Page 1

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations MIST Top 50 Capitalizations December 2012

Q M S Advisors .

.

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


Valuation Measures I/II Market Capitalization & Asset Liability data

Currency

Market Capitalization (in mio USD)

Daily Volume (M)

Total Preferred Common Total Debt Stock Shares (M) (USD) (USD)

Total Revenue

Minority Cash and Enterprise Interest Equivalents Value (USD) (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Rev. Growth

EBITDA Growth

Est. P/E Est. Est. Est. Est. Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

13000330

1831.646

1091

1091

201

210

210

98.25

103.80

103.80

14.35

14.35

13.58

13.58

19.01

Euro Stoxx 50 Pr

EUR

2443115

5496.163

4657

4657

782

788

788

183.12

302.24

302.24

23.69

15.58

14.35

14.35

21.24

NIKKEI 225

JPY

2172602

170.3716

215

215

22

23

23

4.67

6.48

6.48

0.30

0.23

0.22

0.22

0.13

FTSE 100 INDEX

GBP

2582802

11396.65

9523

9523

1599

1642

1642

625.19

815.77

815.77

24.06

21.52

18.44

18.44

26.78

SWISS MARKET INDEX

CHF

919710

10500.84

3949

3949

841

803

803

365.97

524.12

524.12

21.64

19.14

15.11

15.11

22.57

S&P/TSX COMPOSITE INDEX

CAD

1649096

16739.51

7815

7815

1921

1956

1956

809.65

856.96

856.96

15.25

15.25

14.41

14.41

25.36

S&P/ASX 200 INDEX

AUD

1262013

6150.111

2915

2915

653

694

694

269.76

343.49

343.49

18.13

15.26

14.24

14.24

24.17

HANG SENG INDEX

HKD

1641502

3113.576

1449

1449

346

360

360

252.27

246.40

246.40

1.45

1.54

1.48

1.48

3.09

MSCI EM

USD

7260477

1369.951

978

978

183

180

180

81.32

86.72

86.72

12.19

12.67

11.43

11.43

18.82

AMERICA MOVIL-ADR SERIES L

USD

89697

7080

#VALUE!

381

0

10

59

#VALUE!

665302

759166

767064

802758

248773

262938

68163

68163

-

-

25.79

28.04

-

-

11.86

10.91

9.45

21.44

2.21

23.67

34.64

A-

22.03.2010

A2

26.03.2010

SAMSUNG ELECTRONICS CO LTD

KRW

192118

262

130

4

0

0

13

183.24

111440

126553

#VALUE!

#VALUE!

17514

22749

-

-

61.54

95.00

#VALUE!

#VALUE!

0.01

0.01

#VALUE!

#VALUE!

0.01

0.02

-0.01

0.01

0.02

A

25.01.2006

A1

14.07.2005

TURKIYE GARANTI BANKASI

TRY

19498

27007

4199

22

0

0

14

#VALUE!

8643

9868

4677

5152

-

-

-

-

-

0.46

0.43

0.47

5.64

-

6.08

5.51

7.19

6.76

-

-

-

BB

22.02.2010

Baa2

03.07.2012

FOMENTO ECONOMICO MEX-SP ADR

USD

31415

545

#VALUE!

30

0

58

28

#VALUE!

203044

229839

238288

269562

33445

35037

11802

11802

-

-

46.45

55.04

-

-

27.12

22.89

19.65

9.59

19.31

6.27

15.24

-

-

-

-

AKBANK T.A.S.

TRY

18793

10778

4000

23

0

0

10

#VALUE!

6698

7640

3688

4351

-

-

-

-

-

0.35

0.37

0.43

7.57

-

7.07

6.05

2.06

4.37

-

-

-

NR

15.07.2008

Baa2

03.07.2012

GRUPO TELEVISA SA-SPON ADR

USD

13464

1352

#VALUE!

57

0

7

22

#VALUE!

62582

67791

69110

74995

24252

26813

7928

7928

-

-

12.73

15.07

-

-

23.98

20.26

8.17

10.27

9.43

8.10

39.55

BBB+

02.10.2007

Baa1

02.05.2007

NIGERIAN BREWERIES PLC

NGN

6726

877

7563

0

0

0

0

7.06

1462

1698

1761

2046

413

-

-

-

0.03

0.03

0.03

0.04

0.17

0.17

0.17

0.14

0.15

-

0.16

0.15

-

-

-

-

-

ASTRA INTERNATIONAL TBK PT

IDR

30886

75969

40484

5

0

2

1

36.99

16874

19324

19084

21710

2474

2716

-

-

0.05

0.05

0.05

0.06

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

BBB-

11.05.2011

-

-

HACI OMER SABANCI HOLDING

TRY

11246

1645

2040

14

0

6

12

26.33

12534

6594

13993

15417

2351

2150

2569

2569

-

0.42

0.48

0.57

6.81

-

6.07

5.09

8.21

-1.51

-0.65

5.36

18.46

-

-

-

-

TELEKOMUNIKASI INDONESIA PER

IDR

19356

12595

19386

2

0

1

1

21.29

7396

7792

7875

8392

3795

4119

1050

1050

0.06

0.07

0.07

0.08

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.01

NR

15.10.2008

-

-

GRUPO FINANCIERO BANORTE-O

MXN

13449

14854

2326

23

0

0

4

32.24

6461

7375

3575

4068

2923

3510

-

-

-

0.34

0.37

0.45

1.29

-

1.22

1.00

4.22

1.22

0.38

0.34

3.67

-

-

-

-

BANK CENTRAL ASIA TBK PT

IDR

23032

9410

24365

1

0

0

11

#VALUE!

3299

3549

2895

3401

-

-

-

-

-

0.05

0.05

0.06

0.00

-

0.00

0.00

0.00

0.00

-

-

-

NR

11.07.2006

-

-

WALMART DE MEXICO-SER V

MXN

55860

17277

17644

1

0

0

2

55.45

29 K

32 K

33 K

37 K

2888

3098

1125

1125

-

0.10

0.10

0.12

2.41

-

2.32

2.02

1.04

1.03

0.97

1.08

0.75

-

-

-

-

BANK MANDIRI PERSERO TBK PT

IDR

21071

7745

23333

3

0

0

13

#VALUE!

5344

5776

4252

4941

-

-

-

-

0.05

0.06

0.06

0.07

0.00

0.00

0.00

0.00

0.00

0.00

-

-

-

BB+

21.04.2011

WR

20.12.2004

CEMEX SAB-SPONS ADR PART CER

USD

9869

16720

#VALUE!

249

0

17

16

#VALUE!

189887

199480

196232

208754

29600

31841

7982

7982

-

-

-5.80

-1.15

-

-

#VALUE!

#VALUE!

6.89

-5.69

-0.82

-9.39

15.96

B-

10.10.2012

WR

19.10.2006

KIA MOTORS CORPORATION

KRW

23182

3266

404

3

0

0

2

22.88

25589

25589

27753

29141

2396

2396

-

-

4.23

4.18

9.57

10.10

0.01

0.01

0.01

0.01

0.02

0.01

0.01

0.03

0.01

BBB+

20.03.2012

WR

17.01.2008

KB FINANCIAL GROUP INC

KRW

12598

1093

386

0

0

#VALUE!

#VALUE!

13.10

25

25

#VALUE!

#VALUE!

-18

-18

-

-

-

-0.16

#VALUE!

#VALUE!

-

-

#VALUE!

#VALUE!

-0.07

-

-

-

-0.07

-

-

-

-

SEMEN GRESIK (PERSERO) PT

IDR

9020

7674

5932

0

0

0

0

8.99

1700

1914

1986

2318

505

626

-

-

-

0.08

0.08

0.10

0.00

-

0.00

0.00

0.00

0.00

0.00

0.00

0.00

NR

08.12.2009

-

-

GRUPO MEXICO SAB DE CV-SER B

MXN

25380

5842

7785

0

0

0

0

2.20

808

782

794

826

402

370

102

102

0.02

0.02

0.02

0.02

0.86

-

0.83

0.83

2.02

0.74

2.12

0.60

3.65

-

-

-

-

GUARANTY TRUST BANK

NGN

3651

11734

29431

1

0

0

3

#VALUE!

1182

1182

1154

1293

-

-

-

-

-

0.01

0.02

0.02

0.07

-

0.05

0.04

0.13

-

-

-

-

BB-

09.11.2012

-

-

COMMERCIAL INTERNATIONAL BAN

EGP

3179

1769

593

1

0

0

3

#VALUE!

1129

1434

817

909

-

-

-

-

-

0.60

0.55

0.67

1.45

-

1.58

1.30

1.45

3.45

-

-

-

B

24.08.2012

-

-

ZENITH BANK PLC

NGN

3315

15710

31396

0

0

0

3

#VALUE!

1550

1550

1435

1625

-

-

-

-

-

0.01

0.02

0.02

0.08

-

0.04

0.04

0.19

-

-

-

-

BB-

09.11.2012

-

-

LG CHEM LTD

KRW

19194

309

66

1

0

0

1

19.70

18273

18800

#VALUE!

#VALUE!

2855

2300

-

-

26.01

18.89

21.75

27.66

0.01

0.01

0.01

0.01

0.02

0.01

0.00

0.03

0.01

A-

24.11.2010

-

-

HYUNDAI MOTOR CO

KRW

46834

765

209

4

0

0

9

38.85

39455

39455

41724

42711

5758

5758

-

-

-

16.10

33.85

34.30

0.01

-

0.01

0.01

0.02

0.01

0.03

0.02

0.01

BBB+

20.03.2012

NR

11.08.2010

ALLIANCE GLOBAL GROUP INC

PHP

4101

10641

10107

1

0

1

1

5.36

1284

2101

1970

2218

236

-

-

-

-

0.03

0.03

0.03

0.38

-

0.37

0.31

1.03

0.78

0.58

1.41

-

-

-

-

-

ORASCOM CONSTRUCTION INDS

EGP

7404

198

206

4

0

0

1

10.25

5353

5427

5835

6677

1345

-

336

336

3.21

2.26

3.49

4.70

2.57

-

1.66

1.23

3.07

19.44

5.87

2.14

-

-

-

-

-

INDOCEMENT TUNGGAL PRAKARSA

IDR

8769

3021

3681

0

0

0

1

7.90

1442

1711

1732

1969

526

621

202

202

-

0.12

0.13

0.15

0.00

-

0.00

0.00

0.00

0.00

0.00

0.00

0.00

-

-

-

-

TURK TELEKOMUNIKASYON AS

TRY

12998

4309

3500

3

0

0

1

16.04

6679

6935

7068

7415

2649

2696

-

-

-

0.42

0.43

0.42

4.94

-

4.84

4.90

5.61

-

4.68

3.88

21.74

-

-

-

-

TURKIYE IS BANKASI-C

TRY

14487

25583

4500

24

0

1

11

#VALUE!

10375

11753

4869

5435

-

-

-

-

-

0.40

0.37

0.38

4.51

-

4.90

4.70

6.10

5.40

-

-

-

BB

22.02.2010

Baa2

03.07.2012

EMLAK KONUT GAYRIMENKUL YATI

TRY

3887

3956

2500

1

0

0

1

3.90

401

544

645

954

99

169

125

125

-

0.09

0.09

0.15

9.78

-

9.37

5.67

-29.17

-

-40.80

-

17.37

-

-

-

-

ALFA S.A.B.-A

MXN

11046

7452

5199

5

0

0

1

14.76

14106

15472

15410

16147

1634

1895

473

473

0.08

0.13

0.13

0.13

1.30

1.30

1.24

1.23

2.62

0.98

2.52

1.53

0.95

-

-

-

-

MEXICHEM SAB DE CV-*

MXN

10317

2960

1844

2

0

0

1

12.35

3786

4722

5349

6238

793

993

296

296

0.12

0.20

0.26

0.28

1.89

-

1.48

1.33

2.66

1.80

2.04

2.57

1.62

BBB-

22.07.2011

Ba1

19.10.2009

KOZA ANADOLU METAL MADENCILI

TRY

1211

14411

311

0

0

0

0

1.02

498

669

690

743

329

459

248

248

-

0.38

0.26

0.29

4.62

-

6.83

6.03

36.04

24.13

47.78

22.47

38.73

-

-

-

-

BANK RAKYAT INDONESIA PERSER

IDR

18437

23703

24669

2

0

0

14

#VALUE!

5599

5734

4553

5226

-

-

-

-

0.06

0.08

0.07

0.08

0.00

0.00

0.00

0.00

0.00

0.00

-

-

-

BB+

02.05.2012

-

-

NESTLE NIGERIA PLC

NGN

3227

87

793

0

0

0

0

3.40

622

622

766

920

157

157

188

188

0.13

0.13

0.17

0.21

0.19

0.19

0.16

0.12

0.14

0.13

0.11

0.14

0.16

-

-

-

-

T M G HOLDING

EGP

1310

4620

2064

1

0

0

0

2.07

834

644

811

1088

141

133

45

45

0.05

0.04

0.05

0.08

2.53

2.66

2.04

1.37

-0.74

-

-4.75

-

3.39

-

-

-

-

GUDANG GARAM TBK PT

IDR

10515

906

1924

1

0

0

0

11.36

4348

4870

4967

5549

801

723

-

-

-

0.22

0.24

0.30

0.00

-

0.00

0.00

0.00

0.00

0.00

0.00

0.00

-

-

-

-

TAV HAVALIMANLARI HOLDING AS

TRY

1780

169

363

2

0

0

0

3.36

1140

1290

1352

1514

197

239

84

84

-

0.43

0.31

0.52

6.40

-

8.97

5.32

19.98

15.74

-19.37

23.22

10.38

-

-

-

-

TURKCELL ILETISIM HIZMET AS

TRY

13228

1229

2200

2

0

0

4

11.26

5241

5674

5738

6202

1629

1727

-

-

-

0.50

0.51

0.53

6.76

-

6.56

6.29

2.28

2.50

1.20

1.25

17.03

BB+

19.11.2008

-

-

METROPOLITAN BANK & TRUST

PHP

5162

1833

2111

3

0

0

6

#VALUE!

1561

1614

1352

1479

-

-

-

-

0.11

0.14

0.15

0.17

0.43

-

0.40

0.35

0.14

0.10

-

-

-

NR

30.12.2011

-

-

TUPRAS-TURKIYE PETROL RAFINE

TRY

6527

426

250

1

0

0

1

7.06

23180

26034

25813

26292

1207

946

280

280

-

2.91

2.59

2.58

5.02

-

5.64

5.64

32.66

12.40

32.02

9.07

2.03

-

-

(P)Ba1

18.10.2012

PETRON CORP

PHP

2434

6228

9375

2

#VALUE!

0

1

5.26

6711

9293

7549

8033

453

315

458

458

0.02

0.00

0.02

0.02

3.05

-

0.28

0.27

0.48

0.60

0.38

0.20

0.08

-

-

-

-

SAMSUNG C&T CORP

KRW

8689

673

147

3

0

0

1

11.30

14479

14479

#VALUE!

#VALUE!

337

337

-

-

0.57

1.86

3.83

3.72

0.03

0.09

0.01

0.01

0.02

0.01

0.00

0.00

0.00

-

-

-

-

OIL & GAS DEVELOPMENT CO LTD

PKR

8332

249

4301

0

0

0

0

8.28

2049

1904

2435

2613

1437

1504

1982

1982

0.23

0.24

0.26

0.29

0.08

0.08

0.08

0.07

0.28

0.17

0.29

0.17

0.82

-

-

-

-

ORASCOM CONSTRUCTION-GDR

USD

7438

42

#VALUE!

22

0

1

6

#VALUE!

32722

33172

34039

39831

8223

-

-

-

-

-

14.95

26.25

-

-

14.55

8.29

18.76

118.86

35.89

13.11

-

-

-

-

-

KIMBERLY-CLARK DE MEXICO-A

MXN

7687

1848

3155

1

0

0

0

8.27

2063

2213

2256

2417

550

592

163

163

-

0.09

0.10

0.11

2.04

-

1.94

1.71

0.16

0.44

-0.41

0.08

2.06

A-

07.02.2002

-

-

BIM BIRLESIK MAGAZALAR AS

TRY

6941

98

152

0

0

0

0

6.77

4580

5336

5611

6831

237

263

55

55

-

1.20

1.28

1.58

21.34

-

20.03

16.23

13.74

14.72

10.69

18.04

2.76

-

-

-

-

MCB BANK LTD

PKR

1809

361

920

1

0

0

1

#VALUE!

782

814

519

528

-

-

-

-

0.22

0.22

0.24

0.24

0.09

0.09

0.08

0.08

0.25

0.17

-

-

-

-

-

-

-

INDOFOOD SUKSES MAKMUR TBK P

IDR

5286

6839

8780

1

0

1

1

6.37

4705

5067

5133

5626

763

784

-

-

0.04

0.04

0.04

0.05

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

NR

18.07.2006

-

-

BANK NEGARA INDONESIA PERSER

IDR

6920

14213

18649

2

0

0

8

#VALUE!

2937

3048

2344

2618

-

-

-

-

-

0.04

0.04

0.04

0.00

-

0.00

0.00

0.00

0.00

-

-

-

BB

13.12.2011

Baa3

17.04.2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

%D to Spot

S&P 500 INDEX

2.08

2.08

1.90

1.74

2.08

1.29

1.29

1.24

1.19

1.29

9.35

9.35

8.76

8.51

9.35

8.71

8.71

8.14

7.55

8.71

13.58

13.58

12.28

10.99

13.58

2.25

2.25

2.44

2.63

2.25

1604.5

13.8%

Euro Stoxx 50 Pr

1.15

1.15

1.09

1.03

1.15

0.72

0.72

0.70

0.68

0.72

5.27

5.27

5.04

4.66

5.27

6.98

6.98

6.71

6.34

6.98

11.05

11.05

10.17

9.21

11.05

4.15

4.15

4.54

4.88

4.15

2743.4

6.7%

NIKKEI 225

1.15

1.15

1.08

1.01

1.15

0.53

0.53

0.50

0.50

0.53

6.92

6.92

6.20

5.87

6.92

7.50

7.50

6.78

6.38

7.50

17.66

17.66

14.55

11.58

17.66

2.18

2.18

2.19

2.51

2.18

9843.5

4.7%

FTSE 100 INDEX

1.63

1.63

1.52

1.41

1.63

0.99

0.99

0.97

0.94

0.99

7.68

7.68

7.04

5.66

7.68

6.94

6.94

6.48

6.07

6.94

11.51

11.51

10.56

9.63

11.51

3.99

3.99

4.25

4.54

3.99

6374.7

8.8%

SWISS MARKET INDEX

2.20

2.20

2.06

1.91

2.20

1.86

1.86

1.76

1.67

1.86

12.16

12.16

10.59

9.36

12.16

13.08

13.08

12.08

11.24

13.08

14.01

14.01

12.74

11.55

14.01

3.44

3.44

3.74

4.12

3.44

7313.0

7.4%

S&P/TSX COMPOSITE INDEX

1.67

1.67

1.54

1.44

1.67

1.57

1.57

1.46

1.36

1.57

8.59

8.59

7.62

7.04

8.59

8.56

8.56

7.39

6.79

8.56

14.29

14.29

12.46

11.24

14.29

3.07

3.07

3.23

3.30

3.07

14208.5

17.0%

S&P/ASX 200 INDEX

1.69

1.69

1.60

1.51

1.69

1.61

1.61

1.50

1.42

1.61

9.94

9.94

9.02

6.73

9.94

8.86

8.86

7.83

7.20

8.86

13.62

13.62

12.16

11.11

13.62

4.81

4.81

5.17

5.57

4.81

4746.5

6.0%

HANG SENG INDEX

1.42

1.42

1.30

1.20

1.42

1.95

1.95

1.81

1.67

1.95

7.33

7.33

6.79

6.45

7.33

8.64

8.64

7.84

7.20

8.64

11.48

11.48

10.55

9.61

11.48

3.37

3.37

3.62

3.94

3.37

23361.1

6.6%

MSCI EM

1.51

1.51

1.37

1.24

1.51

1.01

1.01

0.94

0.88

1.01

7.16

7.16

6.47

5.16

7.16

7.60

7.60

6.79

6.22

7.60

11.43

11.43

10.00

9.03

11.43

2.88

2.88

3.06

3.42

2.88

1137.1

14.7%

AMERICA MOVIL-ADR SERIES L

3.35

3.56

2.85

2.38

1.78

1.51

1.45

1.39

1.34

6.43

5.61

5.07

4.96

12.80

11.86

10.91

10.57

12.19

1.24

1.29

1.93

2.35

3.03

29.04

22.9%

SAMSUNG ELECTRONICS CO LTD

2.30

0.61

0.54

0.61

0.65

0.95

1790857.13

26.7%

TURKIYE GARANTI BANKASI

1.96

1.69

1.55

1.33

1.65

1.86

2.22

2.73

1.32

8.81

6.2%

FOMENTO ECONOMICO MEX-SP ADR

3.75

3.51

3.23

3.16

1.18

1.46

1.33

1.75

102.07

4.9%

AKBANK T.A.S.

1.83

1.65

1.46

1.32

8.46

0.7%

GRUPO TELEVISA SA-SPON ADR

4.51

2.96

2.61

2.36

25.98

10.2%

NIGERIAN BREWERIES PLC

18.01

12.24

10.56

9.15

ASTRA INTERNATIONAL TBK PT

4.95

4.20

3.57

3.06

HACI OMER SABANCI HOLDING

1.29

1.18

1.07

0.91

TELEKOMUNIKASI INDONESIA PER

3.69

3.34

3.02

2.76

GRUPO FINANCIERO BANORTE-O

2.54

2.16

1.91

BANK CENTRAL ASIA TBK PT

5.39

4.41

3.68

WALMART DE MEXICO-SER V

5.51

5.18

4.64

4.09

BANK MANDIRI PERSERO TBK PT

3.32

2.76

2.37

2.01

CEMEX SAB-SPONS ADR PART CER

0.64

0.79

0.94

1.02

KIA MOTORS CORPORATION

1.94

1.46

1.15

0.93

KB FINANCIAL GROUP INC

0.57

SEMEN GRESIK (PERSERO) PT

6.17

5.07

4.24

3.59

GRUPO MEXICO SAB DE CV-SER B

3.37

3.41

2.87

GUARANTY TRUST BANK

2.46

2.05

COMMERCIAL INTERNATIONAL BAN

2.15

1.93

ZENITH BANK PLC

1.35

1.24

LG CHEM LTD

2.14

HYUNDAI MOTOR CO

1.76

1.54

1.26

1.05

ALLIANCE GLOBAL GROUP INC

2.13

2.08

1.86

1.65

ORASCOM CONSTRUCTION INDS

2.17

1.94

1.64

1.35

INDOCEMENT TUNGGAL PRAKARSA

5.35

4.44

3.71

3.13

TURK TELEKOMUNIKASYON AS

3.73

3.52

3.45

3.48

TURKIYE IS BANKASI-C

1.42

1.24

1.11

0.99

EMLAK KONUT GAYRIMENKUL YATI

2.05

1.52

1.45

1.21

ALFA S.A.B.-A

3.60

2.74

2.35

MEXICHEM SAB DE CV-*

4.86

4.38

3.60

KOZA ANADOLU METAL MADENCILI

0.91

1.34

1.12

1.00

BANK RAKYAT INDONESIA PERSER

3.72

2.80

2.27

1.86

NESTLE NIGERIA PLC

28.14

17.07

13.36

9.26

T M G HOLDING

0.32

0.31

0.30

0.29

GUDANG GARAM TBK PT

4.14

3.71

3.26

2.89

TAV HAVALIMANLARI HOLDING AS

2.44

2.34

2.05

1.67

TURKCELL ILETISIM HIZMET AS

2.10

1.96

1.95

METROPOLITAN BANK & TRUST

2.06

1.84

1.66

TUPRAS-TURKIYE PETROL RAFINE

2.69

2.54

PETRON CORP

1.75

1.55

SAMSUNG C&T CORP

1.25

0.67

OIL & GAS DEVELOPMENT CO LTD

3.04

ORASCOM CONSTRUCTION-GDR

2.33

2.33

2.04

1.81

KIMBERLY-CLARK DE MEXICO-A

15.67

13.27

13.73

13.46

BIM BIRLESIK MAGAZALAR AS

20.17

16.41

13.37

11.07

MCB BANK LTD

1.92

1.73

1.61

1.48

INDOFOOD SUKSES MAKMUR TBK P

2.84

2.46

2.20

1.99

BANK NEGARA INDONESIA PERSER

1.79

1.56

1.38

1.20

1.38 1.17

12.80

8.54

16.97

4.42

4.18

3.79

3.34

2.94

7.09

6.66

5.99

4.97

11.50

10.89

9.85

8.61

2.28

1.89

1.67

1.50

1.43

15.57

17.10

16.60

10.93

28.03

27.12

22.89

20.23

5.24

5.10

4.32

3.69

3.47

8.70

7.50

6.77

5.38

13.08

12.63

10.82

9.28

6.72

1.70

1.51

2.29

3.10

2.90

2.52

2.33

2.15

2.02

20.17

37.20

33.48

58.87

23.31

23.98

20.26

19.03

16.64

0.95

0.35

0.56

0.72

0.72

4.68

3.82

3.29

2.84

2.73

25.00

29.79

15.39

12.73

17.59

14.59

12.45

10.55

29.62

26.36

21.29

17.83

18.04

2.06

2.69

3.49

4.54

4.76

113.75

-18.8%

1.90

1.62

1.42

1.24

14.54

12.75

11.14

9.38

15.43

13.74

11.71

10.01

17.10

15.64

13.59

11.83

2.48

2.87

3.21

3.74

8555.00

16.4%

0.90

0.80

0.73

0.65

8.35

5.31

5.44

4.36

10.11

10.25

8.90

7.49

9.83

10.85

9.09

7.91

1.64

1.08

1.44

1.95

9.47

2.7%

2.62

2.46

2.31

2.20

6.48

5.83

5.58

5.26

5.54

5.18

4.89

4.66

15.66

14.02

12.79

11.94

13.36

3.44

4.40

5.05

5.54

4.86

10605.62

14.7%

1.65

4.24

3.76

3.31

2.88

9.46

15.97

12.26

10.03

34.99

25.35

18.64

20.05

15.81

12.99

10.58

8.71

0.86

0.93

1.30

1.69

2.27

79.61

6.3%

3.07

9.34

7.96

6.77

5.84

33.73

30.44

24.48

28.50

21.74

19.09

16.23

13.82

1.53

1.49

1.69

1.96

9230.49

2.6%

1.71

1.53

1.36

25.51

25.07

19.50

16.37

33.45

30.12

26.11

22.24

1.33

1.42

1.63

6.02

4.96

4.26

3.66

10.50

13.79

11.76

9.92

16.45

14.14

12.13

10.26

1.86

1.63

1.89

2.26

0.66

0.65

0.61

0.57

5.66

8.74

9.20

5.48

0.00

0.00

0.00

0.00

0.94

0.84

0.80

0.76

7.32

5.98

5.66

5.36

0.96

1.05

1.13

1.23

1.25

2.83

5.37

4.54

3.89

3.48

3.16

19.79

16.73

13.00

11.37

2.55

2.14

2.32

2.47

2.37

2.20

2.26

7.75

6.88

7.48

7.26

1.78

1.57

1.53

3.77

3.16

2.82

2.48

37.56

47.63

15.02

1.66

1.45

1.11

4.95

3.89

3.50

3.09

2.66

1.13

1.04

0.93

2.44

2.31

2.04

1.76

1.76

1.10

9.06

2.06

0.75

2.15

1.26

0.53

64.16

4.87

15.82

18.93

17.18

14.97

12.97

9.67

4.93

11.95

3.64

8.09

34.05

7.92

20.00

15.55

0.95

9.04

9.54

8.09

3.48

9.72

9.22

22.42

18.64

15.62

13.94

12.61

2.11

2.26

2.71

3.29

1.51

15977.27

9.1%

5.16

5.71

5.43

5.05

5.51

10.16

10.69

10.73

10.00

12.12

5.27

4.97

3.96

4.72

2.70

49.66

17.6%

11.30

7.44

6.65

5.72

5.26

5.42

7.34

8.26

9.97

12.34

22.34

14.4%

13.27

9.66

7.93

6.83

5.97

2.46

3.64

4.45

4.95

4.53

38.43

18.1%

9.85

6.91

6.12

5.29

5.13

5.78

8.09

9.09

10.88

11.88

18.78

13.0%

9.67

13.32

10.47

9.69

1.36

1.28

1.32

1.38

1.27

382966.66

22.0%

8.10

6.28

6.20

5.90

0.74

0.80

0.83

0.87

0.84

299675.75

30.0%

3.19

15.82

-3.0%

333.60

54.0%

2.08

1.85

1.57

1.17

27.53

11.07

10.22

10.94

1.39

1.27

1.11

1.04

1.11

10.95

5.73

5.01

6.32

5.06

4.45

3.99

3.80

21.46

17.37

1.94

1.84

1.75

1.68

1.57

5.72

5.57

3.51

2.98

2.67

2.41

2.18

5.71

9.97

6.03

4.07

3.40

3.41

39.71

2.28

0.80

0.72

0.68

0.64

13.76

8.03

10.97

9.57

3.14

2.80

1.93

1.65

1.57

1.40

14.53

14.38

11.47

11.05

2.41

1.75

1.63

1.89

1.60

7.86

2.66

2.36

3.07

3.07

4.31

4.05

3.53

3.05

7.67

21.68

19.85

17.33

5.18

4.21

3.51

2.97

2.59

20.97

17.35

13.74

1.39

1.61

1.20

1.13

1.70

8.17

3.33

3.53

2.41

2.12

1.90

1.72

1.58

36.33

27.00

20.97

15.48

1.52

1.32

1.18

1.05

0.95

9.68

6.44

5.80

5.41

1.86

2.54

2.31

2.13

1.98

1.81

1.48

4.29

3.82

3.49

3.21

2.38

2.21

0.28

0.25

0.25

0.25

1.37

1.34

0.35

0.32

0.30

0.28

4.07

3.42

3.19

1.37

1.34

1.14

1.12

3.69

3.41

3.18

2.97

1.53

1.24

1.02

0.85

3.50

3.48

3.43

3.02

1.13

1.03

0.94

0.88

3.36

2.95

2.64

2.38

2.52

9.66

1.75

0.23

6.68

6.06

6.09

5.70

17.47

11.10

9.94

8.57

6.88

18.23

15.00

12.82

10.91

9.01

1.42

2.14

2.32

2.72

4.82

7.39

7.41

5.54

5.51

5.46

10.02

10.15

7.54

7.51

5.88

5.76

5.87

6.45

6.09

14.28

12.28

14.68

12.13

10.38

9.20

9.21

23.47

18.87

16.19

14.34

14.09

1.24

1.53

1.94

2.21

0.97

24234.09

5.6%

5.28

4.96

5.65

5.58

5.36

5.15

4.76

10.85

8.65

8.76

8.59

6.92

9.02

9.86

10.66

10.75

11.90

7.89

18.9%

4.07

4.04

3.42

13.37

10.69

7.07

33.12

17.27

11.07

9.55

9.04

7.84

7.50

7.15

15.29

10.93

9.54

9.25

2.49

2.32

2.58

2.07

6.37

3.05

9.85

15.73

8.76

8.40

7.60

7.97

1.95

2.28

2.86

3.21

6.15

7.1%

30.89

16.75

10.15

10.61

6.32

1.80

2.34

3.31

3.27

3.13

12.5%

6.76

20.87

16.11

15.96

14.33

0.87

1.04

1.07

1.43

25.13

-9.6%

8.65

30.24

19.22

17.24

15.79

15.52

0.46

1.68

1.02

0.91

71.19

11.8%

9.46

5.68

1.9%

1.56

2.01

2.19

2.50

8428.24

17.1%

1.89

2.48

3.33

4.03

0.00

0.00

0.00

2.58

1.90

1.90

2.03

2.55

1.16

3.70

4.99

6.14

3.68

11.05

5.72

6.14

1.01

1.09

1.22

1.36

7.62

7.85

7.77

7.34

7.54

12.21

10.77

9.15

13.20

10.44

9.37

8.09

18.11

14.57

12.11

9.79

40.20

24.59

19.49

15.37

10.55

12.31

8.32

7.66

7.72

10.08

12.48

8.36

7.53

13.82

15.52

12.50

11.27

9.52

20.03

23.08

17.95

16.21

9.83

8.64

7.50

6.26

22.64

16.04

9.51

9.67

6.89

6.48

5.93

5.33

12.72

11.72

11.24

10.62

19.83

16.38

14.14

12.42

9.76

10.08

10.08

10.44

11.16

11.34

10.98

11.58

1.04

0.71

0.90

0.90

18.90

14.51

14.96

12.03

0.88

0.88

0.91

0.94

8.62

7.52

6.77

6.00

3.01

4.31

5.98

8.55

193.85

3.6%

9.85

14.55

8.29

8.05

5.83

5.61

6.03

6.23

48.00

34.8%

3.49

3.70

4.03

4.36

5.25

32.93

1.6%

1.61

1.86

2.31

2.79

2.78

81.36

-0.5%

5.86

7.06

7.37

7.78

194.88

2.6%

2.24

2.55

2.77

3.21

3.99

6246.67

7.7%

2.31

2.23

2.56

2.90

4572.35

27.9%

9.41

7.71

7.06

6.68

17.18

15.26

13.47

78.85

6.96

8.05

8.25

5.97

7.83

7.21

7.45

7.74

7.85

7.63

7.11

10.11

11.48

10.11

10.35

11.28

8.29

4.18

3.80

19.43

10.85

25.04

13.29

19.86

37.3%

2.83

10.83

3.29

8.02

48524.14

4.07

13.14

1.02

0.93

8.7% 37.5%

15.92

1.10

0.93

9.83 85248.48

8.25

1.12

2.67

10.7%

8.26

1.26 1.41

0.4%

9634.23

8.58

5.63

9.34

40.97

8.88

5.09

7.71

1.54

4.68

4.31

27.25 5.42

23.66

19.79

17.63

15.48

13.52

13.39

12.35

11.36

10.46

25.87

25.16

22.09

19.73

0.72

31.54

25.48

21.02

17.85

15.40

28.52

23.85

19.37

16.19

14.09

41.84

35.81

29.02

24.46

8.29

8.21

8.16

7.29

0.81

13.14

10.95

9.26

7.59

8.92

7.35

7.07

6.41

6.03

5.10

15.86

14.91

13.16

12.13

6.84

9.84

8.32

7.56

12.20

10.13

8.71

7.57

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

10.91

13.22

7.96

5.90

22.71

11.63

6.41

2.91

10.98

13.73

0.95

596.51

-6.9%

5.80

49.6%

55357.69

5.1%

11.52

31.5%

12.13

12.8%

104.73

4.9%

47.88

2.8%

12.40

17.0%

81656.52

35.4%


29.11.2012

America Movil SAB de CV America Movil SAB de C.V. provides wireless communications in 18 countries across Latin America, the Caribbean and the U.S. The company also offers fixed-line phone, Internet and pay-TV services in most parts of the region.

Price/Volume 30

35.0 M

25

30.0 M 25.0 M

20

Latest Fiscal Year: LTM as of: 52-Week High (07.05.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMX US EQUITY YTD Change AMX US EQUITY YTD % CHANGE

12/2011 09/yy 28.47 21.60 7'080'190.00 23.62 -17.04% 9.35% 29.40% 2'594.1 89'696.61 380'618.80 0.0 9'999.5 59'124.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

15.0 M

10

10.0 M

5

5.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 311'579.8 3.86x 126'012.6 9.55x 58'587.5 -

20.0 M

15

Valuation Analysis

31.12.2008 31.12.2009 345'654.9 561'254.6 2.29x 2.28x 137'313.5 228'715.8 5.78x 5.60x 59'485.5 92'697.6 Profitability

LTM-4Q 31.12.2010 607'855.7 2.73x 243'392.7 6.82x 91'123.1 -

31.12.2011 665'301.5 2.33x 248'772.5 6.23x 82'853.5 248'772.50 154'775.47 23.26% 19.32% 9.64% 30.54% 15.47% 0.79% 42.1% 34.6% 21.1% 12.5% 0.91 0.70 40.25% 133.25% 11.44 15.15

LTM

FY+1

1.11 13.36 2.28% 5.76% 1.111 20 3.800 8'077'872 7'865'692 6'374'972 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 693'228.9 759'166.1 767'064.0 802'758.5 198'372.6 195'624.1 8.97x 8.46x 2.00x 1.85x 7.73x 7.77x 188'731.8 262'938.1 266'513.1 278'921.1 68'163.2 66'481.3 0.00x 6.18x 90'923.8 92'987.8 102'945.8 109'236.2 24'521.6 23'682.2 0.00x 0.00x 11.86x 10.91x 12.64x 12.75x S&P Issuer Ratings Long-Term Rating Date 22.03.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 11.97 (EBITDA-Capex)/Interest Exp. 6.18 Net Debt/EBITDA 1.38 Total Debt/EBITDA 1.56 Reference Total Debt/Equity 133.3% Total Debt/Capital 56.3% Asset Turnover 0.79 Net Fixed Asset Turnover 1.68 Accounts receivable turnover-days 32.00 Inventory Days 24.16 Accounts Payable Turnover Day 88.11 Cash Conversion Cycle -62.24 Sales/Revenue/Turnover

700'000.0 600'000.0 500'000.0

0.80

400'000.0 0.60

300'000.0

0.40

200'000.0 100'000.0

0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

America Movil SAB de CV Holdings By:

All

Holder Name CAPITAL RESEARCH GLO CAPITAL WORLD INVEST OPPENHEIMERFUNDS INC GENESIS ASSET MANAGE NOMURA HOLDINGS INC LAZARD ASSET MANAGEM BLACKROCK GROUP LIMI BAILLIE GIFFORD AND T ROWE PRICE ASSOCIA FIDELITY MANAGEMENT BRANDES INVESTMENT P INVESCO LTD FISHER INVESTMENTS I WESTWOOD GLOBAL INVE FIDELITY INTERNATION ACADIAN ASSET MANAGE HARDING LOEVNER LP CREDIT AGRICOLE SA LAZARD ASSET MANAGEM TEMPLETON ASSET MANA

Firm Name Actinver SA JPMorgan Scotia Capital Credit Suisse Morgan Stanley Barclays Macquarie HSBC William Blair & Co Raymond James Stifel Nicolaus Itau BBA Securities Banorte-IXE BBVA Goldman Sachs Banco BTG Pactual SA Grupo Santander Interacciones Casa de Bolsa Wells Fargo Securities, LLC EVA Dimensions Gabelli & Co Davenport & Co First Global Stockbroking

Portfolio Name CAPITAL RESEARCH GLO CAPITAL WORLD INVEST OPPENHEIMER FUNDS IN GENESIS ASSET MANAGE NOMURA HOLDINGS INC LAZARD ASSET MANAGEM BLACKROCK GROUP LIMI BAILLIE GIFFORD & CO T ROWE PRICE ASSOCIA FIDELITY MANAGEMENT BRANDES INVESTMENT P INVESCO LTD FISHER INVESTMENTS WESTWOOD GLOBAL INVE FIDELITY INTERNATION ACADIAN ASSET MANAGE HARDING LOEVNER LP CREDIT AGRICOLE SA Multiple Portfolios TEMPLETON ASSET MANA

Analyst MARTIN LARA ANDRE BAGGIO ANDRES COELLO ANDREW T CAMPBELL MICHEL MORIN VERA ROSSI KEVIN SMITHEN RICHARD DINEEN JAMES D BREEN JR RICHARD H PRENTISS JR CHRISTOPHER C KING GREGORIO TOMASSI MANUEL JIMENEZ ZALDIVAR ALEJANDRO GALLOSTRA LUCIO G ALDWORTH CARLOS SEQUEIRA VALDER NOGUEIRA RAUL OCHOA JENNIFER M FRITZSCHE TEAM COVERAGE SERGEY DLUZHEVSKIY F DRAKE JOHNSTONE RUPALI VERMA

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F

Recommendation buy neutral sector underperform outperform Underwt/In-Line overweight outperform overweight market perform market perform hold outperform buy outperform neutral/neutral neutral hold buy suspended coverage buy buy reduce moderate outperform

Amt Held 59'009'668 54'867'926 51'462'598 30'496'218 21'512'060 21'110'228 18'496'689 17'886'123 17'775'703 17'238'575 14'941'739 14'161'841 13'255'241 11'723'354 11'662'675 11'575'681 11'362'867 10'507'380 9'280'788 9'006'008

% Out 2.27 2.12 1.98 1.18 0.83 0.81 0.71 0.69 0.69 0.66 0.58 0.55 0.51 0.45 0.45 0.45 0.44 0.41 0.36 0.35

Weighting

Change

5 3 1 5 1 5 5 5 3 3 3 5 5 5 3 3 3 5 #N/A N/A 5 5 2 4

M M M M M M M M M M M M M M M M M N M M M U M

Latest Chg (10'845'000) (17'151'400) 523'282 631'992 21'453'980 (397'954) (1'575'663) 4'957'900 339'900 (45'464) (1'141'460) (1'435'202) 1'529'729 (1'757'440) 1'459'996 853'193 (2'203'600) (22'800) (482'400)

Target Price 29 28 24 30 26 32 33 32 #N/A N/A #N/A N/A #N/A N/A 29 30 31 29 27 26 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.06.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.10.2012 30.09.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.11.2012 26.11.2012 19.11.2012 16.11.2012 14.11.2012 14.11.2012 12.11.2012 07.11.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 19.10.2012 18.10.2012 27.07.2012 10.04.2012 09.01.2012 30.12.2011 18.11.2011 31.10.2011 21.07.2011 29.10.2009


29.11.2012

Samsung Electronics Co Ltd Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Price/Volume

1.2 M

1200000

1.0 M .8 M

800000

Latest Fiscal Year: LTM as of: 52-Week High (26.11.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005930 KS EQUITY YTD Change 005930 KS EQUITY YTD % CHANGE

12/2011 09/yy 1'443'000.00 984'000.00 262'256.00 1414000 -2.01% 43.70% 93.46% 147.3 208'281'264.00 4'796'865.00 119'467.0 0.0 14'630'145.00 198'655'629.52

.6 M

600000 400000

.4 M

200000

.2 M

0 n-11 d-11

LTM-4Q

31.12.2008 31.12.2009 31.12.2010 31.12.2011 72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 0.70x 1.05x 1.02x 1.06x 11'753'254.0 14'207'387.0 20'345'636.0 18'987'465.0 4.32x 6.61x 5.60x 6.75x 5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 11.97x 18.96x 10.69x 15.82x Profitability 18'987'465.00 9'679'775.00 8.01% 9.51% 12.82% 16.55% 16.09% 1.14% 25.2% 18.0% 11.2% 8.3% 1.46 1.11 4.08% 5.40% 7.93 18.47

Price/ Cash Flow

f-12 m-12 a-12 m-12

LTM

09/yy 09/yy ######### ######### 3.69x 4.40x ######### ######### 5.56x 6.75x ######### ######### 11.62x 13.07x

j-12

j-12

a-12

s-12 o-12

.0 M n-12

1.10 106.79 41.42% 33.71% 1.101 48 4.896 267'910 239'579 278'509

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-

25.01.2006 A POS 25.01.2006 A-1 75.22 23.73 -0.40 0.11 5.4% 5.1% 1.14 3.39 46.18 19.82 29.23 37.74

Sales/Revenue/Turnover

14.00

140'000'000.0

12.00

120'000'000.0

10.00

100'000'000.0

8.00

80'000'000.0

6.00

60'000'000.0

4.00

40'000'000.0

2.00

20'000'000.0

0.00 03.01.2009

j-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 63'175'968.0 0.99x 12'999'646.0 4.82x 7'425'016.0 11.23x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1.4 M

1400000 1000000

Valuation Analysis

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1600000

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Samsung Electronics Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS SAMSUNG LIFE INSURAN NATIONAL PENSION SER CITIBANK NA SAMSUNG C&T CORP KUN HEE LEE CAPITAL WORLD INVEST VANGUARD GROUP INC CAPITAL RESEARCH GLO BLACKROCK FUND ADVIS SAMSUNG FIRE & MARIN FIDELITY MANAGEMENT KOREA INVESTMENT TRU SAMSUNG INVESTMENT T FIDELITY INTERNATION MIRAE ASSET GLOBAL I T ROWE PRICE ASSOCIA JAE-YONG LEE FRANKLIN RESOURCES I MAPS INVESTMENT MANA

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Tong Yang Investment Bank HYUN PARK Nomura CHANG-WON CHUNG Samsung Securities MINSEONG HWANG Credit Suisse KEON HAN LIG Investment Securities CHOI DO-YEON Morgan Stanley SHAWN KIM NH Investment & Securities LEE SUN-TAE Kyobo Securities KOO JA-WOO Dongbu Securities Co Ltd SHIN HYUNJOON HSBC RICKY JUIL SEO IBK Securities Co Ltd SEUNG-WOO LEE Taurus Investment Securities Co Ltd KIM HYUNG-SIK Daishin Securities Co., Ltd. KANG JEONG-WON JEFF Daewoo Securities JAMES SONG Sanford C. Bernstein & Co MARK C NEWMAN KIWOOM Securities Co Ltd KIM SUNG-IN SK Securities Co Ltd SUNG-JAE DAVID CHOI KTB Securities JIN SUNG-HAE Korea Investment & Securities SEO WON-SEOK Barclays BAE SEUNG-CHUL Eugene Investment & Securities Co., LtdLEE JEONG Daiwa Securities Co. Ltd. JAE H LEE Shinyoung Securities Co., Ltd. LIM DORI KB Investment & Securities Co., Ltd BYUN HAN-JOON Hanwha Securities Co., Ltd AHN SEONG-HO BNP Paribas Equity Research PETER YU Woori Investment & Securities YOUNG PARK Standard Chartered SEAN KIM HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH Shinhan Investment Corp KIM YOUNG-CHAN Mizuho Securities CHARLES PARK Leading Investment & Securities SANG-WOO OH E*Trade Securities Korea JI-WOONG KIM HI Investment Securities SONG MYUNG-SUP Goldman Sachs MICHAEL BANG Susquehanna Financial Group MEHDI HOSSEINI Wedge Partners BRIAN BLAIR Deutsche Bank SEUNGHOON HAN Societe Generale ANDY PERKINS Macquarie DANIEL KIM JPMorgan JJ PARK Berenberg Bank ADNAAN AHMAD Meritz Securities Co., Ltd SEI CHEOL LEE

Source Co File EXCH Research Research Research EXCH MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG

Recommendation buy buy buy outperform buy Overwt/Attractive buy buy buy overweight buy buy buy buy outperform buy buy buy buy overweight buy buy buy buy buy buy buy outperform buy buy buy buy buy buy buy/attractive Positive no rating system buy not rated outperform overweight buy buy

Amt Held 16'912'614 11'071'893 9'764'440 7'316'976 5'976'362 4'985'464 2'915'146 2'495'360 1'970'288 1'909'028 1'856'370 1'653'382 1'421'162 1'344'881 1'000'573 912'758 862'644 840'403 817'086 772'687

% Out 11.48 7.52 6.63 4.97 4.06 3.38 1.98 1.69 1.34 1.3 1.26 1.12 0.96 0.91 0.68 0.62 0.59 0.57 0.55 0.52

Weighting

Change

5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 4 #N/A N/A 5 #N/A N/A 5 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 10'982 (184'042) 53'763 (404'618) 9'932 (28'126) 231'595 15'986 (228'106) (32'415) 41'261 (82'310) (22'414)

Target Price 2'000'000 2'000'000 1'700'000 1'720'000 1'700'000 1'700'000 1'900'000 1'850'000 1'800'000 1'900'000 1'650'000 1'750'000 2'000'000 1'900'000 2'100'000 1'870'000 1'800'000 1'650'000 1'850'000 2'000'000 1'700'000 1'800'000 1'600'000 1'900'000 1'850'000 1'770'000 1'800'000 1'800'000 1'750'000 1'700'000 1'700'000 1'920'000 1'570'000 1'600'000 1'630'000 1'750'000 #N/A N/A 1'770'000 #N/A N/A 1'900'000 1'800'000 1'450'000 1'800'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Corporation 28.09.2012 Insurance Company 31.12.2011 Investment Advisor 31.12.2011 Bank 31.12.2011 Corporation 17.04.2012 n/a 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 31.12.2011 Insurance Company 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 23.12.2011 n/a 30.09.2012 Investment Advisor 30.06.2012 Mutual Fund Manager

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 6 month 6 month 12 month 12 month 6 month 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month Not Provided 6 month

Date 29.11.2012 28.11.2012 27.11.2012 27.11.2012 27.11.2012 26.11.2012 26.11.2012 26.11.2012 23.11.2012 23.11.2012 23.11.2012 23.11.2012 22.11.2012 21.11.2012 21.11.2012 21.11.2012 20.11.2012 20.11.2012 16.11.2012 14.11.2012 12.11.2012 12.11.2012 09.11.2012 07.11.2012 05.11.2012 05.11.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 26.10.2012 26.10.2012 24.10.2012 17.10.2012 12.10.2012 05.10.2012 20.09.2012 04.09.2012 30.07.2012


29.11.2012

Turkiye Garanti Bankasi AS Turkiye Garanti Bankasi A.S. attracts deposits and offers retail and commercial banking services. The Group offers lease financing, insurance, asset management, securities brokerage, automobile and mortgage loans, credit cards, and other financial services. Turkiye Garanti Bankasi operates in Turkey, the Netherlands, Germany, Romania, Russia, Luxembourg, Malta, and Bahrain.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.11.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GARAN TI EQUITY YTD Change GARAN TI EQUITY YTD % CHANGE

12/2011 09/yy 8.82 5.44 27'007'208.00 8.3 -5.67% 52.57% 82.84% 4'200.0 34'860.00 40'132.56 0.0 112.5 25'035.77 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 12'829.6 14'640.5 1'879.4 3'085.7 5.81x 8.64x Profitability

120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M d-11

LTM-4Q 31.12.2010 13'694.0 3'381.1 9.71x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 15'453.2 3'326.3 7.45x 45.90% 45.96% 2.05% 18.26% 5.99% 0.10% 35.8% 24.55% 225.63% -

Price/ Cash Flow

j-12

f-12 m-12

LTM

09/yy 14'518.1 0.00x 0.0 0.00x 3'186.7 9.54x

a-12 m-12

09/yy 17'643.0 0.00x 0.0 0.00x 3'456.1 9.11x

j-12

j-12

a-12

s-12

o-12

.0 M n-12

FY+1

1.19 42.72% 44.17% 1.194 31 3.355 39'853'400 36'125'990 35'611'520 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 8'362.3 9'211.8 2'392.7 2'262.0 3'162.4 3'485.6 823.0 10.89x 9.85x 9.94x 10.57x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

22.02.2010 BB STABLE 225.6% 69.2% 0.10 4.46 -

Sales/Revenue/Turnover

160.00

18'000.0

140.00

16'000.0

120.00

14'000.0 12'000.0

100.00

10'000.0

80.00

8'000.0

60.00

6'000.0

40.00

4'000.0

20.00

2'000.0

0.00 02.01.2009

140.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 10'593.3 2'413.8 9.14x

10 9 8 7 6 5 4 3 2 1 0 n-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Turkiye Garanti Bankasi AS Holdings By:

All

Holder Name DOGUS HOLDING AS BANCO BILBAO VIZCAYA VANGUARD GROUP INC GE ARASTIRMA VE MUSA ABERDEEN ASSET MANAG ABERDEEN INVESTMENT BLACKROCK FUND ADVIS BLACKROCK GROUP LIMI OPPENHEIMERFUNDS INC T ROWE PRICE ASSOCIA CAPITAL WORLD INVEST FIDELITY MANAGEMENT JP MORGAN CHASE & CO JPMORGAN ASSET MANAG MORGAN STANLEY FIDELITY INTERNATION BNP PARIBAS ASSET MG UMB BANK N A EARNEST PARTNERS LLC DEKA INTERNATIONAL S

Firm Name HSBC FinansInvest Seker Securities Marfin Analysis (ESN) Ak Investment Oyak Securities BGC Partners Ekspres Invest Barclays Erste Bank Eczacibasi Securities Societe Generale BNP Paribas Equity Research Yatirim Finansman Securities EFG Istanbul Securities Morgan Stanley Credit Suisse Keefe, Bruyette & Woods VTB Capital Renaissance Capital Deutsche Bank Tera Stock Brokers Global Menkul Degerler Goldman Sachs Yapi Kredi Yatirim ve Menkul Degerler JPMorgan EVA Dimensions IS Investment & Securities ATA Invest

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios EARNEST PARTNERS LLC Multiple Portfolios

Analyst TAMER SENGUN AYKUT SARIBIYIK BURAK DEMIRBILEK KONSTANTINOS MANOLOPOULOS HAKAN AYGUN ALPAY DINCKOC MUGE DAGISTAN CIHAN SARAOGLU CRISTINA MARZEA SEVDA SARP SERCAN SOYLU ALAN WEBBORN CAGDAS DOGAN SADRETTIN BAGCI NERGIS KASABALI MAGDALENA STOKLOSA ATES BULDUR RONNY REHN AKIN TUZUN YAVUZ UZAY KAZIM ANDAC HASAN DEMIR SEVGI ONUR DMITRY TREMBOVOLSKY OVUNC GURSOY PAUL FORMANKO TEAM COVERAGE BULENT SENGONUL FATIH TUGRUL TOPAC

Source Research Research MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG

Recommendation neutral neutral outperform hold market perform market perform buy hold overweight accumulate market perform buy buy market perform hold Equalwt/In-Line neutral market perform hold hold hold neutral market perform neutral/neutral underperform neutral hold outperform market perform

Amt Held 1'045'380'000 1'045'380'000 139'283'633 105'000'000 74'657'590 45'159'000 44'283'517 41'067'933 40'161'808 34'314'168 32'742'270 20'757'865 15'491'375 15'001'318 13'459'837 13'172'690 11'902'754 11'275'910 10'244'871 10'241'400

% Out 24.89 24.89 3.32 2.5 1.78 1.08 1.05 0.98 0.96 0.82 0.78 0.49 0.37 0.36 0.32 0.31 0.28 0.27 0.24 0.24

Weighting

Change 3 3 5 3 3 3 5 3 5 4 3 5 5 3 3 3 3 3 3 3 3 3 3 3 1 3 3 5 3

M M M M M M U M M M M M M M M M M M N M D M M M N D D M M

Latest Chg 4'190'211 9'829'000 (968'000) 294'299 (1'995'486) 605'979 1'544'484 (923'600) (57'300) (1'179'330) 2'709'939 717'171 255'916 529'400 2'386'400

Target Price 9 9 #N/A N/A 9 9 9 10 10 10 8 9 10 10 9 8 7 9 7 9 9 9 9 9 8 7 10 #N/A N/A 9 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.11.2010 Holding Company 03.11.2010 Bank 30.09.2012 Investment Advisor 03.11.2010 n/a 12.11.2012 Investment Advisor 12.11.2012 Investment Advisor 27.11.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Mutual Fund Manager

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 3 month Not Provided Not Provided Not Provided

Date 29.11.2012 28.11.2012 28.11.2012 26.11.2012 22.11.2012 16.11.2012 07.11.2012 07.11.2012 05.11.2012 04.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 24.10.2012 22.10.2012 19.10.2012 18.10.2012 17.10.2012 17.10.2012 16.10.2012 05.09.2012 04.09.2012 20.07.2012


29.11.2012

Fomento Economico Mexicano SAB de CV Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is a Company that through its subsidiaries produces, distributes and markets non-alcoholic beverages throughout Latin America as part of the Coca-Cola system. The Company owns and operates convenience stores in Mexico and Colombia and holds a stake in Heineken.

Price/Volume

12/2011 09/yy 99.14 62.32 544'580.00 97.27 -1.89% 56.08% 94.92% 216.1 31'415.11 29'604.00 0.0 57'534.0 27'658.00 -

Price/ Cash Flow

1.0 M .8 M .6 M

40

.4 M

20

.2 M

0 n-11

31.12.2008 31.12.2009 168'021.7 158'503.0 1.25x 1.71x 29'819.0 26'319.0 7.07x 10.32x 6'707.6 9'908.0 Profitability

LTM-4Q 31.12.2010 169'702.0 1.66x 28'031.0 10.06x 40'251.0 -

31.12.2011 203'044.0 2.00x 33'445.0 12.16x 15'133.0 33'445.00 26'904.00 13.25% 13.97% 6.29% 11.91% 11.81% 0.89% 41.9% 15.2% 12.0% 7.5% 1.53 0.93 10.78% 22.16% 32.33 9.99

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

LTM

FY+1

0.91 0.35 51.91% 41.82% 0.913 12 4.333 529'022 477'445 501'778 FY+2

FQ+1

FQ+2

11.40 7.78 -0.06 0.80 22.2% 13.4% 0.89 4.49 11.32 36.63 51.46 -21.33

Sales/Revenue/Turnover

250'000.0

1.00

200'000.0

0.60

j-12

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 186'657.2 229'839.4 238'288.1 269'561.6 - 52'593.4 6.60x 7.77x 2.13x 1.85x 29'713.0 35'037.2 37'509.1 43'154.2 11'801.7 7'907.2 11.94x 13.53x 14'724.7 16'317.6 17'373.2 20'412.6 4'204.7 0.00x 0.00x 27.12x 22.89x 21.44x 21.16x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1.20

0.80

.0 M d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1.2 M

60

Latest Fiscal Year: LTM as of: 52-Week High (26.11.2012) 52-Week Low (14.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FMX US EQUITY YTD Change FMX US EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

100 80

Valuation Analysis

31.12.2007 147'556.1 1.38x 27'250.9 7.48x 8'510.4 -

120

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Fomento Economico Mexicano SAB de CV Holdings By:

All

Holder Name ABERDEEN ASSET MANAG CASCADE INVESTMENT L ABERDEEN INVESTMENT VONTOBEL ASSET MANAG OPPENHEIMERFUNDS INC DIMENSIONAL FUND ADV BLACKROCK GROUP LIMI INVESCO LTD GENESIS ASSET MANAGE MAVERICK CAPITAL LTD MORGAN STANLEY INVES HARRIS TRUST & SAVIN FIDELITY INTERNATION JP MORGAN CHASE & CO FIDELITY MANAGEMENT CREDIT AGRICOLE SA SCHRODER INVESTMENT WELLINGTON MANAGEMEN WELLS CAPITAL MANAGE AMERIPRISE FINANCIAL

Firm Name JPMorgan HSBC Morgan Stanley Scotia Capital Banco BTG Pactual SA Itau BBA Securities Deutsche Bank Banorte-IXE Grupo Santander Barclays

Portfolio Name ABERDEEN ASSET MANAG n/a Multiple Portfolios VONTOBEL ASSET MANAG OPPENHEIMER FUNDS IN DIMENSIONAL FUND ADV BLACKROCK GROUP LIMI INVESCO LTD GENESIS ASSET MANAGE MAVERICK CAPITAL LTD MORGAN STANLEY INVES Multiple Portfolios FIDELITY INTERNATION JP MORGAN CHASE & CO FIDELITY MANAGEMENT CREDIT AGRICOLE SA SCHRODER INVESTMENT WELLINGTON MANAGEMEN WELLS CAPITAL MANAGE AMERIPRISE FINANCIAL

Analyst ALAN ALANIS LAUREN E TORRES LORE SERRA RODRIGO ECHAGARAY RAFAEL SHIN RENATO SALOMONE JOSE J YORDAN MARISOL HUERTA MONDRAGON LUIS MIRANDA GABRIEL VAZ DE LIMA

Source 13F 13D MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation overweight overweight Overwt/In-Line sector outperform buy market perform hold buy hold overweight

Amt Held 28'430'872 27'887'349 6'133'781 5'698'489 4'942'728 4'171'807 3'084'018 2'576'370 2'296'243 2'230'270 1'962'734 1'734'820 1'673'654 1'505'634 1'345'145 1'271'956 1'221'853 1'166'157 1'154'710 1'100'142

% Out 13.16 12.9 2.84 2.64 2.29 1.93 1.43 1.19 1.06 1.03 0.91 0.8 0.77 0.7 0.62 0.59 0.57 0.54 0.53 0.51

Weighting

Change 5 5 5 5 5 3 3 5 3 5

Latest Chg 937'456 1'000'000 71'300 737'200 (2'475'791) (35'208) (759'820) (357'248) (66'004) 255'821 (1'667'174) 334'125 459'012 90'444 620'100 (175'300) 331'866 285'822 430'100 (156'593)

Target Price

M M M U M M M M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

102 109 93 98 94 104 95 115 103 106

File Dt Inst Type 30.09.2012 Investment Advisor 25.03.2011 Investment Advisor 12.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 28.09.2012 Unclassified 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Date 16.11.2012 14.11.2012 12.11.2012 12.11.2012 11.11.2012 11.11.2012 26.10.2012 25.10.2012 25.09.2012 27.07.2012


29.11.2012

Akbank TAS Akbank T.A.S. attracts deposits and offers retail and corporate banking services. The Group offers consumer credits, credit cards, wealth management, health and life insurance, pension plans, risk management, project financing, foreign trade and cash management services through its branches in Turkey and overseas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.11.2012) 52-Week Low (28.05.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKBNK TI EQUITY YTD Change AKBNK TI EQUITY YTD % CHANGE

12/2011 09/yy 8.90 5.28 10'777'692.00 8.4 -4.94% 59.09% 83.43% 4'000.0 33'600.00 41'393.28 0.0 9.8 17'341.69 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 10'684.3 2'040.7 12.79x

10 9 8 7 6 5 4 3 2 1 0 n-11

31.12.2008 31.12.2009 12'338.3 11'707.1 1'782.2 2'722.7 8.05x 10.41x Profitability

LTM-4Q 31.12.2010 11'550.1 3'008.8 11.41x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 11'975.0 2'536.4 9.49x 48.18% 48.18% 1.67% 12.86% 3.83% 0.09% 38.1% 29.59% 228.42% -

Price/ Cash Flow

LTM

09/yy 11'810.0 0.00x 0.0 0.00x 2'681.5 12.51x

09/yy 13'659.6 0.00x 0.0 0.00x 2'482.4 11.44x

FY+1

1.17 38.38% 41.60% 1.173 30 3.167 21'161'750 15'890'330 15'781'350 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'594.6 7'779.8 2'081.0 1'984.0 2'673.6 3'079.9 790.3 12.63x 10.82x 10.84x 10.70x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

NR 228.4% 69.5% 0.09 5.74 -

Sales/Revenue/Turnover

20.00

14'000.0

18.00

12'000.0

16.00 14.00

10'000.0

12.00

8'000.0

10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Akbank TAS Holdings By:

All

Holder Name HACI OMER SABANCI HO CITIGROUP INCORPORAT ABERDEEN ASSET MANAG ABERDEEN INVESTMENT VANGUARD GROUP INC LAZARD ASSET MANAGEM OPPENHEIMERFUNDS INC BLACKROCK FUND ADVIS TEMPLETON INVESTMENT EARNEST PARTNERS LLC COMMONWEALTH BANK OF INVESCO LTD DANSKE INVEST A/S BLACKROCK GROUP LIMI EAST CAPITAL ASSET M DANSKE INVEST MANAGE FRANKLIN RESOURCES I BNP PARIBAS ASSET MG ING INVESTMENT MANAG AMERIPRISE FINANCIAL

Firm Name HSBC Seker Securities Marfin Analysis (ESN) Eczacibasi Securities FinansInvest Societe Generale Oyak Securities BNP Paribas Equity Research BGC Partners EFG Istanbul Securities Morgan Stanley Credit Suisse Keefe, Bruyette & Woods Global Menkul Degerler Ekspres Invest Garanti Yatirim Menkul Kiymetler Erste Bank Yatirim Finansman Securities VTB Capital Renaissance Capital Deutsche Bank Tera Stock Brokers Yapi Kredi Yatirim ve Menkul Degerler JPMorgan Goldman Sachs IS Investment & Securities Barclays EVA Dimensions ATA Invest Sardis Securities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios EARNEST PARTNERS LLC Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TAMER SENGUN BURAK DEMIRBILEK KONSTANTINOS MANOLOPOULOS SERCAN SOYLU AYKUT SARIBIYIK ALAN WEBBORN ALPAY DINCKOC CAGDAS DOGAN MUGE DAGISTAN NERGIS KASABALI MAGDALENA STOKLOSA ATES BULDUR RONNY REHN SEVGI ONUR CIHAN SARAOGLU RECEP DEMIR SEVDA SARP SADRETTIN BAGCI AKIN TUZUN YAVUZ UZAY KAZIM ANDAC HASAN DEMIR OVUNC GURSOY PAUL FORMANKO DMITRY TREMBOVOLSKY BULENT SENGONUL CRISTINA MARZEA TEAM COVERAGE FATIH TUGRUL TOPAC HAYDAR ACUN

Source Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight market perform accumulate outperform outperform sell market perform hold buy hold Equalwt/In-Line neutral market perform market perform sell outperform hold market perform hold hold hold neutral hold underweight neutral/neutral underperform overweight hold market perform hold

Amt Held 1'960'000'000 396'000'000 132'572'879 82'207'501 75'817'046 44'799'302 39'689'747 32'896'957 30'088'527 21'805'658 15'835'915 15'298'379 13'179'732 11'074'569 7'688'133 7'062'761 5'641'196 5'432'785 4'661'683 4'385'316

% Out 49 9.9 3.31 2.06 1.9 1.12 0.99 0.82 0.75 0.55 0.4 0.38 0.33 0.28 0.19 0.18 0.14 0.14 0.12 0.11

Weighting

Change 5 3 4 5 5 1 3 3 5 3 3 3 3 3 1 5 3 3 3 3 3 3 3 1 3 1 5 3 3 3

M N U U M M M D M M M M M M M M M M N M M M M M M M N D M U

Latest Chg (404'000'000) 156'000 (1'570'000) 3'128'912 310'185 216'967 93'900 990'300 646'040 (12'489) 2'487 4'499'441 1'447'000 (120'000) 735'000 (77'857) (59'801)

Target Price 10 #N/A N/A 9 9 8 7 9 9 10 7 8 9 7 9 8 11 7 8 8 9 8 8 8 9 7 8 9 #N/A N/A 6 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 24.05.2012 12.11.2012 12.11.2012 30.09.2012 31.10.2012 30.09.2012 27.11.2012 30.06.2012 30.09.2012 31.07.2012 28.11.2012 31.10.2012 27.11.2012 30.06.2012 29.06.2012 30.09.2012 31.08.2012 30.09.2012 28.09.2012

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.11.2012 26.11.2012 26.11.2012 23.11.2012 14.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 07.11.2012 06.11.2012 04.11.2012 02.11.2012 30.10.2012 24.10.2012 21.10.2012 19.10.2012 17.10.2012 16.10.2012 12.10.2012 11.10.2012 09.10.2012 27.08.2012 20.07.2012 12.01.2010


29.11.2012

Grupo Televisa SAB Grupo Televisa S.A.B., operates media and entertainment businesses in the Spanish speaking world. The Company has interests in television production and broadcasting, programming, direct-to-home satellite services, publishing and publishing distribution, cable television, radio production, show business, feature films and Internet portals.

Price/Volume 30

6.0 M

12/2011 09/yy 24.88 18.69 1'351'932.00 23.57 -5.27% 26.11% 78.84% 571.2 13'463.66 57'410.74 0.0 7'196.7 21'698.49 -

Price/ Cash Flow

1.20 1.00

4.0 M 3.0 M

10

2.0 M 5

1.0 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

5.0 M

15

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TV US EQUITY YTD Change TV US EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

20

Valuation Analysis

31.12.2007 41'561.5 3.11x 17'683.1 7.30x 8'082.5 -

8.0 M

25

31.12.2008 31.12.2009 47'972.3 52'352.5 2.08x 2.75x 19'438.9 20'086.5 5.12x 7.16x 7'803.7 6'007.1 Profitability

LTM-4Q 31.12.2010 57'856.8 3.48x 22'161.9 9.09x 7'683.4 -

31.12.2011 62'581.5 3.79x 24'251.8 9.78x 6'889.6 24'251.77 16'822.05 26.88% 18.52% 5.44% 15.19% 0.46% 55.0% 39.6% 27.5% 11.0% 1.41 1.14 37.02% 111.13% 6.74 10.10

LTM

09/yy 45'654.1 12.85x 17'469.1 0.00x 5'426.8 0.00x

09/yy 67'790.7 12.50x 26'813.4 7.96x 7'932.7 0.00x

FY+1

1.09 1.06 24.83% 12.62% 1.086 15 3.533 697'713 1'191'820 1'278'749 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 69'109.8 74'995.1 19'370.8 16'265.0 3.08x 2.76x 26'846.4 28'961.5 7'927.6 5'503.7 8'564.7 10'489.8 3'207.9 23.98x 20.26x 25.52x 35.76x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

02.10.2007 BBB+ STABLE 5.62 3.38 1.18 1.99 111.1% 49.4% 0.46 1.66 54.30 36.23 89.78 27.06

Sales/Revenue/Turnover

70'000.0 60'000.0 50'000.0

0.80

40'000.0 0.60

30'000.0

0.40

20'000.0 10'000.0

0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Grupo Televisa SAB Holdings By:

All

Holder Name CASCADE INVESTMENT L FIRST EAGLE INVESTME DODGE & COX GATES FOUNDATION LAZARD ASSET MANAGEM OPPENHEIMERFUNDS INC INVESCO LTD VONTOBEL ASSET MANAG BLACKROCK GROUP LIMI WELLS CAPITAL MANAGE WESTWOOD GLOBAL INVE LAZARD ASSET MANAGEM COMMONWEALTH BANK OF MORGAN STANLEY INVES DELAWARE MANAGEMENT CREDIT AGRICOLE SA COMGEST GROWTH PLC AXIOM INTERNATIONAL SCOUT INVESTMENT ADV UMB BANK N A

Firm Name Credit Suisse JPMorgan Morgan Stanley HSBC Itau BBA Securities Banorte-IXE Actinver SA Scotia Capital BBVA Goldman Sachs Barclays Miller Tabak + Co., LLC Grupo Santander EVA Dimensions

Portfolio Name n/a FIRST EAGLE INVESTME DODGE & COX BILL & MELINDA FOUND LAZARD ASSET MANAGEM OPPENHEIMER FUNDS IN INVESCO LTD VONTOBEL ASSET MANAG BLACKROCK GROUP LIMI WELLS CAPITAL MANAGE WESTWOOD GLOBAL INVE Multiple Portfolios COMMONWEALTH BANK OF MORGAN STANLEY INVES DELAWARE MANAGEMENT CREDIT AGRICOLE SA Multiple Portfolios AXIOM INTERNATIONAL SCOUT INVESTMENT ADV Multiple Portfolios

Analyst ANDREW T CAMPBELL ANDRE BAGGIO MICHEL MORIN RICHARD DINEEN GREGORIO TOMASSI MANUEL JIMENEZ ZALDIVAR MARTIN LARA ANDRES COELLO ALEJANDRO GALLOSTRA LUCIO G ALDWORTH VERA ROSSI DAVID C JOYCE VALDER NOGUEIRA TEAM COVERAGE

Source 13D 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F MF-AGG 13F 13F MF-AGG

Recommendation outperform overweight Equalwt/In-Line overweight underperform buy hold sector perform underperform neutral/neutral underweight buy hold hold

Amt Held 29'156'500 28'098'091 20'965'992 16'879'103 16'337'477 15'949'581 13'988'539 12'466'949 9'489'429 9'238'070 7'764'444 7'369'265 6'815'996 6'624'000 5'976'342 5'240'833 5'200'000 5'123'050 4'210'926 4'022'352

% Out 5.1 4.92 3.67 2.95 2.86 2.79 2.45 2.18 1.66 1.62 1.36 1.29 1.19 1.16 1.05 0.92 0.91 0.9 0.74 0.7

Weighting

Change 5 5 3 5 1 5 3 3 1 3 1 5 3 3

M M M M M M M M M M M M M U

Latest Chg 2'368'100 375'000 (2'780'300) (273'786) (639'220) 1'998'713 8'092'643 2'152'406 (67'600) (17'600) (5'618'220) (114'000) 29'100 377'300 2'478'100 98'781 91'290

Target Price 28 31 26 27 26 30 23 24 24 24 22 25 22 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 19.03.2010 Investment Advisor 30.09.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 30.09.2012 Endowment 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2011 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 16.11.2012 16.11.2012 26.10.2012 26.10.2012 25.10.2012 24.10.2012 24.10.2012 22.10.2012 19.10.2012 18.10.2012 16.10.2012 10.07.2012 10.04.2012 23.11.2011


29.11.2012

Nigerian Breweries PLC Nigerian Breweries Plc. engages in the brewing and marketing of Lager beer, Stout and non-alcoholic malt drinks and the bottling of the Schweppes range of soft drinks and Crush Orange. The company's product range includes Star, Gulder, Legend Extra Stout, Maltina and Malta. These products are mainly sold in Nigeria and other neighboring countries.

Price/Volume 160

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

20.0 M

100

12/2011 09/yy 145.00 90.41 876'512.00 140.01 -3.44% 54.86% 90.84% 7'562.6 1'058'834.25 38'000.00 0.0 15.6 21'876.47 1'111'073.61

15.0 M

60

10.0 M

40 5.0 M

20 0 n-11

31.12.2008 31.12.2009 145'461.8 164'206.8 2.02x 2.37x 42'917.4 48'457.0 6.83x 8.03x 25'700.6 27'910.1 12.02x 14.37x Profitability

LTM-4Q 31.12.2010 185'862.8 3.07x 51'967.4 10.98x 30'332.1 19.22x

31.12.2011 230'123.2 3.17x 64'998.1 11.23x 38'023.2 18.78x 64'998.08 56'647.71 24.62% 24.50% 47.7% 23.6% 16.5% 0.88 0.40 17.56% 48.69% -

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

LTM

FY+1

.0 M n-12

2.14 1.13 59.76% 52.97% 1.129 15 2.933 1'176'887 1'423'776 1'296'544 FY+2

FQ+1

FQ+2

40.52 34.90 48.7% 32.7% -

Sales/Revenue/Turnover

250'000.0

1.00

200'000.0

0.60

j-12

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 215'121.9 267'241.6 277'173.8 322'018.3 2.65x 12.72x 3.94x 3.33x 25'308.1 57'403.2 76'131.8 89'210.6 0.00x 0.00x 14.59x 12.45x 34'333.9 38'436.7 38'787.5 49'922.9 17.62x 26.96x 26.36x 21.29x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1.20

0.80

d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

120 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 52-Week Low (29.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NB NL EQUITY YTD Change NB NL EQUITY YTD % CHANGE

31.12.2007 111'748.3 3.17x 32'606.8 10.88x 18'942.9 19.56x

30.0 M

140

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Nigerian Breweries PLC Holdings By:

All

Holder Name HEINEKEN NV OPPENHEIMERFUNDS INC ARTIO GLOBAL MANAGEM ARTISAN PARTNERS HOL PETERSIDE ATEDO N A WILLIAM BLAIR & COMP FIDELITY MANAGEMENT GOLDMAN SACHS ASSET EATON VANCE MANAGEME FRANKLIN TEMPLETON I FRANKLIN TEMPLETON I T ROWE PRICE ASSOCIA JP MORGAN INVESTMENT FIDELITY INTERNATION MORGAN STANLEY COMMONWEALTH BANK OF VAN ECK ASSOCIATES C GOLDMAN SACHS GROUP NOMURA ASSET MANAGEM FIDELITY INVT ASSET

Firm Name

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios FTIF-TEMPLETON EMERG FRANKLIN TEMPLETON I Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Meristem Securities Ltd TEAM COVERAGE Exotix Limited ANDY GBOKA Asset and Resource Management IFEOMA NWAFOR FBN Capital Ltd TUNDE ABIDOYE Renaissance Capital ANTHEA ALEXANDER African Alliance Research CLAIRE TE RIELE First Securities Discount TEAM COVERAGE Morgan Stanley MARYIA BERASNEVA Vetiva Capital Management Ltd ABIOLA RASAQ BPI UMULINGA KARANGWA Avior Research ANDREW SCHULTZ CSL OLUDARE FAJIMOLU BGL Plc FEMI ADEMOLA Greenwich Trust Limited OPEYEMI TELLA Cordros Capital Limited TEAM COVERAGE Thaddeus Investment Advisor & Research JUDE FEJOKWU

Source Co File MF-AGG MF-AGG MF-AGG Co File 13F MF-AGG MF-AGG MF-AGG MF-LUX MF-LUX MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell hold sell neutral sell reduce hold Equalwt/In-Line neutral buy outperform hold buy buy buy negative

Amt Held 4'091'260'852 189'794'373 46'610'506 31'441'503 15'000'000 10'680'161 10'027'356 9'449'280 8'741'905 8'551'458 7'965'113 7'372'608 6'627'139 5'613'313 4'693'473 4'302'188 4'107'185 3'568'393 3'512'000 3'471'915

% Out 54.1 2.51 0.62 0.42 0.2 0.14 0.13 0.12 0.12 0.11 0.11 0.1 0.09 0.07 0.06 0.06 0.05 0.05 0.05 0.05

Weighting

Change 1 3 1 3 1 2 3 3 3 5 5 3 5 5 5 2

Latest Chg (21'930'012) 1'265'981 10'680'161 1'700'589 (2'393'562) 2'484'216 (652'001) 45'854 592'800 473'907

Target Price

M M D M M M M M M M N M M N M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

105 105 107 117 118 119 126 78 108 135 124 109 113 92 97 54

File Dt 31.12.2010 30.09.2012 31.07.2012 30.06.2012 23.02.2011 30.09.2012 30.09.2012 29.06.2012 31.08.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 31.03.2012 30.09.2012 31.07.2012 27.11.2012 30.09.2012 17.11.2011 30.06.2012

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 3 month Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 26.11.2012 21.11.2012 02.11.2012 02.11.2012 01.11.2012 01.11.2012 05.09.2012 17.07.2012 10.07.2012 06.07.2012 01.06.2012 17.04.2012 14.03.2012 06.12.2011 20.10.2011 16.08.2010


29.11.2012

Astra International Tbk PT PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts. Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

Price/Volume 9000

160.0 M

8000

140.0 M

7000

120.0 M

6000

100.0 M

5000

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASII IJ EQUITY YTD Change ASII IJ EQUITY YTD % CHANGE

12/2011 09/yy 8'300.00 6'120.00 75'968'500.00 7350 -11.45% 20.10% 58.72% 40'483.6 297'554'112.00 44'990'000.00 0.0 15'389'000.0 13'190'000.00 356'326'115.58

31.12.2007 70'182'960.0 1.84x 10'978'203.0 11.75x 6'519'273.0 16.96x

31.12.2008 97'064'000.0 0.67x 14'790'000.0 4.39x 9'191'000.0 4.65x Profitability

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

60.0 M

3000 2000

40.0 M

1000

20.0 M

0 n-11 d-11

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

LTM-4Q

LTM

FY+1

.0 M n-12

1.19 18'285.34 6.60% 2.21% 1.193 26 4.000 41'336'600 31'054'770 32'701'090 FY+2

FQ+1

FQ+2

31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 98'526'000.0 129'991'000.0 162'564'000.0 ######### ######### ######### ######### ######### ######### 1.65x 1.96x 2.13x 7.22x 7.45x 1.88x 1.66x 16'473'000.0 19'291'000.0 23'832'000.0 ######### ######### ######### ######### 9.87x 13.21x 14.55x 13.40x 13.70x 13.74x 11.71x 10'040'000.0 14'366'000.0 17'785'000.0 ######### ######### ######### ######### ######### ######### 13.99x 15.37x 16.85x 14.77x 15.77x 15.64x 13.59x 15.15x 13.59x S&P Issuer Ratings 23'832'000.00 Long-Term Rating Date 11.05.2011 17'832'000.00 Long-Term Rating BBB10.97% Long-Term Outlook STABLE 15.85% Short-Term Rating Date 11.58% Short-Term Rating 31.07% Credit Ratios 18.36% EBITDA/Interest Exp. 33.57 1.13% (EBITDA-Capex)/Interest Exp. 20.19 Net Debt/EBITDA 1.59 19.7% Total Debt/EBITDA 2.07 14.1% Reference 10.6% Total Debt/Equity 74.4% 10.9% Total Debt/Capital 37.2% Asset Turnover 1.13 1.36 Net Fixed Asset Turnover 4.28 0.57 Accounts receivable turnover-days 32.79 29.31% Inventory Days 30.39 74.43% Accounts Payable Turnover Day 35.28 11.16 Cash Conversion Cycle 24.38 12.04

Price/ Cash Flow

Sales/Revenue/Turnover

50.00

180'000'000.0

45.00

160'000'000.0

40.00

140'000'000.0

35.00

120'000'000.0

30.00

100'000'000.0

25.00

80'000'000.0

20.00

60'000'000.0

15.00

40'000'000.0

10.00

20'000'000.0

5.00 0.00 02.01.2009

j-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M

4000

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Astra International Tbk PT Holdings By:

All

Holder Name JARDINE CYCLE & CARR TOYOTA MOTOR CORP FRANKLIN RESOURCES I VANGUARD GROUP INC ABERDEEN ASSET MANAG CARMIGNAC GESTION ABERDEEN INVESTMENT OPPENHEIMERFUNDS INC BLACKROCK FUND ADVIS CAPITAL WORLD INVEST SCHRODER INVESTMENT T ROWE PRICE ASSOCIA TEMPLETON INVESTMENT FIDELITY INTERNATION MATTHEWS INTERNATION JF ASSET MANAGEMENT EASTSPRING INVESTMEN WILLIAM BLAIR & COMP DANSKE INVEST A/S INVESCO LTD

Firm Name CIMB Kim Eng Securities Goldman Sachs Credit Suisse Bahana Securities EVA Dimensions Indo Premier Securities DBS Vickers Deutsche Bank Nomura Mandiri Sekuritas PT/Indonesia PT Valbury Asia Securities PT ONIX Capital Tbk JPMorgan Trimegah Securities Tbk PT PT Batavia Prosperindo Sekuritas Sucorinvest Central Gani HSBC BNP Paribas Equity Research BNI Securities Macquarie OSK (Asia) Securities Samuel Sekuritas Indonesia

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios

Analyst ERWAN TEGUH TEH PANDU ANUGRAH MIANG CHUEN KOH TEDDY OETOMO LEONARDO HENRY GAVAZA TEAM COVERAGE AGUS PRAMONO JAY KIM RACHMAN KOESWANTO WILIANTO IE ADRIAN JOEZER BUDI RUSTANTO BAGUS HANANTO ADITYA SRINATH FREDERICK DANIEL TANGGELA WISNU KARTO ARIEF BUDIMAN MARK CARMERON ROSS WEBB ELVIRA TJANDRAWINATA AKHMAD NURCAHYADI LYALL TAYLOR ANDREY WIJAYA JOSEPH PANGARIBUAN

Source EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG

Recommendation outperform buy neutral/neutral outperform hold underweight buy buy buy buy neutral buy hold underweight buy buy buy neutral hold buy outperform buy hold

Amt Held 20'278'210'097 1'920'000'000 1'657'404'000 872'634'008 864'111'000 617'346'551 558'810'000 333'735'500 316'912'330 301'864'000 293'417'850 195'154'000 190'835'040 189'582'580 155'077'300 109'065'000 99'473'500 96'744'740 82'886'000 81'480'390

% Out 50.09 4.74 4.09 2.16 2.13 1.52 1.38 0.82 0.78 0.75 0.72 0.48 0.47 0.47 0.38 0.27 0.25 0.24 0.2 0.2

Weighting

Change 5 5 3 5 3 1 5 5 5 5 3 5 3 1 5 5 5 3 3 5 5 5 3

M M M M D U N M M M M M M M M U M M M M U M M

Latest Chg 180'154'000 29'084'500 7'195'500 (73'579) 14'431'000 3'415'500 41'609'000 1'495'500 57'163'589 40'595'000 (18'646'500) 30'779'500 2'220'000

Target Price 9'000 8'800 7'300 9'400 8'500 #N/A N/A 8'600 8'700 8'800 9'500 7'900 9'000 8'000 6'100 9'000 8'750 9'300 7'450 7'850 7'400 8'000 7'600 5'400

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.04.2012 Corporation 31.03.2012 Corporation 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 12.07.2013 Mutual Fund Manager 30.09.2012 Investment Advisor 31.03.2011 Investment Advisor 29.02.2012 Investment Advisor 29.06.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 29.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.10.2012 Investment Advisor 28.11.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided

Date 29.11.2012 29.11.2012 26.11.2012 26.11.2012 26.11.2012 26.11.2012 20.11.2012 19.11.2012 09.11.2012 07.11.2012 06.11.2012 06.11.2012 02.11.2012 01.11.2012 31.10.2012 16.10.2012 08.10.2012 16.09.2012 29.08.2012 23.08.2012 06.08.2012 27.07.2012 16.03.2011


29.11.2012

Haci Omer Sabanci Holding AS Haci Omer Sabanci Holding A.S., also known as Sabanci Holding, is a multibusiness enterprise operating in Turkey. The Company's main operation areas are financial services, energy (electricity generation and distribution), cement, retail and industrial sectors.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.11.2012) 52-Week Low (06.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAHOL TI EQUITY YTD Change SAHOL TI EQUITY YTD % CHANGE

12/2011 09/yy 9.80 5.24 1'644'648.00 9.22 -5.92% 75.95% 86.84% 2'040.4 20'107.05 25'830.88 0.0 11'573.6 21'427.46 47'081.53

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

10

25.0 M

8

20.0 M

6

15.0 M

4

10.0 M

2

5.0 M

0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 19'340.5 3.51x 3'004.0 22.59x 969.5 11.98x

12

31.12.2008 31.12.2009 19'796.7 18'848.2 0.34x 0.23x 2'429.8 3'830.7 2.75x 1.14x 1'188.6 1'258.5 5.46x 8.57x Profitability

LTM-4Q 31.12.2010 19'541.4 1.05x 4'251.8 4.84x 1'662.8 8.94x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 22'408.8 1.20x 4'202.7 6.42x 1'878.0 5.88x 4'202.71 3'696.93 16.50% 19.06% 1.00% 10.60% 6.53% 0.08% 34.0% 33.0% 28.5% 8.4% 0.60 0.20 17.09% 185.84% 7.53 7.86

Price/ Cash Flow

09/yy 9'778.0 11.97x 4'411.1 8.99x 1'496.8 9.03x

LTM 09/yy 11'790.0 9.58x 2'833.6 0.00x 1'534.4 10.41x

FY+1

.0 M n-12

1.10 68.85% 73.23% 1.100 22 3.500 2'805'919 3'241'167 3'495'234 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 25'018.7 27'563.9 1.71x 1.53x 4'592.8 5'291.6 10.25x 8.90x 1'752.6 2'075.5 10.85x 9.09x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

23.84 3.80 6.18 185.8% 50.3% 0.08 2.04 48.60 46.55 43.00 18.20

Sales/Revenue/Turnover

6.00

25'000.0

5.00

20'000.0

4.00

15'000.0

3.00

10'000.0 2.00

5'000.0

1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Haci Omer Sabanci Holding AS Holdings By:

All

Holder Name SABANCI FAMILY SAKIP SABANCI HOLDIN DODGE & COX OPPENHEIMERFUNDS INC SKAGEN AS VANGUARD GROUP INC INVESCO LTD BLACKROCK FUND ADVIS CARMIGNAC GESTION BLACKROCK GROUP LIMI NORDEA INVESTMENT FU EAST CAPITAL ASSET M MORGAN STANLEY ABERDEEN INVESTMENT SWEDBANK ROBUR FONDE ROBECO INVESTOR SERV BNP PARIBAS ASSET MG NORDEA INV MANAGEMEN SOMPO JP NIHON KOA A STATE STREET GLOBAL

Firm Name Global Menkul Degerler Seker Securities FinansInvest EFG Istanbul Securities Eczacibasi Securities Sardis Securities HSBC EVA Dimensions Yapi Kredi Yatirim ve Menkul Degerler Yatirim Finansman Securities Morgan Stanley Ekspres Invest Garanti Yatirim Menkul Kiymetler Erste Bank Oyak Securities BGC Partners IS Investment & Securities Deutsche Bank Credit Suisse Goldman Sachs ATA Invest Standard Unlu TEB Investment BGC Partners

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HASAN BAYHAN SELAHATTIN AYDIN OZGUR UCUR DUYGUN KUTUCU TEAM COVERAGE HAYDAR ACUN CENK ORCAN TEAM COVERAGE AKIF MOROGLU ZUMRUT CAN EROL DANIS ALPER AKALIN ONUR MARSAN MEHMET EMIN ZUMRUT HASAN SENER EZGI YILMAZ BASAK ENGIN DINCKOC HILAL VAROL ATINC OZKAN ESHAN TOORABALLY ONDER ZORBA OYTUN ALTASLI DIDEM OZATALAR SERAP MUTLU

Source Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Under Review outperform neutral hold market perform hold overweight underweight hold market perform Equalwt/No Rating hold market perform buy market perform buy market perform hold outperform neutral/neutral market outperform market perform market perform hold

Amt Held 864'672'000 281'388'000 87'133'542 77'467'360 65'003'719 35'388'720 21'495'547 12'966'621 8'114'863 5'527'308 5'334'740 4'601'624 4'503'945 4'418'000 3'810'062 3'091'288 3'074'113 2'462'327 2'080'000 1'805'091

% Out 42.38 13.79 4.27 3.8 3.19 1.73 1.05 0.64 0.4 0.27 0.26 0.23 0.22 0.22 0.19 0.15 0.15 0.12 0.1 0.09

Weighting

Change

#N/A N/A 5 3 3 3 3 5 1 3 3 3 3 3 5 3 5 3 3 5 3 4 3 3 3

M M M M M M M U D M M M M M M M M M N M M N M R

Latest Chg (1'135) 1'520'100 33'215 82'742 290'377 336 (60'000) (1'052'277) (445'426) (1'115'000) (3'708'350) 893'000 (106'551) 984'000 -

Target Price 9 #N/A N/A 9 9 10 10 11 #N/A N/A 10 10 9 10 11 8 10 10 9 9 9 8 8 7 9 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.12.2009 n/a 30.12.2009 n/a 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 27.11.2012 Investment Advisor 28.09.2012 Investment Advisor 27.11.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 12.11.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 05.03.2012 Mutual Fund Manager 30.09.2012 Mutual Fund Manager

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month

Date 28.11.2012 27.11.2012 26.11.2012 26.11.2012 23.11.2012 23.11.2012 22.11.2012 20.11.2012 16.11.2012 16.11.2012 15.11.2012 07.11.2012 06.11.2012 04.11.2012 01.11.2012 23.10.2012 11.10.2012 20.09.2012 31.08.2012 02.07.2012 25.05.2012 30.06.2011 10.12.2010 29.03.2010


29.11.2012

Telekomunikasi Indonesia Persero Tbk PT PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services. The Company also offers electronic mail, mobile communication, and cellular phone services.

Price/Volume 12000

90.0 M 80.0 M

10000

70.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.10.2012) 52-Week Low (10.02.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLKM IJ EQUITY YTD Change TLKM IJ EQUITY YTD % CHANGE

12/2011 09/yy 9'950.00 6'598.56 12'594'500.00 9250 -7.04% 40.18% 80.61% 20'160.0 186'480'000.00 17'871'000.00 0.0 13'471'000.0 9'995'000.00 205'092'993.34

50.0 M

31.12.2007 59'440'012.0 3.65x 38'093'288.0 5.70x 12'857'018.0 15.76x

40.0 M

4000

30.0 M 20.0 M

2000

10.0 M

0 n-11 d-11

j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

6000

31.12.2008 60'689'784.0 2.61x 35'864'331.0 4.42x 10'619'470.0 12.83x Profitability

31.12.2009 67'677'518.0 3.12x 35'320'854.0 5.98x 11'398'826.0 16.31x

LTM-4Q 31.12.2010 68'629'181.0 2.64x 35'583'288.0 5.08x 11'536'999.0 13.55x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

FY+1

.0 M n-12

0.62 9'053.73 35.73% 37.66% 0.622 28 4.000 15'921'200 18'165'850 16'312'470 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 71'253'000.0 ######### ######### ######### ######### ######### 2.22x 9.80x 9.18x 2.65x 2.42x 36'558'000.0 ######### ######### ######### ######### ######### 4.32x 5.00x 5.03x 5.18x 4.89x 10'965'000.0 ######### ######### ######### ######### ######### 12.60x 13.59x 14.49x 14.02x 12.79x S&P Issuer Ratings 36'558'000.00 Long-Term Rating Date 15.10.2008 21'695'000.00 Long-Term Rating NR 30.45% Long-Term Outlook 29.27% Short-Term Rating Date 12.28% Short-Term Rating 26.58% Credit Ratios 24.16% EBITDA/Interest Exp. 22.33 0.73% (EBITDA-Capex)/Interest Exp. 14.27 Net Debt/EBITDA 0.12 - Total Debt/EBITDA 0.42 52.9% Reference 32.9% Total Debt/Equity 37.6% 15.4% Total Debt/Capital 22.7% Asset Turnover 0.73 0.96 Net Fixed Asset Turnover 1.02 0.67 Accounts receivable turnover-days 28.57 17.34% Inventory Days 37.62% Accounts Payable Turnover Day 12.81 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

7.00

80'000'000.0

6.00

70'000'000.0 60'000'000.0

5.00

50'000'000.0 4.00

40'000'000.0 3.00

30'000'000.0

2.00

20'000'000.0

1.00

10'000'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Telekomunikasi Indonesia Persero Tbk PT Holdings By:

All

Holder Name REPUBLIC OF INDONESI TELEKOM TREASURY SHA VANGUARD GROUP INC BLACKROCK FUND ADVIS SCHRODER INVESTMENT INVESCO LTD COMGEST GROWTH PLC FIDELITY INTERNATION MATTHEWS INTERNATION COMMONWEALTH BANK OF CAPITAL RESEARCH GLO EASTSPRING INVESTMEN BLACKROCK GROUP LIMI SCHRODER INVESTMENT FIDELITY MANAGEMENT MANULIFE ASET MANAJE UBS STRATEGY FUND MG JF ASSET MANAGEMENT PICTET ASSET MANAGEM AGF INVESTMENTS INC

Firm Name Morgan Stanley Bahana Securities Nomura EVA Dimensions DBS Vickers Kim Eng Securities Ciptadana Sekuritas CIMB OSK (Asia) Securities UOB Kay Hian Goldman Sachs Barclays Trimegah Securities Tbk PT Daiwa Securities Co. Ltd. Sucorinvest Central Gani Indo Premier Securities Deutsche Bank BNP Paribas Equity Research Credit Suisse Danareksa JPMorgan Mandiri Sekuritas PT/Indonesia HSBC Macquarie

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios PICTET GLOBAL SEL FU Multiple Portfolios

Analyst NAVIN KILLA HARRY SU SACHIN GUPTA TEAM COVERAGE SACHIN MITTAL KATARINA SETIAWAN TRIWIRA JUNIARTA TJANDRA KELVIN GOH JEFFREY TAN JONATHAN KOH SACHIN SALGAONKAR ANAND RAMACHANDRAN ROBBY HAFIL RAMAKRISHNA MARUVADA ARIEF BUDIMAN HANDOKO WIJOYO RAYMOND KOSASIH FOONG CHOONG CHEN COLIN MCCALLUM CHANDRA S PASARIBU JAMES R SULLIVAN RADITYA CHRISTIAN ARTONO LUIS HILADO RIAZ HYDER

Source EXCH 20F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-LUX MF-AGG

Recommendation Overwt/Attractive buy neutral buy hold buy buy neutral neutral buy neutral/neutral overweight hold outperform hold buy buy buy outperform hold neutral neutral neutral underperform

Amt Held 10'319'904'000 773'659'960 429'037'133 157'916'178 133'758'520 114'601'000 104'150'000 96'646'898 89'497'000 61'544'500 54'204'000 50'525'500 48'125'505 46'405'999 45'642'527 34'669'000 33'770'000 30'970'000 29'636'540 29'596'911

% Out 51.19 3.84 2.13 0.78 0.66 0.57 0.52 0.48 0.44 0.31 0.27 0.25 0.24 0.23 0.23 0.17 0.17 0.15 0.15 0.15

Weighting

Change 5 5 3 5 3 5 5 3 3 5 3 5 3 5 3 5 5 5 5 3 3 3 3 1

M M M U M M U M M M M M M M M M M M M M M M M M

Latest Chg 12'806'500 1'607'000 (8'884'500) 22'203'858 1'646'500 54'204'000 (9'032'500) 2'087'000 30'887'500 (797'190) (3'062'500) (2'941'000) (276'500) 381'601

Target Price 11'000 12'000 8'600 #N/A N/A 9'500 11'000 11'250 10'500 10'600 12'380 9'400 11'000 9'800 10'938 10'500 10'800 10'750 10'500 10'900 9'000 8'800 7'600 8'800 7'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2012 31.12.2011 30.09.2012 27.11.2012 12.07.2013 28.11.2012 30.06.2011 31.10.2011 29.06.2012 31.07.2012 30.09.2012 29.06.2012 27.11.2012 30.09.2012 30.09.2012 31.12.2010 31.07.2012 30.09.2011 31.08.2012 30.03.2012

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month

Inst Type Government n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 27.11.2012 26.11.2012 26.11.2012 26.11.2012 23.11.2012 23.11.2012 31.10.2012 29.10.2012 29.10.2012 29.10.2012 25.10.2012 25.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 12.10.2012 11.10.2012 03.09.2012 09.08.2012 01.08.2012 31.07.2012 06.06.2012 21.05.2012


29.11.2012

Grupo Financiero Banorte SAB de CV Grupo Financiero Banorte S.A.B. de C.V. is a financial institution in Mexico. The Company offers banking services, premium banking, wholesale banking, leasing and factoring, warehousing, insurance, pensions and retirement savings.

Price/Volume 90

40.0 M

80

35.0 M

70

30.0 M

60

25.0 M

50

Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (16.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFNORTEOMM EQUITY YTD Change GFNORTEOMM EQUITY YTD % CHANGE

12/2011 09/yy 79.00 40.48 14'854'278.00 74.9 -5.19% 85.03% 89.36% 2'326.4 174'244.20 295'778.00 0.0 6'233.0 54'220.00 417'707.45

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

30 20

10.0 M

10

5.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 48'483.7 1.75x 32'386.7 2.62x 6'810.3 12.75x

20.0 M

40

Valuation Analysis

31.12.2008 31.12.2009 59'991.0 55'966.0 4.13x 4.74x 44'075.0 38'740.0 5.62x 6.85x 7'014.0 5'854.0 7.15x 16.48x Profitability

LTM-4Q 31.12.2010 54'141.0 5.23x 36'083.0 7.85x 6'705.0 17.72x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 83'713.0 4.14x 37'875.0 9.14x 8'517.0 11.56x 37'875.00 19.98% 15.67% 1.22% 14.13% 3.09% 0.11% 47.6% 10.2% 35.67% 417.48% -

Price/ Cash Flow

LTM

09/yy 75'014.8 16.62x 37'130.0 9.00x 7'762.2 11.53x

09/yy 95'547.6 15.92x 45'473.6 9.08x 10'390.8 16.29x

FY+1

1.21 71.76% 78.50% 1.210 19 3.684 5'609'043 5'820'063 5'834'334 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 46'325.3 52'706.6 12'177.5 11'790.0 11'939.0 16'480.0 34.99x 25.35x 11'062.4 13'457.1 3'136.3 2'905.0 15.81x 12.99x 13.53x 12.85x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-0.03 6.57 417.5% 79.3% 0.11 8.29 -

Sales/Revenue/Turnover

250.00

90'000.0 80'000.0

200.00

70'000.0 60'000.0

150.00

50'000.0 40'000.0

100.00

30'000.0 20'000.0

50.00

10'000.0 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Grupo Financiero Banorte SAB de CV Holdings By:

All

Holder Name ABERDEEN ASSET MANAG VANGUARD GROUP INC ABERDEEN INVESTMENT NACIONAL FINANCIERA BLACKROCK FUND ADVIS DODGE & COX GRUPO FIN BANAMEX SA GRUPO FINANCIERO BBV T ROWE PRICE ASSOCIA BLACKROCK INVESTMENT FIDELITY INTERNATION WILLIAM BLAIR & COMP DANSKE INVEST A/S CARMIGNAC GESTION FRANKLIN RESOURCES I JP MORGAN CHASE & CO AMUNDI LUXEMBOURG SA JPMORGAN ASSET MANAG FIDELITY MANAGEMENT UMB BANK N A

Firm Name Morgan Stanley GBM Credit Suisse BBVA Itau BBA Securities Actinver SA Invex Casa de Bolsa SA de CV Goldman Sachs Banco BTG Pactual SA HSBC JPMorgan EVA Dimensions Barclays Deutsche Bank Vector Servicios Financieros Grupo Santander

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JORGE KURI LILIAN OCHOA MARCELO TELLES ERNESTO GABILONDO MARQUEZ REGINA SANCHEZ MARTIN LARA MARTIN GONZALEZ BADILLO CARLOS G MACEDO MARCELO BARROZO HENRIQUES VICTOR GALLIANO SAUL MARTINEZ TEAM COVERAGE FABIO ZAGATTI MARIO PIERRY RAFAEL ESCOBAR BORIS MOLINA

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Overwt/No Rating market outperform outperform underperform outperform hold buy Buy/Neutral buy neutral neutral sell equalweight hold buy buy

Amt Held 113'821'475 92'563'475 81'688'222 69'093'504 41'117'472 26'928'000 18'333'183 17'274'901 16'752'031 14'316'177 12'037'214 11'949'631 10'831'700 8'949'012 8'382'779 8'149'637 7'937'000 7'090'663 6'106'275 6'055'579

% Out 4.89 3.98 3.51 2.97 1.77 1.16 0.79 0.74 0.72 0.62 0.52 0.51 0.47 0.38 0.36 0.35 0.34 0.3 0.26 0.26

Weighting

Change 5 4 5 1 5 3 5 5 5 3 3 1 3 3 5 5

M M M M M M N M N M M D M M M M

Latest Chg (1'400'000) 16'005'528 (1'964'000) 17'760 323'700 (609'829) 2'109'019 (4'720'200) (564'475) (15'894'132) (3'427'410) 1'208'130 (1'013'821) (523'600) (122'100) (1'870) 1'083'275 137'436

Target Price 80 82 82 67 90 77 81 83 91 78 79 #N/A N/A 71 75 80 80

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.09.2012 30.09.2012 12.11.2012 26.11.2012 27.11.2012 30.09.2012 28.09.2012 27.11.2012 30.09.2012 31.07.2012 30.12.2011 30.09.2012 31.10.2012 28.09.2012 30.06.2012 30.09.2012 29.06.2012 31.07.2012 30.09.2012 28.09.2012

Date 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.11.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012 15.11.2012 08.11.2012 06.11.2012 02.11.2012 26.10.2012 05.09.2012 03.09.2012 17.08.2012 27.07.2012 11.06.2012


29.11.2012

Bank Central Asia Tbk PT PT Bank Central Asia Tbk provides banking and related services. The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions. Through its subsidiaries, the Bank also provides leasing and consumer financing services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.11.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBCA IJ EQUITY YTD Change BBCA IJ EQUITY YTD % CHANGE

12/2011 09/yy 9'400.00 6'750.00 9'409'500.00 9000 -4.26% 33.33% 83.02% 24'655.0 221'895'088.00 5'397'168.00 0.0 24'424.0 ########### -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M

j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 19'173'564.0 4'489'252.0 19.95x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 n-11 d-11

31.12.2008 31.12.2009 23'163'363.0 27'242'770.0 5'776'139.0 6'807'242.0 13.77x 17.38x Profitability

LTM-4Q 31.12.2010 28'070'381.0 8'479'273.0 18.39x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

FY+1

0.94 13'528.20 18.66% 13.59% 0.937 30 3.767 6'943'900 9'392'200 10'064'940 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 31'780'230.0 ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 10'819'309.0 ######### ######### ######### ######### 18.02x 18.73x 16.81x 19.09x 16.23x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 55.29% Long-Term Outlook 56.63% Short-Term Rating Date 2.90% Short-Term Rating 25.72% Credit Ratios 22.55% EBITDA/Interest Exp. 0.09% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 45.0% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 1.41% Inventory Days 12.85% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M n-12

NR 12.8% 11.4% 0.09 7.34 -

Sales/Revenue/Turnover

25.00

35'000'000.0 30'000'000.0

20.00

25'000'000.0 15.00

20'000'000.0 15'000'000.0

10.00

10'000'000.0 5.00

0.00 02.01.2009

5'000'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Bank Central Asia Tbk PT Holdings By:

All

Holder Name UOBKH NOMINEES FARIN UOB KAY HIAN PRIVATE FRANKLIN RESOURCES I VANGUARD GROUP INC BLACKROCK FUND ADVIS FIDELITY INTERNATION MATTHEWS INTERNATION CARMIGNAC GESTION TEMPLETON INVESTMENT EASTSPRING INVESTMEN JF ASSET MANAGEMENT MANULIFE ASET MANAJE BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C SCHRODER INVESTMENT INVESCO LTD RUSSELL INVESTMENTS CHINA INTERNATIONAL FORTIS INVESTMENTS P DAIWA SECURITIES GRO

Firm Name Morgan Stanley Sanford C. Bernstein & Co Indo Premier Securities Kim Eng Securities Trimegah Securities Tbk PT Bahana Securities Nomura Standard Chartered Credit Suisse CIMB OSK (Asia) Securities DBS Vickers Andalan Artha Advisindo Sekuritas PT Sucorinvest Central Gani PT Batavia Prosperindo Sekuritas AmCapital Indonesia RHB Research Institute Sdn Bhd Daiwa Securities Co. Ltd. UOB Kay Hian Danareksa JPMorgan HSBC BNP Paribas Equity Research EVA Dimensions Mandiri Sekuritas PT/Indonesia Samuel Sekuritas Indonesia Macquarie Ciptadana Sekuritas Deutsche Bank

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NICK LORD KEVIN KWEK AGUS PRAMONO RAHMI SARI MARINA ROBBY HAFIL TEGUH P. HARTANTO STEPHAN HASJIM JAJ SINGH TEDDY OETOMO MULYA CHANDRA ROCKY INDRAWAN SUE LIN LIM A INDRAJATRI ISFHAN HELMY ANDY FERDINAND YAP SWIE CU ALEXANDER CHIA SRIKANTH VADLAMANI RUFINA TAM EKA SAVITRI ADITYA SRINATH LOO KAR WENG TEAM COVERAGE TEAM COVERAGE KRESNA HUTABARAT JOSEPH PANGARIBUAN NICOLAOS OENTUNG SYAIFUL ADRIAN RAYMOND KOSASIH

Source EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Equalwt/Attractive market perform buy hold hold buy reduce in-line outperform outperform buy buy buy buy buy hold market perform hold buy hold overweight overweight hold hold Under Review hold neutral hold buy

Amt Held 7'500'053'971 3'626'751'937 591'021'553 517'207'796 217'798'274 139'298'594 115'688'500 103'710'065 100'007'000 52'331'700 44'035'000 43'761'000 41'733'400 38'780'000 37'405'000 33'922'500 25'620'500 25'395'000 24'782'400 24'465'000

% Out 30.42 14.71 2.4 2.1 0.88 0.56 0.47 0.42 0.41 0.21 0.18 0.18 0.17 0.16 0.15 0.14 0.1 0.1 0.1 0.1

Weighting

Change

3 3 5 3 3 5 2 3 5 5 5 5 5 5 5 3 3 3 5 3 5 5 3 3 #N/A N/A 3 3 3 5

M M M M D M M M M M M M M M M M M U M M U M M U M M M M M

Latest Chg (57'111'500) 16'804'500 2'158'500 1'345'775 (56'807'000) (8'010'500) 36'686'000 65'000 272'000 628'000 25'395'000 -

Target Price 8'662 8'700 9'500 10'000 9'600 10'800 6'700 7'975 11'000 10'500 10'400 9'100 10'500 9'600 9'100 9'200 8'450 8'000 9'400 8'500 10'000 10'000 8'350 #N/A N/A #N/A N/A 8'300 8'000 9'100 9'750

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.04.2012 30.04.2012 30.09.2012 30.09.2012 27.11.2012 29.02.2012 29.06.2012 28.09.2012 31.03.2011 29.06.2012 30.09.2011 31.12.2010 27.11.2012 27.11.2012 31.12.2010 28.11.2012 22.08.2011 30.06.2012 31.12.2011 05.07.2012

Date 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Inst Type n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Holding Company

Date 29.11.2012 27.11.2012 27.11.2012 26.11.2012 26.11.2012 26.11.2012 23.11.2012 21.11.2012 20.11.2012 16.11.2012 14.11.2012 12.11.2012 02.11.2012 02.11.2012 02.11.2012 01.11.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 08.10.2012 11.09.2012 06.09.2012 31.07.2012 24.07.2012 27.04.2012 25.10.2011 02.08.2011


29.11.2012

Wal-Mart de Mexico SAB de CV Wal-Mart de Mexico SAB de CV retails food, clothing, and other merchandise under a variety of store formats. The Company operates Wal-Mart Supercenters, Sam's Club wholesale outlets, Bodega discount stores, Superama supermarkets, Suburbia apparel stores, and Vips, El Porton, and Ragazzi restaurants.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.04.2012) 52-Week Low (08.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WALMEXV MM EQUITY YTD Change WALMEXV MM EQUITY YTD % CHANGE

12/2011 09/yy 45.15 34.12 17'277'325.00 40.81 -9.62% 19.61% 60.64% 17'734.5 723'744.75 16'387.06 0.0 316.2 25'166.39 718'447.16

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 224'976.4 1.39x 22'398.2 13.99x 14'229.0 22.62x

50 45 40 35 30 25 20 15 10 5 0 n-11

31.12.2008 31.12.2009 244'917.0 269'396.8 1.24x 1.76x 23'887.1 26'914.7 12.75x 17.59x 14'672.8 16'806.1 21.36x 29.05x Profitability

LTM-4Q 31.12.2010 335'857.4 1.85x 33'236.6 18.65x 19'550.4 32.35x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 380'906.6 1.75x 37'414.9 17.80x 22'253.8 30.49x 37'414.88 30'078.63 7.90% 7.93% 11.16% 17.94% 1.99% 22.0% 9.7% 7.7% 5.8% 1.16 0.46 7.28% 12.32% 107.63 9.15

Price/ Cash Flow

LTM

FY+1

0.83 16.61% 8.31% 0.833 21 3.333 11'592'770 13'341'040 16'478'580 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 363'685.1 412'271.3 424'243.2 474'160.1 127'269.0 106'609.7 6.70x 6.54x 1.67x 1.48x 5.44x 6.52x 35'191.5 40'144.9 41'822.6 47'990.7 14'580.7 9'674.0 16.17x 15.88x 17.18x 14.97x 15.83x 15.21x 20'301.3 23'129.3 24'054.8 27'850.9 8'954.0 5'639.0 28.00x 27.76x 30.12x 26.11x 27.54x 26.45x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

41.59 21.19 -0.14 0.44 12.3% 10.9% 1.99 3.66 3.40 40.02 44.78 -5.95

Sales/Revenue/Turnover

30.00

400'000.0 350'000.0

25.00

300'000.0 20.00

250'000.0 200'000.0

15.00

150'000.0

10.00

100'000.0 5.00 0.00 02.01.2009

50'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Wal-Mart de Mexico SAB de CV Holdings By:

All

Holder Name NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK FUND ADVIS THORNBURG INVESTMENT CAPITAL WORLD INVEST T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC GRUPO FIN BANAMEX SA HARRIS TRUST & SAVIN FIDELITY MANAGEMENT GRUPO FINANCIERO BBV VONTOBEL ASSET MANAG COMGEST GROWTH PLC TEMPLETON INVESTMENT BLACKROCK GROUP LIMI CI INVESTMENTS INC JP MORGAN CHASE & CO ACTINVER SA DE CV/ME GESTION SANTANDER ME MORGAN STANLEY

Firm Name BBVA Banorte-IXE Scotia Capital GBM Itau BBA Securities Actinver SA Credit Suisse Goldman Sachs Invex Casa de Bolsa SA de CV Deutsche Bank HSBC Banco BTG Pactual SA Raymond James EVA Dimensions Grupo Santander Barclays JPMorgan Vector Servicios Financieros Interacciones Casa de Bolsa

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MIGUEL ULLOA SUAREZ RAQUEL MOSCOSO RODRIGO ECHAGARAY LUIS R WILLARD JOAQUIN LEY DAVID FOULKES GONZALEZ ANTONIO GONZALEZ IRMA SGARZ ANA HERNANDEZ VELAZQUEZ JOSE J YORDAN FRANCISCO J CHEVEZ RAFAEL SHIN DANIELA M BRETTHAUER TEAM COVERAGE REINALDO SANTANA MATTHEW MCCLINTOCK ANDREA FARIA TEIXEIRA GASPAR QUIJANO RAUL OCHOA

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy sector underperform market outperform underperform hold neutral neutral/neutral hold hold overweight buy market perform hold hold equalweight neutral buy hold

Amt Held 234'260'436 228'459'140 153'832'704 139'476'600 99'783'420 91'408'386 88'058'078 80'767'522 62'621'040 62'202'962 45'389'625 37'427'786 25'400'000 24'655'600 18'842'414 17'180'228 15'458'198 12'806'066 12'712'913 11'662'500

% Out 1.32 1.29 0.87 0.79 0.56 0.52 0.5 0.46 0.35 0.35 0.26 0.21 0.14 0.14 0.11 0.1 0.09 0.07 0.07 0.07

Weighting

Change 5 5 1 4 1 3 3 3 3 3 5 5 3 3 3 3 3 5 3

M M M M M M M M M M M M M D M M M M N

Latest Chg 60'215 5'521'200 1'067'300 292'700 5'193'500 3'559'285 10'873'900 (35'105'963) 2'061'393 1'590'726 29'800 (1'267'250) 736'700 (2'287'500) (930'100)

Target Price 42 45 38 43 38 44 38 42 41 38 48 43 #N/A N/A #N/A N/A 40 45 41 42 41

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.11.2012 30.09.2012 27.11.2012 31.07.2012 30.09.2012 30.09.2012 30.09.2012 28.09.2012 28.09.2012 30.09.2012 27.11.2012 29.06.2012 30.06.2011 31.03.2011 27.11.2012 30.06.2012 30.09.2012 28.09.2012 28.09.2012 30.09.2012

Date 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.11.2012 22.11.2012 12.11.2012 09.11.2012 09.11.2012 09.11.2012 08.11.2012 29.10.2012 23.10.2012 18.10.2012 18.10.2012 17.10.2012 01.10.2012 10.09.2012 06.09.2012 24.07.2012 23.07.2012 13.01.2012 15.03.2011


29.11.2012

Bank Mandiri Persero Tbk PT PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank operates in the commercial banking services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.11.2012) 52-Week Low (10.02.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMRI IJ EQUITY YTD Change BMRI IJ EQUITY YTD % CHANGE

12/2011 09/yy 8'900.00 6'000.00 7'744'500.00 8700 -2.25% 45.00% 93.10% 23'333.3 203'000'000.00 32'084'769.00 0.0 861'189.0 ########### -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12 o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 27'300'647.0 4'346'224.0 16.68x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 n-11 d-11

31.12.2008 31.12.2009 31'980'359.0 38'302'812.0 5'312'821.0 7'155'464.0 7.96x 13.75x Profitability

LTM-4Q 31.12.2010 43'012'339.0 9'218'298.0 14.79x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

FY+1

.0 M n-12

1.31 9'333.33 34.79% 30.79% 1.312 31 4.290 11'974'500 16'004'720 18'905'560 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 51'482'002.0 ######### ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 12'246'044.0 ######### ######### ######### ######### ######### 12.86x 11.98x 13.48x 14.14x 12.13x S&P Issuer Ratings - Long-Term Rating Date 21.04.2011 - Long-Term Rating BB+ 45.99% Long-Term Outlook STABLE 46.45% Short-Term Rating Date 12.03.2010 2.60% Short-Term Rating B 21.97% Credit Ratios 13.98% EBITDA/Interest Exp. 0.10% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 51.9% 34.4% Total Debt/Capital 33.9% Asset Turnover 0.10 - Net Fixed Asset Turnover 8.70 - Accounts receivable turnover-days 5.81% Inventory Days 51.92% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

60'000'000.0

40.00

50'000'000.0

35.00

40'000'000.0

30.00 25.00

30'000'000.0

20.00

20'000'000.0

15.00 10.00

10'000'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Bank Mandiri Persero Tbk PT Holdings By:

All

Holder Name REPUBLIC OF INDONESI VANGUARD GROUP INC FIDELITY INTERNATION LAZARD ASSET MANAGEM SCHRODER INVESTMENT SCHRODER INVESTMENT BLACKROCK FUND ADVIS T ROWE PRICE ASSOCIA JF ASSET MANAGEMENT EASTSPRING INVESTMEN BNP PARIBAS ASSET MG PANIN SEKURITAS BLACKROCK GROUP LIMI CAPITAL INTERNATIONA FIDELITY MANAGEMENT FORTIS INVESTMENTS P INVESCO LTD MANULIFE ASET MANAJE AGF INVESTMENTS INC VAN ECK ASSOCIATES C

Firm Name Morgan Stanley Sanford C. Bernstein & Co Indo Premier Securities Trimegah Securities Tbk PT Bahana Securities Nomura Standard Chartered Danareksa Credit Suisse EVA Dimensions CIMB OSK (Asia) Securities Deutsche Bank Andalan Artha Advisindo Sekuritas PT DBS Vickers AmCapital Indonesia PT Batavia Prosperindo Sekuritas RHB Research Institute Sdn Bhd Samuel Sekuritas Indonesia Sucorinvest Central Gani Kim Eng Securities UOB Kay Hian HSBC BNP Paribas Equity Research Macquarie JPMorgan Daiwa Securities Co. Ltd. Ciptadana Sekuritas

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NICK LORD KEVIN KWEK AGUS PRAMONO ROBBY HAFIL TEGUH P. HARTANTO STEPHAN HASJIM JAJ SINGH EKA SAVITRI TEDDY OETOMO TEAM COVERAGE MULYA CHANDRA ROCKY INDRAWAN RAYMOND KOSASIH A INDRAJATRI SUE LIN LIM YAP SWIE CU ANDY FERDINAND ALEXANDER CHIA JOSEPH PANGARIBUAN ISFHAN HELMY RAHMI SARI MARINA RUFINA TAM LOO KAR WENG TEAM COVERAGE NICOLAOS OENTUNG ADITYA SRINATH SRIKANTH VADLAMANI SYAIFUL ADRIAN

Source EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Overwt/Attractive outperform buy buy buy buy outperform buy outperform underweight outperform neutral buy hold hold buy buy outperform buy hold hold buy overweight buy outperform neutral sell buy

Amt Held 14'000'000'391 481'840'318 375'905'210 308'962'578 214'106'492 167'253'062 146'183'011 125'267'755 95'323'010 82'248'630 56'787'681 53'907'000 50'851'295 43'135'140 41'358'000 37'356'000 36'011'869 35'895'500 34'398'915 30'413'652

% Out 60 2.07 1.61 1.32 0.92 0.72 0.63 0.54 0.41 0.35 0.24 0.23 0.22 0.18 0.18 0.16 0.15 0.15 0.15 0.13

Weighting

Change 5 5 5 5 5 5 5 5 5 1 5 3 5 3 3 5 5 5 5 3 3 5 5 5 5 3 1 5

M M M M M M M M M U M M M M M M M M M D D M M M M M M M

Latest Chg 59'481'500 71'092'447 7'253'000 104'287'500 1'545'000 (32'417'894) 4'254'500 (18'462'500) (2'098'500) 46'000 (5'139'500) (10'505'500) (8'596'000) 267'589 213'000

Target Price 9'875 9'850 9'000 9'800 10'400 10'200 10'041 9'900 11'000 #N/A N/A 11'000 8'700 10'250 9'300 8'300 9'700 9'000 9'700 10'500 9'100 8'600 9'400 9'250 8'800 9'000 7'250 5'300 9'200

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.04.2012 30.09.2012 29.02.2012 31.10.2012 30.09.2012 12.07.2013 27.11.2012 30.09.2012 30.09.2011 29.06.2012 30.09.2012 31.12.2011 27.11.2012 31.07.2012 30.09.2012 31.12.2011 28.11.2012 31.12.2010 30.03.2012 27.11.2012

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 29.11.2012 27.11.2012 27.11.2012 26.11.2012 26.11.2012 23.11.2012 21.11.2012 21.11.2012 20.11.2012 19.11.2012 16.11.2012 15.11.2012 09.11.2012 08.11.2012 06.11.2012 05.11.2012 02.11.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 08.10.2012 11.09.2012 08.08.2012 18.07.2012 25.04.2012 01.11.2011


29.11.2012

Cemex SAB de CV Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (29.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CX US EQUITY YTD Change CX US EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 9.48 3.89 16'719'816.00 9.04 -4.64% 132.14% 92.12% 1'091.7 9'869.16 249'372.00 0.0 16'602.0 16'128.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

31.12.2008 31.12.2009 225'665.0 197'801.0 1.75x 1.98x 45'787.0 36'153.0 8.63x 10.85x 2'278.0 1'409.0 Profitability

31.12.2011 189'887.0 1.74x 29'600.0 11.18x (24'788.0) -

80.0 M 60.0 M 40.0 M 20.0 M .0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

29'600.00 12'064.00 6.35% -6.61% -1.43% -4.41% 0.38% 28.3% 16.0% 7.1% -13.1% 1.07 0.66 46.04% 160.78% 8.85 8.17

LTM

FY+1

2.10 61.67 117.63% 74.43% 2.101 21 3.714 10'589'347 14'566'839 12'821'617 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 181'984.3 199'479.9 196'232.1 208'753.8 48'495.6 47'452.4 7.14x 6.65x 1.81x 1.66x 7.30x 27'551.4 31'840.7 34'045.2 38'760.6 7'982.1 8'509.0 10.74x 10.58x (18'488.9) (7'538.7) (6'838.7) (1'368.7) (1'424.8) (992.5) 0.00x 0.00x S&P Issuer Ratings Long-Term Rating Date 10.10.2012 Long-Term Rating BLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 1.78 (EBITDA-Capex)/Interest Exp. 1.59 Net Debt/EBITDA 6.63 Total Debt/EBITDA 6.94 Reference Total Debt/Equity 160.8% Total Debt/Capital 59.2% Asset Turnover 0.38 Net Fixed Asset Turnover 0.87 Accounts receivable turnover-days 41.36 Inventory Days 44.77 Accounts Payable Turnover Day 52.17 Cash Conversion Cycle 39.38 Sales/Revenue/Turnover

250'000.0

1.00

200'000.0

0.60

100.0 M

LTM-4Q 31.12.2010 177'641.0 2.05x 29'844.0 12.23x (13'482.0) -

1.20

0.80

120.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 236'669.0 2.02x 50'114.0 9.53x 26'108.0 -

10 9 8 7 6 5 4 3 2 1 0 n-11

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Cemex SAB de CV Holdings By:

All

Holder Name DODGE & COX SOUTHEASTERN ASSET M CITIGROUP INCORPORAT DIMENSIONAL FUND ADV BRANDES INVESTMENT P WELLINGTON MANAGEMEN ACADIAN ASSET MANAGE MORGAN STANLEY INVES CAPITAL INTERNATIONA ASHMORE GROUP PLC DELAWARE MANAGEMENT BANK OF AMERICA CORP BAILLIE GIFFORD AND JP MORGAN CHASE & CO FIDELITY MANAGEMENT WELLS CAPITAL MANAGE GATES FOUNDATION FRANK RUSSELL TRUST NOMURA HOLDINGS INC MARATHON ASSET MANAG

Firm Name RBC Capital Markets Sterne, Agee & Leach Credit Suisse Jefferies Itau BBA Securities Longbow Research Barclays Scotia Capital Morgan Stanley GBM HSBC Banco BTG Pactual SA Imperial Capital LLC Banorte-IXE Actinver SA JPMorgan BBVA BB&T Capital Markets Goldman Sachs Grupo Santander Deutsche Bank EVA Dimensions

Portfolio Name DODGE & COX n/a CITIGROUP INCORPORAT DIMENSIONAL FUND ADV BRANDES INVESTMENT P WELLINGTON MANAGEMEN ACADIAN ASSET MANAGE MORGAN STANLEY INVES CAPITAL INTERNATIONA ASHMORE GROUP PLC DELAWARE MANAGEMENT BANK OF AMERICA BAILLIE GIFFORD & CO JP MORGAN CHASE & CO FIDELITY MANAGEMENT WELLS CAPITAL MANAGE BILL & MELINDA FOUND FRANK RUSSELL COMPAN NOMURA HOLDINGS INC MARATHON ASSET MANAG

Analyst ROBERT C WETENHALL JR TODD VENCIL VANESSA QUIROGA MICHAEL F BETTS VIVIAN SALOMON GARIK S SHMOIS BENJAMIN M THEURER MARCOS DURAN Y CASAHONDA NIKOLAJ LIPPMANN LILIAN OCHOA FRANCISCO SUAREZ SAVIN GORDON LEE ANDREW CASELLA CARLOS HERMOSILLO RAMON ORTIZ ADRIAN E HUERTA FRANCISCO CHAVEZ MARTINEZ JOHN F KASPRZAK JR EDUARDO SIFFERT COUTO GONZALO FERNANDEZ ESTEBAN POLIDURA TEAM COVERAGE

Source 13F 13G 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation sector perform neutral outperform buy outperform neutral equalweight sector outperform Underwt/In-Line market outperform neutral buy in-line buy hold overweight market perform hold neutral/attractive hold buy hold

Amt Held 72'509'246 42'380'004 40'002'440 34'232'905 31'536'979 27'113'289 17'617'598 14'403'100 11'142'592 10'567'233 9'751'441 9'461'354 8'951'527 8'906'105 7'487'970 7'244'559 6'566'511 5'387'775 5'063'481 4'779'226

% Out 6.64 3.88 3.66 3.14 2.89 2.48 1.61 1.32 1.02 0.97 0.89 0.87 0.82 0.82 0.69 0.66 0.6 0.49 0.46 0.44

Weighting

Change 3 3 5 5 5 3 3 5 1 4 3 5 3 5 3 5 3 3 3 3 5 3

M M M M M M M M M M M M M M M M M M M M U M

Latest Chg (940'688) (51'637'295) 12'671'682 (115'853) (2'089'056) 4'887'734 549'113 14'403'100 1'537'468 5'583'900 (748'483) (682'001) 84'057 147'011 (925'886) 325'950 1'530'602 70'221 1'468'628

Target Price 10 #N/A N/A 12 10 10 #N/A N/A 10 11 #N/A N/A 10 9 10 7 9 #N/A N/A 9 8 #N/A N/A 7 9 10 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Endowment 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor

Date 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 29.11.2012 29.11.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012 27.11.2012 09.11.2012 07.11.2012 07.11.2012 07.11.2012 17.10.2012 15.10.2012 05.10.2012 22.08.2012 03.08.2012 20.07.2012 26.04.2012 03.02.2012 02.02.2012 18.11.2011


29.11.2012

Kia Motors Corp Kia Motors Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks, and commercial vehicles. The Company also produces various auto parts.

Price/Volume 90000

6.0 M

80000

5.0 M

70000 60000

4.0 M

50000

12/2011 09/yy 84'800.00 54'000.00 3'265'863.00 62000 -26.89% 14.81% 16.88% 405.4 25'132'528.00 3'701'693.00 0.0 0.0 2'646'377.00 24'801'268.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30000

2.0 M

20000

1.0 M

10000 0 n-11

31.12.2008 31.12.2009 16'382'231.0 18'415'739.0 0.43x 0.57x 1'023'733.0 1'827'909.0 6.85x 5.70x 113'784.0 1'450'260.0 19.97x 5.08x Profitability

LTM-4Q 31.12.2010 23'222'969.0 0.95x 2'402'792.0 9.21x 1'420'636.0 13.96x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

LTM

FY+1

.0 M n-12

0.97 0.94 230.72 -11.51% -7.05% 0.941 47 4.830 1'855'906 2'311'056 1'918'551 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 27'742'277.0 ######### ######### ######### ######### ######### 1.01x 4.08x 3.09x 0.83x 0.76x 2'597'837.0 ######### ######### ######### ######### 10.77x 11.28x 0.00x 8.58x 8.26x 1'804'842.0 ######### ######### ######### ######### 14.72x 15.42x 0.00x 5.98x 5.66x S&P Issuer Ratings 2'597'837.00 Long-Term Rating Date 20.03.2012 1'911'157.00 Long-Term Rating BBB+ 6.89% Long-Term Outlook STABLE 8.51% Short-Term Rating Date 8.09% Short-Term Rating 14.92% Credit Ratios 11.82% EBITDA/Interest Exp. 17.61 1.24% (EBITDA-Capex)/Interest Exp. 11.69 Net Debt/EBITDA 0.41 21.0% Total Debt/EBITDA 1.42 9.4% Reference 6.9% Total Debt/Equity 28.4% 6.5% Total Debt/Capital 22.1% Asset Turnover 1.24 0.90 Net Fixed Asset Turnover 4.22 0.71 Accounts receivable turnover-days 32.71 15.83% Inventory Days 17.83 28.36% Accounts Payable Turnover Day 52.83 11.16 Cash Conversion Cycle -2.30 20.47

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

30'000'000.0

10.00

25'000'000.0

8.00

20'000'000.0

6.00

15'000'000.0

4.00

10'000'000.0

2.00

5'000'000.0

0.00 03.01.2009

d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 15'948'542.0 0.43x 620'992.0 11.09x 13'563.0 258.97x

3.0 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000270 KS EQUITY YTD Change 000270 KS EQUITY YTD % CHANGE

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Kia Motors Corp Holdings By:

All

Holder Name HYUNDAI MOTOR CO NATIONAL PENSION SER CAPITAL WORLD INVEST VANGUARD GROUP INC EUI SUN CHUNG BLACKROCK FUND ADVIS FIDELITY INTERNATION SAMSUNG INVESTMENT T MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I UBS HANA ASSET MANAG FIDELITY MANAGEMENT KB ASSET MANAGEMENT KOREA INVESTMENT TRU EMPLOYEE STOCK OWNER CAPITAL RESEARCH GLO BLACKROCK GROUP LIMI ALLIANZ GLOBAL INVES KYOBO AXA INVESTMENT SHINHAN BNP PARIBAS

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Daewoo Securities PARK YOUNG HO Shinhan Investment Corp CHOI JUNGHYUK KTB Securities NAM KYEONG MOON Hana Daetoo Securities SONG SUN-JAE Standard Chartered DAVID KIM Eugene Investment & Securities Co., LtdMOON-SOO JANG Samsung Securities YOON PIL JOONG KIWOOM Securities Co Ltd LEE HYUN-SOO KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN Korea Investment & Securities SUH SUNGMOON Tong Yang Investment Bank AHN SANG JUN HMC Investment Securities Co Ltd LEE MYUNG-HOON Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Goldman Sachs SEUNG SHIN Dongbu Securities Co Ltd YIM EUN-YOUNG Deutsche Bank SANJEEV RANA Nomura ANGELA HONG Barclays PAUL HWANG NH Investment & Securities LEE SANG-HYUN Macquarie MICHAEL SOHN Hanwha Securities Co., Ltd KIM YEON-CHAN BNP Paribas Equity Research JAMES HIE SUK YOON JPMorgan PARK WAN SUN Kyobo Securities SONG SANG-HOON E*Trade Securities Korea KANG SANG-MIN Morgan Stanley PARK SANG-KYOO Daishin Securities Co., Ltd. CHUNG TAEOH Hyundai Securities CHAE HEE-GUEN Woori Investment & Securities CHO SOO-HONG Credit Suisse HENRY KWON Mirae Asset Securities YOON-KI KIM IBK Securities Co Ltd SAE-HWAN AHN Taurus Investment Securities Co Ltd YANG HEE-JOON LIG Investment Securities IN-WOO PARK HSBC PAUL CHOI Daiwa Securities Co. Ltd. CHUNG SUNG-YOP SK Securities Co Ltd KIM YONG-SOO HI Investment Securities KOH TAE-BONG Hanyang Securities KIM YEON-WOO EVA Dimensions TEAM COVERAGE First Global Stockbroking MITUL SHAH Daniel Stewart & Co AMRIT SINGH DBS Vickers JAY KIM

Source EXCH EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy outperform buy buy buy buy buy buy buy buy neutral/neutral buy buy buy overweight buy outperform buy buy overweight buy buy Overwt/Attractive buy buy buy neutral buy buy buy buy overweight hold buy buy buy buy market perform outperform buy

Amt Held 137'318'251 28'154'313 12'080'187 11'412'783 7'061'331 4'616'891 4'419'689 3'447'309 3'149'616 3'129'779 1'987'581 1'868'233 1'716'012 1'698'453 1'554'703 1'468'000 1'450'914 964'036 902'577 883'563

% Out 33.88 6.95 2.98 2.82 1.74 1.14 1.09 0.85 0.78 0.77 0.49 0.46 0.42 0.42 0.38 0.36 0.36 0.24 0.22 0.22

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 3 5 5 5 5 3 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M D M M M U M M M

Latest Chg 4'133'953 1'833'770 382'230 22'585 (229'294) 77'813 1'240'860 1'246'830 27'966 (63'586) (339'655) 791'400 (102'440) 1'009 172'840 128'819 (35'875)

Target Price 80'000 93'000 70'000 80'000 82'000 77'000 78'000 95'000 100'000 105'000 84'000 90'000 90'000 62'700 78'000 78'500 85'000 76'000 120'000 75'000 94'000 100'000 81'000 96'000 120'000 97'000 80'000 76'000 81'000 70'000 110'000 90'000 100'000 95'000 88'000 66'000 105'000 110'000 110'000 #N/A N/A #N/A N/A #N/A N/A 88'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.04.2012 02.11.2011 30.09.2012 30.09.2012 27.04.2012 27.11.2012 29.02.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.09.2011 30.09.2012 27.11.2012 30.06.2012 30.06.2012 30.06.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided 6 month 6 month 6 month Not Provided Not Provided Not Provided 12 month

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 29.11.2012 29.11.2012 26.11.2012 26.11.2012 22.11.2012 22.11.2012 21.11.2012 21.11.2012 20.11.2012 19.11.2012 19.11.2012 14.11.2012 14.11.2012 14.11.2012 13.11.2012 06.11.2012 06.11.2012 06.11.2012 05.11.2012 05.11.2012 05.11.2012 05.11.2012 04.11.2012 02.11.2012 31.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 26.10.2012 16.10.2012 11.10.2012 27.09.2012 30.07.2012 10.05.2012 01.02.2012 30.01.2012


29.11.2012

KB Financial Group Inc KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.02.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 105560 KS EQUITY YTD Change 105560 KS EQUITY YTD % CHANGE

12/2011 06/yy 45'000.00 32'500.00 1'092'513.00 35350 -21.44% 8.77% 14.80% 386.4 13'657'532.00 179'988.00 0.0 14'207'400.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

-

31.12.2008 31.12.2009 635'268.0 696'562.0 20.05x 34.26x 616'576.0 599'907.0 20.66x 39.78x 611'927.0 539'818.0 15.79x 35.99x Profitability

LTM-4Q 31.12.2010 131'459.0 95'109.0 41'575.0 495.87x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 26'999.0 (19'210.0) (63'678.0) -19'210.00 -241.58% -0.34% -0.36% -0.35% 0.00% -71.2% -235.9% 0.97% 1.02% -

Price/ Cash Flow

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M d-11

j-12

f-12 m-12 a-12 m-12

LTM

06/yy 06/yy 31'682.0 703'368.0 1974.48x 22.95x (12'623.0) 659'641.0 0.00x 0.00x (62'983.0) 635'162.0 0.00x 22.49x

j-12

j-12

a-12

s-12

o-12

.0 M n-12

2.04 1.21 351.08 -5.52% -2.62% 1.207 42 4.667 1'046'067 932'566 1'050'661

FY+1

FY+2

12/12 Y

12/13 Y

FQ+1

FQ+2

12/12 Q4 03/13 Q1 - ######### - 684'000.0 S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-9.37 1.0% 1.0% 0.00 28.91 -

Sales/Revenue/Turnover

800.00

800'000.0

700.00

700'000.0

600.00

600'000.0

500.00

500'000.0

400.00

400'000.0

300.00

300'000.0

200.00

200'000.0

100.00

100'000.0

0.00 03.01.2009

8.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 n-11

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

KB Financial Group Inc Holdings By:

All

Holder Name CITIBANK NA NATIONAL PENSION SER FRANKLIN RESOURCES I ING BANK NV LAZARD ASSET MANAGEM VANGUARD GROUP INC BLACKROCK FUND ADVIS SAMSUNG INVESTMENT T EMPLOYEE STOCK OWNER KOREA INVESTMENT TRU JF ASSET MANAGEMENT FIDELITY MANAGEMENT MIRAE ASSET GLOBAL I KB ASSET MANAGEMENT CAPITAL RESEARCH GLO ALLIANCEBERNSTEIN LU BLACKROCK GROUP LIMI MAPS INVESTMENT MANA ROBECO INVESTOR SERV KYOBO AXA INVESTMENT

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Shinhan Investment Corp KIM SOO-HYUN SEAN Mirae Asset Securities HEATHER KANG NH Investment & Securities KIM EUN-GAB Tong Yang Investment Bank SUNG BYUNG-SOO Woori Investment & Securities JASON CHOI IBK Securities Co Ltd PARK JIN-HYOENG Hanwha Securities Co., Ltd KYU-SUN SHIM LIG Investment Securities SOHN JOON-BEUM Samsung Securities JAEWOO KIM Hana Daetoo Securities HAN JEONG-TAE Daewoo Securities KU YONG UK HI Investment Securities YOO SANG-HO E*Trade Securities Korea HA HAKSOO Daishin Securities Co., Ltd. CHOI JUNG-WOOK Morgan Stanley JOON SEOK Shinyoung Securities Co., Ltd. IM IL-SUNG BNP Paribas Equity Research MICHELLE CHO Standard Chartered JUSTIN KIM Dongbu Securities Co Ltd LEE BYUNG-GUN Meritz Securities Co., Ltd JUN JAE-GON Hyundai Securities KOO KYUNG-HWE Eugene Investment & Securities Co., LtdKIM IN HMC Investment Securities Co Ltd SEUNG-JOON LEE SK Securities Co Ltd BAE JUNG-HYUN Credit Suisse GIL HYUNG KIM KIWOOM Securities Co Ltd SEO YOUNG-SOO Taurus Investment Securities Co Ltd LEE CHANG-WOOK Goldman Sachs STAN LEE JPMorgan SCOTT YH SEO HSBC TODD DUNIVANT Nomura MICHAEL NA Daiwa Securities Co. Ltd. ANDERSON CHA Korea Investment & Securities LEE JOANNE Macquarie CHAN HWANG EVA Dimensions TEAM COVERAGE Deutsche Bank JEE HOON PARK KTB Securities HONG HUN-PIO Barclays HA SUN MOK Kyobo Securities HWANG SEOK-KYU

Source Co File EXCH EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy market perform buy buy buy buy buy hold buy buy buy market perform buy Equalwt/In-Line buy hold outperform buy buy buy hold buy buy outperform outperform buy Buy/Neutral overweight overweight buy buy buy outperform buy hold buy suspended coverage buy

Amt Held 33'653'277 31'817'770 21'433'578 19'401'044 8'549'620 7'083'915 6'702'725 4'295'585 3'404'834 2'368'719 2'323'200 2'123'373 2'046'618 1'938'615 1'870'000 1'527'759 1'372'952 1'362'288 1'252'356 1'181'981

% Out 8.71 8.24 5.55 5.02 2.21 1.83 1.73 1.11 0.88 0.61 0.6 0.55 0.53 0.5 0.48 0.4 0.36 0.35 0.32 0.31

Weighting

Change

5 5 3 5 5 5 5 5 3 5 5 5 3 5 3 5 3 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 #N/A N/A 5

M M M M M M M M M M M M M M M M M M M N M M M M M M M M M M M M M M U M M M M

Latest Chg 3'922'890 (425'413) 454'060 (611'129) 34'370 618'735 233'951 315'047 (387'413) 186'052 468'233 493'299 1'320 162'498 135'966

Target Price 52'000 48'000 #N/A N/A 45'000 55'000 50'000 57'300 57'000 46'000 50'000 53'000 49'000 41'200 54'000 39'000 51'000 36'700 50'000 51'800 52'000 55'000 44'000 52'000 55'000 52'000 41'000 45'100 50'000 48'000 45'000 52'000 50'000 57'000 45'000 #N/A N/A 40'000 55'000 #N/A N/A 57'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 01.08.2012 10.10.2012 31.12.2011 31.10.2012 30.09.2012 27.11.2012 30.06.2012 31.12.2011 30.06.2012 30.09.2011 30.09.2012 30.06.2012 30.06.2012 30.09.2012 30.09.2012 27.11.2012 30.06.2012 28.09.2012 30.06.2012

Date 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month 6 month 6 month Not Provided 6 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month

Inst Type Bank Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 29.11.2012 29.11.2012 28.11.2012 28.11.2012 28.11.2012 28.11.2012 27.11.2012 27.11.2012 26.11.2012 26.11.2012 22.11.2012 21.11.2012 21.11.2012 20.11.2012 18.11.2012 14.11.2012 14.11.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 18.10.2012 08.10.2012 01.10.2012 05.09.2012 23.08.2012 30.07.2012 20.04.2012 02.04.2012


29.11.2012

Semen Gresik Persero Tbk PT PT Semen Gresik (Persero) Tbk manufactures cement including portland cement, oil well cement, and mixed cement. Through its subsidiaries, the Company also develops and operates an industrial estate, mines limestone and clay, and packages and distributes cement.

Price/Volume 16000

35.0 M

14000

30.0 M

12000

25.0 M

10000

Latest Fiscal Year: LTM as of: 52-Week High (03.10.2012) 52-Week Low (29.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SMGR IJ EQUITY YTD Change SMGR IJ EQUITY YTD % CHANGE

12/2011 09/yy 15'300.00 8'850.00 7'674'000.00 14650 -4.25% 65.54% 87.60% 5'931.5 86'896'768.00 1'964'310.68 0.0 150'466.3 3'628'729.40 86'618'467.75

31.12.2007 9'600'800.6 3.19x 2'848'528.5 10.75x 1'775'408.3 18.73x

15.0 M

6000 4000

10.0 M

2000

5.0 M

0 n-11 d-11

31.12.2008 31.12.2009 12'209'846.1 14'387'849.8 1.72x 2.82x 3'861'277.1 4'767'503.9 5.44x 8.53x 2'523'544.5 3'326'488.0 9.80x 13.34x Profitability

LTM-4Q 31.12.2010 14'344'188.7 3.70x 4'963'954.9 10.70x 3'633'219.9 15.42x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

LTM

FY+1

.0 M n-12

1.13 2'905.85 66.52% 31.61% 1.133 28 4.429 6'143'500 5'042'217 6'076'539 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 16'378'793.8 ######### ######### ######### ######### ######### 4.05x 13.16x 15.61x 4.50x 3.84x 4'867'459.8 ######### ######### ######### ######### 13.64x 8.92x 14.17x 13.14x 10.83x 3'925'441.8 ######### ######### ######### ######### ######### ######### 17.30x 12.43x 18.82x 18.64x 15.62x 15.41x 14.33x S&P Issuer Ratings 4'867'459.75 Long-Term Rating Date 08.12.2009 4'822'152.76 Long-Term Rating NR 29.44% Long-Term Outlook 31.08% Short-Term Rating Date 22.76% Short-Term Rating 31.20% Credit Ratios 27.36% EBITDA/Interest Exp. 33.89 0.92% (EBITDA-Capex)/Interest Exp. 5.56 Net Debt/EBITDA -0.07 45.7% Total Debt/EBITDA 0.45 32.7% Reference 30.8% Total Debt/Equity 13.6% 24.0% Total Debt/Capital 11.8% Asset Turnover 0.92 2.65 Net Fixed Asset Turnover 1.52 1.89 Accounts receivable turnover-days 39.76 9.99% Inventory Days 74.49 13.58% Accounts Payable Turnover Day 42.61 9.21 Cash Conversion Cycle 73.20 4.91

Price/ Cash Flow

Sales/Revenue/Turnover

20.00

18'000'000.0

18.00

16'000'000.0

16.00

14'000'000.0

14.00

12'000'000.0

12.00

10'000'000.0

10.00

8'000'000.0

8.00

6'000'000.0

6.00

4'000'000.0

4.00

2'000'000.0

2.00 0.00 02.01.2009

j-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

8000

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Semen Gresik Persero Tbk PT Holdings By:

All

Holder Name PEMERINTAH RI CAPITAL WORLD INVEST VANGUARD GROUP INC LAZARD ASSET MANAGEM CAPITAL RESEARCH GLO SCHRODER INVESTMENT SCHRODER INVESTMENT FIDELITY INTERNATION BLACKROCK FUND ADVIS JENNISON ASSOCIATES HARRIS TRUST & SAVIN HARDING LOEVNER LP EASTSPRING INVESTMEN MANULIFE ASET MANAJE VONTOBEL ASSET MANAG ROBECO INVESTOR SERV INVESCO LTD RCM CAPITAL MANAGEME AMERIPRISE FINANCIAL GUARDIAN INVESTOR SE

Firm Name Kim Eng Securities OSK (Asia) Securities Morgan Stanley Bahana Securities Andalan Artha Advisindo Sekuritas PT Danareksa Mandiri Sekuritas PT/Indonesia Nomura JPMorgan AmCapital Indonesia Deutsche Bank Sucorinvest Central Gani CIMB Trimegah Securities Tbk PT UOB Kay Hian Indo Premier Securities Macquarie Credit Suisse PT Valbury Asia Securities BNP Paribas Equity Research EVA Dimensions Ciptadana Sekuritas Samuel Sekuritas Indonesia PT Etrading Securities PT Batavia Prosperindo Sekuritas BNI Securities

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANTHONY YUNUS ANDREY WIJAYA MEAN PHIL CHONG TEGUH P. HARTANTO ADOLF SUTRISNO CHANDRA S PASARIBU OCTAVIUS OKY PRAKARSA ANDY LESMANA LILIANA S BAMBANG HELMI THERIK RACHMAN KOESWANTO GIFAR INDRA SAKTI LYDIA TOISUTA MICHELE GABRIELA MARWAN HALIM AGUS PRAMONO NICOLAOS OENTUNG ELLA NUSANTORO BUDI RUSTANTO TEAM COVERAGE TEAM COVERAGE TRIWIRA JUNIARTA TJANDRA ADRIANUS BIAS PRASURYO BETRAND RAYNALDI PARNINGOTAN JULIO MAXI LIESYAPUTRA

Source EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy Overwt/Attractive buy buy buy Under Review buy restricted hold buy hold neutral buy buy sell outperform outperform buy buy hold buy hold buy hold buy

Amt Held 3'025'668'362 292'614'500 127'557'612 92'183'900 62'084'000 60'421'500 47'202'000 46'723'683 41'209'655 25'827'004 23'440'947 20'416'700 19'957'000 18'136'000 17'124'652 15'362'500 13'633'737 13'485'500 13'408'500 13'206'000

% Out 51.01 4.93 2.15 1.55 1.05 1.02 0.8 0.79 0.69 0.44 0.4 0.34 0.34 0.31 0.29 0.26 0.23 0.23 0.23 0.22

Weighting

Change

5 5 5 5 5 5 #N/A N/A 5 #N/A N/A 3 5 3 3 5 5 1 5 5 5 5 3 5 3 5 3 5

M M M U U M M M M M M M D M M D M M M M D M M M D M

Latest Chg 2'818'500 (570'500) 12'622'500 26'161'896 438'500 (4'176'075) 1'830'190 2'361'000 (4'928'000) (1'432'249) (24'000) 976'000 (138'500) (60'500)

Target Price 16'500 17'000 17'500 17'600 16'500 16'500 #N/A N/A 14'850 #N/A N/A 14'700 17'000 15'650 16'500 16'400 17'200 13'500 14'300 13'850 15'000 14'550 #N/A N/A 15'000 12'500 13'700 12'300 13'100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Government 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 12.07.2013 Mutual Fund Manager 29.02.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Unclassified 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 31.12.2010 Mutual Fund Manager 29.06.2012 Investment Advisor 28.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month

Date 29.11.2012 28.11.2012 27.11.2012 26.11.2012 26.11.2012 22.11.2012 20.11.2012 18.11.2012 15.11.2012 09.11.2012 07.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 09.10.2012 01.10.2012 19.09.2012 11.09.2012 11.09.2012 29.08.2012 30.07.2012 01.05.2012 10.02.2012 31.01.2012


29.11.2012

Grupo Mexico SAB de CV Grupo Mexico SAB de CV mines, processes, and markets copper, silver, gold, molybdenum, lead, and zinc. The Company holds concessions to operate the Pacifico-Norte and Chihuahua-Pacifico Railroad lines. Grupo Mexico, through subsidiaries, operates open-pit copper mines, underground mines, a coal mine, copper smelters, a rod mill facility, and a precious metals refinery.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (12.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GMEXICOBMM EQUITY YTD Change GMEXICOBMM EQUITY YTD % CHANGE

12/2011 09/yy 43.51 34.65 5'842'489.00 42.24 -2.92% 21.90% 85.67% 7'785.0 328'838.41 3'814.79 0.0 1'619.0 2'932.50 28'443.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 5'946.0 4'868.9 0.97x 4.26x 2'860.1 2'133.8 2.02x 9.73x 1'071.0 867.9 4.53x 19.75x Profitability

50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M d-11

LTM-4Q 31.12.2010 8'139.5 4.12x 4'008.9 8.37x 1'659.4 18.80x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 10'465.0 2.46x 5'204.9 4.94x 2'456.9 9.33x 5'204.92 4'611.39 44.06% 42.39% 13.91% 28.33% 21.44% 0.62% 65.4% 47.3% 41.3% 23.5% 3.44 2.53 22.84% 45.58% 11.15 -

Price/ Cash Flow

j-12

f-12 m-12

LTM

09/yy 10'281.5 11.19x 5'193.6 4.55x 2'304.6 9.18x

a-12 m-12

09/yy 10'137.8 10.28x 4'792.3 6.00x 2'269.3 11.33x

j-12

j-12

a-12

s-12

o-12

FY+1

1.25 24.11% 20.37% 1.255 16 4.063 4'506'445 8'254'505 9'899'998 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 10'282.7 10'707.7 2'553.4 2'242.9 2.77x 2.68x 4'985.6 5'241.7 1'317.5 1'077.4 5.71x 5.43x 2'366.3 2'385.4 602.1 477.7 10.69x 10.73x 10.35x 9.88x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

26.01.2012 STABLE 17.56 13.67 0.18 0.82 45.6% 27.6% 0.62 1.16 32.81 53.90

Sales/Revenue/Turnover

60.00

12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 02.01.2009

60.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 7'275.5 2.39x 4'497.1 3.87x 1'680.1 9.61x

50 45 40 35 30 25 20 15 10 5 0 n-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Grupo Mexico SAB de CV Holdings By:

All

Holder Name EMPRESARIOS IND DE M MOTA-VELASCO GERMAN VANGUARD GROUP INC NACIONAL FINANCIERA BLACKROCK FUND ADVIS LAZARD ASSET MANAGEM WILLIAM BLAIR & COMP GRUPO FIN BANAMEX SA GRUPO FINANCIERO BBV BANK OF NEW YORK MEL FIDELITY INTERNATION OPERADORA INBURSA SA BLACKROCK GROUP LIMI AMUNDI LUXEMBOURG SA OPERADORA GBM SA DE SCHRODER INVESTMENT SEB FONDFORVALTNING GARTMORE INVESTMENT GESTION SANTANDER ME EATON VANCE MANAGEME

Firm Name JPMorgan Banco BTG Pactual SA BBVA Credit Suisse Morgan Stanley GBM Banorte-IXE Itau BBA Securities Deutsche Bank EVA Dimensions Invex Casa de Bolsa SA de CV Goldman Sachs Barclays Vector Servicios Financieros Grupo Santander Interacciones Casa de Bolsa

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst RODOLFO R DE ANGELE EDMO CHAGAS JEAN-BAPTISTE BRUNY VANESSA QUIROGA CARLOS DE ALBA RODRIGO C GARCILAZO MARISSA GARZA OSTOS MARCOS ASSUMPCAO RODRIGO BARROS TEAM COVERAGE OCTAVIO DIAZ ESCAMILLA MARCELO AGUIAR LEONARDO ANDRADE CORREA JULIO ZETINA GONZALO FERNANDEZ MARCO REYES

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral neutral outperform outperform Equalwt/No Rating market outperform buy outperform hold overweight buy neutral/attractive equalweight buy buy buy

Amt Held 2'811'209'084 1'213'830'907 163'236'291 128'461'008 91'225'616 65'881'437 52'199'611 37'166'023 32'594'224 19'645'381 16'710'396 13'134'692 12'674'492 11'804'594 11'241'924 10'687'622 10'660'250 10'604'149 10'224'629 7'615'353

% Out 36.11 15.59 2.1 1.65 1.17 0.85 0.67 0.48 0.42 0.25 0.21 0.17 0.16 0.15 0.14 0.14 0.14 0.14 0.13 0.1

Weighting

Change 3 3 5 5 3 4 5 5 3 5 5 3 3 5 5 5

M M M M M M M M M D M M M M M M

Latest Chg 4'951'817 33'020 729'500 (15'295'123) 21'013'199 (389'790) 3'446'123 (17'214'001) (6'300) (561'000) (88'000) (1'820'478) (696'629) 1'111'200 2'658'166 (617'900)

Target Price 44 50 49 55 50 52 49 50 52 #N/A N/A 46 43 41 49 45 60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.04.2011 Other 29.04.2011 n/a 30.09.2012 Investment Advisor 26.11.2012 Investment Advisor 27.11.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Bank 27.11.2012 Investment Advisor 27.11.2012 Investment Advisor 30.12.2011 Investment Advisor 28.09.2012 Investment Advisor 27.11.2012 Investment Advisor 29.06.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 26.11.2012 14.11.2012 07.11.2012 29.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 24.10.2012 20.08.2012 07.08.2012 03.08.2012 30.07.2012 04.05.2012 13.12.2011 03.06.2011


29.11.2012

Guaranty Trust Bank PLC Guaranty Trust Bank Plc. provides commercial banking services to its customers. The Bank's services include retail banking, granting of loans and advances, equipment leasing, corporate finance, money market activities, and allied services, as well as foreign exchange operations. The bank's only subsidiary is involved in funds and portfolio management services.

Price/Volume 25

100.0 M

12/2011 09/yy 20.98 13.00 11'733'551.00 19.53 -7.53% 50.23% 85.09% 29'431.2 574'790.94 115'485.38 0.0 2'001.1 430'691.78 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

-

15

80.0 M

10

60.0 M 40.0 M

5

20.0 M

0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 28.02.2007

120.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (24.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GUARANTYNL EQUITY YTD Change GUARANTYNL EQUITY YTD % CHANGE

140.0 M

29.02.2008 31.12.2009 78'825.8 162'550.4 20'800.4 23'675.6 21.89x 12.21x Profitability

LTM-4Q 31.12.2010 153'908.0 37'916.3 10.92x

31.12.2011 186'052.4 52'115.6 8.44x 41.71% 41.62% 3.77% 23.60% 17.33% 0.13% 33.1% 7.16% 48.77% -

Price/ Cash Flow

LTM

FY+1

.0 M n-12

5.12 1.05 47.61% 47.09% 1.048 19 4.105 8'014'267 11'337'690 13'260'030 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 170'893.6 216'004.9 181'671.8 203'469.3 0.00x 0.00x 4.48x 4.00x 0.0 0.0 0.00x 0.00x 48'206.7 75'694.3 76'138.9 85'613.6 7.02x 8.51x 7.44x 6.65x S&P Issuer Ratings Long-Term Rating Date 09.11.2012 Long-Term Rating BBLong-Term Outlook STABLE Short-Term Rating Date 27.11.2006 Short-Term Rating B Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 48.8% Total Debt/Capital 32.6% Asset Turnover 0.13 Net Fixed Asset Turnover 3.55 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

4.50

200'000.0

4.00

180'000.0

3.50

160'000.0 140'000.0

3.00

120'000.0

2.50 2.00

100'000.0 80'000.0

1.50

60'000.0

1.00

40'000.0

0.50

20'000.0

0.00 29.02.2008 29.08.2008 28.02.2009 29.08.2009 28.02.2010 29.08.2010 28.02.2011 29.08.2011 29.02.2012 29.08.2012

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Guaranty Trust Bank PLC Holdings By:

All

Holder Name OPPENHEIMERFUNDS INC WILLIAM BLAIR & COMP COMMONWEALTH BANK OF FIDELITY MANAGEMENT DWS INVESTMENT SA GCIC LTD/CANADA GOLDMAN SACHS ASSET VAN ECK ASSOCIATES C EATON VANCE MANAGEME MORGAN STANLEY AGBAJE JK OLUSEGUN S ADERINOKUN OLUTAYO NOMURA ASSET MANAGEM CARNEGIE FONDER AB/S PICTET & CIE DRIEHAUS CAPITAL MAN OSUNTOKI TITILAYO HOLBERG FONDSFORVALT GOLDMAN SACHS GROUP NORDEA INV MANAGEMEN

Firm Name

Portfolio Name Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Renaissance Capital NOTHANDO NDEBELE Legae Securities PETER MUSHANGWE HSBC AYBEK ISLAMOV FBN Capital Ltd OLUBUNMI ASAOLU Deutsche Bank RYAN AYACHE Asset and Resource Management ADEOLU OMOTOLA African Alliance Research STEVE MOTSI CSL GLORIA OBAYAGBO Imara BRIAN K MUGABE JPMorgan NARESH BILANDANI BGL Plc FEMI ADEMOLA Primera Africa Securities Limite TEAM COVERAGE Morgan Stanley SAMUEL GOODACRE Vetiva Capital Management Ltd ABIOLA RASAQ GTB Asset Management TEAM COVERAGE Greenwich Trust Limited TEAM COVERAGE First Securities Discount TEAM COVERAGE Exotix Limited RONAK R GADHIA Chapel Hill Denham Securities Ltd ABIMBOLA SMITH Cordros Capital Limited TEAM COVERAGE Meristem Securities Ltd TEAM COVERAGE Thaddeus Investment Advisor & Research JUDE FEJOKWU

Source MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation buy hold overweight neutral buy buy hold not rated hold overweight buy buy Underwt/In-Line accumulate buy buy buy buy buy buy buy neutral

Amt Held 464'983'314 299'041'834 110'416'650 82'013'564 58'900'000 55'232'700 38'431'727 34'411'496 32'357'400 32'321'104 32'146'651 31'688'541 27'138'823 22'880'000 17'547'628 16'051'888 15'967'260 14'636'847 14'513'224 14'500'000

% Out 1.58 1.02 0.38 0.28 0.2 0.19 0.13 0.12 0.11 0.11 0.11 0.11 0.09 0.08 0.06 0.05 0.05 0.05 0.05 0.05

Weighting

Change

5 3 5 3 5 5 3 #N/A N/A 3 5 5 5 1 4 5 5 5 5 5 5 5 3

M M M M N M M M M M M N N M M M M U M M U M

Latest Chg 9'845'738 (876'470) 1'009'614 150'000 1'406'300 (11'142'239) (30'623'074) (2'166'400) 17'547'628 1'250'000 -

Target Price 24 22 26 21 24 26 19 #N/A N/A 20 20 24 22 15 18 19 18 18 17 16 17 22 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2012 30.09.2012 31.07.2012 30.09.2012 28.09.2012 30.06.2012 29.06.2012 27.11.2012 31.08.2012 30.09.2012 31.12.2011 31.12.2011 17.11.2011 28.09.2012 31.08.2012 28.09.2012 31.12.2011 31.10.2012 30.09.2012 29.06.2012

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month Not Provided 3 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Bank Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Mutual Fund Manager Hedge Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor

Date 22.11.2012 22.11.2012 12.11.2012 29.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 05.10.2012 24.09.2012 10.09.2012 03.09.2012 08.08.2012 10.07.2012 11.06.2012 14.05.2012 27.01.2012 16.11.2011 08.11.2011 20.10.2011 11.07.2011 04.01.2010


29.11.2012

Commercial International Bank Egypt SAE Commercial International Bank Egypt SAE (CIB) provides a range of financial services such as asset and liability products, securitization, direct investing, wealth management and treasury to enterprises, other institutions, households and high net worth individuals. The Bank, through its subsidiaries, offers life insurance, leasing & factoring, investment banking, brokerage and research

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.10.2012) 52-Week Low (28.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COMI EY EQUITY YTD Change COMI EY EQUITY YTD % CHANGE

12/2011 09/yy 39.60 18.50 1'768'976.00 32.54 -17.83% 75.89% 69.53% 597.2 19'433.79 3'440.13 0.0 46.4 17'415.89 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

40

8.0 M

35

7.0 M

30

6.0 M

25

5.0 M

20

4.0 M

15

3.0 M

10

2.0 M

5

1.0 M

0 n-11

31.12.2008 31.12.2009 5'323.2 5'481.5 1'370.6 1'744.0 7.94x 18.50x Profitability

LTM-4Q 31.12.2010 6'339.7 2'020.7 13.92x

31.12.2011 6'900.7 1'614.7 6.87x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

50.11% 49.92% 2.50% 23.17% 19.25% 0.10% 39.2% 4.02% 39.36% -

Price/ Cash Flow

09/yy 6'819.8 0.00x 0.0 0.00x 1'669.6 8.17x

j-12

f-12

m-12

a-12

LTM 09/yy 8'768.2 0.00x 0.0 0.00x 2'188.2 9.43x

m-12

j-12

j-12

a-12

s-12

o-12

FY+1

.0 M n-12

1.08 538.05 45.61% 81.04% 1.076 20 3.800 770'206 862'792 1'126'443 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'991.4 5'557.3 1'544.0 2'070.5 2'501.7 9.66x 7.93x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.08.2012 B NEG 24.08.2012 B 39.4% 28.1% 0.10 13.71 -

Sales/Revenue/Turnover

18.00

8'000.0

16.00

7'000.0

14.00

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2009

d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 4'129.2 1'285.8 13.88x

45

0.0 01.07.2009

01.01.2010

01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Commercial International Bank Egypt SAE Holdings By:

All

Holder Name ACTIS CIB MAURITIUS OPPENHEIMERFUNDS INC LAZARD ASSET MANAGEM COMMONWEALTH BANK OF SCHRODER INVESTMENT VANGUARD GROUP INC GCIC LTD/CANADA BLACKROCK GROUP LIMI BANQUE MISR EATON VANCE MANAGEME NORTHERN TRUST CORPO STATE STREET GLOBAL AL-QAWMIYA DEV CO BANK OF NEW YORK MEL BANQUE DU CAIRE VAN ECK ASSOCIATES C BLACKROCK FUND ADVIS ARTISAN PARTNERS HOL NORDEA INVESTMENT FU LAZARD GLOBAL ACTIVE

Firm Name

Portfolio Name #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

EVA Dimensions TEAM COVERAGE JPMorgan NARESH BILANDANI AlphaMena FATMA HERGLI National Bank of Kuwait RAJA GHOUSSOUB EFG-Hermes ELENA SANCHEZ-CABEZUDO ASIB WAEL CHALAK Okaz Brokerage & Investment Consultants ENAS MOHAMED Goldman Sachs WALEED MOHSIN Sigma Securities AMIRA SALEH Morgan Stanley DANIEL E COWAN HSBC AYBEK ISLAMOV Arqaam Capital Limited JAAP MEIJER Beltone Financial SARA BOUTROS Prime MONETTE DOSS NAEEM Brokerage MAY EL HAGGAR Deutsche Bank RYAN AYACHE Blominvest Bank ISSA FRANGIEH CI Capital Holdings ALIA ABDOUN Imara CHANDAPIWA MAJOLA Pharos Holdings MONSEF MORSY

Source EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight overweight add hold buy reduce hold Sell/Neutral hold Overwt/In-Line overweight buy buy sell buy hold hold not rated buy buy

Amt Held 54'602'244 29'939'200 25'067'648 18'399'568 5'754'600 4'564'330 3'771'550 3'003'589 2'694'499 2'661'794 2'491'459 2'440'515 1'949'570 1'707'095 1'547'725 1'417'624 1'409'236 1'362'133 1'265'601 1'100'633

% Out 9.14 5.01 4.2 3.08 0.96 0.76 0.63 0.5 0.45 0.45 0.42 0.41 0.33 0.29 0.26 0.24 0.24 0.23 0.21 0.18

Weighting

Change

5 5 4 3 5 2 3 1 3 5 5 5 5 1 5 3 3 #N/A N/A 5 5

U M M M M D M M N U M M U M M U N M M U

Latest Chg 422'004 (130'874) 437'585 (1'855'195) 187'000 (153'600) 10'620 187'000 (785'281) (585'521) 42'910 53'900

Target Price #N/A N/A 49 42 36 41 34 28 31 32 43 43 44 38 23 34 27 29 #N/A N/A 27 33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Other 30.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.07.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 27.11.2012 Investment Advisor 30.06.2012 Bank 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.06.2012 Other 27.11.2012 Investment Advisor 30.06.2012 Bank 27.11.2012 Investment Advisor 27.11.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 26.11.2012 16.11.2012 16.11.2012 14.11.2012 14.11.2012 14.11.2012 15.10.2012 12.10.2012 08.10.2012 26.09.2012 26.09.2012 23.09.2012 18.09.2012 26.08.2012 21.08.2012 16.08.2012 14.05.2012 10.05.2012 23.02.2012 14.08.2011


29.11.2012

Zenith Bank PLC Zenith Bank PLC is a commercial bank with offices located in several parts of Nigeria. The Bank provides services to corporate, commercial and individual customers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.10.2012) 52-Week Low (15.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ZENITHBANL EQUITY YTD Change ZENITHBANL EQUITY YTD % CHANGE

12/2011 09/yy 18.49 11.33 15'710'023.00 16.62 -8.60% 46.69% 72.21% 31'396.5 521'809.75 70'136.00 0.0 2'545.0 496'310.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2007 94'880.1 18'677.0 32.73x

20 18 16 14 12 10 8 6 4 2 0 n-11

30.09.2008 31.12.2009 208'293.8 51'608.6 9.58x Profitability

LTM-4Q 31.12.2010 187'867.0 37'330.0 12.67x

31.12.2011 244'070.0 43'920.0 8.70x 29.02% 29.02% 2.09% 11.89% 0.12% 21.0% 3.04% 18.56% -

Price/ Cash Flow

LTM

FY+1

.0 M n-12

5.72 1.18 55.29% 46.62% 1.180 19 4.000 8'826'982 20'635'280 28'364'990 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 230'049.0 278'322.0 225'933.4 255'815.0 0.00x 0.00x 2.43x 2.16x 0.0 0.0 0.00x 0.00x 48'907.0 64'908.0 75'939.6 84'468.1 8.09x 8.29x 6.91x 6.12x S&P Issuer Ratings Long-Term Rating Date 09.11.2012 Long-Term Rating BBLong-Term Outlook STABLE Short-Term Rating Date 16.11.2007 Short-Term Rating B Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 18.6% Total Debt/Capital Asset Turnover 0.12 Net Fixed Asset Turnover 3.43 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

2.50

300'000.0 250'000.0

2.00

200'000.0 1.50

150'000.0 1.00

100'000.0

0.50

50'000.0

0.00 06.07.200706.01.200806.07.200806.01.200906.07.200906.01.201006.07.201006.01.201106.07.201106.01.201206.07.2012

0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Zenith Bank PLC Holdings By:

All

Holder Name OVIA JIM OPPENHEIMERFUNDS INC FIDELITY MANAGEMENT FRANKLIN RESOURCES I INVESCO LTD HARDING LOEVNER LP DRIEHAUS CAPITAL MAN DWS INVESTMENT SA PICTET & CIE T ROWE PRICE ASSOCIA EATON VANCE MANAGEME EMEFIELE GODWIN GOLDMAN SACHS ASSET GCIC LTD/CANADA FRANK RUSSELL TRUST VAN ECK ASSOCIATES C INVESTEC ASSET MANAG PYRAMIS GLOBAL ADVIS MORGAN STANLEY SCHRODER INVESTMENT

Firm Name

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Renaissance Capital NOTHANDO NDEBELE HSBC AYBEK ISLAMOV BGL Plc FEMI ADEMOLA FBN Capital Ltd OLUBUNMI ASAOLU Asset and Resource Management ADEOLU OMOTOLA CSL GLORIA OBAYAGBO African Alliance Research STEVE MOTSI Deutsche Bank RYAN AYACHE Imara BRIAN K MUGABE Legae Securities PETER MUSHANGWE JPMorgan NARESH BILANDANI GTB Asset Management TEAM COVERAGE Morgan Stanley SAMUEL GOODACRE Greenwich Trust Limited TEAM COVERAGE Vetiva Capital Management Ltd ABIOLA RASAQ Exotix Limited RONAK R GADHIA First Securities Discount TEAM COVERAGE Chapel Hill Denham Securities Ltd ABIMBOLA SMITH Cordros Capital Limited TEAM COVERAGE Afrinvest TEAM COVERAGE Meristem Securities Ltd TEAM COVERAGE Thaddeus Investment Advisor & Research JUDE FEJOKWU

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy underweight hold neutral neutral not rated hold hold buy buy overweight buy Equalwt/In-Line buy accumulate buy buy outperform buy accumulate buy neutral

Amt Held 2'747'223'748 586'143'317 470'232'694 444'186'247 387'351'256 286'203'803 138'643'396 117'750'000 101'716'871 82'030'203 70'815'299 44'700'792 41'901'002 40'000'000 34'463'131 33'731'832 31'386'472 31'273'765 21'593'771 21'289'373

% Out 8.75 1.87 1.5 1.41 1.23 0.91 0.44 0.38 0.32 0.26 0.23 0.14 0.13 0.13 0.11 0.11 0.1 0.1 0.07 0.07

Weighting

Change

5 1 3 3 3 #N/A N/A 3 3 5 5 5 5 3 5 4 5 5 5 5 4 5 3

M M M D M M D N M M M M N M M M M M M M U N

Latest Chg 3'600'351 29'406'571 22'000'000 99'025'803 9'500'000 (7'018'862) 71'273'252 (7'549'027) (16'156'435) 10'659'131 2'381'497 6'896'671 9'414'335

Target Price 22 13 19 18 #N/A N/A #N/A N/A 19 17 22 20 20 19 15 16 16 17 17 16 21 17 20 16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 n/a 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Hedge Fund Manager 28.09.2012 Mutual Fund Manager 31.08.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2011 n/a 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 27.11.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 22.11.2012 12.11.2012 08.11.2012 29.10.2012 23.10.2012 22.10.2012 22.10.2012 19.10.2012 28.09.2012 26.09.2012 24.09.2012 28.08.2012 08.08.2012 08.08.2012 10.07.2012 21.06.2012 27.01.2012 09.11.2011 22.08.2011 21.07.2011 11.07.2011 31.03.2010


29.11.2012

LG Chem Ltd LG Chem Ltd. is a chemical manufacturer. The Company's products include petrochemicals, plastic resins, and engineering plastics. LG Chem also produces industrial and electronic materials.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.02.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 051910 KS EQUITY YTD Change 051910 KS EQUITY YTD % CHANGE

12/2011 09/yy 434'000.00 261'500.00 308'531.00 314000 -27.65% 20.08% 26.09% 66.3 20'809'126.00 1'483'109.00 38'144.0 0.0 1'117'301.00 21'356'979.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 8'899'578.0 0.84x 1'086'841.0 6.91x 686'205.0 10.68x

500000 450000 400000 350000 300000 250000 200000 150000 100000 50000 0 n-11 d-11

31.12.2008 31.12.2009 12'645'000.0 13'694'516.0 0.49x 1.17x 1'728'420.0 2'390'188.0 3.61x 6.71x 1'002'585.0 1'384'472.0 6.26x 12.28x Profitability

LTM-4Q 31.12.2010 16'850'454.0 1.54x 3'019'236.0 8.60x 1'970'993.0 14.59x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

31.12.2011 09/yy 09/yy 19'809'874.0 ######### ######### 1.08x 5.84x 4.35x 3'095'214.0 ######### ######### 6.89x 0.00x 8.98x 2'028'321.0 ######### ######### 11.51x 11.57x 16.19x 3'095'214.00 2'520'387.00 12.72% 13.07% 10.71% 16.14% 13.63% 1.45% 18.3% 12.2% 9.1% 10.2% 1.58 0.99 11.05% 16.36% 6.94 8.52

Price/ Cash Flow

1.38 39.16 -4.10% -1.10% 1.376 44 4.818 178'976 241'101 253'505

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

13.32x 10.47x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

.0 M n-12

-

24.11.2010 ASTABLE 71.00 27.93 0.20 0.80 16.4% 14.0% 1.45 3.22 52.72 42.94 25.99 62.68

Sales/Revenue/Turnover

18.00

25'000'000.0

16.00

20'000'000.0

14.00 12.00

15'000'000.0

10.00 8.00

10'000'000.0

6.00

5'000'000.0

4.00 2.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

LG Chem Ltd Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER VANGUARD GROUP INCOR BLACKROCK FUND ADVIS VANGUARD GROUP INCOR FIDELITY INTERNATION SAMSUNG INVESTMENT T MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA SCHRODER INVESTMENT LG CHEM LTD IVY MANAGEMENT INCOR UBS HANA ASSET MANAG KB ASSET MANAGEMENT BLACKROCK GROUP LIMI INVESCO LTD KOREA INVESTMENT TRU VANGUARD GROUP INCOR FIDELITY MANAGEMENT SHINHAN BNP PARIBAS

Firm Name

Portfolio Name n/a n/a VANGUARD EMERGING MA Multiple Portfolios VANGUARD MSCI EMERGI Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios VANGUARD TOTAL INTER Multiple Portfolios Multiple Portfolios

Analyst

Korea Investment & Securities PARK KIYONG HI Investment Securities LEE HEE-CHEOL Shinyoung Securities Co., Ltd. OH JUNG-IL Hanwha Securities Co., Ltd LEE DA-SOL KB Investment & Securities Co., Ltd PARK JAE-CHUL LIG Investment Securities PARK YOUNG-HOON EVA Dimensions TEAM COVERAGE Standard Chartered DANIEL DO YEON LEE Mirae Asset Securities YOUNG-BAE KWON Goldman Sachs ROSA KIM Nomura CINDY PARK E*Trade Securities Korea WON YONG-JIN KTB Securities YOO YOUNG KOOK Kyobo Securities YOUNG-JOO SON Tong Yang Investment Bank HWANG KYU-WON SK Securities Co Ltd SOHN JI-WOO Deutsche Bank SHAWN PARK IBK Securities Co Ltd CHOONG-JAE LEE Shinhan Investment Corp YI EUNG-JU Morgan Stanley HARRISON H HWANG Daewoo Securities PARK YEON-JU Daishin Securities Co., Ltd. AHN SANG-HEE NH Investment & Securities CHOI JI-HWAN Dongbu Securities Co Ltd KIM TAE-HEE Eugene Investment & Securities Co., LtdKWAK JIN-HEE Woori Investment & Securities KIM SUN-WOO Credit Suisse CHO A-HYUNG KIWOOM Securities Co Ltd HONG JEONG-MO Taurus Investment Securities Co Ltd JAESUNG YOON BS Securities Co Ltd SEUK-WON CHOI JPMorgan SAMUEL SW LEE Macquarie BRANDON I LEE Samsung Securities SEUNGWOO KIM BNP Paribas Equity Research POR YONG LIANG Barclays KAY CHUNG Hyundai Securities BAEK YOUNG-CHAN HSBC BRIAN SOHN Bookook Securities Co Ltd CHOI SANG-DO Meritz Securities Co., Ltd HWANG YOU SIK YuHwa Securities Ltd PARK GUN-TAE

Source Co File Co File MF-USA MF-AGG ETF MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-USA MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy hold in-line buy neutral/cautious buy buy buy buy buy buy buy buy buy Overwt/Attractive buy buy buy buy buy buy outperform buy buy buy neutral outperform buy buy overweight buy overweight buy buy buy

Amt Held 22'219'326 4'508'785 927'423 824'832 686'773 598'889 593'575 467'031 458'474 367'034 359'784 356'690 346'553 341'244 277'016 242'666 206'764 200'153 199'502 130'993

% Out 33.53 6.8 1.4 1.24 1.04 0.9 0.9 0.7 0.69 0.55 0.54 0.54 0.52 0.51 0.42 0.37 0.31 0.3 0.3 0.2

Weighting

Change 5 5 5 5 5 5 3 3 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5

M M M M M M U M U M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 64'101 4'225 (130'075) (36'557) 190'304 200'629 5'284 (80'220) 29'859 57'405 5'698 (67'127) (26'164) 4'326 14'732 (13'120)

Target Price 370'000 400'000 380'000 400'000 370'000 395'000 #N/A N/A 326'000 380'000 350'000 410'000 440'000 380'000 367'000 440'000 410'000 350'000 350'000 385'000 390'000 380'000 400'000 380'000 450'000 360'000 350'000 432'000 410'000 410'000 390'000 310'000 400'000 360'000 380'000 421'000 400'000 410'000 390'000 400'000 350'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Holding Company 31.12.2011 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 21.05.2012 Corporation 30.09.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.06.2012 Mutual Fund Manager 27.11.2012 Investment Advisor 28.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month 6 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 6 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided 6 month 6 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month 6 month 6 month

Date 29.11.2012 29.11.2012 28.11.2012 27.11.2012 27.11.2012 27.11.2012 26.11.2012 22.11.2012 22.11.2012 15.11.2012 13.11.2012 13.11.2012 12.11.2012 12.11.2012 06.11.2012 05.11.2012 31.10.2012 24.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 21.10.2012 20.10.2012 19.10.2012 19.10.2012 10.10.2012 08.10.2012 02.10.2012 20.07.2012 02.07.2012 02.07.2012


29.11.2012

Hyundai Motor Co Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Price/Volume 300000 250000 200000 150000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (05.11.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005380 KS EQUITY YTD Change 005380 KS EQUITY YTD % CHANGE

12/2011 09/yy 272'500.00 197'500.00 764'742.00 230500 -15.41% 16.71% 36.00% 220.3 50'773'728.00 3'945'391.00 331'011.0 0.0 10'087'560.00 42'115'697.41

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50000 0 n-11 d-11

j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 30'489'129.0 0.42x 2'981'391.0 4.25x 1'682'419.0 11.54x

100000

31.12.2008 31.12.2009 32'189'786.0 31'859'327.0 0.20x 0.64x 3'221'449.0 3'649'386.0 2.05x 5.60x 1'447'904.0 2'961'509.0 7.42x 11.11x Profitability

LTM-4Q 31.12.2010 36'761'115.0 0.86x 4'833'935.0 6.54x 3'476'238.0 13.55x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M n-12

LTM

FY+1

0.76 1.11 136.95 7.34% 8.22% 1.106 51 4.765 563'121 789'570 650'377 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 42'774'077.0 ######### ######### ######### ######### 0.91x 3.75x 2.77x 0.93x 0.85x 6'242'388.0 ######### ######### ######### ######### 6.21x 7.04x 0.00x 6.06x 6.09x 4'740'886.0 ######### ######### ######### ######### 12.20x 12.32x 12.78x 6.28x 6.20x S&P Issuer Ratings 6'242'388.00 Long-Term Rating Date 20.03.2012 4'684'413.00 Long-Term Rating BBB+ 10.95% Long-Term Outlook STABLE 13.72% Short-Term Rating Date 10.01% Short-Term Rating 15.49% Credit Ratios 14.50% EBITDA/Interest Exp. 21.78 0.90% (EBITDA-Capex)/Interest Exp. 16.80 Net Debt/EBITDA -0.98 25.3% Total Debt/EBITDA 0.63 14.6% Reference 11.0% Total Debt/Equity 12.3% 11.1% Total Debt/Capital 10.8% Asset Turnover 0.90 1.45 Net Fixed Asset Turnover 3.50 1.22 Accounts receivable turnover-days 34.39 7.85% Inventory Days 19.83 12.26% Accounts Payable Turnover Day 41.89 10.61 Cash Conversion Cycle 12.34 18.40

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

45'000'000.0

12.00

40'000'000.0 35'000'000.0

10.00

30'000'000.0

8.00

25'000'000.0

6.00

20'000'000.0 15'000'000.0

4.00

10'000'000.0

2.00 0.00 03.01.2009

5'000'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Hyundai Motor Co Holdings By:

All

Holder Name HYUNDAI MOBIS NATIONAL PENSION SER MIRAE ASSET GLOBAL I CHUNG MONG-KOO HYUNDAI MOTOR CO VANGUARD GROUP INC CAPITAL WORLD INVEST BLACKROCK FUND ADVIS WADDELL & REED FINAN FIDELITY INTERNATION FIDELITY MANAGEMENT THORNBURG INVESTMENT SAMSUNG INVESTMENT T MAPS INVESTMENT MANA SCHRODER INVESTMENT CAPITAL RESEARCH GLO T ROWE PRICE ASSOCIA WILLIAM BLAIR & COMP BLACKROCK GROUP LIMI UBS HANA ASSET MANAG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios

Analyst

Daewoo Securities PARK YOUNG HO HMC Investment Securities Co Ltd LEE MYUNG-HOON Shinhan Investment Corp CHOI JUNGHYUK Korea Investment & Securities SUH SUNGMOON Nomura ANGELA HONG KTB Securities NAM KYEONG MOON EVA Dimensions TEAM COVERAGE Standard Chartered DAVID KIM Eugene Investment & Securities Co., LtdMOON-SOO JANG NH Investment & Securities LEE SANG-HYUN Samsung Securities YOON PIL JOONG KIWOOM Securities Co Ltd LEE HYUN-SOO KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN Daishin Securities Co., Ltd. CHUNG TAEOH Tong Yang Investment Bank AHN SANG JUN Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Goldman Sachs SEUNG SHIN Dongbu Securities Co Ltd YIM EUN-YOUNG Deutsche Bank SANJEEV RANA Barclays PAUL HWANG Credit Suisse HENRY KWON Macquarie MICHAEL SOHN Hanwha Securities Co., Ltd KIM YEON-CHAN BNP Paribas Equity Research JAMES HIE SUK YOON Hana Daetoo Securities SONG SUN-JAE JPMorgan PARK WAN SUN SK Securities Co Ltd KIM YONG-SOO Kyobo Securities SONG SANG-HOON E*Trade Securities Korea KANG SANG-MIN Morgan Stanley PARK SANG-KYOO Riedel Research Group Inc DAVID R RIEDEL Hyundai Securities CHAE HEE-GUEN Woori Investment & Securities CHO SOO-HONG Mirae Asset Securities YOON-KI KIM IBK Securities Co Ltd SAE-HWAN AHN Taurus Investment Securities Co Ltd YANG HEE-JOON LIG Investment Securities IN-WOO PARK Daiwa Securities Co. Ltd. CHUNG SUNG-YOP HSBC PAUL CHOI HI Investment Securities KOH TAE-BONG Golden Bridge Investment & Securities KIM SEUNG-HWAN Hanyang Securities KIM YEON-WOO First Global Stockbroking MITUL SHAH

Source EXCH Co File EXCH EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy hold outperform buy buy buy buy buy buy buy buy Buy/Neutral buy buy equalweight outperform outperform buy buy buy overweight buy buy buy Overwt/Attractive buy buy buy buy buy buy buy buy neutral buy buy buy market perform

Amt Held 45'782'023 14'873'261 13'054'486 11'408'874 11'006'710 6'739'438 3'348'390 2'800'601 2'702'100 2'265'217 2'219'657 2'040'115 1'938'346 1'833'161 1'577'698 1'429'500 1'279'320 1'107'844 919'617 730'834

% Out 20.78 6.75 5.93 5.18 5 3.06 1.52 1.27 1.23 1.03 1.01 0.93 0.88 0.83 0.72 0.65 0.58 0.5 0.42 0.33

Weighting

Change 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 3

M M M M M M D M M M M M M M M M M M M M M M M M M M M M M M N M M M M M M M D M M M M

Latest Chg (2'548'444) 47'995 337'000 14'310 (115'793) (90'394) 70'202 638'039 45'039 183'306 16'963 298 (28'930)

Target Price 300'000 330'000 330'000 320'000 320'000 250'000 #N/A N/A 300'000 300'000 330'000 265'000 330'000 330'000 294'000 300'000 300'000 259'000 280'000 310'000 270'000 287'000 310'000 313'000 280'000 310'000 290'000 320'000 320'000 330'000 306'000 330'000 276'000 280'000 320'000 320'000 300'000 310'000 310'000 260'000 350'000 300'000 320'000 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.03.2012 Corporation 31.12.2011 Investment Advisor 29.01.2010 Investment Advisor 20.03.2012 n/a 31.12.2011 Corporation 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 30.06.2012 Mutual Fund Manager

Date 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided 6 month 6 month 6 month Not Provided

Date 29.11.2012 29.11.2012 29.11.2012 27.11.2012 27.11.2012 26.11.2012 26.11.2012 22.11.2012 22.11.2012 21.11.2012 21.11.2012 21.11.2012 20.11.2012 19.11.2012 19.11.2012 14.11.2012 14.11.2012 13.11.2012 06.11.2012 06.11.2012 05.11.2012 05.11.2012 05.11.2012 05.11.2012 05.11.2012 04.11.2012 02.11.2012 02.11.2012 31.10.2012 29.10.2012 29.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 23.10.2012 09.10.2012 01.08.2012 15.05.2012 07.05.2012


29.11.2012

Alliance Global Group Inc Alliance Global Group, Inc. is a holding company with interests in food and beverage, real estate development, and fast food restaurant businesses. The Company distills brandy, manufactures glass containers, distributes wines and snacks, develops planned mixed-use communities, and either operates or sub-franchises hamburger restaurants.

Price/Volume 18

80.0 M

16

70.0 M

14

60.0 M

12

50.0 M

10

Latest Fiscal Year: LTM as of: 52-Week High (28.11.2012) 52-Week Low (29.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGI PM EQUITY YTD Change AGI PM EQUITY YTD % CHANGE

12/2011 09/yy 16.60 10.14 10'641'000.00 16.3 -1.81% 60.75% 96.59% 10'269.8 167'398.19 44'441.39 0.0 52'522.3 60'461.80 218'817.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

6 4

20.0 M

2

10.0 M

0 n-11

31.12.2008 31.12.2009 29'541.0 31'991.4 1.17x 1.72x 1'736.4 2'987.1 19.98x 18.38x 3'908.8 4'796.3 4.51x 8.43x Profitability

LTM-4Q 31.12.2010 36'883.1 3.50x 7'806.0 16.55x 6'908.6 17.59x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 52'431.7 2.69x 9'643.9 14.62x 11'608.2 8.77x 9'643.92 8'225.53 15.69% 34.55% 4.48% 14.07% 10.33% 0.36% 37.3% 19.5% 22.1% 3.55 2.26 20.15% 60.48% 3.19 1.19

Price/ Cash Flow

j-12

f-12 m-12

LTM

09/yy 47'182.5 11.03x 8'704.4 14.40x 11'390.6 7.99x

a-12 m-12

09/yy 85'766.2 7.92x 17'158.0 0.00x 10'702.3 13.97x

j-12

j-12

a-12

s-12

o-12

FY+1

.0 M n-12

2.21 1.03 5'978.31 65.58% 62.38% 1.034 15 4.467 13'418'840 13'733'470 17'838'560 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 80'435.3 90'527.5 22'063.0 2.66x 2.36x 19'717.1 22'010.3 11.10x 9.94x 11'046.6 12'873.0 2'305.0 15.00x 12.82x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.66 2.11 60.5% 26.1% 0.36 1.94 114.65 307.23 116.51 266.36

Sales/Revenue/Turnover

120.00

60'000.0

100.00

50'000.0

80.00

40'000.0

60.00

30'000.0

40.00

20'000.0

20.00

10'000.0

0.00 02.01.2009

d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 27'349.8 2.08x 4'812.4 11.83x 3'292.6 14.11x

40.0 M

8

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Alliance Global Group Inc Holdings By:

All

Holder Name ANDRESONS GROUP INC YORKSHIRE HOLDINGS TAN ANDREW L VANGUARD GROUP INC ARTISAN PARTNERS HOL JF ASSET MANAGEMENT INVESTEC ASSET MANAG FIDELITY INTERNATION RCM CAPITAL MANAGEME UOB ASSET MANAGEMENT INVESCO LTD PRINCIPAL FINANCIAL PIONEER INVESTMENT M BLACKROCK FUND ADVIS CAPITAL RESEARCH GLO BLACKROCK INVESTMENT UBS STRATEGY FUND MG DEUTSCHE BANK AG HANDELSBANKEN FONDER PACIFIC LIFE INSURAN

Firm Name Deutsche Bank Philippine Equity Partners Inc SB Equities Wealth Securities Inc COL Financial Group Inc Kim Eng Securities Macquarie EVA Dimensions Campos, Lanuza & Company Credit Suisse HSBC Angping & Associates Securities Inc.

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL BENGSON JIDGETTE VELASCO EDSER TRINIDAD BERNARD C AVINANTE RICHARD LANEDA KENNETH NERECINA AARON SALVADOR TEAM COVERAGE JOMAR LACSON HAJ NARVAEZ SEAN MONAGHAN TEAM COVERAGE

Source Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy outperform hold buy hold neutral hold buy outperform overweight strong buy

Amt Held 3'944'826'194 1'583'459'842 341'684'350 171'265'231 98'990'530 98'557'800 68'763'900 63'897'130 39'292'000 38'550'100 28'600'000 27'153'100 26'954'500 25'290'019 23'370'000 22'383'600 20'914'200 16'584'690 15'746'000 15'318'400

% Out 38.41 15.42 3.33 1.67 0.96 0.96 0.67 0.62 0.38 0.38 0.28 0.26 0.26 0.25 0.23 0.22 0.2 0.16 0.15 0.15

Weighting

Change 5 5 5 3 5 3 3 3 5 5 5 5

M M M M M M D D N M M M

Latest Chg 3'803'000 7'604'900 23'159'100 (69'200) 8'393'256 (598'100) 28'600'000 1'779'800 364'900 23'370'000 (1'733'000) (570'608) 15'318'400

Target Price 17 17 18 17 14 12 16 #N/A N/A 15 14 15 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Corporation 31.03.2012 n/a 31.03.2012 n/a 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 31.10.2012 Investment Advisor 30.06.2011 Mutual Fund Manager 29.02.2012 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Insurance Company

Date 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 21.11.2012 20.11.2012 20.11.2012 19.11.2012 16.11.2012 14.11.2012 23.10.2012 16.10.2012 03.10.2012 11.07.2012 27.04.2012 31.01.2012


29.11.2012

Orascom Construction Industries Orascom Construction Industries (OCI) is a construction contracting company in emerging markets. The Company also produces and exports nitrogen-based fertilizers.

Price/Volume 350 300 250 200

Valuation Analysis

150

Latest Fiscal Year: LTM as of: 52-Week High (16.09.2012) 52-Week Low (22.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OCIC EY EQUITY YTD Change OCIC EY EQUITY YTD % CHANGE

12/2011 09/yy 305.00 193.01 198'352.00 216.6 -28.98% 12.22% 20.06% 208.9 45'256.06 21'989.60 0.0 1'165.6 6'399.40 62'647.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50 0 n-11

31.12.2008 31.12.2009 20'252.6 21'312.8 1.64x 2.79x 4'736.8 4'421.4 7.01x 13.46x 5'366.7 2'416.6 7.44x 21.27x Profitability

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

Market Data

LTM-4Q 31.12.2010 27'552.4 2.62x 6'051.1 11.91x 3'344.4 17.69x

31.12.2011 32'722.0 1.78x 8'222.6 7.08x 4'028.9 10.97x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

8'222.60 6'734.20 20.58% 17.63% 5.21% 16.40% 0.54% 25.7% 12.3% 1.42 0.78 37.08% 118.16% -

Price/ Cash Flow

LTM

09/yy 31'827.0 6.54x 5'796.6 0.00x 4'346.3 10.13x

09/yy 33'164.5 4.20x 3'306.2 0.00x 2'862.6 20.54x

FY+1

0.99 85.61 -0.08% 7.68% 0.992 19 4.000 136'575 104'413 152'473 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 35'670.6 40'813.3 10'354.7 10'163.5 1.58x 1.27x 4.70x 4.60x 8'455.1 11'300.5 2'051.0 7.41x 5.54x 4'659.7 6'113.9 1'503.0 10.15x 7.54x 7.93x 8.27x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

7.29 5.07 118.2% 52.7% 0.54 1.63 49.91

Sales/Revenue/Turnover

35.00

35'000.0

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2009

d-11

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 13'481.7 9.25x 2'384.2 52.30x 66'020.9 93.36x

100

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M n-12

0.0 01.07.2009

01.01.2010

01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Orascom Construction Industries Holdings By:

All

Holder Name NNS CAPITAL LTD ABRAAJ CAPITAL LTD LAZARD ASSET MANAGEM SKAGEN AS EATON VANCE MANAGEME BANQUE MISR BLACKROCK GROUP LIMI SCHRODER INVESTMENT NORDEA INVESTMENT FU STATE STREET GLOBAL LAZARD GLOBAL ACTIVE BANQUE DU CAIRE DWS INVESTMENT SA VAN ECK ASSOCIATES C EATON VANCE ADVISORS NOMURA ASSET MANAGEM FRANK RUSSELL TRUST SMITH BARNEY FUND MA EGYPT POST PICTET & CIE

Firm Name National Bank of Kuwait Arqaam Capital Limited Pharos Holdings EVA Dimensions AlphaMena HSBC Goldman Sachs Beltone Financial VTB Capital EFG-Hermes Deutsche Bank ASIB Blominvest Bank JPMorgan CI Capital Holdings HC Securities and Investment Rasmala Investment Bank Global Investment House KSCC AL-TAWFIK FINANCIAL GROUP Prime

Portfolio Name #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios

Analyst LOIC PELICHET MOHAMMAD KAMAL MONA EL SHAZLY TEAM COVERAGE KAIS KRIAA SRIHARSHA PAPPU ESHAN TOORABALLY ALLEN SANDEEP DIGVIJAY SINGH AHMED SHAMS EL DIN ATHMANE BENZERROUG REINE DAGHER ISSA FRANGIEH MUNEEZA HASAN MUHAMMAD EL EBRASHI ANKUR KHETAWAT HANS ZAYED HETTISH KARMANI ABDELRAHMAN THARWAT TEAM COVERAGE

Source EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG

Recommendation buy hold buy underweight buy overweight Buy/Neutral hold hold neutral buy hold accumulate overweight strong buy neutral buy buy buy accumulate

Amt Held 110'315'236 12'532'310 4'815'581 552'118 421'039 282'210 278'946 238'663 223'659 210'917 207'941 183'224 160'000 106'079 102'370 101'660 95'733 92'720 91'380 72'500

% Out 52.8 6 2.3 0.26 0.2 0.14 0.13 0.11 0.11 0.1 0.1 0.09 0.08 0.05 0.05 0.05 0.05 0.04 0.04 0.03

Weighting

Change 5 3 5 1 5 5 5 3 3 3 5 3 4 5 5 3 5 5 5 4

U M M U M M M M N M M M M M M M M M N M

Latest Chg (7'830) 26'000 1'276 (117'193) 6'100 4'350 (8'977) (2'900)

Target Price 303 290 331 #N/A N/A 405 381 484 288 280 325 337 304 248 326 294 275 284 327 320 296

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 31.10.2012 31.10.2012 31.08.2012 30.06.2012 27.11.2012 30.06.2012 28.09.2012 30.09.2012 31.10.2012 30.06.2012 28.09.2012 27.11.2012 31.08.2012 17.10.2011 31.05.2012 29.06.2012 30.06.2012 31.08.2012

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Other Private Equity Investment Advisor Mutual Fund Manager Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Bank Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Mutual Fund Manager

Date 28.11.2012 28.11.2012 28.11.2012 26.11.2012 16.11.2012 02.10.2012 01.10.2012 18.09.2012 13.09.2012 10.09.2012 06.09.2012 05.09.2012 22.06.2012 19.06.2012 01.05.2012 21.12.2011 01.12.2011 26.06.2011 22.06.2011 08.12.2010


29.11.2012

Indocement Tunggal Prakarsa Tbk PT PT Indocement Tunggal Prakarsa Tbk manufactures cement and building materials. Through its subsidiaries, the Company also manufactures and processes ready-mix cement as well as owns and manages properties and hotels.

Price/Volume 25000 20000 15000

Valuation Analysis

10000

Latest Fiscal Year: LTM as of: 52-Week High (07.11.2012) 52-Week Low (30.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INTP IJ EQUITY YTD Change INTP IJ EQUITY YTD % CHANGE

12/2011 09/yy 23'100.00 14'700.00 3'020'500.00 22950 -0.65% 56.12% 85.71% 3'681.2 84'484'272.00 176'345.00 0.0 27'806.0 6'864'567.00 76'062'204.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 n-11 d-11

j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 7'323'643.8 4.30x 2'157'838.0 14.60x 980'103.1 30.82x

5000

31.12.2008 31.12.2009 9'780'498.3 10'576'456.3 1.75x 4.55x 3'058'616.5 4'263'948.5 5.61x 11.30x 1'745'500.9 2'746'654.1 9.70x 18.36x Profitability

LTM-4Q 31.12.2010 11'137'805.0 4.89x 4'613'745.9 11.80x 3'224'942.0 18.21x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

FY+1

1.24 1'803.80 56.67% 36.92% 1.237 29 4.448 2'217'700 2'493'250 2'537'539 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 13'887'892.0 ######### ######### ######### ######### ######### 4.04x 16.59x 14.43x 4.54x 3.90x 5'070'499.0 ######### ######### ######### ######### ######### 11.06x 9.37x 11.11x 12.13x 10.38x 3'596'918.0 ######### ######### ######### ######### ######### 17.45x 15.03x 17.11x 18.87x 16.19x S&P Issuer Ratings 5'070'499.00 Long-Term Rating Date 4'357'944.00 Long-Term Rating 31.38% Long-Term Outlook 33.90% Short-Term Rating Date 23.30% Short-Term Rating 26.79% Credit Ratios 26.58% EBITDA/Interest Exp. 0.88% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 46.2% Total Debt/EBITDA 36.3% Reference 31.8% Total Debt/Equity 25.9% Total Debt/Capital Asset Turnover 6.99 Net Fixed Asset Turnover 5.96 Accounts receivable turnover-days 0.97% Inventory Days 1.12% Accounts Payable Turnover Day 8.58 Cash Conversion Cycle 5.73

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

212.62 191.10 -1.41 0.03 1.1% 1.1% 0.88 2.17 42.67 63.84 20.38 83.18

Sales/Revenue/Turnover

25.00

16'000'000.0 14'000'000.0

20.00

12'000'000.0 10'000'000.0

15.00

8'000'000.0 10.00

6'000'000.0 4'000'000.0

5.00

0.00 02.01.2009

2'000'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Indocement Tunggal Prakarsa Tbk PT Holdings By:

All

Holder Name BIRCHWOOD OMNIA LIMI VANGUARD GROUP INC INVESCO LTD SCHRODER INVESTMENT JENNISON ASSOCIATES BLACKROCK FUND ADVIS CAPITAL WORLD INVEST FIDELITY INTERNATION MANULIFE ASET MANAJE CARMIGNAC GESTION FIDELITY MANAGEMENT EASTSPRING INVESTMEN CARMIGNAC GESTION LU FORTIS INVESTMENTS P BLACKROCK GROUP LIMI CHINA ASSET MANAGEME VAN ECK ASSOCIATES C FORTIS FUND MANAGERS PUTNAM INVESTMENT MA F&C FUND MANAGEMENT

Firm Name Sucorinvest Central Gani Kim Eng Securities Samuel Sekuritas Indonesia Deutsche Bank Morgan Stanley JPMorgan CIMB Nomura Mandiri Sekuritas PT/Indonesia Indo Premier Securities Bahana Securities Danareksa OSK (Asia) Securities Macquarie AmCapital Indonesia Credit Suisse UOB Kay Hian Trimegah Securities Tbk PT BNP Paribas Equity Research EVA Dimensions Andalan Artha Advisindo Sekuritas PT Ciptadana Sekuritas PT Valbury Asia Securities PT Etrading Securities PT Batavia Prosperindo Sekuritas

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GIFAR INDRA SAKTI ANTHONY YUNUS ADRIANUS BIAS PRASURYO RACHMAN KOESWANTO CHARLES C SPENCER LILIANA S BAMBANG LYDIA TOISUTA ANDY LESMANA OCTAVIUS OKY PRAKARSA AGUS PRAMONO TEGUH P. HARTANTO CHANDRA S PASARIBU ANDREY WIJAYA NICOLAOS OENTUNG HELMI THERIK ELLA NUSANTORO MARWAN HALIM MICHELE GABRIELA TEAM COVERAGE TEAM COVERAGE Kartika Wulandari TRIWIRA JUNIARTA TJANDRA BUDI RUSTANTO BETRAND RAYNALDI PARNINGOTAN JULIO

Source EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold buy buy Overwt/Attractive overweight outperform buy buy hold hold hold buy outperform buy neutral buy hold buy overweight buy buy buy buy hold

Amt Held 1'877'428'286 63'236'740 29'805'272 24'978'000 17'408'945 16'399'644 16'389'500 16'041'244 14'903'500 11'169'000 10'134'000 9'619'000 9'505'135 9'503'000 9'147'500 8'088'000 7'677'000 7'000'000 6'607'000 6'014'000

% Out 51 1.72 0.81 0.68 0.47 0.45 0.45 0.44 0.4 0.3 0.28 0.26 0.26 0.26 0.25 0.22 0.21 0.19 0.18 0.16

Weighting

Change 5 3 5 5 5 5 5 5 5 3 3 3 5 5 5 3 5 3 5 5 5 5 5 5 3

M M U M M M M M M D M D M M N M M M M D M M M M D

Latest Chg 1'780'500 (415'500) (764'332) 188'500 (3'795'600) (3'811'057) (13'500) (1'822'500) 1'902'847 1'000 2'588'000 54'000 6'234'000 -

Target Price 25'100 23'000 25'600 24'600 25'000 26'000 30'000 23'400 21'000 21'400 25'300 23'000 24'000 23'800 24'100 20'500 26'500 19'650 22'700 #N/A N/A 23'450 24'000 23'000 19'900 19'700

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.04.2012 30.09.2012 28.11.2012 12.07.2013 30.09.2012 27.11.2012 30.09.2012 29.02.2012 31.12.2010 28.09.2012 30.09.2012 29.06.2012 28.09.2012 31.12.2011 27.11.2012 31.12.2011 27.11.2012 30.09.2012 30.09.2012 28.09.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month

Inst Type Corporation Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 29.11.2012 28.11.2012 28.11.2012 27.11.2012 27.11.2012 27.11.2012 27.11.2012 27.11.2012 27.11.2012 27.11.2012 26.11.2012 22.11.2012 17.10.2012 09.10.2012 04.10.2012 25.09.2012 13.09.2012 12.09.2012 11.09.2012 20.08.2012 08.08.2012 02.08.2012 01.08.2012 11.04.2012 29.03.2012


29.11.2012

Turk Telekomunikasyon AS Turk Telekomunikasyon A.S. is an integrated telecommunications services provider for businesses and individuals. The Company offers land and mobile telecommunications solutions, as well as Internet services.

Price/Volume 9 8 7 6 5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTKOM TI EQUITY YTD Change TTKOM TI EQUITY YTD % CHANGE

12/2011 09/yy 8.38 6.24 4'308'632.00 6.64 -20.05% 6.41% 14.95% 3'500.0 23'240.00 5'346.16 0.0 0.0 978.68 28'680.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 1 0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 9'232.1 3'899.1 2'508.2 -

3

31.12.2008 31.12.2009 10'194.9 10'568.5 1.43x 1.81x 4'085.2 3'945.6 3.57x 4.86x 1'752.2 1'831.7 6.95x 8.71x Profitability

LTM-4Q 31.12.2010 10'852.5 2.37x 4'370.1 5.89x 2'450.9 9.28x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 11'940.6 2.42x 4'735.6 6.11x 2'068.7 11.88x 4'735.56 3'159.03 26.46% 21.85% 16.18% 47.96% 0.76% 55.8% 38.9% 25.5% 17.3% 0.72 0.53 33.05% 92.66% 6.03 62.24

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

LTM

09/yy 11'816.4 10.43x 4'790.6 6.83x 2'033.2 13.74x

09/yy 12'399.1 9.88x 4'819.4 6.33x 2'632.2 9.52x

FY+1

0.60 0.68% 2.40% 0.601 29 3.414 5'329'281 3'757'160 3'243'071 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 12'636.0 13'257.3 2.19x 2.09x 5'142.2 5'354.0 5.58x 5.36x 2'688.0 2'663.5 626.0 639.0 8.65x 8.76x 9.22x 9.22x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.93 10.14 1.13 1.34 92.7% 48.1% 0.76 1.57 60.67 5.88 62.42 -35.20

Sales/Revenue/Turnover

8.00

14'000.0

7.00

12'000.0

6.00

10'000.0

5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Turk Telekomunikasyon AS Holdings By:

All

Holder Name OGER TELEKOMUNIKASYO TC HAZINE MUSTESARLI CAPITAL RESEARCH GLO VANGUARD GROUP INC BANK OF NEW YORK MEL BLACKROCK FUND ADVIS BNP PARIBAS ASSET MG CAPITAL INTERNATIONA LORD ABBETT & CO LLC MORGAN STANLEY SWEDBANK ROBUR FONDE SCHRODER INVESTMENT PICTET & CIE EAST CAPITAL ASSET M STATE STREET CORP BLACKROCK GROUP LIMI PIMCO ADVISORS LP SEB FONDFORVALTNING EATON VANCE MANAGEME DWS INVESTMENT SA

Firm Name Oyak Securities FinansInvest Seker Securities Global Menkul Degerler BGC Partners Yatirim Finansman Securities Goldman Sachs Ekspres Invest Garanti Yatirim Menkul Kiymetler Erste Bank Morgan Stanley Eczacibasi Securities Barclays HSBC Tera Stock Brokers Deutsche Bank BNP Paribas Equity Research EFG Istanbul Securities Renaissance Capital JPMorgan Standard Unlu Ak Investment IS Investment & Securities EVA Dimensions Credit Suisse ATA Invest

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ALPER OZDEMIR CAN OZTOPRAK BURAK DEMIRBILEK HASAN BAYHAN ERDEM HAFIZOGLU DUYGU KALFAOGLU ALEXANDER BALAKHNIN MELDA AGIRDAS HALIL IBRAHIM KAHVE VERA SUTEDJA CESAR TIRON AKIF DASIRAN SAN DHILLON HERVE DROUET KENAN TURAN VEDAT MIZRAHI OZGUR GULER MURAT IGNEBEKCILI ALEXANDER KAZBEGI JEAN-CHARLES LEMARDELEY OYTUN ALTASLI BORA TEZGULER NUR ATASOY TEAM COVERAGE ATINC OZKAN MERT BOSTANOGLU

Source Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform neutral market perform buy buy outperform Buy/Neutral hold not rated accumulate Underwt/In-Line market perform equalweight underweight neutral hold hold hold hold overweight market perform market outperform market perform sell neutral market perform

Amt Held 1'925'000'000 1'050'000'000 73'184'400 22'914'672 16'494'154 8'413'689 6'859'268 6'212'997 4'762'257 4'355'442 4'315'273 3'857'939 3'233'239 3'173'551 2'923'930 2'556'469 2'519'401 2'453'432 1'858'400 1'820'000

% Out 55 30 2.09 0.65 0.47 0.24 0.2 0.18 0.14 0.12 0.12 0.11 0.09 0.09 0.08 0.07 0.07 0.07 0.05 0.05

Weighting

Change

5 3 3 5 5 5 5 3 #N/A N/A 4 1 3 3 1 3 3 3 3 3 5 3 4 3 1 3 3

M M M M U M M M M M D M M M M M M M M M D M D D M M

Latest Chg 611'737 52'500 185'000 590'809 893'832 (311'006) 66'866 (2'477'716) 4'728 (294'000) (4'063) 154'383 450'000 (40'000)

Target Price 9 8 8 8 8 9 8 8 #N/A N/A 9 6 7 7 7 8 7 7 8 8 9 8 9 8 #N/A N/A 8 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2009 Corporation 31.12.2009 n/a 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 27.11.2012 Investment Advisor 27.11.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

Date 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 28.11.2012 27.11.2012 23.11.2012 20.11.2012 16.11.2012 15.11.2012 07.11.2012 07.11.2012 06.11.2012 04.11.2012 02.11.2012 02.11.2012 30.10.2012 22.10.2012 19.10.2012 18.10.2012 18.10.2012 18.10.2012 17.10.2012 03.10.2012 03.10.2012 13.09.2012 04.09.2012 16.04.2012 12.04.2012 13.01.2012


29.11.2012

Turkiye Is Bankasi Turkiye Is Bankasi (Isbank) provides banking services to retail and corporate customers and to public sector. Isbank also offers asset and wealth management, capital markets, securities brokerage and insurance services throughout Turkey. Isbank holds equity investments in Turkish companies mainly in glass industries.

Price/Volume 7

120.0 M

6

100.0 M

5

80.0 M

4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.10.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISCTR TI EQUITY YTD Change ISCTR TI EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

2

20.0 M

1 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 15'989.6 1'822.3 11.12x

60.0 M

3

12/2011 09/yy 6.24 3.14 25'582'713.00 5.74 -8.01% 82.80% 84.52% 4'499.9 25'900.51 43'724.98 0.0 2'470.5 18'806.10 -

31.12.2008 31.12.2009 16'510.1 17'009.1 1'588.9 2'497.6 7.11x 7.77x Profitability

LTM-4Q 31.12.2010 16'725.2 2'939.2 8.42x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 18'549.1 2'271.5 6.56x 25.98% 26.07% 1.55% 15.20% 5.03% 0.12% 19.1% 23.77% 245.09% -

Price/ Cash Flow

LTM

09/yy 17'534.4 0.00x 0.0 0.00x 2'184.1 9.91x

09/yy 16'393.7 0.00x 0.0 0.00x 3'207.3 7.92x

FY+1

1.11 64.30% 78.20% 1.113 29 3.207 35'443'600 42'309'480 41'720'200 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 8'704.5 9'716.6 2'328.0 2'409.0 2'946.8 3'106.9 732.7 8.76x 8.40x 8.32x 8.20x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

22.02.2010 BB STABLE 28.07.2003 B 245.1% 68.3% 0.12 6.24 -

Sales/Revenue/Turnover

60.00

20'000.0 18'000.0

50.00

16'000.0 14'000.0

40.00

12'000.0

30.00

10'000.0 8'000.0

20.00

6'000.0 4'000.0

10.00 0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Turkiye Is Bankasi Holdings By:

All

Holder Name ISBANK MENSUPLARI SO REP PEOPLES PARTY-AT LAZARD ASSET MANAGEM VANGUARD GROUP INC BLACKROCK FUND ADVIS BLACKROCK GROUP LIMI FIDELITY MANAGEMENT SCHRODER INVESTMENT ROBECO INVESTOR SERV BNP PARIBAS ASSET MG THAMES RIVER CAPITAL LAZARD GLOBAL ACTIVE EAST CAPITAL ASSET M SEB FONDFORVALTNING ACADIAN ASSET MANAGE JPMORGAN ASSET MANAG ROBECO FUND MANAGEME GUARDIAN INVESTOR SE BANK OF NEW YORK MEL SOMPO JP NIHON KOA A

Firm Name HSBC Seker Securities EVA Dimensions Eczacibasi Securities EFG Istanbul Securities Ak Investment Oyak Securities Garanti Yatirim Menkul Kiymetler FinansInvest BNP Paribas Equity Research Credit Suisse Keefe, Bruyette & Woods BGC Partners Ekspres Invest Erste Bank VTB Capital Renaissance Capital Deutsche Bank Tera Stock Brokers Global Menkul Degerler Yapi Kredi Yatirim ve Menkul Degerler Morgan Stanley JPMorgan Goldman Sachs Barclays Societe Generale Yatirim Finansman Securities ATA Invest IS Investment & Securities Marfin Analysis (ESN)

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TAMER SENGUN BURAK DEMIRBILEK TEAM COVERAGE SERCAN SOYLU NERGIS KASABALI HAKAN AYGUN ALPAY DINCKOC RECEP DEMIR AYKUT SARIBIYIK CAGDAS DOGAN ATES BULDUR EKATERINA ISAEVA MUGE DAGISTAN CIHAN SARAOGLU SEVDA SARP AKIN TUZUN YAVUZ UZAY KAZIM ANDAC HASAN DEMIR SEVGI ONUR OVUNC GURSOY MAGDALENA STOKLOSA PAUL FORMANKO DMITRY TREMBOVOLSKY CRISTINA MARZEA ALAN WEBBORN ZUMRUT CAN FATIH TUGRUL TOPAC BULENT SENGONUL NIKOS VENTOURIS

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight market perform overweight outperform buy market perform market perform market perform neutral hold underperform underperform hold hold accumulate sell hold buy neutral buy buy Underwt/In-Line neutral Sell/Neutral overweight hold not rated market outperform not rated buy

Amt Held 1'768'190'000 1'264'142'000 116'555'441 67'427'206 29'002'149 28'282'789 13'090'995 9'334'232 8'617'077 8'389'894 6'800'000 5'385'719 5'252'868 4'984'723 4'884'026 4'749'820 4'288'472 4'045'700 4'039'953 4'018'000

% Out 39.29 28.09 2.59 1.5 0.64 0.63 0.29 0.21 0.19 0.19 0.15 0.12 0.12 0.11 0.11 0.11 0.1 0.09 0.09 0.09

Weighting

Change

5 3 5 5 5 3 3 3 3 3 1 1 3 3 4 1 3 5 3 5 5 1 3 1 5 3 #N/A N/A 4 #N/A N/A 5

M M U M M M M D M M M M M M M N M M M M N M U M N M M M M M

Latest Chg (6'069'860) 2'559'987 191'561 (1'929) 454'030 7'653'878 240'907 180'000 800'000 151'800 (573'333) (500'000) (872'789) 573'952 1'107'710 2'712'000

Target Price 7 #N/A N/A #N/A N/A 7 7 6 6 7 6 6 6 5 6 7 5 6 6 7 6 7 7 5 7 4 7 6 #N/A N/A 5 #N/A N/A 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2010 Other 31.12.2010 n/a 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 31.10.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 05.03.2012 Mutual Fund Manager

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 3 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Date 29.11.2012 29.11.2012 26.11.2012 23.11.2012 22.11.2012 22.11.2012 16.11.2012 16.11.2012 15.11.2012 15.11.2012 14.11.2012 14.11.2012 07.11.2012 07.11.2012 04.11.2012 30.10.2012 24.10.2012 22.10.2012 19.10.2012 18.10.2012 17.10.2012 16.10.2012 16.10.2012 12.10.2012 09.10.2012 02.10.2012 28.08.2012 20.07.2012 25.09.2009 08.04.2009


29.11.2012

Emlak Konut Gayrimenkul Yatirim Ortakligi AS Emlak Konut Gayrimenkul Yatirim is a property developer. The Company develops residential properties throughout Turkey.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.11.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EKGYO TI EQUITY YTD Change EKGYO TI EQUITY YTD % CHANGE

12/2011 09/yy 2.87 1.85 3'956'262.00 2.78 -3.14% 50.27% 90.20% 2'500.0 6'950.00 1'099.55 0.0 0.0 1'346.20 6'975.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

120.0 M

3

100.0 M

2

80.0 M

2

60.0 M

1

40.0 M

1

20.0 M

0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 1'111.3 747.3 367.5 -

3

31.12.2008 31.12.2009 1'044.6 636.9 526.9 Profitability

LTM-4Q 31.12.2010 1'497.9 2.93x 652.7 6.73x 554.3 8.93x

31.12.2011 716.6 6.46x 176.6 26.21x 228.3 21.35x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

176.60 176.18 24.59% 5.40% 10.63% 0.13% 32.0% 31.1% 31.0% 31.9% 1.13 0.62 14.63% 28.91% 3.60 0.60

Price/ Cash Flow

09/yy 547.8 34.30x 108.9 0.00x 90.1 0.00x

LTM 09/yy 973.1 22.24x 302.3 20.84x 397.4 15.79x

FY+1

1.02 37.72% 45.49% 1.018 24 4.333 10'627'590 13'840'170 16'645'020 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'152.7 1'706.2 654.0 424.0 5.61x 3.46x 10.06x 14.59x 403.9 630.2 224.0 167.0 17.27x 11.07x 8.05x 8.18x 400.6 618.7 241.0 167.0 16.75x 10.15x 8.42x 8.45x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1.27 1.26 0.08 3.21 28.9% 22.4% 0.13 204.28 101.66 612.40 67.46 456.47

Sales/Revenue/Turnover

30.00

1'600.0 1'400.0

25.00

1'200.0 20.00

1'000.0 800.0

15.00

600.0

10.00

400.0 5.00 0.00 02.01.2009

200.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Emlak Konut Gayrimenkul Yatirim Ortakligi AS Holdings By:

All

Holder Name TOKI VANGUARD GROUP INC BLACKROCK FUND ADVIS ALPINE WOODS CAPITAL BNP PARIBAS ASSET MG BZ WBK TOWARZYSTWO F ARTISAN PARTNERS HOL GOLDMAN SACHS ASSET GOLDMAN SACHS GROUP EAST CAPITAL ASSET M DWS INVESTMENT S A BLACKROCK GROUP LIMI FIDEURAM GESTIONS SA ING INTERNATIONAL AD DEKA INTERNATIONAL S ARTISAN GLOBAL FUNDS SOMPO JP NIHON KOA A HANDELSBANKEN FONDER SWEDBANK ROBUR FONDE ING INVESTMENT MANAG

Firm Name Seker Securities FinansInvest Eczacibasi Securities Sardis Securities Ak Investment Renaissance Capital Yatirim Finansman Securities Ekspres Invest Garanti Yatirim Menkul Kiymetler Oyak Securities EFG Istanbul Securities Erste Bank HSBC JPMorgan Tera Stock Brokers Deutsche Bank IS Investment & Securities BGC Partners Yapi Kredi Yatirim ve Menkul Degerler ATA Invest Goldman Sachs Standard Unlu

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OKAN UZUN NIHAN OZULU GOKAY BOBEK HAYDAR ACUN BERTUG TUZUN DAVID FERGUSON HUSEYIN MERDAN GEYIK KURTHAN ATMACA KERIM GOKOZ OSMAN OZVURAL MURAT IGNEBEKCILI MEHMET EMIN ZUMRUT LEVENT BAYAR MUNEEZA HASAN HASAN DEMIR ATHMANE BENZERROUG NUR ATASOY ZEYNEP KARAMAN ELVIN AKBULUT ERMAN TUTUNCUOGLU ESHAN TOORABALLY SELIN ONER

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform outperform market perform hold market outperform sell outperform buy outperform market perform hold buy overweight overweight buy buy outperform buy buy market outperform neutral/neutral outperform

Amt Held 1'874'750'000 28'785'911 12'598'559 11'215'674 9'456'164 6'011'443 5'785'925 3'905'517 3'618'655 3'611'800 3'000'000 2'679'634 2'178'300 2'028'000 1'990'001 1'748'562 1'670'000 1'613'000 1'500'000 1'366'049

% Out 74.99 1.15 0.5 0.45 0.38 0.24 0.23 0.16 0.14 0.14 0.12 0.11 0.09 0.08 0.08 0.07 0.07 0.06 0.06 0.05

Latest Chg 1'874'750'000 966'676 81'929 (5'007'000) 525'000 182'275 3'523'976 141'592 (1'361'100) (1'250'000) (18'842) (19'999) 255'008 806'000 500'000 (744'800)

Weighting

Change

Target Price

5 5 3 3 4 1 5 5 5 3 3 5 5 5 5 5 5 5 5 4 3 5

M M N M M M M M M M M M M M M M M M M M D M

3 3 3 #N/A N/A 3 2 3 3 3 3 3 3 4 3 3 4 3 3 3 3 2 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 29.11.2010 Government 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 27.11.2012 Investment Advisor 02.11.2012 Investment Advisor 31.07.2012 Investment Advisor 29.02.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 05.03.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month

Date 29.11.2012 27.11.2012 23.11.2012 23.11.2012 22.11.2012 19.11.2012 19.11.2012 07.11.2012 06.11.2012 05.11.2012 05.11.2012 04.11.2012 22.10.2012 08.10.2012 01.10.2012 24.09.2012 12.09.2012 22.08.2012 15.08.2012 20.07.2012 02.07.2012 30.01.2012


29.11.2012

Alfa SAB de CV Alfa, S.A.B., through subsidiaries, operates petrochemical, food processing, automotive and telecommunication businesses. The Company produces refrigerated food products, high-tech engine aluminum heads and blocks for gasoline and diesel.

Price/Volume 30

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M

25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.11.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALFAA MM EQUITY YTD Change ALFAA MM EQUITY YTD % CHANGE

12/2011 09/yy 28.98 14.98 7'451'639.00 27.8 -4.07% 85.64% 91.57% 5'148.2 143'119.95 59'297.00 0.0 4'003.0 9'031.00 191'200.17

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 n-11

31.12.2008 31.12.2009 116'190.0 115'632.0 0.51x 0.74x 10'478.0 14'280.0 5.71x 5.95x (9'513.0) 2'021.0 23.09x Profitability

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data

LTM-4Q 31.12.2010 136'395.0 0.78x 15'952.0 6.63x 4'927.0 13.65x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 182'763.0 0.73x 21'167.0 6.30x 5'206.0 15.57x 21'167.00 14'775.00 8.08% 4.69% 5.87% 19.40% 11.08% 1.37% 17.6% 12.2% 8.3% 2.8% 1.52 0.80 42.79% 165.84% 9.66 8.12

Price/ Cash Flow

LTM

FY+1

1.00 80.01% 85.62% 1.001 12 3.250 6'636'866 6'776'777 8'852'842 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 170'630.6 200'466.0 199'661.9 209'206.7 51'852.0 52'968.0 2.94x 3.07x 0.92x 0.86x 3.65x 3.56x 19'512.7 24'551.8 24'375.4 25'481.0 6'129.7 6'423.0 6.58x 6.95x 7.84x 7.50x 7.45x 7.35x 6'053.6 8'603.1 8'732.9 8'540.0 1'521.0 1'704.0 12.83x 14.36x 16.11x 15.96x 17.21x 16.65x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

5.55 3.76 1.58 2.09 165.8% 59.9% 1.37 2.98 37.88 45.09 45.95 34.98

Sales/Revenue/Turnover

8.00

200'000.0

7.00

180'000.0 160'000.0

6.00

140'000.0

5.00

120'000.0

4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 02.01.2009

d-11

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 106'832.7 0.58x 10'604.6 5.84x 3'551.0 11.17x

10

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Alfa SAB de CV Holdings By:

All

Holder Name NACIONAL FINANCIERA BLACKROCK FUND ADVIS VANGUARD GROUP INC GRUPO FIN BANAMEX SA GRUPO FINANCIERO BBV BLACKROCK INVESTMENT INVESTEC ASSET MANAG GARTMORE INVESTMENT IMPULSORA DEL FONDO PRINCIPAL FINANCIAL MASSACHUSETTS FINANC DIMENSIONAL FUND ADV GESTION SANTANDER ME DEUTSCHE BANK AG BANK OF NEW YORK MEL JOHN HANCOCK ADVISER DIMENSIONAL FUND ADV BLACKROCK GROUP LIMI SOL CAPITAL MANAGEME MORGAN STANLEY

Firm Name Scotia Capital Morgan Stanley Vector Servicios Financieros HSBC GBM Banorte-IXE BBVA Invex Casa de Bolsa SA de CV EVA Dimensions Grupo Santander Interacciones Casa de Bolsa

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios SOL CAPITAL MANAGEME Multiple Portfolios

Analyst MARCOS DURAN Y CASAHONDA NIKOLAJ LIPPMANN RAFAEL ESCOBAR JUAN CARLOS MATEOS LILIAN OCHOA CARLOS HERMOSILLO PABLO ABRAHAM P MARTIN GONZALEZ BADILLO TEAM COVERAGE LUIS MIRANDA MARCO REYES

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG

Recommendation sector underperform Overwt/No Rating buy overweight market underperform hold underperform sell hold hold buy

Amt Held 119'085'144 93'996'132 81'394'657 38'084'525 35'519'202 23'250'000 12'531'000 12'525'660 12'090'000 9'887'770 9'230'420 8'489'260 8'356'750 8'324'500 7'178'000 6'504'200 6'306'230 6'177'370 6'106'100 6'061'430

% Out 2.31 1.83 1.58 0.74 0.69 0.45 0.24 0.24 0.23 0.19 0.18 0.16 0.16 0.16 0.14 0.13 0.12 0.12 0.12 0.12

Weighting

Change 1 5 5 5 2 3 1 1 3 3 5

M M M M M M M M U D N

Latest Chg 30'610 660'800 3'807'460 6'959'025 120'952 9'310'000 (153'000) (105'000) 3'224'258 (1'380) 2'734'770 2'870'000 5'495'490 473'000

Target Price 24 25 29 29 23 22 23 23 #N/A N/A 18 18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.11.2012 27.11.2012 30.09.2012 28.09.2012 27.11.2012 31.07.2012 30.09.2012 30.09.2012 30.09.2012 31.10.2012 30.09.2012 31.01.2012 28.09.2012 28.09.2012 27.11.2012 30.04.2011 31.08.2012 27.11.2012 30.09.2012 30.09.2012

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 14.11.2012 09.11.2012 01.11.2012 22.10.2012 16.10.2012 16.10.2012 16.10.2012 15.10.2012 27.08.2012 15.09.2011 30.03.2011


29.11.2012

Mexichem SAB de CV Mexichem SAB de CV produces a diverse portfolio of chemical and petrochemical products. The Company's products include poly-vinyl chloride, or "PVC", pipe and resin and hydrofluoric acid.

Price/Volume 70

45.0 M

60

40.0 M 35.0 M

50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2012) 52-Week Low (06.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MEXCHEM*MM EQUITY YTD Change MEXCHEM*MM EQUITY YTD % CHANGE

12/2011 09/yy 66.49 40.35 2'960'449.00 63.65 -4.27% 57.76% 89.14% 2'100.0 133'665.00 20'628.48 0.0 72.0 7'675.50 160'048.61

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

30

20.0 M 15.0 M

20

10.0 M

10

5.0 M

0 n-11

31.12.2008 31.12.2009 31'071.5 30'647.0 0.93x 1.66x 5'235.7 6'175.0 5.51x 8.24x 115.4 2'969.3 162.21x 14.49x Profitability

LTM-4Q 31.12.2010 36'471.6 2.48x 8'123.8 11.12x 3'912.6 19.55x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 49'047.4 1.88x 10'271.3 8.96x 2'711.2 28.46x 10'271.28 7'282.75 14.85% 9.12% 6.65% 18.99% 13.53% 0.85% 32.4% 21.0% 14.8% 5.5% 1.58 1.15 34.12% 85.98% 5.00 5.07

Price/ Cash Flow

j-12

f-12 m-12

LTM

09/yy 46'329.4 8.02x 9'878.8 8.98x 3'541.6 20.37x

a-12 m-12

09/yy 61'185.9 7.61x 12'863.2 10.83x 4'761.8 23.58x

j-12

j-12

a-12

s-12

o-12

FY+1

0.95 45.12% 49.65% 0.947 13 3.923 2'270'001 3'263'139 4'404'732 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 69'306.8 80'817.9 23'335.0 2.25x 1.92x 14'642.0 16'771.4 3'839.0 3'899.0 10.93x 9.54x 9.96x 9.72x 6'267.6 7'328.4 1'747.0 19.22x 17.24x 16.42x 14.67x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

22.07.2011 BBBSTABLE 7.43 5.27 2.03 2.60 86.0% 46.2% 0.85 2.35 73.22 72.24 87.30 53.48

Sales/Revenue/Turnover

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 02.01.2009

.0 M d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 23'017.3 1.35x 4'354.1 7.15x 1'823.2 12.55x

30.0 M

40

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Mexichem SAB de CV Holdings By:

All

Holder Name GRUPO EMPRESARIAL KA VANGUARD GROUP INC NACIONAL FINANCIERA BLACKROCK FUND ADVIS GRUPO FIN BANAMEX SA GRUPO FINANCIERO BBV GARTMORE INVESTMENT SCHRODER INVESTMENT IMPULSORA DEL FONDO FIDELITY MANAGEMENT AVIVA PLC MORGAN STANLEY PRINCIPAL FINANCIAL AMUNDI LUXEMBOURG SA DEUTSCHE BANK AG ADVANCED SERIES TRUS MASSACHUSETTS FINANC GESTION SANTANDER ME DIMENSIONAL FUND ADV OPERADORA GBM SA DE

Firm Name Banorte-IXE BBVA GBM Scotia Capital JPMorgan EVA Dimensions Invex Casa de Bolsa SA de CV HSBC Credit Suisse Grupo Santander Vector Servicios Financieros

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios AST INTERNATIONAL GR Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst RAQUEL MOSCOSO JEAN-BAPTISTE BRUNY FERNANDO PEREZ LIZARDI MARCOS DURAN Y CASAHONDA CAIO M CARVALHAL TEAM COVERAGE OCTAVIO DIAZ ESCAMILLA JUAN CARLOS MATEOS VANESSA QUIROGA LUIS MIRANDA GASPAR QUIJANO

Source Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-USA MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy underperform market perform sector perform overweight hold hold overweight outperform buy buy

Amt Held 871'424'000 32'980'963 25'657'188 18'958'075 10'765'855 8'292'004 7'022'111 6'002'625 3'630'396 3'553'369 3'465'979 3'096'836 2'991'264 2'707'284 2'532'134 2'387'903 2'356'720 1'857'873 1'733'236 1'578'472

% Out 41.5 1.57 1.22 0.9 0.51 0.39 0.33 0.29 0.17 0.17 0.17 0.15 0.14 0.13 0.12 0.11 0.11 0.09 0.08 0.08

Weighting

Change 5 1 3 3 5 3 3 5 5 5 5

M M M M N U M M M M M

Latest Chg 446'970 6'595 164'600 525'235 (15'265) (67'700) (878'528) 37'316 (474'400) 708'864 10'420 84'488 (3'600) (89'495) 4'500

Target Price 80 65 70 69 81 #N/A N/A 68 75 67 80 57

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.09.2012 30.09.2012 26.11.2012 27.11.2012 28.09.2012 27.11.2012 30.09.2012 30.09.2012 30.09.2012 31.08.2012 28.09.2012 30.09.2012 31.10.2012 29.06.2012 28.09.2012 28.09.2012 30.09.2012 28.09.2012 31.01.2012 28.09.2012

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.11.2012 28.11.2012 27.11.2012 27.11.2012 26.11.2012 26.11.2012 12.11.2012 31.10.2012 14.09.2012 31.07.2012 27.01.2012


29.11.2012

Koza Anadolu Metal Madencilik Isletmeleri AS Koza Anadolu Metal Madencilik Isletmeleri AS designs and prints invitations and greeting cards. The Company exports its products to Asia, Europe, the United States, Canada, and Mexico. Koza Anadolu Metal Madencilik Isletmeleri AS operates a sales and distribution center in New York. The Company also added copper, lead and zinc mining to its activities.

Price/Volume 6

70.0 M 60.0 M

4

50.0 M

3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.11.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KOZAA TI EQUITY YTD Change KOZAA TI EQUITY YTD % CHANGE

12/2011 09/yy 5.64 1.47 14'410'652.00 5.58 -0.71% 279.43% 96.11% 388.1 2'165.49 34.21 0.0 486.0 696.14 1'826.56

31.12.2007 186.1 3.88x 93.1 7.76x 38.3 17.74x

40.0 M 30.0 M

2

20.0 M 1

10.0 M

0 n-11

31.12.2008 31.12.2009 231.6 388.1 1.03x 2.61x 78.3 220.7 3.06x 4.59x 13.2 62.1 12.96x 15.07x Profitability

LTM-4Q 31.12.2010 541.5 1.32x 317.0 2.26x 420.6 2.13x

31.12.2011 890.5 0.38x 587.8 0.57x 174.0 2.94x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

587.81 505.41 56.76% 58.27% 15.19% 26.15% 0.72% 71.2% 69.3% 61.2% 19.5% 4.57 3.74 2.17% 4.07% 35.97 3.57

Price/ Cash Flow

09/yy 724.6 3.03x 447.8 1.46x 139.1 5.57x

j-12

f-12

m-12

a-12

LTM 09/yy 1'195.2 1.88x 651.3 0.00x 240.8 6.44x

m-12

j-12

j-12

a-12

s-12

o-12

FY+1

.0 M n-12

0.83 218.66% 239.18% 0.831 7 4.000 15'339'110 16'962'720 10'890'860 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'234.3 1'327.8 1.29x 0.93x 734.8 787.2 2.49x 2.32x 276.3 292.5 12.21x 10.77x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1259.47 713.10 -1.16 0.09 4.1% 2.5% 0.72 2.02 10.18 102.56 47.87 52.77

Sales/Revenue/Turnover

4.00

1'000.0

3.50

900.0 800.0

3.00

700.0

2.50

600.0

2.00

500.0 400.0

1.50

300.0

1.00

200.0

0.50

100.0

0.00 02.01.2009

d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M

5

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Koza Anadolu Metal Madencilik Isletmeleri AS Holdings By:

All

Holder Name IPEK MATBAACILID INVESCO LTD SWEDBANK ROBUR FONDE OPPENHEIMERFUNDS INC NOBLE FUNDS TFI SA DWS INVESTMENT S A PICTET ASSET MANAGEM BLACKROCK GROUP LIMI ALLIANZ GLOBAL INVES SOMPO JP NIHON KOA A PICTET ASSET MANAGEM BNP PARIBAS ASSET MG BLACKROCK FUND ADVIS SCHRODER INVESTMENT DIMENSIONAL FUND ADV VANGUARD GROUP INC DWS INVESTMENT SA BZ WBK TOWARZYSTWO F ROBECO INVESTOR SERV ALLIANZ GLOBAL INV O

Firm Name EFG Istanbul Securities Ekspres Invest Garanti Yatirim Menkul Kiymetler Global Menkul Degerler FinansInvest Deutsche Bank ATA Invest IS Investment & Securities

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios PICTET FUNDS - EASTE Multiple Portfolios Multiple Portfolios Multiple Portfolios PICTET TARGETED FUND Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ECE MANDACI ALPER AKALIN HALIL IBRAHIM KAHVE BERTAN ILBAK UGUR OZKER MUHARREM GULSEVER ISMAIL OZER BURAK BERKI

Source Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-LUX MF-AGG MF-AGG MF-AGG MF-LUX MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold hold outperform buy neutral buy market outperform not rated

Amt Held 101'385'900 5'198'081 3'728'398 3'230'000 3'157'013 2'650'000 2'557'299 2'457'066 1'729'127 1'660'000 1'563'339 1'550'000 1'372'287 1'282'333 1'235'453 1'170'175 1'100'000 1'033'217 893'267 769'411

% Out 26.13 1.34 0.96 0.83 0.81 0.68 0.66 0.63 0.45 0.43 0.4 0.4 0.35 0.33 0.32 0.3 0.28 0.27 0.23 0.2

Weighting

Change

3 3 5 5 3 5 4 #N/A N/A

M D U M M M M M

Latest Chg (1'220'119) 2'414'199 400'000 1'729'127 1'323'632 1'550'000 6'464 131'071 109'051 (7'878)

Target Price 4 6 7 6 5 4 5 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.03.2009 30.09.2012 30.06.2012 30.09.2012 29.06.2012 28.09.2012 31.08.2012 27.11.2012 28.09.2012 05.03.2012 31.08.2012 31.08.2012 27.11.2012 30.09.2012 31.07.2012 30.09.2012 28.09.2012 30.06.2012 28.09.2012 31.10.2012

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 26.11.2012 07.11.2012 06.11.2012 06.09.2012 22.08.2012 06.06.2012 27.04.2012 20.12.2010


29.11.2012

Bank Rakyat Indonesia Persero Tbk PT PT Bank Rakyat Indonesia (Persero) Tbk provides commercial banking activities and its related services. The Bank also provides banking activities based on syariah principles.

Price/Volume 9000

120.0 M

8000

100.0 M

7000 6000

80.0 M

5000

12/2011 09/yy 7'850.00 5'150.00 23'702'500.00 7200 -8.28% 39.81% 74.07% 24'669.2 177'617'968.00 19'361'048.00 0.0 45'769.0 ########### -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3000

40.0 M

2000

20.0 M

1000 0 n-11 d-11

j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 24'984'650.0 4'838'001.0 18.33x

60.0 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBRI IJ EQUITY YTD Change BBRI IJ EQUITY YTD % CHANGE

31.12.2008 31.12.2009 30'432'515.0 38'635'691.0 5'958'368.0 7'308'292.0 9.21x 12.55x Profitability

LTM-4Q 31.12.2010 50'159'369.0 11'472'385.0 10.98x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

FY+1

.0 M n-12

1.28 10'669.41 12.79% 8.61% 1.283 34 4.441 26'891'200 31'084'400 27'857'120 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 53'941'703.0 ######### ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 15'082'939.0 ######### ######### ######### ######### ######### 10.73x 9.20x 10.03x 10.44x 9.37x S&P Issuer Ratings - Long-Term Rating Date 02.05.2012 - Long-Term Rating BB+ 43.74% Long-Term Outlook STABLE 46.65% Short-Term Rating Date 02.05.2012 4.03% Short-Term Rating B 34.04% Credit Ratios 25.22% EBITDA/Interest Exp. 0.12% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 38.9% 37.5% Total Debt/Capital 28.0% Asset Turnover 0.12 - Net Fixed Asset Turnover 25.40 - Accounts receivable turnover-days 4.12% Inventory Days 38.90% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

45.00

60'000'000.0

40.00

50'000'000.0

35.00

40'000'000.0

30.00 25.00

30'000'000.0

20.00

20'000'000.0

15.00 10.00

10'000'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Bank Rakyat Indonesia Persero Tbk PT Holdings By:

All

Holder Name REPUBLIC OF INDONESI VANGUARD GROUP INC FIDELITY INTERNATION FRANKLIN RESOURCES I WILLIAM BLAIR & COMP BLACKROCK FUND ADVIS CAPITAL WORLD INVEST SCHRODER INVESTMENT EASTSPRING INVESTMEN FIDELITY MANAGEMENT MASSACHUSETTS FINANC ROBECO INVESTOR SERV PANIN SEKURITAS EASTSPRING INVESTMEN BLACKROCK GROUP LIMI MANULIFE ASET MANAJE HARDING LOEVNER LP CARMIGNAC GESTION JYSKE INVEST JO HAMBRO CAPITAL MA

Firm Name DBS Vickers OSK (Asia) Securities Indo Premier Securities Trimegah Securities Tbk PT Bahana Securities Nomura Standard Chartered CIMB Andalan Artha Advisindo Sekuritas PT PT Batavia Prosperindo Sekuritas Morgan Stanley JPMorgan HSBC RHB Research Institute Sdn Bhd Samuel Sekuritas Indonesia Sucorinvest Central Gani UOB Kay Hian Credit Suisse Kim Eng Securities Daiwa Securities Co. Ltd. EVA Dimensions BNP Paribas Equity Research Macquarie Deutsche Bank Mandiri Sekuritas PT/Indonesia BNI Securities PT Sinarmas Sekuritas AmCapital Indonesia Ciptadana Sekuritas Danareksa

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SUE LIN LIM ROCKY INDRAWAN AGUS PRAMONO ROBBY HAFIL TEGUH P. HARTANTO STEPHAN HASJIM JAJ SINGH MULYA CHANDRA A INDRAJATRI ANDY FERDINAND NICK LORD ADITYA SRINATH LOO KAR WENG ALEXANDER CHIA JOSEPH PANGARIBUAN ISFHAN HELMY RUFINA TAM TEDDY OETOMO RAHMI SARI MARINA SRIKANTH VADLAMANI TEAM COVERAGE TEAM COVERAGE NICOLAOS OENTUNG RAYMOND KOSASIH VERDI BUDIMAN NORICO GAMAN JANSEN KUSTIANTO YAP SWIE CU SYAIFUL ADRIAN CHRISTOPHER KELVIN

Source EXCH MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy in-line underperform buy buy Overwt/Attractive overweight underweight outperform hold buy buy outperform buy hold hold buy outperform buy buy buy accumulate buy buy buy

Amt Held 13'999'749'497 472'920'198 459'940'420 360'892'000 241'713'321 180'695'294 168'192'000 101'080'000 96'924'500 90'882'471 67'358'000 62'229'425 59'094'000 53'950'000 53'071'753 50'075'000 47'900'000 47'423'359 46'225'260 44'188'567

% Out 56.75 1.92 1.86 1.46 0.98 0.73 0.68 0.41 0.39 0.37 0.27 0.25 0.24 0.22 0.22 0.2 0.19 0.19 0.19 0.18

Weighting

Change 5 5 5 5 5 5 3 1 5 5 5 5 1 5 3 5 5 5 5 3 3 5 5 5 5 5 4 5 5 5

M M M M M M M M M M M M D M M M M M M D U M M M M M M M M M

Latest Chg 12'259'500 (20'644'666) (61'425'500) 131'200'500 1'874'500 (8'993'000) (5'246'347) 414'000 1'900'000 7'760'000 861'000 1'714'751 2'659'500 177'500

Target Price 8'850 8'800 8'300 9'300 8'500 9'600 7'316 7'400 8'200 8'200 8'182 8'700 6'000 8'700 7'800 9'800 9'000 9'100 8'500 7'750 #N/A N/A 9'000 9'000 8'750 8'100 9'000 7'500 8'800 8'600 7'550

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.04.2012 Government 30.09.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 12.07.2013 Mutual Fund Manager 29.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2011 Mutual Fund Manager 16.04.2012 Investment Advisor 27.11.2012 Investment Advisor 31.12.2010 Mutual Fund Manager 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 29.11.2012 27.11.2012 27.11.2012 26.11.2012 26.11.2012 23.11.2012 21.11.2012 16.11.2012 05.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 25.09.2012 11.09.2012 27.08.2012 23.08.2012 27.04.2012 20.04.2012 11.04.2012 26.03.2012 29.02.2012 05.12.2011


29.11.2012

Nestle Nigeria PLC Nestle Nigeria Plc. manufactures, markets and distributes food products throughout Nigeria. The company also manufactures Hydrolysed plant protein mix and other food products based on its local agricultural raw materials under its backyard integration program.

Price/Volume 800

3.5 M

700

3.0 M

600

2.5 M

500

Latest Fiscal Year: LTM as of: 52-Week High (23.10.2012) 52-Week Low (29.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NESTLE NL EQUITY YTD Change NESTLE NL EQUITY YTD % CHANGE

12/2011 09/yy 695.50 400.00 87'062.00 640.92 -7.85% 60.23% 81.22% 792.7 508'029.22 32'931.93 0.0 0.0 1'069.89 535'242.76

31.12.2007 44'027.5 9'625.0 5'441.9 31.49x

1.5 M

300 200

1.0 M

100

.5 M

0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

400

Valuation Analysis

31.12.2008 31.12.2009 51'742.3 68'317.3 2.38x 2.51x 13'168.4 17'297.5 9.36x 9.91x 8'331.6 9'783.6 15.18x 16.17x Profitability

LTM-4Q 31.12.2010 80'108.7 3.32x 21'176.0 12.56x 12'602.1 19.32x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 97'961.3 3.93x 24'777.5 15.54x 16'808.8 21.02x 24'777.49 21'712.05 22.16% 18.93% 24.49% 87.64% 40.68% 1.43% 41.6% 25.3% 22.2% 17.2% 0.94 0.25 42.80% 140.18% 19.96 6.22

Price/ Cash Flow

LTM

FY+1

.0 M n-12

1.96 0.66 64.41% 47.56% 0.656 13 3.154 161'782 183'151 155'793 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 87'694.0 112'086.4 120'581.5 144'773.1 11.92x 13.63x 4.37x 3.58x 0.0 0.0 29'557.6 36'739.2 0.00x 0.00x 18.11x 14.57x 12'215.7 23'057.7 20'900.9 26'476.4 0.00x 20.11x 24.59x 19.49x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

7.75 2.10 1.29 1.33 140.2% 58.4% 1.43 2.07 18.28 58.73 36.23 40.78

Sales/Revenue/Turnover

35.00

120'000.0

30.00

100'000.0

25.00

80'000.0

20.00

60'000.0 15.00

40'000.0 10.00

20'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Nestle Nigeria PLC Holdings By:

All

Holder Name NESTLE CWA LTD NESTLE SA ARTIO GLOBAL MANAGEM T ROWE PRICE ASSOCIA GOLDMAN SACHS ASSET EATON VANCE MANAGEME ABERDEEN INVESTMENT LOMBARD ODIER DARIER JP MORGAN INVESTMENT NORDEA INV MANAGEMEN GOLDMAN SACHS GROUP DWS INVESTMENT SA HOLBERG FONDSFORVALT OSUNKEYE OLUSEGUN OL JULIUS BAER MULTICOO FRANKLIN TEMPLETON I WILLIAM BLAIR & COMP PRUDENTIAL FINANCIAL OFI ASSET MANAGEMENT JULIUS BAER MULTICOO

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a JB MULTIPARTNER WMP FRANKLIN TEMPLETON I WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios JULIUS BAER MULTISTO

Analyst

FBN Capital Ltd ROTIMI OBENDE African Alliance Research ADDINGTON JERAHUNI Asset and Resource Management IFEOMA NWAFOR CSL OMOTAYO OYEGUNLE Meristem Securities Ltd ROBERT OMOTUNDE Morgan Stanley MARYIA BERASNEVA Vetiva Capital Management Ltd ADEDOYIN ADELAKUN First Securities Discount TEAM COVERAGE BPI UMULINGA KARANGWA Exotix Limited BINTA CISSE DRAVE Imara FARAI VENGESAI BGL Plc FEMI ADEMOLA Standard Bank Plc BUNMI NJUGO Cordros Capital Limited TEAM COVERAGE Thaddeus Investment Advisor & Research JUDE FEJOKWU

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-CHE MF-LUX 13F MF-AGG MF-AGG MF-LUX

Recommendation neutral accumulate sell not rated buy Equalwt/In-Line reduce buy hold hold hold buy sell neutral neutral

Amt Held 472'308'322 29'441'984 2'946'860 1'633'780 949'095 839'460 750'500 698'698 494'500 430'000 358'413 357'500 310'430 300'000 287'502 214'241 155'188 135'604 128'000 104'420

% Out 59.59 3.71 0.37 0.21 0.12 0.11 0.09 0.09 0.06 0.05 0.05 0.05 0.04 0.04 0.04 0.03 0.02 0.02 0.02 0.01

Weighting

Change

3 4 1 #N/A N/A 5 3 2 5 3 3 3 5 1 3 3

M D M M M M D N N N N U M M M

Latest Chg (1'008'848) (225'292) (368'169) 24'500 130'000 40'000 214'241 155'188 (815)

Target Price 616 695 479 #N/A N/A 357 396 447 443 464 449 490 454 389 388 253

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 31.12.2011 31.07.2012 30.09.2012 29.06.2012 31.08.2012 12.11.2012 30.09.2012 30.06.2012 29.06.2012 30.09.2012 28.09.2012 31.10.2012 31.12.2011 31.07.2012 30.06.2012 30.09.2012 31.08.2012 29.06.2012 31.07.2012

Date 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 20.11.2012 15.11.2012 05.11.2012 01.11.2012 02.08.2012 17.07.2012 10.07.2012 18.06.2012 12.05.2012 05.04.2012 30.03.2012 29.02.2012 22.02.2012 25.10.2011 22.09.2010


29.11.2012

Talaat Moustafa Group Talaat Moustafa Group is a real estate and tourism investment organization, developing luxury real estate properties in the Middle East and North Africa Regions.

Price/Volume 6

16.0 M 14.0 M

5

12.0 M 4

Latest Fiscal Year: LTM as of: 52-Week High (18.09.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TMGH EY EQUITY YTD Change TMGH EY EQUITY YTD % CHANGE

12/2011 09/yy 5.86 2.75 4'620'145.00 3.88 -33.79% 41.09% 34.08% 2'063.6 8'006.62 3'226.10 0.0 1'349.8 448.14 12'643.86

31.12.2007 1'875.7 12.91x 642.2 37.71x 1'341.0 18.11x

8.0 M 6.0 M

2

4.0 M 1

2.0 M

0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

3

Valuation Analysis

31.12.2008 31.12.2009 5'420.9 4'822.1 1.53x 3.49x 1'781.2 1'260.2 4.65x 13.37x 1'442.7 1'106.2 2.88x 12.51x Profitability

LTM-4Q 31.12.2010 5'339.4 3.86x 1'211.2 17.01x 940.0 18.48x

31.12.2011 5'098.1 2.01x 859.4 11.91x 577.5 10.58x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

859.43 715.08 14.03% 11.87% 0.96% 2.06% 1.97% 0.07% 23.3% 20.7% 17.2% 11.3% 1.54 0.03 5.99% 12.93% 21.82 0.17

Price/ Cash Flow

09/yy 5'168.5 11.38x 895.2 12.96x 570.2 13.35x

LTM 09/yy 3'934.5 13.35x 815.9 19.47x 517.2 21.74x

FY+1

.0 M n-12

1.22 978.07 6.01% 31.08% 1.216 11 4.182 3'897'818 3'472'371 5'295'271 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 4'959.4 6'648.0 1'221.5 1'490.0 2.46x 1.78x 1'027.3 1'519.1 274.0 12.31x 8.32x 634.4 967.0 12.48x 8.36x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.64 3.81 3.75 4.47 12.9% 10.9% 0.07 0.87 16.78 2119.41 26.64 1346.96

Sales/Revenue/Turnover

90.00

6'000.0

80.00

5'000.0

70.00

4'000.0

60.00 50.00

3'000.0

40.00

2'000.0

30.00 20.00

1'000.0

10.00 0.00 01.01.2009

0.0 01.07.2009

01.01.2010

01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Talaat Moustafa Group Holdings By:

All

Holder Name TMG INVESTMENT MISR INSURANCE COMPA EGYPT LIFE INSURANCE BANQUE MISR VANGUARD GROUP INC BANQUE DU CAIRE EXPORT DEVELOPMENT B EATON VANCE MANAGEME VAN ECK ASSOCIATES C EGYPT POST GOLDMAN SACHS ASSET STATE STREET CORP DWS INVESTMENT SA GOLDMAN SACHS GROUP EATON VANCE ADVISORS FRANKLIN RESOURCES I ROBECO FUND MANAGEME NOMURA ASSET MANAGEM PICTET & CIE NORDEA INVESTMENT FU

Firm Name EVA Dimensions JPMorgan Pharos Holdings Prime National Bank of Kuwait HSBC Goldman Sachs Beltone Financial HC Securities and Investment EFG-Hermes CI Capital Holdings Deutsche Bank

Portfolio Name #N/A N/A #N/A N/A n/a #N/A N/A Multiple Portfolios #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TEAM COVERAGE MUNEEZA HASAN MONSEF MORSY REHAB TAHA LOIC PELICHET PATRICK GAFFNEY ESHAN TOORABALLY AHMED KHALIL NEMAT ALLAH CHOUCRI JAN PAWEL HASMAN HANY MOHAMED SAMY ATHMANE BENZERROUG

Source EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight neutral buy accumulate buy overweight Sell/Neutral buy neutral buy strong buy hold

Amt Held 971'666'601 49'826'199 43'032'023 43'006'075 13'389'315 9'442'632 6'817'061 5'289'620 5'244'679 3'653'970 2'799'756 2'300'079 1'800'000 1'412'357 1'069'003 910'000 841'625 680'092 676'412 615'000

% Out 47.09 2.41 2.09 2.08 0.65 0.46 0.33 0.26 0.25 0.18 0.14 0.11 0.09 0.07 0.05 0.04 0.04 0.03 0.03 0.03

Weighting

Change 5 3 5 4 5 5 1 5 3 5 5 3

D M M D M M D M M M M M

Latest Chg 63'000 442'000 1'790'000 402'118 (646'404) -

Target Price #N/A N/A 5 6 5 7 7 5 6 5 9 6 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Other 30.06.2012 Insurance Company 30.06.2012 n/a 30.06.2012 Bank 30.09.2012 Investment Advisor 30.06.2012 Bank 30.06.2012 Bank 31.08.2012 Investment Advisor 27.11.2012 Investment Advisor 30.06.2012 Government 29.06.2012 Investment Advisor 27.11.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 17.10.2011 Investment Advisor 31.08.2012 Mutual Fund Manager 28.09.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month

Date 26.11.2012 21.11.2012 14.11.2012 13.11.2012 11.11.2012 22.10.2012 01.10.2012 18.09.2012 13.08.2012 09.08.2012 12.03.2012 18.04.2011


29.11.2012

Gudang Garam Tbk PT PT Gudang Garam Tbk manufactures and distributes cigarettes and operates activities related to the cigarette industry. Through its subsidiaries, the Company also operates in the paper-related activities.

Price/Volume 70000

8.0 M

60000

7.0 M

50000

6.0 M 5.0 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.12.2011) 52-Week Low (27.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GGRM IJ EQUITY YTD Change GGRM IJ EQUITY YTD % CHANGE

12/2011 09/yy 67'000.00 45'900.00 906'000.00 52650 -21.42% 14.71% 28.91% 1'924.1 101'303'232.00 6'163'978.00 0.0 152'906.0 1'094'895.00 109'413'593.20

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

20000

2.0 M

10000

1.0 M

0 n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 28'158'428.0 0.72x 3'220'740.0 6.31x 1'443'585.0 11.33x

4.0 M

30000

31.12.2008 31.12.2009 30'251'643.0 32'973'080.0 0.38x 1.32x 3'911'470.0 5'941'376.0 2.91x 7.32x 1'880'492.0 3'455'702.0 4.35x 12.00x Profitability

LTM-4Q 31.12.2010 37'691'997.0 2.08x 6'659'366.0 11.79x 4'146'282.0 18.56x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

FY+1

1.05 470.44 -14.40% -13.64% 1.049 18 3.444 2'788'800 1'430'850 1'376'008 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 41'884'352.0 ######### ######### ######### ######### ######### ######### 2.98x 8.86x 9.69x 2.25x 2.00x 7'716'348.0 ######### ######### ######### ######### 16.15x 13.77x 14.00x 15.52x 12.50x 4'894'057.0 ######### ######### ######### ######### ######### ######### 24.39x 20.52x 21.75x 23.08x 17.95x 18.03x 17.14x S&P Issuer Ratings 7'716'348.00 Long-Term Rating Date 6'838'642.00 Long-Term Rating 16.33% Long-Term Outlook 15.79% Short-Term Rating Date 10.92% Short-Term Rating 16.87% Credit Ratios 13.91% EBITDA/Interest Exp. 1.25% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 24.2% Total Debt/EBITDA 14.8% Reference 12.7% Total Debt/Equity 11.7% Total Debt/Capital Asset Turnover 2.24 Net Fixed Asset Turnover 0.15 Accounts receivable turnover-days 15.77% Inventory Days 25.26% Accounts Payable Turnover Day 43.22 Cash Conversion Cycle 1.51

Price/ Cash Flow

.0 M n-12

30.50 23.27 1.15 1.36 25.3% 20.1% 1.25 5.37 8.47 242.16 3.07 276.23

Sales/Revenue/Turnover

300.00

45'000'000.0 40'000'000.0

250.00

35'000'000.0 30'000'000.0

200.00

25'000'000.0 150.00

20'000'000.0 15'000'000.0

100.00

10'000'000.0 50.00 0.00 02.01.2009

5'000'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Gudang Garam Tbk PT Holdings By:

All

Holder Name SURYADUTA INVESTAMA SURYAMITRA KUSUMA PT SCHRODER INVESTMENT VANGUARD GROUP INC FIDELITY INTERNATION BLACKROCK FUND ADVIS HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG PANIN SEKURITAS EASTSPRING INVESTMEN MANULIFE ASET MANAJE VAN ECK ASSOCIATES C BANQUE DE LUXEMBOURG INVESCO LTD FORTIS INVESTMENTS P BLACKROCK GROUP LIMI AMUNDI JAPAN FIRST STATE INVESTME AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV

Firm Name Credit Suisse CIMB Nomura Mandiri Sekuritas PT/Indonesia Kim Eng Securities Bahana Securities Sucorinvest Central Gani Macquarie Trimegah Securities Tbk PT Samuel Sekuritas Indonesia OSK (Asia) Securities Deutsche Bank EVA Dimensions Ciptadana Sekuritas Danareksa BNI Securities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ELLA NUSANTORO ERWAN TEGUH TEH JANNI ASMAN OCTAVIUS OKY PRAKARSA KATARINA SETIAWAN HARRY SU ISFHAN HELMY LYALL TAYLOR IVAN CHAMDANI JOSEPH PANGARIBUAN WILLINOY SITORUS REGGY SUSANTO TEAM COVERAGE MITCHEL JAUWANTO MARDESIANA AKHMAD NURCAHYADI

Source EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform outperform buy buy hold hold buy neutral hold hold neutral buy underweight buy not rated buy

Amt Held 1'333'200'584 120'447'910 29'039'000 20'748'273 13'696'740 8'765'242 7'739'830 5'185'247 5'030'000 3'797'500 2'278'000 1'966'500 1'842'000 1'804'500 1'780'000 1'699'000 1'691'500 1'591'000 1'573'290 1'284'000

% Out 69.29 6.26 1.51 1.08 0.71 0.46 0.4 0.27 0.26 0.2 0.12 0.1 0.1 0.09 0.09 0.09 0.09 0.08 0.08 0.07

Weighting

Change

1 5 5 5 3 3 5 3 3 3 3 5 1 5 #N/A N/A 5

M M M M M M M M M M M M D M M M

Latest Chg 876'365 (10'330) 87'000 795'500 (700'000) 14'000 1'247'000 (544'500) 3'000 (17'500) -

Target Price 44'600 69'000 67'500 58'000 55'300 55'000 46'450 50'000 54'500 53'000 52'000 60'700 #N/A N/A 59'750 #N/A N/A 63'100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.04.2012 30.04.2012 12.07.2013 30.09.2012 29.02.2012 27.11.2012 28.09.2012 29.06.2012 31.12.2011 29.06.2012 31.12.2010 27.11.2012 30.09.2012 30.09.2012 31.12.2011 27.11.2012 15.09.2011 31.12.2010 28.09.2012 31.01.2012

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Government n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 27.11.2012 27.11.2012 27.11.2012 27.11.2012 26.11.2012 26.11.2012 07.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 29.10.2012 06.09.2012 07.08.2012 07.06.2012 30.04.2012


29.11.2012

TAV Havalimanlari Holding AS TAV Havalimanlari Holding AS is an airport operator. The Company operates in airports in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia and Latvia. TAV Havalimanlari provides service in all areas of airport operations such as duty-free, food and beverage, ground handling, IT, security and operations.

Price/Volume 12

7.0 M

10

6.0 M 5.0 M

8

Latest Fiscal Year: LTM as of: 52-Week High (31.07.2012) 52-Week Low (16.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TAVHL TI EQUITY YTD Change TAVHL TI EQUITY YTD % CHANGE

12/2011 09/yy 10.10 7.52 169'122.00 8.76 -12.87% 16.49% 49.61% 363.3 3'182.34 2'991.93 0.0 213.1 186.58 6'006.35

31.12.2007 866.0 4.88x 387.1 10.91x (68.1) -

3.0 M

4

2.0 M

2 0 n-11

1.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

6

Valuation Analysis

31.12.2008 31.12.2009 1'466.3 1'844.2 2.04x 2.44x 435.7 512.3 6.88x 8.80x 7.7 108.7 105.06x 15.85x Profitability

LTM-4Q 31.12.2010 1'501.2 3.59x 537.5 10.04x 99.0 27.45x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 2'037.6 2.92x 351.4 16.92x 122.6 23.88x 351.39 285.35 14.00% 10.45% 5.34% 23.70% 9.96% 0.44% 30.7% 18.6% 15.5% 6.0% 1.61 0.36 58.82% 257.63% 7.05 30.89

Price/ Cash Flow

09/yy 1'940.1 11.62x 445.9 13.03x 112.4 23.78x

LTM 09/yy 2'307.2 10.54x 428.1 14.15x 277.9 11.63x

FY+1

.0 M n-12

0.78 16.48% 11.57% 0.777 25 4.400 489'818 899'635 961'023 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'417.8 2'707.3 580.0 510.5 2.27x 2.06x 9.06x 10.49x 694.9 800.7 150.0 97.8 8.64x 7.50x 7.79x 7.53x 244.1 306.7 28.3 (0.7) 16.04x 9.51x 13.06x 11.79x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1.81 1.26 6.12 7.00 257.6% 68.5% 0.44 5.37 51.89 11.85 29.48 18.99

Sales/Revenue/Turnover

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0 2.00

500.0

1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

TAV Havalimanlari Holding AS Holdings By:

All

Holder Name AEROPORTS DE PARIS AKFEN HOLDING AS TEPE INSAAT SANAYI SERA YAPI ENDUSTRISI VANGUARD GROUP INC FIDELITY MANAGEMENT BNP PARIBAS ASSET MG SCHRODER INVESTMENT DEUTSCHE BANK AG BLACKROCK FUND ADVIS WASATCH ADVISORS INC F&C FUND MANAGEMENT T ROWE PRICE ASSOCIA AMERICAN CENTURY COM GOLDMAN SACHS ASSET JPMORGAN ASSET MANAG BLACKROCK GROUP LIMI SHINHAN BNP PARIBAS NISSAY ASSET MANAGEM DWS INVESTMENT S A

Firm Name Erste Bank Eczacibasi Securities Seker Securities FinansInvest Renaissance Capital Yatirim Finansman Securities Ekspres Invest Garanti Yatirim Menkul Kiymetler Yapi Kredi Yatirim ve Menkul Degerler BGC Partners EFG Istanbul Securities BNP Paribas Equity Research Oyak Securities HSBC IS Investment & Securities Ak Investment Deutsche Bank EVA Dimensions Global Menkul Degerler Tera Stock Brokers Goldman Sachs ATA Invest Standard Unlu

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GORKEM GOKER TEAM COVERAGE BURAK DEMIRBILEK GAYE ABIDIN ALEXANDER KAZBEGI DUYGU KALFAOGLU SELIM KUNTER BAHAR DENIZ EGEMEN OZGUR GOKER EZGI YILMAZ BURAK ISYAR ALPER PAKSOY ALPER OZDEMIR CENK ORCAN EFE CAN KALKANDELEN OMER OMERBAS MUHARREM GULSEVER TEAM COVERAGE HASAN BAYHAN KENAN TURAN ESHAN TOORABALLY ISMAIL OZER SELIN ONER

Source Research Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold market perform outperform neutral buy outperform buy market perform buy buy buy buy outperform overweight market perform market perform buy overweight buy buy Buy/Neutral market outperform outperform

Amt Held 138'046'875 29'495'446 29'273'852 7'379'507 5'848'995 4'668'822 4'427'214 4'294'990 4'003'950 3'594'893 3'347'333 1'526'379 1'389'593 1'357'862 1'215'152 1'209'146 1'100'087 1'012'930 953'643 950'000

% Out 38 8.12 8.06 2.03 1.61 1.29 1.22 1.18 1.1 0.99 0.92 0.42 0.38 0.37 0.33 0.33 0.3 0.28 0.26 0.26

Weighting

Change 3 3 5 3 5 5 5 3 5 5 5 5 5 5 3 3 5 5 5 5 5 4 5

M M M M M M M M M M M M M M M N M U U M M M M

Latest Chg 61'909 (2'371) (47'361) 562'647 20'989 667'800 2'690 185'349 (11'000) 458 (82'672) 50'000

Target Price 10 11 12 10 13 12 12 11 11 12 11 13 12 12 11 11 13 #N/A N/A 12 12 16 12 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 16.05.2012 Corporation 16.05.2012 Holding Company 16.05.2012 n/a 16.05.2012 n/a 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 29.06.2012 Investment Advisor 31.07.2012 Investment Advisor 27.11.2012 Investment Advisor 30.06.2012 Investment Advisor 23.04.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager

Date 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Date 23.11.2012 23.11.2012 22.11.2012 20.11.2012 08.11.2012 07.11.2012 07.11.2012 06.11.2012 05.11.2012 05.11.2012 05.11.2012 02.11.2012 01.11.2012 19.10.2012 12.10.2012 19.09.2012 14.09.2012 10.09.2012 06.09.2012 14.08.2012 02.07.2012 13.01.2012 11.11.2011


29.11.2012

Turkcell Iletisim Hizmetleri AS Turkcell Iletisim Hizmetleri AS (Turkcell) offers cellular telephone, voice and data communication services through its GSM network in Turkey. Turkcell serves its customer through regional offices, subscription centers, and TurkcellExtra shops across Turkey, and through its Internet store.

Price/Volume 12

18.0 M 16.0 M

10

14.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.09.2012) 52-Week Low (24.05.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TCELL TI EQUITY YTD Change TCELL TI EQUITY YTD % CHANGE

12/2011 09/yy 11.40 8.04 1'228'639.00 10.75 -5.26% 33.71% 77.68% 2'200.0 23'650.00 3'527.09 0.0 (114.3) 6'334.45 20'132.61

10.0 M

31.12.2007 8'186.9 3.12x 3'395.2 7.53x 1'758.6 16.01x

8.0 M

4

6.0 M 4.0 M

2

2.0 M

0 n-11

31.12.2008 31.12.2009 8'844.6 8'936.4 1.76x 2.34x 3'255.2 2'978.9 4.79x 7.02x 2'312.8 1'716.7 8.32x 13.58x Profitability

LTM-4Q 31.12.2010 9'003.6 2.32x 2'851.6 7.33x 1'771.6 13.10x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 9'370.1 1.77x 2'912.9 5.70x 1'183.3 16.51x 2'912.88 1'325.50 14.15% 17.35% 11.31% 16.96% 0.59% 36.5% 30.4% 14.6% 12.6% 2.17 1.84 20.57% 32.34% 10.66 131.67

Price/ Cash Flow

j-12

f-12 m-12

LTM

09/yy 9'110.7 7.86x 2'848.1 5.63x 1'219.0 15.45x

a-12 m-12

09/yy 10'145.2 7.05x 3'088.3 6.66x 1'956.1 12.32x

j-12

j-12

a-12

s-12

o-12

FY+1

.0 M n-12

0.70 19.71% 21.06% 0.705 27 3.889 2'780'440 3'402'503 4'289'332 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 10'259.0 11'089.0 1.99x 1.86x 3'107.3 3'392.4 6.48x 5.93x 2'021.4 2'125.5 520.0 513.0 11.72x 11.24x 11.56x 11.68x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.11.2008 BB+ POS 32.35 18.47 -1.09 1.02 32.3% 24.6% 0.59 2.04 34.32 2.78 35.61 -22.26

Sales/Revenue/Turnover

16.00

10'000.0

14.00

9'000.0 8'000.0

12.00

7'000.0

10.00

6'000.0

8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 02.01.2009

d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

6

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Turkcell Iletisim Hizmetleri AS Holdings By:

All

Holder Name TURKCELL HOLDING AS SONERA HOLDING BV CAPITAL RESEARCH GLO LAZARD ASSET MANAGEM CAPITAL WORLD INVEST VANGUARD GROUP INC MV HOLDING AS BLACKROCK FUND ADVIS BLACKROCK GROUP LIMI FRANKLIN RESOURCES I SCHRODER INVESTMENT BNP PARIBAS ASSET MG AGF INVESTMENTS INC ROBECO INVESTOR SERV EATON VANCE MANAGEME LAZARD GLOBAL ACTIVE EAST CAPITAL ASSET M SWEDBANK ROBUR FONDE MASON STREET ADVISOR MASSACHUSETTS FINANC

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Seker Securities OKAN UZUN FinansInvest CAN OZTOPRAK Sardis Securities HAYDAR ACUN Credit Suisse ATINC OZKAN Ekspres Invest MELDA AGIRDAS Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE Erste Bank VERA SUTEDJA Eczacibasi Securities AKIF DASIRAN Oyak Securities ALPER OZDEMIR Barclays SAN DHILLON Marfin Analysis (ESN) DIMITRIS BIRBOS IS Investment & Securities NUR ATASOY BNP Paribas Equity Research OZGUR GULER BGC Partners ERDEM HAFIZOGLU EFG Istanbul Securities MURAT IGNEBEKCILI Ak Investment BORA TEZGULER Renaissance Capital ALEXANDER KAZBEGI JPMorgan JEAN-CHARLES LEMARDELEY Standard Unlu OYTUN ALTASLI Tera Stock Brokers KENAN TURAN Deutsche Bank VEDAT MIZRAHI Yatirim Finansman Securities DUYGU KALFAOGLU Global Menkul Degerler HASAN BAYHAN EVA Dimensions TEAM COVERAGE Espirito Santo Investment Bank Research ANDREW HOGLEY ATA Invest MERT BOSTANOGLU

Source 20F 20F 20F MF-AGG MF-AGG MF-AGG 20F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform outperform buy restricted buy market perform hold market perform outperform overweight hold outperform buy hold hold market perform buy overweight market perform neutral buy market perform buy hold sell market perform

Amt Held 1'122'000'000 287'632'180 150'580'243 56'921'121 37'650'000 37'592'180 26'021'713 13'435'190 13'153'200 5'612'227 4'695'385 3'738'108 3'341'116 2'574'143 2'565'494 2'486'577 2'412'900 2'022'600 1'576'900 1'392'950

% Out 51 13.07 6.84 2.59 1.71 1.71 1.18 0.61 0.6 0.26 0.21 0.17 0.15 0.12 0.12 0.11 0.11 0.09 0.07 0.06

Weighting

Change

5 5 5 #N/A N/A 5 3 3 3 5 5 3 5 5 3 3 3 5 5 3 3 5 3 5 3 1 3

M M M M M M M M M M M U M M M M M M D M U M U D D M

Latest Chg 77'804 (1'328'979) 5'322'796 88'087 (1'531) (1'526'036) 3'559'956 668'000 551'350 2'000'000 69'200 2'000 100'000 207'490 (1'010)

Target Price 12 14 11 #N/A N/A 13 13 12 14 12 12 12 #N/A N/A 11 11 12 12 13 14 11 11 13 11 13 #N/A N/A 7 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.04.2012 01.04.2012 01.04.2012 31.10.2012 30.09.2012 30.09.2012 01.04.2012 27.11.2012 27.11.2012 28.09.2012 30.09.2012 31.08.2012 30.03.2012 28.09.2012 31.08.2012 31.10.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Holding Company n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.11.2012 26.11.2012 23.11.2012 13.11.2012 07.11.2012 06.11.2012 04.11.2012 02.11.2012 01.11.2012 30.10.2012 24.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 17.10.2012 10.10.2012 03.10.2012 01.10.2012 26.09.2012 20.09.2012 06.09.2012 05.09.2012 24.07.2012 13.01.2012


29.11.2012

Metropolitan Bank & Trust Metropolitan Bank & Trust Company offers commercial and investment banking services. The Bank's business activities include borrowing and lending, trade finance, remittances, treasury, investment banking and savings.

Price/Volume 120

35.0 M

100

30.0 M 25.0 M

80

Latest Fiscal Year: LTM as of: 52-Week High (06.08.2012) 52-Week Low (29.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MBT PM EQUITY YTD Change MBT PM EQUITY YTD % CHANGE

12/2011 09/yy 102.50 66.00 1'832'790.00 99.8 -2.63% 51.21% 90.41% 2'111.4 210'716.33 119'392.00 6'351.0 6'706.0 233'953.00 -

31.12.2007 52'617.8 7'043.4 15.14x

15.0 M

40

10.0 M

20

5.0 M

0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

60

Valuation Analysis

31.12.2008 31.12.2009 50'100.0 58'871.2 4'407.9 6'028.9 10.60x 14.66x Profitability

LTM-4Q 31.12.2010 60'384.0 8'366.0 17.22x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 63'713.0 11'031.0 13.54x 28.24% 33.10% 1.32% 11.56% 6.00% 0.07% 22.9% 12.46% 115.41% -

Price/ Cash Flow

LTM

09/yy 62'151.9 0.00x 0.0 0.00x 11'229.2 12.67x

09/yy 65'902.0 0.00x 0.0 0.00x 12'377.0 16.44x

FY+1

.0 M n-12

1.00 1.26 1'949.53 52.85% 48.69% 1.264 16 4.000 2'103'562 3'587'100 3'467'373 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 55'185.8 60'389.1 11'919.0 13'000.1 15'075.3 1'310.0 16.38x 14.14x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

30.12.2011 NR 30.12.2011 NR 115.4% 50.6% 0.07 4.58 -

Sales/Revenue/Turnover

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00

0.00 02.01.2009

10'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Metropolitan Bank & Trust Holdings By:

All

Holder Name PHILIPPINE SECURITIE GRAND TITAN CAPITAL T ROWE PRICE ASSOCIA VANGUARD GROUP INC FIDELITY MANAGEMENT MORGAN STANLEY FIDELITY INTERNATION TY GEORGE SIAO KI AMERIPRISE FINANCIAL TY ARTHUR V AMUNDI LUXEMBOURG SA AMUNDI BLACKROCK GROUP LIMI BANK OF NEW YORK MEL FRANK RUSSELL TRUST INVESCO ASSET MANAGE NORTHERN TRUST CORPO UBS STRATEGY FUND MG STATE STREET CORP MONTGOMERY ASSET MAN

Firm Name EVA Dimensions Kim Eng Securities JPMorgan COL Financial Group Inc HSBC Nomura Deutsche Bank Wealth Securities Inc Daiwa Securities Co. Ltd. Macquarie Credit Suisse Angping & Associates Securities Inc. SB Equities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TEAM COVERAGE KATHERINE TAN GILBERT Y LOPEZ CHARLES ANG XIUSHI CAI STEPHAN HASJIM RAFAEL GARCHITORENA ND G FERNANDEZ DANIELO PICACHE RJ AGUIRRE HAJ NARVAEZ TEAM COVERAGE ERWIN BALITA

Source EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight buy overweight buy underweight neutral buy buy hold outperform outperform buy buy

Amt Held 124'266'430 21'655'000 14'896'173 13'218'810 11'968'298 10'123'107 10'082'851 8'291'165 7'735'043 6'959'202 6'729'592 5'004'097 4'788'985 4'635'280 3'915'542 3'620'210 3'579'829 3'291'708 2'840'098 2'808'093

% Out 5.89 1.03 0.71 0.63 0.57 0.48 0.48 0.39 0.37 0.33 0.32 0.24 0.23 0.22 0.19 0.17 0.17 0.16 0.13 0.13

Weighting

Change 1 5 5 5 1 3 5 5 3 5 5 5 5

U M M M M M M M U M M M M

Latest Chg (248'100) (4'435'380) 1'370'353 (1'492'040) 185'677 (226'940) (459'970) (139'720) 11'360 (120'000) 191'420 (817'580) (855'300) -

Target Price #N/A N/A 110 110 120 85 89 105 134 100 116 95 109 84

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 05.09.2012 n/a 05.09.2012 Other 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 31.12.2010 n/a 28.09.2012 Investment Advisor 05.09.2012 n/a 29.06.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 31.05.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Date 16.11.2012 08.11.2012 06.11.2012 06.11.2012 05.11.2012 19.09.2012 24.08.2012 10.08.2012 31.07.2012 21.06.2012 15.05.2012 17.02.2012 16.05.2011


29.11.2012

Tupras Turkiye Petrol Rafinerileri AS Tupras-Turkiye Petrol Rafinerileri A.S. refines petroleum. The Company produces LPG, naphtha, gasoline, diesel fuel, fuel, heating oil, jet fuel, lubricants, and asphalt. Tupras operates refineries in Izmit, Izmir, Kirikkale, and Batman. The Company imports and exports petroleum products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.11.2012) 52-Week Low (25.05.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TUPRS TI EQUITY YTD Change TUPRS TI EQUITY YTD % CHANGE

12/2011 09/yy 47.90 33.30 425'666.00 46.6 -2.09% 39.94% 96.48% 250.4 11'669.53 2'347.82 0.0 35.7 1'256.42 12'614.79

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 22'520.1 0.37x 1'390.5 6.00x 1'298.0 6.61x

50 45 40 35 30 25 20 15 10 5 0 n-11

31.12.2008 31.12.2009 30'404.0 20'330.6 0.14x 0.32x 1'394.5 1'145.1 3.15x 5.66x 432.2 811.3 9.39x 9.18x Profitability

LTM-4Q 31.12.2010 26'166.0 0.26x 1'372.2 4.87x 737.3 13.11x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 41'443.8 0.27x 2'157.7 5.16x 1'241.7 8.07x 2'157.66 1'908.78 4.61% 3.72% 7.95% 30.96% 19.93% 2.84% 6.4% 3.6% 3.1% 3.0% 1.08 0.57 15.91% 53.73% 13.09 12.48

Price/ Cash Flow

LTM

09/yy 37'640.1 0.94x 2'056.9 4.42x 983.9 9.80x

09/yy 46'545.9 0.97x 1'690.8 6.63x 1'301.4 7.89x

FY+1

.0 M n-12

1.00 35.29% 28.19% 1.003 30 3.867 739'860 991'420 1'005'894 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 46'150.9 47'007.1 12'138.0 11'794.0 0.29x 0.33x 1.06x 1.13x 1'611.0 1'748.9 500.5 203.0 7.83x 7.21x 7.68x 8.60x 1'162.9 1'131.7 279.0 136.0 10.08x 10.08x 10.13x 11.18x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

17.85 12.06 0.53 2.35 53.7% 34.8% 2.84 10.21 27.95 29.32 53.48 -1.58

Sales/Revenue/Turnover

70.00

45'000.0

60.00

40'000.0 35'000.0

50.00

30'000.0

40.00

25'000.0

30.00

20'000.0 15'000.0

20.00

10'000.0

10.00 0.00 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Tupras Turkiye Petrol Rafinerileri AS Holdings By:

All

Holder Name ENERJI YATIRIMLARI A VANGUARD GROUP INC TEMPLETON INVESTMENT BLACKROCK FUND ADVIS FRANKLIN RESOURCES I PICTET & CIE INVESCO LTD ROBECO INVESTOR SERV FIDELITY MANAGEMENT BANK OF NEW YORK MEL BLACKROCK GROUP LIMI BLACKROCK INVESTMENT CAPITAL RESEARCH GLO STATE STREET CORP BNP PARIBAS ASSET MG LORD ABBETT & CO LLC CHARLES SCHWAB INVES NORTHERN TRUST CORPO AGF INVESTMENTS INC CAPITAL WORLD INVEST

Firm Name Morgan Stanley Credit Suisse Barclays EVA Dimensions Eczacibasi Securities Sardis Securities HSBC Global Menkul Degerler Seker Securities FinansInvest Oyak Securities BNP Paribas Equity Research Yapi Kredi Yatirim ve Menkul Degerler EFG Istanbul Securities Marfin Analysis (ESN) Deutsche Bank Ekspres Invest Garanti Yatirim Menkul Kiymetler BGC Partners Erste Bank IS Investment & Securities Goldman Sachs Yatirim Finansman Securities National Securities SA KBC Securities Concorde Securities Rt Wood & Company Renaissance Capital ATA Invest Tera Stock Brokers KBC Securities TEB Investment

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MUNEEBA KAYANI ONUR MUMINOGLU HANZADE KILICKIRAN TEAM COVERAGE BEHLUL KATAS HAYDAR ACUN BULENT YURDAGUL ILKNUR UNSAL EZGI GULBAS KORAY PAMIR HASAN SENER ALPER PAKSOY ELVIN AKBULUT UMUT OZTURK VASSILIS ROUMANTZIS VEDAT MIZRAHI SELIM KUNTER ONUR MARSAN EZGI YILMAZ THOMAS UNGER ASLI OZATA KUMBARACI HENRY MORRIS ZUMRUT CAN VICTOR LABATE PETER CSASZAR ATTILA VAGO ROBERT RETHY ILGIN ERDOGAN MERT BOSTANOGLU AYSE COLAK OLENA KYRYLENKO EBRU EROGLU

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Equalwt/No Rating outperform overweight overweight outperform hold overweight buy outperform neutral market perform buy buy Under Review accumulate hold hold market perform buy hold outperform neutral/attractive not rated neutral hold equalweight hold buy market outperform neutral hold outperform

Amt Held 127'713'792 5'497'934 2'997'103 2'495'480 2'471'985 2'013'147 1'852'414 1'775'045 1'339'926 1'244'044 1'239'328 1'199'405 1'092'000 1'066'076 1'055'363 990'891 888'372 858'578 805'194 670'000

% Out 51 2.2 1.2 1 0.99 0.8 0.74 0.71 0.54 0.5 0.49 0.48 0.44 0.43 0.42 0.4 0.35 0.34 0.32 0.27

Weighting

Change

3 5 5 5 5 3 5 5 5 3 3 5 5 #N/A N/A 4 3 3 3 5 3 5 3 #N/A N/A 3 3 3 3 5 4 3 3 5

M M M U U M M M M M M M M M M M D M M M M M M M M M U N M M U M

Latest Chg 135'141 16'267 (169'418) 15'214 (17'565) 93'000 239'845 (1'303) (18'000) 990'891 161'517 (1'438) 10'421 -

Target Price 48 50 50 #N/A N/A 53 24 53 54 49 49 50 51 55 #N/A N/A 42 43 50 51 51 45 48 51 #N/A N/A 43 37 41 41 43 48 53 41 36

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2010 Corporation 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 28.11.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 27.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.03.2012 Investment Advisor 30.09.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Date 28.11.2012 26.11.2012 26.11.2012 26.11.2012 23.11.2012 23.11.2012 20.11.2012 20.11.2012 19.11.2012 15.11.2012 15.11.2012 15.11.2012 15.11.2012 15.11.2012 15.11.2012 09.11.2012 07.11.2012 06.11.2012 06.11.2012 04.11.2012 11.10.2012 14.09.2012 29.08.2012 03.08.2012 13.07.2012 13.07.2012 12.06.2012 07.06.2012 20.04.2012 03.04.2012 25.05.2011 09.04.2010


29.11.2012

Petron Corp Petron Corporation refines crude oil and sells a full range of petroleum products. The Company transports its products by sea, using tankers and barges. Petron also retails gasoline, diesel, and kerosene to motorists, public transportation operators and households through its service stations. Petro also provides insurance & reinsurance service and leases property.

Price/Volume 14 12 10 8

Valuation Analysis

6

Latest Fiscal Year: LTM as of: 52-Week High (12.01.2012) 52-Week Low (24.02.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PCOR PM EQUITY YTD Change PCOR PM EQUITY YTD % CHANGE

12/2011 09/yy 13.60 9.70 6'227'500.00 10.6 -22.06% 9.28% 22.56% 9'375.1 99'376.11 90'461.00 290.0 24'060.00 214'841.11

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 210'520.0 0.43x 12'099.0 7.44x 6'377.0 8.38x

4

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

31.12.2008 31.12.2009 267'676.0 176'531.0 0.37x 0.56x 1'033.0 11'928.0 95.79x 8.23x (3'978.0) 4'240.0 11.78x Profitability

LTM-4Q 31.12.2010 229'094.0 0.96x 16'009.0 13.70x 7'894.0 24.44x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 273'956.0 0.67x 18'491.0 10.00x 8'469.0 14.00x 18'491.00 14'834.00 5.41% 4.06% 0.83% 1.00% 4.34% 1.78% 8.4% 3.4% 2.2% 3.1% 1.46 0.63 51.46% 152.30% 19.95 6.68

Price/ Cash Flow

LTM

FY+1

0.94 698.29 -17.02% -15.04% 0.937 5 3.800 7'411'840 3'364'097 4'319'125 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 261'225.0 379'368.0 308'163.0 327'942.0 3.03x 2.16x 0.55x 0.55x 20'555.0 12'841.0 18'707.7 21'256.3 9.82x 16.61x 11.48x 10.11x 10'734.0 1'773.0 7'288.0 8'554.7 14.33x 122.82x 11.34x 10.98x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.19 -0.11 7.62 9.32 152.3% 60.2% 1.78 5.88 18.35 54.77 8.26 63.99

Sales/Revenue/Turnover

180.00

300'000.0

160.00

250'000.0

140.00

200'000.0

120.00 100.00

150'000.0

80.00

100'000.0

60.00 40.00

50'000.0

20.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Petron Corp Holdings By:

All

Holder Name SEA REFINERY CORP PETRON CORP EMPLOYEE SAN MIGUEL CORP GOLDMAN SACHS ASSET LANSFORSAKRINGAR FON GOLDMAN SACHS GROUP SKANDIA FONDER AB EMERGING MARKETS MAN EATON VANCE ADVISORS ANTIPORTA FELIMON E EIJANSANTOS ROSARIO INDEXIQ ADVISORS LLC ORILLOS NATHANIEL RI CONSTANTINO FERDINAN RADA NOLAN LLANOS CADIZ JR TOMAS S CORTEZ MA ROWENA ONG RIVERA CONRADO JR S NEPOMUCENO LUBIN N GUPALOR ARCHIE BITAN

Firm Name EVA Dimensions Credit Suisse Standard Chartered Philippine Equity Partners Inc Deutsche Bank

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a

Analyst TEAM COVERAGE ALVIN AROGO DUKE SUTTIKULPANICH JOJO GONZALES III GIOVANNI DELA-ROSA

Source Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH Co File EXCH Co File EXCH

Recommendation hold outperform in-line hold not rated

Amt Held 4'696'885'564 2'276'456'097 1'702'870'560 22'338'300 10'104'000 6'831'500 5'791'000 943'800 595'000 255'200 235'689 55'634 29'953 20'000 15'000 10'000 8'580 5'400 5'000 3'000

% Out 50.1 24.28 18.16 0.24 0.11 0.07 0.06 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0

Weighting

Change

3 5 3 3 #N/A N/A

U M M U M

Latest Chg (3'698'600) (9'855'000) 100'000 -

Target Price #N/A N/A 14 11 14 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 n/a 31.12.2011 Corporation 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 27.07.2012 Investment Advisor 31.08.2012 Investment Advisor 08.05.2009 n/a 24.07.2008 n/a 27.11.2012 Investment Advisor 24.02.2010 n/a 12.07.2010 n/a 09.08.2012 n/a 12.07.2010 n/a 31.12.2011 n/a 09.08.2012 n/a 31.12.2011 n/a 22.03.2012 n/a

Date Not Provided Not Provided 12 month Not Provided Not Provided

Date 26.11.2012 02.11.2012 10.10.2012 08.03.2012 01.09.2010


29.11.2012

Samsung C&T Corp Samsung C&T Corporation is a general trading company that imports and exports electronics, chemicals, metals, and semiconductors. The Company also operates heavy construction and home building businesses in domestic and overseas markets.

Price/Volume 90000 80000 70000 60000 50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000830 KS EQUITY YTD Change 000830 KS EQUITY YTD % CHANGE

12/2011 09/yy 82'700.00 54'900.00 673'093.00 60300 -27.09% 9.84% 16.55% 156.2 9'419'931.00 3'053'011.72 0.0 0.0 727'897.04 12'251'655.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20000 10000 0 n-11

31.12.2008 31.12.2009 11'811'591.9 10'875'929.4 0.55x 0.80x 400'552.5 319'411.4 16.15x 27.32x 345'142.5 307'542.4 16.97x 26.87x Profitability

j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data

LTM-4Q 31.12.2010 13'023'702.0 0.99x 349'624.9 36.84x 358'689.2 32.44x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

FY+1

0.83 1.21 117.50 -7.54% -11.45% 1.210 34 4.706 632'401 610'775 599'679 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 15'696'693.0 ######### ######### 0.79x 3.53x 2.27x 365'603.0 351'207.8 255'371.0 33.74x 35.44x 0.00x 297'722.4 157'254.8 494'949.5 669'000.0 649'000.0 33.85x 66.41x 0.00x 14.51x 14.96x S&P Issuer Ratings 365'603.01 Long-Term Rating Date 315'462.00 Long-Term Rating 2.01% Long-Term Outlook 2.72% Short-Term Rating Date 1.71% Short-Term Rating 3.34% Credit Ratios 3.36% EBITDA/Interest Exp. 0.90% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 8.6% Total Debt/EBITDA 2.3% Reference 2.0% Total Debt/Equity 1.9% Total Debt/Capital Asset Turnover 1.08 Net Fixed Asset Turnover 0.74 Accounts receivable turnover-days 16.45% Inventory Days 33.34% Accounts Payable Turnover Day 4.93 Cash Conversion Cycle 64.83

Price/ Cash Flow

3.04 2.44 6.36 8.35 33.3% 25.0% 0.90 22.58 73.98 5.63 38.25 41.35

Sales/Revenue/Turnover

180.00

45'000'000.0

160.00

40'000'000.0

140.00

35'000'000.0

120.00

30'000'000.0

100.00

25'000'000.0

80.00

20'000'000.0

60.00

15'000'000.0

40.00

10'000'000.0

20.00

5'000'000.0

0.00 03.01.2009

d-11

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 9'730'972.3 1.09x 313'024.6 33.93x 487'209.1 31.82x

30000

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M n-12

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Samsung C&T Corp Holdings By:

All

Holder Name NATIONAL PENSION SER SAMSUNG SDI CO LTD SAMSUNG C&T CORP SAMSUNG LIFE INSURAN MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU VANGUARD GROUP INC SAMSUNG INVESTMENT T BLACKROCK FUND ADVIS JPMORGAN ASSET MANAG KUN HEE LEE MAPS INVESTMENT MANA KB ASSET MANAGEMENT FIDELITY INTERNATION UBS HANA ASSET MANAG BLACKROCK GROUP LIMI JF ASSET MANAGEMENT CAPITAL INTERNATIONA KYOBO AXA INVESTMENT CHINA INTERNATIONAL

Firm Name Hana Daetoo Securities Samsung Securities Daishin Securities Co., Ltd. Korea Investment & Securities LIG Investment Securities KB Investment & Securities Co., Ltd Daewoo Securities Tong Yang Investment Bank Mirae Asset Securities Shinyoung Securities Co., Ltd. Shinhan Investment Corp NH Investment & Securities Dongbu Securities Co Ltd KTB Securities Hanwha Securities Co., Ltd Kyobo Securities E*Trade Securities Korea Standard Chartered Deutsche Bank Credit Suisse Nomura HI Investment Securities Woori Investment & Securities Hyundai Securities SK Securities Co Ltd HSBC Taurus Investment Securities Co Ltd Daiwa Securities Co. Ltd. KIWOOM Securities Co Ltd EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LEE CHANG-KEUN KS KANG CHO YOON-HO LEE KYUNG-JA CHAE SANG-WOOK HEU MOON-WOOK SONG HEUNG-IK SANG-HYUP CHONG BYUN SUNG-JIN JONG-HYO HAN LEE SUN-IL KANG SEUNG-MIN RYAN YOO DEOK-SANG SUN-MI KIM CHO DONG-PIL CHO JOO-HYUNG SANG-YEON PARK JAMES KP HONG HAN SANG-HI SINN MIN-SEOK KEITH NAM KIYOUNG ROH WAYNE WANG-SANG LEE EMILY KIM PARK HYUNG-RYUL BRIAN CHO PARK YONG-HEE MIKE OH HAN SANG-JOON TEAM COVERAGE

Source Co File EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy market perform buy buy buy buy buy hold buy buy buy buy buy buy trading buy buy outperform buy outperform buy buy buy buy buy neutral buy outperform buy sell

Amt Held 15'121'632 11'547'819 9'084'557 7'986'611 6'612'295 5'534'073 5'357'200 3'369'018 2'309'176 2'295'007 2'206'110 1'739'147 924'665 911'575 887'503 658'681 566'499 472'317 408'374 360'839

% Out 9.68 7.39 5.82 5.11 4.23 3.54 3.43 2.16 1.48 1.47 1.41 1.11 0.59 0.58 0.57 0.42 0.36 0.3 0.26 0.23

Weighting

Change 5 5 3 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 1

M M N M M M M M M M M M M M M D M M M U M M M M M M M M M D

Latest Chg (5'200) (21'109) (6'821'478) (283'322) 164'917 (356'534) 11'722 1'003'121 (336'055) 57'514 684'214 (196'617) 814 106'405 (73'316) 38'005 83'711

Target Price 86'100 70'000 67'000 97'000 85'000 76'100 77'000 83'000 72'000 92'000 76'000 80'000 75'000 70'000 80'000 71'000 75'000 80'000 82'900 72'000 100'000 88'000 82'000 94'000 80'000 73'000 85'000 73'000 100'000 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 30.04.2012 30.04.2012 21.09.2012 27.04.2010 30.06.2012 30.09.2012 30.06.2012 27.11.2012 31.07.2012 30.04.2012 30.06.2012 30.06.2012 29.02.2012 30.06.2012 27.11.2012 30.09.2011 31.07.2012 30.06.2012 30.06.2012

Date 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided 6 month Not Provided 6 month Not Provided 6 month Not Provided

Inst Type Investment Advisor Corporation Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 28.11.2012 27.11.2012 26.11.2012 26.11.2012 23.11.2012 21.11.2012 19.11.2012 12.11.2012 09.11.2012 06.11.2012 05.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 17.10.2012 12.10.2012 19.09.2012 23.07.2012 19.07.2012 28.06.2012 12.06.2012 04.06.2012 30.05.2012


29.11.2012

Oil & Gas Development Co Ltd Oil & Gas Development Co. Ltd. explores and develops oil and natural gas properties in Pakistan.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2012) 52-Week Low (10.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OGDC PA EQUITY YTD Change OGDC PA EQUITY YTD % CHANGE

06/2012 09/yy 191.00 129.70 248'800.00 187.06 -2.06% 44.23% 94.98% 4'300.9 804'531.63 0.00 0.0 0.0 3'767.69 799'660.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 125'908.3 4.10x 86'947.5 5.94x 44'338.1 12.06x

200 180 160 140 120 100 80 60 40 20 0 n-11

30.06.2009 30.06.2010 130'829.6 142'571.9 2.52x 4.14x 91'321.3 99'542.5 3.60x 5.93x 55'539.6 59'177.1 6.09x 10.30x Profitability

LTM-4Q 30.06.2011 155'631.3 4.14x 108'473.2 5.94x 63'527.3 10.36x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 197'838.7 3.47x 138'733.7 4.95x 96'905.6 7.12x 138'733.69 125'129.56 63.25% 67.27% 31.51% 40.67% 41.21% 0.58% 69.9% 79.0% 71.2% 49.0% 8.74 5.77 0.00% 0.00% 2.22 -

Price/ Cash Flow

LTM

FY+1

.0 M n-12

1.11 27.71% 27.67% 1.114 11 3.636 216'440 527'923 636'229 FY+2

FQ+1

FQ+2

09/yy 09/yy 06/13 Y 06/14 Y 12/12 Q2 03/13 Q3 160'865.9 183'824.6 235'122.5 252'313.5 15.59x 15.31x 116'553.3 145'204.4 191'423.0 210'640.0 4.83x 5.28x 4.18x 3.80x 68'732.6 100'646.1 107'858.0 120'822.5 8.27x 7.67x 7.52x 6.77x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

81.22 68.92 -0.03 0.00 0.0% 0.0% 0.58 3.70 165.01 283.58

Sales/Revenue/Turnover

16.00

250'000.0

14.00

200'000.0

12.00 10.00

150'000.0

8.00

100'000.0

6.00 4.00

50'000.0

2.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Oil & Gas Development Co Ltd Holdings By:

All

Holder Name GOVERNMENT OF PAKIST OGDCL EMP EMPOWERMEN FRANKLIN RESOURCES I LAZARD ASSET MANAGEM INVESCO LTD CAPITAL WORLD INVEST EATON VANCE MANAGEME NATL BANK OF PAKISTA SMITH BARNEY FUND MA TUNDRA FONDER AB / S UNION INVESTMENT LUX EATON VANCE ADVISORS NATIONAL INVESTMENT ROBECO INVESTOR SERV PRUDENTIAL FINANCIAL GOLDMAN SACHS GROUP LEGG MASON CAPITAL M NIKKO ASSET MANAGEME BLACKROCK FUND ADVIS WILMINGTON FUNDS MAN

Firm Name

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

M.M. Securities (Pvt.) Ltd SHAHID ALI Foundation Securities (Private) Limited ASIM WAHAB KHAN JS Global Capital Ltd SYED ATIF ZAFAR Topline Securities Pvt. Ltd NAUMAN KHAN AKD Securities (Pvt.) Ltd NAVEED VAKIL Invest Capital Securities Pvt Ltd ASAD I SIDDIQUI Arif Habib Limited SYED ABID ALI BMA Capital Management FURQAN PUNJANI Global Securities Pakistan Ltd SYED SAQUIB ALI IGI Finex Securities Ltd SANA ABDULLAH First Capital Equities Limited FARAZ FAROOQ Invisor Securities (Private) Limited SHAMOON TARIQ Summit Capital Pvt Ltd MUHAMMAD FARHAN Credit Suisse RAZA RAWJANI

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral neutral hold hold accumulate hold buy hold hold buy buy neutral hold outperform

Amt Held 3'224'609'081 432'189'039 348'998'401 56'421'044 7'500'000 4'000'000 3'180'491 1'794'143 1'161'262 1'131'000 1'100'000 936'970 688'944 670'062 637'100 611'900 350'900 223'003 111'600 89'800

% Out 74.97 10.05 8.11 1.31 0.17 0.09 0.07 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0 0

Weighting

Change 3 3 3 3 4 3 5 3 3 5 5 3 3 5

M M M M M M M M M U R D M M

Latest Chg (125'805) (57'338) 980'000 611'900 (303'600) -

Target Price 195 188 187 190 206 186 192 #N/A N/A 172 168 143 145 132 185

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Government 30.06.2012 n/a 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 29.02.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 n/a 29.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.03.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Government 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 05.12.2011 Mutual Fund Manager 27.11.2012 Investment Advisor 29.02.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided

Date 26.11.2012 23.11.2012 21.11.2012 08.11.2012 23.10.2012 18.10.2012 08.10.2012 24.09.2012 08.06.2012 16.01.2012 15.11.2011 27.10.2011 21.09.2011 28.04.2011


29.11.2012

Orascom Construction Industries Orascom Construction Industries (OCI) is a construction contracting company in emerging markets. The Company also produces and exports nitrogen-based fertilizers.

Price/Volume 60

.8 M .7 M

50

.6 M 40

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (22.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORSD LI EQUITY YTD Change ORSD LI EQUITY YTD % CHANGE

12/2011 09/yy 49.50 32.49 41'548.00 35.6 -27.88% 9.57% 16.46% 208.9 7'438.21 21'989.60 0.0 1'165.6 6'399.40 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

.4 M .3 M

20

.2 M 10

.1 M

0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 13'481.7 9.25x 2'384.2 52.30x 66'020.9 -

.5 M

30

Valuation Analysis

31.12.2008 31.12.2009 20'252.6 21'312.8 1.64x 2.79x 4'736.8 4'421.4 7.01x 13.46x 5'366.7 2'416.6 Profitability

LTM-4Q 31.12.2010 27'552.4 2.62x 6'051.1 11.91x 3'344.4 -

31.12.2011 32'722.0 1.78x 8'222.6 7.08x 4'028.9 8'222.60 6'734.20 20.58% 17.63% 5.21% 16.40% 0.54% 25.7% 12.3% 1.42 0.78 37.08% 118.16% -

LTM

09/yy 31'827.0 6.54x 5'796.6 0.00x 4'346.3 0.00x

09/yy 33'164.5 4.20x 3'306.2 0.00x 2'862.6 0.00x

FY+1

.0 M n-12

0.66 -1.39% 5.01% 0.663 2 5.000 69'263 55'358 64'753 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 34'039.2 39'831.4 7'519.5 10'607.9 3'082.3 5'407.7 14.55x 8.29x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

7.29 5.07 118.2% 52.7% 0.54 1.63 49.91

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Orascom Construction Industries Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK FUND ADVIS SKAGEN AS STATE FARM MUTUAL AU HARDING LOEVNER LP SCHRODER INVESTMENT SEDCO CAPITAL GLOBAL CLAYMORE ADVISORS LL CREDIT SUISSE ASSET GOLDMAN SACHS ASSET STATE STREET GLOBAL GOLDMAN SACHS GROUP VAN ECK ASSOCIATES C ROBECO FUND MANAGEME FRANK RUSSELL TRUST DIMENSIONAL FUND ADV CHARLES SCHWAB INVES ROBECO INVESTOR SERV ZUERICH INVESTMENTGE JULIUS BAER MULTICOO

Firm Name Morgan Stanley CI Capital Holdings Pharos Holdings

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios STATE FARM MUTUAL AU Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios JULIUS BAER MULTISTO

Analyst MUNEEBA KAYANI MUHAMMAD EL EBRASHI GEORGE BESHARA

Source MF-AGG MF-AGG MF-AGG Sch-D MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-LUX

Recommendation Overwt/No Rating strong buy hold

Amt Held 3'907'745 2'023'009 977'842 535'458 396'300 384'270 154'963 148'244 141'977 110'898 101'784 84'788 82'553 78'940 68'816 56'916 44'289 43'381 40'000 35'613

% Out 1.87 0.97 0.47 0.26 0.19 0.18 0.07 0.07 0.07 0.05 0.05 0.04 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02

Weighting

Change 5 5 3

Latest Chg 164'775 15'600 12'300 59'350 (6'350) (1'488) 1'251 (278)

Target Price

M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

48 48 40

File Dt 30.09.2012 27.11.2012 31.10.2012 30.06.2012 30.06.2012 30.09.2012 28.09.2012 27.11.2012 28.09.2012 29.06.2012 30.09.2012 30.09.2012 27.11.2012 28.09.2012 31.05.2012 31.01.2012 27.11.2012 28.09.2012 28.09.2012 31.07.2012

Date 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Mutual Fund Manager Insurance Company Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 28.11.2012 07.02.2012 07.09.2009


29.11.2012

Kimberly-Clark de Mexico SAB de CV Kimberly-Clark de Mexico, S.A.B. de C.V. manufactures, markets and distributes consumer, industrial, and institutional hygiene products. The Company produces feminine care items, diapers, toilet paper and facial tissues.

Price/Volume 35

25.0 M

30

20.0 M

25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.11.2012) 52-Week Low (16.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KIMBERA MM EQUITY YTD Change KIMBERA MM EQUITY YTD % CHANGE

12/2011 09/yy 33.93 23.51 1'848'166.00 32.41 -4.48% 37.86% 85.41% 1'635.0 99'595.81 11'267.30 0.0 0.0 4'027.56 107'123.05

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

15

10.0 M

10 5.0 M

5 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 21'480.2 2.70x 6'204.9 9.36x 3'728.0 14.50x

20

31.12.2008 31.12.2009 23'051.5 24'702.2 2.36x 2.64x 6'714.9 7'319.6 8.09x 8.92x 3'312.1 4'151.7 15.24x 15.19x Profitability

LTM-4Q 31.12.2010 26'196.5 3.26x 7'515.9 11.36x 4'222.9 19.04x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 26'732.4 3.23x 7'119.7 12.13x 3'640.9 21.74x 7'119.66 5'883.50 22.01% 19.26% 13.67% 53.80% 23.99% 1.01% 38.2% 26.7% 21.8% 13.6% 2.08 1.69 42.84% 149.30% 5.28 8.13

Price/ Cash Flow

LTM

09/yy 26'466.7 12.65x 7'310.0 11.16x 3'836.0 19.71x

09/yy 28'678.5 13.16x 7'669.3 13.60x 3'863.3 25.09x

FY+1

0.84 40.99% 33.44% 0.837 10 2.700 1'926'601 2'968'804 3'055'039 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 29'224.5 31'321.3 7'720.5 7'656.0 3.68x 3.40x 13.96x 14.07x 7'998.5 8'672.5 2'115.5 2'063.0 13.39x 12.35x 12.83x 12.60x 4'053.2 4'583.0 1'139.0 1'151.0 25.16x 22.09x 23.23x 22.59x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

03.11.2005 ASTABLE 8.83 6.47 0.98 1.47 149.3% 59.9% 1.01 1.87 69.30 45.01 61.89 48.15

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

0.00 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Kimberly-Clark de Mexico SAB de CV Holdings By:

All

Holder Name KIMBERLY CLARK HOLLN LAPORTE CLAUDIO X GO LAZARD ASSET MANAGEM NACIONAL FINANCIERA BLACKROCK FUND ADVIS CAPITAL WORLD INVEST VANGUARD GROUP INCOR ABERDEEN ASSET MANAG INVESCO LTD VANGUARD GROUP INCOR FIDELITY MANAGEMENT GRUPO FIN BANAMEX SA FRANKLIN RESOURCES I GRUPO FINANCIERO BBV ABERDEEN INVESTMENT AGF INVESTMENTS INC NOMURA ASSET MANAGEM MASSACHUSETTS FINANC VANGUARD GROUP INCOR IMPULSORA DEL FONDO

Firm Name Invex Casa de Bolsa SA de CV BBVA Deutsche Bank HSBC GBM Vector Servicios Financieros EVA Dimensions Grupo Santander

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios VANGUARD EMERGING MA Multiple Portfolios Multiple Portfolios VANGUARD MSCI EMERGI Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios VANGUARD TOTAL INTER Multiple Portfolios

Analyst ANA HERNANDEZ VELAZQUEZ FERNANDO OLVERA JOSE J YORDAN JUAN CARLOS MATEOS LUIS R WILLARD GASPAR QUIJANO TEAM COVERAGE LUIS MIRANDA

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-USA MF-AGG MF-AGG ETF MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-USA MF-AGG

Recommendation hold underperform buy neutral market underperform sell underweight hold

Amt Held 793'634'514 82'842'851 56'868'030 48'591'096 46'877'716 37'887'900 31'664'408 28'094'200 25'342'570 24'307'756 19'739'000 17'038'372 15'377'318 14'335'866 11'974'164 11'401'859 10'808'700 7'728'847 6'694'831 6'000'000

% Out 48.54 5.07 3.48 2.97 2.87 2.32 1.94 1.72 1.55 1.49 1.21 1.04 0.94 0.88 0.73 0.7 0.66 0.47 0.41 0.37

Weighting

Change 3 1 5 3 2 1 1 3

M M M M M M U M

Latest Chg (180'600) 12'490 391'400 3'820'200 1'107'848 37'800 (2'265'800) (648'115) 597'800 86'542 145'319 (11'400) 6'694'831 -

Target Price 33 31 34 35 31 29 #N/A N/A 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2010 31.12.2010 31.10.2012 26.11.2012 27.11.2012 30.09.2012 30.09.2012 31.08.2012 28.11.2012 30.06.2012 30.09.2012 28.09.2012 30.09.2012 27.11.2012 12.11.2012 30.03.2012 22.06.2012 30.09.2012 30.09.2012 30.09.2012

Date Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Holding Company n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 16.11.2012 30.10.2012 26.10.2012 23.10.2012 22.10.2012 19.10.2012 02.10.2012 13.04.2012


29.11.2012

BIM Birlesik Magazalar AS BIM Birlesik Magazalar A.S. operates food and basic consumer goods discount stores in Turkey. The Company provides an assortment of private label products.

Price/Volume 90

2.5 M

80 2.0 M

70 60

1.5 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.10.2012) 52-Week Low (15.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIMAS TI EQUITY YTD Change BIMAS TI EQUITY YTD % CHANGE

12/2011 09/yy 83.25 48.60 98'361.00 81.75 -1.80% 68.21% 94.23% 151.8 12'409.65 0.00 0.0 0.0 364.57 12'100.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20

.5 M

10 0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 2'978.4 0.86x 160.7 16.02x 108.5 24.49x

1.0 M

30

31.12.2008 31.12.2009 4'242.4 5'323.4 0.57x 0.96x 189.2 314.2 12.75x 16.26x 114.2 212.9 21.44x 24.77x Profitability

LTM-4Q 31.12.2010 6'574.0 1.17x 356.4 21.66x 245.6 32.44x

31.12.2011 8'189.1 0.93x 424.4 17.92x 298.9 26.66x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

424.43 347.45 4.24% 4.61% 18.77% 54.06% 5.50% 16.0% 4.9% 4.0% 3.7% 0.98 0.58 0.00% 0.00% 36.48 18.36

Price/ Cash Flow

09/yy 7'698.0 3.98x 411.6 18.41x 289.8 27.55x

LTM 09/yy 9'539.6 4.16x 470.3 23.55x 325.2 35.01x

FY+1

.0 M n-12

0.55 61.50% 58.42% 0.551 29 2.897 201'898 220'949 227'343 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 10'031.3 12'212.7 2'581.0 1.20x 0.97x 507.3 624.7 98.4 23.85x 19.37x 348.4 427.9 84.7 35.81x 29.02x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-0.66 0.00 0.0% 0.0% 5.50 13.74 10.03 19.94 46.44 -17.79

Sales/Revenue/Turnover

35.00

9'000.0

30.00

8'000.0 7'000.0

25.00

6'000.0

20.00

5'000.0

15.00

4'000.0 3'000.0

10.00

2'000.0

5.00 0.00 02.01.2009

1'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

BIM Birlesik Magazalar AS Holdings By:

All

Holder Name ABERDEEN ASSET MANAG VANGUARD GROUP INC ABERDEEN INVESTMENT T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC BLACKROCK FUND ADVIS BLACKROCK GROUP LIMI CARMIGNAC GESTION DANSKE INVEST A/S WILLIAM BLAIR & COMP DANSKE INVEST MANAGE PRUDENTIAL FINANCIAL BNP PARIBAS ASSET MG FIDELITY MANAGEMENT IVY MANAGEMENT INCOR EATON VANCE MANAGEME F&C FUND MANAGEMENT PICTET ASSET MANAGEM CARMIGNAC GESTION LU BLACKROCK INVESTMENT

Firm Name Credit Suisse Marfin Analysis (ESN) Oyak Securities BGC Partners Natixis Morgan Stanley Seker Securities BNP Paribas Equity Research Yatirim Finansman Securities EFG Istanbul Securities FinansInvest Ekspres Invest Garanti Yatirim Menkul Kiymetler Erste Bank Barclays Goldman Sachs HSBC Eczacibasi Securities Global Menkul Degerler IS Investment & Securities EVA Dimensions Renaissance Capital Wood & Company Yapi Kredi Yatirim ve Menkul Degerler Deutsche Bank ATA Invest Tera Stock Brokers TEB Investment

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios PICTET FUNDS - EASTE Multiple Portfolios Multiple Portfolios

Analyst ONUR MUMINOGLU NATALIA SVYROU-SVYRIADI SERHAT KAYA BERNA KURBAY ANTOINE PARISON EROL DANIS EZGI GULBAS OZGUR GULER DUYGU KALFAOGLU BURAK ISYAR CAN OZTOPRAK MELDA AGIRDAS IREM OKUTGEN GORKEM GOKER HANZADE KILICKIRAN ANTON FARLENKOV BULENT YURDAGUL AKIF DASIRAN BERTAN ILBAK ESRA SIRINEL TEAM COVERAGE METE OZBEK PATRICK SHIELDS OZGUR GOKER MUHARREM GULSEVER EMRAH OZKOC KENAN TURAN DIDEM OZATALAR

Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-LUX MF-AGG MF-AGG

Recommendation neutral hold market perform hold reduce Overwt/No Rating market perform buy Under Review buy outperform hold market perform hold overweight Sell/Neutral neutral outperform sell underperform underweight hold sell market perform buy market perform sell market perform

Amt Held 7'238'537 5'752'958 4'657'290 4'224'675 4'037'688 1'888'926 1'314'644 963'937 708'427 416'127 389'690 389'087 381'703 275'259 242'000 217'556 208'034 201'978 195'397 173'322

% Out 4.77 3.79 3.07 2.78 2.66 1.24 0.87 0.64 0.47 0.27 0.26 0.26 0.25 0.18 0.16 0.14 0.14 0.13 0.13 0.11

Weighting

Change

3 3 3 3 2 5 3 5 #N/A N/A 5 5 3 3 3 5 1 3 5 1 1 1 3 1 3 5 3 1 3

M U M M M M M M M M M M M M N M M M M M D M M M U M M M

Latest Chg 255'407 (115'422) (4'312) 12'299 (48'402) (1'679'358) (38'862) 11'860 (7'000) (25'220) 73'317 (797'478)

Target Price 77 82 80 94 69 79 72 84 #N/A N/A 87 91 89 83 78 95 64 81 102 73 77 #N/A N/A 70 65 80 95 #N/A N/A 56 52

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 12.11.2012 Investment Advisor 30.09.2012 Investment Advisor 12.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 27.11.2012 Investment Advisor 27.11.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor 29.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.08.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 21.11.2012 21.11.2012 14.11.2012 14.11.2012 14.11.2012 13.11.2012 13.11.2012 13.11.2012 13.11.2012 13.11.2012 12.11.2012 07.11.2012 06.11.2012 04.11.2012 30.10.2012 21.09.2012 20.09.2012 12.09.2012 06.09.2012 05.09.2012 27.08.2012 15.08.2012 14.08.2012 03.08.2012 30.07.2012 11.05.2012 08.05.2012 11.11.2010


29.11.2012

MCB Bank Ltd MCB Bank Ltd. is a full service commercial bank. The Bank offers a wide range of financial products and advice for personal and corporate customers, including online banking services.

Price/Volume 250

3.5 M 3.0 M

200

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.11.2012) 52-Week Low (02.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MCB PA EQUITY YTD Change MCB PA EQUITY YTD % CHANGE

12/2011 09/yy 192.75 120.91 360'600.00 189.9 -1.48% 57.06% 93.50% 919.9 174'681.44 60'652.76 0.0 492.5 56'435.13 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

100

1.5 M 1.0 M

50

.5 M

0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 38'000.4 15'265.6 16.46x

150

31.12.2008 31.12.2009 42'956.1 55'774.5 15'374.6 15'665.4 5.14x 10.66x Profitability

LTM-4Q 31.12.2010 60'725.3 16'874.0 10.29x

31.12.2011 75'523.5 19'274.3 5.83x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

60.20% 60.36% 3.04% 21.73% 14.91% 0.12% 37.1% 9.24% 66.53% -

Price/ Cash Flow

LTM

09/yy 71'605.4 0.00x 0.0 0.00x 19'796.1 7.13x

09/yy 59'819.0 0.00x 0.0 0.00x 20'696.9 0.00x

FY+1

.0 M n-12

1.08 53.61% 66.70% 1.078 13 3.615 112'860 364'837 408'188 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 50'145.0 50'954.0 20'880.2 20'366.6 8.21x 8.16x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

66.5% 39.8% 0.12 3.45 -

Sales/Revenue/Turnover

12.00

80'000.0 70'000.0

10.00

60'000.0 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0 2.00 0.00 02.01.2009

10'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

MCB Bank Ltd Holdings By:

All

Holder Name MAYBAN INTL TRUST BH FRANKLIN RESOURCES I MANSHA MIAN RAZA RAFI TARIQ TEMPLETON INVESTMENT MANSHA MIAN UMER MANSHA MIAN MOHAMMAD ROBECO INVESTOR SERV GCIC LTD/CANADA MUNEER S M INVESCO LTD EATON VANCE MANAGEME TUNDRA FONDER AB / S UNION INVESTMENT LUX GOLDMAN SACHS ASSET EATON VANCE ADVISORS PRUDENTIAL FINANCIAL GOLDMAN SACHS GROUP ROBECO FUND MANAGEME SCHRODER INVESTMENT

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Foundation Securities (Private) Limited SYED SULEMAN AKHTAR Macquarie ISMAEL PILI Topline Securities Pvt. Ltd FARHAN MAHMOOD JS Global Capital Ltd BILAL QAMAR Arif Habib Limited SANA TAWFIK Summit Capital Pvt Ltd MUHAMMAD FARHAN AKD Securities (Pvt.) Ltd RAZA JAFRI Credit Suisse FARHAN RIZVI BMA Capital Management NURALI BARKATALI Elixir Securities Pakistan SANA IQBAL BAWANI Global Securities Pakistan Ltd SYED SAQUIB ALI Shajar Capital Pakisatan Pvt Ltd UMER PERVEZ Invest & Finance Securities KHALID IQBAL SIDDIQUI

Source Co File MF-AGG Co File Co File MF-AGG Co File Co File MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral neutral hold buy buy hold neutral neutral add hold buy accumulate buy

Amt Held 183'972'023 48'741'202 33'985'997 31'176'829 26'642'824 26'435'024 5'315'615 3'931'177 2'023'585 1'980'803 1'698'313 1'626'848 1'100'900 841'500 837'854 802'722 761'280 561'328 547'589 358'407

% Out 20 5.3 3.69 3.39 2.9 2.87 0.58 0.43 0.22 0.22 0.18 0.18 0.12 0.09 0.09 0.09 0.08 0.06 0.06 0.04

Weighting

Change 3 3 3 5 5 3 3 3 4 3 5 4 5

Latest Chg (55'643) (1'138'745) 920'000 155'000 156'500 547'589 358'407

Target Price

D D M M M M M M M M M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

191 191 198 219 215 190 185 165 196 188 195 185 218

File Dt Inst Type 31.12.2011 n/a 28.09.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 30.06.2012 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 n/a 29.02.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.03.2012 Investment Advisor 29.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 20.11.2012 19.11.2012 08.11.2012 17.10.2012 16.10.2012 15.10.2012 12.10.2012 31.08.2012 06.08.2012 06.08.2012 11.04.2012 17.02.2012 31.10.2011


29.11.2012

Indofood Sukses Makmur Tbk PT PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.

Price/Volume 7000 6000 5000 4000

Valuation Analysis

3000

Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INDF IJ EQUITY YTD Change INDF IJ EQUITY YTD % CHANGE

12/2011 09/yy 6'200.00 4'400.00 6'839'000.00 5800 -6.45% 31.82% 72.22% 8'780.4 50'926'472.00 11'525'632.00 0.0 12'213'428.0 13'623'848.00 61'385'436.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1000 0 n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 27'858'304.0 1.15x 3'472'262.0 9.25x 980'357.0 22.79x

2000

31.12.2008 31.12.2009 38'799'279.0 37'397'319.0 0.63x 1.30x 5'047'594.0 6'134'676.0 4.81x 7.93x 1'034'389.0 2'075'861.0 7.91x 15.04x Profitability

LTM-4Q 31.12.2010 38'403'360.0 1.37x 7'890'974.0 6.66x 2'952'858.0 14.51x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-12

LTM

FY+1

1.04 4'385.82 28.16% 30.25% 1.042 27 3.815 7'314'000 10'031'920 11'681'080 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 45'332'256.0 ######### ######### ######### ######### ######### 1.11x 5.10x 4.39x 1.21x 1.06x 7'351'732.0 ######### ######### ######### ######### 6.87x 6.91x 7.95x 7.07x 6.41x 3'077'180.0 ######### ######### ######### ######### 908'623.0 13.14x 14.63x 14.99x 14.91x 13.16x S&P Issuer Ratings 7'351'732.00 Long-Term Rating Date 18.07.2006 6'371'303.00 Long-Term Rating NR 14.05% Long-Term Outlook 14.01% Short-Term Rating Date 6.00% Short-Term Rating 16.91% Credit Ratios 13.41% EBITDA/Interest Exp. 6.78 0.89% (EBITDA-Capex)/Interest Exp. 4.10 Net Debt/EBITDA -0.32 27.8% Total Debt/EBITDA 1.46 15.5% Reference 13.2% Total Debt/Equity 59.4% 6.8% Total Debt/Capital 26.7% Asset Turnover 0.89 1.91 Net Fixed Asset Turnover 2.41 1.29 Accounts receivable turnover-days 21.69 21.51% Inventory Days 77.12 59.42% Accounts Payable Turnover Day 23.54 16.87 Cash Conversion Cycle 70.06 4.75

Price/ Cash Flow

Sales/Revenue/Turnover

30.00

50'000'000.0 45'000'000.0

25.00

40'000'000.0 35'000'000.0

20.00

30'000'000.0

15.00

25'000'000.0 20'000'000.0

10.00

15'000'000.0 10'000'000.0

5.00 0.00 02.01.2009

5'000'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Indofood Sukses Makmur Tbk PT Holdings By:

All

Holder Name CAB HLDG LTD MAURITI VANGUARD GROUP INC SCHRODER INVESTMENT PANIN SEKURITAS BLACKROCK FUND ADVIS T ROWE PRICE ASSOCIA FORTIS FUND MANAGERS INVESTEC ASSET MANAG BLACKROCK ADVISERS EASTSPRING INVESTMEN BNP PARIBAS ASSET MG MANULIFE ASET MANAJE SEB FONDFORVALTNING MORGAN STANLEY AMERIPRISE FINANCIAL VAN ECK ASSOCIATES C PRINCIPAL FINANCIAL INVESCO LTD DANAREKSA INVESTMENT FIDELITY INTERNATION

Firm Name Kim Eng Securities Bahana Securities Andalan Artha Advisindo Sekuritas PT Ciptadana Sekuritas Macquarie DBS Vickers Samuel Sekuritas Indonesia CIMB Nomura UOB Kay Hian Morgan Stanley JPMorgan Trimegah Securities Tbk PT Mandiri Sekuritas PT/Indonesia BNI Securities EVA Dimensions PT Etrading Securities PT Batavia Prosperindo Sekuritas Credit Suisse BNP Paribas Equity Research Standard Chartered Danareksa OSK (Asia) Securities HSBC Deutsche Bank

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KATARINA SETIAWAN HARRY SU ADOLF SUTRISNO MITCHEL JAUWANTO LYALL TAYLOR BEN SANTOSO YUALDO T YUDOPRAWIRO ERWAN TEGUH TEH JANNI ASMAN MARWAN HALIM DIVYA GANGAHAR KOTHIYAL STEVANUS JUANDA IVAN CHAMDANI OCTAVIUS OKY PRAKARSA AKHMAD NURCAHYADI TEAM COVERAGE ANDREW ARGADO ANDY FERDINAND ELLA NUSANTORO ELVIRA TJANDRAWINATA NIRGUNAN TIRUCHELVAM MARDESIANA ANDREY WIJAYA SEAN MONAGHAN REGGY SUSANTO

Source EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy hold hold neutral hold buy outperform neutral hold Equalwt/In-Line neutral hold buy buy overweight hold buy neutral hold outperform buy buy neutral buy

Amt Held 4'394'603'592 192'379'438 147'810'500 75'024'000 71'812'730 46'333'500 44'000'000 29'770'000 28'853'000 23'518'500 22'530'476 22'320'000 21'294'500 19'895'500 19'357'500 18'682'000 17'123'000 16'500'000 16'494'500 14'364'876

% Out 50.05 2.19 1.68 0.85 0.82 0.53 0.5 0.34 0.33 0.27 0.26 0.25 0.24 0.23 0.22 0.21 0.2 0.19 0.19 0.16

Weighting

Change 3 5 3 3 3 3 5 5 3 3 3 3 3 5 5 5 3 5 3 3 5 5 5 3 5

M M D N D M M M M M M M M M M U D M M M M M M M M

Latest Chg 6'304'000 749'000 46'333'500 (80'500) 1'124'700 (2'421'500) 383'500 276'600 (953'500) (188'500) 131'000 3'500'000 4'835'552

Target Price 6'300 7'000 6'350 6'400 5'900 5'650 7'000 7'000 6'050 5'650 6'040 5'700 6'400 6'500 6'350 #N/A N/A 5'500 6'150 6'850 5'250 6'580 5'350 6'000 5'436 6'050

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.04.2012 30.09.2012 12.07.2013 31.12.2011 27.11.2012 30.09.2012 30.09.2012 30.09.2012 31.07.2012 29.06.2012 30.09.2012 31.12.2010 28.09.2012 30.09.2012 28.09.2012 27.11.2012 31.10.2012 29.02.2012 31.12.2010 29.02.2012

Date 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month

Inst Type Unclassified Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 29.11.2012 26.11.2012 08.11.2012 07.11.2012 05.11.2012 02.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 17.10.2012 11.09.2012 31.08.2012 30.08.2012 14.08.2012 08.08.2012 03.07.2012 07.06.2012 02.05.2012 21.03.2012 31.10.2011


29.11.2012

Bank Negara Indonesia Persero Tbk PT PT Bank Negara Indonesia (Persero) Tbk is a state-owned bank that conducts commercial and consumer banking services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (07.02.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBNI IJ EQUITY YTD Change BBNI IJ EQUITY YTD % CHANGE

12/2011 09/yy 4'225.00 3'325.00 14'212'500.00 3575 -15.38% 7.52% 30.56% 18'648.7 66'668'948.00 16'008'947.00 0.0 109'870.0 78'840'819.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

180.0 M

4000

160.0 M

3500

140.0 M

3000

120.0 M

2500

100.0 M

2000

80.0 M

1500

60.0 M

1000

40.0 M

500

20.0 M

0 n-11 d-11

j-12

f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 19'007'436.0 897'928.0 30.78x

4500

31.12.2008 31.12.2009 20'177'028.0 23'742'151.0 1'222'485.0 2'483'995.0 8.50x 12.15x Profitability

LTM-4Q 31.12.2010 25'898'450.0 4'101'706.0 15.38x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

FY+1

.0 M n-12

1.17 7'459.46 -3.78% -4.41% 1.174 28 4.714 20'940'800 17'797'430 20'598'510 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 28'293'271.0 ######### ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 5'825'904.0 ######### ######### ######### ######### ######### 12.18x 12.95x 10.75x 10.13x 8.71x S&P Issuer Ratings - Long-Term Rating Date 13.12.2011 - Long-Term Rating BB 34.82% Long-Term Outlook POS 35.88% Short-Term Rating Date 16.12.2003 2.35% Short-Term Rating B 17.71% Credit Ratios 12.50% EBITDA/Interest Exp. 0.10% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 42.4% 28.0% Total Debt/Capital 29.7% Asset Turnover 0.10 - Net Fixed Asset Turnover 7.11 - Accounts receivable turnover-days 5.35% Inventory Days 42.43% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

18.00

30'000'000.0

16.00

25'000'000.0

14.00

20'000'000.0

12.00 10.00

15'000'000.0

8.00

10'000'000.0

6.00 4.00

5'000'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


29.11.2012

Bank Negara Indonesia Persero Tbk PT Holdings By:

All

Holder Name REPUBLIC OF INDONESI SCHRODER INVESTMENT VANGUARD GROUP INC JF ASSET MANAGEMENT BLACKROCK FUND ADVIS PANIN SEKURITAS FIDELITY INTERNATION EASTSPRING INVESTMEN ALLIANCEBERNSTEIN LU INVESTEC ASSET MANAG CARMIGNAC GESTION LU FORTIS INVESTMENTS P GUARDIAN INVESTOR SE VAN ECK ASSOCIATES C BANK OF NEW YORK MEL MANULIFE ASET MANAJE AIG INVESTMENT CORP MASSACHUSETTS FINANC ARTISAN PARTNERS HOL SANFORD C BERNSTEIN

Firm Name Morgan Stanley Indo Premier Securities Trimegah Securities Tbk PT Bahana Securities Nomura Standard Chartered CIMB OSK (Asia) Securities Kim Eng Securities DBS Vickers PT Batavia Prosperindo Sekuritas Andalan Artha Advisindo Sekuritas PT Macquarie AmCapital Indonesia Credit Suisse Samuel Sekuritas Indonesia UOB Kay Hian Daiwa Securities Co. Ltd. Sucorinvest Central Gani BNP Paribas Equity Research EVA Dimensions Ciptadana Sekuritas Mandiri Sekuritas PT/Indonesia Danareksa Deutsche Bank

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NICK LORD AGUS PRAMONO ROBBY HAFIL TEGUH P. HARTANTO STEPHAN HASJIM JAJ SINGH MULYA CHANDRA ROCKY INDRAWAN RAHMI SARI MARINA SUE LIN LIM ANDY FERDINAND A INDRAJATRI NICOLAOS OENTUNG YAP SWIE CU TEDDY OETOMO JOSEPH PANGARIBUAN RUFINA TAM SRIKANTH VADLAMANI ISFHAN HELMY TEAM COVERAGE TEAM COVERAGE SYAIFUL ADRIAN VERDI BUDIMAN CHRISTOPHER KELVIN RAYMOND KOSASIH

Source EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Equalwt/Attractive hold buy buy buy outperform outperform buy buy hold buy buy neutral buy outperform buy buy outperform buy buy overweight buy buy buy buy

Amt Held 11'189'193'750 488'324'728 304'304'784 144'016'450 109'243'170 95'568'500 89'393'519 88'223'936 68'830'570 64'275'886 48'829'158 48'640'500 34'237'500 31'745'432 29'575'000 28'185'740 27'600'920 26'299'575 24'291'018 23'515'431

% Out 60 2.62 1.63 0.77 0.59 0.51 0.48 0.47 0.37 0.34 0.26 0.26 0.18 0.17 0.16 0.15 0.15 0.14 0.13 0.13

Weighting

Change 3 3 5 5 5 5 5 5 5 3 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5

M M M M M M M M M M M M D U M M M U M M U M M M M

Latest Chg 6'105'000 19'050'500 1'199'000 15'049'468 (11'898'000) 27'964'564 5'759'000 11'871'721 223'000 (297'500) 764'500 -

Target Price 3'846 4'100 4'800 4'700 4'500 4'666 4'750 4'700 4'200 4'100 4'650 4'900 4'000 4'750 5'000 5'000 4'900 4'300 4'825 4'200 #N/A N/A 5'700 4'700 4'700 5'850

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.04.2012 12.07.2013 30.09.2012 30.09.2011 27.11.2012 31.12.2011 29.02.2012 29.06.2012 30.09.2012 30.09.2012 28.09.2012 31.12.2011 30.09.2012 27.11.2012 30.09.2012 31.12.2010 31.12.2010 30.09.2012 30.06.2012 30.09.2012

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

Inst Type Government Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.11.2012 27.11.2012 26.11.2012 26.11.2012 23.11.2012 21.11.2012 16.11.2012 15.11.2012 08.11.2012 06.11.2012 02.11.2012 31.10.2012 25.10.2012 24.10.2012 23.10.2012 23.10.2012 23.10.2012 22.10.2012 22.10.2012 11.09.2012 11.09.2012 31.07.2012 29.02.2012 05.12.2011 26.07.2011

Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50.xls  

Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50.xls

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