Fundamental Equity Analysis - TOPIX 100 Index Members (TPX100 Index)

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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 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80

Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53

NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12

FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54

SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83

S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27

S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29

HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12

MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03

AEON CO LTD JPY 10420 9140 769 14 0 4 2 27.30 49382 51413 59478 61452 3598 3603 - - 1.32 0.93 0.90 0.94 0.15 - 0.15 0.15 0.02 0.02 0.09 0.02 0.07 A- 13.07.2004 WR 24.04.2009

AJINOMOTO CO INC JPY 9305 2116 677 1 0 0 2 9.33 12713 12657 12650 12451 1283 1209 244 244 0.73 0.91 0.80 0.81 0.17 - 0.19 0.19 -0.01 0.00 -0.02 0.01 0.10 AA- 28.07.1997 WR 06.01.2012

ALL NIPPON AIRWAYS CO LTD JPY 7393 41902 2516 10 0 0 3 12.07 14987 15501 15635 16184 2297 2585 - - 0.13 0.16 0.13 0.14 0.14 - 0.18 0.16 0.04 0.00 0.17 0.04 0.18 NR 10.04.2009 WR 24.06.2011

ASAHI GLASS CO LTD JPY 8253 5691 1156 6 0 1 1 13.20 12635 12635 13219 13386 2258 2258 547 547 0.50 0.40 0.43 0.45 0.18 - 0.17 0.16 -0.02 -0.07 -0.25 -0.09 0.19 A- 09.08.2012 - -

ASAHI GROUP HOLDINGS LTD JPY 11481 967 466 5 0 0 0 16.24 16767 16767 17625 17742 1894 1894 - - 1.38 1.30 1.56 1.70 0.19 - 0.16 0.15 0.08 0.02 0.04 0.06 0.12 NR 10.04.2009 WR 12.12.2006

ASAHI KASEI CORP JPY 9412 4064 1398 2 0 0 1 12.91 16705 16549 17769 18760 1952 1706 1237 1237 0.48 0.29 0.38 0.49 0.25 0.20 0.19 0.15 -0.02 0.00 -0.12 -0.02 0.11 NR 19.01.2011 WR 24.04.2009

ASTELLAS PHARMA INC JPY 25242 1412 462 0 0 0 3 22.08 10293 10218 10434 11183 2092 2100 - - 1.87 1.94 2.39 2.92 0.30 - 0.24 0.20 0.02 0.00 0.07 -0.03 0.22 NR 09.01.2007 - -

BANK OF YOKOHAMA LTD/THE JPY 7470 4243 1347 4 0 1 10 #VALUE! 2676 2612 2336 2331 - - - - - 0.40 0.45 0.44 0.15 - 0.14 0.14 0.00 -0.03 - - - Au 16.12.2005 WR 10.05.2004

BRIDGESTONE CORP JPY 27239 3759 783 7 0 0 4 30.57 32276 32276 36949 38642 4699 4683 - - 2.44 2.33 3.23 3.49 0.15 - 0.11 0.10 0.01 -0.02 0.28 0.01 0.15 NR 30.03.2012 A3 22.04.2009

CANON INC JPY 49921 3316 1153 0 0 2 7 44.24 36948 36948 40905 42095 6180 6180 - - 2.03 2.03 2.77 3.11 0.20 - 0.14 0.13 -0.02 -0.05 -0.10 -0.13 0.18 AA 03.03.2004 - -

CENTRAL JAPAN RAILWAY CO JPY 21807 263 197 31 0 0 1 50.76 16015 16731 16903 17110 6685 7110 - - 7.19 8.84 10.48 11.14 0.13 - 0.11 0.10 0.00 0.01 0.04 0.00 0.45 NR 10.04.2009 Aa3 01.09.2011

CHUBU ELECTRIC POWER CO INC JPY 9280 3657 758 32 0 0 5 37.34 26006 27885 27537 27865 2686 2762 - - - -1.04 -0.64 -0.64 - - #VALUE! #VALUE! 0.05 0.03 -0.48 -0.17 0.11 NR 26.03.2013 - -

DAI NIPPON PRINTING CO LTD JPY 6805 3391 644 3 0 0 2 7.17 16 K 16 K 16 K 16 K 1414 1296 - - - -0.40 0.24 0.38 - - 0.42 0.27 -0.05 -0.02 -0.22 -0.08 0.09 NR 09.01.2007 - -

DAI-ICHI LIFE INSURANCE JPY 13124 47 10 6 0 0 3 10.88 40909 40721 49314 48825 - - - - - 38.70 31.79 42.83 0.36 - 0.44 0.33 0.05 - - - - A 23.03.2006 - -

DAIICHI SANKYO CO LTD JPY 13732 2723 704 3 0 0 3 13.51 9967 10265 10446 10821 1652 1580 378 378 0.15 -0.03 0.77 1.02 - - 0.27 0.20 -0.03 0.02 -0.12 -0.03 0.16 NR 09.01.2007 - -

DAIKIN INDUSTRIES LTD JPY 11547 1813 291 4 0 0 1 17.37 12940 13240 13427 16089 1399 1432 - - 1.49 0.81 1.09 2.34 0.52 - 0.39 0.18 0.05 0.01 0.04 0.03 0.11 NR 09.01.2007 A3 02.11.2012

DAITO TRUST CONSTRUCT CO LTD JPY 7155 676 79 1 0 0 2 6.31 11543 11868 12330 13245 903 879 923 923 6.31 6.14 6.75 7.35 0.15 - 0.14 0.13 0.09 0.20 0.12 0.02 0.08 NR 09.01.2007 - -

DAIWA HOUSE INDUSTRY CO LTD JPY 11835 2260 579 4 0 0 3 14.63 19630 20301 21016 23950 1686 1701 - - 0.69 0.67 1.19 1.40 0.31 - 0.18 0.15 0.10 0.03 0.21 0.07 0.09 NR 09.01.2007 - -

DAIWA SECURITIES GROUP INC JPY 12482 12569 1690 147 0 2 11 128.18 4201 4279 3915 4074 837 1141 - - - 0.00 0.22 0.34 - - 0.35 0.22 0.04 -0.13 0.29 -0.35 0.28 BBB 11.09.2009 Baa3 09.11.2011

DENSO CORP JPY 38346 1127 806 6 0 1 11 34.00 33496 36936 36907 39377 3625 4703 1320 1320 1.21 1.90 2.24 2.81 0.24 - 0.21 0.16 0.01 0.00 -0.11 -0.09 0.14 AA- 04.03.2011 WR 20.06.2008

EAST JAPAN RAILWAY CO JPY 32671 1026 396 36 0 0 1 68.41 26887 27926 28292 28706 7631 8143 - - 3.04 4.28 4.93 5.38 0.20 - 0.18 0.16 0.00 0.00 0.01 -0.01 0.31 AA- 17.03.1998 Aa2 01.09.2011

EISAI CO LTD JPY 13446 927 285 4 0 0 2 15.08 6880 6428 6147 6097 1534 1397 347 347 2.09 1.85 1.89 2.03 0.26 - 0.25 0.24 -0.17 -0.04 -0.13 0.02 0.23 NR 09.01.2007 WR 05.03.2012

FANUC CORP JPY 37485 1047 196 0 0 0 7 30.37 5718 5688 5147 5020 2520 2386 - - 7.51 7.14 6.44 6.32 0.23 - 0.26 0.26 0.22 0.22 0.18 0.07 0.45 NR 09.01.2007 - -

FAST RETAILING CO LTD JPY 33958 484 102 0 0 0 3 30.97 9861 9861 11435 12905 1600 1600 - - 7.52 7.47 9.32 10.41 0.45 - 0.36 0.33 0.14 0.12 0.07 0.16 0.17 A 12.06.2008 - -

FUJIFILM HOLDINGS CORP JPY 10251 2533 482 2 0 1 3 11.62 23310 23078 23311 23967 2768 2553 1335 1335 0.93 0.87 1.07 1.48 0.24 - 0.20 0.14 -0.01 -0.05 -0.12 -0.05 0.12 AA- 05.02.2009 - -

FUJITSU LTD JPY 8792 10101 2069 5 0 1 3 12.96 47437 47219 46398 46370 3343 3279 1638 1638 0.29 0.13 -0.50 0.36 0.34 - #VALUE! 0.12 -0.01 -0.04 -0.12 -0.08 0.07 BBB+ 22.02.2013 - -

HITACHI LTD JPY 28278 15441 4635 23 0 11 8 56.09 102632 100326 94973 98069 9471 9099 3523 3523 0.80 0.76 0.36 0.58 0.08 - 0.17 0.11 0.04 -0.03 -0.06 0.02 0.10 BBB+ 09.06.2009 - -

HONDA MOTOR CO LTD JPY 70395 4129 1802 44 0 1 13 108.07 84393 101275 105321 116873 8092 11370 2488 2488 1.25 2.14 2.39 3.47 0.19 - 0.17 0.12 -0.12 -0.04 -0.35 -0.10 0.12 A+ 13.02.2002 - -

HOYA CORP JPY 8203 2048 431 1 0 0 2 6.58 3830 3788 3891 4067 1404 1361 270 270 0.99 1.30 1.42 1.26 0.15 - 0.14 0.16 -0.04 0.00 -0.04 -0.02 0.38 NR 09.01.2007 - -

INPEX CORP JPY 19952 14 4 3 0 1 7 19.01 12601 12657 12461 13692 8114 8243 - - 564.22 671.78 546.13 483.55 0.09 - 0.11 0.12 0.27 0.06 0.31 0.05 0.69 A 01.10.2008 - -

ISUZU MOTORS LTD JPY 10468 6337 1694 2 0 1 2 11.44 14866 17215 17490 18940 1417 1686 - - 0.58 0.67 0.58 0.61 0.10 - 0.11 0.11 -0.01 0.01 0.08 0.00 0.10 - - - -

ITOCHU CORP JPY 19807 5799 1581 29 0 4 6 49.07 45350 47999 133547 139197 3714 3486 - - 1.96 1.91 1.89 1.97 0.07 - 0.07 0.07 0.18 0.09 0.06 0.02 0.08 A- 28.03.2008 WR 18.11.2009

JAPAN TOBACCO INC JPY 64026 6053 1904 5 0 1 4 64.93 21595 22229 22450 24104 6137 6689 1335 1335 1.87 2.20 1.87 2.23 0.15 0.15 0.18 0.15 -0.01 0.04 0.12 0.05 0.32 A+ 19.04.2007 - -

JFE HOLDINGS INC JPY 12096 5872 538 17 0 0 1 29.56 33622 32404 33699 38159 3006 2329 - - - -0.22 0.71 2.30 - - 0.29 0.09 -0.01 0.00 -0.36 -0.17 0.08 NR 10.04.2009 Baa1 23.05.2012

JGC CORP JPY 6670 2709 252 0 0 0 2 4.28 5914 6249 6495 7175 795 813 - - 1.67 1.81 1.94 2.10 0.15 - 0.14 0.13 0.26 0.01 0.06 0.19 0.14 NR 15.07.2008 - -

JX HOLDINGS INC JPY 14414 7362 2487 24 0 3 2 42.27 113866 115029 118700 120022 5621 3873 - - 0.78 0.30 0.75 0.78 0.20 - 0.08 0.08 0.12 - -0.03 - 0.04 - - - -

KANSAI ELECTRIC POWER CO INC JPY 8731 13687 894 41 0 0 1 51.70 29852 29966 29952 33720 2037 -451 - - - -4.51 -3.15 -0.51 - - #VALUE! #VALUE! 0.02 0.01 -0.79 -0.24 -0.02 NR 10.04.2009 - -

KAO CORP JPY 17125 1590 522 1 0 0 1 16.68 12912 12850 13449 13759 2000 1945 - - 1.11 1.17 1.51 1.65 0.30 - 0.23 0.21 0.03 -0.01 0.01 -0.03 0.16 NR 10.04.2009 WR 31.03.2006

KDDI CORP JPY 36667 2588 764 11 0 1 2 47.70 37928 37900 38857 42468 9660 9232 - - 3.11 2.43 3.25 4.37 0.18 - 0.13 0.10 0.04 0.00 -0.03 0.07 0.26 NR 10.04.2009 - -

KEYENCE CORP JPY 18600 87 61 0 0 0 4 14.22 2117 2202 2306 2490 999 1027 244 244 10.19 10.87 11.61 12.54 0.30 - 0.28 0.26 0.08 0.07 0.06 0.00 0.50 NR 09.01.2007 - -

KIRIN HOLDINGS CO LTD JPY 15308 2797 961 10 0 2 1 26.82 23213 23213 24036 24249 3179 3179 - - - 0.62 1.04 0.87 0.27 0.25 0.16 0.19 0.06 0.05 0.05 0.09 0.15 NR 10.04.2009 A3 24.10.2011

KOMATSU LTD JPY 23821 3676 952 7 0 1 1 30.83 21042 20458 20278 21308 3679 3436 - - 1.84 1.54 1.56 1.95 0.17 - 0.16 0.13 0.08 0.02 0.12 0.02 0.18 A 26.10.2007 A2 01.10.2004

KUBOTA CORP JPY 18569 6983 1256 4 0 1 1 22.39 10703 11391 12243 13194 1376 1442 - - 0.52 0.56 0.58 0.73 0.28 0.28 0.26 0.21 0.08 0.00 0.15 -0.04 0.13 NR 09.01.2007 WR 30.09.2005

KYOCERA CORP JPY 17977 635 183 0 0 1 5 13.71 12645 12689 13576 14526 1813 1360 - - 4.59 3.35 3.57 5.52 0.30 0.30 0.28 0.18 -0.06 0.01 -0.26 -0.05 0.11 NR 09.01.2007 WR 03.02.1998

MARUBENI CORP JPY 13711 10323 1736 28 0 1 8 37.41 46617 48056 111843 121500 2440 2199 - - 0.99 1.07 1.22 1.30 0.08 0.09 0.07 0.06 0.20 0.06 0.06 -0.03 0.05 BBB 01.09.2009 WR 15.02.2008

MITSUBISHI CHEMICAL HOLDINGS JPY 7325 7473 1474 12 0 4 2 21.45 34064 33635 33277 35059 3064 2407 212 212 0.27 0.01 0.16 0.30 5.51 - 0.31 0.17 0.01 0.04 -0.27 0.07 0.08 NR 15.07.2008 - -

MITSUBISHI CORP JPY 31637 8106 1646 57 0 3 15 81.53 59098 60386 210750 220163 4423 3106 - - 2.89 2.57 2.28 2.62 0.08 - 0.09 0.08 0.07 0.03 -0.10 -0.06 0.05 A+ 28.03.2008 A1 26.05.2008

MITSUBISHI ELECTRIC CORP JPY 17669 6245 2147 6 0 1 4 21.97 38644 38139 37668 38972 3745 3502 - - 0.56 0.43 0.28 0.64 0.21 0.20 0.32 0.14 0.00 -0.02 0.04 -0.01 0.10 A 09.04.2008 A1 12.08.2008

MITSUBISHI ESTATE CO LTD JPY 39580 8056 1388 18 0 1 2 61.48 10757 11160 9925 10809 2270 2424 -297 -297 0.61 0.56 0.39 0.55 0.54 - 0.77 0.55 0.03 0.08 -0.07 -0.01 0.23 A+ 30.07.2007 A1 22.06.2010

MITSUBISHI HEAVY INDUSTRIES JPY 18878 9460 3355 12 0 1 3 29.12 29953 30290 31832 34589 2505 2194 - - 0.10 0.01 0.23 0.27 4.92 - 0.26 0.22 -0.03 -0.01 0.01 0.02 0.08 BBB+ 12.10.2010 WR 09.09.2008

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] |

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 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80

Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53

NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12

FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54

SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83

S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27

S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29

HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12

MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03

MITSUBISHI UFJ FINANCIAL GRO JPY 84789 48808 14145 571 4 18 100 #VALUE! 48171 44688 37650 36428 - - - - - 0.42 0.53 0.53 0.15 - 0.12 0.12 0.04 -0.08 - - - A 30.09.2008 - -

MITSUI & CO LTD JPY 26414 9094 1825 38 0 2 15 58.98 55761 52967 107134 115183 5329 4962 - - 2.36 2.19 1.89 2.23 0.07 0.08 0.08 0.07 0.13 0.00 0.06 0.06 0.10 A+ 28.03.2008 A2 15.04.2005

MITSUI FUDOSAN CO LTD JPY 25494 6323 878 19 0 0 1 48.74 14208 14656 15434 16003 1903 2089 - - 0.64 0.73 0.72 0.79 0.42 - 0.43 0.39 -0.05 0.01 0.04 -0.03 0.15 BBB+ 01.03.2007 A3 24.05.2011

MIZUHO FINANCIAL GROUP INC JPY 52796 137924 24011 581 4 21 80 #VALUE! 26046 25899 22726 21799 - - - - - 0.18 0.23 0.19 0.13 - 0.10 0.12 0.00 -0.12 - - - A 18.06.2007 - -

MS&AD INSURANCE GROUP HOLDIN JPY 13960 1542 622 3 0 0 7 12.09 39203 38238 40994 40721 - - - - - -3.18 1.04 1.29 - - 0.22 0.18 0.11 - - - - - - - -

MURATA MANUFACTURING CO LTD JPY 16839 61 211 0 0 0 2 16.07 6208 6407 7130 8089 1125 1103 - - 1.53 1.12 1.93 3.24 0.71 0.71 0.41 0.24 -0.06 0.02 -0.25 -0.09 0.18 NR 09.01.2007 WR 20.03.2002

NIDEC CORP JPY 8688 37 137 2 0 1 1 10.83 7245 7158 7372 8059 1110 1148 - - 3.51 3.54 0.44 3.89 0.18 - 1.44 0.16 -0.01 0.01 -0.16 0.02 0.17 NR 09.01.2007 - -

NIKON CORP JPY 9513 3477 397 1 0 0 1 9.48 9754 9870 10572 11555 1196 952 281 281 1.94 1.09 1.04 1.61 0.23 - 0.24 0.16 0.04 0.04 0.30 -0.02 0.10 NR 09.01.2007 WR 12.12.2008

NINTENDO CO LTD JPY 15358 36 128 0 0 0 10 5.19 6877 6720 7208 9975 -263 45 - - -3.59 -0.08 1.06 4.08 - - 1.09 0.28 -0.38 -0.20 - - 0.01 NR 09.01.2007 - -

NIPPON STEEL & SUMITOMO META JPY 24419 33762 6290 14 0 6 1 56.29 43437 42275 46437 56344 3863 2980 - - 0.11 -0.28 -0.18 0.21 - - #VALUE! 0.13 0.00 -0.01 -0.22 -0.15 0.07 BBB 17.10.2012 A3 23.05.2012

NIPPON TELEGRAPH & TELEPHONE JPY 58095 3019 1224 46 0 23 14 116.65 111567 112446 114253 114581 33331 33071 - - 3.89 4.00 4.72 4.94 0.12 0.12 0.10 0.09 0.02 0.00 -0.01 -0.01 0.31 AA 21.05.2007 - -

NISSAN MOTOR CO LTD JPY 44257 14917 4191 41 0 3 9 90.96 99905 100507 101725 110514 11958 11107 3296 3296 0.92 0.78 0.89 1.18 0.13 - 0.12 0.09 0.08 -0.03 -0.04 -0.06 0.12 BBB+ 15.11.2010 WR 29.10.2007

NITTO DENKO CORP JPY 10258 849 164 1 0 0 2 8.68 6 K 7 K 7 K 8 K 991 939 - - 2.30 1.97 3.11 4.08 0.32 - 0.20 0.15 -0.05 -0.02 -0.27 -0.03 0.15 NR 09.01.2007 WR 30.03.2001

NKSJ HOLDINGS INC JPY 8723 1608 415 1 0 0 4 6.69 28860 28154 28806 29104 - - - - - -2.46 0.30 0.87 - - 0.73 0.26 0.07 - - - - - - - -

NOMURA HOLDINGS INC JPY 23906 35031 3663 332 0 3 11 379.49 19662 20681 17352 17183 5324 5540 - - - 0.13 0.18 0.36 0.51 - 0.38 0.18 0.36 0.02 0.19 -0.19 0.28 BBB+ 27.01.2009 Baa3 15.03.2012

NTT DOCOMO INC JPY 66787 124 41 3 0 0 9 64.76 45020 46022 47768 48420 16556 16221 - - 118.65 115.42 128.22 129.41 0.14 0.14 0.13 0.13 0.00 -0.01 0.01 0.01 0.37 AA 21.05.2007 Aa2 01.09.2011

ORIENTAL LAND CO LTD JPY 14945 470 83 2 0 0 1 15.10 3823 4251 4161 4359 1156 1325 - - - 6.23 6.40 7.05 0.28 - 0.27 0.25 0.01 0.04 0.14 0.08 0.33 NR 10.04.2009 - -

ORIX CORP JPY 14475 7331 1075 53 0 1 8 55.71 4748 4755 11151 11499 4497 4418 - - 0.68 0.98 0.99 1.11 0.14 - 0.14 0.12 0.03 -0.04 0.07 -0.05 0.99 A- 12.08.2005 Baa2 21.05.2012

OSAKA GAS CO LTD JPY 9026 9116 2082 6 0 0 1 13.46 13748 14494 14610 15078 1815 2032 - - - 0.33 0.30 0.32 0.14 - 0.15 0.14 0.10 0.04 -0.09 -0.01 0.15 AA- 28.01.2011 Aa3 01.09.2011

OTSUKA HOLDINGS CO LTD JPY 19309 1281 558 1 0 0 6 14.51 12259 12259 12864 13676 2089 2089 538 538 1.80 1.75 2.28 2.92 0.21 0.20 0.16 0.13 0.03 - 0.14 - 0.18 - - - -

PANASONIC CORP JPY 18441 34281 2312 17 0 1 6 29.27 83311 79414 77000 78634 4054 4450 - - -1.73 -6.07 -3.47 0.39 - - #VALUE! 0.21 -0.10 -0.03 -0.46 -0.14 0.06 BBB 02.11.2012 Baa3 20.11.2012

RESONA HOLDINGS INC JPY 13459 16192 2451 36 9 1 31 #VALUE! 8768 8098 6723 6654 - - - - - 1.23 0.85 0.49 0.05 - 0.07 0.12 0.02 -0.05 - - - - - - -

RICOH CO LTD JPY 8044 4000 725 8 0 1 2 15.58 20211 19984 20362 21203 776 1075 561 561 -0.65 -0.37 0.52 0.99 - - 0.22 0.12 -0.02 -0.04 -0.55 -0.24 0.06 A 07.02.2012 WR 06.03.2009

SECOM CO LTD JPY 12125 725 218 1 0 1 3 10.89 7211 7668 7978 8211 1292 1308 - - 1.96 1.91 3.07 3.27 0.29 - 0.18 0.17 0.02 0.03 -0.13 -0.03 0.18 NR 09.01.2007 - -

SEKISUI HOUSE LTD JPY 9329 3249 672 3 0 0 2 10.30 17135 17135 18666 19544 1117 1117 - - 0.71 0.73 0.98 1.10 0.20 - 0.15 0.13 0.06 0.02 0.19 -0.03 0.07 NR 09.01.2007 - -

SEVEN & I HOLDINGS CO LTD JPY 29037 2072 884 8 0 1 8 29.24 42616 43218 52933 55876 4725 4844 - - 1.87 1.73 1.73 2.02 0.20 - 0.20 0.17 -0.12 -0.04 0.14 0.01 0.12 AA- 30.10.2008 Aa3 29.08.2011

SHIN-ETSU CHEMICAL CO LTD JPY 28721 1316 425 0 0 0 4 25.21 11125 11291 11197 11866 2469 2490 604 604 2.72 2.63 2.77 3.22 0.27 - 0.25 0.22 -0.01 -0.02 -0.05 -0.10 0.23 NR 09.01.2007 WR 30.09.2005

SHISEIDO CO LTD JPY 5649 2890 398 2 0 0 1 7.11 7246 7219 7200 7528 800 667 - - 0.39 0.28 0.29 0.53 0.54 - 0.52 0.28 0.02 -0.02 -0.05 -0.01 0.10 A 10.03.2010 A1 *- 01.02.2013

SMC CORP JPY 13827 159 69 0 0 0 2 11.54 3630 3504 3370 3687 1065 942 - - 9.05 8.63 8.70 9.80 0.24 0.24 0.23 0.21 0.05 0.06 0.09 0.00 0.29 NR 09.01.2007 - -

SOFTBANK CORP JPY 53993 23886 1099 23 0 5 11 76.40 34003 34539 35866 41093 10764 11431 - - 2.57 2.57 3.13 3.39 0.19 - 0.15 0.14 0.07 0.03 0.11 0.15 0.35 BBB *- 12.10.2012 NR 04.06.2010

SONY CORP JPY 17998 18503 1004 12 0 5 17 23.31 68945 69475 70633 73438 2679 2813 - - -4.81 -4.81 0.29 0.62 - - 0.66 0.30 -0.10 -0.05 -0.55 -0.12 0.04 BBB 25.09.2012 Baa3 09.11.2012

SUMITOMO CORP JPY 16014 7759 1250 38 0 1 8 48.68 34625 32634 80289 84801 3982 2956 - - 2.00 1.94 2.00 2.03 0.07 - 0.07 0.07 0.06 -0.01 0.10 0.01 0.10 A 09.02.2006 A2 05.06.2006

SUMITOMO ELECTRIC INDUSTRIES JPY 9703 2396 793 4 0 2 2 14.45 21866 22779 22453 23920 1756 1923 - - 0.81 0.74 0.61 0.99 0.17 - 0.21 0.13 0.01 -0.01 -0.19 -0.07 0.09 A 14.02.2008 A1 13.01.2005

SUMITOMO METAL MINING CO LTD JPY 8553 2946 562 3 0 1 2 10.21 9003 8623 8449 8985 1270 1186 - - 1.31 1.04 1.33 1.44 0.15 - 0.12 0.11 -0.02 -0.06 -0.09 -0.09 0.15 NR 09.01.2007 WR 16.08.2006

SUMITOMO MITSUI FINANCIAL GR JPY 58256 6830 1351 338 0 22 96 #VALUE! 31744 30902 28222 27896 - - - - - 4.18 5.13 4.06 0.10 - 0.09 0.11 0.05 0.00 - - - A 18.06.2007 - -

SUMITOMO MITSUI TRUST HOLDIN JPY 18858 23927 4153 34 1 5 31 #VALUE! 9334 8793 6811 6833 - - - - 0.43 0.23 0.35 0.36 0.22 0.20 0.15 0.14 1.78 0.26 - - - - - - -

SUMITOMO REALTY & DEVELOPMNT JPY 18830 4038 474 28 0 0 2 45.60 7312 7381 7671 7995 1949 1949 - - 1.13 1.26 1.35 1.43 0.33 - 0.31 0.29 -0.08 -0.02 0.14 0.04 0.28 NR 10.04.2009 NR 20.12.2011

SUZUKI MOTOR CORP JPY 12689 2108 561 5 0 1 9 10.34 26674 26937 27334 29480 2362 2419 832 832 1.07 1.17 1.41 1.78 0.21 - 0.17 0.13 -0.04 -0.06 -0.10 -0.05 0.10 NR 10.04.2009 - -

T&D HOLDINGS INC JPY 7858 2974 674 1 0 0 3 2.15 20513 19211 23328 23228 - - - - - 0.29 0.64 0.68 0.42 - 0.19 0.18 0.03 -0.04 - - - - - - -

TAKEDA PHARMACEUTICAL CO LTD JPY 43516 2142 789 6 0 1 5 45.43 16022 16918 16542 17213 4409 3745 986 986 1.79 1.46 3.30 2.79 0.40 - 0.18 0.21 0.07 0.03 -0.13 -0.03 0.24 AA- 03.10.2011 - -

TOKIO MARINE HOLDINGS INC JPY 22274 2788 767 15 0 0 4 20.25 35865 34341 36395 37414 - - - - - -0.15 1.57 1.81 - - 0.20 0.17 0.07 0.02 - - - - - - -

TOKYO ELECTRON LTD JPY 7805 813 179 0 0 0 3 5.34 6722 6088 5224 5583 899 650 127 127 2.17 0.96 0.26 0.84 0.48 - 1.79 0.55 -0.06 0.01 -0.28 -0.13 0.11 NR 09.01.2007 - -

TOKYO GAS CO LTD JPY 13796 10124 2585 7 0 0 1 19.98 18627 19851 20552 21248 2352 2971 - - - 0.37 0.38 0.39 0.15 - 0.15 0.15 0.15 0.07 -0.18 -0.06 0.16 AA- 28.01.2011 Aa3 01.09.2011

TORAY INDUSTRIES INC JPY 11087 3785 1629 5 0 0 1 16.30 16868 16379 17046 17874 1859 1577 - - 0.43 0.29 0.32 0.39 0.25 - 0.22 0.18 0.03 0.00 0.03 0.00 0.10 NR 10.04.2009 WR 19.07.2011

TOSHIBA CORP JPY 21372 28212 4235 13 0 4 2 40.12 64772 62367 63204 67145 4817 4585 2239 2239 0.18 0.19 0.28 0.41 0.28 - 0.19 0.13 -0.05 -0.06 -0.10 -0.04 0.08 BBB 07.08.2009 - -

TOYOTA MOTOR CORP JPY 179393 5652 3167 128 0 5 31 292.81 197321 232848 233681 253801 15114 22637 6140 6140 0.96 2.58 3.03 4.38 0.21 - 0.18 0.13 -0.02 -0.04 -0.14 -0.18 0.10 AA- 04.03.2011 Aa3 29.08.2011

UNICHARM CORP JPY 12151 622 184 1 0 0 1 12.83 4549 4926 5184 5740 733 780 - - 1.47 1.63 1.87 2.12 0.38 - 0.33 0.29 0.14 0.09 0.08 0.10 0.17 NR 09.01.2007 - -

WEST JAPAN RAILWAY CO JPY 9525 1609 194 12 0 0 1 20.21 13673 13793 13729 13815 2964 3050 - - 1.55 2.11 3.23 3.49 0.24 - 0.16 0.15 0.06 0.00 0.14 0.03 0.23 NR 10.04.2009 - -

YAMADA DENKI CO LTD JPY 4495 1564 94 2 0 0 1 6.87 19489 17567 17685 19263 1160 724 - - 6.67 3.53 3.82 4.21 0.14 - 0.13 0.12 -0.16 0.00 -0.25 0.11 0.04 NR 09.01.2007 - -

YAMATO HOLDINGS CO LTD JPY 8543 1271 430 1 0 0 2 7.57 13387 13428 13622 14035 1118 1061 - - 0.48 0.54 0.90 0.98 0.36 - 0.22 0.20 0.02 0.01 0.01 0.00 0.08 NR 09.01.2007 WR 03.04.2009

Valuation Measures I/II

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


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 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%

Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%

NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%

FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%

SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%

S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%

S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%

HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%

AEON CO LTD 1.02 0.96 0.91 0.87 0.92 0.19 0.18 0.17 0.17 0.16 4.79 4.28 4.32 3.88 7.64 7.52 7.01 6.62 15.23 14.41 13.85 12.81 13.04 1.83 1.96 2.08 2.23 2.69 1138.33 -7.2%

AJINOMOTO CO INC 1.54 1.46 1.38 1.30 1.19 0.73 0.74 0.75 0.73 0.71 10.11 9.08 8.64 8.33 7.87 6.90 7.17 6.80 6.45 6.22 24.05 18.34 18.19 16.36 13.86 1.17 1.16 1.20 1.26 1.30 1390.83 0.8%

ALL NIPPON AIRWAYS CO LTD 0.95 0.93 0.90 0.85 0.80 0.50 0.47 0.46 0.44 0.43 3.42 3.87 3.68 3.45 5.22 4.76 4.40 4.20 3.92 20.13 16.51 14.95 12.98 9.50 2.02 2.02 2.21 2.34 2.78 208.50 5.3%

ASAHI GLASS CO LTD 0.88 0.79 0.77 0.76 0.66 0.62 0.62 0.61 0.62 4.74 4.11 3.77 3.80 5.80 5.61 5.53 5.64 6.28 14.84 16.14 15.50 17.60 14.91 3.97 3.78 3.60 3.57 3.97 604.50 -7.7%

ASAHI GROUP HOLDINGS LTD 1.48 1.38 1.29 1.42 1.17 0.71 0.65 0.65 0.63 0.63 8.21 7.93 7.59 9.71 6.83 8.84 8.26 8.06 7.92 7.57 15.90 15.22 13.93 13.16 12.50 1.24 1.77 1.98 2.27 2.71 2384.62 6.6%

ASAHI KASEI CORP 1.27 1.20 1.15 1.08 0.99 0.54 0.53 0.50 0.49 0.47 6.44 8.44 5.76 5.17 6.47 6.92 6.09 5.71 5.04 16.25 17.59 13.66 12.12 10.75 2.20 2.22 2.24 2.35 2.53 607.14 -3.9%

ASTELLAS PHARMA INC 2.26 2.17 2.05 1.92 1.76 2.43 2.42 2.26 2.19 2.10 14.80 15.08 13.48 12.60 11.88 10.63 10.54 9.37 8.85 8.63 26.66 22.54 18.45 16.67 14.46 2.47 2.57 2.68 2.82 2.84 5650.00 11.2%

BANK OF YOKOHAMA LTD/THE 0.95 0.88 0.84 0.80 0.72 3.19 3.20 3.20 3.16 3.18 6.42 12.73 12.67 12.53 14.52 12.80 13.04 12.89 12.22 1.86 1.89 1.96 1.97 2.05 507.78 -5.4%

BRIDGESTONE CORP 1.92 1.59 1.40 1.24 1.21 0.84 0.74 0.70 0.67 0.74 7.38 6.35 5.75 5.24 5.27 6.37 5.37 5.02 4.66 4.74 14.06 10.36 9.61 8.96 9.92 1.03 1.70 1.89 2.12 2.03 3553.00 12.6%

CANON INC 1.61 1.46 1.37 1.28 1.15 1.33 1.22 1.19 1.18 1.18 8.95 7.02 6.53 6.36 5.86 6.86 5.67 5.29 5.27 5.34 18.09 13.51 12.04 11.53 11.39 3.57 3.63 3.69 3.82 3.88 3823.38 8.5%

CENTRAL JAPAN RAILWAY CO 1.50 1.32 1.16 1.06 0.98 1.37 1.29 1.27 1.26 1.26 4.95 4.31 3.94 3.81 3.82 7.67 7.16 6.77 6.81 7.09 14.98 10.11 9.51 10.47 9.35 0.90 1.00 1.03 1.05 1.04 8180.83 -17.9%

CHUBU ELECTRIC POWER CO INC 0.58 0.61 0.65 0.70 0.65 0.36 0.34 0.33 0.33 0.30 5.26 7.50 6.47 3.30 16.91 14.04 13.61 11.65 9.22 16.15 5.20 4.34 4.03 3.66 4.34 1140.00 -1.1%

DAI NIPPON PRINTING CO LTD 0.65 0.68 0.68 0.68 0.42 0.43 0.43 0.43 4.98 5.20 5.36 5.28 5.36 67.12 39.70 25.25 23.89 3.50 3.50 3.50 3.50 866.67 -5.3%

DAI-ICHI LIFE INSURANCE 1.54 1.12 1.08 1.04 0.26 0.27 0.27 0.27 0.26 55.16 41.28 30.64 23.90 1.26 1.31 1.35 1.39 151321.42 22.4%

DAIICHI SANKYO CO LTD 1.56 1.56 1.52 1.48 1.43 1.38 1.31 1.27 1.25 1.25 17.72 11.81 12.13 11.57 10.74 8.20 8.42 7.91 7.68 7.87 69.12 25.17 18.97 18.79 17.53 3.29 3.29 3.34 3.37 3.45 1576.00 -13.6%

DAIKIN INDUSTRIES LTD 2.11 2.02 1.85 1.67 0.88 0.86 0.72 0.68 13.87 17.66 12.05 9.43 13.28 12.67 9.49 8.44 27.65 36.27 16.86 14.39 0.98 0.96 1.09 1.18 3796.15 2.3%

DAITO TRUST CONSTRUCT CO LTD 4.29 3.77 3.26 2.84 2.45 0.63 0.58 0.54 0.51 0.47 12.63 13.94 13.67 12.67 7.03 6.84 6.33 5.92 13.59 13.16 12.07 11.16 10.27 3.65 3.79 4.11 4.42 4.80 9355.00 11.9%

DAIWA HOUSE INDUSTRY CO LTD 1.64 1.52 1.42 1.32 1.33 0.62 0.56 0.49 0.48 0.48 14.38 7.46 8.76 8.30 8.03 8.68 7.69 7.36 7.15 7.08 29.90 16.63 14.10 13.47 14.44 1.32 1.64 1.92 1.97 2.10 1915.45 3.1%

DAIWA SECURITIES GROUP INC 1.48 1.38 1.32 1.23 3.47 3.19 3.06 2.98 2.71 170.51 127.13 115.07 32.57 21.10 18.35 11.73 1.00 0.98 1.09 1.19 1.49 533.89 -20.6%

DENSO CORP 1.68 1.53 1.42 1.32 1.27 1.15 1.04 0.97 0.93 0.90 12.07 9.39 8.15 7.64 7.40 9.69 7.29 6.32 5.87 5.64 37.33 19.37 15.42 13.79 13.57 1.13 1.34 1.55 1.76 2.03 4077.50 -0.2%

EAST JAPAN RAILWAY CO 1.64 1.53 1.42 1.32 1.26 1.22 1.15 1.14 1.12 1.11 6.39 5.45 5.31 4.99 5.15 8.98 8.45 8.12 7.90 7.98 28.50 16.73 15.34 14.41 13.69 1.42 1.57 1.75 1.91 1.97 7500.00 -3.5%

EISAI CO LTD 2.85 2.81 2.75 2.70 2.49 1.93 2.19 2.21 2.24 2.25 10.82 13.12 11.99 12.02 10.97 9.51 11.81 11.07 11.23 9.48 17.47 23.93 22.37 23.10 20.76 3.51 3.51 3.51 3.51 3.51 3568.18 -16.4%

FANUC CORP 2.96 2.74 2.54 2.36 6.55 7.28 7.47 6.84 5.53 17.94 20.94 21.34 19.28 11.67 14.34 14.47 12.83 19.92 24.31 24.75 21.84 1.49 1.26 1.24 1.41 12802.94 -13.1%

FAST RETAILING CO LTD 7.87 6.70 5.84 5.10 3.44 2.97 2.63 2.36 2.01 30.64 28.14 24.86 22.28 19.09 17.14 15.46 14.22 39.00 34.35 30.77 27.53 0.86 0.95 1.05 1.16 21985.71 -27.1%

FUJIFILM HOLDINGS CORP 0.53 0.52 0.50 0.49 0.43 0.44 0.44 0.43 0.42 0.40 4.29 4.72 4.31 4.14 4.15 4.37 4.06 3.94 4.08 30.26 18.56 13.42 11.91 12.37 1.84 2.13 2.24 2.39 2.67 1858.54 -0.9%

FUJITSU LTD 0.99 1.12 1.14 1.06 0.19 0.19 0.19 0.19 0.20 3.86 8.56 3.54 3.48 4.38 4.57 3.95 3.87 3.59 21.82 11.75 10.41 14.29 2.50 1.50 2.33 2.52 1.25 429.92 7.5%

HITACHI LTD 1.52 1.33 1.20 1.08 0.28 0.30 0.29 0.28 0.28 3.50 5.35 4.28 3.97 6.37 6.66 5.83 5.45 5.50 9.13 16.20 10.15 9.10 11.48 1.41 1.67 1.75 1.88 1.81 630.38 14.4%

HONDA MOTOR CO LTD 1.49 1.41 1.28 1.17 1.09 0.82 0.67 0.60 0.57 0.55 14.14 10.50 7.00 6.27 4.97 16.62 12.01 9.06 7.69 28.05 16.23 11.19 9.97 8.70 1.64 2.08 2.47 2.85 3.22 3952.94 8.0%

HOYA CORP 2.03 1.89 1.79 1.70 1.29 2.08 2.11 2.02 1.95 1.97 10.29 8.69 9.52 9.09 7.21 5.94 6.18 5.94 5.76 18.60 13.28 14.95 14.04 13.71 3.64 3.70 3.70 3.75 3.66 1836.50 3.4%

INPEX CORP 0.87 0.83 0.79 0.76 0.70 1.67 1.60 1.46 1.44 1.61 9.08 8.50 11.17 7.31 9.89 2.37 2.48 2.33 2.41 3.24 10.52 9.99 11.29 11.34 13.78 1.16 1.35 1.35 1.35 1.36 674250.00 31.2%

ISUZU MOTORS LTD 2.48 1.95 1.68 1.47 0.69 0.60 0.55 0.52 0.49 8.86 7.86 7.38 6.94 8.12 6.36 5.64 5.30 13.18 10.68 10.09 9.54 8.48 1.03 1.42 1.75 2.28 703.57 21.1%

ITOCHU CORP 1.41 1.16 1.02 0.90 0.16 0.15 0.14 0.14 5.19 5.80 5.38 5.29 11.84 12.14 11.17 10.87 7.91 6.59 6.62 6.35 6.12 5.43 3.42 3.43 3.62 3.82 4.16 1250.00 6.2%

JAPAN TOBACCO INC 3.26 3.22 2.83 2.54 2.20 3.00 2.85 2.66 2.59 2.49 11.82 12.44 11.19 10.63 8.43 10.68 9.83 8.72 8.14 7.61 19.95 17.08 14.39 13.18 12.18 1.47 2.15 2.79 3.34 3.98 3113.75 3.3%

JFE HOLDINGS INC 0.72 0.72 0.67 0.63 0.64 0.36 0.36 0.32 0.31 0.31 4.81 4.42 3.48 3.03 3.46 9.51 11.06 7.04 6.56 8.05 27.72 8.55 7.50 11.31 1.08 0.85 2.51 2.85 2.19 2320.38 25.2%

JGC CORP 2.10 1.90 1.71 1.55 1.18 1.03 0.93 0.90 12.49 14.21 12.46 10.24 5.59 5.24 4.73 4.70 15.02 13.30 12.29 11.88 1.67 1.86 1.98 2.07 2776.36 14.5%

JX HOLDINGS INC 0.77 0.72 0.68 0.63 0.57 0.13 0.12 0.12 0.12 0.11 3.46 4.59 4.63 3.42 7.92 8.37 8.14 7.81 6.38 7.47 7.68 7.41 6.65 6.23 2.94 2.94 3.04 3.03 650.00 19.5%

KANSAI ELECTRIC POWER CO INC 0.51 0.64 0.66 0.63 0.60 0.30 0.29 0.26 0.26 0.26 4.57 69.30 2.71 1.37 26.80 133.32 12.64 8.57 7.56 15.28 6.12 6.85 0.00 0.51 1.90 5.71 697.50 -20.4%

KAO CORP 2.86 2.60 2.43 2.28 2.27 1.56 1.27 1.24 1.20 1.19 13.34 10.24 10.06 9.41 10.02 9.69 8.00 7.57 7.21 6.98 26.52 21.58 19.74 17.88 14.61 2.04 2.09 2.20 2.33 2.71 2969.58 -3.1%

KDDI CORP 0.72 1.37 1.23 1.10 1.00 0.98 0.94 0.86 0.84 0.83 2.30 4.34 3.73 3.51 4.89 4.75 4.19 3.95 3.91 6.52 12.58 9.36 8.31 7.60 3.90 2.21 2.66 2.99 3.64 3684.53 -4.3%

KEYENCE CORP 2.72 2.47 2.26 2.07 1.91 8.90 8.07 7.47 7.01 7.57 29.32 26.73 25.48 23.50 14.31 13.26 12.06 11.22 11.62 29.77 26.36 24.39 22.59 24.67 0.20 0.22 0.21 0.22 0.24 25091.67 -12.9%

KIRIN HOLDINGS CO LTD 1.50 1.35 1.32 1.29 1.34 0.66 0.64 0.63 0.62 0.61 6.82 6.44 6.98 7.15 7.50 8.49 8.29 8.15 8.05 7.82 26.71 15.29 18.33 17.28 15.69 1.83 2.35 2.48 2.73 3.16 1450.00 -2.9%

KOMATSU LTD 2.12 2.01 1.81 1.64 1.11 1.17 1.12 1.07 8.41 9.70 8.66 8.29 8.02 8.96 7.59 7.09 12.22 15.53 12.44 11.14 10.58 1.84 2.07 2.20 2.34 2.19 2726.11 19.5%

KUBOTA CORP 2.59 2.46 2.27 2.08 1.75 1.52 1.41 1.34 18.42 20.20 14.39 13.08 15.95 14.73 11.97 11.04 28.94 24.86 19.71 17.78 1.10 1.23 1.38 1.46 1198.46 -11.9%

KYOCERA CORP 1.11 1.08 1.03 0.98 0.93 1.43 1.32 1.24 1.20 1.15 11.36 13.38 9.95 9.91 9.23 7.82 8.94 6.66 6.00 5.82 20.48 26.32 17.01 15.83 14.84 1.38 1.36 1.39 1.44 1.36 9121.43 3.1%

MARUBENI CORP 1.49 1.21 1.03 0.90 0.13 0.12 0.11 0.11 4.93 4.90 4.50 4.30 13.30 13.01 10.83 10.46 7.68 7.25 6.49 6.06 5.73 5.80 2.71 3.20 3.40 3.61 3.50 781.07 5.1%

MITSUBISHI CHEMICAL HOLDINGS 0.89 0.88 0.86 0.83 0.77 0.21 0.22 0.21 0.20 0.19 3.42 3.91 3.69 3.44 7.02 8.37 7.27 6.77 5.73 24.13 29.51 16.40 12.72 9.46 2.21 2.56 2.59 2.62 4.37 440.91 -3.7%

MITSUBISHI CORP 0.86 0.77 0.72 0.67 0.15 0.15 0.14 0.14 5.04 7.41 5.75 5.53 13.69 20.35 16.57 15.67 10.07 6.34 8.41 7.31 6.88 6.55 3.72 2.91 3.43 3.63 3.39 2101.43 16.6%

MITSUBISHI ELECTRIC CORP 1.46 1.43 1.31 1.19 0.45 0.47 0.45 0.44 0.46 7.27 7.75 5.93 5.71 5.93 6.89 5.90 5.41 6.32 15.95 29.70 12.90 11.30 15.41 1.59 1.44 1.52 1.60 1.55 803.85 3.7%

MITSUBISHI ESTATE CO LTD 2.96 2.98 2.87 2.75 2.70 3.74 3.99 3.66 3.63 3.57 29.13 33.12 21.06 23.48 23.39 26.56 27.80 24.05 23.39 64.46 72.82 52.21 49.84 45.95 0.45 0.45 0.46 0.48 0.56 2714.29 1.2%

MITSUBISHI HEAVY INDUSTRIES 1.40 1.34 1.27 1.20 0.62 0.59 0.55 0.48 11.14 9.30 8.69 8.47 11.01 9.89 8.84 7.99 67.13 24.22 20.85 16.80 1.14 1.15 1.28 1.45 586.67 11.3%

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


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 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%

Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%

NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%

FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%

SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%

S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%

S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%

HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%

MITSUBISHI UFJ FINANCIAL GRO 0.84 0.78 0.74 0.70 0.69 2.26 2.25 2.33 2.29 2.58 5.31 11.04 11.94 11.67 8.38 11.34 11.30 10.62 9.93 2.13 2.14 2.29 2.39 2.72 600.60 6.5%

MITSUI & CO LTD 0.95 0.84 0.77 0.70 0.22 0.25 0.23 0.22 4.49 5.61 5.37 5.18 10.71 11.12 9.87 9.73 8.52 5.70 7.66 6.47 6.14 6.41 4.08 3.23 3.85 4.01 3.53 1648.57 21.2%

MITSUI FUDOSAN CO LTD 2.28 2.12 2.04 1.96 2.00 1.76 1.65 1.59 1.58 1.55 23.74 19.89 18.20 16.79 15.29 25.70 22.68 21.12 20.08 18.74 49.30 40.30 36.72 33.67 29.63 0.81 0.81 0.83 0.85 0.92 2762.67 1.4%

MIZUHO FINANCIAL GROUP INC 1.14 0.98 0.92 0.86 0.83 2.29 2.32 2.42 2.37 2.44 7.65 9.06 13.10 12.57 11.85 9.54 11.48 10.75 10.44 2.91 2.91 2.91 2.91 2.91 218.27 6.0%

MS&AD INSURANCE GROUP HOLDIN 0.88 0.82 0.78 0.74 0.36 0.34 0.34 0.34 0.32 21.15 17.03 15.31 2.60 2.62 2.62 2.65 2224.77 7.2%

MURATA MANUFACTURING CO LTD 1.83 1.83 1.74 1.63 1.49 2.71 2.36 2.08 1.97 1.97 15.15 13.85 10.96 10.85 9.49 13.95 12.05 9.28 8.16 7.98 42.02 38.68 23.05 18.98 17.22 1.43 1.42 1.46 1.49 1.42 6700.00 -4.8%

NIDEC CORP 2.08 2.10 1.90 1.70 1.32 1.18 1.18 1.08 1.01 0.98 9.21 16.49 8.40 7.14 6.21 9.51 18.14 9.04 7.90 6.54 18.20 135.39 15.41 12.79 10.63 1.60 1.45 1.64 1.78 1.68 6090.00 8.0%

NIKON CORP 2.05 1.94 1.76 1.60 1.32 0.97 0.90 0.82 0.81 0.72 9.38 11.29 9.05 8.08 6.14 7.83 10.02 6.61 6.07 5.48 15.64 22.77 14.73 12.90 9.35 1.53 1.46 1.86 1.98 2.57 2348.82 5.1%

NINTENDO CO LTD 1.11 1.11 1.08 1.05 2.16 2.13 1.54 1.45 1.89 51.94 26.34 17.35 47.73 5.99 4.47 102.24 26.55 19.05 26.64 0.98 0.98 1.97 2.71 10100.00 -1.1%

NIPPON STEEL & SUMITOMO META 0.87 1.01 0.97 0.94 0.57 0.53 0.43 0.43 0.51 4.97 8.03 4.20 3.90 14.60 15.09 8.59 7.83 9.07 11.98 9.96 15.29 0.96 0.38 1.69 2.07 1.45 271.54 12.2%

NIPPON TELEGRAPH & TELEPHONE 0.63 0.61 0.59 0.56 0.52 0.52 0.51 0.51 0.50 0.50 2.10 2.10 1.92 2.08 3.40 3.47 3.48 3.43 3.35 10.62 9.30 8.89 8.38 7.67 3.39 3.87 4.01 4.25 4.35 4503.57 8.9%

NISSAN MOTOR CO LTD 1.24 1.13 1.02 0.92 0.77 0.44 0.44 0.40 0.38 0.36 5.10 5.74 4.60 4.13 7.44 8.25 6.72 6.10 5.22 11.79 11.01 8.27 7.21 6.36 2.19 2.71 3.35 3.87 3.81 1076.88 16.8%

NITTO DENKO CORP 2.14 1.95 1.77 1.61 1.48 1.58 1.43 1.33 1.26 1.22 13.15 10.76 8.76 7.94 7.23 8.42 7.36 5.90 5.54 5.29 29.18 18.97 14.46 13.08 12.32 1.80 1.80 1.90 1.96 2.16 6113.64 10.0%

NKSJ HOLDINGS INC 0.86 0.79 0.76 0.75 0.69 0.30 0.30 0.30 0.30 0.29 69.10 24.24 36.50 4.04 3.10 3.12 3.16 2264.38 14.5%

NOMURA HOLDINGS INC 1.05 1.01 0.95 0.90 1.58 1.38 1.39 1.35 1.34 287.46 148.41 86.15 80.18 581.44 35.48 17.36 14.50 1.25 0.97 1.24 1.49 578.64 -1.8%

NTT DOCOMO INC 1.17 1.14 1.08 1.03 0.98 1.48 1.40 1.38 1.36 1.38 5.02 5.28 5.00 4.81 3.85 3.92 3.92 3.84 3.87 12.36 11.93 11.82 11.34 11.36 3.86 4.14 4.19 4.31 4.44 138800.00 -3.7%

ORIENTAL LAND CO LTD 3.38 3.03 2.75 2.52 3.93 3.59 3.43 3.56 3.72 17.88 14.92 13.95 14.79 13.68 12.22 11.49 11.96 42.23 25.67 23.32 25.43 0.66 0.81 0.86 0.90 13162.50 -15.0%

ORIX CORP 0.10 0.90 0.86 0.80 1.41 1.30 1.26 1.21 1.13 1.52 7.01 6.75 6.42 18.05 16.65 15.44 14.02 1.67 13.00 11.59 10.71 7.02 0.86 0.88 0.93 1043.08 -14.3%

OSAKA GAS CO LTD 1.23 1.18 1.11 1.05 0.96 0.66 0.62 0.60 0.59 0.55 5.96 10.25 7.91 5.66 7.34 7.09 6.77 6.78 6.38 19.53 14.50 13.62 13.58 11.93 1.96 1.96 2.04 2.08 2.21 400.00 -2.0%

OTSUKA HOLDINGS CO LTD 1.48 1.39 1.28 1.19 1.14 1.57 1.50 1.41 1.41 1.75 13.57 12.22 10.14 8.95 10.81 6.66 6.18 4.97 4.93 7.60 17.76 15.15 11.87 11.46 19.49 1.44 1.81 2.32 2.43 2.25 3083.33 -5.4%

PANASONIC CORP 0.83 1.27 1.15 1.07 0.22 0.24 0.23 0.23 3.82 3.72 7.92 5.98 5.14 4.91 19.44 13.87 1.41 0.00 0.81 1.24 645.00 -8.9%

RESONA HOLDINGS INC 1.29 1.06 0.99 0.92 0.90 1.77 2.00 2.02 2.01 1.98 6.17 4.85 9.02 8.72 8.07 6.31 10.99 10.86 11.66 2.38 2.38 2.42 2.46 2.51 506.80 0.6%

RICOH CO LTD 0.84 0.85 0.81 0.77 0.70 0.40 0.40 0.38 0.37 0.37 19.42 7.10 5.45 5.06 4.52 27.33 9.84 7.15 6.94 6.32 20.85 10.91 9.96 9.24 2.56 2.76 3.15 3.20 3.05 1092.63 7.4%

SECOM CO LTD 1.71 1.64 1.53 1.44 1.69 1.52 1.48 1.43 1.41 14.35 10.30 9.85 9.75 8.54 6.91 6.52 6.37 30.34 16.94 15.90 15.46 14.34 1.84 2.04 2.12 2.21 2.45 4800.00 -1.9%

SEKISUI HOUSE LTD 1.13 1.05 1.00 0.95 0.54 0.50 0.48 0.47 14.14 9.68 7.64 7.33 9.23 7.42 6.58 6.60 19.63 14.04 12.51 12.14 1.91 2.69 2.88 2.90 1357.50 4.6%

SEVEN & I HOLDINGS CO LTD 1.51 1.44 1.36 1.29 1.15 0.57 0.55 0.52 0.50 0.49 9.86 8.43 7.90 7.39 6.41 5.94 5.52 5.17 4.95 21.01 18.89 16.21 14.93 12.82 2.00 2.07 2.20 2.35 2.53 3177.14 3.0%

SHIN-ETSU CHEMICAL CO LTD 1.81 1.74 1.64 1.54 1.44 2.55 2.57 2.42 2.31 2.13 13.92 13.11 12.91 11.86 9.72 9.73 8.60 7.84 6.45 26.28 23.99 20.67 18.55 14.41 1.60 1.60 1.61 1.68 1.84 6168.13 -1.5%

SHISEIDO CO LTD 1.71 1.84 1.83 1.75 1.76 0.78 0.78 0.75 0.73 0.71 9.76 10.68 9.25 8.21 8.08 8.79 10.25 8.77 8.00 8.35 28.19 48.64 26.74 21.94 18.35 3.76 3.76 3.70 3.71 3.76 1125.83 -15.4%

SMC CORP 2.19 1.96 1.81 1.67 3.89 4.10 3.75 3.57 17.89 17.94 16.57 14.59 10.64 12.13 10.41 9.36 21.73 22.12 19.64 18.16 0.67 0.78 0.82 0.86 16256.33 -10.3%

SOFTBANK CORP 4.94 3.75 3.03 2.45 1.96 1.57 1.51 1.31 1.25 1.33 7.26 6.04 5.44 4.93 7.29 6.40 5.67 5.17 4.90 16.52 14.47 13.34 11.53 9.48 0.16 0.95 1.01 1.09 1.17 3950.00 -7.4%

SONY CORP 0.81 0.82 0.81 0.78 0.26 0.25 0.25 0.24 4.50 4.44 4.53 9.30 4.27 4.11 4.07 62.06 28.68 24.38 1.49 1.49 1.49 1.40 1639.17 -2.1%

SUMITOMO CORP 0.79 0.72 0.66 0.20 0.19 0.18 4.16 3.94 3.79 12.73 11.25 10.78 9.19 6.41 6.29 5.86 5.97 3.90 4.01 4.29 3.98 1362.31 13.0%

SUMITOMO ELECTRIC INDUSTRIES 0.93 0.90 0.85 0.80 0.45 0.43 0.41 0.39 7.53 8.65 5.77 5.45 7.20 7.84 6.37 5.76 14.72 20.17 12.36 11.10 1.67 1.82 1.93 2.06 1237.14 7.5%

SUMITOMO METAL MINING CO LTD 1.19 1.06 0.96 0.89 0.86 0.97 1.01 0.95 0.94 0.86 7.64 6.78 6.25 5.65 8.34 8.33 7.52 7.03 14.06 11.08 10.24 9.71 10.20 1.97 2.02 2.23 2.27 2.53 1518.89 9.7%

SUMITOMO MITSUI FINANCIAL GR 1.07 0.91 0.85 0.80 0.78 2.15 2.06 2.09 2.05 2.10 5.03 6.72 10.14 9.77 10.47 8.03 10.15 9.80 10.57 2.68 2.58 2.67 2.80 2.58 4489.69 15.7%

SUMITOMO MITSUI TRUST HOLDIN 1.10 1.00 0.94 0.89 0.79 2.56 2.77 2.76 2.70 2.69 6.01 14.37 14.92 14.36 10.88 13.93 13.40 12.63 12.18 1.91 1.88 1.93 1.99 2.42 423.81 -6.9%

SUMITOMO REALTY & DEVELOPMNT 3.08 2.91 2.68 2.47 2.25 2.57 2.45 2.36 2.33 2.28 19.53 16.16 16.45 13.77 23.55 22.41 21.66 21.09 33.29 29.29 27.71 26.82 28.69 0.52 0.54 0.54 0.54 0.59 3460.77 -7.1%

SUZUKI MOTOR CORP 1.24 1.13 1.04 0.97 0.84 0.47 0.46 0.43 0.41 0.39 7.20 6.37 5.33 4.83 3.80 4.25 3.94 3.27 2.98 2.21 21.27 16.10 12.68 11.64 7.58 0.66 0.76 0.93 1.03 1.17 2460.00 15.5%

T&D HOLDINGS INC 1.13 0.95 0.90 0.85 0.36 0.34 0.34 0.33 36.81 18.08 16.86 15.36 2.07 2.08 2.12 2.14 1283.64 18.2%

TAKEDA PHARMACEUTICAL CO LTD 2.01 1.91 1.90 1.88 1.81 2.71 2.63 2.53 2.46 2.38 13.39 12.53 14.16 14.11 13.59 9.45 12.84 11.48 10.63 10.60 16.38 16.70 19.76 16.87 15.43 3.47 3.47 3.47 3.48 3.47 5145.45 -0.9%

TOKIO MARINE HOLDINGS INC 1.13 1.04 0.98 0.91 0.60 0.61 0.60 0.58 0.56 192.45 18.45 15.97 14.11 11.03 1.83 2.02 2.17 2.30 2.38 3036.62 11.4%

TOKYO ELECTRON LTD 1.22 1.25 1.24 1.19 1.07 1.17 1.49 1.40 1.25 1.08 10.44 15.58 22.84 19.29 8.01 5.89 14.35 11.18 6.88 3.78 17.87 168.22 51.47 24.32 10.72 2.05 1.25 0.93 1.59 3.22 3875.69 -4.8%

TOKYO GAS CO LTD 1.53 1.44 1.34 1.24 1.14 0.73 0.67 0.65 0.64 0.61 7.42 6.08 5.81 5.46 8.67 6.71 6.51 6.38 6.27 30.07 14.11 13.82 13.08 11.69 1.79 1.82 1.84 1.86 1.98 531.43 5.4%

TORAY INDUSTRIES INC 1.64 1.58 1.48 1.40 1.30 0.65 0.65 0.62 0.60 0.56 7.75 8.54 7.70 7.26 8.45 9.63 8.66 7.98 6.71 16.46 20.98 17.24 15.38 13.50 1.56 1.56 1.64 1.68 2.19 577.50 -9.8%

TOSHIBA CORP 2.19 2.01 1.76 1.56 0.33 0.34 0.32 0.31 0.31 6.93 5.97 5.11 4.56 8.31 7.86 6.52 6.17 7.08 29.65 17.94 12.26 10.77 19.15 1.45 1.65 1.81 1.97 2.11 521.92 9.9%

TOYOTA MOTOR CORP 1.49 1.37 1.26 1.16 1.02 0.91 0.77 0.71 0.67 0.66 14.63 9.32 7.26 6.69 5.00 23.43 13.38 9.98 9.25 7.27 56.17 17.19 11.88 10.39 8.75 1.02 1.49 2.13 2.57 2.45 5563.13 13.5%

UNICHARM CORP 4.76 4.27 3.70 3.34 2.81 2.71 2.34 2.12 1.92 1.82 22.25 20.08 18.22 17.05 16.87 16.84 15.83 14.30 13.09 11.99 43.92 31.42 27.69 24.82 20.36 0.58 0.62 0.68 0.76 0.84 5201.67 -5.9%

WEST JAPAN RAILWAY CO 1.25 1.18 1.12 1.06 1.01 0.70 0.69 0.69 0.69 0.68 4.37 4.01 4.01 3.79 3.83 6.89 6.62 6.57 6.52 6.70 27.83 14.86 13.78 13.17 12.32 1.96 2.43 2.59 2.75 2.95 4104.55 -9.3%

YAMADA DENKI CO LTD 0.79 0.75 0.71 0.67 0.65 0.23 0.25 0.23 0.23 0.23 5.30 7.74 7.09 6.74 5.31 9.16 7.93 7.35 7.39 6.86 12.17 11.05 10.14 10.14 1.76 1.74 1.82 1.87 2.05 4320.00 -1.4%

YAMATO HOLDINGS CO LTD 1.43 1.36 1.29 1.22 1.15 0.63 0.63 0.61 0.59 0.57 11.87 9.92 9.01 8.07 6.83 6.70 6.20 5.82 5.76 33.21 20.27 18.67 17.10 16.43 1.28 1.32 1.40 1.49 1.28 1548.33 -9.9%

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


27.03.2013

AEON CO., LTD. operates general merchandise stores, supermarkets, convenience

stores throughout Japan. The Company is also engaged in women's and casual

clothing store business and development business of commercial property, and

financing service through the subsidiaries.

Latest Fiscal Year: 02/2012

LTM as of: 11/yy

52-Week High (27.03.2013) 1'278.00

52-Week Low (15.10.2012) 844.00

Daily Volume

1226

52-Week High % Change -4.07% Dividend Yield -

52-Week Low % Change 45.26% Beta 0.62

% 52 Week Price Range High/Low 97.48% Equity Float 576.71

Shares Out 28.02.2013 800.4 Short Int -

981'347.06 1 Yr Total Return 17.18%

Total Debt 1'335'183.00 YTD Return 25.65%

Preferred Stock 0.0 Adjusted BETA 0.618

Minority Interest 345'015.0 Analyst Recs 14

Cash and Equivalents 186'510.00 Consensus Rating 3.286

Enterprise Value 2'570'828.06

Average Volume 5 Day 4'025'080

8267 JT EQUITY YTD Change - Average Volume 30 Day 4'045'953

8267 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'734'571

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

29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1

4'650'088.0 4'706'069.0 4'542'599.0 4'561'748.0 4'650'792.0 4'568'802 4'992'589 5'601'651 5'787'574 1'511'139 -

0.47x 0.36x 0.43x 0.43x 0.49x 1.78x 1.79x 0.44x 0.44x - -

298'843.0 272'878.0 279'661.0 313'409.0 338'885.0 320'758.0 336'743.0 341'815.2 366'732.5 - -

7.26x 6.17x 6.99x 6.24x 6.75x 6.84x 6.89x 7.52x 7.01x - -

43'932.0 (2'760.0) 31'123.0 59'688.0 66'750.0 47'102.0 67'797.0 68'907.9 71'897.6 27'347.3 -

23.77x - 22.47x 13.20x 11.83x 17.02x 10.73x 14.41x 13.85x - -

EBITDA 338'885.00 Long-Term Rating Date 13.07.2004

EBIT 195'690.00 Long-Term Rating A-

Operating Margin 4.21% Long-Term Outlook NEG

Pretax Margin 2.97% Short-Term Rating Date -

Return on Assets 1.66% Short-Term Rating -

Return on Common Equity 7.23%

Return on Capital 4.04% EBITDA/Interest Exp. 32.79

Asset Turnover 1.19% (EBITDA-Capex)/Interest Exp. 2.61

Net Debt/EBITDA 3.37

Gross Margin 27.0% Total Debt/EBITDA 3.88

EBITDA Margin 7.0%

EBIT Margin 3.9% Total Debt/Equity 142.5%

Net Income Margin 1.4% Total Debt/Capital 51.0%

Asset Turnover 1.19

Current Ratio 0.89 Net Fixed Asset Turnover 2.87

Quick Ratio 0.37 Accounts receivable turnover-days 30.51

Debt to Assets 32.98% Inventory Days 33.53

Tot Debt to Common Equity 142.49% Accounts Payable Turnover Day 71.30

Accounts Receivable Turnover 11.99 Cash Conversion Cycle -4.37

Inventory Turnover 10.91

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aeon Co LtdPrice/Volume

Valuation Analysis

9'140'100.00

Current Price (3/dd/yy) Market Data

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!3 !0 .!!6 !3 !6 .!!6 !3 !0 .!-! !3 !6 .!-! !3 !0 .!-- !3 !6 .!-- !3 !0 .!-. !3 !6 .!-. !3 !0 .!-0

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


27.03.2013

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

MIZUHO FINANCIAL GRO n/a ULT-AGG 56'184'143 7.02 1'014'694 31.08.2012 Bank

MITSUBISHI CORP n/a Co File 40'422'000 5.05 (174) 31.08.2012 Corporation

JAPAN TRUSTEE SERVIC n/a Co File 40'177'000 5.02 1'137'000 31.08.2012 Bank

SUMITOMO MITSUI TRUS n/a ULT-AGG 33'999'400 4.25 (24'124'300) 14.09.2012 Bank

MASTER TRUST BANK OF n/a Co File 27'806'000 3.47 32'000 31.08.2012 Bank

AEON ENVIRONMENTAL F n/a Co File 21'228'000 2.65 - 31.08.2012 Other



OKADA BUNKA ZAIDAN n/a Co File 20'181'000 2.52 100'000 31.08.2012 Other

NORINCHUKIN BANK LTD n/a Co File 18'133'000 2.27 - 31.08.2012 Investment Advisor

EMPLOYEES' STOCKHOLD n/a Co File 15'114'000 1.89 503'000 31.08.2012 n/a

STATE STREET CUSTODI n/a ULT-AGG 14'715'000 1.84 686'000 31.08.2012 Other

COMPANY'S KYOEIKAI n/a Co File 11'582'000 1.45 522'000 31.08.2012 n/a

AEON CO LTD n/a ULT-AGG 10'420'000 1.3 (20'567'500) 31.08.2012 Corporation

TOKIO MARINE & NICHI n/a Co File 9'527'408 1.19 - 31.03.2012 Insurance Company

ALLIANZ ASSET MANAGE n/a ULT-AGG 8'183'234 1.02 3'868'300 28.02.2013 Investment Advisor

NOMURA n/a ULT-AGG 7'935'100 0.99 291'400 28.02.2013 Unclassified

FMR LLC n/a ULT-AGG 6'438'552 0.8 2'692'552 31.01.2013 Investment Advisor

RESONA HOLDINGS INC n/a ULT-AGG 6'000'000 0.75 - 31.03.2012 Holding Company

BLACKROCK n/a ULT-AGG 5'747'617 0.72 5'700 25.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Mizuho Securities TOSHIO TAKAHASHI buy 5 M 1'400 12 month 27.03.2013

Goldman Sachs SHO KAWANO neutral/neutral 3 M 1'100 12 month 21.03.2013

Credit Suisse TAKETO YAMATE outperform 5 M 1'300 Not Provided 19.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieMAKOTO SAKURAI neutral 3 M 1'020 12 month 13.03.2013

SMBC Nikko Securities Inc JUN KAWAHARA neutral 3 M 1'200 12 month 19.02.2013

Macquarie TOBY WILLIAMS underperform 1 D 900 12 month 18.02.2013

Daiwa Securities Co. Ltd. KAZUNORI TSUDA outperform 5 M 1'350 Not Provided 15.02.2013

Nomura MASAFUMI SHODA neutral 3 M 1'100 12 month 15.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013

Ji Asia MIKIHIKO YAMATO buy 5 M 1'200 12 month 09.01.2013

JPMorgan DAIRO MURATA neutral 3 M 900 9 month 12.12.2012

Holdings By:

Aeon Co Ltd ee


27.03.2013

Ajinomoto Co., Inc. produces and sells a variety of food products, including

seasonings, edible oils, processed foods, beverages, and dairy products. The

Company also develops and manufactures pharmaceuticals, amino acids, and

specialty chemicals.


LTM as of: 12/yy

52-Week High (26.03.2013) 1'390.00

52-Week Low (27.03.2012) 994.00

Daily Volume

1380

52-Week High % Change -0.72% Dividend Yield 1.16




876'314.69 1 Yr Total Return 37.51%

Total Debt 130'060.00 YTD Return 21.43%




Enterprise Value 878'861.70





31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'216'572.0 1'190'371.0 1'170'876.0 1'207'695.0 1'197'313.0 ######### ######### ######### ######### 293'520.0 -

0.66x 0.50x 0.63x 0.53x 0.61x 2.26x 2.66x 0.71x 0.71x - -

120'614.0 101'516.0 124'416.0 123'704.0 120'804.0 118'738.0 112'626.0 122'504.2 129'272.2 23'000.0 -

6.67x 5.89x 5.96x 5.16x 6.02x 5.65x 6.45x 7.17x 6.80x - -

28'229.0 (10'227.0) 16'646.0 30'400.0 41'754.0 39'772.0 54'206.0 48'852.2 47'505.1 (7'600.0) -

24.08x - 38.83x 19.90x 16.94x 15.83x 13.81x 18.34x 18.19x - -


EBIT 72'584.00 Long-Term Rating AA-

Operating Margin 6.06% Long-Term Outlook STABLE

Pretax Margin 6.02% Short-Term Rating Date 28.07.1997

Return on Assets 5.55% Short-Term Rating A-1+






EBITDA Margin 9.6%



Asset Turnover 1.16





Accounts Receivable Turnover 5.99 Cash Conversion Cycle 77.26


Fiscal Year Ended

Ajinomoto Co IncPrice/Volume

Valuation Analysis

2'116'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8- ! 8. ! 80 ! 81 ! 82 ! 83 ! 84 ! 85 ! 86 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


MITSUBISHI UFJ FINAN n/a ULT-AGG 68'741'694 10.83 (13'473'398) 27.12.2012 Holding Company

MASTER TRUST BANK OF n/a Co File 51'596'000 8.13 2'051'000 30.09.2012 Bank

JAPAN TRUSTEE SERVIC n/a Co File 35'373'000 5.57 (4'330'000) 30.09.2012 Bank

DAI ICHI LIFE INSURA n/a Co File 28'199'000 4.44 2'000'000 30.09.2012 Insurance Company

NIPPON LIFE INSURANC n/a ULT-AGG 26'118'000 4.11 - 20.12.2012 Insurance Company

NIPPONKOA INSURANCE n/a Co File 16'097'000 2.53 (994) 30.09.2012 Insurance Company

MIZUHO FINANCIAL GRO n/a ULT-AGG 15'497'282 2.44 - 30.09.2012 Bank


MEIJI YASUDA LIFE IN n/a Co File 12'624'000 1.99 - 30.09.2012 Insurance Company

NOMURA n/a ULT-AGG 8'805'000 1.39 (628'000) 28.02.2013 Unclassified

SOMPO JAPAN INSURANC n/a Co File 7'264'500 1.14 - 31.03.2012 Insurance Company

SHIMIZU CORP n/a Co File 7'071'250 1.11 - 31.03.2012 Corporation


BLACKROCK n/a ULT-AGG 6'320'539 1 5'000 25.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'097'557 0.96 175'754 31.12.2012 Investment Advisor

JP MORGAN WHITEFRIAR n/a Short (5'992'025) -0.94 6'975 19.03.2013 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 4'923'000 0.78 (1'000) 26.03.2013 Unclassified

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'653'000 0.58 123'000 28.02.2013 Holding Company

AJINOMOTO CO INC n/a MOF-JP 2'489'907 0.39 (43'958'418) 11.03.2013 Corporation

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'437'233 0.38 13'000 26.03.2013 Investment Advisor


Tokai Tokyo Securities TOMONOBU TSUNOYAMA above average 4 M #N/A N/A Not Provided 11.03.2013

Credit Suisse SATSUKI KAWASAKI neutral 3 M 1'300 Not Provided 11.03.2013

Mizuho Securities HIROSHI SAJI buy 5 M 1'470 12 month 07.03.2013

Nomura SATOSHI FUJIWARA buy 5 M 1'400 12 month 06.03.2013

Barclays TAKAYUKI HAYANO overweight 5 M 1'510 Not Provided 06.03.2013

SMBC Nikko Securities Inc YOSHIYASU OKIHIRA outperform 5 M 1'570 12 month 28.02.2013

Macquarie TOBY WILLIAMS outperform 5 M 1'400 12 month 12.02.2013

Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI outperform 5 D 1'440 Not Provided 01.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI neutral 3 M 1'200 12 month 01.02.2013

Morgan Stanley TAIZO DEMURA Equalwt/In-Line 3 M 1'250 12 month 31.01.2013

Goldman Sachs KEIKO YAMAGUCHI Buy/Neutral 5 M 1'500 12 month 24.01.2013


JPMorgan RITSUKO TSUNODA overweight 5 M 1'340 9 month 26.12.2012

Holdings By:

Ajinomoto Co Inc ee


27.03.2013

All Nippon Airways Co., Ltd (ANA) provides a variety of air transportation-

related services. The Company offers scheduled & unscheduled air passenger

services and air courier services. ANA sells aircraft parts and provides travel

arrangement & reservation services as well. The Company operates a number of

hotels in Japan through subsidiaries.


LTM as of: 12/yy

52-Week High (27.03.2012) 256.00

52-Week Low (15.10.2012) 154.00

Daily Volume

198



% 52 Week Price Range High/Low 48.04% Equity Float 3'255.40

Shares Out 28.02.2013 3'516.4 Short Int -

696'252.19 1 Yr Total Return -19.51%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'487'827.0 1'392'581.0 1'228'353.0 1'357'653.0 1'411'504.0 ######### ######### ######### ######### 347'883.5 -

0.97x 1.08x 1.05x 1.00x 0.93x 3.76x 3.17x 0.82x 0.78x - -

201'176.0 120'470.0 59'559.0 186'248.0 216'290.0 200'422.0 235'818.0 238'887.8 258'599.6 - -

7.18x 12.48x 21.64x 7.28x 6.10x 5.88x 4.56x 4.76x 4.40x - -

64'143.0 (4'260.0) (57'387.0) 23'305.0 28'178.0 19'543.0 46'636.0 40'902.9 46'165.9 (10'424.0) -

13.33x - - 26.70x 22.28x 27.64x 13.29x 16.51x 14.95x - -


EBIT 97'022.00 Long-Term Rating NR

Operating Margin 6.87% Long-Term Outlook -








EBITDA Margin 16.7%



Asset Turnover 0.69







Fiscal Year Ended

All Nippon Airways Co LtdPrice/Volume

Valuation Analysis

41'902'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

.! ! 8

1! ! 8

3! ! 8

5! ! 8

-!! ! 8

-.! ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013



NAGOYA RAILROAD CO L n/a MOF-JP 81'126'145 2.31 644'145 01.03.2013 Corporation


STATE STREET CUSTODI n/a ULT-AGG 48'570'000 1.38 16'628'000 30.09.2012 Other

GOLDMAN SACHS INTERN n/a Short (44'275'887) -1.26 (134'000) 25.03.2013 Investment Advisor

DEUTSCHE BANK AG/LON n/a Short (42'959'958) -1.22 420'000 25.03.2013 Investment Advisor

GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 42'412'000 1.21 6'694'000 31.01.2013 Mutual Fund Manager

TOKIO MARINE & NICHI n/a Co File 40'397'000 1.15 (158) 30.09.2012 Insurance Company

EMPLOYEES' STOCKHOLD n/a Co File 33'626'000 0.96 2'065'000 30.09.2012 n/a

MORGAN STANLEY n/a ULT-AGG (31'417'000) -0.89 126'000 25.03.2013 Investment Advisor

NIPPON LIFE INSURANC n/a ULT-AGG 31'265'000 0.89 (87'000) 30.09.2012 Insurance Company

MITSUI SUMITOMO INSU n/a Co File 30'770'000 0.88 - 30.09.2012 Insurance Company

AIOI NISSAY DOWA INS n/a Co File 28'547'000 0.81 - 31.03.2012 Insurance Company

SUMITOMO MITSUI FINA n/a ULT-AGG 26'820'000 0.76 - 31.03.2012 Bank

NOMURA n/a ULT-AGG 23'531'000 0.67 1'181'000 28.02.2013 Unclassified

TOYOTA MOTOR CORP n/a ULT-AGG 19'401'000 0.55 - 07.08.2012 Corporation

NOMURA INTERNATIONAL n/a Short (18'454'173) -0.52 57'000 25.03.2013 Investment Advisor

NIHON UNISYS LTD n/a Co File 16'213'115 0.46 - 31.03.2012 Corporation

SOJITZ CORP n/a Co File 14'136'000 0.4 - 31.03.2012 Corporation



Macquarie NICHOLAS CUNNINGHAM underperform 1 D 175 12 month 15.03.2013

SMBC Nikko Securities Inc OSUKE ITAZAKI neutral 3 D 190 12 month 27.02.2013

Morgan Stanley TAKUYA OSAKA Underwt/In-Line 1 M 160 12 month 25.02.2013

Barclays RYOTA HIMENO equalweight 3 M 210 Not Provided 25.02.2013

Okasan Securities SHINICHI YAMAZAKI neutral 3 M #N/A N/A Not Provided 20.02.2013

JPMorgan HITOSHI HOSOYA neutral 3 M 190 9 month 01.02.2013

Mizuho Securities SATORU KUNIEDA buy 5 M 230 12 month 01.02.2013

Nomura MASAHARU HIROKANE neutral 3 M 190 12 month 01.02.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 31.01.2013

Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI outperform 5 M 230 12 month 17.01.2013

Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI neutral 3 M 190 Not Provided 11.12.2012

Goldman Sachs MOE ICHII Buy/Neutral 5 M 270 12 month 03.08.2012

Holdings By:

All Nippon Airways Co Ltd ee


27.03.2013

Asahi Glass Company, Limited manufactures and sells a variety of glass products.

Main products include glass for construction, glass for liquid crystal

display(LCD), and glass for automobiles. The Company also produces electronic

parts, fine chemicals, and new ceramics.


LTM as of: 12/yy

52-Week High (28.03.2012) 735.00

52-Week Low (26.07.2012) 415.00

Daily Volume

655





777'292.38 1 Yr Total Return -3.20%










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

1'444'317.0 1'148'198.0 1'288'947.0 1'214'672.0 1'189'956.0 ######### ######### ######### ######### 296'294.4 303'438.8

0.80x 1.37x 1.16x 0.94x 1.00x 4.55x 3.79x 0.98x 0.96x - -

291'301.0 224'818.0 340'580.0 277'292.0 212'664.0 277'291.0 212'664.0 221'613.8 224'721.1 51'539.0 53'591.0

3.99x 7.01x 4.39x 4.14x 5.59x 4.14x 5.59x 5.61x 5.53x 5.87x -

39'178.0 19'985.0 123'184.0 95'290.0 43'790.0 95'289.0 43'790.0 48'430.6 50'589.7 14'443.7 16'954.3

15.03x 51.29x 8.99x 7.89x 16.53x 7.89x 16.52x 16.14x 15.50x 16.16x 15.19x





Return on Assets 2.44% Short-Term Rating A-2






EBITDA Margin 17.9%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Asahi Glass Co LtdPrice/Volume

Valuation Analysis

5'691'000.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

5!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


MITSUBISHI UFJ FINAN n/a ULT-AGG 108'984'898 9.18 14'639'794 20.12.2012 Holding Company


JAPAN TRUSTEE SERVIC n/a Co File 58'551'000 4.93 433'000 30.06.2012 Bank



NIPPON LIFE INSURANC n/a ULT-AGG 34'954'000 2.95 1'000 20.11.2012 Insurance Company

ASAHI GLASS CO LTD n/a Co File 30'771'867 2.59 5'867 30.06.2012 Corporation

STATE STREET CUSTODI n/a ULT-AGG 24'327'000 2.05 - 30.06.2012 Other

ASAHI GLASS FOUNDATI n/a Co File 23'230'000 1.96 - 30.06.2012 Other

MITSUBISHI ESTATE CO n/a Co File 22'703'000 1.91 (30) 30.06.2012 Corporation

MIZUHO FINANCIAL GRO n/a ULT-AGG 22'496'000 1.9 (17'000) 29.10.2012 Bank



MITSUBISHI CORP n/a Co File 12'504'551 1.05 - 31.03.2012 Corporation

KIRIN HOLDINGS CO LT n/a Co File 10'733'634 0.9 (301'000) 31.12.2011 Corporation


MITSUBISHI HEAVY IND n/a Co File 10'227'000 0.86 - 31.03.2012 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'519'939 0.8 (1'079'568) 31.12.2012 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 7'530'589 0.63 (81'265) 31.01.2013 Investment Advisor


Jefferies MASAHIRO WAKASUGI hold 3 D 650 12 month 28.02.2013

Sanford C. Bernstein & Co ALBERTO MOEL underperform 1 M 410 12 month 28.02.2013

SMBC Nikko Securities Inc HIROYUKI OKASERI underperform 1 M 380 12 month 27.02.2013

Mizuho Securities HIROSHI MATSUDA buy 5 M 750 12 month 21.02.2013

Credit Suisse JUN YAMAGUCHI neutral 3 M 630 Not Provided 20.02.2013

Okasan Securities NORITSUGU HIRAKAWA neutral 3 M #N/A N/A Not Provided 14.02.2013

Tachibana Securities TSUNENORI OHMAKI outperform 5 M #N/A N/A Not Provided 12.02.2013

JPMorgan NARCI CHANG neutral 3 M 550 9 month 08.02.2013

Morgan Stanley LALITA GUPTA Equalwt/Cautious 3 M 500 12 month 07.02.2013

Goldman Sachs TAKASHI WATANABE Sell/Neutral 1 M 470 12 month 07.02.2013

Nomura TAKAOMI KONO neutral 3 M 630 12 month 07.02.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013

Macquarie GEORGE T CHANG outperform 5 M 925 12 month 12.11.2012

Daiwa Securities Co. Ltd. YUSUKE ANDO outperform 5 M 720 Not Provided 07.11.2012

BNP Paribas Equity Research KEI RAMEAU hold 3 M 520 12 month 21.09.2012

Holdings By:

Asahi Glass Co Ltd ee


27.03.2013

Asahi Group Holdings, Ltd. produces beer and other beverages including

non-alcoholic drinks. The Company sells its products in Japan and overseas.


LTM as of: 12/yy

52-Week High (25.02.2013) 2'356.00

52-Week Low (04.06.2012) 1'625.00

Daily Volume

2236





1'081'298.00 1 Yr Total Return 24.63%










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

1'462'747.0 1'472'468.0 1'489'460.0 1'462'736.0 1'579'076.0 ######### ######### ######### ######### - -

0.72x 0.83x 0.73x 0.84x 0.83x 2.99x 3.16x 0.84x 0.80x - -

145'867.0 146'436.0 160'989.0 172'120.0 178'354.0 172'118.0 178'354.0 185'087.4 189'861.1 - -

7.24x 8.35x 6.75x 7.10x 7.31x 7.10x 7.31x 8.26x 8.06x - -

45'014.0 47'644.0 53'080.0 55'093.0 57'183.0 55'092.0 57'183.0 68'559.1 74'083.1 - -

15.98x 16.70x 13.79x 14.28x 14.97x 14.28x 14.97x 15.22x 13.93x - -











EBITDA Margin 11.3%



Asset Turnover 0.97







Fiscal Year Ended

Asahi Group Holdings LtdPrice/Volume

Valuation Analysis

967'100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8- ! 8. ! 80 ! 81 ! 82 ! 83 ! 84 ! 85 ! 86 ! 8

1'250'000.0

1'300'000.0

1'350'000.0

1'400'000.0

1'450'000.0

1'500'000.0

1'550'000.0

1'600'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


ASAHI GROUP HOLDINGS n/a ULT-AGG 30'467'745 6.3 990'011 28.02.2013 Corporation

MASTER TRUST BANK OF n/a Co File 24'578'000 5.08 (115'000) 30.06.2012 Bank



ASAHI KASEI CORP n/a Co File 18'785'000 3.88 (300) 30.06.2012 Corporation

DAI ICHI LIFE INSURA n/a Co File 16'920'000 3.5 - 30.06.2012 Insurance Company

FUKOKU MUTUAL LIFE I n/a Co File 16'883'000 3.49 - 30.06.2012 Insurance Company

CAPITAL GROUP COMPAN n/a ULT-AGG 13'662'200 2.83 (878'800) 31.12.2012 Investment Advisor

JP MORGAN CHASE BANK n/a Co File 11'003'000 2.28 32'000 30.06.2012 Investment Advisor

STATE STREET CUSTODI n/a ULT-AGG 9'586'000 1.98 (266'000) 30.06.2012 Other




STATE STREET n/a ULT-AGG 6'702'202 1.39 (799'800) 26.03.2013 Investment Advisor

SUMITOMO CORP n/a Co File 4'911'900 1.02 - 31.03.2012 Corporation


TOYO SEIKAN KAISHA L n/a Co File 3'824'341 0.79 - 31.03.2012 Corporation






Tokai Tokyo Securities TOMONOBU TSUNOYAMA neutral 3 M #N/A N/A Not Provided 13.03.2013

SMBC Nikko Securities Inc YOSHIYASU OKIHIRA outperform 5 M 3'000 12 month 28.02.2013

Barclays TAKAYUKI HAYANO overweight 5 M 2'550 Not Provided 28.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieAKANE NAKAGAWA neutral 3 M 2'300 12 month 28.02.2013

JPMorgan RITSUKO TSUNODA neutral 3 M 2'260 9 month 26.02.2013

Credit Suisse SATSUKI KAWASAKI outperform 5 U 2'600 Not Provided 25.02.2013

Nomura SATOSHI FUJIWARA buy 5 U 2'600 12 month 15.02.2013

Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI outperform 5 M 2'420 Not Provided 14.02.2013

Morgan Stanley TAIZO DEMURA Overwt/In-Line 5 M 2'100 12 month 13.02.2013

Goldman Sachs KEIKO YAMAGUCHI Sell/Neutral 1 M 1'750 12 month 13.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013


Holdings By:

Asahi Group Holdings Ltd ee


27.03.2013

ASAHI KASEI CORPORATION produces synthetic fibers, industrial chemicals,

petrochemicals, plastics (resins), and synthetic rubber. The Company also

operates and sells real estates, pharmaceuticals, medical equipments,

electronics, construction materials, and consumer products.


LTM as of: 12/yy

52-Week High (21.03.2013) 650.00

52-Week Low (03.08.2012) 386.00

Daily Volume

632





886'453.50 1 Yr Total Return 27.70%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'696'789.0 1'553'108.0 1'433'595.0 1'598'387.0 1'573'230.0 ######### ######### ######### ######### 467'619.0 -

0.51x 0.45x 0.60x 0.57x 0.51x 2.03x 2.30x 0.69x 0.63x - -

202'117.0 115'014.0 144'877.0 208'092.0 183'877.0 196'566.0 163'694.0 175'851.5 199'738.0 116'500.0 -

4.27x 6.05x 5.97x 4.37x 4.39x 3.92x 6.34x 6.92x 6.09x - -

69'945.0 4'745.0 25'286.0 60'288.0 55'766.0 58'097.0 43'317.0 50'208.8 64'470.9 12'900.0 -

10.40x 104.72x 27.82x 13.01x 12.81x 11.17x 16.36x 17.59x 13.66x - -











EBITDA Margin 10.3%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Asahi Kasei CorpPrice/Volume

Valuation Analysis

4'064'000.00


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400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

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

! !!

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27.03.2013










JP MORGAN CHASE BANK n/a Co File 24'213'000 1.73 (2'471'000) 30.09.2012 Investment Advisor



BLACKROCK n/a ULT-AGG 20'040'400 1.43 (254'100) 25.03.2013 Investment Advisor

SUMITOMO LIFE INSURA n/a Co File 19'517'000 1.39 - 30.09.2012 Insurance Company





DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 9'188'817 0.66 - 28.02.2013 Investment Advisor




Nomura SHIGEKI OKAZAKI buy 5 M 680 12 month 26.03.2013

Jefferies YOSHIHIRO AZUMA hold 3 D 600 12 month 22.03.2013

SMBC Nikko Securities Inc TAKATO WATABE neutral 3 M 630 12 month 21.03.2013

Mizuho Securities ATSUSHI YOSHIDA buy 5 M 680 12 month 11.03.2013

Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Neutral Plus 3 U 660 6 month 07.03.2013

Goldman Sachs HISAAKI YOKOO Buy/Neutral 5 M 640 12 month 25.02.2013

Okasan Securities TAKASHI NISHIHIRA buy 5 U 640 6 month 18.02.2013

Daiwa Securities Co. Ltd. HIDEMITSU UMEBAYASHI outperform 5 M 590 Not Provided 18.02.2013

Barclays MIKIYA YAMADA overweight 5 M 610 Not Provided 06.02.2013

TIW TOSHIRO TAKAHASHI neutral 3 M #N/A N/A Not Provided 06.02.2013

Credit Suisse MASAMI SAWATO outperform 5 M 670 Not Provided 05.02.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013

Mitsubishi UFJ Morgan Stanley SecuritieYASUHIRO NAKADA neutral 3 M 500 12 month 08.01.2013

Morgan Stanley LALITA GUPTA Overwt/In-Line 5 M 500 12 month 27.12.2012

Tachibana Securities YUKIHIKO FUKUNAGA outperform 5 N #N/A N/A Not Provided 14.02.2012

Mito Securities JUN IKEYAMA Neutral Plus 3 N #N/A N/A Not Provided 14.06.2010

Holdings By:

Asahi Kasei Corp ee


27.03.2013

Astellas Pharma Inc. is a pharmaceutical company committed to the therapeutic

fields of Urology, Immunology including Transplantation and Infectious Diseases,

Oncology, Neuroscience and DM Complications and Metabolic Diseases. With over

17,000 global employees, Astellas researches, develops, manufactures, and

promotes its prescription drugs through subsidiaries in the US, Europe, and Asia


LTM as of: 12/yy

52-Week High (07.03.2013) 5'270.00

52-Week Low (04.06.2012) 3'020.00

Daily Volume

5080





2'377'260.25 1 Yr Total Return 52.69%



Minority Interest 0.0 Analyst Recs 15







31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

972'586.0 965'698.0 974'877.0 953'947.0 969'387.0 983'535.0 960'711.0 982'676.9 ######### 207'500.0 -

1.42x 0.94x 1.05x 1.31x 1.31x 1.27x 1.32x 2.07x 1.87x - -

312'850.0 293'283.0 234'872.0 184'853.0 197'019.0 211'607.0 180'408.0 197'318.3 222'021.3 - -

4.41x 3.09x 4.37x 6.74x 6.46x 0.00x 0.00x 10.54x 9.37x - -

177'437.0 170'986.0 122'257.0 67'650.0 78'230.0 87'096.0 64'264.0 101'902.4 122'630.0 6'900.0 -

11.03x 8.48x 12.93x 21.03x 20.07x 16.60x 27.78x 22.54x 18.45x - -







Return on Capital - EBITDA/Interest Exp. 1601.78


Net Debt/EBITDA -

Gross Margin 67.1% Total Debt/EBITDA -

EBITDA Margin 20.6%



Asset Turnover 0.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Astellas Pharma IncPrice/Volume

Valuation Analysis

1'412'100.00


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2 ! 8

3 ! 8

4 ! 8

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200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

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

! !!

. !!

1 !!

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27.03.2013


JAPAN TRUSTEE SERVIC n/a Co File 35'324'000 7.55 (296'000) 30.09.2012 Bank

STATE STREET n/a ULT-AGG 33'461'781 7.15 (1'151'000) 26.03.2013 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'662'189 4.63 (191'534) 31.12.2012 Investment Advisor


JP MORGAN CHASE BANK n/a Co File 14'365'000 3.07 - 30.09.2012 Investment Advisor


ASTELLAS PHARMA INC n/a MOF-JP 13'809'724 2.95 2'989'636 28.02.2013 Corporation

MITSUBISHI UFJ FINAN n/a ULT-AGG 13'311'682 2.84 (162'059) 07.11.2012 Holding Company

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 12'455'280 2.66 9'000 30.09.2012 Hedge Fund Manager


BARCLAYS CAPITAL SEC n/a Co File 7'460'000 1.59 - 30.09.2012 Investment Advisor


INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'067'900 1.51 (233'700) 31.12.2012 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 6'126'160 1.31 67'600 15.03.2013 Unclassified



FMR LLC n/a ULT-AGG 3'166'278 0.68 (1'458'095) 31.01.2013 Investment Advisor


DAIICHI SANKYO CO LT n/a Co File 3'150'696 0.67 - 31.03.2012 Corporation


Daiwa Securities Co. Ltd. AKITADA IWASA outperform 5 M 6'300 Not Provided 15.03.2013

Jefferies NAOMI KUMAGAI buy 5 M 6'100 12 month 14.03.2013

Tokai Tokyo Securities TAKASHI AKAHANE strong buy 5 M #N/A N/A Not Provided 13.03.2013

SMBC Nikko Securities Inc YASUHIRO NAKAZAWA outperform 5 M 5'800 12 month 12.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO neutral 3 M 3'900 12 month 27.02.2013

Morgan Stanley MAYO MITA Overwt/In-Line 5 M 5'800 12 month 26.02.2013

Mizuho Securities HIROSHI TANAKA buy 5 M 6'000 12 month 22.02.2013

Barclays ATSUSHI SEKI overweight 5 M 4'900 Not Provided 22.02.2013

Credit Suisse FUMIYOSHI SAKAI outperform 5 M 5'300 Not Provided 13.02.2013

TIW SEIHEI MORITA Neutral Plus 3 M #N/A N/A Not Provided 12.02.2013

JPMorgan MASAYUKI ONOZUKA neutral 3 M 4'500 9 month 02.02.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013

Nomura RYOICHI URUSHIHARA neutral 3 M 4'000 12 month 02.11.2012

MP Advisors Pvt Ltd DEVESH SINGH market perform 3 M 3'200 Not Provided 11.11.2011

Holdings By:

Astellas Pharma Inc ee


27.03.2013

The Bank of Yokohama, Ltd. is a regional bank based in Yokohama City, Kanagawa.

The Bank provides banking services including deposits, loans, and foreign

exchange transactions. The Bank of Yokohama also provides information and

financial services such as securities brokerage, leasing, credit cards, and

letter of credit.


LTM as of: 12/yy

52-Week High (21.03.2013) 560.00

52-Week Low (13.06.2012) 344.00

Daily Volume

537





703'508.13 1 Yr Total Return 31.72%





Enterprise Value -





31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

291'237.0 263'241.0 264'730.0 252'227.0 252'050.0 248'046.0 252'426.0 219'996.9 219'542.8 54'039.0 -

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

- - - - - 0.0 0.0 - - - -

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

68'270.0 7'344.0 30'946.0 47'089.0 51'190.0 48'808.0 58'980.0 56'121.6 54'495.5 - -

13.67x 77.70x 20.13x 11.41x 10.94x 10.12x 9.07x 12.80x 13.04x - -

EBITDA - Long-Term Rating Date 16.12.2005

EBIT - Long-Term Rating Au





Return on Capital 3.80% EBITDA/Interest Exp. -

Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 52.7%


Asset Turnover 0.02

Current Ratio - Net Fixed Asset Turnover 1.95

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 3.21% Inventory Days -

Tot Debt to Common Equity 52.69% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Bank of Yokohama Ltd/ThePrice/Volume

Valuation Analysis

4'243'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

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

! !!

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27.03.2013




MASTER TRUST BANK OF n/a Co File 64'332'000 4.91 (2'427'000) 30.09.2012 Bank

NORTHERN TRUST CORPO n/a Co File 55'599'000 4.24 5'426'000 30.09.2012 Investment Advisor


BANK OF YOKOHAMA LTD n/a MOF-JP 39'643'342 3.03 7'617'119 31.01.2013 Bank





TOKIO MARINE & NICHI n/a Co File 13'101'223 1 - 31.03.2012 Insurance Company



YOKOHAMA MARUUO CO L n/a Co File 11'140'000 0.85 (1'000'000) 31.03.2012 Corporation


ABERDEEN n/a ULT-AGG 9'555'000 0.73 (124'000) 28.02.2013 Unclassified

NIKKO ASSET MANAGEME n/a ULT-AGG 9'261'000 0.71 1'037'000 31.12.2012 Unclassified

ODAKYU ELECTRIC RAIL n/a Co File 9'051'987 0.69 - 31.03.2012 Corporation

KEIKYU CORP n/a Co File 8'632'000 0.66 - 31.03.2012 Corporation

CI INVESTMENTS INC Multiple Portfolios MF-AGG 7'486'977 0.57 (111'994) 30.06.2012 Investment Advisor


Daiwa Securities Co. Ltd. MAOKI MATSUNO outperform 5 M 600 Not Provided 27.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 22.03.2013

SMBC Nikko Securities Inc SHINICHIRO NAKAMURA neutral 3 D 495 Not Provided 28.02.2013

Deutsche Bank YOSHINOBU YAMADA hold 3 M 545 12 month 13.02.2013

Tokai Tokyo Securities TATSUO MAJIMA above average 4 M #N/A N/A Not Provided 05.02.2013

BNP Paribas Equity Research TOYOKI SAMESHIMA buy 5 M 500 12 month 05.02.2013

Nomura MASAHIKO SATO buy 5 M 520 12 month 05.02.2013

Barclays SHIN TAMURA equalweight 3 M 450 Not Provided 05.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI neutral 3 M 450 12 month 05.02.2013

Macquarie ALASTAIR MACDONALD neutral 3 D 475 12 month 28.01.2013

Keefe, Bruyette & Woods JUN OISHI suspended coverage #N/A N/A M #N/A N/A Not Provided 06.01.2012

Goldman Sachs KATSUNORI TANAKA neutral/neutral 3 M 430 12 month 20.10.2011

Holdings By:

Bank of Yokohama Ltd/The ee


27.03.2013

BRIDGESTONE CORPORATION designs, produces, and sells automobile tires.

The Company also produces and markets scales to weigh racing cars and jumbo

aircrafts and sporting goods including golf equipment, tennis rackets, and

bicycles. Bridgestone operates its businesses worldwide.


LTM as of: 12/yy

52-Week High (15.03.2013) 3'340.00

52-Week Low (04.06.2012) 1'602.00

Daily Volume

3155





2'565'337.75 1 Yr Total Return 58.39%










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

3'234'405.0 2'597'002.0 2'861'615.0 3'024'355.0 3'039'738.0 ######### ######### ######### ######### 853'179.0 900'565.0

0.53x 0.71x 0.57x 0.59x 0.68x 2.46x 2.54x 0.83x 0.77x - -

318'969.0 256'257.0 337'112.0 350'987.0 442'505.0 350'986.0 441'307.0 535'806.5 574'016.5 - -

5.42x 7.23x 4.83x 5.08x 4.64x 5.08x 4.66x 5.37x 5.02x - -

10'412.0 1'043.0 98'913.0 102'970.0 171'605.0 102'969.0 171'605.0 236'205.7 256'086.8 - -

99.55x 1222.56x 12.43x 13.26x 10.14x 13.26x 10.14x 10.36x 9.61x 9.86x -





Return on Assets 6.00% Short-Term Rating NR






EBITDA Margin 14.5%



Asset Turnover 1.06







Fiscal Year Ended

Bridgestone CorpPrice/Volume

Valuation Analysis

3'759'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

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

! !!

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27.03.2013


ISHIBASHI ZAIDAN #N/A N/A Co File 76'693'000 9.43 - 31.12.2012 Other

JAPAN TRUSTEE SERVIC #N/A N/A Co File 44'902'000 5.52 (1'662'000) 31.12.2012 Bank

MASTER TRUST BANK OF #N/A N/A Co File 39'411'000 4.85 544'000 31.12.2012 Bank

BRIDGESTONE CORP #N/A N/A Co File 30'436'200 3.74 1'000 31.12.2012 Corporation

ISHIBASHI HIROSHI n/a Co File 24'300'000 2.99 - 31.12.2012 n/a



NAGASAKA SANGYO #N/A N/A Co File 16'325'000 2.01 - 31.12.2012 Corporation

STATE STREET CUSTODI n/a ULT-AGG 15'719'000 1.93 (1'103'000) 31.12.2012 Other

JP MORGAN CHASE BANK #N/A N/A Co File 12'556'000 1.54 - 31.12.2012 Investment Advisor

JA ZENKYOREN #N/A N/A Co File 11'640'000 1.43 - 31.12.2012 Bank





FMR LLC n/a ULT-AGG 5'967'724 0.73 (789'454) 31.01.2013 Investment Advisor

TORAY INDUSTRIES INC n/a Co File 5'106'533 0.63 - 31.03.2012 Corporation

JSR CORP n/a Co File 4'842'003 0.6 - 31.03.2012 Corporation




Mitsubishi UFJ Morgan Stanley SecuritieTORU IWAI outperform 5 M 3'900 12 month 26.03.2013

Mizuho Securities SEIJI SUGIURA buy 5 M 4'000 12 month 15.03.2013

Morgan Stanley SHINJI KAKIUCHI Overwt/In-Line 5 M 3'400 12 month 05.03.2013

SMBC Nikko Securities Inc TAKAO OSHITARI outperform 5 M 3'810 12 month 21.02.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 20.02.2013

TIW SATORU TAKADA Positive 4 U #N/A N/A Not Provided 19.02.2013

Goldman Sachs KOTA YUZAWA neutral/neutral 3 M 3'000 12 month 18.02.2013

Credit Suisse MASAHIRO AKITA outperform 5 M 3'200 Not Provided 18.02.2013

Nomura HISAHIRO YAMAOKA neutral 3 M 2'900 12 month 18.02.2013

BNP Paribas Equity Research KOICHI SUGIMOTO hold 3 D 2'100 12 month 12.12.2012

Deutsche Bank KURT SANGER buy 5 M 2'600 12 month 06.12.2012

Daiwa Securities Co. Ltd. SHIRO SAKAMAKI outperform 5 M 2'100 Not Provided 08.11.2012

Tachibana Securities KENTARO HAYASHI Strong Outperform 5 M #N/A N/A Not Provided 08.08.2012

Holdings By:

Bridgestone Corp ee


27.03.2013

CANON INC. is a professional and consumer imaging solutions company and

patent-holder of digital imaging technologies. The Company's products include

networked multifunction devices, digital and analog copiers, computer

peripherals, facsimile machines, image filing systems, camcorders, cameras and

lenses, semiconductor, and broadcast and medical equipment.


LTM as of: 12/yy

52-Week High (27.03.2012) 4'003.10

52-Week Low (26.07.2012) 2'301.16

Daily Volume

3525





4'701'516.00 1 Yr Total Return -8.60%










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

4'094'161.0 3'209'201.0 3'706'901.0 3'557'433.0 3'479'788.0 ######### ######### ######### ######### 842'680.0 950'450.0

0.72x 1.31x 1.19x 0.95x 0.95x 4.09x 3.71x 1.03x 0.97x - -

837'411.0 532'448.0 663'745.0 639'414.0 581'989.0 639'414.0 581'989.0 734'586.1 788'409.9 - -

3.51x 7.91x 6.64x 5.27x 5.70x 5.27x 5.70x 5.67x 5.29x - -

309'148.0 131'647.0 246'603.0 248'630.0 224'564.0 248'630.0 224'564.0 302'844.1 337'215.4 51'400.0 72'050.0

11.25x 36.67x 21.08x 16.68x 17.46x 16.66x 17.45x 13.51x 12.04x 11.51x -


EBIT 323'856.00 Long-Term Rating AA







Net Debt/EBITDA -1.19


EBITDA Margin 16.7%



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Canon IncPrice/Volume

Valuation Analysis

3'315'800.00


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.2 ! 8

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02 ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

5'000'000.0

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

! !!

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27.03.2013


CANON INC n/a MOF-JP 180'971'487 13.57 (124) 30.09.2012 Corporation



STATE STREET n/a ULT-AGG 63'520'822 4.76 13'941'741 26.03.2013 Investment Advisor

DAI ICHI LIFE INSURA n/a Co File 56'068'380 4.2 (10'131'300) 30.06.2012 Insurance Company

MOXLEY & CO n/a Co File 34'300'511 2.57 (3'480'981) 30.06.2012 Investment Advisor


NOMURA n/a ULT-AGG 26'639'674 2 478'500 13.07.2012 Unclassified

DEUTSCHE SECURITIES n/a Co File 25'679'604 1.93 - 30.06.2012 Bank


OBAYASHI CORP n/a Co File 16'527'607 1.24 - 31.03.2012 Corporation



MITSUBISHI UFJ FINAN n/a ULT-AGG 12'754'264 0.96 21'700 28.02.2013 Holding Company


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 11'226'700 0.84 (1'288'200) 31.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'641'100 0.8 (279'600) 31.12.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 9'508'300 0.71 1'335'600 31.01.2013 Investment Advisor




Credit Suisse YU YOSHIDA outperform 5 M 4'000 Not Provided 22.03.2013

Jefferies YOSHIHIRO AZUMA buy 5 M 4'300 12 month 21.03.2013

Nomura TETSUYA WADAKI buy 5 M 4'204 12 month 18.03.2013

JPMorgan HISASHI MORIYAMA overweight 5 M 4'500 9 month 16.03.2013

Mito Securities KEITA WAKABAYASHI Neutral Plus 3 U #N/A N/A Not Provided 12.03.2013

SMBC Nikko Securities Inc KAZUHARU MIURA neutral 3 D 3'800 12 month 07.03.2013

Mizuho Securities EISAKU OHMORI buy 5 M 4'000 12 month 04.03.2013

Morgan Stanley MASAHIRO ONO Equalwt/In-Line 3 M 3'400 12 month 27.02.2013

Barclays MASAHIRO NAKANOMYO overweight 5 M 3'800 Not Provided 27.02.2013

Macquarie DAMIAN THONG outperform 5 M 4'330 12 month 22.02.2013

Okasan Securities KAZUMASA KUBOTA neutral 3 U #N/A N/A Not Provided 12.02.2013

BNP Paribas Equity Research KUNIHIKO KANNO buy 5 M 4'000 12 month 05.02.2013

Tachibana Securities YUKIHIKO FUKUNAGA Strong Outperform 5 U #N/A N/A Not Provided 01.02.2013

Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO outperform 5 M 4'900 6 month 31.01.2013

Daiwa Securities Co. Ltd. JUNYA AYADA outperform 5 M 3'900 Not Provided 31.01.2013

Goldman Sachs TOSHIYA HARI neutral/neutral 3 M 3'390 12 month 30.01.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 30.01.2013

Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA outperform 5 M 3'950 12 month 30.01.2013

Ji Asia STEVE MYERS buy 5 M 3'433 12 month 28.09.2012

ACE Research Institute HIDEKI YASUDA underperform 1 M #N/A N/A Not Provided 26.07.2012

Marusan Securities HIROSHI UBUKATA outperform 5 U #N/A N/A Not Provided 10.08.2010

Holdings By:

Canon Inc ee


27.03.2013

Central Japan Railway Company provides rail transportation services between

Tokyo and Osaka, including the Tokai region. The Company, through its

subsidiaries, also provides bus transportation services, leases real estate, and

operates department stores, hotels, restaurants, and construction businesses.


LTM as of: 12/yy

52-Week High (21.03.2013) 10'260.00

52-Week Low (26.06.2012) 6'100.00

Daily Volume

9970





2'053'820.00 1 Yr Total Return 45.13%






Average Volume 5 Day 491'360

9022 JT EQUITY YTD Change - Average Volume 30 Day 576'873

9022 JT EQUITY YTD % CHANGE - Average Volume 3 Month 544'295


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'559'467.0 1'570'253.0 1'486'632.0 1'503'083.0 1'508'328.0 ######### ######### ######### ######### 389'979.5 -

3.45x 2.79x 3.09x 2.86x 2.78x 11.52x 10.41x 2.88x 2.78x - -

662'923.0 640'660.0 561'693.0 607'946.0 629'584.0 465'624.0 666'160.0 667'559.0 706'536.1 - -

8.12x 6.83x 8.18x 7.07x 6.67x 0.00x 6.16x 7.16x 6.77x - -

159'774.0 126'052.0 91'764.0 133'807.0 132'781.0 124'010.0 192'733.0 194'134.7 206'267.9 10'440.0 -

12.70x 8.65x 15.29x 9.69x 10.11x 10.32x 7.15x 10.11x 9.51x - -











EBITDA Margin 42.5%



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Central Japan Railway CoPrice/Volume

Valuation Analysis

262'900.00


!

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1!!!

3!!!

5!!!

-!!!!

-.!!!

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1'200'000.0

1'250'000.0

1'300'000.0

1'350'000.0

1'400'000.0

1'450'000.0

1'500'000.0

1'550'000.0

1'600'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013




CENTRAL JAPAN RAILWA n/a Co File 8'999'000 4.37 - 30.09.2012 Corporation








SHINKIN CENTRAL BANK n/a Co File 2'000'000 0.97 - 31.03.2012 Bank

FMR LLC n/a ULT-AGG 1'691'048 0.82 533'521 31.01.2013 Investment Advisor





TAISEI CORP n/a Co File 1'242'000 0.6 - 31.03.2012 Corporation

NIPPON STEEL & SUMIT n/a Co File 1'110'500 0.54 - 31.03.2012 Corporation


SHIZUOKA BANK LTD n/a Co File 1'003'900 0.49 - 31.03.2012 Bank


JPMorgan HITOSHI HOSOYA neutral 3 M 12'000 9 month 18.03.2013

Macquarie NICHOLAS CUNNINGHAM underperform 1 D 8'500 12 month 18.03.2013


Morgan Stanley TAKUYA OSAKA Underwt/In-Line 1 M 8'400 12 month 08.03.2013

Goldman Sachs HIROYUKI SAKAIDA Buy/Neutral 5 M 9'900 12 month 01.03.2013

Barclays RYOTA HIMENO equalweight 3 M 9'100 Not Provided 22.02.2013

SMBC Nikko Securities Inc OSUKE ITAZAKI outperform 5 M 9'300 12 month 15.02.2013

Okasan Securities SHINICHI YAMAZAKI buy 5 M 9'800 6 month 12.02.2013

Tokai Tokyo Securities MASASHI YAZAKI neutral 3 M #N/A N/A Not Provided 30.01.2013

Mizuho Securities SATORU KUNIEDA underperform 1 M 6'700 12 month 29.01.2013

Nomura MASAHARU HIROKANE neutral 3 M 8'400 12 month 29.01.2013

Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI neutral 3 M 7'600 12 month 17.01.2013

Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI neutral 3 M 6'800 Not Provided 10.12.2012

Holdings By:

Central Japan Railway Co ee


27.03.2013

Chubu Electric Power Company, Incorporated generates, transmits, distributes,

and sells electricity in Chubu area. The Company's service area includes Aichi,

Gifu, Mie, Nagano, and part of Shizuoka Prefecture.


LTM as of: 12/yy

52-Week High (27.03.2012) 1'560.00

52-Week Low (31.07.2012) 804.00

Daily Volume

1153





873'974.00 1 Yr Total Return -21.00%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'432'865.0 2'509'982.0 2'238'551.0 2'330'891.0 2'449'283.0 ######### ######### ######### ######### 611'428.0 -

1.97x 1.75x 1.91x 1.64x 1.49x 6.28x 5.33x 1.45x 1.46x - -

520'963.0 528'467.0 504'570.0 465'485.0 252'964.0 267'671.0 227'024.0 250'448.1 258'305.3 - -

9.19x 8.29x 8.47x 8.22x 14.47x 0.00x 0.00x 14.04x 13.61x - -

70'618.0 (18'968.0) 108'558.0 84'598.0 (92'195.0) (86'255.0) (23'720.0) (46'239.4) (46'686.0) - -

27.49x - 16.64x 16.67x - 0.00x 0.00x - - - -


EBIT -37'667.00 Long-Term Rating NR

Operating Margin -1.54% Long-Term Outlook -

Pretax Margin -3.45% Short-Term Rating Date 26.03.2013

Return on Assets -1.30% Short-Term Rating NR

Return on Common Equity -4.77%


Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. -0.39



EBITDA Margin 9.9%

EBIT Margin -1.1% Total Debt/Equity 196.8%

Net Income Margin -3.8% Total Debt/Capital 65.8%

Asset Turnover 0.46

Current Ratio 0.93 Net Fixed Asset Turnover -






Fiscal Year Ended

Chubu Electric Power Co IncPrice/Volume

Valuation Analysis

3'657'100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1 ! 8

3 ! 8

5 ! 8

-! ! 8

-. ! 8

1'800'000.0

1'900'000.0

2'000'000.0

2'100'000.0

2'200'000.0

2'300'000.0

2'400'000.0

2'500'000.0

2'600'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013







COMPANY'S INVESTMENT n/a Co File 17'073'000 2.25 1'349'000 30.09.2012 n/a



KOCHI SHINKIN BANK n/a Co File 12'071'000 1.59 - 30.09.2012 Bank






BNP PARIBAS ARBITRAG n/a Short (3'235'408) -0.43 (34'100) 26.03.2013 Investment Advisor

JUROKU BANK LTD/THE n/a Co File 2'546'426 0.34 - 31.03.2012 Bank

BANK OF NAGOYA LTD/T n/a Co File 2'500'096 0.33 - 31.03.2012 Bank

SOCIETE GENERALE n/a Short (2'217'012) -0.29 (2'217'012) 25.03.2013 Bank

CHUO MITSUI TRUST & n/a Co File 2'072'400 0.27 - 31.03.2012 Bank




Mizuho Securities NORIMASA SHINYA neutral 3 M 1'200 12 month 27.02.2013

Nomura SHIGEKI MATSUMOTO neutral 3 M 1'190 12 month 04.02.2013

Morgan Stanley YUKA MATAYOSHI Equalwt/In-Line 3 M 960 12 month 31.01.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013

SMBC Nikko Securities Inc HIDETOSHI SHIODA underperform 1 M 800 12 month 12.12.2012

Goldman Sachs HIROYUKI SAKAIDA neutral/neutral 3 M 1'250 12 month 30.11.2012

Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO neutral 3 M 1'100 12 month 29.11.2012

Holdings By:

Chubu Electric Power Co Inc ee


27.03.2013

DAI NIPPON PRINTING CO., LTD. offers printing services for commercial and

industrial use. The printing items include information media such as books,

periodicals, and text books, wrapping paper and containers, stationeries, and

advertising medium. The Company provides design and production services as

well. Dai Nippon Printing also produces soft drinks including Coca Cola.


LTM as of: 12/yy

52-Week High (15.03.2013) 950.00

52-Week Low (10.10.2012) 503.00

Daily Volume

915





640'939.81 1 Yr Total Return 16.42%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'616'053.0 1'584'844.0 1'583'382.0 1'589'373.0 1'507'227.0 ######### ######### ######### ######### 376'709.0 -

0.63x 0.40x 0.56x 0.46x 0.42x 1.60x 1.32x - - - -

199'055.0 153'059.0 158'207.0 168'348.0 133'179.0 135'610.0 123'907.0 126'000.0 128'000.0 - -

5.15x 4.12x 5.63x 4.32x 4.71x 4.01x 3.78x 5.36x 5.28x - -

45'171.0 (20'933.0) 23'278.0 25'032.0 (16'356.0) 3'278.0 (10'526.0) 14'833.3 23'333.3 2'604.0 -

23.64x - 34.97x 26.07x - 145.47x 0.00x 39.70x 25.25x - -





Return on Assets -1.54% Short-Term Rating -






EBITDA Margin 8.3%



Asset Turnover 0.93








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dai Nippon Printing Co LtdPrice/Volume

Valuation Analysis

3'391'000.00


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0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


DAI NIPPON PRINTING n/a Co File 55'914'000 7.98 20'000 30.09.2012 Corporation

MITSUBISHI UFJ FINAN n/a ULT-AGG 42'704'441 6.1 - 24.12.2012 Holding Company





BANK OF NEW YORK MEL n/a Co File 14'969'000 2.14 (11'819'000) 30.09.2012 Investment Advisor



NIPPON LIFE INSURANC n/a ULT-AGG 12'478'000 1.78 (2'232'000) 20.11.2012 Insurance Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'946'320 1.71 1'514'289 31.12.2012 Investment Advisor

NOMURA INTERNATIONAL n/a Short (7'786'832) -1.11 (9'000) 25.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 7'499'739 1.07 - 26.03.2013 Investment Advisor


KITAJIMA YOSHITOSHI n/a Co File 5'724'000 0.82 (46'000) 28.06.2012 n/a

GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 5'302'000 0.76 108'000 31.01.2013 Mutual Fund Manager




TAISEI CORP n/a Co File 3'670'000 0.52 - 31.03.2012 Corporation


SMBC Nikko Securities Inc HIROYUKI IBA outperform 5 M 1'000 12 month 12.03.2013

Nomura TAKAOMI KONO neutral 3 M 800 12 month 18.02.2013

Mizuho Securities TOSHIO TAKAHASHI neutral 3 M 800 12 month 13.02.2013


Holdings By:

Dai Nippon Printing Co Ltd ee


27.03.2013

The Dai-ichi Life Insurance Company Ltd. underwrites and sells life, health and

annuity insurance to groups and individuals. The Company offers a wide variety

of insurance products to suit different needs, ranging from children's school

tuition to emergency funds for the elderly.


LTM as of: 12/yy

52-Week High (15.01.2013) 139'400.00

52-Week Low (25.07.2012) 74'300.00

Daily Volume

123600





1'236'020.50 1 Yr Total Return 7.95%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

3'745'976.0 3'771'283.0 3'772'095.0 3'673'463.0 3'852'827.0 ######### ######### ######### ######### ######### -

- - 0.42x 0.41x 0.35x 1.00x 0.95x 0.17x 0.17x - -

- - - - - 0.0 0.0 - - - -

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

131'242.0 86'813.0 55'665.0 19'139.0 20'357.0 16'149.0 32'324.0 29'642.4 39'783.1 - -

- - 25.15x 65.45x 55.44x 46.26x 36.69x 41.28x 30.64x - -


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

Dai-ichi Life Insurance Co Ltd/ThePrice/Volume

Valuation Analysis

47'422.00


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!!!!

-3!!!!

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! 8

! 8

- 8

- 8

- 8

- 8

- 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


MIZUHO FINANCIAL GRO n/a ULT-AGG 540'912 5.41 (29) 29.10.2012 Bank

MITSUBISHI UFJ FINAN n/a ULT-AGG 506'701 5.07 - 07.11.2012 Holding Company

JAPAN TRUSTEE SERVIC n/a Co File 478'217 4.78 17'808 30.09.2012 Bank

STATE STREET n/a ULT-AGG 418'494 4.18 102'797 26.03.2013 Investment Advisor

SUMITOMO MITSUI TRUS n/a ULT-AGG 371'544 3.72 (77'178) 31.01.2013 Bank

MASTER TRUST BANK OF n/a Co File 344'834 3.45 19'495 30.09.2012 Bank

SOMPO JAPAN INSURANC n/a Co File 300'000 3 - 30.09.2012 Insurance Company

STATE STREET CUSTODI n/a ULT-AGG 191'233 1.91 (5'120) 30.09.2012 Other

DODGE & COX Multiple Portfolios MF-AGG 162'993 1.63 - 29.01.2013 Investment Advisor

SUMITOMO MITSUI FINA n/a ULT-AGG 130'000 1.3 - 30.09.2012 Bank

RESONA HOLDINGS INC n/a ULT-AGG 105'554 1.06 - 30.09.2012 Holding Company

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 98'631 0.99 - 31.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 86'647 0.87 3'937 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 78'182 0.78 17 25.03.2013 Investment Advisor

DAI NIPPON PRINTING n/a Co File 66'066 0.66 - 31.03.2012 Corporation

NOMURA n/a ULT-AGG 64'560 0.65 375 28.02.2013 Unclassified

CANON INC n/a Co File 63'000 0.63 - 31.12.2011 Corporation

NIKKO ASSET MANAGEME n/a ULT-AGG 48'015 0.48 (4'384) 13.01.2013 Unclassified

MARUBENI CORP n/a ULT-AGG 46'364 0.46 - 31.03.2012 Corporation

SHIMIZU CORP n/a Co File 42'217 0.42 - 31.03.2012 Corporation


Macquarie SCOTT G RUSSELL underperform 1 M 85'000 12 month 22.03.2013

Morgan Stanley HIDEYASU BAN Equalwt/Attractive 3 M 158'000 12 month 21.03.2013

Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 230'000 12 month 07.03.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 26.02.2013

Nomura WATARU OHTSUKA neutral 3 M 135'000 12 month 25.02.2013

SMBC Nikko Securities Inc KOUICHI NIWA neutral 3 M 140'000 12 month 22.02.2013

JPMorgan NATSUMU TSUJINO overweight 5 M 207'000 9 month 14.02.2013

Jefferies MAKARIM SALMAN buy 5 U 159'300 12 month 14.02.2013

Daiwa Securities Co. Ltd. JUN SHIOTA neutral 3 M 140'000 Not Provided 14.02.2013

Credit Suisse TAKEHITO YAMANAKA outperform 5 M 147'500 Not Provided 13.02.2013

Mizuho Securities RIE NISHIHARA buy 5 M 150'000 12 month 13.02.2013

Barclays AZUMA OHNO equalweight 3 M 120'000 Not Provided 13.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI outperform 5 M 152'000 12 month 13.02.2013

Deutsche Bank MASAO MURAKI buy 5 M 148'700 12 month 12.02.2013

Goldman Sachs TAKANORI MIYOSHI Buy/Neutral 5 U 190'000 12 month 12.02.2013

Holdings By:

Dai-ichi Life Insurance Co Ltd/The ee


27.03.2013

DAIICHI SANKYO COMPANY, LIMITED is a holding company established through merger

of Sankyo and Daiichi pharmaceutical. The Group manufactures pharmaceuticals

for human/veterinary use and medical tools and equipment. It also researches

and promotes products through related companies throughout the world. The Group

also produces food, food additives, livestock feeds, and agrochemicals.


LTM as of: 12/yy

52-Week High (22.03.2013) 1'896.00

52-Week Low (11.10.2012) 1'168.00

Daily Volume

1824





1'293'236.75 1 Yr Total Return 23.03%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

880'120.0 842'147.0 952'105.0 967'365.0 938'677.0 915'712.0 987'906.0 983'800.0 ######### 241'000.0 -

1.75x 1.42x 1.28x 1.13x 1.11x 4.74x 3.82x 1.24x 1.17x - -

199'158.0 129'452.0 150'333.0 175'236.0 155'583.0 149'034.0 154'066.0 151'084.9 160'911.3 35'600.0 -

7.75x 9.27x 8.10x 6.23x 6.69x 7.29x 5.91x 8.42x 7.91x - -

97'660.0 (215'499.0) 41'852.0 70'121.0 10'383.0 8'000.0 44'341.0 50'126.9 65'644.0 5'852.0 -

21.76x - 29.45x 16.12x 102.24x 134.27x 20.99x 25.17x 18.97x - -







Return on Capital -2.09% EBITDA/Interest Exp. 41.91




EBITDA Margin 15.4%



Asset Turnover 0.65







Fiscal Year Ended

Daiichi Sankyo Co LtdPrice/Volume

Valuation Analysis

2'723'100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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- ! 8

. ! 8

0 ! 8

1 ! 8

2 ! 8

3 ! 8

4 ! 8

5 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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27.03.2013




NIPPON LIFE INSURANC n/a ULT-AGG 38'006'200 5.36 (200) 30.09.2012 Insurance Company

WELLINGTON MANAGEMEN n/a MOF-JP 35'881'551 5.06 (7'159'764) 31.05.2012 Investment Advisor





DEUTSCHE SECURITIES n/a Co File 10'624'000 1.5 1'548'000 30.09.2012 Bank







KUREHA CORP n/a Co File 6'000'958 0.85 - 31.03.2012 Corporation


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'440'054 0.77 10 28.02.2013 Investment Advisor

DAIICHI SANKYO CO LT n/a Co File 5'076'100 0.72 (17'000) 30.09.2012 Corporation



Morgan Stanley MAYO MITA Equalwt/In-Line 3 M 1'600 12 month 22.03.2013

JPMorgan MASAYUKI ONOZUKA underweight 1 M 1'300 9 month 22.03.2013

Jefferies NAOMI KUMAGAI buy 5 M 2'000 12 month 22.03.2013

Mizuho Securities HIROSHI TANAKA buy 5 M 1'900 12 month 22.03.2013

Barclays ATSUSHI SEKI underweight 1 M 1'250 Not Provided 22.03.2013

Daiwa Securities Co. Ltd. AKITADA IWASA neutral 3 M 1'710 Not Provided 15.03.2013

SMBC Nikko Securities Inc YASUHIRO NAKAZAWA underperform 1 M 1'200 12 month 28.02.2013


Credit Suisse FUMIYOSHI SAKAI neutral 3 M 1'600 Not Provided 19.02.2013

TIW SEIHEI MORITA neutral 3 M #N/A N/A Not Provided 05.02.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013


MP Advisors Pvt Ltd DEVESH SINGH outperform 5 M 1'850 12 month 07.03.2012


First Global Stockbroking HITESH KUVELKAR outperform 5 M #N/A N/A Not Provided 31.08.2009

Holdings By:

Daiichi Sankyo Co Ltd ee


27.03.2013

DAIKIN INDUSTRIES, LTD. manufactures air conditioning equipment for household

and commercial use. The Company also produces fluorine chemical products such

as fluorinated hydrocarbon gas and shells and warheads for defense industry.


LTM as of: 12/yy

52-Week High (15.03.2013) 4'140.00

52-Week Low (04.06.2012) 1'836.00

Daily Volume

3710





1'087'452.88 1 Yr Total Return 69.39%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'290'893.0 1'202'419.0 1'023'964.0 1'160'330.0 1'218'700.0 ######### ######### ######### ######### 314'492.3 -

1.17x 0.92x 1.32x 0.81x 0.76x 3.11x 3.27x 1.26x 1.05x - -

179'866.0 118'324.0 96'460.0 127'166.0 131'717.0 129'723.0 132'981.0 129'069.2 172'303.2 - -

8.41x 9.36x 14.01x 7.42x 7.00x 6.73x 10.56x 12.67x 9.49x - -

75'223.0 21'755.0 19'390.0 19'872.0 41'171.0 39'330.0 29'434.0 28'178.2 63'963.2 - -

16.27x 35.97x 57.57x 36.56x 15.94x 15.62x 29.09x 36.27x 16.86x - -











EBITDA Margin 10.8%



Asset Turnover 1.07







Fiscal Year Ended

Daikin Industries LtdPrice/Volume

Valuation Analysis

1'813'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!

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e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8- ! 8. ! 80 ! 81 ! 82 ! 83 ! 84 ! 85 ! 86 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-. !!

-1 !!

-3 !!

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27.03.2013





MITSUBISHI UFJ FINAN n/a ULT-AGG 14'877'186 5.08 - 07.11.2012 Holding Company


SUMITOMO METAL INDUS n/a Co File 9'200'000 3.14 - 30.09.2012 Corporation

PANASONIC CORP n/a Co File 7'500'000 2.56 - 30.09.2012 Corporation



NORINCHUKIN BANK LTD n/a Co File 4'999'000 1.71 - 30.09.2012 Investment Advisor

MITSUI SUMITOMO INSU n/a Co File 3'962'000 1.35 (500'000) 31.03.2012 Insurance Company

SENSHU IKEDA HOLDING n/a Co File 3'250'000 1.11 - 31.03.2012 Holding Company





NEC CORP n/a Co File 2'228'000 0.76 - 31.03.2012 Corporation

DAIKIN INDUSTRIES LT n/a Co File 2'024'300 0.69 (40) 30.09.2012 Corporation

TAKASHIMAYA CO LTD n/a Co File 1'715'000 0.59 - 29.02.2012 Corporation

SUMITOMO REALTY & DE n/a Co File 1'656'400 0.57 - 31.03.2012 Corporation


Credit Suisse SHINJI KURODA underperform 1 D 3'300 Not Provided 19.03.2013

SMBC Nikko Securities Inc TAKU OUCHI neutral 3 M 3'800 12 month 14.03.2013

Morgan Stanley YOSHINAO IBARA Equalwt/Attractive 3 M 3'300 12 month 05.03.2013


Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI Neutral Plus 3 M 4'200 6 month 26.02.2013

Mizuho Securities JUNJI SAKURADA buy 5 M 4'300 12 month 22.02.2013

Nomura RYO TAZAKI neutral 3 M 3'350 12 month 21.02.2013

Tachibana Securities YOSHIKAZU SHIMADA outperform 5 M #N/A N/A Not Provided 13.02.2013

Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 3'500 Not Provided 13.02.2013

Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 3'900 12 month 12.02.2013

BNP Paribas Equity Research CHRISTOPHER CINTAVEY buy 5 M 4'400 12 month 12.02.2013


Barclays KUNIO SAKAIDA equalweight 3 M 2'450 Not Provided 05.12.2012

JPMorgan TORU NAKAHASHI neutral 3 M 2'400 9 month 08.11.2012

Mito Securities YOICHIRO WATANABE neutral 3 N #N/A N/A Not Provided 13.10.2010

Holdings By:

Daikin Industries Ltd ee


27.03.2013

DAITO TRUST CONSTRUCTION CO., LTD. operates building construction and real

estate businesses. The Company plans and constructs apartment and commercial

buildings mainly for land owners. Daito Trust Construction provides brokerage

and maintenance services as well.


LTM as of: 12/yy

52-Week High (31.01.2013) 9'060.00

52-Week Low (04.06.2012) 6'640.00

Daily Volume

8360





673'901.94 1 Yr Total Return 19.85%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

641'045.0 954'881.0 972'616.0 1'001'169.0 1'087'128.0 ######### ######### ######### ######### - -

0.60x 0.20x 0.33x 0.39x 0.45x 1.79x 1.89x 0.48x 0.43x - -

69'749.0 72'916.0 73'701.0 76'651.0 85'087.0 86'450.0 85'101.0 86'884.2 93'903.3 - -

5.51x 2.61x 4.40x 5.15x 5.78x 5.66x 6.70x 6.84x 6.33x - -

44'478.0 42'129.0 45'353.0 43'151.0 47'103.0 46'079.0 49'943.0 50'814.7 55'373.8 - -

13.99x 9.45x 11.67x 14.91x 12.50x 12.24x 12.99x 13.16x 12.07x - -











EBITDA Margin 7.4%



Asset Turnover 2.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Daito Trust Construction Co LtdPrice/Volume

Valuation Analysis

675'900.00


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

-!!!!

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. 8

1 8

3 8

5 8

- ! 8

- . 8

- 1 8

- 3 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013



STATE STREET n/a ULT-AGG 3'839'519 4.76 300 26.03.2013 Investment Advisor


MASTER TRUST BANK OF n/a Co File 3'105'000 3.85 - 30.09.2012 Bank


MELLON BANK NA n/a Co File 2'662'000 3.3 - 30.09.2012 Investment Advisor


DAITO TRUST CONSTRUC n/a MOF-JP 1'824'303 2.26 930'403 28.02.2013 Corporation

CO'S COOP MOCHIKABUK n/a Co File 1'662'000 2.06 - 30.09.2012 n/a





BANK OF NEW YORK MEL n/a Co File 1'279'000 1.59 - 31.03.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'112'300 1.38 12'000 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 897'700 1.11 - 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 773'890 0.96 4'400 31.12.2012 Investment Advisor

SOCIETE GENERALE n/a Short (681'026) -0.84 (681'026) 25.03.2013 Bank

FMR LLC n/a ULT-AGG 649'393 0.81 116'247 31.01.2013 Investment Advisor

NOMURA n/a ULT-AGG 560'800 0.7 49'800 28.02.2013 Unclassified


Barclays TAKASHI HASHIMOTO equalweight 3 M 9'400 Not Provided 27.03.2013

EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 22.03.2013

Credit Suisse MASAHIRO MOCHIZUKI outperform 5 M 8'800 Not Provided 13.03.2013

SMBC Nikko Securities Inc HIROKI KAWASHIMA neutral 3 M 8'240 12 month 05.03.2013

Nomura DAISUKE FUKUSHIMA buy 5 M 9'400 12 month 04.03.2013

TIW YOSHITANE HORIBE Neutral Minus 3 D #N/A N/A Not Provided 19.02.2013

Daiwa Securities Co. Ltd. HIDEAKI TERAOKA outperform 5 M 9'500 Not Provided 07.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYA MIZUTANI outperform 5 M 11'500 12 month 04.02.2013

Deutsche Bank YOJI OTANI hold 3 M 8'400 12 month 29.10.2012

Morgan Stanley TOMOYOSHI OMURO not rated #N/A N/A M #N/A N/A Not Provided 04.09.2012

Ji Asia MARK S BROWN buy 5 M 9'600 12 month 02.08.2012

Mizuho Securities HIROSHI OKUBO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.02.2012

Holdings By:

Daito Trust Construction Co Ltd ee


27.03.2013

DAIWA HOUSE INDUSTRY CO., LTD. designs and builds residential, commercial, and

institutional buildings. The Company constructs single-family houses,

collective housings, condominiums, stores, office buildings, factories, and

hospitals. DAIWA HOUSE INDUSTRY also operates real estate businesses.

The Company, through its subsidiaries, manages hotels and golf country clubs.


LTM as of: 12/yy

52-Week High (13.03.2013) 1'899.00

52-Week Low (18.05.2012) 967.00

Daily Volume

1858





1'114'654.75 1 Yr Total Return 71.18%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'709'254.0 1'690'956.0 1'609'883.0 1'690'151.0 1'848'797.0 ######### ######### ######### ######### - -

0.42x 0.41x 0.56x 0.51x 0.43x 1.84x 1.83x 0.64x 0.56x - -

124'741.0 112'898.0 106'631.0 132'310.0 158'745.0 64'152.0 160'545.0 179'074.0 187'216.6 - -

5.75x 6.19x 8.42x 6.47x 5.00x 0.00x 6.97x 7.69x 7.36x - -

13'079.0 4'170.0 19'113.0 27'267.0 33'200.0 14'314.0 52'858.0 65'319.1 77'191.7 - -

43.94x 110.00x 31.97x 21.70x 19.07x 37.12x 16.19x 16.63x 14.10x - -











EBITDA Margin 8.4%



Asset Turnover 0.93








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Daiwa House Industry Co LtdPrice/Volume

Valuation Analysis

2'260'000.00


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

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0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

2'000'000.0

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

! !!

- !!

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1 !!

2 !!

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27.03.2013


JAPAN TRUSTEE SERVIC n/a Co File 37'707'000 6.29 - 30.09.2012 Bank


DAIWA HOUSE INDUSTRY n/a Co File 21'227'000 3.54 - 30.09.2012 Corporation




EMPLOYEES' STOCKHOLD n/a Co File 13'901'000 2.32 - 30.09.2012 n/a




EUROPEAN INVESTORS I n/a Research 9'024'200 1.5 275'000 31.12.2012 Investment Advisor





SUMITOMO WAREHOUSE C n/a Co File 5'003'000 0.83 - 31.03.2012 Corporation

DAIDO LIFE INSURANCE n/a Co File 5'000'000 0.83 - 31.03.2012 Insurance Company

BLACKROCK n/a ULT-AGG 4'907'860 0.82 (1'717'550) 25.03.2013 Investment Advisor


NANTO BANK LTD/THE n/a Co File 3'276'304 0.55 - 31.03.2012 Bank


Nomura DAISUKE FUKUSHIMA neutral 3 M 1'950 12 month 19.03.2013



Deutsche Bank YOJI OTANI buy 5 M 2'000 12 month 27.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA outperform 5 M 1'930 12 month 20.02.2013


Morgan Stanley TOMOYOSHI OMURO Overwt/In-Line 5 M 1'620 12 month 08.02.2013

JPMorgan HIROKAZU ANAI overweight 5 M 2'000 9 month 08.02.2013

Barclays TAKASHI HASHIMOTO equalweight 3 M 1'610 Not Provided 08.02.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013

Daiwa Securities Co. Ltd. HIDEAKI TERAOKA neutral 3 D 1'220 Not Provided 28.11.2012


Holdings By:

Daiwa House Industry Co Ltd ee


27.03.2013

Daiwa Securities Group Inc. is a holding company. The Group provides a

comprehensive financial services including dealing, brokerage, underwriting,

and distribution of securities. Other services are research & systems

development, custody service, and asset management. Daiwa has subsidiaries in

US, Europe, Asia, and Middle East.


LTM as of: 12/yy

52-Week High (21.03.2013) 692.00

52-Week Low (04.06.2012) 235.00

Daily Volume

672





1'175'582.50 1 Yr Total Return 97.90%




Cash and Equivalents 1'050'468.00 Consensus Rating 3.083






31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

782'406.0 355'630.0 506'993.0 380'575.0 395'614.0 363'818.0 433'173.0 368'738.3 383'673.2 105'670.5 86'200.0

19.33x 30.47x 27.78x 34.82x 34.25x 135.56x 114.67x 5.34x 4.88x - -

450'119.0 57'648.0 189'025.0 61'711.0 78'846.0 28'564.0 0.0 70'799.7 94'962.0 - -

33.60x 187.95x 74.52x 214.71x 171.85x 0.00x 0.00x 170.51x 127.13x - -

46'411.0 (85'039.0) 43'429.0 (37'331.0) (39'434.0) (83'484.0) 35'057.0 38'035.5 59'733.2 14'302.0 5'300.0

25.65x - 18.63x - - 0.00x 22.96x 32.57x 21.10x - -


EBIT - Long-Term Rating BBB

Operating Margin -7.16% Long-Term Outlook NEG







Gross Margin - Total Debt/EBITDA 118.40

EBITDA Margin 26.7%



Asset Turnover 0.02







Fiscal Year Ended

Daiwa Securities Group IncPrice/Volume

Valuation Analysis

12'569'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

900'000.0

1'000'000.0

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

! !!

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27.03.2013


HARRIS ASSOCIATES LP n/a MOF-JP 172'494'920 9.86 (18'915'000) 15.03.2013 Investment Advisor





DAIWA SECURITIES GRO n/a Co File 35'734'000 2.04 (36'000) 30.09.2012 Holding Company



COMPANY'S MOCHIKABUK n/a Co File 23'146'000 1.32 - 30.09.2012 n/a

SUN LIFE FINANCIAL I n/a ULT-AGG 22'782'000 1.3 (1'699'000) 31.01.2013 Investment Advisor

THIRD AVENUE MANAGEM n/a Co File 22'489'000 1.29 - 30.09.2012 Hedge Fund Manager

TAIYO LIFE INSURANCE n/a Co File 21'140'000 1.21 (10'000'000) 31.03.2012 Insurance Company




LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 12'425'000 0.71 - 31.12.2012 Investment Advisor


TOYO SEIKAN KAISHA L n/a Co File 7'546'454 0.43 - 31.03.2012 Corporation


FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 6'693'000 0.38 81'000 31.05.2012 Investment Advisor


Morgan Stanley HIDEYASU BAN Equalwt/In-Line 3 M 750 12 month 21.03.2013

SMBC Nikko Securities Inc KOUICHI NIWA outperform 5 U 650 12 month 25.02.2013

Macquarie ALASTAIR MACDONALD outperform 5 U 720 12 month 14.02.2013

Jefferies MAKARIM SALMAN buy 5 U 625 12 month 04.02.2013


Goldman Sachs KATSUNORI TANAKA Sell/Neutral 1 M 370 12 month 01.02.2013

Credit Suisse TAKEHITO YAMANAKA neutral 3 M 540 Not Provided 01.02.2013

JPMorgan NATSUMU TSUJINO neutral 3 M 490 9 month 01.02.2013

Barclays AZUMA OHNO underweight 1 M 330 Not Provided 01.02.2013


Nomura YOHEI OHAMA neutral 3 M 320 12 month 09.01.2013


Holdings By:

Daiwa Securities Group Inc ee


27.03.2013

DENSO CORPORATION manufactures electronic parts for automobiles. The Company's

products include automobile air conditioners, air bags, ignition systems,

generators, power steering systems, and spark plugs with iridium electrode.

The Company also produces communication equipment for mobile navigation system.


LTM as of: 12/yy

52-Week High (08.03.2013) 4'210.00

52-Week Low (04.06.2012) 2'242.00

Daily Volume

4085





3'611'420.75 1 Yr Total Return 48.57%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

4'025'076.0 3'142'665.0 2'976'709.0 3'131'460.0 3'154'630.0 ######### ######### ######### ######### 907'563.4 919'058.0

0.62x 0.49x 0.67x 0.57x 0.58x 2.31x 2.00x 0.95x 0.85x 3.54x -

612'171.0 239'315.0 374'584.0 381'413.0 341'380.0 283'143.0 445'412.0 439'458.1 506'798.5 124'325.0 119'816.0

4.08x 6.46x 5.30x 4.71x 5.37x 4.91x 4.39x 7.29x 6.32x 6.54x -

244'417.0 (84'085.0) 73'427.0 143'033.0 89'298.0 50'052.0 183'735.0 167'063.9 210'704.2 37'367.3 54'550.0

10.73x - 30.57x 15.55x 24.95x 34.23x 13.01x 19.37x 15.42x 16.69x -











EBITDA Margin 12.7%



Asset Turnover 1.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Denso CorpPrice/Volume

Valuation Analysis

1'126'800.00


!2!!

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- ! 8

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0 ! 8

1 ! 8

2 ! 8

3 ! 8

4 ! 8

5 ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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27.03.2013



DENSO CORP n/a MOF-JP 89'138'087 10.08 307 31.12.2012 Corporation

ROBERT BOSCH INVESTM n/a MOF-JP 35'438'900 4.01 (11'000'100) 01.11.2012 Investment Advisor





MITSUI SUMITOMO INSU n/a Co File 15'148'000 1.71 400 30.09.2012 Insurance Company


STATE STREET n/a ULT-AGG 10'398'357 1.18 322'500 26.03.2013 Investment Advisor




SUN LIFE FINANCIAL I n/a ULT-AGG 5'721'000 0.65 131'200 31.01.2013 Investment Advisor





MITSUBISHI UFJ FINAN n/a ULT-AGG 3'343'100 0.38 (100) 28.02.2013 Holding Company



Tokai Tokyo Securities YUSUKE MIURA above average 4 M #N/A N/A Not Provided 22.03.2013

Macquarie CLIVE WIGGINS outperform 5 M 5'000 12 month 21.03.2013

Morgan Stanley SHINJI KAKIUCHI Overwt/In-Line 5 M 4'400 12 month 08.03.2013

Credit Suisse MASAHIRO AKITA outperform 5 M 4'050 Not Provided 25.02.2013

JPMorgan KOHEI TAKAHASHI neutral 3 M 3'700 9 month 22.02.2013

SMBC Nikko Securities Inc TAKAO OSHITARI neutral 3 M 3'630 12 month 15.02.2013

Mizuho Securities TAIRIKU SAKAGUCHI neutral 3 M 3'800 12 month 14.02.2013

Tachibana Securities KENTARO HAYASHI Strong Outperform 5 U #N/A N/A Not Provided 12.02.2013

Goldman Sachs KOTA YUZAWA Buy/Neutral 5 M 4'100 12 month 07.02.2013

TIW SATORU TAKADA Neutral Plus 3 M #N/A N/A Not Provided 05.02.2013

Nomura HISAHIRO YAMAOKA buy 5 M 4'050 12 month 01.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieTORU IWAI outperform 5 M 3'600 12 month 18.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013


Marusan Securities SHOGO OKI outperform 5 M #N/A N/A Not Provided 14.11.2012

Daiwa Securities Co. Ltd. SHIRO SAKAMAKI outperform 5 M 2'800 Not Provided 05.11.2012

Holdings By:

Denso Corp ee


27.03.2013

East Japan Railway Company provides rail transportation services in the Kanto

and Tohoku regions, including Tokyo. The Company's services include the

shinkansen (bullet train) network and the Tokyo metropolitan network. East

Japan Railway also leases real estate and operates hotel, travel, and restaurant

businesses.


LTM as of: 12/yy

52-Week High (21.03.2013) 8'060.00

52-Week Low (04.06.2012) 4'480.00

Daily Volume

7770





3'076'920.00 1 Yr Total Return 47.89%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'703'563.0 2'696'999.0 2'573'723.0 2'537'353.0 2'532'173.0 ######### ######### ######### ######### 661'772.3 -

2.51x 2.00x 2.30x 2.04x 2.12x 8.47x 8.16x 2.33x 2.28x - -

780'745.0 775'655.0 701'212.0 711'500.0 718'728.0 685'853.0 752'112.0 762'288.6 793'844.7 - -

8.70x 6.96x 8.44x 7.26x 7.47x 7.74x 7.41x 8.45x 8.12x - -

189'672.0 187'291.0 120'214.0 76'224.0 108'737.0 40'302.0 187'374.0 183'698.2 199'495.9 8'346.0 -

17.47x 10.95x 21.43x 24.00x 18.95x 48.10x 11.77x 16.73x 15.34x - -











EBITDA Margin 29.2%



Asset Turnover 0.38







Fiscal Year Ended

East Japan Railway CoPrice/Volume

Valuation Analysis

1'025'700.00


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 8

- ! 8

- 2 8

. ! 8

. 2 8

0 ! 8

2'400'000.0

2'450'000.0

2'500'000.0

2'550'000.0

2'600'000.0

2'650'000.0

2'700'000.0

2'750'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013









NIPPON LIFE INSURANC n/a ULT-AGG 8'362'700 2.11 700 20.12.2012 Insurance Company



EAST JAPAN RAILWAY C n/a Co File 4'315'300 1.09 600 30.09.2012 Corporation






MITSUBISHI ELECTRIC n/a Co File 1'318'000 0.33 - 31.03.2012 Corporation


TEKKEN CORP n/a Co File 1'200'000 0.3 - 31.03.2012 Corporation



JPMorgan HITOSHI HOSOYA overweight 5 M 10'500 9 month 18.03.2013

Macquarie NICHOLAS CUNNINGHAM outperform 5 M 9'000 12 month 18.03.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 11.03.2013

Morgan Stanley TAKUYA OSAKA Overwt/In-Line 5 U 8'000 12 month 08.03.2013


Barclays RYOTA HIMENO overweight 5 M 7'600 Not Provided 22.02.2013

SMBC Nikko Securities Inc OSUKE ITAZAKI neutral 3 M 6'300 12 month 15.02.2013

Mito Securities KEITA WAKABAYASHI Neutral Plus 3 M #N/A N/A Not Provided 12.02.2013


Mizuho Securities SATORU KUNIEDA neutral 3 M 6'400 12 month 31.01.2013

Nomura MASAHARU HIROKANE buy 5 M 7'500 12 month 28.01.2013

Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI outperform 5 M 6'800 12 month 17.01.2013

Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI outperform 5 M 6'100 Not Provided 10.12.2012

Holdings By:

East Japan Railway Co ee


27.03.2013

Eisai Co., Ltd. produces prescription drugs and medical equipment and sells

mainly to sales agents and subsidiaries. Through its subsidiary, Sanko Junyaku,

the Company produces and sells diagnostic drugs. Eisai also markets its

products through related companies in the US, Europe, and Asia. The Company

also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.


LTM as of: 12/yy

52-Week High (22.03.2013) 4'405.00

52-Week Low (09.05.2012) 3'070.00

Daily Volume

4270





1'266'340.88 1 Yr Total Return 34.28%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

734'419.0 781'708.0 803'138.0 768'925.0 647'925.0 659'785.0 574'776.0 578'892.3 574'221.4 138'900.0 -

1.72x 1.41x 1.52x 1.38x 1.71x 6.60x 8.00x 2.30x 2.26x - -

52'308.0 150'439.0 143'776.0 164'381.0 144'442.0 134'770.0 117'450.0 120'283.1 128'342.8 32'700.0 -

24.17x 7.30x 8.46x 6.44x 7.65x 8.17x 10.05x 11.81x 11.07x - -

(17'012.0) 47'678.0 40'338.0 67'394.0 58'511.0 49'213.0 43'331.0 49'060.8 52'585.7 10'268.0 -

- 17.21x 23.56x 12.62x 16.02x 18.44x 23.68x 23.93x 22.37x - -











EBITDA Margin 21.7%



Asset Turnover 0.65







Fiscal Year Ended

Eisai Co LtdPrice/Volume

Valuation Analysis

927'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!

-!!!-2!!.!!!.2!!0!!!02!!1!!!12!!2!!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

- ! 8

. ! 8

0 ! 8

1 ! 8

2 ! 8

3 ! 8

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

900'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013





WELLINGTON MANAGEMEN n/a MOF-JP 15'062'695 5.08 - 31.05.2012 Investment Advisor

EISAI CO LTD n/a Co File 11'562'900 3.9 (23'000) 30.09.2012 Corporation




MIZUHO FINANCIAL GRO n/a ULT-AGG 7'427'569 2.5 (2'899'772) 30.09.2012 Bank



JP MORGAN CHASE BANK n/a Co File 5'333'000 1.8 1'615'000 30.09.2012 Investment Advisor

NAITO FOUNDATION n/a Co File 4'207'000 1.42 - 30.09.2012 Other




TRUST & CUSTODY SERV n/a Co File 2'974'000 1 - 30.09.2012 Bank


JOYO BANK LTD/THE n/a Co File 2'484'100 0.84 - 31.03.2012 Bank

JP MORGAN WHITEFRIAR n/a Short (2'400'100) -0.81 400 01.03.2013 Investment Advisor



Jefferies NAOMI KUMAGAI underperform 1 M 2'800 12 month 14.03.2013



Morgan Stanley MAYO MITA Underwt/In-Line 1 M 3'100 12 month 08.03.2013

SMBC Nikko Securities Inc YASUHIRO NAKAZAWA neutral 3 M 3'800 12 month 05.03.2013


Barclays ATSUSHI SEKI equalweight 3 M 3'000 Not Provided 22.02.2013

Mizuho Securities HIROSHI TANAKA neutral 3 M 3'800 12 month 18.02.2013

TIW SEIHEI MORITA Neutral Minus 3 M #N/A N/A Not Provided 06.02.2013

JPMorgan MASAYUKI ONOZUKA underweight 1 D 2'900 9 month 01.02.2013



Holdings By:

Eisai Co Ltd ee


27.03.2013

FANUC CORPORATION manufactures factory automation (FA) systems and equipments,

and robots. The Company's products include computerized numerically-controlled

(CNC) equipment, servo motors, laser systems, industrial robots, wire-cut

electric discharge machines, and CNC drill. Fanuc participates in a joint

venture with General Electric in the FA field.


LTM as of: 12/yy

52-Week High (04.01.2013) 17'130.00

52-Week Low (03.08.2012) 11'240.00

Daily Volume

14740





3'530'352.50 1 Yr Total Return -3.57%

Total Debt 0.00 YTD Return -7.41%









31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

468'399.0 388'271.0 253'393.0 446'201.0 538'492.0 521'989.0 520'422.0 484'752.2 472'779.7 94'533.3 -

3.07x 2.18x 5.71x 4.22x 4.16x 13.79x 16.14x 5.86x 5.84x - -

202'007.0 148'961.0 68'858.0 203'078.0 237'300.0 238'210.0 217'488.0 199'430.5 197'668.8 - -

7.11x 5.69x 21.00x 9.28x 9.44x 7.25x 11.25x 14.34x 14.47x - -

127'030.0 97'162.0 37'511.0 120'155.0 138'819.0 139'542.0 128'039.0 117'925.9 116'586.3 22'331.0 -

15.51x 14.18x 52.84x 20.51x 20.70x 16.52x 24.34x 24.31x 24.75x - -











EBITDA Margin 41.9%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

FANUC CorpPrice/Volume

Valuation Analysis

1'046'500.00


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

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

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

- ! 8

. ! 8

0 ! 8

1 ! 8

2 ! 8

3 ! 8

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


FANUC CORP n/a Co File 43'785'800 18.28 6'300 30.09.2012 Corporation






JANUS CAPITAL MANAGE n/a ULT-AGG 5'208'249 2.17 89'500 31.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'806'400 2.01 (52'200) 31.12.2012 Investment Advisor


FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'275'220 1.78 - 30.09.2012 Hedge Fund Manager


JP MORGAN SECURITIES n/a Co File 3'313'000 1.38 435'000 30.09.2012 Bank

MELLON BANK NA n/a Co File 3'235'000 1.35 (68'000) 30.09.2012 Investment Advisor




CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'557'000 1.07 - 31.12.2012 Investment Advisor





SMBC Nikko Securities Inc TAKU OUCHI underperform 1 M 10'900 12 month 14.03.2013

Deutsche Bank TAKESHI KITAURA hold 3 M 14'600 12 month 12.03.2013

Jefferies YUKIHIRO KUMAGAI underperform 1 M 11'200 12 month 12.03.2013

Goldman Sachs YUICHIRO ISAYAMA neutral/attractive 3 M 15'500 12 month 08.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA outperform 5 M 17'000 12 month 27.02.2013

Mizuho Securities JUNJI SAKURADA underperform 1 D 11'100 12 month 22.02.2013

Credit Suisse SHINJI KURODA neutral 3 M 12'500 Not Provided 04.02.2013

Macquarie KENJIN HOTTA neutral 3 M 12'000 12 month 29.01.2013


Daiwa Securities Co. Ltd. HIROKAZU MIYAGI neutral 3 M 13'500 Not Provided 28.01.2013

Nomura KATSUSHI SAITO neutral 3 M 13'200 12 month 28.01.2013


BNP Paribas Equity Research CHRISTOPHER CINTAVEY reduce 2 M 11'800 12 month 25.01.2013

Ji Asia TONY MOYER sell 1 M 11'150 12 month 25.01.2013



Mito Securities YOICHIRO WATANABE Neutral Plus 3 M 18'700 6 month 27.07.2012

Holdings By:

FANUC Corp ee


27.03.2013

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout

Japan and in other markets overseas including UK, China, Hong Kong, South Korea,

US, France, Singapore and Russia. The Company designs, manufactures, and

retails its own line of casual clothing.


LTM as of: 11/yy

52-Week High (08.03.2013) 31'600.00

52-Week Low (12.06.2012) 15'140.00

Daily Volume

30150





3'198'120.75 1 Yr Total Return 65.40%










31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 11/yy 11/yy 08/13 Y 08/14 Y 02/13 Q2 05/13 Q3

586'451.0 685'043.0 814'811.0 820'349.0 928'669.0 842'051.0 974'123.0 ######### ######### 283'905.3 250'376.0

1.68x 1.46x 1.24x 1.59x 1.75x 5.27x 6.39x 2.71x 2.35x - -

101'331.0 124'854.0 152'141.0 141'716.0 150'687.0 136'900.0 158'839.0 170'171.5 188'672.4 - -

9.73x 8.03x 6.63x 9.21x 10.79x 7.65x 10.23x 17.14x 15.46x - -

43'529.0 49'797.0 61'681.0 54'354.0 71'654.0 62'796.0 78'979.0 89'963.9 100'643.5 25'763.5 21'000.0

26.04x 22.80x 19.11x 27.12x 25.97x 19.97x 24.14x 34.35x 30.77x 35.89x 34.26x


EBIT 126'450.00 Long-Term Rating A









EBITDA Margin 16.2%



Asset Turnover 1.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fast Retailing Co LtdPrice/Volume

Valuation Analysis

484'400.00


!

2!!!

-!!!!

-2!!!

.!!!!

.2!!!

0!!!!

02!!!

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- ! 8

. ! 8

0 ! 8

1 ! 8

2 ! 8

3 ! 8

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

900'000.0

1'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

2! !!

!1 !6 .!!6 !1 !0 .!-! !1 !6 .!-! !1 !0 .!-- !1 !6 .!-- !1 !0 .!-. !1 !6 .!-. !1 !0 .!-0



27.03.2013


YANAI TADASHI n/a Co File 22'987'000 21.67 (284) 26.11.2012 n/a



TTY MANAGEMENT BV n/a Co File 5'310'000 5.01 - 31.08.2012 Investment Advisor

NOMURA n/a ULT-AGG 4'991'300 4.71 - 15.11.2012 Unclassified

YANAI KAZUMI n/a Co File 4'781'000 4.51 (808) 31.08.2012 n/a

YANAI KOJI n/a Co File 4'780'000 4.51 (600) 31.08.2012 n/a

FIGHT & STEP YK n/a Co File 4'750'000 4.48 - 31.08.2012 Corporation

FAST RETAILING CO LT n/a Co File 4'219'400 3.98 (11'300) 31.08.2012 Corporation


MASTERMIND YK n/a Co File 3'610'000 3.4 - 31.08.2012 Corporation

TRUST & CUSTODY SERV n/a Co File 2'861'000 2.7 161'000 31.08.2012 Bank

YANAI TERUYO n/a Co File 2'327'000 2.19 (848) 31.08.2012 n/a





BNP PARIBAS ARBITRAG n/a Short (1'028'945) -0.97 20'500 25.03.2013 Investment Advisor

MIZUHO FINANCIAL GRO n/a ULT-AGG 751'100 0.71 (16'000) 12.11.2012 Bank




Daiwa Securities Co. Ltd. YOSHIMASA IKAZAKI neutral 3 M 19'000 Not Provided 12.03.2013

Mizuho Securities TOSHIO TAKAHASHI neutral 3 M 26'800 12 month 08.03.2013

Tachibana Securities AKIHIRO CHIBA neutral 3 M #N/A N/A Not Provided 07.03.2013

Deutsche Bank TAKAHIRO KAZAHAYA hold 3 M 25'000 12 month 05.03.2013

Tokai Tokyo Securities MIHO ASABA neutral 3 M #N/A N/A Not Provided 04.03.2013

Credit Suisse TAKETO YAMATE underperform 1 M 13'600 Not Provided 04.03.2013


JPMorgan DAIRO MURATA neutral 3 M 23'000 9 month 21.02.2013

SMBC Nikko Securities Inc JUN KAWAHARA underperform 1 D 25'000 12 month 19.02.2013

TIW MASAKAZU ITOI Neutral Plus 3 M #N/A N/A Not Provided 23.01.2013

Okasan Securities KIYOSHI MORI neutral 3 M #N/A N/A Not Provided 18.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Macquarie TOBY WILLIAMS underperform 1 M 18'000 12 month 16.01.2013

Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI neutral 3 M 24'000 6 month 15.01.2013

BNP Paribas Equity Research JAMES MOON hold 3 M 20'100 12 month 10.01.2013

ISI Group OMAR SAAD neutral 3 M 20'000 Not Provided 10.01.2013

Mitsubishi UFJ Morgan Stanley SecuritieHIROSHI KOBA neutral 3 M 19'400 12 month 10.01.2013


Holdings By:

Fast Retailing Co Ltd ee


27.03.2013

FUJIFILM Holdings Corporation develops, sells and services Imaging, Information,

and Document Solutions. Its products include color films, digital cameras,

photofinishing products and equipment. The Group also manufactures medical and

graphic art use equipment and materials, FPD materials, and optical devices,

and provides services on office copy machines, printers, and related equipment.


LTM as of: 12/yy

52-Week High (27.03.2012) 2'013.00

52-Week Low (06.09.2012) 1'240.00

Daily Volume

1876





965'437.88 1 Yr Total Return -3.07%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'846'828.0 2'434'344.0 2'181'693.0 2'217'084.0 2'195'293.0 ######### ######### ######### ######### 574'703.9 -

0.69x 0.49x 0.70x 0.55x 0.47x 1.93x 1.60x 0.45x 0.42x 1.77x -

434'095.0 249'851.0 152'971.0 293'450.0 260'723.0 249'407.0 235'245.0 250'076.2 269'763.9 125'709.0 -

4.53x 4.75x 9.98x 4.17x 3.92x 3.71x 4.07x 4.37x 4.06x - -

104'431.0 10'524.0 (38'441.0) 63'852.0 43'758.0 29'143.0 48'910.0 47'599.9 66'976.9 18'140.6 -

17.18x 100.71x - 19.62x 21.37x 30.13x 16.97x 18.56x 13.42x - -











EBITDA Margin 11.1%



Asset Turnover 0.82







Fiscal Year Ended

FUJIFILM Holdings CorpPrice/Volume

Valuation Analysis

2'533'200.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8- ! 8. ! 80 ! 81 ! 82 ! 83 ! 84 ! 85 ! 86 ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013



FUJIFILM HOLDINGS CO n/a Co File 32'916'300 6.4 (3'900) 30.09.2012 Corporation


SUMITOMO MITSUI TRUS n/a ULT-AGG 23'384'400 4.54 4'357'700 15.02.2013 Bank




DODGE & COX Multiple Portfolios MF-AGG 10'544'400 2.05 - 29.01.2013 Investment Advisor


MOXLEY & CO n/a Co File 9'541'000 1.85 (765'000) 30.09.2012 Investment Advisor

MITSUI SUMITOMO INSU n/a Co File 8'600'000 1.67 (300) 30.09.2012 Insurance Company


DAICEL CORP n/a Co File 7'420'949 1.44 3'000'949 31.03.2012 Corporation









Credit Suisse YU YOSHIDA neutral 3 M 1'800 Not Provided 26.03.2013

Nomura TETSUYA WADAKI neutral 3 M 2'071 12 month 26.03.2013

Okasan Securities KAZUMASA KUBOTA neutral 3 D #N/A N/A Not Provided 13.03.2013

SMBC Nikko Securities Inc KAZUHARU MIURA underperform 1 D 1'650 12 month 07.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA neutral 3 M 1'680 12 month 21.02.2013

BNP Paribas Equity Research KUNIHIKO KANNO buy 5 U 2'300 12 month 12.02.2013

Barclays MASAHIRO NAKANOMYO equalweight 3 M 1'800 Not Provided 01.02.2013

Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO neutral 3 M 1'800 6 month 31.01.2013

JPMorgan HISASHI MORIYAMA neutral 3 M 1'800 9 month 30.01.2013

Daiwa Securities Co. Ltd. JUNYA AYADA neutral 3 M 1'700 Not Provided 30.01.2013


Jefferies YOSHIHIRO AZUMA underperform 1 M 1'400 12 month 29.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013

Mizuho Securities FUMIHIDE GOTO buy 5 M 2'000 12 month 26.12.2012

Tachibana Securities YUKIHIKO FUKUNAGA outperform 5 M #N/A N/A Not Provided 07.08.2012

Holdings By:

FUJIFILM Holdings Corp ee


27.03.2013

FUJITSU LIMITED manufactures semiconductor, computer, and communication

equipment. The Company provides comprehensive information technology, network

and telecommunication solutions, and internet services.


LTM as of: 12/yy

52-Week High (08.02.2013) 446.00

52-Week Low (13.11.2012) 269.00

Daily Volume

400





828'007.31 1 Yr Total Return -6.93%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

5'330'865.0 4'692'991.0 4'679'519.0 4'528'405.0 4'467'574.0 ######### ######### ######### ######### ######### 958'936.0

0.37x 0.29x 0.35x 0.28x 0.26x 1.10x 1.00x 0.27x 0.26x - -

484'287.0 367'175.0 349'431.0 355'971.0 314'852.0 286'073.0 298'693.0 267'205.7 309'404.5 154'288.0 33'852.0

4.07x 3.72x 4.67x 3.55x 3.74x 4.38x 3.81x 4.57x 3.95x 3.56x -

48'107.0 (112'388.0) 93'085.0 55'092.0 42'707.0 20'894.0 (48'860.0) (96'697.5) 70'515.9 (9'275.0) (10'280.0)

27.93x - 13.54x 17.66x 21.12x 39.61x 0.00x - 11.75x 57.47x -


EBIT 105'304.00 Long-Term Rating BBB+









EBITDA Margin 6.9%



Asset Turnover 1.58







Fiscal Year Ended

Fujitsu LtdPrice/Volume

Valuation Analysis

10'101'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!2!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

-! ! 8

.! ! 8

0! ! 8

1! ! 8

2! ! 8

3! ! 8

0.0

1'000'000.0

2'000'000.0

3'000'000.0

4'000'000.0

5'000'000.0

6'000'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


FUJI ELECTRIC CO LTD n/a Co File 231'874'000 11.2 17'058'000 30.09.2012 Corporation







ASAHI MUTUAL LIFE IN n/a Co File 41'389'000 2 - 30.09.2012 Insurance Company




DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 17'703'269 0.86 17'697'269 28.02.2013 Investment Advisor



FUJI ELEC RETAIL SYS n/a MOF-JP 13'574'982 0.66 - 01.04.2011 Corporation

ALLIANCE BERNSTEIN n/a ULT-AGG 12'137'862 0.59 275'625 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'349'800 0.45 (21'000) 26.03.2013 Investment Advisor

FURUKAWA ELECTRIC CO n/a Co File 9'150'865 0.44 - 31.03.2012 Corporation


NIKKO ASSET MANAGEME n/a ULT-AGG 8'549'000 0.41 - 26.03.2013 Unclassified


Mizuho Securities YUSUKE HORI buy 5 M 520 12 month 05.03.2013

Credit Suisse HIDEYUKI MAEKAWA neutral 3 M 390 Not Provided 27.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN outperform 5 M 475 12 month 27.02.2013

Macquarie DAMIAN THONG outperform 5 M 525 12 month 26.02.2013

SMBC Nikko Securities Inc YUKIHIKO SHIMADA neutral 3 M 400 12 month 22.02.2013

Tokai Tokyo Securities HARUO SATO neutral 3 M #N/A N/A Not Provided 21.02.2013

TIW TAKAO HATTORI Neutral Plus 3 M #N/A N/A Not Provided 20.02.2013

Morgan Stanley MASAHARU MIYACHI Equalwt/In-Line 3 M 380 12 month 19.02.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 11.02.2013

JPMorgan HISASHI MORIYAMA neutral 3 M 350 9 month 08.02.2013

Daiwa Securities Co. Ltd. MAKOTO UENO outperform 5 M 534 Not Provided 08.02.2013

Goldman Sachs IKUO MATSUHASHI neutral/neutral 3 M 375 12 month 07.02.2013

Nomura MASAYA YAMASAKI neutral 3 M 410 12 month 07.02.2013

Ji Asia STEVE MYERS buy 5 M 381 12 month 30.08.2012

Holdings By:

Fujitsu Ltd ee


27.03.2013

Hitachi, Ltd. manufactures communications and electronic equipment, heavy

electrical and industrial machinery, and consumer electronics. The Company's

diverse product line ranges from nuclear power systems to kitchen appliances.

Hitachi also operates subsidiaries in the wire and cable, metal, and chemical

industries.


LTM as of: 12/yy

52-Week High (21.03.2013) 578.00

52-Week Low (15.10.2012) 401.00

Daily Volume

551





2'663'238.25 1 Yr Total Return 7.28%



Minority Interest 1'002'213.0 Analyst Recs 22







31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

11'226'735.0 10'000'369.0 8'968'546.0 9'315'807.0 9'665'883.0 ######### ######### ######### ######### ######### #########

0.43x 0.40x 0.48x 0.46x 0.51x 1.94x 2.09x 0.62x 0.58x - -

1'033'122.0 784'069.0 759'921.0 942'277.0 891'946.0 849'932.0 815'580.0 792'939.9 906'518.2 331'842.0 170'658.0

4.66x 5.12x 5.63x 4.58x 5.51x 5.52x 6.14x 6.66x 5.83x - -

(58'125.0) (787'337.0) (106'961.0) 238'869.0 347'179.0 103'958.0 312'308.0 160'408.7 253'549.9 103'145.0 19'578.0

- - - 8.19x 6.91x 17.55x 7.34x 16.20x 10.15x - -



Operating Margin 4.27% Long-Term Outlook POS








EBITDA Margin 9.1%



Asset Turnover 1.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hitachi LtdPrice/Volume

Valuation Analysis

15'441'000.00


!

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2!!

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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

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

! !!

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0 !!

1 !!

2 !!

3 !!

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27.03.2013






ONTARIO TEACHERS PEN n/a Research 131'600'000 2.72 - 31.12.2011 Pension Fund (ERISA)


EMPLOYEES' STOCKHOLD n/a Co File 124'093'384 2.57 (4'643'000) 30.09.2012 n/a









NIKKO ASSET MANAGEME n/a ULT-AGG 31'195'914 0.65 (2'073'086) 31.12.2012 Unclassified




CREDIT SUISSE HONG K n/a Short (15'233'142) -0.32 (6'820'958) 17.10.2011 Bank


Mizuho Securities TAKESHI TANAKA buy 5 M 680 12 month 01.03.2013

Marusan Securities YUTA KENMEI outperform 5 M #N/A N/A Not Provided 28.02.2013


Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN neutral 3 M 630 12 month 27.02.2013

SMBC Nikko Securities Inc YUKIHIKO SHIMADA outperform 5 M 640 12 month 26.02.2013


Tokai Tokyo Securities HARUO SATO strong buy 5 M #N/A N/A Not Provided 18.02.2013

Okasan Securities TAKANOBU MURAKAMI buy 5 M 620 6 month 15.02.2013

Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA outperform 5 M 650 6 month 06.02.2013

JPMorgan HISASHI MORIYAMA overweight 5 M 700 9 month 05.02.2013

Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 550 Not Provided 05.02.2013

Morgan Stanley YOSHINAO IBARA Equalwt/Attractive 3 M 470 12 month 04.02.2013

Goldman Sachs IKUO MATSUHASHI Buy/Neutral 5 M 705 12 month 04.02.2013

Nomura MASAYA YAMASAKI buy 5 M 680 12 month 04.02.2013


EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Mito Securities KEITA WAKABAYASHI outperform 5 M #N/A N/A Not Provided 08.01.2013


Holdings By:

Hitachi Ltd ee


27.03.2013

HONDA MOTOR CO., LTD. develops, manufactures, and distributes motorcycles,

automobiles, and power products such as generators and farm machinery.

The Company also operates a financial credit business. Honda Motor has

manufacturing facilities in the US, Canada, the UK, France, Italy, Spain,

Brazil, Mexico, India, and Thailand.


LTM as of: 12/yy

52-Week High (15.03.2013) 3'830.00

52-Week Low (11.10.2012) 2'294.00

Daily Volume

3660





6'629'828.00 1 Yr Total Return 15.45%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

12'002'834.0 10'011'241.0 8'579'174.0 8'936'867.0 7'948'095.0 ######### ######### ######### ######### ######### #########

0.72x 0.82x 1.13x 0.96x 1.09x 3.97x 3.49x 1.01x 0.93x - -

1'471'534.0 827'287.0 993'449.0 1'133'414.0 762'122.0 689'448.0 ######### 847'752.1 ######### 234'338.5 274'623.5

5.88x 9.97x 9.80x 7.57x 11.36x 10.21x 8.61x 12.01x 9.06x 9.78x 9.27x

600'039.0 137'005.0 268'400.0 534'088.0 211'482.0 184'442.0 362'991.0 406'085.2 590'487.6 109'971.2 152'807.7

8.61x 30.66x 22.31x 10.57x 26.80x 22.94x 15.61x 16.23x 11.19x 11.82x 12.50x


EBIT 231'364.00 Long-Term Rating A+









EBITDA Margin 11.2%



Asset Turnover 0.82







Fiscal Year Ended

Honda Motor Co LtdPrice/Volume

Valuation Analysis

4'128'800.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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02!!

1!!!

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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

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013









TOKIO MARINE & NICHI n/a Co File 48'069'000 2.65 (1'576'900) 30.09.2012 Insurance Company

CAPITAL GROUP COMPAN n/a ULT-AGG 42'980'650 2.37 (7'799'900) 31.12.2012 Investment Advisor



MITSUI SUMITOMO INSU n/a Co File 32'539'000 1.8 (2'500'700) 30.09.2012 Insurance Company



NIPPON STEEL & SUMIT n/a Co File 20'160'000 1.11 10'080'000 31.03.2012 Corporation




ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 11'825'983 0.65 3'988'500 31.12.2012 Investment Advisor



Jyske Bank ROBERT JAKOBSEN strong buy 5 M 4'600 Not Provided 18.03.2013


SMBC Nikko Securities Inc SHOTARO NOGUCHI neutral 3 M 3'800 12 month 08.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA outperform 5 M 3'800 12 month 06.03.2013

Morgan Stanley RYOSUKE HOSHINO Overwt/Attractive 5 M 4'350 12 month 03.03.2013


JPMorgan KOHEI TAKAHASHI overweight 5 M 4'000 9 month 26.02.2013

Deutsche Bank KURT SANGER hold 3 M 3'600 12 month 21.02.2013

Credit Suisse ISSEI TAKAHASHI neutral 3 M 3'570 Not Provided 21.02.2013

Ji Asia STEPHEN USHER neutral 3 D #N/A N/A Not Provided 19.02.2013



Okasan Securities YASUAKI IWAMOTO neutral 3 M 3'400 Not Provided 05.02.2013

Tachibana Securities KENTARO HAYASHI neutral 3 M #N/A N/A Not Provided 01.02.2013

Daiwa Securities Co. Ltd. EIJI HAKOMORI outperform 5 M 3'700 Not Provided 01.02.2013

Nomura MASATAKA KUNUGIMOTO buy 5 M 4'100 12 month 31.01.2013


BNP Paribas Equity Research KOICHI SUGIMOTO buy 5 M 3'050 12 month 11.01.2013

Mito Securities YOICHIRO WATANABE Neutral Plus 3 M #N/A N/A Not Provided 25.09.2012

Advanced Research Japan KOJI ENDO buy 5 N 3'500 Not Provided 30.01.2012

Holdings By:

Honda Motor Co Ltd ee


27.03.2013

HOYA manufactures electro-optics products such as mask blanks for

semiconductors, photomasks for LCD panels, optical glasses, glass memory disks

for HDDs, medical flexible endoscopes, eyeglasses, and contact lenses. The

Company also provides information system architecture.


LTM as of: 12/yy

52-Week High (27.03.2012) 1'942.00

52-Week Low (08.11.2012) 1'517.00

Daily Volume

1776





772'590.25 1 Yr Total Return -5.02%



Minority Interest (149.0) Analyst Recs 16







31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

481'631.0 454'194.0 402'430.0 373'586.0 360'673.0 364'691.0 363'925.0 366'468.9 382'997.8 91'808.3 -

2.01x 1.72x 2.61x 1.98x 1.94x 5.46x 7.04x 1.83x 1.71x - -

139'949.0 109'124.0 139'843.0 137'943.0 132'189.0 126'506.0 132'246.0 104'384.1 100'249.2 25'386.0 -

6.92x 7.17x 7.50x 5.36x 5.29x 0.00x 4.41x 5.94x 6.18x - -

81'725.0 25'109.0 41'214.0 59'744.0 43'219.0 39'843.0 60'040.0 57'509.5 51'098.7 7'238.0 -

12.38x 33.27x 27.62x 16.47x 19.89x 17.99x 12.15x 13.28x 14.95x - -











EBITDA Margin 35.9%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hoya CorpPrice/Volume

Valuation Analysis

2'047'800.00


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

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0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-1 !!

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27.03.2013




SUN LIFE FINANCIAL I n/a ULT-AGG 24'621'300 5.66 - 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME n/a MOF-JP 22'716'551 5.22 - 15.10.2012 Hedge Fund Manager

JP MORGAN CHASE BANK n/a Co File 21'266'100 4.89 (228'800) 30.09.2012 Investment Advisor




YAMANAKA MAMORU n/a Co File 9'020'400 2.07 - 30.09.2012 n/a



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'382'219 1.7 281'900 31.01.2013 Investment Advisor

NORTHERN TRUST CORPO n/a Co File 7'322'900 1.68 415'100 30.09.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'265'200 0.98 233'700 28.09.2012 Investment Advisor


HOYA CORP n/a Co File 3'521'300 0.81 (70'300) 30.09.2012 Corporation


NEW JERSEY DIVISION Multiple Portfolios MF-AGG 3'000'000 0.69 750'042 30.06.2012 Pension Fund (ERISA)


MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 1'587'497 0.36 50'600 31.01.2013 Investment Advisor


Goldman Sachs TOSHIYA HARI Sell/Neutral 1 M 1'660 12 month 25.03.2013



BNP Paribas Equity Research KUNIHIKO KANNO hold 3 M 1'800 12 month 21.03.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.03.2013

Okasan Securities KAZUMASA KUBOTA neutral 3 M #N/A N/A Not Provided 04.03.2013

Macquarie CLAUDIO ARITOMI outperform 5 M 2'150 12 month 04.02.2013

Daiwa Securities Co. Ltd. HIROKAZU MITSUDA neutral 3 M 1'900 Not Provided 01.02.2013

Nomura TETSUYA WADAKI buy 5 M 2'118 12 month 01.02.2013

Morgan Stanley KAZUO YOSHIKAWA Equalwt/In-Line 3 M 1'800 12 month 31.01.2013

Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA neutral 3 N 1'660 12 month 09.01.2013

Mizuho Securities FUMIHIDE GOTO neutral 3 M 1'900 12 month 26.12.2012

Tachibana Securities YUKIHIKO FUKUNAGA Strong Outperform 5 M #N/A N/A Not Provided 01.08.2011

Holdings By:

Hoya Corp ee


27.03.2013

INPEX CORPORATION is a holding company established through the reorganization of

INPEX Corp and Teikoku Oil. The Company manages subsidiaries that explores,

produces, and sells oil and natural gas.


LTM as of: 12/yy

52-Week High (27.03.2012) 582'000.00

52-Week Low (26.07.2012) 418'500.00

Daily Volume

514000





1'879'085.88 1 Yr Total Return -9.79%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'202'965.0 1'076'164.0 840'427.0 943'080.0 1'186'731.0 ######### ######### ######### ######### 317'682.0 -

2.14x 1.48x 1.93x 2.50x 1.53x 7.14x 5.29x 1.63x 1.68x - -

757'008.0 712'992.0 508'780.0 590'747.0 764'143.0 519'682.0 774'823.0 722'534.2 769'133.3 - -

3.40x 2.24x 3.19x 3.99x 2.38x 0.00x 2.04x 2.48x 2.33x - -

173'245.0 145'062.0 107'210.0 128'699.0 194'000.0 154'447.0 215'441.0 187'114.1 167'462.8 46'510.5 -

15.10x 11.09x 15.06x 15.45x 10.52x 11.43x 7.75x 9.99x 11.29x - -











EBITDA Margin 65.1%



Asset Turnover 0.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Inpex CorpPrice/Volume

Valuation Analysis

13'683.00


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0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013


MINISTER OF ECON TRA n/a Co File 692'307 18.94 - 30.09.2012 Government

JAPAN PETROLEUM EXPL n/a Co File 267'233 7.31 - 30.09.2012 Corporation

MITSUI OIL EXPLORATI n/a Co File 164'760 4.51 - 30.09.2012 Corporation

JAPAN TRUSTEE SERVIC n/a Co File 147'118 4.02 8'491 30.09.2012 Bank

JP MORGAN CHASE BANK n/a Co File 132'323 3.62 - 30.09.2012 Investment Advisor

MASTER TRUST BANK OF n/a Co File 124'985 3.42 16'530 30.09.2012 Bank

MITSUBISHI CORP n/a MOF-JP 114'500 3.13 (20'000) 12.02.2013 Corporation

JX HOLDINGS INC n/a Co File 109'527 3 - 30.09.2012 Corporation

JP MORGAN CHASE BANK n/a Co File 105'150 2.88 - 30.09.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 102'568 2.81 (11'357) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 59'597 1.63 (77) 31.12.2012 Investment Advisor

ORBIS INVESTMENT MAN n/a Co File 58'062 1.59 - 30.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 57'793 1.58 (2'025) 25.03.2013 Investment Advisor

OKAYAMA PAPER INDUST n/a Co File 55'000 1.5 - 31.05.2012 Corporation

SUN LIFE FINANCIAL I n/a ULT-AGG 47'905 1.31 2'528 31.01.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 27'830 0.76 1'138 31.12.2012 Investment Advisor


MARUBENI CORP n/a ULT-AGG 23'223 0.64 (23'223) 31.03.2012 Corporation

NOMURA n/a ULT-AGG 18'840 0.52 19 28.02.2013 Unclassified

JFE HOLDINGS INC n/a ULT-AGG 11'453 0.31 - 31.03.2012 Corporation


SMBC Nikko Securities Inc HIDETOSHI SHIODA outperform 5 M 700'000 12 month 14.03.2013

Credit Suisse DAVID HEWITT outperform 5 M 705'000 Not Provided 13.03.2013

Mizuho Securities NORIMASA SHINYA buy 5 M 790'000 12 month 04.03.2013

Morgan Stanley LALITA GUPTA Overwt/In-Line 5 M 642'000 12 month 01.03.2013

Barclays KAZUHISA MORI overweight 5 M 823'000 Not Provided 01.03.2013

Daiwa Securities Co. Ltd. TAKAHIRO YANO outperform 5 M 690'000 Not Provided 21.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO neutral 3 M 550'000 12 month 15.02.2013


Nomura SHIGEKI MATSUMOTO buy 5 M 677'000 12 month 12.02.2013

JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 750'000 9 month 06.02.2013

Macquarie POLINA DIYACHKINA outperform 5 M 670'000 12 month 06.02.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Goldman Sachs HISAAKI YOKOO Buy/Neutral 5 M 690'000 12 month 17.10.2012

Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 M #N/A N/A Not Provided 17.05.2012

Holdings By:

Inpex Corp ee


27.03.2013

ISUZU MOTORS LIMITED manufactures and markets trucks and automobile parts.

The Company's products include pickup trucks, light/heavy duty trucks, medium

and large-sized buses, recreational vehicles, and sport utility vehicles.


LTM as of: 12/yy

52-Week High (07.02.2013) 643.00

52-Week Low (03.10.2012) 366.00

Daily Volume

581





985'867.13 1 Yr Total Return 23.40%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'924'833.0 1'424'708.0 1'080'928.0 1'415'544.0 1'400'074.0 ######### ######### ######### ######### 453'883.0 -

0.53x 0.33x 0.60x 0.49x 0.66x 2.24x 2.10x 0.63x 0.56x - -

151'110.0 61'247.0 50'539.0 124'611.0 133'420.0 119'005.0 158'823.0 169'457.3 190'908.2 - -

6.69x 7.63x 12.76x 5.54x 6.96x 6.27x 6.03x 6.36x 5.64x - -

76'021.0 (26'858.0) 8'401.0 51'599.0 91'256.0 53'201.0 107'284.0 92'047.6 97'180.9 - -

11.17x - 51.01x 10.80x 9.00x 11.34x 8.07x 10.68x 10.09x - -

EBITDA 133'420.00 Long-Term Rating Date -

EBIT 97'373.00 Long-Term Rating -









EBITDA Margin 9.8%



Asset Turnover 1.37







Fiscal Year Ended

Isuzu Motors LtdPrice/Volume

Valuation Analysis

6'337'000.00


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!!

4!!

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2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0! ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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27.03.2013




ITOCHU CORP n/a Co File 135'098'000 7.96 - 30.09.2012 Corporation






JFE HOLDINGS INC n/a ULT-AGG 28'869'000 1.7 - 30.09.2012 Corporation

TRUST & CUSTODY SERV n/a Co File 26'622'000 1.57 (488'000) 30.09.2012 Bank

DEVELOPMENT BANK OF n/a Co File 26'366'000 1.55 - 30.09.2012 Government









AKEBONO BRAKE INDUST n/a Co File 9'747'315 0.57 4'443'418 31.03.2012 Corporation


SMBC Nikko Securities Inc SHOTARO NOGUCHI outperform 5 M 700 12 month 04.03.2013

Credit Suisse ISSEI TAKAHASHI outperform 5 M 770 Not Provided 21.02.2013

Daiwa Securities Co. Ltd. EIJI HAKOMORI outperform 5 M 670 Not Provided 12.02.2013

TIW SATORU TAKADA Positive 4 M #N/A N/A Not Provided 12.02.2013

Morgan Stanley RYOSUKE HOSHINO Overwt/Attractive 5 M 665 12 month 08.02.2013

Goldman Sachs KOTA YUZAWA neutral/neutral 3 M 600 12 month 07.02.2013

Deutsche Bank TAKESHI KITAURA buy 5 M 780 12 month 05.02.2013


BNP Paribas Equity Research KOICHI SUGIMOTO buy 5 M 500 12 month 12.12.2012


Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Neutral Plus 3 M 530 6 month 09.11.2012


Holdings By:

Isuzu Motors Ltd ee


27.03.2013

ITOCHU Corporation is a general trading firm handling textiles, wood,

machinery, metals, food, chemicals, construction materials, commodities, and

energy related products such as oil and gas. The Company operates around the

world. Itochu diversifies by operating in satellite communication and data

communication businesses.


LTM as of: 12/yy

52-Week High (12.03.2013) 1'241.00

52-Week Low (10.10.2012) 755.00

Daily Volume

1177





1'865'415.00 1 Yr Total Return 30.87%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'859'853.0 3'419'061.0 3'416'637.0 3'649'671.0 4'271'052.0 ######### ######### ######### ######### ######### -

1.23x 0.87x 1.01x 0.95x 0.93x 3.68x 3.53x 0.36x 0.35x 1.47x -

342'713.0 340'652.0 223'791.0 331'520.0 349'791.0 359'141.0 315'083.0 380'584.0 413'854.9 - -

10.27x 8.71x 15.38x 10.43x 11.40x 10.71x 13.30x 12.14x 11.17x - -

217'301.0 165'390.0 128'153.0 160'975.0 300'505.0 232'357.0 291'920.0 281'220.1 295'860.4 73'866.7 -

7.16x 4.57x 10.10x 8.55x 4.75x 5.20x 4.91x 6.62x 6.35x - -











EBITDA Margin 7.3%



Asset Turnover 0.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ITOCHU CorpPrice/Volume

Valuation Analysis

5'798'500.00


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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

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

! !!

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27.03.2013








NIPPONKOA INSURANCE n/a Co File 27'556'000 1.74 (2'548'714) 30.09.2012 Insurance Company

ASAHI MUTUAL LIFE IN n/a Co File 27'530'000 1.74 - 30.09.2012 Insurance Company


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 24'491'393 1.55 (173'800) 28.02.2013 Investment Advisor



FRANKLIN RESOURCES n/a ULT-AGG 23'031'260 1.45 2'356'200 31.12.2012 Investment Advisor




MATTHEWS INTERNATION Multiple Portfolios MF-AGG 14'517'600 0.92 2'049'800 31.12.2012 Investment Advisor





Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 M #N/A N/A Not Provided 25.03.2013

Mizuho Securities AKIFUMI HAYASHI buy 5 M 1'450 12 month 22.03.2013

Daiwa Securities Co. Ltd. JIRO IOKIBE neutral 3 M 1'150 Not Provided 21.03.2013

Barclays KAZUHISA MORI overweight 5 M 1'270 Not Provided 18.03.2013

Jefferies THANH HA PHAM hold 3 M 1'150 12 month 13.03.2013

SMBC Nikko Securities Inc TAKASHI MURAKAMI neutral 3 M 1'230 12 month 08.03.2013

BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 1'300 12 month 04.03.2013

Tokai Tokyo Securities HIDEAKI KURIBARA strong buy 5 M #N/A N/A Not Provided 22.02.2013

JPMorgan AKIRA KISHIMOTO neutral 3 M 1'200 9 month 22.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA outperform 5 M 1'400 12 month 15.02.2013

Nomura YASUHIRO NARITA buy 5 M 1'230 12 month 05.02.2013

Morgan Stanley HARUNOBU GOROH Overwt/In-Line 5 M 1'120 12 month 29.01.2013


Macquarie POLINA DIYACHKINA neutral 3 M 1'000 12 month 10.01.2013

Okasan Securities KIYOSHI MORI buy 5 M 1'220 6 month 15.02.2012

Holdings By:

ITOCHU Corp ee


27.03.2013

JAPAN TOBACCO INC. mainly manufactures, markets and sells cigarettes and other

tobacco products internationally. The Company is also engaged in

pharmaceuticals and foods businesses.


LTM as of: 12/yy

52-Week High (07.03.2013) 3'240.00

52-Week Low (18.05.2012) 2'032.50

Daily Volume

3015





6'030'000.00 1 Yr Total Return 30.54%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'068'367.0 2'243'146.0 1'980'970.0 2'059'365.0 2'033'825.0 ######### ######### ######### ######### 500'182.8 -

2.95x 1.52x 2.08x 1.65x 2.26x 6.54x 7.82x 2.93x 2.64x - -

602'094.0 646'175.0 526'668.0 519'275.0 578'025.0 506'536.0 667'562.0 622'150.0 701'372.4 125'750.0 -

10.14x 5.27x 7.81x 6.53x 7.97x 7.16x 0.00x 9.83x 8.72x - -

238'702.0 123'400.0 138'448.0 243'315.0 320'883.0 206'644.0 328'250.0 333'749.8 390'692.7 67'432.7 -

20.03x 20.33x 24.08x 11.82x 13.83x 16.77x 0.00x 17.08x 14.39x - -



Operating Margin 22.58% Long-Term Outlook POS








EBITDA Margin 30.1%



Asset Turnover 0.57







Fiscal Year Ended

Japan Tobacco IncPrice/Volume

Valuation Analysis

6'053'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

5'000'000.0

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

! !!

. !!

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3 !!

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27.03.2013


MINISTER OF FINANCE n/a MOF-JP 666'666'800 33.33 - 15.03.2013 Government

JAPAN TOBACCO INC n/a MOF-JP 182'510'100 9.13 - 15.03.2013 Government






HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 24'927'000 1.25 - 31.12.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 24'508'000 1.23 846'800 30.09.2012 Government

GOLDMAN SACHS & CO n/a Co File 23'688'375 1.18 (182'225) 30.09.2012 Investment Advisor

MELLON BANK NA n/a Co File 18'391'926 0.92 709'126 30.09.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 16'746'900 0.84 1'154'900 31.12.2012 Investment Advisor




ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 14'958'663 0.75 323'800 31.12.2012 Investment Advisor







Barclays TAKAYUKI HAYANO equalweight 3 M 2'830 Not Provided 19.03.2013

Berenberg Bank ERIK BLOOMQUIST buy 5 M 3'350 Not Provided 18.03.2013



BNP Paribas Equity Research JAMES MOON reduce 2 M 2'500 12 month 19.02.2013


SMBC Nikko Securities Inc YOSHIYASU OKIHIRA neutral 3 M 2'550 12 month 04.02.2013

Tokai Tokyo Securities TOMONOBU TSUNOYAMA above average 4 M 2'650 6 month 01.02.2013

Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI outperform 5 M 3'200 Not Provided 01.02.2013


Credit Suisse SATSUKI KAWASAKI outperform 5 M 2'700 Not Provided 31.01.2013

Nomura SATOSHI FUJIWARA buy 5 M 3'340 12 month 31.01.2013

Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI outperform 5 M 3'200 12 month 31.01.2013



Holdings By:

Japan Tobacco Inc ee


27.03.2013

JFE Holdings, Inc. is a holding company which was established through the

merger of NKK Corp and Kawasaki Steel Corp. The Company manages and

conducts its subsidiaries' business, which is steel production and integrated

engineering services.


LTM as of: 12/yy

52-Week High (04.02.2013) 2'275.00

52-Week Low (03.09.2012) 941.00

Daily Volume

1854





1'139'168.75 1 Yr Total Return 1.80%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

3'539'802.0 3'908'282.0 2'844'356.0 3'195'560.0 3'166'511.0 ######### ######### ######### ######### 801'350.0 870'300.0

1.08x 0.71x 1.22x 0.88x 0.82x 3.24x 3.03x 0.85x 0.74x - -

730'977.0 655'580.0 337'149.0 429'476.0 283'095.0 263'366.0 205'796.0 251'755.9 395'397.2 - -

5.23x 4.22x 10.32x 6.56x 9.12x 0.00x 12.48x 11.06x 7.04x - -

261'845.0 194'229.0 45'659.0 58'608.0 (36'633.0) (43'180.0) 22'536.0 37'724.2 122'858.1 16'600.0 -

9.81x 6.03x 43.60x 21.98x - 0.00x 40.11x 27.72x 8.55x - -




Pretax Margin -2.27% Short-Term Rating Date -







EBITDA Margin 7.2%



Asset Turnover 0.78








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

JFE Holdings IncPrice/Volume

Valuation Analysis

5'872'000.00


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5 ! 8

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-1 ! 8

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500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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27.03.2013





JFE HOLDINGS INC n/a ULT-AGG 35'070'495 5.71 (27'853'053) 28.02.2013 Corporation






ISUZU MOTORS LTD n/a Co File 7'434'000 1.21 (900) 30.09.2012 Corporation

SOMPO JAPAN INSURANC n/a Co File 7'366'000 1.2 (525) 30.09.2012 Insurance Company

KAWASAKI KISEN KAISH n/a Co File 5'287'363 0.86 500'000 31.03.2012 Corporation

TAIYO NIPPON SANSO C n/a Co File 4'975'570 0.81 130'500 31.03.2012 Corporation



KAWASAKI HEAVY INDUS n/a Co File 4'357'452 0.71 - 31.03.2012 Corporation






Nomura YUJI MATSUMOTO neutral 3 M 2'315 12 month 22.03.2013

JPMorgan AKIRA KISHIMOTO overweight 5 M 2'200 9 month 15.03.2013

Tokai Tokyo Securities YOSHIYUKI TAKANO neutral 3 M #N/A N/A Not Provided 14.03.2013


SMBC Nikko Securities Inc KAZUHIRO HARADA outperform 5 M 2'300 12 month 05.03.2013

Okasan Securities MANAMI ONO neutral 3 D 2'170 6 month 01.03.2013

Mizuho Securities HIROYUKI SUZUKI buy 5 M 3'100 12 month 21.02.2013

Goldman Sachs YUYA TAKEMOTO Buy/Neutral 5 M 2'450 12 month 18.02.2013


Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Neutral Plus 3 M 2'400 6 month 04.02.2013

Morgan Stanley HARUNOBU GOROH Overwt/In-Line 5 M 1'800 12 month 04.02.2013

Tachibana Securities TAKESHI IRISAWA outperform 5 M #N/A N/A Not Provided 04.02.2013

Macquarie POLINA DIYACHKINA underperform 1 M 1'000 12 month 01.02.2013

Daiwa Securities Co. Ltd. JIRO IOKIBE buy 5 U 3'000 Not Provided 01.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieKEIJU KUROSAKA outperform 5 M 2'300 12 month 31.01.2013


Credit Suisse SHINYA YAMADA outperform 5 M 2'750 Not Provided 09.01.2013

VTB Capital WIKTOR BIELSKI buy 5 M 1'338 12 month 15.10.2012

Holdings By:

JFE Holdings Inc ee


27.03.2013

JGC CORPORATION designs, constructs, and maintains plants and industrial

facilities globally. The Company's services include petroleum, petrochemical,

gas, nuclear power, biochemical, food, pharmaceutical, and communication

facilities. JGC, through its subsidiaries, manufactures and sells catalyzers

and chemical products.


LTM as of: 12/yy

52-Week High (23.10.2012) 2'858.00

52-Week Low (04.06.2012) 2'050.00

Daily Volume

2425





628'203.38 1 Yr Total Return -5.01%

Total Debt 9'487.00 YTD Return -7.75%









31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

551'062.0 450'911.0 414'257.0 447'222.0 556'966.0 551'264.0 609'148.0 611'693.4 675'770.3 - -

0.43x 0.29x 0.78x 0.79x 0.78x 2.54x 2.74x 0.67x 0.56x - -

51'783.0 59'789.0 51'455.0 71'076.0 74'848.0 83'039.0 75'548.0 76'937.3 85'211.2 - -

4.61x 2.22x 6.25x 4.95x 5.81x 3.47x 5.96x 5.24x 4.73x - -

30'019.0 31'543.0 27'112.0 25'477.0 39'111.0 45'782.0 44'418.0 46'230.3 50'042.6 - -

12.86x 8.95x 15.55x 19.31x 16.56x 10.19x 15.21x 13.30x 12.29x - -











EBITDA Margin 13.0%



Asset Turnover 1.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

JGC CorpPrice/Volume

Valuation Analysis

2'709'000.00


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2 ! 8

3 ! 8

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

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

! !!

2 !!

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02 !!

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27.03.2013





NIKKI SHOJI CO LTD n/a Co File 12'112'000 4.68 - 30.09.2012 Corporation



SANEYOSHI SCHOLARSHI n/a Co File 8'433'000 3.26 - 30.09.2012 Other

STATE STREET n/a ULT-AGG 7'721'760 2.98 - 26.03.2013 Investment Advisor

JGC CORP n/a Co File 6'588'000 2.54 - 30.09.2012 Corporation



SUN LIFE FINANCIAL I n/a ULT-AGG 4'720'375 1.82 (470'000) 31.01.2013 Investment Advisor






UMB BANK N A Multiple Portfolios MF-AGG 2'683'022 1.04 - 31.01.2013 Investment Advisor




Morgan Stanley YUKA MATAYOSHI Overwt/Attractive 5 M 2'900 12 month 14.03.2013

Mizuho Securities MASANORI WAKAE buy 5 M 3'100 12 month 14.03.2013

Okasan Securities NORITSUGU HIRAKAWA neutral 3 N #N/A N/A Not Provided 05.03.2013


Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA neutral 3 M 2'550 12 month 27.02.2013

JPMorgan LEE SOKJE overweight 5 M 4'600 9 month 14.02.2013

Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 2'500 Not Provided 14.02.2013

Barclays KUNIO SAKAIDA overweight 5 M 3'000 Not Provided 13.02.2013

Ji Asia TONY MOYER buy 5 M 3'100 12 month 13.02.2013


Nomura RYO TAZAKI buy 5 M 3'100 12 month 08.01.2013

Tachibana Securities YOSHIKAZU SHIMADA Strong Outperform 5 M #N/A N/A Not Provided 07.12.2012

Mito Securities YOICHIRO WATANABE outperform 5 M #N/A N/A Not Provided 23.03.2012

Holdings By:

JGC Corp ee


27.03.2013

JX Holdings, Inc. is a holding company which was established through the

integration of Nippon Oil Corporation and Nippon Mining Holdings, Inc. Through

subsidiaries, the company explores, produces, refines and distributes petroleum

and petro chemical products. JX Holdings also provides non-ferrous metals and

electronic materials.


LTM as of: 12/yy

52-Week High (25.02.2013) 570.00

52-Week Low (25.07.2012) 346.00

Daily Volume

544





1'357'544.38 1 Yr Total Return 7.15%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

- - - 9'634'396.0 10'723'889.0 ######### ######### ######### ######### - -

- - - 0.38x 0.34x 1.35x 1.30x 0.31x 0.31x - -

- - - 545'515.0 529'385.0 604'037.0 417'722.0 475'911.0 489'080.1 - -

- - - 6.79x 6.91x 5.88x 9.16x 8.37x 8.14x - -

- - - 311'736.0 170'595.0 143'166.0 103'725.0 173'154.1 182'438.2 - -

- - - 4.47x 7.48x 8.08x 11.58x 7.68x 7.41x - -











EBITDA Margin 3.4%



Asset Turnover 1.68








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

JX Holdings IncPrice/Volume

Valuation Analysis

7'361'700.00


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.2 ! 8

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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

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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27.03.2013









MITSUBISHI CORP n/a Co File 48'616'000 1.95 208 30.09.2012 Corporation

INPEX CORP n/a Co File 33'265'000 1.33 - 30.09.2012 Corporation


GOVT OF SINGAPORE IN n/a ULT-AGG 32'117'000 1.29 - 30.09.2012 Government


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 28'965'808 1.16 5'697'400 28.02.2013 Investment Advisor







NIPPONKOA INSURANCE n/a Co File 10'251'645 0.41 - 31.03.2012 Insurance Company


SMBC Nikko Securities Inc HIDETOSHI SHIODA outperform 5 M 670 12 month 14.03.2013

Mizuho Securities NORIMASA SHINYA buy 5 M 670 12 month 20.02.2013

Daiwa Securities Co. Ltd. TAKAHIRO YANO outperform 5 M 650 Not Provided 19.02.2013

Nomura SHIGEKI MATSUMOTO buy 5 M 680 12 month 18.02.2013

Okasan Securities SHINICHI YAMAZAKI buy 5 U 650 6 month 15.02.2013

Macquarie POLINA DIYACHKINA outperform 5 M 700 12 month 14.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO neutral 3 D 600 12 month 13.02.2013



Holdings By:

JX Holdings Inc ee


27.03.2013

The Kansai Electric Power Company, Incorporated generates electricity from

hydroelectric, thermal, geothermal, and nuclear power sources. The Company

distributes electricity to Osaka and the surrounding Kansai area. Kansai

Electric also constructs and maintains electrical power facilities.


LTM as of: 12/yy

52-Week High (06.04.2012) 1'383.00

52-Week Low (12.09.2012) 482.00

Daily Volume

876





822'330.13 1 Yr Total Return -32.34%

Total Debt 3'892'894.00 YTD Return -3.42%









31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'689'317.0 2'789'575.0 2'606'592.0 2'769'783.0 2'811'424.0 ######### ######### ######### ######### 699'608.0 -

1.99x 1.92x 2.06x 1.80x 1.75x 6.88x 6.74x 1.73x 1.52x - -

613'279.0 453'233.0 670'239.0 736'836.0 191'808.0 415'664.0 85'014.0 36'520.0 385'041.6 - -

8.74x 11.82x 8.01x 6.76x 25.70x 0.00x 0.00x 133.32x 12.64x - -

85'265.0 (8'796.0) 127'170.0 123'143.0 (242'257.0) (102'748.0) (276'120.0) (267'605.1) (44'474.8) - -

26.84x - 15.27x 13.16x - 0.00x 0.00x - - - -









Net Debt/EBITDA -

Gross Margin 58.1% Total Debt/EBITDA -96.42

EBITDA Margin -1.5%



Asset Turnover 0.38







Fiscal Year Ended

Kansai Electric Power Co Inc/ThePrice/Volume

Valuation Analysis

13'686'700.00


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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-3!!

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2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0! ! 8

02 ! 8

1! ! 8

2'400'000.0

2'450'000.0

2'500'000.0

2'550'000.0

2'600'000.0

2'650'000.0

2'700'000.0

2'750'000.0

2'800'000.0

2'850'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


CITY OF OSAKA n/a Co File 83'748'000 8.92 - 30.09.2012 Other

KANSAI ELECTRIC POWE n/a Co File 44'873'600 4.78 11'000 30.09.2012 Corporation



CITY OF KOBE n/a Co File 27'351'000 2.91 - 30.09.2012 Other

COMPANY'S MOCHIKABUK n/a Co File 20'693'000 2.2 1'518'000 30.09.2012 n/a



KOCHI SHINKIN BANK n/a Co File 14'976'000 1.6 - 30.09.2012 Bank







SUMITOMO MITSUI TRUS n/a ULT-AGG 5'314'300 0.57 7'600 10.12.2012 Bank







Mizuho Securities NORIMASA SHINYA neutral 3 M 780 12 month 26.02.2013

Nomura SHIGEKI MATSUMOTO reduce 2 M 660 12 month 12.02.2013



SMBC Nikko Securities Inc HIDETOSHI SHIODA neutral 3 M 900 12 month 12.12.2012

Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO neutral 3 U 820 12 month 03.12.2012

Goldman Sachs HIROYUKI SAKAIDA neutral/neutral 3 D 900 12 month 30.11.2012

Holdings By:

Kansai Electric Power Co Inc/The ee


27.03.2013

Kao Corporation is a manufacturer of household and chemical products. The

company produces cosmetics, laundry and cleaning products, hygiene products,

fatty chemicals, edible oils, and specialty chemicals.


LTM as of: 12/yy

52-Week High (08.03.2013) 3'260.00

52-Week Low (31.05.2012) 1'997.00

Daily Volume

3065





1'612'841.38 1 Yr Total Return 46.26%










31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'276'316.0 1'184'384.0 1'186'831.0 1'216'095.0 1'216'095.0 ######### ######### ######### ######### - -

0.96x 1.15x 0.95x 0.93x 0.93x 3.74x 3.54x 1.18x 1.12x - -

184'262.0 178'810.0 185'971.0 188'387.0 188'387.0 178'331.0 196'373.0 196'384.8 207'557.3 - -

6.65x 7.65x 6.04x 6.02x 6.02x 6.26x 5.77x 8.00x 7.57x - -

64'462.0 40'506.0 46'737.0 52'434.0 52'434.0 44'902.0 65'444.0 72'156.7 82'188.3 - -

15.96x 31.36x 23.66x 21.62x 21.62x 24.43x 17.93x 21.58x 19.74x - -











EBITDA Margin 15.1%



Asset Turnover 1.20







Fiscal Year Ended

Kao CorpPrice/Volume

Valuation Analysis

1'590'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-2!!

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02!!

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- ! 8

. ! 8

0 ! 8

1 ! 8

2 ! 8

3 ! 8

4 ! 8

5 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


NORTHERN TRUST CORPO n/a Co File 36'012'000 6.84 590'000 30.09.2012 Investment Advisor




ARTISAN INVESTMENTS n/a MOF-JP 21'808'148 4.14 - 30.11.2012 Investment Advisor

SUMITOMO MITSUI TRUS n/a ULT-AGG 21'741'600 4.13 - 31.05.2012 Bank






ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 8'103'200 1.54 (4'781'726) 31.12.2012 Investment Advisor

KAO CORP n/a MOF-JP 7'437'630 1.41 3'625'977 28.02.2013 Corporation






RUFFER LLP Multiple Portfolios MF-AGG 3'235'000 0.61 - 31.10.2012 Hedge Fund Manager



SMBC Nikko Securities Inc KUNI KANAMORI neutral 3 M 2'840 12 month 11.03.2013

Barclays MITSUKO MIYASAKO equalweight 3 M 3'200 Not Provided 07.03.2013

Mizuho Securities WAKAKO SATO buy 5 M 3'600 12 month 04.03.2013

JPMorgan RITSUKO TSUNODA neutral 3 D 3'000 9 month 26.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieHISAE KAWAMOTO outperform 5 M 3'500 12 month 26.02.2013

Daiwa Securities Co. Ltd. KATSURO HIROZUMI neutral 3 M 2'710 Not Provided 06.02.2013

TIW TOSHIRO TAKAHASHI Neutral Plus 3 M #N/A N/A Not Provided 06.02.2013


Goldman Sachs KEIKO YAMAGUCHI neutral/neutral 3 M 2'700 12 month 05.02.2013

Credit Suisse SATSUKI KAWASAKI neutral 3 M 2'650 Not Provided 05.02.2013



Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO neutral 3 N 2'200 6 month 24.10.2012

Nomura SATOSHI FUJIWARA suspended coverage #N/A N/A M #N/A N/A Not Provided 02.07.2012

Holdings By:

Kao Corp ee


27.03.2013

KDDI CORPORATION provides mobile communication services and sells mobile

devices. The Company also is a broadband provider.


LTM as of: 12/yy

52-Week High (27.03.2013) 3'915.00

52-Week Low (30.05.2012) 2'410.00

Daily Volume

3850





3'453'309.75 1 Yr Total Return 44.77%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

3'596'283.0 3'497'508.0 3'442'146.0 3'434'545.0 3'572'097.0 ######### ######### ######### ######### 930'506.0 -

0.90x 0.79x 0.91x 0.89x 0.84x 3.47x 3.48x 1.18x 1.03x - -

759'975.0 887'565.0 913'840.0 932'602.0 909'808.0 924'558.0 915'586.0 946'592.1 ######### - -

4.27x 3.12x 3.44x 3.29x 3.28x 3.04x 3.68x 4.75x 4.19x - -

217'786.0 222'736.0 212'764.0 255'122.0 238'604.0 246'835.0 224'497.0 246'838.3 329'873.6 - -

12.48x 9.25x 10.13x 8.86x 9.22x 8.45x 10.37x 12.58x 9.36x - -











EBITDA Margin 24.4%



Asset Turnover 0.91





Accounts Receivable Turnover 5.12 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

KDDI CorpPrice/Volume

Valuation Analysis

2'587'500.00


!2!!

-!!!-2!!.!!!.2!!0!!!02!!1!!!12!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8- ! 8. ! 80 ! 81 ! 82 ! 83 ! 84 ! 85 ! 86 ! 8-! ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


KDDI CORP #N/A N/A Co File 132'600'600 14.78 (600) 30.09.2012 Corporation

KYOCERA CORP #N/A N/A Co File 114'535'400 12.77 - 30.09.2012 Corporation


JAPAN TRUSTEE SERVIC #N/A N/A Co File 54'794'200 6.11 (400'800) 30.09.2012 Bank


MASTER TRUST BANK OF #N/A N/A Co File 43'094'000 4.8 3'483'800 30.09.2012 Bank

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 15'527'400 1.73 (45'400) 30.09.2012 Hedge Fund Manager



MELLON BANK NA #N/A N/A Co File 8'955'400 1 178'200 30.09.2012 Investment Advisor


NIPPON YUSEI KYOSAI #N/A N/A Co File 8'622'800 0.96 (2'202'800) 30.09.2012 Investment Advisor


THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'958'980 0.78 (3'835'568) 31.01.2013 Investment Advisor





USHIO INC #N/A N/A Co File 4'216'600 0.47 (466'800) 31.03.2012 Corporation

CHUBU ELECTRIC POWER #N/A N/A Co File 3'801'800 0.42 - 31.03.2012 Corporation


Goldman Sachs IKUO MATSUHASHI neutral/neutral 3 M 1'713 12 month 26.03.2013

HSBC NEALE ANDERSON overweight 5 M 4'350 Not Provided 25.03.2013

Barclays KEIICHI YONESHIMA equalweight 3 M 3'800 Not Provided 25.03.2013

Tokai Tokyo Securities YUSUKE TSUNODA above average 4 M 4'200 6 month 19.03.2013

SMBC Nikko Securities Inc SHINJI MORIYUKI neutral 3 M 3'650 12 month 18.03.2013

New Street Research KIRK BOODRY buy 5 M 3'735 Not Provided 18.03.2013

Macquarie NATHAN RAMLER outperform 5 U 4'250 12 month 15.03.2013


Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA outperform 5 M 4'100 12 month 05.03.2013

Ji Asia NEIL JUGGINS buy 5 N 4'525 12 month 05.03.2013

Mizuho Securities KEI TAKAHASHI buy 5 M 4'525 12 month 27.02.2013

JPMorgan HITOSHI HOSOYA restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013

Credit Suisse HITOSHI HAYAKAWA outperform 5 M 3'900 Not Provided 20.02.2013

Nomura DAISAKU MASUNO buy 5 M 4'055 12 month 20.02.2013

BNP Paribas Equity Research HIROSHI YAMASHINA buy 5 M 3'650 12 month 05.02.2013

Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI outperform 5 M 4'000 6 month 29.01.2013

Morgan Stanley TETSURO TSUSAKA Overwt/Attractive 5 M 3'750 12 month 28.01.2013

Daiwa Securities Co. Ltd. MAKOTO UENO outperform 5 M 3'150 Not Provided 25.10.2012

Holdings By:

KDDI Corp ee


27.03.2013

KEYENCE CORPORATION develops, manufactures, and sells sensors and measuring

instruments used for factory automation (FA) and high technology hobby products.

The Company's products include fiber optic sensors, photoelectric sensors,

programmable logic controllers (PLC), laser scan micrometers, bar code readers,

and radio-controlled model cars.


LTM as of: 12/yy

52-Week High (21.03.2013) 29'160.00

52-Week Low (24.05.2012) 17'120.00

Daily Volume

28810





1'751'703.38 1 Yr Total Return 50.49%

Total Debt 0.00 YTD Return 20.88%









31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 12/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4

200'666.0 165'328.0 136'177.0 184'802.0 199'334.0 194'730.0 207'408.0 217'135.6 234'500.7 51'522.0 58'104.6

4.81x 4.17x 6.47x 4.42x 3.97x 17.58x 15.87x 6.60x 5.88x 31.77x 28.26x

104'838.0 76'021.0 57'976.0 88'839.0 94'070.0 93'848.0 96'696.0 101'042.4 111'047.6 23'014.0 21'875.0

9.21x 9.07x 15.20x 9.20x 8.41x 8.22x 10.34x 13.26x 12.06x - -

63'208.0 41'996.0 37'695.0 55'345.0 58'162.0 56'802.0 62'074.0 65'155.7 71'247.8 14'848.3 17'055.0

18.12x 21.93x 30.83x 20.70x 20.09x 19.73x 22.76x 26.36x 24.39x - -











EBITDA Margin 46.6%



Asset Turnover 0.30







Fiscal Year Ended

Keyence CorpPrice/Volume

Valuation Analysis

86'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-2!!!

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.2!!!

0!!!!

02!!!

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- 8

- 8

. 8

. 8

0 8

0 8

1 8

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

.! !0 .!!6 .! !6 .!!6 .! !0 .!-! .! !6 .!-! .! !0 .!-- .! !6 .!-- .! !0 .!-. .! !6 .!-.



27.03.2013


TT KK n/a Co File 10'867'000 17.87 988'000 20.06.2012 Corporation


TAKIZAKI TAKEMITSU n/a Co File 4'688'618 7.71 - 13.09.2012 n/a





BANK OF NEW YORK MEL n/a Co File 1'023'000 1.68 103'000 20.06.2012 Investment Advisor

STATE STREET CUSTODI n/a ULT-AGG 964'000 1.59 67'000 20.06.2012 Other

DAI ICHI LIFE INSURA n/a Co File 898'000 1.48 82'000 20.06.2012 Insurance Company

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 887'941 1.46 23'400 31.01.2013 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 447'206 0.74 90'727 21.03.2013 Investment Advisor


HIKARI TSUSHIN INC n/a Co File 411'288 0.68 - 31.03.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 376'920 0.62 329'800 31.12.2012 Investment Advisor

NOMURA n/a ULT-AGG 286'640 0.47 (19'640) 28.02.2013 Unclassified

MORGAN STANLEY n/a ULT-AGG 261'584 0.43 8'517 31.12.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 247'625 0.41 600 28.02.2013 Unclassified

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 246'810 0.41 78'200 31.10.2012 Investment Advisor




EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 04.02.2013

Morgan Stanley YOSHINAO IBARA Underwt/Attractive 1 M 20'000 12 month 01.02.2013


Mizuho Securities TAKESHI TANAKA neutral 3 M 25'000 12 month 01.02.2013

BNP Paribas Equity Research CHRISTOPHER CINTAVEY reduce 2 M 21'300 12 month 01.02.2013

Nomura MASAYASU NOGUCHI buy 5 M 30'000 12 month 01.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA neutral 3 M 23'700 12 month 01.02.2013

Deutsche Bank TAKESHI KITAURA buy 5 N 29'600 12 month 24.01.2013

Macquarie DAMIAN THONG neutral 3 M 22'000 12 month 09.01.2013

Holdings By:

Keyence Corp ee


27.03.2013

Kirin Holdings Company, Limited produces beer, soft drinks, food products,

whisky, and pharmaceuticals. The Company sells its products in Japan and

overseas.


LTM as of: 12/yy

52-Week High (19.03.2013) 1'520.00

52-Week Low (26.07.2012) 864.00

Daily Volume

1494





1'441'710.00 1 Yr Total Return 42.77%










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

2'303'569.0 2'278'473.0 2'177'802.0 2'071'774.0 2'186'177.0 ######### ######### ######### ######### - -

0.87x 1.09x 0.96x 1.04x 0.94x 3.92x 3.88x 1.04x 0.99x - -

264'301.0 255'936.0 291'599.0 285'626.0 299'384.0 285'625.0 299'384.0 304'581.3 310'031.7 - -

7.55x 9.67x 7.20x 7.57x 6.87x 7.57x 6.87x 8.29x 8.15x - -

80'182.0 49'172.0 11'394.0 7'407.0 56'198.0 7'407.0 56'198.0 88'592.7 71'765.9 (3'135.0) 16'684.0

14.00x 28.91x 95.31x 121.56x 17.32x 121.72x 17.31x 15.29x 18.33x - -











EBITDA Margin 13.7%



Asset Turnover 0.75








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kirin Holdings Co LtdPrice/Volume

Valuation Analysis

2'797'000.00


!

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1!!

3!!

5!!

-!!!

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-1!!

-3!!

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0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013








ISONO SHOKAI KK n/a Co File 23'272'000 2.41 - 30.06.2012 Corporation






MITSUBISHI LOGISTICS n/a Co File 7'240'720 0.75 - 31.03.2012 Corporation

ASAHI GLASS CO LTD n/a Co File 7'018'539 0.73 (980'000) 31.12.2011 Corporation

MITSUBISHI CORP n/a Co File 6'710'473 0.7 (4'470'000) 31.03.2012 Corporation


TERUMO CORP n/a Co File 6'227'000 0.65 - 31.03.2012 Corporation


MITSUBISHI ESTATE CO n/a Co File 5'044'338 0.52 - 31.03.2012 Corporation

NIKON CORP n/a Co File 4'915'488 0.51 - 31.03.2012 Corporation




Tokai Tokyo Securities TOMONOBU TSUNOYAMA neutral 3 M 1'000 Not Provided 18.03.2013

Goldman Sachs KEIKO YAMAGUCHI neutral/neutral 3 M 1'400 12 month 18.03.2013


Nomura SATOSHI FUJIWARA neutral 3 M 1'320 12 month 18.03.2013

SMBC Nikko Securities Inc YOSHIYASU OKIHIRA neutral 3 M 1'340 12 month 18.03.2013

Barclays TAKAYUKI HAYANO underweight 1 M 1'260 Not Provided 18.03.2013


Mitsubishi UFJ Morgan Stanley SecuritieAKANE NAKAGAWA suspended coverage #N/A N/A M #N/A N/A Not Provided 28.02.2013

Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI buy 5 M 1'520 Not Provided 18.02.2013



Ji Asia MIKIHIKO YAMATO buy 5 N 1'200 12 month 09.03.2012

Holdings By:

Kirin Holdings Co Ltd ee


27.03.2013

KOMATSU LTD. manufactures and sells construction and mining machinery, including

excavators, bulldozers, and wheel loaders. The Company, operating on a global

scale, also produces forklift trucks and engineering equipment such as press

system.


LTM as of: 12/yy

52-Week High (06.02.2013) 2'507.00

52-Week Low (10.10.2012) 1'439.00

Daily Volume

2282





2'243'503.25 1 Yr Total Return -2.11%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'243'023.0 2'021'743.0 1'431'564.0 1'843'127.0 1'981'763.0 ######### ######### ######### ######### 534'582.6 476'000.0

1.40x 0.78x 1.71x 1.76x 1.44x 5.38x 5.33x 1.45x 1.34x - -

408'514.0 250'302.0 158'354.0 312'396.0 346'449.0 343'430.0 301'628.0 323'962.8 382'483.8 - -

7.67x 6.31x 15.43x 10.38x 8.25x 6.75x 9.09x 8.96x 7.59x - -

208'793.0 78'797.0 33'559.0 150'752.0 167'041.0 179'506.0 128'761.0 139'957.3 174'484.5 42'719.0 -

13.50x 13.38x 56.53x 18.14x 13.60x 9.69x 16.15x 15.53x 12.44x - -











EBITDA Margin 16.8%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Komatsu LtdPrice/Volume

Valuation Analysis

3'676'100.00


!

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-!!!

-2!!

.!!!

.2!!

0!!!

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2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

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0! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013







TAIYO LIFE INSURANCE n/a Co File 34'000'000 3.46 (4'000'716) 30.09.2012 Insurance Company

KOMATSU LTD n/a ULT-AGG 31'311'000 3.18 (64'800) 30.09.2012 Corporation

BANK OF NEW YORK MEL n/a Co File 25'828'000 2.63 1'651'000 30.09.2012 Investment Advisor



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 19'274'050 1.96 (1'084'726) 31.01.2013 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 12'893'700 1.31 117'200 31.12.2012 Investment Advisor






HOKKOKU BANK LTD/THE n/a Co File 7'549'916 0.77 - 31.03.2012 Bank




SMBC Nikko Securities Inc TAKU OUCHI outperform 5 M 3'300 12 month 22.03.2013

Morgan Stanley YOSHINAO IBARA Overwt/Attractive 5 M 3'000 12 month 21.03.2013

Nomura KATSUSHI SAITO buy 5 M 3'020 12 month 12.03.2013

Ji Asia TONY MOYER buy 5 M 3'010 12 month 12.03.2013

Credit Suisse SHINJI KURODA outperform 5 M 2'700 Not Provided 04.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA outperform 5 M 2'740 12 month 27.02.2013

Mizuho Securities JUNJI SAKURADA neutral 3 M 2'500 12 month 22.02.2013

Macquarie KENJIN HOTTA underperform 1 M 1'850 12 month 14.02.2013

Deutsche Bank TAKESHI KITAURA buy 5 M 3'300 12 month 08.02.2013

Jefferies YUKIHIRO KUMAGAI buy 5 M 2'800 12 month 08.02.2013


Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Neutral Plus 3 M 2'700 6 month 31.01.2013

Mito Securities YOICHIRO WATANABE neutral 3 M 2'500 6 month 30.01.2013

Tokai Tokyo Securities MITSUYUKI ODAIRA above average 4 U #N/A N/A Not Provided 30.01.2013

JPMorgan TORU NAKAHASHI overweight 5 M 1'900 9 month 30.01.2013

Tachibana Securities YOSHIKAZU SHIMADA outperform 5 U #N/A N/A Not Provided 30.01.2013

Daiwa Securities Co. Ltd. HIROKAZU MIYAGI outperform 5 M 2'700 Not Provided 30.01.2013

ACE Research Institute MASUNORI ISHITOBI neutral 3 M 2'350 Not Provided 30.01.2013

Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 3'100 12 month 29.01.2013



Holdings By:

Komatsu Ltd ee


27.03.2013

KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and

fluid piping systems. The Company's products include ductile iron pipes,

engines, tractors, combine harvesters, reaper binders, rice planters, and

excavators. Kubota also produces forged iron products, housing equipment, and

environmental control plants.


LTM as of: 12/yy

52-Week High (27.03.2013) 1'390.00

52-Week Low (04.06.2012) 630.00

Daily Volume

1360





1'748'850.13 1 Yr Total Return 69.87%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'154'574.0 1'107'482.0 930'644.0 933'685.0 1'008'019.0 984'263.0 ######### ######### ######### 333'273.7 -

0.96x 0.76x 1.53x 1.38x 1.30x 4.80x 4.99x 1.79x 1.65x - -

167'440.0 134'057.0 98'873.0 113'104.0 129'588.0 118'294.0 134'470.0 143'141.5 176'199.0 - -

6.63x 6.28x 14.37x 11.42x 10.09x 9.34x 11.89x 14.73x 11.97x - -

68'026.0 48'064.0 42'326.0 54'822.0 61'552.0 53'550.0 68'410.0 69'033.9 86'944.7 - -

11.76x 14.20x 25.60x 18.19x 16.31x 15.24x 18.10x 24.86x 19.71x - -











EBITDA Margin 12.7%



Asset Turnover 0.74







Fiscal Year Ended

Kubota CorpPrice/Volume

Valuation Analysis

6'983'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8. ! 81 ! 83 ! 85 ! 8-! ! 8-. ! 8-1 ! 8-3 ! 8-5 ! 8.! ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013




NIPPON LIFE INSURANC n/a ULT-AGG 81'633'000 6.35 (4'464'265) 30.09.2012 Insurance Company






KUBOTA CORP n/a Co File 29'565'000 2.3 12'000 30.09.2012 Corporation











SARASIN n/a ULT-AGG 4'919'000 0.38 (586'000) 31.01.2013 Unclassified


Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA neutral 3 M 1'210 12 month 19.03.2013

SMBC Nikko Securities Inc TAKU OUCHI outperform 5 M 1'350 12 month 14.03.2013

Marusan Securities KOSUKE SAHARA outperform 5 N #N/A N/A Not Provided 08.03.2013



Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI Neutral Plus 3 M 1'300 6 month 28.02.2013

Mizuho Securities JUNJI SAKURADA buy 5 M 1'300 12 month 22.02.2013

Nomura RYO TAZAKI buy 5 M 1'250 12 month 21.02.2013

Macquarie KENJIN HOTTA neutral 3 D 1'100 12 month 12.02.2013


BNP Paribas Equity Research CHRISTOPHER CINTAVEY hold 3 M 1'070 12 month 06.02.2013

TIW MASAKAZU ITOI Neutral Plus 3 U #N/A N/A Not Provided 16.01.2013



Tachibana Securities YOSHIKAZU SHIMADA Strong Outperform 5 U #N/A N/A Not Provided 13.11.2012


Mito Securities YOICHIRO WATANABE Neutral Plus 3 N #N/A N/A Not Provided 17.11.2010

Holdings By:

Kubota Corp ee


27.03.2013

KYOCERA CORPORATION manufacturers electronic equipment and components. The

Company's products include telecommunication equipment, information equipment,

optical equipment, ceramic products, semiconductor parts, chips, hybrid

integrated circuits, thermal printheads, image sensors, liquid crystal displays,

and connectors. Kyocera operates worldwide.


LTM as of: 12/yy

52-Week High (25.03.2013) 9'130.00

52-Week Low (25.07.2012) 6'000.00

Daily Volume

8850





1'693'087.25 1 Yr Total Return 15.68%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'290'436.0 1'128'586.0 1'073'805.0 1'266'924.0 1'190'870.0 ######### ######### ######### ######### 348'818.8 331'510.0

0.83x 0.72x 1.17x 0.90x 0.85x 3.19x 3.05x 1.03x 0.93x - -

239'465.0 140'996.0 136'689.0 227'468.0 170'795.0 197'536.0 133'174.0 144'490.4 193'987.7 - -

4.49x 5.79x 9.18x 4.98x 5.92x 3.89x 7.69x 8.94x 6.66x - -

107'244.0 29'506.0 40'095.0 122'448.0 79'357.0 100'841.0 52'217.0 62'034.9 96'397.6 13'162.0 21'508.0

14.77x 41.20x 41.70x 12.63x 17.52x 11.26x 27.30x 26.32x 17.01x 19.90x 18.12x











EBITDA Margin 10.7%



Asset Turnover 0.60







Fiscal Year Ended

Kyocera CorpPrice/Volume

Valuation Analysis

634'600.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8 2 8- ! 8- 2 8. ! 8. 2 80 ! 80 2 81 ! 81 2 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013





KYOCERA CORP n/a Co File 7'867'200 4.11 1'900 30.09.2012 Corporation

BANK OF KYOTO LTD/TH n/a Co File 7'218'000 3.77 - 30.09.2012 Bank

INAMORI KAZUO n/a Co File 5'606'000 2.93 - 30.09.2012 n/a





INAMORI FOUNDATION n/a Co File 4'680'000 2.45 - 30.09.2012 Other



K I KOSAN KK n/a Co File 3'550'000 1.86 - 30.09.2012 Corporation

JP MORGAN SECURITIES n/a Co File 2'844'000 1.49 (188'000) 30.09.2012 Bank



KAGOSHIMA BANK LTD/T n/a Co File 1'024'000 0.54 - 31.03.2012 Bank

SKAGEN AS Multiple Portfolios MF-AGG 985'768 0.52 - 28.02.2013 Mutual Fund Manager



Okasan Securities KOICHI AKIYAMA neutral 3 M #N/A N/A Not Provided 21.03.2013

Morgan Stanley SHOJI SATO Overwt/In-Line 5 M 10'500 12 month 19.03.2013

Mizuho Securities FUMIHIDE GOTO buy 5 M 9'100 12 month 04.03.2013

Macquarie GEORGE T CHANG outperform 5 M 8'800 12 month 01.03.2013

JPMorgan MASASHI ITAYA neutral 3 D 9'000 9 month 25.02.2013

Credit Suisse AKINORI KANEMOTO neutral 3 D 8'400 Not Provided 21.02.2013

Jefferies MASAHIRO WAKASUGI buy 5 M 9'500 12 month 20.02.2013

SMBC Nikko Securities Inc HIROHARU WATANABE underperform 1 D 8'900 12 month 20.02.2013

TIW TAKAO HATTORI neutral 3 M #N/A N/A Not Provided 13.02.2013

Tokai Tokyo Securities KOUICHIROU HAGIWARA above average 4 M #N/A N/A Not Provided 06.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO outperform 5 M 9'500 12 month 04.02.2013

Nomura MANABU AKIZUKI buy 5 M 10'200 12 month 01.02.2013

Goldman Sachs DAIKI TAKAYAMA neutral/attractive 3 M 7'600 12 month 31.01.2013

Daiwa Securities Co. Ltd. TAKUMI SADO outperform 5 M 9'700 Not Provided 17.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013

Tachibana Securities TSUNENORI OHMAKI Strong Outperform 5 M #N/A N/A Not Provided 01.05.2012

Holdings By:

Kyocera Corp ee


27.03.2013

Marubeni Corporation is a trading company with business divisions in iron &

steel, information technology, utility & infrastructure, energy, food, metals &

mineral resources, development & construction, and chemicals. The Company

markets its products globally through a network of sales offices and

representative firms.


LTM as of: 12/yy

52-Week High (25.03.2013) 768.00

52-Week Low (04.06.2012) 463.00

Daily Volume

743





1'291'290.13 1 Yr Total Return 26.08%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

4'166'226.0 4'002'299.0 3'279'969.0 3'683'849.0 4'390'353.0 ######### ######### ######### ######### ######### -

0.87x 0.69x 0.90x 0.79x 0.69x 2.75x 2.61x 0.34x 0.32x 1.33x -

296'523.0 328'059.0 193'299.0 217'916.0 229'826.0 240'768.0 204'316.0 270'769.0 325'443.1 - -

12.25x 8.38x 15.31x 13.36x 13.12x 12.01x 16.14x 13.01x 10.83x - -

147'249.0 111'208.0 95'312.0 136'541.0 172'125.0 170'884.0 183'322.0 198'422.0 212'796.4 49'466.7 0.0

8.55x 4.76x 10.58x 7.62x 6.02x 4.77x 5.81x 6.49x 6.06x 27.52x -


EBIT 157'315.00 Long-Term Rating BBB



Return on Assets 3.39% Short-Term Rating NR






EBITDA Margin 4.6%



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Marubeni CorpPrice/Volume

Valuation Analysis

10'323'000.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

5!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0! ! 8

02 ! 8

0.0

1'000'000.0

2'000'000.0

3'000'000.0

4'000'000.0

5'000'000.0

6'000'000.0

7'000'000.0

8'000'000.0

9'000'000.0

10'000'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013







CAPITAL GROUP COMPAN n/a ULT-AGG 47'685'000 2.74 - 31.12.2012 Investment Advisor







AEON CO LTD n/a ULT-AGG 21'997'000 1.27 - 29.02.2012 Corporation




DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 9'271'000 0.53 (505'000) 28.02.2013 Holding Company

BLACKROCK ADVISORS U n/a MOF-JP 8'335'586 0.48 (1'782'038) 15.08.2011 Investment Advisor




Mizuho Securities AKIFUMI HAYASHI buy 5 M 960 12 month 22.03.2013

Barclays KAZUHISA MORI overweight 5 M 870 Not Provided 18.03.2013

Jefferies THANH HA PHAM underperform 1 M 400 12 month 13.03.2013

SMBC Nikko Securities Inc TAKASHI MURAKAMI neutral 3 M 810 12 month 08.03.2013

BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 850 12 month 04.03.2013

Daiwa Securities Co. Ltd. JIRO IOKIBE outperform 5 M 750 Not Provided 28.02.2013


JPMorgan AKIRA KISHIMOTO overweight 5 M 760 9 month 22.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA outperform 5 M 870 12 month 14.02.2013

Nomura YASUHIRO NARITA buy 5 M 805 12 month 04.02.2013

Morgan Stanley HARUNOBU GOROH Overwt/In-Line 5 M 780 12 month 29.01.2013


Macquarie POLINA DIYACHKINA neutral 3 M 600 12 month 10.01.2013

Marusan Securities SATOSHI EBISAWA outperform 5 M #N/A N/A Not Provided 14.06.2012

Okasan Securities KIYOSHI MORI buy 5 M 700 6 month 09.11.2011

Holdings By:

Marubeni Corp ee


27.03.2013

Mitsubishi Chemical Holdings Corporation is a holding company established

through the merger of Mitsubishi Chemical and Mitsubishi Pharma. The Company

manages operation of its subsidiaries.


LTM as of: 12/yy

52-Week High (21.03.2013) 487.00

52-Week Low (11.10.2012) 275.00

Daily Volume

458





689'879.94 1 Yr Total Return 5.82%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'929'810.0 2'909'030.0 2'515'079.0 3'166'771.0 3'208'168.0 ######### ######### ######### ######### 851'207.2 -

0.62x 0.52x 0.91x 0.70x 0.63x 2.74x 2.38x 0.64x 0.61x - -

234'463.0 135'224.0 199'746.0 384'898.0 288'558.0 325'350.0 226'198.0 241'437.3 277'919.3 20'000.0 -

7.78x 11.21x 11.48x 5.76x 7.04x 6.09x 8.72x 8.37x 7.27x - -

164'064.0 (67'178.0) 12'833.0 83'581.0 35'486.0 35'396.0 12'625.0 23'071.9 40'960.3 0.0 -

5.51x - 51.29x 8.91x 18.37x 17.67x 50.88x 29.51x 16.40x - -











EBITDA Margin 7.2%



Asset Turnover 1.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mitsubishi Chemical Holdings CorpPrice/Volume

Valuation Analysis

7'472'500.00


!2!

-!!-2!.!!.2!0!!02!1!!12!2!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8. ! 81 ! 83 ! 85 ! 8-! ! 8-. ! 8-1 ! 8-3 ! 8-5 ! 8.! ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013








TAKEDA PHARMACEUTICA n/a Co File 51'730'000 3.43 - 30.09.2012 Corporation



MITSUBISHI CHEMICAL n/a Co File 30'166'000 2 (51'500) 30.09.2012 Corporation

TAIYO LIFE INSURANCE n/a Co File 29'338'000 1.95 10'499'628 30.09.2012 Insurance Company

JA ZENKYOREN n/a Co File 21'633'000 1.44 - 31.03.2012 Bank

MITSUBISHI MATERIALS n/a Co File 14'999'214 1 - 31.03.2012 Corporation





TAIYO NIPPON SANSO C n/a Co File 10'421'509 0.69 - 31.03.2012 Corporation




SMBC Nikko Securities Inc TAKATO WATABE underperform 1 M 380 12 month 21.03.2013

Credit Suisse MASAMI SAWATO neutral 3 M 500 Not Provided 12.03.2013

Mizuho Securities ATSUSHI YOSHIDA buy 5 M 490 12 month 11.03.2013

Nomura SHIGEKI OKAZAKI neutral 3 M 460 12 month 07.03.2013

TIW TOSHIRO TAKAHASHI Neutral Minus 3 M #N/A N/A Not Provided 06.03.2013

Barclays MIKIYA YAMADA equalweight 3 M 440 Not Provided 05.03.2013

Daiwa Securities Co. Ltd. HIDEMITSU UMEBAYASHI neutral 3 M 440 Not Provided 26.02.2013

Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Neutral Plus 3 U 480 6 month 22.02.2013

Goldman Sachs HISAAKI YOKOO neutral/neutral 3 M 470 12 month 17.01.2013



JPMorgan NOBUHITO OWAKI neutral 3 M 380 9 month 20.12.2012

Jefferies YOSHIHIRO AZUMA hold 3 D 360 12 month 27.11.2012

Mitsubishi UFJ Morgan Stanley SecuritieYASUHIRO NAKADA neutral 3 M 350 12 month 01.11.2012


Holdings By:

Mitsubishi Chemical Holdings Corp ee


27.03.2013

Mitsubishi Corporation is a general trading company. The Company has business

groups such as New Business Initiatives, IT & Electronics, Fuels, Metals,

Machinery, Chemicals, Living Essentials, and Professional Services. Mitsubishi

diversifies by satellite communications through a joint venture.


LTM as of: 12/yy

52-Week High (27.03.2012) 2'017.00

52-Week Low (15.10.2012) 1'330.00

Daily Volume

1802





2'979'617.25 1 Yr Total Return -6.24%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

6'030'806.0 6'146'406.0 4'540'793.0 5'206'873.0 5'565'832.0 ######### ######### ######### ######### - -

1.45x 0.99x 1.65x 1.42x 1.33x 4.91x 4.93x 0.37x 0.36x - -

509'382.0 738'480.0 321'030.0 459'960.0 416'550.0 442'051.0 282'111.0 377'378.3 463'286.5 - -

17.22x 8.27x 23.32x 16.06x 17.80x 14.86x 26.27x 20.35x 16.57x - -

470'859.0 369'936.0 274'846.0 463'188.0 453'849.0 472'761.0 364'987.0 353'554.0 408'875.6 73'333.3 -

10.52x 5.78x 14.65x 8.19x 6.96x 5.41x 7.43x 8.41x 7.31x - -











EBITDA Margin 5.1%



Asset Turnover 0.48







Fiscal Year Ended

Mitsubishi CorpPrice/Volume

Valuation Analysis

8'105'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


JAPAN TRUSTEE SERVIC n/a Co File 132'303'000 8 (8'011'000) 30.09.2012 Bank


MASTER TRUST BANK OF n/a Co File 66'103'000 4 (3'290'000) 30.09.2012 Bank










ASAHI GLASS CO LTD n/a Co File 14'492'305 0.88 - 31.12.2011 Corporation




MITSUBISHI LOGISTICS n/a Co File 9'410'381 0.57 - 31.03.2012 Corporation


DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 7'631'400 0.46 1'067'400 28.02.2013 Holding Company

MITSUBISHI CORP n/a Co File 6'701'500 0.41 (363'700) 30.09.2012 Corporation






BNP Paribas Equity Research TOSHIYUKI JOHNO hold 3 M 1'700 12 month 04.03.2013



Barclays KAZUHISA MORI equalweight 3 D 2'120 Not Provided 21.02.2013


Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI outperform 5 M 2'250 6 month 04.02.2013


Morgan Stanley HARUNOBU GOROH Equalwt/In-Line 3 M 1'950 12 month 29.01.2013


Macquarie POLINA DIYACHKINA neutral 3 M 1'600 12 month 10.01.2013


Holdings By:

Mitsubishi Corp ee


27.03.2013

Mitsubishi Electric Corporation develops, manufactures, and markets electronic

equipment. The Company's products include industrial machinery, heavy electric

machinery, data communications systems, electronic devices, and consumer

electronics.


LTM as of: 12/yy

52-Week High (15.03.2013) 849.00

52-Week Low (13.11.2012) 557.00

Daily Volume

775





1'664'081.25 1 Yr Total Return 9.21%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

4'049'818.0 3'665'119.0 3'353'298.0 3'645'331.0 3'639'468.0 ######### ######### ######### ######### ######### -

0.53x 0.40x 0.62x 0.60x 0.50x 2.18x 1.98x 0.52x 0.48x - -

403'488.0 287'746.0 214'064.0 339'041.0 352'688.0 318'011.0 305'205.0 300'476.2 350'609.6 - -

5.37x 5.14x 9.65x 6.40x 5.12x 5.60x 6.47x 6.89x 5.90x - -

157'977.0 12'167.0 28'278.0 124'525.0 112'063.0 89'686.0 79'137.0 56'022.9 128'372.1 2'456.0 -

11.71x 77.78x 65.17x 16.93x 14.02x 17.67x 19.84x 29.70x 12.90x - -











EBITDA Margin 9.2%



Asset Turnover 1.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mitsubishi Electric CorpPrice/Volume

Valuation Analysis

6'245'000.00


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

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013




DODGE & COX n/a MOF-JP 107'742'500 5.02 - 15.01.2013 Investment Advisor








MITSUBISHI HEAVY IND n/a Co File 30'088'000 1.4 1'000 31.03.2012 Corporation








TAIYO LIFE INSURANCE n/a Co File 14'350'000 0.67 - 31.03.2012 Insurance Company

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'472'000 0.58 (137'000) 31.12.2012 Investment Advisor




Mizuho Securities TAKESHI TANAKA neutral 3 M 750 12 month 01.03.2013



Tokai Tokyo Securities HARUO SATO above average 4 U #N/A N/A Not Provided 15.02.2013

SMBC Nikko Securities Inc YUKIHIKO SHIMADA neutral 3 M 740 12 month 15.02.2013




Morgan Stanley YOSHINAO IBARA Overwt/Attractive 5 M 880 12 month 04.02.2013





Holdings By:

Mitsubishi Electric Corp ee


27.03.2013

Mitsubishi Estate Company Ltd. invests in real estate properties in Japan. The

Company leases, manages, and develops commercial buildings in central Tokyo.

Mitsubishi Estate also develops and sells residential properties and parking

lots and manages recreational facilities including golf courses and tennis

clubs.


LTM as of: 12/yy

52-Week High (11.03.2013) 2'829.00

52-Week Low (04.06.2012) 1'174.00

Daily Volume

2681





3'727'654.50 1 Yr Total Return 82.89%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

787'652.0 942'626.0 1'013'415.0 988'447.0 1'013'069.0 ######### 996'014.0 934'709.2 ######### 278'073.0 245'808.0

6.20x 3.50x 3.78x 3.52x 3.62x 13.57x 16.83x 6.13x 5.65x - -

235'347.0 198'931.0 222'898.0 228'886.0 213'764.0 216'454.0 202'881.0 208'299.9 240'781.9 (28'000.0) -

20.74x 16.60x 17.21x 15.20x 17.16x 15.36x 24.18x 27.80x 24.05x - -

86'963.0 45'423.0 11'900.0 64'219.0 56'512.0 71'626.0 38'558.0 52'017.5 71'247.1 (28'000.0) -

38.42x 33.50x 178.32x 30.41x 36.25x 22.29x 73.73x 72.82x 52.21x 59.92x -











EBITDA Margin 21.7%



Asset Turnover 0.23







Fiscal Year Ended

Mitsubishi Estate Co LtdPrice/Volume

Valuation Analysis

8'056'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8. ! 81 ! 83 ! 85 ! 8-! ! 8-. ! 8-1 ! 8-3 ! 8-5 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013









MELLON BANK NA n/a Co File 25'266'000 1.82 (1'063'000) 30.09.2012 Investment Advisor

CITIGROUP GLOBAL MAR n/a Co File 23'575'000 1.7 (922'000) 30.09.2012 Investment Advisor

ASAHI GLASS CO LTD n/a Co File 22'714'000 1.63 (72) 31.03.2012 Corporation


TAISEI CORP n/a Co File 18'268'000 1.31 9'100'000 31.03.2012 Corporation


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 17'006'000 1.22 (1'516'608) 28.02.2013 Investment Advisor






ING INVESTMENT MANAG Multiple Portfolios MF-AGG 11'741'542 0.84 828'000 31.12.2012 Investment Advisor


Morgan Stanley TOMOYOSHI OMURO Equalwt/In-Line 3 M 2'400 12 month 25.03.2013

Jefferies YUKI OGAWA buy 5 M 3'100 12 month 21.03.2013

SMBC Nikko Securities Inc HIROKI KAWASHIMA outperform 5 M 3'300 12 month 18.03.2013

Barclays TAKASHI HASHIMOTO equalweight 3 D 2'700 Not Provided 18.03.2013

Okasan Securities TOMOTAKA OSHIO neutral 3 M #N/A N/A Not Provided 12.03.2013

Credit Suisse MASAHIRO MOCHIZUKI neutral 3 D 2'500 Not Provided 07.03.2013

Mizuho Securities HIROSHI OKUBO buy 5 M 3'000 12 month 07.03.2013

Marusan Securities AKIRA OGINO outperform 5 M #N/A N/A Not Provided 26.02.2013



Iwai Cosmo Securities Co. Ltd MASARU KIMURA Neutral Plus 3 M 2'500 6 month 05.02.2013

Tokai Tokyo Securities HIRONOBU NAKAYAMA neutral 3 M #N/A N/A Not Provided 04.02.2013

Goldman Sachs SACHIKO OKADA neutral/neutral 3 M 2'010 12 month 04.02.2013




Daiwa Securities Co. Ltd. HIDEAKI TERAOKA outperform 5 M 1'800 Not Provided 12.11.2012

Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 U #N/A N/A Not Provided 08.11.2012

Macquarie NORIHIKO SAWANO underperform 1 M 1'300 12 month 31.10.2012

Ji Asia MARK S BROWN buy 5 U 1'800 12 month 25.09.2012

TIW YOSHITANE HORIBE neutral 3 M #N/A N/A Not Provided 30.07.2012

Holdings By:

Mitsubishi Estate Co Ltd ee


27.03.2013

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker.

The Company manufactures machinery, ships, turbines and engines, prime movers,

aircrafts, and machine parts for military and commercial use. Mitsubishi Heavy

Industries also researches and develops nuclear power plants.


LTM as of: 12/yy

52-Week High (06.02.2013) 560.00

52-Week Low (25.07.2012) 288.00

Daily Volume

527





1'777'912.38 1 Yr Total Return 31.68%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

3'203'085.0 3'375'674.0 2'940'887.0 2'903'770.0 2'820'932.0 ######### ######### ######### ######### ######### -

0.79x 0.66x 0.88x 0.82x 0.82x 3.20x 3.01x 0.87x 0.79x - -

264'290.0 258'848.0 203'705.0 233'378.0 235'925.0 245'884.0 210'728.0 277'212.5 310'066.7 - -

9.60x 8.59x 12.63x 10.14x 9.75x 8.86x 11.18x 9.89x 8.84x - -

61'332.0 24'217.0 14'163.0 30'117.0 24'540.0 44'875.0 41'716.0 73'166.7 84'292.6 - -

23.30x 41.27x 91.71x 42.59x 54.86x 24.53x 33.38x 24.22x 20.85x - -











EBITDA Margin 7.2%



Asset Turnover 0.73







Fiscal Year Ended

Mitsubishi Heavy Industries LtdPrice/Volume

Valuation Analysis

9'460'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!

.!!

0!!

1!!

2!!

3!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

.! ! 8

1! ! 8

3! ! 8

5! ! 8

-!! ! 8

-.! ! 8

-1! ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013










COMPANY'S MOCHIKABU n/a Co File 39'255'000 1.16 983'000 30.09.2012 n/a







SAWAKAMI ASSET MANAG Multiple Portfolios MF-AGG 18'417'000 0.55 - 23.08.2012 Investment Advisor

MITSUBISHI HEAVY IND n/a Co File 18'397'000 0.55 (52'000) 30.09.2012 Corporation


HYAKUJUSHI BANK LTD/ n/a Co File 12'600'000 0.37 - 31.03.2012 Bank



Credit Suisse SHINJI KURODA outperform 5 M 700 Not Provided 27.03.2013

Daiwa Securities Co. Ltd. HIROSUKE TAI buy 5 M 600 Not Provided 26.03.2013

Morgan Stanley YOSHINAO IBARA Overwt/Attractive 5 M 670 12 month 25.03.2013

SMBC Nikko Securities Inc TAKU OUCHI outperform 5 M 580 12 month 25.03.2013

Jefferies YUKIHIRO KUMAGAI buy 5 M 580 12 month 12.03.2013

Nomura RYO TAZAKI neutral 3 D 570 12 month 04.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA outperform 5 M 620 12 month 28.02.2013

Mizuho Securities MASANORI WAKAE buy 5 M 610 12 month 25.02.2013

Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Neutral Plus 3 M 620 6 month 07.02.2013

Barclays KUNIO SAKAIDA equalweight 3 M 490 Not Provided 06.02.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 17.01.2013



Tachibana Securities YOSHIKAZU SHIMADA outperform 5 M #N/A N/A Not Provided 05.11.2012

JPMorgan TORU NAKAHASHI neutral 3 M 360 9 month 10.08.2012

Mito Securities YOICHIRO WATANABE neutral 3 D #N/A N/A Not Provided 02.09.2010

Holdings By:

Mitsubishi Heavy Industries Ltd ee


27.03.2013

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established

through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a

financial group, the Company provides a variety of financial and investment

services including commercial banking, trust banking, international finance,

and assets management services.


LTM as of: 12/yy

52-Week High (12.03.2013) 592.00

52-Week Low (04.06.2012) 328.00

Daily Volume

564





7'985'442.50 1 Yr Total Return 32.88%


Preferred Stock 390'001.0 Adjusted BETA 1.180



Enterprise Value -


8306 JT EQUITY YTD Change - Average Volume 30 Day #########

8306 JT EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

5'967'305.0 4'615'952.0 4'695'328.0 4'355'750.0 4'536'724.0 ######### ######### ######### ######### 928'253.0 -

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

- - - - - 0.0 0.0 - - - -

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

636'624.0 (256'952.0) 388'734.0 583'079.0 981'331.0 847'052.0 697'985.0 713'273.9 713'284.3 - -

14.10x - 16.58x 9.61x 6.05x 5.52x 9.47x 11.34x 11.30x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Mitsubishi UFJ Financial Group IncPrice/Volume

Valuation Analysis

48'808'100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

2! ! 8

-!! ! 8

-2! ! 8

.!! ! 8

.2! ! 8

0.0

1'000'000.0

2'000'000.0

3'000'000.0

4'000'000.0

5'000'000.0

6'000'000.0

7'000'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


JAPAN TRUSTEE SERVIC n/a Co File 1'145'494'200 8.09 (30'488'000) 30.09.2012 Bank







TOYOTA MOTOR CORP n/a ULT-AGG 178'199'403 1.26 (53) 17.12.2012 Corporation




THORNBURG INVESTMENT Multiple Portfolios MF-AGG 136'417'458 0.96 - 31.01.2013 Investment Advisor






DAIDO LIFE INSURANCE n/a Co File 64'168'770 0.45 - 31.03.2012 Insurance Company


DODGE & COX Multiple Portfolios MF-AGG 60'297'100 0.43 672'200 29.01.2013 Investment Advisor


Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 614 12 month 11.03.2013

Jefferies MAKARIM SALMAN buy 5 M 630 12 month 08.03.2013

Macquarie ALASTAIR MACDONALD outperform 5 M 600 12 month 04.03.2013

SMBC Nikko Securities Inc SHINICHIRO NAKAMURA outperform 5 M 600 Not Provided 28.02.2013

JPMorgan NATSUMU TSUJINO overweight 5 M 690 9 month 20.02.2013

Mizuho Securities RIE NISHIHARA buy 5 M 610 12 month 06.02.2013

Deutsche Bank YOSHINOBU YAMADA buy 5 M 655 12 month 04.02.2013

Daiwa Securities Co. Ltd. AKIRA TAKAI outperform 5 M 700 Not Provided 04.02.2013



Nomura KEN TAKAMIYA buy 5 M 660 12 month 01.02.2013

Barclays SHIN TAMURA equalweight 3 M 420 Not Provided 01.02.2013

Goldman Sachs KATSUNORI TANAKA buy/attractive 5 M 570 12 month 28.01.2013


Holdings By:

Mitsubishi UFJ Financial Group Inc ee


27.03.2013

MITSUI & CO., LTD. is a general trading company. The Company has operating

groups including Iron and Steel, Non-Ferrous Metals, Machinery, Chemicals,

Foods, Energy, Textiles, and General Merchandise. Mitsui also operates real

estate and overseas development projects.


LTM as of: 12/yy

52-Week High (12.03.2013) 1'463.00

52-Week Low (06.09.2012) 1'041.00

Daily Volume

1360





2'487'648.75 1 Yr Total Return 0.45%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

5'738'878.0 5'504'789.0 4'096'445.0 4'679'443.0 5'251'602.0 ######### ######### ######### ######### - -

1.18x 0.84x 1.26x 1.05x 0.93x 3.59x 3.98x 0.51x 0.49x - -

522'229.0 522'051.0 281'464.0 473'621.0 501'859.0 511'930.0 437'014.0 499'552.2 562'827.3 - -

12.98x 8.83x 18.38x 10.39x 9.71x 9.01x 12.38x 11.12x 9.87x - -

410'061.0 177'607.0 149'719.0 306'659.0 434'497.0 371'085.0 348'158.0 325'378.7 387'586.8 77'228.6 -

10.75x 10.20x 19.05x 8.87x 5.70x 5.89x 6.73x 7.66x 6.47x - -











EBITDA Margin 9.4%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mitsui & Co LtdPrice/Volume

Valuation Analysis

9'093'800.00


!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0.0

1'000'000.0

2'000'000.0

3'000'000.0

4'000'000.0

5'000'000.0

6'000'000.0

7'000'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013
















T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 16'444'500 0.9 3'166'600 31.12.2012 Investment Advisor





MITSUI & CO LTD n/a ULT-AGG 10'497'483 0.57 2'500 30.09.2012 Corporation



EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 21.03.2013

Jefferies THANH HA PHAM buy 5 M 1'600 12 month 18.03.2013

BNP Paribas Equity Research TOSHIYUKI JOHNO hold 3 M 1'500 12 month 04.03.2013

Daiwa Securities Co. Ltd. JIRO IOKIBE outperform 5 M 1'580 Not Provided 28.02.2013


SMBC Nikko Securities Inc TAKASHI MURAKAMI outperform 5 M 1'810 12 month 22.02.2013

Barclays KAZUHISA MORI overweight 5 U 1'660 Not Provided 21.02.2013



Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI outperform 5 M 1'800 6 month 05.02.2013





Holdings By:

Mitsui & Co Ltd ee


27.03.2013

Mitsui Fudosan Co., Ltd. provides overall real estate services such as leasing,

subdivision, construction, sales, and maintenance of office buildings and

residential houses. The Company also manufactures building materials, operates

commercial facilities including hotels and golf places, and provides financial

services such as securitization of real estate properties.


LTM as of: 12/yy

52-Week High (15.03.2013) 2'824.00

52-Week Low (18.05.2012) 1'204.00

Daily Volume

2724





2'401'001.00 1 Yr Total Return 72.77%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'360'023.0 1'418'945.0 1'384'806.0 1'405'269.0 1'338'102.0 ######### ######### ######### ######### 510'957.0 323'538.0

2.43x 1.88x 2.26x 2.09x 2.33x 8.83x 10.21x 3.07x 2.96x - -

223'594.0 220'437.0 170'871.0 173'046.0 179'269.0 163'579.0 204'434.0 202'359.3 217'292.5 - -

14.76x 12.10x 18.30x 16.98x 17.36x 16.94x 19.69x 22.68x 21.12x - -

87'378.0 83'572.0 60'084.0 49'909.0 50'129.0 43'868.0 69'337.0 59'554.5 65'363.0 - -

19.91x 11.22x 23.21x 24.16x 27.74x 22.46x 26.48x 40.30x 36.72x 49.95x -











EBITDA Margin 14.3%



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mitsui Fudosan Co LtdPrice/Volume

Valuation Analysis

6'323'000.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

. ! 8

1 ! 8

3 ! 8

5 ! 8

-! ! 8

-. ! 8

-1 ! 8

-3 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013




CITIGROUP GLOBAL MAR n/a Co File 25'724'000 2.92 69'000 30.09.2012 Investment Advisor






BANK OF NEW YORK MEL n/a Co File 16'449'000 1.87 6'000 30.09.2012 Investment Advisor



KAJIMA CORP n/a Co File 13'362'746 1.52 746 31.03.2012 Corporation





ING INVESTMENT MANAG Multiple Portfolios MF-AGG 9'293'718 1.05 457'503 31.12.2012 Investment Advisor

EUROPEAN INVESTORS I n/a Research 9'213'800 1.05 329'000 31.12.2012 Investment Advisor





Morgan Stanley TOMOYOSHI OMURO Equalwt/In-Line 3 D 2'400 12 month 19.03.2013

Ji Asia MARK S BROWN buy 5 U 3'250 12 month 19.03.2013





Mizuho Securities HIROSHI OKUBO buy 5 M 2'900 12 month 07.03.2013




Goldman Sachs SACHIKO OKADA Buy/Neutral 5 U 2'270 12 month 07.02.2013

Tokai Tokyo Securities HIRONOBU NAKAYAMA neutral 3 M #N/A N/A Not Provided 06.02.2013



Marusan Securities AKIRA OGINO outperform 5 M #N/A N/A Not Provided 17.01.2013


Daiwa Securities Co. Ltd. HIDEAKI TERAOKA buy 5 M 2'000 Not Provided 27.11.2012

Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 N #N/A N/A Not Provided 06.11.2012

Macquarie NORIHIKO SAWANO neutral 3 M 1'500 12 month 01.11.2012

TIW YOSHITANE HORIBE neutral 3 D #N/A N/A Not Provided 14.08.2012

Holdings By:

Mitsui Fudosan Co Ltd ee


27.03.2013

Mizuho Financial Group, Inc. provides comprehensive financial services through

its subsidiaries. The Group provides variety of financial services such as

general banking, securities brokerage, trust banking, and assets management.


LTM as of: 12/yy

52-Week High (12.03.2013) 221.00

52-Week Low (04.06.2012) 110.00

Daily Volume

206





4'972'355.00 1 Yr Total Return 50.68%





Enterprise Value -

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

8411 JT EQUITY YTD Change - Average Volume 30 Day #########

8411 JT EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

3'869'926.0 2'737'162.0 2'602'506.0 2'449'767.0 2'453'016.0 ######### ######### ######### ######### 530'457.0 -

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

- - - - - 0.0 0.0 - - - -

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

311'224.0 (588'814.0) 239'404.0 413'228.0 484'519.0 262'119.0 605'323.0 534'008.2 442'129.8 - -

14.39x - 11.36x 6.74x 6.55x 9.55x 6.36x 9.54x 11.48x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.01







Fiscal Year Ended

Mizuho Financial Group IncPrice/Volume

Valuation Analysis

137'924'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8-!! ! 8.!! ! 80!! ! 81!! ! 82!! ! 83!! ! 84!! ! 85!! ! 86!! ! 8-!!! ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

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

! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!

- 1!

- 3!

- 5!

. !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


JAPAN TRUSTEE SERVIC n/a Co File 2'650'122'000 10.98 245'075'100 30.09.2012 Bank

SUMITOMO MITSUI TRUS n/a ULT-AGG 1'068'578'600 4.43 (667'847'500) 15.03.2013 Bank

MASTER TRUST BANK OF n/a Co File 1'034'000'100 4.28 152'280'800 30.09.2012 Bank











DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 105'369'800 0.44 12'787'600 28.02.2013 Holding Company




GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 65'685'300 0.27 (3'017'300) 31.01.2013 Mutual Fund Manager

MARUBENI CORP n/a ULT-AGG 63'656'533 0.26 13'905'223 31.03.2012 Corporation

BNP PARIBAS ARBITRAG n/a Short (63'029'361) -0.26 1'032'100 26.03.2013 Investment Advisor



Keefe, Bruyette & Woods DAVID THREADGOLD market perform 3 M 219 12 month 11.03.2013

Macquarie ALASTAIR MACDONALD neutral 3 M 210 12 month 04.03.2013

JPMorgan NATSUMU TSUJINO overweight 5 M 230 9 month 02.03.2013


SMBC Nikko Securities Inc SHINICHIRO NAKAMURA neutral 3 D 220 Not Provided 28.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI outperform 5 U 240 12 month 28.02.2013



Barclays SHIN TAMURA overweight 5 M 160 Not Provided 27.02.2013

Morgan Stanley TAKAAKI NISHINO Equalwt/In-Line 3 U 200 12 month 19.02.2013



Goldman Sachs KATSUNORI TANAKA neutral/attractive 3 M 155 12 month 28.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 21.01.2013

Holdings By:

Mizuho Financial Group Inc ee


27.03.2013

MS&AD Insurance Group Holdings, Inc. is a holding company established through

reorganization of Mitsui Sumitomo Insurance Company, Limited. The Group writes

marine, fire, casualty, automobile, life, and allied insurance policies. MS&AD

Insurance Group also operates financial services and agencies.


LTM as of: 12/yy

52-Week High (15.03.2013) 2'205.00

52-Week Low (05.06.2012) 1'144.00

Daily Volume

2076





1'314'713.63 1 Yr Total Return 24.00%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

- 1'869'917.0 1'865'792.0 3'343'946.0 3'692'094.0 ######### ######### ######### ######### 957'500.0 -

- 0.33x 0.47x 0.22x 0.19x 0.79x 0.75x 0.28x 0.25x - -

- - - - - 0.0 0.0 - - - -

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

- 8'192.0 37'640.0 5'420.0 (169'469.0) (255'916.0) 127'880.0 60'928.4 76'553.1 - -

- 116.97x 28.88x 218.20x - 0.00x 8.29x 21.15x 17.03x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MS&AD Insurance Group HoldingsPrice/Volume

Valuation Analysis

1'541'600.00


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500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

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

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27.03.2013










MS&AD INSURANCE GROU n/a Co File 11'394'400 1.8 5'100 30.09.2012 Corporation





NATS CUMCO n/a Co File 8'096'000 1.28 (827'000) 30.09.2012 Other



MITSUI & CO LTD n/a ULT-AGG 5'106'300 0.81 - 31.03.2012 Corporation


MITSUI FUDOSAN CO LT n/a Co File 3'473'869 0.55 - 31.03.2012 Corporation



Macquarie SCOTT G RUSSELL underperform 1 M 1'800 12 month 22.03.2013

Morgan Stanley HIDEYASU BAN Overwt/Attractive 5 M 2'700 12 month 21.03.2013

Keefe, Bruyette & Woods DAVID THREADGOLD market perform 3 M 3'025 12 month 07.03.2013


Tokai Tokyo Securities TATSUO MAJIMA neutral 3 M #N/A N/A Not Provided 26.02.2013


Nomura WATARU OHTSUKA buy 5 M 2'300 12 month 19.02.2013


Daiwa Securities Co. Ltd. JUN SHIOTA outperform 5 M 2'200 Not Provided 15.02.2013

Credit Suisse TAKEHITO YAMANAKA outperform 5 M 2'100 Not Provided 14.02.2013

Jefferies MAKARIM SALMAN hold 3 M 2'147 12 month 14.02.2013


Deutsche Bank MASAO MURAKI hold 3 M 1'980 12 month 12.02.2013

Goldman Sachs TAKANORI MIYOSHI neutral/neutral 3 D 2'080 12 month 12.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Holdings By:

MS&AD Insurance Group Holdings ee


27.03.2013

MURATA MANUFACTURING COMPANY, LTD. manufactures and sells ceramic applied

electronic components. The Company's products include filters, capacitors,

thermistors, resistors, noise suppression components, coils, piezoelectric sound

components, power supplies, sensors, hybrid integrated circuit (IC), and

microwave components.


LTM as of: 12/yy

52-Week High (15.03.2013) 7'130.00

52-Week Low (01.08.2012) 3'605.00

Daily Volume

7040





1'585'855.75 1 Yr Total Return 41.26%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

631'655.0 523'946.0 530'819.0 617'954.0 584'662.0 589'959.0 646'957.0 671'479.6 761'780.1 164'306.3 175'923.3

1.19x 0.98x 1.85x 1.85x 1.59x 6.27x 5.44x 2.25x 1.97x - -

180'886.0 64'691.0 96'626.0 139'280.0 105'981.0 115'472.0 116'566.0 126'390.5 164'134.7 - -

4.14x 7.96x 10.16x 8.21x 8.76x 6.28x 8.53x 12.05x 9.28x - -

77'413.0 3'588.0 24'757.0 53'492.0 30'807.0 41'115.0 30'785.0 38'690.9 65'501.8 6'397.5 -

14.18x 229.37x 46.03x 24.03x 33.98x 20.62x 34.62x 38.68x 23.05x - -











EBITDA Margin 17.2%



Asset Turnover 0.61







Fiscal Year Ended

Murata Manufacturing Co LtdPrice/Volume

Valuation Analysis

61'300.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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- 8

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2 8

3 8

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

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

! !!

2 !!

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27.03.2013



MURATA MANUFACTURING n/a Co File 14'187'200 6.3 900 30.09.2012 Corporation



SUMITOMO MITSUI TRUS n/a ULT-AGG 11'036'200 4.9 (487'200) 13.04.2012 Bank







SHIGA BANK LTD/THE n/a Co File 3'551'000 1.58 - 30.09.2012 Bank


MIZUHO FINANCIAL GRO n/a ULT-AGG 3'031'700 1.35 (400) 30.09.2012 Bank


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'531'604 1.12 - 31.01.2013 Investment Advisor

MITSUI SUMITOMO INSU n/a Co File 2'415'924 1.07 (599'076) 31.03.2012 Insurance Company


TODA CORP n/a Co File 1'803'512 0.8 - 31.03.2012 Corporation

MURATA TSUNEO n/a Co File 1'545'000 0.69 (360'000) 28.06.2012 n/a


Macquarie GEORGE T CHANG neutral 3 M 7'000 12 month 21.03.2013


Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO outperform 5 U 8'000 12 month 19.03.2013


ACE Research Institute HIDEKI YASUDA neutral 3 M 6'300 Not Provided 08.03.2013

Mizuho Securities FUMIHIDE GOTO buy 5 U 7'000 12 month 05.03.2013


Credit Suisse AKINORI KANEMOTO outperform 5 M 6'900 Not Provided 22.02.2013

SMBC Nikko Securities Inc HIROHARU WATANABE underperform 1 M 6'100 12 month 20.02.2013

Iwai Cosmo Securities Co. Ltd SHOICHI ARISAWA Neutral Plus 3 M 6'300 6 month 15.02.2013

JPMorgan MASASHI ITAYA overweight 5 M 7'000 9 month 14.02.2013

Okasan Securities KOICHI AKIYAMA buy 5 M 6'800 6 month 12.02.2013


Goldman Sachs DAIKI TAKAYAMA buy/attractive 5 M 6'100 12 month 31.01.2013





Holdings By:

Murata Manufacturing Co Ltd ee


27.03.2013

NIDEC CORPORATION is the world's leading manufacturer of small precision motors

mainly used in HDD and optical disk drives. The company has extended its focus

to the home appliance and automotive markets. NIDEC is active in M&A and its

subsidiaries include the world's leading manufacturers of LCD panel handling

robots and camera shutters.


LTM as of: 12/yy

52-Week High (02.04.2012) 7'650.00

52-Week Low (19.12.2012) 4'555.00

Daily Volume

5640





818'223.44 1 Yr Total Return -24.39%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

742'126.0 613'458.0 587'459.0 688'530.0 682'320.0 687'624.0 685'840.0 694'249.9 758'959.8 172'856.5 182'715.0

1.29x 1.14x 2.48x 1.62x 1.68x 4.75x 5.78x 1.42x 1.29x - -

113'167.0 83'953.0 107'527.0 123'508.0 104'581.0 104'220.0 98'620.0 56'548.1 113'406.8 - -

8.48x 8.36x 13.53x 9.03x 10.96x 0.00x 8.94x 18.14x 9.04x - -

41'156.0 28'353.0 51'961.0 52'333.0 40'731.0 43'514.0 37'697.0 5'820.3 50'427.2 (23'344.0) -

21.58x 20.56x 26.21x 17.95x 21.38x 21.05x 17.96x 135.39x 15.41x - -











EBITDA Margin 16.0%



Asset Turnover 0.85







Fiscal Year Ended

Nidec CorpPrice/Volume

Valuation Analysis

36'800.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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- 8

- 8

. 8

. 8

0 8

0 8

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

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

! !!

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1 !!

3 !!

5 !!

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27.03.2013


NAGAMORI SHIGENOBU n/a 13G 20'295'180 13.99 - 31.12.2012 n/a

NIDEC CORP n/a MOF-JP 10'033'722 6.92 726'892 28.02.2013 Corporation





SN KOSAN YK n/a Co File 5'511'000 3.8 - 30.09.2012 Corporation







SHIGA BANK LTD/THE n/a Co File 2'119'000 1.46 - 31.03.2012 Bank



GOLDMAN SACHS INTERN n/a Short (1'380'907) -0.95 200 25.03.2013 Investment Advisor



AQR CAPITAL MANAGEME n/a Short (984'975) -0.68 (7'100) 15.03.2013 Hedge Fund Manager


Tokai Tokyo Securities KOUICHIROU HAGIWARA above average 4 M 6'300 6 month 26.03.2013


Mito Securities KEITA WAKABAYASHI neutral 3 D #N/A N/A Not Provided 01.03.2013

Mizuho Securities FUMIHIDE GOTO neutral 3 M 5'400 12 month 25.02.2013

Credit Suisse AKINORI KANEMOTO outperform 5 M 6'400 Not Provided 22.02.2013

SMBC Nikko Securities Inc HIROHARU WATANABE outperform 5 M 7'900 12 month 20.02.2013


JPMorgan MASASHI ITAYA neutral 3 M 5'500 9 month 29.01.2013

Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI neutral 3 D 5'700 6 month 28.01.2013

TIW TAKAO HATTORI Positive 4 M #N/A N/A Not Provided 28.01.2013


Okasan Securities KOICHI AKIYAMA buy 5 M 6'600 6 month 25.01.2013


Daiwa Securities Co. Ltd. TAKUMI SADO buy 5 M 6'300 Not Provided 25.01.2013

ACE Research Institute HIDEKI YASUDA neutral 3 M 5'150 Not Provided 25.01.2013




Macquarie GEORGE T CHANG outperform 5 M 6'200 12 month 10.01.2013

Holdings By:

Nidec Corp ee


27.03.2013

NIKON CORPORATION manufactures and sells cameras, lenses, semiconductor-related

equipment, eyeglasses, microscopes, and measuring instruments.


LTM as of: 12/yy

52-Week High (15.01.2013) 2'750.00

52-Week Low (14.11.2012) 1'786.00

Daily Volume

2235





895'964.38 1 Yr Total Return -9.35%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

955'791.0 879'719.0 785'498.0 887'512.0 918'651.0 937'400.0 980'260.0 995'633.1 ######### 245'624.1 216'996.0

1.02x 0.54x 1.02x 0.66x 1.03x 2.65x 3.75x 0.86x 0.74x 3.46x -

160'716.0 81'076.0 21'316.0 88'085.0 112'650.0 122'433.0 84'896.0 89'139.0 135'070.9 26'495.0 -

6.06x 5.83x 37.71x 6.66x 8.43x 4.99x 11.76x 10.02x 6.61x - -

75'483.0 28'055.0 (12'615.0) 27'312.0 59'305.0 53'761.0 44'886.0 38'672.7 60'007.0 5'033.8 5'800.0

14.05x 15.63x - 24.89x 16.79x 12.64x 22.31x 22.77x 14.73x - -











EBITDA Margin 9.6%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nikon CorpPrice/Volume

Valuation Analysis

3'477'200.00


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0! ! 8

02 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

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

! !!

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27.03.2013













JOYO BANK LTD/THE n/a Co File 6'801'000 1.7 (85'000) 30.09.2012 Bank




NIKON CORP n/a Co File 4'312'400 1.08 (29'700) 30.09.2012 Corporation


KIRIN HOLDINGS CO LT n/a Co File 3'760'865 0.94 - 31.12.2011 Corporation




Credit Suisse YU YOSHIDA underperform 1 M 2'000 Not Provided 26.03.2013

Morgan Stanley KAZUO YOSHIKAWA Equalwt/In-Line 3 M 2'300 12 month 18.03.2013

Ji Asia STEVE MYERS buy 5 U 2'707 12 month 13.03.2013




Mizuho Securities EISAKU OHMORI neutral 3 D 1'900 12 month 05.03.2013


SMBC Nikko Securities Inc YUKIHIKO SHIMADA neutral 3 D 2'000 12 month 25.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA outperform 5 M 2'810 12 month 21.02.2013

BNP Paribas Equity Research KUNIHIKO KANNO reduce 2 M 1'800 12 month 13.02.2013

Okasan Securities KAZUMASA KUBOTA neutral 3 D #N/A N/A Not Provided 08.02.2013


EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 08.02.2013

Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO neutral 3 D 2'500 6 month 07.02.2013





Holdings By:

Nikon Corp ee


27.03.2013

Nintendo Co., Ltd. globally develops, manufactures and sells home-use video

game hardware and software in home entertainment business. The company also

produces home-game products including cards.


LTM as of: 12/yy

52-Week High (27.03.2012) 12'800.00

52-Week Low (25.07.2012) 8'060.00

Daily Volume

10210





1'446'440.50 1 Yr Total Return -18.44%

Total Debt 126.00 YTD Return 13.67%









31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'672'423.0 1'838'622.0 1'434'365.0 1'014'345.0 647'652.0 762'521.0 634'519.0 678'849.6 939'429.6 113'955.7 104'800.0

3.18x 1.32x 1.92x 1.68x 0.98x 2.23x 1.00x 0.99x 0.66x - -

494'583.0 563'365.0 363'665.0 177'870.0 (24'797.0) 5'739.0 (12'999.0) 10'379.9 82'651.9 - -

10.76x 4.29x 7.56x 9.57x - 0.00x 0.00x 47.73x 5.99x - -

257'342.0 279'089.0 228'635.0 77'621.0 (43'204.0) (20'287.0) 19'693.0 12'822.1 50'657.8 (7'715.0) (2'200.0)

25.55x 13.04x 17.51x 37.02x - 0.00x 59.55x 102.24x 26.55x 94.54x 94.54x

EBITDA -24'797.00 Long-Term Rating Date 09.01.2007








Net Debt/EBITDA -


EBITDA Margin 0.7%



Asset Turnover 0.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nintendo Co LtdPrice/Volume

Valuation Analysis

35'900.00


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0 8

0 8

1 8

1 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

2'000'000.0

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

! !!

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1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

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27.03.2013


YAMAUCHI HIROSHI n/a Co File 14'165'000 10 - 30.09.2012 n/a


NINTENDO CO LTD n/a Co File 13'791'700 9.74 500 30.09.2012 Corporation


BANK OF KYOTO LTD/TH n/a Co File 6'380'200 4.5 200 30.09.2012 Bank







JANUS CAPITAL MANAGE n/a ULT-AGG 3'386'242 2.39 (244'100) 31.12.2012 Investment Advisor




FRANKLIN RESOURCES n/a ULT-AGG 1'502'534 1.06 (112'462) 31.12.2012 Investment Advisor


MOXLEY & CO n/a Co File 1'290'700 0.91 (654'300) 30.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 895'777 0.63 (94'050) 31.12.2012 Investment Advisor



Tokai Tokyo Securities YUSUKE TSUNODA strong buy 5 M 12'200 6 month 26.03.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 14.03.2013

BNP Paribas Equity Research HIROSHI YAMASHINA reduce 2 M 7'900 12 month 20.02.2013

Macquarie DAVID GIBSON neutral 3 U 9'000 12 month 15.02.2013

Wedbush MICHAEL PACHTER neutral 3 M 10'000 12 month 04.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieHIROTOSHI MURAKAMI neutral 3 M 9'000 12 month 04.02.2013

Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI neutral 3 M 9'500 6 month 01.02.2013

Tachibana Securities YOSHIKAZU SHIMADA neutral 3 N #N/A N/A Not Provided 01.02.2013

TIW TAKASHI OKA Neutral Plus 3 M #N/A N/A Not Provided 01.02.2013

Okasan Securities MASASHI MORITA buy 5 M 11'600 6 month 31.01.2013

Morgan Stanley MIA NAGASAKA Equalwt/In-Line 3 M 9'100 12 month 31.01.2013

ACE Research Institute HIDEKI YASUDA neutral 3 D 9'500 Not Provided 31.01.2013

Credit Suisse SHUNSUKE TSUCHIYA neutral 3 M 12'500 Not Provided 30.01.2013

Mizuho Securities TAKESHI KOYAMA buy 5 M 12'000 12 month 30.01.2013

SMBC Nikko Securities Inc EIJI MAEDA neutral 3 M 10'500 12 month 30.01.2013

Daiwa Securities Co. Ltd. SATOSHI TANAKA neutral 3 N 9'100 Not Provided 29.01.2013

Nomura YOSHITAKA NAGAO suspended coverage #N/A N/A M #N/A N/A Not Provided 07.12.2012

Mito Securities YOICHIRO WATANABE Neutral Plus 3 U #N/A N/A Not Provided 29.10.2012

Holdings By:

Nintendo Co Ltd ee


27.03.2013

Nippon Steel Sumitomo Metal is an integrated steel maker. The Company produces

various types of steel products used for industrial machinery & equipment and

exports them worldwide. Nippon Steel provides plant construction and urban

development and also develops new businesses such as chemicals, ceramics,

electronic equipment and information & communication systems.


LTM as of: 12/yy

52-Week High (06.02.2013) 281.00

52-Week Low (25.07.2012) 143.00

Daily Volume

242




Shares Out 28.02.2013 9'503.2 Short Int 0.00

2'299'777.75 1 Yr Total Return 4.29%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

4'826'974.0 4'769'821.0 3'487'714.0 4'109'774.0 4'090'936.0 ######### ######### ######### ######### ######### -

0.98x 0.73x 1.17x 0.84x 0.77x 3.16x 3.38x 1.22x 0.98x - -

792'625.0 617'777.0 319'728.0 458'815.0 363'795.0 383'979.0 272'572.0 351'313.2 617'257.3 - -

5.94x 5.63x 12.80x 7.52x 8.70x 7.93x 18.01x 15.09x 8.59x - -

354'989.0 155'077.0 (11'529.0) 93'199.0 58'471.0 (12'537.0) (92'224.0) (146'329.7) 186'780.4 15'450.0 -

8.97x 10.69x - 17.96x 24.43x 0.00x 0.00x - 11.98x - -











EBITDA Margin 7.0%



Asset Turnover 0.83







Fiscal Year Ended

Nippon Steel & Sumitomo Metal CorpPrice/Volume

Valuation Analysis

33'762'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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.! ! 8

1! ! 8

3! ! 8

5! ! 8

-!! ! 8

-.! ! 8

-1! ! 8

-3! ! 8

0.0

1'000'000.0

2'000'000.0

3'000'000.0

4'000'000.0

5'000'000.0

6'000'000.0

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

! !!

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3 !!

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!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013



NIPPON STEEL & SUMIT n/a MOF-JP 412'813'904 4.34 (91'270'507) 01.10.2012 Corporation



SUMITOMO METAL INDUS n/a Co File 287'613'000 3.03 - 30.09.2012 Corporation

KOREA SECURITIES COR n/a Co File 238'352'000 2.51 - 30.09.2012 Investment Advisor


TRUST & CUSTODY SERV n/a Co File 214'340'000 2.26 - 30.09.2012 Bank


MIZUHO FINANCIAL GRO n/a ULT-AGG 191'229'000 2.01 342'000 30.09.2012 Bank





BLACKROCK n/a ULT-AGG 78'280'975 0.82 3'493'468 25.03.2013 Investment Advisor



NITTETSU MINING CO L n/a Co File 52'882'000 0.56 - 31.03.2012 Corporation

KOBE STEEL LTD n/a Co File 52'147'000 0.55 - 31.03.2012 Corporation



Marusan Securities AKIRA OGINO outperform 5 U #N/A N/A Not Provided 26.03.2013

Tokai Tokyo Securities YOSHIYUKI TAKANO neutral 3 M #N/A N/A Not Provided 26.03.2013

Nomura YUJI MATSUMOTO neutral 3 M 280 12 month 22.03.2013

Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Neutral Plus 3 N 300 6 month 15.03.2013

JPMorgan AKIRA KISHIMOTO neutral 3 D 250 9 month 15.03.2013


Morgan Stanley HARUNOBU GOROH Overwt/In-Line 5 M 250 12 month 13.03.2013

Jefferies THANH HA PHAM hold 3 M 235 12 month 13.03.2013

BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 300 12 month 13.03.2013

SMBC Nikko Securities Inc KAZUHIRO HARADA outperform 5 M 300 12 month 13.03.2013

Okasan Securities MANAMI ONO neutral 3 M 230 6 month 04.03.2013

Goldman Sachs YUYA TAKEMOTO Buy/Neutral 5 M 340 12 month 18.02.2013

Daiwa Securities Co. Ltd. JIRO IOKIBE outperform 5 M 320 Not Provided 15.02.2013

Mizuho Securities HIROYUKI SUZUKI suspended coverage #N/A N/A M #N/A N/A Not Provided 06.02.2013

Macquarie POLINA DIYACHKINA underperform 1 M 170 12 month 24.01.2013

Mitsubishi UFJ Morgan Stanley SecuritieKEIJU KUROSAKA outperform 5 M 265 12 month 22.01.2013


Credit Suisse SHINYA YAMADA outperform 5 M 300 Not Provided 09.01.2013

VTB Capital WIKTOR BIELSKI not rated #N/A N/A M #N/A N/A Not Provided 15.10.2012

TIW YASUSHI MIZOUE Neutral Minus 3 D #N/A N/A Not Provided 31.01.2012

Holdings By:

Nippon Steel & Sumitomo Metal Corp ee


27.03.2013

NIPPON TELEGRAPH AND TELEPHONE CORPORATION (NTT) provides a variety of

telecommunication services, including telephone, telegraph, leased circuits,

data communication, terminal equipment sales, and related services. The Company

provides both local and long distance telephone services within Japan.


LTM as of: 12/yy

52-Week High (26.02.2013) 4'430.00

52-Week Low (06.06.2012) 3'270.00

Daily Volume

4135





5'471'420.50 1 Yr Total Return 14.17%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

10'680'891.0 10'416'305.0 10'181'376.0 10'305'003.0 10'507'362.0 ######### ######### ######### ######### ######### -

1.05x 1.00x 1.03x 0.97x 0.93x 3.84x 3.71x 0.99x 0.94x - -

3'469'375.0 3'258'131.0 3'133'673.0 3'180'216.0 3'139'134.0 ######### ######### ######### ######### - -

3.25x 3.21x 3.33x 3.14x 3.12x 3.35x 3.16x 3.47x 3.48x - -

635'156.0 538'679.0 492'266.0 509'629.0 467'701.0 410'495.0 555'827.0 540'366.6 554'870.3 - -

9.33x 9.32x 10.59x 9.70x 10.24x 12.42x 7.99x 9.30x 8.89x - -

EBITDA 3'139'134.00 Long-Term Rating Date 21.05.2007

EBIT 1'222'966.00 Long-Term Rating AA









EBITDA Margin 29.4%



Asset Turnover 0.55







Fiscal Year Ended

Nippon Telegraph & Telephone CorpPrice/Volume

Valuation Analysis

3'019'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!

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9'000'000.0

9'500'000.0

10'000'000.0

10'500'000.0

11'000'000.0

11'500'000.0

12'000'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


MINISTER OF FINANCE n/a 13G 431'065'800 32.58 - 31.12.2012 Government

NIPPON TELEGRAPH & T n/a ULT-AGG 136'247'473 10.3 9'351'118 28.02.2013 Corporation







EMPLOYEES' STOCKHOLD n/a Co File 11'326'000 0.86 (722'000) 30.09.2012 n/a

ONTARIO TEACHERS PEN n/a Research 8'200'000 0.62 - 31.12.2011 Pension Fund (ERISA)




T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 5'052'400 0.38 1'421'200 31.12.2012 Investment Advisor








HSBC NEALE ANDERSON neutral 3 M 4'300 Not Provided 25.03.2013


New Street Research KIRK BOODRY neutral 3 M 4'200 Not Provided 18.03.2013


SMBC Nikko Securities Inc SHINJI MORIYUKI neutral 3 M 4'200 12 month 07.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA neutral 3 M 4'100 12 month 05.03.2013



JPMorgan HITOSHI HOSOYA neutral 3 M 4'200 9 month 02.03.2013

Macquarie NATHAN RAMLER outperform 5 M 4'700 12 month 01.03.2013

Nomura DAISAKU MASUNO neutral 3 M 4'400 12 month 01.03.2013




BNP Paribas Equity Research HIROSHI YAMASHINA buy 5 M 4'300 12 month 19.09.2012

Tokai Tokyo Securities YUSUKE TSUNODA neutral 3 M #N/A N/A Not Provided 11.05.2012

Holdings By:

Nippon Telegraph & Telephone Corp ee


27.03.2013

NISSAN MOTOR CO., LTD. manufactures and markets automobiles, light trucks,

and its related parts. The Company has overseas production bases in the US,

the UK, and Mexico. Nissan Motor also provides financing services and produces

industrial motor vehicles such as towing tractors and forklifts.


LTM as of: 12/yy

52-Week High (12.03.2013) 1'034.00

52-Week Low (10.10.2012) 639.00

Daily Volume

922





4'168'099.25 1 Yr Total Return 7.69%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

10'824'238.0 8'436'974.0 7'517'277.0 8'773'093.0 9'409'026.0 ######### ######### ######### ######### ######### #########

0.73x 0.68x 0.92x 0.72x 0.74x 2.82x 2.95x 0.84x 0.78x 3.18x -

1'595'258.0 628'441.0 972'623.0 1'169'915.0 1'126'183.0 ######### ######### ######### ######### 310'397.0 267'052.5

4.92x 9.11x 7.08x 5.42x 6.20x 5.66x 7.45x 8.25x 6.72x 7.52x 7.55x

482'261.0 (233'709.0) 42'390.0 319'221.0 341'433.0 296'870.0 307'724.0 346'491.8 463'727.2 116'813.2 101'750.8

7.00x - 77.02x 9.65x 10.79x 9.75x 11.04x 11.01x 8.27x 8.11x 7.57x











EBITDA Margin 11.1%



Asset Turnover 0.84








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nissan Motor Co LtdPrice/Volume

Valuation Analysis

14'917'100.00


!

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3!!

5!!

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0! ! 8

1! ! 8

2! ! 8

3! ! 8

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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


RENAULT SA n/a Co File 1'962'037'000 43.4 - 30.09.2012 Corporation


DAIMLER AG n/a Co File 140'142'000 3.1 - 30.09.2012 Corporation








NISSAN MOTOR CO LTD n/a Co File 30'923'500 0.68 4'700 30.09.2012 Corporation








JP MORGAN WHITEFRIAR n/a Short (12'753'639) -0.28 (618'600) 19.11.2012 Investment Advisor



Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 850 12 month 26.03.2013





SMBC Nikko Securities Inc SHOTARO NOGUCHI outperform 5 M 1'000 12 month 04.03.2013

JPMorgan KOHEI TAKAHASHI neutral 3 M 900 9 month 26.02.2013

Okasan Securities YASUAKI IWAMOTO neutral 3 M 890 6 month 21.02.2013


Credit Suisse ISSEI TAKAHASHI outperform 5 M 1'130 Not Provided 21.02.2013

Daiwa Securities Co. Ltd. EIJI HAKOMORI buy 5 M 1'100 Not Provided 12.02.2013

TIW SATORU TAKADA neutral 3 D #N/A N/A Not Provided 12.02.2013

Oddo & Cie FRANCOIS MAURY neutral 3 M 750 Not Provided 11.02.2013

Nomura MASATAKA KUNUGIMOTO neutral 3 M 1'040 12 month 08.02.2013




BNP Paribas Equity Research KOICHI SUGIMOTO buy 5 M 910 12 month 11.01.2013

Ji Asia STEPHEN USHER neutral 3 D #N/A N/A Not Provided 18.10.2012

Mito Securities YOICHIRO WATANABE Neutral Plus 3 N #N/A N/A Not Provided 03.08.2012

Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Neutral Plus 3 D 850 6 month 27.07.2012


Holdings By:

Nissan Motor Co Ltd ee


27.03.2013

NITTO DENKO CORPORATION manufactures and markets a wide range of chemical

products which are used as materials for industrial and electronic components.

The Company's products include materials for sealants, semiconductors, and

wrappings. Nitto Denko has a network of sales/manufacturing subsidiaries

worldwide.


LTM as of: 12/yy

52-Week High (07.02.2013) 5'930.00

52-Week Low (04.06.2012) 2'954.00

Daily Volume

5560





966'096.88 1 Yr Total Return 71.44%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

745'259.0 577'922.0 601'859.0 638'556.0 607'639.0 617'111.0 651'266.0 675'150.0 726'611.2 171'620.7 174'000.0

0.86x 0.51x 0.85x 0.91x 0.66x 2.92x 2.83x 1.20x 1.08x - -

127'571.0 64'394.0 100'896.0 125'185.0 93'297.0 102'789.0 98'896.0 111'027.2 138'617.6 - -

5.01x 4.61x 5.04x 4.65x 4.28x 3.09x 5.52x 7.36x 5.90x - -

46'634.0 267.0 37'570.0 55'743.0 31'066.0 40'690.0 37'003.0 48'430.4 63'626.8 12'800.0 -

15.03x 1245.34x 16.10x 13.07x 17.65x 11.13x 18.76x 18.97x 14.46x - -











EBITDA Margin 14.2%



Asset Turnover 0.94







Fiscal Year Ended

Nitto Denko CorpPrice/Volume

Valuation Analysis

849'100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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2 8

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. 2 8

0 ! 8

0 2 8

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

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

! !!

. !!

1 !!

3 !!

5 !!

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-. !!

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-3 !!

-5 !!

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27.03.2013







NITTO DENKO CORP n/a Co File 9'221'100 5.31 (62'200) 30.09.2012 Corporation






SOMPO JAPAN INSURANC n/a Co File 2'566'000 1.48 (800) 30.09.2012 Insurance Company

CITIBANK NA n/a Co File 2'184'000 1.26 - 30.09.2012 Bank

GOLDMAN SACHS & CO n/a Co File 2'072'000 1.19 (428'000) 30.09.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 1'902'493 1.09 - 31.01.2013 Investment Advisor


UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'413'100 0.81 264'700 28.09.2012 Investment Advisor


DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 948'500 0.55 3'800 28.02.2013 Holding Company

MITSUBISHI UFJ FINAN n/a ULT-AGG 921'300 0.53 52'900 28.02.2013 Holding Company


JPMorgan MASASHI ITAYA overweight 5 U 7'000 9 month 25.02.2013


SMBC Nikko Securities Inc HIROHARU WATANABE outperform 5 M 6'500 12 month 20.02.2013

BNP Paribas Equity Research KEI RAMEAU buy 5 M 8'000 12 month 15.02.2013

Barclays MIKIYA YAMADA underweight 1 M 4'300 Not Provided 12.02.2013


Okasan Securities TAKASHI NISHIHIRA buy 5 M 6'200 6 month 04.02.2013



Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO outperform 5 M 6'450 6 month 01.02.2013




Nomura SHIGEKI OKAZAKI buy 5 M 5'550 12 month 15.01.2013

Macquarie GEORGE T CHANG underperform 1 M 3'000 12 month 12.11.2012

Holdings By:

Nitto Denko Corp ee


27.03.2013

NKSJ Holdings, Inc. is a holding company established through the integration of

Sompo Japan Insurance Inc. and NIPPONKOA Insurance Company, Limited. Through

subsidiaries, the Company provides non-life insurance including marine, fire,

and automobile as well as life insurance. NKSJ Holdings also operates other

financial services such as mutual fund and investment advisory.


LTM as of: 12/yy

52-Week High (11.03.2013) 2'214.00

52-Week Low (31.08.2012) 1'391.00

Daily Volume

1978





821'566.81 1 Yr Total Return 12.12%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

- - - 2'556'510.0 2'718'025.0 ######### ######### ######### ######### 707'600.0 -

- - - 0.28x 0.21x 0.91x 0.77x 0.24x 0.24x - -

- - - - - 0.0 0.0 - - - -

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

- - - (12'918.0) (92'262.0) (184'699.0) 59'854.0 9'148.5 36'044.4 - -

- - - - - 0.00x 12.72x 69.10x 24.24x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NKSJ Holdings IncPrice/Volume

Valuation Analysis

1'607'800.00


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0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.03.2013



MIZUHO FINANCIAL GRO n/a ULT-AGG 21'336'081 5.14 118 15.02.2013 Bank

ORBIS INVESTMENT MAN n/a MOF-JP 20'787'155 5 10'648'155 31.01.2013 Investment Advisor








ORBIS INVESTMENT MAN n/a MOF-JP 9'237'963 2.22 (3'188'037) 31.01.2013 Investment Advisor


NIPPON EXPRESS CO LT n/a Co File 8'001'221 1.93 221 31.03.2012 Corporation




CHIBA BANK LTD n/a Co File 3'831'230 0.92 - 31.03.2012 Bank





Macquarie SCOTT G RUSSELL neutral 3 M 2'100 12 month 22.03.2013

Morgan Stanley HIDEYASU BAN Equalwt/Attractive 3 M 2'600 12 month 21.03.2013



Mizuho Securities RIE NISHIHARA neutral 3 M 2'020 12 month 28.02.2013



JPMorgan NATSUMU TSUJINO neutral 3 M 3'150 9 month 15.02.2013


Credit Suisse TAKEHITO YAMANAKA neutral 3 M 1'900 Not Provided 14.02.2013

Jefferies MAKARIM SALMAN hold 3 M 2'007 12 month 14.02.2013

Barclays AZUMA OHNO overweight 5 M 2'000 Not Provided 14.02.2013

Deutsche Bank MASAO MURAKI hold 3 M 2'160 12 month 12.02.2013

Goldman Sachs TAKANORI MIYOSHI Sell/Neutral 1 D 1'950 12 month 12.02.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013

Holdings By:

NKSJ Holdings Inc ee


27.03.2013

Nomura Holdings, Inc. is a holding company which manages financial operations

for its subsidiaries. As a group, the Company provides a variety of financial

services such as dealing, brokerage, underwriting, and asset management.

Nomura Securities Co., a registered member of the New York and London Stock

Exchanges, has branches around the world.


LTM as of: 12/yy

52-Week High (25.03.2013) 608.00

52-Week Low (04.06.2012) 241.00

Daily Volume

589





2'251'489.25 1 Yr Total Return 56.52%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'593'722.0 664'511.0 1'356'751.0 1'385'492.0 1'851'760.0 ######### ######### ######### ######### 509'673.3 -

16.09x 34.69x 22.60x 23.99x 17.17x 80.20x 67.61x 3.61x 3.65x - -

805'340.0 (351'382.0) 384'257.0 423'636.0 501'430.0 469'417.0 490'214.0 240'817.7 414'855.0 - -

31.85x - 79.81x 78.47x 63.40x 62.44x 72.11x 148.41x 86.15x - -

(67'847.0) (708'192.0) 67'798.0 28'661.0 11'583.0 1'400.0 46'894.0 60'800.2 126'302.8 26'556.0 -

- - 31.78x 55.06x 115.09x 504.33x 39.48x 35.48x 17.36x - -


EBIT - Long-Term Rating BBB+









EBITDA Margin 26.8%



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nomura Holdings IncPrice/Volume

Valuation Analysis

35'030'800.00


!

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1!!

2!!

3!!

4!!

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0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013





NOMURA n/a ULT-AGG 149'493'900 3.91 (31'550'500) 28.02.2013 Unclassified


NORTHERN TRUST CORPO n/a Co File 49'889'000 1.31 - 30.09.2012 Investment Advisor




CARMIGNAC GESTION Multiple Portfolios MF-AGG 35'875'000 0.94 35'875'000 31.12.2012 Investment Advisor


KAWASAKI GAKUEN n/a Co File 33'000'000 0.86 - 30.09.2011 Corporation






BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 12'705'800 0.33 (732'000) 26.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'582'681 0.17 400 31.12.2012 Investment Advisor

TOHO GAS CO LTD n/a Co File 6'337'407 0.17 - 31.03.2012 Corporation


Morgan Stanley HIDEYASU BAN Overwt/In-Line 5 U 780 12 month 21.03.2013


SMBC Nikko Securities Inc KOUICHI NIWA neutral 3 M 600 12 month 25.02.2013


Credit Suisse TAKEHITO YAMANAKA outperform 5 M 600 Not Provided 01.02.2013


Daiwa Securities Co. Ltd. JUN SHIOTA outperform 5 U 600 Not Provided 01.02.2013

Barclays AZUMA OHNO underweight 1 M 410 Not Provided 01.02.2013


Goldman Sachs KATSUNORI TANAKA neutral/neutral 3 M 490 12 month 31.01.2013



Deutsche Bank MASAO MURAKI hold 3 M 450 12 month 07.01.2013


Ji Asia SHIRO YOSHIOKA neutral 3 D 505 12 month 15.11.2011

Holdings By:

Nomura Holdings Inc ee


27.03.2013

NTT DOCOMO, INC. provides various types of telecommunication services including

cellular phones, satellite mobile communication, and wireless LAN Network.

The Company also sells cellular phones, and other equipment.


LTM as of: 12/yy

52-Week High (25.03.2013) 149'700.00

52-Week Low (15.11.2012) 111'900.00

Daily Volume

144100





6'289'965.00 1 Yr Total Return 8.19%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

4'711'827.0 4'447'980.0 4'284'404.0 4'224'273.0 4'240'003.0 ######### ######### ######### ######### ######### -

1.32x 1.27x 1.36x 1.33x 1.21x 5.21x 4.50x 1.32x 1.26x - -

1'584'737.0 1'635'118.0 1'535'391.0 1'537'792.0 1'559'243.0 ######### ######### ######### ######### - -

3.93x 3.44x 3.78x 3.65x 3.28x 3.62x 3.24x 3.92x 3.92x - -

491'202.0 471'873.0 494'781.0 490'485.0 463'912.0 441'124.0 485'776.0 504'321.4 508'485.6 - -

13.26x 11.97x 12.00x 12.39x 12.28x 13.30x 10.59x 11.93x 11.82x - -


EBIT 874'460.00 Long-Term Rating AA









EBITDA Margin 35.2%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NTT DOCOMO IncPrice/Volume

Valuation Analysis

123'988.00


!

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1!!!!

3!!!!

5!!!!

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-.!!!!

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- 8

. 8

. 8

0 8

0 8

1 8

0.0

1'000'000.0

2'000'000.0

3'000'000.0

4'000'000.0

5'000'000.0

6'000'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


NIPPON TELEGRAPH & T n/a ULT-AGG 29'822'399 68.32 - 30.09.2012 Corporation

JAPAN TRUSTEE SERVIC n/a Co File 976'104 2.24 (176'182) 30.09.2012 Bank

MASTER TRUST BANK OF n/a Co File 834'730 1.91 (2'025) 30.09.2012 Bank

STATE STREET n/a ULT-AGG 381'230 0.87 (104'886) 26.03.2013 Investment Advisor

STATE STREET CUSTODI n/a ULT-AGG 362'731 0.83 (14'865) 30.09.2012 Other


BANK OF NEW YORK MEL n/a Co File 249'866 0.57 14'372 30.09.2012 Investment Advisor

MELLON BANK NA n/a Co File 160'603 0.37 (25'658) 30.09.2012 Investment Advisor

BARCLAYS CAPITAL SEC n/a Co File 159'000 0.36 - 30.09.2012 Investment Advisor



DEUTSCHE BANK AG Multiple Portfolios MF-AGG 127'235 0.29 (115) 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 117'503 0.27 (33'009) 31.01.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 106'231 0.24 (263) 31.05.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 99'623 0.23 4'156 31.01.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 82'594 0.19 (8'038) 30.09.2012 Hedge Fund Manager

GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 64'735 0.15 6'440 31.01.2013 Mutual Fund Manager

MITSUBISHI UFJ FINAN n/a ULT-AGG 58'725 0.13 (1'076) 28.02.2013 Holding Company

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 58'350 0.13 (403) 28.02.2013 Holding Company

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 57'873 0.13 (8'627) 31.12.2012 Investment Advisor


HSBC NEALE ANDERSON neutral 3 M 156'000 Not Provided 26.03.2013


SMBC Nikko Securities Inc SHINJI MORIYUKI outperform 5 M 169'000 12 month 18.03.2013

New Street Research KIRK BOODRY neutral 3 M 137'000 Not Provided 18.03.2013

Marusan Securities TORU KOBORI neutral 3 M #N/A N/A Not Provided 15.03.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 11.03.2013


JPMorgan HITOSHI HOSOYA underweight 1 D 125'000 9 month 01.03.2013

Mizuho Securities KEI TAKAHASHI neutral 3 M 142'000 12 month 25.02.2013

Ji Asia NEIL JUGGINS sell 1 M 110'000 12 month 12.02.2013

Nomura DAISAKU MASUNO neutral 3 M 131'000 12 month 11.02.2013

Tokai Tokyo Securities YUSUKE TSUNODA neutral 3 M #N/A N/A Not Provided 07.02.2013

BNP Paribas Equity Research HIROSHI YAMASHINA reduce 2 D 122'000 12 month 05.02.2013

Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI Neutral Plus 3 U 150'000 6 month 31.01.2013

Morgan Stanley TETSURO TSUSAKA Equalwt/Attractive 3 M 130'000 12 month 30.01.2013

Credit Suisse HITOSHI HAYAKAWA underperform 1 M 120'000 Not Provided 30.01.2013

Goldman Sachs IKUO MATSUHASHI Buy/Neutral 5 U 158'000 12 month 16.01.2013



Holdings By:

NTT DOCOMO Inc ee


27.03.2013

ORIENTAL LAND CO., LTD. operates Tokyo Disney Resort. The Company also operates

restaurants within the complex and sells Disney merchandise.


LTM as of: 12/yy

52-Week High (21.03.2013) 15'820.00

52-Week Low (25.05.2012) 8'300.00

Daily Volume

15480





1'407'480.88 1 Yr Total Return 78.63%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

342'421.0 389'242.0 371'414.0 356'180.0 360'060.0 331'360.0 395'399.0 391'888.8 410'484.7 84'122.0 -

2.06x 1.83x 1.85x 1.85x 2.20x 8.71x 8.58x 3.61x 3.28x - -

74'921.0 91'737.0 88'618.0 95'950.0 108'867.0 94'512.0 120'940.0 116'331.7 123'786.2 - -

9.43x 7.77x 7.74x 6.87x 7.28x 7.86x 7.34x 12.22x 11.49x - -

14'730.0 18'089.0 25'427.0 22'907.0 32'113.0 16'714.0 51'902.0 50'320.1 55'398.7 4'032.0 -

37.78x 31.90x 23.27x 24.92x 23.04x 39.78x 16.83x 25.67x 23.32x - -











EBITDA Margin 31.2%



Asset Turnover 0.64







Fiscal Year Ended

Oriental Land Co Ltd/JapanPrice/Volume

Valuation Analysis

469'700.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

. 8

1 8

3 8

5 8

- ! 8

- . 8

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


KEISEI ELECTRIC RAIL n/a Co File 18'157'000 19.97 - 30.09.2012 Corporation

MITSUI FUDOSAN CO LT n/a Co File 7'689'000 8.46 (434'400) 30.09.2012 Corporation

ORIENTAL LAND CO LTD n/a Co File 7'205'900 7.93 - 30.09.2012 Corporation

CHIBA PREFECTURE n/a Co File 3'300'000 3.63 - 30.09.2012 Government






SUMITOMO MITSUI TRUS n/a ULT-AGG 977'900 1.08 8'100 10.12.2012 Bank

CHUO MITSUI TRUST & n/a Co File 832'000 0.92 - 31.03.2012 Bank

SHIMIZU CORP n/a Co File 682'000 0.75 - 31.03.2012 Corporation



KAJIMA CORP n/a Co File 500'000 0.55 - 31.03.2012 Corporation

TAISEI CORP n/a Co File 500'000 0.55 - 31.03.2012 Corporation


J-ESOP n/a Co File 268'000 0.29 - 30.09.2012 n/a

EAST JAPAN RAILWAY C n/a Co File 248'400 0.27 - 31.03.2012 Corporation

CHIBA BANK LTD n/a Co File 210'000 0.23 - 31.03.2012 Bank


Mizuho Securities TAKESHI KOYAMA buy 5 M 15'000 12 month 25.02.2013

SMBC Nikko Securities Inc HIROKO TAKANASHI not rated #N/A N/A M 13'500 12 month 19.02.2013

Okasan Securities MASASHI MORITA neutral 3 M #N/A N/A Not Provided 05.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieHIROTOSHI MURAKAMI outperform 5 M 14'000 12 month 04.02.2013

Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI outperform 5 M 15'000 6 month 01.02.2013

Daiwa Securities Co. Ltd. TARO ISHIHARA buy 5 M 15'400 Not Provided 31.01.2013

Ichiyoshi Research Institute SEIICHIRO SAMEJIMA neutral 3 M #N/A N/A Not Provided 31.01.2013

TIW TAKASHI OKA neutral 3 M #N/A N/A Not Provided 31.01.2013

Morgan Stanley MIA NAGASAKA Equalwt/In-Line 3 M 11'500 12 month 30.01.2013



Nomura YOSHITAKA NAGAO suspended coverage #N/A N/A M #N/A N/A Not Provided 07.12.2012


Holdings By:

Oriental Land Co Ltd/Japan ee


27.03.2013

ORIX Corporation provides comprehensive financial services throughout the world.

The Company's business lines include leasing, installment loans, real estate

loans, life insurance, banking, securities brokerage, venture capital, and

consumer finance. ORIX also operates a professional baseball team, the ORIX

Buffalos.


LTM as of: 12/yy

52-Week High (11.03.2013) 1'257.00

52-Week Low (04.06.2012) 637.00

Daily Volume

1217





1'363'210.88 1 Yr Total Return 52.11%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

594'430.0 485'813.0 406'667.0 433'397.0 447'151.0 440'954.0 476'606.0 ######### ######### 276'438.7 -

12.08x 11.28x 12.34x 12.60x 11.54x 45.33x 41.18x 6.56x 6.36x - -

497'334.0 425'523.0 350'872.0 397'027.0 423'511.0 413'850.0 324'325.0 315'176.7 339'790.0 - -

14.43x 12.88x 14.30x 13.75x 12.19x 11.44x 0.00x 16.65x 15.44x - -

169'597.0 21'924.0 37'757.0 67'275.0 86'150.0 85'247.0 107'520.0 111'482.1 124'847.9 19'860.0 -

8.44x 27.66x 29.27x 14.18x 10.10x 8.08x 9.94x 13.00x 11.59x - -


EBIT - Long-Term Rating A-









EBITDA Margin 92.9%



Asset Turnover 0.05







Fiscal Year Ended

ORIX CorpPrice/Volume

Valuation Analysis

7'330'600.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0! ! 8

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

900'000.0

1'000'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

1 2!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


JAPAN TRUSTEE SERVIC #N/A N/A Co File 181'930'000 16.24 10'490'000 30.09.2012 Bank


MASTER TRUST BANK OF #N/A N/A Co File 113'470'000 10.13 (7'580'000) 30.09.2012 Bank






JP MORGAN ASSET MGMT #N/A N/A MOF-JP 40'060'300 3.58 (2'470'600) 08.03.2013 Mutual Fund Manager


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 32'397'650 2.89 193'000 31.12.2012 Investment Advisor

ORIX CORP #N/A N/A Co File 27'316'900 2.44 (10'100) 30.09.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 20'132'790 1.8 1'268'700 08.03.2013 Unclassified


JP MORGAN CLEARING C #N/A N/A MOF-JP 17'662'450 1.58 8'629'730 08.03.2013 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 15'211'800 1.36 1'018'300 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO #N/A N/A Co File 14'990'000 1.34 (620'000) 30.09.2012 Investment Advisor


MELLON BANK NA #N/A N/A Co File 13'270'000 1.18 (7'410'000) 30.09.2012 Investment Advisor

CITIBANK NA #N/A N/A Co File 12'920'000 1.15 - 30.09.2012 Bank


Morgan Stanley HIDEYASU BAN Overwt/In-Line 5 M 1'400 12 month 21.03.2013

Mizuho Securities YUSUKE YABUMOTO buy 5 M 1'320 12 month 21.03.2013


Credit Suisse TAKEHITO YAMANAKA outperform 5 M 147 Not Provided 18.03.2013


SMBC Nikko Securities Inc KOUICHI NIWA neutral 3 D 1'100 12 month 25.02.2013

JPMorgan NATSUMU TSUJINO restricted #N/A N/A M #N/A N/A Not Provided 20.02.2013

Goldman Sachs TAKANORI MIYOSHI not rated #N/A N/A M #N/A N/A Not Provided 19.02.2013

Jefferies MAKARIM SALMAN buy 5 M 1'230 12 month 19.02.2013

Barclays AZUMA OHNO suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013






Ji Asia SHIRO YOSHIOKA buy 5 M 1'250 12 month 14.01.2013

TIW YOSHITANE HORIBE Neutral Plus 3 M #N/A N/A Not Provided 10.07.2012

Holdings By:

ORIX Corp ee


27.03.2013

OSAKA GAS CO., LTD. produces and supplies natural gas primarily in Osaka, Kyoto,

and Hyogo areas. The Company provides gases and energy products for

residential, commercial, and industrial customers. Osaka Gas also constructs

and maintains gas supply lines. In addition, the Company sells gas appliances.


LTM as of: 12/yy

52-Week High (22.03.2013) 423.00

52-Week Low (01.06.2012) 303.00

Daily Volume

408





850'027.19 1 Yr Total Return 25.93%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'238'145.0 1'326'784.0 1'096'628.0 1'187'142.0 1'294'781.0 ######### ######### ######### ######### 420'985.0 -

1.13x 0.92x 1.08x 0.95x 0.87x 3.50x 3.21x 0.96x 0.90x - -

170'864.0 153'481.0 186'542.0 186'153.0 170'898.0 125'045.0 128'615.0 178'744.1 187'332.0 - -

8.22x 7.92x 6.37x 6.05x 6.60x 0.00x 0.00x 7.09x 6.77x - -

40'283.0 36'041.0 48'384.0 45'968.0 45'207.0 29'092.0 78'109.0 57'694.4 62'649.6 - -

21.78x 18.42x 14.89x 15.36x 15.29x 21.77x 8.37x 14.50x 13.62x - -











EBITDA Margin 14.0%



Asset Turnover 0.94








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Osaka Gas Co LtdPrice/Volume

Valuation Analysis

9'116'000.00


!2!

-!!-2!.!!.2!0!!02!1!!12!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013






RESONA HOLDINGS INC n/a ULT-AGG 52'777'000 2.53 (81) 30.09.2012 Holding Company


COMPANY'S TOYUKAI n/a Co File 30'116'000 1.45 301'000 30.09.2012 n/a


AIOI NISSAY DOWA INS n/a Co File 27'865'000 1.34 - 30.09.2012 Insurance Company





KUBOTA CORP n/a Co File 15'629'000 0.75 - 31.03.2012 Corporation

KANSAI ELECTRIC POWE n/a Co File 15'476'614 0.74 - 31.03.2012 Corporation

SUMITOMO MITSUI TRUS n/a ULT-AGG 13'433'000 0.64 23'000 10.12.2012 Bank




JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 6'974'849 0.33 41'233 29.02.2012 Mutual Fund Manager





Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO outperform 5 M 390 12 month 06.02.2013

Nomura SHIGEKI MATSUMOTO neutral 3 M 370 12 month 04.02.2013


SMBC Nikko Securities Inc HIDETOSHI SHIODA outperform 5 M 400 12 month 12.12.2012

Goldman Sachs HIROYUKI SAKAIDA neutral/neutral 3 M 370 12 month 30.11.2012

Holdings By:

Osaka Gas Co Ltd ee


27.03.2013

Otsuka Holdings KK is a pharmaceutical company. The Company manufactures,

sells, imports and exports pharmaceuticals, clinical testing, and medical

equipment for intractable diseases.


LTM as of: 12/yy

52-Week High (12.03.2013) 3'320.00

52-Week Low (12.04.2012) 2'322.00

Daily Volume

3260





1'818'544.13 1 Yr Total Return 36.71%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

928'480.0 955'947.0 1'084'291.0 1'127'589.0 1'154'573.0 ######### ######### ######### ######### 276'700.0 -

- - - 0.66x 0.77x 2.59x 3.03x 1.04x 0.89x - -

- 131'909.0 145'561.0 174'388.0 196'722.0 204'276.0 193'127.0 221'171.4 274'628.6 50'627.0 -

- - - 4.25x 4.53x 3.72x 4.59x 6.18x 4.97x - -

61'865.0 47'083.0 67'443.0 82'369.0 92'174.0 101'113.0 94'736.0 114'822.2 151'111.1 22'791.0 -

- - - 12.70x 14.83x 5.83x 14.20x 15.15x 11.87x - -











EBITDA Margin 17.0%



Asset Turnover 0.71







Fiscal Year Ended

Otsuka Holdings Co LtdPrice/Volume

Valuation Analysis

1'280'800.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8- ! 8. ! 80 ! 81 ! 82 ! 83 ! 84 ! 85 ! 86 ! 8-! ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


FOUNDERS FAM MOCHIKA n/a Co File 64'966'000 11.65 (63'000) 30.09.2012 Other


OTSUKA ESTATE YK n/a Co File 34'515'000 6.19 (568) 30.09.2012 Corporation

EMPLOYEES' STOCKHOLD n/a Co File 26'772'000 4.8 (1'768'000) 30.09.2012 n/a


AWA BANK LTD/THE n/a Co File 10'970'000 1.97 (520) 30.09.2012 Bank


OTSUKA ASSET n/a Co File 9'190'000 1.65 (2'810'000) 30.09.2012 Other

OTSUKA HOLDINGS CO L n/a Co File 8'260'900 1.48 (15) 30.09.2012 Corporation

TRUST & CUSTODY SERV n/a Co File 7'133'000 1.28 (1'671'000) 30.09.2012 Bank


OTSUKA ICHIRO n/a Co File 6'288'000 1.13 - 29.06.2012 n/a

TOHO HOLDINGS CO LTD n/a Co File 5'670'000 1.02 (640) 30.09.2012 Corporation

RESONA HOLDINGS INC n/a ULT-AGG 5'064'220 0.91 220 31.03.2012 Holding Company


OHTSUKA AKIHIKO n/a Co File 3'505'000 0.63 24'000 29.06.2012 n/a


SUZUKEN CO LTD n/a Co File 3'292'000 0.59 - 31.03.2012 Corporation

MEDIPAL HOLDINGS COR n/a Co File 2'604'000 0.47 - 31.03.2012 Holding Company




Morgan Stanley SHINICHIRO MURAOKA Equalwt/In-Line 3 M 2'900 12 month 26.03.2013


Jefferies NAOMI KUMAGAI hold 3 M 2'900 12 month 22.03.2013



Barclays ATSUSHI SEKI overweight 5 M 2'900 Not Provided 22.02.2013


EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013

Mito Securities YUKA YANAGIBA Neutral Plus 3 M #N/A N/A Not Provided 10.01.2013

Tachibana Securities AKIHIRO CHIBA Strong Outperform 5 N #N/A N/A Not Provided 12.06.2012

Okasan Securities YUKICHI OKABE buy 5 N 2'600 6 month 15.08.2011

Holdings By:

Otsuka Holdings Co Ltd ee


27.03.2013

Panasonic Corporation manufactures electric and electronic products.

The Company produces home appliances, audio & video, computer peripherals,

telecommunications, industrial equipment, and electronic parts. Panasonic has

associated companies around the world.


LTM as of: 12/yy

52-Week High (28.03.2012) 783.00

52-Week Low (06.11.2012) 376.00

Daily Volume

708





1'736'761.88 1 Yr Total Return -7.82%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

9'068'928.0 7'765'507.0 7'417'980.0 8'692'672.0 7'846'216.0 ######### ######### ######### ######### ######### -

0.48x 0.29x 0.54x 0.36x 0.35x 1.40x 1.34x 0.41x 0.38x - -

840'015.0 437'679.0 488'723.0 672'517.0 381'837.0 460'852.0 464'949.0 461'063.9 536'710.3 - -

5.13x 5.08x 8.13x 4.65x 7.26x 5.37x 4.79x 5.98x 5.14x - -

281'877.0 (378'961.0) (103'465.0) 74'017.0 (772'172.0) (374'503.0) ######### (744'964.7) 80'489.4 (76'350.0) -

16.25x - - 29.59x - 0.00x 0.00x - 19.44x - -





Return on Assets -20.46% Short-Term Rating A-2






EBITDA Margin 5.6%



Asset Turnover 1.16







Fiscal Year Ended

Panasonic CorpPrice/Volume

Valuation Analysis

34'281'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

2! ! 8

-!! ! 8

-2! ! 8

.!! ! 8

.2! ! 8

0!! ! 8

02! ! 8

0.0

1'000'000.0

2'000'000.0

3'000'000.0

4'000'000.0

5'000'000.0

6'000'000.0

7'000'000.0

8'000'000.0

9'000'000.0

10'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


PANASONIC CORP n/a Co File 141'368'900 5.76 17'700 30.09.2012 Corporation





DODGE & COX Multiple Portfolios MF-AGG 67'764'974 2.76 1'870'040 29.01.2013 Investment Advisor








MATSUSHITA FUDOSAN K n/a Co File 29'121'000 1.19 - 30.09.2012 Corporation

DAIKIN INDUSTRIES LT n/a Co File 27'805'000 1.13 - 31.03.2012 Corporation


GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 22'805'937 0.93 (19'900) 31.01.2013 Mutual Fund Manager

DEUTSCHE SECURITIES n/a Short (22'170'598) -0.9 (12'700) 25.03.2013 Bank




Credit Suisse SHUNSUKE TSUCHIYA outperform 5 M 750 Not Provided 18.03.2013

Deutsche Bank YASUO NAKANE hold 3 M 700 12 month 15.03.2013

Daiwa Securities Co. Ltd. JUNYA AYADA neutral 3 M 630 Not Provided 14.03.2013

SMBC Nikko Securities Inc KOKI SHIRAISHI neutral 3 M 700 12 month 06.03.2013

Morgan Stanley MASAHIRO ONO Equalwt/In-Line 3 M 610 12 month 27.02.2013


Goldman Sachs TAKASHI WATANABE neutral/neutral 3 M 540 12 month 12.02.2013


Okasan Securities TAKANOBU MURAKAMI neutral 3 M #N/A N/A Not Provided 06.02.2013

Tokai Tokyo Securities KOUICHIROU HAGIWARA below average 2 M #N/A N/A Not Provided 04.02.2013

Mizuho Securities YOSHIHIRO UJIHARA neutral 3 M 600 6 month 04.02.2013

Nomura SHIRO MIKOSHIBA neutral 3 M 600 12 month 04.02.2013



Tachibana Securities TSUNENORI OHMAKI outperform 5 N #N/A N/A Not Provided 18.06.2012

Holdings By:

Panasonic Corp ee


27.03.2013

Resona Holdings, Inc. is a holding company established through the merger of

Daiwa Bank, Daiwa Trust & Banking, Kinki Osaka Bank, Nara Bank, and Asahi Bank.

The Company manages financial operations for its subsidiaries.


LTM as of: 12/yy

52-Week High (12.03.2013) 561.00

52-Week Low (04.06.2012) 278.00

Daily Volume

504





1'267'538.63 1 Yr Total Return 30.64%





Enterprise Value -





31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

952'992.0 898'974.0 838'035.0 807'108.0 825'802.0 777'361.0 742'343.0 633'176.3 626'691.2 167'185.0 -

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

- - - - - 0.0 0.0 - - - -

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

302'818.0 123'910.0 132'230.0 160'079.0 253'662.0 176'491.0 325'251.0 255'993.6 147'905.3 - -

7.01x 17.18x 13.38x 5.41x 3.95x 4.60x 2.95x 6.31x 10.99x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Resona Holdings IncPrice/Volume

Valuation Analysis

16'192'300.00


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0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

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

! !!

! .!

! 1!

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- .!

- 1!

- 3!

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27.03.2013


DEPOSIT INSURANCE CO n/a MOF-JP 503'262'500 20.01 - 19.12.2012 Insurance Company



RESONA HOLDINGS INC n/a ULT-AGG 64'190'600 2.55 (10'495'100) 30.09.2012 Holding Company

J-ESOP n/a Co File 64'188'600 2.55 - 30.09.2012 n/a


CREDIT AGRICOLE SA n/a Co File 39'483'700 1.57 - 30.09.2012 Investment Advisor


SIX SIS AG n/a Co File 31'612'200 1.26 - 30.09.2012 Bank

JP MORGAN BANK LUXEM n/a Co File 30'065'300 1.2 - 30.09.2012 Investment Advisor







MERRILL LYNCH INTERN n/a Short (13'221'589) -0.53 (88'900) 25.03.2013 Bank


BARCLAYS CAPITAL SEC n/a Short (6'849'487) -0.27 414'000 30.03.2012 Investment Advisor



Macquarie ALASTAIR MACDONALD neutral 3 M 550 12 month 26.03.2013




Keefe, Bruyette & Woods DAVID THREADGOLD market perform 3 M 592 12 month 11.03.2013

SMBC Nikko Securities Inc SHINICHIRO NAKAMURA neutral 3 M 570 12 month 11.03.2013

Deutsche Bank YOSHINOBU YAMADA buy 5 U 610 12 month 07.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI outperform 5 M 550 12 month 28.02.2013

Morgan Stanley TAKAAKI NISHINO Underwt/In-Line 1 D 400 12 month 19.02.2013

Mizuho Securities RIE NISHIHARA neutral 3 M 440 12 month 06.02.2013


BNP Paribas Equity Research TOYOKI SAMESHIMA hold 3 M 430 12 month 31.01.2013


Barclays SHIN TAMURA underweight 1 M 300 Not Provided 31.01.2013

Goldman Sachs KATSUNORI TANAKA buy/attractive 5 M 450 12 month 24.01.2012

Holdings By:

Resona Holdings Inc ee


27.03.2013

RICOH COMPANY, LTD. manufactures and markets office automation equipment,

electronic devices, and photographic instruments. The Company's diverse

product line includes facsimiles, image scanners, printers, digital cameras, and

personal computers, as well as a full range of analog, digital, and color

copiers. Ricoh operates with a network of sales offices and tie-ups worldwide.


LTM as of: 12/yy

52-Week High (22.01.2013) 1'113.00

52-Week Low (26.07.2012) 486.00

Daily Volume

1017





757'575.56 1 Yr Total Return 28.64%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'219'989.0 2'091'696.0 2'016'337.0 1'941'336.0 1'903'477.0 ######### ######### ######### ######### 527'154.8 470'000.0

0.65x 0.67x 0.77x 0.63x 0.64x 2.41x 2.58x 0.70x 0.66x 2.53x -

277'294.0 176'353.0 164'938.0 151'748.0 73'069.0 57'592.0 147'119.0 149'173.2 205'287.6 52'870.0 -

5.22x 8.00x 9.40x 8.12x 16.74x 19.71x 9.29x 9.84x 7.15x - -

106'463.0 6'530.0 27'873.0 18'630.0 (44'560.0) (53'845.0) 24'877.0 35'489.4 67'085.0 13'129.2 11'600.0

11.22x 128.94x 38.01x 38.01x - 0.00x 25.37x 20.85x 10.91x - -


EBIT -18'068.00 Long-Term Rating A





Return on Capital -24.45% EBITDA/Interest Exp. 10.47




EBITDA Margin 5.4%



Asset Turnover 0.85








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ricoh Co LtdPrice/Volume

Valuation Analysis

4'000'000.00


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.2 ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

! !!

-! !!

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0! !!

1! !!

2! !!

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27.03.2013








RICOH CO LTD n/a Co File 19'845'000 2.66 14'000 30.09.2012 Corporation



NEW TECH DEVELOPMENT n/a Co File 15'839'000 2.13 - 30.09.2012 Other

COMPANY'S MOCHIKABUK n/a Co File 12'571'000 1.69 863'000 30.09.2012 n/a


TOKIO MARINE & NICHI n/a Co File 9'894'000 1.33 (253'166) 30.09.2012 Insurance Company







SAWAKAMI ASSET MANAG Multiple Portfolios MF-AGG 5'000'000 0.67 - 23.08.2012 Investment Advisor


Credit Suisse YU YOSHIDA outperform 5 M 1'400 Not Provided 22.03.2013


SMBC Nikko Securities Inc KAZUHARU MIURA outperform 5 M 1'350 12 month 07.03.2013

Morgan Stanley MASAHIRO ONO Overwt/In-Line 5 M 1'200 12 month 27.02.2013


Okasan Securities KAZUMASA KUBOTA buy 5 U 1'300 6 month 15.02.2013

Barclays MASAHIRO NAKANOMYO equalweight 3 M 900 Not Provided 13.02.2013

BNP Paribas Equity Research KUNIHIKO KANNO hold 3 D 1'100 12 month 05.02.2013

Daiwa Securities Co. Ltd. JUNYA AYADA outperform 5 M 1'100 Not Provided 01.02.2013

Goldman Sachs TOSHIYA HARI neutral/neutral 3 M 940 12 month 31.01.2013

Jefferies YOSHIHIRO AZUMA underperform 1 M 800 12 month 31.01.2013

Mizuho Securities EISAKU OHMORI neutral 3 M 750 12 month 31.01.2013


Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA neutral 3 M 830 12 month 31.01.2013



Holdings By:

Ricoh Co Ltd ee


27.03.2013

SECOM CO., LTD. provides comprehensive security services. The Company provides

on-line centralized security services, home security systems, and home medical

services,


LTM as of: 12/yy

52-Week High (15.03.2013) 5'120.00

52-Week Low (12.06.2012) 3'325.00

Daily Volume

4895





1'141'948.25 1 Yr Total Return 21.99%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

682'619.0 678'400.0 654'678.0 663'887.0 679'173.0 667'009.0 741'886.0 751'400.0 773'328.6 205'703.0 -

1.51x 1.09x 1.22x 1.10x 1.09x 4.15x 3.94x 1.40x 1.30x - -

148'861.0 126'693.0 138'152.0 138'196.0 121'710.0 139'607.0 127'601.0 148'477.5 157'272.5 - -

6.93x 5.83x 5.76x 5.28x 6.11x 4.55x 6.51x 6.91x 6.52x - -

61'506.0 21'502.0 47'611.0 60'846.0 35'489.0 55'099.0 41'803.0 64'000.0 67'735.7 14'926.0 -

17.70x 37.54x 18.73x 13.85x 24.90x 14.06x 22.64x 16.94x 15.90x - -











EBITDA Margin 17.1%



Asset Turnover 0.66







Fiscal Year Ended

Secom Co LtdPrice/Volume

Valuation Analysis

725'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

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

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27.03.2013


FIRST EAGLE INVESTME n/a MOF-JP 18'895'230 8.1 - 14.10.2011 Hedge Fund Manager


SECOM CO LTD n/a Co File 15'018'000 6.44 400 30.09.2012 Corporation




STATE STREET CUSTODI n/a ULT-AGG 4'665'000 2 88'000 30.09.2012 Other

IIDA MAKOTO n/a Co File 4'320'000 1.85 - 30.09.2012 n/a


SECOM SCI & TECH FOU n/a Co File 4'025'000 1.73 - 30.09.2012 Other

TODA JUICHI n/a Co File 3'152'000 1.35 - 30.09.2012 n/a

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 3'077'400 1.32 (1'004'000) 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'947'300 1.26 - 31.12.2012 Investment Advisor







AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1'071'590 0.46 30'300 31.10.2012 Investment Advisor


SMBC Nikko Securities Inc HIROKO TAKANASHI not rated #N/A N/A M 5'000 12 month 25.02.2013

Nomura KYOICHIRO SHIGEMURA buy 5 M 5'100 12 month 15.02.2013

Mizuho Securities HIDEKATSU WATANABE neutral 3 M 4'500 12 month 14.02.2013

Morgan Stanley MASAHARU MIYACHI Equalwt/No Rating 3 M 4'400 12 month 07.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieKATSUMI ARAI neutral 3 M 4'800 12 month 07.02.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 24.01.2013

Holdings By:

Secom Co Ltd ee


27.03.2013

Sekisui House, Ltd. builds and sells steel-frame and wooden housings.

The Company constructs single-family houses, condominiums, and apartment

buildings. Sekisui House also operates real estate brokerage and leasing

businesses. Additionally, the Company sells construction materials.


LTM as of: 01/yy

52-Week High (15.03.2013) 1'339.00

52-Week Low (04.06.2012) 638.00

Daily Volume

1298





878'596.81 1 Yr Total Return 65.04%










31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

1'514'172.0 1'353'186.0 1'488'369.0 1'530'577.0 1'613'816.0 ######### ######### ######### ######### - -

0.43x 0.51x 0.40x 0.38x 0.48x 1.61x 1.74x 0.56x 0.53x - -

89'352.0 (22'175.0) 72'737.0 88'931.0 105'211.0 88'930.0 105'542.0 130'794.4 147'559.6 - -

7.21x - 8.28x 6.50x 7.30x 6.50x 7.27x 7.42x 6.58x - -

11'516.0 (29'277.0) 30'421.0 28'962.0 46'458.0 28'961.0 46'460.0 64'591.3 73'042.6 - -

45.13x - 17.75x 16.69x 14.54x 16.70x 14.54x 14.04x 12.51x - -











EBITDA Margin 6.5%



Asset Turnover 1.08







Fiscal Year Ended

Sekisui House LtdPrice/Volume

Valuation Analysis

3'249'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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.2 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

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

! !!

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27.03.2013


SEKISUI CHEMICAL CO n/a Co File 72'168'000 10.66 (727) 31.07.2012 Corporation
















MORGAN STANLEY n/a ULT-AGG 5'100'692 0.75 161'046 31.12.2012 Investment Advisor

SEKISUI HOUSE LTD n/a Co File 5'032'000 0.74 (1'000) 31.07.2012 Corporation


SHARP CORP n/a Co File 4'529'000 0.67 - 31.03.2012 Corporation



Iwai Cosmo Securities Co. Ltd SHOICHI ARISAWA Neutral Plus 3 D 1'500 6 month 22.03.2013

Credit Suisse MASAHIRO MOCHIZUKI outperform 5 U 1'600 Not Provided 18.03.2013

Daiwa Securities Co. Ltd. HIDEAKI TERAOKA outperform 5 U 1'400 Not Provided 13.03.2013


JPMorgan HIROKAZU ANAI overweight 5 U 1'500 9 month 08.03.2013


Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA neutral 3 M 1'220 12 month 08.03.2013

Morgan Stanley TOMOYOSHI OMURO Overwt/In-Line 5 M 1'130 12 month 07.03.2013


Barclays TAKASHI HASHIMOTO overweight 5 M 1'300 Not Provided 07.03.2013


TIW YOSHITANE HORIBE neutral 3 D #N/A N/A Not Provided 19.09.2012


Holdings By:

Sekisui House Ltd ee


27.03.2013

Seven & I Holdings Co., Ltd. is a holding company which was established through

the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan.

The Holding company plans, manages, and operates mainly convenient stores,

supermarkets, and restaurants.


LTM as of: 11/yy

52-Week High (27.03.2013) 3'120.00

52-Week Low (09.10.2012) 2'238.00

Daily Volume

3085





2'734'673.50 1 Yr Total Return 31.00%










29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1

5'223'832.0 5'094'757.0 4'549'867.0 4'530'685.0 4'013'617.0 ######### ######### ######### ######### ######### -

0.50x 0.42x 0.41x 0.48x 0.52x 1.94x 2.06x 0.59x 0.56x - -

424'730.0 422'394.0 358'898.0 392'373.0 444'969.0 437'443.0 466'820.0 463'269.8 498'852.3 - -

6.18x 5.02x 5.18x 5.50x 4.65x 4.58x 4.59x 5.94x 5.52x - -

130'657.0 92'336.0 44'875.0 111'961.0 129'837.0 105'396.0 143'144.0 144'214.1 168'130.7 44'976.0 -

19.19x 21.83x 40.35x 18.04x 15.28x 17.83x 14.83x 18.89x 16.21x - -











EBITDA Margin 11.2%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Seven & I Holdings Co LtdPrice/Volume

Valuation Analysis

2'072'400.00


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0.0

1'000'000.0

2'000'000.0

3'000'000.0

4'000'000.0

5'000'000.0

6'000'000.0

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

! !!

- !!

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2 !!

3 !!

4 !!

5 !!

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27.03.2013


ITO KOGYO KK n/a Co File 68'901'000 7.77 - 31.08.2012 Corporation







ITO MASATOSHI n/a Co File 16'801'000 1.9 - 31.08.2012 n/a

MITSUI & CO LTD n/a ULT-AGG 16'222'000 1.83 (480) 31.08.2012 Corporation









CREDIT SAISON CO LTD n/a Co File 6'850'800 0.77 - 31.03.2012 Corporation


SUZUKI TOSHIFUMI n/a Co File 5'063'000 0.57 1'000 28.05.2012 n/a


Goldman Sachs SHO KAWANO Buy/Neutral 5 M 3'300 12 month 14.03.2013

Macquarie TOBY WILLIAMS neutral 3 M 2'700 12 month 13.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieMAKOTO SAKURAI neutral 3 M 3'050 12 month 13.03.2013

BNP Paribas Equity Research JAMES MOON buy 5 M 3'380 12 month 11.03.2013

SMBC Nikko Securities Inc JUN KAWAHARA neutral 3 M 3'150 12 month 11.03.2013

Mizuho Securities TOSHIO TAKAHASHI buy 5 M 3'400 12 month 08.03.2013


Deutsche Bank TAKAHIRO KAZAHAYA buy 5 U 3'200 12 month 05.03.2013

JPMorgan DAIRO MURATA overweight 5 M 3'300 9 month 28.02.2013

Daiwa Securities Co. Ltd. KAZUNORI TSUDA outperform 5 M 3'100 Not Provided 29.01.2013



Nomura MASAFUMI SHODA buy 5 M 3'000 12 month 08.01.2013

Holdings By:

Seven & I Holdings Co Ltd ee


27.03.2013

Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other

chemical products such as fertilizers. The Company also manufactures electronic

materials such as semiconductor silicon, synthetic and rare earth quartz.

Shin-Etsu Chemical operates in Japan and overseas.


LTM as of: 12/yy

52-Week High (21.03.2013) 6'520.00

52-Week Low (26.07.2012) 3'865.00

Daily Volume

6260





2'704'988.00 1 Yr Total Return 32.38%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'376'364.0 1'200'813.0 916'837.0 1'058'257.0 1'047'731.0 ######### ######### ######### ######### 266'402.4 -

1.37x 1.47x 2.23x 1.37x 1.67x 5.41x 6.51x 2.23x 2.08x - -

428'414.0 352'384.0 204'937.0 242'953.0 232'500.0 239'073.0 233'376.0 243'974.0 276'126.6 56'900.0 -

4.41x 5.01x 9.98x 5.96x 7.54x 5.78x 8.10x 9.73x 8.60x - -

183'580.0 154'731.0 83'852.0 100'119.0 100'643.0 87'534.0 108'444.0 110'890.0 128'534.5 27'490.7 -

12.07x 13.16x 27.49x 17.54x 20.17x 18.38x 20.48x 23.99x 20.67x - -











EBITDA Margin 22.1%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shin-Etsu Chemical Co LtdPrice/Volume

Valuation Analysis

1'316'400.00


!

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1!!!

2!!!

3!!!

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1 ! 8

2 ! 8

3 ! 8

4 ! 8

5 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

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27.03.2013






HACHIJUNI BANK LTD/T n/a Co File 11'790'000 2.73 - 30.09.2012 Bank



SHIN-ETSU CHEMICAL C n/a Co File 7'511'200 1.74 (1'600) 30.09.2012 Corporation







ABERDEEN n/a ULT-AGG 4'936'219 1.14 35'000 28.02.2013 Unclassified







Nomura SHIGEKI OKAZAKI buy 5 M 6'600 12 month 26.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA neutral 3 M 6'790 12 month 26.03.2013

Mizuho Securities ATSUSHI YOSHIDA buy 5 M 7'300 12 month 25.03.2013

Morgan Stanley LALITA GUPTA Equalwt/No Rating 3 M 5'100 12 month 22.03.2013


SMBC Nikko Securities Inc TAKATO WATABE neutral 3 M 5'300 12 month 21.03.2013


BNP Paribas Equity Research YOSHITSUGU YAMAMOTO buy 5 M 6'500 12 month 26.02.2013


Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO outperform 5 U 6'600 6 month 30.01.2013

Marusan Securities SHIGEKAZU ISHIDA outperform 5 M #N/A N/A Not Provided 30.01.2013

Okasan Securities TAKASHI NISHIHIRA buy 5 M 6'200 6 month 30.01.2013

Daiwa Securities Co. Ltd. HIDEMITSU UMEBAYASHI neutral 3 M 5'700 Not Provided 30.01.2013


Goldman Sachs HISAAKI YOKOO neutral/neutral 3 M 6'000 12 month 29.01.2013

Credit Suisse MASAMI SAWATO outperform 5 M 6'200 Not Provided 29.01.2013

Barclays MIKIYA YAMADA equalweight 3 M 4'600 Not Provided 29.01.2013


Advanced Research Japan KOICHI ISHIHARA buy 5 M 5'650 Not Provided 25.12.2012

JPMorgan NOBUHITO OWAKI overweight 5 M 4'800 9 month 25.10.2012

Holdings By:

Shin-Etsu Chemical Co Ltd ee


27.03.2013

Shiseido Company, Limited manufactures cosmetic and toiletry products. The

Company offers an array of makeup and skin-care products, toiletries, beauty

salon products, pharmaceuticals, foodstuffs, and fine chemicals.


LTM as of: 12/yy

52-Week High (27.03.2012) 1'473.00

52-Week Low (11.10.2012) 938.00

Daily Volume

1330





532'000.00 1 Yr Total Return -4.03%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

723'484.0 690'256.0 644'201.0 670'701.0 682'385.0 674'432.0 676'469.0 678'070.2 708'963.8 190'712.0 -

1.40x 0.80x 1.47x 1.01x 0.99x 4.12x 3.65x 0.96x 0.91x - -

91'316.0 79'764.0 77'740.0 79'172.0 75'336.0 81'981.0 58'772.0 65'326.8 76'301.5 - -

11.11x 6.88x 12.15x 8.58x 8.94x 8.36x 10.58x 10.25x 8.77x - -

35'459.0 19'373.0 33'671.0 12'790.0 14'515.0 9'554.0 13'302.0 10'972.7 18'912.7 - -

30.62x 29.87x 23.99x 44.79x 39.16x 58.94x 36.40x 48.64x 26.74x - -











EBITDA Margin 9.2%



Asset Turnover 0.95







Fiscal Year Ended

Shiseido Co LtdPrice/Volume

Valuation Analysis

2'890'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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3 ! 8

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0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-3 !!

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27.03.2013










MITSUI SUMITOMO INSU n/a Co File 8'000'000 2 - 30.09.2012 Insurance Company


ASAHI MUTUAL LIFE IN n/a Co File 7'037'000 1.76 (4'707'000) 30.09.2012 Insurance Company



NEW JERSEY DIVISION Multiple Portfolios MF-AGG 4'000'000 1 1'700'000 30.06.2012 Pension Fund (ERISA)






DEUTSCHE SECURITIES n/a Short (2'772'282) -0.69 (31'400) 25.03.2013 Bank




Mizuho Securities WAKAKO SATO neutral 3 M 1'200 12 month 11.03.2013

SMBC Nikko Securities Inc KUNI KANAMORI neutral 3 M 1'150 12 month 11.03.2013

Barclays MITSUKO MIYASAKO equalweight 3 M 1'180 Not Provided 07.03.2013

Goldman Sachs KEIKO YAMAGUCHI neutral/neutral 3 D 1'250 12 month 04.02.2013

BNP Paribas Equity Research JAMES MOON reduce 2 D 930 12 month 04.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieHISAE KAWAMOTO underperform 1 D 950 12 month 04.02.2013

Daiwa Securities Co. Ltd. KATSURO HIROZUMI underperform 1 M 860 Not Provided 01.02.2013

TIW TOSHIRO TAKAHASHI Neutral Minus 3 D #N/A N/A Not Provided 01.02.2013

Credit Suisse SATSUKI KAWASAKI neutral 3 M 920 Not Provided 31.01.2013



Holdings By:

Shiseido Co Ltd ee


27.03.2013

SMC CORPORATION manufactures directional control devices such as power, hand,

and air valves. The Company also produces air filters, cylinders, and

actuators along with other pneumatic equipment. SMC seeks to become a

comprehensive maker of automated equipment through the market demand of

information and communications products.


LTM as of: 12/yy

52-Week High (21.03.2013) 18'720.00

52-Week Low (11.10.2012) 11'680.00

Daily Volume

18120





1'302'272.75 1 Yr Total Return 36.52%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

357'919.0 283'436.0 220'906.0 325'116.0 341'864.0 334'903.0 330'090.0 317'372.5 347'275.5 81'216.0 83'000.0

1.67x 1.89x 3.28x 2.32x 2.10x 8.54x 9.07x 3.39x 3.02x - -

101'345.0 63'261.0 37'161.0 92'773.0 100'305.0 101'477.0 67'435.0 89'632.8 104'382.3 - -

5.88x 8.46x 19.50x 8.14x 7.16x 6.72x 0.00x 12.13x 10.41x - -

55'985.0 25'978.0 19'593.0 47'759.0 59'279.0 51'672.0 61'985.0 55'943.1 63'470.8 14'701.0 15'800.0

13.28x 24.95x 44.42x 19.66x 15.23x 16.49x 17.21x 22.12x 19.64x 22.04x 18.07x











EBITDA Margin 26.9%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SMC Corp/JapanPrice/Volume

Valuation Analysis

158'500.00


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

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- 8

. 8

0 8

1 8

2 8

3 8

4 8

5 8

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

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

! !!

-! !!

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0! !!

1! !!

2! !!

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27.03.2013



TON FINANCE BV n/a Co File 3'836'200 5.34 - 30.09.2012 Investment Advisor

SMC CORP/JAPAN n/a Co File 3'283'100 4.57 300 30.09.2012 Corporation

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 3'198'500 4.45 35'200 31.12.2012 Investment Advisor


TAKADA INTERNATIONAL n/a Co File 3'050'000 4.24 - 30.09.2012 Corporation


ALLIED MATERIAL CORP n/a Co File 2'334'200 3.25 (230'000) 30.09.2012 Corporation




CAPITAL GROUP COMPAN n/a ULT-AGG 1'588'000 2.21 (400) 31.12.2012 Investment Advisor



TAKADA YOSHIKI n/a Co File 912'000 1.27 - 28.06.2012 n/a

DAIDO LIFE INSURANCE n/a Co File 627'300 0.87 - 31.03.2012 Insurance Company

BLACKROCK n/a ULT-AGG 617'900 0.86 13'700 25.03.2013 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 511'000 0.71 (1'200) 31.12.2012 Unclassified


DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 271'400 0.38 (2'800) 28.02.2013 Holding Company


TIW MASAKAZU ITOI neutral 3 M #N/A N/A Not Provided 27.03.2013




Nomura KATSUSHI SAITO buy 5 M 19'200 12 month 26.02.2013

Jefferies YUKIHIRO KUMAGAI buy 5 M 18'000 12 month 25.02.2013

Deutsche Bank TAKESHI KITAURA buy 5 U 20'000 12 month 22.02.2013

Mizuho Securities JUNJI SAKURADA neutral 3 M 14'800 12 month 22.02.2013

Macquarie KENJIN HOTTA underperform 1 D 13'500 12 month 21.02.2013

Goldman Sachs YUICHIRO ISAYAMA sell/attractive 1 M 13'800 12 month 13.02.2013


Daiwa Securities Co. Ltd. HIROKAZU MIYAGI neutral 3 M 15'500 Not Provided 13.02.2013

Morgan Stanley YOSHINAO IBARA Overwt/Attractive 5 M 17'000 12 month 12.02.2013


Ji Asia TONY MOYER sell 1 M 9'545 12 month 12.02.2013


Mito Securities YOICHIRO WATANABE Neutral Plus 3 D 16'000 6 month 04.09.2012

Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Neutral Plus 3 N 15'000 6 month 19.06.2012

Holdings By:

SMC Corp/Japan ee


27.03.2013

SOFTBANK Corp provides telecommunication services. The Company also operates

ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet

connection, e-Commerce businesses, and Internet based advertising and auction

businesses.


LTM as of: 12/yy

52-Week High (27.03.2013) 4'275.00

52-Week Low (15.10.2012) 2'200.00

Daily Volume

4265





5'085'084.50 1 Yr Total Return 76.89%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'776'168.0 2'673'035.0 2'763'406.0 3'004'640.0 3'202'435.0 ######### ######### ######### ######### 894'026.5 -

1.80x 1.60x 1.84x 1.90x 1.35x 6.03x 6.13x 1.96x 1.88x - -

603'591.0 656'245.0 770'885.0 916'788.0 1'013'714.0 998'157.0 ######### ######### ######### - -

8.26x 6.52x 6.60x 6.24x 4.25x 4.14x 4.95x 6.40x 5.67x - -

108'624.0 43'172.0 96'716.0 189'712.0 313'752.0 297'494.0 299'037.0 328'285.4 362'382.1 - -

17.77x 31.44x 25.76x 18.94x 8.56x 8.35x 11.55x 14.47x 13.34x - -


EBIT 675'283.00 Long-Term Rating BBB *-









EBITDA Margin 33.1%



Asset Turnover 0.68







Fiscal Year Ended

Softbank CorpPrice/Volume

Valuation Analysis

23'885'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!

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-! ! 8

.! ! 8

0! ! 8

1! ! 8

2! ! 8

3! ! 8

4! ! 8

5! ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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27.03.2013



SON MASAYOSHI n/a Co File 231'704'000 19.43 - 30.09.2012 n/a





TRUST & CUSTODY SERV n/a Co File 24'097'000 2.02 1'747'000 30.09.2012 Bank









SOFTBANK CORP n/a Co File 9'183'700 0.77 (8) 30.09.2012 Corporation



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'439'600 0.37 3'424'500 26.03.2013 Investment Advisor



Nomura DAISAKU MASUNO buy 5 M 4'500 12 month 25.03.2013

Barclays KEIICHI YONESHIMA overweight 5 M 4'500 Not Provided 25.03.2013

JPMorgan HITOSHI HOSOYA overweight 5 M 4'200 9 month 21.03.2013

New Street Research KIRK BOODRY buy 5 M 4'290 Not Provided 21.03.2013

SMBC Nikko Securities Inc SHINJI MORIYUKI outperform 5 M 4'590 12 month 18.03.2013





Tokai Tokyo Securities YUSUKE TSUNODA above average 4 M #N/A N/A Not Provided 07.02.2013

Tachibana Securities RYUICHI ISHII Strong Outperform 5 M #N/A N/A Not Provided 05.02.2013

Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI Neutral Plus 3 D 3'600 6 month 01.02.2013

ACE Research Institute HIDEKI YASUDA outperform 5 M #N/A N/A Not Provided 01.02.2013



BNP Paribas Equity Research HIROSHI YAMASHINA hold 3 M 2'900 12 month 27.11.2012

HSBC NEALE ANDERSON underweight 1 M 2'600 Not Provided 15.11.2012

Daiwa Securities Co. Ltd. MAKOTO UENO buy 5 M 4'000 Not Provided 01.11.2012

Goldman Sachs IKUO MATSUHASHI not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012

Ji Asia NEIL JUGGINS neutral 3 D 4'130 12 month 12.10.2012

Holdings By:

Softbank Corp ee


27.03.2013

SONY CORPORATION manufactures audio, home video game consoles, communications,

key device and information technology products for the consumer and professional

markets. The Company's other businesses include music, pictures, computer

entertainment, and online businesses.


LTM as of: 12/yy

52-Week High (28.03.2012) 1'785.00

52-Week Low (15.11.2012) 772.00

Daily Volume

1675





1'695'016.63 1 Yr Total Return -1.86%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

8'871'414.0 7'729'993.0 7'213'998.0 7'181'273.0 6'493'212.0 ######### ######### ######### ######### ######### -

0.44x 0.29x 0.46x 0.34x 0.28x 1.19x 0.93x 0.29x 0.26x - -

802'492.0 177'660.0 402'776.0 525'187.0 252'319.0 184'781.0 399'075.0 513'722.3 533'686.2 - -

4.84x 12.61x 8.32x 4.66x 7.09x 8.16x 3.66x 4.27x 4.11x - -

369'435.0 (98'938.0) (40'802.0) (259'585.0) (456'660.0) (590'249.0) (306'087.0) 29'833.3 63'702.1 68'200.0 -

10.78x - - - - 0.00x 0.00x 62.06x 28.68x - -


EBIT -67'275.00 Long-Term Rating BBB









EBITDA Margin 4.0%



Asset Turnover 0.50







Fiscal Year Ended

Sony CorpPrice/Volume

Valuation Analysis

18'503'100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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

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.! ! 8

1! ! 8

3! ! 8

5! ! 8

-!! ! 8

-.! ! 8

0.0

1'000'000.0

2'000'000.0

3'000'000.0

4'000'000.0

5'000'000.0

6'000'000.0

7'000'000.0

8'000'000.0

9'000'000.0

10'000'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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27.03.2013



MOXLEY & CO n/a Co File 69'745'000 6.89 2'804'000 30.09.2012 Investment Advisor






TAM TWO n/a Co File 9'982'000 0.99 - 30.09.2012 Unclassified




BTG PACTUAL EUROPE L n/a Short (6'660'798) -0.66 (23'000) 25.03.2013 Investment Advisor

UBS n/a ULT-AGG (6'279'883) -0.62 199'300 25.03.2013 Unclassified

DODGE & COX Multiple Portfolios MF-AGG 5'789'828 0.57 (187'800) 29.01.2013 Investment Advisor


DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 5'086'900 0.5 (334'800) 28.02.2013 Holding Company

MYRIAD OPP MASTER FU n/a Short (4'789'280) -0.47 (202'600) 21.03.2013 Mutual Fund Manager

DEUTSCHE BANK AG/LON n/a Short (4'325'959) -0.43 84'000 25.03.2013 Investment Advisor

D E SHAW & CO HK LTD n/a Short (3'164'307) -0.31 (3'164'307) 05.12.2012 Mutual Fund Manager



Morgan Stanley MASAHIRO ONO Equalwt/In-Line 3 M 1'450 12 month 26.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN neutral 3 M 1'450 12 month 26.03.2013

Okasan Securities TAKANOBU MURAKAMI sell 1 M 1'000 6 month 18.03.2013


Credit Suisse SHUNSUKE TSUCHIYA neutral 3 M 1'600 Not Provided 14.03.2013

Daiwa Securities Co. Ltd. JUNYA AYADA buy 5 U 2'200 Not Provided 14.03.2013

ACE Research Institute HIDEKI YASUDA outperform 5 M 1'800 Not Provided 14.03.2013

Deutsche Bank YASUO NAKANE hold 3 M 1'800 12 month 11.03.2013

SMBC Nikko Securities Inc KOKI SHIRAISHI neutral 3 M 1'300 12 month 06.03.2013

Nomura SHIRO MIKOSHIBA neutral 3 M 1'460 12 month 28.02.2013


Goldman Sachs TAKASHI WATANABE neutral/neutral 3 M 1'100 12 month 13.02.2013


Macquarie DAMIAN THONG neutral 3 M 1'080 12 month 12.11.2012

Mizuho Securities YOSHIHIRO UJIHARA neutral 3 M 1'000 12 month 02.11.2012


Holdings By:

Sony Corp ee


27.03.2013

Sumitomo Corp is a general trading company. The Company imports and exports a

wide variety of goods such as metals, machinery, chemicals, fuel,food products,

and textiles. Sumitomo also operates real estate, construction, shipping,

insurance, finance, and leasing businesses.


LTM as of: 12/yy

52-Week High (27.03.2012) 1'284.00

52-Week Low (14.11.2012) 984.00

Daily Volume

1206





1'508'227.00 1 Yr Total Return 0.07%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

3'670'896.0 3'511'577.0 2'876'746.0 3'100'185.0 3'260'995.0 ######### ######### ######### ######### ######### -

1.47x 1.33x 1.52x 1.51x 1.36x 5.59x 5.81x 0.58x 0.56x 2.14x -

400'725.0 420'846.0 290'502.0 344'038.0 374'983.0 378'041.0 247'911.0 360'094.1 407'485.0 - -

13.49x 11.09x 15.01x 13.57x 11.82x 11.48x 17.96x 12.73x 11.25x - -

238'928.0 215'078.0 165'365.0 200'222.0 250'669.0 240'283.0 220'181.0 234'582.2 240'348.6 45'722.3 -

6.82x 4.90x 8.13x 7.42x 5.96x 5.42x 6.25x 6.41x 6.29x - -











EBITDA Margin 9.1%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sumitomo CorpPrice/Volume

Valuation Analysis

7'758'700.00


!

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3!!

5!!

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3 ! 8

5 ! 8

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-. ! 8

-1 ! 8

-3 ! 8

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

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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27.03.2013





LIBERTY PROGRAMMING n/a Co File 45'652'000 3.65 - 30.09.2012 Corporation

JP MORGAN SECURITIES n/a Short (34'030'300) -2.72 4'500'000 12.10.2012 Investment Advisor




SUMITOMO METAL INDUS n/a Co File 19'291'000 1.54 (210) 30.09.2012 Corporation




JP MORGAN INVESTMENT n/a MOF-JP 13'797'266 1.1 624'305 15.12.2011 Investment Advisor



SUMITOMO ELECTRIC IN n/a Co File 10'613'000 0.85 - 31.03.2012 Corporation



JP MORGAN n/a ULT-AGG 9'003'118 0.72 533'900 31.01.2013 Unclassified







Barclays KAZUHISA MORI equalweight 3 M 1'270 Not Provided 01.03.2013


JPMorgan AKIRA KISHIMOTO restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013


Tokai Tokyo Securities HIDEAKI KURIBARA above average 4 M #N/A N/A Not Provided 21.02.2013






Holdings By:

Sumitomo Corp ee


27.03.2013

Sumitomo Electric Industries, Ltd. manufactures electric wires, cables, and

their related equipment. The Company's products include optical fibers,

wire harnesses, antennas for broadcasting stations, and electric monitoring

systems. Sumitomo Electric also produces disc brakes and antilock braking

systems for automobiles and printed circuit board.


LTM as of: 12/yy

52-Week High (12.03.2013) 1'206.00

52-Week Low (11.10.2012) 775.00

Daily Volume

1151





913'825.63 1 Yr Total Return 3.20%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'540'858.0 2'121'978.0 1'836'352.0 2'033'827.0 2'059'344.0 ######### ######### ######### ######### 554'976.3 -

0.56x 0.50x 0.68x 0.59x 0.62x 2.26x 2.17x 0.61x 0.58x - -

258'581.0 133'980.0 157'395.0 202'160.0 165'400.0 164'749.0 174'908.0 173'522.9 213'783.3 - -

5.49x 7.94x 7.94x 5.95x 7.67x 6.24x 7.04x 7.84x 6.37x - -

87'804.0 17'237.0 28'708.0 70'614.0 58'861.0 45'544.0 47'970.0 44'554.5 73'869.2 16'400.0 -

11.19x 37.70x 31.67x 12.93x 15.27x 14.59x 16.34x 20.17x 12.36x - -











EBITDA Margin 8.4%



Asset Turnover 1.08







Fiscal Year Ended

Sumitomo Electric Industries LtdPrice/Volume

Valuation Analysis

2'395'600.00


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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. ! 8

1 ! 8

3 ! 8

5 ! 8

-! ! 8

-. ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-. !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013

















SUMITOMO METAL MININ n/a Co File 5'806'000 0.73 - 31.03.2012 Corporation






Credit Suisse SHINYA YAMADA outperform 5 M 1'500 Not Provided 27.02.2013

Mizuho Securities HIROSHI MATSUDA buy 5 M 1'200 12 month 27.02.2013

Okasan Securities MANAMI ONO buy 5 M 1'150 6 month 22.02.2013


Nomura YUJI MATSUMOTO buy 5 M 1'280 12 month 12.02.2013


SMBC Nikko Securities Inc KAZUHIRO HARADA outperform 5 M 1'200 12 month 04.02.2013


Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI outperform 5 N 1'200 6 month 21.11.2012

JPMorgan AKIRA KISHIMOTO neutral 3 M 900 9 month 01.11.2012

Daiwa Securities Co. Ltd. YUSUKE ANDO neutral 3 M 880 Not Provided 01.11.2012

Morgan Stanley HARUNOBU GOROH Equalwt/Cautious 3 M 1'100 12 month 31.10.2012

TIW YASUSHI MIZOUE Neutral Minus 3 D #N/A N/A Not Provided 02.02.2012

Holdings By:

Sumitomo Electric Industries Ltd ee


27.03.2013

Sumitomo Metal Mining Co., Ltd. develops and mines non-ferrous metals in Japan

and overseas. The Company's primary products include copper, gold, silver,

nickel, lead, and zinc. The Company refines, produces, and sells precious

metals. Sumitomo Metal Mining also produces and markets electronic & housing

construction materials and provides civil engineering works.


LTM as of: 12/yy

52-Week High (12.02.2013) 1'678.00

52-Week Low (06.09.2012) 785.00

Daily Volume

1385





805'554.81 1 Yr Total Return 16.41%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'132'372.0 793'797.0 725'827.0 864'077.0 847'897.0 862'888.0 792'067.0 795'705.3 846'228.9 205'675.0 205'800.0

1.07x 0.79x 1.29x 1.09x 0.94x 3.86x 3.76x 1.17x 1.14x - -

185'899.0 44'802.0 101'011.0 130'663.0 119'611.0 124'507.0 115'432.0 115'414.4 127'791.2 - -

6.50x 14.07x 9.26x 7.20x 6.69x 5.76x 7.13x 8.33x 7.52x - -

137'808.0 21'974.0 53'952.0 83'962.0 65'219.0 74'913.0 73'766.0 70'884.6 76'615.4 17'833.3 -

7.79x 24.21x 14.45x 9.58x 10.02x 7.42x 9.14x 11.08x 10.24x - -











EBITDA Margin 13.8%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sumitomo Metal Mining Co LtdPrice/Volume

Valuation Analysis

2'946'000.00


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

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0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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27.03.2013




SUMITOMO METAL MININ n/a MOF-JP 29'394'492 5.05 4'645 30.11.2012 Corporation





GOVT OF SINGAPORE IN n/a ULT-AGG 10'881'000 1.87 2'487'000 30.09.2012 Government







BLACKROCK n/a ULT-AGG 5'407'351 0.93 - 25.03.2013 Investment Advisor








Tokai Tokyo Securities YOSHIYUKI TAKANO above average 4 M #N/A N/A Not Provided 14.03.2013

Okasan Securities MANAMI ONO neutral 3 M 1'510 6 month 22.02.2013


Nomura YUJI MATSUMOTO neutral 3 M 1'570 12 month 11.02.2013

SMBC Nikko Securities Inc KAZUHIRO HARADA neutral 3 M 900 12 month 08.02.2013


JPMorgan AKIRA KISHIMOTO neutral 3 M 1'450 9 month 07.02.2013


Mitsubishi UFJ Morgan Stanley SecuritieKEIJU KUROSAKA neutral 3 M 1'600 12 month 07.02.2013

Credit Suisse SHINYA YAMADA neutral 3 D 1'410 Not Provided 21.01.2013


Daiwa Securities Co. Ltd. YUSUKE ANDO neutral 3 M 1'160 Not Provided 07.11.2012

TIW YASUSHI MIZOUE Neutral Plus 3 M #N/A N/A Not Provided 28.03.2012

Holdings By:

Sumitomo Metal Mining Co Ltd ee


27.03.2013

Sumitomo Mitsui Financial Group, Inc. is a holding company established by

Sumitomo Mitsui Banking Corporation. Sumitomo Mitsui Card Co., SMBC Leasing

Co., and The Japanese Research Institute, Ltd. joined the Group in Feb., 2003.

The Company manages financial operations for its subsidiaries. The Group

provides commercial banking and a variety of financial services.


LTM as of: 12/yy

52-Week High (12.03.2013) 4'255.00

52-Week Low (04.06.2012) 2'231.00

Daily Volume

3880





5'486'536.00 1 Yr Total Return 41.78%





Enterprise Value -





31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

3'168'618.0 2'888'511.0 2'697'380.0 2'859'372.0 2'989'626.0 ######### ######### ######### ######### 683'539.0 -

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

- - - - - 0.0 0.0 - - - -

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

461'536.0 (373'456.0) 271'559.0 475'895.0 518'536.0 371'758.0 657'942.0 666'730.8 518'752.6 153'100.0 -

11.06x - 12.44x 7.68x 7.28x 8.10x 6.42x 8.03x 10.15x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Sumitomo Mitsui Financial Group IncPrice/Volume

Valuation Analysis

6'829'600.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!

-!!!-2!!.!!!.2!!0!!!02!!1!!!12!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0! ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013




SUMITOMO MITSUI FINA n/a ULT-AGG 59'955'300 4.24 (2'826'219) 30.09.2012 Bank










NATS CUMCO n/a Co File 16'028'015 1.13 1'708'098 30.09.2012 Other


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 12'384'100 0.88 3'000'600 31.12.2012 Investment Advisor







Daiwa Securities Co. Ltd. AKIRA TAKAI outperform 5 M 5'000 Not Provided 26.03.2013

Tokai Tokyo Securities TATSUO MAJIMA neutral 3 D #N/A N/A Not Provided 18.03.2013


Macquarie ALASTAIR MACDONALD outperform 5 M 4'500 12 month 04.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI outperform 5 M 5'020 12 month 28.02.2013


Morgan Stanley TAKAAKI NISHINO Overwt/In-Line 5 M 4'750 12 month 19.02.2013


Deutsche Bank YOSHINOBU YAMADA buy 5 M 4'650 12 month 04.02.2013


BNP Paribas Equity Research TOYOKI SAMESHIMA buy 5 M 3'800 12 month 30.01.2013

Nomura KEN TAKAMIYA buy 5 M 4'300 12 month 30.01.2013

Barclays SHIN TAMURA equalweight 3 M 2'800 Not Provided 30.01.2013

Goldman Sachs KATSUNORI TANAKA buy/attractive 5 M 4'000 12 month 28.01.2013


Holdings By:

Sumitomo Mitsui Financial Group Inc ee


27.03.2013

Sumitomo Mitsui Trust Holdings, Inc. is a holding company established jointly

by Chuo Mitsui Trust Holdings and Sumitomo Trust and Banking. As a financial

group, the Bank provides trust banking business as well as securities brokerage,

assets management, and related financial services.


LTM as of: 12/yy

52-Week High (26.03.2013) 462.00

52-Week Low (04.06.2012) 188.00

Daily Volume

455





1'776'086.38 1 Yr Total Return 70.39%





Enterprise Value -





31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

435'776.0 199'192.0 353'380.0 328'394.0 879'070.0 734'197.0 832'853.0 641'505.9 643'497.9 168'898.0 -

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

- - - - - 0.0 0.0 - - - -

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

71'837.0 (92'033.0) 46'826.0 47'277.0 164'660.0 145'744.0 116'562.0 134'056.1 133'173.4 36'500.0 -

8.55x - 11.17x 10.35x 6.85x 6.65x 11.17x 13.93x 13.40x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Sumitomo Mitsui Trust Holdings IncPrice/Volume

Valuation Analysis

23'927'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!2!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8

-! ! 8

.! ! 8

0! ! 8

1! ! 8

2! ! 8

3! ! 8

4! ! 8

5! ! 8

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

900'000.0

1'000'000.0

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

! !!

! -!

! .!

! 0!

! 1!

! 2!

! 3!

! 4!

! 5!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013








GOVT OF SINGAPORE IN n/a ULT-AGG 49'734'000 1.27 5'560'000 30.09.2012 Government

MELLON BANK NA n/a Co File 46'389'000 1.19 1'209'000 30.09.2012 Investment Advisor


KUBOTA CORP n/a Co File 32'756'000 0.84 - 31.03.2012 Corporation



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 29'306'260 0.75 239'000 31.12.2012 Investment Advisor



NAGOYA RAILROAD CO L n/a Co File 20'779'864 0.53 1'419'810 31.03.2012 Corporation


SUMITOMO WAREHOUSE C n/a Co File 19'669'341 0.5 - 31.03.2012 Corporation

IDEMITSU KOSAN CO LT n/a Co File 18'279'824 0.47 (1) 31.03.2012 Corporation

MORGAN STANLEY n/a ULT-AGG 16'812'789 0.43 (54'377) 31.12.2012 Investment Advisor


Mizuho Securities RIE NISHIHARA buy 5 U 490 12 month 25.03.2013

BNP Paribas Equity Research TOYOKI SAMESHIMA hold 3 M 440 12 month 21.03.2013


Morgan Stanley TAKAAKI NISHINO Overwt/In-Line 5 M 520 12 month 18.03.2013


Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 501 12 month 11.03.2013




Goldman Sachs KATSUNORI TANAKA neutral/attractive 3 M 350 12 month 08.03.2013

Jefferies MAKARIM SALMAN hold 3 M 330 12 month 08.03.2013

SMBC Nikko Securities Inc SHINICHIRO NAKAMURA outperform 5 U 490 12 month 08.03.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 20.02.2013


Barclays SHIN TAMURA underweight 1 M 230 Not Provided 31.01.2013


Holdings By:

Sumitomo Mitsui Trust Holdings Inc ee


27.03.2013

Sumitomo Realty & Development Co., Ltd. develops, manages, and sells houses and

condominiums. The Company also develops and manages real estates in overseas.

Sumitomo Realty & Development undertakes infrastructure projects, manages real

estate properties, and provides financing services to its customers. The

Company operates fitness clubs and restaurants as well.


LTM as of: 12/yy

52-Week High (27.03.2013) 3'770.00

52-Week Low (04.06.2012) 1'500.00

Daily Volume

3725





1'773'420.25 1 Yr Total Return 86.25%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

691'928.0 695'239.0 719'635.0 744'756.0 688'662.0 670'827.0 699'884.0 722'475.8 752'960.0 213'196.0 190'612.0

3.72x 3.37x 3.80x 3.73x 5.06x 18.16x 20.33x 5.81x 5.57x - -

171'757.0 164'251.0 152'043.0 162'166.0 183'514.0 174'437.0 142'498.0 191'593.0 198'268.5 - -

14.97x 14.25x 17.96x 17.13x 18.98x 17.67x 0.00x 22.41x 21.66x - -

63'132.0 46'205.0 52'662.0 50'908.0 53'236.0 45'289.0 64'795.0 61'222.5 64'860.8 - -

13.21x 11.12x 16.02x 15.50x 17.77x 14.11x 20.83x 29.29x 27.71x 28.75x -











EBITDA Margin 26.6%



Asset Turnover 0.18







Fiscal Year Ended

Sumitomo Realty & Development Co LtdPrice/Volume

Valuation Analysis

4'038'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!

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0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013






CITIGROUP GLOBAL MAR n/a Co File 9'665'000 2.03 - 30.09.2012 Investment Advisor


KAJIMA CORP n/a Co File 7'912'000 1.66 - 30.09.2012 Corporation


OBAYASHI CORP n/a Co File 7'527'000 1.58 999'411 30.09.2012 Corporation


MITSUI SUMITOMO INSU n/a Co File 6'740'000 1.42 2'000 31.03.2012 Insurance Company


SUMITOMO CORP n/a Co File 5'167'000 1.09 3'207'000 31.03.2012 Corporation

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'092'000 1.07 2'533'000 31.12.2012 Investment Advisor


DAIKIN INDUSTRIES LT n/a Co File 4'720'000 0.99 - 31.03.2012 Corporation




NISHIMATSU CONSTRUCT n/a Co File 3'500'000 0.74 - 31.03.2012 Corporation


Morgan Stanley TOMOYOSHI OMURO Equalwt/In-Line 3 M 3'200 12 month 25.03.2013

TIW YOSHITANE HORIBE Neutral Minus 3 D #N/A N/A Not Provided 22.03.2013





Credit Suisse MASAHIRO MOCHIZUKI neutral 3 D 3'600 Not Provided 07.03.2013

Mizuho Securities HIROSHI OKUBO neutral 3 M 3'400 12 month 07.03.2013



Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA neutral 3 M 2'750 12 month 13.02.2013


Tokai Tokyo Securities HIRONOBU NAKAYAMA neutral 3 M 2'403 6 month 07.02.2013

Goldman Sachs SACHIKO OKADA Sell/Neutral 1 D 2'350 12 month 18.01.2013




Macquarie NORIHIKO SAWANO underperform 1 M 1'750 12 month 08.11.2012

Daiwa Securities Co. Ltd. HIDEAKI TERAOKA outperform 5 N 2'500 Not Provided 22.10.2012

Ji Asia MARK S BROWN neutral 3 D 2'000 12 month 28.08.2012

Holdings By:

Sumitomo Realty & Development Co Ltd ee


27.03.2013

SUZUKI MOTOR CORPORATION manufactures automobiles, motorcycles, and their

related parts. The Company has production facilities in USA, Japan, Taiwan,

India, Pakistan, Indonesia, Thailand, and Hungary.


LTM as of: 12/yy

52-Week High (01.02.2013) 2'464.00

52-Week Low (26.07.2012) 1'331.00

Daily Volume

2130





1'195'030.75 1 Yr Total Return 6.87%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

3'502'419.0 3'004'888.0 2'469'063.0 2'608'217.0 2'512'186.0 ######### ######### ######### ######### 748'271.0 657'644.3

0.36x 0.34x 0.44x 0.36x 0.34x 1.27x 1.21x 0.42x 0.38x 1.36x -

311'005.0 218'129.0 221'214.0 245'302.0 222'421.0 216'895.0 227'783.0 246'956.5 297'750.9 78'311.0 70'017.5

4.00x 4.69x 4.95x 3.79x 3.82x 3.00x 4.55x 3.94x 3.27x 3.36x 3.33x

80'254.0 27'429.0 28'913.0 45'174.0 53'887.0 43'182.0 61'696.0 75'085.4 95'072.9 24'564.2 23'502.0

14.13x 26.41x 32.87x 23.05x 20.58x 20.68x 20.39x 16.10x 12.68x 12.99x 12.54x











EBITDA Margin 9.0%



Asset Turnover 1.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Suzuki Motor CorpPrice/Volume

Valuation Analysis

2'107'800.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

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- ! 8

. ! 8

0 ! 8

1 ! 8

2 ! 8

3 ! 8

4 ! 8

5 ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


VOLKSWAGEN AG n/a Co File 111'610'000 19.89 - 30.09.2012 Corporation














FUJI HEAVY INDUSTRIE n/a Co File 5'780'000 1.03 - 31.03.2012 Corporation







Macquarie CLIVE WIGGINS underperform 1 M 2'050 12 month 11.03.2013

JPMorgan KOHEI TAKAHASHI neutral 3 M 2'100 9 month 04.03.2013

SMBC Nikko Securities Inc SHOTARO NOGUCHI neutral 3 M 2'700 12 month 04.03.2013

Morgan Stanley RYOSUKE HOSHINO Underwt/Attractive 1 M 2'340 12 month 03.03.2013

Okasan Securities YASUAKI IWAMOTO neutral 3 M 2'200 6 month 01.03.2013

Mizuho Securities SEIJI SUGIURA neutral 3 M 2'400 12 month 01.03.2013

Credit Suisse ISSEI TAKAHASHI underperform 1 M 2'170 Not Provided 21.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA neutral 3 M 2'400 12 month 18.02.2013


Daiwa Securities Co. Ltd. EIJI HAKOMORI neutral 3 M 2'400 Not Provided 08.02.2013


Nomura MASATAKA KUNUGIMOTO neutral 3 M 2'300 12 month 07.02.2013

Ji Asia STEPHEN USHER sell 1 D 1'950 12 month 21.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013



Advanced Research Japan KOJI ENDO buy 5 N 2'000 12 month 28.08.2012

Tachibana Securities KENTARO HAYASHI outperform 5 M #N/A N/A Not Provided 07.02.2012

Holdings By:

Suzuki Motor Corp ee


27.03.2013

T&D Holdings, Inc. is a holding company established through the merger of Taiyo

Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance.

The Company manages life insurance operations for its subsidiaries.


LTM as of: 12/yy

52-Week High (13.02.2013) 1'219.00

52-Week Low (04.06.2012) 722.00

Daily Volume

1086





740'087.25 1 Yr Total Return 9.39%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'089'323.0 1'929'502.0 2'113'888.0 1'878'801.0 1'931'946.0 ######### ######### ######### ######### 495'000.0 -

0.52x 0.26x 0.27x 0.05x 0.25x 0.54x 0.67x 0.20x 0.20x - -

- - - - - 0.0 0.0 - - - -

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

36'749.0 (89'097.0) 24'292.0 23'877.0 26'763.0 4'584.0 54'158.0 40'699.8 43'705.1 - -

34.98x - 26.68x 29.24x 24.33x 106.86x 12.96x 18.08x 16.86x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

T&D Holdings IncPrice/Volume

Valuation Analysis

2'973'800.00


!

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1!!

3!!

5!!

-!!!

-.!!

-1!!

e--. P--. e--. d--. d--. P--. m--. j--. f--. T--. d--0 a--0 e--0 ! 8- ! 8. ! 80 ! 81 ! 82 ! 83 ! 84 ! 85 ! 86 ! 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013






BANK OF NEW YORK MEL n/a Co File 22'248'000 3.26 (807'000) 30.09.2012 Investment Advisor

RBC DEXIA INVESTOR S n/a Co File 16'425'000 2.41 (158'000) 30.09.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 14'424'000 2.12 - 31.10.2012 Hedge Fund Manager






GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 8'733'604 1.28 (396'500) 31.01.2013 Mutual Fund Manager

KOMATSU LTD n/a ULT-AGG 8'167'000 1.2 - 31.03.2012 Corporation

T&D HOLDINGS INC n/a Co File 7'155'800 1.05 2'000 30.09.2012 Insurance Company

ELECTRIC POWER DEVEL n/a Co File 6'159'950 0.9 - 31.03.2012 Corporation


AIU INSURANCE COMPAN AIU INSURANCE COMPAN Sch-D 6'000'000 0.88 - 30.09.2012 Insurance Company

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'833'543 0.86 (10'400) 03.12.2012 Investment Advisor

ONO PHARMACEUTICAL C n/a Co File 5'704'910 0.84 - 31.03.2012 Corporation


Macquarie SCOTT G RUSSELL outperform 5 U 1'250 12 month 22.03.2013


EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.02.2013

Nomura WATARU OHTSUKA neutral 3 M 1'100 Not Provided 25.02.2013

SMBC Nikko Securities Inc KOUICHI NIWA outperform 5 U 1'400 12 month 22.02.2013






Morgan Stanley HIDEYASU BAN Overwt/Attractive 5 M 1'400 12 month 12.02.2013

Goldman Sachs TAKANORI MIYOSHI neutral/neutral 3 M 1'300 12 month 12.02.2013





Ji Asia SHIRO YOSHIOKA buy 5 M 1'310 12 month 20.12.2012

Holdings By:

T&D Holdings Inc ee


27.03.2013

Takeda Pharmaceutical Company Limited mainly manufactures and sells

pharmaceuticals, food supplements, and chemical products like polyurethane. The

Company also produces food, agrochemicals, and environment-related products such

as pollution detectors. Takeda Pharmaceutical researches, develops, and

promotes the products through its related companies in the US, Europe, and Asia.


LTM as of: 12/yy

52-Week High (26.03.2013) 5'310.00

52-Week Low (14.05.2012) 3'225.00

Daily Volume

5190





4'098'367.00 1 Yr Total Return 47.32%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'374'802.0 1'538'336.0 1'465'965.0 1'419'385.0 1'508'932.0 ######### ######### ######### ######### 374'000.0 -

1.87x 1.29x 1.66x 1.59x 2.02x 7.11x 7.87x 2.67x 2.48x - -

454'813.0 424'549.0 535'037.0 473'806.0 415'221.0 434'197.0 342'782.0 333'205.9 372'822.0 92'850.0 -

5.64x 4.69x 4.54x 4.76x 7.33x 6.64x 9.40x 12.84x 11.48x - -

355'454.0 234'385.0 297'744.0 247'868.0 124'162.0 192'984.0 102'467.0 167'206.7 147'394.5 25'600.0 -

11.91x 11.73x 10.91x 12.36x 23.17x 13.83x 29.70x 16.70x 19.76x - -











EBITDA Margin 22.1%



Asset Turnover 0.46







Fiscal Year Ended

Takeda Pharmaceutical Co LtdPrice/Volume

Valuation Analysis

2'142'300.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013






TAKEDA SCIENCE FOUND n/a Co File 17'912'000 2.27 - 30.09.2012 Other











DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'606'513 0.58 (200'000) 28.02.2013 Investment Advisor

IYO BANK LTD/THE n/a Co File 4'300'736 0.54 - 31.03.2012 Bank






Jefferies NAOMI KUMAGAI hold 3 M 4'800 12 month 14.03.2013


Marusan Securities SHIGEKAZU ISHIDA outperform 5 N #N/A N/A Not Provided 01.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO outperform 5 M 4'300 12 month 27.02.2013

Morgan Stanley MAYO MITA Overwt/In-Line 5 M 5'700 12 month 26.02.2013

Credit Suisse FUMIYOSHI SAKAI outperform 5 M 5'300 Not Provided 25.02.2013


Barclays ATSUSHI SEKI equalweight 3 M 4'050 Not Provided 22.02.2013

TIW SEIHEI MORITA Neutral Plus 3 M #N/A N/A Not Provided 14.02.2013

Nomura RYOICHI URUSHIHARA buy 5 M 5'400 12 month 07.02.2013

Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Neutral Plus 3 M 5'200 6 month 05.02.2013




MP Advisors Pvt Ltd DEVESH SINGH underperform 1 M 3'500 Not Provided 25.05.2011

Holdings By:

Takeda Pharmaceutical Co Ltd ee


27.03.2013

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and

life insurance, and asset management services.


LTM as of: 12/yy

52-Week High (12.03.2013) 2'926.00

52-Week Low (04.06.2012) 1'651.00

Daily Volume

2726





2'097'723.50 1 Yr Total Return 21.10%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'937'717.0 2'747'081.0 3'074'931.0 3'175'791.0 3'377'787.0 ######### ######### ######### ######### 857'600.0 -

1.41x 0.96x 1.18x 0.90x 0.83x 2.31x 2.49x 0.56x 0.54x - -

- - - - - 0.0 0.0 - - - -

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

108'766.0 23'141.0 128'418.0 71'924.0 6'001.0 (86'757.0) 113'094.0 114'088.2 132'331.8 - -

27.56x 82.22x 16.15x 24.05x 290.41x 0.00x 16.16x 18.45x 15.97x - -







Return on Capital -0.34% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tokio Marine Holdings IncPrice/Volume

Valuation Analysis

2'787'600.00


!

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2 ! 8

3 ! 8

4 ! 8

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500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

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

! !!

2 !!

-! !!

-2 !!

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0! !!

02 !!

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27.03.2013













ASAHI GLASS CO LTD n/a Co File 10'256'000 1.33 - 31.12.2011 Corporation



NIPPON YUSEN KK n/a ULT-AGG 6'912'695 0.9 - 31.03.2012 Corporation







Macquarie SCOTT G RUSSELL neutral 3 D 2'600 12 month 22.03.2013

Morgan Stanley HIDEYASU BAN Equalwt/Attractive 3 D 3'200 12 month 21.03.2013

Jefferies MAKARIM SALMAN buy 5 M 3'626 12 month 21.03.2013




SMBC Nikko Securities Inc KOUICHI NIWA outperform 5 M 3'500 12 month 22.02.2013






Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI neutral 3 M 2'400 12 month 13.02.2013



Goldman Sachs TAKANORI MIYOSHI Buy/Neutral 5 M 3'400 24 month 10.02.2012

Holdings By:

Tokio Marine Holdings Inc ee


27.03.2013

Tokyo Electron Limited manufactures and sells industrial electronics products,

such as semiconductor manufacturing machines, computer system, and electronic

components. The Company products are sold in US, Taiwan, and others as well as

in Japan.


LTM as of: 12/yy

52-Week High (27.03.2012) 4'936.10

52-Week Low (04.10.2012) 3'155.00

Daily Volume

4070





735'086.44 1 Yr Total Return -15.51%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

906'091.0 508'082.0 418'636.0 668'722.0 633'091.0 646'173.0 536'088.0 491'977.7 525'763.6 130'987.8 103'178.0

1.02x 0.90x 2.10x 0.83x 0.97x 1.43x 1.15x 1.07x 0.99x - -

189'911.0 37'778.0 17'821.0 115'577.0 84'640.0 94'945.0 48'715.0 35'070.5 45'008.2 11'968.0 6'646.0

4.88x 12.04x 49.43x 4.80x 7.28x 0.00x 0.00x 14.35x 11.18x 10.29x -

106'271.0 7'543.0 (9'033.0) 71'924.0 36'725.0 47'214.0 8'377.0 4'353.9 14'079.6 3'851.3 (3'816.0)

10.20x 86.36x - 11.41x 23.09x 14.85x 84.15x 168.22x 51.47x 44.14x -









Net Debt/EBITDA -


EBITDA Margin 10.7%



Asset Turnover 0.75







Fiscal Year Ended

Tokyo Electron LtdPrice/Volume

Valuation Analysis

813'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

900'000.0

1'000'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

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27.03.2013




MELLON BANK NA n/a Co File 8'729'000 4.83 2'514'000 30.09.2012 Investment Advisor

TOKYO BROADCASTING S n/a Co File 7'727'000 4.28 (383) 30.09.2012 Corporation







NORTHERN TRUST CORPO n/a Co File 3'216'000 1.78 - 30.09.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 3'171'170 1.76 1'481'500 31.12.2012 Investment Advisor



TRUST & CUSTODY SERV n/a Co File 2'802'000 1.55 88'000 30.09.2012 Bank







Credit Suisse HIDEYUKI MAEKAWA neutral 3 D 4'700 Not Provided 15.03.2013




SMBC Nikko Securities Inc YUKIHIKO SHIMADA neutral 3 M 3'270 12 month 28.02.2013

Okasan Securities KAZUMASA KUBOTA neutral 3 U #N/A N/A Not Provided 20.02.2013

Tokai Tokyo Securities HARUO SATO strong buy 5 M #N/A N/A Not Provided 20.02.2013

TIW MASAKAZU ITOI neutral 3 M #N/A N/A Not Provided 18.02.2013


Morgan Stanley KAZUO YOSHIKAWA Underwt/In-Line 1 M 3'300 12 month 05.02.2013


Mizuho Securities EISAKU OHMORI neutral 3 M 4'000 12 month 05.02.2013

BNP Paribas Equity Research YOSHITSUGU YAMAMOTO reduce 2 M 3'000 12 month 05.02.2013



Macquarie CLAUDIO ARITOMI outperform 5 M 4'425 12 month 20.12.2012


Ji Asia STEVE MYERS buy 5 M 6'200 12 month 13.04.2012

Holdings By:

Tokyo Electron Ltd ee


27.03.2013

TOKYO GAS CO., LTD. produces and supplies liquefied natural gas to Tokyo and the

surrounding areas. The Company maintains and manages gas supply equipment and

sells air conditioning appliances. Tokyo Gas operates power generation business

as well.


LTM as of: 12/yy

52-Week High (22.03.2013) 523.00

52-Week Low (01.06.2012) 365.00

Daily Volume

504





1'299'271.38 1 Yr Total Return 30.28%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'487'496.0 1'660'162.0 1'415'718.0 1'535'242.0 1'754'257.0 ######### ######### ######### ######### 573'073.0 -

1.07x 0.89x 1.11x 1.00x 0.87x 3.65x 3.35x 0.97x 0.92x - -

208'864.0 202'713.0 227'912.0 267'840.0 221'513.0 164'684.0 198'226.0 280'341.6 288'925.4 - -

7.64x 7.30x 6.92x 5.71x 6.90x 0.00x 0.00x 6.71x 6.51x - -

42'487.0 41'708.0 53'781.0 95'467.0 46'060.0 53'132.0 111'168.0 91'848.0 93'564.0 - -

25.28x 22.07x 20.75x 10.67x 22.03x 17.94x 9.16x 14.11x 13.82x - -











EBITDA Margin 15.0%



Asset Turnover 1.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tokyo Gas Co LtdPrice/Volume

Valuation Analysis

10'124'000.00


!

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.2 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

2'000'000.0

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

! !!

- !!

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2 !!

3 !!

4 !!

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27.03.2013









FUKOKU MUTUAL LIFE I n/a Co File 41'103'000 1.59 - 30.09.2012 Insurance Company


MITSUBISHI CORP n/a Co File 27'959'000 1.08 (4) 31.03.2012 Corporation







PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 9'451'000 0.37 (1'056'000) 31.12.2012 Investment Advisor


NEW JERSEY DIVISION Multiple Portfolios MF-AGG 8'000'000 0.31 5'002'348 30.06.2012 Pension Fund (ERISA)

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'193'600 0.28 482'000 31.01.2013 Investment Advisor



Morgan Stanley YUKA MATAYOSHI Overwt/In-Line 5 M 470 12 month 26.03.2013


Okasan Securities SHINICHI YAMAZAKI buy 5 M 530 6 month 12.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO outperform 5 M 510 12 month 06.02.2013

Nomura SHIGEKI MATSUMOTO buy 5 M 540 12 month 04.02.2013

SMBC Nikko Securities Inc HIDETOSHI SHIODA neutral 3 M 390 12 month 12.12.2012

Goldman Sachs HIROYUKI SAKAIDA neutral/neutral 3 U 440 12 month 30.11.2012

Mito Securities KEITA WAKABAYASHI Neutral Plus 3 N #N/A N/A Not Provided 21.09.2012

Holdings By:

Tokyo Gas Co Ltd ee


27.03.2013

TORAY INDUSTRIES, INC. manufactures yarns, synthetic fibers, and man-made

leather used as apparel and industrial materials. The Company also makes

chemical products such as polyester films, engineering plastics, and resin

materials. Toray develops information equipment such as electronic circuit and

liquid crystal color filter.


LTM as of: 12/yy

52-Week High (21.03.2013) 654.00

52-Week Low (11.10.2012) 421.00

Daily Volume

640





1'044'148.13 1 Yr Total Return 4.30%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'649'670.0 1'471'561.0 1'359'631.0 1'539'693.0 1'588'604.0 ######### ######### ######### ######### 421'483.0 -

0.90x 0.81x 1.01x 0.92x 0.91x 3.44x 3.45x 0.93x 0.89x - -

190'420.0 119'589.0 114'910.0 170'503.0 175'085.0 187'486.0 148'362.0 159'320.0 177'228.1 - -

7.82x 10.02x 12.00x 8.34x 8.27x 7.20x 9.10x 9.63x 8.66x - -

48'069.0 (16'326.0) (14'158.0) 57'925.0 64'218.0 68'120.0 47'530.0 49'632.1 60'074.3 12'100.0 -

18.84x - - 16.62x 15.58x 13.18x 18.06x 20.98x 17.24x - -











EBITDA Margin 9.6%



Asset Turnover 0.96







Fiscal Year Ended

Toray Industries IncPrice/Volume

Valuation Analysis

3'785'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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2!!

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4!!

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.! ! 8

.2 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

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

! !!

2 !!

-! !!

-2 !!

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27.03.2013






MITSUI LIFE INSURANC n/a Co File 35'961'000 2.2 (1'209'000) 30.09.2012 Insurance Company





MITSUI FUDOSAN CO LT n/a Co File 19'460'000 1.19 (720) 30.09.2012 Corporation






TOKYO BROADCASTING S n/a Co File 11'061'000 0.68 - 31.03.2012 Corporation




JAPAN STEEL WORKS LT n/a Co File 7'164'000 0.44 - 31.03.2012 Corporation


Jefferies YOSHIHIRO AZUMA underperform 1 M 410 12 month 25.03.2013

SMBC Nikko Securities Inc TAKATO WATABE outperform 5 M 650 12 month 21.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieYASUHIRO NAKADA outperform 5 M 660 12 month 08.03.2013

Goldman Sachs HISAAKI YOKOO Sell/Neutral 1 M 520 12 month 25.02.2013

Okasan Securities TAKASHI NISHIHIRA buy 5 M 600 6 month 15.02.2013

Barclays MIKIYA YAMADA equalweight 3 M 520 Not Provided 12.02.2013


Credit Suisse MASAMI SAWATO outperform 5 M 610 Not Provided 07.02.2013

Mizuho Securities WAKAKO SATO buy 5 M 590 12 month 07.02.2013

Nomura SHIGEKI OKAZAKI neutral 3 M 540 12 month 07.02.2013


Daiwa Securities Co. Ltd. YUSUKE ANDO underperform 1 M 400 Not Provided 14.11.2012

Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Neutral Plus 3 M 550 6 month 07.08.2012

Marusan Securities SATOSHI EBISAWA outperform 5 M #N/A N/A Not Provided 31.05.2012

Tachibana Securities YOSHIHIRO OHTSUKA outperform 5 M #N/A N/A Not Provided 08.11.2011


Holdings By:

Toray Industries Inc ee


27.03.2013

TOSHIBA CORPORATION manufactures and markets electrical and electronic products.

The Company's products include digital products such as PCs and televisions,

electronic devices such as NAND flash memories and system LSIs (large-scale

integrated) , social infrastructures such as power generators and medical

equipment, and home appliances.


LTM as of: 12/yy

52-Week High (12.03.2013) 488.00

52-Week Low (06.09.2012) 234.00

Daily Volume

475





2'012'861.00 1 Yr Total Return 30.83%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

7'668'076.0 6'654'518.0 6'381'599.0 6'398'505.0 6'100'262.0 ######### ######### ######### ######### ######### #########

0.47x 0.39x 0.52x 0.45x 0.49x 1.89x 2.00x 0.61x 0.56x - -

618'259.0 99'578.0 416'189.0 499'877.0 453'619.0 437'592.0 442'848.0 480'510.5 579'545.4 210'842.0 101'309.0

5.80x 26.30x 7.99x 5.72x 6.54x 6.48x 7.21x 7.86x 6.52x - -

127'413.0 (343'559.0) (19'743.0) 137'845.0 73'705.0 109'732.0 116'152.0 112'150.0 162'902.9 64'951.6 13'104.0

16.88x - - 11.80x 20.55x 12.09x 12.22x 17.94x 12.26x - -











EBITDA Margin 7.4%



Asset Turnover 1.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Toshiba CorpPrice/Volume

Valuation Analysis

28'212'000.00


!2!

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-1! ! 8

0.0

1'000'000.0

2'000'000.0

3'000'000.0

4'000'000.0

5'000'000.0

6'000'000.0

7'000'000.0

8'000'000.0

9'000'000.0

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

! !!

- !!

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1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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27.03.2013






NIPPON LIFE INSURANC n/a ULT-AGG 113'397'000 2.68 1'506'000 20.11.2012 Insurance Company

COMPANY'S MOCHIKABUK n/a Co File 102'409'000 2.42 8'800'000 30.09.2012 n/a
















Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA outperform 5 U 580 6 month 25.03.2013

Okasan Securities TAKANOBU MURAKAMI neutral 3 N #N/A N/A Not Provided 12.03.2013

Morgan Stanley KAZUO YOSHIKAWA Overwt/In-Line 5 M 550 12 month 05.03.2013


Mizuho Securities TAKESHI TANAKA buy 5 M 500 12 month 01.03.2013

Credit Suisse HIDEYUKI MAEKAWA outperform 5 U 560 Not Provided 27.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN outperform 5 M 500 12 month 27.02.2013

Tokai Tokyo Securities HARUO SATO above average 4 M #N/A N/A Not Provided 20.02.2013

SMBC Nikko Securities Inc YUKIHIKO SHIMADA outperform 5 M 600 12 month 12.02.2013




Daiwa Securities Co. Ltd. HIROSUKE TAI outperform 5 M 500 Not Provided 01.02.2013




ACE Research Institute HIDEKI YASUDA outperform 5 U 300 Not Provided 14.11.2012

Ji Asia STEVE MYERS buy 5 U 398 12 month 02.05.2012

Jih Sun Securities CHEN LIYEN neutral 3 N #N/A N/A Not Provided 10.12.2010

Holdings By:

Toshiba Corp ee


27.03.2013

TOYOTA MOTOR CORPORATION manufactures, sells, leases, and repairs passenger

cars, trucks, buses, and their related parts worldwide. The Company also

operates financing services through their subsidiaries. Toyota Motor builds

homes, produces pleasure boats, and develops intelligent transportation systems

including radar cruise control and electronic toll collection systems.


LTM as of: 12/yy

52-Week High (12.02.2013) 5'050.00

52-Week Low (25.07.2012) 2'795.00

Daily Volume

4900





16'895'188.00 1 Yr Total Return 38.56%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

26'289'240.0 20'529'570.0 18'950'973.0 18'993'688.0 18'583'653.0 ######### ######### ######### ######### ######### #########

1.00x 1.03x 1.10x 1.05x 1.13x 4.23x 3.76x 1.22x 1.11x - -

3'761'510.0 1'034'159.0 1'562'085.0 1'643'852.0 1'423'457.0 ######### ######### ######### ######### 578'277.5 604'052.5

6.98x 20.43x 13.30x 12.17x 14.69x 13.90x 10.96x 13.38x 9.98x 11.28x 10.91x

1'717'879.0 (436'937.0) 209'456.0 408'183.0 283'559.0 187'923.0 769'217.0 903'693.1 ######### 247'027.5 315'832.3

9.19x - 56.07x 25.74x 39.57x 42.80x 16.49x 17.19x 11.88x 13.11x 13.28x











EBITDA Margin 9.7%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Toyota Motor CorpPrice/Volume

Valuation Analysis

5'651'900.00


!

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0!!!

1!!!

2!!!

3!!!

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0! ! 8

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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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

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!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


TOYOTA MOTOR CORP n/a ULT-AGG 511'285'900 14.83 204'300 14.12.2012 Corporation





BANK OF NEW YORK MEL n/a Co File 85'845'000 2.49 4'556'000 30.09.2012 Investment Advisor

TRUST & CUSTODY SERV n/a Co File 85'289'000 2.47 (616'000) 30.09.2012 Bank




DENSO CORP n/a Co File 58'903'000 1.71 - 30.09.2012 Corporation







NIPPON STEEL & SUMIT n/a Co File 25'488'178 0.74 10'463'000 31.03.2012 Corporation


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 17'340'200 0.5 - 31.12.2012 Investment Advisor



SMBC Nikko Securities Inc SHOTARO NOGUCHI outperform 5 M 5'300 12 month 08.03.2013

Mizuho Securities SEIJI SUGIURA neutral 3 M 5'100 12 month 04.03.2013


Tokai Tokyo Securities YUSUKE MIURA above average 4 M #N/A N/A Not Provided 26.02.2013

JPMorgan KOHEI TAKAHASHI overweight 5 M 6'000 9 month 25.02.2013


Credit Suisse ISSEI TAKAHASHI outperform 5 M 5'310 Not Provided 21.02.2013


Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Neutral Plus 3 M 5'300 6 month 07.02.2013


Goldman Sachs KOTA YUZAWA Buy/Neutral 5 U 5'500 12 month 07.02.2013



Daiwa Securities Co. Ltd. EIJI HAKOMORI outperform 5 M 5'000 Not Provided 06.02.2013

Nord/LB FRANK SCHWOPE buy 5 M 5'100 12 month 05.02.2013

Nomura MASATAKA KUNUGIMOTO buy 5 M 5'800 12 month 05.02.2013

Okasan Securities YASUAKI IWAMOTO buy 5 M 5'000 6 month 25.01.2013



Ji Asia STEPHEN USHER buy 5 M 4'000 12 month 27.08.2012

Holdings By:

Toyota Motor Corp ee


27.03.2013

UNICHARM CORPORATION is a manufacturer of sanitary napkins and baby products.

Products include infant & adult diapers, household cleaning wipes, and feminine

hygienic products. The Company also produces pet food and pet toiletries as

well as operates educational and finance businesses.


LTM as of: 12/yy

52-Week High (11.03.2013) 5'630.00

52-Week Low (26.11.2012) 4'035.00

Daily Volume

5530





1'144'404.63 1 Yr Total Return 29.96%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

336'864.0 347'849.0 356'825.0 376'947.0 428'391.0 410'793.0 477'149.0 488'267.1 540'568.0 124'368.0 -

1.17x 0.94x 1.40x 1.59x 2.04x 6.77x 7.45x 2.46x 2.18x - -

48'753.0 51'984.0 61'459.0 63'941.0 69'056.0 68'940.0 76'604.0 76'307.7 84'457.5 - -

8.09x 6.30x 8.13x 9.38x 12.65x 11.19x 11.64x 15.83x 14.30x - -

16'683.0 17'127.0 24'463.0 33'560.0 26'981.0 14'088.0 42'308.0 34'030.9 38'124.4 5'771.0 -

28.10x 22.36x 23.41x 16.98x 30.15x 50.21x 19.62x 31.42x 27.69x - -











EBITDA Margin 15.8%



Asset Turnover 1.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Unicharm CorpPrice/Volume

Valuation Analysis

621'500.00


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2!!!

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


UNITEC CORPORATION n/a Co File 37'105'000 17.93 - 30.09.2012 Corporation

UNICHARM CORP n/a MOF-JP 22'005'924 10.63 (372'383) 28.02.2013 Corporation

TAKAHARA KOSAN KK n/a Co File 10'256'000 4.96 - 30.09.2012 Corporation

TAKAHARA KIKIN KK n/a Co File 9'360'000 4.52 - 30.09.2012 Corporation


HIROSHIMA BANK LTD n/a Co File 5'762'000 2.78 - 30.09.2012 Bank



IYO BANK LTD/THE n/a Co File 5'099'000 2.46 (952) 30.09.2012 Bank

GOLDMAN SACHS & CO n/a Co File 4'679'000 2.26 409'000 30.09.2012 Investment Advisor


TAKAHARA SANGYO KK n/a Co File 3'690'000 1.78 - 30.09.2012 Corporation



TAKAHARA TAKAHISA n/a Co File 1'216'900 0.59 - 27.06.2012 n/a


SARASIN n/a ULT-AGG 1'085'000 0.52 (28'600) 31.01.2013 Unclassified



HARDING LOEVNER LP Multiple Portfolios MF-AGG 993'800 0.48 209'200 30.06.2012 Investment Advisor



SMBC Nikko Securities Inc KUNI KANAMORI outperform 5 M 5'800 12 month 11.03.2013

Barclays MITSUKO MIYASAKO overweight 5 M 6'000 Not Provided 07.03.2013

Mizuho Securities WAKAKO SATO underperform 1 M 4'200 12 month 04.03.2013


Daiwa Securities Co. Ltd. KATSURO HIROZUMI outperform 5 M 5'120 Not Provided 01.02.2013

ACE Research Institute TOMOHIKO IKENO outperform 5 M 5'450 Not Provided 01.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieHISAE KAWAMOTO neutral 3 M 4'800 12 month 01.02.2013


BNP Paribas Equity Research JAMES MOON reduce 2 M 3'750 12 month 31.01.2013






Tachibana Securities SHUICHI NAGATANI outperform 5 D #N/A N/A Not Provided 30.11.2011

Holdings By:

Unicharm Corp ee


27.03.2013

West Japan Railway Company provides rail transportation services including the

shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku

including Kyoto and Osaka. The Company also operates ferries in Miyajima,

manages real estate, shopping centers, and hotels, and offers leisure-related

services such as travel packaging products.


LTM as of: 12/yy

52-Week High (21.03.2013) 4'660.00

52-Week Low (25.05.2012) 3'035.00

Daily Volume

4525





897'111.13 1 Yr Total Return 37.12%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'290'190.0 1'275'308.0 1'190'135.0 1'213'506.0 1'287'679.0 ######### ######### ######### ######### 319'753.0 -

1.42x 1.24x 1.40x 1.40x 1.34x 5.48x 5.26x 1.46x 1.42x - -

265'498.0 259'528.0 218'433.0 246'874.0 279'129.0 259'974.0 289'182.0 287'354.4 289'515.4 - -

6.89x 6.10x 7.63x 6.91x 6.20x 6.72x 5.76x 6.62x 6.57x - -

57'707.0 54'529.0 24'858.0 34'983.0 29'489.0 19'047.0 57'771.0 58'864.1 63'263.1 6'484.0 -

15.13x 11.25x 25.08x 17.77x 21.83x 34.01x 11.40x 14.86x 13.78x - -











EBITDA Margin 22.1%



Asset Turnover 0.50







Fiscal Year Ended

West Japan Railway CoPrice/Volume

Valuation Analysis

1'608'700.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!

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2 8

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- 2 8

. ! 8

. 2 8

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1'100'000.0

1'120'000.0

1'140'000.0

1'160'000.0

1'180'000.0

1'200'000.0

1'220'000.0

1'240'000.0

1'260'000.0

1'280'000.0

1'300'000.0

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

! !!

! 2!

- !!

- 2!

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. 2!

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0 2!

1 !!

1 2!

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27.03.2013








WEST JAPAN RAILWAY C n/a Co File 6'265'400 3.16 100 30.09.2012 Corporation











KAWASAKI HEAVY INDUS n/a Co File 770'000 0.39 - 31.03.2012 Corporation

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 744'000 0.38 (879'200) 31.12.2012 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 708'300 0.36 46'900 13.04.2012 Unclassified


JPMorgan HITOSHI HOSOYA overweight 5 U 5'800 9 month 18.03.2013

Macquarie NICHOLAS CUNNINGHAM outperform 5 M 5'000 12 month 18.03.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 11.03.2013

Morgan Stanley TAKUYA OSAKA Equalwt/In-Line 3 D 4'300 12 month 08.03.2013


Barclays RYOTA HIMENO equalweight 3 M 4'000 Not Provided 22.02.2013

SMBC Nikko Securities Inc OSUKE ITAZAKI neutral 3 M 3'700 12 month 15.02.2013


Mizuho Securities SATORU KUNIEDA buy 5 M 4'000 12 month 30.01.2013


Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI neutral 3 M 3'600 12 month 17.01.2013

Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI outperform 5 M 4'100 Not Provided 10.12.2012

Holdings By:

West Japan Railway Co ee


27.03.2013

YAMADA DENKI CO., LTD. operates consumer electronic mass sales stores throughout

Japan. The Company sells home appliances, audio & visual systems, office

automation equipment, telecommunication equipment, software, and computers.

The Company also provides repair services for its merchandises.


LTM as of: 12/yy

52-Week High (27.03.2012) 5'360.00

52-Week Low (29.11.2012) 2'801.00

Daily Volume

4380





423'322.50 1 Yr Total Return -15.49%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'767'818.0 1'871'828.0 2'016'140.0 2'153'259.0 1'835'454.0 ######### ######### ######### ######### 432'466.0 -

0.56x 0.31x 0.42x 0.31x 0.35x 1.37x 1.39x 0.34x 0.31x - -

77'715.0 71'300.0 109'378.0 143'721.0 109'224.0 135'818.0 54'133.0 70'646.8 81'622.8 - -

12.72x 8.16x 7.72x 4.57x 5.90x 4.58x 9.92x 9.16x 7.93x - -

49'174.0 33'207.0 55'947.0 70'754.0 58'265.0 65'710.0 30'713.0 34'281.5 37'767.0 8'490.0 -

16.80x 10.92x 11.61x 7.47x 8.36x 7.51x 10.20x 12.17x 11.05x - -











EBITDA Margin 4.1%



Asset Turnover 1.75







Fiscal Year Ended

Yamada Denki Co LtdPrice/Volume

Valuation Analysis

1'564'060.00


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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0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

! !!

2 !!

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-2 !!

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0! !!

02 !!

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27.03.2013






ALLIANCE BERNSTEIN n/a ULT-AGG 5'019'865 5.19 889'830 14.09.2012 Investment Advisor

TECH PLANNING KK n/a Co File 4'686'000 4.85 - 30.09.2012 Corporation



GOLDMAN SACHS INTERN n/a Short (3'849'096) -3.98 270 25.03.2013 Investment Advisor

INVESCO ADVISERS INC n/a MOF-JP 3'401'982 3.52 - 15.11.2012 Investment Advisor

JP MORGAN ASSET MGMT n/a MOF-JP 3'094'100 3.2 (52'440) 15.03.2013 Mutual Fund Manager



YAMADA DENKI CO LTD n/a Co File 2'438'790 2.52 - 30.09.2012 Corporation



GUNMA BANK LTD/THE n/a Co File 1'741'000 1.8 - 31.03.2012 Bank

BARCLAYS CAPITAL SEC n/a Short (1'638'819) -1.7 (34'380) 25.03.2013 Investment Advisor

ALLIANCE BERNSTEIN J n/a MOF-JP 1'594'280 1.65 83'870 14.09.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 1'448'320 1.5 313'580 31.12.2012 Investment Advisor




SMBC Nikko Securities Inc JUN KAWAHARA outperform 5 M 4'750 12 month 12.03.2013

Deutsche Bank TAKAHIRO KAZAHAYA buy 5 M 4'000 12 month 05.03.2013

Mizuho Securities MASATO NAKAGAWA buy 5 M 4'100 12 month 13.02.2013

Daiwa Securities Co. Ltd. YOSHIMASA IKAZAKI neutral 3 M 3'150 Not Provided 08.02.2013


Mitsubishi UFJ Morgan Stanley SecuritieHIROSHI KOBA neutral 3 M 3'500 12 month 07.02.2013


JPMorgan DAIRO MURATA neutral 3 M 3'200 9 month 11.01.2013


Ji Asia MIKIHIKO YAMATO neutral 3 D 4'600 12 month 29.06.2012

Holdings By:

Yamada Denki Co Ltd ee


27.03.2013

YAMATO HOLDINGS CO., LTD. mainly provides door-to-door parcel delivery

services. The Company has developed a nationwide delivery system specializing

in time-specified delivery. Yamato Holdings offers moving services and other

comprehensive transportation services including logistics services for both

domestic and overseas customers.


LTM as of: 12/yy

52-Week High (22.03.2013) 1'756.00

52-Week Low (23.05.2012) 1'165.00

Daily Volume

1719





804'582.94 1 Yr Total Return 36.25%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'225'973.0 1'251'921.0 1'200'834.0 1'236'520.0 1'260'832.0 ######### ######### ######### ######### 301'248.0 -

0.51x 0.28x 0.42x 0.38x 0.35x 1.53x 1.42x 0.54x 0.53x - -

112'952.0 98'416.0 101'270.0 103'899.0 105'334.0 103'590.0 103'276.0 106'356.0 114'982.2 - -

5.51x 3.54x 4.93x 4.50x 4.20x 4.55x 4.56x 6.70x 6.20x - -

35'352.0 25'523.0 32'282.0 33'207.0 19'786.0 21'666.0 30'360.0 36'481.4 39'715.7 5'375.0 -

18.30x 16.09x 18.29x 17.57x 27.80x 25.63x 18.53x 20.27x 18.67x - -











EBITDA Margin 7.9%



Asset Turnover 1.43








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Yamato Holdings Co LtdPrice/Volume

Valuation Analysis

1'271'200.00


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

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- ! 8

. ! 8

0 ! 8

1 ! 8

2 ! 8

3 ! 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


YAMATO HOLDINGS CO L n/a MOF-JP 40'799'542 8.72 610'000 28.02.2013 Corporation









CUSTOMERS' STOCKHOLD n/a Co File 11'687'000 2.5 161'000 30.09.2012 n/a










NIPPON YUSEN KK n/a ULT-AGG 2'553'000 0.55 - 31.03.2012 Corporation


Mizuho Securities SATORU KUNIEDA neutral 3 M 1'850 12 month 22.03.2013

Goldman Sachs MOE ICHII Sell/Neutral 1 D 1'600 12 month 11.03.2013

Morgan Stanley TAKUYA OSAKA Underwt/In-Line 1 M 1'400 12 month 05.03.2013

Barclays RYOTA HIMENO equalweight 3 D 1'550 Not Provided 25.02.2013

SMBC Nikko Securities Inc OSUKE ITAZAKI underperform 1 M 1'210 12 month 22.02.2013

Macquarie NICHOLAS CUNNINGHAM neutral 3 D 1'475 12 month 21.02.2013

Okasan Securities SHINICHI YAMAZAKI buy 5 U 1'700 6 month 12.02.2013



Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI outperform 5 M 1'700 12 month 17.01.2013

Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI neutral 3 M 1'300 Not Provided 17.12.2012

Tachibana Securities RYUICHI ISHII Strong Outperform 5 N #N/A N/A Not Provided 08.05.2012

Holdings By:

Yamato Holdings Co Ltd ee


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Fundamental Equity Analysis - TOPIX 100 Index Members (TPX100 Index)

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