0 46'728.6 50'554.3 11'645.0 14'463.0

39.42x 11.07x 21.98x 14.16x 11.91x 15.70x 11.61x 10.84x 10.02x - -











EBITDA Margin 40.5%



Asset Turnover 0.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Shenhua Energy Co LtdPrice/Volume

Valuation Analysis

8'504'096.00


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150'000.0

200'000.0

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

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16.10.2012



BLACKROCK INC #N/A N/A EXCH 239'324'689 7.04 - 09.10.2012 Investment Advisor




FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 57'186'700 1.68 7'307'500 31.08.2012 Investment Advisor



MATTHEWS INTERNATION Multiple Portfolios MF-AGG 28'961'500 0.85 5'950'000 29.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 28'475'414 0.84 205'440 29.02.2012 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 24'245'000 0.71 830'500 31.08.2012 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 24'236'025 0.71 4'404'000 29.06.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'782'953 0.61 12'285'962 31.08.2012 Investment Advisor




UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 15'360'500 0.45 866'500 29.06.2012 Investment Advisor


BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 13'262'845 0.39 6'914'635 31.08.2012 Investment Advisor


Nomura IVAN LEE neutral 3 M 30 Not Provided 16.10.2012

BOCOM International Holdings HE WEI neutral 3 M 31 Not Provided 16.10.2012

Barclays EPHREM RAVI overweight 5 M 39 Not Provided 16.10.2012

CIMB JEANNETTE SIM outperform 5 M 38 12 month 15.10.2012

Religare Capital Markets TRACY HUANG buy 5 M 36 12 month 11.10.2012

SinoPac ROBERT WEI buy 5 M 34 12 month 08.10.2012

Core Pacific KENNY CHEUNG buy 5 M 40 12 month 03.10.2012

Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 38 12 month 24.09.2012

Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 21 12 month 21.09.2012

Jefferies LABAN YU underperform 1 D 24 12 month 19.09.2012

Macquarie MATTY ZHAO outperform 5 M 36 12 month 18.09.2012

Yuanta Securities Investment ConsultingJOHNNY WONG buy 5 M 37 Not Provided 17.09.2012

Credit Suisse TRINA CHEN outperform 5 M 38 Not Provided 12.09.2012

Standard Chartered CHEN YAN outperform 5 M 40 12 month 08.09.2012


UOB Kay Hian HELEN LAU buy 5 M 36 Not Provided 04.09.2012

Citic Securities Co., Ltd ZU GUOPENG buy 5 M 35 6 month 03.09.2012

Bank of China International LAWRENCE LAU hold 3 M 30 Not Provided 28.08.2012

Mizuho Securities KELVIN NG neutral 3 M 28 12 month 28.08.2012

HSBC SIMON FRANCIS overweight 5 M 34 Not Provided 27.08.2012


DBS Vickers JUNE NG buy 5 M 36 12 month 27.08.2012

Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 36 12 month 26.08.2012

JPMorgan DANIEL KANG overweight 5 M 35 9 month 26.08.2012

China International Capital Corp CAI HONGYU buy 5 M 36 12 month 24.08.2012

BNP Paribas Equity Research JAMES CLARKE buy 5 M 40 12 month 24.08.2012

KGI Securities FLANNERY HUEI-CHEN neutral 3 M 36 12 month 13.08.2012

ICBC International Securities ANNA YU buy 5 M 33 Not Provided 16.07.2012


Daiwa Securities Co. Ltd. FELIX LAM buy 5 M 35 Not Provided 05.07.2012

Deutsche Bank JAMES KAN buy 5 M 31 12 month 14.06.2012

Mirae Asset Securities SHIRLEY ZHAO buy 5 M 42 12 month 12.06.2012

Guotai Junan LEO WU accumulate 4 M 34 Not Provided 31.05.2012

GuoSen Securities Co Ltd DAVID LAM buy 5 M 38 12 month 14.05.2012

Masterlink Securities LI XIN buy 5 M 38 6 month 11.05.2012

Ji Asia SAMUEL THAWLEY buy 5 U 39 12 month 26.04.2012

SWS Research Co Ltd HUANG ZHE neutral 3 M 35 Not Provided 13.04.2012

Cinda Securities Ltd CASTOR PANG buy 5 N 35 Not Provided 07.07.2010

Celestial Securities Limited HENRY LI buy 5 N 45 12 month 17.03.2010

Holdings By:

China Shenhua Energy Co Ltd ee


16.10.2012

LG Chem Ltd. is a chemical manufacturer. The Company's products include

petrochemicals, plastic resins, and engineering plastics. LG Chem also produces

industrial and electronic materials.


LTM as of: 06/yy

52-Week High (09.02.2012) 434'000.00

52-Week Low (04.06.2012) 261'500.00

Daily Volume

316500





20'974'804.00 1 Yr Total Return -6.16%










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 09/12 Q3 12/12 Q4

8'899'578.0 12'645'000.0 13'694'516.0 16'850'454.0 19'809'874.0 ######### ######### - - - -

0.84x 0.49x 1.17x 1.54x 1.08x 6.14x 4.31x - - - -

1'086'841.0 1'728'420.0 2'390'188.0 3'019'236.0 3'095'214.0 ######### ######### - - - -

6.91x 3.61x 6.71x 8.60x 6.89x 0.00x 7.80x - - - -

686'205.0 1'002'585.0 1'384'472.0 1'970'993.0 2'028'321.0 ######### ######### - - - -

10.68x 6.26x 12.28x 14.59x 11.51x 17.21x 13.64x 12.05x 9.65x - -


EBIT 2'520'387.00 Long-Term Rating A-









EBITDA Margin 15.6%



Asset Turnover 1.62








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

LG Chem LtdPrice/Volume

Valuation Analysis

243'509.00


!2!!!!

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- ! E

- 2 E

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0 2 E

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

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

! !!

-! !!

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0! !!

1! !!

2! !!

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4! !!

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16.10.2012


LG CORP n/a Co File 22'219'326 33.53 - 31.12.2011 Holding Company



BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 783'494 1.18 (60) 12.10.2012 Investment Advisor

SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 628'841 0.95 (1'199) 29.06.2012 Investment Advisor


IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 436'910 0.66 (175'000) 30.06.2012 Investment Advisor

LG CHEM LTD n/a EXCH 359'784 0.54 - 21.05.2012 Corporation


UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 317'270 0.48 12'692 31.03.2012 Mutual Fund Manager

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 281'861 0.43 (74'821) 29.06.2012 Mutual Fund Manager

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 277'442 0.42 (264'898) 31.03.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 261'028 0.39 6'592 12.10.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 257'879 0.39 (201'083) 31.03.2012 Mutual Fund Manager

INVESCO LTD Multiple Portfolios MF-AGG 242'481 0.37 (68'980) 15.10.2012 Investment Advisor

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 231'469 0.35 (65'033) 31.03.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 194'183 0.29 69'564 31.08.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 143'192 0.22 (1'782) 31.03.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 132'667 0.2 (223'643) 30.04.2012 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 116'939 0.18 (30'734) 29.06.2012 Investment Advisor


Hanwha Securities Co., Ltd LEE DA-SOL buy 5 M 400'000 6 month 16.10.2012

KB Investment & Securities Co., Ltd PARK JAE-CHUL buy 5 M 370'000 12 month 16.10.2012

Standard Chartered DANIEL DO YEON LEE in-line 3 M 360'000 12 month 12.10.2012

Eugene Investment & Securities Co., LtdKWAK JIN-HEE buy 5 M 360'000 12 month 12.10.2012

Woori Investment & Securities KIM SUN-WOO buy 5 M 350'000 12 month 12.10.2012

Deutsche Bank SHAWN PARK buy 5 M 370'000 12 month 11.10.2012

Kyobo Securities YOUNG-JOO SON buy 5 M 367'000 6 month 10.10.2012

Barclays KAY CHUNG overweight 5 M 421'000 Not Provided 10.10.2012

NH Investment & Securities CHOI JI-HWAN buy 5 M 380'000 6 month 09.10.2012

Hyundai Securities BAEK YOUNG-CHAN buy 5 M 400'000 12 month 08.10.2012

SK Securities Co Ltd SOHN JI-WOO buy 5 M 410'000 6 month 08.10.2012

Tong Yang Investment Bank HWANG KYU-WON buy 5 M 440'000 12 month 08.10.2012

E*Trade Securities Korea WON YONG-JIN buy 5 M 440'000 12 month 05.10.2012

Dongbu Securities Co Ltd KIM TAE-HEE buy 5 M 420'000 12 month 04.10.2012

HSBC BRIAN SOHN overweight 5 M 410'000 Not Provided 02.10.2012

Nomura CINDY PARK buy 5 M 410'000 Not Provided 02.10.2012

KTB Securities YOO YOUNG KOOK buy 5 M 360'000 12 month 30.09.2012

Samsung Securities SEUNGWOO KIM buy 5 M 360'000 12 month 26.09.2012

JPMorgan SAMUEL SW LEE neutral 3 M 350'000 15 month 26.09.2012

BNP Paribas Equity Research POR YONG LIANG buy 5 M 380'000 12 month 25.09.2012

LIG Investment Securities PARK YOUNG-HOON buy 5 M 395'000 12 month 25.09.2012

KIWOOM Securities Co Ltd HONG JEONG-MO buy 5 M 410'000 6 month 19.09.2012

Daishin Securities Co., Ltd. AHN SANG-HEE buy 5 M 400'000 12 month 17.09.2012

Korea Investment & Securities PARK KIYONG buy 5 M 370'000 12 month 14.09.2012

HI Investment Securities LEE HEE-CHEOL buy 5 M 400'000 6 month 11.09.2012

Mirae Asset Securities YOUNG BAE KWON hold 3 M 335'000 12 month 30.08.2012

Credit Suisse CHO A-HYUNG outperform 5 M 465'000 Not Provided 21.08.2012

Shinhan Investment Corp YI EUNG-JU buy 5 M 385'000 12 month 20.08.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 20.08.2012

Bookook Securities Co Ltd CHOI SANG-DO buy 5 M 390'000 6 month 20.07.2012

Daewoo Securities PARK YEON-JU buy 5 M 340'000 12 month 19.07.2012

Macquarie BRANDON I LEE outperform 5 M 400'000 12 month 19.07.2012

IBK Securities Co Ltd CHOONG-JAE LEE buy 5 M 350'000 12 month 19.07.2012

Morgan Stanley HARRISON H HWANG Overwt/Attractive 5 M 410'000 12 month 18.07.2012

Goldman Sachs ROSA KIM neutral/cautious 3 M 340'000 12 month 18.07.2012

Daiwa Securities Co. Ltd. JIHYE CHOI buy 5 M 380'000 Not Provided 18.07.2012

Meritz Securities Co., Ltd HWANG YOU SIK buy 5 M 400'000 6 month 02.07.2012

YuHwa Securities Ltd PARK GUN-TAE buy 5 M 350'000 6 month 02.07.2012

BS Securities Co Ltd #N/A N/A buy 5 N 300'000 Not Provided 11.06.2012

Hana Daetoo Securities LEE JEONG HEON buy 5 M 360'000 12 month 08.06.2012

Shinyoung Securities Co., Ltd. OH JUNG-IL buy 5 M 400'000 12 month 07.06.2012

Holdings By:

LG Chem Ltd ee


16.10.2012

AngloGold Ashanti Limited is a holding company for a group of companies which

explore for and mine gold internationally. The Group has operations in the Vaal

River and West Witwatersrand areas of South Africa as well as Namibia, Mali,

Brazil, Argentina, Australia, Tanzania and the United States.


LTM as of: 06/yy

52-Week High (01.12.2011) 39'182.00

52-Week Low (19.07.2012) 25'199.00

Daily Volume

30087





116'025.97 1 Yr Total Return -6.95%







ANG SJ EQUITY YTD Change - Average Volume 30 Day 1'397'363

ANG SJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'326'205


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 09/12 Q3 12/12 Q4

21'101.0 29'774.0 30'745.0 38'833.0 47'849.0 41'620.1 53'625.3 58'833.4 71'817.5 14'784.0 15'719.0

4.37x 3.48x 3.88x 3.60x 3.00x 12.73x 9.82x 2.28x 1.77x 8.91x 8.48x

718.0 3'311.0 (2'435.0) 9'720.0 20'443.0 15'015.0 23'135.2 25'792.5 34'354.9 6'238.0 7'492.0

128.52x 31.32x 0.00x 14.37x 7.03x 8.12x 4.93x 5.01x 3.76x 4.28x 3.95x

(4'269.0) (16'105.0) (2'762.0) 637.0 11'282.0 5'729.0 13'128.1 12'768.8 17'845.9 2'765.0 3'448.0

0.00x 0.00x 0.00x 126.22x 12.38x 18.36x 8.08x 9.68x 6.91x 8.27x 7.28x











EBITDA Margin 42.7%



Asset Turnover 0.64







Fiscal Year Ended

AngloGold Ashanti LtdPrice/Volume

Valuation Analysis

406'779.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!!

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- ! E

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2 ! E

3 ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

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2! !!

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16.10.2012







ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 8'385'132 2.19 (13'900) 29.06.2012 Investment Advisor


BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'690'071 1.22 64 12.10.2012 Investment Advisor

NEDCOR BANK MGMT CO Multiple Portfolios MF-AGG 4'141'000 1.08 132'492 30.06.2012 Investment Advisor


LIBERTY LIFE ASSURAN #N/A N/A SJ-REG 3'663'915 0.96 - 28.09.2012 Insurance Company



OLD MUTUAL ASSET MAN Multiple Portfolios MF-AGG 2'563'472 0.67 (204'094) 31.03.2012 Investment Advisor



INVESTEC FUND GROUP Multiple Portfolios MF-AGG 2'387'232 0.62 30'356 31.07.2012 Investment Advisor



HSBC BANK PLC #N/A N/A SJ-REG 2'195'571 0.57 - 28.09.2012 Bank


Goldman Sachs EUGENE KING neutral/attractive 3 M 39'000 12 month 15.10.2012

Credit Suisse SAMANTHA HARTARD outperform 5 M 38'900 Not Provided 12.10.2012

Imara PERCY TAKUNDA buy 5 M #N/A N/A Not Provided 12.10.2012

HSBC PATRICK CHIDLEY overweight 5 M 48'300 Not Provided 09.10.2012

Renaissance Capital DERRYN MAADE buy 5 M 34'420 Not Provided 08.10.2012

CIBC World Markets ARNOLD VAN GRAAN sector outperform 5 M 50'000 Not Provided 05.10.2012

Morgan Stanley CHRISTOPHER NICHOLSON Overwt/Attractive 5 M 35'000 12 month 03.10.2012

Deutsche Bank ANNA MULHOLLAND hold 3 M 34'000 12 month 02.10.2012

SBG Securities DAVID R DAVIS buy 5 M 37'800 12 month 02.10.2012

Barclays ANDREW BYRNE overweight 5 N 34'000 Not Provided 17.09.2012

JPMorgan ALLAN COOKE underweight 1 M 27'700 12 month 06.09.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012

BMO Capital Markets DAVID HAUGHTON market perform 3 M 33'500 Not Provided 07.08.2012

Holdings By:

AngloGold Ashanti Ltd ee


16.10.2012

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding

Companies Act, was established on September 29, 2008, through stock transfer

with the former shareholders of its subsidiaries including Kookmin Bank in

order to provide management services and financing to associated companies.

The headquarters are located at Seoul, Korea


LTM as of: 06/yy

52-Week High (27.10.2011) 41.62

52-Week Low (23.07.2012) 28.36

Daily Volume

34.26





13'236.41 1 Yr Total Return -9.51%



Minority Interest - Analyst Recs 2

Cash and Equivalents - Consensus Rating 4.000

Enterprise Value -


KB US EQUITY YTD Change - Average Volume 30 Day 127'231

KB US EQUITY YTD % CHANGE - Average Volume 3 Month 139'368


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 09/12 Q3 12/12 Q4

0.0 635'268.0 696'562.0 131'459.0 26'999.0 31'682.0 703'368.0 - - - -

0.00x 20.05x 34.26x 0.00x 0.00x 1974.48x 22.95x - - - -

0.0 616'576.0 599'907.0 95'109.0 (19'210.0) (12'623.0) 659'641.0 - - - -

0.00x 20.66x 39.78x 0.00x 0.00x 0.00x 0.00x - - - -

0.0 611'927.0 539'818.0 41'575.0 (63'678.0) (62'983.0) 635'162.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -

EBITDA -19'210.00 Long-Term Rating Date -


Operating Margin - Long-Term Outlook -

Pretax Margin -241.58% Short-Term Rating Date -

Return on Assets -0.34% Short-Term Rating -

Return on Common Equity -0.36%

Return on Capital -0.35% EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -9.37

EBITDA Margin -71.2%


Net Income Margin -235.9% Total Debt/Capital 1.0%

Asset Turnover 0.00







Fiscal Year Ended

KB Financial Group IncPrice/Volume

Valuation Analysis

84'292.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

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

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16.10.2012



FRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 5'121'275 1.33 123'080 30.06.2012 Investment Advisor


DELAWARE MANAGEMENT DELAWARE MANAGEMENT 13F 2'624'756 0.68 (344'398) 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I TEMPLETON GLOBAL ADV 13F 2'503'259 0.65 66'770 30.06.2012 Investment Advisor

WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 1'544'924 0.4 (19'400) 30.06.2012 Investment Advisor


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'194'141 0.31 - 30.06.2012 Investment Advisor

ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 1'002'132 0.26 (81'428) 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 968'195 0.25 30'074 30.06.2012 Investment Advisor

TRILOGY GLOBAL ADVIS TRILOGY GLOBAL ADVIS 13F 881'952 0.23 61'353 30.06.2012 Hedge Fund Manager

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 710'197 0.18 1'500 30.06.2012 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 593'117 0.15 - 31.08.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 578'968 0.15 - 30.04.2011 Investment Advisor

NEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 575'791 0.15 (47'228) 30.06.2012 Investment Advisor

NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 408'689 0.11 8'059 30.06.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 365'680 0.09 31'560 31.08.2012 Investment Advisor

NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 350'471 0.09 (8'830) 30.06.2012 Pension Fund (ERISA)

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 337'381 0.09 97'245 30.06.2012 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 333'596 0.09 3'600 30.06.2012 Investment Advisor



Holdings By:

KB Financial Group Inc ee


16.10.2012

MediaTek Inc. is a fabless semiconductor company for wireless communications

and digital multimedia solutions. The company provides SOC system solutions for

wireless communications, high-definition TV, optical storage, DVD and Blu-ray

products.


LTM as of: 06/yy

52-Week High (24.10.2011) 345.00

52-Week Low (30.04.2012) 235.00

Daily Volume

317.5





428'422.53 1 Yr Total Return -2.16%

Total Debt 0.00 YTD Return 18.64%






2454 TT EQUITY YTD Change - Average Volume 30 Day 11'523'080

2454 TT EQUITY YTD % CHANGE - Average Volume 3 Month 12'149'650


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 09/12 Q3 12/12 Q4

74'778.6 68'015.5 77'310.8 71'988.4 53'842.4 57'529.1 54'862.4 - - - -

5.21x 2.89x 7.04x 5.70x 5.31x 25.42x 21.94x - - - -

33'203.4 19'806.1 23'857.8 19'364.5 6'633.9 10'676.3 5'696.0 - - - -

11.72x 9.91x 22.81x 21.20x 43.13x 27.47x 49.29x - - - -

33'592.7 19'190.0 36'705.6 30'961.4 13'623.1 17'433.2 12'844.9 15'552.0 24'935.9 4'699.7 4'857.8

12.92x 12.24x 16.35x 14.68x 22.47x 19.51x 23.74x 24.44x 17.03x 20.38x 18.62x











EBITDA Margin 12.3%



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MediaTek IncPrice/Volume

Valuation Analysis

9'934'997.00


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16.10.2012



LI TSUI-HSIN n/a Co File 48'674'145 3.61 - 16.07.2011 n/a

MING-CHIEH TSAI n/a EXCH 41'006'187 3.04 133'025 31.08.2012 n/a

CAPITAL WORLD GROWTH n/a Co File 40'600'426 3.01 - 16.07.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 39'467'951 2.92 (535'000) 30.09.2012 Investment Advisor

CAPITAL INC FOUNDA F n/a Co File 31'425'774 2.33 - 16.07.2011 n/a

JYH-JER CHO n/a EXCH 30'325'222 2.25 43'775 31.08.2012 n/a

US GROWTH FUND n/a Co File 22'709'996 1.68 - 16.07.2011 n/a

LIU TING-JEN n/a Co File 21'011'763 1.56 - 16.07.2011 n/a

REICHARDT FUND n/a Co File 20'276'421 1.5 - 16.07.2011 n/a

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 19'507'920 1.45 - 12.10.2012 Investment Advisor

EURO PACIFIC GROWTH n/a Co File 15'402'625 1.14 - 16.07.2011 n/a

VANGUARD EMS INDEX F n/a Co File 15'159'975 1.12 - 16.07.2011 n/a

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 14'044'133 1.04 40'000 30.06.2012 Investment Advisor


POLARIS SEC INVESTME Multiple Portfolios MF-AGG 10'925'000 0.81 (1'033'000) 30.06.2012 Mutual Fund Manager

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 9'297'721 0.69 4'770'720 31.08.2012 Investment Advisor


HSIANG FA INVESTMENT n/a EXCH 7'794'085 0.58 - 31.08.2012 n/a



Macquarie JEFFREY SU underperform 1 M 245 12 month 15.10.2012

Barclays ANDREW LU overweight 5 M 395 Not Provided 15.10.2012

RBS JACK LU buy 5 M 380 12 month 11.10.2012

Morgan Stanley BILL LU Overwt/In-Line 5 M 400 12 month 11.10.2012

Nomura AARON JENG buy 5 M 385 Not Provided 11.10.2012

Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 09.10.2012

HSBC YOLANDA WANG overweight 5 M 382 Not Provided 08.10.2012

Credit Suisse RANDY ABRAMS restricted #N/A N/A M #N/A N/A Not Provided 05.10.2012

JPMorgan ALVIN KWOCK not rated #N/A N/A M #N/A N/A Not Provided 05.10.2012


KGI Securities MICHAEL LIU outperform 5 M 380 12 month 05.10.2012

Fubon Securities WILLIAM WANG add 4 M 330 6 month 01.10.2012

Daiwa Securities Co. Ltd. ERIC CHEN buy 5 M 400 Not Provided 01.10.2012

BNP Paribas Equity Research LAURA CHEN buy 5 M 370 12 month 27.09.2012

Jih Sun Securities WENWEN WANG neutral 3 D #N/A N/A Not Provided 20.09.2012

E Sun Securities YANG SHENG-MIN buy 5 M #N/A N/A Not Provided 14.09.2012

SinoPac STEFAN CHANG neutral 3 M 310 Not Provided 06.09.2012

Deutsche Bank JESSICA CHANG buy 5 M 435 12 month 05.09.2012

Yuanta Securities Investment ConsultingGEORGE CHANG buy 5 M 355 Not Provided 04.09.2012

Berenberg Bank ADNAAN AHMAD sell 1 M 210 Not Provided 04.09.2012

Sanford C. Bernstein & Co MARK LI market perform 3 U 320 12 month 03.09.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 24.08.2012

Masterlink Securities CHELSEY SU buy 5 M 329 12 month 06.08.2012

President Capital Management VICKIE HSIEH buy 5 U 293 6 month 01.08.2012

Goldman Sachs DONALD LU not rated #N/A N/A M #N/A N/A Not Provided 27.06.2012

Mega Securities HU MING-YAO neutral 3 M 300 6 month 01.08.2011

Concord Securities Corp AARON HSIEH equalweight 3 M #N/A N/A Not Provided 30.07.2010

IBT Securities Co Ltd JARED WANG buy 5 M #N/A N/A Not Provided 19.03.2010

Holdings By:

MediaTek Inc ee


16.10.2012

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long

distance services. The Company also offers wireless telecommunication, paging,

and Internet services.


LTM as of: 06/yy

52-Week High (17.11.2011) 34.31

52-Week Low (27.07.2012) 29.22

Daily Volume

31.37





24'335.11 1 Yr Total Return 1.48%

Total Debt 0.00 YTD Return 0.01%




Enterprise Value -


CHT US EQUITY YTD Change - Average Volume 30 Day 231'378

CHT US EQUITY YTD % CHANGE - Average Volume 3 Month 186'356


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 09/12 Q3 12/12 Q4

186'329.0 186'780.7 184'040.3 186'410.9 192'462.1 190'167.4 191'291.8 - - - -

2.88x 2.28x 2.67x 3.38x 3.70x 13.51x 14.35x - - - -

100'550.0 95'133.8 91'113.9 89'400.1 83'154.6 86'642.8 79'916.1 - - - -

5.34x 4.49x 5.39x 7.06x 8.55x 7.93x 8.19x - - - -

48'249.3 45'010.3 43'757.4 47'608.9 47'068.4 47'748.7 42'698.0 40'354.0 42'201.6 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 17.60x 16.84x - -


EBIT 51'240.50 Long-Term Rating AA









EBITDA Margin 43.2%



Asset Turnover 0.44







Fiscal Year Ended

Chunghwa Telecom Co LtdPrice/Volume

Valuation Analysis

170'710.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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100'000.0

150'000.0

200'000.0

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16.10.2012



DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 4'122'488 0.53 (276'711) 30.06.2012 Investment Advisor

BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 3'430'235 0.44 56'126 30.06.2012 Investment Advisor

MATTHEWS INTERNATION MATTHEWS INTERNATION 13F 2'587'669 0.33 38'700 30.06.2012 Investment Advisor


NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'077'475 0.27 44'547 30.06.2012 Investment Advisor

STEADFAST CAPITAL MG STEADFAST CAPITAL MG 13F 1'008'200 0.13 1'008'200 30.06.2012 Hedge Fund Manager

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 930'545 0.12 29'300 30.06.2012 Investment Advisor

WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 870'054 0.11 900 30.06.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 812'508 0.1 (33'394) 31.08.2012 Mutual Fund Manager

CANADA PENSION PLAN CANADA PENSION PLAN 13F 810'426 0.1 158'000 30.06.2012 Pension Fund (ERISA)

SATURNA CAPITAL CORP SATURNA CAPITAL CORP 13F 569'706 0.07 - 30.06.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 441'721 0.06 90'610 30.06.2012 Investment Advisor

HSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 388'726 0.05 (15'776) 30.06.2012 Investment Advisor

BLACKROCK INC BLACKROCK INC 13F 343'151 0.04 (6'049) 30.06.2012 Investment Advisor

UBS GLOBAL ASSET MAN UBS GLOBAL ASSET MAN 13F 340'556 0.04 - 30.06.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 299'146 0.04 (814'500) 30.06.2012 Hedge Fund Manager

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 279'429 0.04 (160'854) 30.06.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 276'178 0.04 (29'611) 30.06.2012 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 273'834 0.04 - 31.08.2012 Investment Advisor



Goldman Sachs PIYUSH MUBAYI neutral/neutral 3 M 28 12 month 30.03.2011

Holdings By:

Chunghwa Telecom Co Ltd ee


16.10.2012

Grupo Televisa S.A.B., operates media and entertainment businesses in the

Spanish speaking world. The Company has interests in television production and

broadcasting, programming, direct-to-home satellite services, publishing and

publishing distribution, cable television, radio production, show business,

feature films and Internet portals.


LTM as of: 06/yy

52-Week High (14.09.2012) 24.88

52-Week Low (25.11.2011) 18.60

Daily Volume

23.68





13'526.49 1 Yr Total Return 18.02%





Enterprise Value -


TV US EQUITY YTD Change - Average Volume 30 Day 1'393'118

TV US EQUITY YTD % CHANGE - Average Volume 3 Month 1'415'022


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 09/12 Q3 12/12 Q4

41'561.5 47'972.3 52'352.5 57'856.8 62'581.5 44'461.7 66'396.6 67'982.9 73'649.5 17'271.3 18'959.6

3.11x 2.08x 2.75x 3.48x 3.79x 12.10x 12.56x 3.11x 2.80x 12.63x -

17'683.1 19'438.9 20'086.5 22'161.9 24'251.8 16'738.5 26'056.3 26'323.7 28'381.3 7'127.6 7'910.7

7.30x 5.12x 7.16x 9.09x 9.78x 0.00x 7.87x - - - -

8'082.5 7'803.7 6'007.1 7'683.4 6'889.6 5'600.1 7'117.5 8'093.5 10'280.2 2'545.7 3'109.1

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 24.25x 20.26x 21.17x 28.42x











EBITDA Margin 38.8%



Asset Turnover 0.43








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Grupo Televisa SABPrice/Volume

Valuation Analysis

2'208'600.00


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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

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16.10.2012


CASCADE INVESTMENT L n/a 13D 29'156'500 5.1 2'368'100 19.03.2010 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 27'723'091 4.85 151'321 30.06.2012 Hedge Fund Manager

DODGE & COX DODGE & COX 13F 23'746'292 4.16 (3'117'500) 30.06.2012 Investment Advisor

GATES FOUNDATION BILL & MELINDA FOUND 13F 16'879'103 2.95 - 30.06.2012 Endowment



COMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 12'434'216 2.18 152'784 30.06.2012 Bank






MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 6'738'000 1.18 683'679 30.06.2012 Investment Advisor



CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 4'863'533 0.85 190'707 30.06.2012 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 4'401'658 0.77 (205'752) 29.06.2012 Investment Advisor

VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 4'374'306 0.77 1'476'481 30.06.2012 Investment Advisor

SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 4'112'145 0.72 (3'866) 30.06.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 3'931'062 0.69 - 31.08.2012 Investment Advisor


Morgan Stanley MICHEL MORIN Equalwt/In-Line 3 D 26 12 month 16.10.2012

Itau BBA Securities GREGORIO TOMASSI underperform 1 M 26 Not Provided 14.10.2012

HSBC RICHARD DINEEN overweight 5 M 27 Not Provided 05.10.2012

Scotia Capital ANDRES COELLO sector perform 3 M 24 12 month 27.09.2012

Goldman Sachs LUCIO G ALDWORTH neutral/neutral 3 U 25 12 month 31.07.2012

Barclays VERA ROSSI underweight 1 M 22 Not Provided 23.07.2012

Actinver SA MARTIN LARA hold 3 M 23 12 month 18.07.2012

JPMorgan ANDRE BAGGIO overweight 5 M 31 15 month 12.07.2012

Banorte-IXE MANUEL JIMENEZ ZALDIVAR buy 5 M 26 Not Provided 10.07.2012

Credit Suisse ANDREW T CAMPBELL outperform 5 M 26 Not Provided 10.07.2012

Miller Tabak + Co., LLC DAVID C JOYCE buy 5 M 25 12 month 10.07.2012

Grupo Santander VALDER NOGUEIRA hold 3 M 22 Not Provided 10.04.2012

BBVA ALEJANDRO GALLOSTRA underperform 1 N 24 Not Provided 13.01.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 23.11.2011

Holdings By:

Grupo Televisa SAB ee


16.10.2012

BRF-Brasil Foods SA is a food processor in Latin America. The Company raises

chickens to produce poultry products. Brasil Foods also processes frozen

pastas, soybeans and their derivatives, and distributes frozen vegetables. The

Company's core business is chilled and frozen food. The Company has offices

in the Middle East, Asia, and Europe.


LTM as of: 06/yy

52-Week High (16.03.2012) 21.70

52-Week Low (12.07.2012) 13.61

Daily Volume

18.25





15'922.64 1 Yr Total Return -6.09%





Enterprise Value -


BRFS US EQUITY YTD Change - Average Volume 30 Day 2'240'173

BRFS US EQUITY YTD % CHANGE - Average Volume 3 Month 2'315'586


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 09/12 Q3 12/12 Q4

6'633.4 11'393.0 15'905.8 22'681.3 25'706.2 24'417.2 26'570.6 27'845.5 30'341.4 6'473.0 7'175.2

1.31x 0.84x 2.74x 1.21x 1.43x 4.55x 5.26x 1.41x 1.30x - -

775.5 1'079.8 619.4 2'320.6 2'878.5 2'846.5 2'411.8 2'588.0 3'855.3 492.5 863.3

11.22x 8.83x 70.41x 11.85x 12.81x 9.35x 13.75x - - - -

321.3 54.4 123.0 804.1 1'367.4 1'452.9 645.6 849.1 1'838.5 141.3 441.8

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 37.80x 20.09x 28.59x 21.86x











EBITDA Margin 11.2%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BRF - Brasil Foods SAPrice/Volume

Valuation Analysis

1'624'286.00


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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

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16.10.2012


VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 14'411'166 1.65 1'664'744 30.06.2012 Investment Advisor


BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 4'601'265 0.53 922'975 30.06.2012 Investment Advisor


ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 3'913'454 0.45 147'046 30.06.2012 Hedge Fund Manager

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'639'282 0.42 (780'271) 30.06.2012 Investment Advisor


BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 2'673'542 0.31 (352'421) 30.06.2012 Investment Advisor


CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'699'820 0.19 127'000 30.06.2012 Pension Fund (ERISA)

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 1'651'299 0.19 (1'089'321) 30.06.2012 Investment Advisor

BLACKROCK INC BLACKROCK INC 13F 1'482'868 0.17 (35'471) 30.06.2012 Investment Advisor

CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 1'395'460 0.16 (119'234) 31.10.2011 Mutual Fund Manager

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'331'981 0.15 (720'319) 30.06.2012 Investment Advisor

QVT FINANCIAL LP QVT FINANCIAL LP 13F 1'197'220 0.14 660'000 30.06.2012 Hedge Fund Manager

BNP PARIBAS INV PRTN BNP PARIBAS INVESTME 13F 1'189'138 0.14 441'073 30.06.2012 Investment Advisor

EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 1'179'046 0.14 - 12.10.2012 Investment Advisor

ALPS ADVISORS INC ALPS ADVISORS INC 13F 1'136'707 0.13 (856'185) 30.06.2012 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 1'016'278 0.12 - 31.08.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 983'982 0.11 (70'127) 30.06.2012 Investment Advisor


Raymond James JOSEPH GIORDANO market perform 3 M #N/A N/A Not Provided 05.10.2012

JPMorgan ALAN ALANIS underweight 1 D 17 15 month 28.09.2012

Miller Tabak + Co., LLC TIM TIBERIO hold 3 D 18 12 month 14.09.2012

Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 20 Not Provided 28.08.2012


HSBC PEDRO HERRERA overweight 5 M 20 Not Provided 23.07.2012

Grupo Santander LUIS MIRANDA buy 5 M 24 Not Provided 13.12.2011

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011

Banco BTG Pactual SA THIAGO DUARTE buy 5 M 21 12 month 21.10.2011

Bradesco Corretora RICARDO BOIATI market perform 3 M 21 Not Provided 13.05.2011

Holdings By:

BRF - Brasil Foods SA ee


16.10.2012

NovaTek OAO is a Russian independent producer of natural gas. The Company

explores for,produces, processes, transports and markets natural gas and liquid

hydrocarbons. The Company's primary production and processing assets are

located in the Yamal-Nenets Autonomous Region in Western Siberia.


LTM as of: 06/yy

52-Week High (15.11.2011) 156.00

52-Week Low (30.05.2012) 88.25

Daily Volume

120.8





36'678.58 1 Yr Total Return -3.65%





Enterprise Value -


NVTK LI EQUITY YTD Change - Average Volume 30 Day 485'914

NVTK LI EQUITY YTD % CHANGE - Average Volume 3 Month 407'443


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 09/12 Q3 12/12 Q4

62'321.0 79'272.0 89'954.0 117'024.0 176'064.0 149'013.0 190'145.0 217'832.1 275'607.5 54'424.3 60'895.6

9.03x 2.06x 6.26x 9.42x 7.20x 28.45x 25.01x 5.46x 4.23x 21.82x 19.34x

29'157.0 36'798.0 39'271.0 56'200.0 88'917.0 73'878.0 91'324.0 100'846.0 128'196.9 22'409.1 26'692.3

19.31x 4.43x 14.33x 19.61x 14.27x 15.51x 11.73x - - - -

18'736.0 22'899.0 26'043.0 40'533.0 119'655.0 55'486.0 117'289.0 70'243.0 90'872.6 15'332.5 18'808.7

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 15.89x 12.50x - -











EBITDA Margin 50.5%



Asset Turnover 0.53







Fiscal Year Ended

NovaTek OAOPrice/Volume

Valuation Analysis

180'148.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/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

160'000.0

180'000.0

200'000.0

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

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16.10.2012







FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'046'510 0.34 775'778 29.02.2012 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 896'111 0.3 - 12.10.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 826'863 0.27 (156'902) 30.06.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 780'700 0.26 8'000 31.08.2012 Mutual Fund Manager

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 778'836 0.26 (12'463) 31.08.2012 Investment Advisor


DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 619'600 0.2 52'901 30.11.2011 Mutual Fund Manager

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 555'959 0.18 5'252 29.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 414'198 0.14 (77'858) 30.06.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 391'700 0.13 - 31.08.2012 Investment Advisor

CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 375'000 0.12 - 31.08.2012 Investment Advisor

PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 276'125 0.09 - 31.07.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 263'600 0.09 (64'600) 30.03.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 254'463 0.08 25'463 31.07.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 251'073 0.08 (14'400) 31.08.2012 Investment Advisor


VTB Capital DMITRY LOUKASHOV buy 5 M 150 12 month 15.10.2012


Morgan Stanley PAVEL SOROKIN Overwt/In-Line 5 M 160 12 month 07.10.2012

JPMorgan ARTEM KONCHIN overweight 5 M 180 12 month 04.10.2012

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 137 12 month 04.10.2012

Uralsib ALEXEI KOKIN buy 5 M 145 Not Provided 04.10.2012

Deutsche Bank PAVEL KUSHNIR buy 5 M 160 12 month 02.10.2012

ING Wholesale Banking IGOR KURINNYY buy 5 U 148 12 month 26.09.2012

Alfa-Bank MARIYA YEGIKYAN equalweight 3 M 134 Not Provided 21.09.2012

Troika Dialog OLEG MAXIMOV buy 5 M 175 12 month 21.09.2012

Societe Generale EVGENY SOLOVYOV sell 1 M 109 12 month 16.08.2012

Credit Suisse ANDREY OVCHINNIKOV outperform 5 M 133 Not Provided 09.08.2012


Gazprombank ALEXANDER NAZAROV overweight 5 M 185 12 month 12.07.2012

RMG Securities MIKHAIL LOSHININ buy 5 N 135 Not Provided 12.07.2012

IFC Metropol SERGEY VAKHRAMEEV buy 5 M 155 12 month 02.07.2012

Otkritie Capital ALEXANDER BURGANSKY hold 3 M 147 12 month 13.03.2012

Aton LLC ELENA SAVCHIK buy 5 M 180 12 month 20.01.2012

Goldman Sachs GEYDAR MAMEDOV Buy/Neutral 5 M 207 12 month 29.11.2011

Barclays LYDIA RAINFORTH equalweight 3 M 145 Not Provided 15.11.2011

Wood & Company CHIRVANI ABDOULLAEV sell 1 N 124 12 month 22.06.2011

Holdings By:

NovaTek OAO ee


16.10.2012

Formosa Plastics Corporation manufactures and markets plastics materials and

chemical fiber products. The Company's products include PVC (Polyvinyl Chloride)

resins, high density polyethylene, tairylan acrylic fiber, acrylic acid and

ester, carbon fiber, caustic soda, PVC modifier, and calcium carbonate.


LTM as of: 06/yy

52-Week High (20.02.2012) 93.90

52-Week Low (15.06.2012) 73.60

Daily Volume

80





489'672.41 1 Yr Total Return 0.77%










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 09/12 Q3 12/12 Q4

181'606.8 182'042.2 156'969.6 194'446.0 187'603.3 198'853.5 175'386.7 178'867.7 192'942.7 44'905.4 46'615.1

2.76x 1.56x 2.59x 2.90x 2.65x 11.08x 11.50x 2.93x 2.70x - -

28'448.1 17'430.5 21'577.5 36'835.0 32'857.5 40'229.2 20'828.4 25'456.1 32'525.1 5'285.0 6'245.0

17.65x 16.28x 18.87x 15.30x 15.15x 14.94x 23.58x 19.34x 15.14x 20.33x 19.19x

47'810.6 19'709.5 27'533.4 45'546.4 35'724.5 51'710.3 13'235.4 21'143.3 30'912.4 8'734.2 7'001.9

10.90x 12.64x 14.96x 13.10x 13.84x 12.25x 36.93x 23.49x 15.83x 17.61x 18.28x











EBITDA Margin 17.5%



Asset Turnover 0.55







Fiscal Year Ended

Formosa Plastics CorpPrice/Volume

Valuation Analysis

6'815'151.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!

-!!

j--- f--- S--- d--. a--. e--. M--. e--. d--. d--. M--. m--. ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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16.10.2012


CHANG GUNG MEDICAL F n/a EXCH 509'091'226 8.32 2'736'000 31.08.2012 n/a

FORMOSA CHEMICALS & n/a EXCH 468'162'602 7.65 - 31.08.2012 Corporation

MERRILL LYNCH SEC n/a Co File 383'395'725 6.26 - 21.04.2012 n/a

NAN YA PLASTICS CORP n/a EXCH 283'454'909 4.63 - 31.08.2012 Corporation

YUNG-TSAI WANG n/a Co File 270'911'912 4.43 - 21.04.2012 n/a

CHIN'S INTL INVESTME n/a Co File 254'512'277 4.16 - 21.04.2012 n/a

WAN SHUN INTL INVEST n/a Co File 186'770'700 3.05 - 21.04.2012 n/a


FORMOSA PETROCHEMICA n/a EXCH 126'404'198 2.07 - 31.08.2012 Corporation

MING CHI UNIV OF TEC n/a Co File 86'457'055 1.41 - 21.04.2012 n/a

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 76'244'798 1.25 (3'000) 12.10.2012 Investment Advisor






MIN-TING HO n/a EXCH 26'754'196 0.44 - 31.08.2012 n/a

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 25'087'000 0.41 - 16.04.2012 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 13'377'350 0.22 571'000 31.07.2012 Mutual Fund Manager


Jih Sun Securities LIBAO WAN neutral 3 M #N/A N/A Not Provided 15.10.2012

Barclays SIDNEY YEH equalweight 3 N 73 Not Provided 11.10.2012

Deutsche Bank ALDEN LIN hold 3 M 84 12 month 09.10.2012

Credit Suisse JEREMY CHEN outperform 5 M 97 Not Provided 08.10.2012

Fubon Securities KERRY WU add 4 M 90 6 month 05.10.2012

President Capital Management TOM HUNG neutral 3 D 81 6 month 05.10.2012

Goldman Sachs TOMMY WONG neutral/cautious 3 M 72 12 month 04.10.2012

BNP Paribas Equity Research POR YONG LIANG hold 3 M 78 12 month 04.10.2012

Nomura DAVID WANG buy 5 M 93 Not Provided 04.10.2012

HSBC SRIHARSHA PAPPU underweight 1 M 64 Not Provided 02.10.2012

KGI Securities AARON LIU outperform 5 M 99 12 month 17.09.2012

SinoPac ALVIN LIAO sell 1 M 65 Not Provided 06.09.2012

Macquarie CORINNE JIAN neutral 3 M 69 12 month 04.09.2012


E Sun Securities HONG CLIFF buy 5 N #N/A N/A Not Provided 16.08.2012

Morgan Stanley LILY CHEN Overwt/In-Line 5 M 87 12 month 09.07.2012

Capital Securities Corp TEAM COVERAGE neutral 3 M 80 3 month 05.06.2012

JPMorgan SAMUEL SW LEE Rating Suspended #N/A N/A M #N/A N/A Not Provided 10.05.2012


Grand Cathay Securities Co JUN LIAO underperform 1 D 60 Not Provided 27.07.2010

Holdings By:

Formosa Plastics Corp ee


16.10.2012

Uralkali OJSC produces potash. The Company operates mines and ore-treatment

mills in the Perm Territory, Russia. Uralkali extracts and processes potassium

ore and sells standard and granular muriate of potash for the agriculture and

chemical industries. The Company's main markets include Brazil, India, China,

Southeast Asia, Russia, the United States, and Europe.


LTM as of: 09/yy

52-Week High (28.10.2011) 46.69

52-Week Low (13.12.2011) 31.63

Daily Volume

40.51





23'787.60 1 Yr Total Return 4.49%





Enterprise Value -


URKA LI EQUITY YTD Change - Average Volume 30 Day 2'352'798

URKA LI EQUITY YTD % CHANGE - Average Volume 3 Month 1'808'477


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1

1'154.3 2'533.6 1'069.1 1'699.4 3'495.9 527.9 677.9 4'246.7 5'011.7 - 790.0

13.40x 1.77x 8.13x 8.91x 7.09x 0.00x 0.00x 6.09x 5.00x - -

473.4 1'668.2 517.9 800.4 2'068.2 0.0 0.0 2'679.8 3'251.0 - 475.0

32.69x 2.69x 16.78x 18.91x 11.98x 0.00x 0.00x - - - -

314.7 885.0 287.4 548.4 1'184.0 185.7 207.8 1'723.2 2'211.4 - 510.0

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 14.48x 11.36x - -











EBITDA Margin 59.2%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Uralkali OJSCPrice/Volume

Valuation Analysis

986'221.00


!2

-!-2.!.20!021!122!

j--- f--- S--- d--. a--. e--. M--. e--. d--. d--. M--. m--. ! E. ! E1 ! E3 ! E5 ! E-! ! E-. ! E-1 ! E-3 ! E-5 ! E.! ! E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



16.10.2012



FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 4'299'964 0.73 634'400 30.06.2012 Investment Advisor




SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'681'029 0.29 (308'490) 30.06.2012 Investment Advisor


DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'286'900 0.22 120'000 31.08.2012 Mutual Fund Manager

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'211'740 0.21 35'380 30.09.2012 Investment Advisor


DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'052'001 0.18 (352'999) 30.11.2011 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 881'862 0.15 522'402 31.07.2012 Mutual Fund Manager

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 795'703 0.14 - 31.08.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 500'000 0.09 - 31.08.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 498'200 0.08 60'000 31.08.2012 Investment Advisor

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 472'947 0.08 - 29.06.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 440'966 0.08 - 30.06.2012 Mutual Fund Manager

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 419'542 0.07 39'992 31.07.2012 Investment Advisor

PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 413'158 0.07 - 31.07.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 393'500 0.07 (3'000) 30.03.2012 Investment Advisor


Credit Suisse SEMYON MIRONOV neutral 3 M 37 Not Provided 12.10.2012

Goldman Sachs DZHUNI ASTOR neutral/attractive 3 M 49 12 month 11.10.2012

Gazprombank ALEKSEI ASTAPOV neutral 3 M 43 12 month 11.10.2012

VTB Capital ELENA SAKHNOVA hold 3 M 44 12 month 08.10.2012

Uralsib ARTEM EGORENKOV hold 3 M 41 Not Provided 04.10.2012

Alfa-Bank MARIA BOVYKINA equalweight 3 M 41 Not Provided 17.09.2012

IFC Metropol SERGEY FILCHENKOV buy 5 M 47 12 month 12.09.2012

ING Wholesale Banking ANNA KOCHKINA buy 5 M 49 Not Provided 11.09.2012

Otkritie Capital DENIS GABRIELIK hold 3 M 45 Not Provided 10.09.2012

HSBC YONAH WEISZ overweight 5 M 52 Not Provided 06.09.2012

Troika Dialog MIKHAIL STISKIN hold 3 M 43 12 month 06.08.2012

JPMorgan YURIY A VLASOV neutral 3 M 37 3 month 21.06.2012

Renaissance Capital ANNA KUPRIYANOVA buy 5 M 45 12 month 21.05.2012

Deutsche Bank BOB KOMMERS hold 3 M 41 12 month 24.04.2012

Aton LLC MIKHAIL PAK hold 3 M 49 12 month 20.01.2012

RMG Securities DARIA KOZLOVA Under Review #N/A N/A M #N/A N/A Not Provided 09.03.2011

Holdings By:

Uralkali OJSC ee


16.10.2012

SK Hynix Inc. manufactures semiconductors, such as dynamic random access memory

(DRAM), NAND flash memory, and static random access memory (SRAM) chips.


LTM as of: 06/yy

52-Week High (28.03.2012) 30'950.00

52-Week Low (19.12.2011) 19'750.00

Daily Volume

22850





15'860'698.00 1 Yr Total Return 4.10%







000660 KS EQUITY YTD Change - Average Volume 30 Day 5'047'728

000660 KS EQUITY YTD % CHANGE - Average Volume 3 Month 5'725'364


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 09/12 Q3 12/12 Q4

8'433'754.6 6'495'367.1 7'521'457.8 11'973'426.0 10'188'162.0 ######### ######### ######### ######### - -

1.58x 1.20x 2.32x 1.44x 1.69x 6.42x 7.89x 1.99x 1.77x - -

2'003'000.6 (300'341.2) 1'637'843.1 4'979'793.0 2'347'248.0 ######### ######### ######### ######### - -

6.64x 0.00x 10.65x 3.47x 7.35x 4.59x 15.02x 6.03x 3.98x - -

346'295.5 (4'719'632.9) (347'785.3) 2'785'945.0 129'142.0 ######### ######### (336'912.5) 911'960.5 - -

34.42x 0.00x 0.00x 5.08x 100.69x 7.07x 0.00x - 17.95x - -


EBIT 270'919.00 Long-Term Rating BB-






Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. -0.88



EBITDA Margin 23.0%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SK Hynix IncPrice/Volume

Valuation Analysis

3'901'823.00


!

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-!!!!

-2!!!

.!!!!

.2!!!

0!!!!

02!!!

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2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0.0

2'000'000.0

4'000'000.0

6'000'000.0

8'000'000.0

10'000'000.0

12'000'000.0

14'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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16.10.2012


SK TELECOM CO LTD n/a EXCH 146'100'000 21.05 - 22.06.2012 Corporation


KOREA FINANCE CORPOR n/a EXCH 24'772'435 3.57 (7'640'500) 14.02.2012 Government



MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 6'492'917 0.94 540'947 31.03.2012 Investment Advisor

SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 6'168'112 0.89 (20'610) 29.06.2012 Investment Advisor


UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 4'839'408 0.7 (1'163'527) 31.03.2012 Mutual Fund Manager

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 4'063'730 0.59 330'300 29.06.2012 Investment Advisor


KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 3'346'196 0.48 (544'435) 31.03.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2'815'068 0.41 (440'700) 31.03.2012 Mutual Fund Manager

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 1'992'349 0.29 190'916 31.03.2012 Investment Advisor

ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 1'954'780 0.28 753'150 31.08.2012 Investment Advisor


KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'721'601 0.25 285'980 29.06.2012 Mutual Fund Manager

KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 1'684'750 0.24 66'410 31.03.2012 Mutual Fund Manager

KTB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'295'249 0.19 451'498 31.03.2012 Mutual Fund Manager

PRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 1'148'799 0.17 68'200 31.03.2012 Mutual Fund Manager


Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 29'000 12 month 16.10.2012

KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 35'000 12 month 16.10.2012

Nomura CHANG-WON CHUNG neutral 3 M 23'000 Not Provided 16.10.2012

Morgan Stanley LEE KA KEUN Overwt/Attractive 5 M 32'000 12 month 15.10.2012

Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 31'000 12 month 15.10.2012

SK Securities Co Ltd SUNG-JAE DAVID CHOI buy 5 M 32'000 6 month 15.10.2012

Credit Suisse KEON HAN neutral 3 M 24'000 Not Provided 15.10.2012

Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 27'000 12 month 15.10.2012

LIG Investment Securities CHOI DO-YEON buy 5 M 33'000 12 month 15.10.2012

JPMorgan JJ PARK neutral 3 M 22'000 9 month 11.10.2012

Dongbu Securities Co Ltd SHIN HYUNJOON buy 5 M 32'000 12 month 10.10.2012

HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 30'000 12 month 09.10.2012

Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 32'000 6 month 08.10.2012

Kyobo Securities KOO JA-WOO buy 5 M 31'000 12 month 08.10.2012

IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 32'000 12 month 08.10.2012

Samsung Securities MINSEONG HWANG buy 5 U 30'000 12 month 04.10.2012

KTB Securities JIN SUNG-HAE buy 5 M 27'000 12 month 30.09.2012

Taurus Investment Securities Co Ltd KIM HYUNG-SIK buy 5 M 31'000 6 month 28.09.2012

BNP Paribas Equity Research PETER YU buy 5 M 28'000 12 month 27.09.2012

Eugene Investment & Securities Co., LtdLEE JEONG buy 5 M 28'000 12 month 24.09.2012

Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 31'000 6 month 18.09.2012

Barclays BAE SEUNG-CHUL overweight 5 M 28'000 Not Provided 13.09.2012

HSBC RICKY JUIL SEO overweight 5 M 27'000 Not Provided 12.09.2012

Korea Investment & Securities SEO WON-SEOK buy 5 M 28'000 12 month 11.09.2012

Daewoo Securities JAMES SONG buy 5 M 26'000 12 month 10.09.2012

Leading Investment & Securities SANG-WOO OH buy 5 N 30'000 12 month 10.09.2012

KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 39'000 6 month 10.09.2012

Mizuho Securities CHARLES PARK buy 5 M 26'000 12 month 06.09.2012

Tong Yang Investment Bank HYUN PARK buy 5 M 30'000 12 month 05.09.2012

Standard Chartered SEAN KIM outperform 5 M 34'000 12 month 30.08.2012

Macquarie DANIEL KIM neutral 3 M 20'000 12 month 30.08.2012

Daiwa Securities Co. Ltd. JAE H LEE buy 5 M 28'000 Not Provided 23.08.2012

Deutsche Bank SEUNGHOON HAN buy 5 M 34'000 12 month 30.07.2012

Meritz Securities Co., Ltd SEI CHEOL LEE buy 5 M 33'000 6 month 27.07.2012

Goldman Sachs MARCUS SHIN neutral/attractive 3 M 23'000 12 month 26.07.2012

HI Investment Securities SONG MYUNG-SUP buy 5 M 28'000 6 month 26.07.2012

NH Investment & Securities LEE SUN-TAE buy 5 M 35'000 6 month 21.06.2012

Woori Investment & Securities YOUNG PARK buy 5 M 38'000 12 month 27.04.2012


Frontier Investment & Capital Advisors OM PRAKASH SINGH buy 5 M 31'729 12 month 11.07.2011

Holdings By:

SK Hynix Inc ee


16.10.2012

China Steel Corporation manufactures and markets a variety of steel products.

The main products are hot rolled coils and sheets, cold rolled coils and sheets,

wire rods, steel plates, and steel bars.


LTM as of: 06/yy

52-Week High (02.03.2012) 30.44

52-Week Low (06.09.2012) 24.00

Daily Volume

26





397'084.38 1 Yr Total Return -7.37%










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 09/12 Q3 12/12 Q4

207'919.0 256'358.0 165'408.9 239'186.9 240'376.0 246'812.6 230'917.1 217'149.2 224'336.3 50'883.0 51'787.4

2.38x 1.33x 2.61x 2.14x 2.11x 8.41x 8.96x 2.29x 2.17x - -

60'189.1 44'728.8 21'270.7 50'776.6 30'706.0 42'074.9 18'495.9 23'660.1 30'711.5 5'098.3 5'711.5

8.23x 7.64x 20.29x 10.07x 16.50x 12.68x 27.20x 20.60x 15.87x 21.37x 20.22x

51'263.9 24'030.4 19'602.5 37'586.8 19'493.7 29'112.9 6'094.4 8'896.0 15'778.8 1'795.6 2'415.5

9.69x 11.38x 21.43x 11.84x 21.18x 15.69x 83.26x 45.22x 25.32x 38.75x 33.04x











EBITDA Margin 12.8%



Asset Turnover 0.60







Fiscal Year Ended

China Steel CorpPrice/Volume

Valuation Analysis

7'880'110.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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16.10.2012


MINISTRY OF ECONOMIC n/a EXCH 3'062'230'011 20.05 45'254'630 31.08.2012 n/a

CHINA STEEL ESOT n/a Co File 569'143'276 3.73 - 31.05.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 457'569'427 3 9'042'636 30.09.2012 Investment Advisor

YUN HUNG INVESTMENT n/a Co File 240'560'407 1.58 - 31.05.2012 n/a

BUREAU OF LABOR INSU n/a EXCH 239'218'423 1.57 3'535'247 31.08.2012 n/a

BUREAU OF LABOR INSU n/a EXCH 239'218'423 1.57 - 31.05.2012 Government



CHUNGHWA POST CO LTD n/a Co File 206'372'896 1.35 - 31.05.2012 Government

MARUICHI STEEL TUBE n/a Co File 149'273'708 0.98 - 31.05.2012 Corporation

GOVT OF SINGAPORE IN n/a Co File 145'992'823 0.96 - 31.05.2012 Government

YUN YING INVESTMENT n/a Co File 142'156'753 0.93 - 31.05.2012 n/a

ISHARES MSCI EMERGIN n/a Co File 132'930'827 0.87 - 31.05.2012 n/a





NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 16'663'581 0.11 - 10.05.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 14'726'679 0.1 (653'822) 31.08.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'676'048 0.08 - 31.01.2012 Investment Advisor


JPMorgan DANIEL KANG neutral 3 M 29 9 month 10.10.2012

Barclays DAVID LIAO underweight 1 M 20 Not Provided 09.10.2012

VTB Capital WIKTOR BIELSKI hold 3 N 28 12 month 09.10.2012

Fubon Securities ROGER LEE reduce 2 M 24 6 month 05.10.2012

SinoPac ALVIN LIAO neutral 3 M 24 Not Provided 04.10.2012

Capital Securities Corp TEAM COVERAGE neutral 3 M 29 3 month 25.09.2012

KGI Securities MARC WANG underperform 1 M 22 12 month 14.09.2012

BNP Paribas Equity Research JIM HUNG reduce 2 M 20 12 month 13.09.2012

President Capital Management WEICHUN TSENG neutral 3 U 24 6 month 12.09.2012

Deutsche Bank JAMES KAN sell 1 M 25 12 month 27.08.2012

Goldman Sachs TOMMY WONG Sell/Neutral 1 D 19 12 month 27.08.2012

HSBC SIMON FRANCIS underweight 1 N 25 Not Provided 31.07.2012

Morgan Stanley CHARLES C SPENCER Underwt/Cautious 1 M 21 12 month 26.07.2012

Macquarie CORINNE JIAN underperform 1 M 22 12 month 12.07.2012

Jih Sun Securities RITA HSUEH neutral 3 M #N/A N/A Not Provided 10.07.2012

Ji Asia SAMUEL THAWLEY sell 1 M 23 12 month 27.06.2012

Credit Suisse RANDY ABRAMS neutral 3 M 25 Not Provided 25.06.2012

Daiwa Securities Co. Ltd. ALEXANDER LATZER hold 3 M 27 Not Provided 19.03.2012

Masterlink Securities CHARLES KO hold 3 M 30 3 month 17.02.2012

E Sun Securities DAVID LAI buy on weakness 5 M #N/A N/A Not Provided 13.02.2012


IBT Securities Co Ltd KENT CHEN buy 5 U #N/A N/A Not Provided 16.02.2011

Grand Cathay Securities Co TSAI YEN-LING neutral 3 M 32 Not Provided 04.11.2010

TIS Securities BRANDON LIU trading buy 5 M #N/A N/A Not Provided 05.03.2010

Holdings By:

China Steel Corp ee


16.10.2012

Hyundai Heavy Industries Co., Ltd. builds ships for commercial, and military

purposes. The Company manufactures oil tankers, cargo and passenger vessels,

and warships. Hyundai Heavy Industries also produces heavy industrial

machineries, wind turbines, solar panels, electrical components for engines and

power trains, and industrial vehicles, such as cranes and bulldozers.


LTM as of: 06/yy

52-Week High (02.03.2012) 346'500.00

52-Week Low (24.07.2012) 212'500.00

Daily Volume

235000





17'860'000.00 1 Yr Total Return -20.58%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

15'533'013.3 19'957'080.9 21'142'196.7 22'408'120.0 25'019'604.0 ######### ######### ######### ######### ######### #########

1.55x 0.48x 0.50x 1.34x 0.76x 4.61x 3.35x 0.65x 0.57x 2.93x 2.64x

2'142'636.3 2'596'964.1 2'666'205.3 4'031'444.7 3'116'212.7 ######### ######### ######### ######### 551'700.0 569'700.0

11.25x 3.66x 4.00x 7.43x 6.12x 5.45x 0.00x 7.70x 7.43x 9.96x 10.07x

1'736'060.3 2'256'664.8 2'146'488.8 2'835'399.0 1'945'941.6 ######### 694'259.3 ######### ######### 415'112.5 497'115.0

15.93x 5.34x 4.86x 9.51x 8.09x 6.36x 0.00x 7.95x 8.31x 9.29x 9.11x

EBITDA 3'116'212.68 Long-Term Rating Date -

EBIT 2'612'841.90 Long-Term Rating -









EBITDA Margin 12.5%



Asset Turnover 0.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hyundai Heavy Industries Co LtdPrice/Volume

Valuation Analysis

239'376.00


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5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

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

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16.10.2012


HYUNDAI HEAVY INDUST n/a Co File 14'711'560 19.36 - 31.12.2011 Corporation

MONG-JOON CHUNG n/a EXCH 7'717'769 10.15 - 24.02.2012 n/a

HYUNDAI MIPO DOCKYAR n/a EXCH 6'063'000 7.98 - 24.02.2012 Corporation

NATIONAL PENSION SER n/a EXCH 3'860'321 5.08 618'458 09.08.2011 Investment Advisor

MIRAE ASSET GLOBAL I n/a Co File 3'247'376 4.27 - 31.12.2011 Investment Advisor

KCC CORP n/a EXCH 2'369'393 3.12 (2'739'670) 13.01.2012 Corporation


EMPLOYEE STOCK OWNER n/a Co File 1'258'281 1.66 - 31.12.2011 n/a

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 697'691 0.92 (63) 12.10.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 505'324 0.66 464'201 31.03.2012 Mutual Fund Manager

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 468'659 0.62 (22'401) 31.03.2012 Investment Advisor

SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 363'710 0.48 1'218 29.06.2012 Investment Advisor

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 205'760 0.27 77'658 30.09.2011 Mutual Fund Manager

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 198'055 0.26 (16'683) 31.03.2012 Mutual Fund Manager


UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 184'472 0.24 7'475 31.03.2012 Mutual Fund Manager

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 176'985 0.23 360 12.10.2012 Investment Advisor


KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 155'859 0.21 (8'774) 31.03.2012 Mutual Fund Manager

SHINYOUNG INVESTMENT Multiple Portfolios MF-AGG 144'309 0.19 (14'723) 31.03.2012 Mutual Fund Manager


Shinhan Investment Corp KIM HYUN buy 5 U 300'000 12 month 15.10.2012

KTB Securities LEE KANG-ROK buy 5 M 330'000 12 month 12.10.2012

HMC Investment Securities Co Ltd DONG-EUN YEOM buy 5 M 300'000 6 month 10.10.2012

Credit Suisse HENRY KWON restricted #N/A N/A M #N/A N/A Not Provided 09.10.2012

Korea Investment & Securities RICHARD PARK buy 5 M 310'000 12 month 05.10.2012

Hyundai Securities LEE SANG-HWA buy 5 M 300'000 Not Provided 05.10.2012

Hanwha Securities Co., Ltd DONG-IK JEONG buy 5 M 300'000 6 month 28.09.2012

KB Investment & Securities Co., Ltd LEE SANG-WON buy 5 M 440'000 12 month 28.09.2012

Daishin Securities Co., Ltd. JEON JAE-CHEON buy 5 M 310'000 6 month 27.09.2012

Dongbu Securities Co Ltd KIM HONG-GYUN buy 5 M 390'000 12 month 24.09.2012

Samsung Securities YOUNGSOO HAN buy 5 M 290'000 12 month 24.09.2012

E*Trade Securities Korea PARK MOO-HYUN buy 5 M 320'000 12 month 24.09.2012

Nomura ANGELA HONG neutral 3 M 260'000 Not Provided 21.09.2012

Mirae Asset Securities CHUNG WOO CHANG hold 3 N 268'000 12 month 19.09.2012


Shinyoung Securities Co., Ltd. UM KYUNG-A buy 5 M 300'000 12 month 17.09.2012

Woori Investment & Securities JAE-HUN YU buy 5 M 330'000 12 month 17.09.2012

HI Investment Securities HUR SUNG DUCK buy 5 M 340'000 6 month 11.09.2012

JPMorgan LEE SOKJE neutral 3 D 280'000 9 month 03.09.2012

IBK Securities Co Ltd SHIM WON-SUP buy 5 M 290'000 12 month 03.09.2012

KIWOOM Securities Co Ltd CHOI WON-KYUNG outperform 5 M 300'000 6 month 21.08.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 20.08.2012

Daewoo Securities SUNG KI-JONG buy 5 M 320'000 12 month 14.08.2012

NH Investment & Securities LEE YOONSANG buy 5 M 300'000 6 month 14.08.2012

Tong Yang Investment Bank LEE JAE-WON buy 5 M 300'000 12 month 14.08.2012

Macquarie LEE JUWON outperform 5 M 290'000 12 month 14.08.2012

Hana Daetoo Securities SANG-WOO LEE buy 5 M 288'000 12 month 14.08.2012

LIG Investment Securities CHOI GWANG-SHIK buy 5 M 480'000 12 month 14.08.2012


Goldman Sachs ERIC NISHIMURA Buy/Neutral 5 M 335'000 12 month 13.08.2012

Daiwa Securities Co. Ltd. CHUNG SUNG-YOP outperform 5 M 280'000 Not Provided 13.08.2012


Kyobo Securities OH SEAN buy 5 N 300'000 6 month 02.08.2012

HSBC PAUL CHOI neutral 3 M 260'000 Not Provided 30.07.2012

Meritz Securities Co., Ltd SUH JUNG-DUK buy 5 M 295'000 6 month 28.06.2012

SK Securities Co Ltd LEE JI-HOON buy 5 D 370'000 6 month 31.05.2012

BS Securities Co Ltd KWAK MIN-JUNG buy 5 M 400'000 6 month 07.05.2012

Ji Asia TONY MOYER sell 1 M 209'500 12 month 29.11.2011

Holdings By:

Hyundai Heavy Industries Co Ltd ee


16.10.2012

Gold Fields Limited produces precious metals. The Company has mines in South

Africa, Ghana, and Australia, as well as a partnership in Finland. Gold Fields

has a precious metals programs in Africa, Australasia, Europe, North America,

and South America.


LTM as of: 06/yy

52-Week High (08.11.2011) 14'525.00

52-Week Low (19.07.2012) 9'551.00

Daily Volume

10783





78'684.14 1 Yr Total Return -6.14%







GFI SJ EQUITY YTD Change - Average Volume 30 Day 3'301'559

GFI SJ EQUITY YTD % CHANGE - Average Volume 3 Month 2'543'693


30.06.2007 30.06.2008 30.06.2009 30.06.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

19'433.8 23'009.5 29'086.9 31'565.3 41'876.8 34'633.0 45'896.9 46'234.3 55'757.7 11'327.3 11'879.7

3.98x 3.10x 2.56x 2.56x 2.41x 9.49x 8.17x 1.99x 1.51x 8.12x 7.75x

7'445.3 8'713.0 10'955.0 11'385.4 21'093.6 13'616.6 23'330.3 21'428.7 28'421.9 - -

10.40x 8.19x 6.80x 7.09x 4.78x 6.09x 3.80x 4.28x 3.22x - -

2'362.5 4'457.5 1'535.6 3'631.4 7'026.7 3'582.8 8'347.6 8'172.0 12'726.5 1'405.0 2'770.0

27.91x 21.68x 21.70x 23.12x 12.85x 19.15x 8.98x 9.58x 6.35x 6.97x 6.15x











EBITDA Margin 50.4%



Asset Turnover 0.55







Fiscal Year Ended

Gold Fields LtdPrice/Volume

Valuation Analysis

793'192.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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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

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

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16.10.2012








BANK OF NEW YORK EUR #N/A N/A SJ-REG 18'661'479 2.56 - 28.09.2012 Bank


CACEIS BANK FRANCE #N/A N/A SJ-REG 12'616'717 1.73 - 28.09.2012 Bank


RBC DEXIA INVSTOR SE #N/A N/A SJ-REG 9'974'793 1.37 - 28.09.2012 Investment Advisor


ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 9'619'983 1.32 127'727 29.06.2012 Investment Advisor



INVESTEC FUND GROUP Multiple Portfolios MF-AGG 8'639'600 1.18 (55'914) 31.07.2012 Investment Advisor



NEDCOR BANK MGMT CO Multiple Portfolios MF-AGG 5'990'933 0.82 185'087 30.06.2012 Investment Advisor

BNYM AS E&A OMNIBUS n/a SJ-REG 5'944'873 0.81 - 28.09.2012 n/a


Goldman Sachs EUGENE KING neutral/attractive 3 M 13'000 12 month 15.10.2012

Credit Suisse SAMANTHA HARTARD neutral 3 M 13'100 Not Provided 12.10.2012

Imara PERCY TAKUNDA buy 5 M #N/A N/A Not Provided 12.10.2012

HSBC PATRICK CHIDLEY overweight 5 M 17'367 Not Provided 09.10.2012

CIBC World Markets LEON ESTERHUIZEN sector perform 3 M 17'000 Not Provided 05.10.2012

Morgan Stanley CHRISTOPHER NICHOLSON Overwt/Attractive 5 M 12'500 12 month 03.10.2012

Deutsche Bank ANNA MULHOLLAND hold 3 M 12'000 12 month 02.10.2012

SBG Securities DAVID R DAVIS buy 5 M 13'000 12 month 02.10.2012

Barclays ANDREW BYRNE overweight 5 N 12'000 Not Provided 17.09.2012

JPMorgan ALLAN COOKE overweight 5 M 12'800 12 month 06.09.2012


Renaissance Capital DERRYN MAADE buy 5 M 12'466 Not Provided 28.08.2012

BMO Capital Markets DAVID HAUGHTON market perform 3 M 12'500 Not Provided 24.08.2012

Holdings By:

Gold Fields Ltd ee


16.10.2012

Impala Platinum Holdings Limited, or Implats, is the holding company for a group

of companies which operate platinum mines. In addition to platinum, Implats

mines, produces, and markets other platinum group metals such as palladium,

rhodium, and nickel. Implats also provides refining services for base and

precious metals producers.


LTM as of: 01/yy

52-Week High (16.11.2011) 18'950.00

52-Week Low (05.09.2012) 12'347.00

Daily Volume

15118





95'502.52 1 Yr Total Return -9.70%







IMP SJ EQUITY YTD Change - Average Volume 30 Day 2'058'701

IMP SJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'799'434


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

37'619.0 26'121.0 25'446.0 33'132.0 27'593.0 - - 31'678.1 37'715.4 - -

4.78x 3.93x 4.26x 3.29x 3.09x - - 3.17x 2.70x - -

17'563.0 9'795.0 8'115.0 11'565.0 0.0 - - 7'235.1 9'520.8 - -

10.25x 10.49x 13.34x 9.41x 0.00x - - 13.69x 10.38x - -

17'596.0 6'020.0 4'715.0 6'638.0 4'180.0 - - 3'728.2 5'101.1 - -

14.96x 17.03x 22.90x 16.49x 19.74x - - 24.36x 17.91x - -











EBITDA Margin 34.9%



Asset Turnover 0.39







Fiscal Year Ended

Impala Platinum Holdings LtdPrice/Volume

Valuation Analysis

920'983.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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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

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

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16.10.2012


GEPF EQUITY n/a SJ-REG 63'626'077 10.07 - 28.09.2012 n/a

ROYAL BAFOKENG IMPAL n/a SJ-REG 56'556'211 8.95 - 28.09.2012 n/a


BONY EUROPE LTD ACCO n/a SJ-REG 32'000'000 5.07 (238'022) 28.09.2012 n/a

JP MORGAN CHASE BANK n/a SJ-REG 30'805'076 4.88 (397'457) 28.09.2012 n/a


STATE STREET BANK AN n/a SJ-REG 22'614'237 3.58 1'049'332 28.09.2012 n/a

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 21'597'731 3.42 1'545'000 30.06.2012 Investment Advisor

ROYAL BAFOKENG THOLO n/a SJ-REG 18'558'993 2.94 - 28.09.2012 n/a


ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 14'129'551 2.24 2'372'173 29.06.2012 Investment Advisor

BANK OF NEW YORK (B) n/a SJ-REG 13'423'286 2.12 234'434 28.09.2012 n/a

STATE STREET BANK AN n/a SJ-REG 11'491'290 1.82 347'252 28.09.2012 n/a

VANGUARD EMERGING MA n/a SJ-REG 10'729'087 1.7 216'920 28.09.2012 n/a

DEUTSCHE BANK TRUST n/a SJ-REG 10'258'097 1.62 - 28.09.2012 n/a

NORTHERN TRUST COMPA n/a SJ-REG 9'095'031 1.44 - 28.09.2012 n/a

MOROKOTSO TRUST n/a SJ-REG 9'016'161 1.43 - 28.09.2012 n/a

ROYAL BAFOKENG RESOU n/a SJ-REG 8'000'000 1.27 - 28.09.2012 n/a

JP MORGAN CHASE BANK n/a SJ-REG 7'791'981 1.23 42'555 28.09.2012 n/a

BONY EUROPE LTD CLIE n/a SJ-REG 7'595'669 1.2 (110'930) 28.09.2012 n/a


BMO Capital Markets EDWARD STERCK underperform 1 M 12'500 Not Provided 12.10.2012

Credit Suisse NIHAL SHAH neutral 3 M 15'000 Not Provided 12.10.2012

Nomura TYLER BRODA reduce 2 M 9'000 Not Provided 04.10.2012

SBG Securities JUSTIN FRONEMAN buy 5 M 15'000 12 month 03.10.2012

Deutsche Bank ANNA MULHOLLAND buy 5 M 17'000 12 month 02.10.2012

CIBC World Markets ARNOLD VAN GRAAN sector underperform 1 M 10'000 Not Provided 07.09.2012

JPMorgan STEVE SHEPHERD neutral 3 M 14'600 12 month 05.09.2012


HSBC COR BOOYSEN overweight 5 M 18'100 Not Provided 29.08.2012

Morgan Stanley CHRISTOPHER NICHOLSON Equalwt/Attractive 3 M 15'000 12 month 24.08.2012

BNP Paribas Cadiz Securities NIC DINHAM hold 3 M 15'000 12 month 24.08.2012

Goldman Sachs EUGENE KING sell/attractive 1 M 13'000 12 month 08.08.2012

Barclays ANDREW BYRNE overweight 5 M 14'000 Not Provided 06.08.2012

Renaissance Capital EMMA TOWNSHEND buy 5 M 26'000 Not Provided 17.11.2011

Holdings By:

Impala Platinum Holdings Ltd ee


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