Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50

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February 2013

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Currency

Market

Capitalization (in

mio USD)

Daily

Volume

(M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock

(USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14121364 1907.672 1115 1115 203 220 220 101.35 110.66 110.66 15.03 15.03 13.77 13.77 18.69

Euro Stoxx 50 Pr EUR 2621934 5771.331 4824 4824 810 833 833 186.66 322.94 322.94 25.21 16.93 14.57 14.57 21.44

NIKKEI 225 JPY 2425114 177.206 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12

FTSE 100 INDEX GBP 2720987 11806.78 9309 9309 1486 1672 1672 550.72 825.50 825.50 27.18 22.42 18.13 18.13 24.23

SWISS MARKET INDEX CHF 1037093 11052.65 4174 4174 885 859 859 390.09 563.39 563.39 22.92 19.43 15.87 15.87 23.24

S&P/TSX COMPOSITE INDEX CAD 1709164 17092.58 7875 7875 1881 2141 2141 808.54 897.79 897.79 15.26 15.26 13.75 13.75 24.98

S&P/ASX 200 INDEX AUD 1418991 6771.435 2869 2869 582 700 700 249.20 340.41 340.41 21.64 16.73 15.84 15.84 21.87

HANG SENG INDEX HKD 1753660 3458.521 1607 1607 359 408 408 250.93 265.84 265.84 1.54 1.63 1.46 1.46 3.13

MSCI EM USD 7972857 1461.715 1037 1037 197 200 200 86.36 101.05 101.05 12.32 13.43 10.53 10.53 19.89

AMERICA MOVIL-ADR SERIES L USD 84416 6072 #VALUE! 418 0 11 45 #VALUE! 775070 775070 793931 833286 260895 260895 65463 65463 - - 24.79 23.61 - - 11.41 11.99 16.50 18.48 4.87 15.67 33.66 A- 22.03.2010 A2 26.03.2010

SAMSUNG ELECTRONICS CO LTD KRW 211052 361 130 4 0 0 14 202.13 130953 130948 #VALUE! #VALUE! 17609 22872 - - 61.88 95.52 #VALUE! #VALUE! 0.01 0.01 #VALUE! #VALUE! 0.02 0.02 - 0.01 0.02 A 25.01.2006 A1 14.07.2005

TURKIYE GARANTI BANKASI TRY 20650 26916 4197 26 0 0 15 #VALUE! 9921 9921 5251 5757 - - - - - 0.45 0.48 0.52 6.19 - 5.76 5.33 8.07 7.16 - - - BB 22.02.2010 Baa2 03.07.2012

FOMENTO ECONOMICO MEX-SP ADR USD 37542 112 #VALUE! 30 0 58 28 #VALUE! 203044 229839 235425 264109 33445 35037 11985 11985 - - 45.90 53.45 - - 31.28 26.86 19.65 9.59 19.31 6.27 15.24 - - - -

AKBANK T.A.S. TRY 19577 12684 4000 26 0 0 11 #VALUE! 8180 8180 4742 5243 - - - - - 0.42 0.45 0.51 6.51 - 6.04 5.40 12.18 4.94 - - - NR 15.07.2008 Baa2 03.07.2012

GRUPO TELEVISA SA-SPON ADR USD 16211 633 #VALUE! 57 0 7 22 #VALUE! 62582 67791 68190 74467 24252 26813 7914 7914 - - 13.62 15.71 - - 26.42 22.92 8.17 10.27 9.43 8.10 39.55 BBB+ 02.10.2007 Baa1 02.05.2007

NIGERIAN BREWERIES PLC NGN 8171 1970 7563 0 0 0 0 8.50 1463 1699 1742 2013 413 - 483 483 0.03 0.03 0.03 0.04 0.21 0.21 0.21 0.17 0.15 - 0.16 0.15 - - - - -

ASTRA INTERNATIONAL TBK PT IDR 32399 29309 40484 5 0 2 1 38.47 16787 19225 19325 21594 2461 2702 733 733 0.05 0.05 0.05 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BBB- 11.05.2011 - -

HACI OMER SABANCI HOLDING TRY 12546 3369 2040 14 0 6 12 26.65 12577 6617 14219 15540 2359 2318 658 658 - 0.42 0.49 0.58 7.61 - 6.54 5.57 8.24 -1.51 -0.65 5.38 19.66 - - - -

TELEKOMUNIKASI INDONESIA PER IDR 20506 18185 19386 2 0 1 1 22.43 7358 7752 7874 8412 3775 4097 1071 1071 0.06 0.07 0.07 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 NR 15.10.2008 - -

GRUPO FINANCIERO BANORTE-O MXN 16388 1089 2326 23 0 0 4 35.59 6601 7535 4191 4774 2987 3586 - - - 0.37 0.47 0.57 1.51 - 1.18 0.97 - 1.24 - 0.35 3.75 - - - -

BANK CENTRAL ASIA TBK PT IDR 26223 12035 24365 1 0 0 11 #VALUE! 3282 3531 2877 3383 - - - - - 0.05 0.05 0.06 0.00 - 0.00 0.00 0.00 0.00 - - - NR 11.07.2006 - -

WALMART DE MEXICO-SER V MXN 58429 3491 17644 1 0 0 2 58.01 30 K 33 K 33 K 37 K 2950 3166 1083 1083 - 0.10 0.11 0.12 2.53 - 2.47 2.12 1.06 1.06 0.99 1.11 0.77 - - - -

BANK MANDIRI PERSERO TBK PT IDR 22288 17827 23333 3 0 0 13 #VALUE! 5316 5746 4232 4949 - - - - 0.05 0.06 0.06 0.08 0.00 0.00 0.00 0.00 0.00 0.00 - - - BB+ 21.04.2011 WR 20.12.2004

CEMEX SAB-SPONS ADR PART CER USD 11840 7859 #VALUE! 208 0 14 12 #VALUE! 197036 197036 203659 218573 28692 28952 8313 8313 - - -0.68 3.43 - - #VALUE! 40.12 3.77 -2.62 -3.07 -10.55 14.69 B 25.01.2013 WR 19.10.2006

KIA MOTORS CORPORATION KRW 20563 1789 404 3 0 0 2 20.04 25974 25974 34309 30600 2409 2409 - - 4.26 4.20 9.71 10.57 0.01 0.01 0.00 0.00 0.00 0.01 - 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008

KB FINANCIAL GROUP INC KRW 13866 2961 386 0 0 #VALUE! #VALUE! 13.77 25 25 #VALUE! #VALUE! -18 -18 - - - -0.16 #VALUE! #VALUE! - - #VALUE! #VALUE! - - - - -0.07 - - - -

SEMEN INDONESIA PERSERO TBK IDR 10106 4147 5932 0 0 0 0 10.08 1691 1904 1993 2367 503 676 - - - 0.08 0.08 0.10 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NR 08.12.2009 - -

GRUPO MEXICO SAB DE CV-SER B MXN 30389 3208 7785 0 0 0 0 2.69 803 803 851 922 371 371 92 92 - 0.02 0.02 0.03 1.01 - 0.98 0.91 -0.21 - -0.75 0.07 3.65 - - - -

GUARANTY TRUST BANK NGN 4692 17352 29431 1 0 0 3 #VALUE! 1183 1183 1153 1270 - - - - - 0.01 0.02 0.02 0.09 - 0.06 0.05 0.13 - - - - BB- 09.11.2012 - -

COMMERCIAL INTERNATIONAL BAN EGP 3050 1379 597 0 0 0 2 #VALUE! 1407 1407 842 947 - - - - - 0.55 0.62 0.71 1.37 - 1.22 1.08 5.59 2.87 - - - B- 26.12.2012 - -

ZENITH BANK PLC NGN 4221 11157 31396 0 0 0 3 #VALUE! 1551 1551 1447 1588 - - - - - 0.01 0.02 0.02 0.10 - 0.05 0.05 0.19 - - - - BB- 09.11.2012 - -

LG CHEM LTD KRW 18806 237 66 1 0 0 1 19.31 18958 18958 #VALUE! #VALUE! 2870 2312 - - 26.15 18.99 24.74 25.97 0.01 0.01 0.01 0.01 0.00 0.04 - 0.03 0.01 A- 24.11.2010 - -

HYUNDAI MOTOR CO KRW 44329 605 209 4 0 0 9 35.68 39668 39668 54577 45965 5789 5789 - - - 16.19 34.11 36.64 0.01 - 0.01 0.01 0.02 0.01 0.03 0.02 0.01 BBB+ 20.03.2012 NR 11.08.2010

ALLIANCE GLOBAL GROUP INC PHP 5410 14154 10107 1 0 1 1 6.68 1291 2111 2130 2398 237 - - - - 0.03 0.03 0.03 0.50 - 0.47 0.41 1.04 0.79 0.58 1.42 - - - - -

ORASCOM CONSTRUCTION INDS EGP 8219 91 206 3 0 0 1 10.77 4860 4927 5053 5808 1221 - 294 294 2.92 2.05 2.92 3.88 2.85 - 2.00 1.51 2.79 17.65 5.33 1.95 - - - - -

INDOCEMENT TUNGGAL PRAKARSA IDR 8249 1937 3681 0 0 0 1 7.38 1434 1702 1741 1980 524 618 201 201 - 0.12 0.13 0.15 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -

TURK TELEKOMUNIKASYON AS TRY 14222 5205 3500 3 0 0 1 17.07 7131 7131 7414 7707 2772 2772 - - - 0.42 0.42 0.42 5.39 - 5.38 5.40 3.60 - 2.40 2.72 21.81 - - - -

TURKIYE IS BANKASI-C TRY 16610 37654 4500 23 0 2 12 #VALUE! 12569 12569 5462 5937 - - - - - 0.43 0.41 0.43 4.86 - 5.06 4.76 11.63 3.42 - - - BB 22.02.2010 Baa2 03.07.2012

EMLAK KONUT GAYRIMENKUL YATI TRY 4111 22588 2500 1 0 0 1 4.13 402 546 568 920 99 170 114 114 - 0.09 0.09 0.14 10.35 - 10.03 6.53 -29.28 - -40.94 - 17.43 - - - -

ALFA S.A.B.-A MXN 11683 2144 5146 4 0 1 1 15.34 15785 15785 15806 16713 1914 1909 498 498 0.14 0.14 0.14 0.16 1.31 1.31 1.26 1.15 0.75 0.94 1.15 1.42 0.95 - - - -

MEXICHEM SAB DE CV-* MXN 10756 466 1844 2 0 0 1 12.84 3868 4825 5336 6191 810 1014 250 250 0.12 0.21 0.25 0.28 1.97 - 1.63 1.43 2.72 1.84 2.08 2.63 1.66 BBB- 22.07.2011 Ba1 19.10.2009

KOZA ANADOLU METAL MADENCILI TRY 1056 4446 311 0 0 0 0 0.87 500 671 650 745 330 461 114 114 - 0.38 0.32 0.36 4.03 - 4.75 4.25 36.16 24.21 47.95 22.55 38.87 - - - -

BANK RAKYAT INDONESIA PERSER IDR 21908 15431 24669 2 0 0 14 #VALUE! 5989 5989 5145 5919 - - - - 0.08 0.08 0.08 0.09 0.00 0.00 0.00 0.00 0.00 0.00 - - - BB+ 02.05.2012 - -

NESTLE NIGERIA PLC NGN 4942 220 793 0 0 0 0 5.12 623 623 747 900 157 157 191 191 0.13 0.13 0.17 0.20 0.29 0.29 0.23 0.19 0.14 0.13 0.11 0.14 0.16 - - - -

T M G HOLDING EGP 1272 1854 2064 0 0 0 0 1.96 757 584 692 911 128 121 41 41 0.04 0.04 0.04 0.06 2.46 2.59 2.20 1.46 -0.67 - -4.31 - 3.08 - - - -

GUDANG GARAM TBK PT IDR 10193 1586 1924 1 0 0 0 11.03 4325 4845 4933 5504 797 719 - - - 0.22 0.23 0.29 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -

TAV HAVALIMANLARI HOLDING AS TRY 2192 1176 363 2 0 0 0 3.78 1144 1295 1379 1558 197 240 80 80 - 0.43 0.40 0.50 7.89 - 8.50 6.74 20.05 15.79 -19.44 23.30 10.41 - - - -

TURKCELL ILETISIM HIZMET AS TRY 14138 6909 2200 2 0 0 4 12.16 5259 5694 5779 6232 1635 1733 444 444 - 0.50 0.52 0.56 7.23 - 6.97 6.43 2.28 2.51 1.21 1.25 17.09 BB+ 19.11.2008 - -

METROPOLITAN BANK & TRUST PHP 6024 3436 2111 3 0 0 6 #VALUE! 1569 1622 1336 1468 - - - - -0.01 0.14 0.15 0.18 0.51 - 0.46 0.39 0.14 0.10 - - - NR 30.12.2011 - -

TUPRAS-TURKIYE PETROL RAFINE TRY 7056 1480 250 1 0 0 1 7.59 23261 26124 26220 26446 1211 949 210 210 - 2.92 2.72 2.51 5.42 - 5.81 6.29 32.77 12.45 32.13 9.10 2.04 - - (P)Ba1 18.10.2012

PETRON CORP PHP 3167 12932 9375 2 #VALUE! 0 1 6.01 6744 9339 9571 10052 455 316 - - 0.02 0.00 0.01 0.02 3.97 - 1.59 0.47 0.48 0.61 0.38 0.20 0.08 - - - -

SAMSUNG C&T CORP KRW 9678 697 147 3 0 0 1 12.49 15989 15989 26428 #VALUE! 339 339 - - 0.57 1.87 #VALUE! 4.65 0.03 0.10 #VALUE! 0.01 0.01 0.01 - 0.00 0.00 - - - -

OIL & GAS DEVELOPMENT CO LTD PKR 9170 1022 4301 0 0 0 0 9.12 2018 2242 2409 2837 1487 1553 - - 0.23 0.25 0.26 0.30 0.09 0.09 0.08 0.07 0.28 0.16 0.35 0.18 0.75 - - - -

ORASCOM CONSTRUCTION-GDR USD 8017 50 #VALUE! 22 0 1 6 #VALUE! 32722 33172 33096 36970 8223 - - - - - 13.82 21.59 - - 18.70 11.97 18.76 118.86 35.89 13.11 - - - - -

KIMBERLY-CLARK DE MEXICO-A MXN 9401 1385 3141 1 0 0 0 10.01 2310 2310 2468 2637 641 641 163 163 - 0.10 0.12 0.13 2.35 - 2.09 1.87 0.75 0.52 1.11 0.44 2.19 A- 07.02.2002 - -

BIM BIRLESIK MAGAZALAR AS TRY 7221 361 152 0 0 0 0 7.05 4596 5354 5599 6750 238 264 71 71 - 1.20 1.26 1.55 22.20 - 21.17 17.23 13.79 14.77 10.72 18.11 2.77 - - - -

MCB BANK LTD PKR 2056 414 920 1 0 0 1 #VALUE! 795 807 529 591 - - - - 0.23 0.22 0.23 0.25 0.10 0.10 0.10 0.09 0.03 0.16 - - - - - - -

INDOFOOD SUKSES MAKMUR TBK P IDR 6030 11513 8780 1 0 1 1 7.11 4681 5041 5112 5611 759 780 - - 0.04 0.04 0.04 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NR 18.07.2006 - -

BANK NEGARA INDONESIA PERSER IDR 8184 12746 18649 2 0 0 8 #VALUE! 2922 3032 2366 2673 - - - - - 0.04 0.04 0.04 0.00 - 0.00 0.00 0.00 0.00 - - - BB 13.12.2011 Baa3 17.04.2012

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] |

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.11 2.11 1.94 1.73 2.11 1.37 1.37 1.30 1.25 1.37 9.72 9.72 9.44 8.66 9.72 8.66 8.66 7.98 7.45 8.66 13.77 13.77 12.33 11.15 13.77 2.26 2.26 2.41 2.59 2.26 1655.3 8.6%

Euro Stoxx 50 Pr 1.12 1.12 1.06 0.99 1.12 0.73 0.73 0.71 0.68 0.73 5.33 5.33 4.93 4.73 5.33 6.93 6.93 6.53 6.20 6.93 10.91 10.91 9.75 9.02 10.91 4.34 4.34 4.69 4.98 4.34 2872.5 8.8%

NIKKEI 225 1.39 1.39 1.31 1.22 1.39 0.65 0.65 0.61 0.61 0.65 8.61 8.61 7.51 7.01 8.61 8.93 8.93 7.87 7.39 8.93 21.89 21.89 17.85 13.63 21.89 1.80 1.80 1.79 2.09 1.80 11180.5 -2.5%

FTSE 100 INDEX 1.68 1.68 1.56 1.46 1.68 1.05 1.05 1.00 1.01 1.05 7.89 7.89 7.27 5.99 7.89 7.06 7.06 6.59 6.22 7.06 11.85 11.85 10.77 9.86 11.85 3.86 3.86 4.15 4.73 3.86 6644.4 3.9%

SWISS MARKET INDEX 2.35 2.35 2.18 2.00 2.35 1.98 1.98 1.88 1.80 1.98 12.06 12.06 11.03 9.99 12.06 12.86 12.86 11.93 11.16 12.86 14.66 14.66 13.15 11.97 14.66 3.29 3.29 3.65 4.13 3.29 7866.0 3.1%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.47 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.52 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.98 13.98 12.34 11.48 13.98 3.07 3.07 3.22 3.42 3.07 14382.7 12.7%

S&P/ASX 200 INDEX 1.92 1.92 1.82 1.71 1.92 1.83 1.83 1.72 1.63 1.83 11.24 11.24 10.17 9.25 11.24 9.67 9.67 8.53 7.89 9.67 15.40 15.40 13.75 12.62 15.40 4.29 4.29 4.61 4.97 4.29 5042.4 -1.1%

HANG SENG INDEX 1.40 1.40 1.29 1.22 1.40 1.87 1.87 1.73 1.56 1.87 7.53 7.53 6.96 6.69 7.53 8.47 8.47 7.70 7.23 8.47 11.31 11.31 10.26 9.46 11.31 3.38 3.38 3.69 4.54 3.38 24953.9 7.1%

MSCI EM 1.41 1.41 1.28 1.18 1.41 1.03 1.03 0.95 0.91 1.03 6.60 6.60 6.00 5.64 6.60 7.32 7.32 6.69 6.30 7.32 10.53 10.53 9.36 8.71 10.53 2.92 2.92 3.24 3.55 2.92 1196.7 12.5%

AMERICA MOVIL-ADR SERIES L 3.46 2.89 2.45 2.14 1.43 1.35 1.29 1.25 7.88 5.51 5.25 4.93 4.71 11.12 11.42 11.99 10.54 10.13 1.32 1.66 2.06 2.23 26.16 17.3%

SAMSUNG ELECTRONICS CO LTD 0.49 0.57 0.63 0.64 0.70 1900052.63 23.0%

TURKIYE GARANTI BANKASI 1.76 1.56 1.37 1.21 4.27 3.93 3.59 3.13 2.83 6.84 6.32 5.41 11.33 10.27 9.49 8.35 1.79 2.09 2.50 2.76 9.93 13.3%

FOMENTO ECONOMICO MEX-SP ADR 4.27 35.82 33.62 31.83 2.40 2.02 1.80 1.61 1.51 17.73 19.86 19.36 12.46 31.92 31.28 26.87 23.64 1.04 1.27 1.37 1.51 108.64 -4.0%

AKBANK T.A.S. 1.69 1.47 1.31 1.12 5.19 4.13 3.73 3.27 2.84 7.55 6.73 5.85 12.55 10.77 9.61 8.10 1.50 2.02 2.59 2.78 9.85 12.9%

GRUPO TELEVISA SA-SPON ADR 5.32 3.46 3.07 2.87 13.50 3.42 3.01 2.76 2.57 2.36 23.78 21.20 20.78 19.35 76.63 27.47 26.40 22.91 20.92 21.10 0.81 0.36 0.56 1.16 0.60 29.84 5.1%

NIGERIAN BREWERIES PLC 21.86 14.15 11.81 10.06 7.96 5.68 4.69 4.06 3.51 3.20 30.36 36.17 18.68 15.45 21.18 17.62 15.07 13.02 12.06 35.96 33.45 26.85 22.07 19.89 1.70 1.84 2.45 3.10 3.96 127.86 -24.8%

ASTRA INTERNATIONAL TBK PT 5.22 4.44 3.78 3.27 2.00 1.68 1.50 1.31 1.16 15.33 13.62 11.81 10.13 16.13 14.46 13.07 11.32 18.03 16.33 14.44 12.61 2.35 2.79 3.09 3.61 8389.13 8.2%

HACI OMER SABANCI HOLDING 1.44 1.31 1.19 0.91 1.01 0.88 0.81 0.72 9.28 7.38 7.55 4.72 10.20 9.98 8.73 7.56 10.93 11.66 9.92 8.56 1.47 1.10 1.49 1.84 10.96 6.9%

TELEKOMUNIKASI INDONESIA PER 3.93 3.53 3.18 2.89 2.02 2.79 2.60 2.44 2.31 2.19 6.90 6.29 5.89 5.57 4.50 5.86 5.46 5.12 4.85 4.43 16.68 14.72 13.45 12.48 10.84 3.23 4.07 4.81 5.24 6.00 10522.00 6.8%

GRUPO FINANCIERO BANORTE-O 2.58 2.19 1.89 1.62 4.48 3.91 3.43 2.97 19.01 14.05 11.47 37.80 23.64 19.06 15.84 18.77 14.96 12.25 10.21 7.98 0.79 1.10 1.40 2.22 2.46 89.89 0.6%

BANK CENTRAL ASIA TBK PT 6.17 5.03 4.21 3.52 2.83 10.69 9.11 7.75 6.68 6.15 38.60 67.81 54.47 47.27 15.16 24.88 21.97 18.80 15.97 15.16 1.34 1.28 1.42 1.66 1.23 9881.85 -4.1%

WALMART DE MEXICO-SER V 5.65 5.31 4.75 4.20 1.76 1.58 1.41 1.31 26.13 26.00 22.29 19.98 16.21 19.39 17.75 15.41 13.48 12.44 34.27 31.27 26.84 23.19 21.08 1.31 1.38 1.57 1.44 44.41 6.2%

BANK MANDIRI PERSERO TBK PT 3.53 2.93 2.51 2.14 1.74 6.40 5.27 4.50 3.85 3.12 11.16 14.67 12.50 10.54 17.49 14.77 12.54 10.77 8.36 1.75 1.59 1.90 2.22 2.39 9942.50 7.5%

CEMEX SAB-SPONS ADR PART CER 0.98 1.01 0.99 0.96 0.79 0.74 0.69 0.64 0.60 7.66 7.32 8.40 6.12 40.10 13.21 20.84 0.00 0.00 0.00 12.22 12.7%

KIA MOTORS CORPORATION 1.29 1.03 0.85 0.74 0.60 0.67 7.48 7.19 7.19 5.39 5.23 4.80 1.19 1.25 1.35 1.33 1.42 67564.52 23.5%

KB FINANCIAL GROUP INC 2.07 2.07 46717.86 20.7%

SEMEN INDONESIA PERSERO TBK 6.95 5.69 4.73 3.99 3.08 6.05 5.07 4.27 3.79 3.49 22.29 18.72 14.80 13.04 17.94 14.63 11.86 10.41 9.12 25.25 20.88 17.17 15.06 12.92 1.87 1.99 2.40 2.86 1.34 17723.68 7.4%

GRUPO MEXICO SAB DE CV-SER B 4.07 3.49 3.15 2.67 2.98 2.82 2.60 2.65 2.22 8.77 9.08 8.93 9.18 9.76 7.02 6.38 5.95 6.31 5.54 13.37 12.39 11.55 13.23 9.76 4.38 3.28 4.12 3.64 5.12 53.12 7.3%

GUARANTY TRUST BANK 3.18 2.62 2.26 2.03 1.66 4.84 4.07 3.69 3.25 2.98 48.23 31.75 14.09 14.95 9.18 8.54 7.55 6.32 4.01 6.31 6.72 7.57 8.92 24.73 -1.4%

COMMERCIAL INTERNATIONAL BAN 2.04 1.76 1.53 1.17 3.96 3.62 3.22 2.81 2.59 9.65 8.24 7.24 6.54 5.78 3.47 4.33 4.96 4.29 5.82 38.40 11.7%

ZENITH BANK PLC 1.71 1.56 1.43 1.33 1.14 3.11 2.92 2.66 2.28 2.19 12.54 8.42 7.96 7.07 6.17 4.54 6.61 6.96 8.05 8.39 19.86 -6.1%

LG CHEM LTD 9.30 7.88 13.66 11.47 10.93 1.31 1.35 1.41 1.31 1.31 379041.66 23.9%

HYUNDAI MOTOR CO 1.45 1.19 0.99 1.08 0.81 0.96 5.54 5.56 5.21 6.08 5.90 5.49 0.87 0.90 0.94 1.00 0.92 276250.00 27.3%

ALLIANCE GLOBAL GROUP INC 2.80 2.69 2.42 2.15 1.82 4.32 2.54 2.26 1.95 1.49 36.15 13.05 12.16 13.43 8.11 21.65 13.79 12.33 10.80 8.15 23.94 19.23 16.60 14.12 11.15 1.08 1.65 1.77 2.06 2.52 17.92 -16.3%

ORASCOM CONSTRUCTION INDS 2.65 2.34 1.98 1.64 1.70 1.63 1.42 1.32 1.34 13.39 7.01 6.13 5.90 8.55 9.26 6.87 6.31 6.21 12.26 13.47 10.14 9.15 7.78 4.71 4.59 5.08 6.41 11.59 299.54 13.1%

INDOCEMENT TUNGGAL PRAKARSA 5.06 4.20 3.49 2.95 2.57 5.98 4.74 4.17 3.72 3.46 20.29 16.18 13.56 11.76 13.80 11.30 9.75 8.59 8.43 22.19 17.72 15.24 13.49 12.74 1.31 1.50 1.90 2.21 1.03 25513.89 17.6%

TURK TELEKOMUNIKASYON AS 3.73 3.69 3.69 3.58 3.28 2.01 1.92 1.85 1.79 1.67 6.19 5.91 5.71 5.93 5.75 5.95 5.74 5.57 5.43 5.03 9.48 9.59 9.61 9.40 8.47 9.01 9.48 9.41 9.63 8.05 11.2%

TURKIYE IS BANKASI-C 1.38 1.24 1.11 1.00 3.38 3.04 2.80 2.48 5.07 4.74 3.90 9.43 9.02 8.48 7.84 1.95 2.30 2.52 2.18 7.36 12.2%

EMLAK KONUT GAYRIMENKUL YATI 2.16 1.73 1.63 1.46 10.51 7.24 4.47 4.19 3.59 41.86 15.75 9.51 6.61 34.90 19.17 12.18 10.24 32.56 17.87 11.63 8.91 6.66 1.71 2.39 3.55 4.98 3.37 14.9%

ALFA S.A.B.-A 2.81 2.42 2.23 2.13 0.74 0.74 0.70 0.65 10.06 10.01 8.70 7.91 7.91 7.73 7.33 6.88 6.96 15.78 15.99 14.56 15.23 0.87 1.12 1.33 1.01 29.70 3.2%

MEXICHEM SAB DE CV-* 4.96 3.33 2.87 2.40 2.85 2.02 1.74 1.64 1.43 14.83 16.77 12.62 11.18 15.56 11.34 9.99 9.55 8.74 30.86 20.70 18.15 16.54 15.84 0.45 1.62 0.87 0.98 75.16 15.7%

KOZA ANADOLU METAL MADENCILI 0.79 1.22 1.13 0.92 0.84 2.09 1.63 1.42 1.32 1.22 6.83 2.90 2.55 2.44 2.34 2.60 1.98 1.74 1.63 1.55 6.55 8.46 7.58 7.29 7.35 7.63 57.4%

BANK RAKYAT INDONESIA PERSER 3.34 2.68 2.21 1.80 4.85 4.26 3.70 3.25 25.90 22.73 19.79 8.54 12.41 10.85 9.53 8.06 1.65 1.81 2.06 2.85 9106.19 5.9%

NESTLE NIGERIA PLC 43.06 23.37 17.92 14.22 12.27 7.92 6.61 5.49 4.60 3.99 32.10 26.56 21.02 15.08 37.64 26.77 21.78 18.17 15.10 61.52 36.71 30.52 24.76 20.61 1.23 1.51 1.94 2.43 2.53 741.73 -24.4%

T M G HOLDING 0.34 0.32 0.31 0.31 1.48 1.84 1.40 1.29 1.29 8.74 48.82 3.56 3.77 11.02 13.22 9.04 8.21 8.75 10.78 14.82 9.86 8.83 0.00 0.00 0.00 0.80 6.15 48.1%

GUDANG GARAM TBK PT 4.03 3.69 3.21 2.85 2.54 2.35 2.07 1.85 1.68 1.56 35.39 27.32 19.65 14.33 15.32 13.49 15.59 12.36 11.10 9.72 19.51 23.35 18.03 16.15 13.58 1.95 1.96 2.04 2.56 2.98 58890.91 14.8%

TAV HAVALIMANLARI HOLDING AS 3.00 2.81 2.47 2.10 1.87 1.59 1.41 1.27 1.17 11.88 8.63 6.94 6.11 11.01 9.35 8.06 6.94 27.78 15.14 12.01 10.39 0.95 2.78 3.64 4.30 12.50 16.3%

TURKCELL ILETISIM HIZMET AS 2.24 1.98 1.99 1.98 2.13 2.70 2.45 2.27 2.10 1.95 10.02 9.34 8.45 7.19 7.53 7.41 6.88 6.26 5.68 5.07 13.55 12.42 11.45 10.77 9.66 3.46 10.03 7.34 4.66 8.65 13.14 14.7%

METROPOLITAN BANK & TRUST 2.39 2.11 1.90 1.71 4.99 4.51 4.10 3.75 15.43 19.95 17.75 16.37 23.03 18.56 15.96 14.39 0.87 0.94 1.03 1.12 115.19 -0.6%

TUPRAS-TURKIYE PETROL RAFINE 2.90 2.72 2.57 2.45 0.30 0.27 0.27 0.26 0.26 84.94 6.46 10.62 9.44 6.40 8.68 8.06 7.78 5.22 10.51 10.36 11.21 11.58 7.07 7.85 7.78 7.04 20.76 51.19 2.0%

PETRON CORP 2.27 2.60 1.92 2.09 0.45 0.33 0.32 0.29 10.01 24.50 13.45 10.55 11.49 19.06 11.15 11.02 14.44 64.41 19.24 17.37 0.80 0.52 0.65 0.66 12.40 -9.6%

SAMSUNG C&T CORP 0.37 13.33 0.81 0.80 0.83 0.90 0.86 79552.17 19.1%

OIL & GAS DEVELOPMENT CO LTD 3.40 2.66 2.08 1.66 4.55 3.81 3.23 2.80 22.19 53.32 10.96 6.06 5.02 4.39 3.86 9.63 8.21 7.19 5.87 2.69 4.01 5.19 6.97 211.30 1.1%

ORASCOM CONSTRUCTION-GDR 2.76 2.46 2.26 2.03 1.63 1.63 1.46 1.37 11.69 18.70 11.97 10.02 4.91 4.72 4.78 4.99 46.00 19.9%

KIMBERLY-CLARK DE MEXICO-A 16.06 16.60 16.26 4.08 3.81 3.57 23.96 21.35 18.74 15.86 14.59 13.48 12.23 11.32 30.46 26.46 23.67 3.05 3.32 3.60 4.33 4.84 36.68 -6.6%

BIM BIRLESIK MAGAZALAR AS 20.91 17.02 13.86 11.47 9.40 1.59 1.29 1.07 0.90 0.78 32.70 25.49 21.94 18.42 15.55 29.59 25.26 20.63 17.29 15.47 43.37 37.72 30.71 25.74 22.98 1.56 1.79 2.19 2.61 2.79 90.29 6.5%

MCB BANK LTD 1.97 1.80 1.63 1.47 3.95 3.89 3.48 3.08 9.31 9.88 8.78 8.12 6.39 6.27 6.54 6.09 207.81 -5.2%

INDOFOOD SUKSES MAKMUR TBK P 3.26 2.79 2.50 2.26 2.00 1.30 1.18 1.07 1.01 0.92 15.07 12.60 10.72 8.98 10.23 8.25 7.95 7.24 6.77 5.72 18.18 17.14 15.25 14.02 12.39 1.96 2.24 2.44 2.85 3.48 6852.73 3.0%

BANK NEGARA INDONESIA PERSER 2.13 1.80 1.56 1.33 4.00 3.46 3.06 2.71 8.13 11.75 9.86 8.44 14.53 11.88 10.15 8.75 1.95 1.91 2.22 2.63 4658.62 9.6%

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


20.02.2013

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

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

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

Latest Fiscal Year: 12/2012

LTM as of: 09/yy

52-Week High (07.05.2012) 28.47

52-Week Low (14.02.2013) 21.77

Daily Volume

22.31

52-Week High % Change -21.64% Dividend Yield -

52-Week Low % Change 2.48% Beta 1.11

% 52 Week Price Range High/Low 15.22% Equity Float -

Shares Out 06.02.2013 2'576.4 Short Int 16.13

84'416.30 1 Yr Total Return -3.77%

Total Debt 417'670.09 YTD Return -3.59%

Preferred Stock 0.0 Adjusted BETA 1.114

Minority Interest 10'525.6 Analyst Recs 21

Cash and Equivalents 45'487.20 Consensus Rating 3.190

Enterprise Value -

Average Volume 5 Day 14'470'349

AMX US EQUITY YTD Change - Average Volume 30 Day 7'353'925

AMX US EQUITY YTD % CHANGE - Average Volume 3 Month 7'541'793

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

345'654.9 561'254.6 607'855.7 665'301.5 775'069.6 693'228.9 759'166.1 793'931.0 833'286.5 195'440.2 197'582.0

2.29x 2.28x 2.73x 2.33x 1.95x 8.97x 8.46x 1.80x 1.65x 7.44x 7.22x

137'313.5 228'715.8 243'392.7 248'772.5 260'894.9 188'731.8 262'938.1 263'208.2 273'532.0 65'463.3 66'192.8

5.78x 5.60x 6.82x 6.23x 5.80x 0.00x 6.18x - - - -

59'485.5 92'697.6 91'123.1 82'853.5 91'440.9 90'923.8 92'987.8 95'045.4 98'479.5 23'474.1 23'100.5

- - - - - 0.00x 0.00x 11.42x 11.99x 13.27x 13.89x

EBITDA 260'894.92 Long-Term Rating Date 22.03.2010

EBIT 157'310.19 Long-Term Rating A-

Operating Margin 20.30% Long-Term Outlook STABLE

Pretax Margin 17.87% Short-Term Rating Date -

Return on Assets 9.39% Short-Term Rating -

Return on Common Equity 31.13%

Return on Capital 15.46% EBITDA/Interest Exp. 10.47

Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 5.50

Net Debt/EBITDA 1.43

Gross Margin 42.3% Total Debt/EBITDA 1.60

EBITDA Margin 33.7%

EBIT Margin 20.3% Total Debt/Equity 138.4%

Net Income Margin 11.8% Total Debt/Capital 57.2%

Asset Turnover 0.80

Current Ratio 0.83 Net Fixed Asset Turnover 1.60

Quick Ratio 0.41 Accounts receivable turnover-days 43.25

Debt to Assets 41.66% Inventory Days 25.72

Tot Debt to Common Equity 138.39% Accounts Payable Turnover Day 102.65

Accounts Receivable Turnover 8.46 Cash Conversion Cycle -33.68

Inventory Turnover 14.23

Fiscal Year Ended

America Movil SAB de CVPrice/Volume

Valuation Analysis

6'071'947.00

Current Price (2/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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20.02.2013

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

CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 59'009'668 2.27 (10'845'000) 30.09.2012 Investment Advisor

CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 54'867'926 2.12 (17'151'400) 30.09.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 51'462'598 1.98 523'282 30.09.2012 Investment Advisor

GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 30'496'218 1.18 631'992 30.09.2012 Investment Advisor

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

LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 21'110'228 0.81 (397'954) 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 18'496'689 0.71 (1'575'663) 30.09.2012 Investment Advisor

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 17'886'123 0.69 4'957'900 30.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17'775'703 0.69 339'900 30.09.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 17'238'575 0.66 (45'464) 30.09.2012 Investment Advisor

BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 14'941'739 0.58 (1'141'460) 30.09.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 14'161'841 0.55 (1'435'202) 30.09.2012 Investment Advisor

FISHER INVESTMENTS I FISHER INVESTMENTS 13F 13'255'241 0.51 1'529'729 30.09.2012 Investment Advisor

WESTWOOD GLOBAL INVE WESTWOOD GLOBAL INVE 13F 11'723'354 0.45 - 30.09.2012 Investment Advisor

FIDELITY INTERNATION FIDELITY INTERNATION 13F 11'662'675 0.45 (1'757'440) 30.09.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 11'575'681 0.45 1'459'996 30.09.2012 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 11'362'867 0.44 853'193 30.09.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 10'507'380 0.41 (2'203'600) 30.09.2012 Investment Advisor

LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 9'280'788 0.36 (22'800) 31.10.2012 Investment Advisor

TEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 9'006'008 0.35 (482'400) 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Actinver SA MARTIN LARA buy 5 M 29 12 month 27.11.2012

JPMorgan ANDRE BAGGIO neutral 3 M 28 12 month 26.11.2012

Scotia Capital ANDRES COELLO sector underperform 1 M 24 12 month 19.11.2012

Credit Suisse ANDREW T CAMPBELL outperform 5 M 30 Not Provided 16.11.2012

Morgan Stanley MICHEL MORIN Underwt/In-Line 1 M 26 12 month 14.11.2012

Barclays VERA ROSSI overweight 5 M 32 Not Provided 14.11.2012

Macquarie KEVIN SMITHEN outperform 5 M 33 12 month 12.11.2012

HSBC RICHARD DINEEN overweight 5 M 32 Not Provided 07.11.2012

William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 26.10.2012

Raymond James RICHARD H PRENTISS JR market perform 3 M #N/A N/A Not Provided 26.10.2012

Stifel Nicolaus CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 26.10.2012

Itau BBA Securities GREGORIO TOMASSI outperform 5 M 29 Not Provided 26.10.2012

Banorte-IXE MANUEL JIMENEZ ZALDIVAR buy 5 M 30 Not Provided 25.10.2012

BBVA ALEJANDRO GALLOSTRA outperform 5 M 31 12 month 19.10.2012

Goldman Sachs LUCIO G ALDWORTH neutral/neutral 3 M 29 12 month 18.10.2012

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

Grupo Santander VALDER NOGUEIRA hold 3 M 26 Not Provided 10.04.2012

Interacciones Casa de Bolsa RAUL OCHOA buy 5 N #N/A N/A Not Provided 09.01.2012

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

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

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

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

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

Holdings By:

America Movil SAB de CV ee


20.02.2013

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

industrial electronic equipment and products such as semiconductors, personal

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

conditioners and microwave ovens. The Company also produces Internet access

network systems and telecommunications equipment including mobile phones.


LTM as of: 09/yy

52-Week High (03.01.2013) 1'584'000.00

52-Week Low (12.07.2012) 1'091'000.00

Daily Volume

1545000



% 52 Week Price Range High/Low 92.09% Equity Float 106.63

Shares Out 31.12.2012 147.3 Short Int -

227'577'472.00 1 Yr Total Return 32.20%

Total Debt 4'796'865.00 YTD Return 1.51%

Preferred Stock 119'467.0 Adjusted BETA 1.113

Minority Interest 0.0 Analyst Recs 51

Cash and Equivalents 14'630'145.00 Consensus Rating 4.863

Enterprise Value 217'951'842.67

Average Volume 5 Day 185'662

005930 KS EQUITY YTD Change - Average Volume 30 Day 263'669

005930 KS EQUITY YTD % CHANGE - Average Volume 3 Month 277'964


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 141'206'400.0 ######### ######### - - - -

0.70x 1.05x 1.02x 1.06x - 3.69x 4.40x - - - -

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

4.32x 6.61x 5.60x 6.75x - 5.56x 6.75x - - - -

5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 17'398'500.0 ######### ######### - - - -

11.97x 18.96x 10.69x 15.82x - 11.62x 13.07x - - - -

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

EBIT 18'510'400.00 Long-Term Rating A

Operating Margin 13.11% Long-Term Outlook POS

Pretax Margin 9.51% Short-Term Rating Date 25.01.2006

Return on Assets 12.82% Short-Term Rating A-1




Net Debt/EBITDA -0.40


EBITDA Margin 18.0%



Asset Turnover 1.14





Accounts Receivable Turnover 7.93 Cash Conversion Cycle 37.74



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Samsung Electronics Co LtdPrice/Volume

Valuation Analysis

360'787.00


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20.02.2013


SAMSUNG ELECTRONICS n/a Co File 16'912'614 11.48 - 31.12.2011 Corporation

SAMSUNG LIFE INSURAN n/a EXCH 11'071'893 7.52 10'982 28.09.2012 Insurance Company

NATIONAL PENSION SER n/a Research 9'764'440 6.63 - 31.12.2011 Investment Advisor

CITIBANK NA n/a Research 7'316'976 4.97 - 31.12.2011 Bank

SAMSUNG C&T CORP n/a Research 5'976'362 4.06 - 31.12.2011 Corporation

KUN HEE LEE n/a EXCH 4'985'464 3.38 - 17.04.2012 n/a

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2'915'146 1.98 (184'042) 30.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'495'360 1.69 53'763 30.09.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'970'288 1.34 (404'618) 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'909'028 1.3 9'932 27.11.2012 Investment Advisor

SAMSUNG FIRE & MARIN n/a Research 1'856'370 1.26 - 31.12.2011 Insurance Company

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'653'382 1.12 (28'126) 30.09.2012 Investment Advisor

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1'421'162 0.96 231'595 30.06.2012 Investment Advisor

SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'344'881 0.91 15'986 30.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'000'573 0.68 (228'106) 29.02.2012 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 912'758 0.62 (32'415) 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 862'644 0.59 41'261 30.09.2012 Investment Advisor

JAE-YONG LEE n/a EXCH 840'403 0.57 - 23.12.2011 n/a

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 817'086 0.55 (82'310) 30.09.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 772'687 0.52 (22'414) 30.06.2012 Mutual Fund Manager


Tong Yang Investment Bank HYUN PARK buy 5 M 2'000'000 12 month 29.11.2012

Nomura CHANG-WON CHUNG buy 5 M 2'000'000 Not Provided 28.11.2012

Samsung Securities MINSEONG HWANG buy 5 M 1'700'000 12 month 27.11.2012

Credit Suisse KEON HAN outperform 5 M 1'720'000 Not Provided 27.11.2012

LIG Investment Securities CHOI DO-YEON buy 5 M 1'700'000 12 month 27.11.2012

Morgan Stanley SHAWN KIM Overwt/Attractive 5 M 1'700'000 12 month 26.11.2012

NH Investment & Securities LEE SUN-TAE buy 5 M 1'900'000 6 month 26.11.2012

Kyobo Securities KOO JA-WOO buy 5 M 1'850'000 12 month 26.11.2012

Dongbu Securities Co Ltd SHIN HYUNJOON buy 5 M 1'800'000 12 month 23.11.2012

HSBC RICKY JUIL SEO overweight 5 M 1'900'000 Not Provided 23.11.2012

IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 1'650'000 12 month 23.11.2012

Taurus Investment Securities Co Ltd KIM HYUNG-SIK buy 5 M 1'750'000 6 month 23.11.2012

Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 2'000'000 6 month 22.11.2012

Daewoo Securities JAMES SONG buy 5 M 1'900'000 12 month 21.11.2012

Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 2'100'000 12 month 21.11.2012

KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 1'870'000 6 month 21.11.2012

SK Securities Co Ltd SUNG-JAE DAVID CHOI buy 5 M 1'800'000 6 month 20.11.2012

KTB Securities JIN SUNG-HAE buy 5 M 1'650'000 12 month 20.11.2012

Korea Investment & Securities SEO WON-SEOK buy 5 M 1'850'000 12 month 16.11.2012

Barclays BAE SEUNG-CHUL overweight 5 M 2'000'000 Not Provided 14.11.2012

Eugene Investment & Securities Co., LtdLEE JEONG buy 5 M 1'700'000 12 month 12.11.2012

Daiwa Securities Co. Ltd. JAE H LEE buy 5 M 1'800'000 Not Provided 12.11.2012

Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 1'600'000 12 month 09.11.2012

KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 1'900'000 12 month 07.11.2012

Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 1'850'000 6 month 05.11.2012

BNP Paribas Equity Research PETER YU buy 5 M 1'770'000 12 month 05.11.2012

Woori Investment & Securities YOUNG PARK buy 5 M 1'800'000 12 month 30.10.2012

Standard Chartered SEAN KIM outperform 5 M 1'800'000 12 month 29.10.2012

HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 1'750'000 Not Provided 29.10.2012

Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 1'700'000 12 month 29.10.2012

Mizuho Securities CHARLES PARK buy 5 M 1'700'000 12 month 29.10.2012

Leading Investment & Securities SANG-WOO OH buy 5 M 1'920'000 12 month 29.10.2012

E*Trade Securities Korea JI-WOONG KIM buy 5 M 1'570'000 12 month 29.10.2012

HI Investment Securities SONG MYUNG-SUP buy 5 M 1'600'000 6 month 28.10.2012

Goldman Sachs MICHAEL BANG buy/attractive 5 M 1'630'000 12 month 26.10.2012

Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 1'750'000 12 month 26.10.2012

Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 24.10.2012

Deutsche Bank SEUNGHOON HAN buy 5 M 1'770'000 12 month 17.10.2012

Societe Generale ANDY PERKINS not rated #N/A N/A M #N/A N/A Not Provided 12.10.2012

Macquarie DANIEL KIM outperform 5 M 1'900'000 12 month 05.10.2012

JPMorgan JJ PARK overweight 5 M 1'800'000 6 month 20.09.2012

Berenberg Bank ADNAAN AHMAD buy 5 M 1'450'000 Not Provided 04.09.2012

Meritz Securities Co., Ltd SEI CHEOL LEE buy 5 M 1'800'000 6 month 30.07.2012

Holdings By:

Samsung Electronics Co Ltd ee


20.02.2013

Turkiye Garanti Bankasi A.S. attracts deposits and offers retail and commercial

banking services. The Group offers lease financing, insurance, asset

management, securities brokerage, automobile and mortgage loans, credit cards,

and other financial services. Turkiye Garanti Bankasi operates in Turkey, the

Netherlands, Germany, Romania, Russia, Luxembourg, Malta, and Bahrain.


LTM as of: 09/yy

52-Week High (22.01.2013) 10.10

52-Week Low (28.05.2012) 5.74

Daily Volume

8.76




Shares Out 30.09.2012 4'200.0 Short Int -

36'792.00 1 Yr Total Return 32.02%





Enterprise Value -


GARAN TI EQUITY YTD Change - Average Volume 30 Day 43'909'120

GARAN TI EQUITY YTD % CHANGE - Average Volume 3 Month 36'933'180


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'829.6 14'640.5 13'694.0 15'453.2 17'675.4 14'518.1 17'643.0 9'354.9 10'256.5 2'342.5 2'360.5

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

- - - - - 0.0 0.0 - - - -

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

1'879.4 3'085.7 3'381.1 3'326.3 3'334.1 3'186.7 3'456.1 3'528.3 3'792.3 964.0 919.0

5.81x 8.64x 9.71x 7.45x 11.66x 9.54x 9.11x 10.27x 9.49x 10.07x -

EBITDA - Long-Term Rating Date 22.02.2010

EBIT - Long-Term Rating BB





Return on Capital 5.37% EBITDA/Interest Exp. -

Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 211.9%


Asset Turnover 0.10

Current Ratio - Net Fixed Asset Turnover 4.27

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 25.36% Inventory Days -

Tot Debt to Common Equity 211.86% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Turkiye Garanti Bankasi ASPrice/Volume

Valuation Analysis

26'916'360.00


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20.02.2013


DOGUS HOLDING AS n/a Research 1'045'380'000 24.89 - 03.11.2010 Holding Company

BANCO BILBAO VIZCAYA n/a Research 1'045'380'000 24.89 - 03.11.2010 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 139'283'633 3.32 4'190'211 30.09.2012 Investment Advisor

GE ARASTIRMA VE MUSA n/a Research 105'000'000 2.5 - 03.11.2010 n/a

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 74'657'590 1.78 9'829'000 12.11.2012 Investment Advisor

ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 45'159'000 1.08 (968'000) 12.11.2012 Investment Advisor


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 41'067'933 0.98 (1'995'486) 27.11.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 40'161'808 0.96 - 30.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 34'314'168 0.82 605'979 30.09.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 32'742'270 0.78 - 30.09.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'757'865 0.49 1'544'484 30.09.2012 Investment Advisor

JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 15'491'375 0.37 (923'600) 30.09.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 15'001'318 0.36 (57'300) 31.07.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 13'459'837 0.32 (1'179'330) 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 13'172'690 0.31 2'709'939 29.02.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 11'902'754 0.28 717'171 30.09.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 11'275'910 0.27 255'916 28.09.2012 Investment Advisor

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 10'244'871 0.24 529'400 30.09.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 10'241'400 0.24 2'386'400 29.02.2012 Mutual Fund Manager


HSBC TAMER SENGUN neutral 3 M 9 Not Provided 29.11.2012

FinansInvest AYKUT SARIBIYIK neutral 3 M 9 12 month 28.11.2012

Seker Securities BURAK DEMIRBILEK outperform 5 M #N/A N/A Not Provided 28.11.2012

Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS hold 3 M 9 Not Provided 26.11.2012

Ak Investment HAKAN AYGUN market perform 3 M 9 12 month 22.11.2012

Oyak Securities ALPAY DINCKOC market perform 3 M 9 Not Provided 16.11.2012

BGC Partners MUGE DAGISTAN buy 5 U 10 12 month 07.11.2012

Ekspres Invest CIHAN SARAOGLU hold 3 M 10 Not Provided 07.11.2012

Barclays CRISTINA MARZEA overweight 5 M 10 Not Provided 05.11.2012

Erste Bank SEVDA SARP accumulate 4 M 8 12 month 04.11.2012

Eczacibasi Securities SERCAN SOYLU market perform 3 M 9 Not Provided 02.11.2012

Societe Generale ALAN WEBBORN buy 5 M 10 12 month 01.11.2012

BNP Paribas Equity Research CAGDAS DOGAN buy 5 M 10 12 month 01.11.2012

Yatirim Finansman Securities SADRETTIN BAGCI market perform 3 M 9 12 month 01.11.2012

EFG Istanbul Securities NERGIS KASABALI hold 3 M 8 12 month 01.11.2012

Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 M 7 12 month 31.10.2012

Credit Suisse ATES BULDUR neutral 3 M 9 Not Provided 31.10.2012

Keefe, Bruyette & Woods RONNY REHN market perform 3 M 7 12 month 31.10.2012

VTB Capital AKIN TUZUN hold 3 N 9 12 month 30.10.2012

Renaissance Capital YAVUZ UZAY hold 3 M 9 12 month 24.10.2012

Deutsche Bank KAZIM ANDAC hold 3 D 9 12 month 22.10.2012

Tera Stock Brokers HASAN DEMIR neutral 3 M 9 Not Provided 19.10.2012

Global Menkul Degerler SEVGI ONUR market perform 3 M 9 Not Provided 18.10.2012

Goldman Sachs DMITRY TREMBOVOLSKY neutral/neutral 3 M 8 12 month 17.10.2012

Yapi Kredi Yatirim ve Menkul Degerler OVUNC GURSOY underperform 1 N 7 12 month 17.10.2012

JPMorgan PAUL FORMANKO neutral 3 D 10 3 month 16.10.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012

IS Investment & Securities BULENT SENGONUL outperform 5 M 9 Not Provided 04.09.2012

ATA Invest FATIH TUGRUL TOPAC market perform 3 M 7 Not Provided 20.07.2012

Holdings By:

Turkiye Garanti Bankasi AS ee


20.02.2013

Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is a Company that through

its subsidiaries produces, distributes and markets non-alcoholic beverages

throughout Latin America as part of the Coca-Cola system. The Company owns and

operates convenience stores in Mexico and Colombia and holds a stake in

Heineken.


LTM as of: 09/yy

52-Week High (19.02.2013) 114.52

52-Week Low (07.03.2012) 72.09

Daily Volume

113.22




Shares Out 15.02.2013 216.1 Short Int 0.90

37'542.08 1 Yr Total Return 55.13%

Total Debt 29'604.00 YTD Return 12.43%




Enterprise Value -


FMX US EQUITY YTD Change - Average Volume 30 Day 501'008

FMX US EQUITY YTD % CHANGE - Average Volume 3 Month 533'129


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

147'556.1 168'021.7 158'503.0 169'702.0 203'044.0 186'657.2 229'839.4 235'424.8 264'108.6 65'200.0 52'593.4

1.38x 1.25x 1.71x 1.66x 2.00x 6.60x 7.77x 2.27x 1.99x 8.00x -

27'250.9 29'819.0 26'319.0 28'031.0 33'445.0 29'713.0 35'037.2 37'270.3 42'839.5 11'984.7 7'757.1

7.48x 7.07x 10.32x 10.06x 12.16x 11.94x 13.53x - - - -

8'510.4 6'707.6 9'908.0 40'251.0 15'133.0 14'724.7 16'317.6 17'393.1 20'082.5 6'097.3 4'204.7

- - - - - 0.00x 0.00x 31.28x 26.87x 24.54x 24.12x

EBITDA 33'445.00 Long-Term Rating Date -

EBIT 26'904.00 Long-Term Rating -

Operating Margin 13.25% Long-Term Outlook -








EBITDA Margin 15.2%



Asset Turnover 0.89







Fiscal Year Ended

Fomento Economico Mexicano SAB de CVPrice/Volume

Valuation Analysis

111'883.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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100'000.0

150'000.0

200'000.0

250'000.0

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

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20.02.2013


ABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 28'430'872 13.16 937'456 30.09.2012 Investment Advisor

CASCADE INVESTMENT L n/a 13D 27'887'349 12.9 1'000'000 25.03.2011 Investment Advisor

ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 6'133'781 2.84 71'300 12.11.2012 Investment Advisor

VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 5'698'489 2.64 737'200 30.09.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'942'728 2.29 (2'475'791) 30.09.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'171'807 1.93 (35'208) 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 3'084'018 1.43 (759'820) 30.09.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 2'576'370 1.19 (357'248) 30.09.2012 Investment Advisor

GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 2'296'243 1.06 (66'004) 30.09.2012 Investment Advisor

MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 2'230'270 1.03 255'821 30.09.2012 Hedge Fund Manager

MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 1'962'734 0.91 (1'667'174) 30.09.2012 Investment Advisor

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 1'734'820 0.8 334'125 28.09.2012 Unclassified

FIDELITY INTERNATION FIDELITY INTERNATION 13F 1'673'654 0.77 459'012 30.09.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 1'505'634 0.7 90'444 30.09.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 1'345'145 0.62 620'100 30.09.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'271'956 0.59 (175'300) 30.09.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'221'853 0.57 331'866 30.09.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'166'157 0.54 285'822 30.09.2012 Investment Advisor

WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 1'154'710 0.53 430'100 30.09.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'100'142 0.51 (156'593) 30.09.2012 Investment Advisor


JPMorgan ALAN ALANIS overweight 5 M 102 12 month 16.11.2012

HSBC LAUREN E TORRES overweight 5 M 109 Not Provided 14.11.2012

Morgan Stanley LORE SERRA Overwt/In-Line 5 M 93 12 month 12.11.2012

Scotia Capital RODRIGO ECHAGARAY sector outperform 5 U 98 12 month 12.11.2012

Banco BTG Pactual SA RAFAEL SHIN buy 5 M 94 12 month 11.11.2012

Itau BBA Securities RENATO SALOMONE market perform 3 M 104 Not Provided 11.11.2012

Deutsche Bank JOSE J YORDAN hold 3 M 95 12 month 26.10.2012

Banorte-IXE MARISOL HUERTA MONDRAGON buy 5 M 115 Not Provided 25.10.2012

Grupo Santander LUIS MIRANDA hold 3 M 103 Not Provided 25.09.2012

Barclays GABRIEL VAZ DE LIMA overweight 5 M 106 Not Provided 27.07.2012

Holdings By:

Fomento Economico Mexicano SAB de CV ee


20.02.2013

Akbank T.A.S. attracts deposits and offers retail and corporate banking

services. The Group offers consumer credits, credit cards, wealth management,

health and life insurance, pension plans, risk management, project financing,

foreign trade and cash management services through its branches in Turkey and

overseas.


LTM as of: 09/yy

52-Week High (25.01.2013) 10.30

52-Week Low (28.05.2012) 5.28

Daily Volume

8.72





34'880.00 1 Yr Total Return 24.63%





Enterprise Value -


AKBNK TI EQUITY YTD Change - Average Volume 30 Day 16'240'570

AKBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 16'609'290


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'338.3 11'707.1 11'550.1 11'975.0 14'574.3 11'810.0 13'659.6 8'448.1 9'341.0 2'059.5 2'109.5

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

- - - - - 0.0 0.0 - - - -

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

1'782.2 2'722.7 3'008.8 2'536.4 3'004.9 2'681.5 2'482.4 3'233.3 3'569.8 898.0 838.0

8.05x 10.41x 11.41x 9.49x 11.71x 12.51x 11.44x 10.77x 9.61x 10.08x -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Akbank TASPrice/Volume

Valuation Analysis

12'683'799.00


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20.02.2013


HACI OMER SABANCI HO n/a Research 1'960'000'000 49 - 31.12.2011 Holding Company

CITIGROUP INCORPORAT n/a Research 396'000'000 9.9 (404'000'000) 24.05.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 132'572'879 3.31 156'000 12.11.2012 Investment Advisor

ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 82'207'501 2.06 (1'570'000) 12.11.2012 Investment Advisor


LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 44'799'302 1.12 310'185 31.10.2012 Investment Advisor



TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 30'088'527 0.75 93'900 30.06.2012 Investment Advisor

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 21'805'658 0.55 990'300 30.09.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 15'835'915 0.4 646'040 31.07.2012 Bank

INVESCO LTD Multiple Portfolios MF-AGG 15'298'379 0.38 (12'489) 28.11.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 13'179'732 0.33 - 31.10.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 11'074'569 0.28 2'487 27.11.2012 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 7'688'133 0.19 4'499'441 30.06.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 7'062'761 0.18 1'447'000 29.06.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 5'641'196 0.14 (120'000) 30.09.2012 Investment Advisor


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'661'683 0.12 (77'857) 30.09.2012 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 4'385'316 0.11 (59'801) 28.09.2012 Investment Advisor


HSBC TAMER SENGUN overweight 5 M 10 Not Provided 29.11.2012

Seker Securities BURAK DEMIRBILEK market perform 3 N #N/A N/A Not Provided 26.11.2012

Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS accumulate 4 U 9 12 month 26.11.2012

Eczacibasi Securities SERCAN SOYLU outperform 5 U 9 Not Provided 23.11.2012

FinansInvest AYKUT SARIBIYIK outperform 5 M 8 12 month 14.11.2012

Societe Generale ALAN WEBBORN sell 1 M 7 12 month 09.11.2012


BNP Paribas Equity Research CAGDAS DOGAN hold 3 D 9 12 month 09.11.2012

BGC Partners MUGE DAGISTAN buy 5 M 10 12 month 09.11.2012

EFG Istanbul Securities NERGIS KASABALI hold 3 M 7 12 month 09.11.2012

Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 M 8 12 month 08.11.2012

Credit Suisse ATES BULDUR neutral 3 M 9 Not Provided 08.11.2012

Keefe, Bruyette & Woods RONNY REHN market perform 3 M 7 12 month 08.11.2012

Global Menkul Degerler SEVGI ONUR market perform 3 M 9 Not Provided 08.11.2012

Ekspres Invest CIHAN SARAOGLU sell 1 M 8 Not Provided 07.11.2012

Garanti Yatirim Menkul Kiymetler RECEP DEMIR outperform 5 M 11 Not Provided 06.11.2012

Erste Bank SEVDA SARP hold 3 M 7 12 month 04.11.2012

Yatirim Finansman Securities SADRETTIN BAGCI market perform 3 M 8 12 month 02.11.2012

VTB Capital AKIN TUZUN hold 3 N 8 12 month 30.10.2012


Deutsche Bank KAZIM ANDAC hold 3 M 8 12 month 21.10.2012

Tera Stock Brokers HASAN DEMIR neutral 3 M 8 Not Provided 19.10.2012

Yapi Kredi Yatirim ve Menkul Degerler OVUNC GURSOY hold 3 M 8 12 month 17.10.2012

JPMorgan PAUL FORMANKO underweight 1 M 9 12 month 16.10.2012

Goldman Sachs DMITRY TREMBOVOLSKY neutral/neutral 3 M 7 12 month 12.10.2012

IS Investment & Securities BULENT SENGONUL underperform 1 M 8 Not Provided 11.10.2012

Barclays CRISTINA MARZEA overweight 5 N 9 Not Provided 09.10.2012


ATA Invest FATIH TUGRUL TOPAC market perform 3 M 6 Not Provided 20.07.2012

Sardis Securities HAYDAR ACUN hold 3 U 8 12 month 12.01.2010

Holdings By:

Akbank TAS ee


20.02.2013

Grupo Televisa S.A.B., operates media and entertainment businesses in the

Spanish speaking world. The Company has interests in television production and

broadcasting, programming, direct-to-home satellite services, publishing and

publishing distribution, cable television, radio production, show business,

feature films and Internet portals.


LTM as of: 09/yy

52-Week High (01.02.2013) 29.18

52-Week Low (01.06.2012) 18.69

Daily Volume

28.3799




Shares Out 30.09.2012 571.2 Short Int 2.67

16'211.17 1 Yr Total Return 34.32%





Enterprise Value -


TV US EQUITY YTD Change - Average Volume 30 Day 1'383'321

TV US EQUITY YTD % CHANGE - Average Volume 3 Month 1'296'140


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

41'561.5 47'972.3 52'352.5 57'856.8 62'581.5 45'654.1 67'790.7 68'190.0 74'467.3 19'508.4 16'181.6

3.11x 2.08x 2.75x 3.48x 3.79x 12.85x 12.50x 3.56x 3.18x 12.43x -

17'683.1 19'438.9 20'086.5 22'161.9 24'251.8 17'469.1 26'813.4 26'366.1 28'538.5 7'913.7 5'497.2

7.30x 5.12x 7.16x 9.09x 9.78x 0.00x 7.96x - - - -

8'082.5 7'803.7 6'007.1 7'683.4 6'889.6 5'426.8 7'932.7 8'345.3 10'021.1 2'781.5 -

- - - - - 0.00x 0.00x 26.40x 22.91x 33.14x 42.48x


EBIT 16'822.05 Long-Term Rating BBB+





Return on Capital - EBITDA/Interest Exp. 5.62




EBITDA Margin 39.6%



Asset Turnover 0.46







Fiscal Year Ended

Grupo Televisa SABPrice/Volume

Valuation Analysis

632'592.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

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- .!



20.02.2013


CASCADE INVESTMENT L n/a 13D 29'156'500 5.1 2'368'100 19.03.2010 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 28'098'091 4.92 375'000 30.09.2012 Hedge Fund Manager

DODGE & COX DODGE & COX 13F 20'965'992 3.67 (2'780'300) 30.09.2012 Investment Advisor

GATES FOUNDATION BILL & MELINDA FOUND 13F 16'879'103 2.95 - 30.09.2012 Endowment

LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 16'337'477 2.86 (273'786) 30.09.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 15'949'581 2.79 (639'220) 30.09.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 13'988'539 2.45 1'998'713 30.09.2012 Investment Advisor

VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 12'466'949 2.18 8'092'643 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 9'489'429 1.66 2'152'406 30.09.2012 Investment Advisor

WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 9'238'070 1.62 (67'600) 30.09.2012 Investment Advisor

WESTWOOD GLOBAL INVE WESTWOOD GLOBAL INVE 13F 7'764'444 1.36 - 30.09.2012 Investment Advisor


COMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 6'815'996 1.19 (5'618'220) 30.09.2012 Bank

MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 6'624'000 1.16 (114'000) 30.09.2012 Investment Advisor

DELAWARE MANAGEMENT DELAWARE MANAGEMENT 13F 5'976'342 1.05 29'100 30.09.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 5'240'833 0.92 377'300 30.09.2012 Investment Advisor

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 5'200'000 0.91 - 30.06.2011 Investment Advisor

AXIOM INTERNATIONAL AXIOM INTERNATIONAL 13F 5'123'050 0.9 2'478'100 30.09.2012 Investment Advisor

SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 4'210'926 0.74 98'781 30.09.2012 Investment Advisor



Credit Suisse ANDREW T CAMPBELL outperform 5 M 28 Not Provided 16.11.2012

JPMorgan ANDRE BAGGIO overweight 5 M 31 12 month 16.11.2012

Morgan Stanley MICHEL MORIN Equalwt/In-Line 3 M 26 12 month 26.10.2012

HSBC RICHARD DINEEN overweight 5 M 27 Not Provided 26.10.2012

Itau BBA Securities GREGORIO TOMASSI underperform 1 M 26 Not Provided 25.10.2012

Banorte-IXE MANUEL JIMENEZ ZALDIVAR buy 5 M 30 Not Provided 24.10.2012

Actinver SA MARTIN LARA hold 3 M 23 12 month 24.10.2012

Scotia Capital ANDRES COELLO sector perform 3 M 24 12 month 22.10.2012

BBVA ALEJANDRO GALLOSTRA underperform 1 M 24 12 month 19.10.2012

Goldman Sachs LUCIO G ALDWORTH neutral/neutral 3 M 24 12 month 18.10.2012

Barclays VERA ROSSI underweight 1 M 22 Not Provided 16.10.2012

Miller Tabak + Co., LLC DAVID C JOYCE buy 5 M 25 12 month 10.07.2012

Grupo Santander VALDER NOGUEIRA hold 3 M 22 Not Provided 10.04.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 23.11.2011

Holdings By:

Grupo Televisa SAB ee


20.02.2013

Nigerian Breweries Plc. engages in the brewing and marketing of Lager beer,

Stout and non-alcoholic malt drinks and the bottling of the Schweppes range of

soft drinks and Crush Orange. The company's product range includes Star,

Gulder, Legend Extra Stout, Maltina and Malta. These products are mainly sold

in Nigeria and other neighboring countries.


LTM as of: 09/yy

52-Week High (20.02.2013) 170.01

52-Week Low (29.02.2012) 91.00

Daily Volume

169.99

52-Week High % Change -0.01% Dividend Yield 1.76




1'285'584.13 1 Yr Total Return 77.14%







NB NL EQUITY YTD Change - Average Volume 30 Day 1'485'448

NB NL EQUITY YTD % CHANGE - Average Volume 3 Month 1'577'682


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

111'748.3 145'461.8 164'206.8 185'862.8 230'123.2 215'121.9 267'241.6 274'126.3 316'671.6 - -

3.17x 2.02x 2.37x 3.07x 3.17x 2.65x 12.72x 4.71x 3.99x - -

32'606.8 42'917.4 48'457.0 51'967.4 64'998.1 25'308.1 57'403.2 75'945.4 88'800.4 - -

10.88x 6.83x 8.03x 10.98x 11.23x 0.00x 0.00x 17.62x 15.07x - -

18'942.9 25'700.6 27'910.1 30'332.1 38'023.2 34'333.9 38'436.7 37'936.2 48'510.0 - -

19.56x 12.02x 14.37x 19.22x 18.78x 17.62x 26.96x 33.45x 26.85x - -





Return on Assets - Short-Term Rating -

Return on Common Equity -


Asset Turnover - (EBITDA-Capex)/Interest Exp. 34.90

Net Debt/EBITDA -

Gross Margin 47.7% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover -

Current Ratio 0.88 Net Fixed Asset Turnover -

Quick Ratio 0.40 Accounts receivable turnover-days -





Fiscal Year Ended

Nigerian Breweries PLCPrice/Volume

Valuation Analysis

1'970'314.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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250'000.0

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

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20.02.2013


HEINEKEN NV n/a Co File 4'091'260'852 54.1 - 31.12.2010 Corporation


ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 46'610'506 0.62 (21'930'012) 31.07.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 31'441'503 0.42 1'265'981 30.06.2012 Investment Advisor

PETERSIDE ATEDO N A n/a Co File 15'000'000 0.2 - 23.02.2011 n/a

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 10'680'161 0.14 10'680'161 30.09.2012 Investment Advisor


GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 9'449'280 0.12 (2'393'562) 29.06.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'741'905 0.12 - 31.08.2012 Investment Advisor

FRANKLIN TEMPLETON I FTIF-TEMPLETON EMERG MF-LUX 8'551'458 0.11 2'484'216 30.06.2012 Mutual Fund Manager

FRANKLIN TEMPLETON I FRANKLIN TEMPLETON I MF-LUX 7'965'113 0.11 - 30.06.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 7'372'608 0.1 (652'001) 30.09.2012 Investment Advisor

JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 6'627'139 0.09 - 30.06.2012 Mutual Fund Manager

FIDELITY INTERNATION Multiple Portfolios MF-AGG 5'613'313 0.07 45'854 31.03.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 4'693'473 0.06 592'800 30.09.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'302'188 0.06 - 31.07.2012 Bank

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 4'107'185 0.05 - 27.11.2012 Investment Advisor

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 3'568'393 0.05 - 30.09.2012 Investment Advisor

NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 3'512'000 0.05 - 17.11.2011 Investment Advisor

FIDELITY INVT ASSET Multiple Portfolios MF-AGG 3'471'915 0.05 473'907 30.06.2012 Mutual Fund Manager


Meristem Securities Ltd TEAM COVERAGE sell 1 M 105 Not Provided 26.11.2012

Exotix Limited ANDY GBOKA hold 3 M 105 Not Provided 21.11.2012

Asset and Resource Management IFEOMA NWAFOR sell 1 D 107 Not Provided 02.11.2012

FBN Capital Ltd TUNDE ABIDOYE neutral 3 M 117 12 month 02.11.2012

Renaissance Capital ANTHEA ALEXANDER sell 1 M 118 12 month 01.11.2012

African Alliance Research CLAIRE TE RIELE reduce 2 M 119 Not Provided 01.11.2012

First Securities Discount TEAM COVERAGE hold 3 M 126 Not Provided 05.09.2012

Morgan Stanley MARYIA BERASNEVA Equalwt/In-Line 3 M 78 12 month 17.07.2012

Vetiva Capital Management Ltd ABIOLA RASAQ neutral 3 M 108 Not Provided 10.07.2012

BPI UMULINGA KARANGWA buy 5 M 135 Not Provided 06.07.2012

Avior Research ANDREW SCHULTZ outperform 5 N 124 Not Provided 01.06.2012

CSL OLUDARE FAJIMOLU hold 3 M 109 Not Provided 17.04.2012

BGL Plc FEMI ADEMOLA buy 5 M 113 Not Provided 14.03.2012

Greenwich Trust Limited OPEYEMI TELLA buy 5 N 92 12 month 06.12.2011

Cordros Capital Limited TEAM COVERAGE buy 5 M 97 3 month 20.10.2011

Thaddeus Investment Advisor & ResearchJUDE FEJOKWU negative 2 M 54 Not Provided 16.08.2010

Holdings By:

Nigerian Breweries PLC ee


20.02.2013

PT Astra International Tbk assembles and distributes automobiles, motorcycles,

and their related spare parts. Through its subsidiaries, the Company also

operates in the mining, development of plantations, financial and information

technology.


LTM as of: 09/yy

52-Week High (05.10.2012) 8'300.00

52-Week Low (04.06.2012) 6'120.00

Daily Volume

7750



% 52 Week Price Range High/Low 74.77% Equity Float 18'260.66


313'747'552.00 1 Yr Total Return 7.84%



Minority Interest 15'389'000.0 Analyst Recs 27




ASII IJ EQUITY YTD Change - Average Volume 30 Day 30'271'520

ASII IJ EQUITY YTD % CHANGE - Average Volume 3 Month 35'616'780


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

70'182'960.0 97'064'000.0 98'526'000.0 129'991'000.0 162'564'000.0 ######### ######### ######### ######### ######### #########

1.84x 0.67x 1.65x 1.96x 2.13x 7.22x 7.45x 1.94x 1.74x - -

10'978'203.0 14'790'000.0 16'473'000.0 19'291'000.0 23'832'000.0 ######### ######### ######### ######### ######### -

11.75x 4.39x 9.87x 13.21x 14.55x 13.40x 13.70x 14.46x 13.07x - -

6'519'273.0 9'191'000.0 10'040'000.0 14'366'000.0 17'785'000.0 ######### ######### ######### ######### ######### #########

16.96x 4.65x 13.99x 15.37x 16.85x 14.77x 15.77x 16.33x 14.44x 16.01x 14.59x


EBIT 17'832'000.00 Long-Term Rating BBB-









EBITDA Margin 14.1%



Asset Turnover 1.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Astra International Tbk PTPrice/Volume

Valuation Analysis

29'309'000.00


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60'000'000.0

80'000'000.0

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120'000'000.0

140'000'000.0

160'000'000.0

180'000'000.0

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

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20.02.2013


JARDINE CYCLE & CARR n/a EXCH 20'278'210'097 50.09 - 30.04.2012 Corporation

TOYOTA MOTOR CORP n/a Co File 1'920'000'000 4.74 - 31.03.2012 Corporation

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'657'404'000 4.09 180'154'000 30.09.2012 Investment Advisor


ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 864'111'000 2.13 7'195'500 28.09.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 617'346'551 1.52 (73'579) 28.09.2012 Investment Advisor

ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 558'810'000 1.38 14'431'000 31.08.2012 Investment Advisor


BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 316'912'330 0.78 3'415'500 27.11.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 301'864'000 0.75 41'609'000 30.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 293'417'850 0.72 - 12.07.2013 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 195'154'000 0.48 1'495'500 30.09.2012 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 190'835'040 0.47 - 31.03.2011 Investment Advisor


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 155'077'300 0.38 - 29.06.2012 Investment Advisor

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 109'065'000 0.27 40'595'000 30.09.2011 Mutual Fund Manager

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 99'473'500 0.25 (18'646'500) 29.06.2012 Investment Advisor



INVESCO LTD Multiple Portfolios MF-AGG 81'480'390 0.2 2'220'000 28.11.2012 Investment Advisor


CIMB ERWAN TEGUH TEH outperform 5 M 9'000 12 month 29.11.2012

Kim Eng Securities PANDU ANUGRAH buy 5 M 8'800 12 month 29.11.2012

Goldman Sachs MIANG CHUEN KOH neutral/neutral 3 M 7'300 12 month 26.11.2012

Credit Suisse TEDDY OETOMO outperform 5 M 9'400 Not Provided 26.11.2012

Bahana Securities LEONARDO HENRY GAVAZA hold 3 D 8'500 Not Provided 26.11.2012

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

Indo Premier Securities AGUS PRAMONO buy 5 N 8'600 12 month 20.11.2012

DBS Vickers JAY KIM buy 5 M 8'700 12 month 19.11.2012

Deutsche Bank RACHMAN KOESWANTO buy 5 M 8'800 12 month 09.11.2012

Nomura WILIANTO IE buy 5 M 9'500 Not Provided 07.11.2012

Mandiri Sekuritas PT/Indonesia ADRIAN JOEZER neutral 3 M 7'900 12 month 06.11.2012

PT Valbury Asia Securities BUDI RUSTANTO buy 5 M 9'000 12 month 06.11.2012

PT ONIX Capital Tbk BAGUS HANANTO hold 3 M 8'000 12 month 02.11.2012

JPMorgan ADITYA SRINATH underweight 1 M 6'100 6 month 01.11.2012

Trimegah Securities Tbk PT FREDERICK DANIEL TANGGELA buy 5 M 9'000 12 month 31.10.2012

PT Batavia Prosperindo Sekuritas WISNU KARTO buy 5 U 8'750 12 month 16.10.2012

Sucorinvest Central Gani ARIEF BUDIMAN buy 5 M 9'300 12 month 08.10.2012

HSBC MARK CARMERON ROSS WEBB neutral 3 M 7'450 Not Provided 16.09.2012

BNP Paribas Equity Research ELVIRA TJANDRAWINATA hold 3 M 7'850 12 month 29.08.2012

BNI Securities AKHMAD NURCAHYADI buy 5 M 7'400 12 month 23.08.2012

Macquarie LYALL TAYLOR outperform 5 U 8'000 12 month 06.08.2012

OSK (Asia) Securities ANDREY WIJAYA buy 5 M 7'600 12 month 27.07.2012

Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 5'400 Not Provided 16.03.2011

Holdings By:

Astra International Tbk PT ee


20.02.2013

Haci Omer Sabanci Holding A.S., also known as Sabanci Holding, is a

multibusiness enterprise operating in Turkey. The Company's main operation

areas are financial services, energy (electricity generation and distribution),

cement, retail and industrial sectors.


LTM as of: 09/yy

52-Week High (17.01.2013) 11.45

52-Week Low (25.05.2012) 6.30

Daily Volume

10.25





22'353.28 1 Yr Total Return 39.03%





Enterprise Value 47'488.22


SAHOL TI EQUITY YTD Change - Average Volume 30 Day 4'332'395

SAHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 3'590'051


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

19'340.5 19'796.7 18'848.2 19'541.4 22'408.8 9'778.0 11'790.0 25'333.6 27'687.6 6'613.0 -

3.51x 0.34x 0.23x 1.05x 1.20x 11.97x 9.58x 1.80x 1.63x - -

3'004.0 2'429.8 3'830.7 4'251.8 4'202.7 4'411.1 2'833.6 4'756.1 5'440.9 1'173.0 -

22.59x 2.75x 1.14x 4.84x 6.42x 8.99x 0.00x 9.98x 8.73x - -

969.5 1'188.6 1'258.5 1'662.8 1'878.0 1'496.8 1'534.4 1'792.1 2'096.6 503.0 -

11.98x 5.46x 8.57x 8.94x 5.88x 9.03x 10.41x 11.66x 9.92x - -











EBITDA Margin 35.0%



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Haci Omer Sabanci Holding ASPrice/Volume

Valuation Analysis

3'368'589.00


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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20.02.2013


SABANCI FAMILY n/a Research 864'672'000 42.38 - 30.12.2009 n/a

SAKIP SABANCI HOLDIN n/a Research 281'388'000 13.79 (1'135) 30.12.2009 n/a

DODGE & COX Multiple Portfolios MF-AGG 87'133'542 4.27 - 30.09.2012 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 65'003'719 3.19 - 31.10.2012 Mutual Fund Manager


INVESCO LTD Multiple Portfolios MF-AGG 21'495'547 1.05 33'215 28.11.2012 Investment Advisor


CARMIGNAC GESTION Multiple Portfolios MF-AGG 8'114'863 0.4 290'377 28.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5'527'308 0.27 336 27.11.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 5'334'740 0.26 (60'000) 28.09.2012 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 4'601'624 0.23 (1'052'277) 30.06.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 4'503'945 0.22 (445'426) 30.09.2012 Investment Advisor


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'810'062 0.19 (3'708'350) 30.06.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 3'091'288 0.15 - 28.09.2012 Investment Advisor


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'462'327 0.12 (106'551) 31.08.2012 Investment Advisor

SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 2'080'000 0.1 984'000 05.03.2012 Mutual Fund Manager

STATE STREET GLOBAL Multiple Portfolios MF-AGG 1'805'091 0.09 - 30.09.2012 Mutual Fund Manager


Global Menkul Degerler HASAN BAYHAN Under Review #N/A N/A M 9 Not Provided 28.11.2012

Seker Securities SELAHATTIN AYDIN outperform 5 M #N/A N/A Not Provided 27.11.2012

FinansInvest OZGUR UCUR neutral 3 M 9 12 month 26.11.2012

EFG Istanbul Securities DUYGUN KUTUCU hold 3 M 9 12 month 26.11.2012

Eczacibasi Securities TEAM COVERAGE market perform 3 M 10 Not Provided 23.11.2012

Sardis Securities HAYDAR ACUN hold 3 M 10 Not Provided 23.11.2012

HSBC CENK ORCAN overweight 5 M 11 Not Provided 22.11.2012


Yapi Kredi Yatirim ve Menkul Degerler AKIF MOROGLU hold 3 D 10 Not Provided 16.11.2012

Yatirim Finansman Securities ZUMRUT CAN market perform 3 M 10 12 month 16.11.2012

Morgan Stanley EROL DANIS Equalwt/No Rating 3 M 9 12 month 15.11.2012

Ekspres Invest ALPER AKALIN hold 3 M 10 Not Provided 07.11.2012

Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 11 Not Provided 06.11.2012

Erste Bank MEHMET EMIN ZUMRUT buy 5 M 8 12 month 04.11.2012

Oyak Securities HASAN SENER market perform 3 M 10 12 month 01.11.2012

BGC Partners EZGI YILMAZ buy 5 M 10 12 month 23.10.2012

IS Investment & Securities BASAK ENGIN DINCKOC market perform 3 M 9 Not Provided 11.10.2012

Deutsche Bank HILAL VAROL hold 3 M 9 12 month 20.09.2012

Credit Suisse ATINC OZKAN outperform 5 N 9 Not Provided 31.08.2012

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 8 12 month 02.07.2012

ATA Invest ONDER ZORBA market outperform 4 M 8 Not Provided 25.05.2012

Standard Unlu OYTUN ALTASLI market perform 3 N 7 12 month 30.06.2011

TEB Investment DIDEM OZATALAR market perform 3 M 9 Not Provided 10.12.2010

BGC Partners SERAP MUTLU hold 3 R 8 12 month 29.03.2010

Holdings By:

Haci Omer Sabanci Holding AS ee


20.02.2013

PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that

provides a variety of domestic telecommunications services such as telephone,

telex, telegram, satellite, and leased lines services. The Company also offers

electronic mail, mobile communication, and cellular phone services.


LTM as of: 09/yy

52-Week High (18.02.2013) 10'050.00

52-Week Low (13.03.2012) 6'648.17

Daily Volume

9850





198'576'000.00 1 Yr Total Return 47.63%







TLKM IJ EQUITY YTD Change - Average Volume 30 Day 20'868'480

TLKM IJ EQUITY YTD % CHANGE - Average Volume 3 Month 20'856'260


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

59'440'012.0 60'689'784.0 67'677'518.0 68'629'181.0 71'253'000.0 ######### ######### ######### ######### ######### -

3.65x 2.61x 3.12x 2.64x 2.22x 9.80x 9.18x 2.80x 2.56x - -

38'093'288.0 35'864'331.0 35'320'854.0 35'583'288.0 36'558'000.0 ######### ######### ######### ######### ######### -

5.70x 4.42x 5.98x 5.08x 4.32x 5.00x 5.03x 5.46x 5.12x - -

12'857'018.0 10'619'470.0 11'398'826.0 11'536'999.0 10'965'000.0 ######### ######### ######### ######### ######### -

15.76x 12.83x 16.31x 13.55x 12.60x 13.59x 14.49x 14.72x 13.45x - -


EBIT 21'695'000.00 Long-Term Rating NR








Gross Margin - Total Debt/EBITDA 0.42

EBITDA Margin 52.9%



Asset Turnover 0.73





Accounts Receivable Turnover 12.81 Cash Conversion Cycle -


Fiscal Year Ended

Telekomunikasi Indonesia Persero Tbk PTPrice/Volume

Valuation Analysis

18'184'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

10'000'000.0

20'000'000.0

30'000'000.0

40'000'000.0

50'000'000.0

60'000'000.0

70'000'000.0

80'000'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



20.02.2013


REPUBLIC OF INDONESI n/a EXCH 10'319'904'000 51.19 - 31.03.2012 Government

TELEKOM TREASURY SHA n/a 20F 773'659'960 3.84 - 31.12.2011 n/a




INVESCO LTD Multiple Portfolios MF-AGG 114'601'000 0.57 (8'884'500) 28.11.2012 Investment Advisor




COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 61'544'500 0.31 1'646'500 31.07.2012 Bank

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 54'204'000 0.27 54'204'000 30.09.2012 Investment Advisor


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 48'125'505 0.24 2'087'000 27.11.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 46'405'999 0.23 30'887'500 30.09.2012 Investment Advisor


MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 34'669'000 0.17 - 31.12.2010 Mutual Fund Manager

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 33'770'000 0.17 (3'062'500) 31.07.2012 Investment Advisor

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 30'970'000 0.15 (2'941'000) 30.09.2011 Mutual Fund Manager

PICTET ASSET MANAGEM PICTET GLOBAL SEL FU MF-LUX 29'636'540 0.15 (276'500) 31.08.2012 Mutual Fund Manager

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 29'596'911 0.15 381'601 30.03.2012 Investment Advisor


Morgan Stanley NAVIN KILLA Overwt/Attractive 5 M 11'000 12 month 27.11.2012

Bahana Securities HARRY SU buy 5 M 12'000 Not Provided 26.11.2012

Nomura SACHIN GUPTA neutral 3 M 8'600 Not Provided 26.11.2012

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

DBS Vickers SACHIN MITTAL hold 3 M 9'500 12 month 23.11.2012

Kim Eng Securities KATARINA SETIAWAN buy 5 M 11'000 12 month 23.11.2012

Ciptadana Sekuritas TRIWIRA JUNIARTA TJANDRA buy 5 U 11'250 Not Provided 31.10.2012

CIMB KELVIN GOH neutral 3 M 10'500 12 month 29.10.2012

OSK (Asia) Securities JEFFREY TAN neutral 3 M 10'600 12 month 29.10.2012

UOB Kay Hian JONATHAN KOH buy 5 M 12'380 Not Provided 29.10.2012

Goldman Sachs SACHIN SALGAONKAR neutral/neutral 3 M 9'400 12 month 25.10.2012

Barclays ANAND RAMACHANDRAN overweight 5 M 11'000 Not Provided 25.10.2012

Trimegah Securities Tbk PT ROBBY HAFIL hold 3 M 9'800 12 month 24.10.2012

Daiwa Securities Co. Ltd. RAMAKRISHNA MARUVADA outperform 5 M 10'938 Not Provided 24.10.2012

Sucorinvest Central Gani ARIEF BUDIMAN hold 3 M 10'500 12 month 24.10.2012

Indo Premier Securities HANDOKO WIJOYO buy 5 M 10'800 12 month 24.10.2012

Deutsche Bank RAYMOND KOSASIH buy 5 M 10'750 12 month 12.10.2012

BNP Paribas Equity Research FOONG CHOONG CHEN buy 5 M 10'500 12 month 11.10.2012

Credit Suisse COLIN MCCALLUM outperform 5 M 10'900 Not Provided 03.09.2012

Danareksa CHANDRA S PASARIBU hold 3 M 9'000 Not Provided 09.08.2012

JPMorgan JAMES R SULLIVAN neutral 3 M 8'800 12 month 01.08.2012

Mandiri Sekuritas PT/Indonesia RADITYA CHRISTIAN ARTONO neutral 3 M 7'600 12 month 31.07.2012

HSBC LUIS HILADO neutral 3 M 8'800 Not Provided 06.06.2012

Macquarie RIAZ HYDER underperform 1 M 7'500 12 month 21.05.2012

Holdings By:

Telekomunikasi Indonesia Persero Tbk PT ee


20.02.2013

Grupo Financiero Banorte S.A.B. de C.V. is a financial institution in Mexico.

The Company offers banking services, premium banking, wholesale banking, leasing

and factoring, warehousing, insurance, pensions and retirement savings.


LTM as of: 09/yy

52-Week High (29.01.2013) 93.10

52-Week Low (29.02.2012) 52.00

Daily Volume

89.33





207'813.55 1 Yr Total Return 67.17%







GFNORTEOMM EQUITY YTD Change - Average Volume 30 Day 4'180'259

GFNORTEOMM EQUITY YTD % CHANGE - Average Volume 3 Month 4'660'722


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

59'991.0 55'966.0 54'141.0 83'713.0 - 75'014.8 95'547.6 53'150.3 60'537.9 11'790.0 12'598.0

4.13x 4.74x 5.23x 4.14x - 16.62x 15.92x - - - -

44'075.0 38'740.0 36'083.0 37'875.0 - 37'130.0 45'473.6 19'089.0 23'672.0 - -

5.62x 6.85x 7.85x 9.14x - 9.00x 9.08x 23.64x 19.06x - -

7'014.0 5'854.0 6'705.0 8'517.0 10'888.0 7'762.2 10'390.8 13'923.8 16'715.0 3'058.0 3'458.0

7.15x 16.48x 17.72x 11.56x 17.83x 11.53x 16.29x 14.96x 12.25x 14.80x 13.92x


EBIT - Long-Term Rating -








Gross Margin - Total Debt/EBITDA 6.57

EBITDA Margin 47.6%



Asset Turnover 0.11







Fiscal Year Ended

Grupo Financiero Banorte SAB de CVPrice/Volume

Valuation Analysis

1'089'257.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!

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2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

02 ! 9

1! ! 9

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

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

! !!

2! !!

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-2! !!

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20.02.2013


ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 113'821'475 4.89 (1'400'000) 28.09.2012 Investment Advisor



NACIONAL FINANCIERA Multiple Portfolios MF-AGG 69'093'504 2.97 17'760 26.11.2012 Investment Advisor


DODGE & COX Multiple Portfolios MF-AGG 26'928'000 1.16 - 30.09.2012 Investment Advisor

GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 18'333'183 0.79 (609'829) 28.09.2012 Bank

GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 17'274'901 0.74 2'109'019 27.11.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 16'752'031 0.72 (4'720'200) 30.09.2012 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 14'316'177 0.62 (564'475) 31.07.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 12'037'214 0.52 (15'894'132) 30.12.2011 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'949'631 0.51 (3'427'410) 30.09.2012 Investment Advisor


CARMIGNAC GESTION Multiple Portfolios MF-AGG 8'949'012 0.38 1'208'130 28.09.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 8'382'779 0.36 (1'013'821) 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 8'149'637 0.35 (523'600) 30.09.2012 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 7'937'000 0.34 (122'100) 29.06.2012 Investment Advisor





Morgan Stanley JORGE KURI Overwt/No Rating 5 M 80 12 month 28.11.2012

GBM LILIAN OCHOA market outperform 4 M 82 12 month 28.11.2012

Credit Suisse MARCELO TELLES outperform 5 M 82 Not Provided 28.11.2012

BBVA ERNESTO GABILONDO MARQUEZ underperform 1 M 67 12 month 28.11.2012

Itau BBA Securities REGINA SANCHEZ outperform 5 M 90 Not Provided 28.11.2012

Actinver SA MARTIN LARA hold 3 M 77 12 month 28.11.2012

Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO buy 5 N 81 12 month 15.11.2012

Goldman Sachs CARLOS G MACEDO Buy/Neutral 5 M 83 12 month 08.11.2012

Banco BTG Pactual SA MARCELO BARROZO HENRIQUES buy 5 N 91 12 month 06.11.2012

HSBC VICTOR GALLIANO neutral 3 M 78 Not Provided 02.11.2012

JPMorgan SAUL MARTINEZ neutral 3 M 79 12 month 26.10.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012

Barclays FABIO ZAGATTI equalweight 3 M 71 Not Provided 03.09.2012

Deutsche Bank MARIO PIERRY hold 3 M 75 12 month 17.08.2012

Vector Servicios Financieros RAFAEL ESCOBAR buy 5 M 80 Not Provided 27.07.2012

Grupo Santander BORIS MOLINA buy 5 M 80 Not Provided 11.06.2012

Holdings By:

Grupo Financiero Banorte SAB de CV ee


20.02.2013

PT Bank Central Asia Tbk provides banking and related services. The Bank also

provides custodianship, trusteeship, and management of pension funds of

financial institutions. Through its subsidiaries, the Bank also provides

leasing and consumer financing services.


LTM as of: 09/yy

52-Week High (20.02.2013) 10'350.00

52-Week Low (04.06.2012) 6'750.00

Daily Volume

10300





253'946'608.00 1 Yr Total Return 40.29%




Cash and Equivalents ########### Consensus Rating 3.559

Enterprise Value -


BBCA IJ EQUITY YTD Change - Average Volume 30 Day 11'779'650

BBCA IJ EQUITY YTD % CHANGE - Average Volume 3 Month 10'666'860


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

19'173'564.0 23'163'363.0 27'242'770.0 28'070'381.0 31'780'230.0 ######### ######### ######### ######### - -

- - - - - 0.00x 0.00x 9.12x 7.75x - -

- - - - - 0.0 0.0 - - - -

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

4'489'252.0 5'776'139.0 6'807'242.0 8'479'273.0 10'819'309.0 ######### ######### ######### ######### ######### -

19.95x 13.77x 17.38x 18.39x 18.02x 18.73x 16.81x 21.97x 18.80x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank Central Asia Tbk PTPrice/Volume

Valuation Analysis

12'034'500.00


!-!!!.!!!0!!!1!!!2!!!3!!!4!!!5!!!6!!!

-!!!!

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9

-! ! 9

.! ! 9

0! ! 9

1! ! 9

2! ! 9

3! ! 9

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



20.02.2013


UOBKH NOMINEES FARIN n/a EXCH 7'500'053'971 30.42 - 30.04.2012 n/a

UOB KAY HIAN PRIVATE n/a EXCH 3'626'751'937 14.71 - 30.04.2012 n/a






CARMIGNAC GESTION Multiple Portfolios MF-AGG 103'710'065 0.42 (56'807'000) 28.09.2012 Investment Advisor






VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 38'780'000 0.16 272'000 27.11.2012 Investment Advisor



RUSSELL INVESTMENTS Multiple Portfolios MF-AGG 25'620'500 0.1 - 22.08.2011 Investment Advisor

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 25'395'000 0.1 25'395'000 30.06.2012 Investment Advisor

FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 24'782'400 0.1 - 31.12.2011 Mutual Fund Manager

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 24'465'000 0.1 - 05.07.2012 Holding Company


Morgan Stanley NICK LORD Equalwt/Attractive 3 M 8'662 12 month 29.11.2012

Sanford C. Bernstein & Co KEVIN KWEK market perform 3 M 8'700 12 month 27.11.2012

Indo Premier Securities AGUS PRAMONO buy 5 M 9'500 12 month 27.11.2012

Kim Eng Securities RAHMI SARI MARINA hold 3 M 10'000 12 month 26.11.2012

Trimegah Securities Tbk PT ROBBY HAFIL hold 3 D 9'600 Not Provided 26.11.2012

Bahana Securities TEGUH P. HARTANTO buy 5 M 10'800 Not Provided 26.11.2012

Nomura STEPHAN HASJIM reduce 2 M 6'700 Not Provided 23.11.2012

Standard Chartered JAJ SINGH in-line 3 M 7'975 12 month 21.11.2012


CIMB MULYA CHANDRA outperform 5 M 10'500 12 month 16.11.2012

OSK (Asia) Securities ROCKY INDRAWAN buy 5 M 10'400 12 month 14.11.2012

DBS Vickers SUE LIN LIM buy 5 M 9'100 12 month 12.11.2012

Andalan Artha Advisindo Sekuritas PT A INDRAJATRI buy 5 M 10'500 12 month 02.11.2012

Sucorinvest Central Gani ISFHAN HELMY buy 5 M 9'600 12 month 02.11.2012

PT Batavia Prosperindo Sekuritas ANDY FERDINAND buy 5 M 9'100 12 month 02.11.2012

AmCapital Indonesia YAP SWIE CU hold 3 M 9'200 12 month 01.11.2012

RHB Research Institute Sdn Bhd ALEXANDER CHIA market perform 3 M 8'450 12 month 30.10.2012

Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI hold 3 U 8'000 Not Provided 30.10.2012

UOB Kay Hian RUFINA TAM buy 5 M 9'400 Not Provided 30.10.2012

Danareksa EKA SAVITRI hold 3 M 8'500 12 month 30.10.2012

JPMorgan ADITYA SRINATH overweight 5 U 10'000 12 month 29.10.2012

HSBC LOO KAR WENG overweight 5 M 10'000 Not Provided 08.10.2012

BNP Paribas Equity Research TEAM COVERAGE hold 3 M 8'350 12 month 11.09.2012


Mandiri Sekuritas PT/Indonesia KRESNA HUTABARAT Under Review #N/A N/A M #N/A N/A Not Provided 31.07.2012

Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 8'300 Not Provided 24.07.2012

Macquarie NICOLAOS OENTUNG neutral 3 M 8'000 12 month 27.04.2012

Ciptadana Sekuritas SYAIFUL ADRIAN hold 3 M 9'100 Not Provided 25.10.2011


Holdings By:

Bank Central Asia Tbk PT ee


20.02.2013

Wal-Mart de Mexico SAB de CV retails food, clothing, and other merchandise

under a variety of store formats. The Company operates Wal-Mart Supercenters,

Sam's Club wholesale outlets, Bodega discount stores, Superama supermarkets,

Suburbia apparel stores, and Vips, El Porton, and Ragazzi restaurants.


LTM as of: 09/yy

52-Week High (10.04.2012) 45.15

52-Week Low (08.06.2012) 34.12

Daily Volume

41.81





740'939.88 1 Yr Total Return 6.94%







WALMEXV MM EQUITY YTD Change - Average Volume 30 Day 11'601'840

WALMEXV MM EQUITY YTD % CHANGE - Average Volume 3 Month 14'088'640


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

224'976.4 244'917.0 269'396.8 335'857.4 380'906.6 363'685.1 412'271.3 421'706.7 470'057.9 123'020.4 106'339.7

1.39x 1.24x 1.76x 1.85x 1.75x 6.70x 6.54x 1.72x 1.53x 5.77x 6.70x

22'398.2 23'887.1 26'914.7 33'236.6 37'414.9 35'191.5 40'144.9 41'447.9 47'748.3 13'730.3 9'770.3

13.99x 12.75x 17.59x 18.65x 17.80x 16.17x 15.88x 17.75x 15.41x 16.39x 15.49x

14'229.0 14'672.8 16'806.1 19'550.4 22'253.8 20'301.3 23'129.3 23'797.5 27'716.0 8'393.3 5'640.0

22.62x 21.36x 29.05x 32.35x 30.49x 28.00x 27.76x 31.27x 26.84x 28.44x 27.08x











EBITDA Margin 9.7%



Asset Turnover 1.99







Fiscal Year Ended

Wal-Mart de Mexico SAB de CVPrice/Volume

Valuation Analysis

3'491'406.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!122!

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. ! 9

2! ! 9

-!! ! 9

-2! ! 9

.!! ! 9

.2! ! 9

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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



20.02.2013





THORNBURG INVESTMENT Multiple Portfolios MF-AGG 139'476'600 0.79 292'700 31.07.2012 Investment Advisor




GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 80'767'522 0.46 3'559'285 28.09.2012 Bank

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 62'621'040 0.35 10'873'900 28.09.2012 Unclassified

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 62'202'962 0.35 (35'105'963) 30.09.2012 Investment Advisor


VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 37'427'786 0.21 1'590'726 29.06.2012 Investment Advisor




CI INVESTMENTS INC Multiple Portfolios MF-AGG 17'180'228 0.1 (1'267'250) 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 15'458'198 0.09 - 30.09.2012 Investment Advisor

ACTINVER SA DE CV/ME Multiple Portfolios MF-AGG 12'806'066 0.07 736'700 28.09.2012 Investment Advisor

GESTION SANTANDER ME Multiple Portfolios MF-AGG 12'712'913 0.07 (2'287'500) 28.09.2012 Investment Advisor



BBVA MIGUEL ULLOA SUAREZ outperform 5 M 42 12 month 27.11.2012

Banorte-IXE RAQUEL MOSCOSO buy 5 M 45 Not Provided 22.11.2012

Scotia Capital RODRIGO ECHAGARAY sector underperform 1 M 38 12 month 12.11.2012

GBM LUIS R WILLARD market outperform 4 M 43 Not Provided 09.11.2012

Itau BBA Securities JOAQUIN LEY underperform 1 M 38 Not Provided 09.11.2012

Actinver SA DAVID FOULKES GONZALEZ hold 3 M 44 Not Provided 09.11.2012

Credit Suisse ANTONIO GONZALEZ neutral 3 M 38 Not Provided 08.11.2012

Goldman Sachs IRMA SGARZ neutral/neutral 3 M 42 12 month 29.10.2012

Invex Casa de Bolsa SA de CV ANA HERNANDEZ VELAZQUEZ hold 3 M 41 12 month 23.10.2012

Deutsche Bank JOSE J YORDAN hold 3 M 38 12 month 18.10.2012

HSBC FRANCISCO J CHEVEZ overweight 5 M 48 Not Provided 18.10.2012

Banco BTG Pactual SA RAFAEL SHIN buy 5 M 43 12 month 17.10.2012

Raymond James DANIELA M BRETTHAUER market perform 3 M #N/A N/A Not Provided 01.10.2012


Grupo Santander REINALDO SANTANA hold 3 M 40 Not Provided 06.09.2012

Barclays MATTHEW MCCLINTOCK equalweight 3 M 45 Not Provided 24.07.2012

JPMorgan ANDREA FARIA TEIXEIRA neutral 3 M 41 12 month 23.07.2012

Vector Servicios Financieros GASPAR QUIJANO buy 5 M 42 Not Provided 13.01.2012

Interacciones Casa de Bolsa RAUL OCHOA hold 3 N 41 Not Provided 15.03.2011

Holdings By:

Wal-Mart de Mexico SAB de CV ee


20.02.2013

PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned

banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import

Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank

operates in the commercial banking services.


LTM as of: 09/yy

52-Week High (01.02.2013) 9'500.00

52-Week Low (27.02.2012) 6'000.00

Daily Volume

9250





215'833'328.00 1 Yr Total Return 46.67%





Enterprise Value -


BMRI IJ EQUITY YTD Change - Average Volume 30 Day 19'657'050

BMRI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 22'240'040


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

27'300'647.0 31'980'359.0 38'302'812.0 43'012'339.0 51'482'002.0 ######### ######### ######### ######### ######### -

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

- - - - - 0.0 0.0 - - - -

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

4'346'224.0 5'312'821.0 7'155'464.0 9'218'298.0 12'246'044.0 ######### ######### ######### ######### ######### -

16.68x 7.96x 13.75x 14.79x 12.86x 11.98x 13.48x 14.77x 12.54x - -


EBIT - Long-Term Rating BB+



Return on Assets 2.60% Short-Term Rating B




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank Mandiri Persero Tbk PTPrice/Volume

Valuation Analysis

17'827'000.00


!-!!!.!!!0!!!1!!!2!!!3!!!4!!!5!!!6!!!

-!!!!

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9.! ! 91! ! 93! ! 95! ! 9-!! ! 9-.! ! 9-1! ! 9-3! ! 9-5! ! 9

0.0

10'000'000.0

20'000'000.0

30'000'000.0

40'000'000.0

50'000'000.0

60'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



20.02.2013


REPUBLIC OF INDONESI n/a EXCH 14'000'000'391 60 - 30.04.2012 Government



LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 308'962'578 1.32 7'253'000 31.10.2012 Investment Advisor







BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 56'787'681 0.24 (2'098'500) 30.09.2012 Investment Advisor

PANIN SEKURITAS Multiple Portfolios MF-AGG 53'907'000 0.23 - 31.12.2011 Mutual Fund Manager


CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 43'135'140 0.18 (5'139'500) 31.07.2012 Investment Advisor








Morgan Stanley NICK LORD Overwt/Attractive 5 M 9'875 12 month 29.11.2012

Sanford C. Bernstein & Co KEVIN KWEK outperform 5 M 9'850 12 month 27.11.2012


Trimegah Securities Tbk PT ROBBY HAFIL buy 5 M 9'800 Not Provided 26.11.2012


Nomura STEPHAN HASJIM buy 5 M 10'200 Not Provided 23.11.2012

Standard Chartered JAJ SINGH outperform 5 M 10'041 12 month 21.11.2012

Danareksa EKA SAVITRI buy 5 M 9'900 Not Provided 21.11.2012




OSK (Asia) Securities ROCKY INDRAWAN neutral 3 M 8'700 12 month 15.11.2012


Andalan Artha Advisindo Sekuritas PT A INDRAJATRI hold 3 M 9'300 12 month 08.11.2012

DBS Vickers SUE LIN LIM hold 3 M 8'300 12 month 06.11.2012

AmCapital Indonesia YAP SWIE CU buy 5 M 9'700 12 month 05.11.2012


RHB Research Institute Sdn Bhd ALEXANDER CHIA outperform 5 M 9'700 12 month 31.10.2012

Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN buy 5 M 10'500 12 month 31.10.2012

Sucorinvest Central Gani ISFHAN HELMY hold 3 D 9'100 12 month 31.10.2012

Kim Eng Securities RAHMI SARI MARINA hold 3 D 8'600 12 month 30.10.2012


HSBC LOO KAR WENG overweight 5 M 9'250 Not Provided 08.10.2012

BNP Paribas Equity Research TEAM COVERAGE buy 5 M 8'800 12 month 11.09.2012

Macquarie NICOLAOS OENTUNG outperform 5 M 9'000 12 month 08.08.2012

JPMorgan ADITYA SRINATH neutral 3 M 7'250 Not Provided 18.07.2012

Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI sell 1 M 5'300 Not Provided 25.04.2012

Ciptadana Sekuritas SYAIFUL ADRIAN buy 5 M 9'200 Not Provided 01.11.2011

Holdings By:

Bank Mandiri Persero Tbk PT ee


20.02.2013

Cemex SAB de CV is a building products company. The Company produces,

distributes, and markets cement, ready-mix concrete, aggregates, and related

building materials. Cemex operates throughout the Americas, Europe, Africa, the

Middle East, and Asia.


LTM as of: 09/yy

52-Week High (30.01.2013) 11.20

52-Week Low (14.06.2012) 4.94

Daily Volume

10.845




Shares Out 30.09.2012 1'091.7 Short Int 65.25

11'839.71 1 Yr Total Return 32.38%





Enterprise Value -


CX US EQUITY YTD Change - Average Volume 30 Day 15'352'573

CX US EQUITY YTD % CHANGE - Average Volume 3 Month 13'261'127


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

225'665.0 197'801.0 177'641.0 189'887.0 197'036.4 181'984.3 199'479.9 203'658.9 218'573.4 45'719.3 51'870.8

1.75x 1.98x 2.05x 1.74x 1.77x 7.14x 6.65x 1.78x 1.60x - -

45'787.0 36'153.0 29'844.0 29'600.0 28'691.7 27'551.4 31'840.7 36'941.9 43'438.2 8'313.1 10'435.9

8.63x 10.85x 12.23x 11.18x 12.15x 10.74x 10.58x - - - -

2'278.0 1'409.0 (13'482.0) (24'788.0) (11'881.2) (18'488.9) (7'538.7) (1'245.2) 4'167.3 (1'085.6) 389.3

- - - - - 0.00x 0.00x - 40.10x - -


EBIT 11'507.49 Long-Term Rating B


Pretax Margin -2.60% Short-Term Rating Date -

Return on Assets -2.33% Short-Term Rating -

Return on Common Equity -8.02%





EBITDA Margin 14.7%


Net Income Margin -6.0% Total Debt/Capital 57.2%

Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cemex SAB de CVPrice/Volume

Valuation Analysis

7'859'278.00


!-.0123456

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1! ! 9

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-.! ! 9

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! !!

! .!

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20.02.2013


DODGE & COX DODGE & COX 13F 72'509'246 6.64 (940'688) 30.09.2012 Investment Advisor

SOUTHEASTERN ASSET M n/a 13G 42'380'004 3.88 (51'637'295) 31.10.2012 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 40'002'440 3.66 12'671'682 30.09.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 34'232'905 3.14 (115'853) 30.09.2012 Investment Advisor

BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 31'536'979 2.89 (2'089'056) 30.09.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 27'113'289 2.48 4'887'734 30.09.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 17'617'598 1.61 549'113 30.09.2012 Investment Advisor

MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 14'403'100 1.32 14'403'100 30.09.2012 Investment Advisor

CAPITAL INTERNATIONA CAPITAL INTERNATIONA 13F 11'142'592 1.02 1'537'468 30.09.2012 Investment Advisor

ASHMORE GROUP PLC ASHMORE GROUP PLC 13F 10'567'233 0.97 5'583'900 30.09.2012 Hedge Fund Manager

DELAWARE MANAGEMENT DELAWARE MANAGEMENT 13F 9'751'441 0.89 (748'483) 30.09.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 9'461'354 0.87 (682'001) 30.09.2012 Investment Advisor

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 8'951'527 0.82 84'057 30.09.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 8'906'105 0.82 147'011 30.09.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 7'487'970 0.69 (925'886) 30.09.2012 Investment Advisor

WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 7'244'559 0.66 325'950 30.09.2012 Investment Advisor

GATES FOUNDATION BILL & MELINDA FOUND 13F 6'566'511 0.6 - 30.09.2012 Endowment

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 5'387'775 0.49 1'530'602 30.09.2012 Investment Advisor

NOMURA HOLDINGS INC NOMURA HOLDINGS INC 13F 5'063'481 0.46 70'221 30.06.2012 Investment Advisor

MARATHON ASSET MANAG MARATHON ASSET MANAG 13F 4'779'226 0.44 1'468'628 30.09.2012 Investment Advisor


RBC Capital Markets ROBERT C WETENHALL JR sector perform 3 M 10 12 month 29.11.2012

Sterne, Agee & Leach TODD VENCIL neutral 3 M #N/A N/A Not Provided 29.11.2012

Credit Suisse VANESSA QUIROGA outperform 5 M 12 Not Provided 28.11.2012

Jefferies MICHAEL F BETTS buy 5 M 10 12 month 28.11.2012

Itau BBA Securities VIVIAN SALOMON outperform 5 M 10 Not Provided 28.11.2012

Longbow Research GARIK S SHMOIS neutral 3 M #N/A N/A Not Provided 28.11.2012

Barclays BENJAMIN M THEURER equalweight 3 M 10 Not Provided 28.11.2012

Scotia Capital MARCOS DURAN Y CASAHONDA sector outperform 5 M 11 12 month 27.11.2012

Morgan Stanley NIKOLAJ LIPPMANN Underwt/In-Line 1 M #N/A N/A Not Provided 09.11.2012

GBM LILIAN OCHOA market outperform 4 M 10 12 month 07.11.2012

HSBC FRANCISCO SUAREZ SAVIN neutral 3 M 9 Not Provided 07.11.2012

Banco BTG Pactual SA GORDON LEE buy 5 M 10 12 month 07.11.2012

Imperial Capital LLC ANDREW CASELLA in-line 3 M 7 12 month 17.10.2012

Banorte-IXE CARLOS HERMOSILLO buy 5 M 9 Not Provided 15.10.2012

Actinver SA RAMON ORTIZ hold 3 M #N/A N/A Not Provided 05.10.2012

JPMorgan ADRIAN E HUERTA overweight 5 M 9 12 month 22.08.2012

BBVA FRANCISCO CHAVEZ MARTINEZ market perform 3 M 8 Not Provided 03.08.2012

BB&T Capital Markets JOHN F KASPRZAK JR hold 3 M #N/A N/A Not Provided 20.07.2012

Goldman Sachs EDUARDO SIFFERT COUTO neutral/attractive 3 M 7 12 month 26.04.2012

Grupo Santander GONZALO FERNANDEZ hold 3 M 9 Not Provided 03.02.2012

Deutsche Bank ESTEBAN POLIDURA buy 5 U 10 12 month 02.02.2012

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

Holdings By:

Cemex SAB de CV ee


20.02.2013

Kia Motors Corporation manufactures, sells, and exports passenger cars,

mini-buses, trucks, and commercial vehicles. The Company also produces various

auto parts.


LTM as of: 09/yy

52-Week High (02.05.2012) 84'800.00

52-Week Low (28.01.2013) 47'850.00

Daily Volume

54700





22'173'376.00 1 Yr Total Return -22.74%

Total Debt 3'701'693.00 YTD Return -3.19%






000270 KS EQUITY YTD Change - Average Volume 30 Day 2'050'983

000270 KS EQUITY YTD % CHANGE - Average Volume 3 Month 2'029'296


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

16'382'231.0 18'415'739.0 23'222'969.0 27'742'277.0 28'007'913.0 ######### ######### ######### ######### ######### #########

0.43x 0.57x 0.95x 1.01x - 4.08x 3.09x 0.57x 0.62x - -

1'023'733.0 1'827'909.0 2'402'792.0 2'597'837.0 - ######### ######### ######### ######### - -

6.85x 5.70x 9.21x 10.77x - 11.28x 0.00x 7.19x 7.19x - -

113'784.0 1'450'260.0 1'420'636.0 1'804'842.0 2'136'797.0 ######### ######### ######### ######### 956'300.0 #########

19.97x 5.08x 13.96x 14.72x - 15.42x 0.00x 5.23x 4.80x - -


EBIT 1'645'332.00 Long-Term Rating BBB+









EBITDA Margin 9.4%



Asset Turnover 1.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kia Motors CorpPrice/Volume

Valuation Analysis

1'789'266.00


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3 ! 9

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

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

! !!

. !!

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20.02.2013


HYUNDAI MOTOR CO n/a EXCH 137'318'251 33.88 - 27.04.2012 Corporation

NATIONAL PENSION SER n/a EXCH 28'154'313 6.95 4'133'953 02.11.2011 Investment Advisor



EUI SUN CHUNG n/a EXCH 7'061'331 1.74 - 27.04.2012 n/a




MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 3'149'616 0.78 1'240'860 30.06.2012 Mutual Fund Manager

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 3'129'779 0.77 1'246'830 30.06.2012 Investment Advisor

UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1'987'581 0.49 27'966 30.06.2012 Mutual Fund Manager


KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'716'012 0.42 (339'655) 30.06.2012 Mutual Fund Manager


EMPLOYEE STOCK OWNER n/a Co File 1'554'703 0.38 (102'440) 30.09.2011 n/a

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'468'000 0.36 - 30.09.2012 Investment Advisor


ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 964'036 0.24 172'840 30.06.2012 Mutual Fund Manager

KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 902'577 0.22 128'819 30.06.2012 Mutual Fund Manager

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 883'563 0.22 (35'875) 30.06.2012 Investment Advisor


Daewoo Securities PARK YOUNG HO buy 5 M 80'000 12 month 29.11.2012

Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 93'000 12 month 29.11.2012

KTB Securities NAM KYEONG MOON buy 5 M 70'000 12 month 26.11.2012

Hana Daetoo Securities SONG SUN-JAE buy 5 M 80'000 12 month 26.11.2012

Standard Chartered DAVID KIM outperform 5 M 82'000 12 month 22.11.2012

Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 77'000 12 month 22.11.2012

Samsung Securities YOON PIL JOONG buy 5 M 78'000 12 month 21.11.2012

KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 95'000 6 month 21.11.2012

KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 100'000 12 month 20.11.2012

Korea Investment & Securities SUH SUNGMOON buy 5 M 105'000 12 month 19.11.2012

Tong Yang Investment Bank AHN SANG JUN buy 5 M 84'000 12 month 19.11.2012

HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 90'000 6 month 14.11.2012

Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 90'000 12 month 14.11.2012

Goldman Sachs SEUNG SHIN neutral/neutral 3 M 62'700 12 month 14.11.2012

Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 78'000 12 month 13.11.2012

Deutsche Bank SANJEEV RANA buy 5 M 78'500 12 month 06.11.2012

Nomura ANGELA HONG buy 5 M 85'000 Not Provided 06.11.2012

Barclays PAUL HWANG overweight 5 M 76'000 Not Provided 06.11.2012

NH Investment & Securities LEE SANG-HYUN buy 5 M 120'000 6 month 05.11.2012

Macquarie MICHAEL SOHN outperform 5 M 75'000 12 month 05.11.2012

Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 94'000 6 month 05.11.2012

BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 100'000 12 month 05.11.2012

JPMorgan PARK WAN SUN overweight 5 M 81'000 12 month 04.11.2012

Kyobo Securities SONG SANG-HOON buy 5 M 96'000 12 month 02.11.2012

E*Trade Securities Korea KANG SANG-MIN buy 5 M 120'000 12 month 31.10.2012

Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 97'000 12 month 29.10.2012

Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 80'000 6 month 29.10.2012

Hyundai Securities CHAE HEE-GUEN buy 5 M 76'000 6 month 29.10.2012

Woori Investment & Securities CHO SOO-HONG buy 5 M 81'000 12 month 29.10.2012

Credit Suisse HENRY KWON neutral 3 M 70'000 Not Provided 29.10.2012

Mirae Asset Securities YOON-KI KIM buy 5 M 110'000 12 month 29.10.2012

IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 90'000 12 month 29.10.2012

Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 100'000 6 month 29.10.2012

LIG Investment Securities IN-WOO PARK buy 5 M 95'000 12 month 29.10.2012

HSBC PAUL CHOI overweight 5 M 88'000 Not Provided 28.10.2012

Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 D 66'000 Not Provided 26.10.2012

SK Securities Co Ltd KIM YONG-SOO buy 5 M 105'000 6 month 16.10.2012

HI Investment Securities KOH TAE-BONG buy 5 M 110'000 6 month 11.10.2012

Hanyang Securities KIM YEON-WOO buy 5 M 110'000 6 month 27.09.2012


First Global Stockbroking MITUL SHAH market perform 3 M #N/A N/A Not Provided 10.05.2012

Daniel Stewart & Co AMRIT SINGH outperform 5 M #N/A N/A Not Provided 01.02.2012

DBS Vickers JAY KIM buy 5 M 88'000 12 month 30.01.2012

Holdings By:

Kia Motors Corp ee


20.02.2013

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding

Companies Act, was established on September 29, 2008, through stock transfer

with the former shareholders of its subsidiaries including Kookmin Bank in

order to provide management services and financing to associated companies.

The headquarters are located at Seoul, Korea


LTM as of: 06/yy

52-Week High (22.03.2012) 44'500.00

52-Week Low (25.07.2012) 32'500.00

Daily Volume

38700





14'951'811.00 1 Yr Total Return -6.72%



Minority Interest - Analyst Recs 43

Cash and Equivalents - Consensus Rating 4.581



105560 KS EQUITY YTD Change - Average Volume 30 Day 1'930'182

105560 KS EQUITY YTD % CHANGE - Average Volume 3 Month 1'578'548


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

635'268.0 696'562.0 131'459.0 26'999.0 - 31'682.0 703'368.0 - - - -

20.05x 34.26x - - - 1974.48x 22.95x - - - -

616'576.0 599'907.0 95'109.0 (19'210.0) - (12'623.0) 659'641.0 - - - -

20.66x 39.78x - - - 0.00x 0.00x - - - -

611'927.0 539'818.0 41'575.0 (63'678.0) 646'235.5 (62'983.0) 635'162.0 - - - -

15.79x 35.99x 495.87x - - 0.00x 22.49x - - - -

EBITDA -19'210.00 Long-Term Rating Date -


Operating Margin - Long-Term Outlook -

Pretax Margin -241.58% Short-Term Rating Date -

Return on Assets -0.34% Short-Term Rating -

Return on Common Equity -0.36%

Return on Capital -0.35% EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -9.37

EBITDA Margin -71.2%


Net Income Margin -235.9% Total Debt/Capital 1.0%

Asset Turnover 0.00







Fiscal Year Ended

KB Financial Group IncPrice/Volume

Valuation Analysis

2'960'770.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!!

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3 ! 9

4 ! 9

5 ! 9

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

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

! !!

-!! !!

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20.02.2013


CITIBANK NA n/a Co File 33'653'277 8.71 - 31.12.2011 Bank

NATIONAL PENSION SER n/a EXCH 31'817'770 8.24 3'922'890 01.08.2012 Investment Advisor

FRANKLIN RESOURCES I n/a EXCH 21'433'578 5.55 (425'413) 10.10.2012 Investment Advisor

ING BANK NV n/a Co File 19'401'044 5.02 - 31.12.2011 Bank


VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'083'915 1.83 (611'129) 30.09.2012 Investment Advisor



EMPLOYEE STOCK OWNER n/a Co File 3'404'834 0.88 - 31.12.2011 n/a


JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'323'200 0.6 315'047 30.09.2011 Mutual Fund Manager


MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'046'618 0.53 186'052 30.06.2012 Investment Advisor

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'938'615 0.5 468'233 30.06.2012 Mutual Fund Manager


ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 1'527'759 0.4 493'299 30.09.2012 Investment Advisor


MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'362'288 0.35 162'498 30.06.2012 Mutual Fund Manager


KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 1'181'981 0.31 135'966 30.06.2012 Mutual Fund Manager


Shinhan Investment Corp KIM SOO-HYUN SEAN buy 5 M 52'000 12 month 29.11.2012

Mirae Asset Securities HEATHER KANG buy 5 M 48'000 12 month 29.11.2012

NH Investment & Securities KIM EUN-GAB market perform 3 M #N/A N/A Not Provided 28.11.2012

Tong Yang Investment Bank SUNG BYUNG-SOO buy 5 M 45'000 12 month 28.11.2012

Woori Investment & Securities JASON CHOI buy 5 M 55'000 12 month 28.11.2012

IBK Securities Co Ltd PARK JIN-HYOENG buy 5 M 50'000 12 month 28.11.2012

Hanwha Securities Co., Ltd KYU-SUN SHIM buy 5 M 57'300 6 month 27.11.2012

LIG Investment Securities SOHN JOON-BEUM buy 5 M 57'000 12 month 27.11.2012

Samsung Securities JAEWOO KIM hold 3 M 46'000 12 month 26.11.2012

Hana Daetoo Securities HAN JEONG-TAE buy 5 M 50'000 12 month 26.11.2012

Daewoo Securities KU YONG UK buy 5 M 53'000 12 month 22.11.2012

HI Investment Securities YOO SANG-HO buy 5 M 49'000 12 month 21.11.2012

E*Trade Securities Korea HA HAKSOO market perform 3 M 41'200 12 month 21.11.2012

Daishin Securities Co., Ltd. CHOI JUNG-WOOK buy 5 M 54'000 6 month 20.11.2012

Morgan Stanley JOON SEOK Equalwt/In-Line 3 M 39'000 12 month 18.11.2012

Shinyoung Securities Co., Ltd. IM IL-SUNG buy 5 M 51'000 12 month 14.11.2012

BNP Paribas Equity Research MICHELLE CHO hold 3 M 36'700 12 month 14.11.2012

Standard Chartered JUSTIN KIM outperform 5 M 50'000 12 month 30.10.2012

Dongbu Securities Co Ltd LEE BYUNG-GUN buy 5 M 51'800 12 month 29.10.2012

Meritz Securities Co., Ltd JUN JAE-GON buy 5 N 52'000 6 month 29.10.2012

Hyundai Securities KOO KYUNG-HWE buy 5 M 55'000 6 month 29.10.2012

Eugene Investment & Securities Co., LtdKIM IN hold 3 M 44'000 12 month 29.10.2012

HMC Investment Securities Co Ltd SEUNG-JOON LEE buy 5 M 52'000 6 month 29.10.2012

SK Securities Co Ltd BAE JUNG-HYUN buy 5 M 55'000 6 month 29.10.2012

Credit Suisse GIL HYUNG KIM outperform 5 M 52'000 Not Provided 29.10.2012

KIWOOM Securities Co Ltd SEO YOUNG-SOO outperform 5 M 41'000 6 month 29.10.2012

Taurus Investment Securities Co Ltd LEE CHANG-WOOK buy 5 M 45'100 6 month 29.10.2012

Goldman Sachs STAN LEE Buy/Neutral 5 M 50'000 12 month 26.10.2012

JPMorgan SCOTT YH SEO overweight 5 M 48'000 12 month 26.10.2012

HSBC TODD DUNIVANT overweight 5 M 45'000 Not Provided 26.10.2012

Nomura MICHAEL NA buy 5 M 52'000 Not Provided 26.10.2012

Daiwa Securities Co. Ltd. ANDERSON CHA buy 5 M 50'000 Not Provided 18.10.2012

Korea Investment & Securities LEE JOANNE buy 5 M 57'000 12 month 08.10.2012

Macquarie CHAN HWANG outperform 5 M 45'000 12 month 01.10.2012


Deutsche Bank JEE HOON PARK hold 3 M 40'000 12 month 23.08.2012

KTB Securities HONG HUN-PIO buy 5 M 55'000 12 month 30.07.2012

Barclays HA SUN MOK suspended coverage #N/A N/A M #N/A N/A Not Provided 20.04.2012

Kyobo Securities HWANG SEOK-KYU buy 5 M 57'500 6 month 02.04.2012

Holdings By:

KB Financial Group Inc ee


20.02.2013

PT Semen Gresik (Persero) Tbk manufactures cement including portland cement, oil

well cement, and mixed cement. Through its subsidiaries, the Company also

develops and operates an industrial estate, mines limestone and clay, and

packages and distributes cement.


LTM as of: 09/yy

52-Week High (21.12.2012) 16'950.00

52-Week Low (04.06.2012) 9'900.00

Daily Volume

16500





97'870'080.00 1 Yr Total Return 51.54%







SMGR IJ EQUITY YTD Change - Average Volume 30 Day 6'985'200

SMGR IJ EQUITY YTD % CHANGE - Average Volume 3 Month 7'547'694


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

9'600'800.6 12'209'846.1 14'387'849.8 14'344'188.7 16'378'793.8 ######### ######### ######### ######### ######### -

3.19x 1.72x 2.82x 3.70x 4.05x 13.16x 15.61x 5.02x 4.24x - -

2'848'528.5 3'861'277.1 4'767'503.9 4'963'954.9 4'867'459.8 ######### ######### ######### ######### - -

10.75x 5.44x 8.53x 10.70x 13.64x 8.92x 14.17x 14.63x 11.86x - -

1'775'408.3 2'523'544.5 3'326'488.0 3'633'219.9 3'925'441.8 ######### ######### ######### ######### ######### #########

18.73x 9.80x 13.34x 15.42x 17.30x 12.43x 18.82x 20.88x 17.17x 17.70x 16.57x











EBITDA Margin 35.5%



Asset Turnover 0.92







Fiscal Year Ended

Semen Indonesia Persero Tbk PTPrice/Volume

Valuation Analysis

4'147'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-2 ! 9

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0! ! 9

02 ! 9

0.0

2'000'000.0

4'000'000.0

6'000'000.0

8'000'000.0

10'000'000.0

12'000'000.0

14'000'000.0

16'000'000.0

18'000'000.0

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

! !!

. !!

1 !!

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5 !!

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-. !!

-1 !!

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20.02.2013


PEMERINTAH RI n/a EXCH 3'025'668'362 51.01 - 31.03.2012 Government









JENNISON ASSOCIATES Multiple Portfolios MF-AGG 25'827'004 0.44 (4'176'075) 30.09.2012 Investment Advisor

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 23'440'947 0.4 1'830'190 28.09.2012 Unclassified

HARDING LOEVNER LP Multiple Portfolios MF-AGG 20'416'700 0.34 2'361'000 30.06.2012 Investment Advisor



VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 17'124'652 0.29 (1'432'249) 29.06.2012 Investment Advisor



RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 13'485'500 0.23 976'000 30.09.2012 Investment Advisor


GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 13'206'000 0.22 (60'500) 30.09.2012 Investment Advisor


Kim Eng Securities ANTHONY YUNUS buy 5 M 16'500 12 month 29.11.2012


Morgan Stanley MEAN PHIL CHONG Overwt/Attractive 5 M 17'500 12 month 27.11.2012

Bahana Securities TEGUH P. HARTANTO buy 5 U 17'600 Not Provided 26.11.2012

Andalan Artha Advisindo Sekuritas PT ADOLF SUTRISNO buy 5 U 16'500 12 month 26.11.2012

Danareksa CHANDRA S PASARIBU buy 5 M 16'500 Not Provided 22.11.2012

Mandiri Sekuritas PT/Indonesia OCTAVIUS OKY PRAKARSA Under Review #N/A N/A M #N/A N/A Not Provided 20.11.2012

Nomura ANDY LESMANA buy 5 M 14'850 Not Provided 18.11.2012

JPMorgan LILIANA S BAMBANG restricted #N/A N/A M #N/A N/A Not Provided 15.11.2012

AmCapital Indonesia HELMI THERIK hold 3 M 14'700 12 month 09.11.2012


Sucorinvest Central Gani GIFAR INDRA SAKTI hold 3 M 15'650 12 month 01.11.2012

CIMB LYDIA TOISUTA neutral 3 D 16'500 12 month 31.10.2012

Trimegah Securities Tbk PT MICHELE GABRIELA buy 5 M 16'400 12 month 31.10.2012

UOB Kay Hian MARWAN HALIM buy 5 M 17'200 Not Provided 31.10.2012

Indo Premier Securities AGUS PRAMONO sell 1 D 13'500 12 month 31.10.2012


Credit Suisse ELLA NUSANTORO outperform 5 M 13'850 Not Provided 01.10.2012




Ciptadana Sekuritas TRIWIRA JUNIARTA TJANDRA buy 5 M 15'000 12 month 29.08.2012

Samuel Sekuritas Indonesia ADRIANUS BIAS PRASURYO hold 3 M 12'500 12 month 30.07.2012

PT Etrading Securities BETRAND RAYNALDI buy 5 M 13'700 Not Provided 01.05.2012

PT Batavia Prosperindo Sekuritas PARNINGOTAN JULIO hold 3 D 12'300 12 month 10.02.2012

BNI Securities MAXI LIESYAPUTRA buy 5 M 13'100 12 month 31.01.2012

Holdings By:

Semen Indonesia Persero Tbk PT ee


20.02.2013

Grupo Mexico SAB de CV mines, processes, and markets copper, silver, gold,

molybdenum, lead, and zinc. The Company holds concessions to operate the

Pacifico-Norte and Chihuahua-Pacifico Railroad lines. Grupo Mexico, through

subsidiaries, operates open-pit copper mines, underground mines, a coal mine,

copper smelters, a rod mill facility, and a precious metals refinery.


LTM as of: 09/yy

52-Week High (25.01.2013) 50.30

52-Week Low (12.06.2012) 34.65

Daily Volume

49.5





385'357.50 1 Yr Total Return 24.37%







GMEXICOBMM EQUITY YTD Change - Average Volume 30 Day 7'396'387

GMEXICOBMM EQUITY YTD % CHANGE - Average Volume 3 Month 8'002'002


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

5'946.0 4'868.9 8'139.5 10'465.0 10'182.9 10'281.5 10'137.8 10'791.2 11'698.0 2'468.5 2'834.0

0.97x 4.26x 4.12x 2.46x 3.13x 11.19x 10.28x 3.14x 2.94x - -

2'860.1 2'133.8 4'008.9 5'204.9 4'708.6 5'193.6 4'792.3 5'336.2 5'725.4 1'161.0 1'211.0

2.02x 9.73x 8.37x 4.94x 6.76x 4.55x 6.00x 6.38x 5.95x - -

1'071.0 867.9 1'659.4 2'456.9 2'364.0 2'304.6 2'269.3 2'503.1 2'668.6 532.0 558.0

4.53x 19.75x 18.80x 9.33x 11.91x 9.18x 11.33x 12.39x 11.55x 11.38x -











EBITDA Margin 46.2%



Asset Turnover 0.57








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Grupo Mexico SAB de CVPrice/Volume

Valuation Analysis

3'207'811.00


!2

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j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. ! 9

-! ! 9

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0! ! 9

1! ! 9

2! ! 9

3! ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

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



20.02.2013


EMPRESARIOS IND DE M n/a Co File 2'811'209'084 36.11 - 29.04.2011 Other

MOTA-VELASCO GERMAN n/a Co File 1'213'830'907 15.59 - 29.04.2011 n/a




LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 65'881'437 0.85 (15'295'123) 31.10.2012 Investment Advisor




BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 19'645'381 0.25 - 27.11.2012 Investment Advisor


OPERADORA INBURSA SA Multiple Portfolios MF-AGG 13'134'692 0.17 - 28.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 12'674'492 0.16 (6'300) 27.11.2012 Investment Advisor


OPERADORA GBM SA DE Multiple Portfolios MF-AGG 11'241'924 0.14 (88'000) 28.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'687'622 0.14 (1'820'478) 30.09.2012 Investment Advisor

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 10'660'250 0.14 (696'629) 28.09.2012 Mutual Fund Manager

GARTMORE INVESTMENT Multiple Portfolios MF-AGG 10'604'149 0.14 1'111'200 30.09.2012 Investment Advisor

GESTION SANTANDER ME Multiple Portfolios MF-AGG 10'224'629 0.13 2'658'166 28.09.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 7'615'353 0.1 (617'900) 31.08.2012 Investment Advisor


JPMorgan RODOLFO R DE ANGELE neutral 3 M 44 12 month 26.11.2012

Banco BTG Pactual SA EDMO CHAGAS neutral 3 M 50 12 month 14.11.2012

BBVA JEAN-BAPTISTE BRUNY outperform 5 M 49 12 month 07.11.2012


Morgan Stanley CARLOS DE ALBA Equalwt/No Rating 3 M 50 12 month 25.10.2012

GBM RODRIGO C GARCILAZO market outperform 4 M 52 12 month 25.10.2012

Banorte-IXE MARISSA GARZA OSTOS buy 5 M 49 Not Provided 25.10.2012

Itau BBA Securities MARCOS ASSUMPCAO outperform 5 M 50 Not Provided 25.10.2012

Deutsche Bank RODRIGO BARROS hold 3 M 52 12 month 24.10.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 20.08.2012

Invex Casa de Bolsa SA de CV OCTAVIO DIAZ ESCAMILLA buy 5 M 46 12 month 07.08.2012

Goldman Sachs MARCELO AGUIAR neutral/attractive 3 M 43 12 month 03.08.2012

Barclays LEONARDO ANDRADE CORREA equalweight 3 M 41 Not Provided 30.07.2012

Vector Servicios Financieros JULIO ZETINA buy 5 M 49 Not Provided 04.05.2012

Grupo Santander GONZALO FERNANDEZ buy 5 M 45 Not Provided 13.12.2011

Interacciones Casa de Bolsa MARCO REYES buy 5 M 60 Not Provided 03.06.2011

Holdings By:

Grupo Mexico SAB de CV ee


20.02.2013

Guaranty Trust Bank Plc. provides commercial banking services to its customers.

The Bank's services include retail banking, granting of loans and advances,

equipment leasing, corporate finance, money market activities, and allied

services, as well as foreign exchange operations. The bank's only subsidiary

is involved in funds and portfolio management services.


LTM as of: 09/yy

52-Week High (04.02.2013) 26.50

52-Week Low (30.03.2012) 13.49

Daily Volume

25.08





738'134.00 1 Yr Total Return 91.71%





Enterprise Value -


GUARANTYNL EQUITY YTD Change - Average Volume 30 Day 20'189'620

GUARANTYNL EQUITY YTD % CHANGE - Average Volume 3 Month 16'484'430


28.02.2007 29.02.2008 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

- 78'825.8 162'550.4 153'908.0 186'052.4 170'893.6 216'004.9 181'359.1 199'854.4 45'000.0 -

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

- - - - - 0.0 0.0 - - - -

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

- 20'800.4 23'675.6 37'916.3 52'115.6 48'206.7 75'694.3 79'876.5 86'194.2 9'000.0 -

- 21.89x 12.21x 10.92x 8.44x 7.02x 8.51x 9.18x 8.54x - -


EBIT - Long-Term Rating BB-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.13







Fiscal Year Ended

Guaranty Trust Bank PLCPrice/Volume

Valuation Analysis

17'351'559.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9

.! ! 9

1! ! 9

3! ! 9

5! ! 9

-!! ! 9

-.! ! 9

-1! ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

1 2!

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20.02.2013


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 464'983'314 1.58 9'845'738 30.09.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 299'041'834 1.02 (876'470) 30.09.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 110'416'650 0.38 - 31.07.2012 Bank


DWS INVESTMENT SA Multiple Portfolios MF-AGG 58'900'000 0.2 150'000 28.09.2012 Mutual Fund Manager

GCIC LTD/CANADA Multiple Portfolios MF-AGG 55'232'700 0.19 1'406'300 30.06.2012 Investment Advisor



EATON VANCE MANAGEME Multiple Portfolios MF-AGG 32'357'400 0.11 (30'623'074) 31.08.2012 Investment Advisor


AGBAJE JK OLUSEGUN S n/a Co File 32'146'651 0.11 - 31.12.2011 n/a

ADERINOKUN OLUTAYO n/a Co File 31'688'541 0.11 - 31.12.2011 n/a


CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 22'880'000 0.08 - 28.09.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 17'547'628 0.06 17'547'628 31.08.2012 Mutual Fund Manager

DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 16'051'888 0.05 - 28.09.2012 Hedge Fund Manager

OSUNTOKI TITILAYO n/a Co File 15'967'260 0.05 - 31.12.2011 n/a

HOLBERG FONDSFORVALT Multiple Portfolios MF-AGG 14'636'847 0.05 1'250'000 31.10.2012 Mutual Fund Manager

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 14'513'224 0.05 - 30.09.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 14'500'000 0.05 - 29.06.2012 Investment Advisor


Renaissance Capital NOTHANDO NDEBELE buy 5 M 24 12 month 22.11.2012

Legae Securities PETER MUSHANGWE hold 3 M 22 Not Provided 22.11.2012

HSBC AYBEK ISLAMOV overweight 5 M 26 Not Provided 12.11.2012

FBN Capital Ltd OLUBUNMI ASAOLU neutral 3 M 21 12 month 29.10.2012

Deutsche Bank RYAN AYACHE buy 5 N 24 12 month 19.10.2012

Asset and Resource Management ADEOLU OMOTOLA buy 5 M 26 Not Provided 19.10.2012

African Alliance Research STEVE MOTSI hold 3 M 19 Not Provided 19.10.2012

CSL GLORIA OBAYAGBO not rated #N/A N/A M #N/A N/A Not Provided 18.10.2012

Imara BRIAN K MUGABE hold 3 M 20 Not Provided 05.10.2012

JPMorgan NARESH BILANDANI overweight 5 M 20 6 month 24.09.2012

BGL Plc FEMI ADEMOLA buy 5 M 24 12 month 10.09.2012

Primera Africa Securities Limite TEAM COVERAGE buy 5 N 22 12 month 03.09.2012

Morgan Stanley SAMUEL GOODACRE Underwt/In-Line 1 N 15 12 month 08.08.2012

Vetiva Capital Management Ltd ABIOLA RASAQ accumulate 4 M 18 Not Provided 10.07.2012

GTB Asset Management TEAM COVERAGE buy 5 M 19 12 month 11.06.2012

Greenwich Trust Limited TEAM COVERAGE buy 5 M 18 12 month 14.05.2012

First Securities Discount TEAM COVERAGE buy 5 M 18 Not Provided 27.01.2012

Exotix Limited RONAK R GADHIA buy 5 U 17 6 month 16.11.2011

Chapel Hill Denham Securities Ltd ABIMBOLA SMITH buy 5 M 16 Not Provided 08.11.2011

Cordros Capital Limited TEAM COVERAGE buy 5 M 17 3 month 20.10.2011

Meristem Securities Ltd TEAM COVERAGE buy 5 U 22 Not Provided 11.07.2011

Thaddeus Investment Advisor & ResearchJUDE FEJOKWU neutral 3 M 10 Not Provided 04.01.2010

Holdings By:

Guaranty Trust Bank PLC ee


20.02.2013

Commercial International Bank Egypt SAE (CIB) provides a range of financial

services such as asset and liability products, securitization, direct investing,

wealth management and treasury to enterprises, other institutions, households

and high net worth individuals. The Bank, through its subsidiaries, offers life

insurance, leasing & factoring, investment banking, brokerage and research


LTM as of: 09/yy

52-Week High (29.10.2012) 39.60

52-Week Low (19.06.2012) 21.11

Daily Volume

34.39





20'538.65 1 Yr Total Return 46.64%





Enterprise Value -


COMI EY EQUITY YTD Change - Average Volume 30 Day 1'020'049

COMI EY EQUITY YTD % CHANGE - Average Volume 3 Month 983'766


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

5'323.2 5'481.5 6'339.7 6'883.4 9'473.7 6'819.8 8'768.2 5'667.0 6'377.4 - -

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

- - - - - 0.0 0.0 - - - -

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

1'370.6 1'744.0 2'020.7 1'614.7 2'226.2 1'669.6 2'188.2 2'506.0 2'873.2 - -

7.94x 18.50x 13.92x 6.92x 9.27x 8.17x 9.43x 8.24x 7.24x - -


EBIT - Long-Term Rating B-

Operating Margin 55.26% Long-Term Outlook NEG


Return on Assets 2.48% Short-Term Rating C




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Commercial International Bank Egypt SAEPrice/Volume

Valuation Analysis

1'379'088.00


!2

-!-2.!.20!021!12

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9- ! 9. ! 90 ! 91 ! 92 ! 93 ! 94 ! 95 ! 96 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



20.02.2013


ACTIS CIB MAURITIUS #N/A N/A EXCH 54'602'244 9.14 - 30.06.2012 Other

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 29'939'200 5.01 422'004 30.09.2012 Investment Advisor


COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 18'399'568 3.08 437'585 31.07.2012 Bank



GCIC LTD/CANADA Multiple Portfolios MF-AGG 3'771'550 0.63 (153'600) 30.06.2012 Investment Advisor


BANQUE MISR #N/A N/A EXCH 2'694'499 0.45 - 30.06.2012 Bank

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'661'794 0.45 187'000 31.08.2012 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 2'491'459 0.42 - 30.09.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 2'440'515 0.41 (785'281) 30.09.2012 Mutual Fund Manager

AL-QAWMIYA DEV CO #N/A N/A EXCH 1'949'570 0.33 - 30.06.2012 Other

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'707'095 0.29 (585'521) 27.11.2012 Investment Advisor

BANQUE DU CAIRE #N/A N/A EXCH 1'547'725 0.26 - 30.06.2012 Bank


BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'409'236 0.24 - 27.11.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'362'133 0.23 42'910 30.06.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'265'601 0.21 - 28.09.2012 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1'100'633 0.18 53'900 31.10.2012 Investment Advisor


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


AlphaMena FATMA HERGLI add 4 M 42 Not Provided 16.11.2012

National Bank of Kuwait RAJA GHOUSSOUB hold 3 M 36 12 month 14.11.2012

EFG-Hermes ELENA SANCHEZ-CABEZUDO buy 5 M 41 Not Provided 14.11.2012

ASIB WAEL CHALAK reduce 2 D 34 Not Provided 14.11.2012

Okaz Brokerage & Investment ConsultantsENAS MOHAMED hold 3 M 28 Not Provided 15.10.2012

Goldman Sachs WALEED MOHSIN Sell/Neutral 1 M 31 12 month 12.10.2012

Sigma Securities AMIRA SALEH hold 3 N 32 Not Provided 08.10.2012

Morgan Stanley DANIEL E COWAN Overwt/In-Line 5 U 43 12 month 26.09.2012

HSBC AYBEK ISLAMOV overweight 5 M 43 Not Provided 26.09.2012

Arqaam Capital Limited JAAP MEIJER buy 5 M 44 12 month 23.09.2012

Beltone Financial SARA BOUTROS buy 5 U 38 Not Provided 18.09.2012

Prime MONETTE DOSS sell 1 M 23 Not Provided 26.08.2012

NAEEM Brokerage MAY EL HAGGAR buy 5 M 34 Not Provided 21.08.2012

Deutsche Bank RYAN AYACHE hold 3 U 27 12 month 16.08.2012

Blominvest Bank ISSA FRANGIEH hold 3 N 29 12 month 14.05.2012

CI Capital Holdings ALIA ABDOUN not rated #N/A N/A M #N/A N/A Not Provided 10.05.2012

Imara CHANDAPIWA MAJOLA buy 5 M 27 Not Provided 23.02.2012

Pharos Holdings MONSEF MORSY buy 5 U 33 Not Provided 14.08.2011

Holdings By:

Commercial International Bank Egypt SAE ee


20.02.2013

Zenith Bank PLC is a commercial bank with offices located in several parts of

Nigeria. The Bank provides services to corporate, commercial and individual

customers.


LTM as of: 09/yy

52-Week High (28.01.2013) 21.79

52-Week Low (30.03.2012) 12.10

Daily Volume

21.15





664'035.81 1 Yr Total Return 85.52%





Enterprise Value -


ZENITHBANL EQUITY YTD Change - Average Volume 30 Day 17'969'470

ZENITHBANL EQUITY YTD % CHANGE - Average Volume 3 Month 21'296'490


30.06.2007 30.09.2008 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

94'880.1 208'293.8 - 187'867.0 244'070.0 230'049.0 278'322.0 227'617.1 249'797.3 52'000.0 -

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

- - - - - 0.0 0.0 - - - -

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

18'677.0 51'608.6 - 37'330.0 43'920.0 48'907.0 64'908.0 78'974.8 84'562.8 10'000.0 -

32.73x 9.58x - 12.67x 8.70x 8.09x 8.29x 8.42x 7.96x - -


EBIT - Long-Term Rating BB-





Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -


Net Income Margin 21.0% Total Debt/Capital -

Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zenith Bank PLCPrice/Volume

Valuation Analysis

11'157'299.00


!.135

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

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9

.! ! 9

1! ! 9

3! ! 9

5! ! 9

-!! ! 9

-.! ! 9

-1! ! 9

-3! ! 9

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

! 2!

- !!

- 2!

. !!

. 2!

!3 !4 .!!4!3 !- .!!5!3 !4 .!!5!3 !- .!!6!3 !4 .!!6!3 !- .!-!!3 !4 .!-!!3 !- .!--!3 !4 .!--!3 !- .!-.!3 !4 .!-.



20.02.2013


OVIA JIM n/a Co File 2'747'223'748 8.75 - 31.12.2011 n/a



FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 444'186'247 1.41 29'406'571 30.06.2012 Investment Advisor


HARDING LOEVNER LP Multiple Portfolios MF-AGG 286'203'803 0.91 99'025'803 30.06.2012 Investment Advisor

DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 138'643'396 0.44 9'500'000 28.09.2012 Hedge Fund Manager

DWS INVESTMENT SA Multiple Portfolios MF-AGG 117'750'000 0.38 (7'018'862) 28.09.2012 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 101'716'871 0.32 71'273'252 31.08.2012 Mutual Fund Manager



EMEFIELE GODWIN n/a Co File 44'700'792 0.14 - 31.12.2011 n/a


GCIC LTD/CANADA Multiple Portfolios MF-AGG 40'000'000 0.13 - 30.06.2012 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 34'463'131 0.11 10'659'131 31.05.2012 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 31'386'472 0.1 - 31.03.2012 Investment Advisor

PYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 31'273'765 0.1 2'381'497 30.06.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 21'593'771 0.07 6'896'671 30.09.2012 Investment Advisor



Renaissance Capital NOTHANDO NDEBELE buy 5 M 22 12 month 22.11.2012

HSBC AYBEK ISLAMOV underweight 1 M 13 Not Provided 12.11.2012

BGL Plc FEMI ADEMOLA hold 3 M 19 6 month 08.11.2012

FBN Capital Ltd OLUBUNMI ASAOLU neutral 3 D 18 12 month 29.10.2012

Asset and Resource Management ADEOLU OMOTOLA neutral 3 M #N/A N/A Not Provided 23.10.2012

CSL GLORIA OBAYAGBO not rated #N/A N/A M #N/A N/A Not Provided 22.10.2012

African Alliance Research STEVE MOTSI hold 3 D 19 Not Provided 22.10.2012

Deutsche Bank RYAN AYACHE hold 3 N 17 12 month 19.10.2012

Imara BRIAN K MUGABE buy 5 M 22 Not Provided 28.09.2012

Legae Securities PETER MUSHANGWE buy 5 M 20 Not Provided 26.09.2012


GTB Asset Management TEAM COVERAGE buy 5 M 19 Not Provided 28.08.2012

Morgan Stanley SAMUEL GOODACRE Equalwt/In-Line 3 N 15 12 month 08.08.2012

Greenwich Trust Limited TEAM COVERAGE buy 5 M 16 12 month 08.08.2012

Vetiva Capital Management Ltd ABIOLA RASAQ accumulate 4 M 16 Not Provided 10.07.2012

Exotix Limited RONAK R GADHIA buy 5 M 17 6 month 21.06.2012

First Securities Discount TEAM COVERAGE buy 5 M 17 Not Provided 27.01.2012

Chapel Hill Denham Securities Ltd ABIMBOLA SMITH outperform 5 M 16 Not Provided 09.11.2011

Cordros Capital Limited TEAM COVERAGE buy 5 M 21 Not Provided 22.08.2011

Afrinvest TEAM COVERAGE accumulate 4 M 17 Not Provided 21.07.2011

Meristem Securities Ltd TEAM COVERAGE buy 5 U 20 Not Provided 11.07.2011

Thaddeus Investment Advisor & ResearchJUDE FEJOKWU neutral 3 N 16 Not Provided 31.03.2010

Holdings By:

Zenith Bank PLC ee


20.02.2013

LG Chem Ltd. is a chemical manufacturer. The Company's products include

petrochemicals, plastic resins, and engineering plastics. LG Chem also produces

industrial and electronic materials.


LTM as of: 09/yy

52-Week High (21.02.2012) 423'500.00

52-Week Low (04.06.2012) 261'500.00

Daily Volume

306000





20'278'956.00 1 Yr Total Return -26.43%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'645'000.0 13'694'516.0 16'850'454.0 19'809'874.0 20'442'789.6 ######### ######### - - - -

0.49x 1.16x 1.54x 1.08x - 5.84x 4.35x - - - -

1'728'420.0 2'390'188.0 3'019'236.0 3'095'214.0 - ######### ######### - - - -

3.61x 6.67x 8.60x 6.89x - 0.00x 8.98x - - - -

1'002'585.0 1'384'472.0 1'970'993.0 2'028'321.0 1'440'317.0 ######### ######### - - - -

6.26x 12.28x 14.59x 11.51x - 11.57x 16.19x 11.47x 10.93x - -


EBIT 1'726'959.36 Long-Term Rating A-









EBITDA Margin 12.2%



Asset Turnover 1.45







Fiscal Year Ended

LG Chem LtdPrice/Volume

Valuation Analysis

237'204.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!!!

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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!0 !- .!!6 !0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-.



20.02.2013


LG CORP n/a Co File 22'219'326 33.53 - 31.12.2011 Holding Company

NATIONAL PENSION SER n/a Co File 4'508'785 6.8 - 31.12.2011 Investment Advisor

VANGUARD GROUP INCOR VANGUARD EMERGING MA MF-USA 927'423 1.4 64'101 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 824'832 1.24 4'225 27.11.2012 Investment Advisor

VANGUARD GROUP INCOR VANGUARD MSCI EMERGI ETF 686'773 1.04 - 30.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 598'889 0.9 (130'075) 31.03.2012 Investment Advisor

SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 593'575 0.9 (36'557) 30.06.2012 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 467'031 0.7 190'304 30.06.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 458'474 0.69 200'629 30.06.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 367'034 0.55 5'284 30.09.2012 Investment Advisor

LG CHEM LTD n/a EXCH 359'784 0.54 - 21.05.2012 Corporation

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 356'690 0.54 (80'220) 30.09.2012 Investment Advisor

UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 346'553 0.52 29'859 30.06.2012 Mutual Fund Manager

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 341'244 0.51 57'405 30.06.2012 Mutual Fund Manager

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 277'016 0.42 5'698 27.11.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 242'666 0.37 (67'127) 28.11.2012 Investment Advisor

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 206'764 0.31 (26'164) 30.06.2012 Investment Advisor

VANGUARD GROUP INCOR VANGUARD TOTAL INTER MF-USA 200'153 0.3 4'326 30.09.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 199'502 0.3 14'732 30.09.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 130'993 0.2 (13'120) 30.06.2012 Investment Advisor


Korea Investment & Securities PARK KIYONG buy 5 M 370'000 12 month 29.11.2012

HI Investment Securities LEE HEE-CHEOL buy 5 M 400'000 6 month 29.11.2012

Shinyoung Securities Co., Ltd. OH JUNG-IL buy 5 M 380'000 12 month 28.11.2012

Hanwha Securities Co., Ltd LEE DA-SOL buy 5 M 400'000 6 month 27.11.2012

KB Investment & Securities Co., Ltd PARK JAE-CHUL buy 5 M 370'000 12 month 27.11.2012

LIG Investment Securities PARK YOUNG-HOON buy 5 M 395'000 12 month 27.11.2012


Standard Chartered DANIEL DO YEON LEE in-line 3 M 326'000 12 month 22.11.2012

Mirae Asset Securities YOUNG-BAE KWON buy 5 U 380'000 12 month 22.11.2012

Goldman Sachs ROSA KIM neutral/cautious 3 M 350'000 12 month 15.11.2012

Nomura CINDY PARK buy 5 M 410'000 Not Provided 13.11.2012

E*Trade Securities Korea WON YONG-JIN buy 5 M 440'000 12 month 13.11.2012

KTB Securities YOO YOUNG KOOK buy 5 M 380'000 12 month 12.11.2012

Kyobo Securities YOUNG-JOO SON buy 5 M 367'000 6 month 12.11.2012

Tong Yang Investment Bank HWANG KYU-WON buy 5 M 440'000 12 month 06.11.2012

SK Securities Co Ltd SOHN JI-WOO buy 5 M 410'000 6 month 05.11.2012

Deutsche Bank SHAWN PARK buy 5 M 350'000 12 month 31.10.2012

IBK Securities Co Ltd CHOONG-JAE LEE buy 5 M 350'000 12 month 24.10.2012

Shinhan Investment Corp YI EUNG-JU buy 5 M 385'000 12 month 23.10.2012

Morgan Stanley HARRISON H HWANG Overwt/Attractive 5 M 390'000 12 month 22.10.2012

Daewoo Securities PARK YEON-JU buy 5 M 380'000 12 month 22.10.2012

Daishin Securities Co., Ltd. AHN SANG-HEE buy 5 M 400'000 6 month 22.10.2012

NH Investment & Securities CHOI JI-HWAN buy 5 M 380'000 6 month 22.10.2012

Dongbu Securities Co Ltd KIM TAE-HEE buy 5 M 450'000 12 month 22.10.2012

Eugene Investment & Securities Co., LtdKWAK JIN-HEE buy 5 M 360'000 12 month 22.10.2012

Woori Investment & Securities KIM SUN-WOO buy 5 M 350'000 12 month 22.10.2012

Credit Suisse CHO A-HYUNG outperform 5 M 432'000 Not Provided 22.10.2012

KIWOOM Securities Co Ltd HONG JEONG-MO buy 5 M 410'000 6 month 22.10.2012

Taurus Investment Securities Co Ltd JAESUNG YOON buy 5 M 410'000 6 month 22.10.2012

BS Securities Co Ltd SEUK-WON CHOI buy 5 M 390'000 6 month 22.10.2012

JPMorgan SAMUEL SW LEE neutral 3 M 310'000 12 month 21.10.2012

Macquarie BRANDON I LEE outperform 5 M 400'000 12 month 20.10.2012

Samsung Securities SEUNGWOO KIM buy 5 M 360'000 12 month 19.10.2012

BNP Paribas Equity Research POR YONG LIANG buy 5 M 380'000 12 month 19.10.2012

Barclays KAY CHUNG overweight 5 M 421'000 Not Provided 10.10.2012

Hyundai Securities BAEK YOUNG-CHAN buy 5 M 400'000 12 month 08.10.2012

HSBC BRIAN SOHN overweight 5 M 410'000 Not Provided 02.10.2012

Bookook Securities Co Ltd CHOI SANG-DO buy 5 M 390'000 6 month 20.07.2012

Meritz Securities Co., Ltd HWANG YOU SIK buy 5 M 400'000 6 month 02.07.2012

YuHwa Securities Ltd PARK GUN-TAE buy 5 M 350'000 6 month 02.07.2012

Holdings By:

LG Chem Ltd ee


20.02.2013

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

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

auto repair service centers throughout South Korea. Hyundai Motor provides

financial services through its subsidiaries.


LTM as of: 09/yy

52-Week High (02.05.2012) 272'500.00

52-Week Low (28.01.2013) 195'000.00

Daily Volume

217000





47'799'996.00 1 Yr Total Return -2.30%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

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

0.20x 0.64x 0.86x 0.91x - 3.75x 2.77x 0.62x 0.67x - -

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

2.05x 5.60x 6.54x 6.21x - 7.04x 0.00x 5.56x 5.21x - -

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

7.42x 11.11x 13.55x 12.20x - 12.32x 12.78x 5.90x 5.49x - -


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









EBITDA Margin 14.6%



Asset Turnover 0.90







Fiscal Year Ended

Hyundai Motor CoPrice/Volume

Valuation Analysis

605'448.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

40'000'000.0

45'000'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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20.02.2013


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


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

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

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


CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 3'348'390 1.52 337'000 30.09.2012 Investment Advisor


WADDELL & REED FINAN Multiple Portfolios MF-AGG 2'702'100 1.23 - 30.09.2012 Investment Advisor



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'040'115 0.93 - 31.07.2012 Investment Advisor


MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'833'161 0.83 638'039 30.06.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'577'698 0.72 45'039 30.09.2012 Investment Advisor



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'107'844 0.5 16'963 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 919'617 0.42 298 27.11.2012 Investment Advisor

UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 730'834 0.33 (28'930) 30.06.2012 Mutual Fund Manager


Daewoo Securities PARK YOUNG HO buy 5 M 300'000 12 month 29.11.2012

HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 330'000 6 month 29.11.2012

Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 330'000 12 month 29.11.2012

Korea Investment & Securities SUH SUNGMOON buy 5 M 320'000 12 month 27.11.2012

Nomura ANGELA HONG buy 5 M 320'000 Not Provided 27.11.2012

KTB Securities NAM KYEONG MOON buy 5 M 250'000 12 month 26.11.2012


Standard Chartered DAVID KIM outperform 5 M 300'000 12 month 22.11.2012

Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 300'000 12 month 22.11.2012

NH Investment & Securities LEE SANG-HYUN buy 5 M 330'000 6 month 21.11.2012

Samsung Securities YOON PIL JOONG buy 5 M 265'000 12 month 21.11.2012

KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 330'000 6 month 21.11.2012

KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 330'000 12 month 20.11.2012

Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 294'000 12 month 19.11.2012

Tong Yang Investment Bank AHN SANG JUN buy 5 M 300'000 12 month 19.11.2012

Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 300'000 12 month 14.11.2012

Goldman Sachs SEUNG SHIN Buy/Neutral 5 M 259'000 12 month 14.11.2012

Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 280'000 12 month 13.11.2012

Deutsche Bank SANJEEV RANA buy 5 M 310'000 12 month 06.11.2012

Barclays PAUL HWANG equalweight 3 M 270'000 Not Provided 06.11.2012

Credit Suisse HENRY KWON outperform 5 M 287'000 Not Provided 05.11.2012

Macquarie MICHAEL SOHN outperform 5 M 310'000 12 month 05.11.2012

Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 313'000 6 month 05.11.2012

BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 280'000 12 month 05.11.2012

Hana Daetoo Securities SONG SUN-JAE buy 5 M 310'000 12 month 05.11.2012

JPMorgan PARK WAN SUN overweight 5 M 290'000 6 month 04.11.2012

SK Securities Co Ltd KIM YONG-SOO buy 5 M 320'000 6 month 02.11.2012

Kyobo Securities SONG SANG-HOON buy 5 M 320'000 12 month 02.11.2012

E*Trade Securities Korea KANG SANG-MIN buy 5 M 330'000 12 month 31.10.2012

Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 306'000 12 month 29.10.2012

Riedel Research Group Inc DAVID R RIEDEL buy 5 N 330'000 Not Provided 29.10.2012

Hyundai Securities CHAE HEE-GUEN buy 5 M 276'000 6 month 26.10.2012

Woori Investment & Securities CHO SOO-HONG buy 5 M 280'000 12 month 26.10.2012

Mirae Asset Securities YOON-KI KIM buy 5 M 320'000 12 month 26.10.2012

IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 320'000 Not Provided 26.10.2012

Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 300'000 6 month 26.10.2012

LIG Investment Securities IN-WOO PARK buy 5 M 310'000 12 month 26.10.2012

Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 M 310'000 Not Provided 25.10.2012

HSBC PAUL CHOI neutral 3 D 260'000 Not Provided 23.10.2012

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

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

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

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

Holdings By:

Hyundai Motor Co ee


20.02.2013

Alliance Global Group, Inc. is a holding company with interests in food and

beverage, real estate development, and fast food restaurant businesses. The

Company distills brandy, manufactures glass containers, distributes wines and

snacks, develops planned mixed-use communities, and either operates or

sub-franchises hamburger restaurants.


LTM as of: 09/yy

52-Week High (20.02.2013) 21.40

52-Week Low (21.02.2012) 10.54

Daily Volume

21.4

52-Week High % Change 0.00% Dividend Yield 1.68




219'774.31 1 Yr Total Return 107.95%







AGI PM EQUITY YTD Change - Average Volume 30 Day 17'577'560

AGI PM EQUITY YTD % CHANGE - Average Volume 3 Month 15'009'580


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

27'349.8 29'541.0 31'991.4 36'883.1 52'431.7 47'182.5 85'766.2 86'539.0 97'389.4 22'063.0 -

2.08x 1.17x 1.72x 3.50x 2.69x 11.03x 7.92x 3.15x 2.70x - -

4'812.4 1'736.4 2'987.1 7'806.0 9'643.9 8'704.4 17'158.0 19'671.4 22'001.0 - -

11.83x 19.98x 18.38x 16.55x 14.62x 14.40x 0.00x 13.79x 12.33x - -

3'292.6 3'908.8 4'796.3 6'908.6 11'608.2 11'390.6 10'702.3 11'223.4 12'946.9 2'305.0 -

14.11x 4.51x 8.43x 17.59x 8.77x 7.99x 13.97x 19.23x 16.60x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Alliance Global Group IncPrice/Volume

Valuation Analysis

14'154'100.00


!.135

-!-.-1-3-5

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9

-! ! 9

.! ! 9

0! ! 9

1! ! 9

2! ! 9

3! ! 9

4! ! 9

5! ! 9

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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20.02.2013


ANDRESONS GROUP INC n/a Co File 3'944'826'194 38.41 - 31.03.2012 Corporation

YORKSHIRE HOLDINGS n/a Co File 1'583'459'842 15.42 - 31.03.2012 n/a

TAN ANDREW L n/a Co File 341'684'350 3.33 - 31.03.2012 n/a


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 98'990'530 0.96 7'604'900 30.06.2012 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 68'763'900 0.67 (69'200) 30.09.2012 Investment Advisor


RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 39'292'000 0.38 (598'100) 31.10.2012 Investment Advisor

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 38'550'100 0.38 - 30.06.2011 Mutual Fund Manager


PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 27'153'100 0.26 - 31.10.2012 Investment Advisor

PIONEER INVESTMENT M Multiple Portfolios MF-AGG 26'954'500 0.26 1'779'800 28.09.2012 Investment Advisor


CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 23'370'000 0.23 23'370'000 30.09.2012 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 22'383'600 0.22 - 31.07.2012 Investment Advisor

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 20'914'200 0.2 (1'733'000) 31.07.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 16'584'690 0.16 (570'608) 28.09.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 15'746'000 0.15 - 31.10.2012 Investment Advisor

PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 15'318'400 0.15 15'318'400 31.10.2012 Insurance Company


Deutsche Bank MICHAEL BENGSON buy 5 M 17 12 month 21.11.2012

Philippine Equity Partners Inc JIDGETTE VELASCO buy 5 M 17 Not Provided 20.11.2012

SB Equities EDSER TRINIDAD outperform 5 M 18 12 month 20.11.2012

Wealth Securities Inc BERNARD C AVINANTE hold 3 M 17 12 month 19.11.2012

COL Financial Group Inc RICHARD LANEDA buy 5 M 14 Not Provided 16.11.2012

Kim Eng Securities KENNETH NERECINA hold 3 M 12 12 month 14.11.2012

Macquarie AARON SALVADOR neutral 3 D 16 12 month 23.10.2012


Campos, Lanuza & Company JOMAR LACSON buy 5 N 15 Not Provided 03.10.2012

Credit Suisse HAJ NARVAEZ outperform 5 M 14 Not Provided 11.07.2012

HSBC SEAN MONAGHAN overweight 5 M 15 Not Provided 27.04.2012

Angping & Associates Securities Inc. TEAM COVERAGE strong buy 5 M #N/A N/A Not Provided 31.01.2012

Holdings By:

Alliance Global Group Inc ee


20.02.2013

Orascom Construction Industries (OCI) is a construction contracting company in

emerging markets. The Company also produces and exports nitrogen-based

fertilizers.


LTM as of: 09/yy

52-Week High (16.09.2012) 305.00

52-Week Low (26.11.2012) 204.64

Daily Volume

264.88





55'343.61 1 Yr Total Return 1.15%







OCIC EY EQUITY YTD Change - Average Volume 30 Day 189'418

OCIC EY EQUITY YTD % CHANGE - Average Volume 3 Month 148'762


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

13'481.7 20'252.6 21'312.8 27'552.4 32'722.0 31'827.0 33'164.5 34'022.2 39'108.4 8'905.8 10'118.5

9.25x 1.64x 2.79x 2.62x 1.78x 6.54x 4.20x 1.96x 1.57x 6.61x 5.63x

2'384.2 4'736.8 4'421.4 6'051.1 8'222.6 5'796.6 3'306.2 7'831.9 10'545.4 1'978.0 -

52.30x 7.01x 13.46x 11.91x 7.08x 0.00x 0.00x 9.26x 6.87x - -

66'020.9 5'366.7 2'416.6 3'344.4 4'028.9 4'346.3 2'862.6 4'223.5 5'451.0 787.7 1'503.0

93.36x 7.44x 21.27x 17.69x 10.97x 10.13x 20.54x 13.47x 10.14x 10.08x 10.30x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -





Accounts Receivable Turnover - Cash Conversion Cycle 49.91



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Orascom Construction IndustriesPrice/Volume

Valuation Analysis

91'239.00


!

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0!!

02!

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9 - 9 - 9 . 9 . 9 0 9 0 9 1 9 1 9 2 9 2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



20.02.2013


NNS CAPITAL LTD #N/A N/A EXCH 110'315'236 52.8 - 30.06.2012 Other

ABRAAJ CAPITAL LTD #N/A N/A EXCH 12'532'310 6 - 30.06.2012 Private Equity


SKAGEN AS Multiple Portfolios MF-AGG 552'118 0.26 - 31.10.2012 Mutual Fund Manager

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 421'039 0.2 26'000 31.08.2012 Investment Advisor

BANQUE MISR #N/A N/A EXCH 282'210 0.14 - 30.06.2012 Bank

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 278'946 0.13 1'276 27.11.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 238'663 0.11 (117'193) 30.06.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 223'659 0.11 - 28.09.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 210'917 0.1 - 30.09.2012 Mutual Fund Manager

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 207'941 0.1 6'100 31.10.2012 Investment Advisor

BANQUE DU CAIRE #N/A N/A EXCH 183'224 0.09 - 30.06.2012 Bank

DWS INVESTMENT SA Multiple Portfolios MF-AGG 160'000 0.08 - 28.09.2012 Mutual Fund Manager

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 106'079 0.05 - 27.11.2012 Investment Advisor

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 102'370 0.05 4'350 31.08.2012 Investment Advisor

NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 101'660 0.05 - 17.10.2011 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 95'733 0.05 - 31.05.2012 Investment Advisor

SMITH BARNEY FUND MA Multiple Portfolios MF-AGG 92'720 0.04 (8'977) 29.06.2012 Investment Advisor

EGYPT POST #N/A N/A EXCH 91'380 0.04 - 30.06.2012 Government

PICTET & CIE Multiple Portfolios MF-AGG 72'500 0.03 (2'900) 31.08.2012 Mutual Fund Manager


National Bank of Kuwait LOIC PELICHET buy 5 U 303 12 month 28.11.2012

Arqaam Capital Limited MOHAMMAD KAMAL hold 3 M 290 12 month 28.11.2012

Pharos Holdings MONA EL SHAZLY buy 5 M 331 Not Provided 28.11.2012


AlphaMena KAIS KRIAA buy 5 M 405 Not Provided 16.11.2012

HSBC SRIHARSHA PAPPU overweight 5 M 381 Not Provided 02.10.2012

Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 484 12 month 01.10.2012

Beltone Financial ALLEN SANDEEP hold 3 M 288 Not Provided 18.09.2012

VTB Capital DIGVIJAY SINGH hold 3 N 280 12 month 13.09.2012

EFG-Hermes AHMED SHAMS EL DIN neutral 3 M 325 Not Provided 10.09.2012

Deutsche Bank ATHMANE BENZERROUG buy 5 M 337 12 month 06.09.2012

ASIB REINE DAGHER hold 3 M 304 Not Provided 05.09.2012

Blominvest Bank ISSA FRANGIEH accumulate 4 M 248 12 month 22.06.2012

JPMorgan MUNEEZA HASAN overweight 5 M 326 Not Provided 19.06.2012

CI Capital Holdings MUHAMMAD EL EBRASHI strong buy 5 M 294 12 month 01.05.2012

HC Securities and Investment ANKUR KHETAWAT neutral 3 M 275 Not Provided 21.12.2011

Rasmala Investment Bank HANS ZAYED buy 5 M 284 12 month 01.12.2011

Global Investment House KSCC HETTISH KARMANI buy 5 M 327 Not Provided 26.06.2011

AL-TAWFIK FINANCIAL GROUP ABDELRAHMAN THARWAT buy 5 N 320 Not Provided 22.06.2011

Prime TEAM COVERAGE accumulate 4 M 296 Not Provided 08.12.2010

Holdings By:

Orascom Construction Industries ee


20.02.2013

PT Indocement Tunggal Prakarsa Tbk manufactures cement and building materials.

Through its subsidiaries, the Company also manufactures and processes ready-mix

cement as well as owns and manages properties and hotels.


LTM as of: 09/yy

52-Week High (30.11.2012) 23'250.00

52-Week Low (04.06.2012) 15'800.00

Daily Volume

21700





79'882'736.00 1 Yr Total Return 26.13%







INTP IJ EQUITY YTD Change - Average Volume 30 Day 2'938'850

INTP IJ EQUITY YTD % CHANGE - Average Volume 3 Month 2'823'331


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

7'323'643.8 9'780'498.3 10'576'456.3 11'137'805.0 13'887'892.0 ######### ######### ######### ######### ######### -

4.30x 1.75x 4.55x 4.89x 4.04x 16.59x 14.43x 4.22x 3.63x - -

2'157'838.0 3'058'616.5 4'263'948.5 4'613'745.9 5'070'499.0 ######### ######### ######### ######### ######### -

14.60x 5.61x 11.30x 11.80x 11.06x 9.37x 11.11x 11.30x 9.75x - -

980'103.1 1'745'500.9 2'746'654.1 3'224'942.0 3'596'918.0 ######### ######### ######### ######### ######### -

30.82x 9.70x 18.36x 18.21x 17.45x 15.03x 17.11x 17.72x 15.24x - -

EBITDA 5'070'499.00 Long-Term Rating Date -

EBIT 4'357'944.00 Long-Term Rating -









EBITDA Margin 36.3%



Asset Turnover 0.88







Fiscal Year Ended

Indocement Tunggal Prakarsa Tbk PTPrice/Volume

Valuation Analysis

1'936'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

2'000'000.0

4'000'000.0

6'000'000.0

8'000'000.0

10'000'000.0

12'000'000.0

14'000'000.0

16'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



20.02.2013


BIRCHWOOD OMNIA LIMI n/a EXCH 1'877'428'286 51 - 30.04.2012 Corporation




JENNISON ASSOCIATES Multiple Portfolios MF-AGG 17'408'945 0.47 (764'332) 30.09.2012 Investment Advisor


CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 16'389'500 0.45 (3'795'600) 30.09.2012 Investment Advisor



CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'169'000 0.3 - 28.09.2012 Investment Advisor



CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 9'505'135 0.26 1'902'847 28.09.2012 Investment Advisor



CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 8'088'000 0.22 2'588'000 31.12.2011 Investment Advisor


FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 7'000'000 0.19 - 30.09.2012 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 6'607'000 0.18 6'234'000 30.09.2012 Investment Advisor

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 6'014'000 0.16 - 28.09.2012 Mutual Fund Manager


Sucorinvest Central Gani GIFAR INDRA SAKTI buy 5 M 25'100 12 month 29.11.2012

Kim Eng Securities ANTHONY YUNUS hold 3 M 23'000 12 month 28.11.2012

Samuel Sekuritas Indonesia ADRIANUS BIAS PRASURYO buy 5 U 25'600 12 month 28.11.2012


Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 25'000 12 month 27.11.2012

JPMorgan LILIANA S BAMBANG overweight 5 M 26'000 12 month 27.11.2012

CIMB LYDIA TOISUTA outperform 5 M 30'000 12 month 27.11.2012

Nomura ANDY LESMANA buy 5 M 23'400 Not Provided 27.11.2012

Mandiri Sekuritas PT/Indonesia OCTAVIUS OKY PRAKARSA buy 5 M 21'000 12 month 27.11.2012

Indo Premier Securities AGUS PRAMONO hold 3 D 21'400 12 month 27.11.2012

Bahana Securities TEGUH P. HARTANTO hold 3 M 25'300 Not Provided 26.11.2012

Danareksa CHANDRA S PASARIBU hold 3 D 23'000 Not Provided 22.11.2012



AmCapital Indonesia HELMI THERIK buy 5 N 24'100 12 month 04.10.2012

Credit Suisse ELLA NUSANTORO neutral 3 M 20'500 Not Provided 25.09.2012

UOB Kay Hian MARWAN HALIM buy 5 M 26'500 Not Provided 13.09.2012

Trimegah Securities Tbk PT MICHELE GABRIELA hold 3 M 19'650 Not Provided 12.09.2012



Andalan Artha Advisindo Sekuritas PT Kartika Wulandari buy 5 M 23'450 12 month 08.08.2012

Ciptadana Sekuritas TRIWIRA JUNIARTA TJANDRA buy 5 M 24'000 12 month 02.08.2012


PT Etrading Securities BETRAND RAYNALDI buy 5 M 19'900 Not Provided 11.04.2012

PT Batavia Prosperindo Sekuritas PARNINGOTAN JULIO hold 3 D 19'700 12 month 29.03.2012

Holdings By:

Indocement Tunggal Prakarsa Tbk PT ee


20.02.2013

Turk Telekomunikasyon A.S. is an integrated telecommunications services

provider for businesses and individuals. The Company offers land and mobile

telecommunications solutions, as well as Internet services.


LTM as of: 09/yy

52-Week High (20.03.2012) 7.94

52-Week Low (04.06.2012) 6.24

Daily Volume

7.24





25'340.00 1 Yr Total Return 5.63%




Cash and Equivalents 960.79 Consensus Rating 3.552



TTKOM TI EQUITY YTD Change - Average Volume 30 Day 6'654'998

TTKOM TI EQUITY YTD % CHANGE - Average Volume 3 Month 5'704'057


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

10'194.9 10'568.5 10'852.5 11'940.6 12'706.1 11'816.4 12'399.1 13'210.3 13'732.4 - -

1.43x 1.81x 2.37x 2.42x 2.31x 10.43x 9.88x 2.29x 2.19x - -

4'085.2 3'945.6 4'370.1 4'735.6 4'938.4 4'790.6 4'819.4 5'296.8 5'457.4 - -

3.57x 4.86x 5.89x 6.11x 5.93x 6.83x 6.33x 5.74x 5.57x - -

1'752.2 1'831.7 2'450.9 2'068.7 2'637.1 2'033.2 2'632.2 2'640.8 2'671.1 607.0 607.0

6.95x 8.71x 9.28x 11.88x 9.18x 13.74x 9.52x 9.59x 9.61x 10.65x 10.81x











EBITDA Margin 38.9%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Turk Telekomunikasyon ASPrice/Volume

Valuation Analysis

5'205'134.00


!-.0123456

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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20.02.2013


OGER TELEKOMUNIKASYO n/a Research 1'925'000'000 55 - 31.12.2009 Corporation

TC HAZINE MUSTESARLI n/a Research 1'050'000'000 30 - 31.12.2009 n/a






CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 6'212'997 0.18 590'809 31.07.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 4'762'257 0.14 893'832 30.09.2012 Investment Advisor


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4'315'273 0.12 66'866 30.06.2012 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 3'233'239 0.09 4'728 31.08.2012 Mutual Fund Manager

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 3'173'551 0.09 (294'000) 30.06.2012 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 2'923'930 0.08 - 27.11.2012 Investment Advisor


PIMCO ADVISORS LP Multiple Portfolios MF-AGG 2'519'401 0.07 154'383 30.06.2012 Investment Advisor

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 2'453'432 0.07 450'000 28.09.2012 Mutual Fund Manager


DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'820'000 0.05 (40'000) 28.09.2012 Mutual Fund Manager


Oyak Securities ALPER OZDEMIR outperform 5 M 9 12 month 28.11.2012

FinansInvest CAN OZTOPRAK neutral 3 M 8 12 month 27.11.2012

Seker Securities BURAK DEMIRBILEK market perform 3 M 8 12 month 23.11.2012

Global Menkul Degerler HASAN BAYHAN buy 5 M 8 Not Provided 20.11.2012

BGC Partners ERDEM HAFIZOGLU buy 5 U 8 12 month 16.11.2012

Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 M 9 12 month 15.11.2012

Goldman Sachs ALEXANDER BALAKHNIN Buy/Neutral 5 M 8 12 month 07.11.2012

Ekspres Invest MELDA AGIRDAS hold 3 M 8 Not Provided 07.11.2012

Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE not rated #N/A N/A M #N/A N/A Not Provided 06.11.2012

Erste Bank VERA SUTEDJA accumulate 4 M 9 12 month 04.11.2012

Morgan Stanley CESAR TIRON Underwt/In-Line 1 D 6 12 month 02.11.2012

Eczacibasi Securities AKIF DASIRAN market perform 3 M 7 Not Provided 02.11.2012

Barclays SAN DHILLON equalweight 3 M 7 Not Provided 30.10.2012

HSBC HERVE DROUET underweight 1 M 7 Not Provided 22.10.2012

Tera Stock Brokers KENAN TURAN neutral 3 M 8 12 month 19.10.2012

Deutsche Bank VEDAT MIZRAHI hold 3 M 7 12 month 18.10.2012

BNP Paribas Equity Research OZGUR GULER hold 3 M 7 12 month 18.10.2012

EFG Istanbul Securities MURAT IGNEBEKCILI hold 3 M 8 12 month 18.10.2012

Renaissance Capital ALEXANDER KAZBEGI hold 3 M 8 12 month 17.10.2012

JPMorgan JEAN-CHARLES LEMARDELEY overweight 5 M 9 12 month 03.10.2012

Standard Unlu OYTUN ALTASLI market perform 3 D 8 12 month 03.10.2012

Ak Investment BORA TEZGULER market outperform 4 M 9 12 month 13.09.2012

IS Investment & Securities NUR ATASOY market perform 3 D 8 Not Provided 04.09.2012


Credit Suisse ATINC OZKAN neutral 3 M 8 Not Provided 12.04.2012

ATA Invest MERT BOSTANOGLU market perform 3 M 8 Not Provided 13.01.2012

Holdings By:

Turk Telekomunikasyon AS ee


20.02.2013

Turkiye Is Bankasi (Isbank) provides banking services to retail and corporate

customers and to public sector. Isbank also offers asset and wealth management,

capital markets, securities brokerage and insurance services throughout Turkey.

Isbank holds equity investments in Turkish companies mainly in glass industries.


LTM as of: 09/yy

52-Week High (24.01.2013) 7.52

52-Week Low (25.05.2012) 3.71

Daily Volume

6.56





29'594.11 1 Yr Total Return 55.32%





Enterprise Value -


ISCTR TI EQUITY YTD Change - Average Volume 30 Day 34'056'850

ISCTR TI EQUITY YTD % CHANGE - Average Volume 3 Month 36'243'510


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

16'510.1 17'009.1 16'725.2 18'549.1 22'394.0 17'534.4 16'393.7 9'731.0 10'578.7 2'634.0 2'908.0

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

- - - - - 0.0 0.0 - - - -

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

1'588.9 2'497.6 2'939.2 2'271.5 3'412.0 2'184.1 3'207.3 3'280.8 3'466.4 - -

7.11x 7.77x 8.42x 6.56x 8.15x 9.91x 7.92x 9.02x 8.48x 8.30x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12







Fiscal Year Ended

Turkiye Is BankasiPrice/Volume

Valuation Analysis

37'653'583.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

.

0

1

2

3

4

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9

.! ! 9

1! ! 9

3! ! 9

5! ! 9

-!! ! 9

-.! ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

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20.02.2013


ISBANK MENSUPLARI SO n/a Co File 1'768'190'000 39.29 - 31.12.2010 Other

REP PEOPLES PARTY-AT n/a Co File 1'264'142'000 28.09 - 31.12.2010 n/a

LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 116'555'441 2.59 (6'069'860) 31.10.2012 Investment Advisor




FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 13'090'995 0.29 454'030 30.09.2012 Investment Advisor


ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'617'077 0.19 240'907 28.09.2012 Investment Advisor


THAMES RIVER CAPITAL Multiple Portfolios MF-AGG 6'800'000 0.15 800'000 29.02.2012 Investment Advisor


EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 5'252'868 0.12 (573'333) 30.06.2012 Investment Advisor

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 4'984'723 0.11 (500'000) 28.09.2012 Mutual Fund Manager

ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 4'884'026 0.11 (872'789) 30.09.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 4'749'820 0.11 - 31.07.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 4'288'472 0.1 573'952 28.09.2012 Investment Advisor

GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 4'045'700 0.09 - 30.09.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'039'953 0.09 1'107'710 27.11.2012 Investment Advisor

SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 4'018'000 0.09 2'712'000 05.03.2012 Mutual Fund Manager


HSBC TAMER SENGUN overweight 5 M 7 Not Provided 29.11.2012

Seker Securities BURAK DEMIRBILEK market perform 3 M #N/A N/A Not Provided 29.11.2012


Eczacibasi Securities SERCAN SOYLU outperform 5 M 7 Not Provided 23.11.2012

EFG Istanbul Securities NERGIS KASABALI buy 5 M 7 12 month 22.11.2012

Ak Investment HAKAN AYGUN market perform 3 M 6 12 month 22.11.2012


Garanti Yatirim Menkul Kiymetler RECEP DEMIR market perform 3 D 7 Not Provided 16.11.2012

FinansInvest AYKUT SARIBIYIK neutral 3 M 6 12 month 15.11.2012

BNP Paribas Equity Research CAGDAS DOGAN hold 3 M 6 12 month 15.11.2012

Credit Suisse ATES BULDUR underperform 1 M 6 Not Provided 14.11.2012

Keefe, Bruyette & Woods EKATERINA ISAEVA underperform 1 M 5 12 month 14.11.2012

BGC Partners MUGE DAGISTAN hold 3 M 6 12 month 07.11.2012

Ekspres Invest CIHAN SARAOGLU hold 3 M 7 Not Provided 07.11.2012

Erste Bank SEVDA SARP accumulate 4 M 5 12 month 04.11.2012

VTB Capital AKIN TUZUN sell 1 N 6 12 month 30.10.2012


Deutsche Bank KAZIM ANDAC buy 5 M 7 12 month 22.10.2012

Tera Stock Brokers HASAN DEMIR neutral 3 M 6 12 month 19.10.2012

Global Menkul Degerler SEVGI ONUR buy 5 M 7 Not Provided 18.10.2012

Yapi Kredi Yatirim ve Menkul Degerler OVUNC GURSOY buy 5 N 7 12 month 17.10.2012

Morgan Stanley MAGDALENA STOKLOSA Underwt/In-Line 1 M 5 12 month 16.10.2012

JPMorgan PAUL FORMANKO neutral 3 U 7 3 month 16.10.2012

Goldman Sachs DMITRY TREMBOVOLSKY Sell/Neutral 1 M 4 12 month 12.10.2012

Barclays CRISTINA MARZEA overweight 5 N 7 Not Provided 09.10.2012

Societe Generale ALAN WEBBORN hold 3 M 6 12 month 02.10.2012

Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 28.08.2012

ATA Invest FATIH TUGRUL TOPAC market outperform 4 M 5 Not Provided 20.07.2012

IS Investment & Securities BULENT SENGONUL not rated #N/A N/A M #N/A N/A Not Provided 25.09.2009

Marfin Analysis (ESN) NIKOS VENTOURIS buy 5 M 4 12 month 08.04.2009

Holdings By:

Turkiye Is Bankasi ee


20.02.2013

Emlak Konut Gayrimenkul Yatirim is a property developer. The Company develops

residential properties throughout Turkey.


LTM as of: 09/yy

52-Week High (25.01.2013) 3.47

52-Week Low (25.05.2012) 2.02

Daily Volume

2.93





7'325.00 1 Yr Total Return 28.33%







EKGYO TI EQUITY YTD Change - Average Volume 30 Day 20'795'490

EKGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 17'023'930


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

1'111.3 1'044.6 - 1'497.9 716.6 547.8 973.1 1'012.2 1'639.5 500.3 409.5

- - - 2.93x 6.46x 34.30x 22.24x 7.14x 4.21x 13.90x 16.03x

747.3 636.9 - 652.7 176.6 108.9 302.3 383.4 603.4 203.3 167.0

- - - 6.73x 26.21x 0.00x 20.84x 19.17x 12.18x 8.69x 8.62x

367.5 526.9 - 554.3 228.3 90.1 397.4 410.7 618.1 233.5 167.0

- - - 8.93x 21.35x 0.00x 15.79x 17.87x 11.63x 9.13x 9.16x

EBITDA 176.60 Long-Term Rating Date -

EBIT 176.18 Long-Term Rating -


Pretax Margin - Short-Term Rating Date -







EBITDA Margin 31.1%



Asset Turnover 0.13







Fiscal Year Ended

Emlak Konut Gayrimenkul Yatirim Ortakligi ASPrice/Volume

Valuation Analysis

22'588'347.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

-

.

.

0

0

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9

.! ! 9

1! ! 9

3! ! 9

5! ! 9

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-.! ! 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



20.02.2013


TOKI n/a Co File 1'874'750'000 74.99 1'874'750'000 29.11.2010 Government



ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 11'215'674 0.45 (5'007'000) 31.07.2012 Investment Advisor


BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 6'011'443 0.24 - 30.06.2012 Investment Advisor


GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 3'905'517 0.16 3'523'976 29.06.2012 Investment Advisor

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 3'618'655 0.14 141'592 30.09.2012 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 3'611'800 0.14 (1'361'100) 30.06.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'000'000 0.12 (1'250'000) 28.09.2012 Mutual Fund Manager


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'178'300 0.09 - 02.11.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'028'000 0.08 - 31.07.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'990'001 0.08 (19'999) 29.02.2012 Mutual Fund Manager

ARTISAN GLOBAL FUNDS Multiple Portfolios MF-AGG 1'748'562 0.07 255'008 28.09.2012 Investment Advisor

SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1'670'000 0.07 806'000 05.03.2012 Mutual Fund Manager

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'613'000 0.06 - 31.10.2012 Investment Advisor


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'366'049 0.05 (744'800) 30.06.2012 Investment Advisor


Seker Securities OKAN UZUN outperform 5 M 3 12 month 29.11.2012

FinansInvest NIHAN OZULU outperform 5 M 3 12 month 27.11.2012

Eczacibasi Securities GOKAY BOBEK market perform 3 N 3 Not Provided 23.11.2012

Sardis Securities HAYDAR ACUN hold 3 M #N/A N/A Not Provided 23.11.2012

Ak Investment BERTUG TUZUN market outperform 4 M 3 12 month 22.11.2012

Renaissance Capital DAVID FERGUSON sell 1 M 2 12 month 19.11.2012

Yatirim Finansman Securities HUSEYIN MERDAN GEYIK outperform 5 M 3 12 month 19.11.2012

Ekspres Invest KURTHAN ATMACA buy 5 M 3 Not Provided 07.11.2012

Garanti Yatirim Menkul Kiymetler KERIM GOKOZ outperform 5 M 3 Not Provided 06.11.2012

Oyak Securities OSMAN OZVURAL market perform 3 M 3 Not Provided 05.11.2012


Erste Bank MEHMET EMIN ZUMRUT buy 5 M 3 12 month 04.11.2012

HSBC LEVENT BAYAR overweight 5 M 4 Not Provided 22.10.2012

JPMorgan MUNEEZA HASAN overweight 5 M 3 12 month 08.10.2012

Tera Stock Brokers HASAN DEMIR buy 5 M 3 Not Provided 01.10.2012

Deutsche Bank ATHMANE BENZERROUG buy 5 M 4 12 month 24.09.2012

IS Investment & Securities NUR ATASOY outperform 5 M 3 Not Provided 12.09.2012

BGC Partners ZEYNEP KARAMAN buy 5 M 3 12 month 22.08.2012

Yapi Kredi Yatirim ve Menkul Degerler ELVIN AKBULUT buy 5 M 3 12 month 15.08.2012

ATA Invest ERMAN TUTUNCUOGLU market outperform 4 M 3 Not Provided 20.07.2012

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 D 2 12 month 02.07.2012

Standard Unlu SELIN ONER outperform 5 M 3 12 month 30.01.2012

Holdings By:

Emlak Konut Gayrimenkul Yatirim Ortakligi AS ee


20.02.2013

Alfa, S.A.B., through subsidiaries, operates petrochemical, food processing,

automotive and telecommunication businesses. The Company produces refrigerated

food products, high-tech engine aluminum heads and blocks for gasoline and

diesel.


LTM as of: 09/yy

52-Week High (18.01.2013) 32.35

52-Week Low (06.03.2012) 16.81

Daily Volume

28.79





148'153.34 1 Yr Total Return 69.90%







ALFAA MM EQUITY YTD Change - Average Volume 30 Day 9'456'925

ALFAA MM EQUITY YTD % CHANGE - Average Volume 3 Month 8'948'264


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

116'190.0 115'632.0 136'395.0 182'763.0 200'166.7 170'630.6 200'466.0 200'435.3 211'943.5 49'116.0 51'713.0

0.51x 0.74x 0.78x 0.73x 0.94x 2.94x 3.07x 0.94x 0.86x 3.95x 3.78x

10'478.0 14'280.0 15'952.0 21'167.0 24'267.0 19'512.7 24'551.8 25'150.6 26'536.8 6'316.0 6'410.0

5.71x 5.95x 6.63x 6.30x 7.72x 6.58x 6.95x 7.73x 7.33x 7.60x 7.53x

(9'513.0) 2'021.0 4'927.0 5'206.0 8'994.0 6'053.6 8'603.1 8'898.9 10'202.8 1'616.0 1'556.0

- 23.09x 13.65x 15.57x 15.74x 12.83x 14.36x 15.99x 14.56x 17.50x 17.94x











EBITDA Margin 12.1%



Asset Turnover 1.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Alfa SAB de CVPrice/Volume

Valuation Analysis

2'144'459.00


!

2

-!

-2

.!

.2

0!

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. ! 9-! ! 9.! ! 90! ! 91! ! 92! ! 93! ! 94! ! 95! ! 96! ! 9-!! ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



20.02.2013





GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 38'084'525 0.74 6'959'025 28.09.2012 Bank

GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 35'519'202 0.69 120'952 27.11.2012 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 23'250'000 0.45 9'310'000 31.07.2012 Investment Advisor


GARTMORE INVESTMENT Multiple Portfolios MF-AGG 12'525'660 0.24 (105'000) 30.09.2012 Investment Advisor

IMPULSORA DEL FONDO Multiple Portfolios MF-AGG 12'090'000 0.23 - 30.09.2012 Investment Advisor

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 9'887'770 0.19 3'224'258 31.10.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9'230'420 0.18 (1'380) 30.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'489'260 0.16 - 31.01.2012 Investment Advisor

GESTION SANTANDER ME Multiple Portfolios MF-AGG 8'356'750 0.16 2'734'770 28.09.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 8'324'500 0.16 - 28.09.2012 Investment Advisor


JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 6'504'200 0.13 - 30.04.2011 Investment Advisor



SOL CAPITAL MANAGEME SOL CAPITAL MANAGEME 13F 6'106'100 0.12 5'495'490 30.09.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 6'061'430 0.12 473'000 30.09.2012 Investment Advisor


Scotia Capital MARCOS DURAN Y CASAHONDA sector underperform 1 M 24 12 month 14.11.2012

Morgan Stanley NIKOLAJ LIPPMANN Overwt/No Rating 5 M 25 12 month 09.11.2012

Vector Servicios Financieros RAFAEL ESCOBAR buy 5 M 29 Not Provided 01.11.2012

HSBC JUAN CARLOS MATEOS overweight 5 M 29 Not Provided 22.10.2012

GBM LILIAN OCHOA market underperform 2 M 23 12 month 16.10.2012

Banorte-IXE CARLOS HERMOSILLO hold 3 M 22 Not Provided 16.10.2012

BBVA PABLO ABRAHAM P underperform 1 M 23 12 month 16.10.2012

Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO sell 1 M 23 12 month 15.10.2012


Grupo Santander LUIS MIRANDA hold 3 D 18 Not Provided 15.09.2011

Interacciones Casa de Bolsa MARCO REYES buy 5 N 18 Not Provided 30.03.2011

Holdings By:

Alfa SAB de CV ee


20.02.2013

Mexichem SAB de CV produces a diverse portfolio of chemical and petrochemical

products. The Company's products include poly-vinyl chloride, or "PVC", pipe

and resin and hydrofluoric acid.


LTM as of: 09/yy

52-Week High (20.12.2012) 76.10

52-Week Low (24.02.2012) 44.89

Daily Volume

64.95





136'395.00 1 Yr Total Return 39.84%







MEXCHEM*MM EQUITY YTD Change - Average Volume 30 Day 4'384'429

MEXCHEM*MM EQUITY YTD % CHANGE - Average Volume 3 Month 3'975'008


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

23'017.3 31'071.5 30'647.0 36'471.6 49'047.4 46'329.4 61'185.9 67'661.0 78'502.4 17'622.8 -

1.35x 0.93x 1.66x 2.48x 1.88x 8.02x 7.61x 2.27x 1.92x - -

4'354.1 5'235.7 6'175.0 8'123.8 10'271.3 9'878.8 12'863.2 14'356.1 16'294.0 3'173.0 3'899.0

7.15x 5.51x 8.24x 11.12x 8.96x 8.98x 10.83x 11.34x 9.99x 10.57x 9.88x

1'823.2 115.4 2'969.3 3'912.6 2'711.2 3'541.6 4'761.8 6'157.1 7'342.2 1'747.0 -

12.55x 162.21x 14.49x 19.55x 28.46x 20.37x 23.58x 20.70x 18.15x 17.14x 14.97x


EBIT 7'282.75 Long-Term Rating BBB-









EBITDA Margin 21.0%



Asset Turnover 0.85







Fiscal Year Ended

Mexichem SAB de CVPrice/Volume

Valuation Analysis

465'881.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

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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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



20.02.2013


GRUPO EMPRESARIAL KA n/a Research 871'424'000 41.5 - 19.09.2012 Other




GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 10'765'855 0.51 525'235 28.09.2012 Bank

GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 8'292'004 0.39 (15'265) 27.11.2012 Investment Advisor

GARTMORE INVESTMENT Multiple Portfolios MF-AGG 7'022'111 0.33 (67'700) 30.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'002'625 0.29 (878'528) 30.09.2012 Investment Advisor



AVIVA PLC Multiple Portfolios MF-AGG 3'465'979 0.17 - 28.09.2012 Investment Advisor


PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 2'991'264 0.14 708'864 31.10.2012 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 2'707'284 0.13 10'420 29.06.2012 Investment Advisor


ADVANCED SERIES TRUS AST INTERNATIONAL GR MF-USA 2'387'903 0.11 84'488 28.09.2012 Investment Advisor


GESTION SANTANDER ME Multiple Portfolios MF-AGG 1'857'873 0.09 (89'495) 28.09.2012 Investment Advisor


OPERADORA GBM SA DE Multiple Portfolios MF-AGG 1'578'472 0.08 4'500 28.09.2012 Investment Advisor


Banorte-IXE RAQUEL MOSCOSO buy 5 M 80 Not Provided 28.11.2012

BBVA JEAN-BAPTISTE BRUNY underperform 1 M 65 12 month 28.11.2012

GBM FERNANDO PEREZ LIZARDI market perform 3 M 70 Not Provided 27.11.2012

Scotia Capital MARCOS DURAN Y CASAHONDA sector perform 3 M 69 12 month 27.11.2012

JPMorgan CAIO M CARVALHAL overweight 5 N 81 12 month 26.11.2012


Invex Casa de Bolsa SA de CV OCTAVIO DIAZ ESCAMILLA hold 3 M 68 12 month 12.11.2012

HSBC JUAN CARLOS MATEOS overweight 5 M 75 Not Provided 31.10.2012


Grupo Santander LUIS MIRANDA buy 5 M 80 Not Provided 31.07.2012

Vector Servicios Financieros GASPAR QUIJANO buy 5 M 57 Not Provided 27.01.2012

Holdings By:

Mexichem SAB de CV ee


20.02.2013

Koza Anadolu Metal Madencilik Isletmeleri AS designs and prints invitations and

greeting cards. The Company exports its products to Asia, Europe, the United

States, Canada, and Mexico. Koza Anadolu Metal Madencilik Isletmeleri AS

operates a sales and distribution center in New York. The Company also added

copper, lead and zinc mining to its activities.


LTM as of: 09/yy

52-Week High (07.12.2012) 5.96

52-Week Low (21.02.2012) 2.51

Daily Volume

4.85





1'882.19 1 Yr Total Return 89.45%

Total Debt 34.21 YTD Return -14.31%






KOZAA TI EQUITY YTD Change - Average Volume 30 Day 9'641'790

KOZAA TI EQUITY YTD % CHANGE - Average Volume 3 Month 9'948'872


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

186.1 231.6 388.1 541.5 890.5 724.6 1'195.2 1'157.7 1'328.2 303.0 -

3.88x 1.03x 2.61x 1.32x 0.38x 3.03x 1.88x 1.16x 0.70x - -

93.1 78.3 220.7 317.0 587.8 447.8 651.3 779.5 884.8 204.0 -

7.76x 3.06x 4.59x 2.26x 0.57x 1.46x 0.00x 1.98x 1.74x - -

38.3 13.2 62.1 420.6 174.0 139.1 240.8 212.8 275.3 50.0 -

17.74x 12.96x 15.07x 2.13x 2.94x 5.57x 6.44x 8.46x 7.58x - -











EBITDA Margin 69.3%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Koza Anadolu Metal Madencilik Isletmeleri ASPrice/Volume

Valuation Analysis

4'445'651.00


!

-

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0

1

2

3

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-! ! 9

.! ! 9

0! ! 9

1! ! 9

2! ! 9

3! ! 9

4! ! 9

5! ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

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



20.02.2013


IPEK MATBAACILID n/a Research 101'385'900 26.13 - 19.03.2009 Corporation


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'728'398 0.96 2'414'199 30.06.2012 Investment Advisor


NOBLE FUNDS TFI SA Multiple Portfolios MF-AGG 3'157'013 0.81 - 29.06.2012 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'650'000 0.68 400'000 28.09.2012 Mutual Fund Manager

PICTET ASSET MANAGEM PICTET FUNDS - EASTE MF-LUX 2'557'299 0.66 - 31.08.2012 Mutual Fund Manager

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'457'066 0.63 - 27.11.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 1'729'127 0.45 1'729'127 28.09.2012 Investment Advisor

SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1'660'000 0.43 - 05.03.2012 Mutual Fund Manager

PICTET ASSET MANAGEM PICTET TARGETED FUND MF-LUX 1'563'339 0.4 1'323'632 31.08.2012 Mutual Fund Manager

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1'550'000 0.4 1'550'000 31.08.2012 Investment Advisor





DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'100'000 0.28 - 28.09.2012 Mutual Fund Manager

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'033'217 0.27 - 30.06.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 893'267 0.23 - 28.09.2012 Investment Advisor

ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 769'411 0.2 (7'878) 31.10.2012 Investment Advisor


EFG Istanbul Securities ECE MANDACI hold 3 M 4 12 month 26.11.2012

Ekspres Invest ALPER AKALIN hold 3 D 6 Not Provided 07.11.2012

Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE outperform 5 U 7 Not Provided 06.11.2012

Global Menkul Degerler BERTAN ILBAK buy 5 M 6 Not Provided 06.09.2012

FinansInvest UGUR OZKER neutral 3 M 5 12 month 22.08.2012

Deutsche Bank MUHARREM GULSEVER buy 5 M 4 12 month 06.06.2012

ATA Invest ISMAIL OZER market outperform 4 M 5 Not Provided 27.04.2012

IS Investment & Securities BURAK BERKI not rated #N/A N/A M #N/A N/A Not Provided 20.12.2010

Holdings By:

Koza Anadolu Metal Madencilik Isletmeleri AS ee


20.02.2013

PT Bank Rakyat Indonesia (Persero) Tbk provides commercial banking activities

and its related services. The Bank also provides banking activities based on

syariah principles.


LTM as of: 09/yy

52-Week High (14.02.2013) 8'800.00

52-Week Low (04.06.2012) 5'150.00

Daily Volume

8600





212'154'800.00 1 Yr Total Return 28.78%





Enterprise Value -


BBRI IJ EQUITY YTD Change - Average Volume 30 Day 29'593'620

BBRI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 27'898'100


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

30'432'515.0 38'635'691.0 50'159'369.0 53'941'703.0 58'000'153.0 ######### ######### ######### ######### - -

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

- - - - - 0.0 0.0 - - - -

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

5'958'368.0 7'308'292.0 11'472'385.0 15'082'939.0 18'680'884.0 ######### ######### ######### ######### - -

9.21x 12.55x 10.98x 10.73x 8.92x 9.20x 10.03x 10.85x 9.53x - -


EBIT - Long-Term Rating BB+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11







Fiscal Year Ended

Bank Rakyat Indonesia Persero Tbk PTPrice/Volume

Valuation Analysis

15'430'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!!!.!!!0!!!1!!!2!!!3!!!4!!!5!!!6!!!

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.! ! 9

1! ! 9

3! ! 9

5! ! 9

-!! ! 9

-.! ! 9

0.0

10'000'000.0

20'000'000.0

30'000'000.0

40'000'000.0

50'000'000.0

60'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



20.02.2013


REPUBLIC OF INDONESI n/a EXCH 13'999'749'497 56.75 - 30.04.2012 Government










MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 67'358'000 0.27 414'000 30.09.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 62'229'425 0.25 1'900'000 28.09.2012 Investment Advisor


EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 53'950'000 0.22 - 16.04.2012 Investment Advisor



HARDING LOEVNER LP Multiple Portfolios MF-AGG 47'900'000 0.19 861'000 30.06.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 47'423'359 0.19 1'714'751 28.09.2012 Investment Advisor

JYSKE INVEST Multiple Portfolios MF-AGG 46'225'260 0.19 2'659'500 30.09.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 44'188'567 0.18 177'500 31.07.2012 Investment Advisor


DBS Vickers SUE LIN LIM buy 5 M 8'850 12 month 29.11.2012






Standard Chartered JAJ SINGH in-line 3 M 7'316 12 month 21.11.2012

CIMB MULYA CHANDRA underperform 1 M 7'400 12 month 16.11.2012



Morgan Stanley NICK LORD Overwt/Attractive 5 M 8'182 12 month 01.11.2012

JPMorgan ADITYA SRINATH overweight 5 M 8'700 12 month 01.11.2012

HSBC LOO KAR WENG underweight 1 D 6'000 Not Provided 01.11.2012

RHB Research Institute Sdn Bhd ALEXANDER CHIA outperform 5 M 8'700 12 month 01.11.2012

Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 7'800 12 month 01.11.2012




Kim Eng Securities RAHMI SARI MARINA buy 5 M 8'500 12 month 31.10.2012

Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI hold 3 D 7'750 Not Provided 31.10.2012





Mandiri Sekuritas PT/Indonesia VERDI BUDIMAN buy 5 M 8'100 12 month 27.04.2012

BNI Securities NORICO GAMAN buy 5 M 9'000 12 month 20.04.2012

PT Sinarmas Sekuritas JANSEN KUSTIANTO accumulate 4 M 7'500 12 month 11.04.2012

AmCapital Indonesia YAP SWIE CU buy 5 M 8'800 Not Provided 26.03.2012


Danareksa CHRISTOPHER KELVIN buy 5 M 7'550 Not Provided 05.12.2011

Holdings By:

Bank Rakyat Indonesia Persero Tbk PT ee


20.02.2013

Nestle Nigeria Plc. manufactures, markets and distributes food products

throughout Nigeria. The company also manufactures Hydrolysed plant protein mix

and other food products based on its local agricultural raw materials under its

backyard integration program.


LTM as of: 09/yy

52-Week High (20.02.2013) 999.98

52-Week Low (27.02.2012) 400.00

Daily Volume

981





777'595.75 1 Yr Total Return 128.77%







NESTLE NL EQUITY YTD Change - Average Volume 30 Day 164'504

NESTLE NL EQUITY YTD % CHANGE - Average Volume 3 Month 166'230


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

44'027.5 51'742.3 68'317.3 80'108.7 97'961.3 87'694.0 112'086.4 117'584.7 141'607.1 - -

- 2.38x 2.51x 3.32x 3.93x 11.92x 13.63x 6.85x 5.60x - -

9'625.0 13'168.4 17'297.5 21'176.0 24'777.5 0.0 0.0 30'067.0 36'944.8 - -

- 9.36x 9.91x 12.56x 15.54x 0.00x 0.00x 26.77x 21.78x - -

5'441.9 8'331.6 9'783.6 12'602.1 16'808.8 12'215.7 23'057.7 21'138.8 25'595.7 - -

31.49x 15.18x 16.17x 19.32x 21.02x 0.00x 20.11x 36.71x 30.52x - -











EBITDA Margin 25.3%



Asset Turnover 1.43







Fiscal Year Ended

Nestle Nigeria PLCPrice/Volume

Valuation Analysis

219'918.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0 2 9

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20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

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0! !!

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20.02.2013


NESTLE CWA LTD n/a Co File 472'308'322 59.59 - 31.12.2011 Corporation

NESTLE SA n/a Co File 29'441'984 3.71 - 31.12.2011 Corporation

ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 2'946'860 0.37 (1'008'848) 31.07.2012 Investment Advisor


GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 949'095 0.12 (368'169) 29.06.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 839'460 0.11 - 31.08.2012 Investment Advisor

ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 750'500 0.09 24'500 12.11.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 698'698 0.09 - 30.09.2012 Mutual Fund Manager

JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 494'500 0.06 - 30.06.2012 Mutual Fund Manager

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 430'000 0.05 130'000 29.06.2012 Investment Advisor

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 358'413 0.05 - 30.09.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 357'500 0.05 - 28.09.2012 Mutual Fund Manager

HOLBERG FONDSFORVALT Multiple Portfolios MF-AGG 310'430 0.04 40'000 31.10.2012 Mutual Fund Manager

OSUNKEYE OLUSEGUN OL n/a Co File 300'000 0.04 - 31.12.2011 n/a

JULIUS BAER MULTICOO JB MULTIPARTNER WMP MF-CHE 287'502 0.04 - 31.07.2012 Mutual Fund Manager

FRANKLIN TEMPLETON I FRANKLIN TEMPLETON I MF-LUX 214'241 0.03 214'241 30.06.2012 Mutual Fund Manager

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 155'188 0.02 155'188 30.09.2012 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 135'604 0.02 - 31.08.2012 Investment Advisor

OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 128'000 0.02 - 29.06.2012 Investment Advisor

JULIUS BAER MULTICOO JULIUS BAER MULTISTO MF-LUX 104'420 0.01 (815) 31.07.2012 Mutual Fund Manager


FBN Capital Ltd ROTIMI OBENDE neutral 3 M 616 12 month 20.11.2012

African Alliance Research ADDINGTON JERAHUNI accumulate 4 D 695 Not Provided 15.11.2012

Asset and Resource Management IFEOMA NWAFOR sell 1 M 479 Not Provided 05.11.2012

CSL OMOTAYO OYEGUNLE not rated #N/A N/A M #N/A N/A Not Provided 01.11.2012

Meristem Securities Ltd ROBERT OMOTUNDE buy 5 M 357 Not Provided 02.08.2012

Morgan Stanley MARYIA BERASNEVA Equalwt/In-Line 3 M 396 12 month 17.07.2012

Vetiva Capital Management Ltd ADEDOYIN ADELAKUN reduce 2 D 447 Not Provided 10.07.2012

First Securities Discount TEAM COVERAGE buy 5 N 443 12 month 18.06.2012

BPI UMULINGA KARANGWA hold 3 N 464 Not Provided 12.05.2012

Exotix Limited BINTA CISSE DRAVE hold 3 N 449 Not Provided 05.04.2012

Imara FARAI VENGESAI hold 3 N 490 Not Provided 30.03.2012

BGL Plc FEMI ADEMOLA buy 5 U 454 Not Provided 29.02.2012

Standard Bank Plc BUNMI NJUGO sell 1 M 389 12 month 22.02.2012

Cordros Capital Limited TEAM COVERAGE neutral 3 M 388 Not Provided 25.10.2011

Thaddeus Investment Advisor & ResearchJUDE FEJOKWU neutral 3 M 253 Not Provided 22.09.2010

Holdings By:

Nestle Nigeria PLC ee


20.02.2013

Talaat Moustafa Group is a real estate and tourism investment organization,

developing luxury real estate properties in the Middle East and North Africa

Regions.


LTM as of: 09/yy

52-Week High (18.09.2012) 5.86

52-Week Low (09.04.2012) 3.45

Daily Volume

4.15





8'563.78 1 Yr Total Return -13.18%







TMGH EY EQUITY YTD Change - Average Volume 30 Day 3'161'142

TMGH EY EQUITY YTD % CHANGE - Average Volume 3 Month 3'533'175


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

1'875.7 5'420.9 4'822.1 5'339.4 5'098.1 5'168.5 3'934.5 4'660.4 6'132.0 1'083.5 1'262.0

12.91x 1.53x 3.49x 3.86x 2.01x 11.38x 13.35x 2.81x 1.87x - -

642.2 1'781.2 1'260.2 1'211.2 859.4 895.2 815.9 998.7 1'459.7 277.0 275.0

37.71x 4.65x 13.37x 17.01x 11.91x 12.96x 19.47x 13.22x 9.04x - -

1'341.0 1'442.7 1'106.2 940.0 577.5 570.2 517.2 602.1 865.8 125.0 -

18.11x 2.88x 12.51x 18.48x 10.58x 13.35x 21.74x 14.82x 9.86x 12.97x -











EBITDA Margin 20.7%



Asset Turnover 0.07







Fiscal Year Ended

Talaat Moustafa GroupPrice/Volume

Valuation Analysis

1'853'505.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

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0

1

2

3

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. ! 9

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-. ! 9

-1 ! 9

-3 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

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



20.02.2013


TMG INVESTMENT #N/A N/A EXCH 971'666'601 47.09 - 30.06.2012 Other

MISR INSURANCE COMPA #N/A N/A EXCH 49'826'199 2.41 - 30.06.2012 Insurance Company

EGYPT LIFE INSURANCE n/a EXCH 43'032'023 2.09 - 30.06.2012 n/a

BANQUE MISR #N/A N/A EXCH 43'006'075 2.08 - 30.06.2012 Bank


BANQUE DU CAIRE #N/A N/A EXCH 9'442'632 0.46 - 30.06.2012 Bank

EXPORT DEVELOPMENT B #N/A N/A EXCH 6'817'061 0.33 - 30.06.2012 Bank

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'289'620 0.26 442'000 31.08.2012 Investment Advisor


EGYPT POST #N/A N/A EXCH 3'653'970 0.18 - 30.06.2012 Government

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 2'799'756 0.14 - 29.06.2012 Investment Advisor


DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'800'000 0.09 1'790'000 28.09.2012 Mutual Fund Manager

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 1'412'357 0.07 402'118 30.09.2012 Investment Advisor

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 1'069'003 0.05 - 31.08.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 910'000 0.04 (646'404) 30.06.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 841'625 0.04 - 28.09.2012 Investment Advisor

NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 680'092 0.03 - 17.10.2011 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 676'412 0.03 - 31.08.2012 Mutual Fund Manager

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 615'000 0.03 - 28.09.2012 Investment Advisor



JPMorgan MUNEEZA HASAN neutral 3 M 5 12 month 21.11.2012

Pharos Holdings MONSEF MORSY buy 5 M 6 Not Provided 14.11.2012

Prime REHAB TAHA accumulate 4 D 5 Not Provided 13.11.2012

National Bank of Kuwait LOIC PELICHET buy 5 M 7 12 month 11.11.2012

HSBC PATRICK GAFFNEY overweight 5 M 7 Not Provided 22.10.2012

Goldman Sachs ESHAN TOORABALLY Sell/Neutral 1 D 5 12 month 01.10.2012

Beltone Financial AHMED KHALIL buy 5 M 6 Not Provided 18.09.2012

HC Securities and Investment NEMAT ALLAH CHOUCRI neutral 3 M 5 Not Provided 13.08.2012

EFG-Hermes JAN PAWEL HASMAN buy 5 M 9 Not Provided 09.08.2012

CI Capital Holdings HANY MOHAMED SAMY strong buy 5 M 6 12 month 12.03.2012

Deutsche Bank ATHMANE BENZERROUG hold 3 M 5 12 month 18.04.2011

Holdings By:

Talaat Moustafa Group ee


20.02.2013

PT Gudang Garam Tbk manufactures and distributes cigarettes and operates

activities related to the cigarette industry. Through its subsidiaries, the

Company also operates in the paper-related activities.


LTM as of: 09/yy

52-Week High (04.07.2012) 63'800.00

52-Week Low (27.09.2012) 45'900.00

Daily Volume

51300





98'705'712.00 1 Yr Total Return -3.49%







GGRM IJ EQUITY YTD Change - Average Volume 30 Day 1'358'250

GGRM IJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'505'968


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

28'158'428.0 30'251'643.0 32'973'080.0 37'691'997.0 41'884'352.0 ######### ######### ######### ######### ######### #########

0.72x 0.38x 1.32x 2.08x 2.98x 8.86x 9.69x 2.21x 1.96x - -

3'220'740.0 3'911'470.0 5'941'376.0 6'659'366.0 7'716'348.0 ######### ######### ######### ######### - -

6.31x 2.91x 7.32x 11.79x 16.15x 13.77x 14.00x 15.59x 12.36x - -

1'443'585.0 1'880'492.0 3'455'702.0 4'146'282.0 4'894'057.0 ######### ######### ######### ######### ######### #########

11.33x 4.35x 12.00x 18.56x 24.39x 20.52x 21.75x 23.35x 18.03x 18.03x 16.51x

EBITDA 7'716'348.00 Long-Term Rating Date -

EBIT 6'838'642.00 Long-Term Rating -









EBITDA Margin 14.8%



Asset Turnover 1.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gudang Garam Tbk PTPrice/Volume

Valuation Analysis

1'585'500.00


!

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0!!!!

1!!!!

2!!!!

3!!!!

4!!!!

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2 ! 9

3 ! 9

4 ! 9

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5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

40'000'000.0

45'000'000.0

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

! !!

2! !!

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-2! !!

.!! !!

.2! !!

0!! !!

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



20.02.2013


SURYADUTA INVESTAMA n/a EXCH 1'333'200'584 69.29 - 30.04.2012 Government

SURYAMITRA KUSUMA PT n/a EXCH 120'447'910 6.26 - 30.04.2012 n/a





HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 7'739'830 0.4 795'500 28.09.2012 Unclassified

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 5'185'247 0.27 - 29.06.2012 Investment Advisor


EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 3'797'500 0.2 (700'000) 29.06.2012 Investment Advisor



BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'842'000 0.1 1'247'000 30.09.2012 Investment Advisor




AMUNDI JAPAN Multiple Portfolios MF-AGG 1'691'500 0.09 - 15.09.2011 Mutual Fund Manager

FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'591'000 0.08 - 31.12.2010 Mutual Fund Manager




Credit Suisse ELLA NUSANTORO underperform 1 M 44'600 Not Provided 27.11.2012


Nomura JANNI ASMAN buy 5 M 67'500 Not Provided 27.11.2012


Kim Eng Securities KATARINA SETIAWAN hold 3 M 55'300 12 month 26.11.2012

Bahana Securities HARRY SU hold 3 M 55'000 Not Provided 26.11.2012


Macquarie LYALL TAYLOR neutral 3 M 50'000 12 month 01.11.2012

Trimegah Securities Tbk PT IVAN CHAMDANI hold 3 M 54'500 12 month 31.10.2012

Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 53'000 12 month 31.10.2012

OSK (Asia) Securities WILLINOY SITORUS neutral 3 M 52'000 12 month 31.10.2012

Deutsche Bank REGGY SUSANTO buy 5 M 60'700 12 month 29.10.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 06.09.2012

Ciptadana Sekuritas MITCHEL JAUWANTO buy 5 M 59'750 Not Provided 07.08.2012

Danareksa MARDESIANA not rated #N/A N/A M #N/A N/A Not Provided 07.06.2012


Holdings By:

Gudang Garam Tbk PT ee


20.02.2013

TAV Havalimanlari Holding AS is an airport operator. The Company operates

in airports in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia and Latvia.

TAV Havalimanlari provides service in all areas of airport operations such as

duty-free, food and beverage, ground handling, IT, security and operations.


LTM as of: 09/yy

52-Week High (23.01.2013) 11.50

52-Week Low (06.03.2012) 8.24

Daily Volume

10.75





3'905.27 1 Yr Total Return 27.72%







TAVHL TI EQUITY YTD Change - Average Volume 30 Day 2'065'618

TAVHL TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'893'812


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

866.0 1'466.3 1'844.2 1'501.2 2'037.6 1'940.1 2'307.2 2'457.3 2'775.8 607.9 496.0

4.88x 2.04x 2.44x 3.59x 2.92x 11.62x 10.54x 2.53x 2.27x 9.81x 12.23x

387.1 435.7 512.3 537.5 351.4 445.9 428.1 720.0 835.0 142.3 97.1

10.91x 6.88x 8.80x 10.04x 16.92x 13.03x 14.15x 9.35x 8.06x 8.87x 8.50x

(68.1) 7.7 108.7 99.0 122.6 112.4 277.9 265.4 326.4 37.6 (0.7)

- 105.06x 15.85x 27.45x 23.88x 23.78x 11.63x 15.14x 12.01x 12.30x 13.17x











EBITDA Margin 18.6%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

TAV Havalimanlari Holding ASPrice/Volume

Valuation Analysis

1'176'264.00


!

.

1

3

5

-!

-.

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9

- ! 9

. ! 9

0 ! 9

1 ! 9

2 ! 9

3 ! 9

4 ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



20.02.2013


AEROPORTS DE PARIS n/a Research 138'046'875 38 - 16.05.2012 Corporation

AKFEN HOLDING AS n/a Research 29'495'446 8.12 - 16.05.2012 Holding Company

TEPE INSAAT SANAYI n/a Research 29'273'852 8.06 - 16.05.2012 n/a

SERA YAPI ENDUSTRISI n/a Research 7'379'507 2.03 - 16.05.2012 n/a



BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 4'427'214 1.22 (47'361) 30.09.2012 Investment Advisor




WASATCH ADVISORS INC Multiple Portfolios MF-AGG 3'347'333 0.92 667'800 30.09.2012 Investment Advisor

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'526'379 0.42 - 28.09.2012 Mutual Fund Manager


AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'357'862 0.37 185'349 30.09.2012 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 1'215'152 0.33 - 29.06.2012 Investment Advisor


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'100'087 0.3 458 27.11.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 1'012'930 0.28 (82'672) 30.06.2012 Investment Advisor

NISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 953'643 0.26 - 23.04.2012 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 950'000 0.26 50'000 28.09.2012 Mutual Fund Manager


Erste Bank GORKEM GOKER hold 3 M 10 12 month 23.11.2012

Eczacibasi Securities TEAM COVERAGE market perform 3 M 11 Not Provided 23.11.2012

Seker Securities BURAK DEMIRBILEK outperform 5 M 12 Not Provided 22.11.2012

FinansInvest GAYE ABIDIN neutral 3 M 10 12 month 20.11.2012

Renaissance Capital ALEXANDER KAZBEGI buy 5 M 13 12 month 08.11.2012

Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 M 12 12 month 07.11.2012

Ekspres Invest SELIM KUNTER buy 5 M 12 Not Provided 07.11.2012

Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 M 11 Not Provided 06.11.2012

Yapi Kredi Yatirim ve Menkul Degerler OZGUR GOKER buy 5 M 11 Not Provided 05.11.2012


EFG Istanbul Securities BURAK ISYAR buy 5 M 11 12 month 05.11.2012

BNP Paribas Equity Research ALPER PAKSOY buy 5 M 13 12 month 02.11.2012


HSBC CENK ORCAN overweight 5 M 12 Not Provided 19.10.2012

IS Investment & Securities EFE CAN KALKANDELEN market perform 3 M 11 Not Provided 12.10.2012

Ak Investment OMER OMERBAS market perform 3 N 11 12 month 19.09.2012

Deutsche Bank MUHARREM GULSEVER buy 5 M 13 12 month 14.09.2012


Global Menkul Degerler HASAN BAYHAN buy 5 U 12 Not Provided 06.09.2012

Tera Stock Brokers KENAN TURAN buy 5 M 12 Not Provided 14.08.2012

Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 16 12 month 02.07.2012

ATA Invest ISMAIL OZER market outperform 4 M 12 Not Provided 13.01.2012

Standard Unlu SELIN ONER outperform 5 M 10 12 month 11.11.2011

Holdings By:

TAV Havalimanlari Holding AS ee


20.02.2013

Turkcell Iletisim Hizmetleri AS (Turkcell) offers cellular telephone, voice and

data communication services through its GSM network in Turkey. Turkcell serves

its customer through regional offices, subscription centers, and TurkcellExtra

shops across Turkey, and through its Internet store.


LTM as of: 09/yy

52-Week High (17.01.2013) 12.65

52-Week Low (24.05.2012) 8.04

Daily Volume

11.45





25'190.00 1 Yr Total Return 14.96%



Minority Interest (114.3) Analyst Recs 29




TCELL TI EQUITY YTD Change - Average Volume 30 Day 12'417'070

TCELL TI EQUITY YTD % CHANGE - Average Volume 3 Month 9'651'989


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

8'186.9 8'844.6 8'936.4 9'003.6 9'370.1 9'110.7 10'145.2 10'295.9 11'104.3 2'668.4 -

3.12x 1.76x 2.34x 2.32x 1.77x 7.86x 7.05x 2.09x 2.02x - -

3'395.2 3'255.2 2'978.9 2'851.6 2'912.9 2'848.1 3'088.3 3'148.3 3'460.8 791.9 -

7.53x 4.79x 7.02x 7.33x 5.70x 5.63x 6.66x 6.88x 6.26x - -

1'758.6 2'312.8 1'716.7 1'771.6 1'183.3 1'219.0 1'956.1 2'058.5 2'208.9 484.2 567.0

16.01x 8.32x 13.58x 13.10x 16.51x 15.45x 12.32x 12.42x 11.45x 11.68x 11.01x


EBIT 1'325.50 Long-Term Rating BB+









EBITDA Margin 30.4%



Asset Turnover 0.59







Fiscal Year Ended

Turkcell Iletisim Hizmetleri ASPrice/Volume

Valuation Analysis

6'908'877.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9. ! 91 ! 93 ! 95 ! 9-! ! 9-. ! 9-1 ! 9-3 ! 9-5 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



20.02.2013


TURKCELL HOLDING AS n/a 20F 1'122'000'000 51 - 01.04.2012 Holding Company

SONERA HOLDING BV n/a 20F 287'632'180 13.07 - 01.04.2012 n/a

CAPITAL RESEARCH GLO n/a 20F 150'580'243 6.84 - 01.04.2012 Investment Advisor


CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 37'650'000 1.71 (1'328'979) 30.09.2012 Investment Advisor


MV HOLDING AS n/a 20F 26'021'713 1.18 - 01.04.2012 n/a







ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'574'143 0.12 2'000'000 28.09.2012 Investment Advisor



EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 2'412'900 0.11 2'000 30.06.2012 Investment Advisor


MASON STREET ADVISOR Multiple Portfolios MF-AGG 1'576'900 0.07 207'490 30.06.2012 Investment Advisor



Seker Securities OKAN UZUN outperform 5 M 12 12 month 27.11.2012

FinansInvest CAN OZTOPRAK outperform 5 M 14 12 month 26.11.2012

Sardis Securities HAYDAR ACUN buy 5 M 11 Not Provided 23.11.2012

Credit Suisse ATINC OZKAN restricted #N/A N/A M #N/A N/A Not Provided 13.11.2012

Ekspres Invest MELDA AGIRDAS buy 5 M 13 Not Provided 07.11.2012

Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE market perform 3 M 13 Not Provided 06.11.2012

Erste Bank VERA SUTEDJA hold 3 M 12 12 month 04.11.2012

Eczacibasi Securities AKIF DASIRAN market perform 3 M 14 Not Provided 02.11.2012


Barclays SAN DHILLON overweight 5 M 12 Not Provided 30.10.2012

Marfin Analysis (ESN) DIMITRIS BIRBOS hold 3 M 12 Not Provided 24.10.2012

IS Investment & Securities NUR ATASOY outperform 5 U #N/A N/A Not Provided 19.10.2012

BNP Paribas Equity Research OZGUR GULER buy 5 M 11 12 month 19.10.2012

BGC Partners ERDEM HAFIZOGLU hold 3 M 11 12 month 19.10.2012


Ak Investment BORA TEZGULER market perform 3 M 12 12 month 19.10.2012

Renaissance Capital ALEXANDER KAZBEGI buy 5 M 13 12 month 17.10.2012

JPMorgan JEAN-CHARLES LEMARDELEY overweight 5 M 14 12 month 10.10.2012

Standard Unlu OYTUN ALTASLI market perform 3 D 11 12 month 03.10.2012

Tera Stock Brokers KENAN TURAN neutral 3 M 11 Not Provided 01.10.2012

Deutsche Bank VEDAT MIZRAHI buy 5 U 13 12 month 26.09.2012

Yatirim Finansman Securities DUYGU KALFAOGLU market perform 3 M 11 12 month 20.09.2012

Global Menkul Degerler HASAN BAYHAN buy 5 U 13 Not Provided 06.09.2012


Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 D 7 Not Provided 24.07.2012

ATA Invest MERT BOSTANOGLU market perform 3 M 10 Not Provided 13.01.2012

Holdings By:

Turkcell Iletisim Hizmetleri AS ee


20.02.2013

Metropolitan Bank & Trust Company offers commercial and investment banking

services. The Bank's business activities include borrowing and lending, trade

finance, remittances, treasury, investment banking and savings.


LTM as of: 09/yy

52-Week High (20.02.2013) 116.50

52-Week Low (27.02.2012) 80.40

Daily Volume

115.9





244'709.64 1 Yr Total Return 38.04%





Enterprise Value -


MBT PM EQUITY YTD Change - Average Volume 30 Day 2'785'801

MBT PM EQUITY YTD % CHANGE - Average Volume 3 Month 3'220'843


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

52'617.8 50'100.0 58'871.2 60'384.0 63'713.0 62'151.9 65'902.0 54'265.0 59'624.5 11'919.0 -

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

- - - - - 0.0 0.0 - - - -

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

7'043.4 4'407.9 6'028.9 8'366.0 11'031.0 11'229.2 12'377.0 13'259.4 15'487.4 1'310.0 -

15.14x 10.60x 14.66x 17.22x 13.54x 12.67x 16.44x 18.56x 15.96x - -





Return on Assets 1.32% Short-Term Rating NR




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Metropolitan Bank & TrustPrice/Volume

Valuation Analysis

3'435'760.00


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0! ! 9

02 ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

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20.02.2013


PHILIPPINE SECURITIE n/a EXCH 124'266'430 5.89 - 05.09.2012 n/a

GRAND TITAN CAPITAL n/a EXCH 21'655'000 1.03 - 05.09.2012 Other


VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'218'810 0.63 (4'435'380) 30.09.2012 Investment Advisor



FIDELITY INTERNATION Multiple Portfolios MF-AGG 10'082'851 0.48 185'677 29.02.2012 Investment Advisor

TY GEORGE SIAO KI n/a Co File 8'291'165 0.39 - 31.12.2010 n/a


TY ARTHUR V n/a EXCH 6'959'202 0.33 - 05.09.2012 n/a


AMUNDI Multiple Portfolios MF-AGG 5'004'097 0.24 (139'720) 29.06.2012 Mutual Fund Manager


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'635'280 0.22 (120'000) 30.09.2012 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 3'915'542 0.19 191'420 31.05.2012 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 3'620'210 0.17 - 31.05.2012 Mutual Fund Manager

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 3'579'829 0.17 (817'580) 30.09.2012 Investment Advisor

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 3'291'708 0.16 (855'300) 31.07.2012 Investment Advisor


MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 2'808'093 0.13 - 30.09.2012 Investment Advisor



Kim Eng Securities KATHERINE TAN buy 5 M 110 12 month 08.11.2012

JPMorgan GILBERT Y LOPEZ overweight 5 M 110 12 month 06.11.2012

COL Financial Group Inc CHARLES ANG buy 5 M 120 Not Provided 06.11.2012

HSBC XIUSHI CAI underweight 1 M 85 Not Provided 05.11.2012

Nomura STEPHAN HASJIM neutral 3 M 89 Not Provided 19.09.2012

Deutsche Bank RAFAEL GARCHITORENA buy 5 M 105 12 month 24.08.2012

Wealth Securities Inc ND G FERNANDEZ buy 5 M 134 12 month 10.08.2012

Daiwa Securities Co. Ltd. DANIELO PICACHE hold 3 U 100 Not Provided 31.07.2012

Macquarie RJ AGUIRRE outperform 5 M 116 12 month 21.06.2012

Credit Suisse HAJ NARVAEZ outperform 5 M 95 Not Provided 15.05.2012

Angping & Associates Securities Inc. TEAM COVERAGE buy 5 M 109 Not Provided 17.02.2012

SB Equities ERWIN BALITA buy 5 M 84 Not Provided 16.05.2011

Holdings By:

Metropolitan Bank & Trust ee


20.02.2013

Tupras-Turkiye Petrol Rafinerileri A.S. refines petroleum. The Company produces

LPG, naphtha, gasoline, diesel fuel, fuel, heating oil, jet fuel, lubricants,

and asphalt. Tupras operates refineries in Izmit, Izmir, Kirikkale, and Batman.

The Company imports and exports petroleum products.


LTM as of: 09/yy

52-Week High (17.01.2013) 54.25

52-Week Low (25.05.2012) 33.30

Daily Volume

50.2





12'571.04 1 Yr Total Return 21.67%







TUPRS TI EQUITY YTD Change - Average Volume 30 Day 927'100

TUPRS TI EQUITY YTD % CHANGE - Average Volume 3 Month 741'469


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

22'520.1 30'404.0 20'330.6 26'166.0 41'443.8 37'640.1 46'545.9 46'716.8 47'118.6 12'111.7 12'384.0

0.37x 0.14x 0.32x 0.26x 0.27x 0.94x 0.97x 0.31x 0.35x 1.13x 1.14x

1'390.5 1'394.5 1'145.1 1'372.2 2'157.7 2'056.9 1'690.8 1'556.4 1'677.2 374.7 204.0

6.00x 3.15x 5.66x 4.87x 5.16x 4.42x 6.63x 8.68x 8.06x 8.91x 9.21x

1'298.0 432.2 811.3 737.3 1'241.7 983.9 1'301.4 1'197.8 1'124.1 210.8 137.0

6.61x 9.39x 9.18x 13.11x 8.07x 9.80x 7.89x 10.36x 11.21x 11.61x 12.10x











EBITDA Margin 3.6%



Asset Turnover 2.84







Fiscal Year Ended

Tupras Turkiye Petrol Rafinerileri ASPrice/Volume

Valuation Analysis

1'479'664.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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2 9

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- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

1 ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

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2! !!

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20.02.2013


ENERJI YATIRIMLARI A n/a Co File 127'713'792 51 - 31.12.2010 Corporation



BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'495'480 1 16'267 27.11.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'471'985 0.99 (169'418) 30.09.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 2'013'147 0.8 15'214 31.08.2012 Mutual Fund Manager


ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'775'045 0.71 93'000 28.09.2012 Investment Advisor




BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 1'199'405 0.48 - 30.06.2012 Investment Advisor



BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1'055'363 0.42 (18'000) 30.09.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 990'891 0.4 990'891 30.09.2012 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 888'372 0.35 161'517 28.11.2012 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 858'578 0.34 (1'438) 30.09.2012 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 805'194 0.32 10'421 30.03.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 670'000 0.27 - 30.09.2012 Investment Advisor


Morgan Stanley MUNEEBA KAYANI Equalwt/No Rating 3 M 48 12 month 28.11.2012

Credit Suisse ONUR MUMINOGLU outperform 5 M 50 Not Provided 26.11.2012

Barclays HANZADE KILICKIRAN overweight 5 M 50 Not Provided 26.11.2012


Eczacibasi Securities BEHLUL KATAS outperform 5 U 53 Not Provided 23.11.2012

Sardis Securities HAYDAR ACUN hold 3 M 24 Not Provided 23.11.2012

HSBC BULENT YURDAGUL overweight 5 M 53 Not Provided 20.11.2012

Global Menkul Degerler ILKNUR UNSAL buy 5 M 54 Not Provided 20.11.2012

Seker Securities EZGI GULBAS outperform 5 M 49 12 month 19.11.2012

FinansInvest KORAY PAMIR neutral 3 M 49 12 month 15.11.2012

Oyak Securities HASAN SENER market perform 3 M 50 12 month 15.11.2012

BNP Paribas Equity Research ALPER PAKSOY buy 5 M 51 12 month 15.11.2012

Yapi Kredi Yatirim ve Menkul Degerler ELVIN AKBULUT buy 5 M 55 Not Provided 15.11.2012

EFG Istanbul Securities UMUT OZTURK Under Review #N/A N/A M #N/A N/A Not Provided 15.11.2012

Marfin Analysis (ESN) VASSILIS ROUMANTZIS accumulate 4 M 42 12 month 15.11.2012

Deutsche Bank VEDAT MIZRAHI hold 3 M 43 12 month 09.11.2012

Ekspres Invest SELIM KUNTER hold 3 D 50 Not Provided 07.11.2012

Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 51 Not Provided 06.11.2012


Erste Bank THOMAS UNGER hold 3 M 45 12 month 04.11.2012

IS Investment & Securities ASLI OZATA KUMBARACI outperform 5 M 48 Not Provided 11.10.2012

Goldman Sachs HENRY MORRIS neutral/attractive 3 M 51 12 month 14.09.2012

Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 29.08.2012

National Securities SA VICTOR LABATE neutral 3 M 43 Not Provided 03.08.2012

KBC Securities PETER CSASZAR hold 3 M 37 12 month 13.07.2012

Concorde Securities Rt ATTILA VAGO equalweight 3 M 41 Not Provided 13.07.2012

Wood & Company ROBERT RETHY hold 3 U 41 12 month 12.06.2012

Renaissance Capital ILGIN ERDOGAN buy 5 N 43 12 month 07.06.2012

ATA Invest MERT BOSTANOGLU market outperform 4 M 48 Not Provided 20.04.2012

Tera Stock Brokers AYSE COLAK neutral 3 M 53 Not Provided 03.04.2012

KBC Securities OLENA KYRYLENKO hold 3 U 41 12 month 25.05.2011

TEB Investment EBRU EROGLU outperform 5 M 36 Not Provided 09.04.2010

Holdings By:

Tupras Turkiye Petrol Rafinerileri AS ee


20.02.2013

Petron Corporation refines crude oil and sells a full range of petroleum

products. The Company transports its products by sea, using tankers and barges.

Petron also retails gasoline, diesel, and kerosene to motorists, public

transportation operators and households through its service stations. Petro also

provides insurance & reinsurance service and leases property.


LTM as of: 09/yy

52-Week High (20.02.2013) 14.28

52-Week Low (24.02.2012) 9.70

Daily Volume

13.72





128'626.44 1 Yr Total Return 24.15%


Preferred Stock - Adjusted BETA 0.860





PCOR PM EQUITY YTD Change - Average Volume 30 Day 10'599'090

PCOR PM EQUITY YTD % CHANGE - Average Volume 3 Month 7'183'502


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

210'520.0 267'676.0 176'531.0 229'094.0 273'956.0 261'225.0 379'368.0 388'757.7 408'305.8 - -

0.43x 0.37x 0.56x 0.96x 0.67x 3.03x 2.16x 0.53x 0.54x - -

12'099.0 1'033.0 11'928.0 16'009.0 18'491.0 20'555.0 12'841.0 12'807.7 21'890.5 - -

7.44x 95.79x 8.23x 13.70x 10.00x 9.82x 16.61x 19.06x 11.15x - -

6'377.0 (3'978.0) 4'240.0 7'894.0 8'469.0 10'734.0 1'773.0 2'016.7 6'659.0 666.0 -

8.38x - 11.78x 24.44x 14.00x 14.33x 122.82x 64.41x 19.24x - -








Asset Turnover 1.78% (EBITDA-Capex)/Interest Exp. -0.11



EBITDA Margin 3.4%



Asset Turnover 1.78







Fiscal Year Ended

Petron CorpPrice/Volume

Valuation Analysis

12'931'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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1

3

5

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-1

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

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20.02.2013


SEA REFINERY CORP n/a Co File 4'696'885'564 50.1 - 31.12.2011 Corporation

PETRON CORP EMPLOYEE n/a Co File 2'276'456'097 24.28 - 31.12.2011 n/a

SAN MIGUEL CORP n/a Co File 1'702'870'560 18.16 - 31.12.2011 Corporation


LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 10'104'000 0.11 - 30.06.2012 Investment Advisor

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 6'831'500 0.07 (9'855'000) 30.09.2012 Investment Advisor

SKANDIA FONDER AB Multiple Portfolios MF-AGG 5'791'000 0.06 - 30.06.2012 Mutual Fund Manager

EMERGING MARKETS MAN Multiple Portfolios MF-AGG 943'800 0.01 - 27.07.2012 Investment Advisor

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 595'000 0.01 - 31.08.2012 Investment Advisor

ANTIPORTA FELIMON E n/a EXCH 255'200 0 100'000 08.05.2009 n/a

EIJANSANTOS ROSARIO n/a EXCH 235'689 0 - 24.07.2008 n/a

INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 55'634 0 - 27.11.2012 Investment Advisor

ORILLOS NATHANIEL RI n/a EXCH 29'953 0 - 24.02.2010 n/a

CONSTANTINO FERDINAN n/a EXCH 20'000 0 - 12.07.2010 n/a

RADA NOLAN LLANOS n/a EXCH 15'000 0 - 09.08.2012 n/a

CADIZ JR TOMAS S n/a EXCH 10'000 0 - 12.07.2010 n/a

CORTEZ MA ROWENA ONG n/a Co File 8'580 0 - 31.12.2011 n/a

RIVERA CONRADO JR S n/a EXCH 5'400 0 - 09.08.2012 n/a

NEPOMUCENO LUBIN N n/a Co File 5'000 0 - 31.12.2011 n/a

GUPALOR ARCHIE BITAN n/a EXCH 3'000 0 - 22.03.2012 n/a



Credit Suisse ALVIN AROGO outperform 5 M 14 Not Provided 02.11.2012

Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 11 12 month 10.10.2012

Philippine Equity Partners Inc JOJO GONZALES III hold 3 U 14 Not Provided 08.03.2012

Deutsche Bank GIOVANNI DELA-ROSA not rated #N/A N/A M #N/A N/A Not Provided 01.09.2010

Holdings By:

Petron Corp ee


20.02.2013

Samsung C&T Corporation is a general trading company that imports and exports

electronics, chemicals, metals, and semiconductors. The Company also operates

heavy construction and home building businesses in domestic and overseas

markets.


LTM as of: 09/yy

52-Week High (28.03.2012) 82'700.00

52-Week Low (16.11.2012) 54'900.00

Daily Volume

66800





10'435'347.00 1 Yr Total Return -11.98%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

11'811'591.9 10'875'929.4 13'023'702.0 15'696'693.0 17'241'095.1 ######### ######### ######### - ######### #########

0.55x 0.80x 0.99x 0.79x - 3.53x 2.27x - - - -

400'552.5 319'411.4 349'624.9 365'603.0 - 351'207.8 255'371.0 - - - -

16.15x 27.32x 36.91x 33.80x - 35.44x 0.00x - - - -

345'142.5 307'542.4 358'689.2 297'722.4 416'125.3 157'254.8 494'949.5 474'000.0 806'000.0 127'200.0 114'100.0

16.97x 26.87x 32.44x 33.85x - 66.41x 0.00x - 13.33x - -











EBITDA Margin 2.3%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Samsung C&T CorpPrice/Volume

Valuation Analysis

696'597.00


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0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

40'000'000.0

45'000'000.0

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

! !!

.! !!

1! !!

3! !!

5! !!

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-1! !!

-3! !!

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20.02.2013



SAMSUNG SDI CO LTD n/a EXCH 11'547'819 7.39 - 30.04.2012 Corporation

SAMSUNG C&T CORP n/a EXCH 9'084'557 5.82 (5'200) 30.04.2012 Corporation

SAMSUNG LIFE INSURAN n/a EXCH 7'986'611 5.11 (21'109) 21.09.2012 Insurance Company

MIRAE ASSET GLOBAL I n/a EXCH 6'612'295 4.23 (6'821'478) 27.04.2010 Investment Advisor

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 5'534'073 3.54 (283'322) 30.06.2012 Investment Advisor


SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3'369'018 2.16 (356'534) 30.06.2012 Investment Advisor


JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 2'295'007 1.47 1'003'121 31.07.2012 Investment Advisor

KUN HEE LEE n/a EXCH 2'206'110 1.41 - 30.04.2012 n/a

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'739'147 1.11 (336'055) 30.06.2012 Mutual Fund Manager

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 924'665 0.59 57'514 30.06.2012 Mutual Fund Manager

FIDELITY INTERNATION Multiple Portfolios MF-AGG 911'575 0.58 684'214 29.02.2012 Investment Advisor

UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 887'503 0.57 (196'617) 30.06.2012 Mutual Fund Manager

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 658'681 0.42 814 27.11.2012 Investment Advisor

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 566'499 0.36 106'405 30.09.2011 Mutual Fund Manager

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 472'317 0.3 (73'316) 31.07.2012 Investment Advisor

KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 408'374 0.26 38'005 30.06.2012 Mutual Fund Manager

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 360'839 0.23 83'711 30.06.2012 Investment Advisor


Hana Daetoo Securities LEE CHANG-KEUN buy 5 M 86'100 12 month 28.11.2012

Samsung Securities KS KANG buy 5 M 70'000 12 month 27.11.2012

Daishin Securities Co., Ltd. CHO YOON-HO market perform 3 N 67'000 6 month 26.11.2012

Korea Investment & Securities LEE KYUNG-JA buy 5 M 97'000 12 month 26.11.2012

LIG Investment Securities CHAE SANG-WOOK buy 5 M 85'000 12 month 23.11.2012

KB Investment & Securities Co., Ltd HEU MOON-WOOK buy 5 M 76'100 12 month 21.11.2012

Daewoo Securities SONG HEUNG-IK buy 5 M 77'000 12 month 19.11.2012

Tong Yang Investment Bank SANG-HYUP CHONG buy 5 M 83'000 12 month 12.11.2012

Mirae Asset Securities BYUN SUNG-JIN hold 3 M 72'000 12 month 09.11.2012

Shinyoung Securities Co., Ltd. JONG-HYO HAN buy 5 M 92'000 12 month 06.11.2012

Shinhan Investment Corp LEE SUN-IL buy 5 M 76'000 12 month 05.11.2012

NH Investment & Securities KANG SEUNG-MIN RYAN buy 5 M 80'000 6 month 02.11.2012

Dongbu Securities Co Ltd YOO DEOK-SANG buy 5 M 75'000 12 month 02.11.2012

KTB Securities SUN-MI KIM buy 5 M 70'000 12 month 02.11.2012

Hanwha Securities Co., Ltd CHO DONG-PIL buy 5 M 80'000 6 month 02.11.2012

Kyobo Securities CHO JOO-HYUNG trading buy 5 D 71'000 6 month 02.11.2012

E*Trade Securities Korea SANG-YEON PARK buy 5 M 75'000 12 month 02.11.2012

Standard Chartered JAMES KP HONG outperform 5 M 80'000 12 month 01.11.2012

Deutsche Bank HAN SANG-HI buy 5 M 82'900 12 month 01.11.2012

Credit Suisse SINN MIN-SEOK outperform 5 U 72'000 Not Provided 01.11.2012

Nomura KEITH NAM buy 5 M 100'000 Not Provided 01.11.2012

HI Investment Securities KIYOUNG ROH buy 5 M 88'000 6 month 17.10.2012

Woori Investment & Securities WAYNE WANG-SANG LEE buy 5 M 82'000 12 month 12.10.2012

Hyundai Securities EMILY KIM buy 5 M 94'000 Not Provided 19.09.2012

SK Securities Co Ltd PARK HYUNG-RYUL buy 5 M 80'000 6 month 23.07.2012

HSBC BRIAN CHO neutral 3 M 73'000 Not Provided 19.07.2012

Taurus Investment Securities Co Ltd PARK YONG-HEE buy 5 M 85'000 6 month 28.06.2012

Daiwa Securities Co. Ltd. MIKE OH outperform 5 M 73'000 Not Provided 12.06.2012

KIWOOM Securities Co Ltd HAN SANG-JOON buy 5 M 100'000 6 month 04.06.2012


Holdings By:

Samsung C&T Corp ee


20.02.2013

Oil & Gas Development Co. Ltd. explores and develops oil and natural gas

properties in Pakistan.


LTM as of: 09/yy

52-Week High (20.02.2013) 211.97

52-Week Low (13.06.2012) 145.00

Daily Volume

209.02





898'980.06 1 Yr Total Return 33.38%

Total Debt 0.00 YTD Return 8.52%






OGDC PA EQUITY YTD Change - Average Volume 30 Day 565'060

OGDC PA EQUITY YTD % CHANGE - Average Volume 3 Month 428'513


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 09/yy 09/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

125'908.3 130'829.6 142'571.9 155'631.3 197'838.7 160'865.9 183'824.6 236'195.0 278'093.5 - -

4.10x 2.52x 4.14x 4.14x 3.47x 15.59x 15.31x 3.49x 2.78x - -

86'947.5 91'321.3 99'542.5 108'473.2 138'733.7 116'553.3 145'204.4 178'232.7 203'844.7 - -

5.94x 3.60x 5.93x 5.94x 4.95x 4.83x 5.28x 5.02x 4.39x - -

44'338.1 55'539.6 59'177.1 63'527.3 96'905.6 68'732.6 100'646.1 110'000.2 135'469.8 - -

12.06x 6.09x 10.30x 10.36x 7.12x 8.27x 7.67x 8.21x 7.19x - -











EBITDA Margin 73.5%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Oil & Gas Development Co LtdPrice/Volume

Valuation Analysis

1'022'200.00


!.!1!3!5!

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

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9 2 9- ! 9- 2 9. ! 9. 2 90 ! 90 2 91 ! 91 2 9

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-.



20.02.2013


GOVERNMENT OF PAKIST n/a Co File 3'224'609'081 74.97 - 30.06.2012 Government

OGDCL EMP EMPOWERMEN n/a Co File 432'189'039 10.05 - 30.06.2012 n/a

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 348'998'401 8.11 - 28.09.2012 Investment Advisor


INVESCO LTD Multiple Portfolios MF-AGG 7'500'000 0.17 - 29.02.2012 Investment Advisor



NATL BANK OF PAKISTA n/a Co File 1'794'143 0.04 - 30.06.2012 n/a

SMITH BARNEY FUND MA Multiple Portfolios MF-AGG 1'161'262 0.03 (57'338) 29.06.2012 Investment Advisor

TUNDRA FONDER AB / S Multiple Portfolios MF-AGG 1'131'000 0.03 980'000 30.06.2012 Mutual Fund Manager

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'100'000 0.03 - 30.03.2012 Investment Advisor


NATIONAL INVESTMENT n/a Co File 688'944 0.02 - 30.06.2012 Government



GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 611'900 0.01 611'900 30.09.2012 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 350'900 0.01 (303'600) 30.09.2012 Investment Advisor

NIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 223'003 0.01 - 05.12.2011 Mutual Fund Manager

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 111'600 0 - 27.11.2012 Investment Advisor

WILMINGTON FUNDS MAN Multiple Portfolios MF-AGG 89'800 0 - 29.02.2012 Investment Advisor


M.M. Securities (Pvt.) Ltd SHAHID ALI neutral 3 M 195 Not Provided 26.11.2012

Foundation Securities (Private) Limited ASIM WAHAB KHAN neutral 3 M 188 12 month 23.11.2012

JS Global Capital Ltd SYED ATIF ZAFAR hold 3 M 187 Not Provided 21.11.2012

Topline Securities Pvt. Ltd NAUMAN KHAN hold 3 M 190 Not Provided 08.11.2012

AKD Securities (Pvt.) Ltd NAVEED VAKIL accumulate 4 M 206 Not Provided 23.10.2012

Invest Capital Securities Pvt Ltd ASAD I SIDDIQUI hold 3 M 186 Not Provided 18.10.2012

Arif Habib Limited SYED ABID ALI buy 5 M 192 Not Provided 08.10.2012

BMA Capital Management FURQAN PUNJANI hold 3 M #N/A N/A Not Provided 24.09.2012

Global Securities Pakistan Ltd SYED SAQUIB ALI hold 3 M 172 Not Provided 08.06.2012

IGI Finex Securities Ltd SANA ABDULLAH buy 5 U 168 6 month 16.01.2012

First Capital Equities Limited FARAZ FAROOQ buy 5 R 143 12 month 15.11.2011

Invisor Securities (Private) Limited SHAMOON TARIQ neutral 3 D 145 12 month 27.10.2011

Summit Capital Pvt Ltd MUHAMMAD FARHAN hold 3 M 132 Not Provided 21.09.2011

Credit Suisse RAZA RAWJANI outperform 5 M 185 Not Provided 28.04.2011

Holdings By:

Oil & Gas Development Co Ltd ee


20.02.2013

Orascom Construction Industries (OCI) is a construction contracting company in

emerging markets. The Company also produces and exports nitrogen-based

fertilizers.


LTM as of: 09/yy

52-Week High (17.09.2012) 49.50

52-Week Low (07.02.2013) 33.70

Daily Volume

38.37





8'016.97 1 Yr Total Return -10.56%





Enterprise Value -


ORSD LI EQUITY YTD Change - Average Volume 30 Day 173'753

ORSD LI EQUITY YTD % CHANGE - Average Volume 3 Month 125'863


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

13'481.7 20'252.6 21'312.8 27'552.4 32'722.0 31'827.0 33'164.5 33'096.1 36'970.2 - -

9.25x 1.64x 2.79x 2.62x 1.78x 6.54x 4.20x - - - -

2'384.2 4'736.8 4'421.4 6'051.1 8'222.6 5'796.6 3'306.2 7'007.9 9'173.2 - -

52.30x 7.01x 13.46x 11.91x 7.08x 0.00x 0.00x - - - -

66'020.9 5'366.7 2'416.6 3'344.4 4'028.9 4'346.3 2'862.6 2'850.0 4'441.6 - -

- - - - - 0.00x 0.00x 18.70x 11.97x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -





Accounts Receivable Turnover - Cash Conversion Cycle 49.91


Fiscal Year Ended

Orascom Construction IndustriesPrice/Volume

Valuation Analysis

50'213.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9

- 9

. 9

0 9

1 9

2 9

3 9

4 9

5 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! .!

! 1!

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20.02.2013




SKAGEN AS Multiple Portfolios MF-AGG 977'842 0.47 - 31.10.2012 Mutual Fund Manager

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 535'458 0.26 - 30.06.2012 Insurance Company

HARDING LOEVNER LP Multiple Portfolios MF-AGG 396'300 0.19 12'300 30.06.2012 Investment Advisor


SEDCO CAPITAL GLOBAL Multiple Portfolios MF-AGG 154'963 0.07 - 28.09.2012 Mutual Fund Manager

CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 148'244 0.07 - 27.11.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 141'977 0.07 (6'350) 28.09.2012 Mutual Fund Manager

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 110'898 0.05 (1'488) 29.06.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 101'784 0.05 - 30.09.2012 Mutual Fund Manager

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 84'788 0.04 - 30.09.2012 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 82'553 0.04 - 27.11.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 78'940 0.04 - 28.09.2012 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 68'816 0.03 - 31.05.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 56'916 0.03 - 31.01.2012 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 44'289 0.02 1'251 27.11.2012 Investment Advisor


ZUERICH INVESTMENTGE Multiple Portfolios MF-AGG 40'000 0.02 - 28.09.2012 Investment Advisor

JULIUS BAER MULTICOO JULIUS BAER MULTISTO MF-LUX 35'613 0.02 (278) 31.07.2012 Mutual Fund Manager


Morgan Stanley MUNEEBA KAYANI Overwt/No Rating 5 M 48 12 month 28.11.2012

CI Capital Holdings MUHAMMAD EL EBRASHI strong buy 5 M 48 12 month 07.02.2012

Pharos Holdings GEORGE BESHARA hold 3 M 40 Not Provided 07.09.2009

Holdings By:

Orascom Construction Industries ee


20.02.2013

Kimberly-Clark de Mexico, S.A.B. de C.V. manufactures, markets and distributes

consumer, industrial, and institutional hygiene products. The Company produces

feminine care items, diapers, toilet paper and facial tissues.


LTM as of: 09/yy

52-Week High (14.02.2013) 39.94

52-Week Low (29.02.2012) 23.63

Daily Volume

39.29





119'208.34 1 Yr Total Return 64.38%







KIMBERA MM EQUITY YTD Change - Average Volume 30 Day 3'923'398

KIMBERA MM EQUITY YTD % CHANGE - Average Volume 3 Month 3'697'983


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

23'051.5 24'702.2 26'196.5 26'732.4 29'288.6 26'466.7 28'678.5 31'303.0 33'436.5 7'656.0 7'937.0

2.36x 2.64x 3.26x 9.15x 3.80x 12.65x 13.16x 4.05x 3.83x 16.63x 15.99x

6'714.9 7'319.6 7'515.9 7'126.3 8'133.6 7'310.0 7'669.3 8'705.5 9'422.3 2'065.0 2'521.0

8.09x 8.92x 11.36x 34.33x 13.68x 11.16x 13.60x 14.59x 13.48x 14.90x 14.72x

3'312.1 4'151.7 4'222.9 3'558.8 4'144.7 3'836.0 3'863.3 4'635.8 5'176.3 1'151.0 1'632.0

15.24x 15.19x 19.04x 22.24x 24.98x 19.71x 25.09x 26.46x 23.67x 27.28x 26.55x


EBIT 6'635.10 Long-Term Rating A-









EBITDA Margin 27.8%



Asset Turnover 1.05







Fiscal Year Ended

Kimberly-Clark de Mexico SAB de CVPrice/Volume

Valuation Analysis

1'385'149.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

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2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



20.02.2013


KIMBERLY CLARK HOLLN n/a Co File 793'634'514 48.54 - 31.12.2010 Holding Company

LAPORTE CLAUDIO X GO n/a Co File 82'842'851 5.07 - 31.12.2010 n/a





VANGUARD GROUP INCOR VANGUARD EMERGING MA MF-USA 31'664'408 1.94 1'107'848 30.09.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 28'094'200 1.72 - 31.08.2012 Investment Advisor


VANGUARD GROUP INCOR VANGUARD MSCI EMERGI ETF 24'307'756 1.49 - 30.06.2012 Investment Advisor



FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 15'377'318 0.94 597'800 30.09.2012 Investment Advisor

GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 14'335'866 0.88 86'542 27.11.2012 Investment Advisor

ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 11'974'164 0.73 - 12.11.2012 Investment Advisor




VANGUARD GROUP INCOR VANGUARD TOTAL INTER MF-USA 6'694'831 0.41 6'694'831 30.09.2012 Investment Advisor



Invex Casa de Bolsa SA de CV ANA HERNANDEZ VELAZQUEZ hold 3 M 33 Not Provided 16.11.2012

BBVA FERNANDO OLVERA underperform 1 M 31 12 month 30.10.2012

Deutsche Bank JOSE J YORDAN buy 5 M 34 12 month 26.10.2012

HSBC JUAN CARLOS MATEOS neutral 3 M 35 Not Provided 23.10.2012

GBM LUIS R WILLARD market underperform 2 M 31 Not Provided 22.10.2012

Vector Servicios Financieros GASPAR QUIJANO sell 1 M 29 Not Provided 19.10.2012


Grupo Santander LUIS MIRANDA hold 3 M 27 Not Provided 13.04.2012

Holdings By:

Kimberly-Clark de Mexico SAB de CV ee


20.02.2013

BIM Birlesik Magazalar A.S. operates food and basic consumer goods discount

stores in Turkey. The Company provides an assortment of private label products.


LTM as of: 09/yy

52-Week High (21.01.2013) 93.50

52-Week Low (06.03.2012) 59.25

Daily Volume

84.75





12'865.05 1 Yr Total Return 40.20%

Total Debt 0.00 YTD Return -2.87%






BIMAS TI EQUITY YTD Change - Average Volume 30 Day 225'578

BIMAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 217'319


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

2'978.4 4'242.4 5'323.4 6'574.0 8'189.1 7'698.0 9'539.6 9'974.9 12'025.8 2'592.0 -

0.86x 0.57x 0.96x 1.17x 0.93x 3.98x 4.16x 1.25x 1.02x - -

160.7 189.2 314.2 356.4 424.4 411.6 470.3 497.0 608.5 127.1 -

16.02x 12.75x 16.26x 21.66x 17.92x 18.41x 23.55x 25.26x 20.63x - -

108.5 114.2 212.9 245.6 298.9 289.8 325.2 342.5 418.4 90.0 -

24.49x 21.44x 24.77x 32.44x 26.66x 27.55x 35.01x 37.72x 30.71x - -







Return on Capital - EBITDA/Interest Exp. -




EBITDA Margin 4.9%



Asset Turnover 5.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BIM Birlesik Magazalar ASPrice/Volume

Valuation Analysis

361'072.00


!-!.!0!1!2!3!4!5!6!

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2 9

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- 2 9

. ! 9

. 2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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20.02.2013


ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 7'238'537 4.77 - 12.11.2012 Investment Advisor


ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 4'657'290 3.07 (115'422) 12.11.2012 Investment Advisor





CARMIGNAC GESTION Multiple Portfolios MF-AGG 963'937 0.64 - 28.09.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 708'427 0.47 - 31.10.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 416'127 0.27 (1'679'358) 30.09.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 389'690 0.26 (38'862) 29.06.2012 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 389'087 0.26 11'860 28.09.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 381'703 0.25 (7'000) 31.08.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 275'259 0.18 (25'220) 30.09.2012 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 242'000 0.16 - 30.09.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 217'556 0.14 - 31.08.2012 Investment Advisor

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 208'034 0.14 - 28.09.2012 Mutual Fund Manager

PICTET ASSET MANAGEM PICTET FUNDS - EASTE MF-LUX 201'978 0.13 - 31.08.2012 Mutual Fund Manager

CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 195'397 0.13 73'317 28.09.2012 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 173'322 0.11 (797'478) 30.06.2012 Investment Advisor


Credit Suisse ONUR MUMINOGLU neutral 3 M 77 Not Provided 21.11.2012

Marfin Analysis (ESN) NATALIA SVYROU-SVYRIADI hold 3 U 82 12 month 21.11.2012

Oyak Securities SERHAT KAYA market perform 3 M 80 12 month 14.11.2012

BGC Partners BERNA KURBAY hold 3 M 94 12 month 14.11.2012

Natixis ANTOINE PARISON reduce 2 M 69 Not Provided 14.11.2012

Morgan Stanley EROL DANIS Overwt/No Rating 5 M 79 12 month 13.11.2012

Seker Securities EZGI GULBAS market perform 3 M 72 12 month 13.11.2012

BNP Paribas Equity Research OZGUR GULER buy 5 M 84 12 month 13.11.2012

Yatirim Finansman Securities DUYGU KALFAOGLU Under Review #N/A N/A M #N/A N/A Not Provided 13.11.2012

EFG Istanbul Securities BURAK ISYAR buy 5 M 87 12 month 13.11.2012

FinansInvest CAN OZTOPRAK outperform 5 M 91 12 month 12.11.2012

Ekspres Invest MELDA AGIRDAS hold 3 M 89 Not Provided 07.11.2012

Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 83 Not Provided 06.11.2012

Erste Bank GORKEM GOKER hold 3 M 78 12 month 04.11.2012

Barclays HANZADE KILICKIRAN overweight 5 N 95 Not Provided 30.10.2012

Goldman Sachs ANTON FARLENKOV Sell/Neutral 1 M 64 12 month 21.09.2012

HSBC BULENT YURDAGUL neutral 3 M 81 Not Provided 20.09.2012

Eczacibasi Securities AKIF DASIRAN outperform 5 M 102 Not Provided 12.09.2012

Global Menkul Degerler BERTAN ILBAK sell 1 M 73 Not Provided 06.09.2012

IS Investment & Securities ESRA SIRINEL underperform 1 M 77 Not Provided 05.09.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 27.08.2012

Renaissance Capital METE OZBEK hold 3 M 70 Not Provided 15.08.2012

Wood & Company PATRICK SHIELDS sell 1 M 65 12 month 14.08.2012

Yapi Kredi Yatirim ve Menkul Degerler OZGUR GOKER market perform 3 M 80 12 month 03.08.2012

Deutsche Bank MUHARREM GULSEVER buy 5 U 95 12 month 30.07.2012

ATA Invest EMRAH OZKOC market perform 3 M #N/A N/A Not Provided 11.05.2012

Tera Stock Brokers KENAN TURAN sell 1 M 56 Not Provided 08.05.2012

TEB Investment DIDEM OZATALAR market perform 3 M 52 Not Provided 11.11.2010

Holdings By:

BIM Birlesik Magazalar AS ee


20.02.2013

MCB Bank Ltd. is a full service commercial bank. The Bank offers a wide range

of financial products and advice for personal and corporate customers,

including online banking services.


LTM as of: 09/yy

52-Week High (20.02.2013) 220.40

52-Week Low (12.06.2012) 154.00

Daily Volume

219.15





201'587.34 1 Yr Total Return 39.41%





Enterprise Value -


MCB PA EQUITY YTD Change - Average Volume 30 Day 652'157

MCB PA EQUITY YTD % CHANGE - Average Volume 3 Month 474'448


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

42'956.1 55'774.5 60'725.3 75'523.5 77'987.9 71'605.4 59'819.0 51'887.5 57'937.5 - -

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

- - - - - 0.0 0.0 - - - -

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

15'374.6 15'665.4 16'874.0 19'274.3 21'153.2 19'796.1 20'696.9 20'375.4 23'243.5 - -

5.14x 10.66x 10.29x 5.83x 9.12x 7.13x 0.00x 9.88x 8.78x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11







Fiscal Year Ended

MCB Bank LtdPrice/Volume

Valuation Analysis

414'200.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

j--- S--- d--. T--. i--. M--. i--. d--. d--. M--. n--. l--. j--. ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



20.02.2013


MAYBAN INTL TRUST BH n/a Co File 183'972'023 20 - 31.12.2011 n/a

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 48'741'202 5.3 - 28.09.2012 Investment Advisor

MANSHA MIAN RAZA n/a Co File 33'985'997 3.69 - 31.12.2011 n/a

RAFI TARIQ n/a Co File 31'176'829 3.39 - 31.12.2011 n/a


MANSHA MIAN UMER n/a Co File 26'435'024 2.87 - 31.12.2011 n/a

MANSHA MIAN MOHAMMAD n/a Co File 5'315'615 0.58 - 31.12.2011 n/a


GCIC LTD/CANADA Multiple Portfolios MF-AGG 2'023'585 0.22 - 30.06.2012 Investment Advisor

MUNEER S M n/a Co File 1'980'803 0.22 - 31.12.2011 n/a


EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'626'848 0.18 (1'138'745) 31.08.2012 Investment Advisor

TUNDRA FONDER AB / S Multiple Portfolios MF-AGG 1'100'900 0.12 920'000 30.06.2012 Mutual Fund Manager

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 841'500 0.09 - 30.03.2012 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 837'854 0.09 155'000 29.06.2012 Investment Advisor



GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 561'328 0.06 156'500 30.09.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 547'589 0.06 547'589 28.09.2012 Investment Advisor



Foundation Securities (Private) Limited SYED SULEMAN AKHTAR neutral 3 D 191 12 month 20.11.2012

Macquarie ISMAEL PILI neutral 3 D 191 12 month 19.11.2012

Topline Securities Pvt. Ltd FARHAN MAHMOOD hold 3 M 198 Not Provided 08.11.2012

JS Global Capital Ltd BILAL QAMAR buy 5 M 219 Not Provided 17.10.2012

Arif Habib Limited SANA TAWFIK buy 5 M 215 12 month 16.10.2012

Summit Capital Pvt Ltd MUHAMMAD FARHAN hold 3 M 190 Not Provided 15.10.2012

AKD Securities (Pvt.) Ltd RAZA JAFRI neutral 3 M 185 Not Provided 12.10.2012

Credit Suisse FARHAN RIZVI neutral 3 M 165 Not Provided 31.08.2012

BMA Capital Management NURALI BARKATALI add 4 M 196 12 month 06.08.2012

Elixir Securities Pakistan SANA IQBAL BAWANI hold 3 M 188 Not Provided 06.08.2012

Global Securities Pakistan Ltd SYED SAQUIB ALI buy 5 M 195 12 month 11.04.2012

Shajar Capital Pakisatan Pvt Ltd UMER PERVEZ accumulate 4 M 185 Not Provided 17.02.2012

Invest & Finance Securities KHALID IQBAL SIDDIQUI buy 5 M 218 Not Provided 31.10.2011

Holdings By:

MCB Bank Ltd ee


20.02.2013

PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles,

wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.


LTM as of: 09/yy

52-Week High (13.02.2013) 6'800.00

52-Week Low (04.06.2012) 4'400.00

Daily Volume

6650





58'389'836.00 1 Yr Total Return 41.64%







INDF IJ EQUITY YTD Change - Average Volume 30 Day 16'168'270

INDF IJ EQUITY YTD % CHANGE - Average Volume 3 Month 13'491'230


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

27'858'304.0 38'799'279.0 37'397'319.0 38'403'360.0 45'332'256.0 ######### ######### ######### ######### ######### -

1.15x 0.63x 1.30x 1.37x 1.11x 5.10x 4.39x 1.36x 1.20x - -

3'472'262.0 5'047'594.0 6'134'676.0 7'890'974.0 7'351'732.0 ######### ######### ######### ######### - -

9.25x 4.81x 7.93x 6.66x 6.87x 6.91x 7.95x 7.95x 7.24x - -

980'357.0 1'034'389.0 2'075'861.0 2'952'858.0 3'077'180.0 ######### ######### ######### ######### 887'890.0 -

22.79x 7.91x 15.04x 14.51x 13.14x 14.63x 14.99x 17.14x 15.25x - -











EBITDA Margin 15.5%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Indofood Sukses Makmur Tbk PTPrice/Volume

Valuation Analysis

11'513'000.00


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0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

40'000'000.0

45'000'000.0

50'000'000.0

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

! !!

2 !!

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



20.02.2013


CAB HLDG LTD MAURITI n/a EXCH 4'394'603'592 50.05 - 30.04.2012 Unclassified






FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 44'000'000 0.5 - 30.09.2012 Investment Advisor


BLACKROCK ADVISERS Multiple Portfolios MF-AGG 28'853'000 0.33 1'124'700 31.07.2012 Investment Advisor




SEB FONDFORVALTNING Multiple Portfolios MF-AGG 21'294'500 0.24 276'600 28.09.2012 Mutual Fund Manager




PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 17'123'000 0.2 - 31.10.2012 Investment Advisor


DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 16'494'500 0.19 - 31.12.2010 Mutual Fund Manager



Kim Eng Securities KATARINA SETIAWAN hold 3 M 6'300 12 month 29.11.2012

Bahana Securities HARRY SU buy 5 M 7'000 Not Provided 26.11.2012

Andalan Artha Advisindo Sekuritas PT ADOLF SUTRISNO hold 3 D 6'350 12 month 08.11.2012

Ciptadana Sekuritas MITCHEL JAUWANTO hold 3 N 6'400 Not Provided 07.11.2012

Macquarie LYALL TAYLOR neutral 3 D 5'900 12 month 05.11.2012

DBS Vickers BEN SANTOSO hold 3 M 5'650 12 month 02.11.2012

Samuel Sekuritas Indonesia YUALDO T YUDOPRAWIRO buy 5 M 7'000 Not Provided 02.11.2012


Nomura JANNI ASMAN neutral 3 M 6'050 Not Provided 01.11.2012

UOB Kay Hian MARWAN HALIM hold 3 M 5'650 Not Provided 01.11.2012

Morgan Stanley DIVYA GANGAHAR KOTHIYAL Equalwt/In-Line 3 M 6'040 12 month 31.10.2012

JPMorgan STEVANUS JUANDA neutral 3 M 5'700 12 month 31.10.2012

Trimegah Securities Tbk PT IVAN CHAMDANI hold 3 M 6'400 Not Provided 31.10.2012




PT Etrading Securities ANDREW ARGADO hold 3 D 5'500 Not Provided 31.08.2012


Credit Suisse ELLA NUSANTORO neutral 3 M 6'850 Not Provided 14.08.2012

BNP Paribas Equity Research ELVIRA TJANDRAWINATA hold 3 M 5'250 12 month 08.08.2012

Standard Chartered NIRGUNAN TIRUCHELVAM outperform 5 M 6'580 12 month 03.07.2012

Danareksa MARDESIANA buy 5 M 5'350 Not Provided 07.06.2012


HSBC SEAN MONAGHAN neutral 3 M 5'436 Not Provided 21.03.2012

Deutsche Bank REGGY SUSANTO buy 5 M 6'050 12 month 31.10.2011

Holdings By:

Indofood Sukses Makmur Tbk PT ee


20.02.2013

PT Bank Negara Indonesia (Persero) Tbk is a state-owned bank that conducts

commercial and consumer banking services.


LTM as of: 09/yy

52-Week High (14.02.2013) 4'400.00

52-Week Low (24.02.2012) 3'500.00

Daily Volume

4250





79'256'792.00 1 Yr Total Return 21.64%





Enterprise Value -


BBNI IJ EQUITY YTD Change - Average Volume 30 Day 28'066'530

BBNI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 24'385'850


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

19'007'436.0 20'177'028.0 23'742'151.0 25'898'450.0 28'293'271.0 ######### ######### ######### ######### ######### -

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

- - - - - 0.0 0.0 - - - -

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

897'928.0 1'222'485.0 2'483'995.0 4'101'706.0 5'825'904.0 ######### ######### ######### ######### ######### -

30.78x 8.50x 12.15x 15.38x 12.18x 12.95x 10.75x 11.88x 10.15x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank Negara Indonesia Persero Tbk PTPrice/Volume

Valuation Analysis

12'746'000.00


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0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-3 !!

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20.02.2013


REPUBLIC OF INDONESI n/a EXCH 11'189'193'750 60 - 30.04.2012 Government








ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 68'830'570 0.37 27'964'564 30.09.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 64'275'886 0.34 5'759'000 30.09.2012 Investment Advisor

CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 48'829'158 0.26 11'871'721 28.09.2012 Investment Advisor


GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 34'237'500 0.18 - 30.09.2012 Investment Advisor




AIG INVESTMENT CORP Multiple Portfolios MF-AGG 27'600'920 0.15 - 31.12.2010 Investment Advisor



SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 23'515'431 0.13 - 30.09.2012 Investment Advisor


Morgan Stanley NICK LORD Equalwt/Attractive 3 M 3'846 12 month 29.11.2012

Indo Premier Securities AGUS PRAMONO hold 3 M 4'100 12 month 27.11.2012




Standard Chartered JAJ SINGH outperform 5 M 4'666 12 month 21.11.2012



Kim Eng Securities RAHMI SARI MARINA buy 5 M 4'200 12 month 08.11.2012

DBS Vickers SUE LIN LIM hold 3 M 4'100 12 month 06.11.2012



Macquarie NICOLAOS OENTUNG neutral 3 D 4'000 12 month 25.10.2012

AmCapital Indonesia YAP SWIE CU buy 5 U 4'750 Not Provided 24.10.2012


Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN buy 5 M 5'000 12 month 23.10.2012


Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI outperform 5 U 4'300 Not Provided 22.10.2012





Mandiri Sekuritas PT/Indonesia VERDI BUDIMAN buy 5 M 4'700 12 month 29.02.2012

Danareksa CHRISTOPHER KELVIN buy 5 M 4'700 Not Provided 05.12.2011


Holdings By:

Bank Negara Indonesia Persero Tbk PT ee


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