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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 MSCI APEX 50 Index Components February 2013

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

14121364

1907.672

1115

1115

203

220

220

101.35

110.66

110.66

15.03

15.03

13.77

13.77

18.69

Euro Stoxx 50 Pr

EUR

2622635

5772.872

4825

4825

811

833

833

186.71

323.03

323.03

25.21

16.93

14.57

14.57

21.45

NIKKEI 225

JPY

2425374

177.225

189

189

19

20

20

5.16

5.60

5.60

0.25

0.24

0.23

0.23

0.12

FTSE 100 INDEX

GBP

2721403

11808.59

9311

9311

1486

1673

1673

550.80

825.62

825.62

27.18

22.43

18.13

18.13

24.24

SWISS MARKET INDEX

CHF

1037093

11052.65

4174

4174

885

859

859

390.09

563.39

563.39

22.92

19.43

15.87

15.87

23.24

S&P/TSX COMPOSITE INDEX

CAD

1708660

17087.54

7873

7873

1881

2141

2141

808.30

897.53

897.53

15.25

15.25

13.74

13.74

24.97

S&P/ASX 200 INDEX

AUD

1418991

6771.435

2869

2869

582

700

700

249.20

340.41

340.41

21.64

16.73

15.84

15.84

21.87

HANG SENG INDEX

HKD

1753660

3458.521

1607

1607

359

408

408

250.93

265.84

265.84

1.54

1.63

1.46

1.46

3.13

MSCI EM

USD

7972857

1461.715

1037

1037

197

200

200

86.36

101.05

101.05

12.32

13.43

10.53

10.53

19.89

AIA GROUP LTD

HKD

49855

43064

12044

0

0

0

1

6.20

1855

1855

2354

2651

-

-

-

-

0.02

0.02

0.03

0.03

3.71

-

2.46

2.22

-2.81

-

-

-

-

-

-

-

-

BANK OF CHINA LTD-H

HKD

133070

432700

279136

247

0

4

403

#VALUE!

66300

74564

46416

50283

-

-

-

-

0.06

0.06

0.06

0.06

0.82

-

0.82

0.80

3.88

2.35

-

-

-

A

29.11.2011

-

-

BOC HONG KONG HOLDINGS LTD

HKD

35448

15112

10573

35

0

0

54

#VALUE!

6535

6900

4604

5049

-

-

-

-

0.23

0.24

0.25

0.26

1.80

1.96

1.74

1.64

2.34

0.51

-

-

-

-

-

-

-

CATHAY FINANCIAL HOLDING CO

TWD

13379

43979

10300

1

0

0

1

13.58

1042

1042

2319

2565

-

-

-

-

0.10

0.10

0.05

0.05

0.41

-

0.88

0.76

-

-

-

-

-

BBB+

29.04.2009

-

-

CHEUNG KONG HOLDINGS LTD

HKD

35632

8473

2316

6

0

1

3

39.33

4252

2954

4099

5039

1434

1164

1870

1870

-

1.57

1.34

1.51

1.26

-

1.48

1.32

4.83

6.14

4.30

1.94

5.08

NR

28.12.2011

-

-

CHINA CONSTRUCTION BANK-H

HKD

203738

324150

250011

156

0

1

357

#VALUE!

74218

88030

58767

63904

-

-

-

-

0.09

0.10

0.10

0.10

0.86

-

0.86

0.82

3.60

2.10

-

-

-

A

29.11.2011

-

-

CHINA LIFE INSURANCE CO-H

HKD

84715

46396

28265

6

0

0

7

#VALUE!

47758

45368

47018

52629

-

-

-

-

0.08

0.07

0.07

0.13

4.55

4.55

4.76

2.32

-0.50

2.64

-

-

-

AA-

16.12.2010

-

-

CHINA MERCHANTS BANK-H

HKD

46584

17228

21577

47

0

0

87

#VALUE!

18419

21253

14578

16104

-

-

-

-

0.22

0.24

0.24

0.24

0.95

0.95

0.94

0.95

5.49

3.90

-

-

-

BBB+

06.12.2011

-

-

CHINA MOBILE LTD

HKD

222656

22612

20072

4

0

0

43

132.45

68088

70209

72403

76969

33167

33025

8172

8172

0.83

0.81

0.80

0.80

1.41

-

1.43

1.43

1.14

1.28

0.82

1.23

6.07

AA-

16.12.2010

WR

03.11.2005

CHINA OVERSEAS LAND & INVEST

HKD

23080

40010

8173

6

0

0

2

26.51

6265

6703

8550

10252

2453

2592

-

-

0.24

0.26

0.25

0.29

1.39

-

1.48

1.25

1.24

5.78

2.23

5.86

4.99

BBB

25.03.2010

-

-

CHINA PETROLEUM & CHEMICAL-H

HKD

101740

110902

86703

31

0

5

3

121.44

317713

331965

329171

344924

22046

20236

-

-

0.11

0.08

0.09

0.11

1.40

-

1.32

1.08

4.03

3.11

-0.52

1.20

0.79

A+

16.12.2010

-

-

CHINA SHENHUA ENERGY CO-H

HKD

73463

18425

19890

8

0

5

8

64.34

26848

29527

30317

33003

10867

11196

-

-

0.30

0.32

0.31

0.32

1.22

1.22

1.29

1.24

4.13

3.44

2.16

2.55

4.89

-

-

-

-

CHINA STEEL CORP

TWD

14355

25769

14972

3

0

0

0

17.91

8K

7K

7K

7K

1036

567

199

199

0.04

0.00

0.01

0.03

7.61

-

2.41

1.20

0.02

0.22

-1.33

-0.28

0.26

-

-

-

-

CHINA UNICOM HONG KONG LTD

HKD

33974

38063

23565

14

0

0

2

40.41

26973

29589

32411

37106

8253

8777

2377

2377

0.02

0.03

0.04

0.06

5.27

-

3.91

2.46

2.84

4.79

0.78

1.85

3.82

-

-

-

-

CLP HOLDINGS LTD

HKD

21714

3547

2406

13

0

0

0

32.82

11817

12579

12353

13312

2722

2824

1532

1532

0.60

0.37

0.51

0.59

3.03

2.35

2.17

1.88

7.33

1.94

2.59

0.51

2.89

A-

02.03.2011

-

-

CNOOC LTD

HKD

89469

51694

44659

5

0

0

13

64.20

31071

30258

30525

31450

15351

14699

-

-

0.20

0.18

0.19

0.18

1.15

-

1.11

1.14

4.36

4.46

2.77

2.43

6.26

AA-

16.12.2010

-

-

DBS GROUP HOLDINGS LTD

SGD

29783

6063

2437

40

0

3

38

#VALUE!

8899

8898

7044

7747

-

-

-

-

1.26

1.27

1.14

1.19

7.75

7.78

8.64

8.29

11.08

2.70

-

-

-

-

-

-

-

FORMOSA PLASTICS CORP

TWD

16154

7918

6121

2

0

0

2

16.58

6332

5797

5831

6099

1109

531

96

96

-

0.07

0.08

0.14

1.28

-

1.08

0.63

-0.12

-0.07

-0.36

0.39

0.31

BBB+

30.12.2010

-

-

HANG LUNG PROPERTIES LTD

HKD

17289

6324

4477

4

0

1

5

17.26

951

951

1459

1647

941

941

1065

1065

0.24

0.24

0.18

0.21

2.07

-

2.71

2.41

5.51

0.75

12.49

3.12

12.77

-

-

-

-

HANG SENG BANK LTD

HKD

31015

1388

1912

7

0

0

20

#VALUE!

5081

5347

3148

3454

-

-

-

-

-

1.21

1.18

1.33

1.73

-

1.77

1.57

0.61

-0.30

-

-

-

AA-

29.11.2011

-

-

HON HAI PRECISION INDUSTRY

TWD

33235

33446

11757

5

0

0

3

36.87

93598

106341

104052

117788

1388

1696

-

-

0.23

0.27

0.27

0.31

0.35

-

0.36

0.31

0.67

0.72

-0.29

0.09

0.05

A-

09.11.2007

-

-

HONG KONG & CHINA GAS

HKD

24151

8790

8691

4

0

1

2

27.29

2892

3158

3359

3791

914

963

521

521

0.09

0.10

0.11

0.11

3.43

3.46

3.40

3.18

2.03

2.47

2.72

0.74

3.93

A+

23.07.2008

A1

23.07.2008

HONG KONG EXCHANGES & CLEAR

HKD

21129

6321

1078

0

0

0

6

15.18

886

840

929

1122

722

663

-

-

0.58

0.57

0.50

0.60

4.19

4.44

4.72

3.95

0.45

0.74

1.20

2.34

10.18

-

-

-

-

HUTCHISON WHAMPOA LTD

HKD

46896

6330

4263

29

0

5

9

72.63

30137

30574

31324

33559

4462

4664

-

-

0.61

0.60

0.69

0.80

2.36

2.00

2.05

1.76

1.51

0.53

-0.37

0.00

1.97

A-

09.11.2010

A3

29.10.2010

HYUNDAI HEAVY INDUSTRIES

KRW

15567

272

61

4

0

0

1

19.95

23094

23094

22838

24651

2869

2869

-

-

25.46

29.23

#VALUE!

29.03

0.01

0.01

#VALUE!

0.01

0.00

0.01

-

0.02

0.01

-

-

-

-

HYUNDAI MOBIS CO LTD

KRW

27557

182

96

2

0

0

2

25.90

15527

15527

20562

#VALUE!

2133

2133

-

-

16.79

16.81

32.67

29.93

0.02

0.02

0.01

0.01

0.01

0.01

-

0.02

0.01

BBB+

20.03.2012

-

-

HYUNDAI MOTOR CO

KRW

43802

411

209

4

0

0

9

35.22

39378

39378

54178

45629

5747

5747

-

-

-

16.07

33.86

36.37

0.01

-

0.01

0.01

0.02

0.01

0.03

0.02

0.01

BBB+

20.03.2012

NR

11.08.2010

IND & COMM BK OF CHINA-H

HKD

238178

316927

349084

248

0

0

463

#VALUE!

90833

101793

68581

74938

-

-

-

-

0.08

0.08

0.08

0.09

0.91

-

0.87

0.84

3.80

2.45

-

-

-

A

28.08.2012

-

-

KB FINANCIAL GROUP INC

KRW

13694

1601

386

0

0

#VALUE!

#VALUE!

13.60

25

25

#VALUE!

#VALUE!

-18

-18

-

-

-

-0.16

#VALUE!

#VALUE!

-

-

#VALUE!

#VALUE!

-

-

-

-

-0.07

-

-

-

-

KEPPEL CORP LTD

SGD

16894

5602

1798

6

0

3

4

22.59

11251

11251

10730

11255

2035

2035

-

-

0.87

1.01

0.71

0.74

7.53

8.12

10.60

10.17

31.48

0.42

18.02

12.98

14.57

-

-

-

-

KIA MOTORS CORPORATION

KRW

20562

1976

404

3

0

0

2

20.04

25784

25784

34058

30376

2392

2392

-

-

4.23

4.17

9.64

10.49

0.01

0.01

0.00

0.00

0.00

0.01

-

0.03

0.01

BBB+

20.03.2012

WR

17.01.2008

LG CHEM LTD

KRW

18516

170

66

1

0

0

1

19.02

18820

18820

#VALUE!

#VALUE!

2849

2295

-

-

25.96

18.85

24.56

25.78

0.01

0.01

0.01

0.01

0.00

0.04

-

0.03

0.01

A-

24.11.2010

-

-

LI & FUNG LTD

HKD

11212

22711

8104

0

0

0

0

1.67

2583

2625

2693

2943

136

136

62

62

0.01

0.01

0.01

0.01

1.86

-

2.79

2.11

3.27

1.83

2.73

3.53

0.67

15.01.2013

A3

10.05.2007

MEDIATEK INC

TWD

14846

4829

1140

0

0

0

1

13.77

1817

1999

#VALUE!

4443

224

234

-

-

0.41

0.43

0.41

0.59

0.86

-

0.90

0.63

-0.85

-0.09

-2.22

-0.79

0.40

-

-

-

-

NAN YA PLASTICS CORP

TWD

15874

8262

7852

3

0

0

1

18.93

6548

6138

6190

6427

989

557

132

132

-

0.00

0.02

0.08

22.02

-

4.30

0.85

-0.29

-0.15

-0.55

0.10

0.31

BBB+

30.12.2010

-

-

OVERSEA-CHINESE BANKING CORP

SGD

27649

5365

3431

30

0

2

37

#VALUE!

7142

7201

5452

5894

-

-

-

-

0.95

0.91

0.63

0.67

7.12

10.06

10.38

9.64

14.31

3.72

-

-

-

AA-

01.12.2011

Aa1

04.05.2007

PETROCHINA CO LTD-H

HKD

263843

94654

183021

41

0

10

8

266.17

258404

270579

266867

284450

41700

41828

11010

11010

0.10

0.09

0.09

0.10

1.56

1.53

1.68

1.45

4.74

3.34

0.84

0.57

1.99

-

-

-

-

PING AN INSURANCE GROUP CO-H

HKD

62065

19308

7916

42

0

5

12

84.00

35164

41200

41446

49095

-

-

-

-

0.32

0.34

0.37

0.48

2.58

-

2.35

1.82

5.13

2.86

-

-

-

-

-

-

-

POSCO

KRW

29257

197

77

11

0

0

2

37.00

32833

32833

31142

31767

5619

5619

1163

1163

-

38.00

31.33

30.43

0.01

-

0.01

0.01

-0.01

0.01

-

0.00

0.01

BBB+

22.10.2012

Baa1

24.10.2012

POWER ASSETS HOLDINGS LTD

HKD

19238

2330

2134

3

0

0

1

21.64

1315

1344

1365

1396

855

860

502

502

0.55

0.56

0.58

0.61

2.06

2.05

2.00

1.91

-0.21

-0.39

-1.42

-0.82

8.25

A+

09.11.2010

-

-

SAMSUNG ELECTRONICS CO LTD

KRW

210187

262

130

4

0

0

13

201.33

129996

129991

202820

219082

17480

22705

-

-

61.43

94.82

193.35

204.83

0.01

0.01

0.01

0.01

0.02

0.02

-

0.01

0.02

A

25.01.2006

A1

14.07.2005

SHINHAN FINANCIAL GROUP LTD

KRW

18379

1501

474

6

0

0

2

24.99

914

914

#VALUE!

#VALUE!

1890

1890

-

-

2.68

2.71

#VALUE!

#VALUE!

0.01

0.01

#VALUE!

#VALUE!

-0.05

-0.01

-

0.00

0.09

-

-

-

-

SINGAPORE TELECOM LTD

SGD

45344

11470

15929

7

0

0

1

51.11

15167

14890

14885

15082

4178

4210

1122

1122

0.20

0.20

0.18

0.20

11.53

11.47

12.53

11.70

3.36

3.31

1.68

3.18

22.78

A+

05.08.2003

Aa3

15.08.2012

SK HYNIX INC

KRW

16999

2826

698

5

0

0

1

20.89

9208

9208

10447

11302

1501

1501

-

-

-0.61

-0.67

1.06

1.42

-

-

0.02

0.02

0.00

0.02

-0.03

0.00

0.02

BB-

14.02.2012

Ba3

15.02.2012

SUN HUNG KAI PROPERTIES

HKD

41320

5648

2616

9

0

1

2

49.14

8820

8820

8147

8865

3397

3397

3446

3446

2.15

2.14

1.07

1.12

0.94

-

1.87

1.79

1.21

2.39

2.28

2.19

4.97

A+

15.06.2012

-

-

SWIRE PACIFIC LTD-A

HKD

19026

1407

1505

5

0

1

1

29.68

4679

4977

5444

5762

1303

1337

1736

1736

2.77

1.43

0.82

0.82

1.16

1.13

2.03

2.03

3.13

1.79

1.50

1.70

3.46

A-

16.08.2005

A3

19.07.2000

TENCENT HOLDINGS LTD

HKD

64981

3830

1822

2

0

0

3

50.48

3675

5115

5644

7282

1722

2163

617

617

0.71

0.84

0.91

1.15

4.35

-

3.99

3.16

5.81

8.01

3.69

7.79

5.45

BBB+

14.11.2011

Baa1

14.11.2011

TAIWAN SEMICONDUCTOR MANUFAC

TWD

93605

30552

25924

4

0

0

4

93.71

16870

15978

#VALUE!

#VALUE!

10165

9483

-

-

0.22

0.22

0.24

0.27

0.56

-

0.52

0.45

0.66

0.37

0.83

0.35

2.00

A+

20.04.2010

-

-

UNITED OVERSEAS BANK LTD

SGD

24690

2385

1574

27

2

0

35

#VALUE!

6106

6917

5173

5423

-

-

-

-

1.14

1.31

1.35

1.36

9.63

9.66

9.37

9.30

5.83

1.43

-

-

-

AA-

01.12.2011

Aa1

09.06.2010

WHARF HOLDINGS LTD

HKD

25157

5904

3029

10

0

1

4

33.03

3095

4192

4141

4242

1598

2019

2119

2119

1.36

1.70

0.45

0.48

0.63

-

2.37

2.23

3.08

2.60

2.13

1.41

6.21

NR

22.06.2010

-

-

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

A-

*-


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

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.11

2.11

1.94

1.73

2.11

1.37

1.37

1.30

1.25

1.37

9.72

9.72

9.44

8.65

9.72

8.66

8.66

7.98

7.45

8.66

13.77

13.77

12.33

11.15

13.77

2.26

2.26

2.41

2.59

2.26

1655.3

8.7%

Euro Stoxx 50 Pr

1.12

1.12

1.06

0.99

1.12

0.73

0.73

0.71

0.68

0.73

5.33

5.33

4.93

4.73

5.33

6.93

6.93

6.53

6.20

6.93

10.91

10.91

9.75

9.02

10.91

4.34

4.34

4.69

4.98

4.34

2872.5

8.8%

NIKKEI 225

1.39

1.39

1.31

1.22

1.39

0.65

0.65

0.61

0.61

0.65

8.61

8.61

7.51

7.01

8.61

8.93

8.93

7.87

7.39

8.93

21.89

21.89

17.85

13.63

21.89

1.80

1.80

1.79

2.09

1.80

11180.5

-2.5%

FTSE 100 INDEX

1.68

1.68

1.56

1.46

1.68

1.05

1.05

1.00

1.01

1.05

7.89

7.89

7.27

5.99

7.89

7.06

7.06

6.59

6.22

7.06

11.85

11.85

10.77

9.86

11.85

3.86

3.86

4.15

4.73

3.86

6644.4

3.9%

SWISS MARKET INDEX

2.35

2.35

2.18

2.00

2.35

1.98

1.98

1.88

1.80

1.98

12.06

12.06

11.03

9.99

12.06

12.86

12.86

11.93

11.16

12.86

14.66

14.66

13.15

11.97

14.66

3.29

3.29

3.65

4.13

3.29

7866.0

3.1%

S&P/TSX COMPOSITE INDEX

1.68

1.68

1.55

1.46

1.68

1.59

1.59

1.49

1.43

1.59

8.31

8.31

7.51

7.07

8.31

7.98

7.98

7.08

6.79

7.98

13.97

13.97

12.33

11.47

13.97

3.07

3.07

3.22

3.42

3.07

14382.7

12.8%

S&P/ASX 200 INDEX

1.92

1.92

1.82

1.71

1.92

1.83

1.83

1.72

1.63

1.83

11.24

11.24

10.17

9.25

11.24

9.67

9.67

8.53

7.89

9.67

15.40

15.40

13.75

12.62

15.40

4.29

4.29

4.61

4.97

4.29

5042.4

-1.1%

HANG SENG INDEX

1.40

1.40

1.29

1.22

1.40

1.87

1.87

1.73

1.56

1.87

7.53

7.53

6.96

6.69

7.53

8.47

8.47

7.70

7.23

8.47

11.31

11.31

10.26

9.46

11.31

3.38

3.38

3.69

4.54

3.38

24953.9

7.1%

MSCI EM

1.41

1.41

1.28

1.18

1.41

1.03

1.03

0.95

0.91

1.03

6.60

6.60

6.00

5.64

6.60

7.32

7.32

6.69

6.30

7.32

10.53

10.53

9.36

8.71

10.53

2.92

2.92

3.24

3.55

2.92

1196.7

12.5%

AIA GROUP LTD

2.38

2.11

1.91

1.74

1.46

3.14

2.73

2.42

2.16

31.35

19.07

17.24

15.39

12.93

0.94

1.26

1.38

1.57

1.21

35.62

11.0%

BANK OF CHINA LTD-H

1.15

1.02

0.93

0.83

2.53

2.31

2.13

1.93

1.61

4.39

4.20

4.04

3.83

6.93

6.34

6.21

5.76

4.94

5.13

5.39

5.39

5.76

6.70

4.09

10.3%

BOC HONG KONG HOLDINGS LTD

2.16

1.95

1.83

1.73

8.52

7.70

7.02

6.42

6.17

11.82

13.00

12.81

12.04

14.37

13.46

12.74

11.81

11.28

4.47

4.64

4.91

5.35

5.99

29.00

11.5%

1.63

1.55

1.51

5.77

5.22

4.84

26.19

22.53

21.12

24.06

1.25

1.51

1.53

2.32

33.58

-7.9%

7.40

8.69

7.07

6.26

11.45

10.21

9.43

2.62

2.70

2.82

2.99

139.20

16.7%

CATHAY FINANCIAL HOLDING CO

1.66

CHEUNG KONG HOLDINGS LTD

0.92

0.84

0.79

0.74

CHINA CONSTRUCTION BANK-H

1.58

1.36

1.19

1.05

3.17

2.79

2.57

2.30

CHINA LIFE INSURANCE CO-H

2.66

2.46

2.19

1.94

1.51

1.46

1.45

1.30

1.18

CHINA MERCHANTS BANK-H

1.83

1.54

1.35

1.16

1.07

3.05

2.57

2.33

2.07

1.78

CHINA MOBILE LTD

2.15

1.93

1.76

1.61

1.46

2.65

2.48

2.33

2.19

2.01

CHINA OVERSEAS LAND & INVEST

2.76

2.15

1.83

1.57

3.15

2.70

2.25

1.89

CHINA PETROLEUM & CHEMICAL-H

1.30

1.18

1.09

0.99

0.91

0.27

0.25

0.24

0.23

CHINA SHENHUA ENERGY CO-H

2.04

1.83

1.63

1.46

1.38

2.25

1.95

1.79

1.67

CHINA STEEL CORP

1.49

1.51

1.47

1.45

1.35

1.78

2.03

2.03

CHINA UNICOM HONG KONG LTD

1.02

1.00

0.96

0.92

0.87

1.00

0.84

0.74

CLP HOLDINGS LTD

1.96

1.88

1.79

1.69

1.56

2.20

1.76

CNOOC LTD

2.12

1.79

1.56

1.38

1.29

2.42

DBS GROUP HOLDINGS LTD

1.19

1.11

1.04

0.99

FORMOSA PLASTICS CORP

1.84

2.17

2.02

1.89

HANG LUNG PROPERTIES LTD

1.16

1.09

1.04

0.98

HANG SENG BANK LTD

3.15

2.75

2.48

2.33

HON HAI PRECISION INDUSTRY

1.80

1.34

1.18

1.12

HONG KONG & CHINA GAS

4.47

4.12

3.82

3.59

HONG KONG EXCHANGES & CLEAR

17.35

11.07

9.74

HUTCHISON WHAMPOA LTD

1.03

0.98

0.94

1.76

1.39

HYUNDAI MOTOR CO

1.44

1.18

0.99

IND & COMM BK OF CHINA-H

1.63

1.40

1.22

4.95

16.08

13.23

4.48

4.18

4.05

6.08

6.13

6.04

5.72

12.01

12.51

7.32

6.36

0.19

4.27

4.21

3.84

3.62

1.39

7.04

7.01

6.21

5.83

1.91

1.75

11.90

12.76

14.01

12.67

0.67

0.58

2.96

3.33

2.50

2.28

1.63

1.53

1.57

10.32

8.86

8.72

2.36

2.29

2.05

2.18

5.56

5.77

5.67

4.48

4.23

3.84

3.39

10.31

10.59

9.90

9.02

2.50

2.77

2.65

2.49

9.52

16.86

16.54

16.59

11.85

10.50

10.52

25.21

18.66

9.60

9.85

8.98

8.29

7.83

12.93

0.29

0.32

0.28

8.52

7.19

6.37

5.70

5.12

9.26

21.00

22.74

18.84

0.89

1.62

1.50

0.68

0.68

1.59

1.34

1.07

0.81

0.96

3.16

2.79

2.56

1.69

2.09

3.13

HYUNDAI HEAVY INDUSTRIES HYUNDAI MOBIS CO LTD

1.99

19.70

1.07

17.66

5.28

21.03

17.47

16.52

12.52

6.68

6.38

5.93

5.55

4.86

5.16

5.33

5.68

9.01

7.28

14.9%

36.90

17.97

15.26

8.17

1.29

1.06

1.77

2.04

4.11

27.40

17.9%

8.49

7.32

7.37

6.76

7.27

2.62

3.33

3.33

3.77

3.60

17.70

2.5%

11.11

11.11

11.09

10.79

10.82

3.88

3.90

3.91

4.12

4.64

92.62

7.8%

14.35

11.51

9.72

8.30

1.36

1.73

2.00

2.36

25.88

18.2%

4.08

4.07

4.00

3.85

9.49

8.43

7.32

6.16

5.38

5.67

4.91

4.55

4.12

8.17

10.25

8.41

7.76

7.40

3.15

3.35

3.84

4.12

4.38

9.18

4.3%

5.94

5.85

5.53

5.22

5.49

10.29

9.98

9.61

9.06

9.23

3.54

3.88

4.00

4.23

3.81

36.65

24.9%

10.59

16.17

25.42

18.96

17.62

14.45

21.23

71.41

35.61

26.03

26.78

4.48

1.52

2.10

2.80

2.41

22.51

-19.2%

2.00

4.79

4.26

3.66

3.25

2.83

39.81

30.29

19.10

13.57

10.84

1.10

1.45

2.16

2.91

2.56

14.73

31.7%

8.33

10.72

12.94

12.35

11.08

10.60

9.76

16.55

16.84

14.57

13.78

13.49

3.74

3.83

3.91

4.05

3.78

64.34

-3.5%

5.30

5.61

4.08

4.03

3.91

3.66

3.62

8.09

8.58

8.83

8.52

9.10

4.07

2.54

2.77

2.86

2.91

17.99

15.8%

11.04

10.72

10.29

9.16

3.80

3.89

3.99

4.03

16.65

9.9%

15.87

12.70

27.86

21.20

20.20

12.66

32.01

18.75

16.36

7.07

2.73

3.40

4.44

82.86

6.0%

15.56

14.15

21.88

16.20

14.35

14.20

26.91

20.99

18.70

17.66

2.39

2.48

2.52

2.53

32.45

8.3%

26.26

30.95

28.27

15.17

13.71

12.18

13.95

12.44

4.12

4.16

4.21

4.37

19.62

117.59

-6.5%

8.96

6.86

5.70

4.67

13.49

10.56

9.05

8.05

6.36

1.36

1.84

2.17

2.14

1.08

105.90

27.3%

30.44

25.65

24.08

21.77

32.12

24.80

22.59

20.80

32.02

26.38

24.63

23.17

21.19

1.53

1.80

1.93

2.10

2.74

20.14

-6.6%

16.78

26.91

31.84

25.68

22.35

19.44

23.16

18.31

16.36

30.25

36.58

30.66

28.22

2.98

2.49

2.93

3.24

127.55

-10.5%

1.40

1.31

8.84

9.97

9.16

8.16

14.12

12.87

11.52

9.93

18.92

15.90

13.69

11.98

0.63

0.57

3.11

17.32

2.32

3.71

7.58 24.55

22.13

9.62

2.06

5.19

4.65

4.30

9.94

8.40

5.50

5.53

5.18

4.17

2.44

2.59

2.81

3.02

95.23

11.6%

7.06

1.86

1.68

1.71

1.80

1.91

277809.53

24.9%

10.00

8.66

9.46

0.59

0.63

0.64

0.57

0.57

368251.72

19.8%

6.06

5.87

5.47

0.87

0.90

0.94

1.01

0.93

276250.00

27.9%

7.56

6.78

6.48

4.81

4.97

5.22

5.60

8.51

6.48

16.8%

2.08

2.08

46596.30

21.0%

4.11

3.90

3.98

4.21

1.18

1.24

1.34

1.32

5.98

5.88

KB FINANCIAL GROUP INC KEPPEL CORP LTD

2.40

2.14

2.00

1.81

KIA MOTORS CORPORATION

1.30

1.04

0.85

LI & FUNG LTD

2.57

2.32

2.18

2.03

MEDIATEK INC

3.61

3.43

3.40

NAN YA PLASTICS CORP

1.70

1.89

1.79

1.71

OVERSEA-CHINESE BANKING CORP

1.45

1.37

1.30

1.21

PETROCHINA CO LTD-H

1.55

1.47

1.37

1.27

PING AN INSURANCE GROUP CO-H

3.13

2.71

2.33

2.07

POSCO

0.79

0.72

0.70

POWER ASSETS HOLDINGS LTD

2.48

2.39

2.22

1.52

1.26

2.28

2.17

1.75

1.59

1.52

1.57

1.50

1.37

14.58

0.74

0.60

0.68

0.55

0.54

0.49

0.45

3.34

2.53

21.25

LG CHEM LTD

SAMSUNG ELECTRONICS CO LTD

2.08

1.94

1.58

0.33

10.81

9.22

7.82

16.16

14.27

10.47

11.17

10.57

9.79

2.37

2.56

2.47

2.42

10.93

20.46

21.15

14.95

4.68

5.07

4.69

4.28

18.62

20.28

17.95

9.52

1.15

0.88

0.80

0.75

0.71

5.19

5.52

4.81

4.59

2.53

1.78

1.21

1.02

0.91

0.88

0.94

0.92

7.53

6.28

6.15

14.02

14.09

13.78

16.42

16.91

16.40

1.04

0.96

3.05

3.01

1.63

1.50

1.98

13.48

0.72

13.61

16.04

10.61

12.70

12.08

7.54

7.25

7.25

13.08

16.11

11.19

9.52

13.82 27.42

17.26

4.60

25.89

35.69

6.20

6.24

5.58

8.94

8.06

7.35

19.62

19.92

19.38

3.90

3.69

11.24

10.99

5.54

4.61

11.08

10.81

13.16

12.62

5.43

5.26

4.83

13.55

11.38

10.84

1.32

1.37

1.42

1.32

17.41

21.63

16.35

13.41

8.65

4.77

3.06

4.55

5.44

9.99

25.99

26.54

18.55

15.13

15.29

4.28

2.82

3.47

4.26

25.92

17.07

127.45

25.12

20.29

5.57

1.22

2.40

12.63

12.89

11.96

10.72

3.39

3.38

11.42

13.00

11.24

10.26

10.40

3.89

20.76

18.20

14.14

12.07

9.49

12.15

10.71

11.03

16.66

15.54

14.85

7.38

6.97

15.55

14.53

23.01

17.28

5.18

18.70

6.72

4.96

20.08

11.79

14.21

15.33

SHINHAN FINANCIAL GROUP LTD SINGAPORE TELECOM LTD

2.31

SK HYNIX INC

2.07

3.00

2.95

SUN HUNG KAI PROPERTIES

0.96

0.88

0.84

0.80

5.15

5.07

4.66

4.13

SWIRE PACIFIC LTD-A

0.68

0.70

0.68

0.67

4.48

3.50

3.30

3.06

TENCENT HOLDINGS LTD

12.99

9.85

7.21

5.39

14.36

9.27

7.18

5.72

4.07

11.54

4.17

4.81

11.57

11.14

10.86

11.06

10.94

1.44

1.35

1.26

1.18

WHARF HOLDINGS LTD

1.04

0.85

0.82

0.78

1.15

5.39

4.77

4.55

4.23

8.69

6.08

5.93

5.28

4.19

13.37

11.08

15.16

20.40

14.64

15.11

14.26

13.32

12.64

14.93

14.49

13.87

12.78

13.75

13.13

13.94

12.51

23.50

17.10

17.89

16.31

15.53

15.76

15.78

13.86

32.88

25.89

21.29

17.38

29.42

21.45

17.09

13.69

38.47

30.97

24.48

19.39

16.72

15.27

13.21

11.32

13.19

11.62

11.54

10.75

24.22

18.41

17.26

14.81

11.95

TAIWAN SEMICONDUCTOR MANUFAC UNITED OVERSEAS BANK LTD

15.09

9.63

12.09

12.32

11.31

58.97

20.35

22.72

12.91

20.84

15.59

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

15.47

13.79

11.74

13.44

16.60

10.72

12.78

9.6%

1.41

67435.48

22.4%

1.32

379041.66

24.9%

11.94

14.8%

363.05

11.4%

3.46

57.80

-3.5%

3.60

3.91

10.34

3.4%

3.51

3.95

4.30

4.31

12.10

13.5%

0.90

0.89

1.15

1.28

1.74

76.26

17.4%

2.55

2.58

2.63

2.69

2.74

421000.00

15.5%

3.27

3.60

3.78

3.87

3.85

66.69

-4.6%

0.49

0.57

0.62

0.64

0.70

1900052.63

22.6%

2.01

2.12

2.56

2.75

3.09

47785.18

13.5%

4.39

4.50

4.79

5.04

0.04

0.28

0.49

2.84

2.84

2.94

5.12

2.97

3.27

0.28

0.34

0.46

0.59

2.80

2.81

2.78

2.88

3.40

3.39

3.51

3.74

1.59

1.98

2.09

2.34

3.95

3.54

0.2%

31281.25

17.6%

3.06

134.95

11.9%

3.68

100.62

0.9%

295.16

8.6%

114.68

7.2%

20.95

7.6%

66.77

3.7%

0.63

3.44


21.02.2013

AIA Group Ltd AIA Group Ltd. offers insurance and financial services. The Company writes life insurance for individuals and businesses, accident and health insurance, retirement planning, and wealth management services.

Price/Volume 35

2500.0 M

30

2000.0 M

25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1299 HK EQUITY YTD Change 1299 HK EQUITY YTD % CHANGE

11/2011 01/yy 32.50 24.05 43'064'252.00 32.1 -1.23% 33.47% 100.00% 12'044.0 386'612.38 1'229.00 0.0 102.0 4'303.00 48'107.84

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

1500.0 M

15

1000.0 M

10 500.0 M

5 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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 30.11.2007 15'226.0 1'914.0 -

20

30.11.2008 30.11.2009 3'810.0 19'016.0 408.0 1'754.0 Profitability

30.11.2010 18'394.0 1.85x 2'701.0 13.14x

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

30.11.2011 14'385.0 2.33x 1'600.0 23.31x 15.24% 15.07% 1.47% 7.84% 7.34% 0.12% 11.1% 1.07% 5.77% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.07 0.85 12'039.65 19.97% 6.12% 0.847 23 4.304 35'651'890 39'619'360 67'483'780 FY+2

11/12 Y 11/13 Y 18'251.3 20'560.8 2.64x 2.46x 2'659.0 2'842.2 19.07x 17.24x 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

FQ+1

FQ+2

-

-

5.8% 5.4% 0.12 -

Sales/Revenue/Turnover

140.00

20'000.0 18'000.0

120.00

16'000.0

100.00

14'000.0 12'000.0

80.00

10'000.0 8'000.0

60.00

6'000.0

40.00

4'000.0 20.00 0.00 05.12.2008 05.06.2009

2'000.0 0.0 05.12.2009 05.06.2010

05.12.2010 05.06.2011

05.12.2011

05.06.2012 05.12.2012

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 |


21.02.2013

AIA Group Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN JP MORGAN BLACKROCK ABERDEEN FMR LLC VANGUARD GROUP INC WADDELL & REED FINAN CARMIGNAC GESTION T ROWE PRICE ASSOCIA LEXINGTON INSURANCE COMMONWEALTH BANK OF THORNBURG INVESTMENT JANUS CAPITAL MANAGE WILLIAM BLAIR & COMP STATE STREET GLOBAL ARTISAN PARTNERS HOL OPPENHEIMERFUNDS INC SCHRODER INVESTMENT MASSACHUSETTS FINANC ALLIANCE BERNSTEIN

Firm Name Jefferies HSBC ICBC International Securities Morgan Stanley BNP Paribas Equity Research CCB International Securities Ltd Nomura China International Capital Corp Deutsche Bank Standard Chartered CIMB EVA Dimensions JPMorgan Macquarie BOCOM International Holdings Credit Suisse ABC International Fortune CLSA Securities Limited Goldman Sachs AMTD Financial Planning Limited

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

Analyst BARON NIE MICHAEL P CHANG PIUS CHENG BEN LIN DOMINIC CHAN KENNETH YUE DAVID CHUNG SALLY NG ESTHER CHWEI PETER O'BRIEN BERTRAM LAI AUSTIN BURKETT CHAN BAO LING SCOTT G RUSSELL LI WENBING ARJAN VAN VEEN FRANCIS CHAN YANG YAN MANCY SUN KENNY TANG SING HING

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Sch-D MF-AGG MF-AGG ULT-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy overweight buy Overwt/Attractive buy outperform buy hold buy outperform outperform sell overweight neutral long-term buy outperform buy sell Buy/Neutral buy

Amt Held 1'431'991'813 947'131'193 872'440'983 607'474'500 306'826'224 298'181'135 279'263'500 219'402'776 132'900'800 119'148'250 107'408'000 104'143'762 104'087'200 86'696'300 85'271'979 84'229'621 79'225'000 77'373'800 50'209'800 44'959'365

% Out 11.89 7.86 7.24 5.04 2.55 2.48 2.32 1.82 1.1 0.99 0.89 0.86 0.86 0.72 0.71 0.7 0.66 0.64 0.42 0.37

Weighting

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

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

Latest Chg 75'997'000 (27'400) 2'199'200 52'083'324 41'460'521 33'684'200 67'540'336 8'571'000 119'148'250 852'800 50'914'552 3'339'200 1'568'200 11'139'725 1'779'400 50'369'000 (2'170'000) (1'172'032)

Target Price 35 40 37 38 40 36 36 33 38 38 34 #N/A N/A 34 29 38 34 35 29 38 32

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

File Dt 10.01.2013 17.12.2012 19.02.2013 23.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 31.10.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2012 31.12.2012 30.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 9 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 20.02.2013 20.02.2013 20.02.2013 19.02.2013 18.02.2013 07.02.2013 06.02.2013 01.02.2013 31.01.2013 30.01.2013 18.01.2013 17.01.2013 16.01.2013 16.01.2013 19.12.2012 13.12.2012 11.12.2012 24.10.2012 18.10.2012 11.10.2012


21.02.2013

Bank of China Ltd Bank of China Ltd provides a complete range of banking and other financial services to individual and corporation customers worldwide. The bank's services include retail banking, Great Wall credit card and debit card services, consumer credit, foreign currency transaction, corporate banking, settlement and clearing,investment banking, and fund management businesses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3988 HK EQUITY YTD Change 3988 HK EQUITY YTD % CHANGE

12/2011 09/yy 4.00 2.73 432'699'615.00 3.71 -7.25% 35.90% 84.25% 83'622.3 1'031'917.31 1'916'969.00 0.0 32'732.0 3'128'981.00 -

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

4500.0 M

4

4000.0 M

4

3500.0 M

3

3000.0 M

3

2500.0 M

2

2000.0 M

2

1500.0 M

1

1000.0 M

1

500.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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 305'131.0 56'248.0 16.08x

5

31.12.2008 31.12.2009 355'641.0 337'018.0 64'360.0 80'819.0 7.47x 11.62x Profitability

LTM-4Q 31.12.2010 395'271.0 104'418.0 8.91x

31.12.2011 514'133.0 124'182.0 5.27x

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

49.70% 51.24% 1.06% 18.13% 4.46% 0.05% 37.7% 16.20% 265.08% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

5.19 1.10 72'987.26 17.09% 7.23% 1.098 40 4.250 ######### ######### ######### FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 481'959.0 600'914.0 359'939.7 389'926.4 0.00x 0.00x 0.0 0.0 0.00x 0.00x 121'518.0 134'244.0 132'276.9 135'322.9 26'023.0 34'739.0 4.52x 5.07x 6.34x 6.21x 6.22x 6.09x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 265.1% Total Debt/Capital 71.7% Asset Turnover 0.05 Net Fixed Asset Turnover 4.06 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

500.00

600'000.0

450.00

500'000.0

400.00 350.00

400'000.0

300.00

300'000.0

250.00 200.00

200'000.0

150.00 100.00

100'000.0

50.00 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

02.01.2013

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 |


21.02.2013

Bank of China Ltd Holdings By:

All

Holder Name BLACKROCK SOCIAL SECURITY FUND CAPITAL GROUP COMPAN JP MORGAN VANGUARD GROUP INC TEMASEK HOLDINGS PRI DIMENSIONAL FUND ADV HANG SENG INVESTMENT STATE STREET GLOBAL MITSUBISHI UFJ FINAN FMR LLC T ROWE PRICE ASSOCIA ASIAN DEVELOPMENT BA PICTET & CIE BANK OF NEW YORK MEL PRUDENTIAL FINANCIAL SHINHAN BNP PARIBAS FRANKLIN RESOURCES STATE STREET EASTSPRING INVESTMEN

Firm Name Sanford C. Bernstein & Co ICBC International Securities JPMorgan Credit Suisse BOCOM International Holdings Core Pacific Jefferies UOB Kay Hian CCB International Securities Ltd Daiwa Securities Co. Ltd. Mizuho Securities Nomura CIMB EVA Dimensions Religare Capital Markets SWS Research Co Ltd Deutsche Bank Macquarie Barclays ABC International Standard Chartered HSBC BNP Paribas Equity Research Masterlink Securities Guotai Junan Bank of China International DBS Vickers Kim Eng Securities China International Capital Corp Phillip Securities AMTD Financial Planning Limited Morgan Stanley Goldman Sachs Mirae Asset Securities Citic Securities Co., Ltd Capital Securities Corp KGI Securities

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

Analyst MICHAEL WERNER IVAN LIN KATHERINE LEI SANJAY JAIN LI SHANSHAN TIMOTHY LI TAN MING EDMOND LAW SHENG NAN GRACE WU JIM ANTOS LUCY FENG TREVOR KALCIC AUSTIN BURKETT SOPHIE JIANG ROBERT HU TRACY YU VICTOR WANG MAY YAN JOHANNES AU JOHN CAPARUSSO TODD DUNIVANT DORRIS CHEN RAINY YUAN WILSON LI JINHUA YIN ALEXANDER LEE IVAN LI MAO JUNHUA CHEN XINGYU KENNY TANG SING HING RICHARD XU NING MA NAN LI ZHU YAN TEAM COVERAGE MICHELLE CHEN

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

Recommendation outperform buy neutral neutral long-term buy hold buy hold outperform buy neutral buy neutral buy buy neutral buy outperform overweight hold outperform overweight buy hold accumulate buy buy buy buy accumulate buy Equalwt/In-Line neutral/neutral buy overweight hold neutral

Amt Held 8'617'225'126 7'518'157'041 6'215'526'846 4'086'780'221 3'866'697'268 3'116'864'905 1'069'156'835 607'250'200 592'048'548 544'901'200 371'727'330 315'788'100 304'007'461 285'010'100 277'062'108 251'303'000 248'698'686 241'146'900 212'362'668 191'503'000

% Out 10.3 8.99 7.43 4.89 4.62 3.73 1.28 0.73 0.71 0.65 0.44 0.38 0.36 0.34 0.33 0.3 0.3 0.29 0.25 0.23

Weighting

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

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 N M D M M M M

Latest Chg 2'728'000 (718'311'000) 340'300 (22'802'100) (31'815'851) 330'000 29'048'284 20'592'000 2'094'000 40'712'016 (6'140'000) 89'135'000 (36'939'000) 5'851'000 -

Target Price 5 4 4 4 4 4 4 4 4 4 4 4 4 #N/A N/A 4 4 4 4 4 4 4 4 4 4 4 4 4 4 6 3 3 3 4 4 #N/A N/A #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 19.02.2013 Investment Advisor 28.01.2013 Government 31.12.2012 Investment Advisor 20.11.2012 Unclassified 31.12.2012 Investment Advisor 04.05.2012 Government 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 20.09.2012 Holding Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Bank 31.10.2012 Mutual Fund Manager 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Investment Advisor 20.02.2013 Investment Advisor 14.09.2012 Investment Advisor

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

Date 20.02.2013 20.02.2013 19.02.2013 14.02.2013 06.02.2013 05.02.2013 28.01.2013 25.01.2013 24.01.2013 22.01.2013 21.01.2013 21.01.2013 18.01.2013 17.01.2013 11.01.2013 09.01.2013 07.01.2013 19.12.2012 18.12.2012 07.12.2012 06.12.2012 26.11.2012 07.11.2012 30.10.2012 30.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 05.07.2012 03.07.2012 29.06.2012 27.04.2012 25.03.2010


21.02.2013

BOC Hong Kong Holdings Ltd BOC Hong Kong (Holdings) Limited provides a comprehensive range of financial products and services to retail and corporate customers. Its products include retail banking, corporate banking, and treasury services. The Company operates its branches in Hong Kong and China.

Price/Volume 30

45.0 M 40.0 M

25

35.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (07.03.2012) Daily Volume Current Price (2/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 2388 HK EQUITY YTD Change 2388 HK EQUITY YTD % CHANGE

12/2011 01/yy 27.10 20.80 15'112'052.00 26 -4.06% 25.00% 89.68% 10'572.8 274'892.28 274'572.00 0.0 3'418.0 419'465.00 -

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

25.0 M 20.0 M

10

15.0 M 10.0 M

5

5.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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 65'258.0 15'446.0 14.96x

30.0 M

15

31.12.2008 31.12.2009 50'394.0 40'414.0 3'343.0 13'930.0 27.77x 13.36x Profitability

31.12.2010 42'891.0 16'196.0 17.27x

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 50'675.0 20'430.0 9.52x 55.20% 60.60% 1.12% 14.75% 4.72% 0.03% 50.2% 15.79% 211.59% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.24 0.97 3'588.38 24.38% 7.88% 0.969 32 4.219 7'227'710 14'173'730 12'552'750 FY+2

12/12 Y 12/13 Y 35'700.1 39'151.7 20'251.3 21'525.9 13.46x 12.74x 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

FQ+1

FQ+2

-

-

211.6% 67.3% 0.03 1.34 -

Sales/Revenue/Turnover

60.00

70'000.0

50.00

60'000.0 50'000.0

40.00

40'000.0 30.00

30'000.0

20.00

20'000.0

10.00

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

02.01.2013

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 |


21.02.2013

BOC Hong Kong Holdings Ltd Holdings By:

All

Holder Name BOC HONG KONG BVI LT FMR LLC BLACKROCK VANGUARD GROUP INC PRUDENTIAL FINANCIAL STATE STREET GLOBAL SCHRODER INVESTMENT FRANKLIN RESOURCES DEUTSCHE BANK AG FIDELITY INVESTMENTS GAM INTERNATIONAL MA ALLIANZ ASSET MANAGE EASTSPRING INVESTMEN MATTHEWS INTERNATION CHINA SOUTHERN FUND SUMITOMO MITSUI ASSE MASSACHUSETTS FINANC BARING ASSET MANAGEM ROYAL BANK OF CANADA NOMURA

Firm Name Barclays Citic Securities Co., Ltd BOCOM International Holdings China International Capital Corp JPMorgan Deutsche Bank Bank of China International UOB Kay Hian CCB International Securities Ltd BNP Paribas Equity Research ABC International DBS Vickers EVA Dimensions Core Pacific Nomura Credit Suisse Daiwa Securities Co. Ltd. Mizuho Securities Standard Chartered Morgan Stanley Kim Eng Securities Goldman Sachs Sanford C. Bernstein & Co President Securities HK Ltd AMTD Financial Planning Limited HSBC Guotai Junan Macquarie

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

Analyst SHARNIE WONG STEVEN CHAN LI SHANSHAN SALLY NG JOSHUA KLACZEK SOPHIA LEE PATRICK PONG EDMOND LAW ADAM CHAN DOMINIC CHAN JOHANNES AU ALEXANDER LEE AUSTIN BURKETT TIMOTHY LI DAVID CHUNG SANJAY JAIN GRACE WU JIM ANTOS JOHN CAPARUSSO ANIL AGARWAL IVAN LI GURPREET SINGH SAHI MICHAEL WERNER HUNG YIN CHEN KENNY TANG SING HING TODD DUNIVANT WILSON LI ISMAEL PILI

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

Recommendation overweight hold neutral accumulate overweight buy buy buy outperform buy buy buy underweight buy buy outperform buy buy in-line Equalwt/Cautious buy Buy/Neutral market perform neutral buy overweight neutral underperform

Amt Held 6'984'274'213 122'013'446 73'023'052 65'111'630 37'849'000 30'823'067 30'708'000 24'178'500 21'989'321 18'105'500 16'483'500 15'627'000 15'494'500 11'636'000 11'200'000 10'444'500 10'327'000 9'455'000 6'932'500 6'721'500

% Out 66.06 1.15 0.69 0.62 0.36 0.29 0.29 0.23 0.21 0.17 0.16 0.15 0.15 0.11 0.11 0.1 0.1 0.09 0.07 0.06

Weighting

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

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

Latest Chg 8'458'812 (1'919'500) 744'022 (1'227'500) (1'715'438) 3'581'000 (1'861'500) (568'700) (13'000) 5'500 (1'152'500) (387'000) 2'034'500 (16'000) 73'000 -

Target Price 29 26 24 29 27 32 29 31 31 33 34 29 #N/A N/A 30 28 28 30 29 24 24 28 29 24 27 27 29 20 18

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

File Dt Inst Type 31.12.2011 Government 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2010 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 14.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 25.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Unclassified 28.09.2012 Bank 15.10.2012 Unclassified

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

Date 21.02.2013 18.02.2013 06.02.2013 01.02.2013 31.01.2013 30.01.2013 29.01.2013 29.01.2013 28.01.2013 25.01.2013 23.01.2013 21.01.2013 17.01.2013 15.01.2013 10.01.2013 09.01.2013 20.12.2012 14.12.2012 06.12.2012 04.12.2012 26.10.2012 25.10.2012 17.09.2012 12.09.2012 24.08.2012 23.08.2012 09.07.2012 27.06.2012


21.02.2013

Cathay Financial Holding Co Ltd Cathay Financial Holding Co., Ltd. is a holding company. Through its subsidiaries, the Company provides traditional life, health care, and accident insurances, as well as banking, security underwriting, and brokerage services.

Price/Volume 40

140.0 M

35

120.0 M

30

100.0 M

25

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/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 2882 TT EQUITY YTD Change 2882 TT EQUITY YTD % CHANGE

12/2012 03/yy 37.80 26.48 43'979'308.00 36.45 -3.57% 37.67% 93.82% 10'875.4 396'407.81 23'774.56 0.0 0.0 17'798.89 402'383.47

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

30'748.1 20.24x

60.0 M

15 10

40.0 M

5

20.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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

80.0 M

20

Valuation Analysis

31.12.2008

31.12.2009

2'196.0 182.50x Profitability

11'050.0 52.37x

LTM-4Q 31.12.2010

31.12.2011 -

98.76% 96.81% 16.24% 18.81% 16.69% 0.17% 96.6% 11.87% 13.56% -

Price/ Cash Flow

09/yy 0.0 #DIV/0! 0.0 0.00x 7'490.6 0.00x

LTM 03/yy 0.0 #DIV/0! 0.0 0.00x 7'856.7 0.00x

FY+1

1.13 6'299.87 50.88 13.48% 15.71% 1.134 25 2.880 73'947'580 29'942'600 25'052'580 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 68'723.0 76'008.0 131'188.0 14'720.2 16'835.0 7'491.5 3'903.2 26.19x 22.53x 22.20x 21.92x 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

29.04.2009 BBB+ NEG 13.05.2002 A-2 13.6% 11.9% 0.17 -

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 06.01.2007 06.07.2007 06.01.2008 06.07.2008 06.01.2009 06.07.2009 06.01.2010 06.07.2010 06.01.2011 06.07.2011 06.01.2012 06.07.2012 06.01.2013

0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

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


21.02.2013

Cathay Financial Holding Co Ltd Holdings By:

All

Holder Name WAN PAO DEVELOP HOLD LIN YUEN INVESTMENT VANGUARD GROUP INC BLACKROCK VANGUARD EMS INDEX F WAN TA INVEST CO LTD SINGAPORE GOVERNMENT LABOR INSURANCE FUND POLARIS SEC INVESTME PO HAN INVESTMENT CO PAI HSING INVEST CO CHUNGHWA POST CO LTD PUBLIC SERVICE PENSI CHENG-DA TSAI HONG-TU TSAI CATHAY LIFE EMPLOYEE CATHAY LIFE EMPLOYEE CHEN-CHIU TSAI COMGEST GROWTH PLC CHEN SHENG CORP

Firm Name

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

Analyst

Deutsche Bank PANDORA LEE EVA Dimensions AUSTIN BURKETT Barclays NOEL CHAN Jih Sun Securities ERIC CHANG KGI Securities WEN-YEN FANG RBS NORA HOU Goldman Sachs MANCY SUN President Capital Management TINA YENG PING CHEN JPMorgan JAMES WU BNP Paribas Equity Research LING TANG HSBC BRUCE B WARDEN Credit Suisse CHUNG HSU E Sun Securities HONG CLIFF Morgan Stanley LILY CHOI Capital Securities Corp MICHAEL LIN Fubon Securities LIN CHIU-SIANG Mega Securities CHUANG PIYEN Macquarie JEMMY HUANG Yuanta Securities Investment ConsultingPEGGY SHIH Daiwa Securities Co. Ltd. JERRY YANG Nomura JESSE WANG SinoPac LYNN HUANG

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

Recommendation buy underweight overweight neutral outperform hold Sell/Neutral buy neutral hold underweight neutral buy on weakness Equalwt/In-Line neutral neutral neutral neutral hold sell reduce Under Review

Amt Held 1'964'066'155 1'694'341'682 363'330'579 181'331'853 128'978'630 119'642'082 119'393'371 106'885'199 93'820'503 91'466'691 88'462'784 86'040'750 83'800'237 55'413'530 45'595'229 30'852'893 30'852'893 30'259'767 27'639'163 24'256'606

% Out 18.06 15.58 3.34 1.67 1.19 1.1 1.1 0.98 0.86 0.84 0.81 0.79 0.77 0.51 0.42 0.28 0.28 0.28 0.25 0.22

Weighting

Change

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

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

Latest Chg 83'600 (78'450) (4'818'597) -

Target Price 42 #N/A N/A 41 #N/A N/A 41 32 28 37 33 33 23 33 #N/A N/A 31 55 33 34 33 33 25 28 #N/A N/A

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

File Dt Inst Type 30.11.2012 n/a 30.11.2012 n/a 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 17.04.2012 n/a 30.11.2012 n/a 17.04.2012 n/a 17.04.2012 n/a 30.06.2012 Mutual Fund Manager 17.04.2012 Corporation 30.11.2012 n/a 17.04.2012 Government 17.04.2012 n/a 30.11.2012 n/a 30.11.2012 n/a 30.09.2012 Other 30.11.2012 Other 30.11.2012 n/a 30.06.2011 Investment Advisor 30.11.2012 Corporation

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month 9 month 12 month Not Provided Not Provided Not Provided 12 month 3 month 6 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 20.02.2013 20.02.2013 19.02.2013 18.02.2013 06.02.2013 04.02.2013 25.01.2013 18.01.2013 16.01.2013 11.01.2013 10.01.2013 03.01.2013 14.12.2012 06.12.2012 29.11.2012 26.11.2012 05.11.2012 03.11.2012 02.11.2012 02.11.2012 02.11.2012 30.08.2012


21.02.2013

Cheung Kong Holdings Ltd Cheung Kong (Holdings) Limited, through its subsidiaries, develops and invests in real estate. The Company also provides real estate agency and management services, operates hotels, and invests in securities.

Price/Volume 140

16.0 M

120

14.0 M

100

12.0 M 10.0 M

80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/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 1 HK EQUITY YTD Change 1 HK EQUITY YTD % CHANGE

12/2011 01/yy 132.70 86.00 8'473'346.00 119.3 -10.10% 38.72% 77.52% 2'316.2 276'318.41 45'917.00 0.0 7'860.0 20'114.00 304'965.41

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

6.0 M

40

4.0 M

20

2.0 M

0 f-12 m-12

31.12.2008 31.12.2009 12'856.0 17'702.0 16.36x 14.53x 6'938.0 8'114.0 30.32x 31.71x 13'029.0 19'618.0 13.02x 11.84x Profitability

31.12.2010 23'983.0 12.23x 8'341.0 35.16x 26'836.0 10.35x

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 32'971.0 7.51x 11'122.0 22.27x 46'055.0 4.65x 11'122.00 10'722.00 32.52% 145.86% 7.63% 9.21% 8.29% 0.06% 39.4% 37.7% 139.7% 2.63 0.59 12.30% 14.98% 13.88 -

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

2.65 1.09 1'230.96 7.56% 0.25% 1.087 20 4.900 3'477'163 4'026'557 3'747'072 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/11 Q1 06/11 Q2 31'785.9 39'079.3 9.53x 7.54x 14'503.1 17'453.6 21.03x 17.47x 24'084.3 26'949.9 11.45x 10.21x 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

28.12.2011 NR 14.85 13.15 2.32 5.00 15.0% 12.7% 0.06 0.65 26.37 -

Sales/Revenue/Turnover

90.00

35'000.0

80.00

30'000.0

70.00

25'000.0

60.00 50.00

20'000.0

40.00

15'000.0

30.00

10'000.0

20.00

5'000.0

10.00 0.00 02.01.2009

a-12 m-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 13'277.0 27.63x 6'019.0 60.95x 27'678.0 12.07x

8.0 M

60

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |


21.02.2013

Cheung Kong Holdings Ltd Holdings By:

All

Holder Name LI KA-SHING UNITY TR JP MORGAN SUNJET LIMITED KEEN SHINE INVESTMEN COMMONWEALTH BANK OF HARBOR CAPITAL ADVIS BLACKROCK VANGUARD GROUP INC FMR LLC KING'S ROAD DEVELOPM THIRD AVENUE MANAGEM STATE STREET GLOBAL ODYSSEY REINS CO ING INVESTMENT MANAG SOUTHEASTERN ASSET M ONTARIO TEACHERS PEN COMGEST GROWTH PLC MATTHEWS INTERNATION EASTSPRING INVESTMEN UNITED STATES FIRE I

Firm Name Credit Suisse DBS Vickers UOB Kay Hian BOCOM International Holdings Jefferies Nomura Morgan Stanley JPMorgan BNP Paribas Equity Research EVA Dimensions Goldman Sachs Daiwa Securities Co. Ltd. Macquarie Citic Securities Co., Ltd Standard Chartered Deutsche Bank AMTD Financial Planning Limited

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios ODYSSEY REINS CO Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios UNITED STATES FIRE I

Analyst CUSSON LEUNG JEFF YAU SYLVIA WONG ALFRED LAU VENANT CHIANG PAUL LOUIE PRAVEEN K CHOUDHARY LUCIA KWONG LEE WEE LIAT AUSTIN BURKETT SIMON CHEUNG JONAS KAN DAVID NG ADRIAN NGAN PAUL YAU JASON CHING KENNY TANG SING HING

Source EXCH ULT-AGG EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG Sch-D MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG Sch-D

Recommendation outperform buy hold buy buy buy Overwt/In-Line overweight buy buy Buy/Neutral buy outperform overweight outperform buy buy

Amt Held 913'378'704 113'417'411 78'668'000 65'491'000 58'285'000 35'888'000 30'004'631 27'465'339 23'191'911 23'059'840 16'551'000 11'575'709 9'379'400 9'288'155 7'303'000 6'600'000 6'000'000 5'535'000 5'337'000 5'170'800

% Out 39.43 4.9 3.4 2.83 2.52 1.55 1.3 1.19 1 1 0.71 0.5 0.4 0.4 0.32 0.28 0.26 0.24 0.23 0.22

Weighting

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

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

Latest Chg (36'000) 145'000 (2'639'888) 581'811 (3'645'431) (6'246'000) (644'359) 44'000 1'100'000 5'535'000 725'000 -

Target Price 140 148 123 132 119 147 144 139 141 #N/A N/A 152 144 134 134 123 143 126

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

File Dt Inst Type 16.07.2012 Other 31.10.2012 Unclassified 10.12.2010 Other 16.07.2012 Investment Advisor 31.10.2012 Bank 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 16.07.2012 Other 31.10.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Insurance Company 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2010 Pension Fund (ERISA) 30.06.2011 Investment Advisor 28.09.2012 Investment Advisor 14.09.2012 Investment Advisor 30.09.2012 Insurance Company

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 9 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided

Date 20.02.2013 19.02.2013 19.02.2013 19.02.2013 04.02.2013 22.01.2013 21.01.2013 17.01.2013 16.01.2013 15.01.2013 04.01.2013 10.12.2012 06.11.2012 25.10.2012 20.09.2012 02.04.2012 05.08.2011


21.02.2013

China Construction Bank Corp China Construction Bank Corporation provides a complete range of banking services and other financial services to individual and corporate customers. The bank's services include retail banking, international settlement, project finance, and credit card services.

Price/Volume 8

2500.0 M

7

2000.0 M

6 5

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (2/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 939 HK EQUITY YTD Change 939 HK EQUITY YTD % CHANGE

12/2011 09/yy 6.75 4.71 324'149'892.00 6.34 -6.07% 34.61% 87.75% 240'417.3 1'579'923.75 1'211'152.00 0.0 5'520.0 2'765'601.00 -

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

1000.0 M

3 2

500.0 M

1 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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 306'520.0 69'053.0 20.61x

1500.0 M

4

Valuation Analysis

31.12.2008 31.12.2009 388'058.0 396'529.0 92'599.0 106'756.0 9.36x 12.77x Profitability

LTM-4Q 31.12.2010 449'841.0 134'844.0 10.55x

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 575'537.0 169'258.0 6.47x 54.90% 55.07% 1.50% 22.40% 0.05% 42.5% 9.86% 149.31% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.10 69'156.38 1.75% 1.93% 1.096 39 4.590 ######### ######### ######### FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 542'269.0 682'645.0 455'722.0 495'559.0 117'335.0 117'798.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 163'357.0 188'437.0 191'485.0 200'833.1 44'687.3 55'991.0 6.03x 5.71x 6.68x 6.38x 6.15x 6.00x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 149.3% Total Debt/Capital 59.7% Asset Turnover 0.05 Net Fixed Asset Turnover 7.30 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

10.00

700'000.0

9.00

600'000.0

8.00 7.00

500'000.0

6.00

400'000.0

5.00

300'000.0

4.00

200'000.0

3.00 2.00

100'000.0

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

02.01.2013

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 |


21.02.2013

China Construction Bank Corp Holdings By:

All

Holder Name CENTRAL HUIJIN INVES TEMASEK HOLDINGS PRI BANK OF AMERICA CORP VANGUARD GROUP INC BAOSTEEL GROUP CORP BLACKROCK BEST INVESTMENT CORP STATE GRID INTL DEVP CHINA YANGTZE POWER CAPITAL GROUP COMPAN FMR LLC RECA INVESTMENT LTD YINGDA INTL HOLDINGS LAZARD ASSET MANAGEM STATE STREET GLOBAL BANK OF NEW YORK MEL SCHRODER INVESTMENT SHANDONG LUNENG GROU DIMENSIONAL FUND ADV STATE GRID INTL TECH

Firm Name Sanford C. Bernstein & Co JPMorgan Credit Suisse BOCOM International Holdings Core Pacific Bank of China International Jefferies UOB Kay Hian Daiwa Securities Co. Ltd. Masterlink Securities Mizuho Securities Nomura AMTD Financial Planning Limited CIMB EVA Dimensions Religare Capital Markets SWS Research Co Ltd Deutsche Bank Macquarie Barclays ABC International Standard Chartered HSBC Guotai Junan BNP Paribas Equity Research Capital Securities Corp DBS Vickers Kim Eng Securities China International Capital Corp Morgan Stanley Goldman Sachs Citic Securities Co., Ltd Mirae Asset Securities Phillip Securities Hua Tai Securities Co., Ltd ICBC International Securities KGI Securities Tebon Securities Co Ltd

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

Analyst MICHAEL WERNER KATHERINE LEI SANJAY JAIN LI SHANSHAN TIMOTHY LI YUAN LIN TAN MING EDMOND LAW GRACE WU RAINY YUAN JIM ANTOS LUCY FENG KENNY TANG SING HING TREVOR KALCIC AUSTIN BURKETT SOPHIE JIANG ROBERT HU TRACY YU VICTOR WANG MAY YAN JOHANNES AU JOHN CAPARUSSO TODD DUNIVANT WILSON LI DORRIS CHEN TEAM COVERAGE ALEXANDER LEE IVAN LI MAO JUNHUA RICHARD XU NING MA FEIFEI XIAO NAN LI CHEN XINGYU LIU XIAOCHANG IVAN LIN MICHELLE CHEN XU MINGQIANG

Source

Amt Held EXCH 142'590'494'651 ULT-AGG 17'878'670'050 EXCH 5'942'736'979 MF-AGG 3'765'878'345 Co File 3'210'000'000 ULT-AGG 2'783'064'728 EXCH 2'760'000'000 Co File 1'315'282'730 Co File 1'070'000'000 ULT-AGG 903'702'233 ULT-AGG 897'683'622 Co File 856'000'000 Co File 856'000'000 ULT-AGG 783'755'995 MF-AGG 700'891'267 MF-AGG 600'960'122 MF-AGG 469'604'610 Co File 374'500'000 MF-AGG 360'288'842 Co File 350'000'000

Recommendation outperform overweight outperform neutral buy hold buy hold outperform hold buy buy buy outperform overweight hold outperform buy neutral equalweight buy outperform overweight accumulate buy buy buy buy buy Overwt/In-Line Buy/Neutral overweight buy accumulate buy buy outperform outperform

Weighting

% Out 59.31 7.44 2.47 1.57 1.34 1.16 1.15 0.55 0.45 0.38 0.37 0.36 0.36 0.33 0.29 0.25 0.2 0.16 0.15 0.15

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

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

Latest Chg (29'022'185) (8'980'160) (3'518'000) (111'681'785) 1'017'000 68'611'800 14'949'976 (26'505'860) -

Target Price 8 8 8 7 8 6 7 7 7 7 9 8 7 8 #N/A N/A 5 7 7 7 7 8 7 8 7 7 #N/A N/A 7 7 10 6 7 #N/A N/A 7 7 #N/A N/A 9 8 #N/A N/A

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

File Dt 14.11.2011 04.05.2012 17.11.2011 31.12.2012 31.12.2010 19.02.2013 14.11.2011 31.12.2010 31.12.2010 31.12.2012 31.12.2012 31.12.2010 31.12.2010 31.12.2012 30.06.2012 19.02.2013 31.12.2012 31.12.2010 31.07.2012 31.12.2010

Date 12 month 9 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 14 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Government Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor n/a Government Investment Advisor Investment Advisor Private Equity Holding Company Unclassified Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Other

Date 20.02.2013 19.02.2013 14.02.2013 06.02.2013 05.02.2013 29.01.2013 28.01.2013 25.01.2013 22.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 18.01.2013 17.01.2013 11.01.2013 09.01.2013 07.01.2013 19.12.2012 18.12.2012 07.12.2012 06.12.2012 26.11.2012 09.11.2012 07.11.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 11.10.2012 28.08.2012 26.08.2012 28.03.2012 26.03.2012 01.11.2010 16.04.2010 02.01.2009


21.02.2013

China Life Insurance Co Ltd China Life Insurance Co., Limited offers a wide range of life, accident, and health insurance products and services.

Price/Volume 30

180.0 M 160.0 M

25

140.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/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 2628 HK EQUITY YTD Change 2628 HK EQUITY YTD % CHANGE

12/2011 09/yy 27.35 17.00 46'395'776.00 23.25 -14.99% 36.76% 65.70% 7'441.2 656'935.56 42'990.00 0.0 1'858.0 55'985.00 -

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

100.0 M 80.0 M

10

60.0 M 40.0 M

5

20.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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 191'372.0 7.65x 38'879.0 27.36x

120.0 M

15

31.12.2008 31.12.2009 299'478.0 339'262.0 1.74x 2.68x 19'137.0 32'881.0 30.50x 29.11x Profitability

LTM-4Q 31.12.2010 385'446.0 1.61x 33'626.0 22.62x

31.12.2011 370'352.0 1.27x 18'331.0 23.96x 5.18% 5.54% 0.90% 7.31% 5.91% 0.21% 4.9% 2.71% 22.45% -

LTM

FY+1

1.23 1.23 7'441.18 -0.57% -8.10% 1.232 32 3.375 34'121'930 33'677'020 32'758'290 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 387'400.0 391'051.0 364'609.7 408'119.7 1.33x 0.00x 1.43x 1.26x 0.0 0.0 0.00x 0.00x 25'398.0 9'042.0 14'469.6 29'274.0 17.15x 56.76x 36.90x 17.97x 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

AANEG 22.4% 18.2% 0.21 -

Sales/Revenue/Turnover

450'000.0 400'000.0

1.00 0.80

350'000.0 300'000.0 250'000.0

0.60

200'000.0 150'000.0

0.40 0.20

100'000.0 50'000.0 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 |


21.02.2013

China Life Insurance Co Ltd Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CARMIGNAC GESTION HANG SENG INVESTMENT STATE STREET GLOBAL DEUTSCHE BANK AG BARING ASSET MANAGEM CAPITAL GROUP COMPAN FMR LLC COMGEST GROWTH PLC CHINA ASSET MANAGEME ALLIANZ ASSET MANAGE SHINHAN BNP PARIBAS INVESCO ASSET MANAGE HARVEST FUND MANAGEM SCHRODER INVESTMENT GAM INTERNATIONAL MA DWS INVESTMENT S A STATE STREET SWEDBANK ROBUR FONDE

Firm Name Core Pacific Capital Securities Corp BOCOM International Holdings Credit Suisse Haitong International Securities Nomura Standard Chartered EVA Dimensions JPMorgan DBS Vickers ABC International China International Capital Corp Deutsche Bank UOB Kay Hian CCB International Securities Ltd ICBC International Securities Bank of China International Goldman Sachs Macquarie Jefferies Kim Eng Securities SWS Research Co Ltd Guotai Junan Morgan Stanley HSBC BNP Paribas Equity Research AMTD Financial Planning Limited Phillip Securities Mirae Asset Securities Sun Hung Kai Securities

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

Analyst OLIVE XIA TEAM COVERAGE LI WENBING ARJAN VAN VEEN CHEN FANNY DAVID CHUNG JENNIFER LAW AUSTIN BURKETT CHAN BAO LING PING CHENG FRANCIS CHAN TANG SHENGBO ESTHER CHWEI EDMOND LAW KENNETH YUE PIUS CHENG SUN PENG MANCY SUN SCOTT G RUSSELL BARON NIE IVAN LI ROBERT HU FELIX LUO BEN LIN JAMES GARNER DORRIS CHEN KENNY TANG SING HING CHEN XINGYU IVAN CHEUNG KENIX LAI

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

Recommendation hold hold buy underperform buy neutral in-line sell neutral hold buy accumulate buy hold underperform hold buy neutral/neutral neutral hold buy neutral accumulate Equalwt/In-Line neutral hold buy buy hold buy

Amt Held 796'734'221 379'930'827 130'870'500 63'572'828 61'981'243 54'474'441 47'183'000 41'000'300 37'598'982 34'090'000 26'080'000 25'426'500 25'027'342 21'845'000 21'744'000 21'228'680 18'943'000 16'351'692 16'206'332 15'478'204

% Out 10.71 5.11 1.76 0.85 0.83 0.73 0.63 0.55 0.51 0.46 0.35 0.34 0.34 0.29 0.29 0.29 0.25 0.22 0.22 0.21

Weighting

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

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

Latest Chg (75'000) (3'440'000) (19'411'000) (3'448'832) (111'253) 2'903'000 (22'410'000) (4'544'394) 5'080'000 5'880'000 (3'247'000) 9'795'000 6'742'000 (5'216'320) 2'625'000 2'547'000

Target Price 25 #N/A N/A 28 26 29 27 24 #N/A N/A 23 27 32 29 30 27 24 27 25 26 24 23 26 22 27 23 24 21 22 26 20 35

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

File Dt Inst Type 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 30.06.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 20.02.2013 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 21.02.2013 19.02.2013 19.02.2013 18.02.2013 06.02.2013 06.02.2013 31.01.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 08.01.2013 07.01.2013 07.01.2013 07.01.2013 14.12.2012 06.12.2012 13.11.2012 02.11.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 26.10.2012 18.10.2012 21.08.2012 27.03.2012 16.03.2012 18.10.2011 10.07.2009


21.02.2013

China Merchants Bank Co Ltd China Merchants Bank Co., Ltd. provides a wide range of commercial banking services including deposit, loan, bill discount, government bonds underwriting and trading, interbank lending, letter of credit, bank guarantee, and other related services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3968 HK EQUITY YTD Change 3968 HK EQUITY YTD % CHANGE

12/2011 09/yy 19.02 12.02 17'228'004.00 17.26 -9.25% 43.59% 83.71% 3'910.5 361'248.03 366'138.00 0.0 13.0 676'706.00 -

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

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

31.12.2008 31.12.2009 82'401.0 78'480.0 21'077.0 18'235.0 8.50x 19.00x Profitability

LTM-4Q 31.12.2010 100'188.0 25'769.0 10.41x

31.12.2011 142'837.0 36'129.0 7.11x

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

48.07% 48.13% 1.37% 25.04% 6.33% 0.06% 36.9% 13.10% 221.91% -

Price/ Cash Flow

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 f-13

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 59'531.0 15'243.0 38.11x

20 18 16 14 12 10 8 6 4 2 0 f-12 m-12

LTM

FY+1

3.02 1.45 3'910.48 1.85% 0.94% 1.448 40 3.475 9'927'489 15'827'490 17'650'040 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 130'579.0 172'107.0 113'051.5 124'885.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 33'572.0 42'531.0 41'655.7 43'559.0 9'531.0 12'207.0 7.12x 5.16x 7.32x 7.37x 7.76x 7.51x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 15.04.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 221.9% Total Debt/Capital 68.9% Asset Turnover 0.06 Net Fixed Asset Turnover 8.82 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

250.00

160'000.0 140'000.0

200.00

120'000.0 100'000.0

150.00

80'000.0 100.00

60'000.0 40'000.0

50.00

0.00 02.01.2009

20'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |


21.02.2013

China Merchants Bank Co Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK JP MORGAN VANGUARD GROUP INC COMMONWEALTH BANK OF DEUTSCHE BANK AG THORNBURG INVESTMENT FMR LLC DEUTSCHE BANK AG MATTHEWS INTERNATION EASTSPRING INVESTMEN HANG SENG INVESTMENT MAPS INVESTMENT MANA BNP PARIBAS INV PART ROBECO INVESTOR SERV CHINA ASSET MANAGEME FIDELITY INVESTMENTS ABERDEEN INVESCO ASSET MANAGE STATE STREET

Firm Name

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

Analyst

Sanford C. Bernstein & Co MICHAEL WERNER ICBC International Securities IVAN LIN JPMorgan KATHERINE LEI Credit Suisse SANJAY JAIN BOCOM International Holdings LI SHANSHAN Core Pacific TIMOTHY LI Jefferies TAN MING Capital Securities Corp TEAM COVERAGE UOB Kay Hian EDMOND LAW CCB International Securities Ltd SHENG NAN Yuanta Securities Investment ConsultingNICE WANG Daiwa Securities Co. Ltd. GRACE WU Mizuho Securities JIM ANTOS CIMB TREVOR KALCIC EVA Dimensions AUSTIN BURKETT Religare Capital Markets SOPHIE JIANG SWS Research Co Ltd ROBERT HU Deutsche Bank TRACY YU Nomura LUCY FENG Macquarie VICTOR WANG Barclays MAY YAN ABC International JOHANNES AU Standard Chartered JOHN CAPARUSSO HSBC ERIC MAK CMB International Capital Corp Ltd TEAM COVERAGE BNP Paribas Equity Research DORRIS CHEN Masterlink Securities RAINY YUAN Bank of China International SUN PENG DBS Vickers ALEXANDER LEE Kim Eng Securities IVAN LI Mirae Asset Securities NAN LI Morgan Stanley RICHARD XU Goldman Sachs NING MA Guotai Junan WILSON LI AMTD Financial Planning Limited KENNY TANG SING HING Citic Securities Co., Ltd ZHU YAN Phillip Securities CHEN XINGYU China International Capital Corp MAO JUNHUA

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG EXCH MF-AGG ULT-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation underperform hold neutral neutral long-term buy hold buy buy sell neutral hold outperform underperform neutral overweight sell neutral hold buy outperform equalweight hold outperform overweight buy buy buy hold hold sell hold Overwt/In-Line Buy/Neutral accumulate buy buy buy buy

Amt Held % Out 827'937'325 21.17 553'492'802 14.15 412'032'776 10.54 204'168'850 5.22 117'170'266 3 94'671'177 2.42 90'527'967 2.32 71'833'207 1.84 (64'631'275) -1.65 47'160'464 1.21 40'824'500 1.04 33'408'688 0.85 22'145'392 0.57 22'012'627 0.56 10'053'715 0.26 10'036'500 0.26 9'712'545 0.25 9'460'000 0.24 9'178'500 0.23 8'952'508 0.23

Weighting

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

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

Latest Chg 8'864'500 (386'000) 1'034'062 (2'000) 11'366'000 (46'805'530) (22'750'716) 40'824'500 (25'993'540) (1'337'503) (946'785) (13'200'000) 1'601'500 -

Target Price 16 19 19 19 20 19 18 19 16 17 20 20 17 19 #N/A N/A 10 19 19 20 21 18 16 16 17 16 17 17 15 16 13 17 17 21 17 15 #N/A N/A 18 27

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

File Dt Inst Type 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 29.01.2013 Unclassified 31.12.2012 Investment Advisor 31.10.2012 Bank 24.02.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 24.02.2012 Investment Advisor 28.09.2012 Investment Advisor 14.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2010 Mutual Fund Manager 31.12.2012 Unclassified 31.05.2012 Mutual Fund Manager 20.02.2013 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 6 month Not Provided 27 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 20.02.2013 20.02.2013 19.02.2013 14.02.2013 06.02.2013 05.02.2013 28.01.2013 28.01.2013 25.01.2013 24.01.2013 23.01.2013 22.01.2013 21.01.2013 18.01.2013 17.01.2013 11.01.2013 09.01.2013 07.01.2013 06.01.2013 19.12.2012 18.12.2012 07.12.2012 06.12.2012 26.11.2012 22.11.2012 07.11.2012 02.11.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 11.10.2012 20.08.2012 20.08.2012 29.06.2012 11.06.2012 19.07.2011


21.02.2013

China Mobile Ltd China Mobile Limited, through its subsidiaries, provides cellular telecommunications and related services in the People's Republic of China and Hong Kong SAR.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 941 HK EQUITY YTD Change 941 HK EQUITY YTD % CHANGE

12/2011 09/yy 92.60 76.50 22'611'688.00 85.9 -7.24% 12.29% 58.70% 20'100.5 1'726'630.88 30'301.00 0.0 1'355.0 332'946.00 1'027'094.11

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 411'810.0 452'103.0 2.90x 2.34x 219'788.0 233'788.0 5.43x 4.52x 112'627.0 115'166.0 12.19x 11.18x Profitability

LTM-4Q 31.12.2010 485'231.0 2.18x 241'758.0 4.37x 119'640.0 10.98x

31.12.2011 527'999.0 1.77x 257'202.0 3.63x 125'870.0 9.82x

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

257'202.00 159'710.00 30.25% 31.55% 13.03% 19.60% 18.76% 0.56% 47.0% 28.9% 23.8% 1.40 1.25 3.18% 4.67% 52.44 -

LTM

FY+1

.0 M f-13

3.97 0.62 5'213.56 9.86% -4.82% 0.625 37 3.514 12'204'640 20'970'950 17'785'280 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 516'434.0 552'742.0 561'461.7 596'869.1 152'614.0 0.00x 0.00x 1.84x 1.65x 0.0 0.0 252'430.1 257'028.8 63'369.0 0.00x 0.00x 4.07x 4.00x 124'373.0 127'197.0 126'061.5 126'729.6 31'984.6 0.00x 0.00x 11.11x 11.09x S&P Issuer Ratings Long-Term Rating Date 16.12.2010 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 455.22 (EBITDA-Capex)/Interest Exp. 235.02 Net Debt/EBITDA -1.42 Total Debt/EBITDA 0.12 Reference Total Debt/Equity 4.7% Total Debt/Capital 4.5% Asset Turnover 0.56 Net Fixed Asset Turnover 1.15 Accounts receivable turnover-days 6.98 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

1.20

600'000.0

1.00

500'000.0

0.80

400'000.0

0.60

70.0 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 356'959.0 6.81x 197'093.0 12.34x 87'062.0 29.66x

100 90 80 70 60 50 40 30 20 10 0 f-12 m-12

300'000.0 200'000.0

0.40

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 |


21.02.2013

China Mobile Ltd Holdings By:

All

Holder Name CHINA MOBILE HK BVI VANGUARD GROUP INC BLACKROCK ABERDEEN HARBOR CAPITAL ADVIS STATE STREET GLOBAL SCHRODER INVESTMENT FMR LLC BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT WILLIAM BLAIR & COMP INVESCO LTD FRANKLIN RESOURCES PICTET & CIE PICTET ASSET MANAGEM ALLIANZ ASSET MANAGE COMGEST GROWTH PLC ARTISAN PARTNERS HOL STATE STREET ROBECO INVESTOR SERV

Firm Name

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

Analyst

Haitong International Securities ALEX LEE Kim Eng Securities ANDY POON UOB Kay Hian VICTOR YIP DBS Vickers TAM TSZ-WANG Nomura DANNY CHU Deutsche Bank ALAN HELLAWELL SWS Research Co Ltd JIM TANG New Street Research ALASTAIR JONES BNP Paribas Equity Research ALEN LIN CIMB BERTRAM LAI Macquarie LISA SOH BOCOM International Holdings LI ZHIWU Barclays ANAND RAMACHANDRAN Standard Chartered STEVEN LIU Bank of China International MICHAEL MENG JPMorgan LUCY LIU Jefferies CYNTHIA JINHONG MENG Morgan Stanley NAVIN KILLA Credit Suisse COLIN MCCALLUM Pacific Crest Securities STEVE CLEMENT EVA Dimensions ANDREW S ZAMFOTIS Core Pacific KEVIN TAM Ji Asia NEIL JUGGINS Masterlink Securities LV HAN GuoSen Securities Co Ltd MICHAEL NG Goldman Sachs DONALD LU Guotai Junan RICKY LAI ICBC International Securities KARY SEI China International Capital Corp CHEN HAOFEI HSBC TUCKER GRINNAN AMTD Financial Planning Limited KENNY TANG SING HING Capital Securities Corp TEAM COVERAGE Yuanta Securities Investment ConsultingTEAM COVERAGE Religare Capital Markets RUMIT DUGAR

Source 20F MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold sell buy hold neutral hold underperform buy buy neutral underperform long-term buy overweight outperform sell underweight hold Equalwt/In-Line outperform outperform buy negative buy hold buy Buy/Neutral accumulate hold reduce overweight buy hold Under Review buy

Amt Held 14'885'998'621 318'261'889 229'465'752 212'949'483 53'719'500 50'172'025 48'697'000 47'866'661 40'706'447 35'979'737 28'431'255 26'521'966 25'765'568 19'280'000 18'088'776 17'588'400 15'507'000 15'005'931 14'878'742 14'506'782

% Out 74.06 1.58 1.14 1.06 0.27 0.25 0.24 0.24 0.2 0.18 0.14 0.13 0.13 0.1 0.09 0.09 0.08 0.07 0.07 0.07

Weighting

Change

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

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

Latest Chg (794'567) (1'888'900) 8'845'004 (2'772'371) (11'338'000) 4'826'233 4'535'500 1'697'000 2'711'466 6'589'141 (1'714'500) (12'200'602) 908'700 319'000 (378'000) (1'171'217)

Target Price 90 74 100 85 90 90 76 107 105 80 76 92 110 98 75 78 95 80 102 91 #N/A N/A #N/A N/A 104 101 #N/A N/A 105 93 87 75 103 89 70 #N/A N/A 97

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

File Dt Inst Type 31.03.2012 Corporation 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 20.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.01.2013 Investment Advisor 30.06.2011 Investment Advisor 31.12.2012 Investment Advisor 20.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 9 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 21.02.2013 21.02.2013 21.02.2013 20.02.2013 18.02.2013 15.02.2013 07.02.2013 07.02.2013 06.02.2013 05.02.2013 30.01.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 22.01.2013 22.01.2013 21.01.2013 15.01.2013 21.12.2012 20.12.2012 13.12.2012 10.12.2012 09.12.2012 25.10.2012 24.10.2012 23.10.2012 22.10.2012 03.10.2012 17.08.2012 16.08.2012 16.08.2012


21.02.2013

China Overseas Land & Investment Ltd China Overseas Land & Investment Limited, through its subsidiaries, develops and invests in properties, constructs buildings, invests in treasury securities, and infrastructure projects. The Company also provides civil engineering, foundation engineering, and real estate agency and management services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (30.03.2012) Daily Volume Current Price (2/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 688 HK EQUITY YTD Change 688 HK EQUITY YTD % CHANGE

12/2011 09/yy 25.60 14.12 40'009'941.00 21.9 -14.45% 55.05% 66.02% 8'172.5 178'978.17 43'678.95 0.0 273.0 17'841.48 205'582.82

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

120.0 M

25

100.0 M

20

80.0 M

15

60.0 M

10

40.0 M

5

20.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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 16'632.6 8.01x 6'778.4 19.64x 4'179.6 28.33x

30

31.12.2008 31.12.2009 18'892.4 37'321.6 5.45x 3.60x 6'867.9 10'532.8 14.98x 12.76x 5'048.6 7'468.9 16.64x 17.90x Profitability

LTM-4Q 31.12.2010 44'313.0 3.03x 16'214.3 8.29x 12'373.2 9.52x

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 48'583.0 2.72x 19'021.7 6.95x 15'025.4 7.05x 19'021.74 18'978.15 39.06% 48.92% 9.33% 23.79% 14.40% 0.29% 44.9% 38.7% 38.6% 30.9% 1.88 0.28 24.82% 62.12% 22.01 0.30

Price/ Cash Flow

LTM

09/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

09/yy 16'850.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.60 1.45 3'801.47 40.29% -5.19% 1.448 38 4.158 24'052'600 23'298'420 21'961'300 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 66'304.2 79'504.2 3.08x 2.59x 24'381.9 28'069.9 8.43x 7.32x 15'628.2 18'480.3 11.51x 9.72x 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

25.03.2010 BBB STABLE 13.21 12.10 1.31 2.63 62.1% 38.2% 0.29 2.84 16.63 1228.62 78.70 1130.07

Sales/Revenue/Turnover

90.00

60'000.0

80.00

50'000.0

70.00

40'000.0

60.00 50.00

30'000.0

40.00

20'000.0

30.00 20.00

10'000.0

10.00 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

02.01.2013

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 |


21.02.2013

China Overseas Land & Investment Ltd Holdings By:

All

Holder Name CHINA OVERSEAS HOLDI SILVER LOT DEVELOPME JP MORGAN DEUTSCHE BANK AG BLACKROCK VANGUARD GROUP INC FMR LLC DEUTSCHE BANK AG CARMIGNAC GESTION SCHRODER INVESTMENT WILLIAM BLAIR & COMP EUROPEAN INVESTORS I STATE STREET GLOBAL MAPS INVESTMENT MANA SHINHAN BNP PARIBAS LAZARD GLOBAL ACTIVE ROBECO INVESTOR SERV SCHRODER KOREA LTD INVESTEC ASSET MANAG BARING ASSET MANAGEM

Firm Name

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

Analyst

Sanford C. Bernstein & Co KENNETH TSANG UOB Kay Hian CYNTHIA CHAN Standard Chartered RAYMOND CHENG Goldman Sachs WANG YI Yuanta Securities Investment ConsultingNICE WANG HSBC MICHELLE KWOK SWS Research Co Ltd KRIS LI Mirae Asset Securities STEPHANIE LAU Deutsche Bank TONY TSANG Credit Suisse JINSONG DU CIMB JOHNSON HU CCB International Securities Ltd EDISON BIAN JPMorgan LUCIA KWONG EVA Dimensions AUSTIN BURKETT BNP Paribas Equity Research LEE WEE LIAT Nomura ALVIN WONG Bank of China International CHRISTINA NGAI Guotai Junan DONALD YU Citic Securities Co., Ltd ADRIAN NGAN Mizuho Securities ALAN JIN Jefferies CHRISTIE JU China International Capital Corp ERIC YU ZHANG DBS Vickers CAROL WU KGI Securities ALICE JI Daiwa Securities Co. Ltd. JONAS KAN Morgan Stanley BRIAN LEUNG Barclays WENDY LUO Kim Eng Securities IVAN CHEUNG Ji Asia WU GONGLIANG AMTD Financial Planning Limited KENNY TANG SING HING First Shanghai Securities Ltd MICHAEL KE Macquarie DAVID NG Capital Securities Corp LANTIS LI Everbright Securities Co., Ltd TIMOTHY YEUNG GuoSen Securities Co Ltd HUI CAO Masterlink Securities TEAM COVERAGE

Source EXCH EXCH ULT-AGG EXCH ULT-AGG MF-AGG ULT-AGG Short MF-AGG MF-AGG 13F Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform buy underperform neutral/attractive hold overweight neutral hold buy neutral outperform outperform neutral hold buy buy hold buy overweight buy buy buy buy outperform buy Equalwt/Attractive equalweight hold neutral buy buy neutral strong buy not rated buy hold

Amt Held % Out 3'837'380'380 46.95 509'136'928 6.23 473'875'048 5.8 301'486'252 3.69 233'566'320 2.86 218'850'794 2.68 186'583'829 2.28 (155'321'624) -1.9 148'531'969 1.82 78'240'356 0.96 60'432'000 0.74 54'454'950 0.67 34'035'376 0.42 33'868'040 0.41 33'231'652 0.41 22'712'260 0.28 20'755'176 0.25 19'638'000 0.24 18'814'000 0.23 18'780'080 0.23

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

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

Latest Chg 2'000 (1'906'000) (6'237'800) 60'277'313 (64'250'000) 8'137'000 34'412'000 (13'269'000) (1'895'426) (3'592'000) (19'674'000) (2'174'000) (14'614'521) (2'550'000) 32'000 (4'000)

Target Price 20 25 23 25 26 31 25 27 28 21 28 29 26 #N/A N/A 31 21 21 26 25 28 26 26 24 24 24 18 19 20 18 20 21 19 25 #N/A N/A 18 18

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

File Dt Inst Type 31.12.2012 Government 31.12.2012 Other 31.12.2012 Unclassified 17.05.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 17.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.10.2012 Unclassified

Date 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 9 month Not Provided 12 month Not Provided Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 6 month

Date 21.02.2013 21.02.2013 18.02.2013 07.02.2013 04.02.2013 30.01.2013 30.01.2013 28.01.2013 24.01.2013 21.01.2013 18.01.2013 17.01.2013 16.01.2013 15.01.2013 09.01.2013 08.01.2013 04.01.2013 24.12.2012 19.12.2012 13.12.2012 11.12.2012 11.12.2012 10.12.2012 16.11.2012 13.11.2012 21.10.2012 19.10.2012 27.09.2012 25.09.2012 11.09.2012 17.08.2012 13.08.2012 27.06.2012 31.05.2012 26.04.2012 23.05.2011


21.02.2013

China Petroleum & Chemical Corp China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades petroleum and petrochemical products such as gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers. Also, The company explores for and produces crude oil and natural gas in China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 386 HK EQUITY YTD Change 386 HK EQUITY YTD % CHANGE

12/2011 09/yy 9.57 6.38 110'901'973.00 8.8 -8.05% 37.93% 78.37% 19'625.7 788'965.25 240'555.00 0.0 35'016.0 25'197.00 941'696.59

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

600.0 M 500.0 M 400.0 M 300.0 M 200.0 M 100.0 M

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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 1'170'539.0 1.73x 127'499.0 15.87x 56'515.0 16.90x

10 9 8 7 6 5 4 3 2 1 0 f-12 m-12

31.12.2008 31.12.2009 1'387'077.0 1'212'168.0 0.59x 1.09x 29'228.0 151'545.0 27.82x 8.73x 28'445.0 62'677.0 12.59x 8.42x Profitability

LTM-4Q 31.12.2010 1'876'758.0 0.48x 178'098.0 5.03x 71'782.0 7.62x

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 f-13

4.24 0.83 18'404.72 5.69% 0.23% 0.828 32 3.844 ######### ######### 86'166'870 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 2'463'767.0 ######### ######### ######### ######### 728'398.5 688'272.0 0.35x 1.46x 1.34x 0.36x 0.36x 170'962.0 0.0 0.0 166'026.0 191'905.3 5.05x 0.00x 0.00x 5.67x 4.91x 73'225.0 75'623.0 53'683.0 60'720.0 74'708.6 17'385.0 14'623.0 7.84x 7.22x 9.49x 10.25x 8.41x 9.77x 10.12x S&P Issuer Ratings 170'962.00 Long-Term Rating Date 16.12.2010 107'146.00 Long-Term Rating A+ 4.35% Long-Term Outlook STABLE 4.24% Short-Term Rating Date 5.00% Short-Term Rating 12.12% Credit Ratios 8.66% EBITDA/Interest Exp. 18.19 2.27% (EBITDA-Capex)/Interest Exp. 4.17 Net Debt/EBITDA 1.87 - Total Debt/EBITDA 1.96 6.1% Reference 3.5% Total Debt/Equity 50.9% 3.0% Total Debt/Capital 32.2% Asset Turnover 2.27 0.77 Net Fixed Asset Turnover 3.74 0.25 Accounts receivable turnover-days 13.52 21.02% Inventory Days 50.93% Accounts Payable Turnover Day 27.06 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

3'000'000.0

7.00

2'500'000.0

6.00

2'000'000.0

5.00 4.00

1'500'000.0

3.00

1'000'000.0

2.00

500'000.0 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

02.01.2013

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 |


21.02.2013

China Petroleum & Chemical Corp Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES JP MORGAN VANGUARD GROUP INC GOVT OF SINGAPORE IN CITIGROUP INCORPORAT CREDIT SUISSE AG CHINA PETROLEUM SHEN FMR LLC SCHRODER INVESTMENT DIMENSIONAL FUND ADV HANG SENG INVESTMENT STATE STREET GLOBAL ALLIANZ ASSET MANAGE CREDIT SUISSE AG GRANTHAM MAYO VAN OT CAPITAL GROUP COMPAN SHINHAN BNP PARIBAS SCHRODER KOREA LTD BANK OF NEW YORK MEL

Firm Name

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

Analyst

Nomura SONIA SONG Sanford C. Bernstein & Co NEIL BEVERIDGE UOB Kay Hian YAN SHI ICBC International Securities ANNA YU Standard Chartered DUKE SUTTIKULPANICH Jefferies LABAN YU Bank of China International LAWRENCE LAU Mizuho Securities ANDREW S F CHAN Daiwa Securities Co. Ltd. ADRIAN LOH BNP Paribas Equity Research CHENG KHOO BOCOM International Holdings WU FEI Barclays SCOTT DARLING Macquarie JAMES HUBBARD Mirae Asset Securities GORDON KWAN Credit Suisse DAVID HEWITT VTB Capital COLIN SMITH EVA Dimensions CRAIG STERLING Renaissance Capital BRADLEY WAY Masterlink Securities LI XIN Deutsche Bank DAVID HURD SWS Research Co Ltd ALBERT MIAO Morgan Stanley WEE KIAT TAN JPMorgan BRYNJAR EIRIK BUSTNES HSBC THOMAS C HILBOLDT Capital Securities Corp TEAM COVERAGE DBS Vickers WEE KEAT LEE Goldman Sachs ARTHUR YAN Guotai Junan GRACE LIU Yuanta Securities Investment ConsultingTEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Citic Securities Co., Ltd YIN XIAODONG GuoSen Securities Co Ltd STEVEN LU China International Capital Corp BIN GUAN China Galaxy Securities LI GUOHONG Industrial Securities FANG LEI

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Short MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform buy buy in-line hold buy neutral underperform buy long-term buy equalweight underperform buy neutral hold overweight sell hold buy buy Equalwt/In-Line overweight underweight buy hold Buy/Neutral accumulate Under Review buy buy buy buy buy strong buy

Amt Held % Out 2'123'684'596 10.82 1'826'300'598 9.31 1'785'993'742 9.1 860'833'577 4.39 794'152'154 4.05 629'057'907 3.21 521'252'296 2.66 425'500'000 2.17 263'987'026 1.35 227'828'000 1.16 147'230'289 0.75 143'361'074 0.73 139'771'423 0.71 138'665'350 0.71 (119'014'506) -0.61 104'509'351 0.53 94'978'000 0.48 77'778'342 0.4 77'462'000 0.39 70'915'400 0.36

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

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

Latest Chg (32'963'380) (20'038'000) (3'570'000) (11'249'100) (15'860'724) 38'640'000 (7'780'128) 49'940'000 712'000 (648'000) 3'050'000 54'000

Target Price 10 10 10 10 9 8 10 9 8 10 10 9 7 11 9 9 #N/A N/A 7 9 9 10 8 10 7 11 8 9 8 #N/A N/A 10 10 11 11 #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 Inst Type 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 05.02.2013 Unclassified 31.12.2012 Investment Advisor 15.01.2013 Government 26.11.2012 Investment Advisor 07.02.2013 Investment Advisor 09.01.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.01.2013 Investment Advisor 07.02.2013 Investment Advisor 31.05.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 19.02.2013 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 9 month Not Provided Not Provided 26 month 12 month Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided

Date 20.02.2013 19.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 31.01.2013 29.01.2013 25.01.2013 16.01.2013 15.01.2013 30.11.2012 28.11.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 17.10.2012 20.07.2012 15.06.2012 08.02.2012 11.01.2012 22.11.2011 29.08.2011 30.10.2009 20.07.2009


21.02.2013

China Shenhua Energy Co Ltd China Shenhua Energy Company Limited is an integrated coal-based energy company focusing on the coal and power businesses in China. The Company also owns and operates an integrated coal transportation network consisting of dedicated rail lines and port facilities.

Price/Volume 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (07.06.2012) Daily Volume Current Price (2/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 1088 HK EQUITY YTD Change 1088 HK EQUITY YTD % CHANGE

12/2011 09/yy 36.25 24.15 18'424'937.00 29.35 -19.03% 21.53% 48.35% 3'398.6 569'682.56 60'466.00 0.0 38'492.0 64'945.00 498'950.53

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

10 5 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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 80'275.0 15.67x 41'526.0 30.29x 20'497.0 39.42x

15

31.12.2008 31.12.2009 104'416.0 117'526.0 3.62x 6.12x 50'621.0 58'355.0 7.47x 12.32x 25'959.0 30'276.0 11.07x 21.98x Profitability

LTM-4Q 31.12.2010 157'662.0 3.31x 72'181.0 7.22x 38'834.0 14.16x

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 208'197.0 2.62x 84'268.0 6.46x 45'677.0 11.91x 84'268.00 68'697.00 33.00% 31.92% 12.40% 22.73% 19.01% 0.57% 38.5% 37.9% 30.5% 21.9% 1.23 0.89 15.08% 26.78% 14.55 10.20

Price/ Cash Flow

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 f-13

LTM

FY+1

3.81 1.11 3'388.20 -13.89% -13.55% 1.111 39 4.462 18'152'730 17'400'510 15'865'010 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 191'419.0 228'330.0 235'099.4 255'930.1 64'028.5 57'210.0 12.23x 9.22x 2.10x 1.87x 7.95x 0.0 0.0 85'221.3 90'291.8 0.00x 0.00x 5.85x 5.53x 43'015.0 47'194.0 46'853.2 49'119.9 8'107.3 11'151.0 11.77x 10.28x 9.98x 9.61x 9.67x 9.15x 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

24.19 11.28 0.03 0.64 26.8% 18.6% 0.57 0.88 25.15 35.89 56.44 -4.93

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 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

02.01.2013

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 |


21.02.2013

China Shenhua Energy Co Ltd Holdings By:

All

Holder Name BLACKROCK JP MORGAN VANGUARD GROUP INC FRANKLIN RESOURCES FMR LLC OPPENHEIMERFUNDS INC MATTHEWS INTERNATION HANG SENG INVESTMENT STATE STREET GLOBAL CAPITAL GROUP COMPAN INVESTEC ASSET MANAG INVESCO LTD SHINHAN BNP PARIBAS BANK OF NEW YORK MEL EASTSPRING INVESTMEN MAPS INVESTMENT MANA BARING ASSET MANAGEM WILLIAM BLAIR & COMP UBS HARVEST FUND MANAGEM

Firm Name

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

Analyst

JPMorgan DANIEL KANG Nomura KAREN LI Bank of China International LAWRENCE LAU DBS Vickers JUNE NG BNP Paribas Equity Research JAMES CLARKE Goldman Sachs JULIAN ZHU Credit Suisse TRINA CHEN BOCOM International Holdings HE WEI Sanford C. Bernstein & Co MICHAEL W PARKER ABC International MARK YIBIAO CHEN Mirae Asset Securities SHIRLEY ZHAO Core Pacific KENNY CHEUNG EVA Dimensions CRAIG STERLING Barclays EPHREM RAVI Macquarie MATTY ZHAO UOB Kay Hian HELEN LAU CIMB JEANNETTE SIM China International Capital Corp CAI HONGYU Standard Chartered CHEN YAN Jefferies LABAN YU Daiwa Securities Co. Ltd. DAVE DAI Deutsche Bank JAMES KAN Citic Securities Co., Ltd ZU GUOPENG Capital Securities Corp TEAM COVERAGE Masterlink Securities LI XIN Yuanta Securities Investment ConsultingTEAM COVERAGE Religare Capital Markets TRACY HUANG Ji Asia SAMUEL THAWLEY Morgan Stanley WEE KIAT TAN HSBC SIMON FRANCIS KGI Securities FLANNERY HUEI-CHEN ICBC International Securities ANNA YU AMTD Financial Planning Limited KENNY TANG SING HING Guotai Junan LEO WU GuoSen Securities Co Ltd DAVID LAM SWS Research Co Ltd HUANG ZHE Cinda Securities Ltd CASTOR PANG Celestial Securities Limited HENRY LI

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

Recommendation overweight neutral hold buy buy Buy/Neutral outperform long-term buy underperform buy buy buy buy overweight neutral buy outperform buy outperform underperform buy buy buy buy buy Under Review buy neutral Overwt/In-Line overweight neutral buy buy accumulate buy neutral buy buy

Amt Held 436'142'206 358'927'709 188'302'726 47'177'630 47'155'200 34'709'000 31'488'000 29'035'424 28'308'370 25'869'525 24'910'500 21'095'036 20'641'630 19'739'400 19'010'000 18'464'645 17'008'001 15'011'804 13'067'562 12'945'000

% Out 12.83 10.56 5.54 1.39 1.39 1.02 0.93 0.85 0.83 0.76 0.73 0.62 0.61 0.58 0.56 0.54 0.5 0.44 0.38 0.38

Weighting

Change

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

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

Latest Chg (9'946'014) 2'713'000 (4'008'400) (1'941'500) (2'860'794) 2'526'500 (1'575'272) 265'500 100'000 1'855'500 7'453'500 11'210'500 6'685'000 3'104'800 21'000 (230'000) (3'141'000) (974'500)

Target Price 35 30 32 41 37 41 40 38 21 33 40 38 #N/A N/A 40 36 41 38 35 40 25 38 37 35 34 39 #N/A N/A 36 #N/A N/A 36 37 36 33 30 34 38 35 35 45

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

File Dt Inst Type 19.02.2013 Investment Advisor 14.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.11.2012 Investment Advisor 20.02.2013 Investment Advisor 28.09.2012 Investment Advisor 19.02.2013 Investment Advisor 14.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.10.2012 Unclassified 31.12.2012 Investment Advisor 31.10.2012 Unclassified 30.06.2012 Investment Advisor

Date 9 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 6 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month

Date 06.02.2013 03.02.2013 29.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 17.01.2013 15.01.2013 10.01.2013 07.01.2013 03.12.2012 26.11.2012 20.11.2012 20.11.2012 19.11.2012 06.11.2012 05.11.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 28.10.2012 13.08.2012 16.07.2012 16.07.2012 31.05.2012 14.05.2012 13.04.2012 07.07.2010 17.03.2010


21.02.2013

China Steel Corp China Steel Corporation manufactures and markets a variety of steel products. The main products are hot rolled coils and sheets, cold rolled coils and sheets, wire rods, steel plates, and steel bars.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (06.09.2012) Daily Volume Current Price (2/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 2002 TT EQUITY YTD Change 2002 TT EQUITY YTD % CHANGE

12/2011 09/yy 30.44 24.00 25'769'049.00 27.85 -8.52% 16.04% 59.75% 15'272.5 425'338.47 84'294.92 382.7 0.0 2'891.48 530'587.23

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

70.0 M

30

60.0 M

25

50.0 M

20

40.0 M

15

30.0 M

10

20.0 M

5

10.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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 207'919.0 2.38x 60'189.1 8.23x 51'263.9 9.69x

35

31.12.2008 31.12.2009 256'358.0 165'408.9 1.33x 2.61x 44'728.8 21'270.7 7.64x 20.29x 24'030.4 19'602.5 11.38x 21.43x Profitability

LTM-4Q 31.12.2010 239'186.9 2.14x 50'776.6 10.07x 37'586.8 11.84x

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 240'376.0 2.11x 30'706.0 16.50x 19'493.7 21.18x 30'706.01 14'598.98 6.07% 8.44% 0.76% 1.13% 0.52% 9.0% 7.7% -0.2% 8.1% 1.76 0.15 19.98% 29.25% 53.04 3.35

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.59 10'482.53 442.86 -2.91% 1.83% 0.586 23 2.217 15'502'770 16'885'470 18'464'730 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 243'726.5 219'187.1 209'246.9 209'134.5 49'762.6 48'663.9 8.61x 9.39x 2.49x 2.49x 38'352.3 16'795.5 20'872.4 27'988.0 5'894.0 6'318.0 13.50x 30.10x 25.42x 18.96x 19.94x 18.18x 24'598.4 3'234.8 5'824.9 12'264.7 1'685.9 2'807.5 16.98x 216.59x 71.41x 35.61x 40.01x 34.55x 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 9.69 6.24 6.48 29.2% 22.6% 0.52 1.16 6.90 109.13 9.90 90.04

Sales/Revenue/Turnover

50.00

300'000.0

45.00

250'000.0

40.00 35.00

200'000.0

30.00

150'000.0

25.00 20.00

100'000.0

15.00 10.00

50'000.0

5.00 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

03.01.2013

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 |


21.02.2013

China Steel Corp Holdings By:

All

Holder Name MINISTRY OF ECONOMIC VANGUARD GROUP INC CHINA STEEL ESOT BLACKROCK YUN HUNG INVESTMENT BUREAU OF LABOR INSU VANGUARD EMS INDEX F CHUNGHWA POST CO LTD MARUICHI STEEL TUBE GOVT OF SINGAPORE IN YUN YING INVESTMENT ISHARES MSCI EMERGIN POLARIS SEC INVESTME BANK OF NEW YORK MEL DIMENSIONAL FUND ADV PICTET & CIE CREDIT SUISSE ASSET SWEDBANK ROBUR FONDE EATON VANCE MANAGEME YODOGAWA STEEL WORKS

Firm Name Barclays Deutsche Bank BNP Paribas Equity Research Jih Sun Securities President Capital Management Credit Suisse JPMorgan IBT Securities Co Ltd Goldman Sachs KGI Securities Capital Securities Corp EVA Dimensions Ji Asia E Sun Securities Fubon Securities Macquarie HSBC VTB Capital SinoPac Sanford C. Bernstein & Co Masterlink Securities Grand Cathay Securities Co TIS Securities

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

Analyst EPHREM RAVI JAMES KAN JENNY TSAI ERIC CHANG WEICHUN TSENG JEREMY CHEN DANIEL KANG PETER TZENG TOMMY WONG MARC WANG IVY LIU CRAIG STERLING SAMUEL THAWLEY DAVID LAI ROGER LEE CORINNE JIAN SIMON FRANCIS WIKTOR BIELSKI LILY HSIAO VANESSA LAU CHARLES KO TSAI YEN-LING BRANDON LIU

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

Recommendation underweight hold reduce neutral neutral underperform neutral neutral Sell/Neutral underperform neutral sell sell neutral reduce neutral neutral hold Under Review market perform hold neutral trading buy

Amt Held 3'062'230'011 581'938'544 569'143'276 346'296'200 240'560'407 239'218'423 208'802'582 206'372'896 149'273'708 145'992'823 142'156'753 132'930'827 107'584'011 50'895'696 32'197'705 24'882'101 14'089'839 13'588'888 10'162'765 8'528'499

% Out 20.05 3.81 3.73 2.27 1.58 1.57 1.37 1.35 0.98 0.96 0.93 0.87 0.7 0.33 0.21 0.16 0.09 0.09 0.07 0.06

Weighting

Change

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

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

Latest Chg (894'200) 30'155 (8'780'660) 424'000 99'000 (68'000) 1'027'180 -

Target Price 21 30 21 #N/A N/A 28 22 29 #N/A N/A 20 23 #N/A N/A #N/A N/A 23 #N/A N/A 24 27 26 28 24 25 30 32 #N/A N/A

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

File Dt Inst Type 30.11.2012 n/a 31.12.2012 Investment Advisor 31.05.2012 n/a 19.02.2013 Investment Advisor 31.05.2012 n/a 31.05.2012 Government 31.05.2012 n/a 31.05.2012 Government 31.05.2012 Corporation 31.05.2012 Government 31.05.2012 n/a 31.05.2012 n/a 30.06.2012 Mutual Fund Manager 19.02.2013 Investment Advisor 31.07.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Corporation

Date Not Provided 12 month 12 month Not Provided 6 month Not Provided 9 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 6 month 12 month Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided

Date 18.02.2013 04.02.2013 01.02.2013 23.01.2013 23.01.2013 21.01.2013 21.01.2013 21.01.2013 18.01.2013 18.01.2013 16.01.2013 15.01.2013 11.01.2013 14.12.2012 30.11.2012 16.11.2012 28.10.2012 15.10.2012 11.10.2012 18.09.2012 17.02.2012 04.11.2010 05.03.2010


21.02.2013

China Unicom Hong Kong Ltd China Unicom (Hong Kong) Limited, through its subsidiaries, provides telecommunications services in the People's Republic of China. The Company's services include cellular, paging, long distance, data, and Internet services.

Price/Volume 16

140.0 M

14

120.0 M

12

100.0 M

10

Latest Fiscal Year: LTM as of: 52-Week High (23.02.2012) 52-Week Low (18.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 762 HK EQUITY YTD Change 762 HK EQUITY YTD % CHANGE

12/2011 09/yy 14.56 9.45 38'062'970.00 11.18 -23.21% 18.31% 37.38% 23'565.1 263'457.28 107'108.00 0.0 0.0 15'410.00 313'347.82

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

60.0 M

6 4

40.0 M

2

20.0 M

0 f-12 m-12

31.12.2008 31.12.2009 159'792.0 153'945.0 1.34x 1.81x 70'301.0 59'317.0 3.05x 4.69x 35'398.0 9'556.0 24.82x 22.63x Profitability

LTM-4Q 31.12.2010 171'370.0 1.73x 60'349.0 4.91x 3'701.0 58.92x

31.12.2011 209'167.0 1.93x 63'996.0 6.31x 4'227.0 73.63x 63'996.00 5'975.00 2.86% 2.68% 1.10% 2.43% 2.30% 0.50% 29.7% 3.6% 2.0% 0.18 0.13 23.48% 52.02% 19.07 -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

LTM

FY+1

1.11 0.88 4'576.91 -22.02% -9.98% 0.885 36 3.944 28'590'530 30'439'510 26'755'010 FY+2

FQ+1

FQ+2

18.36 -3.98 1.38 1.65 52.0% 34.2% 0.50 0.60 19.19 -

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 201'685.0 238'426.0 251'335.3 287'744.7 65'061.0 66'484.0 6.95x 5.75x 1.27x 1.14x 48'995.0 55'157.0 73'554.0 85'538.1 18'432.0 20'064.0 0.00x 0.00x 4.26x 3.66x 3.81x 3.68x 4'265.0 5'417.0 7'063.1 11'312.4 1'292.7 2'476.0 73.99x 45.73x 30.29x 19.10x 19.95x 17.64x 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

a-12 m-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 150'687.0 1.87x 77'739.0 3.62x 21'437.0 19.25x

80.0 M

8

Valuation Analysis

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 |


21.02.2013

China Unicom Hong Kong Ltd Holdings By:

All

Holder Name CHINA UNICOM BVI LTD CHINA NETCOM GROUP C TELEFONICA INTERNACI BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA MASSACHUSETTS FINANC FMR LLC SKAGEN AS STATE STREET GLOBAL WADDELL & REED FINAN BARING ASSET MANAGEM UBS EASTSPRING INVESTMEN CHINA SOUTHERN FUND UNITED SERVICES AUTO IVY MANAGEMENT INCOR UBS FUND MANAGEMENT STATE STREET NORDEA INVESTMENT FU

Firm Name

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

Analyst

Haitong International Securities ALEX LEE DBS Vickers TAM TSZ-WANG Kim Eng Securities ANDY POON Nomura DANNY CHU Deutsche Bank ALAN HELLAWELL BNP Paribas Equity Research ALEN LIN CIMB BERTRAM LAI Bank of China International MICHAEL MENG SWS Research Co Ltd JIM TANG BOCOM International Holdings LI ZHIWU Credit Suisse COLIN MCCALLUM Barclays ANAND RAMACHANDRAN UOB Kay Hian VICTOR YIP Standard Chartered STEVEN LIU Jefferies CYNTHIA JINHONG MENG EVA Dimensions ANDREW S ZAMFOTIS Core Pacific KEVIN TAM Macquarie LISA SOH Masterlink Securities LV HAN Goldman Sachs DONALD LU Ji Asia NEIL JUGGINS Morgan Stanley NAVIN KILLA Pacific Crest Securities STEVE CLEMENT Capital Securities Corp HU JIAMING China International Capital Corp CHEN HAOFEI ICBC International Securities KARY SEI JPMorgan LUCY LIU Guotai Junan RICKY LAI Yuanta Securities Investment ConsultingTEAM COVERAGE First Shanghai Securities Ltd TSOI HO HSBC TUCKER GRINNAN Religare Capital Markets RUMIT DUGAR Everbright Securities Co., Ltd MICHAEL LI Citic Securities Co., Ltd JUNTAO GONG AMTD Financial Planning Limited KENNY TANG SING HING

Source 13D 13D 13D ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold buy hold buy buy buy outperform buy buy neutral outperform equalweight hold in-line buy sell Positive neutral buy neutral/neutral sell Overwt/In-Line outperform hold buy hold overweight accumulate Under Review buy underweight buy not rated buy buy

Amt Held 9'725'000'020 8'082'130'236 1'180'601'587 380'326'856 249'151'168 171'476'000 131'569'944 119'682'328 60'191'350 39'256'216 38'466'000 30'114'000 19'932'419 19'793'990 17'064'000 13'806'000 13'192'000 12'456'000 10'591'017 10'322'000

% Out 41.27 34.3 5.01 1.61 1.06 0.73 0.56 0.51 0.26 0.17 0.16 0.13 0.08 0.08 0.07 0.06 0.06 0.05 0.04 0.04

Weighting

Change

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

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

Latest Chg (15'345'600) (873'800) (4'348'000) 1'544'000 (7'592'195) 3'238'000 (2'184'353) 8'234'000 (11'826'000) (16'000) 360'000 (2'402'000) 1'244'000

Target Price 16 15 13 18 18 14 16 17 16 11 18 13 12 13 16 #N/A N/A #N/A N/A 12 17 13 10 18 15 #N/A N/A 16 13 16 15 #N/A N/A 15 10 15 #N/A N/A 21 18

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

File Dt Inst Type 30.07.2012 Government 30.07.2012 Government 30.07.2012 Corporation 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Unclassified 31.10.2012 Unclassified 31.12.2010 Investment Advisor 30.06.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 20.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 9 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 6 month Not Provided

Date 21.02.2013 21.02.2013 21.02.2013 18.02.2013 15.02.2013 06.02.2013 05.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 22.01.2013 21.01.2013 17.01.2013 15.01.2013 20.12.2012 17.12.2012 14.12.2012 09.12.2012 04.12.2012 21.11.2012 13.11.2012 29.10.2012 26.10.2012 26.10.2012 25.10.2012 28.09.2012 07.09.2012 30.08.2012 23.08.2012 23.08.2012 22.05.2012 09.03.2012 06.01.2012


21.02.2013

CLP Holdings Ltd CLP Holdings Limited, through its subsidiaries, generates and supplies electricity. The Company also develops and invests in power projects and invests in properties.

Price/Volume 80

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 f-13

70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2 HK EQUITY YTD Change 2 HK EQUITY YTD % CHANGE

12/2011 01/yy 69.00 62.50 3'547'236.00 66.65 -3.41% 6.64% 68.46% 2'526.5 168'387.94 97'069.00 0.0 93.0 3'104.00 254'476.93

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

20 10 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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 50'789.0 3.47x 15'690.0 11.23x 10'608.0 12.10x

30

31.12.2008 31.12.2009 54'297.0 50'668.0 3.21x 3.64x 16'933.0 14'959.0 10.30x 12.32x 10'423.0 8'196.0 12.15x 15.38x Profitability

31.12.2010 58'410.0 3.82x 17'575.0 12.70x 10'332.0 14.71x

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 91'634.0 2.76x 21'109.0 11.98x 9'288.0 17.11x 21'109.00 14'756.00 16.10% 11.94% 3.17% 8.41% 6.57% 0.45% 22.4% 15.3% 10.1% 0.70 0.41 45.30% 119.46% 6.87 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.81 0.45 1'838.59 4.15% 2.78% 0.446 18 3.000 3'205'474 3'421'654 4'373'412 FY+2

12/12 Y 12/13 Y 95'790.1 103'229.1 2.42x 2.26x 20'606.8 22'961.2 12.35x 11.08x 9'540.5 11'161.1 16.84x 14.57x 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

FQ+1

FQ+2

-

-

02.03.2011 ASTABLE 26.06.2008 A-2 3.60 1.54 3.93 4.25 119.5% 54.4% 0.45 0.74 53.31 -

Sales/Revenue/Turnover

14.00

100'000.0 90'000.0

12.00

80'000.0

10.00

70'000.0 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

02.01.2013

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 |


21.02.2013

CLP Holdings Ltd Holdings By:

All

Holder Name LAWRENCIUM MIKADO HO OAK CLP LAWRENCIUM HOLDINGS ACORN HOLDINGS CORP BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET GLOBAL MATTHEWS INTERNATION PICTET ASSET MANAGEM LAKSHMI CO LTD MERLIN INVESTMENTS L BANK OF NEW YORK MEL MERLIN INVESTMENTS N INVESCO LTD MASSACHUSETTS FINANC MACQUARIE GROUP LTD MELLON GLOBAL MANAGE CREDIT SUISSE ASSET SUMITOMO MITSUI ASSE

Firm Name HSBC Goldman Sachs EVA Dimensions Sanford C. Bernstein & Co Deutsche Bank JPMorgan Mirae Asset Securities Standard Chartered Nomura Citic Securities Co., Ltd Credit Suisse Morgan Stanley DBS Vickers Bank of China International Daiwa Securities Co. Ltd. Macquarie

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

Analyst JENNY COSGROVE FRANKLIN CHOW AUSTIN BURKETT MICHAEL W PARKER ERIC CHENG ELAINE WU RICKY NG LI EVAN DANIEL RAATS SIMON YEUNG EDWIN PANG SIMON H Y LEE JUNE NG PETER YAO DAVE DAI IVAN LEE

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

Recommendation neutral neutral/neutral hold underperform buy neutral hold in-line neutral overweight neutral restricted hold hold hold outperform

Amt Held 236'044'212 205'251'853 150'480'670 70'146'655 38'868'007 31'673'863 18'535'000 15'031'376 11'771'700 8'038'000 7'359'811 7'359'811 6'866'976 5'562'224 4'110'555 3'944'500 3'557'500 3'357'047 2'779'418 2'234'100

% Out 9.34 8.12 5.96 2.78 1.54 1.25 0.73 0.59 0.47 0.32 0.29 0.29 0.27 0.22 0.16 0.16 0.14 0.13 0.11 0.09

Weighting

Change

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

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

Latest Chg 200'000 300'000 192'500 114'081 (836'443) (5'175'000) (4'500) (810'000) 3'944'500 28'500 (18'500)

Target Price 70 64 #N/A N/A 50 70 65 69 68 65 70 66 #N/A N/A 69 62 66 72

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

File Dt Inst Type 31.12.2012 Other 31.12.2012 Other 31.12.2012 Holding Company 31.12.2012 Other 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Other 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 20.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.12.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 25.09.2012 Investment Advisor

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

Date 07.02.2013 05.02.2013 15.01.2013 09.01.2013 08.01.2013 02.01.2013 13.12.2012 19.10.2012 14.10.2012 13.09.2012 31.08.2012 15.08.2012 15.08.2012 14.08.2012 14.08.2012 19.01.2012


21.02.2013

CNOOC Ltd CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells crude oil and natural gas. The Group's core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Internationally, the Group has oil and gas assets in Asia, Africa, North America, South America and Oceania.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (2/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 883 HK EQUITY YTD Change 883 HK EQUITY YTD % CHANGE

12/2011 01/yy 17.96 13.18 51'693'549.00 15.54 -13.47% 17.91% 53.14% 44'646.3 693'803.56 37'995.00 0.0 0.0 99'197.00 497'822.36

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 125'977.4 105'195.1 1.95x 4.24x 65'262.9 56'272.8 3.77x 7.93x 44'375.3 29'485.6 6.44x 16.28x Profitability

31.12.2010 180'036.0 3.71x 97'993.0 6.82x 54'410.0 12.81x

31.12.2011 240'944.0 1.79x 119'044.0 3.62x 70'255.0 7.02x

120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M a-12 m-12

119'044.00 88'523.00 36.74% 38.42% 16.17% 23.71% 0.60% 48.6% 35.1% 29.2% 1.88 1.71 9.89% 14.45% 11.58 -

LTM-4Q

LTM

01/yy

01/yy -

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1 -

2.80 1.27 15'873.58 -7.65% -7.39% 1.272 34 3.706 49'774'280 65'277'180 51'872'080 FY+2

12/12 Y 12/13 Y 236'712.4 243'883.9 2.34x 2.26x 123'473.8 127'363.1 4.03x 3.91x 65'370.6 63'543.4 8.58x 8.83x 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

FQ+1

FQ+2

-

-

16.12.2010 AASTABLE 76.41 42.61 -0.53 0.48 14.5% 12.6% 0.60 1.08 31.60 -

Sales/Revenue/Turnover

1.20

300'000.0

1.00

250'000.0

0.80

200'000.0

0.60

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 90'723.8 5.75x 49'242.7 10.59x 31'258.3 17.26x

20 18 16 14 12 10 8 6 4 2 0 f-12 m-12

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 |


21.02.2013

CNOOC Ltd Holdings By:

All

Holder Name CHINA NATIONAL OFFSH VANGUARD GROUP INC BLACKROCK FRANKLIN RESOURCES FMR LLC THORNBURG INVESTMENT SCHRODER INVESTMENT T ROWE PRICE ASSOCIA STATE STREET GLOBAL COMMONWEALTH BANK OF OPPENHEIMERFUNDS INC JP MORGAN LAZARD ASSET MANAGEM ALLIANZ ASSET MANAGE SHINHAN BNP PARIBAS INVESCO LTD BARING ASSET MANAGEM CAPITAL GROUP COMPAN SCHRODER KOREA LTD INVESTEC ASSET MANAG

Firm Name Jefferies Sanford C. Bernstein & Co Credit Suisse Guotai Junan Standard Chartered Deutsche Bank Bank of China International DBS Vickers China International Capital Corp BNP Paribas Equity Research SWS Research Co Ltd UOB Kay Hian Mirae Asset Securities BOCOM International Holdings ICBC International Securities Morgan Stanley JPMorgan Macquarie Daiwa Securities Co. Ltd. Nomura Barclays EVA Dimensions VTB Capital Mizuho Securities Citic Securities Co., Ltd Renaissance Capital HSBC Goldman Sachs JF Apex Securities Bhd AMTD Financial Planning Limited Ji Asia Capital Securities Corp GuoSen Securities Co Ltd Industrial Securities

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

Analyst LABAN YU NEIL BEVERIDGE DAVID HEWITT GRACE LIU DUKE SUTTIKULPANICH DAVID HURD LAWRENCE LAU WEE KEAT LEE BIN GUAN CHENG KHOO ALBERT MIAO YAN SHI GORDON KWAN WU FEI ANNA YU WEE KIAT TAN BRYNJAR EIRIK BUSTNES JAMES HUBBARD ADRIAN LOH SONIA SONG SCOTT DARLING CRAIG STERLING COLIN SMITH ANDREW S F CHAN HUANG LILI BRADLEY WAY THOMAS C HILBOLDT ARTHUR YAN TEAM COVERAGE KENNY TANG SING HING SAMUEL THAWLEY TEAM COVERAGE STEVEN LU FANG LEI

Source 20F MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation underperform outperform outperform accumulate outperform hold hold buy accumulate hold outperform hold hold neutral hold Overwt/In-Line underweight outperform buy neutral overweight buy hold neutral overweight hold overweight not rated hold buy sell hold neutral buy

Amt Held 28'772'727'273 964'642'972 770'844'601 460'965'940 297'327'510 294'593'980 250'139'200 149'257'000 148'751'902 139'222'500 135'194'000 117'839'000 86'965'000 72'591'664 70'657'957 69'695'468 69'311'000 68'538'000 65'041'000 63'316'436

% Out 64.45 2.16 1.73 1.03 0.67 0.66 0.56 0.33 0.33 0.31 0.3 0.26 0.19 0.16 0.16 0.16 0.16 0.15 0.15 0.14

Weighting

Change

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

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

Latest Chg (15'293'500) (376'000) (7'924'000) (68'926'136) (7'661'703) 7'196'000 5'623'000 (8'359'101) (2'362'000) 13'462'000 (6'537'000) 281'000 639'800 8'635'000 (29'992'907) (6'402'000) (9'337'000) (55'000)

Target Price 13 22 20 19 18 18 17 19 18 17 19 18 16 18 17 21 13 21 20 17 21 #N/A N/A 17 16 19 16 18 #N/A N/A #N/A N/A 16 10 #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 Inst Type 31.03.2012 Government 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.10.2012 Bank 30.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Unclassified 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 20.02.2013 Investment Advisor 31.10.2012 Unclassified 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 9 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 19.02.2013 19.02.2013 13.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 17.01.2013 16.01.2013 09.01.2013 18.12.2012 30.11.2012 21.08.2012 02.08.2012 25.07.2012 24.07.2012 11.05.2012 29.03.2012 22.11.2011 20.07.2009


21.02.2013

DBS Group Holdings Ltd DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The Company's services include mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage . DBS Group also acts as the primary dealer in Singapore government securities.

Price/Volume 18

30.0 M

16

25.0 M

14 12

20.0 M

10

12/2012 12/yy 15.35 12.91 6'063'000.00 15.15 -1.30% 17.35% 94.26% 2'440.1 36'967.00 49'068.00 163.0 4'261.0 46'580.00 -

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

6

10.0 M

4

5.0 M

2 0 f-12 m-12

31.12.2009 31.12.2010 8'543.0 8'684.0 2'041.0 1'632.0 17.11x 20.46x Profitability

LTM-4Q 31.12.2011 9'711.0 3'035.0 8.86x

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

31.12.2012 11'046.0 3'809.0 9.40x 54.02% 52.89% 1.10% 12.67% 4.63% 0.03% 43.7% 13.90% 155.41% -

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

12/yy 9'331.0 0.00x 0.0 0.00x 3'035.0 8.88x

12/yy 11'044.0 0.00x 0.0 0.00x 3'809.0 9.42x

FY+1

.0 M f-13

1.04 1'719.74 11.34% 2.09% 1.041 23 4.304 3'426'600 4'732'000 3'768'540 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'742.9 9'616.1 2'043.3 2'030.0 3'498.6 3'794.8 865.5 832.0 10.72x 10.29x 11.22x 11.06x 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

155.4% 57.7% 0.03 7.92 -

Sales/Revenue/Turnover

9.00

14'000.0

8.00

12'000.0

7.00

10'000.0

6.00 5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 01.01.2010

a-12 m-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 31.12.2008 10'115.0 1'929.0 6.68x

15.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DBS SP EQUITY YTD Change DBS SP EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |


21.02.2013

DBS Group Holdings Ltd Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI COMMONWEALTH BANK OF BLACKROCK VANGUARD GROUP INC HARBOR CAPITAL ADVIS FMR LLC MASSACHUSETTS FINANC FRANKLIN RESOURCES EASTSPRING INVESTMEN JF ASSET MANAGEMENT ING INVESTMENT MANAG T ROWE PRICE ASSOCIA TEMPLETON INVESTMENT KEPPEL CORP LTD BANK OF NEW YORK MEL MASON STREET ADVISOR MAWER INVESTMENT MAN DBS GROUP HOLDINGS L CREDIT SUISSE ASSET LAZARD GLOBAL ACTIVE

Firm Name Nomura Kim Eng Securities OSK (Asia) Securities Phillip Securities UOB Kay Hian Goldman Sachs Credit Suisse JPMorgan HSBC CIMB OCBC Investment Research China International Capital Corp TA Securities Holdings Berhad Barclays Sanford C. Bernstein & Co Standard Chartered Mizuho Securities EVA Dimensions Macquarie Daiwa Securities Co. Ltd. BNP Paribas Equity Research Morgan Stanley Deutsche Bank IIFL

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

Analyst JULIAN CHUA DESMOND CHNG LENG SENG CHOON KEN ANG JONATHAN KOH MELISSA KUANG ANAND SWAMINATHAN HARSH WARDHAN MODI LOO KAR WENG KENNETH NG CARMEN LEE SALLY NG TEAM COVERAGE SHARNIE WONG KEVIN KWEK JAJ SINGH JIM ANTOS AUSTIN BURKETT MATTHEW SMITH SRIKANTH VADLAMANI TEAM COVERAGE NICK LORD ANDREW HILL SACHIN NIKHARE

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

Recommendation buy buy neutral accumulate buy Buy/Neutral restricted overweight neutral outperform buy accumulate buy underweight outperform outperform neutral overweight outperform buy buy restricted restricted add

Amt Held 713'033'749 65'433'448 42'178'247 41'952'768 34'599'555 11'906'713 9'907'000 8'759'273 8'499'759 6'527'752 4'773'274 4'597'140 4'021'099 3'949'781 3'707'344 3'072'000 3'070'000 2'844'000 2'804'088 2'799'500

% Out 29.22 2.68 1.73 1.72 1.42 0.49 0.41 0.36 0.35 0.27 0.2 0.19 0.16 0.16 0.15 0.13 0.13 0.12 0.11 0.11

Weighting

Change

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

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

Latest Chg 3'000 (281'940) 80'733 648'018 (956'887) 211'000 (705'987) 754'000 (451'586) (3'624) 1'058'000 (21'000) 631'000 148'000 250'000 (2'500'000) 27'000 -

Target Price 19 18 15 16 20 17 #N/A N/A 17 16 17 16 17 18 14 18 18 16 #N/A N/A 15 17 18 #N/A N/A #N/A N/A 14

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

File Dt Inst Type 05.03.2012 Government 31.10.2012 Bank 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 14.09.2012 Investment Advisor 19.12.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 28.02.2012 Corporation 19.02.2013 Investment Advisor 30.06.2012 Investment Advisor 30.11.2012 Investment Advisor 13.02.2013 Bank 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 9 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month

Date 13.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 04.02.2013 01.02.2013 28.01.2013 15.01.2013 21.11.2012 01.11.2012 17.08.2012 30.04.2012 02.04.2012 13.02.2012


21.02.2013

Formosa Plastics Corp Formosa Plastics Corporation manufactures and markets plastics materials and chemical fiber products. The Company's products include PVC (Polyvinyl Chloride) resins, high density polyethylene, tairylan acrylic fiber, acrylic acid and ester, carbon fiber, caustic soda, PVC modifier, and calcium carbonate.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/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 1301 TT EQUITY YTD Change 1301 TT EQUITY YTD % CHANGE

12/2011 09/yy 92.30 67.40 7'917'588.00 78.2 -15.28% 16.02% 44.98% 6'120.9 478'654.75 66'559.01 0.0 0.0 63'196.36 491'144.66

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

31.12.2008 31.12.2009 182'042.2 156'969.6 1.56x 2.59x 17'430.5 21'577.5 16.28x 18.87x 19'709.5 27'533.4 12.64x 14.96x Profitability

LTM-4Q 31.12.2010 194'446.0 2.90x 36'835.0 15.30x 45'546.4 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 187'603.3 2.65x 32'857.5 15.15x 35'724.5 13.84x 32'857.50 22'548.89 12.02% 21.62% 3.71% 5.34% 4.38% 0.51% 16.9% 9.2% 4.2% 19.0% 4.27 2.57 19.66% 27.59% 14.67 10.48

Price/ Cash Flow

30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.03 3'274.57 11.41 -9.91% -0.51% 1.033 23 3.043 7'720'535 5'408'942 6'164'149 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 195'088.8 171'755.3 172'768.3 180'716.2 42'101.1 44'592.9 11.57x 11.89x 3.01x 2.86x 37'904.5 15'732.7 17'626.4 23'167.6 2'847.0 5'149.0 13.22x 33.40x 27.86x 21.20x 25.04x 22.19x 47'282.3 12'591.3 15'330.7 24'436.9 3'126.5 5'024.8 10.58x 40.77x 32.01x 18.75x 21.92x 20.20x S&P Issuer Ratings Long-Term Rating Date 06.05.2009 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 31.66 (EBITDA-Capex)/Interest Exp. 28.46 Net Debt/EBITDA 0.79 Total Debt/EBITDA 4.91 Reference Total Debt/Equity 27.6% Total Debt/Capital 21.6% Asset Turnover 0.51 Net Fixed Asset Turnover 3.18 Accounts receivable turnover-days 24.96 Inventory Days 34.91 Accounts Payable Turnover Day 20.87 Cash Conversion Cycle 30.59 Sales/Revenue/Turnover

25.00

250'000.0

20.00

200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 03.01.2009

35.0 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 181'606.8 2.76x 28'448.1 17.65x 47'810.6 10.90x

100 90 80 70 60 50 40 30 20 10 0 f-12 m-12

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

Formosa Plastics Corp Holdings By:

All

Holder Name CHANG GUNG MEDICAL F CHANG GUNG MEDICAL F FORMOSA CHEMICALS & MERRILL LYNCH SEC NAN YA PLASTICS CORP YUNG-TSAI WANG CHIN'S INTL INVESTME VANGUARD GROUP INC WAN SHUN INTL INVEST FORMOSA PETROCHEMICA BLACKROCK MING CHI UNIV OF TEC VANGUARD EMS INDEX F POLARIS SEC INVESTME CAPITAL GROUP COMPAN FMR LLC BANK OF NEW YORK MEL MIN-TING HO EASTSPRING INVESTMEN PICTET & CIE

Firm Name

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 n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

HSBC DENNIS HYUNCHUL YOO KGI Securities AARON LIU Jih Sun Securities STEPHEN WAN E Sun Securities HONG CLIFF Credit Suisse JEREMY CHEN Macquarie CORINNE JIAN EVA Dimensions CRAIG STERLING Nomura DAVID WANG President Capital Management TOM HUNG Yuanta Securities Investment ConsultingYVONNE TSAI Fubon Securities KERRY WU BNP Paribas Equity Research POR YONG LIANG Mega Securities YOU JIANHENG Deutsche Bank ALDEN LIN Goldman Sachs TOMMY WONG SinoPac LILY HSIAO Barclays SIDNEY YEH Morgan Stanley LILY CHEN Capital Securities Corp TEAM COVERAGE JPMorgan SAMUEL SW LEE Grand Cathay Securities Co JUN LIAO

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

Recommendation underweight outperform neutral neutral outperform outperform sell buy neutral hold add hold neutral hold neutral/cautious sell equalweight Overwt/In-Line neutral Rating Suspended underperform

Amt Held 556'155'226 556'155'226 468'162'602 383'395'725 283'454'909 270'911'912 254'512'277 209'805'394 186'770'700 126'404'198 116'605'055 86'457'055 72'714'458 57'984'000 38'140'000 32'454'125 30'475'000 26'754'196 25'087'000 11'620'350

% Out 9.09 9.09 7.65 6.26 4.63 4.43 4.16 3.43 3.05 2.07 1.91 1.41 1.19 0.95 0.62 0.53 0.5 0.44 0.41 0.19

Weighting

Change

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

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

Latest Chg 39'499'000 1'523'000 175'000 (1'796'000) (24'926'000) (19'453'050) 256'000 (1'725'000)

Target Price 79 92 #N/A N/A #N/A N/A 97 95 #N/A N/A 90 81 77 90 72 #N/A N/A 78 70 65 73 87 80 #N/A N/A 60

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

File Dt Inst Type 30.11.2012 n/a 31.10.2012 Other 30.11.2012 Corporation 21.04.2012 n/a 30.11.2012 Corporation 21.04.2012 n/a 21.04.2012 Other 31.12.2012 Investment Advisor 21.04.2012 n/a 30.11.2012 Corporation 19.02.2013 Investment Advisor 21.04.2012 n/a 21.04.2012 n/a 30.06.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 30.11.2012 n/a 14.09.2012 Investment Advisor 31.10.2012 Mutual Fund Manager

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

Date 20.02.2013 18.02.2013 18.02.2013 06.02.2013 01.02.2013 31.01.2013 17.01.2013 15.01.2013 15.01.2013 11.01.2013 04.01.2013 03.01.2013 25.12.2012 04.12.2012 15.11.2012 19.10.2012 11.10.2012 09.07.2012 05.06.2012 10.05.2012 27.07.2010


21.02.2013

Hang Lung Properties Ltd Hang Lung Properties Limited, through its subsidiaries, invests in, develops, and manages properties. The Company also manages parking lots.

Price/Volume 35

25.0 M

30

20.0 M

25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 101 HK EQUITY YTD Change 101 HK EQUITY YTD % CHANGE

12/2012 01/yy 31.65 23.80 6'324'455.00 29.95 -5.37% 25.84% 85.35% 4'476.6 134'073.16 29'736.00 0.0 6'050.0 36'025.00 133'834.16

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

15

10.0 M

10 5.0 M

5 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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 10'079.9 10.08x 6'244.0 16.28x 13'159.1 7.86x

20

30.06.2009 30.06.2010 4'172.6 12'057.0 25.68x 10.38x 3'073.8 8'549.0 34.86x 14.64x 4'130.3 23'561.0 25.65x 5.31x Profitability

30.06.2011 5'164.0 26.61x 3'708.0 37.06x 5'792.0 23.99x

31.12.2012 7'372.0 18.67x 7'299.0 18.86x 8'395.0 16.38x 7'299.00 7'264.00 98.53% 137.94% 5.37% 7.38% 6.44% 0.05% 99.0% 98.5% 113.9% 6.94 5.71 17.71% 25.22% 165.66 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.47 1.12 2'391.87 3.97% -2.76% 1.122 22 4.091 5'957'593 6'656'291 6'704'614 FY+2

12/13 Y 12/14 Y 11'314.2 12'773.6 11.99x 10.70x 8'260.1 9'329.6 16.20x 14.35x 6'346.9 7'155.4 20.99x 18.70x 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

FQ+1

FQ+2

-

-

10.50 -12.24 -0.86 4.07 25.2% 19.3% 0.05 0.06 3.32 -

Sales/Revenue/Turnover

14'000.0 12'000.0 10'000.0

0.80

8'000.0 0.60

6'000.0

0.40

4'000.0 2'000.0

0.20

0.0 0.00

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 |


21.02.2013

Hang Lung Properties Ltd Holdings By:

All

Holder Name PROSPERLAND HOUSING PUROTAT LTD JP MORGAN ARTIO GLOBAL MANAGEM HANG LUNG INVESTMENT HANG LUNG ENTERPRISE ABERDEEN BELIEVECITY LTD CARMIGNAC GESTION COKAGE LTD HANG KONG CO LTD OPPENHEIMERFUNDS INC BLACKROCK VANGUARD GROUP INC EUROPEAN INVESTORS I HARBOR CAPITAL ADVIS ALLIANCE BERNSTEIN T ROWE PRICE ASSOCIA KINGSWICK INVESTMENT SANFORD C BERNSTEIN

Firm Name Nomura DBS Vickers Standard Chartered Credit Suisse Jefferies JPMorgan Macquarie Daiwa Securities Co. Ltd. BNP Paribas Equity Research Citic Securities Co., Ltd UOB Kay Hian AMTD Financial Planning Limited Morgan Stanley Goldman Sachs HSBC EVA Dimensions Deutsche Bank Capital Securities Corp

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

Analyst PAUL LOUIE JEFF YAU JOHN Y F CHAN CUSSON LEUNG VENANT CHIANG AMY LUK CALLUM BRAMAH JONAS KAN LEE WEE LIAT ADRIAN NGAN SYLVIA WONG KENNY TANG SING HING PRAVEEN K CHOUDHARY ANTHONY WU PERVEEN WONG AUSTIN BURKETT TONY TSANG LANTIS LI

Source EXCH EXCH ULT-AGG EXCH EXCH EXCH ULT-AGG EXCH MF-AGG EXCH EXCH MF-AGG ULT-AGG MF-AGG Research MF-AGG ULT-AGG MF-AGG EXCH MF-AGG

Recommendation buy buy outperform underperform buy overweight outperform buy hold overweight hold buy Equalwt/Attractive buy/attractive overweight sell buy strong buy

Amt Held 1'267'523'511 354'227'500 232'493'911 222'586'000 183'176'000 169'225'000 154'155'302 120'608'945 95'346'986 95'118'250 73'182'000 69'375'450 59'259'062 52'315'561 49'702'908 48'835'000 30'893'000 30'558'000 28'333'100 28'331'000

% Out 28.31 7.91 5.19 4.97 4.09 3.78 3.44 2.69 2.13 2.12 1.63 1.55 1.32 1.17 1.11 1.09 0.69 0.68 0.63 0.63

Weighting

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

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

Latest Chg 234'000 22'874'000 1'115'825 7'420'000 796'665 10'205'923 934'000 (1'682'000) (1'105'000) 454'000 (251'000)

Target Price 36 32 34 29 35 33 36 34 29 33 30 32 32 35 33 #N/A N/A 38 41

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

File Dt 31.12.2012 31.12.2012 31.10.2012 12.01.2011 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.12.2012 19.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month Not Provided 12 month 9 month 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month

Inst Type Other Other Unclassified Investment Advisor Investment Advisor Other Unclassified Other Investment Advisor Other Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 19.02.2013 15.02.2013 08.02.2013 08.02.2013 07.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 15.01.2013 31.07.2012 03.07.2012


21.02.2013

Hang Seng Bank Ltd Hang Seng Bank Limited and its subsidiaries provide banking and related financial services.

Price/Volume 140

6.0 M

120

5.0 M

100

4.0 M

80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/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 11 HK EQUITY YTD Change 11 HK EQUITY YTD % CHANGE

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

2.0 M

40

1.0 M

20 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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 56'175.0 18'242.0 16.87x

3.0 M

60

12/2011 01/yy 129.00 99.20 1'388'458.00 125.8 -2.48% 26.81% 94.30% 1'911.8 240'509.83 52'432.00 0.0 0.0 157'094.00 -

31.12.2008 31.12.2009 45'434.0 36'052.0 14'099.0 13'138.0 13.80x 16.70x Profitability

31.12.2010 37'622.0 14'917.0 16.38x

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

31.12.2011 39'403.0 16'680.0 10.57x 40.40% 54.44% 1.81% 22.59% 13.39% 0.04% 47.3% 5.38% 66.58% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M f-13

4.13 0.74 723.76 29.08% 5.98% 0.738 27 3.037 1'188'250 2'005'653 1'594'999 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 24'408.2 26'788.6 17'376.5 19'324.0 13.71x 12.18x 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

29.11.2011 AASTABLE 20.07.2005 A-1+ 66.6% 40.0% 0.04 2.42 -

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 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

02.01.2013

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 |


21.02.2013

Hang Seng Bank Ltd Holdings By:

All

Holder Name HONGKONG & SHANGHAI BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET GLOBAL ARTISAN PARTNERS HOL ALLIANZ ASSET MANAGE FMR LLC CREDIT SUISSE ASSET BOSTON COMMON ASSET SEB DAIWA SB INVESTMENTS NEW JERSEY DIVISION INVESCO LTD BANK OF NEW YORK MEL FORTIS INVESTMENTS NIKKO ASSET MANAGEME SUMITOMO MITSUI ASSE HIRTLE CALLAGHAN & C AMUNDI LUXEMBOURG SA

Firm Name Barclays Citic Securities Co., Ltd Morgan Stanley China International Capital Corp Standard Chartered JPMorgan Bank of China International UOB Kay Hian Goldman Sachs DBS Vickers BNP Paribas Equity Research EVA Dimensions Credit Suisse Core Pacific Mizuho Securities Daiwa Securities Co. Ltd. Deutsche Bank Sanford C. Bernstein & Co Kim Eng Securities AMTD Financial Planning Limited Nomura CCB International Securities Ltd Macquarie

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios BOSTON COMMON ASSET n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SHARNIE WONG STEVEN CHAN ANIL AGARWAL SALLY NG JOHN CAPARUSSO JOSHUA KLACZEK PATRICK PONG EDMOND LAW GURPREET SINGH SAHI ALEXANDER LEE DOMINIC CHAN AUSTIN BURKETT SANJAY JAIN TIMOTHY LI JIM ANTOS GRACE WU SOPHIA LEE MICHAEL WERNER IVAN LI KENNY TANG SING HING DAVID CHUNG ADAM CHAN ISMAEL PILI

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

Recommendation underweight overweight Underwt/Cautious hold in-line neutral hold buy neutral/neutral hold buy overweight neutral hold buy hold hold market perform hold buy reduce neutral underperform

Amt Held 1'188'057'371 17'048'213 13'313'457 10'560'000 6'369'869 5'882'737 3'653'800 1'758'330 1'177'983 1'136'551 1'050'546 1'037'900 785'600 746'729 668'616 632'779 562'750 562'000 545'754 528'200

% Out 62.14 0.89 0.7 0.55 0.33 0.31 0.19 0.09 0.06 0.06 0.05 0.05 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.03

Weighting

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

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

Latest Chg 215'726 173'792 (354'493) (2'152'900) 1'898'800 (939'930) 12'300 330'900 117'200 (649'000) (448'300) (15'200) 34'154 70'000 (9'800) (50'800)

Target Price 99 135 110 114 113 120 128 134 113 123 131 #N/A N/A 99 127 134 113 124 116 120 112 80 114 90

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

File Dt Inst Type 31.12.2011 Bank 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Unclassified 09.07.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 20.02.2013 Investment Advisor 19.02.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 15.06.2012 Unclassified 14.08.2012 Investment Advisor 30.09.2011 Investment Advisor 28.09.2012 Investment Advisor

Date Not Provided 6 month 12 month 12 month 12 month 9 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month

Date 21.02.2013 18.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 29.01.2013 29.01.2013 21.01.2013 21.01.2013 18.01.2013 17.01.2013 09.01.2013 09.01.2013 14.12.2012 28.11.2012 08.11.2012 27.08.2012 31.07.2012 31.07.2012 30.07.2012 30.07.2012 27.06.2012


21.02.2013

Hon Hai Precision Industry Co Ltd Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products. The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

Price/Volume 120

350.0 M 300.0 M

80

250.0 M

60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.03.2012) 52-Week Low (03.08.2012) Daily Volume Current Price (2/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 2317 TT EQUITY YTD Change 2317 TT EQUITY YTD % CHANGE

12/2011 09/yy 106.36 71.82 33'445'606.00 83.2 -21.78% 15.85% 37.58% 11'835.9 984'744.06 155'043.07 0.0 0.0 74'742.04 1'092'311.70

31.12.2007 1'235'581.2 1.07x 43'131.8 30.75x 77'689.5 16.36x

200.0 M 150.0 M

40

100.0 M 20

50.0 M

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

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

400.0 M

100

31.12.2008 31.12.2009 1'473'026.3 1'420'573.1 0.34x 0.93x 37'195.4 35'084.6 13.43x 37.56x 55'133.2 75'685.1 8.63x 17.14x Profitability

LTM-4Q 31.12.2010 2'313'129.1 0.51x 45'056.3 26.12x 77'154.6 14.67x

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 f-13

1.16 9'468.26 44.47 -3.93% -6.41% 1.156 29 4.000 29'205'550 37'481'740 42'499'540 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 2'773'311.4 ######### ######### ######### ######### 985'241.0 716'811.0 0.35x 1.62x 1.43x 41'132.9 38'991.3 50'249.2 159'245.5 191'506.5 23.49x 21.73x 23.81x 6.86x 5.70x 81'591.0 67'993.3 92'819.4 92'549.3 107'533.3 35'378.4 22'724.3 10.84x 10.68x 11.48x 10.56x 9.05x 9.07x 8.85x S&P Issuer Ratings 41'132.91 Long-Term Rating Date 09.11.2007 31'500.29 Long-Term Rating A1.14% Long-Term Outlook STABLE 3.31% Short-Term Rating Date 6.65% Short-Term Rating 16.16% Credit Ratios 13.01% EBITDA/Interest Exp. 22.51 2.26% (EBITDA-Capex)/Interest Exp. 10.72 Net Debt/EBITDA 2.14 3.9% Total Debt/EBITDA 3.02 1.6% Reference 1.3% Total Debt/Equity 26.8% 2.9% Total Debt/Capital 21.2% Asset Turnover 2.26 1.11 Net Fixed Asset Turnover 86.97 0.60 Accounts receivable turnover-days 37.57 10.15% Inventory Days 14.03 26.83% Accounts Payable Turnover Day 45.54 9.74 Cash Conversion Cycle 8.70 26.08

Price/ Cash Flow

Sales/Revenue/Turnover

450.00

3'000'000.0

400.00

2'500'000.0

350.00

2'000'000.0

300.00 250.00

1'500'000.0

200.00

1'000'000.0

150.00 100.00

500'000.0

50.00 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

03.01.2013

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 |


21.02.2013

Hon Hai Precision Industry Co Ltd Holdings By:

All

Holder Name GOU TERRY VANGUARD GROUP INC BLACKROCK SAUDI ARABIAN MONETA GOVT OF SINGAPORE IN FMR LLC VANGUARD EMS INDEX F EFG BANK CHINATRUST COMM BK T ABU DHABI INVESTMENT HSIEN CHIN INTL INVE POLARIS SEC INVESTME SCHRODER INVESTMENT JUI FU INTL INVESTME SKAGEN AS LAZARD ASSET MANAGEM HSIANG-FU YOU WILLIAM BLAIR & COMP BANK OF NEW YORK MEL HARTFORD INVESTMENT

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios

Analyst

Jih Sun Securities ALVIN KUO RBS JEFFREY TODER Deutsche Bank IVY LEE Fubon Securities ARTHUR LIAO Mizuho Securities CHARLES PARK BNP Paribas Equity Research LAURA CHEN Morgan Stanley JASMINE LU Sanford C. Bernstein & Co ALBERTO MOEL President Capital Management YING-CHANG KUO Nomura EVE JUNG Daiwa Securities Co. Ltd. LU CHIA-LIN EVA Dimensions ANDREW S ZAMFOTIS Wedge Partners JUN ZHANG Yuanta Securities Investment ConsultingVINCENT CHEN E Sun Securities LIU KUAN-MING Macquarie DANIEL CHANG JPMorgan GOKUL HARIHARAN HSBC JENNY LAI Berenberg Bank ADNAAN AHMAD Credit Suisse THOMPSON WU SinoPac BAMBOO LIN Goldman Sachs LIANG-CHUN LIN Barclays KIRK YANG Capital Securities Corp JERRY WU Masterlink Securities JIMMY CHEN Ji Asia STEVE MYERS

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

Recommendation neutral buy buy reduce buy hold Overwt/In-Line outperform neutral buy buy overweight no rating system buy buy neutral overweight overweight hold neutral buy neutral/neutral overweight neutral hold sell

Amt Held 1'473'989'536 510'387'709 277'625'139 272'197'766 213'675'970 209'475'803 182'275'330 179'470'183 124'034'680 119'029'555 116'176'670 111'390'070 98'079'813 56'536'398 55'220'000 52'523'926 36'643'284 33'518'162 27'353'161 27'234'128

% Out 12.45 4.31 2.35 2.3 1.81 1.77 1.54 1.52 1.05 1.01 0.98 0.94 0.83 0.48 0.47 0.44 0.31 0.28 0.23 0.23

Weighting

Change

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

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

Latest Chg 1'140'100 (7'590'335) (13'723'688) (8'271'230) (1'261'398) (38'280'000) 30'000 (531'999) (4'723'000) (24'908'081)

Target Price #N/A N/A 110 107 76 100 90 111 109 100 120 127 #N/A N/A #N/A N/A 104 #N/A N/A 90 120 130 73 100 107 81 113 85 106 78

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

File Dt Inst Type 30.11.2012 n/a 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 20.04.2012 Government 20.04.2012 Government 31.12.2012 Investment Advisor 20.04.2012 n/a 20.04.2012 Investment Advisor 20.04.2012 n/a 20.04.2012 Government 20.04.2012 Other 30.06.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Corporation 31.01.2013 Mutual Fund Manager 31.12.2012 Unclassified 30.11.2012 n/a 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 19.02.2013 06.02.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 17.01.2013 16.01.2013 15.01.2013 14.01.2013 10.01.2013 14.12.2012 13.12.2012 10.12.2012 10.12.2012 29.11.2012 14.11.2012 14.11.2012 13.11.2012 13.11.2012 26.10.2012 05.09.2012 14.03.2012


21.02.2013

Hong Kong & China Gas Co Ltd Hong Kong and China Gas Company Limited produces, distributes, and markets gas and gas appliances to residential and industrial customers through its Towngas brand name. The Company's subsidiaries develop gas projects in China and develop and manage commercial properties.

Price/Volume 25

30.0 M

20

25.0 M 20.0 M

15

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (13.06.2012) Daily Volume Current Price (2/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 3 HK EQUITY YTD Change 3 HK EQUITY YTD % CHANGE

10

12/2011 01/yy 22.50 16.02 8'790'078.00 21.55 -4.22% 34.52% 93.06% 8'690.6 187'282.63 27'297.30 0.0 4'748.1 12'049.20 211'608.03

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

5.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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 14'225.5 10.38x 5'850.0 25.24x 9'269.6 15.62x

10.0 M

5

31.12.2008 31.12.2009 12'352.2 12'351.8 6.59x 11.27x 4'376.3 4'713.5 18.61x 29.54x 4'302.5 5'275.1 18.14x 24.78x Profitability

31.12.2010 19'375.4 7.55x 5'853.2 25.00x 5'584.8 23.55x

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 22'426.8 7.23x 7'089.3 22.88x 6'149.6 23.14x 7'089.30 5'778.30 25.77% 35.98% 8.35% 17.26% 11.44% 0.29% 30.5% 24.7% 27.4% 1.49 1.11 32.08% 65.64% 10.23 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.53 0.57 5'059.41 27.97% 1.89% 0.573 22 2.682 6'141'825 6'111'133 5'589'053 FY+2

12/12 Y 12/13 Y 26'046.2 29'394.7 7.93x 6.99x 8'532.6 9'368.1 24.80x 22.59x 6'860.6 7'452.9 26.38x 24.63x 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

FQ+1

FQ+2

-

-

23.07.2008 A+ STABLE 7.58 2.62 2.61 4.07 65.6% 37.1% 0.29 0.71 35.78 -

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 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

02.01.2013

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 |


21.02.2013

Hong Kong & China Gas Co Ltd Holdings By:

All

Holder Name DISRALEI INVESTMENT MACROSTAR INVESTMENT MEDLEY INVESTMENT LT COMMONWEALTH BANK OF FIRST STATE INVEST I FIRST STATE INVESTME FU SANG CO LTD CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET GLOBAL BANK OF NEW YORK MEL PO LI KWOK COLONIAL FIRST STATE LAZARD GLOBAL ACTIVE MATTHEWS INTERNATION FIRST STATE INVEST S MELLON GLOBAL MANAGE SKANDIA GLOBAL FUNDS CREDIT SUISSE ASSET

Firm Name Morgan Stanley Standard Chartered Sanford C. Bernstein & Co EVA Dimensions UOB Kay Hian Deutsche Bank JPMorgan HSBC Goldman Sachs BOCOM International Holdings Nomura Mirae Asset Securities Citic Securities Co., Ltd Credit Suisse Bank of China International DBS Vickers Jefferies AMTD Financial Planning Limited First Shanghai Securities Ltd Macquarie

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

Analyst VINCENT CHOW DENNIS IP MICHAEL W PARKER AUSTIN BURKETT YAN SHI ERIC CHENG ELAINE WU JENNY COSGROVE FRANKLIN CHOW WU FEI DANIEL RAATS RICKY NG SIMON YEUNG EDWIN PANG PETER YAO WEE KEAT LEE JOSEPH FONG KENNY TANG SING HING ZHANG ZHIBIN IVAN LEE

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

Recommendation Equalwt/In-Line in-line underperform underweight hold hold neutral overweight Sell/Neutral neutral reduce hold hold underperform hold hold hold buy hold neutral

Amt Held 1'866'620'696 818'958'299 779'849'202 378'398'804 185'636'643 164'189'657 129'613'455 118'721'539 109'551'877 94'554'576 43'433'012 26'617'982 24'224'200 24'107'698 18'162'677 15'805'739 14'611'345 12'561'739 9'898'791 8'004'047

% Out 21.48 9.42 8.97 4.35 2.14 1.89 1.49 1.37 1.26 1.09 0.5 0.31 0.28 0.28 0.21 0.18 0.17 0.14 0.11 0.09

Weighting

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

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

Latest Chg 6'870'000 195'000 1'386'302 (2'416'630) 772'000 (3'395'000) 1'284'000 (1'939'000) 82'000

Target Price 20 20 14 #N/A N/A 23 17 19 23 18 16 17 21 18 17 18 20 18 18 18 18

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

File Dt 21.06.2012 21.06.2012 21.06.2012 31.10.2012 07.06.2012 07.06.2012 21.06.2012 31.12.2012 19.02.2013 31.12.2012 30.06.2012 19.02.2013 21.06.2012 07.06.2012 31.01.2013 28.09.2012 07.06.2012 31.12.2012 31.12.2012 28.12.2012

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

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

Date 20.02.2013 25.01.2013 23.01.2013 17.01.2013 16.01.2013 08.01.2013 02.01.2013 22.11.2012 07.11.2012 25.10.2012 14.10.2012 11.10.2012 13.09.2012 03.09.2012 22.08.2012 22.08.2012 21.08.2012 26.07.2012 21.03.2012 19.01.2012


21.02.2013

Hong Kong Exchanges and Clearing Ltd Hong Kong Exchanges & Clearing Limited owns and operates the stock exchange, futures exchange, and their related clearing houses in Hong Kong. The Company provides the trading platforms for a range of cash and derivatives products and the facilities for processing trades.

Price/Volume 160

25.0 M

140

20.0 M

120 100

Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 388 HK EQUITY YTD Change 388 HK EQUITY YTD % CHANGE

12/2011 09/yy 150.70 100.00 6'321'268.00 142.5 -5.44% 42.50% 88.56% 1'149.8 163'847.66 0.00 0.0 0.0 45'238.00 117'714.65

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

31.12.2008 31.12.2009 6'090.4 5'996.7 4.13x 19.77x 4'898.8 5'023.2 5.14x 23.60x 5'128.6 4'704.0 15.40x 31.83x Profitability

40

5.0 M

20 0 f-12 m-12

LTM-4Q 31.12.2010 6'639.0 23.11x 5'126.0 29.93x 5'037.0 37.67x

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 6'870.0 12.88x 5'602.0 15.80x 5'093.0 26.24x 5'602.00 5'512.00 80.23% 87.80% 9.41% 51.91% 51.91% 0.13% 79.0% 77.5% 74.1% 1.17 1.16 0.00% 0.00% 1.10 -

Price/ Cash Flow

09/yy 7'324.0 66.64x 6'078.0 10.02x 5'380.0 22.94x

a-12 m-12

j-12

j-12

LTM 09/yy 6'045.0 56.75x 4'631.0 17.42x 4'492.0 28.11x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

2.76 1.22 1'085.42 0.66% 8.04% 1.217 25 2.760 2'756'709 4'652'705 5'387'581 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 7'205.0 8'697.2 1'831.5 21.04x 17.18x 5'083.4 6'428.9 23.16x 18.31x 4'270.3 5'244.9 969.0 1'096.0 36.58x 30.66x 33.93x 32.83x 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

-8.00 0.00 0.0% 0.0% 0.13 6.60 333.38 -

Sales/Revenue/Turnover

45.00

8'000.0

40.00

7'000.0

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 02.01.2009

10.0 M

60

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 6'658.2 33.80x 5'804.8 38.77x 6'169.3 38.27x

15.0 M

80

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

02.01.2013

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 |


21.02.2013

Hong Kong Exchanges and Clearing Ltd Holdings By:

All

Holder Name BLACKROCK HONG KONG SAR THORNBURG INVESTMENT DEUTSCHE BANK AG VANGUARD GROUP INC DEUTSCHE BANK AG OPPENHEIMERFUNDS INC FMR LLC STATE STREET GLOBAL MATTHEWS INTERNATION LAZARD GLOBAL ACTIVE FIDELITY INVESTMENTS GAM INTERNATIONAL MA ABERDEEN CHINA SOUTHERN FUND INVESCO LTD MAPS INVESTMENT MANA CREDIT SUISSE ASSET PRUDENTIAL FINANCIAL TRANSAMERICA INVESTM

Firm Name

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

Analyst

Core Pacific TIMOTHY LI CCB International Securities Ltd KENNETH YUE Credit Suisse ARJAN VAN VEEN DBS Vickers ALEXANDER LEE Mizuho Securities JIM ANTOS Goldman Sachs GURPREET SINGH SAHI JPMorgan HARSH WARDHAN MODI UOB Kay Hian EDMOND LAW BOCOM International Holdings LI SHANSHAN EVA Dimensions AUSTIN BURKETT Macquarie MATTHEW SMITH Daiwa Securities Co. Ltd. JONAS KAN Morgan Stanley ANIL AGARWAL HSBC YORK PUN Kim Eng Securities IVAN LI OSK (Asia) Securities TEAM COVERAGE China International Capital Corp MAO JUNHUA JF Apex Securities Bhd TEAM COVERAGE BNP Paribas Equity Research DOMINIC CHAN Citic Securities Co., Ltd STEVEN CHAN AM Capital Ltd TEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Yuanta Securities Investment ConsultingTEAM COVERAGE Deutsche Bank TRACY YU

Source ULT-AGG Co File MF-AGG Short MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold neutral neutral buy underperform Sell/Neutral neutral hold neutral hold underperform outperform Underwt/Cautious overweight hold sell hold neutral buy sell buy buy Under Review not rated

Amt Held % Out 68'218'576 5.93 62'919'500 5.47 30'228'994 2.63 (27'150'266) -2.36 24'227'959 2.11 22'987'978 2 22'586'158 1.96 14'723'852 1.28 8'545'319 0.74 6'060'100 0.53 3'567'000 0.31 3'553'000 0.31 3'114'877 0.27 2'440'000 0.21 1'834'229 0.16 1'769'300 0.15 1'725'600 0.15 1'595'956 0.14 1'346'174 0.12 1'247'035 0.11

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

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

Latest Chg (2'073'234) 1'569'061 860'329 (3'093'006) (469'110) 65'800 416'700 1'704'100 1'725'600 30'000 1'321 42'482

Target Price 141 159 140 170 110 126 150 151 132 #N/A N/A 100 160 85 150 120 112 112 135 150 116 200 126 #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 Inst Type 19.02.2013 Investment Advisor 31.12.2011 Government 31.12.2012 Investment Advisor 28.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Investment Advisor 30.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2010 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Unclassified 30.06.2012 Investment Advisor 20.02.2013 Investment Advisor 28.09.2012 Mutual Fund Manager 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided Not Provided 12 month 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided Not Provided Not Provided Not Provided

Date 18.02.2013 15.02.2013 07.02.2013 22.01.2013 21.01.2013 20.01.2013 20.01.2013 17.01.2013 17.01.2013 15.01.2013 11.01.2013 11.01.2013 04.12.2012 03.12.2012 30.11.2012 30.11.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 31.10.2012 10.10.2011 05.09.2011 05.05.2011


21.02.2013

Hutchison Whampoa Ltd Hutchison Whampoa Limited is a diversified company. The Company, through its subsidiaries, operates businesses including ports and related services, telecommunications and e-commerce, property and hotels, retail and manufacturing, energy, infrastructure, finance and investments.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (2/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 13 HK EQUITY YTD Change 13 HK EQUITY YTD % CHANGE

12/2011 01/yy 88.00 61.80 6'330'060.00 85.3 -3.07% 38.03% 95.42% 4'263.4 363'665.53 225'056.00 0.0 39'171.0 66'539.00 563'243.54

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

31.12.2008 31.12.2009 235'478.0 208'808.0 1.75x 2.14x 37'450.0 28'911.0 10.99x 15.44x 12'681.0 13'631.0 13.08x 16.69x Profitability

31.12.2010 209'180.0 2.66x 35'622.0 15.65x 20'179.0 16.91x

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 233'700.0 2.03x 34'601.0 13.73x 56'019.0 4.95x 34'601.00 20'521.00 8.78% 32.07% 2.70% 5.43% 5.51% 0.32% 60.2% 15.3% 9.5% 24.0% 1.33 0.83 31.23% 62.58% 10.65 5.11

Price/ Cash Flow

20.0 M 15.0 M 10.0 M 5.0 M

a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

FY+1 -

2.44 1.04 2'001.51 13.06% 5.44% 1.045 16 4.625 5'499'202 6'390'077 5'827'546 FY+2

12/12 Y 12/13 Y 242'910.3 260'240.8 2.26x 2.11x 43'766.7 48'899.5 12.87x 11.52x 23'437.4 27'335.9 15.90x 13.69x 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

FQ+1

FQ+2

-

-

09.11.2010 ASTABLE 4.08 1.12 4.32 6.95 62.6% 36.1% 0.32 1.12 34.37 71.60 79.27 17.07

Sales/Revenue/Turnover

25.00

250'000.0

20.00

200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 02.01.2009

25.0 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 218'726.0 2.91x 53'244.0 11.97x 30'600.0 12.32x

100 90 80 70 60 50 40 30 20 10 0 f-12 m-12

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

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 |


21.02.2013

Hutchison Whampoa Ltd Holdings By:

All

Holder Name CONTINENTAL REALTY L WINBO POWER LIMITED POLYCOURT LIMITED WELL KARIN LIMITED JP MORGAN HARVESTIME HOLDINGS ORIENTAL TIME INVEST HARROWGATE INVESTMEN KAM CHIN INVESTMENT TOP WIN INVESTMENT L RICHLAND REALTY LIMI MIRABOLE LIMITED BLACKROCK VANGUARD GROUP INC HISLOP RESOURCES LIM VISION CITY INTERNAT WHITE RAIN ENTERPRIS GOOD ENERGY LIMITED MASTER GRADE INVESTM FUMANDA LIMITED

Firm Name Credit Suisse Morgan Stanley Jefferies Guotai Junan HSBC EVA Dimensions Nomura Goldman Sachs AMTD Financial Planning Limited JPMorgan Standard Chartered Deutsche Bank

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

Analyst CUSSON LEUNG PRAVEEN K CHOUDHARY JULIAN BU JASON SONG MARK CARMERON ROSS WEBB CRAIG STERLING BENJAMIN LO SIMON CHEUNG KENNY TANG SING HING LUCY LIU JOHN Y F CHAN KAREN TANG

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

Recommendation outperform Overwt/In-Line hold buy overweight hold buy Buy/Neutral buy overweight outperform buy

Amt Held 465'265'969 236'260'200 233'065'641 226'969'600 199'499'667 165'000'000 122'774'850 114'748'675 108'231'279 106'912'458 75'242'950 49'593'500 45'584'560 43'343'261 43'193'700 42'344'000 41'926'500 39'565'900 39'327'000 37'851'000

% Out 10.91 5.54 5.47 5.32 4.68 3.87 2.88 2.69 2.54 2.51 1.76 1.16 1.07 1.02 1.01 0.99 0.98 0.93 0.92 0.89

Weighting

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

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

Latest Chg 31'000 (4'585'424) 4'501'915 -

Target Price 106 94 75 99 101 #N/A N/A 96 96 85 85 87 82

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

File Dt 16.07.2012 16.07.2012 16.07.2012 16.07.2012 08.01.2013 16.07.2012 16.07.2012 16.07.2012 16.07.2012 16.07.2012 16.07.2012 16.07.2012 19.02.2013 31.12.2012 16.07.2012 16.07.2012 16.07.2012 16.07.2012 16.07.2012 16.07.2012

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

Inst Type Corporation Corporation Other Other Unclassified Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Other Investment Advisor Investment Advisor Corporation Other Other Corporation Other Other

Date 20.02.2013 17.02.2013 04.02.2013 29.01.2013 21.01.2013 17.01.2013 10.01.2013 04.01.2013 13.12.2012 29.08.2012 03.08.2012 17.05.2012


21.02.2013

Hyundai Heavy Industries Co Ltd Hyundai Heavy Industries Co., Ltd. builds ships for commercial, and military purposes. The Company manufactures oil tankers, cargo and passenger vessels, and warships. Hyundai Heavy Industries also produces heavy industrial machineries, wind turbines, solar panels, electrical components for engines and power trains, and industrial vehicles, such as cranes and bulldozers.

Price/Volume 400000 350000 300000 250000 200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (23.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 009540 KP EQUITY YTD Change 009540 KP EQUITY YTD % CHANGE

12/2012 12/yy 346'500.00 193'500.00 271'803.00 222500 -35.79% 14.99% 17.97% 76.0 16'910'000.00 3'962'673.00 0.0 0.0 627'317.75 21'668'128.31

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

100000 50000 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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 31.12.2008 19'957'080.9 0.48x 2'596'964.1 3.66x 2'256'664.8 5.34x

150000

31.12.2009 31.12.2010 21'142'196.7 22'408'120.0 0.50x 1.34x 2'666'205.3 4'031'444.7 4.00x 7.43x 2'146'488.8 2'835'399.0 4.86x 9.51x Profitability

LTM-4Q 31.12.2011 25'019'604.0 0.76x 3'116'212.7 6.12x 1'945'941.6 8.09x

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

1.80 1.34 40.00 -30.40% -8.06% 1.335 40 4.450 349'995 239'365 239'011 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 25'086'000.0 ######### ######### ######### ######### 4.12x 2.57x - ######### ######### 6.13x 0.00x - ######### ######### ######### ######### 8.09x 0.00x 7.06x S&P Issuer Ratings 3'116'212.68 Long-Term Rating Date 2'612'841.90 Long-Term Rating 10.44% Long-Term Outlook 10.12% Short-Term Rating Date 6.65% Short-Term Rating 14.00% Credit Ratios 11.67% EBITDA/Interest Exp. 0.86% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 15.4% Total Debt/EBITDA 12.5% Reference 10.4% Total Debt/Equity 7.8% Total Debt/Capital Asset Turnover 0.83 Net Fixed Asset Turnover 0.44 Accounts receivable turnover-days 13.24% Inventory Days 26.92% Accounts Payable Turnover Day 4.23 Cash Conversion Cycle 8.05

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M f-13

22.29 17.20 1.07 1.27 26.9% 21.2% 0.86 3.13 86.37 45.33 130.22 1.47

Sales/Revenue/Turnover

50.00

30'000'000.0

45.00

25'000'000.0

40.00 35.00

20'000'000.0

30.00

15'000'000.0

25.00 20.00

10'000'000.0

15.00 10.00

5'000'000.0

5.00 0.00 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

Hyundai Heavy Industries Co Ltd Holdings By:

All

Holder Name HYUNDAI HEAVY INDUST MONG-JOON CHUNG HYUNDAI MIPO DOCKYAR NATIONAL PENSION SER MIRAE ASSET GLOBAL I KCC CORP VANGUARD GROUP INC EMPLOYEE STOCK OWNER BLACKROCK SAMSUNG INVESTMENT T KB ASSET MANAGEMENT JF ASSET MANAGEMENT KOREA INVESTMENT TRU UBS HANA ASSET MANAG KYOBO AXA INVESTMENT DIMENSIONAL FUND ADV FMR LLC SHINHAN BNP PARIBAS JP MORGAN NH-CA ASSET MANAGEME

Firm Name

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

Analyst

Credit Suisse HENRY KWON Hanwha Securities Co., Ltd DONG-IK JEONG CIMB KJ HWANG Mirae Asset Securities CHUNG WOO CHANG LIG Investment Securities CHOI GWANG-SHIK Deutsche Bank SANJEEV RANA Daewoo Securities SUNG KI-JONG Daishin Securities Co., Ltd. JEON JAE-CHEON NH Investment & Securities LEE YOONSANG HMC Investment Securities Co Ltd DONG-EUN YEOM Shinhan Investment Corp KIM HYUN Tong Yang Investment Bank LEE JAE-WON JPMorgan LEE SOKJE KTB Securities LEE KANG-ROK KB Investment & Securities Co., Ltd LEE SANG-WON E*Trade Securities Korea PARK MOO-HYUN Morgan Stanley PARK SANG-KYOO Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Nomura ANGELA HONG BNP Paribas Equity Research JAMES HIE SUK YOON Meritz Securities Co., Ltd KIM SEUNG CHURL KIWOOM Securities Co Ltd CHOI WON-KYUNG HSBC PAUL CHOI EVA Dimensions CRAIG STERLING Hana Daetoo Securities SANG-WOO LEE Hyundai Securities LEE SANG-HWA IBK Securities Co Ltd SHIM WON-SUP HI Investment Securities HUR SUNG DUCK Korea Investment & Securities RICHARD PARK Dongbu Securities Co Ltd KIM HONG-GYUN SK Securities Co Ltd LEE JI-HOON Eugene Investment & Securities Co., LtdMOON-SOO JANG Kyobo Securities OH SEAN Samsung Securities YOUNGSOO HAN Shinyoung Securities Co., Ltd. UM KYUNG-A Woori Investment & Securities JAE-HUN YU Macquarie LEE JUWON BS Securities Co Ltd KWAK MIN-JUNG Ji Asia TONY MOYER

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

Recommendation neutral buy outperform buy buy hold buy buy buy buy buy buy neutral buy buy buy Overwt/Attractive hold neutral buy buy outperform neutral underweight buy market perform buy buy neutral buy buy hold buy buy buy buy outperform buy sell

Amt Held 14'711'560 7'717'769 6'063'000 3'860'321 3'247'376 2'369'393 2'190'652 1'258'281 1'070'955 464'763 236'770 233'835 199'423 184'548 168'541 155'401 135'668 135'447 126'524 114'020

% Out 19.36 10.15 7.98 5.08 4.27 3.12 2.88 1.66 1.41 0.61 0.31 0.31 0.26 0.24 0.22 0.2 0.18 0.18 0.17 0.15

Weighting

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

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

Latest Chg 618'458 (2'739'670) (7'482) 191 50'648 76'958 74'033 (186'863) 26'395 (6'937) (388'248) 12'241 16'784 14'006

Target Price 216'000 260'000 264'000 265'000 440'000 210'000 260'000 250'000 250'000 270'000 240'000 250'000 280'000 260'000 396'000 270'000 281'000 200'000 260'000 290'000 265'000 250'000 240'000 #N/A N/A 317'000 220'000 290'000 310'000 #N/A N/A 390'000 290'000 251'000 300'000 290'000 300'000 330'000 290'000 400'000 209'500

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

File Dt 31.12.2011 24.02.2012 24.02.2012 09.08.2011 31.12.2011 13.01.2012 31.12.2012 31.12.2011 19.02.2013 28.09.2012 28.09.2012 30.09.2011 28.09.2012 28.09.2012 28.09.2012 31.07.2012 31.12.2012 28.09.2012 31.10.2012 28.09.2012

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

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

Date 18.02.2013 18.02.2013 14.02.2013 12.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 31.01.2013 23.01.2013 22.01.2013 17.01.2013 13.01.2013 09.01.2013 03.01.2013 22.12.2012 30.11.2012 27.11.2012 07.11.2012 29.10.2012 26.10.2012 24.09.2012 17.09.2012 17.09.2012 14.08.2012 07.05.2012 29.11.2011


21.02.2013

Hyundai Mobis Hyundai Mobis manufactures and markets automotive parts and equipment, such as automotive service components, modules, and systems. The Company also contracts environmental projects, including sewage treatment plant and industrial waste water treatment plant construction.

Price/Volume 350000

1.2 M

300000

1.0 M

250000

.8 M

200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (14.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 012330 KP EQUITY YTD Change 012330 KP EQUITY YTD % CHANGE

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

.4 M

100000

.2 M

50000 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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 31.12.2008 9'373'390.0 0.49x 1'325'678.0 3.45x 1'089'995.0 4.96x

.6 M

150000

12/2012 12/yy 325'000.00 250'500.00 182'312.00 307500 -5.38% 22.75% 73.83% 97.3 29'933'238.00 1'810'896.00 127.0 0.0 2'396'260.00 28'136'652.87

31.12.2009 31.12.2010 10'633'020.0 13'695'717.0 1.50x 1.92x 1'652'601.0 2'160'724.0 9.62x 12.15x 1'615'220.0 1'628'807.0 9.60x 16.66x Profitability

LTM-4Q 31.12.2011 15'886'201.0 1.72x 2'316'807.0 11.79x 1'742'742.0 15.99x

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 f-13

0.57 1.03 59.97 11.01% 6.77% 1.026 44 4.955 165'896 287'282 272'764 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'865'693.7 ######### ######### ######### 8.00x 4.71x 1.08x - ######### ######### ######### 11.79x 0.00x 8.40x 2'251'251.8 ######### ######### ######### 15.99x 0.00x 8.66x 9.46x 15.16x S&P Issuer Ratings 2'316'807.00 Long-Term Rating Date 20.03.2012 2'312'365.94 Long-Term Rating BBB+ 13.71% Long-Term Outlook STABLE 14.42% Short-Term Rating Date 11.30% Short-Term Rating 16.60% Credit Ratios 14.63% EBITDA/Interest Exp. 59.08 1.03% (EBITDA-Capex)/Interest Exp. 51.18 Net Debt/EBITDA -0.25 19.9% Total Debt/EBITDA 0.78 14.6% Reference 13.7% Total Debt/Equity 16.1% 13.3% Total Debt/Capital 13.8% Asset Turnover 1.03 1.62 Net Fixed Asset Turnover 9.00 1.42 Accounts receivable turnover-days 82.42 10.96% Inventory Days 21.55 16.06% Accounts Payable Turnover Day 54.16 4.43 Cash Conversion Cycle 49.82 16.94

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

18'000'000.0 16'000'000.0

20.00

14'000'000.0 12'000'000.0

15.00

10'000'000.0 8'000'000.0

10.00

6'000'000.0 4'000'000.0

5.00

2'000'000.0 0.00 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

Hyundai Mobis Holdings By:

All

Holder Name KIA MOTORS CORP ALLIANCE BERNSTEIN NATIONAL PENSION SER MONG-KOO CHUNG CAPITAL GROUP COMPAN HYUNDAI STEEL CO VANGUARD GROUP INC HYUNDAI MOBIS BLACKROCK T ROWE PRICE ASSOCIA LAZARD ASSET MANAGEM INVESCO LTD KOREA INVESTMENT TRU SAMSUNG INVESTMENT T FMR LLC SCHRODER INVESTMENT JP MORGAN MIRAE ASSET GLOBAL I MATTHEWS INTERNATION KB ASSET MANAGEMENT

Firm Name

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

Analyst

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

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

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

Amt Held 16'427'074 6'903'539 6'827'430 6'778'966 6'434'194 5'504'846 3'993'909 1'806'615 1'754'137 1'258'180 1'123'492 632'223 631'795 592'952 533'348 450'007 363'022 336'731 331'697 318'883

% Out 16.88 7.09 7.01 6.96 6.61 5.66 4.1 1.86 1.8 1.29 1.15 0.65 0.65 0.61 0.55 0.46 0.37 0.35 0.34 0.33

Weighting

Change 5 5 5 5 5 3 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 5

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

Latest Chg 989'681 11'853 (10'144) 1'157 159'775 678 (88'397) 77'045 68'597 (679'947) 44'162 (75'228) 62'450 (12'548) 10'242

Target Price 370'000 405'000 400'000 370'000 370'000 291'000 400'000 365'000 350'000 364'000 355'000 380'000 400'000 360'000 390'000 420'000 390'000 390'000 410'000 360'000 400'000 390'000 391'000 370'000 320'000 340'000 400'000 390'000 360'000 348'000 #N/A N/A 320'000 400'000 345'000 410'000 400'000 380'000 393'000 370'000 370'000 370'000 450'000

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

File Dt Inst Type 24.08.2012 Corporation 31.12.2011 Investment Advisor 30.11.2012 Investment Advisor 24.08.2012 n/a 31.12.2012 Investment Advisor 24.08.2012 Corporation 31.12.2012 Investment Advisor 27.04.2012 Corporation 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 20.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

Date 12 month Not Provided 12 month 12 month 6 month 12 month 6 month 12 month Not Provided 12 month 12 month 6 month 6 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 9 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 6 month 6 month 6 month 6 month 12 month 6 month

Date 18.02.2013 18.02.2013 12.02.2013 12.02.2013 12.02.2013 07.02.2013 07.02.2013 06.02.2013 03.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 16.01.2013 14.01.2013 05.01.2013 26.10.2012 11.10.2012 30.07.2012 25.06.2012 02.05.2012 16.03.2012 30.01.2012 31.10.2011


21.02.2013

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 (28.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005380 KP EQUITY YTD Change 005380 KP EQUITY YTD % CHANGE

12/2012 09/yy 272'500.00 195'000.00 411'442.00 216000 -20.73% 10.77% 28.39% 220.3 47'579'720.00 3'945'391.00 331'011.0 0.0 10'087'560.00 38'253'674.46

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

50000 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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 31.12.2008 32'189'786.0 0.20x 3'221'449.0 2.05x 1'447'904.0 7.42x

100000

31.12.2009 31.12.2010 31'859'327.0 36'761'115.0 0.64x 0.86x 3'649'386.0 4'833'935.0 5.60x 6.54x 2'961'509.0 3'476'238.0 11.11x 13.55x Profitability

LTM-4Q 31.12.2011 42'774'077.0 0.91x 6'242'388.0 6.21x 4'740'886.0 12.20x

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

31.12.2012 6'242'388.00 4'684'413.00 10.95% 13.72% 10.01% 15.35% 14.50% 0.90% 25.3% 14.6% 11.0% 11.1% 1.45 1.22 7.85% 12.26% 10.61 18.40

Price/ Cash Flow

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 f-13

LTM

FY+1

0.81 1.10 136.94 -3.82% -1.14% 1.100 48 4.833 463'301 693'511 663'254 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### ######### ######### 3.74x 3.76x 0.61x 0.67x ######### ######### ######### ######### 7.04x 6.63x 5.53x 5.18x ######### ######### ######### ######### ######### ######### 12.32x 12.78x 5.87x 5.47x S&P Issuer Ratings Long-Term Rating Date 20.03.2012 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 21.78 (EBITDA-Capex)/Interest Exp. 16.80 Net Debt/EBITDA -0.98 Total Debt/EBITDA 0.63 Reference Total Debt/Equity 12.3% Total Debt/Capital 10.8% Asset Turnover 0.90 Net Fixed Asset Turnover 3.50 Accounts receivable turnover-days 34.39 Inventory Days 19.83 Accounts Payable Turnover Day 41.89 Cash Conversion Cycle 12.34 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 04.01.2009

5'000'000.0 0.0 04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

04.07.2012

04.01.2013

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 |


21.02.2013

Hyundai Motor Co Holdings By:

All

Holder Name HYUNDAI MOBIS NATIONAL PENSION SER MIRAE ASSET GLOBAL I MONG-KOO CHUNG HYUNDAI MOTOR CO VANGUARD GROUP INC BLACKROCK CAPITAL GROUP COMPAN FMR LLC WADDELL & REED FINAN SAMSUNG INVESTMENT T MAPS INVESTMENT MANA SCHRODER INVESTMENT T ROWE PRICE ASSOCIA WILLIAM BLAIR & COMP THORNBURG INVESTMENT KOREA INVESTMENT TRU HARTFORD INVESTMENT UBS HANA ASSET MANAG DIMENSIONAL FUND ADV

Firm Name

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

Analyst

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

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

Recommendation buy buy buy buy buy outperform buy buy buy buy buy neutral buy buy buy Buy/Neutral in-line buy buy buy buy buy buy outperform buy buy buy equalweight buy Overwt/Attractive buy overweight buy buy buy buy hold buy buy buy buy buy buy

Amt Held 45'782'023 14'873'261 13'054'486 11'408'874 11'006'710 8'296'224 4'671'849 4'588'802 3'847'881 3'643'100 2'076'357 1'797'719 1'550'511 1'364'038 1'232'719 1'083'402 951'365 847'050 709'750 663'568

% Out 20.78 6.75 5.93 5.18 5 3.77 2.12 2.08 1.75 1.65 0.94 0.82 0.7 0.62 0.56 0.49 0.43 0.38 0.32 0.3

Weighting

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

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

Latest Chg (2'548'444) 150'272 76'244 (225'800) (246'285) 941'000 137'993 (35'886) 33'508 215'747 124'875 (395'900) 244'748 239'318 (20'486) -

Target Price 245'000 300'000 300'000 330'000 270'000 254'500 350'500 330'000 280'000 250'000 300'000 230'000 265'000 250'000 270'000 232'000 227'000 275'000 271'000 270'000 290'000 310'000 300'000 260'000 265'000 310'000 290'000 270'000 290'000 295'000 320'000 290'000 280'000 350'000 290'000 290'000 #N/A N/A 290'000 257'000 320'000 330'000 300'000 320'000

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 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month 6 month 6 month 12 month Not Provided 12 month 12 month 12 month 9 month 12 month 6 month Not Provided 12 month Not Provided Not Provided 6 month 6 month Not Provided 6 month 6 month

Date 20.02.2013 20.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 12.02.2013 12.02.2013 04.02.2013 03.02.2013 01.02.2013 01.02.2013 28.01.2013 27.01.2013 26.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 17.01.2013 14.01.2013 07.01.2013 02.11.2012 29.10.2012 01.08.2012 15.05.2012


21.02.2013

Industrial & Commercial Bank of China Ltd Industrial and Commercial Bank of China Ltd provides a broad range of personal and corporate commercial banking services all over China. The Bank's businesses include deposit, loan, credit card, fund underwriting and trust, and foreign currency settlement and trading.

Price/Volume 7

4500.0 M

6

4000.0 M 3500.0 M

5

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1398 HK EQUITY YTD Change 1398 HK EQUITY YTD % CHANGE

12/2011 09/yy 6.00 3.97 316'927'498.00 5.55 -7.50% 39.80% 83.74% 86'794.1 1'846'996.25 1'923'778.00 0.0 1'081.0 3'589'595.00 -

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

2500.0 M

3

2000.0 M 1500.0 M

2

1000.0 M

1

500.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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 391'906.0 81'520.0 33.88x

3000.0 M

4

31.12.2008 31.12.2009 469'928.0 470'638.0 110'841.0 128'645.0 10.73x 13.95x Profitability

LTM-4Q 31.12.2010 544'045.0 165'156.0 8.83x

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

31.12.2011 704'382.0 208'265.0 7.07x 56.24% 57.02% 1.39% 23.68% 7.52% 0.05% 43.6% 12.43% 201.08% -

Price/ Cash Flow

LTM

FY+1

.0 M f-13

4.55 1.32 71'813.63 4.41% 0.91% 1.318 38 4.632 ######### ######### ######### FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 659'566.0 818'407.0 531'827.5 581'124.6 0.00x 0.00x 0.0 0.0 0.00x 0.00x 201'780.0 230'027.0 230'020.0 242'593.3 49'742.0 6.92x 5.71x 6.78x 6.48x S&P Issuer Ratings Long-Term Rating Date 09.12.2010 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 09.12.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 201.1% Total Debt/Capital 66.8% Asset Turnover 0.05 Net Fixed Asset Turnover 5.91 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

35.00

800'000.0

30.00

700'000.0 600'000.0

25.00

500'000.0 20.00

400'000.0 15.00

300'000.0

10.00

200'000.0

5.00

100'000.0

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

02.01.2013

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 |


21.02.2013

Industrial & Commercial Bank of China Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND BLACKROCK JP MORGAN CAPITAL GROUP COMPAN TEMASEK HOLDINGS PRI VANGUARD GROUP INC GOLDMAN SACHS GROUP NOMURA FMR LLC THORNBURG INVESTMENT SCHRODER INVESTMENT STATE STREET GLOBAL INVESCO LTD HANG SENG INVESTMENT BARING ASSET MANAGEM PICTET & CIE SHINHAN BNP PARIBAS BANK OF NEW YORK MEL ALLIANZ ASSET MANAGE MAPS INVESTMENT MANA

Firm Name Jefferies Sanford C. Bernstein & Co JPMorgan Credit Suisse UOB Kay Hian BOCOM International Holdings Core Pacific Kim Eng Securities CCB International Securities Ltd Daiwa Securities Co. Ltd. Mizuho Securities Nomura CIMB EVA Dimensions Religare Capital Markets Deutsche Bank Barclays Macquarie Standard Chartered ABC International HSBC China International Capital Corp Mirae Asset Securities BNP Paribas Equity Research Bank of China International DBS Vickers Morgan Stanley SWS Research Co Ltd AMTD Financial Planning Limited Goldman Sachs Masterlink Securities Citic Securities Co., Ltd Guotai Junan Capital Securities Corp Phillip Securities ICBC International Securities KGI Securities

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

Analyst TAN MING MICHAEL WERNER KATHERINE LEI SANJAY JAIN EDMOND LAW LI SHANSHAN TIMOTHY LI IVAN LI SHENG NAN GRACE WU JIM ANTOS LUCY FENG TREVOR KALCIC AUSTIN BURKETT SOPHIE JIANG TRACY YU MAY YAN VICTOR WANG JOHN CAPARUSSO JOHANNES AU TODD DUNIVANT MAO JUNHUA NAN LI DORRIS CHEN SUN PENG ALEXANDER LEE RICHARD XU ROBERT HU KENNY TANG SING HING NING MA RAINY YUAN ZHU YAN WILSON LI TEAM COVERAGE CHEN XINGYU IVAN LIN MICHELLE CHEN

Source EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG Research ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy outperform overweight outperform buy neutral buy buy outperform buy buy buy outperform buy buy buy overweight outperform outperform buy overweight buy buy buy hold buy Overwt/In-Line neutral buy Buy/Neutral hold overweight buy buy buy buy outperform

Amt Held % Out 10'405'376'524 11.99 7'257'415'496 8.36 5'944'681'181 6.85 5'548'480'670 6.39 4'575'047'470 5.27 3'467'139'127 3.99 2'977'315'246 3.43 (1'409'631'606) -1.62 1'364'049'165 1.57 698'369'797 0.8 572'437'010 0.66 542'210'582 0.62 411'549'901 0.47 382'117'592 0.44 367'197'655 0.42 306'761'935 0.35 268'458'776 0.31 261'121'965 0.3 243'574'280 0.28 208'952'472 0.24

Weighting

Change 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 3 5 5 3 5 5 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 U M M M M

Latest Chg (33'976'000) 3'691'000 (5'376'000) (24'709'000) (1'350'000'000) 160'000 (171'348'148) 49'190'408 (89'434'000) (30'176'185) (31'878'504) (309'000) 3'666'000 78'371'000 (2'675'008) 33'545'000 17'488'000

Target Price 6 7 7 7 7 6 7 6 7 7 7 7 7 #N/A N/A 6 7 6 7 6 6 7 6 6 6 5 6 6 6 5 6 6 #N/A N/A 6 6 6 7 6

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

File Dt Inst Type 13.12.2012 Government 19.02.2013 Investment Advisor 12.11.2012 Unclassified 31.12.2012 Investment Advisor 30.05.2012 Government 31.12.2012 Investment Advisor 28.01.2013 Investment Advisor 15.10.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 20.02.2013 Investment Advisor 30.06.2012 Investment Advisor 31.10.2012 Unclassified 31.10.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 19.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Mutual Fund Manager

Date 12 month 12 month 9 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 33 month 12 month Not Provided Not Provided 12 month 6 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Date 20.02.2013 20.02.2013 19.02.2013 14.02.2013 08.02.2013 06.02.2013 05.02.2013 29.01.2013 24.01.2013 22.01.2013 21.01.2013 21.01.2013 18.01.2013 17.01.2013 11.01.2013 07.01.2013 18.12.2012 17.12.2012 13.12.2012 07.12.2012 26.11.2012 20.11.2012 20.11.2012 07.11.2012 31.10.2012 31.10.2012 30.10.2012 29.10.2012 12.10.2012 11.10.2012 06.07.2012 29.06.2012 11.05.2012 30.03.2012 09.10.2011 23.04.2010 30.03.2010


21.02.2013

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 (22.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 105560 KP EQUITY YTD Change 105560 KP EQUITY YTD % CHANGE

12/2012 12/yy 44'500.00 32'500.00 1'600'853.00 38500 -13.48% 18.46% 51.67% 386.4 14'874'540.00 179'988.00 0.0 14'775'573.18

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

31.12.2009 31.12.2010 696'562.0 131'459.0 34.26x 599'907.0 95'109.0 39.78x 539'818.0 41'575.0 35.99x 495.87x Profitability

LTM-4Q 31.12.2011 26'999.0 (19'210.0) (63'678.0) -

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

31.12.2012 646'235.5 -19'210.00 -241.58% -0.34% -0.36% -0.35% 0.00% -71.2% -235.9% 0.97% 1.02% -

Price/ Cash Flow

LTM

12/yy 12/yy 26'999.0 692'650.0 2183.95x 22.00x (19'210.0) 660'843.0 0.00x 0.00x (63'678.0) 646'235.0 0.00x 0.00x

20.0 M 15.0 M 10.0 M 5.0 M

j-12

j-12

a-12

s-12

o-12

n-12 d-12

.0 M f-13

j-13

1.87 1.21 351.07 -5.41% 1.58% 1.214 43 4.581 6'106'942 1'930'182 1'578'548

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

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 03.01.2010

25.0 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 31.12.2008 635'268.0 20.05x 616'576.0 20.66x 611'927.0 15.79x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 a-12 m-12

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

KB Financial Group Inc Holdings By:

All

Holder Name CITIBANK NA NATIONAL PENSION SER FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC LAZARD ASSET MANAGEM SAMSUNG INVESTMENT T DIMENSIONAL FUND ADV EMPLOYEE STOCK OWNER FMR LLC KOREA INVESTMENT TRU JF ASSET MANAGEMENT KB ASSET MANAGEMENT CAPITAL GROUP COMPAN KYOBO AXA INVESTMENT MIRAE ASSET GLOBAL I BANK OF NEW YORK MEL ALLIANCE BERNSTEIN ROBECO INVESTOR SERV JP MORGAN

Firm Name

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

Analyst

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

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

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

Amt Held 33'653'277 31'817'770 28'260'026 9'276'476 8'612'133 8'449'020 3'955'573 3'780'711 3'404'834 3'086'115 2'738'559 2'323'200 2'253'679 1'870'000 1'209'031 1'154'167 1'111'300 1'100'295 1'018'262 872'935

% Out 8.71 8.24 7.31 2.4 2.23 2.19 1.02 0.98 0.88 0.8 0.71 0.6 0.58 0.48 0.31 0.3 0.29 0.28 0.26 0.23

Weighting

Change 5 5 3 5 5 5 5 5 3 3 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 3 5 3 5 5 3 5 5 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 N M M M M M

Latest Chg 3'922'890 (81'170) 4'040 (293'682) 20'600 (340'194) 917'902 369'849 315'047 315'064 26'883 (892'451) 3'090 (108'123) 906 44'280

Target Price 48'000 47'000 39'400 49'000 48'000 46'000 49'000 53'000 #N/A N/A 44'200 57'000 46'000 50'000 48'000 50'700 48'000 43'000 47'000 48'000 44'000 47'000 49'000 51'000 #N/A N/A 50'000 47'000 40'000 41'000 44'500 39'000 50'000 45'000 39'000 52'000 55'000 52'000 55'000 50'000 57'500

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

File Dt Inst Type 31.12.2011 Bank 01.08.2012 Investment Advisor 15.01.2013 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified

Date 12 month 12 month 12 month 6 month Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 9 month 6 month Not Provided Not Provided Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 6 month 6 month 6 month 6 month 12 month 6 month

Date 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 12.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 23.01.2013 22.01.2013 21.01.2013 16.01.2013 16.01.2013 15.01.2013 14.01.2013 11.01.2013 10.01.2013 08.01.2013 24.12.2012 21.12.2012 06.12.2012 28.11.2012 18.11.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 26.10.2012 02.04.2012


21.02.2013

Keppel Corp Ltd Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KEP SP EQUITY YTD Change KEP SP EQUITY YTD % CHANGE

12/2012 12/yy 11.74 9.57 5'602'000.00 11.66 -0.68% 21.84% 98.62% 1'798.4 20'969.16 7'207.90 0.0 4'332.2 4'472.28 28'036.95

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

14.0 M

12

12.0 M

10

10.0 M

8

8.0 M

6

6.0 M

4

4.0 M

2

2.0 M

0 f-12 m-12

31.12.2009 31.12.2010 12'240.6 9'133.4 1.17x 2.40x 1'723.4 1'716.1 8.31x 12.80x 1'625.1 1'511.1 8.07x 15.24x Profitability

LTM-4Q 31.12.2011 10'041.5 2.34x 2'064.5 11.40x 1'840.5 11.10x

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

31.12.2012 13'964.8 1.92x 2'526.2 10.63x 2'237.3 8.81x 2'526.19 2'315.68 16.58% 23.32% 8.34% 26.90% 14.82% 0.52% 18.1% 16.6% 16.0% 1.61 0.71 24.71% 77.96% 8.71 -

Price/ Cash Flow

j-12

LTM

12/yy 9'951.9 8.68x 2'016.1 11.67x 1'805.8 9.63x

j-12

12/yy 13'964.8 7.48x 2'526.2 10.63x 2'237.3 8.81x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.27 1'405.65 10.46% 6.00% 1.270 24 4.458 2'911'600 3'258'600 3'388'302 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'317.8 13'969.3 3'127.0 3'550.5 2.04x 1.91x 2'208.3 2'320.0 12.70x 12.08x 1'594.7 1'659.9 316.0 421.0 13.16x 12.62x 13.40x 12.67x 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

18.72 12.53 1.08 2.85 78.0% 34.7% 0.52 1.74 42.00 -

Sales/Revenue/Turnover

90.00

16'000.0

80.00

14'000.0

70.00

12'000.0

60.00

10'000.0

50.00

8'000.0

40.00

6'000.0

30.00

4'000.0

20.00

2'000.0

10.00 0.00 01.01.2010

a-12 m-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 31.12.2008 11'798.9 0.72x 1'531.4 5.58x 1'098.0 6.28x

14

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |


21.02.2013

Keppel Corp Ltd Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI ABERDEEN BLACKROCK FMR LLC VANGUARD GROUP INC WILLIAM BLAIR & COMP BANK OF NEW YORK MEL CAPITAL GROUP COMPAN INVESCO LTD SCHRODER INVESTMENT JF ASSET MANAGEMENT MATTHEWS INTERNATION ALLIANZ ASSET MANAGE SOON HOE TEO SANFORD C BERNSTEIN MASSACHUSETTS FINANC FRANKLIN RESOURCES CHIAU BENG CHOO IG INVESTMENT MANAGE NOMURA

Firm Name Credit Suisse DBS Vickers Religare Capital Markets Nomura EVA Dimensions Standard Chartered JPMorgan Kim Eng Securities OCBC Investment Research OSK (Asia) Securities Phillip Securities UOB Kay Hian Morgan Stanley Macquarie CIMB Barclays Deutsche Bank Goldman Sachs HSBC Daiwa Securities Co. Ltd. IIFL

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

Analyst GERALD WONG JANICE CHUA VINCENT FERNANDO LISA LEE CRAIG STERLING LEONG WAI MUN AJAY NARAYAN MIRCHANDANI CHEE KEONG YEAK LOW PEI HAN JASON SAW NICHOLAS HUAI GIM ONG NANCY WEI XIN JIN LING SOMESH KUMAR AGARWAL SIEW KHEE LIM CLEMENT CHEN KEVIN CHONG MIANG CHUEN KOH NEEL SINHA ADRIAN LOH ZUO LI

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG 13F MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG EXCH MF-AGG ULT-AGG

Recommendation outperform buy hold buy overweight outperform overweight buy buy neutral accumulate buy Overwt/Attractive neutral outperform equalweight buy neutral/neutral neutral outperform buy

Amt Held 381'439'386 93'439'600 89'917'757 25'420'635 24'290'234 18'172'200 17'504'035 16'386'500 16'264'374 11'151'400 9'627'600 8'415'900 7'288'874 4'853'480 4'846'000 4'439'000 4'254'050 4'030'532 3'767'391 3'717'200

% Out 21.21 5.2 5 1.41 1.35 1.01 0.97 0.91 0.9 0.62 0.54 0.47 0.41 0.27 0.27 0.25 0.24 0.22 0.21 0.21

Weighting

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

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

Latest Chg 40'000 (150'851) 167'995 (20'500) (25'500) (88'235) (3'241'200) (3'458'000) (1'243'100) (1'273'000) 72'000 (130'850) 341'000 (91'000) (8'000)

Target Price 14 13 12 13 #N/A N/A 13 13 13 13 11 12 13 13 12 13 14 14 12 13 12 12

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

File Dt Inst Type 02.03.2012 Government 18.01.2013 Unclassified 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 20.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 29.06.2012 n/a 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 15.08.2012 n/a 28.09.2012 Investment Advisor 12.09.2012 Unclassified

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month 9 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month

Date 18.02.2013 18.02.2013 01.02.2013 31.01.2013 29.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 21.01.2013 18.10.2012 18.10.2012 18.10.2012 18.10.2012 12.01.2012


21.02.2013

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

12/2012 12/yy 84'800.00 47'850.00 1'976'434.00 55100 -35.02% 15.15% 18.54% 405.4 22'335'520.00 3'701'693.00 0.0 0.0 2'646'377.00 21'772'000.42

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

30000

2.0 M

20000

1.0 M

10000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 18'415'739.0 23'222'969.0 0.57x 0.95x 1'827'909.0 2'402'792.0 5.70x 9.21x 1'450'260.0 1'420'636.0 5.08x 13.96x Profitability

LTM-4Q 31.12.2011 27'742'277.0 1.01x 2'597'837.0 10.77x 1'804'842.0 14.72x

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

LTM

FY+1

.0 M f-13

1.09 0.96 235.00 -23.14% -2.48% 0.960 44 4.591 1'360'761 2'050'983 2'029'296 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 28'007'913.0 ######### ######### ######### ######### ######### ######### 4.20x 3.13x 0.58x 0.63x - ######### ######### ######### ######### 10.77x 0.00x 7.25x 7.25x 2'136'797.0 ######### ######### ######### ######### 956'300.0 ######### 14.72x 0.00x 5.26x 4.83x S&P Issuer Ratings 2'597'837.00 Long-Term Rating Date 20.03.2012 1'645'332.00 Long-Term Rating BBB+ 5.87% 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 5.9% Total Debt/Equity 28.4% 7.6% 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 03.01.2010

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 31.12.2008 16'382'231.0 0.43x 1'023'733.0 6.85x 113'784.0 19.97x

3.0 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (28.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000270 KP EQUITY YTD Change 000270 KP EQUITY YTD % CHANGE

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

Kia Motors Corp Holdings By:

All

Holder Name HYUNDAI MOTOR CO NATIONAL PENSION SER CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK EUI SUN CHUNG FMR LLC SAMSUNG INVESTMENT T MIRAE ASSET GLOBAL I MAPS INVESTMENT MANA KOREA INVESTMENT TRU KB ASSET MANAGEMENT ALLIANZ ASSET MANAGE UBS HANA ASSET MANAG EMPLOYEE STOCK OWNER KYOBO AXA INVESTMENT INVESTEC ASSET MANAG SHINHAN BNP PARIBAS ALLIANZ GLOBAL INVES PCA INVESTMENT TRUST

Firm Name

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

Analyst

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

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

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

Amt Held 137'318'251 24'374'709 16'395'287 13'674'113 7'288'654 7'061'331 5'151'282 3'356'040 2'001'644 1'773'507 1'722'251 1'410'985 1'391'632 1'229'277 1'168'532 823'411 686'652 633'920 575'710 533'583

% Out 33.88 6.01 4.04 3.37 1.8 1.74 1.27 0.83 0.49 0.44 0.42 0.35 0.34 0.3 0.29 0.2 0.17 0.16 0.14 0.13

Weighting

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

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

Latest Chg (3'779'604) 2'847'100 (168'233) 9'110 (321'554) (91'306) (1'128'135) (1'372'669) 14'696 (321'282) 437'327 (759'020) (79'025) (2'378) (277'838) (388'326) (14'953)

Target Price 75'000 61'000 74'900 80'000 100'000 63'000 70'000 64'900 65'000 58'000 60'000 69'000 66'000 70'000 66'000 79'000 58'000 70'000 73'000 70'000 90'000 71'000 85'000 74'000 68'000 80'000 51'000 60'000 60'000 79'000 63'000 100'000 56'000 67'000 #N/A N/A 55'000 87'000 70'000 120'000 110'000 #N/A N/A 88'000

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

File Dt 30.06.2012 01.11.2012 31.12.2012 31.12.2012 19.02.2013 30.06.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.01.2013 28.09.2012 30.06.2012 28.09.2012 30.11.2012 28.09.2012 28.09.2012 28.09.2012

Date 6 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 6 month 6 month 6 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 9 month 12 month Not Provided Not Provided Not Provided Not Provided 6 month 6 month 12 month 6 month Not Provided 12 month

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

Date 21.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 12.02.2013 03.02.2013 01.02.2013 29.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 27.01.2013 26.01.2013 26.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 15.01.2013 14.01.2013 09.01.2013 07.01.2013 31.10.2012 27.09.2012 01.02.2012 30.01.2012


21.02.2013

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 450000

3.5 M

400000

3.0 M

350000

2.5 M

300000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.02.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 051910 KP EQUITY YTD Change 051910 KP EQUITY YTD % CHANGE

12/2012 12/yy 423'500.00 261'500.00 170'396.00 303500 -28.34% 16.06% 27.47% 66.3 20'113'278.00 1'483'109.00 38'144.0 0.0 1'117'301.00 20'661'132.85

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

2.0 M

200000

1.5 M

150000

1.0 M

100000

.5 M

50000 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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 31.12.2008 12'645'000.0 0.49x 1'728'420.0 3.61x 1'002'585.0 6.26x

250000

31.12.2009 31.12.2010 13'694'516.0 16'850'454.0 1.16x 1.54x 2'390'188.0 3'019'236.0 6.67x 8.60x 1'384'472.0 1'970'993.0 12.28x 14.59x Profitability

LTM-4Q 31.12.2011 19'809'874.0 1.08x 3'095'214.0 6.89x 2'028'321.0 11.51x

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

LTM

31.12.2012 12/yy 12/yy 20'442'789.6 ######### ######### 5.39x 3.30x - ######### ######### 6.89x 0.00x 1'440'317.0 ######### ######### 11.51x 0.00x 3'095'214.00 1'726'959.36 8.45% 13.07% 10.71% 16.14% 13.63% 1.45% 18.3% 12.2% 8.4% 7.0% 1.58 0.99 11.05% 16.36% 6.94 8.52

Price/ Cash Flow

1.36 39.16 -27.03% -8.03% 1.356 41 4.854 158'255 191'072 207'156

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

11.38x 10.84x 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 f-13

-

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 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

LG Chem Ltd Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK FMR LLC SAMSUNG INVESTMENT T MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I CAPITAL GROUP COMPAN SCHRODER INVESTMENT LG CHEM LTD KB ASSET MANAGEMENT UBS HANA ASSET MANAG JP MORGAN KOREA INVESTMENT TRU IVY MANAGEMENT INCOR ALLIANZ ASSET MANAGE ALLIANZ GLOBAL INVES PCA INVESTMENT TRUST SHINHAN BNP PARIBAS

Firm Name

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

Analyst

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

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

Amt Held 22'219'326 4'508'785 2'358'637 1'283'966 835'479 534'729 510'640 506'189 397'589 388'851 359'784 327'564 297'807 296'380 285'713 256'690 166'389 155'400 127'502 123'488

% Out 33.53 6.8 3.56 1.94 1.26 0.81 0.77 0.76 0.6 0.59 0.54 0.49 0.45 0.45 0.43 0.39 0.25 0.23 0.19 0.19

Weighting

Change 5 5 5 5 5 5 5 3 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

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 (30'333) (78'492) (41'862) (58'846) 52'175 39'873 295'800 18'628 (15'658) (48'003) 232'478 77'490 (100'000) (11'464) 144'720 15'592 (8'289)

Target Price 365'000 360'000 370'000 370'000 412'000 400'000 440'000 300'000 400'000 380'000 375'000 380'000 310'000 380'000 345'000 400'000 410'000 380'000 410'000 370'000 400'000 380'000 450'000 380'000 350'000 #N/A N/A 350'000 400'000 410'000 395'000 440'000 367'000 385'000 390'000 390'000 400'000 350'000

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

File Dt 31.12.2011 31.12.2011 31.12.2012 19.02.2013 31.12.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 31.12.2012 21.05.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012 28.09.2012 28.09.2012

Date Not Provided 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 6 month 6 month 12 month 12 month 9 month 12 month 12 month 6 month 6 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month 6 month 12 month 6 month 6 month 6 month 6 month

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Corporation Mutual Fund Manager Mutual Fund Manager Unclassified Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 19.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 13.02.2013 06.02.2013 05.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 25.01.2013 24.01.2013 17.01.2013 16.01.2013 07.01.2013 07.01.2013 27.11.2012 13.11.2012 12.11.2012 23.10.2012 22.10.2012 20.07.2012 02.07.2012 02.07.2012


21.02.2013

Li & Fung Ltd Li & Fung Limited, through its subsidiaries, operates an export trading business. The Company exports consumer products such as garments, fashion accessories, toys, games, sporting goods, home furnishings, handicrafts, shoes, travel goods, and tableware. In addition, Li & Fung invests in properties.

Price/Volume 25

Price/ Cash Flow

250.0 M 200.0 M

12/2011 01/yy 20.15 9.93 22'711'471.00 10.4 -48.39% 4.73% 6.16% 8'359.9 86'943.23 1'865.66 0.0 4.8 426.24 12'984.54

150.0 M 100.0 M

5

50.0 M

0 f-12 m-12

31.12.2008 31.12.2009 14'220.3 13'478.2 0.46x 1.16x 444.8 562.1 14.56x 27.88x 311.1 434.6 19.16x 35.44x Profitability

31.12.2010 15'976.0 1.50x 868.8 27.50x 550.7 40.30x

31.12.2011 20'030.3 0.82x 1'053.0 15.62x 681.2 21.96x 1'052.98 826.44 4.13% 3.85% 7.09% 18.63% 14.85% 1.90% 14.9% 5.2% 3.9% 3.4% 1.08 0.66 17.08% 47.43% 9.88 16.79

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1 -

4.70 1.19 5'520.35 -40.14% -23.98% 1.188 24 2.583 29'598'610 53'004'800 35'050'380 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/11 Q3 12/11 Q4 20'886.1 22'825.9 0.63x 0.58x 806.0 1'160.0 16.11x 11.19x 476.9 678.7 21.63x 16.35x S&P Issuer Ratings 15.01.2013 A- *8.19 7.31 1.67 1.96 47.4% 32.1% 1.90 60.01 37.03 21.80 49.78 8.61

Sales/Revenue/Turnover

25'000.0

1.00

20'000.0

0.60

j-12

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

a-12 m-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

300.0 M

15 10

Latest Fiscal Year: LTM as of: 52-Week High (23.03.2012) 52-Week Low (08.02.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 494 HK EQUITY YTD Change 494 HK EQUITY YTD % CHANGE

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

350.0 M

20

Valuation Analysis

31.12.2007 11'851.0 1.22x 431.3 33.55x 392.2 35.20x

400.0 M

15'000.0 10'000.0

0.40

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 |


21.02.2013

Li & Fung Ltd Holdings By:

All

Holder Name FUNG HOLDINGS (1937) CAPITAL GROUP COMPAN JANUS CAPITAL MANAGE MASSACHUSETTS FINANC COMMONWEALTH BANK OF JP MORGAN KWOK LUN FUNG ABERDEEN FIRST ISLANDS DEVELO FUNG DISTRIBUTION IN BLACKROCK DEUTSCHE BANK AG VANGUARD GROUP INC T ROWE PRICE ASSOCIA FMR LLC DEUTSCHE BANK AG MATTHEWS INTERNATION HURRICANE MILLENNIUM ALLIANCE BERNSTEIN STATE STREET GLOBAL

Firm Name Sun Hung Kai Securities Nomura Standard Chartered BNP Paribas Equity Research CIMB Citic Securities Co., Ltd Macquarie EVA Dimensions Deutsche Bank Morgan Stanley Credit Suisse DBS Vickers Mizuho Securities UOB Kay Hian Religare Capital Markets Barclays Goldman Sachs JPMorgan HSBC AMTD Financial Planning Limited

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

Analyst NICHOLAS STUDHOLME-WILSON TANUJ SHORI CHARLES YAN MICHELLE CHENG GLORIA K TSUEN MOHAN SINGH GARY PINGE CRAIG STERLING ANNE LING ANGELA MOH GABRIEL CHAN PATRICIA YEUNG PETER TANG KEN LEE PETER WILLIAMSON VINEET SHARMA JOSHUA LU KURUMLU EBRU SENER CHRIS ZEE KENNY TANG SING HING

Source EXCH ULT-AGG ULT-AGG EXCH EXCH ULT-AGG EXCH ULT-AGG EXCH EXCH ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG Short MF-AGG EXCH ULT-AGG MF-AGG

Recommendation buy reduce outperform reduce neutral buy underperform sell hold Underwt/Attractive underperform sell underperform sell buy equalweight neutral/attractive neutral overweight buy

Amt Held % Out 2'195'727'908 26.26 1'250'099'101 14.95 566'265'325 6.77 509'012'484 6.09 419'446'385 5.02 395'815'103 4.73 220'860'060 2.64 186'133'490 2.23 166'856'708 2 153'225'964 1.83 119'345'094 1.43 106'691'668 1.28 102'858'257 1.23 87'383'200 1.05 85'060'486 1.02 (83'331'640) -1 57'572'400 0.69 53'823'020 0.64 49'433'520 0.59 47'420'155 0.57

Weighting

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

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

Latest Chg 4'422'000 (732'000) 4'378'000 4'593'820 5'000'000 264'000 1'463'370 9'620'000 37'809'268 (1'028'000) 1'000'000 (2'431'131) (2'448'564)

Target Price 14 12 14 9 13 13 9 #N/A N/A 13 11 8 10 11 9 16 14 13 12 16 20

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

File Dt 28.09.2012 31.12.2012 19.01.2012 01.02.2013 14.02.2013 31.01.2013 28.09.2012 31.01.2013 27.09.2012 28.09.2012 19.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 06.09.2012 31.12.2012 30.06.2012

Date 12 month Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 9 month Not Provided Not Provided

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Bank Unclassified n/a Unclassified Other Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor

Date 20.02.2013 15.02.2013 04.02.2013 21.01.2013 18.01.2013 16.01.2013 15.01.2013 15.01.2013 14.01.2013 14.01.2013 14.01.2013 14.01.2013 14.01.2013 14.01.2013 14.01.2013 14.01.2013 13.01.2013 13.01.2013 13.01.2013 19.05.2011


21.02.2013

MediaTek Inc MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

Price/Volume 400

35.0 M

350

30.0 M

300

25.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (13.12.2012) 52-Week Low (30.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2454 TT EQUITY YTD Change 2454 TT EQUITY YTD % CHANGE

12/2011 12/yy 351.00 235.00 4'828'703.00 326 -7.12% 38.72% 78.45% 1'349.4 439'894.69 0.00 0.0 0.0 30'158.31 408'148.81

31.12.2007 74'778.6 5.21x 33'203.4 11.72x 33'592.7 12.92x

15.0 M

150 100

10.0 M

50

5.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

200

Valuation Analysis

31.12.2008 31.12.2009 68'015.5 77'310.8 2.89x 7.04x 19'806.1 23'857.8 9.91x 22.81x 19'190.0 36'705.6 12.24x 16.35x Profitability

LTM-4Q 31.12.2010 71'988.4 5.70x 19'364.5 21.20x 30'961.4 14.68x

31.12.2011 53'842.4 5.31x 6'633.9 43.13x 13'623.1 22.47x

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

6'633.87 4'927.54 9.15% 25.92% 8.68% 10.04% 9.96% 0.37% 41.0% 11.7% 7.6% 25.3% 2.05 1.61 0.00% 0.00% 15.06 5.84

Price/ Cash Flow

LTM

12/yy 53'842.4 23.11x 6'633.9 43.13x 13'623.1 22.31x

12/yy 45'250.4 21.20x 5'540.9 0.00x 15'687.3 25.24x

FY+1

.0 M f-13

1.02 1'185.86 73.36 10.47% 0.77% 1.023 28 3.929 6'463'881 8'452'496 8'630'954 FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y 03/13 Q1 06/13 Q2 - 131'654.0 23'940.0 29'500.0 - 29'523.0 13.82x 15'526.6 24'615.0 3'751.6 5'609.1 26.54x 18.55x 18.95x 16.94x 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

1466.37 1365.92 -4.57 0.00 0.0% 0.0% 0.37 9.16 24.30 62.63 59.22 21.88

Sales/Revenue/Turnover

140.00

90'000.0

120.00

80'000.0 70'000.0

100.00

60'000.0

80.00

50'000.0

60.00

40'000.0 30'000.0

40.00

20'000.0

20.00 0.00 03.01.2009

10'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

MediaTek Inc Holdings By:

All

Holder Name VANGUARD GROUP INC LI TSUI-HSIN MING TSAI KAI CAPITAL WORLD GROWTH CAPITAL INC FOUNDA F JYH-JER CHO BLACKROCK US GROWTH FUND LIU TING-JEN REICHARDT FUND EURO PACIFIC GROWTH VANGUARD EMS INDEX F FMR LLC FRANKLIN RESOURCES LAZARD ASSET MANAGEM POLARIS SEC INVESTME SCHRODER INVESTMENT HSIANG FA INVESTMENT HSIANG FA INVESTMENT CAPITAL GROUP COMPAN

Firm Name

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

Analyst

Yuanta Securities Investment ConsultingGEORGE CHANG Jih Sun Securities WENWEN WANG Wedge Partners JUN ZHANG Capital Securities Corp CHEN WANZHEN Mega Securities HUNG CHIH-TING Morgan Stanley BILL LU JPMorgan ALVIN KWOCK Fubon Securities CARLOS PENG Macquarie JEFFREY SU IBT Securities Co Ltd HONG YI CHEN President Capital Management TIEN YAO RBS JACK LU Credit Suisse RANDY ABRAMS HSBC YOLANDA WANG KGI Securities MICHAEL LIU Kim Eng Securities WARREN LAU BNP Paribas Equity Research LAURA CHEN Nomura AARON JENG Barclays ANDREW LU E Sun Securities YANG SHENG-MIN Daiwa Securities Co. Ltd. ERIC CHEN Sanford C. Bernstein & Co MARK LI EVA Dimensions ANDREW S ZAMFOTIS Deutsche Bank JESSICA CHANG SinoPac STEFAN CHANG Berenberg Bank ADNAAN AHMAD Masterlink Securities CHELSEY SU Goldman Sachs DONALD LU Concord Securities Corp AARON HSIEH

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

Recommendation buy neutral no rating system buy buy on weakness Overwt/In-Line overweight add underperform neutral neutral buy restricted overweight outperform buy reduce buy overweight buy on weakness buy market perform underweight buy buy sell buy not rated equalweight

Amt Held 57'816'982 48'674'145 41'006'187 40'600'426 31'425'774 30'325'222 29'792'424 22'709'996 21'011'763 20'276'421 15'402'625 15'159'975 15'046'541 13'878'485 12'271'109 10'925'000 8'712'000 7'794'085 7'794'085 6'929'000

% Out 4.28 3.61 3.04 3.01 2.33 2.25 2.21 1.68 1.56 1.5 1.14 1.12 1.12 1.03 0.91 0.81 0.65 0.58 0.58 0.51

Weighting

Change

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

M M M M 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

Latest Chg (571'000) (72'000) (5'455'709) 53'000 (1'033'000) 6'576'000 (11'237'347)

Target Price 400 #N/A N/A #N/A N/A 360 390 380 420 370 245 #N/A N/A 325 365 #N/A N/A 382 370 500 275 375 395 #N/A N/A 373 329 #N/A N/A 431 375 210 329 #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 Inst Type 31.12.2012 Investment Advisor 16.07.2011 n/a 30.11.2012 n/a 16.07.2011 n/a 16.07.2011 n/a 30.11.2012 n/a 19.02.2013 Investment Advisor 16.07.2011 n/a 16.07.2011 n/a 16.07.2011 n/a 16.07.2011 n/a 16.07.2011 n/a 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Unclassified 30.06.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 n/a 31.10.2012 Other 31.12.2012 Investment Advisor

Date Not Provided Not Provided Not Provided 3 month 6 month 12 month 9 month 6 month 12 month Not Provided 6 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 18.02.2013 18.02.2013 15.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 28.01.2013 24.01.2013 17.01.2013 10.01.2013 04.01.2013 30.10.2012 06.08.2012 27.06.2012 30.07.2010


21.02.2013

Nan Ya Plastics Corp Nan Ya Plastics Corporation manufactures and markets plastic and chemical fiber products. The Company's products include polyester filament yarns, flexible PVC (Polyvinyl Chloride) film products, plastic leather products, and rigid film products. Nan Ya also manufactures printed circuit boards.

Price/Volume 80

35.0 M

70

30.0 M

60

25.0 M

50

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (2/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 1303 TT EQUITY YTD Change 1303 TT EQUITY YTD % CHANGE

12/2011 09/yy 72.80 46.00 8'262'299.00 59.9 -17.72% 30.22% 52.24% 7'852.3 470'352.72 102'870.19 0.0 0.0 38'860.31 560'897.20

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

15.0 M

30 20

10.0 M

10

5.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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 228'700.0 3.04x 44'165.0 15.76x 59'046.6 11.10x

20.0 M

40

Valuation Analysis

31.12.2008 31.12.2009 208'718.6 160'964.4 1.65x 3.20x 19'881.2 17'312.1 17.37x 29.75x 9'386.4 16'403.8 28.70x 27.89x Profitability

LTM-4Q 31.12.2010 212'248.6 2.82x 35'054.5 17.09x 40'973.8 13.93x

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 194'021.8 2.76x 29'311.3 18.28x 23'143.0 20.37x 29'311.32 21'613.81 11.14% 14.53% 0.17% 0.28% 0.31% 0.44% 17.5% 9.1% 4.8% 11.9% 3.31 1.47 25.14% 38.87% 9.40 6.29

Price/ Cash Flow

LTM

FY+1

.0 M f-13

0.97 3'544.11 19.62 -12.17% 6.96% 0.971 21 2.524 7'618'873 6'510'536 6'444'796 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 201'118.8 181'865.3 183'405.5 190'419.7 45'421.4 46'005.7 12.55x 11.97x 3.05x 2.93x 34'015.3 16'497.2 15'714.6 20'454.4 3'903.0 4'690.0 17.16x 33.48x 35.69x 27.42x 29.69x 28.00x 33'866.5 715.5 3'884.0 16'590.1 1'453.8 3'777.6 15.39x 640.52x 127.45x 25.12x 33.39x 27.78x S&P Issuer Ratings Long-Term Rating Date 06.05.2009 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 18.27 (EBITDA-Capex)/Interest Exp. 16.15 Net Debt/EBITDA 5.49 Total Debt/EBITDA 7.73 Reference Total Debt/Equity 38.9% Total Debt/Capital 28.0% Asset Turnover 0.44 Net Fixed Asset Turnover 2.72 Accounts receivable turnover-days 38.93 Inventory Days 58.22 Accounts Payable Turnover Day 23.35 Cash Conversion Cycle 60.15 Sales/Revenue/Turnover

18.00

250'000.0

16.00

200'000.0

14.00 12.00

150'000.0

10.00 8.00

100'000.0

6.00

50'000.0

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

03.01.2013

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 |


21.02.2013

Nan Ya Plastics Corp Holdings By:

All

Holder Name CHANG GUNG MEDICAL F CHANG GUNG MEDICAL F FORMOSA PLASTICS COR YUNG-TSAI WANG FORMOSA CHEMICALS & CHANG GUNG UNIVERSIT VANGUARD GROUP INC WAN SHUN INTL INVEST FORMOSA PETROCHEMICA CHIN'S INTL INVESTME CATHAY LIFE INSURANC BLACKROCK YUANTA SYSTEM CO LTD POLARIS SEC INVESTME BANK OF NEW YORK MEL JUI-YU WANG WANG KUI-YUN DIMENSIONAL FUND ADV FMR LLC CREDIT SUISSE ASSET

Firm Name

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

Analyst

Mega Securities YOU JIANHENG HSBC DENNIS HYUNCHUL YOO KGI Securities AARON LIU Jih Sun Securities STEPHEN WAN Barclays SIDNEY YEH Macquarie CORINNE JIAN Fubon Securities KERRY WU EVA Dimensions CRAIG STERLING Nomura DAVID WANG President Capital Management TOM HUNG Yuanta Securities Investment ConsultingYVONNE TSAI BNP Paribas Equity Research POR YONG LIANG Goldman Sachs TOMMY WONG Deutsche Bank ALDEN LIN Credit Suisse JEREMY CHEN SinoPac LILY HSIAO Morgan Stanley LILY CHEN JPMorgan SAMUEL SW LEE IBT Securities Co Ltd TITAN HORNG Grand Cathay Securities Co JUN LIAO

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

Recommendation neutral underweight outperform neutral overweight outperform add sell neutral neutral hold reduce Sell/Cautious sell underperform sell Equalwt/In-Line Rating Suspended buy underperform

Amt Held 868'052'924 868'052'924 775'505'323 424'452'797 409'235'397 314'135'927 252'662'107 187'898'634 177'440'023 146'095'974 143'660'000 138'546'100 96'282'315 75'079'000 38'688'000 18'863'784 11'498'289 11'202'417 7'449'326 6'654'217

% Out 11.05 11.05 9.88 5.41 5.21 4 3.22 2.39 2.26 1.86 1.83 1.76 1.23 0.96 0.49 0.24 0.15 0.14 0.09 0.08

Weighting

Change

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

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

Latest Chg 3'665'000 91'000 530'000 320'000 (12'088'941) (40'000)

Target Price 68 51 65 #N/A N/A 69 66 72 #N/A N/A 55 58 56 42 38 42 48 45 58 #N/A N/A #N/A N/A 60

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

File Dt Inst Type 30.11.2012 n/a 31.10.2012 Other 30.11.2012 Corporation 23.04.2012 n/a 30.11.2012 Corporation 23.04.2012 Other 31.12.2012 Investment Advisor 23.04.2012 n/a 30.11.2012 Corporation 23.04.2012 Other 23.04.2012 Insurance Company 19.02.2013 Investment Advisor 23.04.2012 n/a 30.06.2012 Mutual Fund Manager 19.02.2013 Investment Advisor 30.11.2012 n/a 30.11.2012 n/a 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager

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

Date 21.02.2013 20.02.2013 18.02.2013 18.02.2013 05.02.2013 31.01.2013 24.01.2013 17.01.2013 15.01.2013 15.01.2013 11.01.2013 03.01.2013 15.11.2012 31.10.2012 24.10.2012 09.10.2012 09.07.2012 10.05.2012 15.02.2011 16.11.2010


21.02.2013

Oversea-Chinese Banking Corp Ltd Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services. The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

Price/Volume

12.0 M 10.0 M 8.0 M

6

Latest Fiscal Year: LTM as of: 52-Week High (21.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OCBC SP EQUITY YTD Change OCBC SP EQUITY YTD % CHANGE

12/2012 12/yy 10.08 8.14 5'365'000.00 10 -0.79% 22.85% 98.95% 3'431.8 34'318.33 37'080.00 0.0 2'897.0 46'208.00 -

6.0 M

4

4.0 M

2

2.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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

14.0 M

10 8

Valuation Analysis

31.12.2008 6'770.7 1'749.4 9.14x

12

31.12.2009 31.12.2010 6'003.9 6'696.3 1'962.4 2'253.5 15.32x 14.95x Profitability

LTM-4Q 31.12.2011 7'527.5 2'312.2 11.90x

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

31.12.2012 8'865.0 3'993.0 8.60x 54.46% 74.67% 1.39% 16.51% 6.77% 0.03% 60.1% 12.53% 143.70% -

Price/ Cash Flow

LTM

12/yy 7'608.0 0.00x 0.0 0.00x 2'312.0 11.88x

12/yy 8'938.0 0.00x 0.0 0.00x 3'993.0 8.60x

FY+1

.0 M f-13

0.98 2'716.58 15.17% 2.77% 0.977 26 3.500 3'654'600 3'323'400 3'206'921 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'766.6 7'315.3 1'606.3 1'639.3 2'700.5 2'902.7 597.0 635.0 12.89x 11.96x 13.89x 13.70x 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

01.12.2011 AASTABLE 01.12.2011 A-1+ 143.7% 56.4% 0.03 5.31 -

Sales/Revenue/Turnover

60.00

10'000.0 9'000.0

50.00

8'000.0 7'000.0

40.00

6'000.0

30.00

5'000.0 4'000.0

20.00

3'000.0 2'000.0

10.00 0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |


21.02.2013

Oversea-Chinese Banking Corp Ltd Holdings By:

All

Holder Name SELAT PTE LTD ABERDEEN SINGAPORE INVESTMENT LEE FOUNDATION SINGA COMMONWEALTH BANK OF BLACKROCK VANGUARD GROUP INC LEE PINEAPPLE CO PTE FMR LLC ISLAND INVESTMENT CO SENG WEE LEE T ROWE PRICE ASSOCIA JF ASSET MANAGEMENT OVERSEA CHINESE BANK INVESTEC ASSET MANAG EDINBURGH FUND MANAG CREDIT SUISSE ASSET BANK OF NEW YORK MEL SKANDIA GLOBAL FUNDS MCIS ZURICH INSURANC

Firm Name China International Capital Corp Maybank Investment Bank Berhad OSK (Asia) Securities Phillip Securities UOB Kay Hian Morgan Stanley HSBC Credit Suisse DBS Vickers CIMB Nomura Barclays TA Securities Holdings Berhad Sanford C. Bernstein & Co Standard Chartered JPMorgan Mizuho Securities EVA Dimensions Macquarie Deutsche Bank Goldman Sachs Daiwa Securities Co. Ltd. BNP Paribas Equity Research IIFL

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

Analyst SALLY NG DESMOND CHNG LENG SENG CHOON KEN ANG JONATHAN KOH NICK LORD LOO KAR WENG ANAND SWAMINATHAN SUE LIN LIM KENNETH NG JULIAN CHUA SHARNIE WONG TEAM COVERAGE KEVIN KWEK JAJ SINGH HARSH WARDHAN MODI JIM ANTOS AUSTIN BURKETT MATTHEW SMITH ANDREW HILL MELISSA KUANG SRIKANTH VADLAMANI TEAM COVERAGE SACHIN NIKHARE

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

Recommendation hold hold neutral reduce buy Equalwt/Cautious neutral underperform buy neutral neutral equalweight buy outperform in-line restricted buy hold neutral buy neutral/neutral outperform buy reduce

Amt Held 393'711'299 247'554'070 126'516'053 124'992'106 75'183'931 56'592'644 45'228'922 22'599'381 16'624'001 16'207'607 11'932'863 11'337'000 10'476'431 9'266'317 7'292'000 6'067'043 5'173'564 4'670'971 4'204'728 4'000'000

% Out 11.47 7.21 3.69 3.64 2.19 1.65 1.32 0.66 0.48 0.47 0.35 0.33 0.31 0.27 0.21 0.18 0.15 0.14 0.12 0.12

Weighting

Change

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

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

Latest Chg 1'831'000 2'145'000 (1'659'980) 571'096 (4'277'187) 6'000 298'000 441'141 23'487 (29'000) 520'000 39'000 (19'000) (824'000) -

Target Price 10 11 10 9 13 10 10 9 11 10 11 9 12 11 10 #N/A N/A 11 #N/A N/A 10 10 10 10 11 8

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

File Dt 01.03.2012 09.02.2012 01.03.2012 01.03.2012 31.10.2012 19.02.2013 31.12.2012 01.03.2012 31.12.2012 01.03.2012 26.04.2012 31.12.2012 30.09.2011 20.02.2013 30.11.2012 31.01.2013 28.12.2012 19.02.2013 31.12.2012 30.06.2011

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

Inst Type Holding Company Unclassified Unclassified Endowment Bank Investment Advisor Investment Advisor Other Investment Advisor Other n/a Investment Advisor Mutual Fund Manager Bank Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 17.02.2013 17.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 05.02.2013 04.02.2013 01.02.2013 30.01.2013 28.01.2013 17.01.2013 07.12.2012 20.11.2012 09.11.2012 09.11.2012 17.08.2012 21.02.2012


21.02.2013

PetroChina Co Ltd PetroChina Company Limited explores, develops, and produces crude oil and natural gas. The Company also refines, transports, and distributes crude oil and petroleum products, produces and sells chemicals, and transmits, markets and sells natural gas.

Price/Volume 12

160.0 M 140.0 M

10

120.0 M 8

Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (05.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 857 HK EQUITY YTD Change 857 HK EQUITY YTD % CHANGE

12/2011 09/yy 11.90 9.03 94'654'444.00 10.66 -10.42% 18.05% 59.58% 21'098.9 2'046'027.13 318'002.00 0.0 79'801.0 61'590.00 2'064'092.69

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

80.0 M 60.0 M

4

40.0 M 2

20.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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 836'353.0 6.35x 269'727.0 19.70x 146'750.0 15.86x

100.0 M

6

Valuation Analysis

31.12.2008 31.12.2009 1'072'604.0 1'019'275.0 1.78x 2.57x 256'680.0 237'168.0 7.45x 11.04x 114'453.0 103'387.0 9.49x 14.65x Profitability

LTM-4Q 31.12.2010 1'465'415.0 1.54x 303'643.0 7.43x 139'992.0 11.33x

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

3.70 0.98 20'807.38 -2.97% -2.91% 0.976 34 3.471 61'952'800 67'120'940 65'580'840 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 2'003'843.0 ######### ######### ######### ######### 554'837.7 586'637.0 1.04x 4.84x 3.95x 1.01x 0.96x 323'368.0 167'207.0 149'425.0 330'596.7 369'816.0 85'381.0 6.43x 0.00x 0.00x 6.24x 5.58x 132'961.0 143'399.0 116'511.0 121'063.3 138'323.3 28'249.3 30'297.0 10.74x 10.18x 12.84x 13.00x 11.24x 12.94x 12.43x S&P Issuer Ratings 323'368.00 Long-Term Rating Date 185'295.00 Long-Term Rating 9.25% Long-Term Outlook 9.19% Short-Term Rating Date 6.68% Short-Term Rating 12.80% Credit Ratios 10.29% EBITDA/Interest Exp. 1.09% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 15.5% Reference 8.5% Total Debt/Equity 6.6% Total Debt/Capital Asset Turnover 0.68 Net Fixed Asset Turnover 0.23 Accounts receivable turnover-days 16.58% Inventory Days 31.71% Accounts Payable Turnover Day 28.58 Cash Conversion Cycle -

Price/ Cash Flow

27.94 4.79 1.07 1.34 31.7% 22.7% 1.09 1.54 12.81 -

Sales/Revenue/Turnover

9.00

2'500'000.0

8.00

2'000'000.0

7.00 6.00

1'500'000.0

5.00 4.00

1'000'000.0

3.00

500'000.0

2.00 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

02.01.2013

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 |


21.02.2013

PetroChina Co Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK ABERDEEN JP MORGAN VANGUARD GROUP INC HARBOR CAPITAL ADVIS CHINA NATIONAL PETRO FMR LLC HANG SENG INVESTMENT STATE STREET GLOBAL PICTET & CIE TEMPLETON INVESTMENT SHINHAN BNP PARIBAS MANULIFE FUNDS DIREC BARING ASSET MANAGEM BANK OF NEW YORK MEL DANSKE INVEST A/S HARVEST FUND MANAGEM STATE STREET INVESCO ASSET MANAGE

Firm Name Sanford C. Bernstein & Co Nomura Mirae Asset Securities Standard Chartered UOB Kay Hian VTB Capital EVA Dimensions Jefferies Macquarie BOCOM International Holdings Bank of China International Daiwa Securities Co. Ltd. BNP Paribas Equity Research Renaissance Capital Masterlink Securities Ji Asia Deutsche Bank ICBC International Securities HSBC Capital Securities Corp DBS Vickers Mizuho Securities China International Capital Corp Morgan Stanley JPMorgan Goldman Sachs Credit Suisse Citic Securities Co., Ltd Barclays Guotai Junan Everbright Securities Co., Ltd GuoSen Securities Co Ltd SWS Research Co Ltd Industrial Securities

Portfolio Name 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 n/a Multiple Portfolios

Analyst NEIL BEVERIDGE SONIA SONG GORDON KWAN DUKE SUTTIKULPANICH YAN SHI COLIN SMITH CRAIG STERLING LABAN YU JAMES HUBBARD WU FEI LAWRENCE LAU ADRIAN LOH CHENG KHOO BRADLEY WAY LI XIN SAMUEL THAWLEY DAVID HURD ANNA YU THOMAS C HILBOLDT TEAM COVERAGE WEE KEAT LEE ANDREW S F CHAN BIN GUAN WEE KIAT TAN BRYNJAR EIRIK BUSTNES ARTHUR YAN DAVID HEWITT HUANG LILI SCOTT DARLING GRACE LIU VIVIAN CHEUNG STEVEN LU YE RONG FANG LEI

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG 20F ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation market perform reduce buy outperform hold sell overweight buy neutral long-term buy buy outperform hold buy hold neutral hold hold underweight hold hold underperform hold Underwt/In-Line underweight neutral/neutral neutral overweight overweight accumulate not rated neutral neutral strong buy

Amt Held 2'386'933'770 2'089'627'304 1'720'031'963 1'475'541'067 1'078'263'034 350'420'000 291'518'000 233'615'559 175'819'770 175'742'108 80'054'000 79'104'272 69'053'243 66'938'000 64'762'000 63'578'000 61'756'335 59'934'000 56'296'608 47'938'000

% Out 11.31 9.9 8.15 6.99 5.11 1.66 1.38 1.11 0.83 0.83 0.38 0.37 0.33 0.32 0.31 0.3 0.29 0.28 0.27 0.23

Weighting

Change

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

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

Latest Chg (12'092'000) 29'421'865 1'226'000 (16'333'200) 72'934'169 (9'780'632) 600'000 (64'000) 2'168'000 (29'080'000) (1'828'000) 996'000 (14'076'000) (1'296'000) 5'938'000

Target Price 12 10 13 14 12 9 #N/A N/A 16 11 13 13 12 10 13 12 10 11 10 10 #N/A N/A 9 9 10 9 8 11 11 11 13 11 #N/A N/A #N/A N/A 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 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 08.08.2012 Unclassified 13.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Government 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Unclassified 31.10.2012 Unclassified 19.02.2013 Investment Advisor 31.01.2013 Investment Advisor 30.06.2012 Investment Advisor 20.02.2013 Investment Advisor 31.05.2012 Mutual Fund Manager

Date 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 35 month 12 month 12 month 12 month 9 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 21.02.2013 20.02.2013 20.02.2013 30.01.2013 24.01.2013 16.01.2013 15.01.2013 10.01.2013 09.01.2013 19.12.2012 17.12.2012 11.12.2012 04.12.2012 30.11.2012 28.11.2012 08.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 17.10.2012 15.10.2012 24.08.2012 23.08.2012 14.08.2012 31.05.2012 22.11.2011 28.10.2011 20.07.2009


21.02.2013

Ping An Insurance Group Co of China Ltd Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China. The Company writes property, casualty, and life insurance. Ping An Insurance also offers financial services.

Price/Volume 80

1200.0 M

70

1000.0 M

60 800.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/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 2318 HK EQUITY YTD Change 2318 HK EQUITY YTD % CHANGE

12/2011 09/yy 72.70 53.00 19'307'952.00 64.95 -10.66% 22.55% 66.50% 3'129.7 481'299.16 322'062.00 0.0 40'475.0 94'582.00 651'372.99

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

400.0 M

20 200.0 M

10 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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 139'137.0 5.10x 18'688.0 30.00x

600.0 M

30

31.12.2008 31.12.2009 87'666.0 152'961.0 3.19x 3.24x 1'418.0 13'883.0 173.82x 31.68x Profitability

LTM-4Q 31.12.2010 195'052.0 3.37x 17'311.0 32.03x

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 272'683.0 2.06x 19'475.0 16.61x 19.28% 11.01% 1.05% 14.71% 9.85% 0.16% 7.1% 14.09% 246.10% -

Price/ Cash Flow

LTM

FY+1

0.77 1.48 1'564.20 -2.49% 0.08% 1.477 30 4.233 10'902'580 47'140'420 35'102'580 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 244'495.0 313'844.0 321'397.7 380'716.5 9.11x 7.64x 1.80x 1.53x 0.0 0.0 0.00x 0.00x 19'074.0 21'041.0 21'888.3 28'722.5 14.56x 17.85x 18.20x 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

246.1% 65.3% 0.16 -

Sales/Revenue/Turnover

20.00

300'000.0

18.00

250'000.0

16.00 14.00

200'000.0

12.00

150'000.0

10.00 8.00

100'000.0

6.00 4.00

50'000.0

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

02.01.2013

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 |


21.02.2013

Ping An Insurance Group Co of China Ltd Holdings By:

All

Holder Name CHAROEN POKPHAND GRO JP MORGAN DIAMOND EPOCH LTD BLACKROCK VANGUARD GROUP INC JINJUN CO LTD FMR LLC UBS MATTHEWS INTERNATION T ROWE PRICE ASSOCIA MAPS INVESTMENT MANA HANG SENG INVESTMENT STATE STREET GLOBAL CAPITAL GROUP COMPAN BARING ASSET MANAGEM SHINHAN BNP PARIBAS ALLIANZ ASSET MANAGE GAM INTERNATIONAL MA SCHRODER INVESTMENT MIRAE ASSET GLOBAL I

Firm Name Core Pacific Credit Suisse Nomura JF Apex Securities Bhd Capital Securities Corp BOCOM International Holdings Morgan Stanley Jefferies Standard Chartered UOB Kay Hian JPMorgan DBS Vickers EVA Dimensions ABC International SWS Research Co Ltd Deutsche Bank CCB International Securities Ltd ICBC International Securities Bank of China International Goldman Sachs Kim Eng Securities Macquarie Guotai Junan HSBC AMTD Financial Planning Limited BNP Paribas Equity Research Phillip Securities China International Capital Corp Mirae Asset Securities China Merchants Securities

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

Analyst OLIVE XIA ARJAN VAN VEEN DAVID CHUNG TEAM COVERAGE TEAM COVERAGE LI WENBING BEN LIN BARON NIE JENNIFER LAW EDMOND LAW CHAN BAO LING PING CHENG AUSTIN BURKETT FRANCIS CHAN ROBERT HU ESTHER CHWEI KENNETH YUE PIUS CHENG SUN PENG MANCY SUN IVAN LI SCOTT G RUSSELL FELIX LUO JAMES GARNER KENNY TANG SING HING DORRIS CHEN CHEN XINGYU TANG SHENGBO IVAN CHEUNG LUO JINMING

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

Recommendation buy outperform neutral hold buy buy Overwt/In-Line buy outperform buy overweight buy sell sell neutral buy outperform buy hold Buy/Neutral buy neutral accumulate restricted buy hold buy buy hold buy

Amt Held 1'232'815'614 279'150'433 256'694'218 229'704'872 96'820'967 76'000'000 45'370'339 40'846'297 25'632'500 20'890'300 17'892'689 17'379'914 16'944'635 13'215'000 12'302'000 11'165'702 7'906'500 7'906'000 6'775'500 6'448'500

% Out 39.39 8.92 8.2 7.34 3.09 2.43 1.45 1.31 0.82 0.67 0.57 0.56 0.54 0.42 0.39 0.36 0.25 0.25 0.22 0.21

Latest Chg

Weighting

Change

Target Price

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

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

1 2'131'000 (2'930'930) (2'885'500) (120'000'000) 5'262'045 (83'300) (668'000) 1'798'500 1'311'300 (894'024) (82'443'000) 3'583'000 509'500 1'634'000 (2'213'000) 1'641'500

80 80 67 74 70 83 80 83 72 84 76 79 #N/A N/A 68 62 86 77 75 66 79 70 67 73 #N/A N/A 64 67 80 77 58 60

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

File Dt Inst Type 06.02.2013 Holding Company 14.02.2013 Unclassified 01.02.2013 Other 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 24.08.2011 Corporation 31.12.2012 Investment Advisor 08.02.2013 Unclassified 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Unclassified 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 9 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 21.02.2013 20.02.2013 20.02.2013 05.02.2013 04.02.2013 04.02.2013 03.02.2013 03.02.2013 31.01.2013 21.01.2013 16.01.2013 16.01.2013 15.01.2013 14.01.2013 11.01.2013 07.01.2013 07.01.2013 14.12.2012 12.12.2012 13.11.2012 06.11.2012 02.11.2012 31.10.2012 18.10.2012 16.10.2012 21.08.2012 02.03.2012 27.10.2011 18.10.2011 12.02.2009


21.02.2013

POSCO POSCO manufactures various types of steel products. The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (21.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005490 KP EQUITY YTD Change 005490 KP EQUITY YTD % CHANGE

12/2012 12/yy 426'500.00 304'500.00 196'922.00 364500 -14.54% 19.70% 54.51% 87.2 31'779'602.00 11'641'328.00 0.0 0.0 2'187'300.00 40'186'656.53

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

1.8 M

400000

1.6 M

350000

1.4 M

300000

1.2 M

250000

1.0 M

200000

.8 M

150000

.6 M

100000

.4 M

50000

.2 M

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

j-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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 31.12.2008 30'642'410.0 1.00x 8'448'098.8 3.61x 4'446'933.0 6.45x

450000

31.12.2009 31.12.2010 26'953'944.9 32'582'037.0 1.74x 1.34x 5'207'546.3 7'503'502.7 9.02x 5.82x 3'172'263.5 3'784'361.1 14.93x 9.91x Profitability

LTM-4Q 31.12.2011 39'171'703.0 0.99x 6'103'603.2 6.36x 3'188'844.8 9.21x

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

2.74 1.02 68.68 -9.72% 4.44% 1.016 47 4.617 130'527 143'018 180'214 FY+2

FQ+1

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 35'664'933.1 ######### ######### ######### ######### ######### 4.26x 3.14x 1.19x 1.17x 5.07x - ######### ######### ######### ######### ######### 6.36x 0.00x 8.06x 7.35x 7.63x 2'499'522.9 ######### ######### ######### ######### 628'754.5 9.21x 0.00x 10.71x 11.03x 10.56x S&P Issuer Ratings 6'103'603.23 Long-Term Rating Date 2'789'597.26 Long-Term Rating 7.82% Long-Term Outlook 10.38% Short-Term Rating Date 6.26% Short-Term Rating 8.66% Credit Ratios 7.43% EBITDA/Interest Exp. 0.77% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 15.6% Total Debt/EBITDA 15.6% Reference 7.8% Total Debt/Equity 7.0% Total Debt/Capital Asset Turnover 2.78 Net Fixed Asset Turnover 1.28 Accounts receivable turnover-days 22.08% Inventory Days 30.96% Accounts Payable Turnover Day 10.08 Cash Conversion Cycle 5.03

Price/ Cash Flow

.0 M f-13

FQ+2 06/13 Q2 ######### 4.84x ######### 723'690.9 10.54x 22.10.2012 BBB+ STABLE 13.80 6.30 1.55 1.91 31.0% 23.6% 0.77 1.89 36.19 72.52 14.43 94.28

Sales/Revenue/Turnover

12.00

45'000'000.0 40'000'000.0

10.00

35'000'000.0 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 03.01.2010

5'000'000.0 0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

POSCO Holdings By:

All

Holder Name BANK OF NEW YORK POSCO NATIONAL PENSION SER EMPLOYEE STOCK OWNER BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN MITSUBISHI CORP DIMENSIONAL FUND ADV SAMSUNG INVESTMENT T MITSUI & CO LTD GRANTHAM MAYO VAN OT KYOBO AXA INVESTMENT KOREA INVESTMENT TRU MATTHEWS INTERNATION MIRAE ASSET GLOBAL I FMR LLC UBS HANA ASSET MANAG FRANKLIN RESOURCES JF ASSET MANAGEMENT

Firm Name

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

Analyst

Daewoo Securities JEON SEUNG-HUN Woori Investment & Securities WILL BYUN Hanwha Securities Co., Ltd KIM KANG-OH Standard Chartered JAMES KP HONG Credit Suisse SINN MIN-SEOK Nomura CINDY PARK KIWOOM Securities Co Ltd CHANG-HO KIM Morgan Stanley YOUNG SUK SHIN Hyundai Securities KIM JI-HWAN Shinyoung Securities Co., Ltd. KANG-UN CHO IBK Securities Co Ltd PARK BYUNGCHIL Daishin Securities Co., Ltd. MOON JEONG-UP Korea Investment & Securities MOON SUN CHOI Samsung Securities CHRIS KIM Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM HMC Investment Securities Co Ltd PARK HYUN-WOOK Shinhan Investment Corp JINJOO HONG SK Securities Co Ltd LEE WON JAE Tong Yang Investment Bank KEE-HYUN PARK KTB Securities SHIM HYE-SUN KB Investment & Securities Co., Ltd KIM HYUN-TAE HI Investment Securities BANG MINJIN Kyobo Securities UM JIN-SEOK Mirae Asset Securities KWON HAE-SOON Hana Daetoo Securities KIM JUNG-WOOK E*Trade Securities Korea KANG TAE-HYUN Taurus Investment Securities Co Ltd JI-WOONG YOO LIG Investment Securities YOON-SANG KIM JPMorgan AKIRA KISHIMOTO Daiwa Securities Co. Ltd. CHUNG SUNG-YOP BNP Paribas Equity Research TOSHIYUKI JOHNO Barclays EPHREM RAVI DBS Vickers LEE EUN YOUNG EVA Dimensions CRAIG STERLING Deutsche Bank CHANWOOK PARK Ji Asia SAMUEL THAWLEY Meritz Securities Co., Ltd LEE JONG-HYOUNG HSBC BRIAN CHO Goldman Sachs SEUNG SHIN VTB Capital WIKTOR BIELSKI Sanford C. Bernstein & Co VANESSA LAU Dongbu Securities Co Ltd CHAEHO RHEE Leading Investment & Securities PARK JOON-MO

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

Recommendation buy buy buy in-line outperform buy buy Equalwt/In-Line buy buy buy buy buy buy buy buy buy neutral buy buy buy buy buy buy buy buy buy buy overweight hold buy overweight buy hold buy buy buy overweight neutral/neutral buy outperform hold hold

Amt Held 13'243'566 9'942'391 5'176'927 1'953'871 1'853'673 1'227'200 894'900 880'587 694'069 587'964 482'000 281'906 242'428 233'848 195'584 175'337 170'736 153'471 149'373 128'001

% Out 15.19 11.4 5.94 2.24 2.13 1.41 1.03 1.01 0.8 0.67 0.55 0.32 0.28 0.27 0.22 0.2 0.2 0.18 0.17 0.15

Weighting

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

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

Latest Chg (760'396) (4'720) 10'969 (252'230) 63'650 (953) (6'111) (110'355) (96'915) (41'488) 27'856 18'000

Target Price 460'000 420'000 450'000 380'000 400'000 470'000 436'000 380'000 430'000 480'000 440'000 420'000 420'000 420'000 450'000 450'000 450'000 350'000 437'000 430'000 360'000 420'000 465'000 420'000 450'000 430'000 450'000 440'000 428'000 320'000 420'000 420'000 440'000 #N/A N/A 412'000 470'000 420'000 410'000 368'000 457'647 460'000 435'000 420'000

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

File Dt Inst Type 31.12.2011 Investment Advisor 31.12.2011 Corporation 30.06.2012 Investment Advisor 31.12.2011 n/a 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Corporation 31.07.2012 Investment Advisor 28.09.2012 Investment Advisor 31.03.2012 Corporation 31.05.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.09.2011 Mutual Fund Manager

Date 12 month 12 month 6 month 12 month Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 6 month 12 month 6 month 12 month 12 month 12 month 6 month 6 month 12 month 12 month 12 month 6 month 12 month 9 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month

Date 21.02.2013 18.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 13.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 25.01.2013 17.01.2013 15.01.2013 07.01.2013 10.12.2012 21.11.2012 24.10.2012 23.10.2012 18.09.2012 17.09.2012 27.08.2012


21.02.2013

Power Assets Holdings Ltd Power Assets Holdings Limited generates and supplies electricity and provides engineering consultancy and project management services.

Price/Volume 80

9.0 M

70

8.0 M

60

7.0 M 6.0 M

50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (2/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 6 HK EQUITY YTD Change 6 HK EQUITY YTD % CHANGE

12/2011 01/yy 71.80 53.40 2'330'407.00 69.9 -2.65% 30.90% 97.01% 2'134.3 149'184.89 23'626.00 0.0 0.0 6'121.00 167'796.89

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

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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 12'524.0 7.75x 9'437.0 10.28x 7'448.0 12.85x

5.0 M

40

31.12.2008 31.12.2009 12'773.0 10'395.0 7.40x 9.35x 9'633.0 7'428.0 9.81x 13.09x 8'029.0 6'697.0 11.57x 13.44x Profitability

31.12.2010 10'371.0 12.01x 7'449.0 16.72x 7'194.0 14.54x

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 10'201.0 13.74x 6'628.0 21.14x 9'075.0 13.52x 6'628.00 4'793.00 46.99% 97.37% 9.87% 16.18% 12.04% 0.11% 60.5% 64.0% 46.2% 89.0% 2.19 1.58 24.94% 40.82% 11.78 4.46

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.32 0.44 1'304.41 30.78% 5.59% 0.437 19 3.737 2'926'380 2'421'079 2'495'902 FY+2

12/12 Y 12/13 Y 10'586.5 10'825.3 15.70x 15.21x 8'425.5 8'659.3 19.92x 19.38x 9'583.4 10'010.4 15.54x 14.85x 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

FQ+1

FQ+2

-

-

09.11.2010 A+ STABLE 9.94 6.22 2.79 3.78 40.8% 29.0% 0.11 0.22 31.07 82.00 202.29 -106.49

Sales/Revenue/Turnover

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

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

02.01.2013

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 |


21.02.2013

Power Assets Holdings Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN UNIVEST EQUITY SA VENNITON DEVELOPMENT INTERMAN DEVELOPMENT LIPTON FINANCES SA HESTONVILLE RESOURCE BLACKROCK ASIA EQUITIES INC HARRIS TRUST & SAVIN VANGUARD GROUP INC VONTOBEL ASSET MANAG PICTET ASSET MANAGEM STATE STREET GLOBAL INVESCO LTD MONITOR EQUITIES SA FMR LLC SEB SUMITOMO MITSUI ASSE CREDIT SUISSE ASSET DAIWA SB INVESTMENTS

Firm Name Credit Suisse EVA Dimensions Sanford C. Bernstein & Co Deutsche Bank JPMorgan HSBC Goldman Sachs Standard Chartered Nomura Morgan Stanley Citic Securities Co., Ltd DBS Vickers Mirae Asset Securities Bank of China International Daiwa Securities Co. Ltd. Macquarie AMTD Financial Planning Limited

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

Analyst EDWIN PANG AUSTIN BURKETT MICHAEL W PARKER ERIC CHENG ELAINE WU JENNY COSGROVE FRANKLIN CHOW DENNIS IP DANIEL RAATS SIMON H Y LEE SIMON YEUNG JUNE NG RICKY NG PETER YAO DAVE DAI IVAN LEE KENNY TANG SING HING

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

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

Amt Held 393'408'000 279'011'102 197'597'511 186'736'842 82'100'934 47'886'810 35'892'606 28'065'841 25'483'038 24'704'873 19'077'558 17'035'309 11'555'011 8'852'238 8'200'572 5'409'049 3'311'136 2'679'500 2'248'220 2'048'000

% Out 18.43 13.07 9.26 8.75 3.85 2.24 1.68 1.32 1.19 1.16 0.89 0.8 0.54 0.41 0.38 0.25 0.16 0.13 0.11 0.1

Weighting

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

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

Latest Chg 23'640'500 598'000 5'283'482 395'388 1'718'684 (257'079) (643'480) (70'000) (480'902) 194'000 (27'000) 21'500 (800'000)

Target Price 70 #N/A N/A 60 63 70 70 68 74 57 71 70 61 61 62 69 57 60

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

File Dt Inst Type 31.12.2012 Investment Advisor 16.07.2012 Other 16.07.2012 Other 16.07.2012 Other 16.07.2012 Other 16.07.2012 Other 19.02.2013 Investment Advisor 16.07.2012 Other 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Investment Advisor 30.06.2012 Investment Advisor 20.02.2013 Investment Advisor 16.07.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Unclassified 14.08.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 24.07.2012 Investment Advisor

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

Date 06.02.2013 17.01.2013 09.01.2013 08.01.2013 02.01.2013 22.11.2012 07.11.2012 19.10.2012 14.10.2012 24.09.2012 13.09.2012 26.07.2012 26.07.2012 19.07.2012 19.07.2012 19.01.2012 14.12.2011


21.02.2013

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

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

1.2 M 1.0 M

1200000

12/2012 12/yy 1'584'000.00 1'091'000.00 262'473.00 1550000 -2.15% 42.07% 92.09% 147.3 228'313'968.00 4'796'865.00 119'467.0 0.0 14'630'145.00 218'688'339.35

1000000

.8 M

800000

.6 M

600000

.4 M

400000

.2 M

200000 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12 o-12

n-12 d-12

j-13

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 31.12.2008 72'952'991.0 0.70x 11'753'254.0 4.32x 5'525'904.0 11.97x

1.4 M

1600000 1400000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005930 KP EQUITY YTD Change 005930 KP EQUITY YTD % CHANGE

1800000

LTM-4Q

31.12.2009 31.12.2010 31.12.2011 31.12.2012 89'772'834.0 112'249'475.0 120'815'977.0 141'206'400.0 1.05x 1.02x 1.06x 14'207'387.0 20'345'636.0 18'987'465.0 6.61x 5.60x 6.75x 6'208'140.0 13'236'461.0 10'029'152.0 17'398'500.0 18.96x 10.69x 15.82x Profitability 18'987'465.00 18'510'400.00 13.11% 9.51% 12.82% 16.55% 16.09% 1.14% 25.2% 18.0% 13.1% 12.3% 1.46 1.11 4.08% 5.40% 7.93 18.47

Price/ Cash Flow

LTM

FY+1

.0 M f-13

1.11 106.63 32.07% 1.84% 1.113 51 4.863 185'662 263'669 277'963 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 ######### ######### ######### ######### 3.69x 3.37x 0.87x 0.75x ######### ######### ######### ######### 6.75x 0.00x 3.90x 3.69x ######### ######### ######### ######### 15.90x 0.00x 7.38x 6.97x S&P Issuer Ratings Long-Term Rating Date 25.01.2006 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 25.01.2006 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 75.22 (EBITDA-Capex)/Interest Exp. 23.73 Net Debt/EBITDA -0.40 Total Debt/EBITDA 0.11 Reference Total Debt/Equity 5.4% Total Debt/Capital 5.1% Asset Turnover 1.14 Net Fixed Asset Turnover 3.39 Accounts receivable turnover-days 46.18 Inventory Days 19.82 Accounts Payable Turnover Day 29.23 Cash Conversion Cycle 37.74 Sales/Revenue/Turnover

12.00

160'000'000.0 140'000'000.0

10.00

120'000'000.0 8.00

100'000'000.0 80'000'000.0

6.00

60'000'000.0

4.00

40'000'000.0 2.00 0.00 03.01.2010

20'000'000.0 0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

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 GROUP COMPAN KOREA INVESTMENT TRU BLACKROCK VANGUARD GROUP INC FMR LLC SAMSUNG FIRE & MARIN SAMSUNG INVESTMENT T T ROWE PRICE ASSOCIA MIRAE ASSET GLOBAL I JAE-YONG LEE MAPS INVESTMENT MANA CARMIGNAC GESTION KB ASSET MANAGEMENT SCHRODER INVESTMENT

Firm Name

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

Analyst

HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH Samsung Securities MINSEONG HWANG HSBC RICKY JUIL SEO Sanford C. Bernstein & Co MARK C NEWMAN Nomura CHANG-WON CHUNG Woori Investment & Securities YOUNG PARK BNP Paribas Equity Research PETER YU KIWOOM Securities Co Ltd KIM SUNG-IN Barclays BAE SEUNG-CHUL IBK Securities Co Ltd SEUNG-WOO LEE Daewoo Securities JAMES SONG Shinyoung Securities Co., Ltd. LIM DORI Tong Yang Investment Bank HYUN PARK Leading Investment & Securities SANG-WOO OH E*Trade Securities Korea JI-WOONG KIM Ji Asia STEVE MYERS NH Investment & Securities LEE SUN-TAE Credit Suisse KEON HAN JPMorgan JJ Park Dongbu Securities Co Ltd KWON SUNG-RYUL Daishin Securities Co., Ltd. KANG JEONG-WON JEFF KTB Securities JIN SUNG-HAE Daiwa Securities Co. Ltd. JAE H LEE Korea Investment & Securities SEO WON-SEOK Eugene Investment & Securities Co., LtdLEE JEONG Shinhan Investment Corp KIM YOUNG-CHAN Kim Eng Securities WARREN LAU Hanwha Securities Co., Ltd AHN SEONG-HO KB Investment & Securities Co., Ltd BYUN HAN-JOON Kyobo Securities KOO JA-WOO Mirae Asset Securities DOH HYUN-WOO Hana Daetoo Securities CHUN SUNG-HOON Taurus Investment Securities Co Ltd KIM HYUNG-SIK LIG Investment Securities CHOI DO-YEON Morgan Stanley SHAWN KIM Standard Chartered SEAN KIM Macquarie DANIEL KIM Mizuho Securities CHARLES PARK Susquehanna Financial Group MEHDI HOSSEINI EVA Dimensions ANDREW S ZAMFOTIS Wedge Partners BRIAN BLAIR HI Investment Securities SONG MYUNG-SUP SK Securities Co Ltd SUNG-JAE DAVID CHOI

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

Recommendation buy buy overweight outperform buy buy buy buy overweight buy buy buy buy buy market perform sell buy outperform overweight buy buy buy buy buy buy buy buy buy buy buy buy buy buy buy Overwt/Attractive outperform outperform buy Positive buy no rating system buy buy

Amt Held 16'513'149 11'071'751 10'316'789 7'316'976 5'976'362 4'985'464 4'257'980 3'989'329 3'159'406 3'019'125 2'794'677 1'856'370 1'434'993 950'933 902'957 840'403 744'031 526'619 517'807 514'731

% Out 11.21 7.52 7 4.97 4.06 3.38 2.89 2.71 2.14 2.05 1.9 1.26 0.97 0.65 0.61 0.57 0.51 0.36 0.35 0.35

Weighting

Change

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

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

Latest Chg (399'465) 1'473'927 (739'645) 82'213 (83'124) (83'433) 90'082 106'644 (9'546) (27'405) 4'418 (58'661) 40'626

Target Price 1'850'000 1'900'000 2'000'000 2'300'000 2'000'000 1'800'000 2'300'000 2'100'000 2'000'000 1'800'000 1'900'000 1'650'000 2'000'000 1'920'000 1'520'000 1'162'000 1'900'000 1'900'000 1'900'000 1'800'000 2'000'000 1'900'000 2'000'000 2'000'000 1'900'000 1'900'000 2'300'000 1'850'000 1'900'000 1'850'000 1'900'000 1'750'000 1'850'000 1'900'000 1'700'000 2'100'000 2'300'000 1'800'000 2'000'000 #N/A N/A #N/A N/A 1'800'000 1'900'000

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

File Dt Inst Type 30.09.2012 Corporation 30.09.2012 Insurance Company 20.11.2012 Investment Advisor 31.12.2011 Bank 31.12.2011 Corporation 17.04.2012 n/a 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Insurance Company 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 23.12.2011 n/a 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

Date 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided 9 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month 6 month

Date 21.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 08.02.2013 07.02.2013 07.02.2013 06.02.2013 05.02.2013 04.02.2013 31.01.2013 31.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 28.01.2013 27.01.2013 26.01.2013 25.01.2013 25.01.2013 22.01.2013 17.01.2013 08.01.2013 06.01.2013 04.01.2013


21.02.2013

Shinhan Financial Group Co Ltd Shinhan Financial Group Co., Ltd., a holding company, provides a full range of consumer and commercial banking-related financial services. The company's main businesses include banking, securities brokerage, trust banking, and assets management to individuals, businesses, and other financial institutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 055550 KP EQUITY YTD Change 055550 KP EQUITY YTD % CHANGE

12/2012 12/yy 45'900.00 33'100.00 1'500'512.00 42100 -8.28% 27.19% 70.31% 474.2 19'963'802.00 7'039'393.00 274'055.0 0.0 2'220'166.00 27'149'563.61

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 j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

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 31.12.2008 2'455'904.0 8.07x 2'409'574.0 8.22x 2'020'398.0 6.64x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 a-12 m-12

31.12.2009 31.12.2010 1'785'561.0 1'043'389.0 15.01x 29.98x 1'718'698.0 965'508.0 15.60x 32.40x 1'306'292.0 617'625.0 18.74x 64.83x Profitability

LTM-4Q 31.12.2011 2'124'112.0 11.27x 2'053'001.0 11.66x 1'672'908.0 13.50x

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

31.12.2012 12/yy 12/yy 992'718.0 ######### 944'816.0 52.74x 83.80x - ######### 902'680.0 11.78x 0.00x 590'447.0 ######### 590'447.0 13.50x 0.00x 2'053'001.00 95.86% 79.09% 5.72% 7.04% 6.22% 0.07% 96.7% 59.5% 22.82% 36.75% -

Price/ Cash Flow

1.78 1.07 452.70 -2.69% 8.37% 1.071 43 4.628 1'117'991 1'022'497 1'080'739

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

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 f-13

-

2.35 3.43 36.7% 26.6% 0.07 1409.50 -

Sales/Revenue/Turnover

3'500.00

3'000'000.0

3'000.00

2'500'000.0

2'500.00

2'000'000.0

2'000.00

1'500'000.0 1'500.00

1'000'000.0 1'000.00

500'000.0

500.00 0.00 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

Shinhan Financial Group Co Ltd Holdings By:

All

Holder Name NATIONAL PENSION SER BNP PARIBAS SA EMPLOYEE STOCK OWNER VANGUARD GROUP INC LAZARD ASSET MANAGEM BLACKROCK MIZUHO FINANCIAL GRO DIMENSIONAL FUND ADV ABU DHABI INVESTMENT FMR LLC SAMSUNG INVESTMENT T JAE-GEUN YOO KOREA INVESTMENT TRU COMMONWEALTH BANK OF ROBECO INVESTOR SERV KYOBO AXA INVESTMENT UBS HANA ASSET MANAG MIRAE ASSET GLOBAL I T ROWE PRICE ASSOCIA SWEDBANK ROBUR FONDE

Firm Name

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

Analyst

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

Source EXCH Co File Co File MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG 20F ULT-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 34'829'793 30'106'275 16'974'245 12'768'672 11'793'011 8'764'663 5'979'550 5'891'780 5'626'182 4'332'165 4'126'372 3'043'256 2'927'860 2'289'300 1'399'233 1'358'974 1'258'761 1'067'566 1'007'973 849'963

% Out 7.34 6.35 3.58 2.69 2.49 1.85 1.26 1.24 1.19 0.91 0.87 0.64 0.62 0.48 0.3 0.29 0.27 0.23 0.21 0.18

Weighting

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

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

Latest Chg 1'217'271 341'800 43'450 (232'275) (1'291'171) (276'351) (818'128) 80'870 (86) 6'866 (135'750) (2'189'925) (1'689'972) 198'810

Target Price 51'000 49'000 42'300 50'000 48'500 49'700 51'000 44'800 50'800 51'000 50'000 49'000 49'000 51'800 47'500 49'000 47'000 54'000 49'000 48'000 48'000 49'000 41'000 52'500 48'000 #N/A N/A 40'000 41'000 57'000 48'400 44'000 39'900 50'900 48'000 53'000 45'000 41'000 51'000 54'000

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

File Dt Inst Type 31.12.2011 Investment Advisor 31.12.2011 Bank 31.12.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Unclassified 19.02.2013 Investment Advisor 20.06.2012 Bank 31.07.2012 Investment Advisor 31.12.2011 Government 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 30.03.2012 n/a 28.09.2012 Investment Advisor 31.10.2012 Bank 31.12.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided 12 month 12 month 6 month Not Provided 12 month 6 month 6 month 12 month 12 month 12 month 12 month 9 month 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 6 month 6 month 6 month 12 month Not Provided 12 month 6 month

Date 19.02.2013 18.02.2013 18.02.2013 17.02.2013 15.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 03.02.2013 23.01.2013 22.01.2013 21.01.2013 21.01.2013 17.01.2013 10.01.2013 08.01.2013 08.01.2013 24.12.2012 28.11.2012 21.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 21.09.2012 12.03.2012


21.02.2013

Singapore Telecommunications Ltd Singapore Telecommunications Limited is a communications group. The Group provides a diverse range of communication services and solutions, including fixed, mobile, data, Internet, info-communications technology, satellite and pay television. Singapore Telecom has a network of offices in multiple countries and territories throughout Asia Pacific, in Europe and the United States.

Price/Volume 4

400.0 M

3 2

03/2012 12/yy 3.62 3.02 11'470'000.00 3.53 -2.49% 16.89% 95.00% 15'943.6 56'280.83 8'793.80 0.0 20.4 1'346.40 63'439.93

300.0 M

2

200.0 M

1 100.0 M

1 0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

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

500.0 M

3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.07.2012) 52-Week Low (31.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ST SP EQUITY YTD Change ST SP EQUITY YTD % CHANGE

31.03.2008 14'844.4 4.61x 4'419.2 15.48x 3'960.2 15.70x

600.0 M

4

31.03.2009 31.03.2010 14'934.4 16'870.9 3.13x 3.31x 4'461.5 4'906.0 10.47x 11.37x 3'448.4 3'907.3 11.68x 12.91x Profitability

LTM-4Q 31.03.2011 18'070.6 2.92x 5'080.5 10.37x 3'825.3 12.57x

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

31.03.2012 18'825.3 3.06x 5'186.3 11.11x 3'988.7 12.58x 5'186.30 3'184.70 16.92% 22.92% 9.90% 17.54% 13.81% 0.47% 83.3% 28.3% 17.0% 21.2% 1.05 0.76 21.76% 37.54% 5.14 11.39

Price/ Cash Flow

LTM

12/yy 18'687.6 11.81x 5'033.2 11.27x 3'691.4 13.34x

12/yy 18'481.8 12.78x 5'225.0 11.44x 3'929.1 13.38x

FY+1

0.69 7'619.59 20.40% 6.97% 0.693 25 3.400 22'360'600 23'788'970 22'724'140 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 18'475.5 18'720.1 4'556.0 3.42x 3.36x 5'645.4 5'774.1 1'393.0 11.24x 10.99x 3'626.0 3'865.7 785.0 15.55x 14.53x 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

05.08.2003 A+ STABLE 05.08.2003 A-1 13.14 7.44 1.37 1.52 37.5% 27.3% 0.47 1.62 71.18 32.14 527.30 -274.64

Sales/Revenue/Turnover

12.00

20'000.0 18'000.0

10.00

16'000.0 14'000.0

8.00

12'000.0

6.00

10'000.0 8'000.0

4.00

6'000.0 4'000.0

2.00 0.00 03.04.2009

2'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |


21.02.2013

Singapore Telecommunications Ltd Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI CAPITAL GROUP COMPAN BLACKROCK ABERDEEN VANGUARD GROUP INC THORNBURG INVESTMENT FMR LLC DEUTSCHE BANK AG FRANKLIN RESOURCES TEMPLETON INVESTMENT JF ASSET MANAGEMENT T ROWE PRICE ASSOCIA EASTSPRING INVESTMEN INVESCO LTD BANQUE DE LUXEMBOURG SINGTEL PERF SHARE P NEUBERGER BERMAN LLC MORGAN STANLEY ING INVESTMENT MANAG DUFF & PHELPS INVEST

Firm Name UOB Kay Hian Credit Suisse OCBC Investment Research Nomura DBS Vickers OSK (Asia) Securities Phillip Securities Morgan Stanley HSBC Macquarie CIMB New Street Research Barclays Kim Eng Securities BNP Paribas Equity Research Goldman Sachs EVA Dimensions Standard Chartered JPMorgan Daiwa Securities Co. Ltd. Deutsche Bank

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

Analyst JONATHAN KOH CHATE BENCHAVITVILAI CAREY WONG SACHIN GUPTA SACHIN MITTAL JEFFREY TAN KEN ANG NAVIN KILLA LUIS HILADO PREM JEARAJASINGAM KELVIN GOH BRIAN RUSLING ANAND RAMACHANDRAN GREGORY YAP FOONG CHOONG CHEN PIYUSH MUBAYI ANDREW S ZAMFOTIS DON SEE JAMES R SULLIVAN RAMAKRISHNA MARUVADA ALAN HELLAWELL

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

Recommendation sell outperform buy buy hold neutral neutral Overwt/In-Line neutral outperform underperform buy overweight sell buy neutral/neutral hold outperform neutral hold hold

Amt Held 8'283'957'568 486'605'310 206'933'877 197'335'755 154'719'673 81'195'000 80'141'134 47'763'601 47'021'684 39'548'475 35'336'000 34'325'250 29'283'000 26'974'424 20'425'000 20'297'692 19'960'000 18'375'096 17'356'200 17'145'400

% Out 51.96 3.05 1.3 1.24 0.97 0.51 0.5 0.3 0.29 0.25 0.22 0.22 0.18 0.17 0.13 0.13 0.13 0.12 0.11 0.11

Weighting

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

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

Latest Chg (468'438'955) (33'078'000) (3'108'260) (595'900) (1'475'675) 4'285'000 13'186'332 (73'000) (9'221'717) (731'533) 3'660'000 893'000 15'677'000 1'145'000 607'000 150'000 458'630 3'332'000 13'000

Target Price 3 4 4 4 3 3 3 4 3 4 3 4 4 3 4 3 #N/A N/A 3 3 3 3

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

File Dt Inst Type 28.09.2012 Government 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 19.12.2011 Mutual Fund Manager 31.12.2012 Investment Advisor 14.09.2012 Investment Advisor 20.02.2013 Investment Advisor 31.12.2012 Investment Advisor 11.04.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 21.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 05.02.2013 01.02.2013 30.01.2013 17.01.2013 20.11.2012 14.11.2012 13.11.2012 04.10.2012


21.02.2013

SK Hynix Inc SK Hynix Inc. manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

Price/Volume 35000

25.0 M

30000

20.0 M

25000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000660 KP EQUITY YTD Change 000660 KP EQUITY YTD % CHANGE

12/2012 12/yy 30'950.00 20'100.00 2'826'255.00 26600 -14.05% 32.34% 58.99% 694.2 18'464'544.00 5'744'740.00 0.0 0.0 1'517'747.00 22'691'536.40

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

15.0 M

15000

10.0 M

10000 5.0 M

5000 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12 d-12

j-13

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 31.12.2008 6'495'367.1 1.20x (300'341.2) (4'719'632.9) -

20000

31.12.2009 31.12.2010 7'521'457.8 11'973'426.0 2.32x 1.44x 1'722'031.7 4'979'793.0 10.13x 3.47x (347'785.3) 2'785'945.0 5.08x Profitability

LTM-4Q 31.12.2011 10'188'162.0 1.69x 2'347'248.0 7.35x 129'142.0 100.69x

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 f-13

1.18 459.94 -6.01% 3.30% 1.181 46 4.652 3'206'388 4'445'002 4'397'020 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'001'783.0 ######### ######### ######### ######### ######### ######### 2.22x 7.33x 8.50x 1.97x 1.79x 1'630'975.0 ######### ######### ######### ######### 13.61x 7.35x 13.61x 5.54x 4.61x (489'990.0) 129'142.0 (489'990.0) 897'329.0 ######### 83'300.0 207'600.0 100.23x 0.00x 23.01x 17.28x S&P Issuer Ratings 1'630'975.00 Long-Term Rating Date 14.02.2012 -616'285.00 Long-Term Rating BB-6.16% Long-Term Outlook STABLE -5.77% Short-Term Rating Date -2.83% Short-Term Rating -5.40% Credit Ratios - EBITDA/Interest Exp. 5.54 0.58% (EBITDA-Capex)/Interest Exp. -4.66 Net Debt/EBITDA 2.57 10.5% Total Debt/EBITDA 3.52 16.3% Reference -6.2% Total Debt/Equity 57.7% -4.9% Total Debt/Capital 36.6% Asset Turnover 0.58 1.11 Net Fixed Asset Turnover 1.19 0.74 Accounts receivable turnover-days 55.63 31.56% Inventory Days 43.53 57.68% Accounts Payable Turnover Day 31.31 6.58 Cash Conversion Cycle 67.85 8.41

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

14'000'000.0

35.00

12'000'000.0

30.00

10'000'000.0

25.00

8'000'000.0

20.00

6'000'000.0

15.00

4'000'000.0

10.00

2'000'000.0

5.00 0.00 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

SK Hynix Inc Holdings By:

All

Holder Name SK TELECOM CO LTD NATIONAL PENSION SER VANGUARD GROUP INC KOREA FINANCE CORPOR BLACKROCK FMR LLC SAMSUNG INVESTMENT T UBS HANA ASSET MANAG MIRAE ASSET GLOBAL I CAPITAL GROUP COMPAN MAPS INVESTMENT MANA ALLIANZ GLOBAL INVES KYOBO AXA INVESTMENT KOREA INVESTMENT TRU PUTNAM INVESTMENT MA KB ASSET MANAGEMENT ALLIANCE BERNSTEIN NH-CA ASSET MANAGEME SHINHAN BNP PARIBAS CAPITAL INTERNATIONA

Firm Name

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

Analyst

Taurus Investment Securities Co Ltd KIM HYUNG-SIK Samsung Securities MINSEONG HWANG HSBC RICKY JUIL SEO Sanford C. Bernstein & Co MARK C NEWMAN Nomura CHANG-WON CHUNG Mirae Asset Securities DOH HYUN-WOO Daewoo Securities JAMES SONG KIWOOM Securities Co Ltd KIM SUNG-IN IBK Securities Co Ltd SEUNG-WOO LEE Shinhan Investment Corp KIM YOUNG-CHAN Shinyoung Securities Co., Ltd. LIM DORI Tong Yang Investment Bank HYUN PARK Leading Investment & Securities SANG-WOO OH Woori Investment & Securities YOUNG PARK Dongbu Securities Co Ltd SHIN HYUNJOON Daishin Securities Co., Ltd. KANG JEONG-WON JEFF Korea Investment & Securities SEO WON-SEOK Eugene Investment & Securities Co., LtdLEE JEONG HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH JPMorgan JJ Park KTB Securities JIN SUNG-HAE Mizuho Securities CHARLES PARK KB Investment & Securities Co., Ltd BYUN HAN-JOON Hana Daetoo Securities DAE-JONG NAM E*Trade Securities Korea JI-WOONG KIM Barclays BAE SEUNG-CHUL LIG Investment Securities CHOI DO-YEON Morgan Stanley LEE KA KEUN Goldman Sachs MARCUS SHIN Credit Suisse KEON HAN Macquarie DANIEL KIM Daiwa Securities Co. Ltd. JAE H LEE Hanwha Securities Co., Ltd AHN SEONG-HO HI Investment Securities SONG MYUNG-SUP Kyobo Securities KOO JA-WOO EVA Dimensions ANDREW S ZAMFOTIS BNP Paribas Equity Research PETER YU SK Securities Co Ltd SUNG-JAE DAVID CHOI Standard Chartered SEAN KIM Deutsche Bank SEUNGHOON HAN Meritz Securities Co., Ltd SEI CHEOL LEE NH Investment & Securities LEE SUN-TAE Frontier Investment & Capital Advisors OM PRAKASH SINGH

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

Recommendation buy buy overweight market perform neutral buy buy buy buy buy buy buy buy buy buy buy buy buy buy neutral buy buy buy buy strong buy overweight buy Overwt/Attractive neutral/attractive outperform neutral buy buy buy buy sell buy buy outperform buy buy buy buy

Amt Held 146'100'000 63'194'657 26'381'565 24'772'435 13'431'510 6'253'349 5'735'122 4'285'017 3'762'370 3'742'730 2'859'382 1'974'605 1'783'030 1'745'445 1'366'180 1'333'172 1'209'020 1'179'417 1'165'494 1'138'930

% Out 21.05 9.1 3.8 3.57 1.93 0.9 0.83 0.62 0.54 0.54 0.41 0.28 0.26 0.25 0.2 0.19 0.17 0.17 0.17 0.16

Weighting

Change 5 5 5 3 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 3 5 3 5 5 5 5 1 5 5 5 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 7'134'465 (356'060) (7'640'500) 710 1'561'451 (10'377) 388'433 (3'300'607) (3'382'260) 814'930 (162'400) (1'853'555) 190'580 (887'294) (57'370) 15'275 (903'303) 99'720

Target Price 33'000 35'000 33'000 27'000 25'000 34'000 33'000 39'000 33'000 32'000 31'000 31'000 33'000 32'000 32'000 28'000 32'000 32'000 30'000 22'000 30'000 32'000 35'000 31'000 40'000 28'000 33'000 34'000 23'000 32'000 26'000 32'000 33'000 32'000 31'000 #N/A N/A 32'000 34'000 34'000 34'000 33'000 35'000 31'729

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

File Dt 22.06.2012 02.11.2012 31.12.2012 14.02.2012 19.02.2013 31.12.2012 28.09.2012 28.09.2012 28.09.2012 30.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 30.09.2012

Date 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 6 month 9 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month 6 month 12 month

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

Date 21.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 12.02.2013 12.02.2013 12.02.2013 07.02.2013 05.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 28.01.2013 17.01.2013 14.01.2013 03.01.2013 29.10.2012 30.07.2012 27.07.2012 21.06.2012 11.07.2011


21.02.2013

Sun Hung Kai Properties Ltd Sun Hung Kai Properties Limited, through its subsidiaries, develops and invests in properties. The Company also operates hotels, manages properties, car parking and transportation infrastructure. In addition, Sun Hung Kai operates logistics business, construction, financial services, telecommunication Internet infrastructure and enabling services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 16 HK EQUITY YTD Change 16 HK EQUITY YTD % CHANGE

06/2012 01/yy 130.80 85.30 5'647'943.00 120.6 -7.80% 41.38% 81.54% 2'656.9 320'424.81 71'266.00 0.0 4'400.0 15'049.00 381'041.82

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

140.0 M

120

120.0 M

100

100.0 M

80

80.0 M

60

60.0 M

40

40.0 M

20

20.0 M

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

30.06.2009 30.06.2010 34'234.0 33'211.0 8.36x 9.55x 15'138.0 14'752.0 18.90x 21.50x 10'356.0 30'039.0 23.96x 9.17x Profitability

30.06.2011 62'553.0 5.56x 22'381.0 15.54x 48'097.0 6.06x

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 68'400.0 4.37x 26'339.0 11.35x 43'080.0 5.48x 26'339.00 24'801.00 36.26% 71.77% 9.78% 13.18% 11.37% 0.16% 42.8% 38.5% 36.3% 63.0% 3.74 0.67 15.24% 20.56% 5.15 0.36

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13

FY+1 -

2.78 0.99 2'138.87 3.61% 3.79% 0.991 24 4.417 3'176'525 4'974'356 4'473'204 FY+2

06/13 Y 06/14 Y 63'181.2 68'743.1 5.96x 5.37x 26'723.4 28'602.5 14.26x 13.32x 22'407.3 23'071.3 14.49x 13.87x 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

FQ+1

FQ+2

-

-

15.06.2012 A+ NEG 13.52 10.37 2.13 2.71 20.6% 16.9% 0.16 0.28 71.06 1013.07 14.12 1070.00

Sales/Revenue/Turnover

40.00

80'000.0

35.00

70'000.0

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 03.07.2009

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 30.06.2008 24'471.0 12.62x 11'640.0 26.54x 27'602.0 9.73x

140

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |


21.02.2013

Sun Hung Kai Properties Ltd Holdings By:

All

Holder Name KWOK KAI FAI ADAM ADOLFA LTD BERTANA LTD CYRIC LTD ASPORTO LTD ROSY RESULT LTD THRIVING TALENT LTD BLACKROCK VANGUARD GROUP INC FMR LLC SCHRODER INVESTMENT SIMBAWEST LTD CAPITAL GROUP COMPAN ARTISAN PARTNERS HOL CANNIA LTD STATE STREET GLOBAL MORGAN STANLEY ING INVESTMENT MANAG COHEN & STEERS CAPIT EUROPEAN INVESTORS I

Firm Name BOCOM International Holdings DBS Vickers Kim Eng Securities Sanford C. Bernstein & Co Credit Suisse Jefferies Nomura Standard Chartered EVA Dimensions Morgan Stanley JPMorgan BNP Paribas Equity Research UOB Kay Hian Goldman Sachs Daiwa Securities Co. Ltd. Macquarie HSBC Citic Securities Co., Ltd Deutsche Bank AMTD Financial Planning Limited

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

Analyst ALFRED LAU JEFF YAU IVAN CHEUNG KENNETH TSANG CUSSON LEUNG VENANT CHIANG PAUL LOUIE PAUL YAU AUSTIN BURKETT PRAVEEN K CHOUDHARY LUCIA KWONG LEE WEE LIAT SYLVIA WONG ANTHONY WU JONAS KAN DAVID NG PERVEEN WONG ADRIAN NGAN JASON CHING KENNY TANG SING HING

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG Research

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

Amt Held 109'999'291 68'200'032 68'200'032 68'200'032 55'800'026 55'800'026 55'800'026 44'349'662 31'135'748 20'749'748 19'981'331 16'818'330 14'690'958 13'615'670 12'562'449 11'978'606 9'585'738 7'153'290 6'508'900 5'939'184

% Out 4.14 2.57 2.57 2.57 2.1 2.1 2.1 1.67 1.17 0.78 0.75 0.63 0.55 0.51 0.47 0.45 0.36 0.27 0.24 0.22

Weighting

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

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

Latest Chg (2'324'588) 672'613 (5'038'992) 2'091'396 2'330'958 2'293'000 (450'532) (241'084) (286'380) (28'000) 12'575

Target Price 147 142 154 101 138 127 127 139 #N/A N/A 137 131 144 123 143 137 97 140 127 115 112

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

File Dt 13.07.2012 20.12.2012 20.12.2012 20.12.2012 20.12.2012 20.12.2012 20.12.2012 19.02.2013 31.12.2012 31.12.2012 31.12.2012 20.12.2012 31.12.2012 31.12.2012 20.12.2012 30.06.2012 31.12.2012 31.12.2012 19.02.2013 31.12.2012

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 9 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided

Inst Type n/a Other Unclassified Other Other Other Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 18.02.2013 15.02.2013 14.02.2013 08.02.2013 06.02.2013 04.02.2013 25.01.2013 24.01.2013 23.01.2013 21.01.2013 17.01.2013 16.01.2013 15.01.2013 06.01.2013 10.12.2012 06.11.2012 19.10.2012 19.09.2012 14.09.2012 13.09.2012


21.02.2013

Swire Pacific Ltd Swire Pacific Limited, through its subsidiaries, operates in the real estate, aviation, beverage, industrial, marine services, trading, and industrial businesses.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 19 HK EQUITY YTD Change 19 HK EQUITY YTD % CHANGE

12/2011 01/yy 101.30 81.15 1'407'001.00 99.75 -1.53% 22.92% 97.02% 905.6 147'540.16 39'919.00 0.0 4'917.0 3'922.00 230'122.16

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

6.0 M

100

5.0 M

80

4.0 M

60

3.0 M

40

2.0 M

20

1.0 M

0 f-12 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

.0 M f-13

j-13

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 21'553.0 8.69x 6'565.0 28.54x 26'260.0 6.23x

120

31.12.2008 31.12.2009 24'670.0 24'909.0 4.04x 6.09x 7'933.0 8'387.0 12.57x 18.10x 5'853.0 21'893.0 13.79x 6.46x Profitability

31.12.2010 29'201.0 7.10x 9'051.0 22.90x 38'252.0 5.03x

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 36'286.0 4.49x 10'102.0 16.12x 32'210.0 4.38x 10'102.00 8'435.00 23.25% 94.21% 5.48% 7.84% 7.03% 0.13% 41.1% 26.9% 22.3% 88.8% 0.81 0.26 13.64% 17.54% 14.29 2.41

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.36 0.82 638.67 18.36% 4.07% 0.822 14 3.214 738'431 1'242'727 1'251'624 FY+2

12/12 Y 12/13 Y 42'212.7 44'683.1 4.53x 4.31x 13'458.6 12'862.6 17.10x 17.89x 8'831.6 9'661.9 15.76x 15.78x 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

FQ+1

FQ+2

-

-

16.08.2005 ASTABLE 5.72 0.10 4.29 5.17 17.5% 14.7% 0.13 0.17 25.61 151.56 33.90 134.00

Sales/Revenue/Turnover

30.00

40'000.0 35'000.0

25.00

30'000.0 20.00

25'000.0 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

02.01.2013

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 |


21.02.2013

Swire Pacific Ltd Holdings By:

All

Holder Name ELHAM LTD ABERDEEN JP MORGAN JOHN SWIRE & SONS HK VANGUARD GROUP INC SCHRODER INVESTMENT BLACKROCK TAIKOO LTD SHREWSBURY HOLDINGS WALTHAM LTD MATTHEWS INTERNATION T ROWE PRICE ASSOCIA STATE STREET GLOBAL INVESTEC ASSET MANAG COMMONWEALTH BANK OF FIDELITY INVESTMENTS TEMPLETON INVESTMENT NEW JERSEY DIVISION CREDIT SUISSE ASSET DANSKE INVEST MANAGE

Firm Name Credit Suisse Deutsche Bank Jefferies Morgan Stanley Standard Chartered EVA Dimensions Goldman Sachs Macquarie HSBC Nomura

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

Analyst CUSSON LEUNG TONY TSANG VENANT CHIANG LIN HE JOHN Y F CHAN AUSTIN BURKETT SIMON CHEUNG CALLUM BRAMAH MARK CARMERON ROSS WEBB BENJAMIN LO

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

Recommendation neutral hold hold Equalwt/In-Line outperform underweight neutral/neutral neutral overweight reduce

Amt Held 196'290'500 118'712'051 45'703'401 39'580'357 22'864'204 20'910'364 15'203'580 12'632'302 9'140'000 8'152'500 8'148'000 7'282'500 5'657'371 3'434'000 3'202'500 3'159'000 2'518'078 1'611'006 1'582'802 1'463'000

% Out 21.68 13.11 5.05 4.37 2.52 2.31 1.68 1.39 1.01 0.9 0.9 0.8 0.62 0.38 0.35 0.35 0.28 0.18 0.17 0.16

Weighting

Change 3 3 3 3 5 1 3 3 5 2

M M M M U M M M M M

Latest Chg (933'092) 3'590'000 31'000 (651'500) (712'920) (27'500) 9'500 (8'000)

Target Price 91 80 96 101 111 #N/A N/A 99 99 102 82

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

File Dt Inst Type 31.12.2012 Other 19.12.2012 Unclassified 17.12.2012 Unclassified 31.12.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.02.2013 Investment Advisor 31.12.2012 Other 31.12.2012 Holding Company 31.12.2012 Corporation 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Investment Advisor 30.11.2012 Investment Advisor 31.10.2012 Bank 31.12.2010 Mutual Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 28.12.2012 Mutual Fund Manager 29.06.2012 Investment Advisor

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

Date 20.02.2013 18.02.2013 04.02.2013 31.01.2013 17.01.2013 17.01.2013 04.01.2013 06.11.2012 14.08.2012 10.08.2012


21.02.2013

Tencent Holdings Ltd Tencent Holdings Limited provides Internet, mobile, and telecommunication value-added services in China. The Company has an instant messaging community in China. Tencent also provides online advertising services.

Price/Volume 300

14.0 M

250

12.0 M 10.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (02.11.2012) 52-Week Low (21.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 700 HK EQUITY YTD Change 700 HK EQUITY YTD % CHANGE

12/2011 09/yy 281.00 191.50 3'829'655.00 271.8 -3.27% 41.93% 95.08% 1'854.0 503'911.97 11'732.77 0.0 624.5 26'328.18 391'459.16

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

6.0 M

100

4.0 M

50

2.0 M

0 f-12 m-12

31.12.2008 31.12.2009 7'154.5 12'440.0 10.35x 20.68x 3'539.9 6'415.5 20.91x 40.10x 2'784.6 5'155.6 28.37x 51.84x Profitability

LTM-4Q 31.12.2010 19'646.0 12.43x 10'382.4 23.52x 8'053.6 32.31x

31.12.2011 28'496.1 7.61x 13'357.0 16.23x 10'203.1 22.57x

j-12

13'356.97 11'417.56 40.07% 42.46% 19.55% 36.93% 28.40% 0.66% 65.2% 42.3% 35.9% 35.8% 1.68 1.34 20.65% 41.22% 15.47 73.90

LTM

09/yy 26'097.8 40.77x 9'762.2 0.00x 9'866.9 24.87x

j-12

09/yy 39'663.1 30.89x 16'772.4 22.74x 11'805.3 33.05x

a-12

s-12

o-12

n-12

d-12

j-13

FY+1

.0 M f-13

1.09 963.21 40.86% 9.16% 1.089 36 4.194 3'011'757 3'458'349 3'411'970 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 43'763.7 56'467.1 12'095.3 12'867.6 8.86x 6.67x 18'253.7 22'899.8 4'786.0 5'483.0 21.45x 17.09x 17.90x 16.98x 12'958.6 16'500.5 3'485.8 4'117.2 30.97x 24.48x 24.96x 23.29x 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

14.11.2011 BBB+ STABLE 184.14 128.28 -0.89 0.76 41.2% 28.7% 0.66 5.95 23.66 4.95 68.03 -

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

a-12 m-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 3'820.9 24.95x 1'791.9 53.21x 1'566.0 62.78x

8.0 M

150

Valuation Analysis

15'000.0 10'000.0

0.40

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 |


21.02.2013

Tencent Holdings Ltd Holdings By:

All