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1 Quant Analyst Quant RA Monthly Update The Guiding Light Asia Pacific / Country Feb 26, 28 Asia Pacific Country Earnings & Valuation Asia Pacific Country Allocation Positive Indonesia, India, China Neutral Hong Kong, Thailand, Philippines, Singapore, Korea, Australia, Malaysia Negative New Zealand, Japan, Taiwan Quantitative Strategy MIRAE ASSET RESEARCH

2 Quant Analyst Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 2

3 Quant Analyst Contents Asia Pacific Country Highlights 4 Asia Pacific Country Rating & Overview Country Rating Country Overview Country Earnings & Valuation Table Global Market Index Composition 18 Asia Pacific Country Earnings & Valuation Asia Pacific Asia Pacific ex. Japan Japan Austrailia Korea Taiwan China Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines Other Key Market Earnings & Valuation United States United Kingdom France Germany Brazil Russia Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 3

4 Quant Analyst Asia Pacific Country Highlights Asia Pacific Country Allocation for March Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 4

5 Quant Analyst < 1> Asia Pacific Country Ratings Rating Z-score Countries Feb Mar Feb Mar Change Indonesia Positive Positive India Positive Positive China Positive Positive Hong Kong Positive Neutral Thailand Neutral Neutral Philippines Neutral Neutral Singapore Neutral Neutral Korea Neutral Neutral Australia Negative Neutral Malaysia Neutral Neutral New Zealand Neutral Negative Japan Negative Negative Taiwan Negative Negative < 1> Z-score Changes in Asia Pacific Country Ratings Z-score Rating Indonesia India China 3 Z-score 2 Z-score Hong Kong Thailand Philippines Singapore Korea Australia Malaysia New Zealand Japan Taiwan Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 5

6 Quant Analyst < 2> Valuation : PER PBR A. () 12 PER (x) x (x) (%) B. () PBR M Trailing P/B 12M Trailing ROE x x 14.2x 13.9x x 12.7x 13.1x 12.9x 11.8x x 11.7x 11.5x 11.4x 1.2x 1.6x Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 6

7 Quant Analyst < 3> Earnings : (%) 3 A. () (%) 6 B. (%) 4 C. ( Earnings Revision Ratio (weekly) Earnings Revision Ratio (4w MA) -3 27/1 27/4 27/7 27/1 28/ /11 28/2 Indonesia India Malaysia Hong Kong China Philippines Australia Thailand Singapore Japan New Zealand Korea Taiwan /11 28/2 IT Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 7

8 Quant Analyst < 4> A. PER B. EPS Dispersion II China India Japan Singapore Philippines New Zealand Australia Taiwan III Korea Thailand Hong Kong Malaysia Indonesia IV I 4 Taiwan II Korea Hong Kong China Indonesia Thailand Philippines India Japan Malaysia Singapore -4 III IV Australia New Zealand I Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 8

9 Quant Analyst Asia Pacific Country Rating & Overview Asia Pacific Country Rating Asia Pacific Country Overview Country Earnings & Valuation Table Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 9

10 Quant Analyst Asia Pacific Country Rating Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% Negative -.5 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Indonesia Positive Positive Positive Positive Negative Positive (p.96) Z-score (3.18) India Positive Positive Positive Positive Negative Positive (p.78) Z-score (1.57) China Positive Positive Positive Positive Negative Positive (p.66) Z-score (.86) Hong Kong Neutral Positive Positive Neutral Negative Negative Positive (p.72) Z-score (.42) Thailand Neutral Neutral Positive Neutral Positive Positive Negative (p.12) Z-score (.26) Philippines Neutral Neutral Neutral Neutral Negative Neutral Negative (p.114) Z-score (-.1) Singapore Neutral Positive Negative Negative Negative Positive Positive (p.84) Z-score (-.1) Korea Neutral Negative Negative Neutral Negative Positive Positive (p.54) Z-score (-.12) Australia Neutral Neutral Neutral Negative Positive Negative Positive (p.48) Z-score (-.23) Malaysia Neutral Positive Neutral Neutral Negative Negative Neutral (p.9) Z-score (-.31) New Zealand Negative Negative Negative Neutral Neutral Negative (p.18) Z-score (-.88) Japan Negative Negative Negative Negative Neutral Positive (p.42) Z-score (-1.1) Taiwan Positive Positive Positive Negative Negative Negative Negative Negative Negative Neutral Positive Negative (p.6) Z-score (-1.28) Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 1

11 Quant Analyst Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 11

12 Quant Analyst Asia Pacific Country Overview Graph 1-A : Market Cap. Weights - Asia Pacific Graph 1-B : MCap. Weights - Asia Pac. x. Japan Malaysia Singapore 1.6% 2.5% India 4.5% Hong Kong 5.% China 8.7% Taiwan 6.2% Indonesia Thailand 1.1%.9% Korea 8.2% Australia 14.6% New Zealand,.4% Japan 45.9% Philippines.3% Pakistan.1% Indonesia 2.1% Malaysia 2.9% Singapore 4.6% India 8.4% Hong Kong 9.3% China 16.1% Thailand 1.6% Taiwan 11.5% New Zealand,.8% Australia 26.9% Philippines.6% Korea 15.2% Pakistan.2% Graph 2-A : 28E Sales Dist n - Asia Pacific Graph 2-B : 28E Sales Dist n - AP x. Japan Singapore 1.1% India 1.7% Hong Kong 1.3% Malaysia.6% Indonesia.4% Thailand.6% Philippines.2% New Zealand,.4% Malaysia 2.2% Singapore 3.9% Indonesia 1.4% Thailand 2.3% New Zealand,.9% Philippines.5% Pakistan.1% China 4.% Taiwan 5.% Korea 7.5% Australia 4.9% Japan 72.4% India 6.1% Hong Kong 4.9% China 14.3% Taiwan 18.1% Australia 17.9% Korea 27.3% Graph 3-A : 28E Net Income Dist n - Asia Pac.ific Graph 3-B : 28E Net Income Dist n - AP x. Japan Malaysia 1.4% Singapore 2.3% India 3.6% Hong Kong 4.% China 8.% Indonesia 1.% Thailand New 1.% Zealand,.4% Philippines.2% Pakistan.1% Indonesia 2.% Malaysia 2.7% Singapore 4.5% Thailand 1.9% India 6.9% New Zealand, Philippines.8%.6% Pakistan.2% Australia 22.8% Taiwan 7.2% Korea 1.9% Australia 11.8% Japan 48.% China 15.4% Hong Kong 7.7% Taiwan 13.8% Korea 21.% Note : Above graph is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 12

13 The Guiding Light Quant Analyst Graph 4 : 28E Sales Growth by Country (%) Indonesia Pakistan China Taiwan India Hong Kong EM Asia Asia ex. Japan AP ex. Japan Malaysia Australia Singapore Korea New Zealand Philippines Thailand Asia Pacific Asia Japan Graph 5 : 28E EPS Growth by Country (%) China India Indonesia Pakistan EM Asia Korea Thailand Philippines Hong Kong Malaysia Asia ex. Japan Taiwan Asia AP ex. Japan Asia Pacific Japan Singapore -4.9 Australia New Zealand Graph 6 : 28E ROE by Country (%) Indonesia India Australia China Thailand New Zealand Taiwan EM Asia AP ex. Japan Philippines Asia ex. Japan Malaysia Korea Singapore Asia Pacific Asia Hong Kong Japan Note : Above graph is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 13

14 Quant Analyst Graph 7 : 12MF PER by Country (x) India Hong Kong China Indonesia Malaysia Asia ex. Japan Asia Philippines Japan AP ex. Japan Asia Pacific EM Asia New Zealand Singapore Australia Pakistan Taiwan Thailand Korea Graph 8 : 12MF PBR by Country (x) Indonesia India China Australia Malaysia Philippines New Zealand AP ex. Japan EM Asia Asia ex. Japan Thailand Taiwan Singapore Hong Kong Asia Pacific Asia Korea Japan Graph 9 : 12MF EV/EBITDA by Country (x Australia Hong Kong India AP ex. Japan Asia Pacific China Pakistan Asia ex. Japan Asia EM Asia Japan New Zealand Taiwan Malaysia Indonesia Thailand Philippines Korea Singapore Note : Above graph is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 14

15 Quant Analyst Graph 1 : 12MF Dividend Yield by Country (%) New Zealand Taiwan Australia Pakistan Singapore Thailand Malaysia Philippines AP ex. Japan Hong Kong Asia ex. Japan Indonesia EM Asia Asia Pacific China Asia Korea Japan India Graph 11 : 12MF PCR by Country (x) Hong Kong India China Malaysia Singapore Indonesia Asia ex. Japan AP ex. Japan Australia Pakistan EM Asia Philippines Asia Pacific Asia Taiwan New Zealand Japan Thailand Korea Graph 12 : 12MF PSR by Country (x Pakistan Hong Kong Indonesia India Malaysia China Australia Philippines Singapore AP ex. Japan Asia ex. Japan EM Asia New Zealand Taiwan Thailand Korea Asia Pacific Asia Japan Note : Above graph is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 15

16 Quant Analyst Global Market Earnings & Valuation Table Table 1 : Earnings Forecast by Country - Global Market Country Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) AC World 1. 2, Developed Market , EAFE , Pacific North America Europe Emerging Market Asia Latin America Europe AC Asia Pacific , AC AP ex. Japan AC Asia , AC Asia ex. Japan Australia Hong Kong Japan New Zealand Singapore China India Indonesia Korea Malaysia Pakistan NA NA Philippines Taiwan Thailand AC Americas US Canada Argentina NA NA Brazil Chile Colombia NA NA Mexico Peru.1 6 NA NA NA NA NA NA NA AC Europe Austria Belgium Denmark Finland France Germany Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Czech Rep Hungary Poland Russia Turkey Israel Egypt NA NA South Africa Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 16

17 Quant Analyst Table 2 : Valuation & Performance by Country - Global Market Country Wgt # Co's 12-month Forward Valuation Performance PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) AC World 1. 2, Developed Market , EAFE , Pacific North America Europe Emerging Market Asia Latin America Europe AC Asia Pacific , AC AP ex. Japan AC Asia , AC Asia ex. Japan Australia Hong Kong Japan New Zealand Singapore China India Indonesia Korea Malaysia Pakistan NA Philippines Taiwan Thailand AC Americas US Canada Argentina NA NA NA Brazil Chile Colombia NA NA 4.5 NA 2. NA Mexico Peru NA NA NA NA NA AC Europe Austria Belgium Denmark Finland France Germany Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Czech Rep Hungary Poland Russia Turkey Israel Egypt NA ,718 South Africa Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 17

18 Quant Analyst Global Market Index Composition Table 1 : MSCI Market Index Composition by Reigions & Countries All Countries Developed Markets Emerging Markets Country AC World AC Asia Pacific AC Asia Pacific ex Japan AC Americas AC Europe World EAFE Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Market Australia Hong Kong Japan New Zealand Singapore China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand Canada USA Argentina Brazil Chile Colombia Mexico Peru Austria Belgium Denmark Finland France Germany Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom Czech Republic Hungary Poland Russia Turkey Israel Jordan Egypt Morocco South Africa Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 18

19 Quant Analyst Table 2 : MSCI Market Index Composition by Countries & Sectors Country Market Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities AC World Developed Market EAFE Pacific North America Europe Emerging Market Asia Latin America Europe AC Asia Pacific AC AP ex. Japan AC Asia AC Asia ex. Japan Australia Hong Kong Japan New Zealand Singapore China India Indonesia Korea Malaysia Pakistan Philippines Taiwan Thailand AC Americas US Canada Argentina Brazil Chile Colombia Mexico Peru AC Europe Austria Belgium Denmark Finland France Germany Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Czech Rep Hungary Poland Russia Turkey Israel Egypt South Africa Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 19

20 Quant Analyst Table 3 : MSCI Market Index Composition by Reigions & Sectors All Countries Sector & Industry AC World AC Asia Pacific AC Asia Pacific x Jp. AC Americas AC Europe World EAFE US Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Market Energy Energy Equipment & Services Oil, Gas & Consumable Fuels Materials Chemicals Construction Materials Containers & Packaging Metals & Mining Paper & Forest Products Industrials Aerospace & Defense Building Products Construction & Engineering Electrical Equipment Industrial Conglomerates Machinery Trading Companies & Distributors Commercial Services & Supplies Air Freight & Logistics Airlines Marine Road & Rail Transportation Infrastructure Consumer Discretionary Auto Components Automobiles Household Durables Leisure Equipment & Products Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Diversified Consumer Services Media Distributors Internet & Catalog Retail Multiline Retail Specialty Retail Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 2

21 Quant Analyst Table 3 : MSCI Market Index Composition by Reigions & Sectors (Continued) All Countries Sector & Industry AC World AC Asia Pacific AC Asia Pacific x Jp. AC Americas AC Europe World EAFE US Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Market Consumer Staples Food & Staples Retailing Beverages Food Products Tobacco Household Products Personal Products Health Care Health Care Equipment & Supplies Health Care Providers & Services Health Care Technology Biotechnology Pharmaceuticals Life Sciences Tools & Services Financials Commercial Banks Thrifts & Mortgage Finance Diversified Financial Services Consumer Finance Capital Markets Insurance Real Estate Investment Trusts Real Estate Mgmt. & Development Information Technology Internet Software & Services IT Services Software Communications Equipment Computers & Peripherals Electronic Equipment & Instruments Office Electronics Semiconductors & Equipment Telecommunication Services Diversified Telecom Services Wireless Telecom Services Utilities Electric Utilities Gas Utilities Multi-Utilities Water Utilities Power Producers & Energy Traders Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 21

22 Quant Analyst Table 4 : MSCI Asia Pacific Index Composition by Countries & Sectors Sector & Industry AC Asia Pacific AC Asia Pacific x Jp. Japan Australia Korea China Taiwan Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines Market Energy Energy Equipment & Services Oil, Gas & Consumable Fuels Materials Chemicals Construction Materials Containers & Packaging Metals & Mining Paper & Forest Products Industrials Aerospace & Defense Building Products Construction & Engineering Electrical Equipment Industrial Conglomerates Machinery Trading Companies & Distributors Commercial Services & Supplies Air Freight & Logistics Airlines Marine Road & Rail Transportation Infrastructure Consumer Discretionary Auto Components Automobiles Household Durables Leisure Equipment & Products Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Diversified Consumer Services Media Distributors Internet & Catalog Retail Multiline Retail Specialty Retail Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 22

23 Quant Analyst Table 4 : MSCI Asia Pacific Index Composition by Countries & Sectors (Continued) Sector & Industry AC Asia Pacific AC Asia Pacific x Jp. Japan Australia Korea China Taiwan Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines Market Consumer Staples Food & Staples Retailing Beverages Food Products Tobacco Household Products Personal Products Health Care Health Care Equipment & Supplies Health Care Providers & Services Health Care Technology Biotechnology Pharmaceuticals Life Sciences Tools & Services Financials Commercial Banks Thrifts & Mortgage Finance Diversified Financial Services Consumer Finance Capital Markets Insurance Real Estate Investment Trusts Real Estate Mgmt. & Development Information Technology Internet Software & Services IT Services Software Communications Equipment Computers & Peripherals Electronic Equipment & Instruments Office Electronics Semiconductors & Equipment Telecommunication Services Diversified Telecom Services Wireless Telecom Services Utilities Electric Utilities Gas Utilities Multi-Utilities Water Utilities Power Producers & Energy Traders Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 23

24 Quant Analyst Table 5 : MSCI Market Index Composition by Regions & Sectors All Countries Sector & Industry AC World AC Asia Pacific AC Asia Pacific x Jp. AC Americas AC Europe World EAFE US Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Energy Energy Equipment & Services Oil, Gas & Consumable Fuels Materials Chemicals Construction Materials Containers & Packaging Metals & Mining Paper & Forest Products Industrials Aerospace & Defense Building Products Construction & Engineering Electrical Equipment Industrial Conglomerates Machinery Trading Companies & Distributors Commercial Services & Supplies Air Freight & Logistics Airlines Marine Road & Rail Transportation Infrastructure Consumer Discretionary Auto Components Automobiles Household Durables Leisure Equipment & Products Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Diversified Consumer Services Media Distributors Internet & Catalog Retail Multiline Retail Specialty Retail Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 24

25 Quant Analyst Table 5 : MSCI Market Index Composition by Regions & Sectors (Continued) All Countries Sector & Industry AC World AC Asia Pacific AC Asia Pacific x Jp. AC Americas AC Europe World EAFE US Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Consumer Staples Food & Staples Retailing Beverages Food Products Tobacco Household Products Personal Products Health Care Health Care Equipment & Supplies Health Care Providers & Services Health Care Technology Biotechnology Pharmaceuticals Life Sciences Tools & Services Financials Commercial Banks Thrifts & Mortgage Finance Diversified Financial Services Consumer Finance Capital Markets Insurance Real Estate Investment Trusts Real Estate Mgmt. & Development Information Technology Internet Software & Services IT Services Software Communications Equipment Computers & Peripherals Electronic Equipment & Instruments Office Electronics Semiconductors & Equipment Telecommunication Services Diversified Telecom Services Wireless Telecom Services Utilities Electric Utilities Gas Utilities Multi-Utilities Water Utilities Power Producers & Energy Traders Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 25

26 Quant Analyst Table 6 : MSCI Asia Pacific Index Composition by Countries & Sectors Sector & Industry AC Asia Pacific x Jp. Australia Korea China Taiwan Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines Pakistan Energy Energy Equipment & Services Oil, Gas & Consumable Fuels Materials Chemicals Construction Materials Containers & Packaging Metals & Mining Paper & Forest Products Industrials Aerospace & Defense Building Products Construction & Engineering Electrical Equipment Industrial Conglomerates Machinery Trading Companies & Distributors Commercial Services & Supplies Air Freight & Logistics Airlines Marine Road & Rail Transportation Infrastructure Consumer Discretionary Auto Components Automobiles Household Durables Leisure Equipment & Products Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Diversified Consumer Services Media Distributors Internet & Catalog Retail Multiline Retail Specialty Retail Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 26

27 Quant Analyst Table 6 : MSCI Asia Pacific Index Composition by Countries (Continued) Sector & Industry AC Asia Pacific x Jp. Australia Korea China Taiwan Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines Pakistan Consumer Staples Food & Staples Retailing Beverages Food Products Tobacco Household Products Personal Products Health Care Health Care Equipment & Supplies Health Care Providers & Services Health Care Technology Biotechnology Pharmaceuticals Life Sciences Tools & Services Financials Commercial Banks Thrifts & Mortgage Finance Diversified Financial Services Consumer Finance Capital Markets Insurance Real Estate Investment Trusts Real Estate Mgmt. & Development Information Technology Internet Software & Services IT Services Software Communications Equipment Computers & Peripherals Electronic Equipment & Instruments Office Electronics Semiconductors & Equipment Telecommunication Services Diversified Telecom Services Wireless Telecom Services Utilities Electric Utilities Gas Utilities Multi-Utilities Water Utilities Power Producers & Energy Traders Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 27

28 Quant Analyst Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 28

29 Quant Analyst Asia Pacific Country Earnings & Valuation Asia Pacific Asia Pacific ex. Japan Japan Austrailia Korea Taiwan China Hong Kong India Singapore Malaysia Indonesia Thailand New Zealand Philippines Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 29

30 Quant Analyst MSCI AC Asia Pacific Asia Pacific Country Allocation Positive Indonesia, India, China Neutral Hong Kong, Thailand, Philippines, Singapore, Korea, Australia, Malaysia Negative New Zealand, Japan, Taiwan Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) (pt) (%) E EPS (LHS) 29E EPS (LHS) 8 Coef. Variation (RHS) 5 7/2 7/5 7/8 7/11 8/2 8 Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 3

31 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) Earnings Momentum (LHS) (%) 15 Earnings Revision Ratio (RHS) 3 (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) month Forward PER (LHS) 35 LT EPS Growth Forecast (RHS) 22 12MF P/E (x) UT CS HC TS FN CD IT MT EN ID LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) Trailing PBR (LHS) 4 Tr.PBR Trailing ROE (RHS) UT CD CS FN TS HC IT ID MT EN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 31

32 Quant Analyst Table 1 : Earnings Forecast - MSCI AC Asia Pacific Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products Construction & Engineering Electrical Equipment Machinery Trading Companies & Distrib Commercial Services & Supp Airlines Marine Road & Rail Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury G Hotels, Restaurants & Leisur Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Produ Health Care Biotechnology Pharmaceuticals Financials Banks Capital Markets Insurance Information Technology Internet Software & Service IT Services Software Communications Equipment Computers & Peripherals Electronic Equip. & Instr Office Electronics Semiconductors Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 32

33 Quant Analyst Table 2 : Valuation & Performance - MSCI AC Asia Pacific Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products Construction & Engineering Electrical Equipment Machinery Trading Companies & Distributors Commercial Services & Supplies Airlines NA Marine Road & Rail Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Products Health Care Biotechnology Pharmaceuticals Financials Banks Capital Markets NA Insurance Information Technology Internet Software & Services IT Services Software Communications Equipment Computers & Peripherals Electronic Equip. & Instr Office Electronics Semiconductors Telecom. Services Diversified Telecom. Services Wireless Telecom. Services Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 33

34 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI AC Asia Pacific Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Toyota Motor Corp 723 JP Cons. Discr BHP Billiton Ltd. BHP AU Materials China Mobile Ltd. 941 CH Telecom. Svcs Mitsubishi UFJ Finan 836 JP Financials NA NA Samsung Electronic 593 KR IT Commonwealth Ban CBA AU Financials Canon Inc JP IT Nintendo Co. Ltd JP IT Honda Motor Co. L 7267 JP Cons. Discr Sony Corp JP Cons. Discr Sumitomo Mitsui Fin 8316 JP Financials NA NA Takeda Pharmaceu 452 JP Health Care National Australia B NAB AU Financials Matsushita Electric 6752 JP Cons. Discr Taiwan Semiconduc 233 TW IT Mitsubishi Corp. 858 JP Industrials Reliance Industries 5325 IN Energy Mizuho Financial Gr 8411 JP Financials NA NA POSCO 549 KR Materials Westpac Banking C WBC AU Financials Australia & New Ze ANZ AU Financials Mitsui & Co. Ltd. 831 JP Industrials Rio Tinto Ltd. RIO AU Materials Woolworths Ltd. WOW AU Cons. Staples Nippon Steel Corp. 541 JP Materials Tokyo Electric Pow 951 JP Utilities NA PetroChina Co. Ltd 857 CH Energy Hon Hai Precision In 2317 TW IT Nomura Holdings In 864 JP Financials NA NA Mitsubishi Estate C 882 JP Financials China Life Insuranc 2628 CH Financials East Japan Railway 92 JP Industrials Millea Holdings Inc JP Financials NA NA CNOOC Ltd. 883 CH Energy JFE Holdings Inc JP Materials Hitachi Ltd. 651 JP IT NTT DoCoMo Inc JP Telecom. Svcs Japan Tobacco Inc JP Cons. Staples Woodside Petroleum WPL AU Energy Sun Hung Kai Prope 16 HK Financials Nippon Telegraph & 9432 JP Telecom. Svcs Komatsu Ltd. 631 JP Industrials Toshiba Corp. 652 JP IT Cheung Kong (Hold 1 HK Financials ICICI Bank Ltd IN Financials QBE Insurance Grou QBE AU Financials Astellas Pharma Inc 453 JP Health Care Singapore Telecom Z74 SG Telecom. Svcs Shin-Etsu Chemical 463 JP Materials Kookmin Bank 6 KR Financials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 34

35 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI AC Asia Pacific Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Toyota Motor Corp ,8. 7, BHP Billiton Ltd. BHP China Mobile Ltd Mitsubishi UFJ Financi , NA 1.7 NA Samsung Electronics C , 72, Commonwealth Bank CBA Canon Inc ,99. 6, Nintendo Co. Ltd ,3. 7, Honda Motor Co. Ltd ,38. 4, Sony Corp ,9. 6, Sumitomo Mitsui Fina , NA 1.7 NA Takeda Pharmaceutic 452 5,92. 7, National Australia Ban NAB Matsushita Electric In ,275. 2, Taiwan Semiconducto Mitsubishi Corp ,29. 3, Reliance Industries Ltd , , Mizuho Financial Grou , 6, NA 2.7 NA POSCO , 7, Westpac Banking Cor WBC Australia & New Zeala ANZ Mitsui & Co. Ltd ,33. 2, Rio Tinto Ltd. RIO Woolworths Ltd. WOW Nippon Steel Corp Tokyo Electric Power 951 2,745. 2, PetroChina Co. Ltd Hon Hai Precision Indu Nomura Holdings Inc ,713. 2, NA 2.4 NA Mitsubishi Estate Co ,515. 3, China Life Insurance C NA East Japan Railway Co , Millea Holdings Inc ,77. 4, NA 1.3 NA CNOOC Ltd JFE Holdings Inc ,63. 6, Hitachi Ltd NA NTT DoCoMo Inc , 192, Japan Tobacco Inc , 737, Woodside Petroleum L WPL Sun Hung Kai Propert Nippon Telegraph & T , 585, Komatsu Ltd ,76. 3, Toshiba Corp , Cheung Kong (Holding ICICI Bank Ltd , , QBE Insurance Group QBE Astellas Pharma Inc ,72. 5, Singapore Telecommu Z Shin-Etsu Chemical Co 463 5,53. 8, Kookmin Bank 6 59,5. 84, NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 35

36 Quant Analyst MSCI AC Asia Pacific ex. Japan Asia Pacific ex. Japan Country Allocation Positive Indonesia, India, China Neutral Hong Kong, Thailand, Philippines, Singapore, Korea, Australia, Malaysia Negative New Zealand, Taiwan Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) (pt) (%) E EPS (LHS) E EPS (LHS) 1 26 Coef. Variation (RHS) 9 7/2 7/5 7/8 7/11 8/2 3 Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 36

37 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) 4 Earnings Momentum (LHS) 6 Earnings Revision Ratio (RHS) (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) month Forward PER (LHS) 22 12MF P/E (x) HC LT EPS Growth Forecast (RHS) CS UT TS EN ID MT FN IT CD LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 4. Trailing PBR (LHS) 16 6 Tr.PBR HC Trailing ROE (RHS) UT ID CD FN IT TS CS EN MT Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 37

38 Quant Analyst Table 1 : Earnings Forecast - MSCI AC Asia Pacific ex. Japan Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products Construction & Engineering Electrical Equipment Machinery Trading Companies & Distrib Commercial Services & Supp Airlines Marine Road & Rail Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury G Hotels, Restaurants & Leisur Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Produ Health Care Biotechnology Pharmaceuticals Financials Banks Capital Markets Insurance Information Technology Internet Software & Service IT Services NA NA NA NA NA NA NA NA NA NA NA NA Software Communications Equipment Computers & Peripherals Electronic Equip. & Instr Office Electronics. 1 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 38

39 Quant Analyst Table 2 : Valuation & Performance - MSCI AC Asia Pacific ex. Japan Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products Construction & Engineering Electrical Equipment Machinery Trading Companies & Distributors Commercial Services & Supplies Airlines Marine Road & Rail Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Products Health Care Biotechnology Pharmaceuticals Financials Banks Capital Markets NA Insurance Information Technology Internet Software & Services IT Services NA NA Software NA ,669 Communications Equipment Computers & Peripherals Electronic Equip. & Instr Office Electronics. 1 NA NA NA NA NA NA NA Semiconductors Telecom. Services Diversified Telecom. Services Wireless Telecom. Services Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 39

40 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI AC Asia Pacific ex. Japan Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) BHP Billiton Ltd. BHP AU Materials China Mobile Ltd. 941 CH Telecom. Svcs Samsung Electronic 593 KR IT Commonwealth Ban CBA AU Financials National Australia B NAB AU Financials Taiwan Semiconduc 233 TW IT Reliance Industries 5325 IN Energy POSCO 549 KR Materials Westpac Banking C WBC AU Financials Australia & New Ze ANZ AU Financials Rio Tinto Ltd. RIO AU Materials Woolworths Ltd. WOW AU Cons. Staples PetroChina Co. Ltd 857 CH Energy Hon Hai Precision In 2317 TW IT China Life Insuranc 2628 CH Financials CNOOC Ltd. 883 CH Energy Woodside Petroleum WPL AU Energy Sun Hung Kai Prope 16 HK Financials Cheung Kong (Hold 1 HK Financials ICICI Bank Ltd IN Financials QBE Insurance Grou QBE AU Financials Singapore Telecom Z74 SG Telecom. Svcs Kookmin Bank 6 KR Financials Hong Kong Exchang 388 HK Financials Hutchison Whampo 13 HK Industrials Industrial & Comme 1398 CH Financials Infosys Technologie 529 IN IT China Petroleum & 386 CH Energy China Construction 939 CH Financials Wesfarmers Ltd. WES AU Cons. Staples CSL Ltd. CSL AU Health Care Shinhan Financial G 5555 KR Financials China Shenhua Ene 188 CH Energy Hyundai Heavy Indu 954 KR Industrials United Overseas Ba U11 SG Financials Newcrest Mining Lt NCM AU Materials Bumi Resources BUMI ID Energy DBS Group Holdings D5 SG Financials Cathay Financial Ho 2882 TW Financials Hang Seng Bank Lt 11 HK Financials Oversea-Chinese Ba O4 SG Financials Macquarie Group L MQG AU Financials Esprit Holdings Ltd. 33 HK Cons. Discr AMP Ltd. AMP AU Financials Suncorp-Metway Lt SUN AU Financials Brambles Ltd. BXB AU Industrials Telstra Corp. Ltd. TLS AU Telecom. Svcs Housing Developme 51 IN Financials NA NA China Steel Corp. 22 TW Materials Nan Ya Plastics Cor 133 TW Materials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 4

41 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI AC Asia Pacific ex. Japan Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) BHP Billiton Ltd. BHP China Mobile Ltd Samsung Electronics C , 72, Commonwealth Bank CBA National Australia Ban NAB Taiwan Semiconducto Reliance Industries Ltd , , POSCO , 7, Westpac Banking Cor WBC Australia & New Zeala ANZ Rio Tinto Ltd. RIO Woolworths Ltd. WOW PetroChina Co. Ltd Hon Hai Precision Indu China Life Insurance C NA CNOOC Ltd Woodside Petroleum L WPL Sun Hung Kai Propert Cheung Kong (Holding ICICI Bank Ltd , , QBE Insurance Group QBE Singapore Telecommu Z Kookmin Bank 6 59,5. 84, NA Hong Kong Exchanges Hutchison Whampoa L Industrial & Commerc NA NA NA Infosys Technologies L 529 1, , China Petroleum & Ch China Construction Ba NA NA NA Wesfarmers Ltd. WES CSL Ltd. CSL Shinhan Financial Gro ,7. 66, China Shenhua Energ NA NA Hyundai Heavy Indust ,5 563, United Overseas Bank U NA Newcrest Mining Ltd. NCM Bumi Resources BUMI 7,8. 7, NA DBS Group Holdings L D NA Cathay Financial Hold NA Hang Seng Bank Ltd Oversea-Chinese Bank O NA Macquarie Group Ltd MQG Esprit Holdings Ltd AMP Ltd. AMP Suncorp-Metway Ltd. SUN Brambles Ltd. BXB Telstra Corp. Ltd. TLS Housing Development 51 2, , NA 1.2 NA China Steel Corp Nan Ya Plastics Corp Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 41

42 Quant Analyst Japan MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Negative Negative Negative Negative Negative Neutral Positive Z-score (-1.1) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 1,2 1, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) (pt) (%) E EPS (LHS) Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/ E EPS (LHS) Coef. Variation (RHS) 7 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 42

43 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) Earnings Momentum (LHS) 1 5 Earnings Revision Ratio (RHS) (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 5 12-month Forward PER (LHS) 25 LT EPS Growth Forecast (RHS) MF P/E (x) UT CS TS FN HC ID CD IT EN MT LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 2.5 Trailing PBR (LHS) 15 Trailing ROE (RHS) 3 Tr.PBR UT CS FN TS IT EN CD ID HC MT Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 43

44 Quant Analyst Table 1 : Earnings Forecast - MSCI Japan Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products Construction & Engineering Electrical Equipment Machinery Trading Companies & Distrib Commercial Services & Supp Airlines Marine Road & Rail Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury G Hotels, Restaurants & Leisur Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Produ Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks Capital Markets Insurance Information Technology Internet Software & Service IT Services Software Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals Electronic Equip. & Instr Office Electronics Semiconductors Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 44

45 Quant Analyst Table 2 : Valuation & Performance - MSCI Japan Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products Construction & Engineering Electrical Equipment Machinery Trading Companies & Distributors Commercial Services & Supplies Airlines NA Marine Road & Rail Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Products Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks NA Capital Markets NA NA Insurance NA 1.3 NA.7 NA Information Technology Internet Software & Services IT Services Software Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals Electronic Equip. & Instr Office Electronics Semiconductors Telecom. Services Diversified Telecom. Services Wireless Telecom. Services Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 45

46 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Japan Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Toyota Motor Corp 723 JP Cons. Discr Mitsubishi UFJ Finan 836 JP Financials NA NA Canon Inc JP IT Nintendo Co. Ltd JP IT Honda Motor Co. L 7267 JP Cons. Discr Sony Corp JP Cons. Discr Sumitomo Mitsui Fin 8316 JP Financials NA NA Takeda Pharmaceu 452 JP Health Care Matsushita Electric 6752 JP Cons. Discr Mitsubishi Corp. 858 JP Industrials Mizuho Financial Gr 8411 JP Financials NA NA Mitsui & Co. Ltd. 831 JP Industrials Nippon Steel Corp. 541 JP Materials Tokyo Electric Pow 951 JP Utilities NA Nomura Holdings In 864 JP Financials NA NA Mitsubishi Estate C 882 JP Financials East Japan Railway 92 JP Industrials Millea Holdings Inc JP Financials NA NA JFE Holdings Inc JP Materials Hitachi Ltd. 651 JP IT NTT DoCoMo Inc JP Telecom. Svcs Japan Tobacco Inc JP Cons. Staples Nippon Telegraph & 9432 JP Telecom. Svcs Komatsu Ltd. 631 JP Industrials Toshiba Corp. 652 JP IT Astellas Pharma Inc 453 JP Health Care Shin-Etsu Chemical 463 JP Materials Seven & I Holdings 3382 JP Cons. Staples Nissan Motor Co. Lt 721 JP Cons. Discr Daiichi Sankyo Co JP Health Care Kansai Electric Pow 953 JP Utilities Sharp Corp JP Cons. Discr Denso Corp. 692 JP Cons. Discr FUJIFILM Holdings C 491 JP IT Sumitomo Metal Ind 545 JP Materials Mitsubishi Electric C 653 JP Industrials Fanuc Ltd JP Industrials Chubu Electric Pow 952 JP Utilities Mitsui Fudosan Co. 881 JP Financials KDDI Corp JP Telecom. Svcs Itochu Corp. 81 JP Industrials Kao Corp JP Cons. Staples Softbank Corp JP Telecom. Svcs Sumitomo Corp. 853 JP Industrials Central Japan Railw 922 JP Industrials Mitsui O.S.K. Lines 914 JP Industrials Mitsubishi Heavy In 711 JP Industrials Kyocera Corp JP IT Fujitsu Ltd. 672 JP IT Kirin Holdings Co. L 253 JP Cons. Staples Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 46

47 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Japan Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Toyota Motor Corp ,8. 7, Mitsubishi UFJ Financi , NA 1.7 NA Canon Inc ,99. 6, Nintendo Co. Ltd ,3. 7, Honda Motor Co. Ltd ,38. 4, Sony Corp ,9. 6, Sumitomo Mitsui Fina , NA 1.7 NA Takeda Pharmaceutic 452 5,92. 7, Matsushita Electric In ,275. 2, Mitsubishi Corp ,29. 3, Mizuho Financial Grou , 6, NA 2.7 NA Mitsui & Co. Ltd ,33. 2, Nippon Steel Corp Tokyo Electric Power 951 2,745. 2, Nomura Holdings Inc ,713. 2, NA 2.4 NA Mitsubishi Estate Co ,515. 3, East Japan Railway Co , Millea Holdings Inc ,77. 4, NA 1.3 NA JFE Holdings Inc ,63. 6, Hitachi Ltd NA NTT DoCoMo Inc , 192, Japan Tobacco Inc , 737, Nippon Telegraph & T , 585, Komatsu Ltd ,76. 3, Toshiba Corp , Astellas Pharma Inc ,72. 5, Shin-Etsu Chemical Co 463 5,53. 8, Seven & I Holdings Co ,715. 3, Nissan Motor Co. Ltd , Daiichi Sankyo Co. Ltd ,7. 4, Kansai Electric Power 953 2,63. 2, Sharp Corp ,15. 2, Denso Corp ,11. 4, FUJIFILM Holdings Cor 491 3,97. 5, Sumitomo Metal Indu Mitsubishi Electric Co , Fanuc Ltd ,96. 12, Chubu Electric Power 952 2,735. 2, Mitsui Fudosan Co. Lt 881 2,135. 3, KDDI Corp , Itochu Corp. 81 1,17. 1, Kao Corp ,22. 3, Softbank Corp ,255. 2, Sumitomo Corp ,524. 2, Central Japan Railway Mitsui O.S.K. Lines Lt 914 1,451. 1, Mitsubishi Heavy Indu Kyocera Corp ,72. 1, Fujitsu Ltd Kirin Holdings Co. Ltd 253 1,746. 1, Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 47

48 Quant Analyst Austrailia MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Neutral Neutral Neutral Negative Positive Negative Positive Z-score (-.23) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 1,5 1, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 84 9 (pt) (%) E EPS (LHS) 29E EPS (LHS) Coef. Variation (RHS) Coef. Variation (RHS) /2 7/5 7/8 7/11 8/ /2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 48

49 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) 1 Earnings Momentum (LHS) 8 Earnings Revision Ratio (RHS) (%) 15 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) month Forward PER (LHS) 25 12MF P/E (x) HC 18 LT EPS Growth Forecast (RHS) 14 2 EN CS UT TS ID MT CD IT FN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 4. Trailing PBR (LHS) 2 Trailing ROE (RHS) Tr.PBR HC CS TS IT MT EN UT CD ID FN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 49

50 Quant Analyst Table 1 : Earnings Forecast - MSCI Austrailia Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp Airlines Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail.3 1 NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury G Hotels, Restaurants & Leisur Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Produ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care Biotechnology Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets Insurance Information Technology Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Service Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 5

51 Quant Analyst Table 2 : Valuation & Performance - MSCI Austrailia Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies Airlines NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods NA NA Hotels, Restaurants & Leisure Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care Biotechnology Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA Insurance Information Technology NA Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Services Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 51

52 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Austrailia Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) BHP Billiton Ltd. BHP AU Materials Commonwealth Ban CBA AU Financials National Australia B NAB AU Financials Westpac Banking C WBC AU Financials Australia & New Ze ANZ AU Financials Rio Tinto Ltd. RIO AU Materials Woolworths Ltd. WOW AU Cons. Staples Woodside Petroleum WPL AU Energy QBE Insurance Grou QBE AU Financials Wesfarmers Ltd. WES AU Cons. Staples CSL Ltd. CSL AU Health Care Newcrest Mining Lt NCM AU Materials Macquarie Group L MQG AU Financials AMP Ltd. AMP AU Financials Suncorp-Metway Lt SUN AU Financials Brambles Ltd. BXB AU Industrials Telstra Corp. Ltd. TLS AU Telecom. Svcs Foster's Group Ltd. FGL AU Cons. Staples Fortescue Metals G FMG AU Materials NA NA NA NA NA NA Orica Ltd. ORI AU Materials BlueScope Steel Ltd BSL AU Materials TABCorp Holdings L TAH AU Cons. Discr Santos Ltd. STO AU Energy ASX Ltd. ASX AU Financials Origin Energy Ltd. ORG AU Energy Insurance Australia IAG AU Financials Alumina Ltd. AWC AU Materials NA St. George Bank Lt SGB AU Financials Leighton Holdings L LEI AU Industrials Amcor Ltd. AMC AU Materials Toll Holdings Ltd. TOL AU Industrials WorleyParsons Ltd. WOR AU Energy OneSteel Ltd. OST AU Materials AGL Energy Ltd. AGK AU Utilities Coca-Cola Amatil L CCL AU Cons. Staples AXA Asia Pacific Ho AXA AU Financials Lend Lease Corp. L LLC AU Financials Crown Ltd. CWN AU Cons. Discr NA 5. NA Oxiana Ltd. OXR AU Materials Fairfax Media Ltd. FXJ AU Cons. Discr Sonic Healthcare Lt SHL AU Health Care Zinifex Ltd. ZFX AU Materials Computershare Ltd CPU AU IT Qantas Airways Ltd QAN AU Industrials Tatts Group Ltd. TTS AU Cons. Discr Babcock & Brown L BNB AU Financials Boral Ltd. BLD AU Materials Aristocrat Leisure L ALL AU Cons. Discr Cochlear Ltd. COH AU Health Care Paladin Energy Ltd. PDN AU Energy , NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 52

53 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Austrailia Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) BHP Billiton Ltd. BHP Commonwealth Bank CBA National Australia Ban NAB Westpac Banking Cor WBC Australia & New Zeala ANZ Rio Tinto Ltd. RIO Woolworths Ltd. WOW Woodside Petroleum L WPL QBE Insurance Group QBE Wesfarmers Ltd. WES CSL Ltd. CSL Newcrest Mining Ltd. NCM Macquarie Group Ltd MQG AMP Ltd. AMP Suncorp-Metway Ltd. SUN Brambles Ltd. BXB Telstra Corp. Ltd. TLS Foster's Group Ltd. FGL Fortescue Metals Gro FMG NA NA NA.5 NA NA Orica Ltd. ORI BlueScope Steel Ltd. BSL TABCorp Holdings Ltd TAH Santos Ltd. STO ASX Ltd. ASX Origin Energy Ltd. ORG Insurance Australia G IAG Alumina Ltd. AWC St. George Bank Ltd. SGB Leighton Holdings Ltd LEI Amcor Ltd. AMC Toll Holdings Ltd. TOL NA WorleyParsons Ltd. WOR NA NA OneSteel Ltd. OST AGL Energy Ltd. AGK Coca-Cola Amatil Ltd CCL AXA Asia Pacific Hold AXA Lend Lease Corp. Ltd LLC Crown Ltd. CWN NA Oxiana Ltd. OXR NA NA Fairfax Media Ltd. FXJ Sonic Healthcare Ltd. SHL Zinifex Ltd. ZFX NA Computershare Ltd. CPU Qantas Airways Ltd. QAN Tatts Group Ltd. TTS NA NA Babcock & Brown Ltd BNB NA NA Boral Ltd. BLD Aristocrat Leisure Ltd ALL Cochlear Ltd. COH Paladin Energy Ltd. PDN NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 53

54 Quant Analyst Korea MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Neutral Negative Negative Neutral Negative Positive Positive Z-score (-.12) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) (pt) (%) E EPS (LHS) Coef. Variation (RHS) 1 7/2 7/5 7/8 7/11 8/ E EPS (LHS) Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 54

55 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) Earnings Momentum (LHS) (pt) 3 Earnings Revision Ratio (RHS) 9 (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) month Forward PER (LHS) 6 LT EPS Growth Forecast (RHS) 19 12MF P/E (x) HC CS IT ID EN UT TS FN MT CD LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 2.5 Trailing PBR (LHS) 2 Trailing ROE (RHS) 4 Tr.PBR CS HC ID IT MT EN CD TS FN UT Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 55

56 Quant Analyst Table 1 : Earnings Forecast - MSCI Korea Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products Construction & Engineering Electrical Equipment Machinery Trading Companies & Distrib Commercial Services & Supp Airlines Marine Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury G Hotels, Restaurants & Leisur Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Produ Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks Capital Markets Insurance Information Technology Internet Software & Service IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software.1 1 NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities Electric Utilities Gas Utilities NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 56

57 Quant Analyst Table 2 : Valuation & Performance - MSCI Korea Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy NA Materials Chemicals Metals & Mining Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products Construction & Engineering Electrical Equipment NA Machinery Trading Companies & Distributors Commercial Services & Supplies Airlines Marine Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Media Retailing Consumer Staples Food & Staples Retailing NA Food, Beverage & Tobacco Household & Personal Products Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks Capital Markets NA Insurance Information Technology Internet Software & Services NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA ,459 Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors Telecom. Services Diversified Telecom. Services Wireless Telecom. Services Utilities NA Electric Utilities NA Gas Utilities NA NA NA 13.1 NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 57

58 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Korea Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Samsung Electronic 593 KR IT POSCO 549 KR Materials Kookmin Bank 6 KR Financials Shinhan Financial G 5555 KR Financials Hyundai Heavy Indu 954 KR Industrials Hyundai Motor Co. 538 KR Cons. Discr LG Electronics Inc KR Cons. Discr KT&G Corp KR Cons. Staples Korea Electric Pow 1576 KR Utilities Shinsegae Co. Ltd. 417 KR Cons. Staples Samsung Corp. 83 KR Industrials SK Telecom Co. Ltd 1767 KR Telecom. Svcs NHN Corp KR IT Samsung Fire & Ma 81 KR Financials KT Corp. 32 KR Telecom. Svcs SK Energy Co. Ltd KR Energy SK Holdings Co. Ltd 36 KR Industrials GS Engineering & C 636 KR Industrials Samsung Heavy Ind 114 KR Industrials Hana Financial Hold 8679 KR Financials LG Philips LCD Co. L 3422 KR IT Hyundai Developme 1263 KR Industrials Doosan Heavy Indus 342 KR Industrials Daelim Industrial Co 21 KR Industrials LG Chem Ltd KR Materials Hyundai Mobis Co KR Cons. Discr Hyundai Engineerin 72 KR Industrials Samsung Securities 1636 KR Financials DC Chemical Co. Lt 16 KR Materials Hyundai Steel Co. 42 KR Materials Daewoo Shipbuildin 4266 KR Industrials Korea Exchange Ba 494 KR Financials Samsung Engineerin 285 KR Industrials S-Oil Corp. 195 KR Energy Hyundai Mipo Dock 162 KR Industrials Lotte Shopping Co KR Cons. Discr Mirae Asset Securit 3762 KR Financials NA NA Daewoo Engineerin 474 KR Industrials LG Corp. 355 KR Industrials Daewoo Securities 68 KR Financials NA NA Korean Air Co. Ltd. 349 KR Industrials KCC Corp. 238 KR Industrials Samsung Techwin C 1245 KR Industrials Samsung Electro-M 915 KR IT Hanwha Corp. 88 KR Materials Samsung SDI Co. Lt 64 KR IT NA NA NA Hyundai Securities 345 KR Financials NA NA Kangwon Land Inc KR Cons. Discr Hynix Semiconducto 66 KR IT Woori Finance Hold 53 KR Financials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 58

59 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Korea Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Samsung Electronics C , 72, POSCO , 7, Kookmin Bank 6 59,5 84, NA Shinhan Financial Gro ,7 66, Hyundai Heavy Indust ,5 563, Hyundai Motor Co. Lt ,1 96, LG Electronics Inc ,4 127, KT&G Corp ,1 92, Korea Electric Power ,1 41, Shinsegae Co. Ltd , 737, Samsung Corp ,4 84, SK Telecom Co. Ltd , 245, NHN Corp ,1 315, NA NA Samsung Fire & Marin 81 2,5 27, KT Corp ,8 49, SK Energy Co. Ltd ,5 177, NA NA NA SK Holdings Co. Ltd , 212, GS Engineering & Con , 21, Samsung Heavy Indus ,95 5, Hana Financial Holdin ,9 54, LG Philips LCD Co. Ltd ,5 61, NA Hyundai Development , 96, Doosan Heavy Industr ,5 15, Daelim Industrial Co ,5 21, LG Chem Ltd ,1 12, Hyundai Mobis Co. Ltd ,7 19, Hyundai Engineering &72 87, 17, NA NA Samsung Securities C , 77, DC Chemical Co. Ltd ,5 478, NA 23.3 NA NA Hyundai Steel Co ,4 1, Daewoo Shipbuilding ,5 66, NA Korea Exchange Bank ,1 17, Samsung Engineering ,5 119, NA NA S-Oil Corp ,6 82, Hyundai Mipo Dockya , 41, NA NA Lotte Shopping Co. Lt ,5 46, NA NA Mirae Asset Securitie , 182, NA.9 NA NA NA Daewoo Engineering ,7 3, NA LG Corp ,4 84, Daewoo Securities Co 68 23,7 26, NA Korean Air Co. Ltd ,6 61, KCC Corp , 46, Samsung Techwin Co ,2 56, Samsung Electro-Mec ,4 53, Hanwha Corp ,3 78, NA -2.5 NA NA Samsung SDI Co. Ltd , 56,5-2.4 NA NA Hyundai Securities Co ,2 18, NA Kangwon Land Inc ,55 27, NA Hynix Semiconductor 66 24,55 32, NA Woori Finance Holding 53 17,6 24, NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 59

60 Quant Analyst Taiwan MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Negative Negative Negative Negative Neutral Positive Negative Z-score (-1.28) Graph 1 : 12-month Forward EPS & Price Index (pt) 3 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 3 2 (pt) (%) E EPS (LHS) 29E EPS (LHS) 24 Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 22 Coef. Variation (RHS) 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 6

61 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) Earnings Momentum (LHS) 2 6 Earnings Revision Ratio (RHS) (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 12-month Forward PER (LHS) 3 LT EPS Growth Forecast (RHS) MF P/E (x) CS ID TS CD FN EN MT IT LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) Trailing PBR (LHS) Trailing ROE (RHS) Tr.PBR CS EN IT TS MT FN ID CD Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 61

62 Quant Analyst Table 1 : Earnings Forecast - MSCI Taiwan Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products.1 1 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA.. NA.. NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA Airlines NA NA NA NA NA NA Marine Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA Automobiles Household Durables NA NA Textiles, Apparel & Luxury G.7 2 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisur NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing NA NA Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco NA NA NA.. NA.. NA NA NA NA Household & Personal Produ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA Insurance Information Technology Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment Computers & Peripherals Electronic Equip. & Instr Office Electronics. 1 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 62

63 Quant Analyst Table 2 : Valuation & Performance - MSCI Taiwan Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA NA Materials Chemicals Metals & Mining Paper & Forest Products.1 1 NA NA NA NA NA NA NA NA Industrials NA Building Products NA NA 3.7 NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA Airlines NA Marine Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA 4.6 NA Automobiles Household Durables NA Textiles, Apparel & Luxury Goods.7 2 NA NA NA NA NA NA NA Hotels, Restaurants & Leisure NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing NA NA NA 35.8 NA 256 Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco 1. 1 NA 2.7 NA 2.4 NA 3.1 NA Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA 4.8 NA NA Insurance Information Technology Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment Computers & Peripherals Electronic Equip. & Instr Office Electronics. 1 NA NA NA NA NA NA NA Semiconductors Telecom. Services Diversified Telecom. Services NA Wireless Telecom. Services Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 63

64 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Taiwan Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Taiwan Semiconduc 233 TW IT Hon Hai Precision In 2317 TW IT Cathay Financial Ho 2882 TW Financials China Steel Corp. 22 TW Materials Nan Ya Plastics Cor 133 TW Materials Formosa Plastics Co 131 TW Materials Chunghwa Telecom 2412 TW Telecom. Svcs AU Optronics Corp. 249 TW IT High Tech Compute 2498 TW IT MediaTek Inc TW IT ASUSTeK Computer 2357 TW IT United Microelectro 233 TW IT NA 8.4 NA Formosa Chemicals 1326 TW Materials Chinatrust Financia 2891 TW Financials Mega Financial Hold 2886 TW Financials Chi Mei Optoelectr 39 TW IT Formosa Petrochem 655 TW Energy Innolux Display Corp 3481 TW IT Yuanta Financial Ho 2885 TW Financials Siliconware Precisio 2325 TW IT Taiwan Cement Co 111 TW Materials Far Eastern Textile 142 TW Industrials Delta Electronics In 238 TW IT Acer Inc TW IT Fubon Financial Hol 2881 TW Financials First Financial Holdi 2892 TW Financials Uni-President Enter 1216 TW Cons. Staples NA NA China Development 2883 TW Financials NA NA Advanced Semicond 2311 TW IT Taiwan Mobile Co. 345 TW Telecom. Svcs Powerchip Semicon 5346 TW IT NA NA NA NA Compal Electronics 2324 TW IT Foxconn Technolog 2354 TW IT Hua Nan Financial H 288 TW Financials Inotera Memories In 3474 TW IT NA NA NA Shin Kong Financial 2888 TW Financials Taiwan Fertilizer Co 1722 TW Materials Quanta Computer I 2382 TW IT Asia Cement Corp. 112 TW Materials Lite-On Technology 231 TW IT SinoPac Financial H 289 TW Financials Tatung Co. Ltd TW IT Chang Hwa Comme 281 TW Financials NA NA Taishin Financial Ho 2887 TW Financials Chunghwa Picture 2475 TW IT Catcher Technology 2474 TW IT Synnex Technology 2347 TW IT NA 32.3 NA. NA 1.5 NA NA NA 2. NA Wistron Corp TW IT HannStar Display C 6116 TW IT Novatek Microelect 334 TW IT Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 64

65 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Taiwan Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Taiwan Semiconducto Hon Hai Precision Indu Cathay Financial Hold NA China Steel Corp Nan Ya Plastics Corp Formosa Plastics Corp Chunghwa Telecom C AU Optronics Corp High Tech Computer C NA NA MediaTek Inc NA ASUSTeK Computer In United Microelectroni NA Formosa Chemicals & Chinatrust Financial H Mega Financial Holdin Chi Mei Optoelectron NA Formosa Petrochemic NA NA Innolux Display Corp NA NA Yuanta Financial Hold NA Siliconware Precision Taiwan Cement Corp Far Eastern Textile Lt Delta Electronics Inc Acer Inc Fubon Financial Holdin NA First Financial Holding NA 4.6 NA Uni-President Enterpr NA 2.4 NA China Development Fi NA 2.7 NA Advanced Semiconduc Taiwan Mobile Co. Lt Powerchip Semicondu NA 1. NA NA NA NA NA Compal Electronics In Foxconn Technology C NA NA Hua Nan Financial Hol NA 4.5 NA Inotera Memories Inc NA NA NA NA 3.9 NA NA Shin Kong Financial H Taiwan Fertilizer Co Quanta Computer Inc Asia Cement Corp Lite-On Technology C SinoPac Financial Hold NA Tatung Co. Ltd NA NA Chang Hwa Commerc NA 4.9 NA Taishin Financial Hold Chunghwa Picture Tu NA NA Catcher Technology C NA NA Synnex Technology In NA NA NA 3.5 NA NA NA Wistron Corp NA NA NA HannStar Display Corp NA NA NA Novatek Microelectro NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 65

66 Quant Analyst China MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Positive Positive Positive Positive Positive Negative Positive Z-score (.86) Graph 1 : 12-month Forward EPS & Price Index (pt) 6 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 5 16 (pt) (%) E EPS (LHS) Coef. Variation (RHS) 1 7/2 7/5 7/8 7/11 8/ E EPS (LHS) Coef. Variation (RHS) 1 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 66

67 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) 2 Earnings Momentum (LHS) 8 Earnings Revision Ratio (RHS) (%) 3 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) month Forward PER (LHS) 24 12MF P/E (x) IT LT EPS Growth Forecast (RHS) TS CD CS ID MT FN 7 7 UT EN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 8. Trailing PBR (LHS) 2 Trailing ROE (RHS) 7 Tr.PBR CS ID CD TS MT EN IT UT FN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 67

68 Quant Analyst Table 1 : Earnings Forecast - MSCI China Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering Electrical Equipment Machinery NA NA Trading Companies & Distrib NA NA 3.9 NA NA.1 NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA Marine Road & Rail Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury G.1 1 NA NA NA NA NA NA Hotels, Restaurants & Leisur Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Produ NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance Information Technology Internet Software & Service NA NA. 3. NA NA NA IT Services. 1 NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment Computers & Peripherals Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 68

69 Quant Analyst Table 2 : Valuation & Performance - MSCI China Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining ,261 Paper & Forest Products NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA Electrical Equipment NA Machinery NA NA NA Trading Companies & Distributors NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines Marine ,135 Road & Rail NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods NA NA NA NA NA NA NA Hotels, Restaurants & Leisure Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Products NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks NA NA Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA Information Technology Internet Software & Services NA 58.9 NA NA NA NA NA NA IT Services NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment Computers & Peripherals Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA Telecom. Services Diversified Telecom. Services Wireless Telecom. Services Utilities Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 69

70 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI China Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) China Mobile Ltd. 941 HK Telecom. Svcs PetroChina Co. Ltd 857 HK Energy China Life Insuranc 2628 HK Financials CNOOC Ltd. 883 HK Energy Industrial & Comme 1398 HK Financials China Petroleum & 386 HK Energy China Construction 939 HK Financials China Shenhua Ene 188 HK Energy China Communicati 18 HK Industrials China Telecom Corp 728 HK Telecom. Svcs Ping An Insurance ( 2318 HK Financials Bank of China Ltd HK Financials China COSCO Holdi 1919 HK Industrials Bank of Communica 3328 HK Financials China Overseas Lan 688 HK Financials Aluminum Corp. of 26 HK Materials CITIC Pacific Ltd. 267 HK Industrials China Merchants H 144 HK Industrials Zijin Mining Group 2899 HK Materials China Merchants Ba 3968 HK Financials China Resources En 291 HK Cons. Discr China Coal Energy 1898 HK Energy GOME Electrical Ap 493 HK Cons. Discr China Shipping Dev 1138 HK Industrials China Unicom Ltd. 762 HK Telecom. Svcs China Railway Grou 39 HK Industrials China Resources Po 836 HK Utilities Yanzhou Coal Minin 1171 HK Energy Anhui Conch Cemen 914 HK Materials Jiangxi Copper Co. 358 HK Materials China Resources La 119 HK Financials Country Garden Ho 27 HK Financials Shimao Property Ho 813 HK Financials Guangzhou R&F Pro 2777 HK Financials China National Build 3323 HK Materials China CITIC Bank H 998 HK Financials China Mengniu Dair 2319 HK Cons. Staples Inner Mongolia Yita 9948 CN Energy NA NA NA NA NA NA Denway Motors Ltd 23 HK Cons. Discr Alibaba.com Ltd HK IT Angang Steel Co. L 347 HK Materials China Netcom Grou 96 HK Telecom. Svcs Huaneng Power Int 92 HK Utilities Hengan Internation 144 HK Cons. Staples Air China Ltd. 753 HK Industrials Cosco Pacific Ltd HK Industrials PICC Property & Ca 2328 HK Financials Nine Dragons Paper 2689 HK Materials Lenovo Group Ltd. 992 HK IT Shanghai Electric G 2727 HK Industrials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 7

71 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI China Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) China Mobile Ltd PetroChina Co. Ltd China Life Insurance C NA CNOOC Ltd Industrial & Commerc NA NA NA China Petroleum & Ch China Construction Ba NA NA NA China Shenhua Energ NA NA China Communication NA NA China Telecom Corp Ping An Insurance (Gr NA Bank of China Ltd NA NA NA China COSCO Holding NA NA Bank of Communicati NA NA China Overseas Land Aluminum Corp. of Ch CITIC Pacific Ltd China Merchants Hold Zijin Mining Group Co NA China Merchants Ban NA NA -16. NA NA China Resources Ente China Coal Energy Co NA NA NA GOME Electrical Appl NA NA China Shipping Develo China Unicom Ltd China Railway Group NA NA NA NA NA China Resources Powe NA NA Yanzhou Coal Mining Anhui Conch Cement NA Jiangxi Copper Co. Lt China Resources Land Country Garden Holdi NA NA NA NA Shimao Property Hold NA NA Guangzhou R&F Prope NA NA China National Buildin NA -2.3 NA NA China CITIC Bank H NA NA NA NA China Mengniu Dairy NA NA Inner Mongolia Yitai C NA NA 4.7 NA NA -17. NA NA Denway Motors Ltd Alibaba.com Ltd NA NA NA NA NA Angang Steel Co. Ltd NA China Netcom Group NA 3.6 NA NA Huaneng Power Inter Hengan International NA NA NA Air China Ltd NA Cosco Pacific Ltd PICC Property & Casu NA NA Nine Dragons Paper H NA NA Lenovo Group Ltd Shanghai Electric Gro NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 71

72 Quant Analyst Hong Kong MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Neutral Positive Positive Neutral Negative Negative Positive Z-score (.42) Graph 1 : 12-month Forward EPS & Price Index (pt) 8 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 16, 6 12, 4 8, 2 4, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 7 16 (pt) (%) E EPS (LHS) Coef. Variation (RHS) 11 7/2 7/5 7/8 7/11 8/ E EPS (LHS) Coef. Variation (RHS) 6 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 72

73 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) 2 Earnings Momentum (LHS) 9 Earnings Revision Ratio (RHS) (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 3 12-month Forward PER (LHS) MF P/E (x) CS 25 LT EPS Growth Forecast (RHS) UT FN ID IT CD 1 5 MT LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 3. Trailing PBR (LHS) 15 1 Tr.PBR CS 2.5 Trailing ROE (RHS) MT CD IT UT TS ID FN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 73

74 Quant Analyst Table 1 : Earnings Forecast - MSCI Hong Kong Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials NA NA Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining NA NA NA Paper & Forest Products NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines Marine Road & Rail Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury G Hotels, Restaurants & Leisur Media Retailing Consumer Staples NA NA Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco NA NA Household & Personal Produ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology Internet Software & Service IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors Telecom. Services Diversified Telecom. Service #### 77.6 Wireless Telecom. Services Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 74

75 Quant Analyst Table 2 : Valuation & Performance - MSCI Hong Kong Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials NA NA NA -25 NA -42 Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining NA NA NA -13. NA NA Paper & Forest Products NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines Marine NA Road & Rail NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods NA Hotels, Restaurants & Leisure Media Retailing Consumer Staples NA NA -15 NA NA Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco NA NA NA NA Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology Internet Software & Services NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors Telecom. Services Diversified Telecom. Services Wireless Telecom. Services NA Utilities Electric Utilities NA Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 75

76 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Hong Kong Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Sun Hung Kai Prope 16 HK Financials Cheung Kong (Hold 1 HK Financials Hong Kong Exchang 388 HK Financials Hutchison Whampo 13 HK Industrials Hang Seng Bank Lt 11 HK Financials Esprit Holdings Ltd. 33 HK Cons. Discr CLP Holdings Ltd. 2 HK Utilities Hong Kong & China 3 HK Utilities Swire Pacific Ltd. 19 HK Financials BOC Hong Kong (Ho 2388 HK Financials Henderson Land De 12 HK Financials Li & Fung Ltd. 494 HK Cons. Discr HongKong Electric 6 HK Utilities Hang Lung Properti 11 HK Financials Bank of East Asia L 23 HK Financials Wharf (Holdings) Lt 4 HK Financials New World Develop 17 HK Financials Tencent Holdings Lt 7 HK IT Link Real Estate Inv 823 HK Financials MTR Corp. Ltd. 66 HK Industrials Kerry Properties Lt 683 HK Financials Sino Land Co. Ltd. 83 HK Financials Shangri-La Asia Ltd 69 HK Cons. Discr Foxconn Internation 238 HK IT Cathay Pacific Airw 293 HK Industrials Hopewell Holdings L 54 HK Industrials Kingboard Chemica 148 HK IT Belle International 188 HK Cons. Discr Wing Hang Bank Lt 32 HK Financials Tingyi (Cayman Isla 322 HK Cons. Staples PCCW Ltd. 8 HK Telecom. Svcs Hang Lung Group L 1 HK Financials Hutchison Telecomm 2332 HK Telecom. Svcs Pacific Basin Shippi 2343 HK Industrials Shui On Land Ltd. 272 HK Financials Lifestyle Internation 1212 HK Cons. Discr Cheung Kong Infras 138 HK Utilities Yue Yuen Industria 551 HK Cons. Discr Hysan Development 14 HK Financials Shun Tak Holdings 242 HK Financials Television Broadcas 511 HK Cons. Discr Hong Kong Aircraft 44 HK Industrials Wheelock & Co. Ltd 2 HK Financials NA 5.3 NA Fosun International 656 HK Materials ASM Pacific Techno 522 HK IT Orient Overseas (In 316 HK Industrials NWS Holdings Ltd. 659 HK Industrials Lee & Man Paper M 2314 HK Materials CC Land Holdings L 1224 HK Cons. Discr NA NA Melco Internationa 2 HK Industrials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 76

77 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Hong Kong Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Sun Hung Kai Propert Cheung Kong (Holding Hong Kong Exchanges Hutchison Whampoa L Hang Seng Bank Ltd Esprit Holdings Ltd CLP Holdings Ltd Hong Kong & China G Swire Pacific Ltd BOC Hong Kong (Hold Henderson Land Deve Li & Fung Ltd HongKong Electric Ho Hang Lung Properties Bank of East Asia Ltd Wharf (Holdings) Ltd New World Developm Tencent Holdings Ltd NA NA NA Link Real Estate Inves NA NA MTR Corp. Ltd Kerry Properties Ltd NA Sino Land Co. Ltd Shangri-La Asia Ltd Foxconn International NA NA NA Cathay Pacific Airway Hopewell Holdings Ltd Kingboard Chemical H NA Belle International Ho NA NA NA Wing Hang Bank Ltd NA NA Tingyi (Cayman Island PCCW Ltd Hang Lung Group Ltd Hutchison Telecommu NA Pacific Basin Shipping NA NA Shui On Land Ltd NA NA Lifestyle Internationa NA -.5 NA NA Cheung Kong Infrastr Yue Yuen Industrial (H Hysan Development C Shun Tak Holdings Ltd Television Broadcasts Hong Kong Aircraft E Wheelock & Co. Ltd NA 4.4 NA Fosun International Lt NA NA -13. NA NA ASM Pacific Technolo Orient Overseas (Inte NA NA NWS Holdings Ltd NA -7.6 NA NA Lee & Man Paper Man NA NA NA CC Land Holdings Ltd NA NA NA NA Melco International D NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 77

78 Quant Analyst India MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Positive Positive Positive Positive Positive Negative Positive Z-score (1.57) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) 8 (pt) 1, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 4 14 (pt) (%) E EPS (LHS) 29E EPS (LHS) 34 Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 35 Coef. Variation (RHS) 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 78

79 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) 1 Earnings Momentum (LHS) 8 Earnings Revision Ratio (RHS) (%) 15 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 3 12-month Forward PER (LHS) 4 LT EPS Growth Forecast (RHS) MF P/E (x) UT CS ID FN 2 3 EN HC TS IT MT CD LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 7 Trailing PBR (LHS) 3 Trailing ROE (RHS) 1 Tr.PBR ID CS TS FN UT HC CD EN IT MT Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 79

80 Quant Analyst Table 1 : Earnings Forecast - MSCI India Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering Electrical Equipment Machinery Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury G NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisur NA NA NA Media Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Produ NA NA NA NA Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 8

81 Quant Analyst Table 2 : Valuation & Performance - MSCI India Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering ,12 Electrical Equipment ,833 Machinery Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisure NA NA 2.5 NA Media Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Products Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Services Wireless Telecom. Services NA NA Utilities Electric Utilities Gas Utilities NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 81

82 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI India Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Reliance Industries 5325 IN Energy ICICI Bank Ltd IN Financials Infosys Technologie 529 IN IT Housing Developme 51 IN Financials NA NA Larsen & Toubro Lt 551 IN Industrials HDFC Bank Ltd. 518 IN Financials Reliance Communic IN Telecom. Svcs Oil & Natural Gas C 5312 IN Energy Bharat Heavy Elect 513 IN Industrials Reliance Capital Ltd 5111 IN Financials ITC Ltd IN Cons. Staples Satyam Computer S 5376 IN IT Axis Bank Ltd IN Financials Hindustan Unilever 5696 IN Cons. Staples NA 11.4 NA DLF Ltd IN Financials Reliance Energy Ltd 539 IN Utilities Jindal Steel & Powe IN Materials Tata Steel Ltd. 547 IN Materials State Bank of India 5112 IN Financials Sterlite Industries ( 59 IN Materials Tata Motors Ltd. 557 IN Industrials Jaiprakash Associat IN Industrials NA NA NA NA 12.3 NA Wipro Ltd IN IT Infrastructure Deve IN Financials Unitech Ltd IN Financials Tata Consultancy S IN IT GAIL (India) Ltd IN Utilities Indiabulls Real Esta IN Financials Grasim Industries Lt 53 IN Materials Kotak Mahindra Ba 5247 IN Financials Tata Power Co. Ltd 54 IN Utilities Hindalco Industries 544 IN Materials Mahindra & Mahind 552 IN Cons. Discr Indiabulls Financial IN Financials NTPC Ltd IN Utilities GMR Infrastructure IN Industrials Bajaj Auto Ltd. 549 IN Cons. Discr Ambuja Cements Lt 5425 IN Materials Sun Pharmaceutica IN Health Care Siemens India Ltd. 555 IN Industrials NA 31.6 NA Dr. Reddy's Laborat 5124 IN Health Care ABB Ltd. (India) 52 IN Industrials Ranbaxy Laboratori 5359 IN Health Care NA 1.5 NA Cipla Ltd. 587 IN Health Care Hero Honda Motors 5182 IN Cons. Discr Aditya Birla Nuvo Lt 533 IN Industrials Maruti Suzuki India 5325 IN Cons. Discr Zee Entertainment IN Cons. Discr Glenmark Pharmac IN Health Care ACC Ltd. 541 IN Materials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 82

83 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI India Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Reliance Industries Ltd , , ICICI Bank Ltd , , Infosys Technologies L 529 1, , Housing Development 51 2, , NA 1.2 NA Larsen & Toubro Ltd , , HDFC Bank Ltd ,54.9 1, NA Reliance Communicat NA NA Oil & Natural Gas Cor ,1.6 1, Bharat Heavy Electric 513 2,95. 2, Reliance Capital Ltd ,.9 2, ITC Ltd Satyam Computer Ser Axis Bank Ltd ,.7 1, NA NA NA Hindustan Unilever Lt NA DLF Ltd , NA NA NA NA Reliance Energy Ltd , NA 6 Jindal Steel & Power , , NA NA NA Tata Steel Ltd State Bank of India ,179. 2, NA Sterlite Industries (Ind , NA NA NA NA Tata Motors Ltd Jaiprakash Associates NA.3 NA NA NA Wipro Ltd Infrastructure Develo NA NA Unitech Ltd NA -24. NA NA Tata Consultancy Ser , NA GAIL (India) Ltd Indiabulls Real Estate NA 25.3 NA NA NA NA Grasim Industries Ltd. 53 2,81.6 3, Kotak Mahindra Bank , NA NA NA Tata Power Co. Ltd. 54 1, , Hindalco Industries Lt Mahindra & Mahindra Indiabulls Financial Se , NA NA NA NTPC Ltd NA -2.1 NA NA GMR Infrastructure Lt NA NA NA Bajaj Auto Ltd , , Ambuja Cements Ltd Sun Pharmaceutical In ,14. 1, Siemens India Ltd , , NA Dr. Reddy's Laborator ABB Ltd. (India) 52 1, , Ranbaxy Laboratories NA Cipla Ltd Hero Honda Motors L Aditya Birla Nuvo Ltd ,71.6 2, NA NA NA Maruti Suzuki India Lt , NA Zee Entertainment En Glenmark Pharmaceu NA NA ACC Ltd Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 83

84 Quant Analyst Singapore MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Neutral Positive Negative Negative Negative Positive Positive Z-score (-.1) Graph 1 : 12-month Forward EPS & Price Index (pt) 4 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 3 12 (pt) (%) E EPS (LHS) E EPS (LHS) 9 2 Coef. Variation (RHS) 7 7/2 7/5 7/8 7/11 8/2 22 Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 84

85 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) Earnings Momentum (LHS) 2 Earnings Revision Ratio (RHS) 7 (%) 4 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 12-month Forward PER (LHS) 3 2 LT EPS Growth Forecast (RHS) 25 12MF P/E (x) HC CS TS FN CD ID IT EN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 3. Trailing PBR (LHS) 16 Trailing ROE (RHS) 7 Tr.PBR CS HC CD ID TS FN IT EN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 85

86 Quant Analyst Table 1 : Earnings Forecast - MSCI Singapore Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA Materials NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery Trading Companies & Distrib Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines Marine Road & Rail Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury G NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisur NA NA Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco NA NA Household & Personal Produ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Service Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 86

87 Quant Analyst Table 2 : Valuation & Performance - MSCI Singapore Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA NA Materials NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery Trading Companies & Distributors NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines Marine Road & Rail Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisure NA NA 2.5 NA NA NA Media Retailing Consumer Staples Food & Staples Retailing NA NA Food, Beverage & Tobacco NA NA Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Services Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 87

88 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Singapore Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Singapore Telecom Z74 SG Telecom. Svcs United Overseas Ba U11 SG Financials DBS Group Holdings D5 SG Financials Oversea-Chinese Ba O4 SG Financials Keppel Corp. Ltd. BN4 SG Industrials CapitaLand Ltd. C31 SG Financials Singapore Airlines L C6L SG Industrials Singapore Exchang S68 SG Financials Singapore Press Ho T39 SG Cons. Discr City Developments C9 SG Financials Singapore Technolo S63 SG Industrials SembCorp Industrie U96 SG Industrials Fraser & Neave Ltd F99 SG Industrials CapitaMall Trust M C38U SG Financials Cosco Corp. (Singap C21 SG Industrials ComfortDelGro Cor C52 SG Industrials Jardine Cycle & Car C7 SG Cons. Discr SembCorp Marine L S51 SG Industrials Venture Corp. Ltd. V3 SG IT Ascendas Real Esta A17U SG Financials Keppel Land Ltd. K17 SG Financials CapitaCommercial T C61U SG Financials UOL Group Ltd. U14 SG Financials Noble Group Ltd. N21 SG Industrials Wilmar Internationa F34 SG Cons. Staples Parkway Holdings L P27 SG Health Care Olam International 32 SG Cons. Staples Neptune Orient Lin N3 SG Industrials Genting Internation G16 SG Cons. Discr Yanlord Land Group Z25 SG Financials Allgreen Properties A16 SG Financials Singapore Land Ltd S3 SG Financials Singapore Post Ltd S8 SG Industrials Singapore Petroleu S99 SG Energy SMRT Corp. Ltd. S53 SG Industrials Wing Tai Holdings L W5 SG Financials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 88

89 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Singapore Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBREV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Singapore Telecommu Z United Overseas Bank U NA DBS Group Holdings L D NA Oversea-Chinese Bank O NA Keppel Corp. Ltd. BN CapitaLand Ltd. C Singapore Airlines Ltd C6L Singapore Exchange L S Singapore Press Holdi T City Developments Ltd C Singapore Technologi S SembCorp Industries L U Fraser & Neave Ltd. F CapitaMall Trust Man C38U Cosco Corp. (Singapo C NA ComfortDelGro Corp. C Jardine Cycle & Carria C SembCorp Marine Ltd S Venture Corp. Ltd. V Ascendas Real Estate A17U NA Keppel Land Ltd. K CapitaCommercial Tru C61U NA NA UOL Group Ltd. U NA Noble Group Ltd. N NA NA NA Wilmar International L F NA NA NA Parkway Holdings Ltd P Olam International Lt NA NA Neptune Orient Lines N Genting International G NA NA NA Yanlord Land Group L Z NA -2.8 NA NA Allgreen Properties Lt A Singapore Land Ltd. S Singapore Post Ltd. S NA Singapore Petroleum S NA SMRT Corp. Ltd. S Wing Tai Holdings Ltd W Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 89

90 Quant Analyst Malaysia MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Neutral Positive Neutral Neutral Negative Negative Neutral Z-score (-.31) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) (pt) (%) E EPS (LHS) E EPS (LHS) 1 27 Coef. Variation (RHS) 6 7/2 7/5 7/8 7/11 8/2 3 Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 9

91 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) Earnings Momentum (LHS) 2 Earnings Revision Ratio (RHS) 6 (%) 15 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 3 12-month Forward PER (LHS) 25 LT EPS Growth Forecast (RHS) 22 12MF P/E (x) CS CD TS ID MT IT UT FN EN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 3. Trailing PBR (LHS) 16 Trailing ROE (RHS) 5 Tr.PBR CS EN CD ID IT TS MT UT FN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 91

92 Quant Analyst Table 1 : Earnings Forecast - MSCI Malaysia Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA Marine Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components Automobiles NA NA Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury G NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisur Media Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Produ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA Telecom. Services Diversified Telecom. Service Wireless Telecom. Services NA NA Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 92

93 Quant Analyst Table 2 : Valuation & Performance - MSCI Malaysia Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA Marine Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components Automobiles Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisure Media Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA 7.4 NA 2.4 NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA Telecom. Services Diversified Telecom. Services Wireless Telecom. Services NA NA Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 93

94 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Malaysia Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Sime Darby Bhd 4197 MY Industrials Bumiputra-Commer 123 MY Financials IOI Corp. Bhd 1961 MY Cons. Staples Malayan Banking B 1155 MY Financials Genting Bhd 3182 MY Cons. Discr Tenaga Nasional Bh 5347 MY Utilities Telekom Malaysia B 4863 MY Telecom. Svcs Resorts World Bhd 4715 MY Cons. Discr MISC (F) 3816F MY Industrials 3.6 NA Kuala Lumpur Kepo 2445 MY Cons. Staples Gamuda Bhd 5398 MY Industrials YTL Corp. Bhd 4677 MY Utilities AMMB Holdings Bhd 115 MY Financials British American To 4162 MY Cons. Staples Petronas Gas Bhd 633 MY Utilities PPB Group Bhd 465 MY Cons. Staples PLUS Expressways B 552 MY Industrials IJM Corp. Bhd 3336 MY Industrials Berjaya Sports Toto 1562 MY Cons. Discr SP Setia Bhd 8664 MY Financials DiGi.com Bhd 6947 MY Telecom. Svcs Bursa Malaysia Bhd 1818 MY Financials KNM Group Bhd 7164 MY Energy Tanjong PLC 2267 MY Utilities UMW Holdings Bhd 4588 MY Cons. Discr Hong Leong Bank B 5819 MY Financials Magnum Corp. Bhd 3735 MY Cons. Discr MMC Corp. Bhd 2194 MY Industrials YTL Power Internat 6742 MY Utilities UEM World Bhd 1775 MY Industrials Petronas Dagangan 5681 MY Energy NA NA Alliance Financial G 2488 MY Financials NA NA Lafarge Malayan C 3794 MY Materials RHB Capital Bhd 166 MY Financials IGB Corp. Bhd 1597 MY Financials Malaysian Airline Sy 3786 MY Industrials Astro All Asia Netw 576 MY Cons. Discr KLCC Property Hold 589 MY Financials AirAsia Bhd 599 MY Industrials Proton Holdings Bhd 534 MY Cons. Discr NA NA NA Malaysian Resource 1651 MY Industrials Hong Leong Financi 182 MY Financials Media Prima Bhd 452 MY Cons. Discr Star Publications (M 684 MY Cons. Discr Shell Refining Co. ( 4324 MY Energy NA -8.2 NA Malaysian Bulk Car 577 MY Industrials Multi-Purpose Hold 3859 MY Financials IOI Properties Bhd 1635 MY Financials TA Enterprise Bhd 4898 MY Financials NA NA DRB-HICOM Bhd 1619 MY Cons. Discr..1.4 NA. NA NA 9.8 NA. NA NA NA NA NA 4.6 NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 94

95 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Malaysia Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Sime Darby Bhd Bumiputra-Commerce NA IOI Corp. Bhd Malayan Banking Bhd NA Genting Bhd Tenaga Nasional Bhd Telekom Malaysia Bhd Resorts World Bhd MISC (F) 3816F NA NA Kuala Lumpur Kepong Gamuda Bhd YTL Corp. Bhd AMMB Holdings Bhd NA NA British American Toba Petronas Gas Bhd PPB Group Bhd PLUS Expressways Bhd IJM Corp. Bhd Berjaya Sports Toto B SP Setia Bhd DiGi.com Bhd NA.4 NA NA Bursa Malaysia Bhd NA NA KNM Group Bhd NA NA NA Tanjong PLC UMW Holdings Bhd Hong Leong Bank Bhd NA Magnum Corp. Bhd MMC Corp. Bhd YTL Power Internatio NA -7.4 NA NA UEM World Bhd NA -6.1 NA NA Petronas Dagangan B NA NA Alliance Financial Gro NA 1.8 NA Lafarge Malayan Cem RHB Capital Bhd NA 1.4 NA IGB Corp. Bhd Malaysian Airline Syst NA Astro All Asia Networ NA KLCC Property Holdin NA AirAsia Bhd NA NA Proton Holdings Bhd NA NA Malaysian Resources C NA Hong Leong Financial NA Media Prima Bhd NA NA Star Publications (M) Shell Refining Co. (F.O NA Malaysian Bulk Carrie NA Multi-Purpose Holding IOI Properties Bhd TA Enterprise Bhd NA 7.4 NA 2.4 NA DRB-HICOM Bhd NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 95

96 Quant Analyst Indonesia MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Positive Positive Positive Positive Positive Negative Positive Z-score (3.18) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 4,8 4, 3,2 1 2,4 1, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) (pt) (%) E EPS (LHS) 21 29E EPS (LHS) Coef. Variation (RHS) 1 7/2 7/5 7/8 7/11 8/2 19 Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 96

97 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) Earnings Momentum (LHS) Earnings Revision Ratio (RHS) (pt) (%) 6 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 2 12-month Forward PER (LHS) 5 LT EPS Growth Forecast (RHS) 2 12MF P/E (x) CS CD UT TS MT FN HC LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 7 Trailing PBR (LHS) 3 Trailing ROE (RHS) Tr.PBR ID UT TS MT CS CD FN HC Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 97

98 Quant Analyst Table 1 : Earnings Forecast - MSCI Indonesia Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury G NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisur NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Produ Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Service Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 98

99 Quant Analyst Table 2 : Valuation & Performance - MSCI Indonesia Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA Materials Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining ,62 Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials NA Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles ,66 Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisure NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Products NA NA Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Services Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities NA Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 99

100 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Indonesia Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Bumi Resources BUMI ID Energy Telekomunikasi Ind TLKM ID Telecom. Svcs Astra International ASII ID Cons. Discr Bank Central Asia BBCA ID Financials Bank Rakyat Indone BBRI ID Financials Perusahaan Gas Ne PGAS ID Utilities Bank Mandiri (Perse BMRI ID Financials International Nicke INCO ID Materials Indosat ISAT ID Telecom. Svcs United Tractors UNTR ID Industrials Aneka Tambang ANTM ID Materials Astra Agro Lestari AALI ID Cons. Staples Bank Danamon Indo BDMN ID Financials IndoFood Sukses M INDF ID Cons. Staples Unilever Indonesia UNVR ID Cons. Staples Truba Alam Manun TRUB ID Industrials Semen Gresik (Pers SMGR ID Materials Indocement Tungga INTP ID Materials Kalbe Farma KLBF ID Health Care Gudang Garam GGRM ID Cons. Staples Energi Mega Persad ENRG ID Energy Bank Pan Indonesia PNBN ID Financials Ramayana Lestari S RALS ID Cons. Discr Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 1

101 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Indonesia Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Bumi Resources BUMI 7,8. 7, NA Telekomunikasi Indon TLKM 1,15. 11, Astra International ASII 27,7. 32, Bank Central Asia BBCA 3,65. 3, NA Bank Rakyat Indonesi BBRI 7,4. 8, NA Perusahaan Gas Nega PGAS 13,55. 15, NA Bank Mandiri (Persero BMRI 3,35. 3, NA NA International Nickel In INCO 9,4. 8, Indosat ISAT 7,3. 8, United Tractors UNTR 13,6. 14, Aneka Tambang ANTM 4,5. 2, Astra Agro Lestari AALI 31,85. 3, Bank Danamon Indone BDMN 7,15. 9, NA NA IndoFood Sukses Mak INDF 2,775. 3, Unilever Indonesia UNVR 6,85. 7, Truba Alam Manungg TRUB 1,18. 2, NA NA NA NA Semen Gresik (Perser SMGR 5,45. 6, Indocement Tunggal P INTP 7,85. 8, Kalbe Farma KLBF 1,17. 1, Gudang Garam GGRM 7,8. 1, Energi Mega Persada ENRG 1,3. 1, NA NA Bank Pan Indonesia PNBN Ramayana Lestari Sen RALS 82. 1, Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 11

102 Quant Analyst Thailand MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Neutral Neutral Positive Neutral Positive Positive Negative Z-score (.26) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 32 2 (pt) (%) E EPS (LHS) 29E EPS (LHS) 28 Coef. Variation (RHS) 4 7/2 7/5 7/8 7/11 8/2 27 Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 12

103 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) Earnings Momentum (LHS) 3 9 Earnings Revision Ratio (RHS) (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) month Forward PER (LHS) 5 LT EPS Growth Forecast (RHS) 21 12MF P/E (x) CD TS CS MT IT UT FN ID EN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 3.5 Trailing PBR (LHS) 25 Trailing ROE (RHS) 6 Tr.PBR CS TS CD EN MT FN ID UT IT Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 13

104 Quant Analyst Table 1 : Earnings Forecast - MSCI Thailand Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines Marine Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA NA Textiles, Apparel & Luxury G NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisur NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household & Personal Produ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials NA NA Banks NA NA NA NA Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Service NA NA 19 NA NA Wireless Telecom. Services Utilities Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 14

105 Quant Analyst Table 2 : Valuation & Performance - MSCI Thailand Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials NA Chemicals NA Metals & Mining NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA Marine NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA Textiles, Apparel & Luxury Goods NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisure NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples Food & Staples Retailing NA Food, Beverage & Tobacco NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Services NA Wireless Telecom. Services Utilities Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 15

106 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Thailand Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) PTT PCL PTT TH Energy PTT Exploration & P PTTEP TH Energy Advanced Info Serv ADVANC TH Telecom. Svcs Siam Commercial B SCB TH Financials NA Banpu PCL BANPU TH Energy IRPC PCL IRPC TH Energy Bangkok Bank PCL BBL TH Financials NA PTT Aromatics & Re PTTAR TH Energy Kasikornbank PCL KBANK TH Financials NA PTT Chemical PCL PTTCH TH Materials Bank of Ayudhya PC BAY TH Financials NA 17.3 NA Thai Oil PCL TOP TH Energy Krung Thai Bank PC KTB TH Financials NA Siam Cement PCL SCC TH Materials TMB Bank PCL TMB TH Financials NA 11.6 NA Airports of Thailand AOT TH Industrials CP ALL PCL CPALL TH Cons. Staples BEC World PCL BEC TH Cons. Discr Central Pattana PC CPN TH Financials Electricity Generati EGCO TH Utilities Glow Energy PCL GLOW TH Utilities Thai Airways Intern THAI TH Industrials Ratchaburi Electrici RATCH TH Utilities Siam City Cement P SCCC TH Materials Precious Shipping P PSL TH Industrials Hana Microelectron HANA TH IT True Corp. PCL TRUE TH Telecom. Svcs NA Thanachart Capital TCAP TH Financials NA Siam Makro PCL MAKRO TH Cons. Staples Bangkok Expresswa BECL TH Industrials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 16

107 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Thailand Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) PTT PCL PTT PTT Exploration & Pro PTTEP Advanced Info ServiceADVANC Siam Commercial Ban SCB Banpu PCL BANPU IRPC PCL IRPC NA NA Bangkok Bank PCL BBL PTT Aromatics & Refin PTTAR NA NA Kasikornbank PCL KBANK PTT Chemical PCL PTTCH NA Bank of Ayudhya PCL BAY NA Thai Oil PCL TOP NA Krung Thai Bank PCL KTB Siam Cement PCL SCC TMB Bank PCL TMB NA NA NA Airports of Thailand P AOT NA CP ALL PCL CPALL NA BEC World PCL BEC Central Pattana PCL CPN NA NA Electricity Generating EGCO Glow Energy PCL GLOW NA NA Thai Airways Internat THAI Ratchaburi Electricity RATCH Siam City Cement PCL SCCC Precious Shipping PCL PSL NA NA Hana Microelectronic HANA True Corp. PCL TRUE NA NA Thanachart Capital PC TCAP Siam Makro PCL MAKRO Bangkok Expressway BECL Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 17

108 Quant Analyst New Zealand MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Negative Negative Negative Negative Neutral Neutral Negative Z-score (-.88) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 1 8 (pt) (%) E EPS (LHS) 29E EPS (LHS) Coef. Variation (RHS) Coef. Variation (RHS) 7 2 7/2 7/5 7/8 7/11 8/2 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 18

109 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) Earnings Momentum (LHS) (pt) 1 Earnings Revision Ratio (RHS) 6 (%) 5 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 2 12-month Forward PER (LHS) 2 LT EPS Growth Forecast (RHS) 32 12MF P/E (x) ID HC FN UT CD TS MT LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 4 Trailing PBR (LHS) 25 Trailing ROE (RHS) 9 Tr.PBR HC ID UT CD MT TS FN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 19

110 Quant Analyst Table 1 : Earnings Forecast - MSCI New Zealand Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA Textiles, Apparel & Luxury G NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisur Media Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household & Personal Produ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials NA NA NA NA NA NA NA Banks NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Service Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities Electric Utilities Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 11

111 Quant Analyst Table 2 : Valuation & Performance - MSCI New Zealand Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables Textiles, Apparel & Luxury Goods NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisure Media Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials NA NA NA NA NA Banks NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services NA Diversified Telecom. Services NA Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities Electric Utilities Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 111

112 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI AC New Zealand Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Telecom Corp. of N TEL NZ Telecom. Svcs Fletcher Building Lt FBU NZ Materials Auckland Internatio AIA NZ Industrials Contact Energy Ltd CEN NZ Utilities Sky City Entertainm SKC NZ Cons. Discr Fisher & Paykel Hea FPH NZ Health Care Sky Network Televi SKT NZ Cons. Discr Fisher & Paykel App FPA NZ Cons. Discr Vector Ltd. VCT NZ Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 112

113 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI New Zealand Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Telecom Corp. of New TEL Fletcher Building Ltd. FBU Auckland Internationa AIA Contact Energy Ltd. CEN Sky City Entertainmen SKC Fisher & Paykel Health FPH Sky Network Televisio SKT Fisher & Paykel Applia FPA Vector Ltd. VCT NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 113

114 Quant Analyst Philippines MSCI Asia Pacific Country Rating by Median Z-score of 6 Criteria 13-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2) Neutral Neutral Neutral Neutral Negative Neutral Negative Z-score (-.1) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) 1, 8 (pt) Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) (pt) (% E EPS (LHS) Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/ E EPS (LHS) 6 Coef. Variation (RHS) 3 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 114

115 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) 2 Earnings Momentum (LHS) Earnings Revision Ratio (RHS) (pt) 8 (% 6 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 3 12-month Forward PER (LHS) 5 LT EPS Growth Forecast (RHS) 2 12MF P/E (x) CS TS FN CD ID 2 3 UT EN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 4 Trailing PBR (LHS) 2 Trailing ROE (RHS) 5 Tr.PBR TS CD FN ID EN UT CS Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 115

116 Quant Analyst Table 1 : Earnings Forecast - MSCI Philippines Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury G NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisur Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Produ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Wireless Telecom. Services Utilities Electric Utilities Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 116

117 Quant Analyst Table 2 : Valuation & Performance - MSCI Philippines Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials NA NA Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisure NA Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Wireless Telecom. Services NA Utilities Electric Utilities Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 117

118 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Philippines Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Philippine Long Dist TEL PH Telecom. Svcs Ayala Corp. AC PH Financials Ayala Land Inc. ALI PH Financials Bank of the Philipp BPI PH Financials SM Investments Co SM PH Industrials Globe Telecom Inc. GLO PH Telecom. Svcs PNOC Energy Devel EDC PH Utilities Manila Electric Co. MER PH Utilities SM Prime Holdings SMPH PH Financials Banco de Oro-EPCI BDO PH Financials International Conta ICT PH Industrials Metropolitan Bank MBT PH Financials Megaworld Corp. MEG PH Financials Jollibee Foods Corp JFC PH Cons. Discr San Miguel Corp. SMCB PH Cons. Staples First Philippine Hold FPH PH Utilities Petron Corp. PCOR PH Energy Filinvest Land Inc. FLI PH Financials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 118

119 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Philippines Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Philippine Long Distan TEL 2,93. 3, Ayala Corp. AC Ayala Land Inc. ALI Bank of the Philippine BPI NA SM Investments Corp SM NA NA Globe Telecom Inc. GLO 1,615. 1, PNOC Energy Develop EDC NA -1.5 NA NA Manila Electric Co. MER SM Prime Holdings Inc SMPH Banco de Oro-EPCI In BDO NA International Contain ICT NA Metropolitan Bank & MBT NA Megaworld Corp. MEG Jollibee Foods Corp. JFC San Miguel Corp. SMCB First Philippine Holdin FPH Petron Corp. PCOR Filinvest Land Inc. FLI NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 119

120 Quant Analyst Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 12

121 Quant Analyst Other Key Market Earnings & Valuation United States United Kingdom France Germany Brazil Russia Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 121

122 Quant Analyst United States MSCI Developed Market Country Rating by Median Z-score of 6 Criteria 23-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) Median since 2) Neutral Neutral Negative Positive Positive Negative Neutral Z-score (.28) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 1,6 1,4 1,2 1, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 1 8 (pt) (%) E EPS (LHS) 29E EPS (LHS) 88 Coef. Variation (RHS) 2 7/2 7/5 7/8 7/11 8/2 9 Coef. Variation (RHS) 4 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 122

123 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) Earnings Momentum (LHS) (pt) 8 Earnings Revision Ratio (RHS) 6 (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 3 12-month Forward PER (LHS) 25 LT EPS Growth Forecast (RHS) MF P/E (x) CS UT HC ID CD IT MT TS EN FN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 6 Trailing PBR (LHS) 18 Trailing ROE (RHS) Tr.PBR MT HC IT ID CS EN 4 3 CD TS UT FN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 123

124 Quant Analyst Table 1 : Earnings Forecast - MSCI USA Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products NA NA Construction & Engineering Electrical Equipment Machinery Trading Companies & Distrib NA NA Commercial Services & Supp Airlines Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail Consumer Discretionary Auto Components Automobiles Household Durables NA NA Textiles, Apparel & Luxury G Hotels, Restaurants & Leisur Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Produ Health Care Biotechnology Pharmaceuticals Financials Banks NA NA Capital Markets Insurance Information Technology Internet Software & Service IT Services Software Communications Equipment Computers & Peripherals Electronic Equip. & Instr NA NA Office Electronics Semiconductors Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 124

125 Quant Analyst Table 2 : Valuation & Performance - MSCI USA Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products Industrials Building Products NA Construction & Engineering Electrical Equipment Machinery Trading Companies & Distributors NA Commercial Services & Supplies Airlines Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Products Health Care Biotechnology Pharmaceuticals Financials Banks NA Capital Markets NA Insurance Information Technology Internet Software & Services NA IT Services Software Communications Equipment Computers & Peripherals Electronic Equip. & Instr NA Office Electronics Semiconductors Telecom. Services Diversified Telecom. Services Wireless Telecom. Services Utilities Electric Utilities Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 125

126 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI USA Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Exxon Mobil Corp. XOM US Energy General Electric Co GE US Industrials Microsoft Corp. MSFT US IT AT&T Inc. T US Telecom. Svcs Procter & Gamble C PG US Cons. Staples Bank of America Co BAC US Financials NA NA Johnson & Johnson JNJ US Health Care Chevron Corp. CVX US Energy Pfizer Inc. PFE US Health Care Altria Group Inc. MO US Cons. Staples NA JPMorgan Chase & JPM US Financials NA NA International Busine IBM US IT Cisco Systems Inc. CSCO US IT Citigroup Inc. C US Financials NA Wal-Mart Stores In WMT US Cons. Staples Hewlett-Packard C HPQ US IT Coca-Cola Co. KO US Cons. Staples Intel Corp. INTC US IT Google Inc. (Cl A) GOOG US IT PepsiCo Inc. PEP US Cons. Staples Apple Inc. AAPL US IT American Internatio AIG US Financials Verizon Communica VZ US Telecom. Svcs Merck & Co. Inc. MRK US Health Care Schlumberger Ltd. SLB US Energy Wells Fargo & Co. WFC US Financials Abbott Laboratorie ABT US Health Care Oracle Corp. ORCL US IT QUALCOMM Inc. QCOM US IT United Technologie UTX US Industrials Wachovia Corp. WB US Financials NA McDonald's Corp. MCD US Cons. Discr Goldman Sachs Gro GS US Financials NA NA Monsanto Co. MON US Materials UnitedHealth Group UNH US Health Care ConocoPhillips COP US Energy NA Boeing Co. BA US Industrials Time Warner Inc. TWX US Cons. Discr Occidental Petroleu OXY US Energy CVS Caremark Corp CVS US Cons. Staples Walt Disney Co. DIS US Cons. Discr Medtronic Inc. MDT US Health Care U.S. Bancorp USB US Financials Wyeth WYE US Health Care M Co. MMM US Industrials Exelon Corp. EXC US Utilities Bank of New York BK US Financials NA NA Eli Lilly & Co. LLY US Health Care Amgen Inc. AMGN US Health Care United Parcel Servi UPS US Industrials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 126

127 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI USA Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Exxon Mobil Corp. XOM General Electric Co. GE Microsoft Corp. MSFT AT&T Inc. T Procter & Gamble Co PG Bank of America Corp BAC Johnson & Johnson JNJ Chevron Corp. CVX Pfizer Inc. PFE Altria Group Inc. MO JPMorgan Chase & Co JPM International Business IBM Cisco Systems Inc. CSCO NA Citigroup Inc. C Wal-Mart Stores Inc. WMT Hewlett-Packard Co. HPQ Coca-Cola Co. KO Intel Corp. INTC Google Inc. (Cl A) GOOG NA NA PepsiCo Inc. PEP Apple Inc. AAPL NA American Internationa AIG NA Verizon Communicatio VZ Merck & Co. Inc. MRK Schlumberger Ltd. SLB Wells Fargo & Co. WFC Abbott Laboratories ABT NA Oracle Corp. ORCL NA QUALCOMM Inc. QCOM United Technologies C UTX Wachovia Corp. WB McDonald's Corp. MCD Goldman Sachs Group GS NA.9 NA Monsanto Co. MON UnitedHealth Group In UNH NA ConocoPhillips COP Boeing Co. BA Time Warner Inc. TWX Occidental Petroleum OXY CVS Caremark Corp. CVS Walt Disney Co. DIS Medtronic Inc. MDT U.S. Bancorp USB Wyeth WYE M Co. MMM Exelon Corp. EXC Bank of New York Me BK Eli Lilly & Co. LLY Amgen Inc. AMGN United Parcel Service UPS Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 127

128 Quant Analyst United Kingdom MSCI Developed Market Country Rating by Median Z-score of 6 Criteria 23-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) Median since 2) Neutral Neutral Negative Negative Positive Neutral Negative Z-score (-.38) Graph 1 : 12-month Forward EPS & Price Index (pt) 2 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 2,5 16 2, 12 1,5 8 1, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) (pt) (%) E EPS (LHS) 29E EPS (LHS) 15 Coef. Variation (RHS) 4 7/2 7/5 7/8 7/11 8/2 15 Coef. Variation (RHS) 6 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 128

129 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) Earnings Momentum (LHS) (pt) 4 Earnings Revision Ratio (RHS) 6 (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 3 12-month Forward PER (LHS) 2 LT EPS Growth Forecast (RHS) 16 12MF P/E (x) CS UT TS HC ID IT MT CD EN FN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 4 Trailing PBR (LHS) 25 Trailing ROE (RHS) 5 Tr.PBR CS MT HC ID UT TS IT FN CD EN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 129

130 Quant Analyst Table 1 : Earnings Forecast - MSCI UK Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery Trading Companies & Distrib Commercial Services & Supp Airlines Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail Consumer Discretionary Auto Components Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables Textiles, Apparel & Luxury G Hotels, Restaurants & Leisur Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Produ Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks Capital Markets Insurance Information Technology Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services Software Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities Electric Utilities Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 13

131 Quant Analyst Table 2 : Valuation & Performance - MSCI UK Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining Paper & Forest Products NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery Trading Companies & Distributors Commercial Services & Supplies Airlines Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail Consumer Discretionary Auto Components Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables Textiles, Apparel & Luxury Goods NA NA Hotels, Restaurants & Leisure Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Products Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks NA 7.5 NA Capital Markets NA Insurance NA Information Technology Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services Software Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors Telecom. Services Diversified Telecom. Services Wireless Telecom. Services Utilities Electric Utilities Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 131

132 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI UK Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) BP PLC BP GB Energy HSBC Holdings PLC HSBA GB Financials Vodafone Group PL VOD GB Telecom. Svcs GlaxoSmithKline PL GSK GB Health Care Rio Tinto PLC RIO GB Materials Royal Dutch Shell P RDSB GB Energy Anglo American PLC AAL GB Materials BG Group PLC BG GB Energy BHP Billiton PLC BLT GB Materials Royal Bank of Scotl RBS GB Financials Barclays PLC BARC GB Financials Tesco PLC TSCO GB Cons. Staples AstraZeneca PLC AZN GB Health Care British American To BATS GB Cons. Staples Diageo PLC DGE GB Cons. Staples Xstrata PLC XTA GB Materials Lloyds TSB Group P LLOY GB Financials HBOS PLC HBOS GB Financials Unilever PLC ULVR GB Cons. Staples National Grid PLC NG GB Utilities BT Group PLC BT.A GB Telecom. Svcs Reckitt Benckiser G RB GB Cons. Staples BAE Systems PLC BA GB Industrials Imperial Tobacco G IMT GB Cons. Staples Prudential PLC PRU GB Financials NA NA Aviva PLC AV GB Financials Scottish & Southern SSE GB Utilities Cadbury Schweppe CBRY GB Cons. Staples Centrica PLC CNA GB Utilities Standard Chartered STAN GB Financials SABMiller PLC SAB GB Cons. Staples Man Group PLC EMG GB Financials Legal & General Gr LGEN GB Financials Rolls-Royce Group P RR GB Industrials Reuters Group PLC RTR GB Cons. Discr Land Securities Gro LAND GB Financials Marks & Spencer G MKS GB Cons. Discr WPP Group PLC WPP GB Cons. Discr Reed Elsevier PLC REL GB Cons. Discr British Sky Broadca BSY GB Cons. Discr Old Mutual PLC OML GB Financials Compass Group PLC CPG GB Cons. Discr Scottish & Newcast SCTN GB Cons. Staples International Powe IPR GB Utilities Smith & Nephew PL SN GB Health Care United Utilities PLC UU GB Utilities J Sainsbury PLC SBRY GB Cons. Staples Pearson PLC PSON GB Cons. Discr British Energy Grou BGY GB Utilities British Land Co. PLC BLND GB Financials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 132

133 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI UK Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) BP PLC BP HSBC Holdings PLC HSBA NA 13.1 NA Vodafone Group PLC VOD GlaxoSmithKline PLC GSK Rio Tinto PLC RIO Royal Dutch Shell PLC RDSB Anglo American PLC AAL NA BG Group PLC BG BHP Billiton PLC BLT Royal Bank of Scotlan RBS NA 9.8 NA Barclays PLC BARC NA 7.7 NA Tesco PLC TSCO AstraZeneca PLC AZN British American Toba BATS Diageo PLC DGE Xstrata PLC XTA NA Lloyds TSB Group PLC LLOY NA 8.7 NA HBOS PLC HBOS NA 7.8 NA Unilever PLC ULVR National Grid PLC NG BT Group PLC BT.A Reckitt Benckiser Gro RB BAE Systems PLC BA Imperial Tobacco Gro IMT Prudential PLC PRU NA 3.1 NA Aviva PLC AV NA Scottish & Southern E SSE Cadbury Schweppes P CBRY Centrica PLC CNA Standard Chartered P STAN NA 5.6 NA SABMiller PLC SAB Man Group PLC EMG Legal & General Grou LGEN NA Rolls-Royce Group PLC RR Reuters Group PLC RTR Land Securities Group LAND Marks & Spencer Gro MKS WPP Group PLC WPP Reed Elsevier PLC REL British Sky Broadcasti BSY Old Mutual PLC OML NA NA NA Compass Group PLC CPG Scottish & Newcastle SCTN International Power P IPR Smith & Nephew PLC SN United Utilities PLC UU J Sainsbury PLC SBRY Pearson PLC PSON British Energy Group BGY NA NA British Land Co. PLC BLND Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 133

134 Quant Analyst France MSCI Developed Market Country Rating by Median Z-score of 6 Criteria 23-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) Median since 2) Neutral Negative Negative Positive Negative Positive Positive Z-score (-.15) Graph 1 : 12-month Forward EPS & Price Index (pt) 2 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 2,5 16 2, 12 1,5 8 1, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 16 1 (pt) (%) E EPS (LHS) Coef. Variation (RHS) 4 7/2 7/5 7/8 7/11 8/ E EPS (LHS) Coef. Variation (RHS) 3 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 134

135 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) Earnings Momentum (LHS) 8 6 Earnings Revision Ratio (RHS) (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) month Forward PER (LHS) 25 LT EPS Growth Forecast (RHS) 18 12MF P/E (x) CS UT TS MT IT ID 14 1 EN CD HC FN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 5 Trailing PBR (LHS) 2 Trailing ROE (RHS) 4 Tr.PBR CS UT EN CD ID MT TS HC 2 8 IT FN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 135

136 Quant Analyst Table 1 : Earnings Forecast - MSCI France Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products Construction & Engineering Electrical Equipment Machinery Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp Airlines Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury G Hotels, Restaurants & Leisur Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Produ Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance Information Technology Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services Software Communications Equipment NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics Semiconductors Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities Electric Utilities NA NA Gas Utilities Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 136

137 Quant Analyst Table 2 : Valuation & Performance - MSCI France Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy Materials Chemicals Metals & Mining NA 6. NA NA Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products Construction & Engineering Electrical Equipment Machinery NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies Airlines Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components Automobiles Household Durables Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Products Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks NA Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA Information Technology Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services Software Communications Equipment Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA Semiconductors Telecom. Services Diversified Telecom. Services Wireless Telecom. Services Utilities Electric Utilities NA NA NA NA NA Gas Utilities NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 137

138 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI France Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Total S.A. FP FR Energy Sanofi-Aventis S.A. SAN FR Health Care BNP Paribas S.A. BNP FR Financials ArcelorMittal SA MTP FR Materials 5.2 NA SUEZ (France) SZE FR Utilities France Telecom FTE FR Telecom. Svcs AXA S.A. CS FR Financials Vivendi VIV FR Cons. Discr Societe Generale (F GLE FR Financials Carrefour S.A. CA FR Cons. Staples L'Air Liquide S.A. AI FR Materials Groupe Danone BN FR Cons. Staples L'Oreal S.A. OR FR Cons. Staples Veolia Environneme VIE FR Utilities Vinci S.A. DG FR Industrials LVMH Moet Hennes MC FR Cons. Discr Schneider Electric S SU FR Industrials Lafarge S.A. LG FR Materials Alstom S.A. ALO FR Industrials Compagnie de Sain SGO FR Industrials Renault RNO FR Cons. Discr Pernod Ricard S.A. RI FR Cons. Staples Credit Agricole S.A ACA FR Financials Bouygues S.A. EN FR Telecom. Svcs Unibail-Rodamco UL FR Financials Accor S.A. AC FR Cons. Discr Alcatel-Lucent ALU FR IT NA Compagnie Genera ML FR Cons. Discr Peugeot S.A. UG FR Cons. Discr Essilor Internationa EF FR Health Care Gaz de France GAZ FR Utilities PPR S.A. PP FR Cons. Discr Electricite de Franc EDF FR Utilities Lagardere S.C.A. MMB FR Cons. Discr Vallourec S.A. VK FR Industrials European Aeronaut EAD FR Industrials , STMicroelectronics STM FR IT Hermes Internation RMS FR Cons. Discr Technip S.A. TEC FR Energy Capgemini CAP FR IT CGG Veritas GA FR Energy Sodexo S.A. SW FR Cons. Discr Thales S.A. HO FR Industrials Publicis Groupe S.A PUB FR Cons. Discr Casino Guichard-Pe CO FR Cons. Staples CNP Assurances CNP FR Financials NA NA NA NA Klepierre S.A. LI FR Financials Aeroports de Paris ADP FR Industrials Scor S.E. SCR FR Financials NA NA SES S.A. SESG FR Cons. Discr..3 NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 138

139 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI France Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Total S.A. FP Sanofi-Aventis S.A. SAN BNP Paribas S.A. BNP NA ArcelorMittal SA MTP NA NA SUEZ (France) SZE France Telecom FTE AXA S.A. CS NA Vivendi VIV Societe Generale (Fra GLE NA Carrefour S.A. CA L'Air Liquide S.A. AI Groupe Danone BN L'Oreal S.A. OR Veolia Environnement VIE Vinci S.A. DG LVMH Moet Hennessy MC Schneider Electric S.A SU Lafarge S.A. LG Alstom S.A. ALO Compagnie de Saint-G SGO Renault RNO Pernod Ricard S.A. RI Credit Agricole S.A. ACA NA Bouygues S.A. EN Unibail-Rodamco UL Accor S.A. AC Alcatel-Lucent ALU NA Compagnie Generale ML Peugeot S.A. UG Essilor International S EF Gaz de France GAZ NA NA PPR S.A. PP Electricite de France EDF NA NA Lagardere S.C.A. MMB Vallourec S.A. VK European Aeronautic EAD STMicroelectronics N. STM Hermes International RMS Technip S.A. TEC Capgemini CAP CGG Veritas GA NA Sodexo S.A. SW Thales S.A. HO Publicis Groupe S.A. PUB Casino Guichard-Perr CO CNP Assurances CNP NA 3.7 NA NA Klepierre S.A. LI Aeroports de Paris ADP NA NA Scor S.E. SCR NA 5.9 NA SES S.A. SESG NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 139

140 Quant Analyst Germany MSCI Developed Market Country Rating by Median Z-score of 6 Criteria 23-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) (23 Countries Rank) Median since 2) Neutral Negative Negative Neutral Negative Positive Positive Z-score (-.42) Graph 1 : 12-month Forward EPS & Price Index (pt) 8 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 1,2 6 1, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) (pt) (%) E EPS (LHS) Coef. Variation (RHS) 7 7/2 7/5 7/8 7/11 8/ E EPS (LHS) Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 14

141 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) Earnings Momentum (LHS) 2 6 Earnings Revision Ratio (RHS) (%) 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 12-month Forward PER (LHS) LT EPS Growth Forecast (RHS) 18 12MF P/E (x) TS CS IT HC UT MT ID CD FN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) Trailing PBR (LHS) 5 Trailing ROE (RHS) 2 4 Tr.PBR IT HC CS 3 12 ID MT UT CD 1 4 TS FN Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 141

142 Quant Analyst Table 1 : Earnings Forecast - MSCI Germany Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials Chemicals Metals & Mining Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering Electrical Equipment Machinery Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components Automobiles Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury G Hotels, Restaurants & Leisur NA Media NA Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Produ Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks Capital Markets Insurance Information Technology Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA Telecom. Services Diversified Telecom. Service Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities Electric Utilities Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 142

143 Quant Analyst Table 2 : Valuation & Performance - MSCI Germany Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials Chemicals Metals & Mining Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA Electrical Equipment NA NA Machinery Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary Auto Components Automobiles Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods Hotels, Restaurants & Leisure Media NA Retailing Consumer Staples Food & Staples Retailing NA Food, Beverage & Tobacco NA NA Household & Personal Products Health Care Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals Financials Banks NA Capital Markets NA Insurance NA Information Technology Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA Telecom. Services Diversified Telecom. Services Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities Electric Utilities Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 143

144 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Germany Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) E.ON AG EOA DE Utilities Siemens AG SIE DE Industrials Daimler AG DAI DE Cons. Discr Allianz SE ALV DE Financials NA BASF S.E. BAS DE Materials Bayer AG BAY DE Materials Deutsche Bank AG DBK DE Financials RWE AG RWE DE Utilities Deutsche Telekom DTE DE Telecom. Svcs SAP AG SAP DE IT Muenchener Rueck MUV2 DE Financials Volkswagen AG VOW DE Cons. Discr Deutsche Boerse AG DB1 DE Financials Deutsche Post AG DPW DE Industrials ThyssenKrupp AG TKA DE Materials Commerzbank AG CBK DE Financials Continental AG CON DE Cons. Discr Linde AG LIN DE Materials MAN AG MAN DE Industrials Metro AG MEO DE Cons. Staples adidas AG ADS DE Cons. Discr NA 6.6 NA K+S AG SDF DE Materials NA Fresenius Medical C FME DE Health Care BMW AG BMW DE Cons. Discr Merck KGaA MRK DE Health Care Deutsche Postbank DPB DE Financials Salzgitter AG SZG DE Materials Beiersdorf AG BEI DE Cons. Staples Infineon Technolog IFX DE IT NA NA NA Hypo Real Estate H HRX DE Financials Deutsche Lufthansa LHA DE Industrials Celesio AG CLS1 DE Health Care GEA Group AG G1A DE Industrials TUI AG TUI1 DE Cons. Discr Hochtief AG HOT DE Industrials Q-Cells AG QCE DE Industrials SolarWorld AG SWV DE Industrials IVG Immobilien AG IVG DE Financials NA 9.7 NA Bilfinger Berger AG GBF DE Industrials Rheinmetall AG RHM DE Industrials Puma AG Rudolf Da PUM DE Cons. Discr Qiagen N.V. QIA DE Health Care HeidelbergCement HEI DE Materials Wacker Chemie AG WCH DE Materials Heidelberger Druck HDD DE Industrials Arcandor AG ARO DE Cons. Discr Wincor Nixdorf AG WIN DE IT Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 144

145 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Germany Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) E.ON AG EOA Siemens AG SIE Daimler AG DAI Allianz SE ALV NA 5.5 NA BASF S.E. BAS Bayer AG BAY Deutsche Bank AG DBK RWE AG RWE Deutsche Telekom AG DTE SAP AG SAP Muenchener Rueckve MUV NA Volkswagen AG VOW Deutsche Boerse AG DB NA Deutsche Post AG DPW ThyssenKrupp AG TKA Commerzbank AG CBK NA Continental AG CON Linde AG LIN MAN AG MAN Metro AG MEO adidas AG ADS NA K+S AG SDF Fresenius Medical Car FME BMW AG BMW Merck KGaA MRK Deutsche Postbank AG DPB NA NA Salzgitter AG SZG Beiersdorf AG BEI Infineon Technologies IFX NA NA NA Hypo Real Estate Hold HRX NA NA Deutsche Lufthansa A LHA Celesio AG CLS GEA Group AG G1A TUI AG TUI Hochtief AG HOT Q-Cells AG QCE NA NA NA NA SolarWorld AG SWV NA NA IVG Immobilien AG IVG NA NA Bilfinger Berger AG GBF Rheinmetall AG RHM NA Puma AG Rudolf Dass PUM Qiagen N.V. QIA NA HeidelbergCement AG HEI NA -.4 NA NA Wacker Chemie AG WCH NA NA NA Heidelberger Druckma HDD Arcandor AG ARO Wincor Nixdorf AG WIN NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 145

146 Quant Analyst Brazil MSCI Emerging Market Country Rating by Median Z-score of 6 Criteria 17-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (17 Countries Rank) (17 Countries Rank) (17 Countries Rank) (17 Countries Rank) (17 Countries Rank) Median since 2) Neutral Neutral Positive Neutral Neutral Negative Positive Z-score (.3) Graph 1 : 12-month Forward EPS & Price Index (pt) month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 3, 2, , 1,5 1, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) (pt) (%) E EPS (LHS) Coef. Variation (RHS) E EPS (LHS) /2 7/5 7/8 7/11 8/2 1 Coef. Variation (RHS) 5 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 146

147 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) (pt) Earnings Momentum (LHS) 3 Earnings Revision Ratio (RHS) 4 (%) 4 3 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) month Forward PER (LHS) 4 LT EPS Growth Forecast (RHS) 35 12MF P/E (x) HC CD 8 2 CS IT UT EN ID FN MT TS LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) Trailing PBR (LHS) 4 26 Trailing ROE (RHS) 6 Tr.PBR CD ID HC CS EN MT FN TS 1 14 UT Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 147

148 Quant Analyst Table 1 : Earnings Forecast - MSCI Brazil Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA NA NA NA NA Materials Chemicals.6 2 NA NA NA NA NA NA Metals & Mining Paper & Forest Products NA NA NA NA NA NA Industrials Building Products.3 1 NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines.5 2 NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail 1. 1 NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables Textiles, Apparel & Luxury G. 1 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisur NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media.4 1 NA NA NA NA NA NA Retailing Consumer Staples Food & Staples Retailing.3 1 NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Produ Health Care NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials NA NA Banks NA NA Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA NA NA Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Service Wireless Telecom. Services NA NA NA NA NA NA NA Utilities Electric Utilities NA NA Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 148

149 Quant Analyst Table 2 : Valuation & Performance - MSCI Brazil Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy NA NA NA NA NA Materials Chemicals NA NA NA NA NA NA Metals & Mining Paper & Forest Products NA NA NA NA NA Industrials Building Products NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA Consumer Discretionary Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA Textiles, Apparel & Luxury Goods. 1 NA NA NA NA NA NA NA Hotels, Restaurants & Leisure NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media NA NA NA NA NA NA -7.8 NA NA Retailing NA NA Consumer Staples Food & Staples Retailing NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Products NA NA Health Care NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials NA NA Banks NA NA 3.5 NA Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA NA -8.7 NA NA Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA -8.7 NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Services Wireless Telecom. Services NA NA NA NA NA Utilities Electric Utilities NA Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 149

150 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Brazil Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Companhia Siderur CSNA3 BR Materials Embraer-Empresa B EMBR3 BR Industrials Bovespa Holding S/A BOVH3 BR Financials Banco do Brasil S/A BBAS3 BR Financials Bolsa de Mercadori BMEF3 BR Financials Cyrela Brazil Realty CYRE3 BR Cons. Discr Redecard S/A RDCD3 BR IT NA NA Companhia de Sane SBSP3 BR Utilities Perdigao S/A PRGA3 BR Cons. Staples B2W-Companhia Gl BTOW3 BR Cons. Discr CPFL Energia S.A. CPFE3 BR Utilities Lojas Renner S/A LREN3 BR Cons. Discr Souza Cruz S.A. CRUZ3 BR Cons. Staples Companhia Concess CCRO3 BR Industrials GVT (Holding) S/A GVTT3 BR Telecom. Svcs Gafisa S/A GFSA3 BR Cons. Discr Cosan S/A Industria CSAN3 BR Cons. Staples NA NA NA Tractebel Energia S TBLE3 BR Utilities NA NA MRV Engenharia e MRVE3 BR Financials NA NA Natura Cosmeticos NATU3 BR Cons. Staples JBS S/A JBSS3 BR Cons. Staples EDP-Energias do Br ENBR3 BR Utilities Diagnosticos da Am DASA3 BR Health Care Banco Nossa Caixa BNCA3 BR Financials Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 15

151 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Brazil Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Companhia Siderurgic CSNA Embraer-Empresa Bra EMBR NA NA Bovespa Holding S/A BOVH NA NA NA NA NA Banco do Brasil S/A BBAS NA 3.4 NA Bolsa de Mercadorias BMEF NA NA NA NA NA NA Cyrela Brazil Realty S/ CYRE NA NA Redecard S/A RDCD NA NA NA -8.7 NA NA Companhia de Saneam SBSP Perdigao S/A PRGA NA NA B2W-Companhia Glob BTOW NA NA CPFL Energia S.A. CPFE NA 4.3 NA NA Lojas Renner S/A LREN NA NA Souza Cruz S.A. CRUZ Companhia Concessoe CCRO NA NA GVT (Holding) S/A GVTT NA NA 9.8 NA NA Gafisa S/A GFSA NA NA NA Cosan S/A Industria e CSAN NA NA NA NA Tractebel Energia S/A TBLE MRV Engenharia e Pa MRVE NA 1.5 NA NA NA -7.8 NA NA Natura Cosmeticos S. NATU NA NA JBS S/A JBSS NA NA NA -8.7 NA NA EDP-Energias do Bras ENBR NA NA Diagnosticos da Amer DASA NA NA Banco Nossa Caixa S.A BNCA NA 4. NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 151

152 Quant Analyst Russia MSCI Emerging Market Country Rating by Median Z-score of 6 Criteria 17-Country Rank's Z-score Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity (Breadth) (Magnitude) 3% -.5 Negative 4% Neutral 3%.5 Positive 12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth Monthly FY8 & FY9 EPS FY8 & FY9 EPS FY8 & FY9 12m Fw. P/E, P/B, less Target Policy Rate Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from (17 Countries Rank) (17 Countries Rank) (17 Countries Rank) (17 Countries Rank) (17 Countries Rank) Median since 2) Positive Positive Positive Negative Negative Positive Positive Z-score (1.38) Graph 1 : 12-month Forward EPS & Price Index (%) (pt) 12-month Forward EPS (LHS) 16 1,6 MSCI Price Index (RHS) 12 1, Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 15 2 (pt) (%) E EPS (LHS) 29E EPS (LHS) 6 Coef. Variation (RHS) 12 7/2 7/5 7/8 7/11 8/2 8 Coef. Variation (RHS) 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 152

153 Quant Analyst Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) Earnings Momentum (LHS) (pt) 6 Earnings Revision Ratio (RHS) 1 (%) 2 1 Dec Jan Feb Energy Materials Industrials Cons. Discr. Cons. Staples Health Care Financials IT Telecom. Svcs Utilities Graph 4-A : 12-month Forward PER Graph 4-B : PER-EPS Growth Map by Sector (x) (%) 12-month Forward PER (LHS) 16 LT EPS Growth Forecast (RHS) MF P/E (x) CS CD FN TS 4 12 MT EN LT EPS Growth (%) Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) Trailing PBR (LHS) 4 Trailing ROE (RHS) 2 18 Tr.PBR HC CS TS 1 5 UT FN EN MT Tr.ROE Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 153

154 Quant Analyst Table 1 : Earnings Forecast - MSCI Russia Industry Weight # Co's Sales G (YoY) EPS G (YoY) EPS (MoM) - 8E EPS (MoM) - 9E ERR - 12MF OP Margin ROE 8E 9E 7E 8E 9E Dec Jan Feb Dec Jan Feb Dec Jan Feb 8E 9E 8E 9E (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market NA NA NA NA NA NA NA NA NA Energy Materials Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distrib NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary NA NA NA NA NA NA NA NA NA NA NA NA NA NA Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury G NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisur NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco Household & Personal Produ NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care NA NA NA NA NA NA NA NA NA NA NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA Financials NA NA Banks NA NA Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Internet Software & Service NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Service Wireless Telecom. Services Utilities Electric Utilities Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 154

155 Quant Analyst Table 2 : Valuation & Performance - MSCI Russia Industry Wgt # Co's 12-month Forward Valuation Performance (%) (%) PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Market Energy NA Materials Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining ,266 Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary.8 1 NA NA NA 3.4 NA 5.7 NA NA NA -6.5 NA NA Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables.8 1 NA NA NA 3.4 NA 5.7 NA NA NA -6.5 NA NA Textiles, Apparel & Luxury Goods NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisure NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples NA NA Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco NA NA Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care.6 1 NA NA NA 7.3 NA 9.5 NA NA NA -3.6 NA NA Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals.6 1 NA NA NA 7.3 NA 9.5 NA NA NA -3.6 NA NA Financials NA NA NA Banks NA NA NA Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr. NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Telecom. Services Diversified Telecom. Services Wireless Telecom. Services NA NA Utilities Electric Utilities Gas Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 155

156 Quant Analyst Table 3 : Earnings Forecast by Stock - MSCI Russia Company Name Ticker Ctry Sector Wgt Mcap Sales Net Inc. Sales G (YoY) EPS G (YoY) EPS (MoM) EBITDA M OP Margin ROE 8E 8E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E 8E 9E (%) (USD bn) (USD bn) (USD bn) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Gazprom OAO GAZP RU Energy Lukoil Holdings LKOH RU Energy Sberbank SBER RU Financials Norilsk Nickel Minin GMKN RU Materials NA Vimpel Communicat VIP US Telecom. Svcs Mobile TeleSystems MBT US Telecom. Svcs Unified Energy Syst EESR RU Utilities Tatneft TATN RU Energy Surgutneftegaz JSC SNGS RU Energy NOVATEK JT STK C NVTK GB Energy 1.7 NA Severstal JSC CHMF RU Materials Rosneft ROSN RU Energy Polyus Gold PLZL RU Materials NA Mechel AOA (ADS) MTL US Materials Rostelecom RTKM RU Telecom. Svcs NOVOLIPETSK IRON NLMK GB Materials 1.1 NA Sistema JSFC SPON SSA GB Telecom. Svcs 1.1 NA PIK GROUP SPON A PIK GB Cons. Discr..8 NA NA NA Magnitogorsk Iron MAGN RU Materials PHARMSTANDARD O PHST GB Health Care.6 NA Wholesale Generat OGKE RU Utilities NA Wimm-Bill-Dann Foo WBD US Cons. Staples Comstar United Tel CMST GB Telecom. Svcs.5 NA TMK OA SPON GDR TMKS GB Energy.3 NA NA Uralsvyazinform JSC URSI RU Telecom. Svcs NA Sibirtelecom ENCO RU Telecom. Svcs VolgaTelecom NNSI RU Telecom. Svcs Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 156

157 Quant Analyst Table 4 : Valuation & Performance by Stock - MSCI Russia Company Name Ticker Price Consensus Upside 12-month Forward Valuation Performance TP Potential PER PBR EV/EBITDA DY PCR PSR PEG 1M 3M 6M 12M YTD 3Y 5Y (Local) (Local) (%) (x) (x) (x) (%) (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) Gazprom OAO GAZP NA NA Lukoil Holdings LKOH Sberbank SBER NA NA NA Norilsk Nickel Mining GMKN Vimpel Communicatio VIP Mobile TeleSystems (A MBT Unified Energy System EESR Tatneft TATN NA NA Surgutneftegaz JSC SNGS NOVATEK JT STK CO NVTK NA NA NA NA Severstal JSC CHMF NA NA Rosneft ROSN NA NA NA Polyus Gold PLZL 1, NA NA Mechel AOA (ADS) MTL NA NA Rostelecom RTKM NA NA NOVOLIPETSK IRON S NLMK NA 2.9 NA NA NA NA Sistema JSFC SPONSO SSA NA NA NA NA PIK GROUP SPON ADR PIK NA NA NA NA -6.5 NA NA Magnitogorsk Iron & S MAGN NA NA -6.9 NA NA PHARMSTANDARD OJS PHST NA NA NA NA -3.6 NA NA Wholesale Generation OGKE NA -5.4 NA NA Wimm-Bill-Dann Foods WBD Comstar United TeleS CMST NA NA NA NA TMK OA SPON GDR R TMKS NA NA NA NA NA Uralsvyazinform JSC URSI NA NA Sibirtelecom ENCO NA NA VolgaTelecom NNSI NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 157

158 Quant Analyst Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 158

159 Quant Analyst Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 159

160 Quant Analyst Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 16

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