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Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

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Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index
53
Fundamental Analysis & Analyst Recommendations FTSE China 25 Index December 2012 Q.M.S Advisors Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] | This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.
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Page 1: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

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December 2012

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Page 2: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

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 13057442 1839.49 1092 1092 201 210 210 98.25 103.99 103.99 14.41 14.41 13.62 13.62 19.02

Euro Stoxx 50 Pr EUR 2474731 5545.263 4665 4665 786 791 791 183.46 302.79 302.79 23.87 15.69 14.46 14.46 21.33

NIKKEI 225 JPY 2157365 170.335 213 213 21 23 23 4.64 6.44 6.44 0.30 0.23 0.21 0.21 0.13

FTSE 100 INDEX GBP 2618156 11511.05 9491 9491 1601 1644 1644 625.52 816.40 816.40 24.19 21.63 18.53 18.53 26.84

SWISS MARKET INDEX CHF 931048 10600.5 3951 3951 842 803 803 366.06 524.13 524.13 21.79 19.27 15.22 15.22 22.64

S&P/TSX COMPOSITE INDEX CAD 1655498 16775.11 7795 7795 1922 1956 1956 810.88 854.69 854.69 15.27 15.27 14.49 14.49 25.36

S&P/ASX 200 INDEX AUD 1258331 6166.504 2907 2907 651 692 692 268.88 342.14 342.14 18.20 15.32 14.30 14.30 24.11

HANG SENG INDEX HKD 1641480 3136.011 1449 1449 346 360 360 252.13 246.52 246.52 1.45 1.55 1.49 1.49 3.09

MSCI EM USD 7352399 1381.681 979 979 182 181 181 81.50 86.61 86.61 12.32 12.80 11.59 11.59 18.84

CHINA MOBILE LTD HKD 229782 19525 20072 4 0 0 43 137.87 68128 70251 72458 76954 33187 33045 8177 8177 0.83 0.82 0.81 0.81 1.45 - 1.47 1.46 1.14 1.28 0.82 1.24 6.07 AA- 16.12.2010 WR 03.11.2005

CHINA CONSTRUCTION BANK-H HKD 190691 311745 250011 156 0 1 357 #VALUE! 74262 84456 58557 63501 - - - - 0.09 0.10 0.10 0.10 0.83 0.83 0.81 0.78 3.61 2.70 - - - A 29.11.2011 - -

IND & COMM BK OF CHINA-H HKD 222159 290550 349084 248 0 0 463 #VALUE! 90887 101853 68535 74802 - - - - 0.08 0.08 0.09 0.09 0.86 - 0.82 0.80 3.80 2.45 - - - A 28.08.2012 - -

CNOOC LTD HKD 95513 54221 44659 5 0 0 13 68.94 31089 30276 30300 31773 15360 14708 6959 6959 0.20 0.18 0.19 0.19 1.23 - 1.18 1.18 4.37 4.46 2.77 2.43 6.27 AA- 16.12.2010 - -

BANK OF CHINA LTD-H HKD 121950 417770 279136 247 0 4 404 #VALUE! 66339 74608 46439 50398 - - - - 0.06 0.06 0.06 0.06 0.73 - 0.73 0.72 3.88 2.35 - - - A 29.11.2011 - -

AGRICULTURAL BANK OF CHINA-H HKD 136270 116795 324794 148 0 0 365 #VALUE! 70699 82115 54602 59150 - - - - 0.05 0.06 0.06 0.06 0.81 - 0.78 0.74 4.37 - - - - NR 11.07.2006 - -

CHINA OVERSEAS LAND & INVEST HKD 24201 27737 8173 6 0 0 2 27.63 6269 6707 8624 10319 2454 2593 - - 0.24 0.26 0.25 0.29 1.46 1.45 1.55 1.33 1.24 5.78 2.23 5.87 4.99 BBB 25.03.2010 - -

CHINA PETROLEUM & CHEMICAL-H HKD 85399 77687 86703 31 0 5 3 108.20 317901 332162 327439 340332 22059 20248 - - 0.11 0.08 0.09 0.11 1.31 - 1.24 1.00 4.04 3.11 -0.52 1.20 0.79 A+ 16.12.2010 - -

CHINA PACIFIC INSURANCE GR-H HKD 26058 18176 8600 5 0 0 2 8.50 20057 20057 21665 24333 - - - - 0.12 0.13 0.09 0.15 2.71 2.90 3.64 2.27 1.31 4.41 - - - - - - -

PETROCHINA CO LTD-H HKD 248515 93654 183021 41 0 10 8 253.57 258557 270739 265752 282358 41724 41852 - - 0.10 0.09 0.09 0.10 1.52 1.48 1.51 1.34 4.74 3.34 0.84 0.55 1.99 - - - -

CHINA SHENHUA ENERGY CO-H HKD 71473 14332 19890 8 0 5 8 62.66 26864 29545 30193 32949 10873 11202 - - 0.30 0.32 0.31 0.33 1.32 1.32 1.37 1.30 4.14 3.44 2.16 2.55 4.89 - - - -

CHINA LIFE INSURANCE CO-H HKD 80964 32188 28265 6 0 0 7 #VALUE! 47787 45395 47404 53489 - - - - 0.08 0.07 0.08 0.16 4.47 4.47 3.84 1.94 -0.51 2.64 - - - AA- 16.12.2010 - -

PING AN INSURANCE GROUP CO-H HKD 51726 13787 7916 42 0 5 12 31.29 35 K 41 K 41 K 47 K - - - - 0.32 0.34 0.37 0.47 2.33 - 2.12 1.65 5.14 2.87 - - - - - - -

BANK OF COMMUNICATIONS CO-H HKD 52324 38350 61886 122 0 0 152 #VALUE! 28225 32500 18903 20468 - - - - - 0.12 0.10 0.10 0.66 - 0.73 0.78 4.29 3.33 - - - A- 06.12.2011 WR 02.12.1999

CHINA UNICOM HONG KONG LTD HKD 36731 27047 23565 14 0 0 2 42.59 26989 29607 32481 37242 8257 8782 2326 2326 0.02 0.03 0.04 0.06 5.69 - 4.25 2.59 2.85 4.80 0.78 1.85 3.83 - - - -

CHINA MERCHANTS BANK-H HKD 35916 25750 21577 47 0 0 87 #VALUE! 18430 21266 14578 16145 - - - - 0.22 0.24 0.24 0.23 0.81 0.81 0.83 0.84 5.49 3.90 - - - BBB+ 06.12.2011 - -

CHINA TELECOM CORP LTD-H HKD 44068 59616 80932 7 0 0 4 36.65 31618 33916 36092 40076 9723 9488 2058 2058 0.03 0.02 0.02 0.03 2.30 2.30 2.35 1.81 1.48 1.18 -0.05 -0.45 3.61 - - - -

CHINA CITIC BANK CORP LTD-H HKD 26281 52756 46787 75 0 1 117 #VALUE! 15197 18106 11362 12338 - - - - 0.09 0.10 0.09 0.09 0.56 - 0.57 0.58 6.03 4.47 - - - - - - -

CHINA MINSHENG BANKING-H HKD 28483 40765 26715 52 0 1 78 #VALUE! 17490 21720 12581 13937 - - - - 0.14 0.17 0.16 0.15 0.61 - 0.65 0.66 8.95 - - - - NR 11.07.2006 - -

PICC PROPERTY & CASUALTY -H HKD 15767 15814 12256 2 0 0 2 13.12 17671 18818 23269 26135 - - - - 0.09 0.10 0.11 0.12 1.37 - 1.23 1.15 0.90 2.07 - - - - - - -

ANHUI CONCH CEMENT CO LTD-H HKD 14912 13585 5299 3 0 0 1 14.32 6278 6050 5970 6933 2421 1928 - - 0.28 0.21 0.16 0.20 1.66 1.67 2.22 1.69 5.29 2.82 9.87 4.56 4.11 - - - -

CHINA COAL ENERGY CO-H HKD 14138 20350 13259 4 0 2 4 15.22 11325 11703 11525 12800 2404 2247 - - 0.10 0.09 0.09 0.09 1.20 1.21 1.20 1.16 3.21 3.16 3.42 3.24 2.48 - - - -

YANZHOU COAL MINING CO-H HKD 10698 21861 4918 5 0 0 2 12.95 6215 7298 6867 7402 2009 1749 - - 0.23 0.22 0.14 0.13 0.71 - 1.13 1.23 5.41 4.63 6.70 3.85 3.09 BBB- 27.04.2012 Baa3 27.04.2012

ZIJIN MINING GROUP CO LTD-H HKD 11556 32825 21812 1 0 1 1 11.72 5081 5737 5755 6560 1385 1324 - - 0.03 0.03 0.03 0.04 1.44 1.36 1.34 1.15 5.12 3.34 3.13 3.27 2.98 - - - -

ALUMINUM CORP OF CHINA LTD-H HKD 8742 20255 13524 10 0 1 2 19.00 18776 18942 17556 18473 1173 - 60 60 0.00 -0.05 -0.05 -0.02 - - #VALUE! #VALUE! 2.61 2.19 -0.81 -2.01 - - - - -

Valuation Measures I/II

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

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

Page 3: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

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 2.09 2.09 1.91 1.74 2.09 1.30 1.30 1.25 1.19 1.30 9.40 9.40 8.80 8.55 9.40 8.74 8.74 8.18 7.57 8.74 13.62 13.62 12.31 11.07 13.62 2.24 2.24 2.43 2.62 2.24 1606.4 13.4%

Euro Stoxx 50 Pr 1.15 1.15 1.09 1.03 1.15 0.72 0.72 0.71 0.69 0.72 5.30 5.30 5.07 4.69 5.30 7.01 7.01 6.74 6.37 7.01 11.11 11.11 10.24 9.27 11.11 4.12 4.12 4.51 4.85 4.12 2744.3 6.1%

NIKKEI 225 1.15 1.15 1.09 1.02 1.15 0.54 0.54 0.50 0.51 0.54 6.95 6.95 6.23 5.90 6.95 7.56 7.56 6.83 6.42 7.56 17.75 17.75 14.62 11.65 17.75 2.17 2.17 2.18 2.50 2.17 9851.4 4.3%

FTSE 100 INDEX 1.64 1.64 1.52 1.39 1.64 0.99 0.99 0.98 0.95 0.99 7.71 7.71 7.07 5.68 7.71 7.00 7.00 6.54 6.13 7.00 11.55 11.55 10.60 9.66 11.55 3.97 3.97 4.24 4.52 3.97 6377.5 8.6%

SWISS MARKET INDEX 2.21 2.21 2.07 1.92 2.21 1.87 1.87 1.77 1.68 1.87 12.22 12.22 10.64 9.41 12.21 13.19 13.19 12.18 11.34 13.19 14.09 14.09 12.83 11.62 14.09 3.43 3.43 3.72 4.10 3.43 7306.0 6.9%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.58 1.58 1.47 1.37 1.58 8.64 8.64 7.65 7.07 8.64 8.58 8.58 7.41 6.79 8.58 14.38 14.38 12.56 11.38 14.38 3.05 3.05 3.22 3.29 3.05 14208.5 16.4%

S&P/ASX 200 INDEX 1.70 1.70 1.61 1.52 1.70 1.62 1.62 1.51 1.43 1.62 10.01 10.01 9.08 6.78 10.01 8.91 8.91 7.88 7.24 8.91 13.72 13.72 12.25 11.19 13.72 4.78 4.78 5.14 5.54 4.78 4746.8 5.3%

HANG SENG INDEX 1.42 1.42 1.31 1.21 1.42 1.96 1.96 1.82 1.68 1.96 7.58 7.58 7.06 6.71 7.58 8.71 8.71 7.90 7.25 8.71 11.53 11.53 10.58 9.66 11.53 3.36 3.36 3.60 3.92 3.36 23361.2 6.0%

MSCI EM 1.53 1.53 1.38 1.26 1.53 1.03 1.03 0.95 0.89 1.03 7.24 7.24 6.54 5.22 7.24 7.65 7.65 6.84 6.26 7.65 11.59 11.59 10.16 9.18 11.59 2.85 2.85 3.02 3.38 2.85 1138.9 13.5%

CHINA MOBILE LTD 2.21 1.99 1.81 1.65 1.50 2.73 2.55 2.40 2.25 2.12 6.26 6.29 6.17 5.82 5.44 4.24 4.22 4.13 3.96 3.91 11.45 11.37 11.30 10.99 10.05 3.77 3.84 3.88 4.08 4.46 88.98 0.4%

CHINA CONSTRUCTION BANK-H 1.47 1.27 1.11 0.98 2.96 2.62 2.41 2.17 1.91 4.63 4.15 3.85 3.54 7.09 6.27 6.06 5.71 5.55 5.20 5.39 5.51 5.97 9.01 6.85 15.4%

IND & COMM BK OF CHINA-H 1.53 1.32 1.15 1.00 2.94 2.60 2.39 2.17 1.95 4.89 4.33 4.04 3.69 7.11 6.38 6.17 5.76 5.92 5.12 5.28 5.47 5.90 7.62 5.84 11.6%

CNOOC LTD 2.26 1.91 1.66 1.48 1.34 2.58 2.53 2.42 2.40 2.26 5.93 6.14 6.09 6.17 6.97 4.38 4.33 4.19 4.12 4.07 8.62 9.12 9.12 9.17 9.25 3.82 2.54 2.73 2.73 3.25 17.01 2.6%

BANK OF CHINA LTD-H 1.01 0.90 0.82 0.74 0.63 2.31 2.11 1.94 1.77 1.52 3.86 3.65 3.37 3.05 2.53 6.10 5.65 5.61 5.26 4.61 5.82 6.01 6.01 6.39 7.04 3.68 12.5%

AGRICULTURAL BANK OF CHINA-H 1.38 1.18 1.04 0.93 2.26 2.01 1.85 1.64 1.46 3.96 3.69 3.55 3.21 6.85 6.04 5.76 5.24 5.69 4.94 5.49 5.78 6.30 5.13 3.70 9.0%

CHINA OVERSEAS LAND & INVEST 2.89 2.25 1.92 1.62 3.30 2.81 2.35 1.99 12.58 8.99 7.69 5.54 9.88 8.62 7.59 6.50 15.04 12.01 10.33 8.85 1.29 1.72 1.95 2.21 21.38 -6.8%

CHINA PETROLEUM & CHEMICAL-H 1.21 1.11 1.02 0.92 0.83 0.22 0.21 0.20 0.20 0.18 3.99 3.97 3.45 3.40 2.58 4.79 5.11 4.41 4.10 3.72 7.62 9.60 7.79 7.36 7.48 3.38 3.53 4.07 4.35 3.94 8.65 5.2%

CHINA PACIFIC INSURANCE GR-H 2.14 2.02 1.83 1.70 1.12 1.03 0.97 0.86 0.74 18.29 28.23 17.62 15.41 6.38 1.84 1.28 1.73 2.06 3.72 29.13 14.7%

PETROCHINA CO LTD-H 1.51 1.43 1.33 1.23 1.08 0.82 0.75 0.71 0.70 0.67 5.05 5.01 4.56 4.46 3.92 5.91 5.78 5.25 4.85 4.51 11.10 11.68 10.40 9.44 8.78 4.00 3.80 4.27 4.58 5.12 11.19 7.8%

CHINA SHENHUA ENERGY CO-H 2.20 1.96 1.74 1.58 1.49 2.18 1.90 1.74 1.62 1.49 7.60 7.49 6.61 6.25 5.78 5.64 5.32 5.02 5.34 11.11 10.59 10.09 9.63 10.05 3.28 3.59 3.81 4.03 3.53 35.37 11.4%

CHINA LIFE INSURANCE CO-H 2.61 2.38 2.13 1.91 1.48 1.39 1.37 1.22 1.11 24.09 29.75 15.02 14.94 8.02 1.32 1.04 1.80 1.99 4.19 23.80 4.2%

PING AN INSURANCE GROUP CO-H 2.82 2.37 2.04 1.80 2.28 1.48 1.00 0.89 0.76 18.72 16.45 12.80 11.16 8.55 1.00 0.95 1.24 1.39 1.93 70.87 20.8%

BANK OF COMMUNICATIONS CO-H 1.05 0.90 0.81 0.73 2.55 2.22 2.05 1.84 1.57 3.41 3.51 3.68 3.41 5.70 5.63 6.02 5.72 5.43 3.77 3.68 3.90 4.21 8.33 5.90 3.9%

CHINA UNICOM HONG KONG LTD 1.10 1.08 1.04 0.99 0.93 1.08 0.91 0.79 0.72 0.62 3.19 3.47 3.14 2.39 2.16 5.04 4.48 3.85 3.39 2.98 42.94 32.90 20.05 14.17 11.69 1.02 1.35 2.05 2.81 2.37 14.96 23.9%

CHINA MERCHANTS BANK-H 1.57 1.32 1.16 1.00 0.92 2.35 1.98 1.79 1.61 1.38 7.29 6.47 6.55 6.07 6.57 3.05 3.73 3.83 4.27 4.57 15.57 4.9%

CHINA TELECOM CORP LTD-H 1.12 1.03 0.98 0.93 0.87 1.12 0.98 0.88 0.80 0.73 3.69 3.94 3.05 2.87 2.55 3.66 3.76 2.90 2.65 2.58 15.55 18.23 14.01 11.08 9.69 2.24 2.06 2.33 2.83 3.54 4.96 17.5%

CHINA CITIC BANK CORP LTD-H 0.88 0.75 0.67 0.60 2.17 1.86 1.71 1.53 1.36 2.90 2.75 2.61 2.36 4.80 4.44 4.47 4.25 4.34 4.76 5.51 5.51 5.85 3.42 4.59 14.7%

CHINA MINSHENG BANKING-H 1.28 1.06 0.91 0.79 2.29 1.82 1.64 1.45 6.17 5.06 5.13 4.83 2.46 4.34 4.36 4.50 8.19 7.8%

PICC PROPERTY & CASUALTY -H 2.70 2.17 1.79 1.51 0.61 0.54 0.48 0.43 10.71 9.54 8.94 8.19 2.55 3.10 3.41 3.98 11.49 15.3%

ANHUI CONCH CEMENT CO LTD-H 2.45 2.23 1.95 1.71 1.63 1.89 2.01 1.73 1.56 1.54 8.07 10.01 9.64 8.42 9.42 5.84 9.38 7.43 6.62 7.04 9.20 17.17 13.10 11.59 13.25 1.98 1.06 1.28 1.40 1.16 25.87 0.3%

CHINA COAL ENERGY CO-H 1.02 0.94 0.88 0.82 0.79 1.02 0.99 0.89 0.80 0.71 5.42 6.08 5.25 4.57 6.41 6.67 5.96 5.26 5.57 8.28 9.34 8.96 8.40 11.57 3.29 2.93 3.09 3.33 3.58 8.01 2.5%

YANZHOU COAL MINING CO-H 1.10 1.01 0.95 0.87 0.70 1.57 1.25 1.16 1.02 1.21 4.11 5.28 5.74 5.21 6.58 9.71 9.07 7.90 6.23 5.30 8.73 9.57 8.16 8.14 5.53 3.90 3.04 3.43 3.25 10.31 -13.1%

ZIJIN MINING GROUP CO LTD-H 2.03 1.89 1.63 1.43 1.26 2.06 1.61 1.42 1.39 1.87 8.36 7.64 6.00 6.36 8.42 8.75 7.38 7.22 8.72 8.76 10.36 8.92 8.86 9.64 3.03 2.75 3.07 3.11 3.59 3.69 18.4%

ALUMINUM CORP OF CHINA LTD-H 0.68 0.76 0.81 0.82 0.79 0.41 0.40 0.38 0.37 0.35 6.27 10.91 9.14 8.21 14.00 39.08 19.47 15.42 10.16 60.26 88.38 0.34 0.00 0.00 0.26 0.00 3.21 -2.7%

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

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

Page 4: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

China Mobile Limited, through its subsidiaries, provides cellular

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

Hong Kong SAR.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (14.08.2012) 92.60

52-Week Low (19.12.2011) 72.20

Daily Volume

88.6

52-Week High % Change -4.32% Dividend Yield 3.86

52-Week Low % Change 22.71% Beta 0.64

% 52 Week Price Range High/Low 79.17% Equity Float 5'212.81

Shares Out 31.10.2012 20'099.7 Short Int -

1'780'835.75 1 Yr Total Return 24.22%

Total Debt 30'301.00 YTD Return 21.60%

Preferred Stock 0.0 Adjusted BETA 0.645

Minority Interest 1'355.0 Analyst Recs 34

Cash and Equivalents 332'946.00 Consensus Rating 3.529

Enterprise Value 1'068'520.66

Average Volume 5 Day 13'209'160

941 HK EQUITY YTD Change - Average Volume 30 Day 16'476'160

941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17'207'610

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

356'959.0 411'810.0 452'103.0 485'231.0 527'999.0 516'434.0 552'742.0 561'560.6 596'404.6 152'718.0 -

6.81x 2.90x 2.34x 2.18x 1.77x 0.00x 0.00x 1.94x 1.74x - -

197'093.0 219'788.0 233'788.0 241'758.0 257'202.0 0.0 0.0 253'186.8 258'725.6 63'369.0 -

12.34x 5.43x 4.52x 4.37x 3.63x 0.00x 0.00x 4.22x 4.13x - -

87'062.0 112'627.0 115'166.0 119'640.0 125'870.0 124'373.0 127'197.0 126'071.9 126'882.2 33'351.0 -

29.66x 12.19x 11.18x 10.98x 9.82x 0.00x 0.00x 11.37x 11.30x - -

EBITDA 257'202.00 Long-Term Rating Date 16.12.2010

EBIT 159'710.00 Long-Term Rating AA-

Operating Margin 30.25% Long-Term Outlook STABLE

Pretax Margin 31.55% Short-Term Rating Date -

Return on Assets 13.03% Short-Term Rating -

Return on Common Equity 19.60%

Return on Capital 18.76% EBITDA/Interest Exp. 455.22

Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 235.02

Net Debt/EBITDA -1.42

Gross Margin - Total Debt/EBITDA 0.12

EBITDA Margin 47.0%

EBIT Margin 28.9% Total Debt/Equity 4.7%

Net Income Margin 23.8% Total Debt/Capital 4.5%

Asset Turnover 0.56

Current Ratio 1.40 Net Fixed Asset Turnover 1.15

Quick Ratio 1.25 Accounts receivable turnover-days 6.98

Debt to Assets 3.18% Inventory Days -

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

Accounts Receivable Turnover 52.44 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

China Mobile LtdPrice/Volume

Valuation Analysis

19'524'550.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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4! ! E

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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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 5: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

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

VANGUARD GROUP INC Multiple Portfolios MF-AGG 262'749'186 1.31 (1'822'221) 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 145'309'500 0.72 984'000 28.11.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 107'713'312 0.54 2'031'500 12.11.2012 Investment Advisor

ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 77'463'671 0.39 269'500 12.11.2012 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 50'172'025 0.25 (2'772'371) 30.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 50'066'500 0.25 (10'869'500) 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 44'569'295 0.22 10'223'207 30.12.2011 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 42'078'408 0.21 (6'140'000) 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 41'330'302 0.21 (5'000) 28.11.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 37'191'947 0.19 128'500 28.11.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 31'091'011 0.15 (461'213) 31.08.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 26'734'255 0.13 9'704'000 30.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 23'667'500 0.12 (868'000) 29.11.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 21'005'500 0.1 2'119'500 31.08.2012 Mutual Fund Manager

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 17'363'500 0.09 (1'224'000) 30.06.2012 Mutual Fund Manager

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 16'074'500 0.08 (1'865'000) 28.09.2012 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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura DANNY CHU neutral 3 M 90 Not Provided 29.11.2012

BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 12 month 23.11.2012

Haitong International Securities ALEX LEE hold 3 M 90 12 month 21.11.2012

DBS Vickers TAM TSZ-WANG hold 3 M 85 12 month 20.11.2012

BNP Paribas Equity Research ALEN LIN hold 3 M 85 12 month 07.11.2012

Barclays ANAND RAMACHANDRAN overweight 5 U 110 Not Provided 06.11.2012

SWS Research Co Ltd JIM TANG neutral 3 M 83 Not Provided 25.10.2012

Guotai Junan RICKY LAI accumulate 4 M 93 Not Provided 25.10.2012

Kim Eng Securities ANDY POON sell 1 M 74 12 month 24.10.2012

UOB Kay Hian VICTOR YIP buy 5 M 100 Not Provided 24.10.2012

ICBC International Securities KARY SEI hold 3 M 87 Not Provided 24.10.2012

China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 23.10.2012

Standard Chartered STEVEN LIU outperform 5 M 95 12 month 22.10.2012

Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 80 12 month 22.10.2012

Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 22.10.2012

JPMorgan LUCY LIU neutral 3 M 92 12 month 22.10.2012

Jefferies CYNTHIA JINHONG MENG hold 3 M 91 12 month 22.10.2012

Pacific Crest Securities STEVE CLEMENT outperform 5 M 91 12 month 22.10.2012

HSBC TUCKER GRINNAN overweight 5 M 103 Not Provided 22.10.2012

CIMB BERTRAM LAI neutral 3 M 80 12 month 22.10.2012

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

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

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

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

Page 6: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.03.2012) 6.62

52-Week Low (12.07.2012) 4.71

Daily Volume

5.94

52-Week High % Change -10.27% Dividend Yield 4.96

52-Week Low % Change 26.11% Beta 1.08

% 52 Week Price Range High/Low 62.83% Equity Float 69'156.38

Shares Out 30.09.2012 240'417.3 Short Int -

1'477'872.25 1 Yr Total Return 19.26%

Total Debt 1'211'152.00 YTD Return 15.73%

Preferred Stock 0.0 Adjusted BETA 1.082

Minority Interest 5'520.0 Analyst Recs 37

Cash and Equivalents 2'765'601.00 Consensus Rating 4.622

Enterprise Value -

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

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

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

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

306'520.0 388'058.0 396'529.0 449'841.0 575'537.0 542'269.0 682'750.0 453'822.2 492'136.4 - -

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

- - - - - 0.0 0.0 - - - -

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

69'053.0 92'599.0 106'756.0 134'844.0 169'258.0 163'357.0 188'437.0 189'774.6 195'932.6 53'000.0 -

20.61x 9.36x 12.77x 10.55x 6.47x 6.03x 5.71x 6.27x 6.06x - -

EBITDA - Long-Term Rating Date 29.11.2011

EBIT - Long-Term Rating A

Operating Margin 54.90% Long-Term Outlook STABLE

Pretax Margin 55.07% Short-Term Rating Date 29.11.2011

Return on Assets 1.45% Short-Term Rating A-1

Return on Common Equity 22.88%

Return on Capital 9.67% 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%

Net Income Margin 42.5% Total Debt/Capital 59.7%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 6.08

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 9.86% Inventory Days -

Tot Debt to Common Equity 149.31% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

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

China Construction Bank CorpPrice/Volume

Valuation Analysis

311'745'286.00

Current Price (11/dd/yy) Market Data

!

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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

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

! !!

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

Page 7: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

CHINA CONSTRUCTION I 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 3'119'552'319 1.3 143'773'661 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 1'839'409'930 0.77 12'303'000 28.11.2012 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

LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 789'158'995 0.33 18'032'000 31.10.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 735'427'195 0.31 (72'878'150) 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 718'786'226 0.3 (74'739'674) 29.02.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 700'891'267 0.29 68'611'800 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 533'266'130 0.22 - 28.11.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 494'694'756 0.21 34'566'000 28.11.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 469'108'610 0.2 (30'282'860) 30.09.2012 Investment Advisor

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

STATE GRID INTL TECH n/a Co File 350'000'000 0.15 - 31.12.2010 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 29.11.2012

Religare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 28.11.2012

HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 26.11.2012

BOCOM International Holdings LI SHANSHAN neutral 3 M 6 12 month 26.11.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 6 Not Provided 26.11.2012

Mizuho Securities JIM ANTOS buy 5 U 7 12 month 23.11.2012

Core Pacific TIMOTHY LI buy 5 M 7 Not Provided 21.11.2012

UOB Kay Hian EDMOND LAW hold 3 M 6 Not Provided 20.11.2012

Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 16.11.2012

Standard Chartered LAWRENCE CHEN outperform 5 M 7 12 month 12.11.2012

Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 09.11.2012

JPMorgan JOSHUA KLACZEK overweight 5 M 7 12 month 07.11.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012

Jefferies TAN MING buy 5 M 7 12 month 05.11.2012

Nomura LUCY FENG neutral 3 M 5 Not Provided 05.11.2012

Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.10.2012

DBS Vickers ALEXANDER LEE buy 5 M 7 14 month 29.10.2012

CIMB TREVOR KALCIC outperform 5 M 7 12 month 29.10.2012

Kim Eng Securities IVAN LI buy 5 M 7 12 month 29.10.2012

Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 6 Not Provided 29.10.2012

China International Capital Corp MAO JUNHUA buy 5 M 10 12 month 29.10.2012

SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 29.10.2012

Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 28.10.2012

Deutsche Bank TRACY YU hold 3 M 6 12 month 26.10.2012

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

Barclays MAY YAN equalweight 3 M 6 Not Provided 06.09.2012

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

Bank of China International SUN PENG buy 5 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

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

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

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

Page 8: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (29.02.2012) 5.72

52-Week Low (12.07.2012) 3.97

Daily Volume

5.23

52-Week High % Change -8.57% Dividend Yield 4.83

52-Week Low % Change 31.74% Beta 1.29

% 52 Week Price Range High/Low 69.71% Equity Float 70'942.72

Shares Out 30.09.2012 86'794.0 Short Int -

1'721'754.63 1 Yr Total Return 28.06%

Total Debt 1'923'778.00 YTD Return 19.73%

Preferred Stock 0.0 Adjusted BETA 1.289

Minority Interest 1'081.0 Analyst Recs 37

Cash and Equivalents 3'589'595.00 Consensus Rating 4.622

Enterprise Value -

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

1398 HK EQUITY YTD Change - Average Volume 30 Day #########

1398 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

391'906.0 469'928.0 470'638.0 544'045.0 704'382.0 659'566.0 817'441.0 531'153.7 579'723.4 - -

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

- - - - - 0.0 0.0 - - - -

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

81'520.0 110'841.0 128'645.0 165'156.0 208'265.0 201'780.0 230'027.0 228'496.5 237'928.4 52'616.0 -

33.88x 10.73x 13.95x 8.83x 7.07x 6.92x 5.71x 6.38x 6.17x - -

EBITDA - Long-Term Rating Date 09.12.2010

EBIT - Long-Term Rating A

Operating Margin 56.24% Long-Term Outlook STABLE

Pretax Margin 57.02% Short-Term Rating Date 09.12.2010

Return on Assets 1.39% Short-Term Rating A-1

Return on Common Equity 23.68%

Return on Capital 7.52% 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 201.1%

Net Income Margin 43.6% Total Debt/Capital 66.8%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 5.91

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 12.43% Inventory Days -

Tot Debt to Common Equity 201.08% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

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

Industrial & Commercial Bank of China LtdPrice/Volume

Valuation Analysis

290'550'375.00

Current Price (11/dd/yy) Market Data

!

-

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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

! !!

2 !!

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-2 !!

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.2 !!

0! !!

02 !!

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 9: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

SOCIAL SECURITY FUND n/a EXCH 11'276'281'524 12.99 - 08.08.2012 Government

JP MORGAN CHASE & CO n/a EXCH 5'920'894'436 6.82 - 12.11.2012 Investment Advisor

TEMASEK HOLDINGS PRI n/a EXCH 4'575'047'470 5.27 - 30.05.2012 Government

BLACKROCK INC n/a EXCH 4'409'132'622 5.08 152'697'026 12.11.2012 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

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'871'030'288 3.31 87'123'380 30.09.2012 Investment Advisor

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

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'772'140'775 2.04 11'545'000 28.11.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'198'146'302 1.38 (21'986'906) 31.03.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 896'374'465 1.03 (53'043'489) 30.09.2012 Investment Advisor

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

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 592'536'010 0.68 (80'109'000) 30.09.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 542'210'582 0.62 (30'176'185) 30.06.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 482'819'400 0.56 - 30.09.2012 Investment Advisor

BLACKROCK INC n/a Short (462'906'413) -0.53 (148'536'026) 12.11.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 454'293'190 0.52 3'548'000 28.11.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 436'028'405 0.5 47'954'000 29.11.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 317'956'028 0.37 (9'999'327) 30.09.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 275'223'935 0.32 179'000 31.08.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 6 12 month 29.11.2012

Religare Capital Markets SOPHIE JIANG buy 5 M 6 12 month 28.11.2012

HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 26.11.2012

BOCOM International Holdings LI SHANSHAN neutral 3 M 5 12 month 26.11.2012

Mizuho Securities JIM ANTOS buy 5 U 6 12 month 23.11.2012

Core Pacific TIMOTHY LI buy 5 M 6 Not Provided 21.11.2012

Jefferies TAN MING buy 5 M 6 12 month 20.11.2012

China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 20.11.2012

UOB Kay Hian EDMOND LAW buy 5 M 6 Not Provided 20.11.2012

Mirae Asset Securities NAN LI buy 5 M 6 12 month 20.11.2012

Credit Suisse SANJAY JAIN outperform 5 M 6 Not Provided 16.11.2012

Standard Chartered LAWRENCE CHEN outperform 5 M 6 12 month 12.11.2012

JPMorgan JOSHUA KLACZEK overweight 5 M 6 12 month 07.11.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 07.11.2012

Nomura LUCY FENG buy 5 M 5 Not Provided 05.11.2012

CCB International Securities Ltd SHENG NAN outperform 5 M 6 Not Provided 01.11.2012

Bank of China International SUN PENG hold 3 M 5 Not Provided 31.10.2012

DBS Vickers ALEXANDER LEE buy 5 M 6 33 month 31.10.2012

Kim Eng Securities IVAN LI buy 5 M 6 12 month 31.10.2012

Daiwa Securities Co. Ltd. GRACE WU buy 5 M 6 Not Provided 31.10.2012

Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 30.10.2012

CIMB TREVOR KALCIC outperform 5 M 6 12 month 30.10.2012

SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 29.10.2012

Deutsche Bank TRACY YU buy 5 M 6 12 month 26.10.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 5 Not Provided 12.10.2012

Goldman Sachs NING MA Buy/Neutral 5 M 6 12 month 11.10.2012

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

Barclays MAY YAN overweight 5 M 5 Not Provided 06.09.2012

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

Macquarie VICTOR WANG outperform 5 M 7 12 month 19.06.2012

Guotai Junan WILSON LI buy 5 U 6 Not Provided 11.05.2012

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

Phillip Securities CHEN XINGYU buy 5 M 6 12 month 09.10.2011

ICBC International Securities IVAN LIN buy 5 M 7 Not Provided 23.04.2010

KGI Securities MICHELLE CHEN outperform 5 M 6 12 month 30.03.2010

Holdings By:

Industrial & Commercial Bank of China Ltd ee

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

Page 10: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (20.02.2012) 18.20

52-Week Low (05.06.2012) 13.18

Daily Volume

16.58

52-Week High % Change -8.90% Dividend Yield 2.63

52-Week Low % Change 25.80% Beta 1.27

% 52 Week Price Range High/Low 63.74% Equity Float 15'873.58

Shares Out 30.09.2012 44'646.3 Short Int -

740'235.75 1 Yr Total Return 21.87%

Total Debt 37'995.00 YTD Return 25.82%

Preferred Stock 0.0 Adjusted BETA 1.266

Minority Interest 0.0 Analyst Recs 32

Cash and Equivalents 99'197.00 Consensus Rating 3.500

Enterprise Value 534'277.99

Average Volume 5 Day 33'451'190

883 HK EQUITY YTD Change - Average Volume 30 Day 39'854'260

883 HK EQUITY YTD % CHANGE - Average Volume 3 Month 47'519'720

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 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 - - 234'830.8 246'240.6 - -

5.75x 1.95x 4.24x 3.71x 1.79x - - 2.53x 2.35x - -

49'242.7 65'262.9 56'272.8 97'993.0 119'044.0 - - 123'366.4 127'456.9 - -

10.59x 3.77x 7.93x 6.82x 3.62x - - 4.33x 4.19x - -

31'258.3 44'375.3 29'485.6 54'410.0 70'255.0 - - 65'044.8 64'565.6 - -

17.26x 6.44x 16.28x 12.81x 7.02x - - 9.12x 9.12x - -

EBITDA 119'044.00 Long-Term Rating Date 16.12.2010

EBIT 88'523.00 Long-Term Rating AA-

Operating Margin 36.74% Long-Term Outlook STABLE

Pretax Margin 38.42% Short-Term Rating Date -

Return on Assets 16.17% Short-Term Rating -

Return on Common Equity 23.71%

Return on Capital - EBITDA/Interest Exp. 76.41

Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 42.61

Net Debt/EBITDA -0.53

Gross Margin - Total Debt/EBITDA 0.48

EBITDA Margin 48.6%

EBIT Margin 35.1% Total Debt/Equity 14.5%

Net Income Margin 29.2% Total Debt/Capital 12.6%

Asset Turnover 0.60

Current Ratio 1.88 Net Fixed Asset Turnover 1.08

Quick Ratio 1.71 Accounts receivable turnover-days 31.60

Debt to Assets 9.89% Inventory Days -

Tot Debt to Common Equity 14.45% Accounts Payable Turnover Day -

Accounts Receivable Turnover 11.58 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

CNOOC LtdPrice/Volume

Valuation Analysis

54'221'378.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 11: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

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

VANGUARD GROUP INC Multiple Portfolios MF-AGG 816'323'080 1.83 49'735'712 30.09.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 536'760'247 1.2 (8'336'400) 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 472'268'001 1.06 3'127'000 28.11.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 305'551'683 0.68 (645'000) 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 272'169'432 0.61 (25'381'939) 29.02.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 251'565'200 0.56 7'532'000 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 158'720'600 0.36 1'208'000 28.11.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 148'751'902 0.33 (8'359'101) 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 146'926'000 0.33 3'033'000 30.09.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 146'642'500 0.33 (7'543'000) 31.08.2012 Bank

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 121'732'000 0.27 - 30.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 98'236'375 0.22 (6'638'000) 29.11.2012 Investment Advisor

LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 86'321'000 0.19 5'809'000 31.10.2012 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 74'378'000 0.17 (1'208'000) 30.06.2012 Mutual Fund Manager

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 63'401'000 0.14 (97'000) 31.07.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 63'344'436 0.14 (292'000) 30.09.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 62'022'957 0.14 (5'382'000) 30.06.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 59'871'467 0.13 (47'900'000) 30.09.2012 Investment Advisor

JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 59'774'000 0.13 (4'949'000) 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Credit Suisse DAVID HEWITT outperform 5 M 20 Not Provided 28.11.2012

Mirae Asset Securities GORDON KWAN hold 3 M 16 12 month 27.11.2012

Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 23.11.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 21 12 month 20.11.2012

SWS Research Co Ltd ALBERT MIAO underperform 1 M 13 Not Provided 20.11.2012

Jefferies LABAN YU underperform 1 M 13 12 month 16.11.2012

Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 15.11.2012

Macquarie JAMES HUBBARD outperform 5 M 21 12 month 08.11.2012

Nomura SONIA SONG neutral 3 M 18 Not Provided 06.11.2012

VTB Capital COLIN SMITH hold 3 M 17 12 month 26.10.2012

DBS Vickers WEE KEAT LEE hold 3 M 16 12 month 25.10.2012

China International Capital Corp BIN GUAN accumulate 4 M 18 12 month 25.10.2012

BNP Paribas Equity Research CHENG KHOO buy 5 M 19 12 month 25.10.2012

UOB Kay Hian YAN SHI buy 5 M 18 Not Provided 25.10.2012

ICBC International Securities ANNA YU hold 3 M 15 Not Provided 25.10.2012

Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 21 12 month 24.10.2012

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 Not Provided 24.10.2012

Bank of China International LAWRENCE LAU hold 3 M 15 Not Provided 24.10.2012

Deutsche Bank DAVID HURD hold 3 M 17 12 month 02.10.2012

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

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

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 16 Not Provided 24.07.2012

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

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011

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

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

Holdings By:

CNOOC Ltd ee

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

Page 12: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (06.02.2012) 3.45

52-Week Low (30.11.2011) 2.40

Daily Volume

3.27

52-Week High % Change -5.22% Dividend Yield 5.90

52-Week Low % Change 36.25% Beta 1.09

% 52 Week Price Range High/Low 80.00% Equity Float 72'148.03

Shares Out 30.09.2012 83'622.3 Short Int -

945'126.81 1 Yr Total Return 44.74%

Total Debt 1'916'969.00 YTD Return 21.97%

Preferred Stock 0.0 Adjusted BETA 1.086

Minority Interest 32'732.0 Analyst Recs 39

Cash and Equivalents 3'128'981.00 Consensus Rating 4.282

Enterprise Value -

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

3988 HK EQUITY YTD Change - Average Volume 30 Day #########

3988 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

305'131.0 355'641.0 337'018.0 395'271.0 514'133.0 481'959.0 600'914.0 359'908.0 390'591.3 90'913.0 -

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

- - - - - 0.0 0.0 - - - -

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

56'248.0 64'360.0 80'819.0 104'418.0 124'182.0 121'518.0 134'244.0 131'630.8 132'607.2 32'712.0 -

16.08x 7.47x 11.62x 8.91x 5.27x 4.52x 5.07x 5.65x 5.61x - -

EBITDA - Long-Term Rating Date 29.11.2011

EBIT - Long-Term Rating A

Operating Margin 49.70% Long-Term Outlook STABLE

Pretax Margin 51.24% Short-Term Rating Date 29.11.2011

Return on Assets 1.06% Short-Term Rating A-1

Return on Common Equity 18.13%

Return on Capital 4.46% 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 265.1%

Net Income Margin 37.7% Total Debt/Capital 71.7%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 4.06

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 16.20% Inventory Days -

Tot Debt to Common Equity 265.08% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

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

Bank of China LtdPrice/Volume

Valuation Analysis

417'770'335.00

Current Price (11/dd/yy) Market Data

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400'000.0

500'000.0

600'000.0

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

Page 13: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

SOCIAL SECURITY FUND n/a EXCH 8'357'384'041 9.99 - 08.02.2012 Government

BLACKROCK INC n/a EXCH 5'022'832'827 6.01 47'112'704 11.10.2012 Investment Advisor

JP MORGAN CHASE & CO #N/A N/A EXCH 4'118'377'221 4.92 - 20.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'193'916'966 3.82 121'758'000 30.09.2012 Investment Advisor

TEMASEK HOLDINGS PRI n/a EXCH 3'116'864'905 3.73 - 04.05.2012 Government

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

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'012'547'000 2.41 13'344'000 28.11.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'536'517'400 1.84 55'556'000 30.09.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'248'400'600 1.49 (114'127'000) 30.09.2012 Investment Advisor

BLACKROCK INC n/a Short (885'931'036) -1.06 (24'507'704) 11.10.2012 Investment Advisor

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

STATE STREET GLOBAL Multiple Portfolios MF-AGG 592'048'548 0.71 (31'815'851) 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 564'016'791 0.67 (3'950'000) 28.11.2012 Investment Advisor

BANK OF TOKYO-MITSUB n/a Co File 520'357'200 0.62 - 31.12.2011 Bank

PICTET & CIE Multiple Portfolios MF-AGG 371'107'100 0.44 12'112'000 31.08.2012 Mutual Fund Manager

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 345'990'500 0.41 (265'000) 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 316'401'657 0.38 (297'046'677) 29.02.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 312'566'100 0.37 21'470'000 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 4 12 month 29.11.2012

Religare Capital Markets SOPHIE JIANG buy 5 M 4 12 month 28.11.2012

HSBC TODD DUNIVANT overweight 5 M 4 Not Provided 26.11.2012

BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 12 month 26.11.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 26.11.2012

Mizuho Securities JIM ANTOS neutral 3 U 4 12 month 23.11.2012

UOB Kay Hian EDMOND LAW hold 3 M 3 Not Provided 20.11.2012

Credit Suisse SANJAY JAIN neutral 3 M 3 Not Provided 16.11.2012

Standard Chartered LAWRENCE CHEN outperform 5 M 4 12 month 12.11.2012

ICBC International Securities IVAN LIN buy 5 M 4 Not Provided 08.11.2012

JPMorgan JOSHUA KLACZEK neutral 3 M 4 12 month 07.11.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 4 12 month 07.11.2012

Jefferies TAN MING buy 5 M 4 12 month 05.11.2012

Nomura LUCY FENG buy 5 M 3 Not Provided 05.11.2012

CCB International Securities Ltd SHENG NAN outperform 5 M 4 Not Provided 01.11.2012

Guotai Junan WILSON LI accumulate 4 M 4 Not Provided 30.10.2012

SWS Research Co Ltd ROBERT HU neutral 3 M 4 Not Provided 29.10.2012

Deutsche Bank TRACY YU buy 5 M 4 12 month 26.10.2012

Bank of China International JINHUA YIN buy 5 M 4 Not Provided 26.10.2012

DBS Vickers ALEXANDER LEE buy 5 M 4 12 month 26.10.2012

Kim Eng Securities IVAN LI buy 5 M 4 12 month 26.10.2012

Daiwa Securities Co. Ltd. GRACE WU buy 5 M 4 Not Provided 26.10.2012

China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 26.10.2012

Phillip Securities CHEN XINGYU accumulate 4 M 3 Not Provided 26.10.2012

Core Pacific TIMOTHY LI hold 3 M 4 Not Provided 26.10.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 3 Not Provided 26.10.2012

Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 3 12 month 25.10.2012

CIMB TREVOR KALCIC neutral 3 M 3 12 month 25.10.2012

Barclays MAY YAN overweight 5 U 4 Not Provided 06.09.2012

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

Mirae Asset Securities NAN LI buy 5 M 4 12 month 03.07.2012

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

Macquarie VICTOR WANG outperform 5 M 4 12 month 19.06.2012

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.04.2012

KGI Securities MICHELLE CHEN neutral 3 M 4 12 month 25.03.2010

Holdings By:

Bank of China Ltd ee

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

Page 14: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

Agricultural Bank of China Limited provides a full range of commercial banking

services. The Banks services includes RMB and foreign currency deposit, loan,

international and domestic settlement, bill discount, currency trading, bank

guarantee, and treasury bill underwriting.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (06.02.2012) 3.98

52-Week Low (06.09.2012) 2.72

Daily Volume

3.4

52-Week High % Change -14.57% Dividend Yield -

52-Week Low % Change 25.00% Beta 1.26

% 52 Week Price Range High/Low 51.59% Equity Float 30'738.82

Shares Out 30.09.2012 30'738.8 Short Int -

1'056'106.13 1 Yr Total Return 14.97%

Total Debt 1'144'165.00 YTD Return 7.40%

Preferred Stock 0.0 Adjusted BETA 1.262

Minority Interest 187.0 Analyst Recs 37

Cash and Equivalents 2'831'639.00 Consensus Rating 3.892

Enterprise Value -

Average Volume 5 Day 89'830'270

1288 HK EQUITY YTD Change - Average Volume 30 Day #########

1288 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

266'015.0 335'717.0 339'235.0 409'295.0 547'924.0 509'442.0 636'398.0 423'171.8 458'415.6 - -

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

- - - - - 0.0 0.0 - - - -

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

43'787.0 51'474.0 64'992.0 94'873.0 121'927.0 125'484.0 141'253.0 146'768.7 152'845.7 - -

- - - 10.02x 7.13x 5.45x 5.64x 6.04x 5.76x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating NR

Operating Margin 41.31% Long-Term Outlook -

Pretax Margin 41.39% Short-Term Rating Date -

Return on Assets 1.15% Short-Term Rating -

Return on Common Equity 20.97%

Return on Capital 7.87% 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 176.1%

Net Income Margin 31.9% Total Debt/Capital 63.8%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 5.17

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 9.80% Inventory Days -

Tot Debt to Common Equity 176.13% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Agricultural Bank of China LtdPrice/Volume

Valuation Analysis

116'794'962.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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300'000.0

400'000.0

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

Page 15: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

QATAR HOLDINGS LLC n/a Co File 6'816'775'000 22.18 - 31.12.2011 Government

CAPITAL RESEARCH AND n/a EXCH 3'803'379'000 12.37 - 14.09.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2'600'661'000 8.46 115'678'000 30.09.2012 Investment Advisor

CITIGROUP INCORPORAT n/a EXCH 2'169'822'167 7.06 - 31.10.2012 Investment Advisor

BLACKROCK INC n/a EXCH 1'878'971'694 6.11 38'663'792 12.11.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 1'529'993'730 4.98 - 25.09.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'333'875'000 4.34 47'970'000 30.09.2012 Investment Advisor

DEUTSCHE BANK AG n/a EXCH 1'153'222'513 3.75 - 11.10.2011 Investment Advisor

DEUTSCHE BANK AG n/a Short (1'024'915'664) -3.33 - 11.10.2011 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 931'834'000 3.03 5'212'000 28.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 912'934'493 2.97 37'259'220 30.09.2012 Investment Advisor

CITIGROUP INCORPORAT n/a Short (237'456'553) -0.77 - 31.10.2012 Investment Advisor

JP MORGAN CHASE & CO n/a Short (230'682'906) -0.75 - 25.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 226'785'000 0.74 12'156'000 28.11.2012 Investment Advisor

BLACKROCK INC n/a Short (210'695'217) -0.69 (34'542'792) 12.11.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 184'647'171 0.6 69'553'186 29.02.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 136'355'000 0.44 8'457'000 31.08.2012 Mutual Fund Manager

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 71'103'000 0.23 - 29.06.2012 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 67'187'000 0.22 (24'861'000) 30.06.2012 Investment Advisor

JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 59'500'000 0.19 - 31.12.2011 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 4 12 month 29.11.2012

Religare Capital Markets SOPHIE JIANG sell 1 M 2 12 month 28.11.2012

HSBC TODD DUNIVANT underweight 1 M 3 Not Provided 26.11.2012

BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 12 month 26.11.2012

Mizuho Securities JIM ANTOS underperform 1 M 3 12 month 23.11.2012

CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 4 12 month 22.11.2012

UOB Kay Hian EDMOND LAW buy 5 M 4 Not Provided 20.11.2012

Credit Suisse SANJAY JAIN underperform 1 M 3 Not Provided 16.11.2012

Standard Chartered LAWRENCE CHEN outperform 5 M 4 12 month 12.11.2012

ICBC International Securities IVAN LIN buy 5 M 4 Not Provided 08.11.2012

JPMorgan JOSHUA KLACZEK neutral 3 M 4 12 month 07.11.2012

Phillip Securities CHEN XINGYU accumulate 4 D 4 12 month 07.11.2012

Jefferies TAN MING buy 5 M 4 12 month 05.11.2012

Nomura LUCY FENG buy 5 M 4 Not Provided 05.11.2012

CCB International Securities Ltd SHENG NAN outperform 5 M 4 Not Provided 01.11.2012

Core Pacific TIMOTHY LI hold 3 M 4 12 month 31.10.2012

Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.10.2012

DBS Vickers ALEXANDER LEE buy 5 M 4 12 month 29.10.2012

CIMB TREVOR KALCIC outperform 5 M 4 12 month 29.10.2012

China International Capital Corp MAO JUNHUA buy 5 M 5 12 month 29.10.2012

SWS Research Co Ltd ROBERT HU neutral 3 M 3 Not Provided 29.10.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 4 Not Provided 29.10.2012

Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 3 12 month 28.10.2012

Deutsche Bank TRACY YU hold 3 M 4 12 month 26.10.2012

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

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 11.09.2012

Barclays MAY YAN equalweight 3 D 3 Not Provided 06.09.2012

Bank of China International JINHUA YIN buy 5 M 4 Not Provided 30.08.2012

Daiwa Securities Co. Ltd. GRACE WU buy 5 M 4 Not Provided 29.08.2012

Mirae Asset Securities NAN LI hold 3 M 3 12 month 29.08.2012

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

Macquarie VICTOR WANG outperform 5 M 5 12 month 19.06.2012

Masterlink Securities RAINY YUAN hold 3 D 4 6 month 28.03.2012

Holdings By:

Agricultural Bank of China Ltd ee

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

Page 16: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

invests in properties, constructs buildings, invests in treasury securities, and

infrastructure projects. The Company also provides civil engineering,

foundation engineering, and real estate agency and management services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (30.11.2012) 23.30

52-Week Low (09.01.2012) 12.07

Daily Volume

22.95

52-Week High % Change -1.50% Dividend Yield 1.53

52-Week Low % Change 90.20% Beta 1.42

% 52 Week Price Range High/Low 94.14% Equity Float 3'799.81

Shares Out 30.06.2012 8'172.5 Short Int -

187'559.31 1 Yr Total Return 81.90%

Total Debt 43'678.95 YTD Return 80.77%

Preferred Stock 0.0 Adjusted BETA 1.421

Minority Interest 273.0 Analyst Recs 37

Cash and Equivalents 17'841.48 Consensus Rating 4.297

Enterprise Value 214'163.98

Average Volume 5 Day 26'849'190

688 HK EQUITY YTD Change - Average Volume 30 Day 20'133'510

688 HK EQUITY YTD % CHANGE - Average Volume 3 Month 22'844'860

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

16'632.6 18'892.4 37'321.6 44'313.0 48'583.0 0.0 16'850.0 66'838.5 79'975.8 - -

8.01x 5.45x 3.60x 3.03x 2.72x #DIV/0! 0.00x 3.18x 2.63x - -

6'778.4 6'867.9 10'532.8 16'214.3 19'021.7 0.0 0.0 24'851.2 28'212.9 - -

19.64x 14.98x 12.76x 8.29x 6.95x 0.00x 0.00x 8.62x 7.59x - -

4'179.6 5'048.6 7'468.9 12'373.2 15'025.4 0.0 0.0 15'582.1 18'163.2 - -

28.33x 16.64x 17.90x 9.52x 7.05x 0.00x 0.00x 12.01x 10.33x - -

EBITDA 19'021.74 Long-Term Rating Date 25.03.2010

EBIT 18'978.15 Long-Term Rating BBB

Operating Margin 39.06% Long-Term Outlook STABLE

Pretax Margin 48.92% Short-Term Rating Date -

Return on Assets 9.33% Short-Term Rating -

Return on Common Equity 23.79%

Return on Capital 14.40% EBITDA/Interest Exp. 13.21

Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 13.09

Net Debt/EBITDA 1.31

Gross Margin 44.9% Total Debt/EBITDA 2.63

EBITDA Margin 38.7%

EBIT Margin 38.6% Total Debt/Equity 62.1%

Net Income Margin 30.9% Total Debt/Capital 38.2%

Asset Turnover 0.29

Current Ratio 1.88 Net Fixed Asset Turnover 2.84

Quick Ratio 0.28 Accounts receivable turnover-days 16.63

Debt to Assets 24.82% Inventory Days 1228.62

Tot Debt to Common Equity 62.12% Accounts Payable Turnover Day 78.70

Accounts Receivable Turnover 22.01 Cash Conversion Cycle 1130.07

Inventory Turnover 0.30

Fiscal Year Ended

China Overseas Land & Investment LtdPrice/Volume

Valuation Analysis

27'736'555.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 17: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

CHINA OVERSEAS HOLDI n/a EXCH 3'837'380'380 46.95 - 30.06.2012 Government

SILVER LOT DEVELOPME n/a EXCH 509'136'928 6.23 - 30.06.2012 Other

JP MORGAN CHASE & CO n/a EXCH 482'172'848 5.9 - 26.07.2012 Investment Advisor

DEUTSCHE BANK AG n/a EXCH 301'486'252 3.69 - 17.05.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 212'781'969 2.6 (21'482'000) 28.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 185'085'868 2.26 3'880'266 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 155'510'560 1.9 928'000 28.11.2012 Investment Advisor

DEUTSCHE BANK AG n/a Short (155'321'624) -1.9 - 17.05.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 112'470'704 1.38 83'856'289 29.02.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 80'881'356 0.99 9'732'000 30.09.2012 Investment Advisor

EUROPEAN INVESTORS I n/a Research 67'723'950 0.83 3'950'840 30.09.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 52'905'652 0.65 - 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 44'243'760 0.54 (1'160'000) 28.11.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 37'497'698 0.46 4'037'391 28.09.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 37'460'040 0.46 (3'708'000) 30.06.2012 Mutual Fund Manager

JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 34'402'000 0.42 (35'552'000) 30.09.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 34'035'376 0.42 (1'895'426) 30.06.2012 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 26'850'260 0.33 (842'000) 31.10.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 26'020'000 0.32 8'470'000 30.09.2012 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 24'111'010 0.3 7'185'650 30.06.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

JPMorgan LUCIA KWONG overweight 5 M 24 6 month 30.11.2012

Jefferies CHRISTIE JU buy 5 M 26 12 month 28.11.2012

CIMB JOHNSON HU outperform 5 M 25 12 month 28.11.2012

Standard Chartered RAYMOND CHENG in-line 3 M 18 12 month 27.11.2012

CCB International Securities Ltd EDISON BIAN outperform 5 M 25 Not Provided 26.11.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 26.11.2012

Sanford C. Bernstein & Co KENNETH TSANG market perform 3 M 18 12 month 20.11.2012

DBS Vickers CAROL WU buy 5 M 23 12 month 19.11.2012

KGI Securities ALICE JI outperform 5 M 24 12 month 16.11.2012

Daiwa Securities Co. Ltd. JONAS KAN buy 5 M 24 Not Provided 13.11.2012

Credit Suisse JINSONG DU neutral 3 M 15 Not Provided 08.11.2012

Deutsche Bank TONY TSANG buy 5 M 26 12 month 25.10.2012

SWS Research Co Ltd KRIS LI neutral 3 M 16 Not Provided 25.10.2012

Guotai Junan DONALD YU buy 5 M 22 Not Provided 25.10.2012

UOB Kay Hian SYLVIA WONG buy 5 M 21 Not Provided 25.10.2012

Goldman Sachs WANG YI neutral/attractive 3 M 19 12 month 22.10.2012

Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 M 18 12 month 21.10.2012

Mirae Asset Securities STEPHANIE LAU hold 3 D 22 12 month 19.10.2012

Barclays WENDY LUO equalweight 3 M 19 Not Provided 19.10.2012

HSBC MICHELLE KWOK overweight 5 M 24 Not Provided 17.10.2012

Bank of China International CHRISTINA NGAI hold 3 M 16 Not Provided 09.10.2012

Kim Eng Securities IVAN CHEUNG hold 3 M 20 12 month 27.09.2012

Ji Asia WU GONGLIANG neutral 3 M 18 Not Provided 25.09.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 20 Not Provided 11.09.2012

First Shanghai Securities Ltd MICHAEL KE buy 5 M 21 12 month 17.08.2012

Macquarie DAVID NG neutral 3 D 19 12 month 13.08.2012

Mizuho Securities ALAN JIN buy 5 M 21 12 month 13.08.2012

China International Capital Corp ERIC YU ZHANG buy 5 M 21 12 month 13.08.2012

Citic Securities Co., Ltd GARRICK CHENG overweight 5 D 19 6 month 13.08.2012

Nomura ALVIN WONG buy 5 M 21 Not Provided 13.08.2012

Capital Securities Corp LANTIS LI strong buy 5 U 25 12 month 27.06.2012

Everbright Securities Co., Ltd TIMOTHY YEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012

GuoSen Securities Co Ltd HUI CAO buy 5 M 18 12 month 26.04.2012

Masterlink Securities TEAM COVERAGE hold 3 N 18 6 month 23.05.2011

Holdings By:

China Overseas Land & Investment Ltd ee

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

Page 18: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.02.2012) 9.67

52-Week Low (11.07.2012) 6.38

Daily Volume

8.22

52-Week High % Change -14.99% Dividend Yield 4.54

52-Week Low % Change 28.84% Beta 0.85

% 52 Week Price Range High/Low 52.89% Equity Float 15'550.58

Shares Out 30.09.2012 16'780.5 Short Int -

661'852.94 1 Yr Total Return 9.61%

Total Debt 240'555.00 YTD Return 5.86%

Preferred Stock 0.0 Adjusted BETA 0.849

Minority Interest 35'016.0 Analyst Recs 34

Cash and Equivalents 25'197.00 Consensus Rating 3.912

Enterprise Value 838'596.24

Average Volume 5 Day 61'111'600

386 HK EQUITY YTD Change - Average Volume 30 Day 74'316'190

386 HK EQUITY YTD % CHANGE - Average Volume 3 Month 74'647'010

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

1'170'539.0 1'387'077.0 1'212'168.0 1'876'758.0 2'463'767.0 ######### ######### ######### ######### 768'384.0 -

1.73x 0.59x 1.09x 0.48x 0.35x 1.46x 1.34x 0.32x 0.32x - -

127'499.0 29'228.0 151'545.0 178'098.0 170'962.0 0.0 0.0 164'236.1 190'028.2 - -

15.87x 27.82x 8.73x 5.03x 5.05x 0.00x 0.00x 5.11x 4.41x - -

56'515.0 28'445.0 62'677.0 71'782.0 73'225.0 75'623.0 53'683.0 60'066.3 73'649.9 20'984.0 -

16.90x 12.59x 8.42x 7.62x 7.84x 7.22x 9.49x 9.60x 7.79x - -

EBITDA 170'962.00 Long-Term Rating Date 16.12.2010

EBIT 107'146.00 Long-Term Rating A+

Operating Margin 4.35% Long-Term Outlook STABLE

Pretax Margin 4.24% Short-Term Rating Date -

Return on Assets 5.00% Short-Term Rating -

Return on Common Equity 12.12%

Return on Capital 8.66% EBITDA/Interest Exp. 18.19

Asset Turnover 2.27% (EBITDA-Capex)/Interest Exp. 4.17

Net Debt/EBITDA 1.87

Gross Margin - Total Debt/EBITDA 1.96

EBITDA Margin 6.1%

EBIT Margin 3.5% Total Debt/Equity 50.9%

Net Income Margin 3.0% Total Debt/Capital 32.2%

Asset Turnover 2.27

Current Ratio 0.77 Net Fixed Asset Turnover 3.74

Quick Ratio 0.25 Accounts receivable turnover-days 13.52

Debt to Assets 21.02% Inventory Days -

Tot Debt to Common Equity 50.93% Accounts Payable Turnover Day -

Accounts Receivable Turnover 27.06 Cash Conversion Cycle -

Inventory Turnover -

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

China Petroleum & Chemical CorpPrice/Volume

Valuation Analysis

77'686'611.00

Current Price (11/dd/yy) Market Data

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

Page 19: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

BLACKROCK INC #N/A N/A EXCH 1'354'687'685 8.07 18'292'877 22.11.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 1'328'959'445 7.92 - 22.10.2012 Investment Advisor

FRANKLIN RESOURCES I n/a EXCH 1'006'669'203 6 - 26.01.2012 Investment Advisor

CITIGROUP INCORPORAT #N/A N/A EXCH 835'771'505 4.98 - 22.11.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a EXCH 803'053'154 4.79 - 27.08.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 720'334'946 4.29 (32'471'749) 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 504'666'002 3.01 3'154'000 28.11.2012 Investment Advisor

CH PETROLEUM SHENGJU n/a EXCH 425'500'000 2.54 - 09.01.2012 n/a

BLACKROCK INC n/a Short (246'083'055) -1.47 (6'407'308) 22.11.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 241'822'937 1.44 86'590'596 29.02.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 224'822'000 1.34 39'640'000 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 148'485'528 0.88 288'000 28.11.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 139'771'423 0.83 (7'780'128) 30.06.2012 Investment Advisor

CITIGROUP INCORPORAT n/a Short (100'073'316) -0.6 - 22.11.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 88'338'998 0.53 (3'454'000) 28.09.2012 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 85'942'000 0.51 (8'170'000) 31.07.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 79'108'000 0.47 (11'012'000) 30.09.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 78'426'342 0.47 (642'000) 30.06.2012 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 74'412'000 0.44 (288'000) 30.06.2012 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 65'775'400 0.39 30'000 28.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura SONIA SONG buy 5 M 10 Not Provided 28.11.2012

Mirae Asset Securities GORDON KWAN buy 5 M 10 12 month 27.11.2012

Renaissance Capital BRADLEY WAY sell 1 M 7 12 month 23.11.2012

ICBC International Securities ANNA YU buy 5 M 10 Not Provided 23.11.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 9 12 month 20.11.2012

BNP Paribas Equity Research CHENG KHOO buy 5 M 9 12 month 19.11.2012

Jefferies LABAN YU hold 3 M 8 12 month 16.11.2012

Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 8 12 month 15.11.2012

Macquarie JAMES HUBBARD underperform 1 M 7 12 month 08.11.2012

Credit Suisse DAVID HEWITT neutral 3 D 8 Not Provided 02.11.2012

Deutsche Bank DAVID HURD buy 5 M 9 12 month 30.10.2012

Bank of China International LAWRENCE LAU buy 5 M 9 Not Provided 30.10.2012

Daiwa Securities Co. Ltd. ADRIAN LOH underperform 1 M 7 Not Provided 30.10.2012

SWS Research Co Ltd ALBERT MIAO buy 5 M 10 Not Provided 30.10.2012

BOCOM International Holdings WU FEI buy 5 M 9 12 month 30.10.2012

Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 8 12 month 29.10.2012

JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 10 12 month 29.10.2012

HSBC THOMAS C HILBOLDT underweight 1 M 7 Not Provided 29.10.2012

Capital Securities Corp TEAM COVERAGE buy 5 U 11 Not Provided 29.10.2012

DBS Vickers WEE KEAT LEE hold 3 M 8 26 month 29.10.2012

UOB Kay Hian YAN SHI buy 5 M 9 Not Provided 29.10.2012

Barclays SCOTT DARLING equalweight 3 M 10 Not Provided 29.10.2012

VTB Capital COLIN SMITH hold 3 M 8 12 month 29.10.2012

Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 9 12 month 17.10.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 06.09.2012

Mizuho Securities ANDREW S F CHAN neutral 3 M 7 12 month 27.08.2012

Guotai Junan GRACE LIU accumulate 4 D 8 Not Provided 20.07.2012

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 15.06.2012

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

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

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

Page 20: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance

services provider. The Company offers life and property insurance products

through its subsidiaries.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (27.02.2012) 28.60

52-Week Low (15.12.2011) 20.20

Daily Volume

25.4

52-Week High % Change -11.19% Dividend Yield 1.72

52-Week Low % Change 25.74% Beta 1.25

% 52 Week Price Range High/Low 55.36% Equity Float 1'855.18

Shares Out 15.11.2012 2'775.3 Short Int -

201'949.77 1 Yr Total Return 20.33%

Total Debt 40'105.00 YTD Return 17.07%

Preferred Stock 0.0 Adjusted BETA 1.250

Minority Interest 1'259.0 Analyst Recs 34

Cash and Equivalents 14'903.00 Consensus Rating 4.235

Enterprise Value 65'863.42

Average Volume 5 Day 10'781'630

2601 HK EQUITY YTD Change - Average Volume 30 Day 10'090'830

2601 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12'968'970

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

63'947.0 76'135.0 104'175.0 141'127.0 155'446.0 161'504.0 168'932.0 167'906.1 188'579.9 79'321.0 -

5.81x 1.02x 1.92x 1.45x 1.21x 2.85x 2.03x 1.04x 0.93x - -

- - - - - 0.0 0.0 - - - -

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

11'238.0 2'569.0 7'356.0 8'557.0 8'313.0 10'670.0 4'430.0 6'613.9 10'144.7 2'171.0 -

27.17x 33.70x 26.97x 22.90x 19.80x 14.90x 39.27x 28.23x 17.62x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 6.49% Long-Term Outlook -

Pretax Margin 6.69% Short-Term Rating Date -

Return on Assets 1.59% Short-Term Rating -

Return on Common Equity 10.58%

Return on Capital 8.64% EBITDA/Interest Exp. -

Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 52.2%

Net Income Margin 5.3% Total Debt/Capital 33.9%

Asset Turnover 0.30

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 7.03% Inventory Days -

Tot Debt to Common Equity 52.22% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

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

China Pacific Insurance Group Co LtdPrice/Volume

Valuation Analysis

18'175'540.00

Current Price (11/dd/yy) Market Data

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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

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

Page 21: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

JP MORGAN CHASE & CO n/a EXCH 314'970'427 11.35 - 14.11.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a EXCH 293'830'400 10.59 - 15.11.2012 Government

NORGES BANK n/a EXCH 231'734'200 8.35 - 14.11.2012 Government

AZ EURO INVESTMENTS n/a EXCH 191'940'303 6.92 - 14.11.2012 n/a

BLACKROCK INC #N/A N/A EXCH 185'970'532 6.7 - 21.11.2012 Investment Advisor

BERKOWITZ BRUCE n/a EXCH 114'665'400 4.13 - 29.11.2011 n/a

CARLYLE HOLDINGS MAU n/a EXCH 113'323'498 4.08 - 25.07.2012 Other

MORGAN STANLEY n/a EXCH 109'980'513 3.96 - 20.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 107'176'600 3.86 552'200 28.11.2012 Investment Advisor

PARALLEL INVESTORS H n/a EXCH 90'384'102 3.26 (221'440'000) 25.07.2012 Holding Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 80'176'250 2.89 8'159'848 30.09.2012 Investment Advisor

ABU DHABI INVEST AUT n/a Research 76'187'483 2.75 55'160'000 14.11.2012 Government

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 48'143'200 1.73 21'907'400 30.09.2012 Investment Advisor

ALLIANZ FINANCE II L n/a EXCH 41'517'800 1.5 - 14.11.2012 Other

UBS AG n/a EXCH 33'175'993 1.2 - 11.09.2012 Investment Advisor

BLACKROCK INC n/a Short (26'952'973) -0.97 - 21.11.2012 Investment Advisor

UBS AG n/a Short (25'319'688) -0.91 - 11.09.2012 Investment Advisor

CITIGROUP INCORPORAT n/a EXCH 23'486'806 0.85 - 19.11.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 22'961'400 0.83 (270'000) 28.11.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 21'183'288 0.76 9'477'245 29.02.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Credit Suisse ARJAN VAN VEEN outperform 5 M 34 Not Provided 27.11.2012

Nomura DAVID CHUNG buy 5 U 32 Not Provided 27.11.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 26.11.2012

Core Pacific OLIVE XIA buy 5 M 28 Not Provided 22.11.2012

Phillip Securities CHEN XINGYU buy 5 M 28 Not Provided 16.11.2012

BOCOM International Holdings LI WENBING buy 5 M 31 12 month 15.11.2012

Goldman Sachs MANCY SUN neutral/neutral 3 D 29 12 month 13.11.2012

Capital Securities Corp TEAM COVERAGE buy 5 M 28 Not Provided 13.11.2012

Standard Chartered JENNIFER LAW outperform 5 M 38 12 month 12.11.2012

Barclays MARK KELLOCK equalweight 3 D 29 Not Provided 09.11.2012

Macquarie SCOTT G RUSSELL outperform 5 M 33 12 month 02.11.2012

Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 29 12 month 31.10.2012

Guotai Junan FELIX LUO accumulate 4 M 31 Not Provided 30.10.2012

Morgan Stanley BEN LIN Equalwt/In-Line 3 M 28 12 month 29.10.2012

Jefferies BARON NIE buy 5 M 29 12 month 29.10.2012

DBS Vickers PING CHENG fully valued 2 M 22 16 month 29.10.2012

Kim Eng Securities IVAN LI buy 5 M 27 12 month 29.10.2012

Mizuho Securities THOMAS J MONACO underperform 1 M 19 12 month 29.10.2012

China International Capital Corp TANG SHENGBO buy 5 M 25 12 month 29.10.2012

SWS Research Co Ltd ROBERT HU outperform 5 M 26 Not Provided 29.10.2012

UOB Kay Hian EDMOND LAW buy 5 M 30 Not Provided 29.10.2012

CCB International Securities Ltd KENNETH YUE outperform 5 M 30 Not Provided 29.10.2012

HSBC JAMES GARNER overweight 5 M 35 Not Provided 18.10.2012

Deutsche Bank ESTHER CHWEI buy 5 M 29 12 month 14.09.2012

JPMorgan CHAN BAO LING neutral 3 M 26 Not Provided 03.09.2012

Bank of China International SUN PENG hold 3 M 25 Not Provided 20.08.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 29 12 month 18.07.2012

ICBC International Securities PIUS CHENG buy 5 M 30 Not Provided 06.07.2012

Masterlink Securities LI YAN buy 5 M 28 Not Provided 07.06.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 26 Not Provided 08.12.2011

Mirae Asset Securities IVAN CHEUNG buy 5 M 32 12 month 18.10.2011

RBS YANAN WANG buy 5 M 40 12 month 01.08.2011

Holdings By:

China Pacific Insurance Group Co Ltd ee

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

Page 22: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (08.02.2012) 11.92

52-Week Low (19.12.2011) 8.85

Daily Volume

10.38

52-Week High % Change -12.92% Dividend Yield 3.80

52-Week Low % Change 17.29% Beta 0.99

% 52 Week Price Range High/Low 43.97% Equity Float 20'807.38

Shares Out 30.09.2012 21'098.9 Short Int -

1'926'016.50 1 Yr Total Return 13.06%

Total Debt 318'002.00 YTD Return 11.78%

Preferred Stock 0.0 Adjusted BETA 0.989

Minority Interest 79'801.0 Analyst Recs 33

Cash and Equivalents 61'590.00 Consensus Rating 3.455

Enterprise Value 1'965'154.65

Average Volume 5 Day 65'918'090

857 HK EQUITY YTD Change - Average Volume 30 Day 70'221'780

857 HK EQUITY YTD % CHANGE - Average Volume 3 Month 66'945'020

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

836'353.0 1'072'604.0 1'019'275.0 1'465'415.0 2'003'843.0 ######### ######### ######### ######### 557'466.0 -

6.35x 1.78x 2.57x 1.54x 0.88x 4.84x 3.83x 0.97x 0.92x - -

269'727.0 256'680.0 237'168.0 303'643.0 323'368.0 167'207.0 243'216.0 339'917.4 374'608.2 - -

19.70x 7.45x 11.04x 7.43x 5.48x 0.00x 0.00x 5.78x 5.25x - -

146'750.0 114'453.0 103'387.0 139'992.0 132'961.0 143'399.0 116'511.0 129'697.0 145'262.9 - -

15.86x 9.49x 14.65x 11.33x 10.74x 10.18x 12.84x 11.68x 10.40x - -

EBITDA 323'368.00 Long-Term Rating Date -

EBIT 185'295.00 Long-Term Rating -

Operating Margin 9.25% Long-Term Outlook -

Pretax Margin 9.19% Short-Term Rating Date -

Return on Assets 6.68% Short-Term Rating -

Return on Common Equity 12.80%

Return on Capital 10.29% EBITDA/Interest Exp. 27.94

Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 4.79

Net Debt/EBITDA 1.07

Gross Margin - Total Debt/EBITDA 1.34

EBITDA Margin 15.5%

EBIT Margin 8.5% Total Debt/Equity 31.7%

Net Income Margin 6.6% Total Debt/Capital 22.7%

Asset Turnover 1.09

Current Ratio 0.68 Net Fixed Asset Turnover 1.54

Quick Ratio 0.23 Accounts receivable turnover-days 12.81

Debt to Assets 16.58% Inventory Days -

Tot Debt to Common Equity 31.71% Accounts Payable Turnover Day -

Accounts Receivable Turnover 28.58 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

PetroChina Co LtdPrice/Volume

Valuation Analysis

93'654'406.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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2'000'000.0

2'500'000.0

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

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

Page 23: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

ABERDEEN ASSET MANAG n/a EXCH 1'711'231'963 8.11 - 08.08.2012 Investment Advisor

JP MORGAN CHASE & CO #N/A N/A EXCH 1'446'702'135 6.86 - 20.11.2012 Investment Advisor

BLACKROCK INC n/a EXCH 1'310'910'969 6.21 - 08.11.2012 Investment Advisor

FRANKLIN RESOURCES I n/a Co File 1'270'171'357 6.02 - 31.12.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 901'847'493 4.27 20'782'075 30.09.2012 Investment Advisor

ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 596'056'105 2.83 32'226'000 12.11.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 499'060'000 2.37 3'402'000 28.11.2012 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 (236'236'099) -1.12 - 09.11.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 175'742'108 0.83 (9'780'632) 30.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 140'542'355 0.67 26'588'915 29.02.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 132'110'965 0.63 (1'460'000) 28.11.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 91'022'000 0.43 156'000 31.08.2012 Mutual Fund Manager

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 79'168'272 0.38 896'000 30.06.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 70'310'594 0.33 5'322'351 30.06.2012 Mutual Fund Manager

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 66'938'000 0.32 - 30.06.2012 Unclassified

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 66'885'243 0.32 (406'000) 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 65'110'000 0.31 - 28.11.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 63'906'335 0.3 1'222'000 31.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies LABAN YU buy 5 M 16 12 month 27.11.2012

Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 27.11.2012

Renaissance Capital BRADLEY WAY buy 5 M 13 12 month 23.11.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 11 12 month 20.11.2012

BNP Paribas Equity Research CHENG KHOO hold 3 M 10 12 month 19.11.2012

Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 11 12 month 15.11.2012

Nomura SONIA SONG neutral 3 M 12 Not Provided 14.11.2012

Macquarie JAMES HUBBARD outperform 5 M 12 12 month 08.11.2012

Ji Asia SAMUEL THAWLEY neutral 3 D 10 Not Provided 08.11.2012

Deutsche Bank DAVID HURD hold 3 M 11 12 month 01.11.2012

ICBC International Securities ANNA YU hold 3 M 10 Not Provided 01.11.2012

HSBC THOMAS C HILBOLDT underweight 1 D 10 Not Provided 31.10.2012

Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 31.10.2012

Bank of China International LAWRENCE LAU buy 5 M 13 Not Provided 31.10.2012

DBS Vickers WEE KEAT LEE hold 3 M 9 35 month 31.10.2012

Mizuho Securities ANDREW S F CHAN underperform 1 D 9 12 month 31.10.2012

China International Capital Corp BIN GUAN hold 3 D 10 12 month 31.10.2012

UOB Kay Hian YAN SHI hold 3 M 11 Not Provided 31.10.2012

BOCOM International Holdings WU FEI long-term buy 5 M 13 12 month 31.10.2012

VTB Capital COLIN SMITH sell 1 M 9 12 month 31.10.2012

Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 9 12 month 30.10.2012

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 8 12 month 30.10.2012

Goldman Sachs ARTHUR YAN neutral/neutral 3 M 11 12 month 17.10.2012

Credit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 15.10.2012

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

Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012

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

Everbright Securities Co., Ltd VIVIAN CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012

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

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

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

Page 24: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (17.02.2012) 36.45

52-Week Low (07.06.2012) 24.15

Daily Volume

31.75

52-Week High % Change -12.89% Dividend Yield 3.53

52-Week Low % Change 31.47% Beta 1.12

% 52 Week Price Range High/Low 58.94% Equity Float 3'388.20

Shares Out 30.09.2012 3'398.6 Short Int -

553'924.94 1 Yr Total Return 1.14%

Total Debt 60'466.00 YTD Return -2.01%

Preferred Stock 0.0 Adjusted BETA 1.123

Minority Interest 38'492.0 Analyst Recs 41

Cash and Equivalents 64'945.00 Consensus Rating 4.390

Enterprise Value 485'592.42

Average Volume 5 Day 12'544'640

1088 HK EQUITY YTD Change - Average Volume 30 Day 13'848'680

1088 HK EQUITY YTD % CHANGE - Average Volume 3 Month 14'619'030

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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

80'275.0 104'416.0 117'526.0 157'662.0 208'197.0 180'178.0 219'383.0 234'002.1 255'360.1 - -

15.67x 3.62x 6.12x 3.31x 2.62x 13.30x 7.21x 2.05x 1.82x - -

41'526.0 50'621.0 58'355.0 72'181.0 84'268.0 0.0 0.0 86'134.7 91'319.1 - -

30.29x 7.47x 12.32x 7.22x 6.46x 0.00x 0.00x 5.64x 5.32x - -

20'497.0 25'959.0 30'276.0 38'834.0 45'677.0 40'580.0 45'511.0 47'391.9 50'137.2 - -

39.42x 11.07x 21.98x 14.16x 11.91x 15.11x 0.00x 10.59x 10.09x - -

EBITDA 84'268.00 Long-Term Rating Date -

EBIT 68'697.00 Long-Term Rating -

Operating Margin 33.00% Long-Term Outlook -

Pretax Margin 31.92% Short-Term Rating Date -

Return on Assets 12.40% Short-Term Rating -

Return on Common Equity 22.73%

Return on Capital 19.01% EBITDA/Interest Exp. 24.19

Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 11.28

Net Debt/EBITDA 0.03

Gross Margin 38.5% Total Debt/EBITDA 0.64

EBITDA Margin 37.9%

EBIT Margin 30.5% Total Debt/Equity 26.8%

Net Income Margin 21.9% Total Debt/Capital 18.6%

Asset Turnover 0.57

Current Ratio 1.23 Net Fixed Asset Turnover 0.88

Quick Ratio 0.89 Accounts receivable turnover-days 25.15

Debt to Assets 15.08% Inventory Days 35.89

Tot Debt to Common Equity 26.78% Accounts Payable Turnover Day 56.44

Accounts Receivable Turnover 14.55 Cash Conversion Cycle -4.93

Inventory Turnover 10.20

Fiscal Year Ended

China Shenhua Energy Co LtdPrice/Volume

Valuation Analysis

14'332'434.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 25: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

JP MORGAN CHASE & CO #N/A N/A EXCH 356'469'743 10.49 - 20.11.2012 Investment Advisor

BLACKROCK INC #N/A N/A EXCH 259'964'114 7.65 296'019 21.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 160'452'854 4.72 3'747'877 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 107'618'000 3.17 663'000 28.11.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 57'352'200 1.69 7'519'000 30.09.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 42'080'000 1.24 (16'771'500) 30.09.2012 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 28'961'500 0.85 5'950'000 29.06.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 28'890'183 0.85 53'500 28.11.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 28'475'414 0.84 205'423 29.02.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 28'308'370 0.83 (1'575'272) 30.06.2012 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 25'114'025 0.74 878'000 31.07.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 24'906'500 0.73 661'500 30.09.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 19'443'550 0.57 (773'262) 30.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 19'070'036 0.56 5'738'000 29.11.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 15'359'845 0.45 (417'500) 30.06.2012 Mutual Fund Manager

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 15'310'500 0.45 (50'000) 31.07.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 15'241'804 0.45 4'668'500 30.09.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 13'188'130 0.39 (4'207'000) 30.06.2012 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 12'945'000 0.38 (974'500) 30.06.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 12'334'746 0.36 (750'922) 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Mirae Asset Securities SHIRLEY ZHAO buy 5 M 36 12 month 27.11.2012

China International Capital Corp CAI HONGYU buy 5 M 35 12 month 26.11.2012

Nomura MATTHEW CROSS neutral 3 M 30 Not Provided 26.11.2012

SinoPac ROBERT WEI neutral 3 D 34 12 month 26.11.2012

Standard Chartered CHEN YAN outperform 5 M 40 12 month 20.11.2012

Jefferies LABAN YU underperform 1 M 25 12 month 20.11.2012

Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 21 12 month 20.11.2012

Daiwa Securities Co. Ltd. DAVE DAI buy 5 M 38 Not Provided 19.11.2012

BOCOM International Holdings HE WEI neutral 3 M 35 12 month 19.11.2012

Barclays EPHREM RAVI overweight 5 M 39 Not Provided 16.11.2012

JPMorgan DANIEL KANG overweight 5 M 35 6 month 14.11.2012

Deutsche Bank JAMES KAN buy 5 M 37 12 month 06.11.2012

Citic Securities Co., Ltd ZU GUOPENG buy 5 M 35 6 month 05.11.2012

Capital Securities Corp TEAM COVERAGE buy 5 M 34 Not Provided 30.10.2012

Credit Suisse TRINA CHEN outperform 5 M 38 Not Provided 29.10.2012

Yuanta Securities Investment ConsultingJOHNNY WONG buy 5 M 37 Not Provided 29.10.2012

Bank of China International LAWRENCE LAU hold 3 M 32 Not Provided 29.10.2012

DBS Vickers JUNE NG buy 5 M 38 23 month 29.10.2012

Mizuho Securities KELVIN NG neutral 3 M 31 12 month 29.10.2012

Religare Capital Markets TRACY HUANG buy 5 M 36 12 month 29.10.2012

Core Pacific KENNY CHEUNG buy 5 M 44 Not Provided 29.10.2012

Ji Asia SAMUEL THAWLEY neutral 3 D #N/A N/A Not Provided 29.10.2012

Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 36 12 month 28.10.2012

HSBC SIMON FRANCIS overweight 5 M 37 Not Provided 28.10.2012

CIMB JEANNETTE SIM outperform 5 M 38 12 month 28.10.2012

BNP Paribas Equity Research JAMES CLARKE buy 5 M 40 12 month 26.10.2012

Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 38 12 month 24.09.2012

Macquarie MATTY ZHAO outperform 5 M 36 12 month 18.09.2012

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

UOB Kay Hian HELEN LAU buy 5 M 36 Not Provided 04.09.2012

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

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 30 Not Provided 16.07.2012

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

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

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

Page 26: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

China Life Insurance Co., Limited offers a wide range of life, accident, and

health insurance products and services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (23.02.2012) 24.70

52-Week Low (04.06.2012) 17.00

Daily Volume

22.85

52-Week High % Change -7.49% Dividend Yield 1.25

52-Week Low % Change 34.41% Beta 1.20

% 52 Week Price Range High/Low 73.38% Equity Float 7'441.18

Shares Out 30.09.2012 7'441.2 Short Int -

627'482.94 1 Yr Total Return 20.50%

Total Debt 42'990.00 YTD Return 20.88%

Preferred Stock 0.0 Adjusted BETA 1.198

Minority Interest 1'858.0 Analyst Recs 31

Cash and Equivalents 55'985.00 Consensus Rating 3.419

Enterprise Value -

Average Volume 5 Day 23'831'770

2628 HK EQUITY YTD Change - Average Volume 30 Day 30'064'300

2628 HK EQUITY YTD % CHANGE - Average Volume 3 Month 30'755'040

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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

191'372.0 299'478.0 339'262.0 385'446.0 370'352.0 395'553.0 395'204.0 367'384.9 414'547.9 - -

7.65x 1.74x 2.68x 1.61x 1.16x 2.06x 0.00x 1.35x 1.18x - -

- - - - - 0.0 0.0 - - - -

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

38'879.0 19'137.0 32'881.0 33'626.0 18'331.0 28'556.0 11'181.0 15'623.1 29'660.5 - -

27.36x 30.50x 29.11x 22.62x 23.96x 21.87x 0.00x 29.75x 15.02x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating AA-

Operating Margin 5.18% Long-Term Outlook STABLE

Pretax Margin 5.54% Short-Term Rating Date -

Return on Assets 0.90% Short-Term Rating -

Return on Common Equity 7.31%

Return on Capital 5.91% EBITDA/Interest Exp. -

Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 22.4%

Net Income Margin 4.9% Total Debt/Capital 18.2%

Asset Turnover 0.21

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 2.71% Inventory Days -

Tot Debt to Common Equity 22.45% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

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

China Life Insurance Co LtdPrice/Volume

Valuation Analysis

32'188'466.00

Current Price (11/dd/yy) Market Data

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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! !!

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 27: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

VANGUARD GROUP INC Multiple Portfolios MF-AGG 315'121'285 4.23 10'370'893 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 191'089'000 2.57 1'281'000 28.11.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 150'281'500 2.02 - 28.09.2012 Investment Advisor

BLACKROCK INC n/a Short (78'915'350) -1.06 - 16.08.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 61'981'243 0.83 (3'448'832) 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 52'899'058 0.71 400'000 28.11.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 52'870'000 0.71 (2'400'000) 30.09.2012 Investment Advisor

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 34'090'000 0.46 - 30.06.2011 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 32'482'000 0.44 (14'349'000) 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 31'894'060 0.43 (70'098'784) 29.02.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 28'274'342 0.38 2'957'000 30.06.2012 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 - 31.07.2012 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 21'744'000 0.29 6'742'000 30.06.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 21'000'000 0.28 8'000'000 31.12.2011 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 20'558'680 0.28 (5'886'320) 30.06.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 16'742'526 0.22 1'127'230 28.09.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 15'572'000 0.21 452'000 31.07.2012 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 15'359'000 0.21 (1'449'000) 29.06.2012 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 13'992'332 0.19 66'000 29.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Credit Suisse ARJAN VAN VEEN neutral 3 M 23 Not Provided 28.11.2012

Nomura DAVID CHUNG buy 5 M 27 Not Provided 27.11.2012

Core Pacific OLIVE XIA hold 3 M 25 Not Provided 22.11.2012

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 16.11.2012

BOCOM International Holdings LI WENBING buy 5 M 26 12 month 16.11.2012

Standard Chartered JENNIFER LAW in-line 3 M 24 12 month 15.11.2012

Goldman Sachs MANCY SUN neutral/neutral 3 M 26 12 month 13.11.2012

Barclays MARK KELLOCK overweight 5 U 30 Not Provided 09.11.2012

Macquarie SCOTT G RUSSELL neutral 3 M 24 12 month 02.11.2012

Bank of China International SUN PENG buy 5 M 25 Not Provided 30.10.2012

Jefferies BARON NIE hold 3 M 23 12 month 29.10.2012

DBS Vickers PING CHENG hold 3 M 23 15 month 29.10.2012

Kim Eng Securities IVAN LI buy 5 M 26 12 month 29.10.2012

Mizuho Securities THOMAS J MONACO underperform 1 M 12 12 month 29.10.2012

China International Capital Corp TANG SHENGBO buy 5 M 22 12 month 29.10.2012

SWS Research Co Ltd ROBERT HU neutral 3 M 22 Not Provided 29.10.2012

Guotai Junan FELIX LUO accumulate 4 M 27 Not Provided 29.10.2012

UOB Kay Hian EDMOND LAW hold 3 M 21 Not Provided 29.10.2012

CCB International Securities Ltd KENNETH YUE neutral 3 M 24 Not Provided 28.10.2012

Morgan Stanley BEN LIN Equalwt/In-Line 3 M 23 12 month 26.10.2012

JPMorgan CHAN BAO LING neutral 3 M 22 12 month 26.10.2012

HSBC JAMES GARNER neutral 3 M 24 Not Provided 18.10.2012

Deutsche Bank ESTHER CHWEI buy 5 M 27 12 month 14.09.2012

BNP Paribas Equity Research DORRIS CHEN hold 3 M 21 12 month 21.08.2012

ICBC International Securities PIUS CHENG hold 3 M 21 Not Provided 06.07.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 22 Not Provided 27.03.2012

Phillip Securities CHEN XINGYU buy 5 U 26 12 month 16.03.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 02.01.2012

Mirae Asset Securities IVAN CHEUNG hold 3 M 20 12 month 18.10.2011

Sun Hung Kai Securities KENIX LAI buy 5 M 35 Not Provided 10.07.2009

Holdings By:

China Life Insurance Co Ltd ee

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

Page 28: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (23.02.2012) 68.60

52-Week Low (09.01.2012) 46.80

Daily Volume

58.65

52-Week High % Change -14.50% Dividend Yield 0.85

52-Week Low % Change 25.32% Beta 1.43

% 52 Week Price Range High/Low 50.92% Equity Float 1'819.53

Shares Out 31.10.2012 3'129.7 Short Int -

400'884.59 1 Yr Total Return 15.60%

Total Debt 322'062.00 YTD Return 15.48%

Preferred Stock 0.0 Adjusted BETA 1.430

Minority Interest 40'475.0 Analyst Recs 31

Cash and Equivalents 94'582.00 Consensus Rating 4.065

Enterprise Value 242'463.71

Average Volume 5 Day 10'494'500

2318 HK EQUITY YTD Change - Average Volume 30 Day 10'923'420

2318 HK EQUITY YTD % CHANGE - Average Volume 3 Month 11'242'650

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

139'137.0 87'666.0 152'961.0 195'052.0 272'683.0 244'495.0 313'844.0 321'032.1 362'420.1 - -

5.10x 3.19x 3.24x 3.37x 2.19x 9.11x 6.55x 1.60x 1.43x - -

- - - - - 0.0 0.0 - - - -

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

18'688.0 1'418.0 13'883.0 17'311.0 19'475.0 19'074.0 21'041.0 22'269.9 28'765.7 - -

30.00x 173.82x 31.68x 32.03x 16.61x 14.56x 17.85x 16.45x 12.80x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 19.28% Long-Term Outlook -

Pretax Margin 11.01% Short-Term Rating Date -

Return on Assets 1.05% Short-Term Rating -

Return on Common Equity 14.71%

Return on Capital 9.85% EBITDA/Interest Exp. -

Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 246.1%

Net Income Margin 7.1% Total Debt/Capital 65.3%

Asset Turnover 0.16

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 14.09% Inventory Days -

Tot Debt to Common Equity 246.10% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Ping An Insurance Group Co of China LtdPrice/Volume

Valuation Analysis

13'787'195.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 29: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

HSBC HOLDINGS PLC n/a Co File 1'233'926'425 39.43 - 31.12.2011 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 243'194'832 7.77 - 26.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 79'442'338 2.54 6'517'105 30.09.2012 Investment Advisor

JINJUN CO LTD n/a EXCH 76'000'000 2.43 (120'000'000) 24.08.2011 Corporation

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 62'128'000 1.99 (1'602'000) 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 57'803'500 1.85 348'500 28.11.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 33'530'000 1.07 3'572'000 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 30'429'639 0.97 (12'902'549) 29.02.2012 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 26'300'500 0.84 553'000 29.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 18'097'300 0.58 532'500 30.09.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 16'944'635 0.54 (894'024) 30.06.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 16'581'389 0.53 (106'966) 30.06.2012 Mutual Fund Manager

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 13'182'027 0.42 30'500 28.11.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 10'656'202 0.34 912'000 30.06.2012 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 8'742'500 0.28 (78'500) 31.07.2012 Investment Advisor

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 8'487'900 0.27 208'500 31.07.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 8'438'000 0.27 2'040'500 31.07.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'016'500 0.26 (2'213'000) 30.06.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 7'514'449 0.24 1'437'000 30.09.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 6'135'000 0.2 164'500 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura DAVID CHUNG neutral 3 D 67 Not Provided 27.11.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 26.11.2012

Core Pacific OLIVE XIA buy 5 M 71 12 month 22.11.2012

BOCOM International Holdings LI WENBING buy 5 M 75 Not Provided 20.11.2012

Morgan Stanley BEN LIN Overwt/In-Line 5 M 80 12 month 19.11.2012

Credit Suisse ARJAN VAN VEEN outperform 5 M 73 Not Provided 15.11.2012

Standard Chartered JENNIFER LAW outperform 5 M 72 12 month 13.11.2012

Goldman Sachs MANCY SUN Buy/Neutral 5 M 79 12 month 13.11.2012

Capital Securities Corp TEAM COVERAGE buy 5 M 70 Not Provided 13.11.2012

Barclays MARK KELLOCK overweight 5 M 83 Not Provided 09.11.2012

Kim Eng Securities IVAN LI buy 5 M 70 12 month 06.11.2012

Macquarie SCOTT G RUSSELL neutral 3 M 67 12 month 02.11.2012

Jefferies BARON NIE hold 3 M 63 12 month 31.10.2012

DBS Vickers PING CHENG buy 5 M 73 38 month 31.10.2012

Mizuho Securities THOMAS J MONACO buy 5 M 68 12 month 31.10.2012

Guotai Junan FELIX LUO accumulate 4 M 73 Not Provided 31.10.2012

UOB Kay Hian EDMOND LAW buy 5 M 78 Not Provided 31.10.2012

JPMorgan CHAN BAO LING overweight 5 M 70 12 month 30.10.2012

CCB International Securities Ltd KENNETH YUE outperform 5 U 72 Not Provided 30.10.2012

HSBC JAMES GARNER neutral 3 M 74 Not Provided 18.10.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 64 Not Provided 16.10.2012

Deutsche Bank ESTHER CHWEI hold 3 M 65 12 month 14.09.2012

Bank of China International SUN PENG hold 3 M 66 Not Provided 24.08.2012

SWS Research Co Ltd ROBERT HU neutral 3 M 62 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

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

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

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

Page 30: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

Bank of Communications Co. Ltd. provides a full range of commercial banking

services including RMB and foreign currency deposit, loan, international and

domestic settlement, discount, currency trading, letter of credit, bank

guarantee, and other related services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (20.02.2012) 6.55

52-Week Low (16.07.2012) 4.75

Daily Volume

5.68

52-Week High % Change -13.28% Dividend Yield 2.19

52-Week Low % Change 19.58% Beta 1.18

% 52 Week Price Range High/Low 45.56% Equity Float 10'041.70

Shares Out 30.09.2012 35'011.9 Short Int -

405'517.72 1 Yr Total Return 19.67%

Total Debt 949'230.00 YTD Return 7.11%

Preferred Stock 0.0 Adjusted BETA 1.183

Minority Interest 986.0 Analyst Recs 38

Cash and Equivalents 1'181'145.00 Consensus Rating 3.053

Enterprise Value -

Average Volume 5 Day 23'369'380

3328 HK EQUITY YTD Change - Average Volume 30 Day 29'101'060

3328 HK EQUITY YTD % CHANGE - Average Volume 3 Month 32'215'960

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

99'579.0 129'757.0 132'775.0 164'124.0 218'749.0 205'404.0 262'090.0 146'497.0 158'630.0 - -

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

- - - - - 0.0 0.0 - - - -

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

20'274.0 28'524.0 30'118.0 39'042.0 50'735.0 47'921.0 56'832.0 56'172.1 55'529.2 13'142.0 -

24.24x 8.49x 13.01x 9.09x 5.37x 5.02x 4.71x 5.63x 6.02x - -

EBITDA - Long-Term Rating Date 06.12.2011

EBIT - Long-Term Rating A-

Operating Margin 49.99% Long-Term Outlook STABLE

Pretax Margin 50.16% Short-Term Rating Date 28.11.2012

Return on Assets 1.17% Short-Term Rating A-2

Return on Common Equity 20.32%

Return on Capital 4.37% 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 349.2%

Net Income Margin 38.9% Total Debt/Capital 77.7%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 6.81

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 20.59% Inventory Days -

Tot Debt to Common Equity 349.24% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

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

Bank of Communications Co LtdPrice/Volume

Valuation Analysis

38'350'058.00

Current Price (11/dd/yy) Market Data

!

-

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

Page 31: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

HSBC HOLDINGS PLC n/a EXCH 14'147'386'095 40.41 - 15.03.2012 Investment Advisor

SOCIAL SECURITY FUND n/a Co File 7'027'777'778 20.07 916'666'667 31.12.2010 Government

CHINA MINISTRY OF FI n/a Co File 3'795'000'000 10.84 - 31.12.2010 Government

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 411'208'600 1.17 2'231'000 28.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 308'010'788 0.88 4'705'921 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 86'603'703 0.25 289'000 28.11.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 60'755'830 0.17 (3'382'084) 30.06.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 31'600'000 0.09 14'000'000 31.12.2011 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 21'636'000 0.06 - 30.06.2012 Unclassified

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 15'726'000 0.04 15'726'000 31.05.2012 Mutual Fund Manager

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 14'876'400 0.04 (4'943'000) 30.06.2012 Investment Advisor

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 14'858'044 0.04 (756'128) 28.09.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'341'076 0.04 - 31.08.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 11'893'058 0.03 - 30.04.2011 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 11'473'028 0.03 63'000 28.11.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 7'582'713 0.02 - 31.01.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 6'899'194 0.02 4'928'983 30.09.2012 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 6'863'000 0.02 (309'000) 28.09.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'554'300 0.02 2'998'000 30.06.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'989'142 0.02 - 31.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Religare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 28.11.2012

HSBC TODD DUNIVANT neutral 3 M 6 Not Provided 26.11.2012

Mizuho Securities JIM ANTOS underperform 1 M 6 12 month 23.11.2012

Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 6 12 month 20.11.2012

UOB Kay Hian EDMOND LAW sell 1 M 5 Not Provided 20.11.2012

Credit Suisse SANJAY JAIN underperform 1 M 6 Not Provided 16.11.2012

Standard Chartered LAWRENCE CHEN underperform 1 M 5 12 month 12.11.2012

ICBC International Securities IVAN LIN hold 3 M 6 Not Provided 08.11.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012

Jefferies JACLYN WANG hold 3 M 6 12 month 05.11.2012

Nomura LUCY FENG neutral 3 M 5 Not Provided 05.11.2012

Bank of China International JINHUA YIN hold 3 M 5 Not Provided 01.11.2012

CCB International Securities Ltd SHENG NAN neutral 3 M 6 Not Provided 01.11.2012

JPMorgan JOSHUA KLACZEK neutral 3 D 6 Not Provided 31.10.2012

DBS Vickers ALEXANDER LEE hold 3 D 6 31 month 31.10.2012

Kim Eng Securities IVAN LI hold 3 M 6 12 month 31.10.2012

Morgan Stanley RICHARD XU Underwt/In-Line 1 M 4 12 month 30.10.2012

Macquarie VICTOR WANG neutral 3 D 6 12 month 30.10.2012

CIMB TREVOR KALCIC neutral 3 M 5 12 month 30.10.2012

Daiwa Securities Co. Ltd. GRACE WU hold 3 M 5 Not Provided 30.10.2012

SWS Research Co Ltd ROBERT HU neutral 3 M 9 Not Provided 29.10.2012

Deutsche Bank TRACY YU hold 3 M 6 12 month 26.10.2012

Goldman Sachs NING MA Sell/Neutral 1 M 6 12 month 11.10.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 02.10.2012

Barclays MAY YAN equalweight 3 M 6 Not Provided 06.09.2012

Core Pacific TIMOTHY LI hold 3 M 5 Not Provided 05.09.2012

China International Capital Corp MAO JUNHUA buy 5 M 8 12 month 31.08.2012

Mirae Asset Securities NAN LI hold 3 M 6 12 month 03.07.2012

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

Masterlink Securities RAINY YUAN hold 3 M 6 Not Provided 13.06.2012

Phillip Securities CHEN XINGYU accumulate 4 D 7 Not Provided 10.05.2012

BOCOM International Holdings LI SHANSHAN buy 5 M #N/A N/A Not Provided 03.05.2012

Guotai Junan WILSON LI accumulate 4 M 6 Not Provided 09.04.2012

Capital Securities Corp XIE JIYONG buy 5 M 7 Not Provided 03.04.2012

Holdings By:

Bank of Communications Co Ltd ee

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

Page 32: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

China Unicom (Hong Kong) Limited, through its subsidiaries, provides

telecommunications services in the People's Republic of China. The Company's

services include cellular, paging, long distance, data, and Internet services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (08.12.2011) 16.98

52-Week Low (18.07.2012) 9.45

Daily Volume

12.08

52-Week High % Change -28.86% Dividend Yield 1.03

52-Week Low % Change 27.83% Beta 0.82

% 52 Week Price Range High/Low 34.13% Equity Float 4'576.91

Shares Out 06.11.2012 23'565.1 Short Int -

284'665.81 1 Yr Total Return -24.02%

Total Debt 107'108.00 YTD Return -25.23%

Preferred Stock 0.0 Adjusted BETA 0.819

Minority Interest 0.0 Analyst Recs 36

Cash and Equivalents 15'410.00 Consensus Rating 3.889

Enterprise Value 330'064.90

Average Volume 5 Day 20'689'860

762 HK EQUITY YTD Change - Average Volume 30 Day 29'367'010

762 HK EQUITY YTD % CHANGE - Average Volume 3 Month 25'883'260

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

150'687.0 159'792.0 153'945.0 171'370.0 209'167.0 201'685.0 238'426.0 251'732.8 288'630.5 65'792.5 65'752.0

1.87x 1.34x 1.81x 1.73x 1.93x 6.95x 5.75x 1.32x 1.19x - -

77'739.0 70'301.0 59'317.0 60'349.0 63'996.0 48'995.0 55'157.0 73'739.6 85'807.0 18'028.0 20'064.0

3.62x 3.05x 4.69x 4.91x 6.31x 0.00x 0.00x 4.48x 3.85x 4.03x 3.88x

21'437.0 35'398.0 9'556.0 3'701.0 4'227.0 4'265.0 5'417.0 6'983.7 11'499.2 1'403.5 2'476.0

19.25x 24.82x 22.63x 58.92x 73.63x 73.99x 45.73x 32.90x 20.05x 21.33x 19.03x

EBITDA 63'996.00 Long-Term Rating Date -

EBIT 5'975.00 Long-Term Rating -

Operating Margin 2.86% Long-Term Outlook -

Pretax Margin 2.68% Short-Term Rating Date -

Return on Assets 1.10% Short-Term Rating -

Return on Common Equity 2.43%

Return on Capital 2.30% EBITDA/Interest Exp. 18.36

Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. -3.98

Net Debt/EBITDA 1.38

Gross Margin - Total Debt/EBITDA 1.65

EBITDA Margin 29.7%

EBIT Margin 3.6% Total Debt/Equity 52.0%

Net Income Margin 2.0% Total Debt/Capital 34.2%

Asset Turnover 0.50

Current Ratio 0.18 Net Fixed Asset Turnover 0.60

Quick Ratio 0.13 Accounts receivable turnover-days 19.19

Debt to Assets 23.48% Inventory Days -

Tot Debt to Common Equity 52.02% Accounts Payable Turnover Day -

Accounts Receivable Turnover 19.07 Cash Conversion Cycle -

Inventory Turnover -

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

China Unicom Hong Kong LtdPrice/Volume

Valuation Analysis

27'046'772.00

Current Price (11/dd/yy) Market Data

!.135

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3! ! E

5! ! E

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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!

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- .!

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 33: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

CHINA UNICOM BVI LTD n/a 13D 9'725'000'020 41.27 - 30.07.2012 Government

CHINA NETCOM GROUP C n/a 13D 8'082'130'236 34.3 - 30.07.2012 Government

TELEFONICA INTERNACI n/a 13D 1'180'601'587 5.01 - 30.07.2012 Corporation

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 210'630'028 0.89 1'214'000 28.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 204'525'504 0.87 4'877'000 30.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 177'568'000 0.75 14'892'000 30.09.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 128'259'944 0.54 2'006'000 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 110'208'009 0.47 48'456'409 31.03.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 66'039'376 0.28 698'000 28.11.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 39'256'216 0.17 (2'184'353) 30.06.2012 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 38'779'790 0.16 17'031'540 31.10.2012 Mutual Fund Manager

WADDELL & REED FINAN Multiple Portfolios MF-AGG 30'232'000 0.13 (5'334'000) 30.09.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 24'000'000 0.1 24'000'000 30.09.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 22'990'461 0.1 - 28.09.2012 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 19'793'990 0.08 - 31.12.2010 Investment Advisor

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 19'222'000 0.08 66'000 31.07.2012 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 18'662'100 0.08 896'000 31.08.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 17'064'000 0.07 (16'000) 30.06.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 16'308'000 0.07 - 30.06.2012 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 15'594'000 0.07 (78'000) 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura DANNY CHU buy 5 M 18 Not Provided 29.11.2012

Credit Suisse COLIN MCCALLUM outperform 5 M 18 Not Provided 26.11.2012

Bank of China International MICHAEL MENG buy 5 M 17 Not Provided 22.11.2012

Kim Eng Securities ANDY POON hold 3 M 13 12 month 22.11.2012

Morgan Stanley NAVIN KILLA Overwt/In-Line 5 M 18 12 month 21.11.2012

Jefferies CYNTHIA JINHONG MENG buy 5 M 16 12 month 21.11.2012

Haitong International Securities ALEX LEE buy 5 M 16 12 month 21.11.2012

CIMB BERTRAM LAI outperform 5 M 16 12 month 21.11.2012

BNP Paribas Equity Research ALEN LIN buy 5 M 15 12 month 21.11.2012

DBS Vickers TAM TSZ-WANG buy 5 M 15 12 month 20.11.2012

Core Pacific KEVIN TAM Positive 4 M #N/A N/A Not Provided 20.11.2012

BOCOM International Holdings LI ZHIWU neutral 3 M 11 Not Provided 20.11.2012

Standard Chartered STEVEN LIU in-line 3 U 12 12 month 16.11.2012

Pacific Crest Securities STEVE CLEMENT outperform 5 M 15 12 month 13.11.2012

Barclays ANAND RAMACHANDRAN equalweight 3 M 13 Not Provided 07.11.2012

Capital Securities Corp HU JIAMING hold 3 M #N/A N/A Not Provided 29.10.2012

China International Capital Corp CHEN HAOFEI buy 5 M 16 12 month 26.10.2012

SWS Research Co Ltd JIM TANG buy 5 M 16 Not Provided 26.10.2012

UOB Kay Hian VICTOR YIP hold 3 M 12 Not Provided 26.10.2012

ICBC International Securities KARY SEI hold 3 M 13 Not Provided 26.10.2012

JPMorgan LUCY LIU overweight 5 M 16 12 month 25.10.2012

Guotai Junan RICKY LAI accumulate 4 U 15 Not Provided 28.09.2012

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 07.09.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 06.09.2012

First Shanghai Securities Ltd TSOI HO buy 5 M 15 12 month 30.08.2012

Deutsche Bank ALAN HELLAWELL buy 5 M 19 12 month 28.08.2012

Macquarie LISA SOH underperform 1 M 12 12 month 24.08.2012

Mizuho Securities MARVIN LO neutral 3 U 15 12 month 24.08.2012

HSBC TUCKER GRINNAN underweight 1 D 10 Not Provided 23.08.2012

Religare Capital Markets RUMIT DUGAR buy 5 M 15 12 month 23.08.2012

Goldman Sachs DONALD LU neutral/neutral 3 M 14 12 month 15.08.2012

Ji Asia NEIL JUGGINS sell 1 D 8 12 month 26.06.2012

Everbright Securities Co., Ltd MICHAEL LI not rated #N/A N/A M #N/A N/A Not Provided 22.05.2012

Citic Securities Co., Ltd JUNTAO GONG buy 5 N 21 6 month 09.03.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 18 Not Provided 06.01.2012

Holdings By:

China Unicom Hong Kong Ltd ee

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

Page 34: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

China Merchants Bank Co., Ltd. provides a wide range of commercial banking

services including deposit, loan, bill discount, government bonds underwriting

and trading, interbank lending, letter of credit, bank guarantee, and other

related services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (06.02.2012) 18.30

52-Week Low (06.09.2012) 12.02

Daily Volume

14.84

52-Week High % Change -18.91% Dividend Yield 3.52

52-Week Low % Change 23.46% Beta 1.42

% 52 Week Price Range High/Low 41.72% Equity Float 3'910.48

Shares Out 30.09.2012 3'910.5 Short Int -

278'352.41 1 Yr Total Return 10.66%

Total Debt 366'138.00 YTD Return -2.17%

Preferred Stock 0.0 Adjusted BETA 1.417

Minority Interest 13.0 Analyst Recs 38

Cash and Equivalents 676'706.00 Consensus Rating 3.395

Enterprise Value -

Average Volume 5 Day 16'477'370

3968 HK EQUITY YTD Change - Average Volume 30 Day 16'220'190

3968 HK EQUITY YTD % CHANGE - Average Volume 3 Month 19'757'800

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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

59'531.0 82'401.0 78'480.0 100'188.0 142'837.0 57'192.0 169'237.0 112'978.5 125'125.3 - -

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

- - - - - 0.0 0.0 - - - -

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

15'243.0 21'077.0 18'235.0 25'769.0 36'129.0 16'192.0 44'578.0 41'660.3 43'424.3 9'617.0 12'102.0

38.11x 8.50x 19.00x 10.41x 7.11x 0.00x 0.00x 6.47x 6.55x 6.93x 6.62x

EBITDA - Long-Term Rating Date 06.12.2011

EBIT - Long-Term Rating BBB+

Operating Margin 48.07% Long-Term Outlook STABLE

Pretax Margin 48.13% Short-Term Rating Date 15.04.2010

Return on Assets 1.37% Short-Term Rating A-2

Return on Common Equity 25.04%

Return on Capital 6.33% EBITDA/Interest Exp. -

Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 221.9%

Net Income Margin 36.9% Total Debt/Capital 68.9%

Asset Turnover 0.06

Current Ratio - Net Fixed Asset Turnover 8.82

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 13.10% Inventory Days -

Tot Debt to Common Equity 221.91% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

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

China Merchants Bank Co LtdPrice/Volume

Valuation Analysis

25'750'323.00

Current Price (11/dd/yy) Market Data

!.135

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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

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

! !!

2! !!

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-2! !!

.!! !!

.2! !!

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

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 35: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

FRANKLIN RESOURCES I n/a EXCH 429'972'565 11 179'500 14.09.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 393'342'304 10.06 - 05.07.2012 Investment Advisor

BLACKROCK INC n/a EXCH 297'222'639 7.6 - 08.11.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 168'470'005 4.31 960'000 28.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 166'483'718 4.26 (33'945'463) 30.09.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 161'970'732 4.14 - 30.09.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 100'972'266 2.58 418'000 31.08.2012 Bank

DEUTSCHE BANK AG n/a EXCH 94'671'177 2.42 - 24.02.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 86'630'397 2.22 11'695'843 29.02.2012 Investment Advisor

DEUTSCHE BANK AG n/a Short (64'631'275) -1.65 - 24.02.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 48'138'932 1.23 378'500 30.06.2012 Mutual Fund Manager

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 47'160'464 1.21 - 29.06.2012 Investment Advisor

BLACKROCK INC n/a Short (32'297'667) -0.83 - 08.11.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 27'876'081 0.71 162'562 31.07.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 25'858'369 0.66 111'000 28.11.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 23'236'500 0.59 15'196'500 31.12.2011 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 20'867'750 0.53 (3'417'739) 30.09.2012 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 14'845'700 0.38 2'916'000 30.06.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 13'113'000 0.34 (3'300'000) 28.09.2012 Investment Advisor

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 10'990'979 0.28 - 31.07.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Religare Capital Markets SOPHIE JIANG sell 1 M 10 12 month 28.11.2012

HSBC ERIC MAK overweight 5 M 17 Not Provided 26.11.2012

BOCOM International Holdings LI SHANSHAN long-term buy 5 M 17 12 month 26.11.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 26.11.2012

Mizuho Securities JIM ANTOS underperform 1 M 13 12 month 23.11.2012

CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 16 12 month 22.11.2012

Jefferies TAN MING buy 5 M 18 12 month 20.11.2012

Sanford C. Bernstein & Co MICHAEL WERNER underperform 1 M 13 12 month 20.11.2012

UOB Kay Hian EDMOND LAW sell 1 M 14 Not Provided 20.11.2012

Credit Suisse SANJAY JAIN neutral 3 M 17 Not Provided 16.11.2012

Standard Chartered LAWRENCE CHEN outperform 5 M 16 12 month 12.11.2012

Capital Securities Corp TEAM COVERAGE buy 5 M 17 Not Provided 12.11.2012

ICBC International Securities IVAN LIN hold 3 M 15 Not Provided 08.11.2012

JPMorgan JOSHUA KLACZEK underweight 1 M 14 12 month 07.11.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 17 12 month 07.11.2012

Nomura LUCY FENG buy 5 M 17 Not Provided 05.11.2012

CCB International Securities Ltd SHENG NAN neutral 3 M 16 Not Provided 01.11.2012

Core Pacific TIMOTHY LI hold 3 M 14 12 month 31.10.2012

Bank of China International SUN PENG hold 3 M 15 Not Provided 30.10.2012

DBS Vickers ALEXANDER LEE hold 3 D 16 27 month 30.10.2012

Kim Eng Securities IVAN LI sell 1 D 13 12 month 30.10.2012

Mirae Asset Securities NAN LI hold 3 M 17 12 month 30.10.2012

Morgan Stanley RICHARD XU Overwt/In-Line 5 M 17 12 month 29.10.2012

CIMB TREVOR KALCIC neutral 3 M 14 12 month 29.10.2012

Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 17 Not Provided 29.10.2012

SWS Research Co Ltd ROBERT HU neutral 3 M 19 Not Provided 29.10.2012

Deutsche Bank TRACY YU hold 3 M 14 12 month 26.10.2012

Goldman Sachs NING MA Buy/Neutral 5 M 21 12 month 11.10.2012

Barclays MAY YAN underweight 1 D 15 Not Provided 06.09.2012

Masterlink Securities RAINY YUAN buy 5 M 16 6 month 23.08.2012

Guotai Junan WILSON LI accumulate 4 M 17 Not Provided 20.08.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 15 Not Provided 20.08.2012

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

Macquarie VICTOR WANG outperform 5 M 21 12 month 19.06.2012

Phillip Securities CHEN XINGYU buy 5 M 18 Not Provided 11.06.2012

China International Capital Corp MAO JUNHUA buy 5 U 27 12 month 19.07.2011

Holdings By:

China Merchants Bank Co Ltd ee

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

Page 36: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

China Telecom Corporation Limited, through its subsidiaries, provides wireline

telephone, data, and Internet, as well as leased line services in China.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (14.09.2012) 4.92

52-Week Low (05.06.2012) 3.23

Daily Volume

4.22

52-Week High % Change -14.23% Dividend Yield -

52-Week Low % Change 30.65% Beta 0.70

% 52 Week Price Range High/Low 56.80% Equity Float 12'970.22

Shares Out 30.06.2012 13'877.4 Short Int -

341'534.59 1 Yr Total Return -5.91%

Total Debt 52'103.00 YTD Return -2.07%

Preferred Stock 0.0 Adjusted BETA 0.701

Minority Interest 788.0 Analyst Recs 35

Cash and Equivalents 29'176.00 Consensus Rating 3.829

Enterprise Value 284'038.56

Average Volume 5 Day 51'056'640

728 HK EQUITY YTD Change - Average Volume 30 Day 65'644'360

728 HK EQUITY YTD % CHANGE - Average Volume 3 Month 69'579'820

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

180'882.0 186'529.0 209'370.0 219'864.0 245'041.0 239'059.0 272'667.0 279'716.6 310'596.0 70'827.0 65'557.0

3.07x 1.62x 1.44x 1.48x 1.28x 2.90x 0.85x 1.22x 1.16x - -

90'348.0 83'192.0 75'654.0 75'667.0 75'353.0 58'829.0 55'929.0 75'520.2 98'076.0 15'953.0 -

6.14x 3.64x 4.00x 4.30x 4.17x 0.00x 0.00x 3.76x 2.90x - -

24'195.0 884.0 14'422.0 15'347.0 16'502.0 17'025.0 15'207.0 15'028.0 19'472.0 2'141.5 4'322.0

19.34x 254.52x 15.85x 18.16x 17.93x 19.37x 19.37x 18.23x 14.01x - -

EBITDA 75'353.00 Long-Term Rating Date -

EBIT 24'129.00 Long-Term Rating -

Operating Margin 9.85% Long-Term Outlook -

Pretax Margin 8.98% Short-Term Rating Date -

Return on Assets 3.69% Short-Term Rating -

Return on Common Equity 6.27%

Return on Capital 5.79% EBITDA/Interest Exp. 24.93

Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 8.86

Net Debt/EBITDA 0.12

Gross Margin - Total Debt/EBITDA 0.64

EBITDA Margin 28.0%

EBIT Margin 8.8% Total Debt/Equity 20.3%

Net Income Margin 6.7% Total Debt/Capital 16.9%

Asset Turnover 0.63

Current Ratio 0.47 Net Fixed Asset Turnover 0.87

Quick Ratio 0.37 Accounts receivable turnover-days 30.00

Debt to Assets 12.43% Inventory Days -

Tot Debt to Common Equity 20.35% Accounts Payable Turnover Day -

Accounts Receivable Turnover 12.20 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

China Telecom Corp LtdPrice/Volume

Valuation Analysis

59'616'000.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 37: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

JP MORGAN CHASE & CO n/a EXCH 1'356'998'999 9.78 - 16.11.2012 Investment Advisor

BLACKROCK INC n/a EXCH 1'191'417'323 8.59 - 09.11.2012 Investment Advisor

RFS HOLDINGS BV n/a Short (1'180'327'134) -8.51 - 30.06.2011 Government

RFS HOLDINGS BV n/a 20F 907'191'530 6.54 - 23.04.2012 Government

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 842'058'000 6.07 (5'334'000) 31.08.2012 Bank

CAPITAL RESEARCH AND n/a EXCH 690'412'000 4.98 - 21.06.2011 Investment Advisor

FRANKLIN RESOURCES I n/a EXCH 680'257'811 4.9 (17'201'530) 13.09.2011 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 641'749'000 4.62 (6'275'000) 30.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 641'460'984 4.62 62'199'334 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 570'220'000 4.11 3'214'000 28.11.2012 Investment Advisor

BLACKROCK INC n/a Short (140'956'088) -1.02 - 09.11.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 138'856'982 1 (3'004'000) 28.11.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 91'075'236 0.66 41'893'814 30.12.2011 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 87'140'000 0.63 15'052'000 30.09.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 58'948'000 0.42 (2'468'000) 31.07.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 55'046'366 0.4 (20'036'000) 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 54'556'393 0.39 (8'649'751) 30.09.2012 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 48'458'000 0.35 - 28.09.2012 Mutual Fund Manager

MASON STREET ADVISOR Multiple Portfolios MF-AGG 45'846'000 0.33 1'408'000 30.06.2012 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 43'828'000 0.32 (5'000'000) 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura DANNY CHU neutral 3 M 5 Not Provided 29.11.2012

Haitong International Securities ALEX LEE hold 3 M 4 12 month 21.11.2012

DBS Vickers TAM TSZ-WANG buy 5 M 6 12 month 21.11.2012

SWS Research Co Ltd JIM TANG underperform 1 M 4 Not Provided 21.11.2012

BOCOM International Holdings LI ZHIWU neutral 3 M 4 Not Provided 21.11.2012

Ji Asia NEIL JUGGINS buy 5 U 5 12 month 21.11.2012

Credit Suisse COLIN MCCALLUM outperform 5 U 5 Not Provided 15.11.2012

Pacific Crest Securities STEVE CLEMENT outperform 5 M 5 12 month 13.11.2012

BNP Paribas Equity Research ALEN LIN hold 3 M 5 12 month 07.11.2012

Barclays ANAND RAMACHANDRAN equalweight 3 D 5 Not Provided 06.11.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.11.2012

Kim Eng Securities ANDY POON hold 3 M 5 12 month 30.10.2012

UOB Kay Hian VICTOR YIP hold 3 M 5 Not Provided 30.10.2012

ICBC International Securities KARY SEI hold 3 M 5 Not Provided 30.10.2012

Standard Chartered STEVEN LIU outperform 5 M 6 12 month 29.10.2012

Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 5 12 month 29.10.2012

JPMorgan LUCY LIU overweight 5 M 5 12 month 29.10.2012

Jefferies CYNTHIA JINHONG MENG buy 5 M 6 12 month 29.10.2012

CIMB BERTRAM LAI neutral 3 M 5 12 month 29.10.2012

Mizuho Securities MARVIN LO buy 5 M 5 12 month 29.10.2012

Guotai Junan RICKY LAI accumulate 4 U 5 Not Provided 15.10.2012

Deutsche Bank ALAN HELLAWELL buy 5 M 6 12 month 26.09.2012

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 19.09.2012

First Shanghai Securities Ltd TSOI HO hold 3 M 5 12 month 30.08.2012

Goldman Sachs DONALD LU neutral/neutral 3 M 5 12 month 29.08.2012

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 23.08.2012

Macquarie LISA SOH outperform 5 M 4 12 month 23.08.2012

Bank of China International MICHAEL MENG buy 5 M 6 Not Provided 23.08.2012

HSBC TUCKER GRINNAN neutral 3 M 5 Not Provided 22.08.2012

Religare Capital Markets RUMIT DUGAR hold 3 M 4 12 month 22.08.2012

China International Capital Corp CHEN HAOFEI buy 5 M 6 12 month 06.08.2012

Citic Securities Co., Ltd JUNTAO GONG buy 5 N 5 6 month 24.07.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 4 Not Provided 23.07.2012

Holdings By:

China Telecom Corp Ltd ee

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

Page 38: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

China CITIC Bank Corporation Limited provides a full range of commercial banking

services including RMB and foreign currency deposit, loan, international and

domestic settlement, currency trading, bank guarantee, and export credit.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (14.03.2012) 5.15

52-Week Low (05.09.2012) 3.50

Daily Volume

4

52-Week High % Change -22.33% Dividend Yield 4.51

52-Week Low % Change 14.29% Beta 1.26

% 52 Week Price Range High/Low 27.27% Equity Float 7'962.20

Shares Out 30.09.2012 14'882.2 Short Int -

203'679.42 1 Yr Total Return 4.66%

Total Debt 583'758.00 YTD Return -4.20%

Preferred Stock 0.0 Adjusted BETA 1.262

Minority Interest 4'285.0 Analyst Recs 38

Cash and Equivalents 905'696.00 Consensus Rating 3.789

Enterprise Value -

Average Volume 5 Day 22'706'050

998 HK EQUITY YTD Change - Average Volume 30 Day 57'296'960

998 HK EQUITY YTD % CHANGE - Average Volume 3 Month 51'313'810

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

43'564.0 66'493.0 61'458.0 80'283.0 117'780.0 107'181.0 148'634.0 88'059.9 95'617.4 25'908.0 -

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

- - - - - 0.0 0.0 - - - -

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

8'322.0 13'296.0 14'320.0 21'509.0 30'819.0 28'542.0 33'819.0 33'687.2 33'250.1 7'840.0 -

19.89x 5.83x 15.78x 7.77x 4.99x 3.84x 4.26x 4.44x 4.47x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 54.42% Long-Term Outlook -

Pretax Margin 54.53% Short-Term Rating Date -

Return on Assets 1.36% Short-Term Rating -

Return on Common Equity 21.78%

Return on Capital 6.85% 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 334.5%

Net Income Margin 40.4% Total Debt/Capital 76.6%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 13.21

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 21.11% Inventory Days -

Tot Debt to Common Equity 334.54% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

China Citic Bank Corp LtdPrice/Volume

Valuation Analysis

52'756'188.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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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

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

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

Page 39: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

BANCO BILBAO VIZCAYA n/a EXCH 6'916'390'144 46.47 - 11.07.2011 Bank

LEHMAN BROTHERS ASIA n/a Co File 2'198'463'000 14.77 - 31.12.2010 Investment Advisor

BLACKROCK INC n/a EXCH 756'591'569 5.08 - 26.10.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 417'702'200 2.81 2'167'000 28.11.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 325'402'538 2.19 - 24.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 318'508'338 2.14 8'890'469 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 114'786'554 0.77 (506'000) 28.11.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 95'024'522 0.64 94'528'690 29.02.2012 Investment Advisor

BLACKROCK INC n/a Short (62'401'924) -0.42 - 26.10.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 45'286'500 0.3 - 28.11.2012 Investment Advisor

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 40'752'000 0.27 40'472'000 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 31'267'681 0.21 - 30.09.2012 Investment Advisor

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 31'137'386 0.21 2'113'635 28.09.2012 Mutual Fund Manager

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 26'129'200 0.18 (10'579'000) 31.07.2012 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 22'576'800 0.15 (385'000) 29.11.2012 Investment Advisor

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 19'912'000 0.13 1'367'000 30.06.2012 Mutual Fund Manager

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 18'980'000 0.13 (7'755'000) 30.09.2012 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 18'846'000 0.13 719'000 29.06.2012 Investment Advisor

JP MORGAN CHASE & CO n/a Short (15'762'973) -0.11 - 24.10.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 13'269'000 0.09 599'000 28.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Religare Capital Markets SOPHIE JIANG sell 1 M 3 12 month 28.11.2012

BOCOM International Holdings LI SHANSHAN long-term buy 5 M 5 12 month 28.11.2012

HSBC ERIC MAK overweight 5 M 6 Not Provided 26.11.2012

Mizuho Securities JIM ANTOS neutral 3 U 4 12 month 23.11.2012

CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 5 12 month 22.11.2012

Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 4 12 month 20.11.2012

Credit Suisse SANJAY JAIN neutral 3 M 5 Not Provided 16.11.2012

Standard Chartered LAWRENCE CHEN in-line 3 M 4 12 month 12.11.2012

ICBC International Securities IVAN LIN hold 3 M 5 Not Provided 08.11.2012

JPMorgan JOSHUA KLACZEK neutral 3 M 5 12 month 07.11.2012

BNP Paribas Equity Research DORRIS CHEN hold 3 M 4 12 month 07.11.2012

Jefferies TAN MING buy 5 M 5 12 month 05.11.2012

Nomura LUCY FENG neutral 3 M 4 Not Provided 05.11.2012

CCB International Securities Ltd SHENG NAN neutral 3 M 5 Not Provided 01.11.2012

Core Pacific TIMOTHY LI hold 3 M 4 12 month 31.10.2012

Bank of China International JINHUA YIN buy 5 M 4 Not Provided 30.10.2012

DBS Vickers ALEXANDER LEE buy 5 M 4 26 month 30.10.2012

Kim Eng Securities IVAN LI buy 5 M 5 12 month 30.10.2012

Daiwa Securities Co. Ltd. GRACE WU hold 3 M 4 Not Provided 30.10.2012

SWS Research Co Ltd ROBERT HU outperform 5 M 6 Not Provided 30.10.2012

Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 3 12 month 29.10.2012

CIMB TREVOR KALCIC neutral 3 M 3 12 month 29.10.2012

China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 29.10.2012

Deutsche Bank TRACY YU hold 3 M 4 12 month 26.10.2012

Goldman Sachs NING MA neutral/neutral 3 M 5 12 month 11.10.2012

Barclays MAY YAN equalweight 3 M 4 Not Provided 06.09.2012

Guotai Junan WILSON LI buy 5 M 6 Not Provided 31.08.2012

Mirae Asset Securities NAN LI hold 3 M 4 12 month 31.08.2012

Masterlink Securities RAINY YUAN hold 3 M 5 Not Provided 05.07.2012

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

Macquarie VICTOR WANG outperform 5 M 5 12 month 19.06.2012

Phillip Securities CHEN XINGYU buy 5 M 5 Not Provided 19.06.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 21.05.2012

Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 05.04.2012

Holdings By:

China Citic Bank Corp Ltd ee

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

Page 40: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

China Minsheng Banking Corp., Ltd. operates in commercial banking businesses.

The Bank provides deposit, loan, settlement, discount, financial bond issuance,

government bond underwriting and trading, letter of credit, bank guarantee, and

other related financial services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.05.2012) 8.23

52-Week Low (05.09.2012) 5.35

Daily Volume

7.6

52-Week High % Change -7.65% Dividend Yield -

52-Week Low % Change 42.06% Beta 1.08

% 52 Week Price Range High/Low 74.31% Equity Float 5'115.18

Shares Out 30.09.2012 5'778.0 Short Int -

220'748.44 1 Yr Total Return 33.09%

Total Debt 405'150.00 YTD Return 22.02%

Preferred Stock 0.0 Adjusted BETA 1.085

Minority Interest 4'513.0 Analyst Recs 36

Cash and Equivalents 602'886.00 Consensus Rating 3.917

Enterprise Value -

Average Volume 5 Day 23'469'120

1988 HK EQUITY YTD Change - Average Volume 30 Day 35'680'920

1988 HK EQUITY YTD % CHANGE - Average Volume 3 Month 43'765'460

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

43'036.0 61'198.0 63'580.0 80'034.0 135'546.0 121'193.0 168'332.0 97'504.5 108'016.1 - -

- - - - - 0.00x 0.00x 1.75x 1.60x - -

- - - - - 0.0 0.0 - - - -

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

6'335.0 7'885.0 12'104.0 17'581.0 27'920.0 25'960.0 35'344.0 33'487.5 33'891.3 - -

41.17x 9.69x 12.56x 7.61x 5.61x 5.69x 4.35x 5.06x 5.13x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating NR

Operating Margin 45.23% Long-Term Outlook -

Pretax Margin 44.74% Short-Term Rating Date -

Return on Assets 1.43% Short-Term Rating -

Return on Common Equity 25.53%

Return on Capital 5.07% EBITDA/Interest Exp. -

Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 312.6%

Net Income Margin 33.6% Total Debt/Capital 75.1%

Asset Turnover 0.07

Current Ratio - Net Fixed Asset Turnover 18.96

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 18.18% Inventory Days -

Tot Debt to Common Equity 312.62% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

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

China Minsheng Banking Corp LtdPrice/Volume

Valuation Analysis

40'764'594.00

Current Price (11/dd/yy) Market Data

!

-

.

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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

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

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

Page 41: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

BLACKROCK INC #N/A N/A EXCH 524'401'352 9.08 9'012'770 22.11.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 501'004'317 8.67 - 08.11.2012 Investment Advisor

CITIGROUP INCORPORAT #N/A N/A EXCH 452'895'866 7.84 4'823'625 22.11.2012 Investment Advisor

WADDELL & REED FINAN n/a EXCH 406'493'740 7.04 - 25.07.2012 Investment Advisor

CITIGROUP INCORPORAT n/a Short (388'822'183) -6.73 (22'000'000) 22.11.2012 Investment Advisor

MORGAN STANLEY n/a Short (340'613'751) -5.9 - 23.11.2012 Investment Advisor

YUZHU SHI n/a EXCH 336'279'500 5.82 5'000'000 06.09.2012 n/a

UBS AG #N/A N/A EXCH 287'300'660 4.97 - 23.11.2012 Investment Advisor

GOLDMAN SACHS GROUP n/a Short (267'744'413) -4.63 - 26.10.2012 Investment Advisor

MORGAN STANLEY #N/A N/A EXCH 257'540'618 4.46 - 23.11.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 250'245'800 4.33 1'348'500 28.11.2012 Investment Advisor

FOSUN INTERNATIONAL n/a EXCH 248'947'500 4.31 8'071'000 05.09.2012 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 221'063'808 3.83 7'773'717 30.09.2012 Investment Advisor

DEUTSCHE BANK AG n/a EXCH 190'412'589 3.3 - 05.11.2012 Investment Advisor

DEUTSCHE BANK AG n/a Short (165'871'847) -2.87 - 05.11.2012 Investment Advisor

BLACKROCK INC n/a Short (105'435'424) -1.82 (7'671'770) 22.11.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 79'228'500 1.37 (6'092'500) 28.09.2012 Investment Advisor

TOPPER LINK LTD n/a EXCH 74'355'000 1.29 - 05.09.2012 Other

PRUDENTIAL INSURANCE PRUDENTIAL INSURANCE Sch-D 68'000'000 1.18 68'000'000 30.06.2012 Insurance Company

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 39'962'420 0.69 6'428'500 28.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Religare Capital Markets SOPHIE JIANG buy 5 N 9 12 month 28.11.2012

Core Pacific TIMOTHY LI hold 3 M 8 12 month 27.11.2012

HSBC ERIC MAK underweight 1 M 7 Not Provided 26.11.2012

BOCOM International Holdings YANG QINGLI buy 5 M 9 12 month 26.11.2012

Mizuho Securities JIM ANTOS buy 5 U 9 12 month 23.11.2012

CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 9 12 month 22.11.2012

UOB Kay Hian EDMOND LAW buy 5 M 8 Not Provided 21.11.2012

Jefferies TAN MING buy 5 M 9 12 month 20.11.2012

Credit Suisse DAISY WU underperform 1 M 7 Not Provided 16.11.2012

Standard Chartered LAWRENCE CHEN in-line 3 M 7 12 month 12.11.2012

ICBC International Securities IVAN LIN hold 3 M 8 Not Provided 08.11.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 8 12 month 07.11.2012

Nomura LUCY FENG buy 5 M 8 Not Provided 05.11.2012

CCB International Securities Ltd SHENG NAN outperform 5 M 9 Not Provided 01.11.2012

JPMorgan JOSHUA KLACZEK underweight 1 D 7 Not Provided 31.10.2012

Capital Securities Corp XIE JIYONG buy 5 M 9 12 month 31.10.2012

Bank of China International SUN PENG hold 3 M 8 Not Provided 31.10.2012

DBS Vickers ALEXANDER LEE hold 3 M 7 36 month 31.10.2012

Daiwa Securities Co. Ltd. GRACE WU hold 3 M 7 Not Provided 31.10.2012

SWS Research Co Ltd ROBERT HU buy 5 M 9 Not Provided 31.10.2012

Guotai Junan WILSON LI buy 5 M 8 Not Provided 31.10.2012

Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 7 12 month 30.10.2012

CIMB TREVOR KALCIC outperform 5 M 8 12 month 30.10.2012

Deutsche Bank TRACY YU hold 3 M 7 12 month 26.10.2012

Goldman Sachs NING MA Buy/Neutral 5 M 9 12 month 11.10.2012

Macquarie VICTOR WANG outperform 5 M 11 12 month 13.09.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 11.09.2012

China International Capital Corp MAO JUNHUA buy 5 M 9 12 month 06.09.2012

Mirae Asset Securities NAN LI buy 5 M 9 12 month 06.09.2012

Barclays MAY YAN equalweight 3 D 7 Not Provided 06.09.2012

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

Masterlink Securities RAINY YUAN buy 5 M 9 6 month 06.04.2012

Phillip Securities CHEN XINGYU accumulate 4 D 9 Not Provided 08.02.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 7 Not Provided 01.11.2011

Holdings By:

China Minsheng Banking Corp Ltd ee

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

Page 42: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

PICC Property and Casualty Company Limited provides a broad range of property

and casualty insurance products for a wide variety of customers throughout

China.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (09.02.2012) 11.50

52-Week Low (25.05.2012) 7.81

Daily Volume

9.97

52-Week High % Change -13.30% Dividend Yield 2.62

52-Week Low % Change 27.66% Beta 1.18

% 52 Week Price Range High/Low 55.01% Equity Float 3'801.58

Shares Out 30.06.2012 3'801.6 Short Int -

122'192.13 1 Yr Total Return 7.62%

Total Debt 19'299.00 YTD Return -2.38%

Preferred Stock 0.0 Adjusted BETA 1.185

Minority Interest 0.0 Analyst Recs 24

Cash and Equivalents 15'064.00 Consensus Rating 3.625

Enterprise Value 101'682.40

Average Volume 5 Day 16'572'410

2328 HK EQUITY YTD Change - Average Volume 30 Day 14'065'670

2328 HK EQUITY YTD % CHANGE - Average Volume 3 Month 14'885'500

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 01/yy 01/yy 12/12 Y 12/13 Y - -

75'610.0 83'596.0 98'218.0 128'040.0 136'955.0 - - 180'335.4 202'548.4 - -

1.17x 0.18x 0.45x 0.76x 0.79x - - 0.61x 0.54x - -

- - - - - - - - - - -

- - - - - - - - - - -

2'991.0 109.0 1'783.0 5'288.0 8'027.0 - - 10'249.8 11'052.6 - -

38.96x 368.13x 38.52x 21.12x 12.47x - - 9.54x 8.94x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 8.25% Long-Term Outlook -

Pretax Margin 7.51% Short-Term Rating Date -

Return on Assets 3.36% Short-Term Rating -

Return on Common Equity 24.96%

Return on Capital 18.56% EBITDA/Interest Exp. -

Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 54.9%

Net Income Margin 5.9% Total Debt/Capital 35.4%

Asset Turnover 0.53

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 7.26% Inventory Days -

Tot Debt to Common Equity 54.89% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

PICC Property & Casualty Co LtdPrice/Volume

Valuation Analysis

15'814'213.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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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

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

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

Page 43: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

CHARTIS PROP CAS CO CHARTIS PROP CAS CO Sch-D 618'804'318 16.28 56'254'938 30.06.2012 Insurance Company

CHARTIS PROP CAS CO n/a Co File 562'549'380 14.8 - 31.12.2011 Insurance Company

COMMERCE & INDUSTRY COMMERCE AND INDUSTR Sch-D 364'002'540 9.58 33'091'140 30.06.2012 Insurance Company

COMMERCE & INDUSTRY n/a Co File 330'911'400 8.7 - 31.12.2011 Insurance Company

BLACKROCK INC n/a EXCH 257'447'261 6.77 - 25.10.2012 Investment Advisor

LEXINGTON INSURANCE LEXINGTON INSURANCE Sch-D 230'534'942 6.06 20'957'722 30.06.2012 Insurance Company

LEXINGTON INSURANCE n/a Co File 209'577'220 5.51 - 31.12.2011 Insurance Company

JP MORGAN CHASE & CO n/a EXCH 183'038'499 4.81 - 07.09.2012 Investment Advisor

OWL CREEK ASSET MANA n/a EXCH 153'967'500 4.05 (7'330'000) 11.04.2011 Hedge Fund Manager

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 147'847'400 3.89 786'000 28.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 115'942'924 3.05 3'735'628 30.09.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 44'934'800 1.18 - 30.06.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 40'837'600 1.07 8'407'400 30.06.2012 Mutual Fund Manager

RUFFER LLP Multiple Portfolios MF-AGG 36'878'000 0.97 19'956'000 29.06.2012 Hedge Fund Manager

BLACKROCK INC n/a Short (33'477'720) -0.88 - 25.10.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 28'358'000 0.75 188'000 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 26'956'521 0.71 25'900'469 31.10.2011 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 25'890'237 0.68 100'000 28.11.2012 Investment Advisor

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 17'922'000 0.47 3'008'000 31.10.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 15'679'724 0.41 3'925'143 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Core Pacific OLIVE XIA hold 3 M #N/A N/A Not Provided 22.11.2012

JPMorgan CHAN BAO LING restricted #N/A N/A M #N/A N/A Not Provided 15.11.2012

Goldman Sachs NING MA Rating Suspended #N/A N/A M #N/A N/A Not Provided 14.11.2012

BOCOM International Holdings LI WENBING long-term buy 5 M 10 12 month 14.11.2012

Nomura DAVID CHUNG neutral 3 M 11 Not Provided 09.11.2012

Barclays MARK KELLOCK overweight 5 M 15 Not Provided 09.11.2012

Standard Chartered JENNIFER LAW underperform 1 M 10 12 month 06.11.2012

Macquarie SCOTT G RUSSELL outperform 5 M 14 12 month 02.11.2012

Jefferies BARON NIE hold 3 M 10 12 month 15.10.2012

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

Credit Suisse ARJAN VAN VEEN restricted #N/A N/A M #N/A N/A Not Provided 27.08.2012

DBS Vickers PING CHENG hold 3 M 10 12 month 23.08.2012

Guotai Junan FELIX LUO accumulate 4 U 11 Not Provided 23.08.2012

Mizuho Securities THOMAS J MONACO underperform 1 M 7 12 month 22.08.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 11 12 month 21.08.2012

SWS Research Co Ltd ROBERT HU outperform 5 M 11 Not Provided 21.08.2012

GuoSen Securities Co Ltd MICHAEL NG buy 5 N 12 12 month 01.06.2012

Masterlink Securities TEAM COVERAGE hold 3 N 9 Not Provided 25.05.2012

Morgan Stanley BEN LIN Overwt/In-Line 5 M 16 12 month 17.05.2012

Bank of China International JINHUA YIN hold 3 M 10 Not Provided 29.03.2012

China International Capital Corp TANG SHENGBO buy 5 M 12 12 month 29.03.2012

UOB Kay Hian EDMOND LAW sell 1 M 9 Not Provided 29.03.2012

CCB International Securities Ltd KENNETH YUE outperform 5 M 11 Not Provided 29.03.2012

ICBC International Securities PIUS CHENG hold 3 D 11 Not Provided 29.03.2012

HSBC JAMES GARNER restricted #N/A N/A M #N/A N/A Not Provided 28.03.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 12 Not Provided 16.12.2011

Mirae Asset Securities IVAN CHEUNG buy 5 M 14 12 month 30.11.2011

Phillip Securities CHEN XINGYU buy 5 M 12 12 month 19.10.2011

RBS YANAN WANG sell 1 M 9 12 month 01.08.2011

Holdings By:

PICC Property & Casualty Co Ltd ee

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

Page 44: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

Anhui Conch Cement Company Limited produces and sells ordinary portland cement,

portland cement, portland blast furnace slag cement, compound cement, and

commercial clinker.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (09.02.2012) 28.55

52-Week Low (31.08.2012) 19.10

Daily Volume

25.8

52-Week High % Change -9.63% Dividend Yield 1.69

52-Week Low % Change 35.08% Beta 1.42

% 52 Week Price Range High/Low 62.43% Equity Float 1'183.03

Shares Out 30.09.2012 1'299.6 Short Int -

115'571.30 1 Yr Total Return 9.99%

Total Debt 22'594.93 YTD Return 14.04%

Preferred Stock 0.0 Adjusted BETA 1.421

Minority Interest 1'992.0 Analyst Recs 35

Cash and Equivalents 8'044.71 Consensus Rating 3.514

Enterprise Value 110'963.59

Average Volume 5 Day 10'102'960

914 HK EQUITY YTD Change - Average Volume 30 Day 13'979'840

914 HK EQUITY YTD % CHANGE - Average Volume 3 Month 14'825'240

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

18'776.1 24'228.3 24'998.0 34'508.3 48'653.8 46'862.1 45'681.3 46'267.8 53'731.7 13'404.5 -

6.40x 2.18x 10.56x 3.42x 2.13x 12.12x 10.17x 2.37x 2.01x - -

5'245.0 5'396.1 6'530.7 10'630.0 18'761.2 0.0 0.0 11'828.9 14'930.4 - -

22.91x 9.77x 40.43x 11.12x 5.51x 0.00x 0.00x 9.38x 7.43x - -

2'480.1 2'607.2 3'505.9 6'159.6 11'586.4 12'067.4 6'469.7 6'390.5 8'324.5 2'063.7 -

37.56x 20.26x 22.19x 17.76x 8.54x 7.76x 16.07x 17.17x 13.10x - -

EBITDA 18'761.24 Long-Term Rating Date -

EBIT 16'190.19 Long-Term Rating -

Operating Margin 33.28% Long-Term Outlook -

Pretax Margin 32.27% Short-Term Rating Date -

Return on Assets 10.71% Short-Term Rating -

Return on Common Equity 20.07%

Return on Capital 14.10% EBITDA/Interest Exp. 17.74

Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 10.31

Net Debt/EBITDA 1.13

Gross Margin 39.4% Total Debt/EBITDA 1.52

EBITDA Margin 31.9%

EBIT Margin 25.7% Total Debt/Equity 50.8%

Net Income Margin 23.8% Total Debt/Capital 32.7%

Asset Turnover 0.59

Current Ratio 1.54 Net Fixed Asset Turnover 0.93

Quick Ratio 1.12 Accounts receivable turnover-days 53.00

Debt to Assets 26.90% Inventory Days 50.00

Tot Debt to Common Equity 50.82% Accounts Payable Turnover Day 51.49

Accounts Receivable Turnover 6.91 Cash Conversion Cycle 54.99

Inventory Turnover 7.32

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

Anhui Conch Cement Co LtdPrice/Volume

Valuation Analysis

13'585'003.00

Current Price (11/dd/yy) Market Data

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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

Page 45: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

JP MORGAN CHASE & CO n/a EXCH 197'574'064 15.2 - 12.11.2012 Investment Advisor

GENESIS ASSET MANAGE n/a EXCH 130'188'638 10.02 - 03.07.2012 Investment Advisor

TAIWAN CEMENT CORP n/a Co File 116'568'000 8.97 - 31.12.2011 Corporation

BLACKROCK INC #N/A N/A EXCH 103'692'109 7.98 - 22.11.2012 Investment Advisor

DEUTSCHE BANK AG #N/A N/A EXCH 87'635'783 6.74 - 21.11.2012 Investment Advisor

MORGAN STANLEY n/a EXCH 82'949'048 6.38 - 23.03.2012 Investment Advisor

DEUTSCHE BANK AG n/a Short (71'765'098) -5.52 (265'721) 21.11.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 55'989'500 4.31 316'000 28.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 53'401'876 4.11 1'337'500 30.09.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 37'067'671 2.85 (4'000) 31.07.2012 Investment Advisor

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 33'990'200 2.62 914'000 30.09.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 20'207'000 1.55 20'112'000 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 16'713'572 1.29 (11'711'719) 29.02.2012 Investment Advisor

MORGAN STANLEY n/a Short (15'210'675) -1.17 60'625'013 23.03.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 14'433'000 1.11 (16'173'000) 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 13'576'050 1.04 38'000 28.11.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 11'383'206 0.88 10'572'000 30.06.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'773'500 0.83 (6'432'000) 30.09.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 10'315'500 0.79 2'750'000 28.09.2012 Mutual Fund Manager

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 10'173'000 0.78 (393'000) 31.07.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies PO WEI underperform 1 M 18 12 month 28.11.2012

Citic Securities Co., Ltd TIMOTHY LEE hold 3 M 27 6 month 27.11.2012

Sun Hung Kai Securities STUWART CHEN buy 5 N 30 12 month 26.11.2012

BNP Paribas Equity Research RACHEL CHEUNG buy 5 M 33 12 month 26.11.2012

Religare Capital Markets TRACY HUANG hold 3 M 20 12 month 23.11.2012

Nomura YANG LUO reduce 2 M 18 Not Provided 21.11.2012

Barclays ADA DAI equalweight 3 N 26 Not Provided 21.11.2012

KGI Securities XIAOQING YAN neutral 3 M 29 12 month 15.11.2012

SinoPac YU ZHOU neutral 3 M 22 12 month 13.11.2012

Daiwa Securities Co. Ltd. FELIX LAM hold 3 M 26 Not Provided 09.11.2012

Deutsche Bank JOHNSON WAN hold 3 M 25 12 month 05.11.2012

Standard Chartered BEN HARTWRIGHT outperform 5 M 30 12 month 30.10.2012

Morgan Stanley JOHN LAM Overwt/Attractive 5 M 30 12 month 25.10.2012

Bank of China International MICHELLE LEUNG buy 5 M 29 Not Provided 25.10.2012

DBS Vickers ADDISON DAI fully valued 2 M 17 12 month 25.10.2012

China International Capital Corp LUO WEI buy 5 M 31 12 month 25.10.2012

SWS Research Co Ltd YE RONG neutral 3 M 22 Not Provided 25.10.2012

Credit Suisse TRINA CHEN underperform 1 M 17 Not Provided 24.10.2012

JPMorgan NICK LAI overweight 5 M 30 12 month 24.10.2012

Capital Securities Corp ZHU JIXIANG buy 5 M 28 Not Provided 24.10.2012

CIMB KEVIN YOU neutral 3 M 26 12 month 24.10.2012

GuoSen Securities Co Ltd ETHANE CHENG buy 5 N #N/A N/A Not Provided 22.10.2012

ICBC International Securities DUNCAN CHAN hold 3 M 20 Not Provided 10.10.2012

HSBC ELAINE LAM neutral 3 D 26 Not Provided 02.10.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 01.10.2012

Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 30 12 month 24.09.2012

Hua Tai Securities Co., Ltd PAN LILI buy 5 M #N/A N/A Not Provided 12.09.2012

Macquarie ANDREW DALE underperform 1 M 18 12 month 17.08.2012

UOB Kay Hian MARK PO buy 5 M 27 Not Provided 16.08.2012

Mizuho Securities KELVIN NG underperform 1 M 15 12 month 15.08.2012

Guotai Junan RAY ZHAO neutral 3 D 22 Not Provided 14.05.2012

Masterlink Securities DAI KAI-YU hold 3 D 25 6 month 04.11.2011

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 26 Not Provided 26.10.2011

Celestial Securities Limited TEAM COVERAGE buy 5 N 20 12 month 01.04.2010

Holdings By:

Anhui Conch Cement Co Ltd ee

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

Page 46: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

China Coal Energy Company Ltd mines and markets thermal coal and coking coal.

The Company also manufactures coal mining equipment and offers coal mine design

services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (17.02.2012) 10.48

52-Week Low (28.06.2012) 6.08

Daily Volume

7.82

52-Week High % Change -25.38% Dividend Yield -

52-Week Low % Change 28.62% Beta 1.38

% 52 Week Price Range High/Low 37.50% Equity Float 3'805.98

Shares Out 30.09.2012 4'106.7 Short Int -

109'573.54 1 Yr Total Return -7.42%

Total Debt 29'794.88 YTD Return -3.33%

Preferred Stock 0.0 Adjusted BETA 1.375

Minority Interest 14'219.7 Analyst Recs 41

Cash and Equivalents 32'173.57 Consensus Rating 3.707

Enterprise Value 117'920.25

Average Volume 5 Day 18'836'820

1898 HK EQUITY YTD Change - Average Volume 30 Day 30'059'920

1898 HK EQUITY YTD % CHANGE - Average Volume 3 Month 31'585'580

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

35'640.5 51'753.1 53'187.0 70'302.6 87'773.1 84'617.7 85'834.0 89'323.7 99'204.4 44'950.0 -

7.62x 1.20x 3.06x 1.98x 1.39x 5.22x 4.64x 1.38x 1.36x 2.58x -

8'634.7 12'819.2 12'138.8 14'723.9 18'629.1 0.0 0.0 17'673.0 19'801.1 - -

31.46x 4.85x 13.40x 9.46x 6.56x 0.00x 0.00x 6.67x 5.96x - -

6'019.8 7'131.0 7'409.3 7'466.4 9'801.5 8'481.6 8'703.8 8'684.6 9'154.7 2'705.5 -

44.94x 10.06x 22.39x 18.38x 9.19x 9.12x 8.68x 9.34x 8.96x - -

EBITDA 18'629.14 Long-Term Rating Date -

EBIT 13'960.50 Long-Term Rating -

Operating Margin 15.91% Long-Term Outlook -

Pretax Margin 16.00% Short-Term Rating Date -

Return on Assets 6.12% Short-Term Rating -

Return on Common Equity 11.17%

Return on Capital 8.84% EBITDA/Interest Exp. 16.86

Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. -1.16

Net Debt/EBITDA 0.39

Gross Margin 20.9% Total Debt/EBITDA 1.97

EBITDA Margin 19.2%

EBIT Margin 13.9% Total Debt/Equity 36.4%

Net Income Margin 11.2% Total Debt/Capital 23.7%

Asset Turnover 0.62

Current Ratio 1.95 Net Fixed Asset Turnover 1.53

Quick Ratio 1.39 Accounts receivable turnover-days 39.20

Debt to Assets 18.63% Inventory Days 38.91

Tot Debt to Common Equity 36.45% Accounts Payable Turnover Day 54.00

Accounts Receivable Turnover 9.34 Cash Conversion Cycle 18.03

Inventory Turnover 9.41

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

China Coal Energy Co LtdPrice/Volume

Valuation Analysis

20'350'212.00

Current Price (11/dd/yy) Market Data

!

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

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

Page 47: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

BLACKROCK INC #N/A N/A EXCH 415'198'441 10.11 - 22.11.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a EXCH 300'683'390 7.32 - 11.10.2012 Government

CITIGROUP INCORPORAT n/a EXCH 228'728'485 5.57 - 15.10.2012 Investment Advisor

MORGAN STANLEY #N/A N/A EXCH 194'964'073 4.75 - 23.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 176'652'842 4.3 5'334'559 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 173'836'000 4.23 985'000 28.11.2012 Investment Advisor

DAVIS SELECTED ADVIS n/a EXCH 122'514'560 2.98 - 06.07.2012 Investment Advisor

BLACKROCK INC n/a Short (103'689'063) -2.52 - 22.11.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 69'352'820 1.69 (1'567'000) 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 36'910'801 0.9 122'000 28.11.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 32'495'776 0.79 (1'809'090) 30.06.2012 Investment Advisor

MORGAN STANLEY n/a Short (31'994'100) -0.78 - 23.11.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 22'023'000 0.54 - 28.11.2012 Investment Advisor

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 17'182'000 0.42 (932'000) 31.10.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 17'000'000 0.41 - 31.07.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 15'490'000 0.38 (7'378'000) 31.08.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 15'383'855 0.37 - 16.10.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 15'057'272 0.37 (8'196'000) 29.11.2012 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 13'143'847 0.32 - 28.11.2012 Investment Advisor

MASON STREET ADVISOR Multiple Portfolios MF-AGG 10'446'740 0.25 321'000 30.06.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

CIMB JEANNETTE SIM outperform 5 M 9 12 month 27.11.2012

China International Capital Corp CAI HONGYU hold 3 M 8 12 month 26.11.2012

Nomura MATTHEW CROSS reduce 2 M 5 Not Provided 26.11.2012

SinoPac ROBERT WEI neutral 3 M 8 12 month 26.11.2012

Standard Chartered CHEN YAN outperform 5 U 9 12 month 20.11.2012

Jefferies LABAN YU underperform 1 M 4 12 month 20.11.2012

Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 4 12 month 20.11.2012

Daiwa Securities Co. Ltd. DAVE DAI buy 5 U 9 Not Provided 19.11.2012

UOB Kay Hian HELEN LAU buy 5 M 11 Not Provided 19.11.2012

Barclays EPHREM RAVI overweight 5 M 10 Not Provided 16.11.2012

JPMorgan DANIEL KANG neutral 3 M 8 6 month 14.11.2012

BOCOM International Holdings HE WEI long-term buy 5 M 9 12 month 13.11.2012

Macquarie MATTY ZHAO outperform 5 M 8 12 month 05.11.2012

Capital Securities Corp XU YING buy 5 M 8 Not Provided 31.10.2012

HSBC SIMON FRANCIS neutral 3 M 8 Not Provided 28.10.2012

BNP Paribas Equity Research JAMES CLARKE buy 5 M 9 12 month 25.10.2012

Guotai Junan LEO WU neutral 3 M 8 Not Provided 25.10.2012

Mirae Asset Securities SHIRLEY ZHAO hold 3 M 7 12 month 25.10.2012

Core Pacific KENNY CHEUNG buy 5 M 9 Not Provided 25.10.2012

Credit Suisse TRINA CHEN outperform 5 M 9 Not Provided 24.10.2012

Yuanta Securities Investment ConsultingJOHNNY WONG buy 5 M 9 Not Provided 24.10.2012

DBS Vickers JUNE NG buy 5 M 9 12 month 24.10.2012

Mizuho Securities KELVIN NG buy 5 U 9 12 month 24.10.2012

Religare Capital Markets TRACY HUANG buy 5 M 9 12 month 24.10.2012

Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 7 12 month 23.10.2012

Deutsche Bank JAMES KAN hold 3 M 7 12 month 19.10.2012

Goldman Sachs JULIAN ZHU neutral/neutral 3 D 8 12 month 24.09.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 8 Not Provided 17.09.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012

Masterlink Securities LI XIN hold 3 M 8 5 month 27.08.2012

Bank of China International LAWRENCE LAU sell 1 M 6 Not Provided 23.08.2012

Ji Asia SAMUEL THAWLEY buy 5 M 8 12 month 27.07.2012

ICBC International Securities ANNA YU buy 5 M 8 Not Provided 17.07.2012

SWS Research Co Ltd HUANG ZHE neutral 3 M 12 Not Provided 13.04.2012

GuoSen Securities Co Ltd DAVID LAM buy 5 M 11 12 month 05.04.2012

Citic Securities Co., Ltd WALLACE CHENG buy 5 M 11 6 month 12.03.2012

KGI Securities YANG TAO neutral 3 M 11 12 month 21.12.2011

Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 N #N/A N/A Not Provided 17.08.2011

Cinda Securities Ltd CASTOR PANG neutral 3 N 10 Not Provided 07.07.2010

Holdings By:

China Coal Energy Co Ltd ee

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

Page 48: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

Yanzhou Coal Mining Company Limited operates underground mining and coal

preparation and operation businesses. Its products are sold in domestic and

international markets. The Company also provides railway transportation

services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (09.02.2012) 20.15

52-Week Low (05.09.2012) 9.92

Daily Volume

11.86

52-Week High % Change -41.14% Dividend Yield -

52-Week Low % Change 19.56% Beta 1.30

% 52 Week Price Range High/Low 18.57% Equity Float 1'958.40

Shares Out 30.09.2012 1'958.4 Short Int -

82'910.38 1 Yr Total Return -27.90%

Total Debt 37'047.43 YTD Return -24.42%

Preferred Stock 0.0 Adjusted BETA 1.302

Minority Interest 666.2 Analyst Recs 37

Cash and Equivalents 18'096.65 Consensus Rating 2.432

Enterprise Value 100'362.61

Average Volume 5 Day 26'642'550

1171 HK EQUITY YTD Change - Average Volume 30 Day 33'198'890

1171 HK EQUITY YTD % CHANGE - Average Volume 3 Month 29'084'380

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

16'297.7 25'956.7 20'677.1 33'944.3 48'168.1 42'654.6 57'659.4 53'221.4 57'362.5 - -

5.38x 0.97x 5.26x 3.33x 2.33x 10.64x 5.64x 1.71x 1.64x - -

5'812.9 10'119.3 7'221.7 10'248.0 15'570.2 0.0 0.0 10'331.6 11'064.9 - -

15.09x 2.50x 15.06x 11.02x 7.21x 0.00x 0.00x 9.71x 9.07x - -

3'218.8 6'324.0 4'117.3 9'281.4 8'622.8 8'802.8 7'319.9 5'451.3 4'938.1 - -

22.25x 3.90x 17.99x 10.65x 7.67x 7.84x 6.44x 8.73x 9.57x - -

EBITDA 15'570.16 Long-Term Rating Date 27.04.2012

EBIT 12'634.42 Long-Term Rating BBB-

Operating Margin 26.23% Long-Term Outlook STABLE

Pretax Margin 25.12% Short-Term Rating Date -

Return on Assets 8.16% Short-Term Rating -

Return on Common Equity 20.56%

Return on Capital 11.64% EBITDA/Interest Exp. 20.99

Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 6.21

Net Debt/EBITDA 1.68

Gross Margin 39.9% Total Debt/EBITDA 3.33

EBITDA Margin 24.0%

EBIT Margin 18.2% Total Debt/Equity 87.8%

Net Income Margin 17.9% Total Debt/Capital 46.4%

Asset Turnover 0.54

Current Ratio 0.96 Net Fixed Asset Turnover 1.64

Quick Ratio 0.73 Accounts receivable turnover-days 24.97

Debt to Assets 38.00% Inventory Days 14.62

Tot Debt to Common Equity 87.79% Accounts Payable Turnover Day 18.80

Accounts Receivable Turnover 14.66 Cash Conversion Cycle 65.13

Inventory Turnover 25.04

Fiscal Year Ended

Yanzhou Coal Mining Co LtdPrice/Volume

Valuation Analysis

21'861'063.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 49: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

FRANKLIN RESOURCES I n/a EXCH 274'090'032 14 - 19.11.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 174'510'229 8.91 - 13.11.2012 Investment Advisor

BLACKROCK INC n/a EXCH 149'510'991 7.63 - 19.11.2012 Investment Advisor

BNP PARIBAS INVESTME n/a Co File 117'641'207 6.01 - 30.06.2012 Investment Advisor

MORGAN STANLEY n/a EXCH 89'929'097 4.59 - 18.01.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 86'185'802 4.4 480'000 28.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 85'049'025 4.34 4'025'293 30.09.2012 Investment Advisor

DEUTSCHE BANK AG #N/A N/A EXCH 75'786'733 3.87 - 20.11.2012 Investment Advisor

DEUTSCHE BANK AG n/a Short (73'575'821) -3.76 - 20.11.2012 Investment Advisor

MORGAN STANLEY n/a Short (26'909'944) -1.37 - 18.01.2012 Investment Advisor

BLACKROCK INC n/a Short (21'387'590) -1.09 - 20.11.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 16'342'000 0.83 58'000 28.11.2012 Investment Advisor

RBC PH&N INV COUNSEL Multiple Portfolios MF-AGG 15'755'000 0.8 1'054'400 31.08.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 13'608'000 0.69 13'608'000 30.09.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 13'099'408 0.67 - 30.06.2012 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 10'504'500 0.54 - 28.11.2012 Investment Advisor

FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 8'320'000 0.42 - 31.12.2010 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'284'000 0.37 (802'000) 30.09.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'236'000 0.37 - 28.11.2012 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 6'490'782 0.33 20'000 28.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

China International Capital Corp CAI HONGYU reduce 2 M 13 12 month 26.11.2012

Nomura MATTHEW CROSS reduce 2 M 9 Not Provided 26.11.2012

SinoPac ROBERT WEI neutral 3 M 12 12 month 26.11.2012

Standard Chartered CHEN YAN in-line 3 M 12 12 month 20.11.2012

Jefferies LABAN YU underperform 1 M 6 12 month 20.11.2012

Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 6 12 month 20.11.2012

Daiwa Securities Co. Ltd. DAVE DAI hold 3 M 11 Not Provided 19.11.2012

BOCOM International Holdings HE WEI neutral 3 M 9 12 month 19.11.2012

Macquarie MATTY ZHAO underperform 1 M 7 12 month 16.11.2012

Barclays EPHREM RAVI equalweight 3 M 15 Not Provided 16.11.2012

JPMorgan DANIEL KANG underweight 1 M 9 6 month 14.11.2012

Deutsche Bank JAMES KAN sell 1 M 9 12 month 06.11.2012

Guotai Junan LEO WU neutral 3 D 11 Not Provided 31.10.2012

UOB Kay Hian HELEN LAU hold 3 M 12 Not Provided 31.10.2012

Bank of China International LAWRENCE LAU sell 1 M 8 Not Provided 30.10.2012

Mizuho Securities KELVIN NG underperform 1 M 9 12 month 30.10.2012

Credit Suisse TRINA CHEN underperform 1 M 7 Not Provided 29.10.2012

HSBC SIMON FRANCIS underweight 1 D 9 Not Provided 29.10.2012

Yuanta Securities Investment ConsultingJOHNNY WONG hold 3 M 16 Not Provided 29.10.2012

DBS Vickers JUNE NG hold 3 D 14 21 month 29.10.2012

Religare Capital Markets TRACY HUANG buy 5 M 12 12 month 29.10.2012

Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 9 12 month 28.10.2012

CIMB JEANNETTE SIM underperform 1 M 8 12 month 28.10.2012

BNP Paribas Equity Research JAMES CLARKE buy 5 M 17 12 month 27.10.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 14 Not Provided 22.10.2012

Goldman Sachs JULIAN ZHU Sell/Neutral 1 M 10 12 month 24.09.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012

Ji Asia SAMUEL THAWLEY buy 5 M 16 12 month 28.08.2012

ICBC International Securities ANNA YU hold 3 M 12 Not Provided 06.07.2012

Mirae Asset Securities SHIRLEY ZHAO reduce 2 N 13 12 month 07.05.2012

Capital Securities Corp XU YING buy 5 M 21 Not Provided 24.04.2012

SWS Research Co Ltd HUANG ZHE outperform 5 M 22 Not Provided 12.04.2012

KGI Securities YANG TAO neutral 3 M 18 12 month 21.12.2011

Masterlink Securities LI XIN buy 5 M 24 6 month 26.10.2011

Citic Securities Co., Ltd TEAM COVERAGE buy 5 M 26 6 month 04.10.2011

GuoSen Securities Co Ltd DAVID LAM buy 5 N #N/A N/A Not Provided 20.09.2011

Cinda Securities Ltd CASTOR PANG buy 5 M 19 Not Provided 07.07.2010

Holdings By:

Yanzhou Coal Mining Co Ltd ee

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

Page 50: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines,

produces, refines, and sells gold and other mineral resources in China.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (06.02.2012) 3.90

52-Week Low (25.07.2012) 2.23

Daily Volume

3.12

52-Week High % Change -20.00% Dividend Yield -

52-Week Low % Change 39.91% Beta 1.40

% 52 Week Price Range High/Low 50.90% Equity Float 6'008.16

Shares Out 30.09.2012 6'008.2 Short Int -

89'558.54 1 Yr Total Return 0.39%

Total Debt 9'368.33 YTD Return 11.74%

Preferred Stock 0.0 Adjusted BETA 1.405

Minority Interest 5'124.1 Analyst Recs 23

Cash and Equivalents 5'584.78 Consensus Rating 4.522

Enterprise Value 90'829.83

Average Volume 5 Day 32'934'720

2899 HK EQUITY YTD Change - Average Volume 30 Day 38'692'060

2899 HK EQUITY YTD % CHANGE - Average Volume 3 Month 46'588'400

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

14'871.3 16'744.7 20'215.1 28'186.6 39'381.9 36'034.4 45'456.1 44'604.8 50'840.6 12'337.0 -

10.40x 4.10x 6.50x 4.18x 2.12x 8.47x 5.94x 1.80x 1.56x - -

5'295.4 5'615.7 6'038.3 8'635.6 10'731.6 0.0 0.0 10'377.5 12'299.4 - -

29.21x 12.23x 21.75x 13.64x 7.78x 0.00x 0.00x 8.75x 7.38x - -

2'552.0 3'005.3 3'552.3 4'827.9 5'712.6 5'504.2 4'807.3 5'353.1 6'150.3 1'461.0 -

59.58x 19.71x 27.22x 18.41x 9.11x 6.99x 11.49x 10.36x 8.92x - -

EBITDA 10'731.57 Long-Term Rating Date -

EBIT 9'437.38 Long-Term Rating -

Operating Margin 23.96% Long-Term Outlook -

Pretax Margin 23.55% Short-Term Rating Date -

Return on Assets 9.33% Short-Term Rating -

Return on Common Equity 20.45%

Return on Capital 14.81% EBITDA/Interest Exp. 17.03

Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 5.17

Net Debt/EBITDA 1.05

Gross Margin 30.1% Total Debt/EBITDA 1.78

EBITDA Margin 23.1%

EBIT Margin 19.8% Total Debt/Equity 37.5%

Net Income Margin 14.5% Total Debt/Capital 23.7%

Asset Turnover 0.84

Current Ratio 1.10 Net Fixed Asset Turnover 2.48

Quick Ratio 0.41 Accounts receivable turnover-days 11.39

Debt to Assets 17.91% Inventory Days 68.85

Tot Debt to Common Equity 37.46% Accounts Payable Turnover Day 27.44

Accounts Receivable Turnover 32.13 Cash Conversion Cycle 55.19

Inventory Turnover 5.32

Fiscal Year Ended

Zijin Mining Group Co LtdPrice/Volume

Valuation Analysis

32'825'117.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

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

Page 51: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

BLACKROCK INC #N/A N/A EXCH 605'742'757 10.08 - 21.11.2012 Investment Advisor

MORGAN STANLEY n/a Short (536'828'544) -8.93 - 23.11.2012 Investment Advisor

MORGAN STANLEY #N/A N/A EXCH 322'951'203 5.38 - 23.11.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 296'449'523 4.93 - 31.01.2012 Investment Advisor

HSBC GLOBAL ASSET MA n/a EXCH 295'631'868 4.92 - 19.11.2012 Investment Advisor

UBS AG n/a EXCH 292'003'355 4.86 - 24.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 264'493'000 4.4 1'508'000 28.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 249'298'104 4.15 7'490'880 30.09.2012 Investment Advisor

UBS AG n/a Short (198'765'793) -3.31 - 24.09.2012 Investment Advisor

RBC PH&N INV COUNSEL Multiple Portfolios MF-AGG 112'376'000 1.87 7'454'000 31.08.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 100'660'772 1.68 63'452'689 31.10.2011 Investment Advisor

BLACKROCK INC n/a Short (95'318'578) -1.59 (2'205'134) 21.11.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 91'428'200 1.52 186'000 28.11.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 56'237'000 0.94 (13'556'000) 30.09.2012 Investment Advisor

JP MORGAN CHASE & CO n/a Short (46'844'438) -0.78 - 31.01.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 44'848'000 0.75 - 31.03.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 43'713'000 0.73 (52'000) 30.09.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 36'160'250 0.6 (310'000) 30.06.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 30'206'000 0.5 - 28.09.2012 Mutual Fund Manager

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 25'446'000 0.42 - 31.10.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BOCOM International Holdings BENJAMIN PEI long-term buy 5 M 3 12 month 28.11.2012

China International Capital Corp CAI HONGYU accumulate 4 M 4 12 month 26.11.2012

Nomura MATTHEW CROSS buy 5 M 4 Not Provided 16.11.2012

Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 4 12 month 12.11.2012

Guotai Junan KEVIN GUO buy 5 M 4 Not Provided 01.11.2012

Credit Suisse TRINA CHEN outperform 5 M 3 Not Provided 29.10.2012

Bank of China International ROBIN TSUI buy 5 M 4 Not Provided 29.10.2012

BNP Paribas Equity Research KUNAL AGRAWAL buy 5 M 4 12 month 29.10.2012

SWS Research Co Ltd DIMI DU buy 5 M 4 Not Provided 29.10.2012

HSBC THOMAS J ZHU overweight 5 M 4 Not Provided 28.10.2012

CCB International Securities Ltd KIN CHUNG LI outperform 5 M 3 Not Provided 28.10.2012

Morgan Stanley RACHEL L ZHANG Overwt/Attractive 5 M 5 12 month 26.10.2012

Standard Chartered CHEN YAN outperform 5 U 4 12 month 06.10.2012

Deutsche Bank LAURA ZHAI buy 5 M 4 12 month 04.10.2012

Macquarie MATTY ZHAO neutral 3 M 3 12 month 18.09.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 27.08.2012

Masterlink Securities SARAH WANG buy 5 M 3 6 month 15.08.2012

UOB Kay Hian HELEN LAU hold 3 M 3 Not Provided 13.08.2012

ICBC International Securities DUNCAN CHAN buy 5 M 4 Not Provided 18.06.2012

GuoSen Securities Co Ltd THOMAS ZHANG buy 5 M 4 12 month 16.04.2012

Holdings By:

Zijin Mining Group Co Ltd ee

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

Page 52: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

Aluminum Corporation of China Limited, also known as Chalco, is a producer of

alumina and primary aluminum in China. The Company refines bauxite into

alumina and smelts aluminato to produce primary aluminum.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (10.02.2012) 4.45

52-Week Low (05.09.2012) 2.86

Daily Volume

3.3

52-Week High % Change -25.84% Dividend Yield -

52-Week Low % Change 15.38% Beta 1.42

% 52 Week Price Range High/Low 24.53% Equity Float 3'943.97

Shares Out 30.09.2012 3'944.0 Short Int -

67'748.34 1 Yr Total Return -6.78%

Total Debt 74'375.05 YTD Return -2.37%

Preferred Stock 0.0 Adjusted BETA 1.415

Minority Interest 6'301.3 Analyst Recs 25

Cash and Equivalents 11'644.74 Consensus Rating 1.520

Enterprise Value 147'243.87

Average Volume 5 Day 11'453'960

2600 HK EQUITY YTD Change - Average Volume 30 Day 16'104'600

2600 HK EQUITY YTD % CHANGE - Average Volume 3 Month 16'517'510

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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

85'198.8 76'728.1 70'268.0 120'994.8 145'514.9 139'688.6 146'799.6 136'064.4 143'165.4 22'249.0 -

5.41x 1.58x 3.29x 1.56x 0.97x 3.83x 2.36x 1.06x 1.04x - -

20'795.0 7'607.8 3'024.7 9'697.0 9'088.5 0.0 0.0 3'768.2 7'564.3 468.0 -

22.16x 15.90x 76.49x 19.48x 15.55x 0.00x 0.00x 39.08x 19.47x - -

10'753.0 19.5 (4'642.9) 778.0 238.0 1'332.8 (5'065.1) (4'980.1) (2'301.8) (1'409.0) -

17.93x 2566.61x - 100.18x 137.08x 28.82x 0.00x - - - -

EBITDA 9'088.54 Long-Term Rating Date 12.09.2012

EBIT 3'228.38 Long-Term Rating -

Operating Margin 2.22% Long-Term Outlook NEG

Pretax Margin 0.56% Short-Term Rating Date -

Return on Assets -3.03% Short-Term Rating -

Return on Common Equity -10.11%

Return on Capital - EBITDA/Interest Exp. 2.17

Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 0.06

Net Debt/EBITDA -

Gross Margin 5.1% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 143.4%

Net Income Margin 0.2% Total Debt/Capital 56.1%

Asset Turnover 0.88

Current Ratio 0.80 Net Fixed Asset Turnover 1.57

Quick Ratio 0.28 Accounts receivable turnover-days 17.29

Debt to Assets 47.33% Inventory Days -

Tot Debt to Common Equity 143.43% Accounts Payable Turnover Day -

Accounts Receivable Turnover 21.17 Cash Conversion Cycle 57.72

Inventory Turnover -

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

Aluminum Corp of China LtdPrice/Volume

Valuation Analysis

20'254'676.00

Current Price (11/dd/yy) Market Data

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

Page 53: Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

30.11.2012

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

FRANKLIN RESOURCES I n/a EXCH 1'028'826'800 26.09 - 12.10.2012 Investment Advisor

BLACKROCK INC n/a EXCH 278'110'317 7.05 - 22.10.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 186'643'700 4.73 - 16.12.2011 Investment Advisor

DEUTSCHE BANK AG n/a EXCH 171'271'486 4.34 - 18.09.2012 Investment Advisor

MORGAN STANLEY n/a Short (169'930'860) -4.31 - 09.01.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 167'831'582 4.26 6'186'899 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 162'546'000 4.12 864'000 28.11.2012 Investment Advisor

CREDIT SUISSE n/a EXCH 161'136'834 4.09 - 28.07.2011 Investment Advisor

MORGAN STANLEY n/a EXCH 156'702'435 3.97 - 09.01.2012 Investment Advisor

DEUTSCHE BANK AG n/a Short (144'751'160) -3.67 - 18.09.2012 Investment Advisor

CREDIT SUISSE n/a Short (130'059'394) -3.3 - 28.07.2011 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 77'176'800 1.96 - 31.03.2011 Investment Advisor

BLACKROCK INC n/a Short (57'489'066) -1.46 - 22.10.2012 Investment Advisor

JP MORGAN CHASE & CO n/a Short (44'124'781) -1.12 - 16.12.2011 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 33'421'293 0.85 (1'258'718) 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 32'416'300 0.82 120'000 28.11.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 16'332'000 0.41 15'956'000 30.09.2012 Investment Advisor

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 14'508'000 0.37 14'508'000 30.09.2011 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8'964'515 0.23 (627'641) 28.09.2012 Mutual Fund Manager

STATE STREET CORP Multiple Portfolios MF-AGG 8'486'304 0.22 52'000 28.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BOCOM International Holdings BENJAMIN PEI neutral 3 M 4 12 month 28.11.2012

China International Capital Corp CAI HONGYU hold 3 M 3 12 month 26.11.2012

Sanford C. Bernstein & Co VANESSA LAU underperform 1 M 3 12 month 20.11.2012

Barclays EPHREM RAVI underweight 1 M 3 Not Provided 16.11.2012

ICBC International Securities DUNCAN CHAN sell 1 M 3 Not Provided 16.11.2012

SWS Research Co Ltd DIMI DU buy 5 N 12 Not Provided 02.11.2012

Nomura MATTHEW CROSS neutral 3 M 4 Not Provided 01.11.2012

Bank of China International ROBIN TSUI sell 1 D 3 Not Provided 31.10.2012

Morgan Stanley RACHEL L ZHANG Underwt/In-Line 1 M 3 12 month 30.10.2012

JPMorgan DANIEL KANG underweight 1 M 3 6 month 30.10.2012

BNP Paribas Equity Research KUNAL AGRAWAL reduce 2 M 3 12 month 29.10.2012

HSBC SIMON FRANCIS underweight 1 M 3 Not Provided 28.10.2012

Deutsche Bank LAURA ZHAI sell 1 M 2 12 month 10.10.2012

Macquarie ANDREW DALE underperform 1 M 2 12 month 25.09.2012

Goldman Sachs JULIAN ZHU Sell/Neutral 1 M 3 12 month 24.09.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 10.09.2012

Credit Suisse TRINA CHEN underperform 1 M 2 Not Provided 29.08.2012

Mizuho Securities KELVIN NG underperform 1 M 3 12 month 29.08.2012

Standard Chartered CHEN YAN underperform 1 M 3 12 month 20.08.2012

Daiwa Securities Co. Ltd. ALEXANDER LATZER underperform 1 M 3 Not Provided 25.04.2012

First Global Stockbroking ADITYA WELEKAR underperform 1 N #N/A N/A Not Provided 24.12.2011

Masterlink Securities SARAH WANG buy 5 U 8 Not Provided 22.06.2011

UOB Kay Hian HELEN LAU buy 5 M 11 Not Provided 15.03.2011

Guotai Junan KEVIN GUO sell 1 N 6 Not Provided 04.03.2011

China Merchants Securities WEI XIAOSHUANG neutral 3 D 4 Not Provided 13.02.2009

Holdings By:

Aluminum Corp of China Ltd ee

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


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