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Quant Analyst 3774-178 YoungJean@miraeasset.com Quant RA 3774-648 dajungky@miraeasset.com 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

Quant Analyst 3774-178 YoungJean@miraeasset.com Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 2

Quant Analyst 3774-178 YoungJean@miraeasset.com Contents Asia Pacific Country Highlights 4 Asia Pacific Country Rating & Overview Country Rating Country Overview Country Earnings & Valuation Table 1 12 16 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 3 36 42 48 54 6 66 72 78 84 9 96 12 18 114 Other Key Market Earnings & Valuation United States United Kingdom France Germany Brazil Russia 122 128 134 14 146 152 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 3

Quant Analyst 3774-178 YoungJean@miraeasset.com Asia Pacific Country Highlights Asia Pacific Country Allocation for March Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 4

Quant Analyst 3774-178 YoungJean@miraeasset.com < 1> Asia Pacific Country Ratings Rating Z-score Countries Feb Mar Feb Mar Change Indonesia Positive Positive.97 3.18 2.21 India Positive Positive 1. 1.57.57 China Positive Positive.71.86.15 Hong Kong Positive Neutral.65.42 -.23 Thailand Neutral Neutral.3.26.23 Philippines Neutral Neutral -.2 -.1.19 Singapore Neutral Neutral.29 -.1 -.3 Korea Neutral Neutral -.35 -.12.23 Australia Negative Neutral -.91 -.23.68 Malaysia Neutral Neutral -.35 -.31.5 New Zealand Neutral Negative -.45 -.88 -.44 Japan Negative Negative -.62-1.1 -.48 Taiwan Negative Negative -.51-1.28 -.77 < 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 -1.5-1. -.5..5 1. 1.5 2. 2.5 3. 3.5 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 5

Quant Analyst 3774-178 YoungJean@miraeasset.com < 2> Valuation : PER PBR A. () 12 PER (x) 18 17.4x (x) (%) B. () PBR 3.5 3. 12M Trailing P/B 12M Trailing ROE 18 16 16 16.x 2.5 14 14.6x 14.2x 13.9x 14 13.x 12.7x 13.1x 12.9x 11.8x 12 12.5x 11.7x 11.5x 11.4x 1.2x 1.6x 1 23 24 25 26 27 28 2. 12 1.5 1 1. 8 21 22 23 24 25 26 27 28 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 6

Quant Analyst 3774-178 YoungJean@miraeasset.com < 3> Earnings : (%) 3 A. () (%) 6 B. (%) 4 C. ( 2 4 2 2 1-1 -2 Earnings Revision Ratio (weekly) Earnings Revision Ratio (4w MA) -3 27/1 27/4 27/7 27/1 28/1-2 -4-6 -8 27/11 28/2 Indonesia India Malaysia Hong Kong China Philippines Australia Thailand Singapore Japan New Zealand Korea Taiwan -2-4 27/11 28/2 IT Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 7

Quant Analyst 3774-178 YoungJean@miraeasset.com < 4> A. PER B. EPS Dispersion 2 8 18 16 14 12 II China India Japan Singapore Philippines New Zealand Australia Taiwan III Korea Thailand Hong Kong Malaysia Indonesia IV 1-8 -4 4 8 12 I 4 Taiwan II Korea Hong Kong China Indonesia Thailand Philippines India Japan Malaysia Singapore -4 III IV Australia New Zealand -8-8 -4 4 8 12 I Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 8

Quant Analyst 3774-178 YoungJean@miraeasset.com 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) 3.66 8.29.87 5.36-1. 2.69 India Positive Positive Positive Positive Negative Positive (p.78) Z-score (1.57) 1.85 1.7 1.44 1. -4.58 4.9 China Positive Positive Positive Positive Negative Positive (p.66) Z-score (.86) 1. 1. 1.35.72-1.23.52 Hong Kong Neutral Positive Positive Neutral Negative Negative Positive (p.72) Z-score (.42) 1.48.77.8-3.6-2.17 4.66 Thailand Neutral Neutral Positive Neutral Positive Positive Negative (p.12) Z-score (.26)..67..52.94-2.96 Philippines Neutral Neutral Neutral Neutral Negative Neutral Negative (p.114) Z-score (-.1)..12.37 -.52 -.2 -.85 Singapore Neutral Positive Negative Negative Negative Positive Positive (p.84) Z-score (-.1) 1.17-1.1-2.1-1.34.99 2.66 Korea Neutral Negative Negative Neutral Negative Positive Positive (p.54) Z-score (-.12) -1.71 -.51.26-1.34 1.55 1.7 Australia Neutral Neutral Neutral Negative Positive Negative Positive (p.48) Z-score (-.23) -.45. -1.7 1.21-1. 4.5 Malaysia Neutral Positive Neutral Neutral Negative Negative Neutral (p.9) Z-score (-.31).99 -.14 -.18 -.88 -.65 -.43 New Zealand Negative Negative Negative Neutral Neutral Negative (p.18) Z-score (-.88) -.91-1.1-2.85.1. -.85 Japan Negative Negative Negative Negative Neutral Positive (p.42) Z-score (-1.1) -1. -2.43-1.21-3.73. 1. Taiwan Positive Positive Positive Negative Negative Negative Negative Negative Negative Neutral Positive Negative (p.6) Z-score (-1.28) -1.57-4.89-1...88-3.76 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 1

Quant Analyst 3774-178 YoungJean@miraeasset.com Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 11

Quant Analyst 3774-178 YoungJean@miraeasset.com 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

16.9 16.6 16.2 15.8 15.5 15.1 14.8 The Guiding Light Quant Analyst 3774-178 YoungJean@miraeasset.com Graph 4 : 28E Sales Growth by Country (%) 25 23.7 2 18.6 18.2 15 1 16.5 16.1 15.7 14.6 14.5 14.1 14.1 12.8 11.7 11.4 1.4 9.9 7.7 6.1 5.8 5 3.4 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 (%) 3 2 1 21.3 2.5 18.5 17.7 16.5 15.6 15.5 15.2 14.1 13.5 1.4 9.4 9.3 8.4 8.3 8.2 2.8 2.5-1 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 (%) 3 27.5 25 2 18.6 18.5 18. 17.7 15 1 13.9 13.9 11.7 11.1 1.4 9.2 5 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

Quant Analyst 3774-178 YoungJean@miraeasset.com Graph 7 : 12MF PER by Country (x) 2 18.9 18 17.4 16 15.8 15.4 15.1 13.9 14 13.7 13.7 13.7 13.7 13.7 13.5 13.3 13.2 13. 12. 11.9 12 11.2 11. 1 8 6 4 2 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) 4.5 4.2 4. 3.5 3.3 3. 2.7 2.5 2. 1.5 2.4 2.3 2.2 2.1 2.1 2.1 2.1 1.9 1.9 1.9 1.8 1.6 1.5 1.5 1.3 1..5. 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 18 16.9 16 14 12 1 8 6 12.4 11.6 9.9 8.3 7.7 7.6 7.5 7.2 7.1 7.1 6.9 6.9 6.8 6.7 6.2 6.1 5.8 4.8 4 2 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

Quant Analyst 3774-178 YoungJean@miraeasset.com Graph 1 : 12MF Dividend Yield by Country (%) 6 5.5 5 4.9 4.4 4.4 4 3.9 3.8 3.7 3.3 3.2 3.1 3 2 2.8 2.8 2.7 2.5 2.3 2.2 1.9 1.8 1 1.1 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) 18 17.1 16 14.9 14 12 1 8 1.5 1.4 9.9 9.7 9.5 9.5 9.4 9.3 8.8 8.5 8.3 8.1 7.4 7.4 7.2 7.2 7. 6 4 2 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 4. 3.5 3.6 3.5 3. 2.8 2.6 2.5 2. 1.5 1. 2.3 2.1 2.1 2. 1.9 1.7 1.6 1.5 1.3 1.1 1.1 1..9.9.6.5. 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. 2,872 6.4 5.7 3.9 11.9 12. -2.3.8-3.1-2. 1.1-2.8-11 -18-31 12. 12.4 15.9 16.4 Developed Market 88.5 1,945 5.8 5.4 2.5 11.4 11.8-2.4.9-3.3-2.1 1. -3. -17-24 -37 12.2 12.7 16. 16.4 EAFE 42.7 1,25 4.9 4.6 6.7 7.9 1.4-2.8 2.2-2.8-2.5 2.3-2.7-17 -21-44 1.7 11.1 14.4 14.8 Pacific 13.2 586 4.2 4.2 13.4 4.8 11. -3.4 4.4-2.5-2.9 4.6-2.2-11 -16-36 7.4 7.8 1.3 1.6 North America 45.7 74 7.2 6.4-1.8 15.3 13.3-2. -.5-3.7-1.7 -.4-3.2-17 -28-25 14.6 15.2 19.4 19.8 Europe 29.6 619 5.2 4.9 4.4 9. 1.2-2.6 1.5-3. -2.3 1.5-3. -22-26 -52 12.6 12.9 16.8 17. Emerging Market 11.5 927 14. 9.6 16.6 16.1 13.5-1.2.6 -.9 -.9 1.5 -.7 1-6 -19 8.7 9. 15.1 16.4 Asia 6.1 555 14.6 11.2 17. 16.5 14.4-2.4.6-1.5-2.2.5-1.5-3 -8-27 7.2 7.5 16.2 16.4 Latin America 2.6 148 11.6 5.9 18.7 17.5 11.4 -.5 -.3 2.6 -.4 1.8 2.9-9 -7 9 12.8 14.3 23.5 27.3 Europe 1.7 12 13. 3.7 18.3 11.7 8.8 2.9 1.6.5 3.7 2.4 -.6 42 1 1 9.8 1.1 1.5 13.1 AC Asia Pacific 19.3 1,141 6.1 5.6 14.4 8.3 12.1-3. 3.1-2.2-2.5 3.2-1.9-6 -12-32 7.4 7.8 11.7 12. AC AP ex. Japan 1.4 744 14.1 1.8 17.1 8.4 14.6-2..9 -.9-1.7 1.2 -.6-7 -26 1.5 1.9 15.8 16.3 AC Asia 16.4 1,43 5.8 5.4 14.8 9.3 11.6-3.2 3.3-2.5-2.7 3.2-2.5-5 -12-32 6.5 6.8 11.1 11.3 AC Asia ex. Japan 7.6 646 14.5 11.4 19.1 1.4 14.5-1.9.7-1.3-1.7.6-1.4 2-6 -25 7.7 8. 15.1 15.5 Australia 2.8 88 12.8 8.8 12.4 2.5 13.9 1. -1.8-1.3 1.1 -.9 -.3-17 -13-29 22.8 24.1 18.5 19.5 Hong Kong 1. 54 15.7 15.3 35.4 14.1 16.1 1.9.9. 1.9 1. -.2 15 13 12.5 13. 1.4 11.2 Japan 8.8 397 3.4 3.6 12.4 8.2 9.2-1.6 -.4-3. -1. -.3-2.9-19 -22-42 6.1 6.5 9.2 9.3 New Zealand.1 1 1.4 3. -.6-4.9 4.6 -.7 -.2-1. -.9 -.2-2.2-2 -1-5 18.7 18.8 16.9 16.5 Singapore.5 37 11.7 9.5 13.7 2.8 12.9-1.2 -.2-1.5 -.7 -.5-2.8 5 3-39 11.1 11.4 13.9 14.4 China 1.7 112 18.2 13.2 28.6 21.3 16.5 -.4 1.1.2.7.6 -.1 24-2 -16 4.7 4.9 18. 18.4 India.9 63 16.1 18.5 14.5 2.5 23.3.4.5.8-2.9 -.3 1. 1 15 2 9.1 9.5 18.6 18.9 Indonesia.2 23 23.7 16.3 54.6 18.5 16.8 1.2 -.4 7. 1..7 6.5 3 52 43 16. 15.7 27.5 26.5 Korea 1.6 113 11.4 7.9 6.6 15.6 14.3-1.8 -.9-1.2 -.4 -.4-1.5-17 -41-58 7.6 7.9 13.9 14.1 Malaysia.3 56 14.1 8.3 39.4 13.5 11.6 -.4 1.7 -.8 -.1 1.8-1.2 6-7 7 11.2 11.8 14.8 15.2 Pakistan. 13 18.6 1.7 7.5 17.7 1.1 1.6 1.3-1.3.5.4 -.9-3 1-3 1.7 11. NA NA Philippines.1 18 9.9 9.5 1.9 15.2 19.3-2.8. -.6-2.6.3 -.9-28 17-28 6.6 6.9 15.5 16.4 Taiwan 1.2 123 16.5 13.2 28.6 9.4 9.1-1.8-1.2-5.4-2.7-1.4-4.8-25 -21-64 7. 7.2 16.6 16.7 Thailand.2 34 7.7 4. -29.1 15.5 7.3.3 -.1 -.3 -.6 -.9.4-1 1-39 5.1 5.4 17.7 17.8 AC Americas 48.3 888 7.3 6.4 -.8 15.4 13.2-1.9 -.5-3.4-1.7 -.2-2.9-16 -25-2 14.6 15.2 19.4 19.9 US 41.9 635 7.2 6.4-2.9 15.8 13.5-1.9 -.9-3.8-1.8 -.7-3.4-15 -34-28 14.5 15.1 19.6 19.8 Canada 3.8 15 6.7 5.5 1.7 1.5 1.8 1.8 4.3-4.2 3.6 4.5-2.6-26 6-7 18.1 23.7 15.5 2.1 Argentina.1 11 5.2-1.3-12. 29.6 2.6-12.2.4 77.8-32.2-6.9 15.2 18.9 21.4 NA NA Brazil 1.7 69 27.5 15.2 19.8 14.8 13.6 2.6-4.6 1.7 2.7 -.9 4.6-5 -5 13 7.9 8.5 17.6 2.6 Chile.1 27 15. 8.1 33.3 22.1 12.3 3.2.2.5 2.7 1.9.7 12 13 27 7.9 7.5 11.5 13. Colombia. 7 12.6 11.9 26.8 45.8 17.3-11.8 -.2-3.8-14.8 -.5-2.1 33 4.7 4.8 NA NA Mexico.6 28 12.9 7.3 13. 22.1 3.5-2.2 -.4 -.3-2.3.1-5.7-22 -27-13 12.5 14.5 32. 34.2 Peru.1 6 NA NA -11. 85.2-2.3-18.9 78.6-14.1 NA -.7-5.9 33 1 NA NA NA NA AC Europe 31.3 721 5.5 4.8 5. 9.2 1.1-2.3 1.5-2.9-2. 1.6-2.9-14 -21-45 12.4 12.8 16.3 16.8 Austria.2 16 6.7 5.8 8.6 9.6 9.9.2-1.1 -.1 1.3-7.3 -.1 13-6 -25 13.2 13. 13.8 13.7 Belgium.5 22 4.1 6. -8.7 2.2 12.7-3.3-3.2-7.2-3.1-3.3-7. -23-18 -23 14.1 12.9 13.1 13.5 Denmark.4 23 7.7 6.4 13.4 15.7 13.9 1.5 -.5 -.2 2.4 -.4 -.2 9-18 -45 11. 11.3 16.8 16.9 Finland.8 23 4.7 3.5 49.1-7.3 8.4.6.3 1.1.5 -.1 1.3-13 -35-39 11.5 11.9 21.3 21.9 France 4.5 74 2.8 5.1 1.6 12. 9.6-1. -.1-2.5 -.1 -.1-2.8-27 -41-65 1.1 1.2 14.7 14.8 Germany 3.9 61 6.2 5.1 21.7 7.4 13.4 -.5 -.9-2.3 -.1-1. -1.2-35 -19-54 9.4 1. 14.1 14.8 Greece.3 15 9.9 8.2 3.1 11.9 18.1 1.4-1.6.9 1. -1.7.9-2 -53 22.8 25.6 2. 2.6 Ireland.3 14 6.9 5.5 14.9 6.5 7.1 -.3 -.2. -1.6 -.5-1.9-43 -43-57 16.7 17.1 17. 16.4 Italy 1.7 4 5.8 4.7 -.3 11.2 9.6-2.3.3 -.5-1.7. -.7-47 -25-36 13.3 13.7 14.7 14.9 Netherlands 1.2 24 6.4 7.8 8.4 1.9 1.3 -.7 -.3-1.3 -.8.1-1.3 4-42 -46 9.6 9.6 17.1 17.3 Norway.5 22 4. 5.5-7. 2.2 11.8 -.2.8 -.5.7.4 -.6-27 -27-55 1.9 11. 17.2 17.5 Portugal.1 11 9.3 6.1-4.2 8.1 11.1 -.5-1.3 -.9 -.5-1.4-1.8-64 -45 9.9 1.2 15.6 16.4 Spain 1.7 31 8.6 6.8 18.9 13.2 12.5 -.4 -.3. -.4 -.5 -.4-28 -22-52 22.2 23.2 18.1 19.1 Sweden 1. 48 5. 4.3-2.9 3.1 8.1 2.2-1.1-3.3 2.2 -.9-3.9-22 -42-61 1.9 11.5 17.1 17.5 Switzerland 2.9 39 7.4 6.2-15.6 34. 11.3-3. -1.5-2.7-2.8-1.3-2.8-45 -18-55 16.7 17.2 18.9 19.1 UK 9.5 156 4.7 3.4 5.7 5.2 8.5 -.1 1. -1.9 -.1 1.5-1.7-13 -17-54 14.2 14.5 19.3 19.2 Czech Rep..1 7 6.1 4.1 27.6 18.7 8. 2.2 -.1.3. -1.3-1.7 67 33-33 12.2 12.7 21.9 22.5 Hungary.1 4 6.7 2.6-14.8 1.7 6.5 1.8.2.1.6-1.. 5-5 16.8 18.1 21.1 2.4 Poland.2 28 9.5 3.8 18.4 5.2 9.4-1.8-1. -2.6-2.7-1.2-5.3 4 8-27 7.8 7.8 11.7 13.8 Russia 1.1 32 16.2 1.2 19.1 13.5 7.2 3.7 1.1 2.2 5.7 2.2 1.1 57 19 38 1.7 11.2 9. 11.8 Turkey.2 31 9.5 11.9 48.8 7.6 18. 3.6 -.3 1.8 2.1 -.7 4.2 58 3 13 5.6 6. 2.9 2.3 Israel.3 32 7.1 2.9 6.9 13.2 29.2-1.3-2.8-1.4-2. 9.3 1.4 12-9 -9 16.3 17.1 18.1 16.9 Egypt.1 17 23.1 14.9 37.4 6.3 13.8-2. -.2 5.4-1.5 -.3-1.5 8 27-25 11.5 11.6 NA NA South Africa.7 5 15.1 12.9 19. 21.3 17.9 -.1.9.5 1. 1.8 1.6-31 6-36 15.4 15.4 21. 21.8 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 16

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. 2,872 12.7 2.1 7.9 3.1 8.5 1.2 1.1 3.4-5.6-5.6-7.9-9.3 24 77 Developed Market 88.5 1,945 12.7 2.1 8. 3.1 8.5 1.2 1.1 3. -5.9-7.4-1 -9.5 19 69 EAFE 42.7 1,25 11.7 1.7 7.4 3.6 7.6 1. 1.2 3.8-7.2-8.8-13.8-11. 24 77 Pacific 13.2 586 13.7 1.4 8.8 2.4 8..8 1.2 1.8-8.5-1.5-18.8-1.8 26 76 North America 45.7 74 13.8 2.8 8.7 2.5 9.6 1.4 1.1 2.3-4.6-6.1-6.9-8. 15 63 Europe 29.6 619 11. 1.9 6.7 4.1 7.4 1.1 1.3 4.8-6.6-7.9-11.3-11.1 24 77 Emerging Market 11.5 927 12.5 2.1 7.1 2.8 8.6 1.6.6 6.6-3.2 11.4 17.2-7.5 9 227 Asia 6.1 555 13.5 2.1 7.1 2.7 8.8 1.5.6 1.9-6.1 8.2 19.1-1.3 81 191 Latin America 2.6 148 12.4 4.9 8.6 3.7 9.1 1.9.7 2.2 3.5 18.8 23.4-1.9 12 368 Europe 1.7 12 1.4 1.4 6.2 2.5 7.3 1.7.7 5.4-3.8 12.4 9.1-1. 97 314 AC Asia Pacific 19.3 1,141 13.7 1.6 8.3 2.5 8.3.9.9 1.8-7.7-5.2-9.6-11 4 1 AC AP ex. Japan 1.4 744 13.7 2.1 9.9 3.2 9.5 1.7.8.8-8.4 3. 8.5-12 6 147 AC Asia 16.4 1,43 13.7 1.5 7.2 2.2 8.1.9.8 2.3-6.7-4.9-1 -1 42 11 AC Asia ex. Japan 7.6 646 13.9 2.1 7.5 2.8 9.5 1.6.7 1.4-6.5 7.6 15.9-11 74 178 Australia 2.8 88 13. 2.4 16.9 4.4 9.4 2.1 1.4 -.5-13.1-7.6-6.7-12.6 35 98 Hong Kong 1. 54 17.4 1.8 12.4 3.1 17.1 3.5 1.1-3.5-8.2 11.6 1.8-15.7 56 145 Japan 8.8 397 13.7 1.3 7.1 1.8 7.2.6 1.1 3. -7. -13.6-24.6-9.7 21 64 New Zealand.1 1 13.3 2.1 6.9 5.5 7.4 1.3 2.2-1.2-12.3-11.9-15.1-1.8-1 31 Singapore.5 37 13.2 1.9 4.8 3.9 9.9 1.9 1. 5.6-7.9-5.3-6.9-11.4 46 132 China 1.7 112 15.8 2.7 7.7 2.3 1.5 2.1.7 1.9-12.6 13.7 37.6-15. 181 393 India.9 63 18.9 3.3 11.6 1.1 14.9 2.6.7 -.2-4.7 29.1 26.9-14.8 17 46 Indonesia.2 23 15.4 4.2 6.7 2.8 9.7 2.8.4 18.3 13.6 5.9 66.5 4.1 179 747 Korea 1.6 113 11. 1.5 5.8 1.9 7. 1..6 1.6-5.4 -.4 14.5-9.8 64 164 Malaysia.3 56 15.1 2.3 6.8 3.7 1.4 2.3 1. -.5 3.8 14.2 9.6-2.6 56 112 Pakistan. 13 12. NA 7.6 4.4 9.3 3.6 1. 12.1 15.3 28.1 26.7 11.7 8 275 Philippines.1 18 13.7 2.2 6.1 3.3 8.5 2. 1.1 1. -11. -4.2-9.9-12.4 5 24 Taiwan 1.2 123 11.9 1.9 6.9 4.9 7.4 1.1.7.6-4.9-4.1. -5.6 23 64 Thailand.2 34 11.2 1.9 6.2 3.8 7.2 1.1.8 9.5 3.8 12.4 23.4-3.7 23 163 AC Americas 48.3 888 13.7 2.8 8.7 2.6 9.6 1.4 1.1 3.1-4.2-5.1-5.8-7.7 17 67 US 41.9 635 13.7 2.8 8.8 2.5 9.7 1.4 1.1 1.5-5.1-6.9-7.7-8.5 13 6 Canada 3.8 15 14.3 2.2 7.1 3.1 8. 1.9 1.2 11.5 2. 2.8 2.5-2. 45 112 Argentina.1 11 1.5 NA NA 1.9 5.3.2 NA 15.9-8.3-4.4-9.8-4.6 125 388 Brazil 1.7 69 12. 3.3 8.5 3.4 12.6 2.1.8 2.9 4.4 31.7 4.6-2.3 131 413 Chile.1 27 15.1 1.8 7. 3.1 9.2 1.4 1.2 19.4-3.5-5.8-1.3-4.9 52 163 Colombia. 7 12. NA NA 4.5 NA 2. NA 13.9-14.1-4.3-4.4-1.4 88 477 Mexico.6 28 12.8 4.8 6.5 4.1 8.1 1.8.5 18.1 4.2 2.3.2 -.3 15 341 Peru.1 6 18.8 NA NA NA NA NA 1.3 27.7 1.9 23.5 58.8 6.1 263 537 AC Europe 31.3 721 11. 1.9 6.7 4. 7.3 1.1 1.3 4.8-6.5-7.1-1 -11 26 81 Austria.2 16 9.1 1.4 6.2 3.2 7.3 1.5.9 5.1-5.8-14.4-22.9-13.2 26 172 Belgium.5 22 1.1 1.2 7.2 4.4 7.7 1.3 1.3 6.9-4.8-17.6-27.8-11.8 4 77 Denmark.4 23 13.6 2.2 8. 2.2 8.6 1.6.8 13.7.3-3.6-2.5-6.4 7 195 Finland.8 23 13.5 3. 8.2 3.4 1.5 1.3 2.4 16. -3.7 2.4 12.1-6.4 74 99 France 4.5 74 1.6 1.6 6.1 4. 6.4.9 1.7 3.5-9. -1.1-15.2-12.8 21 72 Germany 3.9 61 11.1 1.7 5.8 3.6 6.7.8 1.3 2.6-8.1-6.8-2.6-14.1 48 134 Greece.3 15 1.9 2.2 7.4 4.6 8.5 2..5-1.5-9.4-5.6-9.3-16.7 37 174 Ireland.3 14 8.4 1.4 8. 4.9 8.2 1.1 1.2 4.3.3-21.9-36.4-5. -12 41 Italy 1.7 4 9.9 1.5 5.4 5.3 5.3 1.1 1.6 -.9-9.6-12.4-2.1-12.3 3 43 Netherlands 1.2 24 1.5 1.9 7.5 4.2 8.8.9 1.7 6.1-6.5-11.1-1.4-11.9 25 63 Norway.5 22 11.1 1.9 4.7 4.2 7. 1.3 1.1 13.7-8.6-4. -6.6-12.9 58 266 Portugal.1 11 13. 2.2 8.5 4.7 6.5 1.6 1.7-1.5-15.8-14.6-13.6-14.7 27 87 Spain 1.7 31 1.4 1.9 6.1 5. 5.1 1.6 1.3 3.6-15.1-8.1-1.9-14.4 36 111 Sweden 1. 48 1.8 2. 7.2 4.6 8.3 1.3 1.9 6.5-8.5-18.4-2.2-1.4 28 121 Switzerland 2.9 39 11.9 2.5 8.6 3. 1.1 1.8 1. 3. -7.8-13. -18.9-11.7 27 79 UK 9.5 156 11. 2.1 7.4 4.4 8.5 1.2 1.2 6.4-2.6-3. -7.5-8.1 16 58 Czech Rep..1 7 14.2 3.3 8. 4.5 9.1 3.3.7 6.6-5.9 5.9 16.5-1. 79 296 Hungary.1 4 9.6 2.2 4.3 3.6 6.4 1.6 1.5 2. -6.7-7.8-3.1-9.8 23 25 Poland.2 28 11. 1. 6. 4.1 6.4 1.3.6 1.2-13.3-9.8-13.4-11.3 35 154 Russia 1.1 32 1.2 1.3 6.3 1.7 8.2 2..7 5.5 -.2 21.6 15.2-8.7 166 399 Turkey.2 31 8.6 1.7 4.9 4.7 4.6 1..7 1.6-12.5 1.8 4. -16.9 6 27 Israel.3 32 12.4 2.1 9.5 4.4 11.8 1.5.9 -.8 -.5 2.7 6.8-5.2 37 129 Egypt.1 17 16.2 NA 9. 2.7 9.7 2.9 1.1 9. 1.6 42.5 42.6 1.7 29 1,718 South Africa.7 5 1.9 2.5 6.9 3.8 9.8 1.6 1. 12.4 -.6 13. 7.2 2.2 12 19 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 17

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 48 14 13 8 21 23 21 5 2 16 25 9 6 5 Pacific North America Europe Emerging Markets EM Asia EM Latin America EM Europe Market 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Australia 2.8 14.6 26.9 - - 3.2 6.6 21.3 - - - - - - Hong Kong 1. 5. 9.3 - - 1.1 2.3 7.4 - - - - - - Japan 8.8 45.9 - - - 1. 2.7 67.2 - - - - - - New Zealand.1.3.5 - -.1.1.4 - - - - - - Singapore.5 2.5 4.6 - -.5 1.1 3.6 - - - - - - China 1.7 8.7 16.1 - - - - - - - 14.5 27.5 - - India.9 4.5 8.4 - - - - - - - 7.6 14.3 - - Indonesia.2 1.1 2.1 - - - - - - - 1.9 3.6 - - Korea 1.6 8.2 15.2 - - - - - - - 13.7 25.9 - - Malaysia.3 1.6 2.9 - - - - - - - 2.7 5. - - Pakistan..1.2 - - - - - - -.2.3 - - Philippines.1.3.6 - - - - - - -.5 1. - - Taiwan 1.2 6.2 11.5 - - - - - - - 1.4 19.6 - - Thailand.2.9 1.6 - - - - - - - 1.5 2.8 - - Canada 3.8 - - 7.9-4.3 - - 8.4 - - - - - USA 41.9 - - 86.7-47.4 - - 91.6 - - - - - Argentina.1 - -.1 - - - - - -.5-2.1 - Brazil 1.7 - - 3.5 - - - - - - 14.7-65.9 - Chile.1 - -.3 - - - - - - 1.3-5.7 - Colombia. - -.1 - - - - - -.3-1.3 - Mexico.6 - - 1.2 - - - - - - 4.9-21.9 - Peru.1 - -.2 - - - - - -.7-3.1 - Austria.2 - - -.8.3.6 - -.8 - - - - Belgium.5 - - - 1.7.6 1.2 - - 1.8 - - - - Denmark.4 - - - 1.3.5 1. - - 1.4 - - - - Finland.8 - - - 2.7.9 2. - - 2.8 - - - - France 4.5 - - - 14.4 5.1 1.5 - - 15.2 - - - - Germany 3.9 - - - 12.4 4.4 9.1 - - 13.1 - - - - Greece.3 - - - 1..3.7 - - 1. - - - - Ireland.3 - - -.9.3.7 - - 1. - - - - Italy 1.7 - - - 5.3 1.9 3.9 - - 5.6 - - - - Netherlands 1.2 - - - 3.8 1.3 2.8 - - 4. - - - - Norway.5 - - - 1.5.5 1.1 - - 1.5 - - - - Portugal.1 - - -.5.2.3 - -.5 - - - - Spain 1.7 - - - 5.6 2. 4.1 - - 5.9 - - - - Sweden 1. - - - 3.2 1.1 2.4 - - 3.4 - - - - Switzerland 2.9 - - - 9.3 3.3 6.8 - - 9.8 - - - - United Kingdom 9.5 - - - 3.4 1.7 22.2 - - 32.1 - - - - Czech Republic.1 - - -.3 - - - - -.8 - - 5.4 Hungary.1 - - -.3 - - - - -.7 - - 4.9 Poland.2 - - -.6 - - - - - 1.6 - - 11.1 Russia 1.1 - - - 3.7 - - - - - 1. - - 68.5 Turkey.2 - - -.5 - - - - - 1.5 - - 1. Israel.3 - - - - - - - - - 2.4 - - - Jordan. - - - - - - - - -.1 - - - Egypt.1 - - - - - - - - -.9 - - - Morocco. - - - - - - - - -.4 - - - South Africa.7 - - - - - - - - - 6.4 - - - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 18

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 11.8 8.7 11.3 9.3 8.4 8.2 21.8 1.4 5.4 4.6 Developed Market 1 11.1 7.8 11.6 9.8 9. 9. 21.9 1.4 4.6 4.7 EAFE 1 7.8 1.7 12.2 1.9 8.5 6.6 25.7 5.5 6.1 6.1 Pacific 1 2.1 12.1 16.4 15.5 5.6 4.4 26.7 9.9 3.3 4.1 North America 1 14.1 5.1 11. 8.9 9.4 11.3 18.4 15.1 3.2 3.5 Europe 1 1.4 1.1 1.4 8.8 9.7 7.5 25.3 3.5 7.4 7. Emerging Market 1 17.9 16. 9.3 4.9 4.4 1.7 2.7 1.2 11.4 3.5 Asia 1 11.6 1. 13.5 5.3 4.2.5 23.4 18.7 1. 2.9 Latin America 1 2.6 29. 4.9 4.8 8.1. 14.3.3 13.1 4.9 Europe 1 42.6 11.3 1.2 2.5 1.2 1.4 21.1.2 12.5 5.9 AC Asia Pacific 1 5.1 11.4 15.5 12.3 5.1 3.1 25.6 12.7 5.4 3.7 AC AP ex. Japan 1 8.4 13.5 12. 5.6 5. 1.2 32.4 11.5 7.4 2.9 AC Asia 1 5. 8.6 17. 13.8 4.5 3.1 23.1 14.8 5.9 4.2 AC Asia ex. Japan 1 9.4 8.2 14.1 6.2 3.6.5 29.4 15.7 9.2 3.7 Australia 1 5.8 27.7 6.3 3.7 9. 3.2 41.2.5 2.1.6 Hong Kong 1 -.9 13.3 12.2.8-56.5 4.4 1.5 1.5 Japan 1 1.3 8.9 19.6 2.2 5.3 5.4 17.7 14. 3.1 4.7 New Zealand 1-22.6 13.2 12.6-3.2 2.2-34.8 11.5 Singapore 1.3-24. 5.6 1.8.9 5.7 1.3 15.4 - China 1 2.8 7. 13.8 3.4 2.2-27. 1.6 22.1 2.2 India 1 19.2 7.5 11.4 3.6 4.5 2.9 29.7 12. 4. 5.2 Indonesia 1 23.7 8.1 4.5 9.7 6.7 1. 21.1-2.5 4.7 Korea 1 2.4 13.4 22.7 8.8 6..3 18.3 21.6 4.2 2.4 Malaysia 1 2.3.6 22.4 13.5 15.5-3.1.1 5.3 1.2 Pakistan 1 32.1 13. -.9 - - 51. - - 3. Philippines 1.8-1.5 2.5.9-43.8-3.1 11.3 Taiwan 1 1.4 14.7 3.6 2.4 1.4-16.7 55.5 4.2 - Thailand 1 41.7 9.1 3.1 2.7 1.8-32.2.3 6. 3.1 AC Americas 1 14.4 6.3 1.7 8.7 9.4 1.7 18.2 14.3 3.8 3.6 US 1 12.8 3.7 11.5 9.4 1.1 12.3 17.3 15.9 3.2 3.7 Canada 1 27.8 19.6 5.5 3.5 2..4 3.9 5.6 3.4 1.2 Argentina 1 67. 8.6 - - 1.1-1.2-11.9 1.2 Brazil 1 29. 31.5 3.2 3.4 4.9.1 17.5.5 4.6 5.2 Chile 1-2.4 25. 3.4 13.8-8.9-6.3 22.2 Colombia 1-26.7 - - 15.5-43.8 - - 14. Mexico 1-18.6 6. 1.8 17.5-3.9-43.1 - Peru 1-79. - - - - 21. - - - AC Europe 1 12.1 1.1 9.9 8.5 9.3 7.2 25. 3.3 7.6 6.9 Austria 1 16.9 11.1 9.2.6 - - 41.6-12.8 7.7 Belgium 1.3 9.2.9.3 17.1 4.2 6.9.3 6.8 - Denmark 1.4 3.3 36.8.3 6.3 3.8 22.2 - - - Finland 1 1.8 1. 9.6 2.8 1.2.7 5.5 58.8 1.8 7.8 France 1 13.1 9.9 1.9 14.5 9.7 6.8 17.3 3.1 6. 8.6 Germany 1-15.5 16.1 17.1 2.9 2.5 21. 4.4 4.7 15.8 Greece 1 2.2 4.1.9 9. 7.8-6.9-9.9 5.1 Ireland 1-26.3 5.4.9 6.4 13.3 47.8 - - - Italy 1 18.9.4 4.7 6.9 1.1-47.6-8.1 12.3 Netherlands 1 2.5 7.7 2.1 6.5 24.3-25.8 3.1 1.1 - Norway 1 47.2 15.3 12.1.5 1. - 1.8.6 12.6 - Portugal 1-4.4 13.5 7. 1.8-22.5-22.7 28.1 Spain 1 5.1.7 9.8 3.4 -.1 4.4.6 23.9 16. Sweden 1.9 7.3 31.5 12.9 2.7 1.7 23.5 1.9 8.7 - Switzerland 1-6.8 9.6 5. 2.7 31.8 24.3.8 1. - UK 1 18.5 12.7 5.6 7.3 12.9 7.3 22.8.5 7.7 4.6 Czech Rep. 1-2. - 9.8.5 4.6 13. - 13.1 56.9 Hungary 1 33. - - - - 12.1 45.7-9.1 - Poland 1 14.7 1.5 6.5 5.8-1.3 47. 2.2 12.1 - Russia 1 56.5 13.4 -.8.5.6 1.9-13. 4.1 Turkey 1 6.6 7.9 4.8 7.2 8.4-54.2-1.7.3 Israel 1 1.2 15.5 5.9 1.2.2 46.6 15.2 8.2 6.1 - Egypt 1-6.1 31.2 5.6 -.3 22.7-34.1 - South Africa 1 13.9 34.1 6.6 6.8 3.8 1. 2.8.6 12.5 - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 19

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Energy 11.8 5.1 8.4 14.4 12.1 11.1 7.8 12.8 2.1 14.1 1.4 17.9 11.6 2.6 42.6 Energy Equipment & Services 1.4.1.3 2.5.6 1.5.5 2.8.1 2.6.6.4.2 1.3.2 Oil, Gas & Consumable Fuels 1.4 5. 8.1 11.9 11.5 9.5 7.4 1.1 2. 11.5 9.8 17.5 11.4 19.3 42.4 Materials 8.7 11.4 13.5 6.3 1.1 7.8 1.7 3.7 12.1 5.1 1.1 16. 1. 29. 11.3 Chemicals 2.7 3. 2. 2.3 3.1 2.8 3.2 2.1 3. 2.4 3.3 2.1 3..7.2 Construction Materials.5.6 1.1.2.9.4.7.1.3.1.9 1.5 1.4 2.9.1 Containers & Packaging.1.1.2.2.1.1.1.2.2.2.1.1 -.2 - Metals & Mining 5.1 7.4 1. 3.3 5.8 4.2 6.4 1.1 8.4 2.1 5.5 11.8 5.5 23.5 11. Paper & Forest Products.3.2.1.4.3.3.3.3.2.3.3.5.1 1.7 - Industrials 11.3 15.5 12. 1.7 9.9 11.6 12.2 11.5 16.4 11. 1.4 9.3 13.5 4.9 1.2 Aerospace & Defense 1.5.1.1 2.4.9 1.6.7 2.6.1 2.5 1..2..7 - Building Products.3.6.1.1.5.3.6.1.8.1.5.2.2.2.2 Construction & Engineering.8 1.6 2.4.3 1..6.9.3.7.3 1. 2.4 3.6.4.5 Electrical Equipment 1. 1.1.7.5 1.6 1. 1.5.6 1.1.5 1.7.6 1.1. - Industrial Conglomerates 2.5 1.6 2.7 3.2 2.1 2.6 1.8 3.6 1.2 3.3 2.2 2.1 2.4 1.6.4 Machinery 1.9 3. 1.5 1.7 1.6 2. 2.2 2. 3.2 1.8 1.7 1.3 2.4 - - Trading Companies & Distributors.6 2.6.4.1.2.6 1.2.1 3.5.1.2.4.7 - - Commercial Services & Supplies.6.7.5.5.7.7.9.6 1.1.6.8..1 - - Air Freight & Logistics.5.2.2.6.5.5.4.7.3.7.5.1. - - Airlines.2.5.8..2.1.3..4..2.4.6.6 - Marine.3 1.1 1...2.2.5-1. -.2.8 1.4.1 - Road & Rail.9 1.6.4 1..2 1..9.9 2.4 1.1.2.2.1.6 - Transportation Infrastructure.3.7 1.3..4.2.5 -.7 -.4.6.9.6 - Consumer Discretionary 9.3 12.3 5.6 8.7 8.5 9.8 1.9 9.4 15.5 8.9 8.8 4.9 5.3 4.8 2.5 Auto Components.5 1.2.3.2.4.5.8.2 1.6.2.5.2.5 -. Automobiles 1.7 4.9 1.1.2 2.2 1.8 3.5.3 6.3.2 2.3 1. 1.9 -.3 Household Durables.9 2.7.4.5.3.9 1.3.5 3.6.5.3 1..7 1.2.8 Leisure Equipment & Products.2.5.1.1..2.2.1.6.1..1.2 - - Textiles, Apparel & Luxury Goods.6.3.3.4 1.1.6.9.4.3.4 1.2.2.3. - Hotels, Restaurants & Leisure 1.1.8 1.3 1.4 1. 1.2 1. 1.6.7 1.5 1.1.5.8 -.1 Diversified Consumer Services.1.1..1..1..1.1.1. - - - - Media 2.4.5.5 3.1 2.3 2.5 1.8 3.3.6 3.2 2.4.9.2 1.8 1.2 Distributors.1.3.5.1..1.1.1.3.1..1.2 - - Internet & Catalog Retail.2.1 -.3.1.2.1.3.1.3.1.1 -.3 - Multiline Retail.5.4.3.7.3.6.4.7.5.7.4.4.3.9 - Specialty Retail 1.1.7.7 1.5.6 1.2.7 1.7.9 1.6.6.4.2.6 - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 2

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Consumer Staples 8.4 5.1 5. 9.4 9.3 9. 8.5 1.1 5.6 9.4 9.7 4.4 4.2 8.1 1.2 Food & Staples Retailing 2.1 1.8 2.2 2.4 1.9 2.3 2.1 2.5 2.3 2.4 2. 1.1.6 2.4.3 Beverages 1.7.8.7 2.2 1.6 1.8 1.5 2.4 1.1 2.2 1.7 1..3 3.6.5 Food Products 2.1 1.1 1.1 1.4 3.8 2.2 3. 1.6.8 1.5 4. 1.3 1.6 1.4.4 Tobacco 1..7.6 1.2 1. 1.1.9 1.4.6 1.3 1.1.6.9.3. Household Products 1.2.5.3 1.9.5 1.3.5 2.2.5 2..5.3.4.3 - Personal Products.2.2.2.2.4.3.4.2.2.2.4.2.3.2 - Health Care 8.2 3.1 1.2 1.7 7.2 9. 6.6 12.3 4.4 11.3 7.5 1.7.5. 1.4 Health Care Equipment & Supplies 1.1.3.1 1.8.6 1.3.6 2.1.5 1.9.7. - - - Health Care Providers & Services 1.1.2.2 2..2 1.2.2 2.3.3 2.1.2.1 -.. Health Care Technology. - -..... -.. - - - - Biotechnology.8.3.6 1.4.1.8.2 1.6.5 1.5.1. - -.1 Pharmaceuticals 4.9 2.2.3 5. 6.3 5.4 5.5 5.8 3. 5.3 6.6 1.6.5-1.3 Life Sciences Tools & Services.2 - -.4.1.2.1.4 -.4.1 - - - - Financials 21.8 25.6 32.4 18.2 25. 21.9 25.7 17.3 26.7 18.4 25.3 2.7 23.4 14.3 21.1 Commercial Banks 9.4 13.1 16.4 4.7 14.3 8.8 13.7 3. 12.9 4.2 14. 14. 13.5 12.5 2. Thrifts & Mortgage Finance.3.2.4.6 -.3 -.7 -.7 -.4.7 - - Diversified Financial Services 2.8 1.2 2.2 3.9 1.9 2.9 1.7 4.3 1. 4. 2. 1.7 1.6 1.4.4 Consumer Finance.4.5.1.6..4.2.7.7.6..1.1.1 - Capital Markets 2.4 1.5 1.2 2.7 2.5 2.6 2.4 3.1 1.6 2.9 2.7.8 1.2 - - Insurance 4.4 3.4 4.2 4.3 5.2 4.7 4.8 4. 3.1 4.6 5.5 2.3 3.9 -.1 Real Estate Investment Trusts 1.2 1.7 2.6 1.2.8 1.3 1.3 1.4 2.5 1.3.8. - -. Real Estate Mgmt. & Development 1. 4.1 5.5.2.2.9 1.6.1 4.9.2.2 1.5 2.5.2.5 Information Technology 1.4 12.7 11.5 14.3 3.3 1.4 5.5 15.9 9.9 15.1 3.5 1.2 18.7.3.2 Internet Software & Services.8.4.6 1.4 -.8.1 1.6.3 1.5 -.3.6 - - IT Services.8.9 1.1 1.1.2.7.3 1.2.5 1.1.2 1. 1.7.3.1 Software 1.9 1.. 3.1.6 2.1.9 3.6 1.5 3.3.6.2. -.2 Communications Equipment 1.9.1.2 2.5 2.1 2.1 1.5 2.4.1 2.6 2.2.1.1 - - Computers & Peripherals 2.1 1.8 1.6 3.6.1 2.2.4 4.1 1.3 3.8.1 1.5 2.8 - - Electronic Equipment & Instruments.9 3.7 2.5.4..8 1.1.5 3.6.4. 2.2 4. - - Office Electronics.3 1.2..1..3.6.1 1.8.1... - - Semiconductors & Equipment 1.8 3.5 5.5 2.1.3 1.4.5 2.5.8 2.3.3 4.9 9.3 - - Telecommunication Services 5.4 5.4 7.4 3.8 7.6 4.6 6.1 3.2 3.3 3.2 7.4 11.4 1. 13.1 12.5 Diversified Telecom Services 3.4 2.1 3.2 2.7 5.1 3.3 4.1 2.7 1.8 2.6 5.1 3.5 2.8 4.9 3.8 Wireless Telecom Services 2. 3.3 4.3 1. 2.6 1.3 2..5 1.5.6 2.2 7.9 7.1 8.1 8.7 Utilities 4.6 3.7 2.9 3.6 6.9 4.7 6.1 3.7 4.1 3.5 7. 3.5 2.9 4.9 5.9 Electric Utilities 2.6 2.5 1.4 1.9 3.9 2.7 3.6 2. 3.1 1.9 3.8 2.1 1.1 2.8 5.9 Gas Utilities.3.7.6.1.3.3.4.1.7.1.3.3.5.. Multi-Utilities 1.3.1.2 1. 2.5 1.4 1.9 1.1.1 1. 2.6.1.1 - - Water Utilities...1..1..1. -..1.1.1.4 - Power Producers & Energy Traders.4.4.6.5.2.3.2.4.1.4.2.9 1. 1.7 - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 21

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Energy 5.1 8.4 1.3 5.8 2.4 2.8 1.4-19.2.3 2.3 23.7 41.7 -.8 Energy Equipment & Services.1.3 -.6 -.3 - - - - 1.4 - - - - Oil, Gas & Consumable Fuels 5. 8.1 1.3 5.2 2.4 2.5 1.4-19.2.3 1. 23.7 41.7 -.8 Materials 11.4 13.5 8.9 27.7 13.4 7. 14.7.9 7.5 -.6 8.1 9.1 22.6 - Chemicals 3. 2. 4.1 1. 3.3.9 9.1 - - - - - 2.4 - - Construction Materials.6 1.1.1.7-1.2 1.9-2.4 -.6 2.6 6.7 22.6 - Containers & Packaging.1.2.1.7 - - - - - - - - - - - Metals & Mining 7.4 1. 4.4 25.2 1.1 4.4 3.7.5 5.1 - - 5.5 - - - Paper & Forest Products.2.1.2.1 -.5.1.4 - - - - - - - Industrials 15.5 12. 19.6 6.3 22.7 13.8 3.6 13.3 11.4 24. 22.4 4.5 3.1 13.2 1.5 Aerospace & Defense.1.1 - - - - - -.2 2.4 - - - - - Building Products.6.1 1.2 -.6 -.2 - - - - - - - - Construction & Engineering 1.6 2.4.7 1. 6.6 3. - - 5.7-3.9 1.5 - - - Electrical Equipment 1.1.7 1.6 -.6 1.6.6-3. - - - - - - Industrial Conglomerates 1.6 2.7.2.3 3. 2. 1.2 7.9 1.2 1.2 12. - - - 6.3 Machinery 3. 1.5 4.7-7.5.7 - - 1.3 1.5-3. - - - Trading Companies & Distributors 2.6.4 5.1-2.5.2 - - - 1. - - - - - Commercial Services & Supplies.7.5 1.1 1.6.1 -.1 - - - - - - - - Air Freight & Logistics.2.2.2.6 -. - - -.4.1 - - - - Airlines.5.8.2.5.7.9.4 1. - 4.1 1. - 1. - - Marine 1.1 1. 1.2-1.1 2.6 1.1 1.1-2.5 3.8 -.4 - - Road & Rail 1.6.4 3.2.3 -.2-1.8-1.8 - - - - - Transportation Infrastructure.7 1.3.1 2. - 2.6-1.5 - - 1.7-1.8 13.2 4.2 Consumer Discretionary 12.3 5.6 2.2 3.7 8.8 3.4 2.4 12.2 3.6 5.6 13.5 9.7 2.7 12.6 2.5 Auto Components 1.2.3 2.3-1.3 -.3 - - - 1.2 - - - - Automobiles 4.9 1.1 9.3-3. 1..4-2.7 -.5 9.6 - - - Household Durables 2.7.4 7.6-2.4 -.3 - - - - - 1.2 1.7 - Leisure Equipment & Products.5.1.9 - -.4.4 - - - - - - - - Textiles, Apparel & Luxury Goods.3.3.2.2.5.1.7 1. - - - - - - - Hotels, Restaurants & Leisure.8 1.3 5.3 2.3.5.4-1.2.4.8 1.7 - - 8.6 2.5 Diversified Consumer Services.1..1.2 - - - - - - - - - - - Media.5.5.5.7.1 - -.6.5 3.3 1.1-1.4 2.3 - Distributors.3.5..1 -.9-2.9-1.5 - - - - - Internet & Catalog Retail.1 -.1 - - - - - - - - - - - - Multiline Retail.4.3.5.3 1. -.4 1. - - -.2 - - - Specialty Retail.7.7.7 - -.8-5.7 - - - - - - - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 22

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Consumer Staples 5.1 5. 5.3 9. 6. 2.2 1.4.8 4.5 1.8 15.5 6.7 1.8 -.9 Food & Staples Retailing 1.8 2.2 1.4 6.5 1.9 -.4 - -.8 - - 1.8 - - Beverages.8.7 1. 2.1.4.4 - -.3 -.1 - - -.9 Food Products 1.1 1.1 1..3.8 1.3 1..8.1 1. 13.5 4.1 - - - Tobacco.7.6.9-2. - - - 2.1-1.9.8 - - - Household Products.5.3.7 -.4 - - - 1.9 - - 1.8 - - - Personal Products.2.2.3 -.5.5 - - - - - - - - - Health Care 3.1 1.2 5.4 3.2.3 - - - 2.9.9-1. - 3.2 - Health Care Equipment & Supplies.3.1.6.4 - - - - - - - - - 3.2 - Health Care Providers & Services.2.2.3.7 - - - - -.9 - - - - - Health Care Technology - - - - - - - - - - - - - - - Biotechnology.3.6-2.1 - - - - - - - - - - - Pharmaceuticals 2.2.3 4.5 -.3 - - - 2.9 - - 1. - - - Life Sciences Tools & Services - - - - - - - - - - - - - - - Financials 25.6 32.4 17.7 41.2 18.3 27. 16.7 56.5 29.7 5.7 3.1 21.1 32.2 2.2 43.8 Commercial Banks 13.1 16.4 9.3 22.1 11.7 12.4 8.7 11.5 15.4 31.4 23.8 21.1 3.7-16.7 Thrifts & Mortgage Finance.2.4 - - - - - - 4.9 - - - - - - Diversified Financial Services 1.2 2.2.1 1.4 -.3 2.3 7.4 5.5 3.6 3.6 - - - 9.5 Consumer Finance.5.1 1. -.4 - - - - - - -.3 - - Capital Markets 1.5 1.2 1.8 1.9 4. -.7 - - -.1 - - - - Insurance 3.4 4.2 2.4 7.2 2.2 8.5 4.8 - - - - - - - - Real Estate Investment Trusts 1.7 2.6.7 8.2 - - - 1.8-4.1 - - - 2.2 - Real Estate Mgmt. & Development 4.1 5.5 2.5.6-5.7.2 35.8 3.8 11.7 2.5-1.2-17.7 Information Technology 12.7 11.5 14..5 21.6 1.6 55.5 4.4 12. 1.3.1 -.3 - - Internet Software & Services.4.6.3-1.9.5-1.9 - - - - - - - IT Services.9 1.1.6.5 -. - - 12. - - - - - - Software 1.. 2.3 -.1 - - - - - - - - - - Communications Equipment.1.2 - - -.2.4 1.1 - - - - - - - Computers & Peripherals 1.8 1.6 1.9 - -.5 13.4 - - - - - - - - Electronic Equipment & Instruments 3.7 2.5 5.1-2.2-17.6.9-1.3 - -.3 - - Office Electronics 1.2. 2.6 - - -. - - - - - - - - Semiconductors & Equipment 3.5 5.5 1.2-17.4.3 24.1.4 - -.1 - - - - Telecommunication Services 5.4 7.4 3.1 2.1 4.2 22.1 4.2 1.5 4. 15.4 5.3 2.5 6. 34.8 3.1 Diversified Telecom Services 2.1 3.2.9 2.1 1.6 3. 3..8.5 15.4 4. 2.5.3 34.8 - Wireless Telecom Services 3.3 4.3 2.2-2.5 19.1 1.2.7 3.5-1.3-5.6-3.1 Utilities 3.7 2.9 4.7.6 2.4 2.2-1.5 5.2-1.2 4.7 3.1 11.5 11.3 Electric Utilities 2.5 1.4 3.8-2. - - 6.9 2.6-4.1 - - 1.4 5.9 Gas Utilities.7.6.7 -.4.1-3.6 1. - 1.8 4.7 - - - Multi-Utilities.1.2 -.6 - - - - - - 2.3 - - 1.2 - Water Utilities..1 - - -.2 - - - -.8 - - - - Power Producers & Energy Traders.4.6.2 - - 1.9 - - 1.7-1.2-3.1-5.4 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 23

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 8.3 7.3 58.8 32. 82.6 28.2 45.4 2.3 54.4 25.9 17.4 6. 4.5 6. Energy Equipment & Services 1 1.9 1.9 85.5 12.6 96.7 13.6 81.8 1.2 83.1 12.4 3.3.7 2.3.2 Oil, Gas & Consumable Fuels 1 9.2 8.1 55.2 34.6 8.7 3.2 4.4 2.5 5.4 27.8 19.3 6.7 4.8 6.8 Materials 1 25.2 16.1 35.1 36.2 78.8 52.3 17.9 18.2 26.5 34.1 21.2 7. 8.6 2.2 Chemicals 1 21.4 7.8 41.2 35.9 9.9 5.3 32.5 14.6 4.6 35.7 9.1 6.8.6.1 Construction Materials 1 24.1 22.5 22.4 51.4 66.9 59.1 7.8 8. 7.8 51.2 33.1 16.1 14.5.2 Containers & Packaging 1 2.8 13.9 58.9 18.9 94.6 39.6 54.9 2.8 54.9 18.9 5.4-4. - Metals & Mining 1 28.4 2.7 31.3 35.6 73. 53.7 8.9 21.8 19.3 32. 27. 6.6 12. 3.7 Paper & Forest Products 1 1.5 4.5 54.6 32.2 8.9 39.9 37.4 7.7 4.9 32.2 19.1 2.8 13.6 - Industrials 1 26.3 11. 45.5 27.3 9.6 46.1 42.6 19. 44.4 27.1 9.4 7.3 1.1.2 Aerospace & Defense 1.9.9 79. 19.7 98.4 2.5 75.2.8 77.9 19.7 1.6.1 1.2 - Building Products 1 37.5 3.8 18. 44.5 93.4 77.1 16.3 33.7 16.3 43.4 6.6 3.8 1.7 1.1 Construction & Engineering 1 37.8 3.1 19.4 37.9 66. 47.9 15.4 11.1 18.1 36.8 34. 26.8 1.3 1.1 Electrical Equipment 1 22.1 7.2 26.1 51.4 92.3 66.3 26.1 14.8 26.1 51.4 7.7 7.2.1 - Industrial Conglomerates 1 11.8 11.1 61.1 25.3 9.5 31.1 59.5 6. 59.5 25.1 9.5 5.8 1.7.3 Machinery 1 3.1 8.2 43.7 26.1 92.2 48.5 43.7 22.3 43.7 26.1 7.8 7.8 - - Trading Companies & Distributors 1 81.6 7.6 8.8 9.7 93.1 84.4 5.9 74.7 8.8 9.7 6.9 6.9 - - Commercial Services & Supplies 1 22.9 7.9 41.1 36.1 99.5 58.4 39.9 22.3 41.1 36.1.5.5 - - Air Freight & Logistics 1 7.9 4.2 61.4 29.5 98.5 37.1 61.4 7.6 61.4 29.5 1.5.2 - - Airlines 1 55.2 45.8 13.3 31.5 7.6 65.9 4.7 34.4 4.7 31.5 29.4 2.8 8.6 - Marine 1 74.8 38..5 24.1 69. 69. - 44.8-24.1 31. 3..5 - Road & Rail 1 36.2 4.4 57.8 6. 97.7 41.8 41.5 35.8 55.9 6. 2.3.4 1.9 - Transportation Infrastructure 1 52.3 48.2 6.1 41.5 74.1 74.1-32.6-41.5 25.9 19.7 6.1 - Consumer Discretionary 1 25.5 6.3 45.2 28.6 94. 5.1 42.4 22. 43.8 28.1 6. 3.5 1.3.4 Auto Components 1 48.2 5.7 23.4 28.5 94.2 7.8 18.4 42.4 23.4 28.4 5.8 5.7 -.1 Automobiles 1 54.1 6.6 6.1 39.7 93.1 87. 6.1 47.5 6.1 39.5 6.9 6.6 -.2 Household Durables 1 58.5 5.1 28. 11.1 87.6 63.2 24.5 53.6 24.5 9.6 12.4 5. 3.5 1.5 Leisure Equipment & Products 1 57.5 7.8 4.8 1.6 92.2 51.3 4.8 49.7 4.8 1.6 7.8 7.8 - - Textiles, Apparel & Luxury Goods 1 9. 5.7 3.5 6.4 96.9 66.5 27.8 6.1 3.4 6.4 3.1 3..1 - Hotels, Restaurants & Leisure 1 12.7 11.9 58.7 28.2 94.9 36.2 58.7 8.2 58.7 28. 5.1 4.5 -.2 Diversified Consumer Services 1 19.7 6.5 77.2 3.1 1. 22.8 77.2 19.7 77.2 3.1 - - - - - Media 1 4.1 2.3 63.9 3.9 95.6 33.6 58.9 3.5 62. 3.1 4.4.5 1.9.9 Distributors 1 59.7 55.1 26.1 14.2 84.4 58.3 26.1 44.1 26.1 14.2 15.6 15.6 - - Internet & Catalog Retail 1 6.4-84. 9.6 95.1 16. 79.1 6.4 79.1 9.6 4.9-4.9 - Multiline Retail 1 15.4 6.8 64. 19.8 91.4 31.6 56.7 11.7 59.9 19.8 8.6 3.7 4.1 - Specialty Retail 1 12.4 6.3 69.1 17.2 96.1 28.4 67.2 11.2 67.7 17.2 3.9 1.2 1.4 - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 24

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 11.7 6.2 53.6 34.4 93.9 42.8 5.2 8.7 51.1 34.1 6.1 3. 2.5.2 Food & Staples Retailing 1 16.2 1.6 55. 28. 94.2 42.2 49. 14.4 52. 27.8 5.8 1.8 2.9.2 Beverages 1 9.2 4.3 62.1 28.8 93.2 36.5 56.7 8.3 56.7 28.3 6.8.9 5.4.5 Food Products 1 9.7 5.6 33.1 56.7 92.9 61.4 3.8 5.1 31.4 56.4 7.1 4.6 1.7.3 Tobacco 1 13.6 5.6 55.9 3.5 93.7 38.5 55.2 8. 55.2 3.4 6.3 5.6.7. Household Products 1 7.8 2.4 78.7 13.5 97. 19. 78.1 5.4 78.1 13.5 3. 2.4.6 - Personal Products 1 17.9 6.6 3.3 51.7 91.7 63. 28.7 11.3 28.7 51.7 8.3 6.6 1.7 - Health Care 1 7.4 1.6 63.3 27.6 97.7 34.3 63.2 7. 63.3 27.3 2.3.4..3 Health Care Equipment & Supplies 1 5.8 1.2 77.3 16.8 1. 22.7 77.3 5.8 77.3 16.8. - - - Health Care Providers & Services 1 4.2 2.1 9.6 4.7 99.4 8.9 9.5 4.2 9.5 4.7.6 -.1.1 Health Care Technology 1 - - 85. 15. 1. 15. 85. - 85. 15. - - - - - Biotechnology 1 8. 8. 89.5 2.5 99.8 1.3 89.5 8. 89.5 2.3.2 - -.2 Pharmaceuticals 1 8.8.7 49. 39.6 96.3 47.3 48.9 8.1 49. 39.2 3.7.7 -.4 Life Sciences Tools & Services 1 - - 87.6 12.4 1. 12.4 84.5-87.6 12.4 - - - - - Financials 1 22.7 15.5 4.4 35.9 89. 5.4 33.2 16.1 38.7 34.3 11. 6.6 1.7 1.6 Commercial Banks 1 26.9 18.2 24. 47.7 82.8 62.2 13.6 18.1 2.6 44.1 17.2 8.8 3.4 3.6 Thrifts & Mortgage Finance 1 12.3 12.3 87.7-87.7-87.7-87.7-12.3 12.3 - - Diversified Financial Services 1 8.4 8.2 68.1 21.5 92.8 26. 65.9 4.8 66.7 21.2 7.2 3.6 1.3.3 Consumer Finance 1 25. 1.7 74.2.8 97.4 24.1 73.3 23.2 73.3.8 2.6 1.7.9 - Capital Markets 1 11.8 5.2 54.3 33.2 96.3 42. 53.4 8.8 54.3 33.2 3.7 3. - - Insurance 1 14.7 9.9 47.6 37.1 94. 46.4 38.3 9.3 47.6 37.1 6. 5.3 -.1 Real Estate Investment Trusts 1 28.3 23.2 5.6 21. 99.8 49.2 5. 28.3 5.6 21..2 - -. Real Estate Mgmt. & Development 1 82.4 59.6 9.9 7.5 82.5 73.2 2.3 66.6 9.3 6.6 17.5 15.8.7.9 Information Technology 1 23.5 11.6 66.3 1. 88.7 22.4 64.2 12.5 66.2 9.9 11.3 11..1. Internet Software & Services 1 11.2 7.7 88.8-94.8 6. 88.5 6. 88.8-5.2 5.2 - - IT Services 1 22.1 15.7 69.6 8.3 84.8 16.4 67. 8.2 68.4 8.2 15.2 13.9 1.1.2 Software 1 1.7.1 78.9 9.7 99. 2.1 78.9 1.6 78.9 9.5 1..1 -.2 Communications Equipment 1 1. 1. 64.2 34.4 99.1 35. 53.6.6 64.2 34.4.9.4 - - Computers & Peripherals 1 16.4 8.1 82.7.9 91.9 9.2 82.7 8.2 82.7.9 8.1 8.1 - - Electronic Equipment & Instruments 1 77.5 28.3 21.3.7 72.9 51.5 21.1 5.8 21.3.7 27.1 26.7 - - Office Electronics 1 79.3.2 16. 4.7 99.8 83.8 16. 79.1 16. 4.7.2.2 - - Semiconductors & Equipment 1 37.3 31.7 57. 5.6 68.5 11.5 57. 5.9 57. 5.6 31.5 31.5 - - Telecommunication Services 1 19.4 14.3 33.6 44.1 75.7 48.3 25. 8.1 27.3 4.2 24.3 11.3 6.2 3.9 Diversified Telecom Services 1 12.3 9.9 39.4 47.1 87.9 52.2 33.8 7.1 35.7 45.1 12.1 5.2 3.8 1.9 Wireless Telecom Services 1 31.1 21.7 23.9 39.3 55.6 42. 1.4 9.8 13.7 32.1 44.4 21.3 1.3 7.1 Utilities 1 15.5 6.5 37.4 47. 91.2 56.6 33.7 11.7 34.7 44.9 8.8 3.8 2.8 2.2 Electric Utilities 1 18.1 5.4 35.6 46.3 9.7 57.9 32.3 15.4 32.8 42.5 9.3 2.7 2.8 3.8 Gas Utilities 1 48.5 25.2 21.4 3.1 87.4 66.2 21.2 36.3 21.2 29.9 12.6 12.2.2.2 Multi-Utilities 1 1.9 1.9 37.3 6.8 99.5 62.2 36.7 1.3 37.3 6.8.5.5 - - Water Utilities 1 13.8 13.8 39.1 47.1 65.9 47.1 18.7-18.7 47.1 34.1 13.8 2.3 - Power Producers & Energy Traders 1 21.2 16.2 62.5 16.3 72. 21.4 44.2 5. 5.6 16.3 28. 16.2 11.8 - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 25

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 18.6 4.3 4.1 1.9-19.3.2.8 5.9 8.1 -.1.8 Energy Equipment & Services 1 64.1-2.3 - - - - 15.7 - - - - - Oil, Gas & Consumable Fuels 1 17.1 4.4 4.7 2. - 19.9.2.4 6.1 8.3 -.1.8 Materials 1 55.2 15.1 8.3 12.5.6 4.6 -.1 1.3 1.1.9 -.2 Chemicals 1 13.6 24.7 7.1 51.7 - - - - - 1.9 - - 1. Construction Materials 1 17.3-17.8 19.1-17.9-1.7 4.9 9.7 11.1 -.5 Containers & Packaging 1 1. - - - - - - - - - - - - Metals & Mining 1 67.7 15.3 7. 4.2.4 4.2 - - 1.1 - - - - Paper & Forest Products 1 1.8-57. 5.5 26.7 - - - - - - - - Industrials 1 14.2 28.7 18.4 3.5 1.3 8. 9.1 5.5.8.4.6.5 - Aerospace & Defense 1 - - - - - 14.3 85.7 - - - - - - Building Products 1-76.9-23.1 - - - - - - - - - Construction & Engineering 1 11. 42.2 2.5 - - 2.1-4.8 1.3 - - - - Electrical Equipment 1-14.1 38.1 9.9-37.9 - - - - - - - Industrial Conglomerates 1 3.3 16.9 12.1 5. 27.3 3.7 17.3 13.1 - - - 1.3 - Machinery 1-76.8 7. - - 7.5 4.5-4.2 - - - - Trading Companies & Distributors 1-84. 5.8 - - - 1.2 - - - - - - Commercial Services & Supplies 1 93.3 3.5-3.2 - - - - - - - - - Air Freight & Logistics 1 84.9-3.8 - - - 9.5 1.8 - - - - - Airlines 1 17.3 13.6 2.1 5.7 12.4-25. 3.8-2.2 - - - Marine 1-15.5 39.6 12.4 9.9-11.2 1.9 -.6 - - - Road & Rail 1 23.2-8.6-45.4-22.8 - - - - - - Transportation Infrastructure 1 42.5-32.9-1.8 - - 3.9-2.3 5.7 1.9 - Consumer Discretionary 1 17.7 24.1 9.9 5. 2.4 5.4 4.6 7.1 3.7.8 1.2.2. Auto Components 1-73.4-13.8 - - - 12.9 - - - - - Automobiles 1-41.7 14.3 3.9-2.5-1.4 18.2 - - - - Household Durables 1-85.7-7.6 - - - - - 4.7 2.1 - - Leisure Equipment & Products 1 - - 58.8 41.2 - - - - - - - - - Textiles, Apparel & Luxury Goods 1 18.8 24.1 2.9 24.6 29.1 - - - - - - -.5 Hotels, Restaurants & Leisure 1 47.1 6.1 4.4-8.3 2.3 2.7 24.3 - - 3.7 1.1 - Diversified Consumer Services 1 1. - - - - - - - - - - - - Media 1 35.3 3.1 - - 1. 8.9 29.7 6.2-4.5 2.4 - - Distributors 1 3.9-28.4-54. - 13.7 - - - - - - Internet & Catalog Retail - - - - - - - - - - - - - - Multiline Retail 1 2. 41.7-11.5 25.7 - - - 1. - - - - Specialty Retail 1 - - 18.8-81.2 - - - - - - - - Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 26

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 48.2 18.2 7. 3.3 1.5 7.5 1.7 9.1 2.8.6 -.1 - Food & Staples Retailing 1 81.6 13.2-2. - - 1.8 - - 1.3 - - - Beverages 1 78.9 8.3 7.8 - - 3.8 -.5 - - -.7 - Food Products 1 6.7 1.3 18.7 1.5 6.6.8 4. 34.8 7.6 - - - - Tobacco 1-54.8 - - - 32.4-9.9 2.9 - - - - Household Products 1-25.3 - - - 6.5 - - 14.2 - - - - Personal Products 1-48.9 51.1 - - - - - - - - - - Health Care 1 7.2 3.5 - - - 19.8 3.4-1.7-1.4 - - Health Care Equipment & Supplies 1 86.9 - - - - - - - - - 13.1 - - Health Care Providers & Services 1 8.7 - - - - - 19.3 - - - - - - Health Care Technology - - - - - - - - - - - - - - Biotechnology 1 1. - - - - - - - - - - - - Pharmaceuticals 1-14.1 - - - 79.1 - - 6.8 - - - - Life Sciences Tools & Services - - - - - - - - - - - - - - Financials 1 34.2 8.5 13.4 5.9 16.3 7.7 7.2 2.7 1.4 1.6..8.3 Commercial Banks 1 36.3 1.8 12.2 6.1 6.6 7.9 8.8 4.3 2.7 3. -.6.6 Thrifts & Mortgage Finance 1 - - - - - 1. - - - - - - - Diversified Financial Services 1 16.8-2.4 12.4 31.8 21.5 7.7 4.9 - - - 2.4 - Consumer Finance 1-92.3 - - - - - - - 7.7 - - - Capital Markets 1 41.9 5.6-7.2 - - -.4 - - - - - Insurance 1 46.2 8. 32.7 13.1 - - - - - - - - - Real Estate Investment Trusts 1 85.7 - - - 6.6-7.2 - - -.5 - - Real Estate Mgmt. & Development 1 2.8-16.8.4 61. 5.9 9.8 1.4 -.3-1.8 - Information Technology 1 1.2 28.4 2.2 55.3 3.6 8.7.5. -. - - - Internet Software & Services 1-52.1 15.3-32.6 - - - - - - - - IT Services 1 11.7 -.7 - - 87.6 - - - - - - - Software 1-1. - - - - - - - - - - - Communications Equipment 1 - - 17. 26.5 56.5 - - - - - - - - Computers & Peripherals 1 - - 5.4 94.6 - - - - - - - - - Electronic Equipment & Instruments 1-13.3-8.7 3.4-2.3 - -.2 - - - Office Electronics 1 - - - 1. - - - - - - - - - Semiconductors & Equipment 1-48.1.8 5.3.8 - -.1 - - - - - Telecommunication Services 1 7.5 8.5 47.7 6.5 1.9 4.5 9.5 2.1 5.8 1.3 2.6 2.3 - Diversified Telecom Services 1 17.4 7.8 15. 1.9 2.4 1.3 22.1 3.7 13.4.2 6. - - Wireless Telecom Services 1-9.1 72.2 3.3 1.5 6.9 -.9-2.1-3.9 - Utilities 1 5.5 12.5 12.5-34. 15.3-1.4 3.4 1.8 2.2 2.2.2 Electric Utilities 1-22. - - 47. 15.6-8.9 - - 4.1 2.4 - Gas Utilities 1-9.1 2.6-51.7 12.9-8. 15.3 - - -.3 Multi-Utilities 1 68.1 - - - - - - 29.1 - - 2.8 - - Water Utilities 1 - - 62. - - - - 38. - - - - - Power Producers & Energy Traders 1 - - 53.8 - - 25. - 6.2-9. - 5.3.7 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 27

Quant Analyst 3774-178 YoungJean@miraeasset.com Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 28

Quant Analyst 3774-178 YoungJean@miraeasset.com 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) 12 1 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 2 15 8 6 1 4 5 2 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 11 14 (pt) (%) 14 14 1 11 12 12 9 8 1 1 28E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 5-5 -15-3 -1-15 -3 1 2 3 4 5 6 7 8-6 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) (%) 4 3 12-month Forward PER (LHS) 35 LT EPS Growth Forecast (RHS) 22 12MF P/E (x) UT CS 3 25 2 15 2 1 18 14 HC TS FN CD IT MT EN ID 1 1 2 3 4 5 6 7 8 LT EPS Growth (%) 1 8 12 16 2 Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 3. 15 Trailing PBR (LHS) 4 Tr.PBR Trailing ROE (RHS) 2.5 2. 1.5 12 9 6 3 2 UT CD CS FN TS HC IT ID MT EN 1. 1 2 3 4 5 6 7 8 3 Tr.ROE 1 6 1 14 18 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 31

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 1141 6.5 5.9 14.4 8.3 12.1-3. 3.1-2.2-2.5 3.2-1.9-6 -12-32 1.4 11. 11.8 12.1 Energy 5.1 48 7.3 2.8 11.1 13.9 1.5 -.8 2.6 1.9. 2. 2.8 3 11 11 9.7 1.2 16.1 15.8 Materials 11.4 125 7.2 4. 8.6 3.9 11.2-2.1 1.5-2.2-1.7 2.9 -.7-19 -22-4 13.8 14.5 15.5 15.4 Chemicals 3. 48 5.6 3.6 15.7 2.6 6.2-3.1 3.7-3.2-2.8 3.8-3.5-11 -17-6 8.8 9. 1.8 1.7 Metals & Mining 7.4 49 9.3 4.3 6.4 3.9 13. -.8.3-1.7 -.4 2.5.7-15 -43-15 18.8 2. 18.9 18.5 Paper & Forest Products.2 6 4.3 3. -22.3 43.6 19.7 2. 2.7-11. 1.7 -.3-5.3-1 4.1 4.4 5.5 6.1 Industrials 15.5 224 5.6 5.7 18.2 5.3 13.1-2.7 3.7-1.1-1.8 3.7-1.8 6-7 -33 5.8 6.2 11.9 12. Building Products.6 9 2.9 4.4 39.9 8.9 14.3 -.5 5.7-4.1.2 6. -1.6 11-78 8.5 9.2 8.5 9.1 Construction & Engineering 1.6 29 8.7 1.2-6. 19.1 23.4.1 1.8 -.9 5.7 2.6-4.3-25 3-28 5.5 6.2 11.4 12.4 Electrical Equipment 1.1 19 4.9 5.5 3.9 12.1 13.3-6.1 4.5-3. -4.4 4.6-4. 11-32 6.3 6.7 1.7 11.1 Machinery 3. 4 7.8 7.3 33.3 15.4 16.7-2.5 3.9-3.3-2.1 3.7-4.1 8-18 -63 9.9 1.5 13.4 13.9 Trading Companies & Distrib 2.6 14 4.6 4.6 14.9 7.7 7.5.7 5.1.5 3.7 5.7.8 33-23 31 2.2 2.4 13. 12.4 Commercial Services & Supp.7 1 3.5 4. -8.7 23.7 9.7-1.3 3.1.2 -.3 4.1 -.4 6 1 11 9.5 9.9 8.3 8.2 Airlines.5 15 7.1 5.4 19.6 19.7 13.4-3.5 1.9-3.5-4..4-4.6-2 -47-27 7.7 8. 11.2 11.5 Marine 1.1 21 9.1 8.6 79.8-5.6 7.7 3.3 4.7-1.1-1.9 4.9-3.9-15 35-6 1.9 1.8 17.2 16.2 Road & Rail 1.6 17 1 1.5-4.7 7.2 8.6-6.1 2.5 -.1-6.8 2.4 -.7 21-31 -13 11.8 12.2 1.3 1.4 Consumer Discretionary 12.3 158 4.7 5.3 16.4 6.6 1.8-3.4 4.9-3.6-3. 4.8-3.4-4 1-28 7.3 7.6 1.6 1.9 Auto Components 1.2 17 6.3 6.2 2.6 7.2 11.5-2.3 5. -2.1-1.7 4.6-1.9 12-6 -18 7.7 7.9 9.5 9.7 Automobiles 4.9 25 3.4 5.8 7.3 1.8 9.7-6. 5.6-5.7-5.7 5.3-5.4-21 25-33 7.4 7.5 11.8 11.9 Household Durables 2.7 2 3.8 3.2 82.1 17.2 1.3-3.2 6.1 -.5-3. 6.3 -.8-11 22-17 5.6 6. 8.5 8.9 Textiles, Apparel & Luxury G.3 14 9.6 9.3-1.2 12. 22.6-1.6 4.6-7.2-4.3 4.5-5.9-25 -8-75 9.2 9.6 11.3 11.9 Hotels, Restaurants & Leisur.8 18 8.9 7. 1.3 1.9 12.9-4.5 1.6 -.3-5.2 2.5 -.4 11-28 -39 25. 25.6 12.4 13.3 Media.5 19 5.8 2.5 8.6 7.3 13.7-2.9 3.8 -.7-2.5 4. -1.2-17 -22 7.9 8.5 9. 9.6 Retailing 1.5 34 8.5 8.3 14.3 12.5 13.1-4.1 3. -1.1-3. 3.1-1. -9 9-24 6.4 6.9 12.1 12.8 Consumer Staples 5.1 79 11.1 7.9 11.1 4.8 14.1-2.9 3.3-1. -2.7 3.4 -.4 9-24 -8 7.2 7.5 1.4 11.2 Food & Staples Retailing 1.8 15 14.9 11.2-5.5 11.4 16.3-3.4 2.8-2.2-3.5 2.9.1-7 -43-36 5.8 6.2 9.2 1.5 Food, Beverage & Tobacco 2.6 53 7.5 4.4 25.3 -.8 13. -2.9 3.6 -.3-2.6 3.8 -.6 13-12 -8 8.3 8.7 11.1 11.5 Household & Personal Produ.7 11 5.4 4.6 6.3 15.2 12. -1.1 3.9. -.7 3.9 -.8 1-6 3 1.4 11. 12.6 13.2 Health Care 3.1 32 6. 4.9 21.2 4.4 9.5-3.2 5.3-2.7-3.2 5.3-2.9-6 -3-6 14.9 15.6 12.3 12.5 Biotechnology.3 1 12. 13.7 62. 26.2 29.3-2.9 3.7 1.6-2.2 2.7 2.2 1-1 1 31.3 32.7 31.1 33.5 Pharmaceuticals 2.2 2 3.7 5.2 2.5 2. 8.1-3.6 5.3-2.9-3.8 5.5-2.9-2 -1-5 24.2 25.2 11.7 11.9 Financials 25.6 247 5.7 8.2 23.3 1.7 11.4-3.5 2.7-1.4-3. 2.7-1.4-9 -15-37 28.6 29.4 1.9 11.3 Banks 13.3 93 3.9 7.9 4.5 14.8 9.7-4.7 3.1 -.8-3.5 2.9-1. -3-16 -33 35.3 36. 11.6 11.8 Capital Markets 1.5 21 2. 6.4 8.4 12.2 8.6-2.2 2.7-6.3-2.3 2.8-5.2 5-63 -83 29.8 31.1 11.5 11.5 Insurance 3.4 22 7.2 5.7 29.2 -.7 12.6-4.9. -1. -4.9 1.3 -.7-14 -45-68 12.4 12.9 9.3 9.4 Information Technology 12.7 146 9.4 8.3 8.9 14.1 14.4-3.1 2.5-5.4-2.8 2.6-4.6-28 -25-59 8.2 8.7 12.4 12.7 Internet Software & Service.4 7 32.3 2.9 4.8 61.8 36.9-11.5 3.9 1.4-9.5 2.4. 57 86 37.8 38.9 3.2 28.8 IT Services.9 14 12.2 11.5 21.1 16.6 1.4 -.9 2.3-1.9-1.1 2.3-2.1 14-64 16.2 16.7 19.4 18.4 Software 1. 7 8.4. 56.5 24.7 8.9-1.4 6.3.4 -.7 6.5-1.2-5 -17 27.5 3.2 24.1 22.4 Communications Equipment.1 5 21.6 26. 14.3 14.8 2.2-2.8-1.9-4.2-4.1-1.2-3.6-2 -1-1 6.8 6.7 19.6 2.9 Computers & Peripherals 1.8 26 9.5 8.7 66.7 12.3 16.4-2.5.8-4.7-2.4 1. -4.3-44 -63-58 4. 4.1 11.7 12.2 Electronic Equip. & Instr. 3.7 45 9.7 7.6 58.5 26.1 6.7-2.2 4.5-2. -2.9 3.7-4.5-23 3-65 7.9 7.9 1.3 1.3 Office Electronics 1.2 5 4.9 4.5 6.3 4.1 8.9-3.2 6. -6.6-3.4 5.8-5.6-1 13.2 13.7 13.6 13.2 Semiconductors 3.5 37 9.3 1.5-28.5 3.5 25.3-3.8 -.4-11. -2.3.6-5.8-61 -39-76 11.9 14.4 12.8 14.2 Telecom. Services 5.4 34 4.2 3. 26.8-2.1 11.4 -.1 2.7 -.5 -.1 2.7-1. -15-27 19.3 2.3 13.9 14.3 Diversified Telecom. Service 2.1 18 2.5.9 2.5 4.3 7. -1. 2.6 1. -1.8 2.3.1 18-6 19.1 19.7 11.7 11.9 Wireless Telecom. Services 3.3 16 5.7 4.8 5.4-6.3 14.6.5 2.7-1.6 1.1 2.9-1.8-31 -19-5 19.5 2.8 16.1 16.6 Utilities 3.7 48 5.5 2.3-37 35.3 16.8-7.1 2.4-3.4-7.7 1.8-3.2-17 -24-18 8.9 1.2 7. 7.7 Electric Utilities 2.5 19 4.3 1.4-5.1 58.2 21.1-9.2 1.9-4. -1.1.8-3.2-42 -32-5 7.5 9. 5.9 6.7 Gas Utilities.7 9 7.2 4.3-16.1 11.7 1.4-3.4 3.8-1.3-1.9 4.5-2.2 38 13 9.5 1.2 11. 11.2 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 32

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 1141 13.7 1.6 8.5 2.5 8.3.9.9 1.8-7.7-5.2-9.6-11 4 1 Energy 5.1 48 13.9 2.2 7.7 2.4 9..9.8 6.2-5.4 22.1 41.4-11 137 38 Materials 11.4 125 11.9 1.9 6.9 2.4 7.8 1.1.7 3.5-6.9-4.4.4-9.8 7 178 Chemicals 3. 48 11.8 1.3 6.5 2.9 6.6.8.8-4.9-12.9-16. -15.1-17. 29 91 Metals & Mining 7.4 49 11.7 2.3 6.9 2.1 8.4 1.4.7 7.5-3.8 2.5 12. -6.3 112 299 Paper & Forest Products.2 6 16.7 1. 9.4 2.6 4.9.4 1.3 1.5-21. -29.2-35.5-23.9-27 -23 Industrials 15.5 224 13.6 1.6 8.5 1.9 8.2.5.7 6.4-7.6-6.2-3.1-8.7 57 132 Building Products.6 9 14.5 1.3 6.4 1.5 7.1.7.5.1-11.2-12.5-15.4-17.4 21 81 Construction & Engineering 1.6 29 18.1 2.1 12.2 1.4 15.8.7.6 -.8-5.4 6.3 21.6-12.5 14 255 Electrical Equipment 1.1 19 14.4 1.5 6.6 1.4 7.7.6.7 4.1-12.4-8.7-11. -13.1 55 129 Machinery 3. 4 12.9 1.8 7. 1.6 8.9.9.5 8.6-12.4-16.2-9 -12.3 9 181 Trading Companies & Distributors 2.6 14 9.8 1.3 11.5 1.8 7.3.2.5 23. 2.9-1.5 7.4 -.6 113 267 Commercial Services & Supplies.7 1 18.3 1.6 6.7 2.4 8.6 1. 1.3 3.1-6.5-9.4-17.6-6.6 3 45 Airlines.5 15 13.2 1.5 6.8 3.5 4.9.6 NA -1.4-8.3-3 3.1-13.9 33 71 Marine 1.1 21 9.6 1.6 6.5 2.8 6.6.8.5 18.5-12.3-1.1 19.6-1.3 88 37 Road & Rail 1.6 17 16.9 1.8 9.1 1.4 6.5.9 2.6-2.5-8.2-7.5-17. -5. 27 5 Consumer Discretionary 12.3 158 12.7 1.4 7.2 2.1 7.7.7.9 5.6-4. -5.4-19 -9. 24 68 Auto Components 1.2 17 12.2 1.2 5.2 1.5 6.1.6 1. 7. -6.9-7.8-15.1-1.4 3 89 Automobiles 4.9 25 1.5 1.3 8.2 2.4 6.8.6 1.4 11. -1.7-7.2-24.5-5.1 32 85 Household Durables 2.7 2 14. 1.3 5.2 1.2 7.1.5.6 1.9.8.3-16.1-8.9 19 45 Textiles, Apparel & Luxury Goods.3 14 12.8 1.4 7.4 2.5 9.8.9.9 1. -14.8-18.9-23.9-17.2 5 4 Hotels, Restaurants & Leisure.8 18 16.2 2.3 9.5 3.9 11.8 2.5 1. 1.5-6.5-7.1-12.5-8.6 19 79 Media.5 19 17.9 1.6 9. 3.6 11.8.9 1.4 1.5-4.3-6.1-14.8-9.2 2 27 Retailing 1.5 34 17.3 2.2 1.1 2.1 13.2.8.8 1.7-9.7-3.5-1.9-15.4 3 126 Consumer Staples 5.1 79 19.3 2.1 9.1 2.4 11.4.8 1.4. -4.2 3.3-3.5-8.4 44 87 Food & Staples Retailing 1.8 15 17.6 1.8 8.2 3. 1.1.5 1.1-2.1-9.7-5.2-13.3-15. 21 66 Food, Beverage & Tobacco 2.6 53 19.7 2.2 9.5 2.1 11.8 1. 1.4 1.2 -.6 8.9 3.1-4.3 61 123 Household & Personal Products.7 11 23.4 3.1 1.4 1.8 14. 1.6 1.8 1.1-2.4 6.2 -.3-5. 49 51 Health Care 3.1 32 16. 2. 7.9 2.3 13.5 1.7 1.3-4.9-7.8-11 -17-9.5 33 67 Biotechnology.3 1 24. 7.9 15.6 1.5 21.5 5. 1. 2.6 12. 16.4 35.1-3.7 229 623 Pharmaceuticals 2.2 2 14.9 1.8 6.9 2.5 12.9 2.6 1.5-5.7-9.6-13.9-22.8-8.9 22 48 Financials 25.6 247 12.9 1.4 16. 3.2 1.8 2.1.9-3.1-12 -1-18 -14 3 14 Banks 13.3 93 11.2 1.3 18.2 3.8 8.4 2.4 1.1-3.7-9.8-1.6-21.5-12.7 19 95 Capital Markets 1.5 21 12.2 1.4 11.5 3.3 15. 1.8 1..1-11.7-15. -24.1-15.9 25 NA Insurance 3.4 22 17.1 1.5 8.9 2.9 1.2 1.3.9-3.2-15.5-12.7-14 -13.8 47 145 Information Technology 12.7 146 14. 1.7 5.7 2.3 7.4.8.9 4.2-7.5-11 -12-1 2 63 Internet Software & Services.4 7 36.1 9.5 18.8.5 27.7 8.5 1. 2. -11. 24.7 21.6-11.6 61 294 IT Services.9 14 16.4 3.2 9.6 1.4 12.3 2.1 1. 1.2-2.1-8.1-25.6-9.3 27 11 Software 1. 7 19.2 4.7 1.4 2.4 19.1 3.6 1.1 1.1-8.9 3.8 5.9-18.4 182 224 Communications Equipment.1 5 1.4 2.1 7.4 4.3 11..7.7-5.5-28.9-36.2-38. -27.2-45 -35 Computers & Peripherals 1.8 26 13.1 1.5 5.3 2.8 6.6.3.9 5.5-1.9-1.9-6.4-9.5 19 6 Electronic Equip. & Instr. 3.7 45 13.1 1.3 4.9 1.9 6.1.7.6 1.8-11.7-14.1-14.1-14.1 12 52 Office Electronics 1.2 5 12. 1.6 4.6 2.1 6.9 1. 1.2 8.3-1.8-17.7-24.2-9. 24 5 Semiconductors 3.5 37 14 2 6 3 7 2 1.1 5.1 1.2-11.4-15.8-3.8 3 44 Telecom. Services 5.4 34 15.5 2.2 5.8 3. 6.5 1.8 1.2 1.2-3.5 12.2 6.7-9.7 51 74 Diversified Telecom. Services 2.1 18 14. 1.7 5.1 3.8 5.2 1.6 1.8 3.3 1.9 9.3.5-4.7 24 65 Wireless Telecom. Services 3.3 16 16.6 2.7 6.3 2.5 7.6 2.1 1. -.1-6.7 14.2 11.3-12.7 79 76 Utilities 3.7 48 19.4 1.3 9.7 2.5 5.9 1. 2. -1.7-2.6-2.5-15 -6.4 31 6 Electric Utilities 2.5 19 21.2 1.2 9.9 2.6 5.2.9 2.5-1.8 -.7-4. -2.2-3.8 23 48 Gas Utilities.7 9 18.8 2.1 9.4 1.9 9.2 1.2 1.4 -.1-2.8 9.8 3.4-7.6 43 87 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 33

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. 2.7 179.3 248.9 16.6 2.9 5.8.8 7.7-6.6-7.2 12.9 13.2 9. 9. 12.8 13. BHP Billiton Ltd. BHP AU Materials 2.1 2.1 54.1 15.2 25.7 11.8 8.1 24.1-2.6 -.8 48.2 52.1 5.4 55.4 46.5 43.3 China Mobile Ltd. 941 CH Telecom. Svcs 1.6 3.7 59.7 15.5 18.8 16.1 32.1 18.5.1.6 52.8 51.9 34. 33.8 27.8 27.6 Mitsubishi UFJ Finan 836 JP Financials 1.3 94.5 6.5 7.5. 12. 29.5 1.5-7.9-3.9 NA NA 25.3 25.3 8.2 8.3 Samsung Electronic 593 KR IT 1.2 92.3 74.7 9.3 12.2 1.3 21. 11.1 1.5-1.1 21.2 21.4 1.7 11.1 16.4 16.4 Commonwealth Ban CBA AU Financials.9 52.5 13.2 4.6 9.2 7.7 7.3 8.8-1.5-1.5 51.9 54. 52. 54. 2.5 2.4 Canon Inc. 7751 JP IT.9 61.9 43.9 4.8 5.3 4.4 4.5 4.6-5.8-7.7 24.4 24.3 16.7 17. 15.7 14.6 Nintendo Co. Ltd. 7974 JP IT.9 63.4 16.7 3.4 8.5-2.2 25.8 1.5 1. 1.3 31.9 35.6 31.6 35.3 28.3 27.4 Honda Motor Co. L 7267 JP Cons. Discr..9 57. 116.3 6. 2.5 5.4-5.8 5.9-4.1-3.7 1.4 1.6 6.8 6.7 11.5 11.6 Sony Corp. 6758 JP Cons. Discr..8 47.4 85.8 3.2 2.8 2.9.4 22.9-5.5-1.1 9.8 1.3 5.3 6. 8.5 9.9 Sumitomo Mitsui Fin 8316 JP Financials.8 53.7 4. 5.5.5 1.6 4.7 1.1 5.9.9 NA NA 27. 27.8 12. 11.8 Takeda Pharmaceu 452 JP Health Care.8 46.4 13.7 3.8 4.3 4.7.7 1.7-1. -2.9 37.5 38.9 36.2 36.6 13.4 13.1 National Australia B NAB AU Financials.8 44.2 14.3 4.5-2.7 8.2 12.5 11.9..7 45.9 47.4 52.9 55.5 18.4 18.8 Matsushita Electric 6752 JP Cons. Discr..7 44.7 84.9 2.7 1.3 2.2 13. 7.6 1.4. 9.4 9.7 5.9 6.2 6.9 7.1 Taiwan Semiconduc 233 TW IT.7 51.9 11.7 3.8 14.7 8.2 1.9 11. -3.1-2.5 55.8 56.6 34.3 35.9 23.3 24.7 Mitsubishi Corp. 858 JP Industrials.7 51.7 213.9 4.5 3.6 2.2 1.3 5.7.2.5 3. 3.1 1.9 2.2 14.2 13. Reliance Industries 5325 IN Energy.7 87.3 35.8 4.5 16.3 3.3 23.3 48.8 1.7 -.5 2.9 22.8 17.4 17.6 18.6 21.8 Mizuho Financial Gr 8411 JP Financials.7 46.2 45.1 5.9 1. 5.7 32.3 2. -.3-1.3 NA NA 2.9 2.2 1.5 9.5 POSCO 549 KR Materials.7 46.6 25.5 4.3 9. 2.7 8.3 4.3 -.4.4 27.5 27.7 2. 2.2 15.6 14.4 Westpac Banking C WBC AU Financials.7 39.8 1.2 3.6 9.2 8.7 9.1 9.4.1. 53.1 54.1 55.6 56.3 22.6 22.2 Australia & New Ze ANZ AU Financials.7 38.8 1.9 4. 4. 8. 7.3 8.9 -.2 -.5 52.1 54.4 56. 56.6 18.7 18.2 Mitsui & Co. Ltd. 831 JP Industrials.7 39.3 156.3 4.2 3.4 6.5 3.5 6.4 2.9.4 3.6 3.6 2.6 2.8 17.1 16.2 Rio Tinto Ltd. RIO AU Materials.6 178.5 53.6 9.6 72. 7.4 18.4 21.9-4.5-1. 37.3 4.5 35.2 35.6 31.6 29.8 Woolworths Ltd. WOW AU Cons. Staples.6 31.6 42.4 1.5 8.7 7.1 2.7 14.1 -.1 -.5 6.8 7.1 6.8 7.2 28.3 28.7 Nippon Steel Corp. 541 JP Materials.6 34.1 47. 3.5 5.2 1.1 -.4 1.8-1. -1.5 17.1 17.4 11.9 12.1 16.1 15.5 Tokyo Electric Pow 951 JP Utilities.5 34.4 53.6.5 5.1 1. NA 255.4-17.1-2.1 16.1 19.2 2.9 7.1 1.8 8.4 PetroChina Co. Ltd 857 CH Energy.5 272.2 124.1 24.2 11.6 4.4 1.3 2.6 -.4.1 35.4 35. 26.1 26.2 22.1 19.6 Hon Hai Precision In 2317 TW IT.5 36.2 69.2 2.9 26. 25.3 19.7 24. -.7-1.1 6.7 6.6 5.4 5.4 23. 23.7 Nomura Holdings In 864 JP Financials.5 3.4 19.2 1.9.1 1.9 6.9 3.6-12.7-13.5 NA NA 37.4 39.7 8.2 8.8 Mitsubishi Estate C 882 JP Financials.5 32.3 8..9 8.6 8.4 5.6 9.6 -.3-1.4 28.4 28.4 21.6 21.9 6.8 7. China Life Insuranc 2628 CH Financials.5 19.4 2.4 5.3 18.4 17.1 3.9 5.6.8.6 31. 3.5 21.2 22.4 18.8 16.8 East Japan Railway 92 JP Industrials.5 32.2 25.5 2. 1.6 1.1 11.6 9.9 -.4. 29.9 3.4 17.2 17.8 12.4 12.1 Millea Holdings Inc. 8766 JP Financials.5 28.6 36.8 1.2.1 2.2-1.1 13.9-1.3-1.4 NA NA 4.7 5.3 3.6 3.8 CNOOC Ltd. 883 CH Energy.4 73.4 14.7 5.3 14.6 3.8 24.3 2.6 3.6 -.8 56.4 59.7 48.1 48.3 26. 22.6 JFE Holdings Inc. 5411 JP Materials.4 24.8 35.1 3. 6.9 3.3 3.7 3.3-1.8-1.9 2.5 2. 14.3 14.6 17.3 15.6 Hitachi Ltd. 651 JP IT.4 24.5 11.8.6 2. 1.1 67.9 19.1.2 -.4 8.5 8.9 3.2 3.8 2.9 3.2 NTT DoCoMo Inc. 9437 JP Telecom. Svcs.4 66.5 43.7 5.2.1-2.8 15.6 -.5 2.5-2. 35.8 36.8 19.5 19.9 12.1 11.2 Japan Tobacco Inc. 2914 JP Cons. Staples.4 52.2 64.7 2.2 9.1 3.2-4.8 15.4-1.3-3. 9.5 9.6 5.7 6.1 1. 1.4 Woodside Petroleum WPL AU Energy.4 34.7 4.9 1.8 33.7 6.2 58.5-6.8 9.7 3.7 7.6 67. 57.3 56.1 31.4 26.3 Sun Hung Kai Prope 16 HK Financials.4 42.4 4.1 1.8 3.4 14.2 17.4 11.1.. 56.8 51.7 51.1 48.1 7.1 7.3 Nippon Telegraph & 9432 JP Telecom. Svcs.4 62. 98.9 4.9. -1. -3.2 6.4.9.4 32.2 32.2 12.4 12.6 6.9 6.5 Komatsu Ltd. 631 JP Industrials.4 25.5 22.7 2.1 9.6 9. 9. 11.1-2.9-1.8 17.8 17.7 14.8 15.4 2.8 19.5 Toshiba Corp. 652 JP IT.4 24.1 75.8 1.5 5.2 4.6-11. 18.4-9. -6.5 8.8 9. 4. 4.3 12.4 13. Cheung Kong (Hold 1 HK Financials.4 34.1 2.5 1.7-9.9 116.3-48.3 68.1.2. 54.7 46.5 54.9 41. 5.7 9.1 ICICI Bank Ltd. 532174 IN Financials.4 25.8 5.5 1.4 31.8 27. 31.3 32.2 2.9 1.4 39.7 44.5 5.8 51.8 11.2 13.5 QBE Insurance Grou QBE AU Financials.4 22.4 11.7 2. 14.7 9.3 3.3 3.9.. 22.9 23.9 21. 2. 23.2 21.9 Astellas Pharma Inc 453 JP Health Care.4 22. 9.2 1.6 1.3 2. 1.6 -.2 2.1.7 29.7 29.7 27. 26.1 13.6 14.7 Singapore Telecom Z74 SG Telecom. Svcs.4 43.1 1.7 3. 3.4 1.3 12. 1.7.. 3.7 31.7 17.9 19.3 18.4 18.3 Shin-Etsu Chemical 463 JP Materials.4 22.2 14. 1.9 7.1 6.7 1.3 1.4-2.2-1.9 3.9 3.9 21.2 22.1 13.3 12.9 Kookmin Bank 6 KR Financials.4 21.1 23.6 2.9 8.4 6. 1. 3.4 -.5-2.1 19.5 19.4 17. 16.4 16.1 15.2 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 34

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. 723 6,8. 7,1. 16.8 1.8 1.4 8.8 2.6 6.8.7 2.2 15.6 2.4-7.6-25.7.7 47 111 BHP Billiton Ltd. BHP 39. 45. 15.4 11.2 4.7 6.7 1.8 9.6 3.4.7 17.2-5. 9.9 35.2-2.8 118 329 China Mobile Ltd. 941 117.2 137.4 17.2 2.6 5.3 9.2 2.3 11.5 5.4.8 -.4-9.1 32.6 52. -15. 361 558 Mitsubishi UFJ Financi 836 941. 1,223.5 3. 13.1 1.1 NA 1.7 NA 1.6-1.6 2.8 2.3-14.5-37.7-1.1-2 65 Samsung Electronics C 593 594, 72, 21.2 11. 1.7 5.1 1.2 6.4 1.2.7 5.3 15.3.3-2. 6.8 13 97 Commonwealth Bank CBA 43.5 5.4 16. 1.8 2.1 35.7 6.8 8. 3.8 1.3-14.4-25.1-19.8-13.8-26.5 22 76 Canon Inc. 7751 4,99. 6,36. 27.5 12.6 1.9 4.6 2.2 7.3 1.4 2.8 12.4-7.4-15.6-22.9-4. 37 75 Nintendo Co. Ltd. 7974 53,3. 7,. 31.3 19.3 4.9 9.5 2.7 18.6 3.8.4.4-1. 6.2 69.7-2.3 344 443 Honda Motor Co. Ltd 7267 3,38. 4,1. 21.3 9.5 1.1 7.5 2.7 5.6.5 2.1 9. -6.6-7.9-26.8-9.9 22 53 Sony Corp. 6758 5,9. 6,5. 27.7 15. 1.3 5.5.5 6.8.6.2-7.3-2.7-3.6-19.7-17.9 28 11 Sumitomo Mitsui Fina 8316 763, 115 5.7 9.7 1.3 NA 1.7 NA 1.3.5.5-4.1-15.2-36.9-8.8 6 144 Takeda Pharmaceutic 452 5,92. 7,8. 31.8 12.5 1.8 5.3 3.1 11.6 3.4 1.1-7.4-12.2-22.9-27.2-9.9 18 32 National Australia Ban NAB 29.6 4.8 37.9 9.3 1.7 47.9 7.1 7.4 3..8-16.1-28.4-26.3-27. -21.8 1 1 Matsushita Electric In 6752 2,275. 2,6. 14.3 16.8 1.1 4.2 1.5 7.7.5 1. 11. 4.8 18.6-6.2-1.7 45 99 Taiwan Semiconducto 233 61.9 69. 11.5 13.2 3.1 6.8 5.3 9.5 4.4 1.2 16.1 5.6. -7.6 -.2 23 85 Mitsubishi Corp. 858 3,29. 3,76. 14.3 11.3 1.5 12.4 1.7 8.6.2 1.2 31.9 11.9 11.3 27.3 7.5 141 38 Reliance Industries Ltd 5325 2,496.3 3,19. 27.8 21.1 3.6 12.7.6 13.3 2.5 1. -1.8-7.9 42.9 77.5-13.4 367 746 Mizuho Financial Grou 8411 436, 6, 37.6 7.8 1. NA 2.7 NA 1. 1.5-6. -15.7-36.3-5.6-18.4-14 282 POSCO 549 57, 7, 38.1 1.5 1.5 6.6 2. 7.4 1.8 1.7 3.6-1.9 4. 38. -11.8 154 353 Westpac Banking Cor WBC 23.1 27.7 2.2 1.7 2.3 38.7 6.5 7.8 3.8 1.2-1.6-15.7-13.4-9.8-17.4 18 73 Australia & New Zeala ANZ 22. 27. 22.7 9.4 1.7 38.3 7. 8.1 3.5 1.2-16. -2.9-23.9-26. -19.9 4 39 Mitsui & Co. Ltd. 831 2,33. 2,91. 24.9 9.4 1.5 12.2 2.1 7.6.3.5 24.7. 3.1 1.4-1.5 13 269 Rio Tinto Ltd. RIO 133.7 121.2-9.3 16.5 4.4 1.6 1.4 12.5 3.3.8 17. 2.1 54.9 72.2 -.2 198 32 Woolworths Ltd. WOW 28.3 32. 13.1 19.9 5.6 1.7 3.4 14..7 1.1-8.8-1.8 3.1 13.2-16.7 88 164 Nippon Steel Corp. 541 583. 82. 4.7 1.2 1.5 5.2 1.9 6.5.7 4.1-9.9-4.9-25. -27.6-15.8 19 284 Tokyo Electric Power 951 2,745. 2,8. 2. 15 1.3 12.3 2.2 4.5.6-1.8-1.1-3.2-1.9-33. -5. 8 18 PetroChina Co. Ltd. 857 11.9 13.5 13.5 12.5 2.6 6.7 3.6 8.3 2.4 2. 5. -17.2 11. 24.4-14.7 154 637 Hon Hai Precision Indu 2317 181.5 259.3 42.9 12.1 2.7 7.2 1.8 1.6.5.6 5.8-8.3-2.1-2.8-1.1 119 27 Nomura Holdings Inc. 864 1,713. 2,. 16.8 16.2 1.4 NA 2.4 NA 1.6 1.8 16.3-4.2-15.6-35.1-9.6 18 17 Mitsubishi Estate Co. 882 2,515. 3,65. 45.1 37.9 2.5 18.5.6 22.4 4.1-12.2 2.9-9.4-16.7-31.8-6.7 95 186 China Life Insurance C 2628 3.2 42. 39.1 2.3 3.4 5. 1.1 46 5.2 4.3-8.1-26.3-2.9 3.5-25.2 481 NA East Japan Railway Co 92 865, 11 27.2 16.4 1.9 8.2 1.2 6.2 1.3 1.7-4.9-7.2-2.3-4.1-6.2 55 58 Millea Holdings Inc. 8766 3,77. 4,8. 27.3 24.3.9 NA 1.3 NA.8 1.4 5.6-6.5-12.5-17.. 24 133 CNOOC Ltd. 883 13. 12.5-3.5 14.9 3.6 9.3 2.3 11.4 5.4 1.1 17.4 2.5 57.3 99.7-2.3 2 521 JFE Holdings Inc. 5411 4,63. 6,6. 42.5 8.3 1.4 4.5 2.8 5..7 2. -1.1-14.3-36.6-38.8-18.2 52 179 Hitachi Ltd. 651 793. 88. 11. 4.7 1.1 5.1 1.2 4.2.2 NA 8.9 4.5 6.4-4.8-4.8 2 54 NTT DoCoMo Inc. 9437 166, 192, 15.7 13.1 1.6 4.1 2.9 5.6 1.5 1.2.6-2.4-2.4-24.9-1.8-8 -31 Japan Tobacco Inc. 2914 586, 737,5 25.9 23.3 2.3 9.3.8 11.1.8 3.5-6.1-8.4 -.8 7.5-12.3 159 35 Woodside Petroleum L WPL 55. 53.7-2.2 2.1 5.5 11.3 2.8 12.3 7. 1. 2.8 14.2 34. 46. 9. 152 46 Sun Hung Kai Propert 16 132.7 17. 28.1 22.8 1.6 18.9 2. 2.4 9.4 1.6-12.2-6. 4.4 37.8-19.9 81 195 Nippon Telegraph & T 9432 482, 585, 21.4 12.9.8 2.8 2. 2.4.6 3.1-3.6-2.8-3. -26. -13.8 6 1 Komatsu Ltd. 631 2,76. 3,55. 27. 12.2 2.5 6.9 1.6 9.4 1.1.7 15. -11.8-14.3 2.2-9.2 252 529 Toshiba Corp. 652 82. 1,1. 25.9 16.8 1.9 4.7 1.5 4.9.3 3.2 8.5-4.6-21.1 5.8-4.2 81 117 Cheung Kong (Holding 1 114.7 146. 27.3 18.4 1.1 24.9 2.2 6.1 11.6-2.7-7.4-12.9 11.4 13.7-2.5 53 129 ICICI Bank Ltd. 532174 1,141.3 1,49.5 3.6 23.5 2.5 11.6 1.2 23.9 4.8.9-2.7 3.1 37.7 17.7-7.9 23 664 QBE Insurance Group QBE 27.6 34.8 26. 11.4 2.6 8.7 5.1 9.4 1.9 3.2-2.1-9.7-12.8-11.5-17.2 79 236 Astellas Pharma Inc. 453 4,72. 5,6. 18.6 13.5 1.8 6.3 2.5 11.5 2.4.7 3.3-1.3-4.6-1.6-3.1 27 48 Singapore Telecommu Z74 3.8 4.4 14.4 14.7 2.5 14.4 3.4 13.5 4. 2.4 6.7 2.7 13.7 11. -4.5 38 148 Shin-Etsu Chemical Co 463 5,53. 8,45. 52.8 11.6 1.5 4. 1.6 6.7 1.6.7-5.3-1.1-29.9-26.8-21.2 3 43 Kookmin Bank 6 59,5. 84,5. 42. 7.2 1.1 NA 4.6 4.4.9 3.3-8. -3.4-19.4-31.4-13.8 32 45 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 35

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) 4 3 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 6 5 4 2 3 1 2 1 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 36 13 (pt) (%) 4 16 34 12 38 14 32 36 11 12 3 34 28 28E EPS (LHS) 1 32 29E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 2 3 5-5 -2-3 -1-4 1 2 3 4 5 6 7 8-6 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 3 12-month Forward PER (LHS) 22 12MF P/E (x) HC LT EPS Growth Forecast (RHS) 15 2 18 CS UT TS EN ID 1 1 14 MT FN IT CD 5 1 2 3 4 5 6 7 8 LT EPS Growth (%) 1 6 1 14 18 22 26 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) 5 3. 2. 14 12 1 4 3 2 UT ID CD FN IT TS CS EN MT 1. 1 2 3 4 5 6 7 8 8 Tr.ROE 1 1 15 2 25 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 37

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 744 14.9 11.5 17.1 8.4 14.6-2..9 -.9-1.7 1.2 -.6-7 -26 17.2 17.7 15.8 16.3 Energy 8.4 4 18.1 6. 12.7 2.1 12.1 -.4 2.4 3.2.9 1.5 3.9 46 26 26 15.9 16.5 19.3 18.6 Materials 13.5 77 12.3 6.1 14.3 6.4 13.1-1.2-1. -.9 -.8 1.3 1.3-14 -5-23 21.9 23.2 21. 2.9 Chemicals 2. 21 7.4.5 3.4 8.4-4.9-4.1.8. -2.5.6 -.1 15-2 1.9 1.6 15.3 14.5 Metals & Mining 1. 33 16.3 7.5 11.7 5.8 17.2.5-1.9-1.1.5 1.3 2.1-6 -41-6 27.2 29. 22.7 22.5 Paper & Forest Products.1 4 8.8 1.9 15.2 27.9 37.6 8.7 -.8-4.6 9. -1.6-6.1 33-1 7.7 9. 13.4 16. Industrials 12. 137 15.4 13.7 27. 16.1 21. -1. 1.2-1.5-1. 1.3-2.8 1-8 -34 1.7 11.4 14.5 15.5 Building Products.1 2 12.5 7.4 5.7 2.9 19.8 9.2 -.1-1.7 1.9.3-1.6 5-5 -5 9.7 11.8 7.8 9. Construction & Engineering 2.4 18 24.4 22.6 4.2 2.7 26.8 5..8. 1.6 1.8-4.4 6 6 9.1 9.6 18. 19.1 Electrical Equipment.7 11 15.7 18. -6.6 24.1 26. -9.1. -3.6-7.4.6-1.9-36 -18 8.6 8.8 16.1 17.9 Machinery 1.5 14 18.7 17. 95.1 35.7 29.4-2. -.4-2.7-2.2. -3.4 29-36 -86 1.7 11.8 25.7 26.4 Trading Companies & Distrib.4 6 12.2 1.2 36.9 2.4 2.5-4. 3.8-3.5-3.5 7.3-2.8-5 2-4 2.8 3.1 8.8 9.7 Commercial Services & Supp.5 4 1.1 7.1-3.6 8.7 12.5-2.6 1.9 1.2-1.9 1.7.3 75 75-25 24.7 25.6 32.7 31. Airlines.8 13 9.1 6.9 6.5 28.3 13.2-3.3 1.9-3.9-3.2.4-4.9-23 -38-31 9.2 9.4 12. 12.4 Marine 1. 18 12.6 1.4 13 12.6 12.8 1.2 1.7-3. 2.6 1.8-8.5-12 24-76 12.9 13. 18.1 17.6 Road & Rail.4 5 12 4.8-11.5-4.1 17.7-4.6 2.4 2.2-3.5 2.4-1.6 2-2 -2 19.7 21.3 8. 9.3 Consumer Discretionary 5.6 83 11.6 9.6 18.6 16.3 15.8-2.8.1 -.4-2.3.1 -.7 5 4-22 1.4 1.9 14.7 15.2 Auto Components.3 5 7.7 5.6 23.4 11. 8.4 -.2.7-4..2 -.2-3.7-4 -4-6 9.6 9.8 16.5 15.4 Automobiles 1.1 15 9.6 7.9 11. 24.7 16.6..9.3 -.6.9 -.7 21 57 6.6 7.3 12.4 12.9 Household Durables.4 7 7.1 4.6 22 52.4 9.4 3.3 3. 1.4.9 2.3 -.6 8 4-6 5. 5.5 2.4 18.3 Textiles, Apparel & Luxury G.3 9 14.5 15. -12. 15.1 33.3-12.8 4.7-8.8-3.5 5. -7. -43-14 -57 11.1 11.2 14.7 15.5 Hotels, Restaurants & Leisur 1.3 16 9.2 7.3 1.3.8 12.2-6.1-2.5.2-6.6-1.4.1-25 -31 26.9 27.3 13.4 14.2 Media.5 12 24.3 7.9 7.1 7.6 17.7.6 2.8 -.1 2. 3.2 -.3 9-9 31.2 32.4 14. 15.1 Retailing 1.5 15 16.1 15.5 24.9 12.6 18.6-4.2.6.6-3.2.8.7 7 13 9.1 9.4 18.7 19.9 Consumer Staples 5. 47 26.4 17.8 18.4 19.1 16.4-3.3 2.6.4-3.1 2.7 1.5 16-4 9 1.8 1.7 16.3 17.7 Food & Staples Retailing 2.2 8 34.9 21.6-5.4 4.8 2.4-4.1 3.1-1.8-4.3 3.2 1.7-14 -14-43 7.3 7.6 13.5 16.3 Food, Beverage & Tobacco 2.4 33 11.7 9.8 41. -2.4 13.4-4.3 2.7 2.7-3.8 2.9 2.2 21 3 19 18.1 18.1 17.8 18. Household & Personal Produ.4 6 13.9 12.2 13.5 23.9 16.6.7.7-1.2 1.8.3-1.7 2-4 2 16.4 17.2 32.8 32.4 Health Care 1.2 15 13.3 11.6 1.4 21. 2.3-2.8 2.7.1-1.8 2.2.3 13 7 2.6 21.7 2.9 22.3 Biotechnology.6 1 12. 13.7 62. 26.2 29.3-2.9 3.7 1.6-2.2 2.7 2.2 1-1 1 31.3 32.7 31.1 33.5 Pharmaceuticals.3 8 16.4 12.9-9.3 18.7 15..1 -.1-1.8 1.8 -.2-1.8 13 17.8 18.5 18.4 18.1 Financials 32.4 186 11. 12.8 21.1 9. 13.7-1.7 1.5 -.3-1.5 1.6 -.3 4-9 -36 35.7 36.7 14. 14.7 Banks 16.8 7 7.1 1.2 15.1 15.7 11.7-2.7 1.9 -.2-1.9 1.8 -.4-18 -6-38 46.3 47.2 15.4 15.9 Capital Markets 1.2 14 3. 1.1 36.8.8 1.2-1.4 1. -3.6-1.9 1.5-2.6 42-58 -83 23.9 24.4 15.5 15.3 Insurance 4.2 15 19.1 11.7 36.1-3.7 12.9-2.5-1.2 -.9-1.8.1.1-33 -73 16.8 17.6 15.9 16.2 Information Technology 11.5 93 18.5 15.2 1.9 16.6 16.3-3.4.1-5.3-3.4. -4.2-36 -31-57 8.5 8.8 17.6 17.7 Internet Software & Service.6 4 39.1 28.3 51.7 45.7 32.2-14.6 2.7 1.1-14.2 1.2 -.1 75 1 41.9 42.4 38.2 32.7 IT Services 1.1 7 22.9 2.4 NA NA NA NA NA NA NA NA NA NA NA NA 24.2 23.9 28.8 25.8 Software. 1 16.9 12.5 18.2 27.3 33.8-7.6-1.2-9.6-6.6 2.6-9.4-1 -1-1 23.6 24.5 11.1 12.1 Communications Equipment.2 5 21.6 26. 14.3 14.9 2.2-2.8-1.9-4.2-4.1-1.2-3.6-2 -1-1 6.8 6.7 19.6 2.9 Computers & Peripherals 1.6 21 19.8 16.4 13 12.4 18.7-2.1-2.1-4.7-1.9-1.7-4.4-5 -79-68 3.9 3.9 19.5 19.4 Electronic Equip. & Instr. 2.5 26 22. 16.2 86.2 41.2 1.8-1.2 3.2.5-3.2 1.2-5. -25 14-52 9.1 7.8 18.3 17. Office Electronics. 1 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors 5.5 28 11.8 1.9-29.6 4.4 25.7-3.5-1.1-1.1-2.4 -.2-4.5-63 -38-75 11.6 14.3 14.4 15.8 Telecom. Services 7.4 3 8. 6.3 28.7 14.4 13.3.6 1.1 -.5.8 1. -.8-17 -31 25.4 26.3 18.1 18.8 Diversified Telecom. Service 3.2 17 4.6 2.3.1 6. 7.9-1.7 1.5.6-1.8 1.3.2-6 13-13 24.5 25.1 16.8 17.1 Wireless Telecom. Services 4.3 13 12. 1.8 61.7 23.8 17.9 2.7.6-1.5 3.1.7-1.6-31 -15-54 26.4 27.5 19.3 2.4 Utilities 2.9 36 1.4 6.1 4.7 1.5 4.2-3.1.8-2.3-4.5 -.7-3.4 6-9 15.2 15.3 9.9 9.6 Electric Utilities 1.4 1 7.1 4.4 7.4.7-1.4-2.1-1. -2.4-4.9-5.4-3.6-1 1 4 11.6 11.4 8.5 8. Gas Utilities.6 7 1.5 9.3 12.4-5. 1.4 1.1 1.5 1.3 1.1 3. -.2 83 5 14.7 15.4 17.3 16.9 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 38

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 744 13.7 2.1 1.2 3.2 9.5 1.7.8.8-8.4 3. 8.5-12 6 147 Energy 8.4 4 14.2 2.7 8.1 2.5 9.7 1.5.8 6.2-4.5 28.1 52.8-11 169 476 Materials 13.5 77 12.4 2.7 8.1 2.7 9.7 1.9 1.2 9. -4.1 12.8 32.7-5.6 99 252 Chemicals 2. 21 11.5 2. 11.2 4.8 9.9 1.4 1. 1. -2.7 6.4 35.1-7.2 67 179 Metals & Mining 1. 33 12.5 2.9 7.6 2.2 9.6 2.2 1.4 11.9-3.5 17.4 41.4-4.5 123 325 Paper & Forest Products.1 4 13.6 2. 1.5 2.3 11.2.8.5 5.6-27.4-31.3-29.2-27.4-1 2 Industrials 12. 137 15.3 2.1 9.1 2.4 1.4 1.2.6 1.9-11 2.8 19.7-13 77 191 Building Products.1 2 18.7 1.7 11.8 1.2 13.2 2.5 3. 14.2 1.2 3.6 74.4-2.9 16 32 Construction & Engineering 2.4 18 18.7 3.5 13.6 1.3 17.4 1.4.5 -.1-7.4 22.6 65.9-14. 276 55 Electrical Equipment.7 11 17.9 2.5 1.5 1.5 14.9 1..5 4. -14. 17.1 39.5-14. 113 173 Machinery 1.5 14 1.5 2.7 7. 1.8 8.9 1..2 6.7-16.5 -.7 51-17.1 241 644 Trading Companies & Distributors.4 6 21.3 2. 14.6 1. 24.6.5.8 2.4-13.3 1.6 52. -16.2 133 342 Commercial Services & Supplies.5 4 16.2 5.5 8.7 3.7 1.1 1.9 1.3-3.9-17.4-24. -24.3-13.8 2 12 Airlines.8 13 11.9 1.4 6.5 3.8 4.7.7 23.7-3. -9.8-4 5.3-16.6 41 79 Marine 1. 18 9.7 1.7 6.6 3.5 7. 1..4 12.3-17.1 8.7 44.8-6.8 92 396 Road & Rail.4 5 19.9 1.7 11.3 4.4 1.9 2.1 3.3-8.5-8.9-4.4-7.5-1.7 44 159 Consumer Discretionary 5.6 83 13.6 2. 8.8 3.1 1.5 1.1.6 2.8-5..7-2.2-11 26 98 Auto Components.3 5 8.7 1.4 6.5 2.5 6.9.8.5-5.6-11.2-19.4-4.9-14.8 9 179 Automobiles 1.1 15 1.3 1.2 6.8 2. 7.5.6.7 3. 2.1 7.5-3.1-7.2 3 152 Household Durables.4 7 9. 1.7 7.3 1.7 6.8.6.1 4.8 -.2 16.8 22.8-5.8-11 61 Textiles, Apparel & Luxury Goods.3 9 11.2 1.6 7.9 3.2 1.5 1..8.9-16.5-17.3-17.6-17.7 12 23 Hotels, Restaurants & Leisure 1.3 16 17.5 2.4 9.6 4.2 12.2 2.6 1.3 2.1-5.9-6.7-12. -8.3 25 17 Media.5 12 16.1 2.1 9.6 5.3 11.9 3.1 1.1 -.4-4.7-1. -1.5-9.4 3 28 Retailing 1.5 15 18.5 3.6 11.9 2.9 15.9 1.3.8 6.6-5.3 1.1 15.4-14. 85 261 Consumer Staples 5. 47 17.9 3.1 11.1 3.3 14. 1.1 1.2 -.5-4.8 1.8 14.8-9. 78 157 Food & Staples Retailing 2.2 8 18.6 2.9 1.7 3.7 12.9.7 1.8-3.4-12.2 2.6 8.4-14.9 77 163 Food, Beverage & Tobacco 2.4 33 16.7 3. 1.9 3.1 14.3 2. 1. 1.3 1.9 17.8 2.2-3.9 78 164 Household & Personal Products.4 6 22.1 7.2 15.8 2.5 21.1 3. 1.1 4.8.7 17.9 22.8-4.8 1 18 Health Care 1.2 15 2.4 4.5 13.5 2. 17.7 2.9 1.1-1.1 -.8 5.5 11. -9.5 87 215 Biotechnology.6 1 24. 7.9 15.6 1.5 21.5 5. 1. 2.6 12. 16.4 35.1-3.7 229 623 Pharmaceuticals.3 8 17.3 3.2 12.5 1.1 15.1 2.7 1. 1.4 1.2 1. 4.6-11.2 54 144 Financials 32.4 186 12.9 1.8 16. 4. 9.9 3.2.8-5. -14-4.7-4.3-16 48 112 Banks 16.8 7 11.4 1.7 18.2 4.7 8.4 3.4.9-5.5-11.3-6.4-8.4-13.3 35 87 Capital Markets 1.2 14 9.8 1.4 11.5 4.4 4.5 1.7.6-12.1-18.3-13.1-5.5-23. 49 NA Insurance 4.2 15 15.1 2.5 8.9 3.7 1.2 2.2.8-5.6-17.3-9.7-3 -17.3 74 15 Information Technology 11.5 93 12.2 1.9 6.1 3.1 7.4 1..7 4.7-5.9-8.3-8.5-8.3 19 79 Internet Software & Services.6 4 29.6 9.9 2..5 24.9 9.9.7-1.8-16. 23.3 58. -14.3 536 482 IT Services 1.1 7 NA 4.6 12.1 1.4 14.5 3.5 NA 14.6 2. -4.9-25.1-8.8 56 188 Software. 1 13.1 1.5 6.5 NA 1.2 3.1 6.5-17.5-14.5-44.8-25.4-18.8 5 3,669 Communications Equipment.2 5 1.4 2.1 7.4 4.3 11..7.7-5.5-28.9-36.2-37.6-27.2-36 -31 Computers & Peripherals 1.6 21 1.5 2. 7.4 4.5 1.1.4.5 1.6-17.3-1.3-5. -14.5 19 35 Electronic Equip. & Instr. 2.5 26 9.1 1.6 4.6 2.9 5..7.4 2.4-13.5-11.3 1.2-13.8 22 7 Office Electronics. 1 NA NA NA NA NA NA NA -2.4-11.6-14.6-15.7-6.4-19 -24 Semiconductors 5.5 28 13 2 6 3 7 2 1. 6. 3. -7.5-1.5-1.6 1 74 Telecom. Services 7.4 3 16. 2.9 6.9 3.5 7.8 2.8.9 1.8-3.6 2. 25.1-9.4 84 173 Diversified Telecom. Services 3.2 17 14.4 2.4 6.4 4.4 6.7 2.2 1.7 5.1 3.2 12.9 1. -2.3 28 95 Wireless Telecom. Services 4.3 13 17.3 3.4 7.3 2.8 8.8 3.4.7 -.5-8. 26.5 4.9-14. 178 298 Utilities 2.9 36 14.8 1.4 1.1 3.1 9.4 1.8 2.1-2.4-2.4 5.9 7.3-1 47 112 Electric Utilities 1.4 1 13.7 1.1 1.5 3.3 9. 1.7 9.9-2.9 4.1 9.5 4.4-5.6 38 93 Gas Utilities.6 7 19.6 3.4 13.6 2.2 15. 2.3 1.4.5-1. 28.9 4.7-9.9 67 16 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 39

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 3.9 2.1 54.1 15.2 25.7 11.8 8.1 24.1-2.6 -.8 48.2 52.1 5.4 55.4 46.5 43.3 China Mobile Ltd. 941 CH Telecom. Svcs 3. 3.7 59.7 15.5 18.8 16.1 32.1 18.5.1.6 52.8 51.9 34. 33.8 27.8 27.6 Samsung Electronic 593 KR IT 2.3 92.3 74.7 9.3 12.2 1.3 21. 11.1 1.5-1.1 21.2 21.4 1.7 11.1 16.4 16.4 Commonwealth Ban CBA AU Financials 1.7 52.5 13.2 4.6 9.2 7.7 7.3 8.8-1.5-1.5 51.9 54. 52. 54. 2.5 2.4 National Australia B NAB AU Financials 1.4 44.2 14.3 4.5-2.7 8.2 12.5 11.9..7 45.9 47.4 52.9 55.5 18.4 18.8 Taiwan Semiconduc 233 TW IT 1.4 51.9 11.7 3.8 14.7 8.2 1.9 11. -3.1-2.5 55.8 56.6 34.3 35.9 23.3 24.7 Reliance Industries 5325 IN Energy 1.3 87.3 35.8 4.5 16.3 3.3 23.3 48.8 1.7 -.5 2.9 22.8 17.4 17.6 18.6 21.8 POSCO 549 KR Materials 1.3 46.6 25.5 4.3 9. 2.7 8.3 4.3 -.4.4 27.5 27.7 2. 2.2 15.6 14.4 Westpac Banking C WBC AU Financials 1.3 39.8 1.2 3.6 9.2 8.7 9.1 9.4.1. 53.1 54.1 55.6 56.3 22.6 22.2 Australia & New Ze ANZ AU Financials 1.2 38.8 1.9 4. 4. 8. 7.3 8.9 -.2 -.5 52.1 54.4 56. 56.6 18.7 18.2 Rio Tinto Ltd. RIO AU Materials 1.1 178.5 53.6 9.6 72. 7.4 18.4 21.9-4.5-1. 37.3 4.5 35.2 35.6 31.6 29.8 Woolworths Ltd. WOW AU Cons. Staples 1. 31.6 42.4 1.5 8.7 7.1 2.7 14.1 -.1 -.5 6.8 7.1 6.8 7.2 28.3 28.7 PetroChina Co. Ltd 857 CH Energy.9 272.2 124.1 24.2 11.6 4.4 1.3 2.6 -.4.1 35.4 35. 26.1 26.2 22.1 19.6 Hon Hai Precision In 2317 TW IT.9 36.2 69.2 2.9 26. 25.3 19.7 24. -.7-1.1 6.7 6.6 5.4 5.4 23. 23.7 China Life Insuranc 2628 CH Financials.9 19.4 2.4 5.3 18.4 17.1 3.9 5.6.8.6 31. 3.5 21.2 22.4 18.8 16.8 CNOOC Ltd. 883 CH Energy.8 73.4 14.7 5.3 14.6 3.8 24.3 2.6 3.6 -.8 56.4 59.7 48.1 48.3 26. 22.6 Woodside Petroleum WPL AU Energy.8 34.7 4.9 1.8 33.7 6.2 58.5-6.8 9.7 3.7 7.6 67. 57.3 56.1 31.4 26.3 Sun Hung Kai Prope 16 HK Financials.8 42.4 4.1 1.8 3.4 14.2 17.4 11.1.. 56.8 51.7 51.1 48.1 7.1 7.3 Cheung Kong (Hold 1 HK Financials.7 34.1 2.5 1.7-9.9 116.3-48.3 68.1.2. 54.7 46.5 54.9 41. 5.7 9.1 ICICI Bank Ltd. 532174 IN Financials.7 25.8 5.5 1.4 31.8 27. 31.3 32.2 2.9 1.4 39.7 44.5 5.8 51.8 11.2 13.5 QBE Insurance Grou QBE AU Financials.7 22.4 11.7 2. 14.7 9.3 3.3 3.9.. 22.9 23.9 21. 2. 23.2 21.9 Singapore Telecom Z74 SG Telecom. Svcs.7 43.1 1.7 3. 3.4 1.3 12. 1.7.. 3.7 31.7 17.9 19.3 18.4 18.3 Kookmin Bank 6 KR Financials.7 21.1 23.6 2.9 8.4 6. 1. 3.4 -.5-2.1 19.5 19.4 17. 16.4 16.1 15.2 Hong Kong Exchang 388 HK Financials.7 21. 1.5 1.2 4.1 3.2 37.2 6.2-6.1-5.7 82.8 82.3 86.1 96.2 96.2 98.1 Hutchison Whampo 13 HK Industrials.7 4.5 31.4 1.5 11.7 8.2-64.3 55.5 7.1. 29.2 31.3 6.2 1.2 2.9 5.2 Industrial & Comme 1398 CH Financials.6 223.6 41. 15.2 19.3 15.1 35.9 2.8.6 1.2 57. 55.3 59.3 59.2 19.4 2.3 Infosys Technologie 529 IN IT.6 23.3 5.2 1.4 25.5 22.9 18.2 11.4 -.4 -.6 3.7 29.9 27.1 26.4 32.2 28. China Petroleum & 386 CH Energy.6 95.7 19.9 9.8 12.8 1.4 13.8 11.1-3.6-2.2 1.8 11.6 7.7 8.1 21.2 19.2 China Construction 939 CH Financials.6 163.9 35.3 13.4 19.3 17.9 36. 19.1 -.7-2.6 55.3 55.6 57.8 56.2 21.6 22.3 Wesfarmers Ltd. WES AU Cons. Staples.6 22.7 29.7.9 234.3 55.8-16.1 33.8-6.2 4.8 8.4 8.2 8.8 8.2 9.5 1. CSL Ltd. CSL AU Health Care.6 17.7 3.3.6 12. 13.7 25.2 3.6-1.4.1 3.6 32.7 31.3 32.7 28.8 33.3 Shinhan Financial G 5555 KR Financials.6 21.2 8.9 2.5 -.2 7.2 7.8 3.2 2.9-1.1 49.3 49.6 41.3 41.7 16.1 14.7 China Shenhua Ene 188 CH Energy.6 95. 14.1 4.1 25.3 12.1 28.7 21.3.4 1.8 52.7 54.2 45.6 5.9 21.4 21.9 Hyundai Heavy Indu 954 KR Industrials.5 29.3 19.1 2.4 16.7 16.7 34.8 31.3.5 2.2 16.1 17.2 13.5 14.8 34.2 32.9 United Overseas Ba U11 SG Financials.5 19.8 3.6 1.6 6.7 8.5 8. 8.4-4.3-3.7 57.8 52.6 57.1 57.6 12.9 13.1 Newcrest Mining Lt NCM AU Materials.5 14.5 2.1.5 34.6 4.7 111.8 26.1-3.6 15. 45.4 49.6 41.1 62.6 19.1 18.4 Bumi Resources BUMI ID Energy.5 16.5 3.6.7 57.2 29.9-8.5 39.2 34.3 3. 43.8 48.5 39.4 36.6 46.4 47.3 DBS Group Holdings D5 SG Financials.5 19.6 4.7 1.9 7.8 8. 14.1 6.9-1.7-4.9 53.5 53.5 53.9 54.1 12.6 12.8 Cathay Financial Ho 2882 TW Financials.5 23.8 3. 1.1 6.5 1.2-3.9 13.8 -.7. 43.6 45.4 42.5 47.2 14.6 15.3 Hang Seng Bank Lt 11 HK Financials.4 34.3 3.2 2. 1.7 12.8 -.5 11.4 2.4 2.1 68.5 67.1 71.7 7.9 3. 29.1 Oversea-Chinese Ba O4 SG Financials.4 16.8 3.1 1.4 6.5 8.9 1.1 6.6 -.5-1.6 59.2 57.3 59.2 58.4 12.7 12.8 Macquarie Group L MQG AU Financials.4 13.6 8.3 1.8 4. 13.6 -.9 7.6-5.3-3.1 28.4 27.9 29.1 29.1 19.7 19.7 Esprit Holdings Ltd. 33 HK Cons. Discr..4 15.9 4.7.8 24.4 17.2 27. 18.4 3.2.5 23.8 24.2 21.8 22.6 49.5 5.6 AMP Ltd. AMP AU Financials.4 13.3 4.7.9 445.2 1.6-4.5 1.3-5.4-3.8 27.7 27.5 17.6 16.8 48.8 51. Suncorp-Metway Lt SUN AU Financials.4 13.1 6.2 1.1-3.3 5.4-18. 26.9-11.3 -.3 25.8 31.4 24.6 29.5 9.8 12.4 Brambles Ltd. BXB AU Industrials.4 12.7 4.4.7 -.8 7.5 11. 11.1 -.8-2.7 36.1 36.2 35. 36.2 65.4 29 Telstra Corp. Ltd. TLS AU Telecom. Svcs.4 54.7 22.4 3.3 3.3 2.5 9.5 1.1.. 42.2 43.4 42.1 44.2 28.9 3.5 Housing Developme 51 IN Financials.4 18.1.8.7 24.7 24.3 18.9 19.3 2.8-1.9 NA NA 18 16 21.2 22.3 China Steel Corp. 22 TW Materials.4 16.3 6.9 1.6 6.5 2.2 2.6.5.1.1 32.2 27.2 25.8 25. 22.5 2.8 Nan Ya Plastics Cor 133 TW Materials.4 17.7 7.6 2.1 4.3-1.3 11.2-17.7.. 18.3 17.2 15. 13.4 23.2 19.6 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 4

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 39. 45. 15.4 11.2 4.7 6.7 1.8 9.6 3.4.7 17.2-5. 9.9 35.2-2.8 118 329 China Mobile Ltd. 941 117.2 137.4 17.2 2.6 5.3 9.2 2.3 11.5 5.4.8 -.4-9.1 32.6 52. -15. 361 558 Samsung Electronics C 593 594, 72, 21.2 11. 1.7 5.1 1.2 6.4 1.2.7 5.3 15.3.3-2. 6.8 13 97 Commonwealth Bank CBA 43.5 5.4 16. 1.8 2.1 35.7 6.8 8. 3.8 1.3-14.4-25.1-19.8-13.8-26.5 22 76 National Australia Ban NAB 29.6 4.8 37.9 9.3 1.7 47.9 7.1 7.4 3..8-16.1-28.4-26.3-27. -21.8 1 1 Taiwan Semiconducto 233 61.9 69. 11.5 13.2 3.1 6.8 5.3 9.5 4.4 1.2 16.1 5.6. -7.6 -.2 23 85 Reliance Industries Ltd 5325 2,496.3 3,19. 27.8 21.1 3.6 12.7.6 13.3 2.5 1. -1.8-7.9 42.9 77.5-13.4 367 746 POSCO 549 57, 7, 38.1 1.5 1.5 6.6 2. 7.4 1.8 1.7 3.6-1.9 4. 38. -11.8 154 353 Westpac Banking Cor WBC 23.1 27.7 2.2 1.7 2.3 38.7 6.5 7.8 3.8 1.2-1.6-15.7-13.4-9.8-17.4 18 73 Australia & New Zeala ANZ 22. 27. 22.7 9.4 1.7 38.3 7. 8.1 3.5 1.2-16. -2.9-23.9-26. -19.9 4 39 Rio Tinto Ltd. RIO 133.7 121.2-9.3 16.5 4.4 1.6 1.4 12.5 3.3.8 17. 2.1 54.9 72.2 -.2 198 32 Woolworths Ltd. WOW 28.3 32. 13.1 19.9 5.6 1.7 3.4 14..7 1.1-8.8-1.8 3.1 13.2-16.7 88 164 PetroChina Co. Ltd. 857 11.9 13.5 13.5 12.5 2.6 6.7 3.6 8.3 2.4 2. 5. -17.2 11. 24.4-14.7 154 637 Hon Hai Precision Indu 2317 181.5 259.3 42.9 12.1 2.7 7.2 1.8 1.6.5.6 5.8-8.3-2.1-2.8-1.1 119 27 China Life Insurance C 2628 3.2 42. 39.1 2.3 3.4 5. 1.1 46 5.2 4.3-8.1-26.3-2.9 3.5-25.2 481 NA CNOOC Ltd. 883 13. 12.5-3.5 14.9 3.6 9.3 2.3 11.4 5.4 1.1 17.4 2.5 57.3 99.7-2.3 2 521 Woodside Petroleum L WPL 55. 53.7-2.2 2.1 5.5 11.3 2.8 12.3 7. 1. 2.8 14.2 34. 46. 9. 152 46 Sun Hung Kai Propert 16 132.7 17. 28.1 22.8 1.6 18.9 2. 2.4 9.4 1.6-12.2-6. 4.4 37.8-19.9 81 195 Cheung Kong (Holding 1 114.7 146. 27.3 18.4 1.1 24.9 2.2 6.1 11.6-2.7-7.4-12.9 11.4 13.7-2.5 53 129 ICICI Bank Ltd. 532174 1,141.3 1,49.5 3.6 23.5 2.5 11.6 1.2 23.9 4.8.9-2.7 3.1 37.7 17.7-7.9 23 664 QBE Insurance Group QBE 27.6 34.8 26. 11.4 2.6 8.7 5.1 9.4 1.9 3.2-2.1-9.7-12.8-11.5-17.2 79 236 Singapore Telecommu Z74 3.8 4.4 14.4 14.7 2.5 14.4 3.4 13.5 4. 2.4 6.7 2.7 13.7 11. -4.5 38 148 Kookmin Bank 6 59,5. 84,5. 42. 7.2 1.1 NA 4.6 4.4.9 3.3-8. -3.4-19.4-31.4-13.8 32 45 Hong Kong Exchanges 388 153.2 24. 56.7 19.8 2.5 16.7 4.8 22.9 14.3 1. -11.6-3.6 24.2 76.1-3.7 666 1593 Hutchison Whampoa L 13 74.1 95.5 28.9 24.9 1. 6.7 2.3 6.4 1.3-1. -4.3-13.1-2.7-7. -16.2 4 54 Industrial & Commerc 1398 5.2 7.4 42.1 14.2 2.7 3.8 3.5 NA 5.3.5 7.4-1.6 9.2 12.7-6.8 NA NA Infosys Technologies L 529 1,627.6 2,15. 23.8 17.2 4.9 13. 1.1 15.1 4.5 1. 17. 5.2-7.6-29.6-8. 52 28 China Petroleum & Ch 386 8.6 1.1 17. 1.4 2. 6.1 2.4 6.1.5.8 2.6-15.8 14.5 3.5-26.9 163 494 China Construction Ba 939 5.7 8.9 55.5 12.4 2.6 4. 3.6 NA 4.5.5.7-19.3 2.2 17.3-13.9 NA NA Wesfarmers Ltd. WES 35.5 42.5 19.7 16.6 1.5 1.1 5.9 1.5.6 2.8 2.9-14. -6.1-4.2-12.3-8 42 CSL Ltd. CSL 35. 38.6 1.2 23.8 7.5 15.6 1.5 21.5 5..9 2.6 12. 16.4 35.6-3.7 242 65 Shinhan Financial Gro 5555 5,7. 66,1. 3.4 8.4 1.3 2.5 2.4 5.3 2.4 1.5 3.3 7.5-7.8-8.8-5.2 78 281 China Shenhua Energ 188 41. 5.8 24.1 24.4 5. 12.2 1.3 17.3 6.6 1. -2.5-1.1 42.9 95. -12.1 NA NA Hyundai Heavy Indust 954 365,5 563, 54. 11.3 3.4 8. 1.4 1.3 1.5.3 9.1-15.9 23.9 139-17.4 646 1876 United Overseas Bank U11 18.3 21. 14.8 12. 1.5 NA 4.5 9.9 5.4 1.5 1. -3.7-9. -14.9-8. 28 65 Newcrest Mining Ltd. NCM 36.7 37..9 27.6 5.3 13.8.1 17.4 6.7.4 4.4 9.4 58.6 84.7 1.8 136 562 Bumi Resources BUMI 7,8. 7,367.5-5.5 2.8 8.7 9.1.9 18.5 4.4 1.6 54.5 79.3 247 55 3. 757 NA DBS Group Holdings L D5 18.2 23.9 31.2 1.2 1.3 NA 4.8 5. 4.1.9 4. -5.2-9.9-22.6-12.1 17 75 Cathay Financial Hold 2882 81. 91.6 13. 21.6 3.1 11. 3. NA 7.7 4.7-1.2 14.1 11.1 1.2 19.8 36 119 Hang Seng Bank Ltd. 11 139.8 152. 8.7 16.6 4.7 12.9 4.4 127 1.4 3.1-4.2.4 2.8 23.7-13.1 31 67 Oversea-Chinese Bank O4 7.6 9. 18.4 11.6 1.5 NA 4.1 11. 5.3 4.5 3. -7.9-8.4-14.6-8.3 32 13 Macquarie Group Ltd MQG 54.1 9.1 66.5 8.1 1.5 18.4 6.8 6.8 1.6 1. -17.7-29.1-24.7-34.9-29. 7 114 Esprit Holdings Ltd. 33 1. 13.8 3.8 16.6 7.7 11.8 4.5 15.4 3..7 13.9-8.6 7.5 13.6-13.8 113 567 AMP Ltd. AMP 7.7 8.5 9.8 15. 7.7 17.3 6.3 13.3 2.8 5.8-9.5-22.4-22.1-27.5-22.2 6 18 Suncorp-Metway Ltd. SUN 15.4 18. 17. 1. 1.1 6.3 7.5 7. 2. 5. 1.3-17.9-19.7-29.8-9. -18 5 Brambles Ltd. BXB 9.8 14. 43.6 17.6 7.3 9.3 3.7 1.5 2.8 1.6-4.6-19.5-27.2-26.4-15.4 27 146 Telstra Corp. Ltd. TLS 4.8 5.1 6.5 15.6 4.8 6.9 5.8 7.5 2.4 1.6 12.2 5.5 1.6 7.9 2.1-1 14 Housing Development 51 2,649.9 3,2. 2.8 29.2 5.5 NA 1.2 NA 22.9 2. -1.3 1.6 39.2 58.4-7.9 241 65 China Steel Corp. 22 44.6 48.8 9.3 9.8 2.1 7.4 8.1 7.9 2.3 6.5 1.2 7.5 12.9 3.5 2.5 38 136 Nan Ya Plastics Corp. 133 73.3 12. 39.2 8.9 2.1 14.4 8.5 11.6 2.4-2.1-8. -8.4.5 3. -14.8 7 169 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 41

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) -1. -2.43-1.21-3.73. 1. Graph 1 : 12-month Forward EPS & Price Index (pt) 75 6 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 1,2 1, 45 3 8 6 4 15 2 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 68 12 (pt) (%) 74 9 66 11 72 64 1 7 8 62 9 68 6 28E EPS (LHS) Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 66 29E EPS (LHS) Coef. Variation (RHS) 7 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 42

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 -1-1 -5-2 -2-1 -3-3 1 2 3 4 5 6 7 8-15 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) 26 22 12MF P/E (x) UT CS 4 2 3 15 18 14 TS FN HC ID CD IT EN MT 2 1 1 1 1 2 3 4 5 6 7 8 5 LT EPS Growth (%) 6 1 2 3 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 2. 1.5 12 9 6 2 1 UT CS FN TS IT EN CD ID HC MT 3 1. 1 2 3 4 5 6 7 8 Tr.ROE 4 6 8 1 12 14 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 43

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 397 3.4 3.6 12.4 8.2 9.2-1.6 -.4-3. -1. -.3-2.9-19 -22-42 7.7 8. 9.2 9.3 Energy 1.3 8-1.9 -.6 6.5-16 -.7.2-1.8-5.7-3.3 -.2-3.9-5 -63-63 3.5 3.4 7.9 7.6 Materials 8.9 48 4.4 2.9 2.3.4 8.3 -.7 -.8-3.5 -.3 -.7-3.1-28 -48-67 9.2 9.4 11.4 11.1 Chemicals 4.1 27 5.2 4.3 9.4 -.7 13. -.3 -.5-4.5 -.4 -.6-4.6-19 -41-89 8.3 8.7 1. 1. Metals & Mining 4.4 16 4. 1.5-1.3.3 4.6-1.2-1.1-2.1 -.1 -.8-1.5-36 -5-36 11.4 11.7 14.1 13.2 Paper & Forest Products.2 2 3.3 1.1-45.1 63.5 2..8 -.3-16.2 2.6. -4. -5-1 3.2 3.1 3.6 3.3 Industrials 19.6 87 3.7 3.9 16. 7.2 8.3.4 -.6 -.5 1.1 -.5 -.7 1-7 -31 4.8 5. 1.8 1.6 Building Products 1.2 7 2.6 4.3 44.2 8. 13.8 2.3.2-3.7 2.7.4-1. 14-86 8.5 9.1 8.6 9.1 Construction & Engineering.7 11 -.3 1.3-25.1 14.4 12.4-4.5. -3.2-2.3. -3.8-64 -82 2.8 3.2 5.7 6.1 Electrical Equipment 1.6 8 2.8 2.8 9.3 8.4 8.9 -.1.1-2.1 1..2-4.3 25 5-5 5.8 6.2 9.4 9.5 Machinery 4.7 26 5. 4.6 2.1 7.9 1.7 -.6. -3.1 -.4 -.2-4. -4-8 -5 9.7 1.1 11. 11.1 Trading Companies & Distrib 5.1 8 4.3 4.3 14.3 7.9 6.9 3.5 -.2 1.3 6.8.2 1.6 75-5 75 2.2 2.3 13.3 12.6 Commercial Services & Supp 1.1 6 4. 3.4 45.6 6.3 8.6 1.9 -.4.1 3.1 -.7 -.4 5-33 4 6.6 6.8 5.8 5.7 Airlines.2 2 1.9.8 416-34.9 14.7-2.6-3. 1. -1.5-4.5-1.7-1 3.5 3.8 6. 5.8 Marine 1.2 3 7.1 7.6 6.4 -.4 2.6.2 1.8 1.5-4.5 2.7 2.2-33 1 33 9.7 9.5 16.5 14.9 Road & Rail 3.2 12 1 1.4-3.2 8.9 7.5-4.4-3.5.2-5.2-3.5. 22-36 -9 11.4 11.7 1.7 1.6 Consumer Discretionary 2.2 75 3.6 4.6 16.9 4.2 9.5-1.3.4-3.8 -.8.3-3.6-13 -1-35 6.8 7. 9.8 1. Auto Components 2.3 12 6.2 6.2 2.7 6.5 12.1.4. -1.2 1. -.3-1.1 33 8 7.5 7.7 8.8 9. Automobiles 9.3 1 2.7 5.6 7.4 -.7 8.7-4.4.2-6. -3.8 -.1-5.6-8 -2-8 7.5 7.6 11.8 11.7 Household Durables 5.4 13 3.5 3.1 73.9 12.9 1.4-1.2.7 -.3 -.6 1. -.4-46 15 5.7 6. 7.8 8.3 Textiles, Apparel & Luxury G.2 5 5.3 4. -1.7 7.4 6.4-7.9 -.7-4.4-8.8-1.1-3.8-1 7.5 8. 7.5 7.6 Hotels, Restaurants & Leisur 5.3 42 6.6 4.8-3.8 1.9 15.3 6.4 14.6 3.8 5.1 15. 4. 1-5 -1 1.4 12.4 5.1 6.1 Media.5 7 3. 1.5 12.5 6.9 6.8-2. -.1-1.1-1.8 -.1-2.1-14 -29-57 3.8 4. 5.7 5.8 Retailing 1.4 19 5.2 4.8 14.3 8.8 9.1-1.2 -.6-2. -.2 -.3-2.2-21 5-44 5.1 5.6 8.7 9. Consumer Staples 5.3 32 4.7 3. 3.2 9.3 11.2.3-1.7-2..3-1.4-2. -52-32 5.3 5.6 7.2 7.6 Food & Staples Retailing 1.4 7 3.1 3.2-5.4 22.1 1.5 -.2-3.6-2.. -3.6-1.7-71 -29 4.7 5. 6.5 6.8 Food, Beverage & Tobacco 2.9 2 6.2 2.6 8.3 1.4 12.4.4 -.8-3..5 -.5-3. -37-53 5.2 5.5 7.1 7.5 Household & Personal Produ 1. 5 4.4 3.6 3.5 1.5 9.5.2 -.2 1..2.2.1-8 4 9.2 9.7 1. 1.4 Health Care 5.4 17 5.1 4.1 24. 2. 7.4 -.8 -.2-2.6-1.1 -.1-2.9-24 -6-18 14.1 14.8 11.4 11.4 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals 4.5 12 3. 4.7 24. 1.2 7.6-1.2 -.3-2.4-1.5. -2.5-33 -17-17 24.7 25.7 11.4 11.5 Financials 17.7 61 2. 4.6 27.4 14.3 6.6-4.8 -.8-3. -3.8 -.8-3.3-48 -36-38 21.9 22.1 7.6 7.4 Banks 9.3 23 1.4 6. -12.5 13. 5.8-5.8 -.5-1.2-4.2 -.6-1.5-61 -43-17 25.8 25.9 7.9 7.8 Capital Markets 1.8 7 1.1 3. -19.9 29.9 6.6 -.7-1.3-1. -.5-1.6-9.3-57 -71-83 34.9 37.2 8.3 8.3 Insurance 2.4 7 1. 2.1 11.8 9. 11.7-6.4-1.8 -.5-8.6 -.6-2. -43-71 -57 4.7 5.1 4.1 3.7 Information Technology 14. 53 4. 3.6 19.7 1.8 12.3 -.5 -.1-5.4.2.1-4.8-13 -15-62 7.9 8.5 9.4 9.6 Internet Software & Service.3 3 23.8 1.7-3.5 23 59. -4.3 2.9 2.2 6.3 1..8 33 67 32.1 33.5 17.9 21.6 IT Services.6 7 5.4 4.9 25.4 11. 8.8 1.4.2-4.1 1.2.5-4. 14-1 1.3 1.6 1.3 1.3 Software 2.3 6 8.3 -.1 57.5 24.7 8.5 1.4.3 1.2 2.2.6 -.4 2-4 27.5 3.3 24.3 22.6 Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals 1.9 5 3.5 3.5 16.4 12.1 13.6 -.4 -.2-4.8 -.2 -.1-4. -2-2 4. 4.3 7.2 7.8 Electronic Equip. & Instr. 5.1 19 4.1 3. 41.7 13.2 12.9-1.. -4.6 -.4.2-4. -21-11 -79 7.2 7.9 7.1 7.4 Office Electronics 2.6 4 4.9 4.5 6.3 4.1 8.9 -.5 -.1-6.1 -.7 -.2-5. -1 13.2 13.7 13.6 13.2 Semiconductors 1.2 9. 8.7-19.3-2.2 22.9-4. -2. -16.5.1 -.2-13.8-56 -44-78 13.2 14.9 8.3 9.4 Telecom. Services 3.1 4.9 -.1 22.5 4.7 6.4 1.5.9.1.6 1.3-1. 13.6 14.3 8.7 8.7 Diversified Telecom. Service.9 1. -1. 12. -1.1 3.5 4.7.7 2.8 1.2..1 1 1 1 12.4 12.6 5.4 5.3 Wireless Telecom. Services 2.2 3 1.5.4 28.9 7.8 7.8. 1. -1.2.3 1.9-1.5-33 -33-33 14.4 15.4 12. 11.8 Utilities 4.7 12 4.1 1.1-67 115 31. -8.2-1.5-4.1-7.6-2.5-2.3-83 -67-67 6.9 8.5 5.2 6.5 Electric Utilities 3.8 9 3.8.8-76.3 179 38.2-8.5-1.8-4.5-8.6-3. -2.2-78 -78-56 6.6 8.5 4.7 6.2 Gas Utilities.7 2 6. 2.4-37.9 35.3 1.4-4.1. -3.3-1.3. -3.7-1 -1 7.5 8.1 8. 8.5 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 44

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 397 13.7 1.3 7. 1.7 7.2.6 1.1 3. -7. -14-25 -9.7 21 64 Energy 1.3 8 12. 1. 6.2 1.7 5.8.2.8 6. -12-13 -13-13 17 17 Materials 8.9 48 11.1 1.3 5.7 1.9 5.8.6.4-4.9-11 -25-3 -16 34 15 Chemicals 4.1 27 12. 1.2 5.4 1.8 5.6.6.7-8. -17.9-25.3-3.2-21.7 12 62 Metals & Mining 4.4 16 1. 1.4 5.7 2. 6.2.7.3-2.6-4.7-23.8-28.1-1.9 81 242 Paper & Forest Products.2 2 2.5.8 9.1 2.7 3.5.3 2.5-1.4-15.6-27. -38.7-21. -37-33 Industrials 19.6 87 12.6 1.4 8.3 1.6 7.2.4 1. 9.9-5.2-12 -15-5.6 44 15 Building Products 1.2 7 14.2 1.3 6.1 1.5 6.8.7.5-1.3-12.4-15.8-2.3-18.8 13 69 Construction & Engineering.7 11 16.1.9 9.4 1.6 11.7.3 1.2-3.1 1.9-25.6-33.8-5.9-1 57 Electrical Equipment 1.6 8 13.1 1.2 5.7 1.4 6.3.5 1. 4.2-11.6-15.8-21.9-12.7 39 111 Machinery 4.7 26 14.1 1.6 7. 1.5 8.9.8 1. 9.4-1.8-2.6-21 -1.4 62 133 Trading Companies & Distributors 5.1 8 9.3 1.3 11.4 1.9 6.9.2.6 25.5 4.9-1.9 4.2 1.4 11 26 Commercial Services & Supplies 1.1 6 19.7 1.2 5.4 1.7 7.9.8 1.2 7.3.4 1.2-13. -2.3 33 Airlines.2 2 29.3 1.9 8.2 1.2 6..4 NA 7. -1. 1-7.9 2. 38 Marine 1.2 3 9.5 1.6 6.4 2.2 6.3.6.6 25.7-6.7-9.2 1.8 5. 79 26 Road & Rail 3.2 12 16.6 1.8 8.9 1. 6.1.9 2.6-1.6-8.2-8.1-18.8-4.2 23 4 Consumer Discretionary 2.2 75 12.4 1.3 6.9 1.8 7.1.6 1.1 6.5-3.7-7.3-23 -8.4 22 6 Auto Components 2.3 12 13. 1.2 5.1 1.4 6..6 1.2 9. -6.3-5.7-16.7-9.7 33 81 Automobiles 9.3 1 1.6 1.3 8.3 2.4 6.7.6 1.7 12.2-2.2-9.2-27.2-4.9 32 79 Household Durables 5.4 13 14.9 1.2 5.1 1.2 7.2.5.8 1.7 1. -1.3-19.1-9.2 22 44 Textiles, Apparel & Luxury Goods.2 5 15.4 1.1 6.3 1.5 9..7 1.2 1.3-13.1-21. -3.7-16.4-3 42 Hotels, Restaurants & Leisure 5.3 42 15.9 1.4 8.4 1. 8.3 1.5.6 9.2-4.9-1.6-2.4-7.1 7 63 Media.5 7 21.3 1.2 8.2 1.3 11.6.5 2.1 4. -3.8-15.9-22.8-8.8-1 34 Retailing 1.4 19 15.9 1.4 8.6 1.1 1.9.5.8-3.8-14.6-15.9-29.8-17. -4 58 Consumer Staples 5.3 32 21.2 1.6 7.6 1.4 9.5.6 1.5.6-3.5-3.6-17 -7.7 19 47 Food & Staples Retailing 1.4 7 16. 1.1 5.9 1.9 7.4.3.6.5-4.3-15. -34.1-15.1-2 2 Food, Beverage & Tobacco 2.9 2 23.8 1.7 8.5 1.1 1.1.7 2.6 1.1-3. 1.1-1.2-4.7 46 93 Household & Personal Products 1. 5 24.2 2.5 9. 1.5 12. 1.3 2.5 -.6-3.9 1. -8.2-5.1 35 36 Health Care 5.4 17 15.1 1.8 6.8 2.4 12.7 1.5 1.5-5.8-9.6-15 -22-9.5 23 48 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals 4.5 12 14.7 1.7 6.5 2.7 12.8 2.6 1.6-6.2-1.3-15.6-24.7-8.7 19 43 Financials 17.7 61 12.8 1. 15.6 1.7 3.2 1.2 2.7 1.2-9.8-2 -39-11 2 82 Banks 9.3 23 1.7.8 NA 1.7 1.3 1.5 4.5.2-7.1-19.3-4.3-11.4-5 11 Capital Markets 1.8 7 15.2 1.4 NA 2.5-27.3 1.9 2.2 11.9-5.7-15.5-32.2-9.2 13 NA Insurance 2.4 7 23.2.8 NA 1.3 NA.7 NA 1.9-12.1-2. -32-5.8 8 98 Information Technology 14. 53 16.4 1.5 5.3 1.7 7.5.7 1.2 3.7-9.1-13 -15-12 19 55 Internet Software & Services.3 3 67.7 8.8 16.7.5 36.8 6.5 4. 11.4 2.9 31.1-3.7-4.8-3 146 IT Services.6 7 17.1 1.8 6.3 1.5 9. 1.1 1.4.7-11. -15.4-27.2-1.3-8 28 Software 2.3 6 19.3 4.8 1.4 2.4 19.2 3.6 1.1 1.2-8.8 4.8 52.8-18.4 192 232 Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals 1.9 5 17.4 1.2 4.4 1.3 5..3 1.9 9.5-3.7-12.1-8.6-4.1 18 74 Electronic Equip. & Instr. 5.1 19 17.2 1.2 5.1 1.3 6.9.7.9 1.4-1.8-15.8-22. -14.2 6 42 Office Electronics 2.6 4 12. 1.6 4.6 2.1 6.9 1. 1.2 8.3-1.7-17.7-24.2-9. 25 51 Semiconductors 1.2 9 17 1 5 2 7 1 4..3-7.9-28.3-36.8-14.2-24 -23 Telecom. Services 3.1 4 14.3 1.3 4.2 1.7 4.4 1. 5.8 -.6-3.1-5. -24-11 3-12 Diversified Telecom. Services.9 1 12.6.8 3.1 1.8 2.8.7 2.3-3.6-2.8-3. -26. -13.8 6 1 Wireless Telecom. Services 2.2 3 15.2 1.9 5.1 1.7 5.8 1.1 13.3.7-3.2-5.7-23.7-9.3-25 Utilities 4.7 12 24.8 1.3 9.6 2.1 4.7.8 2.2-1.2-3.1-8.3-28 -3.6 19 34 Electric Utilities 3.8 9 27.2 1.2 9.8 2.2 4.4.8 2.5-1.3-2.7-9.5-28.7-3.1 17 31 Gas Utilities.7 2 18. 1.5 7.4 1.6 6.4.8 1.3 -.7-4.8-5.6-2.3-5.1 24 4 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 45

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. 5.9 179.3 248.9 16.6 2.9 5.8.8 7.7-6.6-7.2 12.9 13.2 9. 9. 12.8 13. Mitsubishi UFJ Finan 836 JP Financials 2.9 94.5 6.5 7.5. 12. 29.5 1.5-7.9-3.9 NA NA 25.3 25.3 8.2 8.3 Canon Inc. 7751 JP IT 1.9 61.9 43.9 4.8 5.3 4.4 4.5 4.6-5.8-7.7 24.4 24.3 16.7 17. 15.7 14.6 Nintendo Co. Ltd. 7974 JP IT 1.9 63.4 16.7 3.4 8.5-2.2 25.8 1.5 1. 1.3 31.9 35.6 31.6 35.3 28.3 27.4 Honda Motor Co. L 7267 JP Cons. Discr. 1.9 57. 116.3 6. 2.5 5.4-5.8 5.9-4.1-3.7 1.4 1.6 6.8 6.7 11.5 11.6 Sony Corp. 6758 JP Cons. Discr. 1.8 47.4 85.8 3.2 2.8 2.9.4 22.9-5.5-1.1 9.8 1.3 5.3 6. 8.5 9.9 Sumitomo Mitsui Fin 8316 JP Financials 1.8 53.7 4. 5.5.5 1.6 4.7 1.1 5.9.9 NA NA 27. 27.8 12. 11.8 Takeda Pharmaceu 452 JP Health Care 1.8 46.4 13.7 3.8 4.3 4.7.7 1.7-1. -2.9 37.5 38.9 36.2 36.6 13.4 13.1 Matsushita Electric 6752 JP Cons. Discr. 1.6 44.7 84.9 2.7 1.3 2.2 13. 7.6 1.4. 9.4 9.7 5.9 6.2 6.9 7.1 Mitsubishi Corp. 858 JP Industrials 1.6 51.7 213.9 4.5 3.6 2.2 1.3 5.7.2.5 3. 3.1 1.9 2.2 14.2 13. Mizuho Financial Gr 8411 JP Financials 1.5 46.2 45.1 5.9 1. 5.7 32.3 2. -.3-1.3 NA NA 2.9 2.2 1.5 9.5 Mitsui & Co. Ltd. 831 JP Industrials 1.4 39.3 156.3 4.2 3.4 6.5 3.5 6.4 2.9.4 3.6 3.6 2.6 2.8 17.1 16.2 Nippon Steel Corp. 541 JP Materials 1.2 34.1 47. 3.5 5.2 1.1 -.4 1.8-1. -1.5 17.1 17.4 11.9 12.1 16.1 15.5 Tokyo Electric Pow 951 JP Utilities 1.2 34.4 53.6.5 5.1 1. NA 255.4-17.1-2.1 16.1 19.2 2.9 7.1 1.8 8.4 Nomura Holdings In 864 JP Financials 1.1 3.4 19.2 1.9.1 1.9 6.9 3.6-12.7-13.5 NA NA 37.4 39.7 8.2 8.8 Mitsubishi Estate C 882 JP Financials 1.1 32.3 8..9 8.6 8.4 5.6 9.6 -.3-1.4 28.4 28.4 21.6 21.9 6.8 7. East Japan Railway 92 JP Industrials 1.1 32.2 25.5 2. 1.6 1.1 11.6 9.9 -.4. 29.9 3.4 17.2 17.8 12.4 12.1 Millea Holdings Inc. 8766 JP Financials 1. 28.6 36.8 1.2.1 2.2-1.1 13.9-1.3-1.4 NA NA 4.7 5.3 3.6 3.8 JFE Holdings Inc. 5411 JP Materials 1. 24.8 35.1 3. 6.9 3.3 3.7 3.3-1.8-1.9 2.5 2. 14.3 14.6 17.3 15.6 Hitachi Ltd. 651 JP IT 1. 24.5 11.8.6 2. 1.1 67.9 19.1.2 -.4 8.5 8.9 3.2 3.8 2.9 3.2 NTT DoCoMo Inc. 9437 JP Telecom. Svcs 1. 66.5 43.7 5.2.1-2.8 15.6 -.5 2.5-2. 35.8 36.8 19.5 19.9 12.1 11.2 Japan Tobacco Inc. 2914 JP Cons. Staples.9 52.2 64.7 2.2 9.1 3.2-4.8 15.4-1.3-3. 9.5 9.6 5.7 6.1 1. 1.4 Nippon Telegraph & 9432 JP Telecom. Svcs.9 62. 98.9 4.9. -1. -3.2 6.4.9.4 32.2 32.2 12.4 12.6 6.9 6.5 Komatsu Ltd. 631 JP Industrials.9 25.5 22.7 2.1 9.6 9. 9. 11.1-2.9-1.8 17.8 17.7 14.8 15.4 2.8 19.5 Toshiba Corp. 652 JP IT.9 24.1 75.8 1.5 5.2 4.6-11. 18.4-9. -6.5 8.8 9. 4. 4.3 12.4 13. Astellas Pharma Inc 453 JP Health Care.8 22. 9.2 1.6 1.3 2. 1.6 -.2 2.1.7 29.7 29.7 27. 26.1 13.6 14.7 Shin-Etsu Chemical 463 JP Materials.8 22.2 14. 1.9 7.1 6.7 1.3 1.4-2.2-1.9 3.9 3.9 21.2 22.1 13.3 12.9 Seven & I Holdings 3382 JP Cons. Staples.8 24.1 54.7 1.5 2.4 3.4 24.4 9.4-1.7-2.8 7.7 7.8 5.3 5.6 7.6 7.7 Nissan Motor Co. Lt 721 JP Cons. Discr..8 37. 98.6 4.4.6 5.2-1.5 5.8-4.6-4.2 11. 11.2 7.3 7.6 11.2 11.5 Daiichi Sankyo Co. 4568 JP Health Care.8 2.5 8.1 1.1 -.2 6.6 13.6 25.8. -1.4 25.5 28.5 2.6 24. 8.5 1. Kansai Electric Pow 953 JP Utilities.7 22.5 25.8 1.1 3.5.6 67.3 16.2-7.6-1.7 22.5 23.7 8.5 9.2 6.7 6.5 Sharp Corp. 6753 JP Cons. Discr..7 2.6 34.6 1.1 7.9 6.2 14.5 11.6.3 1.1 13.8 13.8 5.8 5.9 9.2 9.1 Denso Corp. 692 JP Cons. Discr..7 31.2 39.7 2.4 6.8 6.9 6.4 11.6-3.4-2.1 15.4 15.6 8.8 8.9 1.2 1.7 FUJIFILM Holdings C 491 JP IT.7 19. 27.7 1.3 3.8 4.2 1.1 13.7-4.1 -.6 16.1 16.2 8.4 9. 6.7 7.1 Sumitomo Metal Ind 545 JP Materials.7 19.9 17.3 2. 6.7 2.9 7.1 1.1-3.6 -.1 23.1 23.4 16.6 17. 19.8 18.2 Mitsubishi Electric C 653 JP Industrials.7 19.8 38.4 1.6 3.1 2.9 3.6 8.8. -3.5 1.2 1.6 6.6 7.1 14.6 13.9 Fanuc Ltd. 6954 JP Industrials.7 19.3 4.5 1.2 3.7 5.1 3. 2.7 1.6 1.5 42.7 42.7 4.1 39.6 13.1 12.4 Chubu Electric Pow 952 JP Utilities.7 19.8 23. 1. 2.6 1.3 3.. -5.7-7. 23.5 22.6 9.5 9.5 6.4 6.5 Mitsui Fudosan Co. 881 JP Financials.6 17.5 13.6.9 5.7 4.9 12.3 1.4-1.2-1.3 16.9 17.6 13.7 14.4 8.9 9.2 KDDI Corp. 9433 JP Telecom. Svcs.6 3.2 33.2 2.5 1.2 1.3 18.1 13.7 -.3.8 24.3 25.9 12.7 14. 14.5 14.9 Itochu Corp. 81 JP Industrials.6 17.2 119.5 2.1 5.3 5.1 7. 4.3 1.4 1.5 3. 2.9 2.4 2.4 2.2 17.9 Kao Corp. 4452 JP Cons. Staples.6 16.2 12.7.7 4.1 2.9 7.3 11.8 1.2. 15.8 16.1 9.2 9.7 12.3 12.9 Softbank Corp. 9984 JP Telecom. Svcs.6 22.7 26.5.7 3. 2.1-33.1 24.2-11.3. 21.7 23.2 11.7 13.1 7.8 13. Sumitomo Corp. 853 JP Industrials.6 17.7 112.5 2.3 3.4 3.9 4.2 4.1.. 3.6 3.6 2.5 2.5 13.8 12.8 Central Japan Railw 922 JP Industrials.6 18.5 14.6 1.5 1.8 1.7 8.5 7.1.. 43.3 44. 27.5 28. 16.6 15.7 Mitsui O.S.K. Lines 914 JP Industrials.6 16.2 19.4 1.7 8.3 5.6-5.1 5.4-1.9. 17.4 16.9 13.4 13.3 23. 2. Mitsubishi Heavy In 711 JP Industrials.6 15. 3.8.6 3.4 2.8 9.8 12.4-9.9-13.6 8.3 8.8 4.2 4.3 4.7 5.1 Kyocera Corp. 6971 JP IT.5 15.4 13.4 1. 11.9 5.9 1.9 8.1-5.9-3.2 15.6 15.4 1. 1.2 6.5 6.6 Fujitsu Ltd. 672 JP IT.5 14.6 51.7.9 2.9 3.6 88.1 1.9-3.3-1.2 8.5 8.5 4. 4.4 8.9 9.3 Kirin Holdings Co. L 253 JP Cons. Staples.5 16. 2..5 19.4 3.8-16. 11.8-3.8-2.1 11.1 11.3 6.1 6.5 5.3 5.9 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 46

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. 723 6,8. 7,1. 16.8 1.8 1.4 8.8 2.6 6.8.7 2.2 15.6 2.4-7.6-25.7.7 47 111 Mitsubishi UFJ Financi 836 941. 1,223.5 3. 13.1 1.1 NA 1.7 NA 1.6-1.6 2.8 2.3-14.5-37.7-1.1-2 65 Canon Inc. 7751 4,99. 6,36. 27.5 12.6 1.9 4.6 2.2 7.3 1.4 2.8 12.4-7.4-15.6-22.9-4. 37 75 Nintendo Co. Ltd. 7974 53,3. 7,. 31.3 19.3 4.9 9.5 2.7 18.6 3.8.4.4-1. 6.2 69.7-2.3 344 443 Honda Motor Co. Ltd 7267 3,38. 4,1. 21.3 9.5 1.1 7.5 2.7 5.6.5 2.1 9. -6.6-7.9-26.8-9.9 22 53 Sony Corp. 6758 5,9. 6,5. 27.7 15. 1.3 5.5.5 6.8.6.2-7.3-2.7-3.6-19.7-17.9 28 11 Sumitomo Mitsui Fina 8316 763, 115 5.7 9.7 1.3 NA 1.7 NA 1.3.5.5-4.1-15.2-36.9-8.8 6 144 Takeda Pharmaceutic 452 5,92. 7,8. 31.8 12.5 1.8 5.3 3.1 11.6 3.4 1.1-7.4-12.2-22.9-27.2-9.9 18 32 Matsushita Electric In 6752 2,275. 2,6. 14.3 16.8 1.1 4.2 1.5 7.7.5 1. 11. 4.8 18.6-6.2-1.7 45 99 Mitsubishi Corp. 858 3,29. 3,76. 14.3 11.3 1.5 12.4 1.7 8.6.2 1.2 31.9 11.9 11.3 27.3 7.5 141 38 Mizuho Financial Grou 8411 436, 6, 37.6 7.8 1. NA 2.7 NA 1. 1.5-6. -15.7-36.3-5.6-18.4-14 282 Mitsui & Co. Ltd. 831 2,33. 2,91. 24.9 9.4 1.5 12.2 2.1 7.6.3.5 24.7. 3.1 1.4-1.5 13 269 Nippon Steel Corp. 541 583. 82. 4.7 1.2 1.5 5.2 1.9 6.5.7 4.1-9.9-4.9-25. -27.6-15.8 19 284 Tokyo Electric Power 951 2,745. 2,8. 2. 15 1.3 12.3 2.2 4.5.6-1.8-1.1-3.2-1.9-33. -5. 8 18 Nomura Holdings Inc. 864 1,713. 2,. 16.8 16.2 1.4 NA 2.4 NA 1.6 1.8 16.3-4.2-15.6-35.1-9.6 18 17 Mitsubishi Estate Co. 882 2,515. 3,65. 45.1 37.9 2.5 18.5.6 22.4 4.1-12.2 2.9-9.4-16.7-31.8-6.7 95 186 East Japan Railway Co 92 865, 11 27.2 16.4 1.9 8.2 1.2 6.2 1.3 1.7-4.9-7.2-2.3-4.1-6.2 55 58 Millea Holdings Inc. 8766 3,77. 4,8. 27.3 24.3.9 NA 1.3 NA.8 1.4 5.6-6.5-12.5-17.. 24 133 JFE Holdings Inc. 5411 4,63. 6,6. 42.5 8.3 1.4 4.5 2.8 5..7 2. -1.1-14.3-36.6-38.8-18.2 52 179 Hitachi Ltd. 651 793. 88. 11. 4.7 1.1 5.1 1.2 4.2.2 NA 8.9 4.5 6.4-4.8-4.8 2 54 NTT DoCoMo Inc. 9437 166, 192, 15.7 13.1 1.6 4.1 2.9 5.6 1.5 1.2.6-2.4-2.4-24.9-1.8-8 -31 Japan Tobacco Inc. 2914 586, 737,5 25.9 23.3 2.3 9.3.8 11.1.8 3.5-6.1-8.4 -.8 7.5-12.3 159 35 Nippon Telegraph & T 9432 482, 585, 21.4 12.9.8 2.8 2. 2.4.6 3.1-3.6-2.8-3. -26. -13.8 6 1 Komatsu Ltd. 631 2,76. 3,55. 27. 12.2 2.5 6.9 1.6 9.4 1.1.7 15. -11.8-14.3 2.2-9.2 252 529 Toshiba Corp. 652 82. 1,1. 25.9 16.8 1.9 4.7 1.5 4.9.3 3.2 8.5-4.6-21.1 5.8-4.2 81 117 Astellas Pharma Inc. 453 4,72. 5,6. 18.6 13.5 1.8 6.3 2.5 11.5 2.4.7 3.3-1.3-4.6-1.6-3.1 27 48 Shin-Etsu Chemical Co 463 5,53. 8,45. 52.8 11.6 1.5 4. 1.6 6.7 1.6.7-5.3-1.1-29.9-26.8-21.2 3 43 Seven & I Holdings Co 3382 2,715. 3,7. 36.3 16.4 1.2 6.3 2.1 8.8.4 2.1 -.5-1.3-13.3-29.5-16.7-15 -1 Nissan Motor Co. Ltd. 721 971. 1,19. 22.6 8.4 1. 7.4 4.3 4.7.4 7. -1.4-12.8-13.6-3.4-21.1-14 6 Daiichi Sankyo Co. Ltd 4568 3,7. 4,. 3.3 19.3 1.6 6.9 2.6 14.8 2.5.9-7. -12.3-7. -2.5-1.8 25 94 Kansai Electric Power 953 2,63. 2,92. 11. 2.6 1.2 9. 2.3 4.2.9-2.3 -.2-2.4-3.3-24.9 1. 29 45 Sharp Corp. 6753 2,15. 2,275. 12.9 18.9 1.6 4.4 1.4 5.2.6 2.5 6.9 17.1 2.8-11..2 23 59 Denso Corp. 692 4,11. 4,7. 14.4 13.4 1.3 4.7 1.3 6.2.8 1.2 9.6-5.1 1.2-14.6-1.3 56 124 FUJIFILM Holdings Cor 491 3,97. 5,3. 33.5 14.7.9 3.7 1. 5.4.7.1-4.8-16.1-16.1-23.8-16.1 2 7 Sumitomo Metal Indu 545 471. 645. 36.9 1.5 1.8 6.5 2.1 6.8 1.2-3.4-7.1 3.1-16.3-23.3-9.2 172 824 Mitsubishi Electric Co 653 991. 1,38. 39.3 12.5 1.6 5.5 1.2 6.7.5.7 5.3-19. -2.2-17.7-15.2 83 195 Fanuc Ltd. 6954 9,96. 12,. 2.5 16. 2.1 7. 1.9 15. 4.3 1.3 14.4-9.9-9. -7.8-8.5 4 9 Chubu Electric Power 952 2,735. 2,975. 8.8 2.4 1.2 8.4 2.2 4.8.9 2.3-1.3-3.9-11.2-32.6-6.2 1 25 Mitsui Fudosan Co. Lt 881 2,135. 3,8. 78. 19.3 1.7 13.1.8 13.2 1.3 1.4-1.4-17.7-26.1-37.8-12.1 63 169 KDDI Corp. 9433 723, 1 38.3 12.2 1.7 4.1 1.5 4.9.9.6-7.2-4.2-13.5-22.5-13.1 32 94 Itochu Corp. 81 1,17. 1,575. 34.6 8.1 1.4 9.8 1.7 6.3.1.6 3.1 11.7-4.6 4.1 7.1 122 35 Kao Corp. 4452 3,22. 3,6. 11.8 24.2 2.8 8.9 1.7 1.4 1.3 14.2 -.9-1.2.6-9. -4.2 33 31 Softbank Corp. 9984 2,255. 2,45. 8.6 29.6 5.3 7.3.1 7..9.5 11.1-3.4-1.7-21.7-2.4 51 314 Sumitomo Corp. 853 1,524. 2,4. 57.5 7.6 1. 12.2 2.6 5.1.2.9 13.3 -.3-2.4-27.4-4. 63 165 Central Japan Railway 922 11 138 36.6 12.2 1.9 7.7.8 5. 1.3 1.3 5.6-12.9-15.8-26.8 6. 15 37 Mitsui O.S.K. Lines Lt 914 1,451. 1,94. 33.7 9.6 2. 6. 2.1 6.6.8.4 26.5-8.9-6.1 4.7 1.8 19 422 Mitsubishi Heavy Indu 711 479. 64.5 26.2 23.8 1. 1. 1.3 8.1.5 1.3 17.7-3.2-3.1-33.8 -.4 71 52 Kyocera Corp. 6971 8,72. 1,. 14.7 15.8 1. 4.8 1.4 9.1 1.2-14.9 5.1-8.9-13.3-19.9-12. 11 36 Fujitsu Ltd. 672 759. 85. 12. 17.9 1.4 4..8 5.1.3-3.2 6.3-1.9 12.8-1.8.8 14 119 Kirin Holdings Co. Ltd 253 1,746. 1,9. 8.8 29.2 1.5 9.3 1.2 1.6.8-9.4 7.4 3.3 15.8-7.1 6.4 67 13 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 47

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) -.45. -1.7 1.21-1. 4.5 Graph 1 : 12-month Forward EPS & Price Index (pt) 1 8 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 1,5 1,2 6 9 4 6 2 3 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 84 9 (pt) (%) 95 11 81 7 9 9 78 5 85 7 28E EPS (LHS) 29E EPS (LHS) Coef. Variation (RHS) Coef. Variation (RHS) 75 3 7/2 7/5 7/8 7/11 8/2 8 5 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 48

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 5 4 5-5 -1-5 -4-15 -2-1 1 2 3 4 5 6 7 8-8 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 16 12-month Forward PER (LHS) 25 12MF P/E (x) HC 18 LT EPS Growth Forecast (RHS) 14 2 EN 16 12 CS 14 1 15 UT TS ID MT CD IT 12 1 1 2 3 4 5 6 7 8 8 6 FN LT EPS Growth (%) 1 5 9 13 17 21 Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 4. Trailing PBR (LHS) 2 Trailing ROE (RHS) 3.5 18 3. 16 8 6 Tr.PBR HC CS TS IT MT 2.5 14 4 EN 2. 1.5 12 1 2 UT CD ID FN 1. 1 2 3 4 5 6 7 8 8 Tr.ROE 5 1 15 2 25 3 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 49

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 88 16.5 11.5 12.4 2.5 13.9 1. -1.8-1.3 1.1 -.9 -.3-17 -13-29 25.6 26.4 18.4 19.3 Energy 5.8 6 14.1 5.5 8.9-1.5 31.3-1.5 1.3-3.4 1.1 2.1 3. -33 33 33 23.7 24.3 14.6 14. Materials 27.7 15 15.8 1.6 19.7-1.7 21.6 4.3-5.2-2.3 3.3-2.7.1-6 -13-2 31.3 33.9 27.3 27.7 Chemicals 1. 1 8.8 6.8 2.7 2.8 14.3-1..2-1.1 1..1 -.3-1 1-1 19.5 19.9 19. 2. Metals & Mining 25.2 1 24.8 12.5 2.9-1.8 22.5 4.9-5.7-2.3 3.8-3..3-4 -5 2 37.9 4.8 3.4 3.1 Paper & Forest Products.1 1 -.2 4. 13.3-7.2 47.3-2.2 1.2-7.9.5 1.4-6.7-1 1-1 3.4 4. 3.7 5.1 Industrials 6.3 11 9.9 9.5 25.9-24 11.2 -.6 1.2 -.5 1.3.1 -.8-9 -27 17.3 17.7 18.7 19.1 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering 1. 2 21.8 13.5 58.4 53.4 2.8 12.8 -.9.6 18.8-1..1 5-5 1 12.1 12.5 5.6 44.2 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 1.6 2.5 6.9-7.3 7.8 12.6.9-1.3 -.4 1.8-1.4-1.5 1 1-1 24.8 25.7 33.4 31.6 Airlines.5 1 7.4 6.9 46.8 5.8 1.2 4.3.2 1.4 2.6-2.3.2 1-1 1 17.8 17.4 18.9 18.2 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 31.9-23. -.5 12.7-12.8 -.5-4.1-1 -1-1 23.8 26.8 3.7 5. Consumer Discretionary 3.7 1 14. 8.5 3.8-4.9 16.8 2.1-7.2-1. 2.7-5.9-1.4-3 -7 24.4 25.4 11.8 13.2 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.2 1 1.9 12.4 14.5 7.3 16.6 -.5 -.2 -.9-1. -.6-2.8-1 -1-1 21.3 21.5 21.7 23.5 Hotels, Restaurants & Leisur 2.3 4 1.9 6.4-6.8-13.4 14.2-1.3-12.6 -.4-1. -1.1-1.3-25 -1 25.2 26.5 13.3 14.9 Media.7 2 39.4 7.7 -.7-3.6 24.1-4.4.4-2.2.1 1.6-2.5-5 29.5 3.9 7.8 9. Retailing.3 2-7.8 11.3 13.9 21.7 11.8 -.2-1.6-2. -.1-1.5-1.7 5 22.2 21.9 13.4 13.7 Consumer Staples 9. 8 34.9 21.5 23.1 3.2 17.8-1..3-2.2-1.2.4.6-43 -14-29 9.6 9.6 14.1 16.4 Food & Staples Retailing 6.5 3 42.7 24.3 29.3 1.5 21.8-1..6-3.1-1.4.6 1.3 1 7.5 7.7 12.8 16.2 Food, Beverage & Tobacco 2.4 5 1.9 4.9 9. 6.8 9.7-1. -.2 -.1 -.8 -.2 -.9-6 -6-4 22.4 22.9 16.9 17. 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 3.2 5 12.2 11. 25.9 19.9 23.1.5.2-1.2 1.1 -.3 -.7 6 2 22.3 23.4 22.1 24.4 Biotechnology 2.1 1 12. 13.7 59.2 26.2 29.3.7.1 -.2 1.4 -.9.4 1-1 1 31.3 32.7 31.1 33.5 Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials 41.2 29 9.9 8.3 4.5 8.3 8.4 -.6 -.7 -.8 -.1 -.3 -.9-3 -38-48 35.8 37.2 17.1 17.7 Banks 22.1 6 4.8 8.4 11.5 9.4 9.8-1. -.2 -.5 -.2 -.1 -.6-67 -67 53.9 55.5 17.3 17.7 Capital Markets 1.9 2 4.3 13.2 54. 17.8-2.2.5. -.5 -.1 -.1-3.8-1 -1 29.9 29.9 17.9 17.5 Insurance 7.2 5 23.7 7.4-25.2 4.5 9. -.9-3.8-3. -.5-1.4-1.4-2 -1-1 18.9 2.3 16.5 17.9 Information Technology.5 1 7.5 5.8 41.8 3.3 6.9 2.6.3 3.6 3.1. 2. 1 1 1 29.1 3.7 36.7 31.5 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.5 1 7.5 5.8 41.8 3.3 6.9 2.6.3 3.6 3.1. 2. 1 1 1 29.1 3.7 36.7 31.5 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 2.1 2 3.3 2.5 1. 11.6 9.3 -.3 -.3 -.2 -.3 -.3 -.6-1 42.1 44.2 28.3 3.5 Diversified Telecom. Service 2.1 2 3.3 2.5 1. 11.6 9.3 -.3 -.3 -.2 -.3 -.3 -.6-1 42.1 44.2 28.3 3.5 Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities.6 1 21.3 3.3-2 2.5 9.8.6 1. 1. -3.4.8.2-1 1 1 15. 14.6 5.2 5.6 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 88 13. 2.4 17.5 4.4 9.5 1.9 1.4 -.5-13 -7.6-6.7-13 35 98 Energy 5.8 6 17.7 2.6 9.1 3. 1.1 2.1 1.1 1.9.5 13.2 17.1-4.2 89 236 Materials 27.7 15 13.3 3.7 7.9 2.2 1.5 2.4 1.5 15. -1.3 15.8 28.7-1.1 95 244 Chemicals 1. 1 15.3 3. 9. 3.6 11.6 1.5 1.2 4.6 5.7 13.9 17.7-7.1 56 271 Metals & Mining 25.2 1 13.2 4.1 7.9 1.9 1.7 3. 1.5 16.1-1.6 18.3 37.6 -.8 113 33 Paper & Forest Products.1 1 11.1.5 5.4 5.7 4.9.1.6-2.2-7.6-29. -44. -17.3-52 -59 Industrials 6.3 11 16.6 2.8 7.3 4.5 7.4 1. 1.9-3. -15-16 -16-13 9 77 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering 1. 2 15.8 7.7 8.4 3.4 9.3.9 3. -6.6-18. 8.7 49. -25.3 35 44 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 1.6 2 16.3 5.7 8.9 3.7 1.1 1.9 1.4-4.2-18.3-26.2-27. -14.5 22 122 Airlines.5 1 8. 1.6 3.8 7.9 3.1.5 1.9-2. -24.2-18 -13.8-18.2 27 NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail.3 1 27.2 1.2 1.8 9.4 9.1 1.1 1.6-17. -38.2-41.5-44.7-27.3-14 NA Consumer Discretionary 3.7 1 15.2 1.8 9. 5.7 11.5 1.9 1.4 -.3-11 -14-2 -13-9 27 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.2 1 12.3 2.8 8.5 5. 12.9 1.7 1. 3. -15.5-23.9-32. -2.1 NA NA Hotels, Restaurants & Leisure 2.3 4 16.6 2.3 9.7 5.9 12.3 2.2 1.6 4.4-6.1-2.9-24.7-7.6-12 93 Media.7 2 17.4 1.2 9. 5.7 11.2 2. 1.7.7-6.7-1.8-11.9-1.1-3 18 Retailing.3 2 11.6 1.7 7.8 4.1 1.9 1.4.9-22.2-31.5-14.9-4.1-32.8 14 51 Consumer Staples 9. 8 17.3 2.8 1.2 4.5 12.4.8 1.9-2.8-11.6 2.1-13 46 1 Food & Staples Retailing 6.5 3 18.4 2.8 1.4 4.3 12.5.6 2. -4.3-12.2 2.3 7.2-14.9 72 159 Food, Beverage & Tobacco 2.4 5 14.8 2.6 9.7 4.8 12.2 1.8 1.8 1.6-6.4-2.3-6.8-7.6 8 34 Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care 3.2 5 21.6 5.3 13.9 2.1 19.1 3. 1.1 -.8.9 7.3 19.1-7.5 121 273 Biotechnology 2.1 1 23.7 7.9 15.6 1.5 21.5 5. 1. 2.6 12. 16.4 35.6-3.7 242 65 Pharmaceuticals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Financials 41.2 29 1.9 1.8 31.6 6.6 8.2 2.5 1.4-9.7-23 -21-23 -21 1 49 Banks 22.1 6 1. 1.7 4.6 6.9 7.8 3.5 1.2-14.4-23.5-21.5-19.9-22. 1 4 Capital Markets 1.9 2 8.6 1.5 17.6 6.9 7.3 1.8 1. -16.5-28.2-25.3-34.6-27.9 3 NA Insurance 7.2 5 11.9 2.1 9.7 6.1 9.1 1.9 1.8-2.4-16.1-19.1-24 -15.8 19 89 Information Technology.5 1 15. 5.1 1.9 2.4 14. 2.8 1. 11. -11-8.9-17 -1 53 NA Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services.5 1 15. 5.1 1.9 2.4 14. 2.8 1. 11. -11.5-8.9-17.3-1.1 53 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 2.1 2 15.5 4.7 6.9 5.8 7.5 2.4 1.8 13.9 5.9 11.4 7.6 2.1-8 17 Diversified Telecom. Services 2.1 2 15.5 4.7 6.9 5.8 7.5 2.4 1.8 13.9 5.9 11.4 7.6 2.1-8 17 Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities.6 1 14.4.8 8.4 3.9 1.5.9 2.4-5.3-6.2-23 -26-9. 3 72 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 14.6 2.1 54.1 15.2 25.7 11.8 8.1 24.1-2.6 -.8 48.2 52.1 5.4 55.4 46.5 43.3 Commonwealth Ban CBA AU Financials 6.3 52.5 13.2 4.6 9.2 7.7 7.3 8.8-1.5-1.5 51.9 54. 52. 54. 2.5 2.4 National Australia B NAB AU Financials 5.3 44.2 14.3 4.5-2.7 8.2 12.5 11.9..7 45.9 47.4 52.9 55.5 18.4 18.8 Westpac Banking C WBC AU Financials 4.8 39.8 1.2 3.6 9.2 8.7 9.1 9.4.1. 53.1 54.1 55.6 56.3 22.6 22.2 Australia & New Ze ANZ AU Financials 4.6 38.8 1.9 4. 4. 8. 7.3 8.9 -.2 -.5 52.1 54.4 56. 56.6 18.7 18.2 Rio Tinto Ltd. RIO AU Materials 4.3 178.5 53.6 9.6 72. 7.4 18.4 21.9-4.5-1. 37.3 4.5 35.2 35.6 31.6 29.8 Woolworths Ltd. WOW AU Cons. Staples 3.8 31.6 42.4 1.5 8.7 7.1 2.7 14.1 -.1 -.5 6.8 7.1 6.8 7.2 28.3 28.7 Woodside Petroleum WPL AU Energy 2.9 34.7 4.9 1.8 33.7 6.2 58.5-6.8 9.7 3.7 7.6 67. 57.3 56.1 31.4 26.3 QBE Insurance Grou QBE AU Financials 2.7 22.4 11.7 2. 14.7 9.3 3.3 3.9.. 22.9 23.9 21. 2. 23.2 21.9 Wesfarmers Ltd. WES AU Cons. Staples 2.1 22.7 29.7.9 234.3 55.8-16.1 33.8-6.2 4.8 8.4 8.2 8.8 8.2 9.5 1. CSL Ltd. CSL AU Health Care 2.1 17.7 3.3.6 12. 13.7 25.2 3.6-1.4.1 3.6 32.7 31.3 32.7 28.8 33.3 Newcrest Mining Lt NCM AU Materials 1.9 14.5 2.1.5 34.6 4.7 111.8 26.1-3.6 15. 45.4 49.6 41.1 62.6 19.1 18.4 Macquarie Group L MQG AU Financials 1.6 13.6 8.3 1.8 4. 13.6 -.9 7.6-5.3-3.1 28.4 27.9 29.1 29.1 19.7 19.7 AMP Ltd. AMP AU Financials 1.6 13.3 4.7.9 445.2 1.6-4.5 1.3-5.4-3.8 27.7 27.5 17.6 16.8 48.8 51. Suncorp-Metway Lt SUN AU Financials 1.6 13.1 6.2 1.1-3.3 5.4-18. 26.9-11.3 -.3 25.8 31.4 24.6 29.5 9.8 12.4 Brambles Ltd. BXB AU Industrials 1.5 12.7 4.4.7 -.8 7.5 11. 11.1 -.8-2.7 36.1 36.2 35. 36.2 65.4 29 Telstra Corp. Ltd. TLS AU Telecom. Svcs 1.5 54.7 22.4 3.3 3.3 2.5 9.5 1.1.. 42.2 43.4 42.1 44.2 28.9 3.5 Foster's Group Ltd. FGL AU Cons. Staples 1.2 1. 4.3.7-2.2 5.2 9.8 7.9. -1.7 28.6 29. 29. 29.2 15.8 16.8 Fortescue Metals G FMG AU Materials 1.1 19.4.3 -.1 NA 742.8 NA NA NA. -11.9 76.4 NA NA -21.7 55.6 Orica Ltd. ORI AU Materials 1. 8.5 5.5.5 8.8 6.8 2.4 16.3-1.5.2 19.7 2.1 19.5 19.9 2.9 22. BlueScope Steel Ltd BSL AU Materials.9 7.9 9.4.6 14.6 14. -2.6-1.7 3.3 6.2 14.3 11.9 13.3 11.4 17.2 13.1 TABCorp Holdings L TAH AU Cons. Discr..9 7.2 3.6.5 1.6 5.6-4.7 1.3-1.4. 26.3 27.2 26.4 27.4 14.7 16. Santos Ltd. STO AU Energy.8 7. 2.3.5.8 2. -2.3 15.6 -.1 6.2 63.9 66. 57.1 5.9 16.3 17.5 ASX Ltd. ASX AU Financials.8 6.7.6.3 16.2 8.3 16.6 9.8 1.7. 79.9 81.3 79.9 81.9 13.6 14.6 Origin Energy Ltd. ORG AU Energy.8 6.7 6.9.4 16.7 3. 1.8 11.6.4.4 17.7 18.6 17.8 19.3 6.9 7. Insurance Australia IAG AU Financials.8 6.5 6.8.4 1.2 3.7-24.1 27.7 1.1-3. 11.3 14.8 9.6 13.1 9.5 12.6 Alumina Ltd. AWC AU Materials.8 6.3 2.5.3 NA 9.4-26.8 34.6-32.1-19. 19.6 23.6 18.6 19.3 18. 2.3 St. George Bank Lt SGB AU Financials.7 12.5 3.2 1.2 6.7 8.1 9.4 8.3 -.4-1.5 56. 6.2 6.2 61.9 2.5 2.4 Leighton Holdings L LEI AU Industrials.7 11.4 13.4.6 22.7 14. 34.4 14.7.4-1. 9.2 9.4 9.5 1.1 41.2 42.9 Amcor Ltd. AMC AU Materials.7 5.5 8.9.4-1.7 2.7 4.5 14.1. -3.5 11.7 12.1 11.7 12.1 11.5 12.5 Toll Holdings Ltd. TOL AU Industrials.6 6. 7.6.4 9.9 11.3-8.3 7.5. -1.5 13.6 13.6 13.1 13.2 13.2 12.6 WorleyParsons Ltd. WOR AU Energy.6 7.7 4.5.3 41.2 19.3 47.9 2.7 1.3 2.8 11. 11. 11. 11.1 23. 25. OneSteel Ltd. OST AU Materials.6 5.7 6.1.3 55. 11. 21.2 31.1.2 4.2 11.8 13.4 11.5 12. 12.7 12.8 AGL Energy Ltd. AGK AU Utilities.6 4.2 5.3.3 21.3 3.3 3. 1.4.. 14.6 14.7 15. 14.6 5.4 5.7 Coca-Cola Amatil L CCL AU Cons. Staples.6 6.8 3.8.4 3.3 7. 13.3 1.3 1.7. 21. 21.2 2.8 21. 27.8 28.3 AXA Asia Pacific Ho AXA AU Financials.6 9.3 1.8.6 7.9 8.6-2.8 14.6-5. -.5 48.3 49. 31.4 34.9 16.4 17.7 Lend Lease Corp. L LLC AU Financials.6 5.2 14.1.4 1. 5.3 11.2 9.8. -.6 4.5 4.7 4.2 4.5 13.9 14.4 Crown Ltd. CWN AU Cons. Discr..6 7. 1.8.3 NA 5. NA 18.9-3.6-3.3 3.4 32. 29.9 31.6 8. 8.7 Oxiana Ltd. OXR AU Materials.6 5.1 1.2.3 7.8 61.4 1.9 97.6-14.2 7.4 53.7 56. 43.7 53. 18. 3.7 Fairfax Media Ltd. FXJ AU Cons. Discr..5 5.8 2.7.4 39.4 7.7 15.5 16. -.4 -.3 29.6 3.9 29.5 3.9 8. 9.1 Sonic Healthcare Lt SHL AU Health Care.5 4.6 2.2.2 25.1 9.3 16. 14.3..9 21.6 22.6 21.6 22.5 14.2 14.4 Zinifex Ltd. ZFX AU Materials.5 4.2 1.7.5-6.2-19.2-63.1 2.1-27.9-3.8 55.9 58.2 57.5 45.3 15.3 13.4 Computershare Ltd CPU AU IT.5 4.5 1.6.3 7.5 5.8 3.2 8.8 1.4 2.8 3.4 29.8 29.1 3.7 36.5 33.8 Qantas Airways Ltd QAN AU Industrials.5 8.1 15. 1. 7.4 6.9 5.8 4.9.7 1.9 17.8 17.2 17.8 17.4 17.6 17.8 Tatts Group Ltd. TTS AU Cons. Discr..5 4.6 2.8.2 26.2 3.9-4. 1.7 -.5 -.8 17. 18.1 17.1 18.8 1.4 11.5 Babcock & Brown L BNB AU Financials.4 4.5 2.3.7 28. 17.4 18.7 13.8.. 45.1 44.1 45.2 45.6 29.3 27.5 Boral Ltd. BLD AU Materials.4 3.4 4.5.2.6 6.1-14. 16.1 -.5-1.8 14.6 14.7 13.7 14.5 8.6 9.2 Aristocrat Leisure L ALL AU Cons. Discr..4 4. 1.2.3 15.8 16.3 21.9 2.8-2.2. 35. 37.2 35.7 35.1 87.3 12 Cochlear Ltd. COH AU Health Care.3 2.8.6.1 9.4 24. 11.8 19.3-1.3-2.2 31.3 29.8 31.3 29.8 42.4 43.3 Paladin Energy Ltd. PDN AU Energy.3 3.1.2. 1,23 173.1 NA 43.5-1.7-16.1 44.2 6.5 45. 78.4 2.3 11. Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 52

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 39. 45. 15.4 11.2 4.7 6.7 1.8 9.6 3.4.7 17.2-5. 9.9 35.2-2.8 118 329 Commonwealth Bank CBA 43.5 5.4 16. 1.8 2.1 35.7 6.8 8. 3.8 1.3-14.4-25.1-19.8-13.8-26.5 22 76 National Australia Ban NAB 29.6 4.8 37.9 9.3 1.7 47.9 7.1 7.4 3..8-16.1-28.4-26.3-27. -21.8 1 1 Westpac Banking Cor WBC 23.1 27.7 2.2 1.7 2.3 38.7 6.5 7.8 3.8 1.2-1.6-15.7-13.4-9.8-17.4 18 73 Australia & New Zeala ANZ 22. 27. 22.7 9.4 1.7 38.3 7. 8.1 3.5 1.2-16. -2.9-23.9-26. -19.9 4 39 Rio Tinto Ltd. RIO 133.7 121.2-9.3 16.5 4.4 1.6 1.4 12.5 3.3.8 17. 2.1 54.9 72.2 -.2 198 32 Woolworths Ltd. WOW 28.3 32. 13.1 19.9 5.6 1.7 3.4 14..7 1.1-8.8-1.8 3.1 13.2-16.7 88 164 Woodside Petroleum L WPL 55. 53.7-2.2 2.1 5.5 11.3 2.8 12.3 7. 1. 2.8 14.2 34. 46. 9. 152 46 QBE Insurance Group QBE 27.6 34.8 26. 11.4 2.6 8.7 5.1 9.4 1.9 3.2-2.1-9.7-12.8-11.5-17.2 79 236 Wesfarmers Ltd. WES 35.5 42.5 19.7 16.6 1.5 1.1 5.9 1.5.6 2.8 2.9-14. -6.1-4.2-12.3-8 42 CSL Ltd. CSL 35. 38.6 1.2 23.8 7.5 15.6 1.5 21.5 5..9 2.6 12. 16.4 35.6-3.7 242 65 Newcrest Mining Ltd. NCM 36.7 37..9 27.6 5.3 13.8.1 17.4 6.7.4 4.4 9.4 58.6 84.7 1.8 136 562 Macquarie Group Ltd MQG 54.1 9.1 66.5 8.1 1.5 18.4 6.8 6.8 1.6 1. -17.7-29.1-24.7-34.9-29. 7 114 AMP Ltd. AMP 7.7 8.5 9.8 15. 7.7 17.3 6.3 13.3 2.8 5.8-9.5-22.4-22.1-27.5-22.2 6 18 Suncorp-Metway Ltd. SUN 15.4 18. 17. 1. 1.1 6.3 7.5 7. 2. 5. 1.3-17.9-19.7-29.8-9. -18 5 Brambles Ltd. BXB 9.8 14. 43.6 17.6 7.3 9.3 3.7 1.5 2.8 1.6-4.6-19.5-27.2-26.4-15.4 27 146 Telstra Corp. Ltd. TLS 4.8 5.1 6.5 15.6 4.8 6.9 5.8 7.5 2.4 1.6 12.2 5.5 1.6 7.9 2.1-1 14 Foster's Group Ltd. FGL 5.7 6.4 11.8 14.2 2.3 9.6 4.8 12.5 2.3 1.6-1.2-1.3-3.1-14.3-13.3 8 32 Fortescue Metals Gro FMG 7.5 5. -33.7 37.2 13.8 18.1 NA 32.1 12. NA 32.3 37.1 151 NA.5 NA NA Orica Ltd. ORI 29.5 33. 11.8 15.3 3.1 9. 3.6 11.6 1.5.8 4.6 5.7 13.9 17.7-7.1 56 271 BlueScope Steel Ltd. BSL 11.6 1.5-9.4 13.6 1.9 7.3 4.1 9..8-2. 18.5 2. 6.9 22.6 2.1 14 257 TABCorp Holdings Ltd TAH 15. 15.5 3.5 15. 2.3 9.2 6.4 11.4 1.9 6. 7.5.1-7.5-12.4 1.4-13 5 Santos Ltd. STO 13.1 15.5 19. 13.7 2.2 5.7 3.1 5.6 3..7 3.4-3.8 9.8 29.9-7.6 45 122 ASX Ltd. ASX 42.6 47.3 1.9 18.3 2.6 12.9 4.9 16.4 11.1 1.4-8.1-24.6-8.7 -.9-29.6 88 271 Origin Energy Ltd. ORG 8.3 9.6 15.8 15.7 1.2 7.5 3. 7.3.9 1.4 3.6-3.2-11. -5.9-6.3 24 19 Insurance Australia G IAG 3.9 4.4 12.2 12.1 1.5 8.8 7.5 7.9.9-7.9 2.6-13.3-29.9-37.8-4.9-41 44 Alumina Ltd. AWC 6.1 6.5 6.6 22.2 3.8 14.5 3.9 19.9 2.5-31.4 19.6-7.6-5.7-13.5-4.2 36 St. George Bank Ltd. SGB 24.6 35. 42.3 1. 2. 41.3 7.8 7.2 3.8 1.1-16.6-31.8-28.9-27.7-22.1-1 41 Leighton Holdings Ltd LEI 44.8 57.4 28.2 18.7 7. 9. 3.5 9.4.8.8-5.2-18.9 7.5 47.3-26.8 345 399 Amcor Ltd. AMC 7. 7.4 5.9 13.8 1.7 6.9 5.2 6.4.6 1.5 3.7 4. 2.2-4.2 1.2-2 -12 Toll Holdings Ltd. TOL 1.2 14.4 41.4 13.2 1.7 5.9 3.1 7.1.7-19.1-5.9-23.1-24.9-5.6-11.4-23 NA WorleyParsons Ltd. WOR 36.5 45. 23.2 21.6 5.3 14.3 2.6 24.6 1.5.6-4.5-17.7 1.6 29.5-29.8 NA NA OneSteel Ltd. OST 7.1 7.4 4.2 14.1 1.7 8.5 3.4 1..9.5 12.2 13.6 18.9 35.2 15.4 156 323 AGL Energy Ltd. AGK 12.1 14.4 18.8 14.2.9 7.6 4.4 9.1.8 2.1-5.3-6.2-23.3-28.2-9. -15 13 Coca-Cola Amatil Ltd CCL 9.8 1.3 5.1 17.5 4.6 1.2 4.3 12.6 1.8 1.5 6.3-2.8 8.4 16.7 3.4 22 69 AXA Asia Pacific Hold AXA 6. 7.5 26.1 15.1 2.5 9.9 4.3 8.9 5.2 1.7 1.7-22.4-18.8-22.9-19.4 44 16 Lend Lease Corp. Ltd LLC 14. 21. 49.7 11.5 1.7 8.3 6.1 11..4 1.1-6.2-25.9-24.4-22.7-18.9 8 64 Crown Ltd. CWN 11.2 15. 33.9 18.4 1.6 11. 4.9 14.4 3.7 NA 2.1-42.4-33.6-43.1-16.7-28 45 Oxiana Ltd. OXR 3.6 3.6.3 14.5 3. 7.4 2.3 11.2 4..3 16.2-3.5 7.2 28.8 2.9 NA NA Fairfax Media Ltd. FXJ 4.2 5.3 26.2 14. 1.2 9. 5.7 11.2 2..9 -.7-11.9-12.1-14.2-11.1-5 37 Sonic Healthcare Ltd. SHL 14.9 18. 2.8 17.9 2.5 11.1 3.8 13.7 2. 1.2-2.6-14. -.5 3.7-1.9 25 161 Zinifex Ltd. ZFX 9.5 11.5 21.8 9.2 1.2 3.2 6.8 6.3 2.9 -.2-1.3-37.1-42.6-45. -23.7 24 NA Computershare Ltd. CPU 8.9 1.3 16.4 14.8 5.2 1.4 2.6 13.2 2.7.8 11. -11.5-8.9-17.3-1.1 53 36 Qantas Airways Ltd. QAN 4.5 5.8 31.1 7.8 1.4 3.8 7.9 3.1.5.3-2. -24.2-18.5-13.8-18.2 27 31 Tatts Group Ltd. TTS 3.9 4.2 5.9 17.1 1.9 9.6 5.6 11.4 1.6 5.5 5.9 1. -19.3-6.4-1.8 NA NA Babcock & Brown Ltd BNB 16.8 32.8 95.4 8.3 2.1 6.8 3.7 7.8 1.9.6-9.1-34.3-23.2-4.7-38.3 NA NA Boral Ltd. BLD 6.2 6.5 5.5 13. 1.2 7.4 5.5 7.2.7-129 5.8-5.4-19.6-3..7-6 36 Aristocrat Leisure Ltd ALL 9.3 12.8 37.9 14.3 13.4 9.4 6.7 13. 3.2.7-1.2-7.2-31. -44.8-17.5-14 388 Cochlear Ltd. COH 54.8 68.6 25.2 22.1 9.3 14.6 3.1 22.5 4.3 1.4-2.8-24.7-14.1-6.4-26.9 9 66 Paladin Energy Ltd. PDN 5.6 7.8 4.3 24.5 2.2 16.9 NA 2.7 9.2 NA 12.5-17.2-6.2-47.3-17.7 NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 53

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) -1.71 -.51.26-1.34 1.55 1.7 Graph 1 : 12-month Forward EPS & Price Index (pt) 5 4 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 6 5 3 2 4 3 2 1 1 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 44 16 (pt) (%) 5 18 48 16 42 14 46 14 4 12 44 12 38 28E EPS (LHS) Coef. Variation (RHS) 1 7/2 7/5 7/8 7/11 8/2 42 4 1 29E EPS (LHS) Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 54

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 2 6 5 1 3-5 -1-1 -3-15 -2 1 2 3 4 5 6 7 8-6 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) (%) 16 12-month Forward PER (LHS) 6 LT EPS Growth Forecast (RHS) 19 12MF P/E (x) HC CS 14 5 16 12 4 1 3 13 IT ID 8 6 2 1 1 EN UT TS FN MT CD 4 1 2 3 4 5 6 7 8 LT EPS Growth (%) 7-15 15 3 45 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 2. 18 3 CS HC ID 1.5 16 2 IT MT EN 1. 14 CD TS FN.5 12 1 UT. 1 2 3 4 5 6 7 8 1 Tr.ROE 4 9 14 19 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 55

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 113 11.4 7.9 6.6 15.6 14.3-1.8 -.9-1.2 -.4 -.4-1.5-17 -41-58 11.3 11.7 14. 14.1 Energy 2.4 3 6.2-1.4-4 47.2 1.1 4. 1. -7.7 3.8 1.4-5.3 67-33 -1 5.8 5.6 17.5 16.1 Materials 13.4 12 9.1 3. 12.2 9.3 3.3-2.7-2. -.2-2. -1.5 -.7-33 -5-25 13.9 13.9 14.8 13.6 Chemicals 3.3 7 8.8 3.9 49.8 13.4 3.6-9.1-2.2-1. -5. -2.2-2. -14-14 -43 8.3 8.1 15.8 14.2 Metals & Mining 1.1 5 9.3 2.5 4.2 8. 3.2 -.9-2..1-1.2-1.3 -.2-6 -1 17.2 17.2 14.5 13.4 Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials 22.7 34 14.5 14.5 14.8 25.5 24.7-3.9-1. -.6-3.2 -.4-2.7-9 -39-7 9.3 1.1 16.4 17.6 Building Products.6 1 11.9 7.8 -.4 17.6 19.4.8 -.9-1.8 1.9 -.4-1.7 1-1 -1 9.7 11.8 7.8 9. Construction & Engineering 6.6 8 16.6 2.1 5.8 7.3 23.6 1.8 3.8.7 1.6 4.6-5.6 25-5 8.7 9.2 15.5 16.2 Electrical Equipment.6 2 2.2 2.8-14. -4.3 17.3-13.7-6. -16.4-16.6-5.1-9.7-1 -1-1 3.9 4.3 1.5 11. Machinery 7.5 8 18.9 16.8 147 4. 32.2 1.7-1.3-2.5.9 -.8-3.2 25-88 -1 11. 12.3 25.8 26.6 Trading Companies & Distrib 2.5 4 7.1 9.7 34.3-1.8 2.2-3.9 -.5-4.5-3.5.4-3. -1 33-1 2.9 3.1 6.9 7.7 Commercial Services & Supp.1 1 1.8 8.4 19.5 18.3 15.7.1 1.1.1.4 1. 1.2 1 1 1 2. 21.1 22.8 22.4 Airlines.7 2 9.9 6.8-59.5 114 35.2-6. -.8-7.9-6.9 1.1-5. -1-1 -1 8. 8.6 7.5 9.7 Marine 1.1 3 11.9 8.6-23.4 25.9 11.6 3.4-2. -.5 11.1-2.7-11.5-1 -1-33 7.8 8. 14.3 13.7 Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary 8.8 15 7.4 5.3 27.7 28.6 13.3.5 -.3 -.5. -.5-1.1-69 -46-77 6.2 6.7 13.1 13.1 Auto Components 1.3 3 8. 6. 16.4 12. 11.2-1.7-1.3-3.8 -.8-1.3-3.1-1 -67-67 1.3 1.5 16.4 15.6 Automobiles 3. 3 6.7 4.5-2.4 28. 17.1-1. -.7 -.6-1.9 -.7-1.2-1 -1 4.8 5.3 1. 1.7 Household Durables 2.4 3 6.9 4.8 337 57.8 9.5 5.3 1.1 4.5 4.4.3 2.4 1 1 4.9 5.5 2.7 18.4 Textiles, Apparel & Luxury G.5 2 13.1 9.3 24.5 16.4 2.4 -.3-2. -8.1. -1.5-7. -1-1 -1 7.6 8. 11. 11.8 Hotels, Restaurants & Leisur.5 1 9.2 12.1 23. 14.9 12.8 -.3.1-2.9 -.3 -.7-2. -1-1 -1 39.8 4.1 19.9 19.9 Media.1 1 12.1 4.2-18.1 23.3 9.2-1.1 -.7-2.2 -.9.9-2.4-1 -1-1 9.5 9.8 15.4 15.5 Retailing 1. 2 9. 8.5 1.2 5.5 1. -.9 -.6-3.2 -.8 -.6-2.9-1 -1-1 9.7 9.7 9.9 9.9 Consumer Staples 6. 1 7.4 7.6-2.1 17.6 12.6.7 -.8-1.2 1. -.7-1.8-56 -56-67 13.1 13.3 16.9 16.6 Food & Staples Retailing 1.9 1 6.7 8.7 7. 17. 15.7 -.4-2. -3.7 -.3-1.9-3.2-1 -1-1 8. 8.3 15.1 15. Food, Beverage & Tobacco 3.2 6 7.9 5.8-12.7 17.6 1.3.4 -.4 -.2.6 -.2-1.3-33 -33-5 2.5 2.6 17.4 17. Household & Personal Produ.9 3 9.2 7.7 13.9 18.5 15.9..3-3.2 1.1 -.4-3.3-1 -1-1 15.1 15.8 19.6 19.9 Health Care.3 2 13.6 12.8 9.8 18.6 15.9 -.2 1. -4.2 -.3 1. -4.8-1 13.9 14.7 13.9 14.3 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals.3 2 13.6 12.8 9.8 18.6 15.9 -.2 1. -4.2 -.3 1. -4.8-1 13.9 14.7 13.9 14.3 Financials 18.3 21 4.5 7.7 23.2 -.1 7.9.2-1.6-1.7 1.4-1.4-1.7-1 -5-7 2.8 2.8 14.4 14. Banks 11.7 8 2.5 6.6 14.6-2.3 6.1-1.3-2.2 -.6.3-2. -1. -1-1 -5 25.8 25.5 14.3 13.7 Capital Markets 4. 8 2.9 8.5 53.3 9.6 11.5 2.7-1. -4.3 3.2 -.8-3.6 71-71 -1 19.5 2.2 14.6 14.5 Insurance 2.2 4 12.6 1.7 64. 11.9 13.7 3. 2.2-4.1 3.7.3-2.6 5 1-5 7.2 7.5 16.4 16.1 Information Technology 21.6 9 12.9 1.5-17 26.7 2.6 2.2.5-1.1 4.9 1.1 -.2 25 25 25 1.7 11.4 14.5 15. Internet Software & Service 1.9 2 37.7 26.1 8. 46.1 29.7.7 3.6 1.9 1.5 1.4.3 1 1 1 41.3 42.2 43.5 35. 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 19.4 27.3 33.8-5.5-1.6-8.7-4.5 2.2-8.4-1 -1-1 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. 2.2 3 17.3 8.1 NA 77 12.7 9.2 7.6 3.4 9.2 2.2 1.2 33 33 33 8.9 8.9 1. 1.8 Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors 17.4 3 11.7 1.6-21.3 14.2 21. 1.1 -.4-1.7 4.3.9 -.3 1.4 11.2 14.8 15.2 Telecom. Services 4.2 5 2.3 2.2-1 -.9 16.1 3.4 -.7-6.3 4.5.3-5.1 2-1 -6 14.1 15.9 11.3 12.6 Diversified Telecom. Service 1.6 2 1.5 1.5-31.1 6.3 11.5 1.5 -.8-1.4 4.7 -.1 -.1-1 12.9 14.1 1.6 11.4 Wireless Telecom. Services 2.5 3 2.8 2.7 6.6-4.7 18.9 4.4 -.7-9. 4.4.4-7.7 33-1 -1 14.7 17. 11.8 13.3 Utilities 2.4 2 7.5 5.5-2.1 4.8 12.9-9.1-5. -6.6-14.3-7.3 3.5 4.4 5. 5.5 Electric Utilities 2. 1 7. 5.6-3.3 3.1 13. -2.6-6.2-8.2-7.3-1.3-8.9-1 -1-1 3.1 4.4 4.7 5.2 Gas Utilities.4 1 9. 5.2 1.5 2.4 12.4 NA 7.9 9.4 NA 18.1 8.1 1 1 1 4.4 4.6 8.9 9.3 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 56

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 113 11. 1.5 5.7 2. 6.9 1.1.6 1.6-5.4 -.4 14.5-9.8 64 164 Energy 2.4 3 8.8 1.6 6.6 3.5 7.8.5 NA.4-26 -3. 45.2-26 86 572 Materials 13.4 12 1.4 1.6 7.1 1.6 7.4 1.3.7 6.2-9.3 5.1 44.6-9.5 136 289 Chemicals 3.3 7 1.7 1.7 8.3 1. 7.4.9.3 12.9-8.2 4.8 61.6-4.3 94 165 Metals & Mining 1.1 5 1.3 1.5 6.7 1.8 7.4 1.5 1.2 4.2-9.7 5.1 41.2-11. 151 345 Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials 22.7 34 13.3 2.2 9.7 1.2 11.2 1.1.4 7.5-13 1.7 59.6-13 231 616 Building Products.6 1 2.3 1.7 13.4 1.2 13.2 2.3 3.2 2.2.2 32.2 87.3-4.6 212 368 Construction & Engineering 6.6 8 14.9 2.6 13.9 1.2 16.5 1.3.5 8. -2.7 13.8 57.6-9.7 276 928 Electrical Equipment.6 2 16.5 1.7 21.5 1.1 13.3.9 NA 1.6-14.1 3.8 141.6-3.7 247 679 Machinery 7.5 8 9.8 2.6 6.4 1.5 8.7 1.1.2 7.6-19.9-3.2 71-19.9 324 84 Trading Companies & Distributors 2.5 4 25.1 1.9 2.9.8 26.8.7 1. 2.5-13.5. 53.1-14.9 176 422 Commercial Services & Supplies.1 1 14.8 3.4 6.7 2.8 9.5 2.3 1. -3.6-8.3 12.4 39. -9.9 32 149 Airlines.7 2 13.3 1.1 7.7.5 4.8.5 2.2 6. 1.5 13 86.8-5.4 198 33 Marine 1.1 3 9.6 1.3 7.7 1.7 6.1.5.8 12. -12.1-19.2 6.5-4.4 27 371 Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary 8.8 15 9. 1.1 5.8 1.7 6.4.6.3.4-3.1-2.8 3.3-11 17 135 Auto Components 1.3 3 7.7 1.2 5.1 2. 6.2.7.5-6.7-13. -25.7-14.6-18.3-3 21 Automobiles 3. 3 8.4.7 4.3 1.7 5.1.4.7.5 3.9-9.4-13.2-6.4 5 112 Household Durables 2.4 3 8.7 1.7 7.5 1.4 6.9.6.1 6.3 3.8 27.5 5.1-5. 15 119 Textiles, Apparel & Luxury Goods.5 2 1.4 1.2 6.6 1.8 7..6.6 4.1-21.7-8.7 1.5-18.9 157 193 Hotels, Restaurants & Leisure.5 1 12.8 2.5 7.4 3.6 1.9 3.9.8-2. -3.4 3.9 15.9-12.4 67 16 Media.1 1 15. 2.3 12.3 3.3 15. 1.9 1.7-4.4-5.5 2.9 1. -12.1 57 13 Retailing 1. 2 11.4 1.1 8.4.5 8.7 1.1 2.1-3.7-11. -.8 -.7-21.2 9 376 Consumer Staples 6. 1 16.7 2.9 11.6 1.6 14.1 1.7.9-1.5-6. 1.9 21.5-9.7 15 288 Food & Staples Retailing 1.9 1 18.1 2.8 12.5.2 13.4 1. 1.6 -.8-17.1 2.1 8.9-19.4 91 NA Food, Beverage & Tobacco 3.2 6 15. 2.7 1.7 2.9 13.4 2.5.7-1.8 2.4 14.7 28.6-2.8 13 287 Household & Personal Products.9 3 2.7 4.1 12.6 1. 18.8 2.3 1.1-1.7-6.8 19.5 27.7-9.6 171 43 Health Care.3 2 17.3 2.5 16.7.5 16. 2.9 1.1-3.3 1.9 13.5 42.5-4.6 141 383 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals.3 2 17.3 2.5 16.7.5 16. 2.9 1.1-3.3 1.9 13.5 42.5-4.6 141 383 Financials 18.3 21 8.7 1.2.9 3.3 5. 1.3.7-6.5-3.5-8. -6.5-15 8 119 Banks 11.7 8 7.6 1.1 -.3 4. 5.3 1.4 1. -5.3.4-13.4-21.4-11.2 5 99 Capital Markets 4. 8 1.4 1.4 2.9 2.3 3. 1.4.5-9.4-11.3-3.8 37.7-21.8 174 NA Insurance 2.2 4 14.4 2.5 7. 1.4 9.5.8.8-8.3-6.7 13.3 24-21. 131 213 Information Technology 21.6 9 11.9 1.6 5.4 1.2 6.4 1.3.9 4.1 8.8 1.9 2.4 2.9 19 14 Internet Software & Services 1.9 2 23.1 9.6 15.2 NA 21.3 7.1.5-6.6-12.1 27.6 56.1-7.1 529 475 IT Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Software.1 1 13.1 NA NA NA NA NA 6.6-17.5-14.5-44.8-25.4-18.8-47 1,459 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. 2.2 3 11.3 1.2 4.3 1.1 4.3.9 NA 7.5-6.8 2.4 2.4-7.9-19 -3 Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors 17.4 3 11 1 5 1 6 1.9 5.1 14.4 -.2-3. 5.8 14 14 Telecom. Services 4.2 5 1.4 1.3 4.1 4.2 4. 1. 1.6-1.4-8.4 2.7 3.7-13 8 5 Diversified Telecom. Services 1.6 2 1.9 1.3 4.5 4.1 3.8 1.1 2.9 2.1-1.4 9.5 9.4-4.2 12 Wireless Telecom. Services 2.5 3 1. 1.3 3.8 4.2 4.1 1. 1.2-3.5-12.5-1.4.4-18. 9 11 Utilities 2.4 2 11..5 11.7 2.8 5.5.6 NA -1-6.5-14 -13-11 31 86 Electric Utilities 2. 1 1.3.5 11.6 3. 5.3.7 NA -12. -8.5-16. -15.2-14. 29 82 Gas Utilities.4 1 16.1 1.4 11.8 1.7 6.8.4.9 -.8 NA NA NA 13.1 NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 57

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 14.9 92.3 74.7 9.3 12.2 1.3 21. 11.1 1.5-1.1 21.2 21.4 1.7 11.1 16.4 16.4 POSCO 549 KR Materials 8.5 46.6 25.5 4.3 9. 2.7 8.3 4.3 -.4.4 27.5 27.7 2. 2.2 15.6 14.4 Kookmin Bank 6 KR Financials 4.5 21.1 23.6 2.9 8.4 6. 1. 3.4 -.5-2.1 19.5 19.4 17. 16.4 16.1 15.2 Shinhan Financial G 5555 KR Financials 3.7 21.2 8.9 2.5 -.2 7.2 7.8 3.2 2.9-1.1 49.3 49.6 41.3 41.7 16.1 14.7 Hyundai Heavy Indu 954 KR Industrials 3.5 29.3 19.1 2.4 16.7 16.7 34.8 31.3.5 2.2 16.1 17.2 13.5 14.8 34.2 32.9 Hyundai Motor Co. 538 KR Cons. Discr. 2.3 15.5 33.8 2.3 6.2 3.3 22.5 13.6.2.8 9.8 1.3 6.4 6.8 11.6 12. LG Electronics Inc. 6657 KR Cons. Discr. 2. 14.4 26.5 1.9 6.8 4.6 48.1 6.7 5.5 6.2 7.6 8.1 4.4 4.9 22. 2.4 KT&G Corp. 3378 KR Cons. Staples 2. 12.4 2.8.8 8.9 5.5 14.5 1.1-2. -.8 39.5 39.7 34.2 34.3 22.9 22.4 Korea Electric Pow 1576 KR Utilities 2. 23.1 32.7 2.3 7. 5.6 3.4 13.7-9.3-4.5 1.1 11.1 3.1 4.4 4.8 5.2 Shinsegae Co. Ltd. 417 KR Cons. Staples 1.9 11.6 11.4.6 6.7 8.7 17.7 15.8-3.7-2.7 1.3 1.7 8. 8.3 16.3 16.3 Samsung Corp. 83 KR Industrials 1.9 1.1 11.1.4 7.2 1.5-27.8 19. -3.3. 4.2 4.3 3.6 4. 6.4 7.4 SK Telecom Co. Ltd 1767 KR Telecom. Svcs 1.8 17.3 12.3 1.6 3.3 3.5-15. 2.2-7.2-4.9 36.5 38.1 2.9 23.9 12.9 14.6 NHN Corp. 3542 KR IT 1.8 1.6 1.3.4 38.8 26.5 43.7 3.5 3.9 3.1 45.8 47. 43. 44.1 58.6 45.9 Samsung Fire & Ma 81 KR Financials 1.6 1. 9.8.6 11.4 1.3 14.2 13.8-1.2 1.8 8.5 8.8 8.2 8.5 14.8 14.4 KT Corp. 32 KR Telecom. Svcs 1.5 14. 12.6 1.1.6.8 12.2 11.6-2.3. 3.5 31.3 12.6 13.8 11. 11.7 SK Energy Co. Ltd. 9677 KR Energy 1.4 12. 31.4 1.3 1.3-1.1 11.5 8.7-11.5-7.9 7. 7.1 5.4 5.4 17.9 16.5 SK Holdings Co. Ltd 36 KR Industrials 1.4 8.3 1.2.8 21.8 8.7 6.6 11.7-4. -1.4 89.8 88.2 9.6 88.9 14.6 13.8 GS Engineering & C 636 KR Industrials 1.2 7.9 7.1.5 12.6 2.5 1. 19.9-4.7-5.5 7.9 8.1 7.4 7.7 19.1 2.2 Samsung Heavy Ind 114 KR Industrials 1.2 7.3 1.6.8 17.8 17.5 56.8 4.2-3.5-1.6 11.4 12.5 8.5 1.2 3.9 32. Hana Financial Hold 8679 KR Financials 1.1 9.1 3.7 1.2 -.8 8.4-11.7 6.3-1.6.6 51.4 51.2 45.3 44.1 12.2 11.7 LG Philips LCD Co. L 3422 KR IT 1.1 16.4 17.5 2.5 17. 7.1 78.3-6.6 2.4-1. 32.5 3.7 17.4 14.6 25.7 19.7 Hyundai Developme 1263 KR Industrials 1. 5.5 2.9.3 3.9 33.3-3.7 52. -9.3-9.7 13.7 15.8 14.1 16. 12. 16.7 Doosan Heavy Indus 342 KR Industrials 1. 14.9 5.9.5 38.8 17. 67.2 25..8.2 1.8 11.7 8.8 9.3 2.3 21.5 Daelim Industrial Co 21 KR Industrials.9 5.5 6.1.5 17.1 16.6 7.1 7.4-1.9. 8.7 8.8 8.1 8.4 14.6 14.2 LG Chem Ltd. 5191 KR Materials.9 7.1 12.8.9 12.4 4.5 1.1-2.6.5 1.5 13.1 12.1 8.9 8. 19.9 16.5 Hyundai Mobis Co. 1233 KR Cons. Discr..9 6.4 9.7.9 8. 6.1 6.8 9.1-5.3-5.9 1.9 1.9 9.8 9.8 19.4 17.9 Hyundai Engineerin 72 KR Industrials.9 1.2 7..5 18.1 17.6 62. 6.4 2.1.1 8.2 8.6 7.5 8.3 18.4 17. Samsung Securities 1636 KR Financials.9 5. 2.3.5 9.1 8.4 16.7 12.3 -.5 -.7 26.1 27.5 26.2 27.1 17.8 17. DC Chemical Co. Lt 16 KR Materials.8 6.5 1.8.3 26.4 16.1 75.6 31.6-6.5-6.9 22.3 27.5 17.7 21.6 21. 23.5 Hyundai Steel Co. 42 KR Materials.8 6.5 9..6 15.2 3. 11. -.3 -.2-3.4 12.3 12.4 9.1 9.1 13.7 12. Daewoo Shipbuildin 4266 KR Industrials.8 7.7 9.3.8 26.6 17.1 86.6 35.9-2.8-9.4 1.3 12. 8.5 1.1 32. 33.2 Korea Exchange Ba 494 KR Financials.8 8.9 2.9 1. -.2 5.5 1.1 4.2 -.6 4.2 51.8 53. 45. 46.2 13.8 13.9 Samsung Engineerin 285 KR Industrials.8 4.4 2.7.2 31.9 27.9 31.6 21.9. -6.6 7.8 7.8 7.2 7.3 3.6 3.4 S-Oil Corp. 195 KR Energy.7 8. 17..9 6.4-2.3 3.3-8.6-5.5-6.5 7.8 7.4 6.9 6.3 2.1 18.3 Hyundai Mipo Dock 162 KR Industrials.7 5.3 3.5.5 16.8 12.8-13.7 19.3-1.2-5.7 16.8 18. 15.2 16.2 17.5 18.5 Lotte Shopping Co. 2353 KR Cons. Discr..7 1.3 11.5.8 9.9 9.5 1.5 11.4-6.5-5.5 11.1 11.1 7.7 7.8 8.9 9.1 Mirae Asset Securit 3762 KR Financials.7 5.6.9.4 21.7 24.6 26.4 17.9-2.5 1.4 NA NA 65.8 62.8 22.9 22.3 Daewoo Engineerin 474 KR Industrials.7 7. 7.1.6 1.6 12.7-42.3 8.2-7.5-8.6 1.2 1. 9.4 9.3 15.9 15.3 LG Corp. 355 KR Industrials.6 11.5 1.5 1.2 4.7 5.5 33.5 18.8-2.6 7.9 88.1 91.1 89.7 89.8 22.5 2.6 Daewoo Securities 68 KR Financials.6 4.8 4.2.5 1.1 11.3 16.7 8.2-4.5-6.3 NA NA 14.4 14.2 16.4 15.9 Korean Air Co. Ltd. 349 KR Industrials.6 5.6 1.2.4 9.9 6.8 246.4 37.4-7.7 1.8 15.7 16.4 8. 8.6 7.8 9.8 KCC Corp. 238 KR Industrials.6 5.6 2.4.3 11.9 7.8 17.6 28.9-9.1 -.4 17.8 17.1 9.7 11.8 7.8 8. Samsung Techwin C 1245 KR Industrials.6 3.9 4.2.3 21.5 21.5 17.9 28.9-2.4. 7.8 8.6 5.5 6.3 21.2 23.1 Samsung Electro-M 915 KR IT.6 3.4 3.2.2 12.6 1.4 59.2 25.3-7.7-9.9 13.5 13.3 5.3 5.9 8.9 1.1 Hanwha Corp. 88 KR Materials.6 4.5 3.4.4 1. 1.7 37.7-2.4 -.2-2.3 8.4 8.3 7.2 7.2 21.1 18.5 Samsung SDI Co. Lt 64 KR IT.6 3.4 4.9. 21.3 7.9 NA NA NA 43.2 11.9 14.4-1. 2.9-1. 3.6 Hyundai Securities 345 KR Financials.5 3.1 3.8.3-5.6 4.4-3.8 7.9-4.2 -.9 NA NA 11.3 11.5 12.5 11.6 Kangwon Land Inc. 3525 KR Cons. Discr..5 4.9 1.2.4 9.2 12.1 15.4 13.1-2.1-1.4 44.5 44.6 39.8 4.1 21.6 21.3 Hynix Semiconducto 66 KR IT.5 11.9 8.6.1-3.2 21.8-68.3 961.5-81.3-16.7 26.1 37.1.8 14.3 1.1 12.4 Woori Finance Hold 53 KR Financials.5 15. 7.6 2.1 2.9 6.4.6 7.6 1. 1.4 54.7 55.9 44.1 44.1 14.1 13.7 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 58

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 593 594, 72, 21.2 11. 1.7 5.1 1.2 6.4 1.2.7 5.3 15.3.3-2. 6.8 13 97 POSCO 549 57, 7, 38.1 1.5 1.5 6.6 2. 7.4 1.8 1.7 3.6-1.9 4. 38. -11.8 154 353 Kookmin Bank 6 59,5 84,5 42. 7.2 1.1 NA 4.6 4.4.9 3.3-8. -3.4-19.4-31.4-13.8 32 45 Shinhan Financial Gro 5555 5,7 66,1 3.4 8.4 1.3 2.5 2.4 5.3 2.4 1.5 3.3 7.5-7.8-8.8-5.2 78 281 Hyundai Heavy Indust 954 365,5 563, 54. 11.3 3.4 8. 1.4 1.3 1.5.3 9.1-15.9 23.9 139-17.4 646 1876 Hyundai Motor Co. Lt 538 67,1 96,5 43.8 8.3 1. 3.5 1.8 5.3.5.5 -.4 5.3-6.3-8.1-6.3 16 148 LG Electronics Inc. 6657 94,4 127,5 35.1 8.4 1.7 7.7 1.1 6.9.5.3 7.2 5. 29.5 57.6-5.6 18 138 KT&G Corp. 3378 82,1 92,1 12.2 15.2 3.3 11. 3.5 13.8 4.4 1.2-1. 4.5 24.4 41.6 3. 158 41 Korea Electric Power 1576 34,1 41, 2.2 1..5 11.6 3. 5.3.7 1.2-12. -8.5-16. -15.2-14. 29 82 Shinsegae Co. Ltd. 417 585, 737,5 26.1 18.3 2.8 12.5.2 13.4 1. 1.1 -.8-17.1 2.1 8.9-19.4 91 258 Samsung Corp. 83 61,4 84, 36.8 27.8 1.8 2.1.8 25.8.9-3.8 4.6-11. 1. 91.9-14.7 279 849 SK Telecom Co. Ltd. 1767 22, 245, 21.3 1.2 1.5 4.1 4.5 4.7 1.4 9.5-3.6-11.6.7.7-18.9 13 21 NHN Corp. 3542 29,1 315, 5.6 23.6 1.2 15.5 NA 21.9 7.5.6-7. -12.9 28. 61.2-7.5 625 NA Samsung Fire & Marin 81 2,5 27, 34.7 17.8 2.3 11.5 1.2 1. 1..8-8.7-4.5 14.6 19. -2.8 14 225 KT Corp. 32 47,8 49, 2.5 11.6 1.4 4.6 4.2 3.7 1.1 1. 2.1 2.5 13.8 13.7-2.2 16 3 SK Energy Co. Ltd. 9677 124,5 177,5 42.6 9.2 1.5 7.2 1.7 6.9.4.2-1.2-3.3-2.7 NA -31.2 NA NA SK Holdings Co. Ltd. 36 168, 212,357 26.4 9.6 1.4 9.6.5 9.3 7. 1.1 2.8-25.3 3.4-4.9-15.2-16 269 GS Engineering & Con 636 146, 21, 43.8 16.4 3. 12.5 1.2 15.9 1.1 1.1 2.5-4.3 22.7 72.8-6.4 41 921 Samsung Heavy Indus 114 29,95 5,25 67.8 8. 2.1 2.9 2. 6.3.7.2 2.2-28.6-23. 29.9-25.5 267 585 Hana Financial Holdin 8679 4,9 54, 32. 7.4.8 2.1 3.5 7.1 2.4-2.4-15.3-3.7-8.9-21.5-18.8 46 152 LG Philips LCD Co. Ltd 3422 43,5 61, 4.2 6.6 1.5 2.7 1.2 3.1.9.2 6.5-13. 5.1 38.1-12.1 2 NA Hyundai Development 1263 69, 96,5 39.9 16.4 2.1 12.3 1.3 14.5 1.8.8 3.4-4.8 1.8 25.2-24.6 293 934 Doosan Heavy Industr 342 134,5 15, 11.5 25. 5. 24.3.3 26.6 2.4.6 17. -.4 71.3 196 6.7 963 2368 Daelim Industrial Co. 21 149,5 21, 4.5 11.9 1.7 11.3 1.6 11.9.9 1.6 3.5 2.7 14.6 82.3-16.5 153 793 LG Chem Ltd. 5191 78,1 12, 53.6 7.5 1.4 4.5 1.6 4.7.6 2.1 5.5-16.9 1.2 77.9-12.8 67 87 Hyundai Mobis Co. Ltd 1233 69,7 19, 56.4 6.7 1.2 5.2 2.2 6.5.7.8-6.2-15.7-27.2-16.6-2.1 21 Hyundai Engineering &72 87, 17,3 23.3 21. 3.7 18.8. 2.6 1.4.7 8.6 21. 29.9 66.7-1.4 NA NA Samsung Securities C 1636 71, 77,35 8.9 11.2 1.9 4. 2.5 6.4 2.2.3-6.7-22.8-3.7 38.1-21.8 152 146 DC Chemical Co. Ltd. 16 39,5 478, 54.4 24.4 5. 16.6.3 19.6 3.5.5 42. 44. 129 NA 23.3 NA NA Hyundai Steel Co. 42 72,4 1, 38.1 1.7 1.3 9.2.7 7.6.7 2.1 7.3-1.5 22.9 16-8.4 347 1334 Daewoo Shipbuilding 4266 38,5 66, 73.5 9.3 2.7 5.8 1.7 8..8.2 5.3-12.2-13.6 19.8-26.3 93 NA Korea Exchange Bank 494 13,1 17, 29.8 8.9 1.2.4 6.9 6.2 3. 3.4-5.8-3. -7.4-5.4-9.7 52 256 Samsung Engineering 285 13,5 119,5 15.5 2.5 6. 16.6 1.3 21.2 1.5.8 25. 4.4 15. 114 1.3 NA NA S-Oil Corp. 195 67,6 82, 21.3 9.7 1.9 5. 7.6 8..5-3.4 4. -14.9-6.2.9-14.4-3 317 Hyundai Mipo Dockya 162 249, 41, 64.7 1.2 1.7 4.7 1.4 9. 1.5 6.9 16.4-1.8 1.7 77.9-13.7 NA NA Lotte Shopping Co. Lt 2353 336,5 46, 2.7 12.5 1.1 7.9.4 8.6.9 2. -.7-5.7 1.7-4.3-18.5 NA NA Mirae Asset Securitie 3762 142, 182,5 28.5 13.8 2.7 NA.9 NA 6.2.2-11.5-12.3 93.2 14-17.4 NA NA Daewoo Engineering 474 19,7 3,5 54.8 12.1 1.8 8.9 3.2 11.7 1. -.6 1.8-27.3-27.5-2.3-2.2 169 NA LG Corp. 355 63,4 84,8 33.8 9.6 1.7 9. 1.2 17.8 7.8.4 6.7-6.8 26. 96.6-9.3 119 465 Daewoo Securities Co 68 23,7 26,8 13.1 11.3 1.8 NA 1.9 3.6 1.1-2.6-1.2 -.2-16.5 28.1-22.5 273 491 Korean Air Co. Ltd. 349 73,6 61,85-16. 13.8 1.1 7.7.5 4.8.5.1 6.7 5.1 21.7 116-4.2 278 435 KCC Corp. 238 53, 46, -8.5 21.1 1.7 13.4 1.2 13.2 2.3.9 2.2.2 32.2 87.3-4.6 212 368 Samsung Techwin Co 1245 48,2 56,9 18. 14.8 3. 1.7 1.3 11.2.9.6 16.1 6.2-17.9 41.3 14.4 419 672 Samsung Electro-Mec 915 43,4 53, 22.1 18. 1.6 9.1 1.2 8.1 1.1.4 4.6-6.6-11.7 14.7-11.7 48 5 Hanwha Corp. 88 56,3 78, 38.5 11.2 2.4 2.4.8 1. 1.3.7-5.5-17.7 7.2 NA -2.5 NA NA Samsung SDI Co. Ltd. 64 71, 56,5-2.4 NA.7 6.3.8 5.6.7 NA 12.9 7.9 16.4 7.3 6.8-4 1 Hyundai Securities Co 345 17,2 18,5 4.9 9.9 1.1 NA 2.5 1.7.8.2-5. -3.1-3.5 37.7-25.2 176 249 Kangwon Land Inc. 3525 21,55 27,5 25.5 12.7 2.5 7.4 3.6 1.9 3.9.9-2. -3.4 3.9 15.9-12.4 67 NA Hynix Semiconductor 66 24,55 32,5 32.4 4.7 1.3 5.5 NA 4.6 1.3.5-1.8 9.1-31.7-25. -5.4 52 387 Woori Finance Holding 53 17,6 24, 36.4 6.8.9 NA 4.2 6.5 1.9 1.7-8.3 6.7-18.1-29.7-6.6 87 288 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 59

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) -1.57-4.89-1...88-3.76 Graph 1 : 12-month Forward EPS & Price Index (pt) 3 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 6 2 4 1 2 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 3 2 (pt) (%) 38 32 34 24 28 16 3 16 26 12 26 8 28E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 3 5-5 -1-3 -1-2 -6-15 -3 1 2 3 4 5 6 7 8-9 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) 3 24 12MF P/E (x) CS 25 25 2 2 15 2 15 16 ID TS CD FN 1 1 12 EN MT IT 5 1 2 3 4 5 6 7 8 5 LT EPS Growth (%) 8-15 -5 5 15 25 35 Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) Trailing PBR (LHS) 4. 18 Trailing ROE (RHS) 3.5 15 4 Tr.PBR CS EN 3. 12 3 2.5 9 IT TS MT 2. 6 2 FN ID CD 1.5 3 1. 1 2 3 4 5 6 7 8 Tr.ROE 1 4 1 16 22 28 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 61

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 123 16.9 13.8 28.6 9.4 9.1-1.8-1.2-5.4-2.7-1.4-4.8-25 -21-64 9.7 9.8 16.2 16.4 Energy 1.4 1 14.1-5.5 55.4 6. -19 1.9.. 2.4.. 1 13.4 12.2 29.1 23.7 Materials 14.7 12 5.5-2.7 28.1 3.5-7.3.6.2 -.6 1.1.5 -.7 33 56-33 15.1 15. 18.5 18.6 Chemicals 9.1 6 3.3-8.4 29.5 3.4-13.2 -.1.1...2.1 2 4 2 11.4 11.2 7.1 7.3 Metals & Mining 3.7 3 8.1 5.4 24.1 3.2 -.5 1.9.3-1.5 1.8 1. -1.5 1 1-1 23.7 22.5 22.1 21.6 Paper & Forest Products.1 1 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials 3.6 12 6.8 9.3 24.4 4.1 26.9-1. -1.5-7.2-3.7 1.3-1 9-55 4.2 4.6 1.7 12.7 Building Products.2 1 15.4 5.3 29.8 29.6 2.7 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.6 2 8.7 14.7-45.5 44.2 28.5-2.2. -3.9.1. -.2-5 -5 3.7 3.8 8.8 11.1 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.1 1 1.6 11. 3. 1.6 4.4...... NA NA NA NA Airlines.4 2 4.4 4. NA NA NA NA NA NA -25.7. -59.8-1.6 1.5-2.5.3 Marine 1.1 5 5.6 9.2 166-12.1 31.2 5.8-2.6-13.8-1.5 3.4-19.4 75-1 6.6 6.9 14.4 17.3 Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary 2.4 1 8.4 6.9 2.4 1.3 3.9-8.2.7-11 -9.6-4.3-7.2 14 14-43 6.3 6.3 1.1 9.9 Auto Components.3 1-2.6-17.1 178 -.9-23.2. 12.2.... 1 NA NA 19.1 13.4 Automobiles.4 2 6.2 9.8-12.9 6. 1.7-1.2. -4. -2.1 1. -5.4-5 5-5 4.7 4.9 5.5 6. Household Durables.3 2 9.6 1.1 134-4.8-7.6 -.1 9.7-19.3-8. 9.7-2.7 1-1 3.6 3.7 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.4 1 7.6 1.1 175-3.5 51.6 NA 2.2 2.4 NA 2.9 16.3 1 1 1 4.4 4.9 5.1 7. Consumer Staples 1.4 2 5.2 4.8 75.2 5. 4.3.5 -.3 24.6.6 -.3 17.4 5-5 4.9 4.9 13.4 14. Food & Staples Retailing.4 1 4.1 3.7 14.8 5. 4.4 1.6-1.1. 2. -.9. 1-1 4.9 4.9 26.1 25.8 Food, Beverage & Tobacco 1. 1 6.7 6.4 NA NA NA.. NA.. NA NA NA NA 1.7 11.5 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 16.7 18 5.6 11.3 182 9.2 1.2.1-2.2-3.1 -.4-1.1-1.5-13 -13-53 43.2 45.7 1.7 11.3 Banks 8.7 1 5.4 13.5 154 15.2 1. -.5 -.6-4.2 -.4 -.2-1.9-22 -44 46.1 46.6 1.2 11. Capital Markets.7 3-12. -3.9 8.7-31.7-9.2 1.4-9. 1.6 6..3 1.6 NA NA 7.6 7.1 Insurance 4.8 2 8.9 1.2 144 -.4 15.3.7-5.7-2.6 1.2-5.1-1.5-1 -1 37.1 43.7 13.4 13.9 Information Technology 55.5 65 2.3 16.6 16. 1.6 14. -2.9-1.6-8.3-4.2-2.1-7.2-52 -43-78 7.4 7.5 19.5 19.2 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.4 3 14. 21.1 12.9-4.4 13.2-2.8-6.3-3.2-9.4-3.6 -.3-33 -1-1 6.7 5.7 17.1 19.3 Computers & Peripherals 13.4 19 2.4 17.2 136 11.9 18.9-1.3-3.2-6.2-1.1-2.9-5.7-67 -76-82 4.1 4. 19.5 19.3 Electronic Equip. & Instr. 17.6 2 23. 17.3 121 29.5 -.5-1.5 1.7 -.7-3.9 -.1-7. -28 7-6 8.9 7.5 2.7 18.6 Office Electronics. 1 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors 24.1 22 12.2 11.8-38.3-7.3 31.6-5.5-3.7-19.2-6.4-3.4-8.9-63 -42-84 14.1 2.1 15.3 21.9 Telecom. Services 4.2 3 2.8.8-12 25.7 6. 1.9-1. -2. 2.8 -.2-3. -33-33 -1 32.7 33.9 15.7 16.7 Diversified Telecom. Service 3. 1 2.2.8 1.1 3.9 4.7 1.8-1.5-1.1 2.6 -.9 -.4 1-1 -1 33.5 35. 15.6 16.7 Wireless Telecom. Services 1.2 2 4.1.8-41.5 81.1 7.8-2.7.3-3.6-4.5 1.4-7.5-1 -1 31. 31.6 16.1 16.7 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 123 11.9 1.9 6.8 4.9 7.5 1.1.7.6-4.9-4.1. -5.6 23 64 Energy 1.4 1 1.9 2.9 7.8 7.2 9.7 1.1 NA -7.6-6.7-6.7 2.3-13 NA NA Materials 14.7 12 1.8 2.2 12.9 7.2 1.6 2.4 4.8-3.3 1.5 9.4 36.5-3.9 61 159 Chemicals 9.1 6 1.5 2.2 16.2 7.4 11.8 2.4 38.9-5.8-2.4 5.1 34.3-8.2 65 163 Metals & Mining 3.7 3 9.8 2.2 7.2 8.2 8. 2.1 5.4 1.2 6.5 11.7 28.2 1.2 32 119 Paper & Forest Products.1 1 NA NA NA NA NA NA NA -2.8-2.8-6.1-6.6 1.6-17 NA Industrials 3.6 12 13.9 1.5 9.9 4.6 8.3.8 NA -.4 7. 16.5 22.6 4.7 29 88 Building Products.2 1 14.7 NA 7.9 1.1 NA 3.7 NA -2.3 4.9 25.8 44.6 3.5 65 149 Construction & Engineering NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electrical Equipment.6 2 8.5.7 9.2 5.8 5.1.4 NA 2.4 -.7-6.8-15. 1.7 3 16 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.1 1 12.1 NA 6.1 6. 9.5 2.1 NA 5.2 9. 9.4 1.1 8.5 44 19 Airlines.4 2-84.7 1.4 14.8.2 7.6.6 NA -9.3 18.3 31 9.1 15. 5 47 Marine 1.1 5 9.5 1.4 6.2 7. 6..6.6 -.7-9. 6.3 2.7-12.8 1 68 Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary 2.4 1 15.2 1.6 11.4 3.5 1.6 1. 1. -1.8-5.1-8.2-1 -4.1 1 3 Auto Components.3 1 13.6 2.5 44.6 3.9 NA 4.6 NA -1.5-3.4-5.7 76. 2.3 76 81 Automobiles.4 2 16..9 2.2 2.8 12.7 1.7 5.9 -.6 1.1.4-8.2 15.8-11 -29 Household Durables.3 2 9.3 NA 5.1 7.9 5.7.3 1.9-9.8-15.2 1. -24.7-12.6-54 -66 Textiles, Apparel & Luxury Goods.7 2 NA NA NA NA NA NA NA -4.5-8.1-2.5-16.5-12.2 2 24 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.4 1 47.7 2.6 1.5 1.7 1.4.6 1.2 1. NA NA NA 35.8 NA 256 Consumer Staples 1.4 2 18.4 3.1 1.8 3. 12.4 1.7 3.3 4.4 2. 28.6 36.2 1.1 152 221 Food & Staples Retailing.4 1 18.1 4.7 1.8 4.6 12.4.8 3.2 1.2 1.6 8.2 16.5 8. 77 12 Food, Beverage & Tobacco 1. 1 NA 2.7 NA 2.4 NA 3.1 NA 5.6 -.8 38. 45.1-1.1 197 314 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 16.7 18 14. 1.5 6.6 4. 7.1 4.3.5-2.1 1.9 8.3-1. 12 3 44 Banks 8.7 1 11.8 1.2 7.2 4.5 9. 3.4 1.2-1.3 8.7 5.6-8.8 8.1-11 23 Capital Markets.7 3 14.2 1.2-4.2 3.8 NA 4.8 NA -2. 5. 12.1 1.4 9.9 8 NA Insurance 4.8 2 19.1 2.5 9.9 3.1 1.2 6.1.3-3.1 8.5 2.4 1 16.3 24 12 Information Technology 55.5 65 11.4 1.9 5.8 4.4 6.9.8.5 3.2-12 -13-8.9-12 23 55 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.4 3 8. 1.5 6.6 6.5 1.1.7 1.6-14.6-31.8-39.7-34. -3.2-32 -26 Computers & Peripherals 13.4 19 1.3 2. 7.5 4.6 1.3.4.5.7-17.1-11. -7.1-13.9 19 36 Electronic Equip. & Instr. 17.6 2 8.7 1.7 4.6 3.1 5.1.6.3.9-14. -12.6 -.8-14.2 37 116 Office Electronics. 1 NA NA NA NA NA NA NA -2.4-11.6-14.6-15.7-6.4-19 -24 Semiconductors 24.1 22 16 3 7 5 7 3 1. 6.8-5.9-13.4-14.6-7.6 19 49 Telecom. Services 4.2 3 12.7 2.2 6. 7. 7.3 3.3 3.3-3. 9.1 21.3 16.8 6.4 19 57 Diversified Telecom. Services 3. 1 13.2 2.2 5.6 6.9 7.4 3.5 9.5-1.5 11.3 22.4 12.3 8.9 16 NA Wireless Telecom. Services 1.2 2 11.9 2.1 6.9 7.4 7.1 2.8 1.6-6.4 2.6 18.3 35..8 32 8 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 11.8 51.9 11.7 3.8 14.7 8.2 1.9 11. -3.1-2.5 55.8 56.6 34.3 35.9 23.3 24.7 Hon Hai Precision In 2317 TW IT 8.1 36.2 69.2 2.9 26. 25.3 19.7 24. -.7-1.1 6.7 6.6 5.4 5.4 23. 23.7 Cathay Financial Ho 2882 TW Financials 4.1 23.8 3. 1.1 6.5 1.2-3.9 13.8 -.7. 43.6 45.4 42.5 47.2 14.6 15.3 China Steel Corp. 22 TW Materials 3.3 16.3 6.9 1.6 6.5 2.2 2.6.5.1.1 32.2 27.2 25.8 25. 22.5 2.8 Nan Ya Plastics Cor 133 TW Materials 3.3 17.7 7.6 2.1 4.3-1.3 11.2-17.7.. 18.3 17.2 15. 13.4 23.2 19.6 Formosa Plastics Co 131 TW Materials 3. 15.3 5.6 1.3-1.6-7. -1.7-11.8.. 15. 15.7 9. 1.2 2.8 18.2 Chunghwa Telecom 2412 TW Telecom. Svcs 3. 21.7 6.3 1.6 2.2.8 3.3 5.2-3.6 -.7 51.8 52.3 33.5 35. 14.9 15.1 AU Optronics Corp. 249 TW IT 3. 13.7 18.1 2.3 18.6 1.6 38. -19.8 3.3-2.3 29.7 27.1 15. 1.7 2.4 18.4 High Tech Compute 2498 TW IT 2.8 12.4 4.8.9 27.7 24.2-3. 16.1-1.3-2.3 2.4 19.8 19.9 19.2 42.2 43. MediaTek Inc. 2454 TW IT 2.5 11.4 3.1.8 2.9 19.9-28.8 24. -14.1-9.8 28.2 29.6 28.2 28.2 28.9 3.2 ASUSTeK Computer 2357 TW IT 2.4 1.2 26. 1. 11.7 17.6 7.5 13.5-6.4-8. 5.3 5.2 4.4 4.3 16.9 17.4 United Microelectro 233 TW IT 2. 7.7 3.5.5 NA 8.4 NA 52.2-37.9-9.4 37.3 35.5 1.1 5.8 4.9 6.7 Formosa Chemicals 1326 TW Materials 1.9 13.1 7.7 1.5 6.2-11.5 3.9-17.4.. 13.3 11.8 1.2 1.3 21.8 18.4 Chinatrust Financia 2891 TW Financials 1.8 7.3 2.1.5 1. 8. 27.8 2.8-3.6-3.7 32.1 35.6 36.6 41.9 13.3 15.3 Mega Financial Hold 2886 TW Financials 1.6 7.6 1.5.6-3.4 12.3 4. 13.8-5.5.2 47.4 47.9 55.4 59.5 9.4 1.5 Chi Mei Optoelectr 39 TW IT 1.4 8.4 12.4 1.5 3.2 4.9 37.5-16.4 1. -.3 28.6 27.6 14.8 1.4 2. 16.5 Formosa Petrochem 655 TW Energy 1.4 24.6 22.9 2.5 14.1-5.5 9.2-19. -.1. 16. 15. 13.4 12.2 29.1 22.3 Innolux Display Corp 3481 TW IT 1.3 6.7 7.2.6 45.4 36. 22.9 9.8 2.5.6 13.8 12.2 1. 8.6 25.9 24.6 Yuanta Financial Ho 2885 TW Financials 1.3 6.9 1..4 16.4 3.6 53.9 5.8.6 1.9 45. 43.1 45. 47. 1.6 11.2 Siliconware Precisio 2325 TW IT 1.2 4.9 2.3.5 1. 8.8-18.8 12.9-13.6-16.1 34.5 35.9 19.3 22. 19.8 22.1 Taiwan Cement Co 111 TW Materials 1.2 5.2 1.8.3 17.2 17.3 4.4 21.4-5.6-14.5 24.4 25.4 14.1 15.3 13.9 15.2 Far Eastern Textile 142 TW Industrials 1.2 6.9 1.7.3 6.6-6.2-5.7 6.1 2.3 3.8 27. 3.4 2.5 2.5 12.4 12.8 Delta Electronics In 238 TW IT 1.1 5.7 5..5 19.7 19.9 2.2 3.7-4.8-17.6 13.1 13. 11.5 12.1 22.2 25.6 Acer Inc. 2353 TW IT 1.1 4.2 18.7.4 27.8 19.4-4.7 11. -8.8 -.7 2.3 2.3 2.3 2.4 14.5 16.7 Fubon Financial Hol 2881 TW Financials 1.1 8.4 1.9.6 2.1 7.3 5.4 14.2 -.5 3.4 38.1 38.2 35.5 42.1 1.1 11.1 First Financial Holdi 2892 TW Financials 1.1 5.3 1.2.4 7.2 7.7 5.9 6..4.2 46.8 45.6 52.7 54.6 12.3 12.8 Uni-President Enter 1216 TW Cons. Staples 1. 4.9 1.6.2 6.7 6.4-16.6 13.9. -.2 5.4 5.6 NA NA 1.9 11.9 China Development 2883 TW Financials 1. 4.3.9.5 6.1 1.3 4.9-9.6.1 -.4 62.4 59.2 NA NA 9.2 7.9 Advanced Semicond 2311 TW IT.9 4.8 3.6.5 12. 14. 25.6 18.6-5.2. 34.4 32.8 19.1 19.8 2.6 2.6 Taiwan Mobile Co. 345 TW Telecom. Svcs.9 6.6 2.2.5 5.5.8 159.4 7.2-5.7-16.9 43.1 44.1 33.8 34.3 34.1 34. Powerchip Semicon 5346 TW IT.8 3.1 2.8 -.3-4.6-8.5 NA NA NA NA 45.1 38.6-18.7-3.1-13.5-6.7 Compal Electronics 2324 TW IT.8 3.4 16.8.5 23. 18.1 9.5 11.9-5.7-7.2 3.3 3.2 2.9 2.8 18. 18.7 Foxconn Technolog 2354 TW IT.7 4.7 4.8.3 13.6 16.8 16.6 24.8-9.3-13.4 1.4 11.3 7.9 8.6 26.7 25.2 Hua Nan Financial H 288 TW Financials.7 4.6 1.3.3 5.7 6. 17.1 13.5 1.3 4.3 34.4 36.9 51.2 52.3 1.8 11.4 Inotera Memories In 3474 TW IT.7 2.8 1.6 -.1 9.5 24.2 NA NA NA -22.3 53.8 59.8-6.3 2.6-1.1 4.9 Shin Kong Financial 2888 TW Financials.7 3.5 1.2.3 14.3 1.2 11.5 11.2-2.9-2.8 2.2 25.2 25.7 36.6 1. 11.9 Taiwan Fertilizer Co 1722 TW Materials.7 3.7.4.1.8-6. -.6 5.1.1.1 25.4 27.7 3.4 3.9 7.6 7.6 Quanta Computer I 2382 TW IT.7 4.4 27.6.5 18.6 13.2-9.3 13.1-5.7-6. 2.2 2.1 1.7 1.7 19.7 2. Asia Cement Corp. 112 TW Materials.7 4.3.3.3.8 -.3-2.3 9.5-2.8.1 18.3 16.9 13.2 13.3 14.6 14.9 Lite-On Technology 231 TW IT.7 2.8 6.7.3 13.8.9 1. 7.1-3.6-15.8 5.9 7.1 4.4 4.5 15.2 17.1 SinoPac Financial H 289 TW Financials.7 2.7 1.1.2 9.2 7.6 87.2 22.4-9.7-2. 26.5 28.4 33. 35.9 8.1 9.3 Tatung Co. Ltd. 2371 TW IT.6 2.5 1.4.1 1.6 11.9 19.2 4.6.2 -.3 13.1 12.3-3.2-2.6 9.8 9.3 Chang Hwa Comme 281 TW Financials.6 2.8.8.3 3.2 4.4-6.7-16.7..4 NA NA 55.7 55.6 1.3 8.6 Taishin Financial Ho 2887 TW Financials.6 2.4 1.9.2 4.2 1.1 65.9 5.1-22.3-1.8 22.1 25.2 34.3 35.6 7.8 11.4 Chunghwa Picture 2475 TW IT.5 2.8 5.2.6 3.4-12.8 111.8-35.2 4.1 -.2 28.1 28.9 1.7 1. 16.7 1.6 Catcher Technology 2474 TW IT.5 1.9.7.2 17.4 16.5-4.6 18.4-8. -.9 4.1 39.6 33.4 34.3 24.2 24.1 Synnex Technology 2347 TW IT.5 2.5 1.7.2 5.8 NA 32.3 NA. NA 1.5 NA NA NA 2. NA Wistron Corp. 3231 TW IT.5 2.2 11.7.2 33.5 22.2 22.5 27.9-6.2-2.2 3.2 3.2 2.5 2.5 24.4 26.1 HannStar Display C 6116 TW IT.5 2. 2.8.5 2.2-9.1 6.7-35.2 2.9-23. 34.4 34.2 17.6 9.5 21.5 15.6 Novatek Microelect 334 TW IT.4 1.9 1.3.2 16.8 16.3-17.2 8.1-12.2-6.4 16.2 15.8 16.5 15.4 34. 36.3 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 64

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 233 61.9 69. 11.5 13.2 3.1 6.8 5.3 9.5 4.4 1.2 16.1 5.6. -7.6 -.2 23 85 Hon Hai Precision Indu 2317 181.5 259.3 42.9 12.1 2.7 7.2 1.8 1.6.5.6 5.8-8.3-2.1-2.8-1.1 119 27 Cathay Financial Hold 2882 81. 91.6 13. 21.6 3.1 11. 3. NA 7.7 4.7-1.2 14.1 11.1 1.2 19.8 36 119 China Steel Corp. 22 44.6 48.8 9.3 9.8 2.1 7.4 8.1 7.9 2.3 6.5 1.2 7.5 12.9 3.5 2.5 38 136 Nan Ya Plastics Corp. 133 73.3 12. 39.2 8.9 2.1 14.4 8.5 11.6 2.4-2.1-8. -8.4.5 3. -14.8 7 169 Formosa Plastics Corp 131 84.1 11. 2.1 11.7 2.4 18.2 7. 12. 2.7-1.7-6.2 -.5 6.5 44.5-7.7 67 153 Chunghwa Telecom C 2412 7.7 74. 4.7 13.3 1.8 5.6 6.9 7.4 3.5 3.1-1.5 9.7 2.6 1.6 7.3 14 36 AU Optronics Corp. 249 55. 77.5 4.8 5.9 1.2 3.1 4.5 2.7.8 1.1-3.8-12.7 17. 16.6-13.4 3 189 High Tech Computer C 2498 68. 774.5 13.9 13.7 5.1 1.3 4.2 14.4 2.5 2.2 14.7 13.3 69.2 76.4 13.5 NA NA MediaTek Inc. 2454 345. 476.1 38. 14.3 3.8 1.4 5.7 12.3 3.6-2.4 4.9-27.4-29.2 -.2-18.1 16 NA ASUSTeK Computer In 2357 86.4 17.4 24.4 1.6 1.7 6.3 2.2 8.9.4 1. 5.4-13.6-1.5 3.2-11.3 25 124 United Microelectroni 233 18.3 19. 3.8 19.2 1. 5.3 3.9 5.3 2.2 NA.8-9.4-27.9-36.2-9.2-3 -21 Formosa Chemicals & 1326 75. 93. 24. 9.2 2. 14.3 8.3 1.4 1.7-1.3-6.4-6.3-3.7 21.2-9.6 43 182 Chinatrust Financial H 2891 27.4 3. 9.5 13.7 1.9 21.6 3.2 3.4 3.5.6 4.6 24.5 17.3 1.7 18.9-2 51 Mega Financial Holdin 2886 21.6 22.5 4.2 12.6 1.2 21.4 6.9 17.3 5. 1.4 -.9 1.5 1.2-3.1 8.3 2 31 Chi Mei Optoelectron 39 39.2 54.5 39. 5.9 1.1 3.6 3.3 2.9.7.8-4.9-1.9 16.8 23.2-13.8 5 NA Formosa Petrochemic 655 84. 1. 19. 1.7 3.1 7.8 7.2 9.7 1.1-1.8-7.6-6.7-6.7 2.3-13.4 NA NA Innolux Display Corp. 3481 76.8 14. 82.3 1.3 2.4 7.1 1.8 11.5.9.6-9.6-33.2-43. -3.3-3.2 NA NA Yuanta Financial Hold 2885 25.9 27.5 6.2 16.5 1.9 6. 3.2 NA 7.1.6-4.1 28.5 46.3 65. 22.5 56 18 Siliconware Precision 2325 5.6 58. 14.6 1.6 2.1 5.5 8.3 6.6 2.2-2.5 13.3-9.6-14.2-8.2-13.2 12 32 Taiwan Cement Corp 111 5.8 6. 18.1 17.6 2.5 16.4 4.1 11.1 2.9 1.4. 14.2 35.5 85.2 12.9 172 355 Far Eastern Textile Lt 142 48.3 46.6-3.6 21.6 2.4 17. 3.7 16.6 4.2 115 1.7 3.2 42.1 74.6 26.9 143 47 Delta Electronics Inc. 238 85.7 15.5 23.1 11.6 2.7 7.2 6.3 9.3 1.1 3.9 9. -22.1-27.1-12.6-22.8 85 179 Acer Inc. 2353 55.1 69.5 26.1 1.5 1.6 7.7 6.8 1.2.2 3.7 5.6-13.2-1.8-7.9-13.2 19 114 Fubon Financial Holdin 2881 34.2 35. 2.5 14.6 1.5 NA 5. 11.3 4.4 1.5-3.7 22.8 22. 8.6 18.6 16 27 First Financial Holding 2892 27.4 28.4 3.8 12.1 1.5 NA 4.6 NA 4.2 2. 1.1 16.8 3.5 15.2 14.4 12 38 Uni-President Enterpr 1216 43.4 47. 8.3 25. 2.7 NA 2.4 NA 3.1-9.8 5.6 -.8 38. 45.1-1.1 197 314 China Development Fi 2883 12.5 14.7 17.5 8.4.7 NA 2.7 NA 4.9-3.2-4.9. -1. -16.9-2.3-5 3 Advanced Semiconduc 2311 27.4 39. 42.3 9.2 1.8 4.1 5.4 4.4 1.3.4.9-17.7-14.1-16.2-15.7 39 112 Taiwan Mobile Co. Lt 345 54.6 6. 9.9 11.7 3.3 7.4 7.3 7.7 3..2-12.9-2.4 12.6 28.5-4.6 26 71 Powerchip Semicondu 5346 12.7 17.3 36.5 NA 1. NA NA 3.4 1.2 NA -9.6 2.8-24.7-34.3-8.3 NA NA Compal Electronics In 2324 27.8 4.5 45.7 7.2 1.3 4.5 9.1 7.5.2.7-6.1-28.4-21.5-5.6-21.7-4 -3 Foxconn Technology C 2354 194. 26. 34. 13. 3. 8.9 2.4 11.3.9.6-5.6-35.8-35.7-35.2-26.5 NA NA Hua Nan Financial Hol 288 24.4 22.7-7. 13.4 1.4 NA 4.5 NA 3.5.9 2.1 15.4 18.7-2. 14.6-2 42 Inotera Memories Inc 3474 26.7 31. 16.1 NA 1.2 5.2 NA 3.9 1.7 NA -.2 4.3-18.3 NA 3.9 NA NA Shin Kong Financial H 2888 21.9 32.1 46.5 1.8 1.2 4.6 3.5 1.2 2.8.9-13. -16. -3.2-31.4-1. -19 179 Taiwan Fertilizer Co. 1722 119.5 18. -9.6 3.1 2.2 36.7 2.6 24.1 1.4 13.6 9.1 57.7 82.2 14 5.1 242 642 Quanta Computer Inc 2382 4.1 55. 37.2 8.6 1.6 7.1 7.7 7.7.2 6.6-2.6-19.6-22.9-27.6-12.9-22 -9 Asia Cement Corp. 112 5. 58.2 16.4 13.2 1.9 75.5 3.9 13.8 12.6 3.8 1.6 13.8 26.7 63.6 5.5 192 43 Lite-On Technology C 231 4.3 55. 36.5 8.3 1.4 5.2 8.4 7.3.4 1. -2. -26.7-14.7-38.3-28.8-14 -14 SinoPac Financial Hold 289 12.2 16. 31.7 11..9 NA 5.5 15.1 2.4.2-8.6-6.5-17.9-28.1. -36-8 Tatung Co. Ltd. 2371 17.8 2.8 17.2 17.9 1.7 19.1 NA NA 1.7 1.5 1.7 9.6 22. 21.6 12.7 5 15 Chang Hwa Commerc 281 18.3 21.8 19.1 12.3 1.3 NA 4.9 NA 3.5-1. -5.4-2.7-3.9-18.3 3.1-14 21 Taishin Financial Hold 2887 13.5 15. 11.1 12.5 1.1 22. 3.4 7.5 1.3.2-3.2-1.8-16.9-24.2.4-47 -6 Chunghwa Picture Tu 2475 9.4 15.2 62.3 4.9.7 2.1 NA 2.1.5.3-1.9-22. 8.2 46.5-16.8-27 NA Catcher Technology C 2474 111.5 14. 25.6 8.7 1.9 5.8 2.9 8.4 2.8 1.4-3. -42.2-35.9-56.5-41. NA NA Synnex Technology In 2347 71.6 92.8 29.6 NA NA NA 3.5 NA NA NA -3.8-13.7 3.5 94.8-11.6 86 118 Wistron Corp. 3231 5.2 68. 35.5 8.3 1.9 4.8 5.7 5.6.2.3 8.5-16.2-9.7 NA -16.7 NA NA HannStar Display Corp 6116 12.5 16. 28. 4.1.8 1.4 NA 2.5.7 -.2-8.4-13.8 18.4 8.9-13.2 NA NA Novatek Microelectro 334 111. 163.5 47.3 9.4 3.3 7.6 8.2 13.1 1.4-1.7-2.6-18.7-14.6-29.2-1.5 NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 65

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) 1. 1. 1.35.72-1.23.52 Graph 1 : 12-month Forward EPS & Price Index (pt) 6 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 12 1 4 8 6 2 4 2 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 5 16 (pt) (%) 6 22 5 4 14 18 4 3 12 14 2 28E EPS (LHS) Coef. Variation (RHS) 1 7/2 7/5 7/8 7/11 8/2 3 2 29E EPS (LHS) Coef. Variation (RHS) 1 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 66

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 4 2 1-1 -4-1 -2 1 2 3 4 5 6 7 8-8 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) (%) 35 35 12-month Forward PER (LHS) 24 12MF P/E (x) IT LT EPS Growth Forecast (RHS) 28 28 2 TS CD 21 21 CS ID 14 14 16 MT FN 7 7 UT EN 1 2 3 4 5 6 7 8 LT EPS Growth (%) 12 13 18 23 28 33 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 6. 4. 17 14 5 CS ID CD TS MT EN 2. 11 3 IT UT FN. 1 2 3 4 5 6 7 8 8 Tr.ROE 1 5 1 15 2 25 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 67

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 112 18.2 13.3 28.6 21.3 16.5 -.4 1.1.2.7.6 -.1 24-2 -16 18.8 19.3 18.1 18.4 Energy 2.8 9 13.8 3.5 12.8 18.8 8.9-3.4 3. 2.3. 1.8 2.2 89 56 33 17.8 18.6 2.5 19.1 Materials 7. 15 19.9 7.5 11.1 2.9 13.8-1. 1.1-1.1.5.2 -.5-13 13-6 15.3 16.2 17.5 17.6 Chemicals.9 4 11.5 5.8 12.9 17.3 7.6 6.4 3.3 1.5 5.5.6.7 25 7.4 6. 11.8 12.1 Metals & Mining 4.4 8 17.7 4.5 5. 15.9 7.8 3.8.7 -.9 4.6. -.1-25 -25-75 17.1 17.9 18.2 17.5 Paper & Forest Products.5 1 57.2 35.3 17.6 43.8 37.7 12. -7.8-2.5 14.2-1.1-3.8 1-1 21.5 22.9 21.5 24.1 Industrials 13.8 28 22.6 18.9 55.9 16.2 15.9 1.7 -.4.3.2. -.8 62-7 -26 11.5 11.6 15.2 15.9 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering 3. 2 31.5 27.6 31.7 44.5 4.8 4.6.8 1.7 7.4 1. -1.9 1 5 5.7 6.3 17.7 21.3 Electrical Equipment 1.6 5 21.9 21.8 17.3 2.5 21.3-15.3.6.5-13.3 1.1.7 6-6 2 1. 9.8 18.2 19.6 Machinery.7 3 22.3 2.8 21.6 14.6 12.4-22.3.5 1. -2.6 1.1-2.6 33-33 -1 6.1 7. NA NA Trading Companies & Distrib.2 1 44.4 14.7 14 198 4.2 NA NA 3.9 NA NA.1 NA 1 1 24.4 26. 22.3 23.7 Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines.9 3 16.3 1.6 NA 76.5 12.1 7.9 5. 4.3 7.5-4.9 1.2 1 33-33 5.5 6. 14.7 15.7 Marine 2.6 3 16. 12.2 273 16.8 7.4 8.1 3.8 -.8 1.2 2.8-1.7 33 33-33 21. 2.7 21.8 2. Road & Rail.2 1 1 7.4 39.4 13.3 13.1 1.7 1.5.3 2.1.6 1.1 1-1 -1 18.6 2. 8.5 8.8 Consumer Discretionary 3.4 9 13. 18.8 34.4 8.9 2.2 2.2 2.4 -.1 3. 3.1 -.3 22 44 22 6.4 6.6 16.5 17.3 Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles 1. 3 14.3 12.4 36.8 22.2 15.6.9 2.3.5 1.4 3.1.2 33 33 33 7.1 7.4 19.9 19.2 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 14.2 21.9 22.5 -.5 3.6 1.1 1.6 5.2 1.3-1 1 1 NA NA NA NA Hotels, Restaurants & Leisur.4 2-9.8 12.4 44.3 33.4 18. 2.5 1.6-3.8-3.8 1.6-3.9-5 -5 14.4 15.4 6.3 7.3 Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing 1.6 2 12.5 21. 35.2-16.8 23.4 4.1 2.3.4 7.1 2.8. 1 5 5.1 5.3 15.3 17. Consumer Staples 2.2 8 25.4 21.5 23.6 27.9 25.1-4.1 1.2 1.4-3.6 1.2 -.2 5-25 63 1.8 1.9 2.2 21.8 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 1.7 7 24.8 2.9 22.1 27.4 25.2-6.5 1.8 1.1-6.2 1.8 -.7 43-29 57 9.6 9.6 2.2 21.8 Household & Personal Produ.5 1 32.1 27.8 3.6 31.5 24.8 1.5..3 3.3..8 1 1 23.8 24. 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 27. 24 26.2 25.3 61.7 25.1 22.6 1..2 -.6 1.8 -.2-1.2 21-8 -33 36.6 35.9 17.8 18.7 Banks 12.4 6 19.7 17.3 46.7 34.9 2.9-3.8 1.2-1.5-3.3.2-1.6 67 33-1 57.3 57. 19. 2.4 Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance 8.5 4 18.1 24.6 15-5.2 13.2 3.9 -.9 1.1 3.6-1.5 -.5-25 -5-5 17.5 16.2 15.7 14.1 Information Technology 1.6 6 14.6 11. 14.6 22.7 38. -41.7-9.1-41 1.9-2.1 5-67 3. 3.9 6.9 1. Internet Software & Service.5 1 47.1 42.5 NA 41. 45.9 NA. 3. NA -1.7 1.5-1 1 43.2 41.9 NA NA IT Services. 1 NA NA 16.2 11.3 14.2 2.1 1.6.5 5.3 1.7.6 1 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.2 1 23.3 26.7 53.5 45.8 27.3.6.. 1.9 1.4 -.9 1-1 -1 6. 6.2 11.8 14.1 Computers & Peripherals.5 2 14.2 1.2 48.9 2.3 14.9.2-3. 4.8.4-1.2.3 1-1 5 2.9 3.1 19.8 21.3 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.3 1 11.6 4.9 NA NA NA -12.6.4 NA -16..4-2.9-1 -1 -.6 5.4. 3.4 Telecom. Services 22.1 5 13.8 12.4 14.1 25.9 16.4 3.4.8.4 4.1.5.6-2 2 2 28.3 28.5 2.8 21.3 Diversified Telecom. Service 3. 3 4.1 3.6-13.2 4.6 4.8 6.1 1.8.1 8.2 2..5-33 33 33 17.5 17.1 1.2 1. Wireless Telecom. Services 19.1 2 17.6 15.4 24.2 31.5 18.8 1.4.9.4 2.8.5.6 32. 32. 24.7 25.3 Utilities 2.2 8 19.2 13.2 13.6 13.3 14.5 -.9 -.2-3.1 -.3 -.2-4.6-25 -57-71 21.4 2.9 13.6 14.1 Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities.1 1 3.9 29.7 24.4 24.6 19.2 1. 1.8.6.5 2.1.7 1 1 15.1 12.7 12.3 12.1 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 68

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 112 15.8 2.8 7.8 2.3 1.6 2.2.7 1.9-13 13.7 37.6-15 181 393 Energy 2.8 9 13.4 2.6 7.2 2.6 8.8 1.7.9 4.9-9. 27.1 54.2-15 182 593 Materials 7. 15 15.9 2.7 9.3 1.9 1.8 1.7.7 5.5-1 11.7 52.5-14 251 915 Chemicals.9 4 17.4 1.9 1.1 1.6 7.2.9 1.3 7.7 4.6 1.7 26.2-8.7 81 312 Metals & Mining 4.4 8 14.2 2.5 7.9 2.3 9.7 1.7 1. 3.2-9.6 19.9 68. -12.8 295 1,261 Paper & Forest Products.5 1 15.5 3.5 13.4 1.5 15.7 3..5 13.3-27.1-26.4-13.8-26.4 NA NA Industrials 13.8 28 16.9 2.4 1.5 2. 12.6 1.4.5 6. -1 18.4 54.8-12 14 336 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering 3. 2 32.5 6. 15.2.8 21.7 1.1.6 2.2-1.6 36.1 116.3-2.8 NA NA Electrical Equipment 1.6 5 18.6 2.2 7.1 1.1 14.7.8.4 7.9-14.3 26.8 33.9-15. 46 NA Machinery.7 3 12.6 NA 1. 2. 7.5.9.7-5.4-14.5-18.6-8 -14.8 NA NA Trading Companies & Distributors.2 1 11.2 2.8 6.1.6 16.1 1.2.1-9.3 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.9 3 18.4 2.6 1. 1. 6.3.7.6-9.7-4.3 24 51.4-3.4 178 268 Marine 2.6 3 1.1 2. 6.4 2.7 7.5 1.6.3 24.5-2.9 42.2 149.2.3 275 1,135 Road & Rail.2 1 17.8 1.6 1.7 3. NA 2.9 1. -1.3-1.9-5.7 4.2-7.1 72 268 Consumer Discretionary 3.4 9 17.3 3.2 14.1 1.7 16.5 1.3.7 2.1-4.7 15. 19.8-14 85 175 Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles 1. 3 11.3 2.2 12.4 2.5 12.3 1.4.9 2.1-7.9 22.7 5.8-11.4 39 11 Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods.1 1 4.7 NA NA NA NA NA NA 4.2 -.2-22. -15.5-6.1-9 NA Hotels, Restaurants & Leisure.4 2 21.4 2.1 13.7 1.5 23.5 3.2.9-9.8-23.5-7.9-8.8-19.6 23 132 Media NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Retailing 1.6 2 26.3 4. 14. 1.4 16.3 1. 1. 6.3 1.9 17.7 37.3-13.2 159 331 Consumer Staples 2.2 8 16.5 3.2 11.6 1.9 14.3 1.7.6 3.5 -.2 17. 19. -6.8 127 378 Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco 1.7 7 15. 3.2 1.6 1.8 12.3 1.4.5 2.6 1. 13.9 15.8-5. 121 365 Household & Personal Products.5 1 26.6 NA 16.9 2.3 28.7 4.6 1.1 6.8-3.8 28.2 NA -12.3 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 27. 24 15.1 2.7 5.7 2.4 15.2 3.9.5-1.4-21 -4.5 18.8-18 211 397 Banks 12.4 6 13.5 2.5 3.5 3.3 7. 4.7.5.9-16.9 -.7 2.9-12. NA NA Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance 8.5 4 21.2 3.3 6.8 1.1 3.6 3.6 1. -9.8-27.5-5. 38-26.5 424 NA Information Technology 1.6 6 18.3 1.3 6. 2.2 16.8.6.6 6.6-25 -13-9.5-22 -7-3 Internet Software & Services.5 1 73.1 NA 58.9 NA 39.2 27.6 NA -.2-41. NA NA -27.1 NA NA IT Services. 1 16.4 NA NA NA NA NA.9-7.5-19. 15.7.3-18.3 15 NA Software NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Communications Equipment.2 1 23. 2.8 11.9.8 23.2 1. 1.2 22.9 3.8 38.7 16.4 1.6 44-57 Computers & Peripherals.5 2 1.3 2.3 5.4 2.7 8..3.3 17.8-21..9 42.8-24.1 72 38 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.3 1-74 1 2 NA 22 1-5.9-5.9-13.5-24.7-41.8-22. -62 NA Telecom. Services 22.1 5 19. 3.9 7.7 2.4 9.2 4..8. -6.4 35.2 53.3-13 3 54 Diversified Telecom. Services 3. 3 17. 1.8 5.7 1.9 5.4 2.1 4.6.4 11.2 47.1 54.3-3.5 98 36 Wireless Telecom. Services 19.1 2 19.5 4.7 8.2 2.4 1.3 4.7.8. -8.5 33.5 53.1-14.4 364 563 Utilities 2.2 8 14.2 2. 8.4 3. 6.4 1.9.9-3.5-19 -8.9 14.1-22 72 158 Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities.1 1 19.4 2.4 11.1 1.5 6.8 1.7 1. 1.2-6.9 33.6 87. -12.7 NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 69

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. Svcs18.3 3.7 59.7 15.5 18.8 16.1 32.1 18.5.1.6 52.8 51.9 34. 33.8 27.8 27.6 PetroChina Co. Ltd 857 HK Energy 5.9 272.2 124.1 24.2 11.6 4.4 1.3 2.6 -.4.1 35.4 35. 26.1 26.2 22.1 19.6 China Life Insuranc 2628 HK Financials 5.6 19.4 2.4 5.3 18.4 17.1 3.9 5.6.8.6 31. 3.5 21.2 22.4 18.8 16.8 CNOOC Ltd. 883 HK Energy 5.1 73.4 14.7 5.3 14.6 3.8 24.3 2.6 3.6 -.8 56.4 59.7 48.1 48.3 26. 22.6 Industrial & Comme 1398 HK Financials 4. 223.6 41. 15.2 19.3 15.1 35.9 2.8.6 1.2 57. 55.3 59.3 59.2 19.4 2.3 China Petroleum & 386 HK Energy 3.8 95.7 19.9 9.8 12.8 1.4 13.8 11.1-3.6-2.2 1.8 11.6 7.7 8.1 21.2 19.2 China Construction 939 HK Financials 3.7 163.9 35.3 13.4 19.3 17.9 36. 19.1 -.7-2.6 55.3 55.6 57.8 56.2 21.6 22.3 China Shenhua Ene 188 HK Energy 3.4 95. 14.1 4.1 25.3 12.1 28.7 21.3.4 1.8 52.7 54.2 45.6 5.9 21.4 21.9 China Communicati 18 HK Industrials 2.3 39.4 28.7 1.1 35.7 29.3 4.7 47.7 -.5 -.9 9. 9.1 7.4 8. 21.4 24.2 China Telecom Corp 728 HK Telecom. Svcs 2.2 61.9 25.1 3.4 2.4 2.6 4.9 3.3.. 49. 47.9 19.8 19.5 1.3 9.9 Ping An Insurance ( 2318 HK Financials 2.1 54.7 13.2 2.2 16. 54.2-7.1 15.4-3.9-3.4 19.2 15.6 26.8 17.3 14.3 16. Bank of China Ltd. 3988 HK Financials 1.9 16.1 29.2 1.6 15. 16.9 34.7 17.7-3.5-2.2 55.4 53.6 53.3 53.6 16.4 17.5 China COSCO Holdi 1919 HK Industrials 1.5 25.5 17.6 3.2 16.7 12.2 17.9 2.2-3.6 -.6 24.9 22.8 2.8 18.9 29.1 25.9 Bank of Communica 3328 HK Financials 1.4 57.7 1.6 3.8 24.1 18.9 37.8 24.2.2 1.3 52.2 5.7 59.3 61.4 19. 2.1 China Overseas Lan 688 HK Financials 1.4 14.1 3.4.8 47.9 3.6 46.2 38.2. -2.1 32.7 34. 32.6 33.7 22.5 26.7 Aluminum Corp. of 26 HK Materials 1.2 24.7 11.1 1.6 9.7 7..2 14.1 -.3 5.4 26.8 25.7 2.6 21.9 17.1 15.9 CITIC Pacific Ltd. 267 HK Industrials 1.2 11.6 5.3.7 11. 8.8-13.3 11.6.. 14.4 16.6 1.6 1.8 1.2 11. China Merchants H 144 HK Industrials 1.1 12.1.9.5 12.4 13.4 21.3 17.1-1.9-1.3 34.2 35.9 26.2 25.5 14.5 15.6 Zijin Mining Group 2899 HK Materials 1.1 17.2 2.3.5 13. 8.7 24. 13.3 -.8-12.2 4.3 39.9 39.3 44.1 55.4 46.8 China Merchants Ba 3968 HK Financials.9 5.4 7. 2.7 32.4 22.9 42.1 22.5 -.3 -.8 54.9 53.6 58.6 57.5 25.9 26.2 China Resources En 291 HK Cons. Discr..9 8.6 8..3 2.5 19.4-49.8 22.3 -.1. 8.3 8.3 5.5 5.5 1.5 12.2 China Coal Energy 1898 HK Energy.8 25. 6.7 1.3 32.3 19.2 46. 31.2 1.4 1.9 3.8 32.8 27.4 29.6 28.3 26.1 GOME Electrical Ap 493 HK Cons. Discr..8 7.5 7.5.3 25.8 22.7 62.6 26.9 1. 1. 5.4 5.5 4.6 5. 23. 24.2 China Shipping Dev 1138 HK Industrials.8 9.6 2..7 13.5 16.6 9.7 17. -.3.6 52.8 52.2 47.1 47.7 3.4 26. China Unicom Ltd. 762 HK Telecom. Svcs.8 32. 14.8 1.3 6. 8.3 25.6 14.8.1.3 34.3 34.2 11.8 12.7 1. 1.8 China Railway Grou 39 HK Industrials.8 25.3 32.1.6 24.9 24.5 19.6 45.5.. 4.5 5. 2.8 3.2 8.5 11.2 China Resources Po 836 HK Utilities.7 1. 2.9.6 34.8 18.7 29.4 18.1.9.6 32.9 35.2 24.1 24.9 18. 18.4 Yanzhou Coal Minin 1171 HK Energy.7 8.6 2.4.6 2.1 16.8 4. 19.7.2 1.7 42.3 42.2 35.7 35.7 19.2 2.3 Anhui Conch Cemen 914 HK Materials.7 12.1 3.3.5 27.7 2.3 38. 35.2-4.3-2.5 28. 29.7 25.8 28.9 29.5 31.9 Jiangxi Copper Co. 358 HK Materials.7 6.8 5.7.6 15.2-11.7 1.2-4.5 -.1-1.3 15.6 17.1 15.4 15.3 23.5 16.9 China Resources La 119 HK Financials.7 7.2 1.5.3 14.9 67.3 116.4 59.8.3 -.9 29.5 33.8 29.9 27.6 13.2 18.6 Country Garden Ho 27 HK Financials.7 16.2 3.7.9 45.9 71.4 64.2 47.1.9.5 38.9 33.4 33.5 3. 36.7 41.6 Shimao Property Ho 813 HK Financials.6 7. 2.4.5 75. 37. 21.3 36.5 -.2 4.6 33.3 36.2 33.9 36.1 2.7 26.4 Guangzhou R&F Pro 2777 HK Financials.6 9.6 3.1.8 46.1 34.7 58.2 39.7 1.9 -.4 33.5 34.8 33.4 33. 3.8 29.6 China National Build 3323 HK Materials.6 6.8 2.5.2 89.5 22.6 86.6 51.9.3 2.5 18.8 27. 14.9 22.4 18.1 22.2 China CITIC Bank H 998 HK Financials.6 21.6 4.6 1.5 25.1 19.9 43.2 21.1 1.8-1.4 47.7 46.9 54.5 55.1 13. 14.3 China Mengniu Dair 2319 HK Cons. Staples.6 3.9 3.9.2 29.4 26.5 23.7 36.5-2.8 -.9 7.8 8.2 5.6 5.9 21.7 24.5 Inner Mongolia Yita 9948 CN Energy.5 5.9 1..2 41.4 32.9 11.4 22.9 13.2 3. NA NA NA NA NA NA Denway Motors Ltd 23 HK Cons. Discr..5 4..1.4 4.7 8.9 2.6 11.6.5 -.5 4.7 4.7 1.6 13. 23.1 22. Alibaba.com Ltd. 1688 HK IT.5 13.1.4.2 47.1 42.5 33.7 51.6. 2.4 44.4 44.8 43.2 41.9 24.8 26. Angang Steel Co. L 347 HK Materials.5 15.8 11. 1.5 19.8 2.1 6.4 24.7-5.3 -.9 23.5 24.2 19.1 19.7 17.3 19.7 China Netcom Grou 96 HK Telecom. Svcs.5 2.7 11.7 1.4 2.1.1.3 3.9-1.8.5 49.2 48.6 18. 18. 11.2 1.4 Huaneng Power Int 92 HK Utilities.5 1. 8.2.9 14.9 12.7.2 13.1-7.5-5.5 32.4 3.1 17. 15.5 12.1 12.4 Hengan Internation 144 HK Cons. Staples.5 4.3.9.2 32.1 27.8 33.9 27.1-1.6.3 26.1 25.2 23.8 24. 24.7 26.9 Air China Ltd. 753 HK Industrials.5 12.4 8.3.7 17. 11. 37.5 12.1 2.9 1.2 22. 21.4 1.1 9.8 1.7 12.7 Cosco Pacific Ltd. 1199 HK Industrials.5 4.8.3.4 13.7 17.1-15.2 14.2 1.3-2.6 93.4 84.4 62.7 62.2 13.9 15.3 PICC Property & Ca 2328 HK Financials.5 11. 11.3.6 16.8 1.5-6.8 1.3-3.4-4.8 8.3 8.2 7.3 7.2 15.2 14.9 Nine Dragons Paper 2689 HK Materials.5 8. 2.2.4 57.2 35.3 42.4 39.1-2.6-1.1 25.1 26.5 21.5 22.9 21.6 24.9 Lenovo Group Ltd. 992 HK IT.5 6.3 18.8.5 11.3 9.1 17.1 19.7 8.6 9.1 4.2 4.1 3. 3.1 28. 25.9 Shanghai Electric G 2727 HK Industrials.5 9.4 8.3.4 11.9 13.9 1.1 13.. -1.6 1.9 1.7 9.2 8.9 15.5 15.6 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 7

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. 941 117.2 137.4 17.2 2.6 5.3 9.2 2.3 11.5 5.4.8 -.4-9.1 32.6 52. -15. 361 558 PetroChina Co. Ltd. 857 11.9 13.5 13.5 12.5 2.6 6.7 3.6 8.3 2.4 2. 5. -17.2 11. 24.4-14.7 154 637 China Life Insurance C 2628 3.2 42. 39.1 2.3 3.4 5. 1.1 46 5.2 4.3-8.1-26.3-2.9 3.5-25.2 481 NA CNOOC Ltd. 883 13. 12.5-3.5 14.9 3.6 9.3 2.3 11.4 5.4 1.1 17.4 2.5 57.3 99.7-2.3 2 521 Industrial & Commerc 1398 5.2 7.4 42.1 14.2 2.7 3.8 3.5 NA 5.3.5 7.4-1.6 9.2 12.7-6.8 NA NA China Petroleum & Ch 386 8.6 1.1 17. 1.4 2. 6.1 2.4 6.1.5.8 2.6-15.8 14.5 3.5-26.9 163 494 China Construction Ba 939 5.7 8.9 55.5 12.4 2.6 4. 3.6 NA 4.5.5.7-19.3 2.2 17.3-13.9 NA NA China Shenhua Energ 188 41. 5.8 24.1 24.4 5. 12.2 1.3 17.3 6.6 1. -2.5-1.1 42.9 95. -12.1 NA NA China Communication 18 2.8 25.7 23.8 33.3 6.4 16.2.8 24.8 1.4.8 4.3-1.7 36. 116 1.5 NA NA China Telecom Corp. 728 6. 5.3-11.5 19.8 2. 6.2 1.6 6.2 2.7 4.8-1.2 1.6 46.3 53.5-3.7 97 33 Ping An Insurance (Gr 2318 58.1 89.9 54.9 23.1 3.4 14. 1.2 8.1 3.8 6.6-14.7-3.9-1.6 49.2-3.6 343 NA Bank of China Ltd. 3988 3.3 4.6 42.5 1.6 1.8.4 3.8 NA 3.9.4-3.3-19.3-16.4-16.6-13.8 NA NA China COSCO Holding 1919 22.3 24.8 11.2 9.2 2.5 5.6 2.8 7. 1.4.9 33.5-22.2 81.6 227 3.5 NA NA Bank of Communicati 3328 9.2 13.8 5.2 14.3 2.7 7.3 2.6 7. 5.3.5 1.1-19.2 1.5 6. -15.5 NA NA China Overseas Land 688 14.9 19. 27.2 18.5 3.9 12.7 1.6 17. 4..4 15.3-8.3 -.7 67.7-7.3 611 1892 Aluminum Corp. of Ch 26 14.9 13.9-6.8 16.5 3. 9.1 1.7 12.3 2.4 2.4 27.5-7.8 12.3 76.6-7.2 213 876 CITIC Pacific Ltd. 267 41. 49.1 19.8 16.6 1.7 17.7 3.2 23.8 2.2-1.2 16.1 4.3 14.8 45.4-5.9 83 168 China Merchants Hold 144 39.4 44.4 12.7 23.5 3.6 42.9 2. 24. 13.5 1.2 1.5-8.7 12.4 23.5-18.8 153 541 Zijin Mining Group Co 2899 1.2 11.9 17. 4.2 2.4 19.6 1.3 24.4 7.9 2.2.2. 93.2 144-15.7 1411 NA China Merchants Ban 3968 26.8 36.5 36.4 19.3 4.6 9.8 1.5 NA 7.5.6-7.8-16.8-2.4 NA -16. NA NA China Resources Ente 291 28.1 33.3 18.5 27.8 2.9 12.3 1.7 14.4 1. -1.3 2.2-2.4-1.9 13.3-16.1 151 351 China Coal Energy Co 1898 17.3 23. 33.1 22.6 4. 11.1 1.2 16.7 3.9.6-16.5-13.2 3. NA -29.3 NA NA GOME Electrical Appl 493 17.9 21.3 19. 24. 5.8 16.8 1.1 19.1 1..5 11.5 7.3 56.8 87.6-9.7 NA NA China Shipping Develo 1138 22.5 22.3 -.5 14.6 3.7 1.1 2.4 11.4 5.1 1.1 18.8 18.8 2.1 89.3 9. 214 182 China Unicom Ltd. 762 18.3 16.5-9.9 26.2 2.5 6.7 1.5 7.2 2.3 1.3 1.8 24.7 47.3 72. 2.2 163 252 China Railway Group 39 9.3 1.6 14.5 39.2 3.4 17.9.6 2.8.8 1.2-3.7 NA NA NA -13.7 NA NA China Resources Powe 836 2. 27.9 39.7 17.8 3.2 13.2 1.7 11.3 3.4.8-5.4-2. 9.9 58.5-25.8 NA NA Yanzhou Coal Mining 1171 13.7 15.1 1.4 14.9 2.7 7.8 2.1 11.1 3.8.5 5.2 9.8 23.2 84.1-11.4 91 59 Anhui Conch Cement 914 6.3 76.7 27.4 25.3 6.7 15.2.8 19.8 3.9.7 14.3-3.9 25.5 136-11.2 622 NA Jiangxi Copper Co. Lt 358 18.3 2.8 13.8 12.1 2.5 8.9 2. 11.3 1.3-7.2-1.9-2.9 37.1 116-4.6 297 149 China Resources Land 119 15. 19.8 32.5 21.6 2.7 15.4 1. 5.3 4.3.3 12. -5.4 17. 69.6-13.1 688 1444 Country Garden Holdi 27 7.7 9.8 27.3 15.9 4.9 9.5 2.6 NA 3.9.3 12.9-22.5-18.3 NA -14.6 NA NA Shimao Property Hold 813 16.5 24.5 47.8 13.1 2.7 1.3 2.2 5.4 3..5 8.1-2.5-13.3 2.7-16.9 NA NA Guangzhou R&F Prope 2777 23.3 36. 54.8 12.6 4.5 1.3 2.8 11. 2.9.3 9.7-25. -14.5 47.2-16.4 NA NA China National Buildin 3323 24. 32.3 35. 3.5 4.8 17.2.6 2.3 2.8.4 4.1-27.4 42.9 NA -2.3 NA NA China CITIC Bank H 998 4.3 6.1 4.8 14.6 1.8 1.3 2.2 NA 5..5-8.9-19.1-24.9 NA -11.7 NA NA China Mengniu Dairy 2319 21.5 34.2 59.5 22.5 4.5 11.4 1. 11.6 1..8-2.3-17.2-15.9-1.6-25. NA NA Inner Mongolia Yitai C 9948 8. 81.3 915.2 3.3 NA NA 4.7 NA.8.2-5.2-6.8 74.9 NA -17. NA NA Denway Motors Ltd. 23 4.2 5.3 25.9 1.8 2.3 626.2 3.2 23.4 33.6.7 8.3-12.8 27.1 18.1-16.8 43 18 Alibaba.com Ltd. 1688 2.2 2.2. 74.2 15.8 58.9 NA 39.2 27.6 1.8 -.2-41. NA NA -27.1 NA NA Angang Steel Co. Ltd 347 18.7 2.3 8.3 12.5 2.3 6.7 3.6 8.2 1.5.8 8.7-9.5-1.4 64.3-12.2 351 NA China Netcom Group 96 24.3 26. 7. 15.1 1.7 4.7 2.5 4.5 1.8 7.3 3.6 1.2 34.7 NA 3.6 NA NA Huaneng Power Inter 92 6.5 8.1 24.5 12.3 1.6 6.7 4.5 5.2 1.3 1.9-5.8-12.4-17.8-1.5-21. 14 92 Hengan International 144 3.7 36.4 18.6 26.3 6.2 16. 2.5 27.2 4.3.9 6.8-3.8 28.2 NA -12.3 NA NA Air China Ltd. 753 7.9 9. 13.6 17. 2.2 1.1 1.1 9.1 1.5.7-6. -3.4 22.9 26.5-32.2 167 NA Cosco Pacific Ltd. 1199 16.7 3. -81.8 11 14.6 135.3.6 121 121-63.6 5.7-17.5-8.8-25.8-19.7 139 PICC Property & Casu 2328 7.7 8.2 6.1 17.8 2.6 3.2 1.4 NA 1. 12.6-13.8-37.1-16.3 61.7-3.7 2 NA Nine Dragons Paper H 2689 14.5 25. 72.5 16.9 4. 14.5 1.4 17.1 3.3.4 13.3-26.1-25.4-12.6-26.4 NA NA Lenovo Group Ltd. 992 5.3 7. 32.5 13.7 3.2 5.9 2.3 9.2.3.2 21.1-23.7 1. 69.8-24.7 132 87 Shanghai Electric Gro 2727 6.2 5.5-1.7 22.4 3.1 8.3 1.5 14.9 1.1 3.3 5.3 -.5 75.8 53.9-6.5 NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 71

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) 1.48.77.8-3.6-2.17 4.66 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, 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 7 16 (pt) (%) 8 22 65 15 76 18 14 72 6 14 13 68 55 5 12 28E EPS (LHS) Coef. Variation (RHS) 11 7/2 7/5 7/8 7/11 8/2 64 6 1 29E EPS (LHS) Coef. Variation (RHS) 6 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 72

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 45 5-1 -45-5 -2 1 2 3 4 5 6 7 8-9 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 35 12MF P/E (x) CS 25 LT EPS Growth Forecast (RHS) 2 29 2 15 15 1 23 17 UT FN ID IT CD 1 5 MT 5 11 1 2 3 4 5 6 7 8-5 LT EPS Growth (%) 5 6 12 18 24 3 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) 12 8 2. 9 6 MT CD IT 1.5 6 4 UT 1. 3 2 TS ID FN.5 1 2 3 4 5 6 7 8 Tr.ROE 5 1 15 2 25 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 73

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 54 15.4 15. 35.4 14.1 16.1 1.9.9. 1.9 1. -.2 15 13 21.5 22.7 1.3 11.1 Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials.9 2 28.2 17.1 43.3 3.7 22. NA -1.8 -.7 NA -1.7-2.7 1-1 -5 16.3 16.1 14.1 14.9 Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining.5 1 23.9 13.1 NA 23.4 14.6 NA -1.4 1.2 NA -2.3 1.2 1-1 15.1 15.1 1.8 11.2 Paper & Forest Products.4 1 4.3 27.1 32. 41.4 31.3 NA -2.2-2.9 NA -1. -6.6 1-1 -1 19.5 18.2 22.9 23.9 Industrials 13.3 9 11.8 8.3 59.2-4 16.1 7. 1.8-1. 2.6.5-2.2-22 56-33 8.7 11.4 8. 8.5 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 1. 1 11. 8.7 27.6 9.1 1.1-1.3. -2.2-1.3. -3.5-1 -1 6.6 7.3 12. 12.5 Marine 1.1 2 9.5 6.4 274-54.9 1.4-6.5.8-3.6-2.1.4-4.8-1 1-1 17.9 17.4 21.2 19.6 Road & Rail 1.8 1 58 3.1-2.1 6.7 23..5 2.2 1.9. 2.5-1.6 1 1 1 33.3 36.4 7.8 9.3 Consumer Discretionary 12.2 1 24.3 17.4 11.1 21.5 25.5-9.3.2.4-6..4.7 3 1-3 11.1 11.4 25.1 26.7 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 1. 2 19.2 23.9-45.7 13.1 73.7-35.8.3-9.6-9..2-3. 1 5-1 9.6 9.6 15.7 16.2 Hotels, Restaurants & Leisur 1.2 1 23. 14.6 12.3 21.3 19.1.2 3.9.1.1 5.3.1 1 1 27.7 27.5 7.8 8.9 Media.6 1 7. 6.5 8.1 11.2 1.9 1. -.8 -.2 1.7-1.1. 1-1 -1 35.3 35.4 24.8 25. Retailing 9.5 6 25.5 17. 33.7 23.7 21.2-4.6 -.2 2. -4.3 -.1 1.6-17 9.9 1.4 35.3 36.9 Consumer Staples.8 1 29.4 23. 3. 23.8 2.9 3.6 -.1 1.1 2.3.9 1.5 1 1 1 1.8 11.1 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.8 1 29.4 23. 3. 23.8 2.9 3.6 -.1 1.1 2.3.9 1.5 1 1 1 1.8 11.1 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 56.5 22 13.3 25.6 13.6-1.7 19.8 3.4 1.2.2 2.8 1.5.3 32 18 18 49.2 48.5 9. 1.2 Banks 11.5 5 14.1 13.2 15.3 7.9 12.5 2.8.1 1. 3.6.5 1.4 6 2 6 63.5 62.7 17.4 18.1 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 4.4 4 24.1 24. -37 25.8 21.9 -.5 -.1-2.4. -.3-2.7-25 -1-5 13.2 13.3 22.8 23.5 Internet Software & Service 1.9 1 42. 31.7 42.6 45.5 35.9 4.9.5 1.2 1.7 1. 1. 1-1 1 43.7 42.8 29.1 28. 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 1.1 1 25.5 28.4 1.8 26.9 23.6-2.5 -.1-6.2-1.2 -.7-6.3-1 -1-1 7.1 7.2 23.7 23.6 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..9 1 22.1 17. -65.2 21.4 16.1. -.4 -.4. -.7-1.3-1 -1 17.7 18.4 16.8 18.3 Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors.4 1 6.3 5.8 9.8 11.3 12.4-2.7 -.1 -.8 1.7.4. -1-1 -1 26.5 28.4 6.3 65.2 Telecom. Services 1.5 2 7.3-4.9 2539-93 12.9 -.5 1.8 -.2 -.7 3..6-1 5 15.4 16.8 6.1 6.1 Diversified Telecom. Service.8 1 6.1-12.3 32.5 22.2.6 -.2..4...2-1 1 17.8 18.7 #### 77.6 Wireless Telecom. Services.7 1 1.1 11.9 35694-98.1 52.3-1.6 7.8-2.2-2.5 1.3 1.6-1 1-1 1.1 13.4 1.4 2. Utilities 1.5 4 1.6-3.7 12.2-8.9-14 -.6 -.1.5 -.2.9. 25 1 33.4 3.7 15.4 12.4 Electric Utilities 6.9 3 4.1-5.5 9.1 -.4-17.2 -.3 -.3.6.4.5. -33 1 32.7 29.8 14.9 11.5 Gas Utilities 3.6 1-9.7 6. 21.5-31.9. -1.8.7.1-2.2 2.2. 1 1 1 36.8 35.1 17.8 16.4 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 74

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 54 17.4 1.8 12.4 3. 17. 3.5 1.1-3.5-8.2 11.6 1.8-16 56 145 Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials.9 2 11.2 1.6 6.8 2.8 8.8 1.3.5-5.7 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.5 1 1.5 1.2 4.7 2.8 7.8.9.7-7.7 NA NA NA -13. NA NA Paper & Forest Products.4 1 12. 2.8 11.8 2.7 1.3 2.1.4-3.3 NA NA NA -35.8 NA NA Industrials 13.3 9 16.5 1.2 7.5 2.9 8. 1.6 1.2-2.9-1 -2.6-7.4-13 12 61 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 1. 1 9.9 1.2 6. 4.9 5.8.8 1.6-1.7-11.4-19 -24.2-2.7 12 44 Marine 1.1 2 6. 1.2 4.9 7.1 6.2 1.1.4 13.2-23.2-38.3-2.4-13.8 82 NA Road & Rail 1.8 1 22.8 1.8 24.2 1.5 2. 9.9 NA -1. 14.7 52.1 33.2 -.7 128 229 Consumer Discretionary 12.2 1 19.6 5. 14.2 3.4 18.2 1.9.8 9.3-6.3 5.8 1.5-13 61 217 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 1. 2 14.7 1.7 11.6 2.8 17.6 1.5 1.3 1.5-2.9-13.9-28.8-2.4-15 NA Hotels, Restaurants & Leisure 1.2 1 25.2 2.1 14.9 1.6 13.6 5.4 1. 3.8.9 28.8.5-9.8 95 281 Media.6 1 13. 3.2 8.5 4.9 11.2 4.1 1.4-3.4 5.7-9.8-18.1-8.2 7 54 Retailing 9.5 6 2.4 7.2 14.9 3.6 19.8 1.7.7 11.8-5.6 8.6 11.4-12.8 19 375 Consumer Staples.8 1 3.6 NA 13. 1.6 17.1 1.8 1.2 7. 1.9 24.6 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.8 1 3.6 NA 13. 1.6 17.1 1.8 1.2 7. 1.9 24.6 NA -14.8 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 56.5 22 17.6 1.7 16. 3. 26.7 8. 1.1-7.2-9.9 18.4 2.7-19 84 21 Banks 11.5 5 14.2 2.5 1.1 4.5 96. 7.7 1.2-4.8-2.4 8. 3. -15.5 41 15 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 4.4 4 14.8 3.4 9.4 1.9 12. 1.7.6 3.2-19 -11-7.1-23 6 144 Internet Software & Services 1.9 1 36.7 1.6 25.1.5 27.7 14.1 1. 6.4-3.5 37.8 NA -17.9 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 1.1 1 1. 2.4 6.9 NA 9.8.7.6-7.4-36.4-43.7-46.4-32.8 NA NA Computers & Peripherals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Electronic Equip. & Instr..9 1 8.9 1.5 4.7 2.5 6.1 1.2.5 4.2-24. -13.5 1. -25.6 55 NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors.4 1 14 9 11 6 13 3 1.4 19.1-8.3-16.5-9. -1.7-5 76 Telecom. Services 1.5 2 2.3 1.3 5.9 2.9 6.3 1.5.4-2.8-6.4 2.6-2.9-6.5 43 36 Diversified Telecom. Services.8 1 14.6 17.2 6.3 4.7 5.1 1.2 1.. -5.4-4.8-7.7-4.8-3 -21 Wireless Telecom. Services.7 1 37..6 4.9.8 8.6 2.2.5-5.8-7.6 12.8 4.3-8.5 112 NA Utilities 1.5 4 16.5 2.5 12.7 3.4 14.5 5.4 39.3.3 11.1 19.5 14.3.4 35 95 Electric Utilities 6.9 3 13.7 2. 1.2 4.3 11.4 4.3 NA.7 14.7 16.1 4.9 5.6 3 75 Gas Utilities 3.6 1 27.4 4.9 25.1 1.7 31. 11.3 2.6 -.5 4.8 26.7 38.8-8.4 46 152 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 75

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 8.2 42.4 4.1 1.8 3.4 14.2 17.4 11.1.. 56.8 51.7 51.1 48.1 7.1 7.3 Cheung Kong (Hold 1 HK Financials 7.8 34.1 2.5 1.7-9.9 116.3-48.3 68.1.2. 54.7 46.5 54.9 41. 5.7 9.1 Hong Kong Exchang 388 HK Financials 7.4 21. 1.5 1.2 4.1 3.2 37.2 6.2-6.1-5.7 82.8 82.3 86.1 96.2 96.2 98.1 Hutchison Whampo 13 HK Industrials 7.1 4.5 31.4 1.5 11.7 8.2-64.3 55.5 7.1. 29.2 31.3 6.2 1.2 2.9 5.2 Hang Seng Bank Lt 11 HK Financials 4.8 34.3 3.2 2. 1.7 12.8 -.5 11.4 2.4 2.1 68.5 67.1 71.7 7.9 3. 29.1 Esprit Holdings Ltd. 33 HK Cons. Discr. 4.7 15.9 4.7.8 24.4 17.2 27. 18.4 3.2.5 23.8 24.2 21.8 22.6 49.5 5.6 CLP Holdings Ltd. 2 HK Utilities 3.6 18.6 6.3 1.3 4.4-2.5-3.7-16.5. -.8 36.3 32.3 23. 2.9 16.2 12.6 Hong Kong & China 3 HK Utilities 3.6 17. 1.5.6-9.7 6. -36.5-2.7.. 46.6 45.7 36.8 35.1 17.7 15.5 Swire Pacific Ltd. 19 HK Financials 3.5 18.4 2.9 1.1 6.5 4.8 -.6 4.9 -.4-4.8 32.7 34.7 28.5 29.8 6.7 7.3 BOC Hong Kong (Ho 2388 HK Financials 3.2 25.8 3.7 2. 11.2 9.6 9.7 8.9 2.5.6 7.2 68.3 7.3 7.1 17.1 17.6 Henderson Land De 12 HK Financials 2.9 15.1 1.3.7 27.4 12. -8.7 2.4. -1.4 49.1 44.9 43.4 43.8 5.8 5.7 Li & Fung Ltd. 494 HK Cons. Discr. 2.9 12.6 15.1.5 25.1 16.4 22.4 27.4.. 4.2 4.5 4.2 4.4 39.6 42.9 HongKong Electric 6 HK Utilities 2.7 12.1 1.7.9 3.1-15.9 4.3-22.7.6.4 8.6 73.7 63.7 62.1 15.2 11.1 Hang Lung Properti 11 HK Financials 2.7 15.5 1.2.8 121.8 18.5 173.7 13. 4.9 1.3 73.3 7.7 69.8 7.8 1.1 11.1 Bank of East Asia L 23 HK Financials 2.6 8.2 1.4.6 21. 17.8 1.6 12.8.9.2 44.1 39.2 49.3 48.9 13.5 14.6 Wharf (Holdings) Lt 4 HK Financials 2.6 13.5 2.2.7 1.9 4.2 1.1 7.7 2.9 3. 57.9 62.7 46.5 51.1 6.4 6.7 New World Develop 17 HK Financials 2.2 9.7 3.4.6 13.1 9.8 7.7 6.2.. 25.6 25.9 15.5 2.3 6.4 7.2 Tencent Holdings Lt 7 HK IT 1.9 11.1.7.3 42. 31.7 38.4 36. 2.1 2.5 51.1 54.9 43.7 42.8 35. 35.5 Link Real Estate Inv 823 HK Financials 1.8 5.2.6.2 5.6 6.4 7.2 9... 6.4 61.4 55.4 61.6 6.5 7.1 MTR Corp. Ltd. 66 HK Industrials 1.8 2.4 2.1.9 58. 3.1 1.9 29.5.5. 49.8 52.3 33.3 36.4 7.5 8.3 Kerry Properties Lt 683 HK Financials 1.4 8.7 1.7.4 21.8 42.6 9.7 36.4.9 1.8 34.8 29.6 3.7 26.3 7.4 9.1 Sino Land Co. Ltd. 83 HK Financials 1.3 12.5.9.5-4.8 119.2-8.5 47.4.. 54.1 44.2 5.7 47.6 7. 1.2 Shangri-La Asia Ltd 69 HK Cons. Discr. 1.2 8.1 1.5.3 23. 14.6 26.7 28.4 -.9. 37.4 36.7 27.7 27.5 8.8 1.9 Foxconn Internation 238 HK IT 1.1 1.6 14.1 1. 25.5 28.4 24.4 27.8-6.3-3.9 9. 9.1 7.1 7.2 25.4 23.5 Cathay Pacific Airw 293 HK Industrials 1. 8.2 1.5.8 11. 8.7 8.4 8.4. -3.8 16.6 16. 6.6 7.3 12.8 13. Hopewell Holdings L 54 HK Industrials 1. 3.9.1.7 5. 9.3 112.4-69.6-1.3 -.3 272 26 52.7 61.2 25.7 6.9 Kingboard Chemica 148 HK IT.9 3.7 3.1.4 22.1 17. 19.6 16.4 -.6. 23. 22.5 17.7 18.4 16.8 16.7 Belle International 188 HK Cons. Discr..9 1. 2.5.3 54.6 27.5 25.2 32.9 1.3 1.5 16.6 16.9 14.6 15.8 18.1 21. Wing Hang Bank Lt 32 HK Financials.8 4..5.3 14.3 1.7 7. 8.9..3 64.9 65.6 62.2 6.8 18.8 18.6 Tingyi (Cayman Isla 322 HK Cons. Staples.8 7.7 4.1.2 29.4 23. 22.2 18.2 1. 4. 14.2 13.9 1.8 11.1 23.7 25.3 PCCW Ltd. 8 HK Telecom. Svcs.8 3.8 3.3.3 6.1-12.3 34.6-8.6 1.3. 31.3 32.9 17.8 18.7 16 76.5 Hang Lung Group L 1 HK Financials.7 6.3 1.4.4 125.2 8.3 6.3 11... 78. 7.2 49.4 64.3 11.2 1.5 Hutchison Telecomm 2332 HK Telecom. Svcs.7 6.6 2.9.2 1.1 11.9-98.2 46.4-2.. 27.1 28.4 1.1 13.4 2.1 3.7 Pacific Basin Shippi 2343 HK Industrials.7 2.4 1..4 13.7-3.7 17.1-12.9-6.4-9.6 44.6 34.9 4. 35.6 49.6 38. Shui On Land Ltd. 272 HK Financials.6 4.1.8.2 15.1 42.6-3.6 32.3 -.7.9 42.1 4.7 43.6 42. 9.7 1.9 Lifestyle Internation 1212 HK Cons. Discr..6 4.5.5.1 2.7 18.7 9.3 16.7 2.2. 4.8 4.4 34.3 33.9 22.6 22.7 Cheung Kong Infras 138 HK Utilities.6 8.5.4.6 4.5 1.8-9.5-11.7 2.3 2.3 4.7 4. 37.6 35.1 12.7 1.8 Yue Yuen Industria 551 HK Cons. Discr..6 4.8 4.6.4 12.9 11.3 16.2 12.6-2.3-6. 13. 13.1 9.6 9.6 16.4 16.8 Hysan Development 14 HK Financials.6 2.8.2.1 7.5 4.3 3.7 7.7.. 84. 87. 79.5 81.2 3. 3.3 Shun Tak Holdings 242 HK Financials.6 3.1.6.1 51. 151.1 1.5 16.6 2.7-1.9 32.4 39.7 27.3 35. 7.8 15. Television Broadcas 511 HK Cons. Discr..6 2.4.6.2 7. 6.5 1.8 1.3 -.1 -.1 41.6 43.7 35.3 35.4 24.9 24.7 Hong Kong Aircraft 44 HK Industrials.5 3.6.7.2 17.2 22.4 15. 17.9.. 3.4 29.7 2.6 2.8 27.8 29.2 Wheelock & Co. Ltd 2 HK Financials.5 6. 1.3.4 NA 5.3 NA -14... 5.4 54.9 12.7 14.1 4.9 5.7 Fosun International 656 HK Materials.5 5.2 5.4.5 23.9 13.1 1.5 2.5 1.1 1.2 2.2 18.3 15.1 15.1 13.6 13. ASM Pacific Techno 522 HK IT.4 2.6.7.2 6.3 5.8 9.5 6.7 -.3. 29.2 31.9 26.5 28.4 56.3 62.1 Orient Overseas (In 316 HK Industrials.4 3.5 6..6 8. 1.4-75. 22.7-4.3-3.7 16.2 17.5 9.2 11.1 14.1 17.4 NWS Holdings Ltd. 659 HK Industrials.4 5.9 1.9.6-3.7 22.7 115.7-39... 36.4 18.2 5.8 5.2 21.1 11.5 Lee & Man Paper M 2314 HK Materials.4 3.2 1.6.3 4.3 27.1 41.6 26.7-2.2-2.8 22. 21.9 19.5 18.2 24.5 25. CC Land Holdings L 1224 HK Cons. Discr..4 2..4. 172.9 15.6 1.9 481.2-32.7-2. 12.8 18.7 NA NA 4.1 2.2 Melco Internationa 2 HK Industrials.4 1.8.1. 5.5 1.1-46.8 84.6.. 22.6 21.2 12.8 16.1 1.8 16. Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 76

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 16 132.7 17. 28.1 22.8 1.6 18.9 2. 2.4 9.4 1.6-12.2-6. 4.4 37.8-19.9 81 195 Cheung Kong (Holding 1 114.7 146. 27.3 18.4 1.1 24.9 2.2 6.1 11.6-2.7-7.4-12.9 11.4 13.7-2.5 53 129 Hong Kong Exchanges 388 153.2 24. 56.7 19.8 2.5 16.7 4.8 22.9 14.3 1. -11.6-3.6 24.2 76.1-3.7 666 1593 Hutchison Whampoa L 13 74.1 95.5 28.9 24.9 1. 6.7 2.3 6.4 1.3-1. -4.3-13.1-2.7-7. -16.2 4 54 Hang Seng Bank Ltd. 11 139.8 152. 8.7 16.6 4.7 12.9 4.4 127 1.4 3.1-4.2.4 2.8 23.7-13.1 31 67 Esprit Holdings Ltd. 33 1. 13.8 3.8 16.6 7.7 11.8 4.5 15.4 3..7 13.9-8.6 7.5 13.6-13.8 113 567 CLP Holdings Ltd. 2 6.2 57. -5.3 14.2 2.2 9.8 4.2 11.3 3. -1.4 -.2 19.3 16.7 2.6 13.1 34 89 Hong Kong & China G 3 21.9 19.6-1.7 27.3 4.6 25.1 1.7 31. 11.3-1.3 -.5 4.8 26.7 38.8-8.4 46 152 Swire Pacific Ltd. 19 94.8 1.5 6.1 16.7 1.1 21.3 3.4 14.7 6.3 7.8-3..6 14.1 2.4-11.9 5 18 BOC Hong Kong (Hold 2388 19. 24. 26.2 12.3 2.1 5.8 5.2 243 7. 1.3-3.5 3.9-1. -5.8-13. 29 136 Henderson Land Deve 12 6.5 7.3 16.2 21. 1.2 25. 1.9 22. 1.3-6.4-11.9-1.8 19.8 32.4-17.6 64 171 Li & Fung Ltd. 494 28.6 33.5 17.1 23.3 8.7 19.5 3.5 25.6.8.9 14.6-1.7 6.9 5.9-9.2 138 298 HongKong Electric Ho 6 44.1 42.3-3.9 13.3 1.9 9.2 4.4 1. 7.4-1.3.8 13.5 15.6 1.7-1.8 25 52 Hang Lung Properties 11 29.1 33.4 14.9 19.1 2. 15. 2.2 33. 11..3 1.9-5.4 16.4 29.3-17.6 143 296 Bank of East Asia Ltd 23 4.7 51. 25.3 14.1 2. 13.8 4.2 121 5.6 1.5-9.9-15.6-3.6-14.8-23.7 71 185 Wharf (Holdings) Ltd. 4 41.3 46.2 11.9 19.4 1.2 13.6 2. 12.5 6.2 4.5 3.3 11.7 41.3 47.6 1. 65 171 New World Developm 17 2.3 27.5 35.5 15.5 1.1 13.6 2.2 18.7 2.7 2.2-14. -2.5 18.2 11.5-26.6 155 59 Tencent Holdings Ltd. 7 48.5 63. 29.9 37.7 1.9 25.1.5 27.7 14.1 1. 6.4-3.5 37.8 NA -17.9 NA NA Link Real Estate Inves 823 18.9 2.4 7.8 23.5 1.5 2.3 4.3 23.3 9.3 2.5.7 11.4 23.3 -.3 12.2 NA NA MTR Corp. Ltd. 66 28.5 26.9-5.7 22.3 1.8 24.2 1.5 2. 9.9 1.1-1. 14.7 52.1 33.2 -.7 128 229 Kerry Properties Ltd. 683 5.6 66. 3.6 21.5 1.7 16.8 2. 15.5 4.8 1. -4.7-17.8.9 26.1-19.3 167 NA Sino Land Co. Ltd. 83 2.3 27.5 35.5 19.4 1.7 18.9 2. 33.4 7.7 1.2-15.4-11. 24.8 6.5-26.7 186 737 Shangri-La Asia Ltd. 69 22.1 2.9-87.1 194 16.4 113..2 16 42. 7. 3.8.9 28.8.5-9.8 95 281 Foxconn International 238 11.8 2.1 7.9 1.3 2.5 6.9 NA 9.8.7.4-7.4-36.4-43.7-46.4-32.8 NA NA Cathay Pacific Airway 293 16.2 24. 48.3 9.9 1.2 6. 4.9 5.8.8 1.2-1.7-11.4-18.9-24.2-2.7 12 44 Hopewell Holdings Ltd 54 33.9 38.3 13. 1.2 1.3 9. 3.6 14.3 27.3 -.5 5.5.7 2.3 8. -6. 75 425 Kingboard Chemical H 148 34.5 48. 39.1 9. 1.4 4.7 2.5 6.1 1.2.5 4.2-24. -13.5 1. -25.6 55 NA Belle International Ho 188 9.2 12.2 32.3 27.9 4.9 2.9 1.1 56.9 3.9 1. -2.6-7.8 14.4 NA -21.9 NA NA Wing Hang Bank Ltd. 32 14.9 19.5 4.4 15.4 2.7 5.5 3.4 23.5 7.9 1.9 5. 1. 23.5 8.7-1.1 NA NA Tingyi (Cayman Island 322 1.7 1.4-86.9 237 52.3 1.4.2 134 14.2 11.7 7. 1.9 24.6 16.1-14.8 474 451 PCCW Ltd. 8 4.4 5. 13.4 14.2 12.9 6.3 4.7 5.1 1.2 1.3. -5.4-4.8-7.7-4.8-3 -21 Hang Lung Group Ltd 1 37.1 44.6 2.3 14.4 1.5 6.3 1.8 1.2 4.4.4 1.5 -.1 8.8 36.7-13. 163 457 Hutchison Telecommu 2332 1.7 12.4 15.4 39.8.9 4.9.8 8.6 2.2 -.5-5.8-7.6 12.8-37.7-8.5 4 NA Pacific Basin Shipping 2343 11.9 19.4 63.4 6.5 2.9 5.5 8.3 6.2 2.4 6.7 17.9-21.2 9. 93.2-5.6 NA NA Shui On Land Ltd. 272 7.6 8.2 7.8 16.9 1.8 17.2 1.6 32. 5. 1.3 5.7-16.9.9 8.9-16.5 NA NA Lifestyle Internationa 1212 2.9 19.1-8.6 33.2 6.9 23.6 1.2 24.5 9.4 2.6 7.7 12.2 34.8 NA -.5 NA NA Cheung Kong Infrastr 138 29.4 3.3 2.9 13.9 1.6 47.6 3.9 38. 2.4-1.3 6.7-3.6 14.8.7.9 25 19 Yue Yuen Industrial (H 551 22.7 27.5 21.4 11. 1.7 8.5 4.3 9.5 1..8-1.5-9.9-1.9-2.8-19.1 7 61 Hysan Development C 14 2.6 23.6 14.6 22.8.8 19.7 2.8 21.6 15.1 4. -9.3 1.5 6.8-7.2-7.4 28 243 Shun Tak Holdings Ltd 242 11. 14.2 29.6 2.9 2.3 12.7 1.6 14.7 4.2.3.7 1.5 3.4-8.4-1.6 33 459 Television Broadcasts 511 43. 54.2 26. 12.9 3.2 8.5 4.9 11.2 4.1 1.2-3.4 5.7-9.8-18.1-8.2 2 79 Hong Kong Aircraft E 44 168. 14. -16.7 21.8 5.6 15.3 2.8 2. 4.8 1.3-6.1-16.8 16.7 4.9-2.8 275 64 Wheelock & Co. Ltd. 2 23. 23.4 1.6 12..8 8.4.6 NA 4.4 NA 1.1 1. 15.9 29.7-4.2 89 293 Fosun International Lt 656 6.4 1. 57.5 1.8 1.7 4.7 2.8 7.8.9.7-7.7-29.8 NA NA -13. NA NA ASM Pacific Technolo 522 51.2 66. 28.9 14.1 7.8 11.2 6.5 12.7 3.5 1.7 19.1-8.3-16.5 4.2-1.7 56 188 Orient Overseas (Inte 316 43.8 1.8-75.4 41.9 6.2 28.1.7 NA 4.5 -.9 6.6-23.7-43.1-32.7-24.2 54 NA NWS Holdings Ltd. 659 23. 25.9 12.7 14.3 2.2 12.4 3.5 16.2 2.8 1. 11.4 4.5 42. NA -7.6 NA NA Lee & Man Paper Man 2314 22. 37.4 7.1 11.9 2.7 11.8 2.7 1.3 2.1.3-3.3-31.7-25.4 NA -35.8 NA NA CC Land Holdings Ltd 1224 8.8 14.7 66.7 29.7 2. 28.8.6 NA 4.5.2 6.5-3.4 9.1 NA -22.2 NA NA Melco International D 2 11.6 15.7 34.9 33.8 1.7 79.4. 8.5 18.2.3 17.6 -.3.5-24.7-1. NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 77

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) 1.85 1.7 1.44 1. -4.58 4.9 Graph 1 : 12-month Forward EPS & Price Index (pt) 5 4 12-month Forward EPS (LHS) MSCI Price Index (RHS) 8 (pt) 1, 3 6 2 4 1 2 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 4 14 (pt) (%) 55 2 5 15 38 12 45 1 36 1 4 5 28E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 5 4 1 5-5 -4-5 -1 1 2 3 4 5 6 7 8-8 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) 25 35 28 23 12MF P/E (x) UT CS ID FN 2 3 EN HC TS 15 25 18 IT 1 5 2 15 13 MT CD 1 2 3 4 5 6 7 8 1 LT EPS Growth (%) 8 5 16 27 38 49 6 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 6 5 4 3 2 27 24 21 18 8 6 4 TS FN UT HC CD EN IT MT 1 1 2 3 4 5 6 7 8 15 Tr.ROE 2 8 15 22 29 36 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 79

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 63 16.2 18.6 14.5 2.5 23.3.4.5.8-2.9 -.3 1. 1 15 2 2.8 21.3 18.7 19. Energy 19.2 4 1.5 2.1 15.1 15.4 37.2-1.5 -.2 2.1.5 -.4 4.8 5 1 15.4 15.9 17.3 19.2 Materials 7.5 8 6.6 2.6 5.7 16.5.8 2.8 1.2 2.1-4. 1.7 5.6 5 25 15.9 15.1 19.1 15.9 Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining 5.1 4 5.7 2..8 19.1 2.1.7 1.4 3.2-8.5 2.9 9.2 5 5 13.1 13. 16.8 14. Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials 11.4 9 25.6 28.9 1.4 28.7 28. -7.1-1.2.1-4.6 -.3.7-33 11-11 12.5 12. 27.2 26.2 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering 5.7 3 35.9 29.4 9.7 36.9 33.7-8. -2.1 1.7-6.3-1.5.9-33 33 13.5 13.4 26.2 26. Electrical Equipment 3. 2 32.3 31.6 35.7 37.8 35..9 1.8.1 4.4 2.1-1.5 5 19.2 18.5 3.8 31.2 Machinery 1.3 1 15.1 19. -9.5 16.9 15.7-1.5.5 -.4 1. 3.8-1.4-1 1-1 1.6 11.3 22.7 22.1 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 3.6 7 16.5 18.3 1.1 16.9 17. 6.5.2 -.4 7. -.3-3.6 43 43 14 15.2 13.8 21.7 21.4 Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles 2.7 4 16.4 18.4 7. 14.8 15.1 7.1.5. 7.6.7-3.2 1 1 13.3 13.1 23.3 22.3 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.4 1 13.7 11.8 32.2 11.9-1.3-3.1-2.8 5.3.3-11.6. -1-1 1 41.4 NA NA NA Media.5 2 24.4 22.4 78.4 97.6 82.4-8.3.2-17. -7.3.2-11.2 27.2 29.6 11.2 14.9 Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples 4.5 4 18.7 15.1 6.6 2.5 18.4-4.7.8.7-3.6.7.5 75 5 5 21.3 22.1 32.1 32.4 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 2.6 3 18.7 15.1-2.3 24.2 2.6-8.7 1.8.3-7.5 1.7 1. 67 1 33 27.2 28.1 24.5 25.2 Household & Personal Produ 1.9 1 NA NA NA NA 14.5 1.2 -.2.9 2. -.2 -.9 1-1 1 14.2 14.7 63.6 61.7 Health Care 2.9 5 17.6 12.8-16 19.2 15.2.6-1.2 1. 3.1-1. 1.2 2-2 6 18.3 19. 19.1 18.6 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals 2.9 5 17.6 12.8-16.1 19.2 15.2.6-1.2 1. 3.1-1. 1.2 2-2 6 18.3 19. 19.1 18.6 Financials 29.7 13 34.7 33.4 26.9 31.2 35.2 3.2 1.2 2.1-7.4.6.1 25 57. 58.1 14.2 16.2 Banks 2.3 5 29. 26.6 18.6 26.7 28.8 -.6.4 1.5.4-1.3-1.6-2 -2 6 59.3 59.9 1.5 12.4 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 12. 5 25.9 22.8 18.7 17.7 11.5 -.6 -.2 -.6-1.1 -.3 -.8-6 2-6 23.4 22.9 28.3 25.4 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 12. 5 25.9 22.8 18.7 17.7 11.5 -.6 -.2 -.6-1.1 -.3 -.8-6 2-6 23.4 22.9 28.3 25.4 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 4. 3 26.5 22.2 38.3 26.3 23. -.1 1.3 -.3 -.8.3-1.2 33-33 33 26. 25.1 16.6 17.2 Diversified Telecom. Service.5 2 5.1 5.1 52.6 6.7 15.1. 13.7-1.1 -.1-3.9 2.2 13.3 1.7 4.2 4.6 Wireless Telecom. Services 3.5 1 35. 27.5 36.2 29.5 24.1 -.1 -.2 -.2 -.9.8-1.6 1-1 1 29.9 28.7 21.5 21.3 Utilities 5.2 5 13.5 13.4-2. 1.4 13.5 4.1 3.1-4.2-4.1-6.4-5.5 5 15.8 16.4 1.3 11.3 Electric Utilities 2.6 2 16.2 16.5-4.8 16.7 25. 1. 4. -.8-4.4 11.1-1. 5 5 9.3 9.6 6.3 8.4 Gas Utilities 1. 1 1.7 1.7.9 5.2 5. 2.7 -.2 2.9 9.1 2.5 -.1 1-1 1 19.3 19.9 18.2 16.8 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 8

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 63 18.9 3.3 11.7 1.1 14.9 2.7.7 -.2-4.7 29.1 26.9-15 17 46 Energy 19.2 4 18.1 3.1 1.7 1.1 11.9 2. 1.3-2.8-8.6 4.2 62.4-14 376 717 Materials 7.5 8 1.4 1.7 6.7 1.1 7.3 1..7 5.1-9. 32.2 41.1-2 139 548 Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining 5.1 4 1.6 1.4 7..8 7.1.8 1.2 9.1 -.1 8.9 13.9-19. 157 675 Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials 11.4 9 25.4 5.8 15.3.8 21.3 2.3.9-6.2-14 33.7 49.4-21 242 1149 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering 5.7 3 33.9 7.4 2.9.4 4.8 3.4 1.1-9.5-17.2 5.6 97.1-24.5 542 2,12 Electrical Equipment 3. 2 25.1 7.8 15.3.8 22.9 3.5.7-1.3-16.7 29.6 75.8-19.2 396 1,833 Machinery 1.3 1 12. 2.7 8.3 2.4 7.7.8.8 8.3 3. 13.4-15 -4.6 48 124 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 3.6 7 13.3 2.7 11.4 1.7 1.8 1.2.8 1.5-9.1 3.8-19 -18 74 337 Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles 2.7 4 11.3 2.6 1.9 1.9 9.8 1..8 3.4-7. 6.9-18.8-15.8 87 42 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.4 1 15. NA 1.4 1.5 NA 2.5 NA 9. -2. 14.6-1.3-15.3 125 61 Media.5 2 47.1 3.5 16.6.7 2.5 4.9 1.3-9.9-18. -13. -2.8-26.5 142 323 Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples 4.5 4 21.3 6.9 14.8 2.5 2.3 3.4 1.1 4.4 5.8 2.1 14.3-2.3 8 112 Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco 2.6 3 2.7 5. 12.4 1.8 19.9 3.6 1.1.4 3.5 25.1 15.4-5.8 12 273 Household & Personal Products 1.9 1 22.5 14.6 2.1 3.5 2.9 3.1 1.2 1.3 9. 13.9 13.1 3. 57 34 Health Care 2.9 5 18. 3.4 13.1 1.2 15.4 2.8 1. 2.2 2. 11. -3.3-13 44 112 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals 2.9 5 18. 3.4 13.1 1.2 15.4 2.8 1. 2.2 2. 11. -3.2-12.6 46 114 Financials 29.7 13 24.2 3.3 15.2.8 23.8 7.6.5-2.2.3 47.8 54.2-12 247 694 Banks 2.3 5 24.7 2.4 14.2.9 27.1 7.4 1. -1.4 2.2 42. 41.5-7.2 211 654 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 12. 5 16.3 4.6 12.4 1.3 14.6 3.7.9 15.3 4.2-4.9-26 -8.5 6 191 Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services 12. 5 16.3 4.6 12.4 1.3 14.6 3.7.9 15.3 4.2-4.9-26.4-8.5 57 199 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 4. 3 19.5 3.1 11.6.6 11.2 4.2.7-5.2-14 2.1 26.5-23 137 262 Diversified Telecom. Services.5 2 2.5.6 7. 2.2 5.1 2.1 3. -12.2-16.9 11.2 -.7-36.1 34 14 Wireless Telecom. Services 3.5 1 19.3 4. 12.4.4 12.1 4.8.7-4.1-13.7 21.5 31.6-21.2 NA NA Utilities 5.2 5 22.5 2.3 15.5 1.3 21.1 3.1 1.7-5.4-5.9 77.3 12-22 138 493 Electric Utilities 2.6 2 35.2 2.2 25.5.6 4. 4.4 1.8-3.4 1.7 118. 17.2-19.6 21 871 Gas Utilities 1. 1 12.6 2.3 8.2 2.7 1.5 1.7 5. -4.7-4.7 39.4 41.9-26.1 73 NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 81

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 16. 87.3 35.8 4.5 16.3 3.3 23.3 48.8 1.7 -.5 2.9 22.8 17.4 17.6 18.6 21.8 ICICI Bank Ltd. 532174 IN Financials 8.6 25.8 5.5 1.4 31.8 27. 31.3 32.2 2.9 1.4 39.7 44.5 5.8 51.8 11.2 13.5 Infosys Technologie 529 IN IT 7.3 23.3 5.2 1.4 25.5 22.9 18.2 11.4 -.4 -.6 3.7 29.9 27.1 26.4 32.2 28. Housing Developme 51 IN Financials 4.9 18.1.8.7 24.7 24.3 18.9 19.3 2.8-1.9 NA NA 18 16 21.2 22.3 Larsen & Toubro Lt 551 IN Industrials 3.7 24.5 9.3.9 34.5 28.4 36.1 31.5 5.4 3. 14.9 15.4 12.7 12.2 29.3 29.6 HDFC Bank Ltd. 518 IN Financials 3.6 12.2 2.2.5 27. 29.9 31.6 31.9 1.3-2.3 46.7 52.3 54.6 52.1 16.2 18.6 Reliance Communic 532712 IN Telecom. Svcs 3.5 3.4 6.5 1.6 35. 27.5 27.1 2. -.3 -.1 43.7 43.6 29.9 28.7 21.8 21.7 Oil & Natural Gas C 5312 IN Energy 2.5 53.8 24.7 5.5 4.4 4. 3.3 5.4 3.3 5.3 44.4 42.2 3.8 27.2 27.1 24. Bharat Heavy Elect 513 IN Industrials 2.4 25.6 7. 1.1 3.9 31.1 36.9 34.9.3-2.7 23.5 23.8 21.4 2.2 32.9 33.4 Reliance Capital Ltd 5111 IN Financials 2.2 12.3 1.7.3 6.5 45. 16.9 22. -3.5-8.6 35.4 28.6 25.8 29.8 16.9 19.5 ITC Ltd. 5875 IN Cons. Staples 2.1 19. 4.2.9 17.4 18.3 19.3 19.2 -.4 -.2 32.9 31.8 31.1 31.3 28.4 28.9 Satyam Computer S 5376 IN IT 2.1 7.7 2.7.5 26.6 22.5 19.8 8.5.7.2 21.1 2.4 19.6 19.1 25.9 23.6 Axis Bank Ltd. 532215 IN Financials 1.9 7.1.9.3 38.9 32.9 31.1 28..8.1 73.7 7.3 79.2 71.4 14.9 16.8 Hindustan Unilever 5696 IN Cons. Staples 1.9 12.1 3.9.5 NA 11.4 NA 15.9.3-1.1 14.9 15.5 14.2 14.7 72.1 8.3 DLF Ltd. 532868 IN Financials 1.7 35.7 4.7 2.5 5.3 26.1 4.8 31.8 1.9 3.2 63.4 69.3 66.1 63.4 44.3 37.4 Reliance Energy Ltd 539 IN Utilities 1.6 9.1 1.9.3 18.8 21.6 16.4 31.2-1.8. 13.2 14. 8.7 8.9 9.6 9.3 Jindal Steel & Powe 532286 IN Materials 1.4 9. 2..5 4.5 15.5 61.8 89.6. 6.1 51.8 5.7 58.7 59.7 35. 2.4 Tata Steel Ltd. 547 IN Materials 1.4 13.9 31. 2.6 6.9.9 13.5-2.8 4.6-16. 16.3 15.5 12.2 11.7 23.5 2.8 State Bank of India 5112 IN Financials 1.3 3.4 7.8 1.9 18.1 15.7 8.1 29.7-8. -19.6 55.6 58.1 63.1 76.6 15. 14.6 Sterlite Industries ( 59 IN Materials 1.3 14.2 6.2 1.2 1.5 1.8 3.8 7.4-8.9 -.7 3.8 31.9 25.6 24.1 17.7 16.3 Tata Motors Ltd. 557 IN Industrials 1.3 6.8 8.4.6 15.1 19. 18.5 17.8-1.4-1. 12. 11.1 1.6 11.3 23.5 22.9 Jaiprakash Associat 532532 IN Industrials 1.2 7.1 1.3.2 16. NA 47.7 29.4 1.3. 29.7 NA NA NA 12.3 NA Wipro Ltd. 57685 IN IT 1.2 15.8 6.3 1. 27. 21.8 2.5 12.4-4.8-5.2 19.5 19.3 16.9 16.9 28.5 26.3 Infrastructure Deve 532659 IN Financials 1.2 6.4.4.3 39.9 29.1 34.4 28.7 12.3 4.8 7. 65.2 82.5 85.6 16.6 18.8 Unitech Ltd. 57878 IN Financials 1.2 15.1 2.1.8 69.8 42.1 76.2 57.3 1.1. 53.5 59.5 56. 63.4 59.1 57.4 Tata Consultancy S 53254 IN IT 1.1 22.5 7.1 1.5 23.4 23.9 17.6 12.1-1.4.4 25.9 25.2 24.3 23.8 4.2 34.4 GAIL (India) Ltd. 532155 IN Utilities 1. 8.5 5.2.7 1.7 1.7 7.8 4.3 2.3 -.2 21.3 2.3 19.3 19.9 18.4 18.4 Indiabulls Real Esta 532832 IN Financials 1. 3.4.1.1 13.9 542.3-22.6 327.4.. 6.3 57.2 51.6 44.5 5.5 24.6 Grasim Industries Lt 53 IN Materials 1. 6.4 4.6.7 13.3 7.4 8.9 6.4 2.6.3 31.5 3.1 31.2 27.6 25.4 2.7 Kotak Mahindra Ba 5247 IN Financials 1. 7.2 1.4.4 31. 32.2 45.8 33.4 11.9 22.5 35.2 34.7 46. 47.8 22.7 23.3 Tata Power Co. Ltd 54 IN Utilities 1. 6.7 1.9.2 13.1 9.7 5.6 16.6.8 5.1 17.9 18.5 1.1 1.5 9.8 9.8 Hindalco Industries 544 IN Materials 1. 4.9 15.9.5 2.4 1.6-4.7-15. -1.8 13.8 9.3 1.8 6. 5.7 12.8 12.3 Mahindra & Mahind 552 IN Cons. Discr..9 3.8 6.2.5 17.4 22. 14.7 18.7 -.5-5. 5.8 5.4 14.2 13.8 27.5 26. Indiabulls Financial 532544 IN Financials.8 4..7.3 63.1 8. 54. 3.3-4.8. 15 177 64.4 97.1 22.4 21.1 NTPC Ltd. 532555 IN Utilities.8 41.4 1.4 2.1 14.5 12.4 11.2 9.4-2.3-1.6 29.6 31.3 24.2 26.7 14.9 15.4 GMR Infrastructure 532754 IN Industrials.8 8.4.8.1 66.7 48.3 49.5 93. -15.1 1.2 39.1 42.4 27.8 32.8 12.6 16.8 Bajaj Auto Ltd. 549 IN Cons. Discr..7 6.1 2.7.4 13.5 1.8 11.4 4.1-4.9-12.9 14.4 14.5 11.5 11.3 21.7 2.9 Ambuja Cements Lt 5425 IN Materials.7 4.6 1.5.4 6.7 5.3.1-4.6-11. -3.4 36.2 34.8 27.3 21.4 28. 23.7 Sun Pharmaceutica 524715 IN Health Care.7 5.7.9.3 26.1 15.9 22.1 9.7 11. 4.9 39.8 37.5 34.6 36.2 29.3 24.7 Siemens India Ltd. 555 IN Industrials.6 6.6 3..2 NA 31.6 NA 3.5-5.3-2.9 9.4 9.2 1. 9.6 4.4 39.6 Dr. Reddy's Laborat 5124 IN Health Care.6 2.3 1.4.2 16.6 9. 31.5 8.3-6.5-8.3 17.8 18.1 13.1 13.7 13.8 13.8 ABB Ltd. (India) 52 IN Industrials.6 6.5 2.1.2 37. 33.3 48.1 38.9 2.5 1.4 13.4 13.3 12.4 12.9 37.7 36.5 Ranbaxy Laboratori 5359 IN Health Care.6 3.9 1.9.2 NA 1.5 NA 12.7 6.4 2.2 16.4 17.1 12.6 13.6 23. 24.6 Cipla Ltd. 587 IN Health Care.6 3.7 1.1.2 15.5 13.8 13.1 15.2.4.9 21.1 21. 18.9 17.7 19.6 18.8 Hero Honda Motors 5182 IN Cons. Discr..6 3.7 2.9.3 13.4 8.4 15.9 12.3.6 4.4 12.4 12.7 11.9 12.3 32. 3.7 Aditya Birla Nuvo Lt 533 IN Industrials.6 4. 3.5.1 25.6 57.6 12.6-5.8 4.1-6.3 11.5 6. 6. 2.3 8.2 4.4 Maruti Suzuki India 5325 IN Cons. Discr..5 5.5 5.4.5 18. 22.2 14.6 18.6 1.7 -.9 14.7 14.9 13.3 12.9 22.8 21.1 Zee Entertainment 55537 IN Cons. Discr..5 2.7.5.1 19.8 16.8 3.8 26.4 1.3 -.2 33.9 37.2 34.5 36.3 15.5 16.3 Glenmark Pharmac 532296 IN Health Care.5 3.2.5.2 17.5 24.3 13.6 24.7 2.3-2.8 41.2 38.9 41.4 41.3 37.4 33.4 ACC Ltd. 541 IN Materials.4 3.7 1.9.4 7.9 2.4 18.5-3.9-4.7-6. 29.6 27. 23.5 17.4 33.6 26.3 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 82

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 5325 2,496.3 3,19. 27.8 21.1 3.6 12.7.6 13.3 2.5 1. -1.8-7.9 42.9 77.5-13.4 367 746 ICICI Bank Ltd. 532174 1,141.3 1,49.5 3.6 23.5 2.5 11.6 1.2 23.9 4.8.9-2.7 3.1 37.7 17.7-7.9 23 664 Infosys Technologies L 529 1,627.6 2,15. 23.8 17.2 4.9 13. 1.1 15.1 4.5 1. 17. 5.2-7.6-29.6-8. 52 28 Housing Development 51 2,649.9 3,2. 2.8 29.2 5.5 NA 1.2 NA 22.9 2. -1.3 1.6 39.2 58.4-7.9 241 65 Larsen & Toubro Ltd. 551 3,451.7 4,44. 27.6 28.6 8. 19.1.6 4.8 2.7 1.2-6.6-16. 49.6 18-17.2 577 1678 HDFC Bank Ltd. 518 1,54.9 1,723.5 11.9 27.1 4.1 NA.7 2.6 5.7 1. 2.2-2.5 39.6 51.7-1.9 175 517 Reliance Communicat 532712 588.2 821.5 39.7 19.1 3.8 12.4.4 12.1 4.8.6-4.1-13.7 21.5 31.6-21.2 NA NA Oil & Natural Gas Cor 5312 1,1.6 1,35. 34.8 9.7 2.4 4.4 4. 6.2 2.2.8-1.3-16.1 26.8 14.7-19. 85 36 Bharat Heavy Electric 513 2,95. 2,845. 35.8 24.1 7.2 14.4 1. 21.1 3.7.7 -.4-15.6 31.7 81. -19.1 399 185 Reliance Capital Ltd. 5111 2,.9 2,372. 18.5 47.4 7. 18..2 17.5 7.3 2.7 6.1-7.4 11 195-22.7 118 3398 ITC Ltd. 5875 21.4 233. 15.7 2.6 5.4 13.3 2.1 19.2 4.5 1.3 -.2 8.6 32.3 15.4-3.9 139 372 Satyam Computer Ser 5376 456.9 51. 11.6 15.2 3.6 11.4 1.1 14.5 2.9.8 24.6 1.1 9.7-1.1 1.1 128 32 Axis Bank Ltd. 532215 1,.7 1,17. 16.9 26.9 3.7 NA.7 28.1 8.3 1. -5.7 6.1 69.4 86.5 3.1 NA NA Hindustan Unilever Lt 5696 22.2 24. 9. 22.7 17.3 2. 3.5 2.9 3.1 NA 1.3 9. 13.9 12.4 3. 54 29 DLF Ltd. 532868 835.6 1,5. 25.7 14.9 5.5 12.6.6 15.3 7.8.1-7.3-3.9 NA NA -22.2 NA NA Reliance Energy Ltd. 539 1,598.3 75. -53.1 32.5 3.2 28.8.5 47.9 4.8 2.8-9.4-5.6 131 26-25.2 NA 6 Jindal Steel & Power 532286 2,327.7 2,184.8-6.1 19.3 6.1 11.4.2 NA 4.7.3 1.6 16.3 212 376-24.4 NA NA Tata Steel Ltd. 547 85.8 818.5 1.6 7. 1.8 4.8 1.7 5.5.5.2 11.7-2.3 66.9 1-13.9 123 81 State Bank of India 5112 2,179. 2,56.7 15. 17.7 2.2 NA.8 17.9 4. 4.3 5.2 7.1 57.8 19-2.6 25 643 Sterlite Industries (Ind 59 82.7 1,1.5 37.1 12.9 2.2 6.3.4 7.9 2.3-1.2 2.4-9.2 NA NA -22.4 NA NA Tata Motors Ltd. 557 78.1 86. 21.5 12. 2.8 8.3 2.4 7.7.8 4.3 8.3 2.4 11.7-17.6-4.6 48 339 Jaiprakash Associates 532532 259. 294. 13.5 32.2 5.1 NA.3 NA 5.4 1.2-24.2-16.6 61.2 15-39.4 NA NA Wipro Ltd. 57685 431.7 526.5 22. 16.2 4.3 12.4 1.9 13.9 2.6 1.1-1.8-1.2-3.4-35.4-17.9 27 8 Infrastructure Develo 532659 196.9 231. 17.3 24.5 4. 18.3.8 37.9 14.5.7 8.9 4.5 8.6 96.6-13.8 NA NA Unitech Ltd. 57878 371.7 385. 3.6 2.6 1.2 14.7.3 25.3 7.6.4-1.2 3.7 56.7 NA -24. NA NA Tata Consultancy Ser 53254 914.7 1,238.5 35.4 15.1 5.6 12. 1.7 13.4 3.2.8 1.1-3.2-9.9-28.8-15.1 34 NA GAIL (India) Ltd. 532155 41.5 482. 2. 12.5 2.3 8.2 2.7 1.5 1.7 3.4-4.7-4.7 39.4 41.9-26.1 73 444 Indiabulls Real Estate 532832 583.7 76. 3.2 47.6 2.8 37.4.2 NA 25.3 NA -5.4-5.1 29.9 NA -21.5 NA NA Grasim Industries Ltd. 53 2,81.6 3,759. 33.7 9. 2.2 4.9 1.2 6.6 1.4.4-6.6-22.8 3.1 1.3-23.3 19 727 Kotak Mahindra Bank 5247 835. 1,244. 49. 19.5 4.2 15.3.2 NA 5.4.3-13.4-23.2 3.6 77.7-35.6 NA NA Tata Power Co. Ltd. 54 1,347.7 1,532. 13.7 43.1 3.8 21.3.7 29.8 3.6-5.3 8.7 16.6 98. 124-8.3 229 111 Hindalco Industries Lt 544 188.8 2. 6. 11.3 1.3 8.3 1.1 7.1.3 -.5 13.3 2.1 38.6 25.7-12.1 47 251 Mahindra & Mahindra 552 638.4 885. 38.6 8.6 2.1 12.4 2. 7.7.6.9-4.3-8.6 3.9-28.5-25.9 14 111 Indiabulls Financial Se 532544 634.8 1,68. 68.2 17. 3.4 NA.7 13.4 5.7.6-13.5-15.9 45.2 42. -35.2 NA NA NTPC Ltd. 532555 2.4 213.5 6.5 19.9 2.9 16.1 1.9 17. 4. 2. -2.6-16.3 25.5 NA -2.1 NA NA GMR Infrastructure Lt 532754 183.8 178. -3.1 16 12.3 33.1.1 38.8 1.7 4. 8.3-18. 26.4 NA -25.9 NA NA Bajaj Auto Ltd. 549 2,417.7 2,7. 11.7 17.1 3.5 18.5 2.1 14.5 2.3 2.3 14.2 -.1 1.6-18.8-8. 135 362 Ambuja Cements Ltd. 5425 119.9 124. 3.4 12.6 3.1 7.8 2.8 1.1 3. -5.6-5.8-18.2-5.5-8.6-18.5 15 48 Sun Pharmaceutical In 524715 1,14. 1,32.5 14.3 18.8 4.6 16.1.9 19.8 6.8.9 7.6 5.6 2.6 12. -5.3 142 7 Siemens India Ltd. 555 1,562.1 1,571.9.6 29.9 9.9 19.5.6 3.2 1.9 NA -14.4-19.4 38.6 3.1-17.4 385 2278 Dr. Reddy's Laborator 5124 539.1 751. 39.3 13.8 1.8 8.4.9 1. 1.6 -.7-13.5-9.9-13.5-26.1-26.4 49 24 ABB Ltd. (India) 52 1,212.6 1,525. 25.8 32.1 1.6 2.3.2 34.4 2.9.7-4.7-21.1 21.9 57.5-19.8 384 1785 Ranbaxy Laboratories 5359 415.7 462.5 11.3 2.7 4.8 14.8 2.5 15.2 2. NA 14. 4.5 18.1 8.6-2.3-19 31 Cipla Ltd. 587 188.8 199. 5.4 19.1 3.5 14.7 1.6 19.7 3.2 2.5 -.7 4.1 6.2-25.8-11.2 78 196 Hero Honda Motors L 5182 727.4 744. 2.3 14.4 4.2 9. 2.7 1.9 1.3 1.6 13.1 2.1 15.4-1.8 4.5 34 23 Aditya Birla Nuvo Ltd. 533 1,71.6 2,1. 23.4 47.7 4.5 14.2.4 15.8 1.1 7.7-1.4 11.5 33.9 NA -15.3 NA NA Maruti Suzuki India Lt 5325 763.2 1,143. 49.8 1.2 2.1 5.9.8 8.6 1..6-5. -2. -.6-15. -23.3 64 NA Zee Entertainment En 55537 244.3 357. 46.2 22. 3.2 14.5.7 21.2 5.1.5-1.3-18.4-13.4-4.3-25.3 64 186 Glenmark Pharmaceu 532296 513.9 62.5 2.7 19.4 6.6 14.2.2 17.9 5.8 27.7 9.6 14.8 71.2 68. -13.8 NA NA ACC Ltd. 541 78.9 99. 16.4 1.2 2.9 6.3 2.6 8.5 1.9 1.5 6. -27.7-16.6-22.3-23.8 116 49 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 83

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) 1.17-1.1-2.1-1.34.99 2.66 Graph 1 : 12-month Forward EPS & Price Index (pt) 4 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 5 3 4 2 3 2 1 1 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 3 12 (pt) (%) 34 13 28 11 32 12 26 1 3 11 28 24 9 26 1 22 28E EPS (LHS) 8 24 29E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 3 2 1-2 -7-1 -4 1 2 3 4 5 6 7 8-14 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 25 15 2 2 1 15 TS FN CD ID 15 5 1 IT EN 1 1 2 3 4 5 6 7 8 LT EPS Growth (%) 5 5 15 25 35 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 2.5 14 CS HC 12 2. 1 4 CD ID TS 1.5 8 FN IT EN 1. 1 2 3 4 5 6 7 8 6 Tr.ROE 1 8 12 16 2 24 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 85

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 37 12.2 9.8 13.7 2.8 12.9-1.2 -.2-1.5 -.7 -.5-2.8 5 3-39 18.7 19.4 13.7 14.2 Energy.3 1 7.9-7.6 78.6.5-2.7 3...8 4.3. -2.1 1 1 6.5 6.6 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 24. 13 12.9 1.3 14. 8.6 14. -.2 -.3-3.1.6 -.4-6.4 67 25-5 8.8 9.3 18.1 18.4 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 1.5 1 21.7 6.9 48. 3.6 23.1 2.5.. 3.. -.2 1 1-1 8.1 8.1 26.9 28.9 Trading Companies & Distrib 1. 1 2.9 11.9 48. 23.6 9.1 6.2-2.7 -.8 8.4-2.9 -.7 1-1 1.8 1.9 19.2 19.2 Commercial Services & Supp NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines 4.1 1 3.2 4.2-14.4 -.7 7.3-4.2. -7.2-2.1. -9.4-1 -1 11.7 11. 11.7 11.3 Marine 2.5 2 25. 17.6 42.6 11.7 26.4 3.3 -.9. 2.1-1.3-2.1 1 1-1 9.1 1.4 2.6 2.2 Road & Rail 1.8 2 5 4.7-4.8 9.6 8.3-1.1-1.4-1.4-1.4-1.5-2.1 12.2 12. 17.2 17.4 Consumer Discretionary 5.6 3 16. 1.5 19.7 1.2 9.9-17 1.2.5-16.8.8 1 67 67 15. 15.4 18.2 17.7 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.8 1 6.1 12.2-48.7 55.8-28.4 NA 5.2.8 NA 1.7.7 1 1 8.7 8.6 2.1 1.3 Media 3.3 1 17.2 7.1 18.5 5.5 9.1.4 1.1.2.7.7. 1 1 1 4.3 41. 24.5 24.6 Retailing 1.5 1 16.1 11.2 34.3 19.4 15.1 7.2 -.7.7 9.4 -.7 2. 1 1 9.5 1.1 15.3 16. Consumer Staples 1.8 2 37.2 16. 65.3 41.3 2.3 29.1 3.5 1. 15.5 3.3.4 5 5 5.1 5.4 14.3 15.4 Food & Staples Retailing.8 1 23.6 22.2 25. 22.2 37.5 -.8...6.. -1 4.8 5.2 25.3 26.9 Food, Beverage & Tobacco 1. 1 57.6 8.7 88. 49.1 14.7 NA 2.5.4 NA 2.3 -.4 1 1 1 5.4 5.7 11.1 11.6 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.9 1 12.6 1.3 7. 13.5 14.2. 4.8 -.3. 1.1. 1-1 14.8 16.3 24.6 31.3 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 5.7 15 7.9 1.7 14.2-3.1 12.6.5 -.3-1.6 1.5 -.8-2.3 6-47 -6 51.4 52.6 11.5 12. Banks 31.4 3 7.1 8.4-4.8 7.7 8.8.1 -.3-1.9.2 -.4-2.2 33-1 -1 56.4 56.4 12.3 12.5 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 1.3 1 12.1 12. 22.5 11.6 12.5 16.8.1-1.4 1.7. -2.3-1 1-1 7.2 7.2 15.7 15.9 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. 1.3 1 12.1 12. 22.5 11.6 12.5 -.1.1-1.4 -.4. -2.3-1 1-1 7.2 7.2 15.7 15.9 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 15.4 1 3.4 1.3. 1.8 13.4 -.1.. -.7.2 -.5-1 -1 17.9 19.3 17.6 18.1 Diversified Telecom. Service 15.4 1 3.4 1.3. 1.8 13.4 -.1.. -.7.2 -.5-1 -1 17.9 19.3 17.6 18.1 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 37 13.2 1.8 3.8 3.9 1. 2. 1. 5.6-7.9-5.3-6.9-11 46 132 Energy.3 1 7. NA 5. 8.1 6.6.4.5 18. -11 16.8 56.5-8.2 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 24. 13 13.1 2.4 7.6 4. 9.1.9.7 1.6-13 -6.8 3.8-15 68 194 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 1.5 1 15. 4.2 13.1 5.1 17.4 1.4.5.6-12.4 -.6 35-12.9 187 451 Trading Companies & Distributors 1. 1 13. 2.5 8.5 2.6 NA.1.9 9.7-4.9 27.8 52. -2.6 NA NA Commercial Services & Supplies NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Airlines 4.1 1 9.8 1.2 4.4 4.4 5. 1.1.9 3.4-11.9-13 -8.4-11.3 24 59 Marine 2.5 2 13.1 2.7 6.9 2.1 9.2.9.4 2.9-23.6-5.4 36.4-19.6 169 918 Road & Rail 1.8 2 14.1 2.4 5.1 5.7 6.4 1.2 1.5 2.5-8.1-15.6-16.8-9.9 7 136 Consumer Discretionary 5.6 3 15. 2.6 9.2 5.8 13.9 1.5 1. 6.1.8 11.9 5.1-3.6 32 82 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.8 1 121.2 2.6 58.6 NA 34.3 7.5 NA 2.5 NA NA NA -8.8-57 -45 Media 3.3 1 12.4 3. 1.2 7.2 11.5 4.9.8 2.3-3.3 2.1-5.4-2.9-4 19 Retailing 1.5 1 12.8 2. 6. 2.5 16.8.5 1.2 18. 18.9 54.2 52. -2.4 16 661 Consumer Staples 1.8 2 23.8 3.6 15.6 1. 31..7.7 8.8 3.1 1.8 37.5-9.9-18 57 Food & Staples Retailing.8 1 24.9 6.5 15.2 1.2 3.8.5.9 6. -8.3-1.5 6. -7. NA NA Food, Beverage & Tobacco 1. 1 23.8 2.6 16.2.7 31.1.8.6 11.3 NA NA -17.9-12.2-66 -35 Household & Personal Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Health Care.9 1 2.5 5.4 13.7 4.3 15. 2.4.8-15 -26-21 -7.4-24 82 31 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 5.7 15 12.6 1.5-2.1 4. 9.2 4.9 1.1 7.1-8.7-9.9-17 -12 44 122 Banks 31.4 3 11.2 1.4-9.2 4.5 7.6 4.8 1.6 5.7-5.5-9.1-17.6-9.5 26 82 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 1.3 1 8.8 1.4 6.7 4.6 8.1.7.6 25.5-15 -27-27 -15-33 -15 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. 1.3 1 8.8 1.4 6.7 4.6 8.1.7.6 25.5-13.8-27.6-15.8-15.2-32 -21 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 15.4 1 14.9 2.6 14.4 3.4 13.5 4. 1.7 6.7 2.7 13.7 11. -4.5 46 183 Diversified Telecom. Services 15.4 1 14.9 2.6 14.4 3.4 13.5 4. 1.7 6.7 2.7 13.7 11. -4.5 46 183 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. Svcs15.4 43.1 1.7 3. 3.4 1.3 12. 1.7.. 3.7 31.7 17.9 19.3 18.4 18.3 United Overseas Ba U11 SG Financials 11.3 19.8 3.6 1.6 6.7 8.5 8. 8.4-4.3-3.7 57.8 52.6 57.1 57.6 12.9 13.1 DBS Group Holdings D5 SG Financials 1.5 19.6 4.7 1.9 7.8 8. 14.1 6.9-1.7-4.9 53.5 53.5 53.9 54.1 12.6 12.8 Oversea-Chinese Ba O4 SG Financials 9.6 16.8 3.1 1.4 6.5 8.9 1.1 6.6 -.5-1.6 59.2 57.3 59.2 58.4 12.7 12.8 Keppel Corp. Ltd. BN4 SG Industrials 5.8 11.7 7.9.9 7.4 9.3 9.9 15. -2.2-5.9 15.5 17.1 12.7 14.6 23.5 24.8 CapitaLand Ltd. C31 SG Financials 4.9 12.5 2.7.7 7.8 9.8-56.8 14.7 16.9 1.5 44.8 45.4 48.4 49.1 1.5 1.2 Singapore Airlines L C6L SG Industrials 4.1 13. 11.6 1.3 3.2 4.2 1.7 3.8-4.3-12.5 21.5 22.2 11.7 11. 11.2 11.1 Singapore Exchang S68 SG Financials 3.6 6.8.6.3 39.1 9.2 8. 16.4-4.2-1.6 68.6 73.1 71.2 79.3 54.6 57.6 Singapore Press Ho T39 SG Cons. Discr. 3.3 4.9 1..4 17.2 7.1 5.9 8.3-1.2.3 46.3 46.3 4.3 41. 24.1 25.8 City Developments C9 SG Financials 3. 7.6 2.4.5 12.9 15.9 18.1 18.3-1.5-4.9 42.3 4.7 28.5 37.9 13.4 15.3 Singapore Technolo S63 SG Industrials 2.4 7.6 4..4 1.1 9.8 14.5 11.6.. 15.1 15.1 11.7 12. 34.3 35.4 SembCorp Industrie U96 SG Industrials 2.2 6.1 6.8.4 14.7 8.3 11.1 16... 1.6 11.4 7.9 8.3 18.2 19.4 Fraser & Neave Ltd F99 SG Industrials 2. 4.8 3.5.3 4.2 2. 8. 22.6.. 2.3 19.2 17.4 19.2 8.3 1.4 CapitaMall Trust M C38U SG Financials 1.9 3.8.3.2 1.1 6.2-4.2 11.6-1.4 -.6 63.6 64.6 61.7 62.8 6.4 6.7 Cosco Corp. (Singap C21 SG Industrials 1.7 6.9 3..4 96.4 38.1 65.2 34.2 -.4 2. 22.7 21.6 19.2 19.2 39.9 38.7 ComfortDelGro Cor C52 SG Industrials 1.5 2.4 2.2.2 4.8 4.7 9.1 8.3-1.6-2.3 21.1 21. 11.5 11.3 16.6 16.5 Jardine Cycle & Car C7 SG Cons. Discr. 1.5 5.2 1.2.4 16.1 11.2 19.4 15.1.7 2.1 11.9 12.5 9.5 1.1 14.5 14.3 SembCorp Marine L S51 SG Industrials 1.5 5.2 3.7.3 21.7 6.9 3.6 21.6.. 1. 1.9 8.1 8.1 28.3 3.3 Venture Corp. Ltd. V3 SG IT 1.3 2.1 3.1.2 12.1 12. 11.2 9.6-1. -2.7 9. 8.8 7.2 7.2 16.5 16.8 Ascendas Real Esta A17U SG Financials 1.1 2.1.2.1 9.6 5.1 8.5 3.5.7 4.3 66.7 69.7 69.3 7.4 9.1 8.6 Keppel Land Ltd. K17 SG Financials 1.1 3..8.3-16.6-3.8-1.1 19.9-2.2-9.2 33.5 36.2 32.1 27.8 17.4 18.8 CapitaCommercial T C61U SG Financials 1. 2.1.2.1 18.5 9.7 23.5 18. -2..9 68.3 72.6 68.2 71.1 3.9 4.1 UOL Group Ltd. U14 SG Financials 1. 2.2.7.2 32.2 31.4 37.2 29.7 6.2. 39.1 36.6 3.7 29.9 7.7 9.6 Noble Group Ltd. N21 SG Industrials 1. 3.5 24.7.3 2.9 11.9 23.8 3.8 4. -1.8 2.1 2.1 1.8 1.9 18.1 18.5 Wilmar Internationa F34 SG Cons. Staples 1. 21.4 24.8.9 57.6 8.7 57.7 13.9 3.7 -.9 6.1 6.4 5.4 5.7 11.5 12.1 Parkway Holdings L P27 SG Health Care.9 1.6.7.1 12.6 1.3 12.1 16.5.. 18.6 17.9 14.8 16.3 18.7 21.6 Olam International 32 SG Cons. Staples.8 2.9 4.8.1 23.6 22.2 24.3 32.2.. 5.3 5.6 4.8 5.2 28.2 31.1 Neptune Orient Lin N3 SG Industrials.8 3.8 8.9.4 9.5 9.6-14.6 14.8-1.6-27.1 9.6 9.5 5.1 6.1 18.8 17.9 Genting Internation G16 SG Cons. Discr..8 4.3.6. 6.1 12.2 6. -25.. 2. 16.2 16.8 8.7 8.6 1.9 1. Yanlord Land Group Z25 SG Financials.6 3.4 1.1.2 23.7 31.2 4.6 53.3-8.2 -.7 4.2 37.8 36.1 35.7 2.9 24.1 Allgreen Properties A16 SG Financials.4 1.4.4.1 5.6 17.2 36. 26.4-2.4-15.9 51. 58.5 49.7 5.6 1.1 14.4 Singapore Land Ltd S3 SG Financials.4 1.9.2.1 18.9 1.5 29.4 29.2.2. 72.2 76.2 57. 65.6 5.1 6.5 Singapore Post Ltd S8 SG Industrials.4 1.5.4.1 6. 5. 5.2 7.4.. 43.3 41.6 37.5 35.9 69.3 65.6 Singapore Petroleu S99 SG Energy.3 2.5 6.7.4 7.9-7.6-2.8-7.3 -.1-7.3 7.7 8. 6.5 6.6 23.9 19.6 SMRT Corp. Ltd. S53 SG Industrials.3 1.9.6.1 4.8 5.7 6.4 7. 1.. 37.4 36.8 22.3 22.5 23.1 23.7 Wing Tai Holdings L W5 SG Financials.3 1.2.4.2-35.5 64.8-44.1 34.3-2.1-1.7 33.4 38.8 18.3 46.8 13.9 16.8 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 88

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 Z74 3.8 4.4 14.4 14.7 2.5 14.4 3.4 13.5 4. 2.4 6.7 2.7 13.7 11. -4.5 38 148 United Overseas Bank U11 18.3 21. 14.8 12. 1.5 NA 4.5 9.9 5.4 1.5 1. -3.7-9. -14.9-8. 28 65 DBS Group Holdings L D5 18.2 23.9 31.2 1.2 1.3 NA 4.8 5. 4.1.9 4. -5.2-9.9-22.6-12.1 17 75 Oversea-Chinese Bank O4 7.6 9. 18.4 11.6 1.5 NA 4.1 11. 5.3 4.5 3. -7.9-8.4-14.6-8.3 32 13 Keppel Corp. Ltd. BN4 1.4 14.2 35.9 12.9 3. 9.5 3.6 11.9 1.5 1. -3.5-18. -8.6 9.7-19.8 121 429 CapitaLand Ltd. C31 6.3 8.5 35. 18.1 1.7 12.6 1.9 16.7 4.6 -.6 16.1-3.5-8.5-18.6. 156 497 Singapore Airlines Ltd C6L 15.4 21. 36.2 9.8 1.1 4.4 4.4 5. 1.1-1.3 3.4-11.9-18.7-14.3-11.3 16 49 Singapore Exchange L S68 9.1 12.3 35.9 18.9 1.5 14.5 4.7 17.8 11.3 1.6 2.8-27. 4. 27.5-32.6 387 624 Singapore Press Holdi T39 4.4 5.3 21.3 12.4 3. 1.2 7.2 11.5 4.9 1.7 2.3-3.3 2.1-5.4-2.9-4 3 City Developments Ltd C9 11.8 14.8 25.4 14.6 1.8 8.6 1.8 11. 3..8 6.9-12.7-17. -18.8-17. 68 19 Singapore Technologi S63 3.6 4.3 19.6 17.8 6.1 11.9 5.5 14.9 1.9 1.4 2.3-1.9 4.4 6.2-4.3 47 93 SembCorp Industries L U96 4.8 7. 44.9 14.7 2.5 8.3 3.6 11..9 1.1 5.2-3.4-7.1 3.6-16.7 139 354 Fraser & Neave Ltd. F99 4.8 5.9 21.1 14.2 1.3 9. 3.1 12.4 1.3.9 2.5-13.8.6-1.6-18.1 58 175 CapitaMall Trust Man C38U 3.3 3.8 17.2 23.1 1.4 24.5 4.5 2.4 11.2 6.8 22.6 2.8-3.8-9.7-6.1 58 219 Cosco Corp. (Singapo C21 4.4 8.5 94.1 18.2 6.7 9.2 2. 17.8 2.2.4-5.4-28.2 1.9 53.1-24.2 496 NA ComfortDelGro Corp. C52 1.6 2.1 27.5 13.2 2.2 4.7 6. 6. 1.1 1.3 2.5-9.6-17.4-21.8-12. -5 19 Jardine Cycle & Carria C7 21.3 27.1 27.3 12.8 2. 6. 2.5 16.8.5.7 18. 18.9 54.2 52. -2.4 85 584 SembCorp Marine Ltd S51 3.5 5.4 53.4 15.3 4.1 13.1 5.1 17.4 1.4.6.6-12.4 -.6 35.4-12.9 187 451 Venture Corp. Ltd. V3 1.9 14.6 34.4 8.8 1.4 6.7 4.6 8.1.7.9 25.5-13.8-27.6-15.8-15.2-32 -21 Ascendas Real Estate A17U 2.2 2.8 27.3 15.8 1.4 18.9 6.7 13.3 8.5 1.5 6.8-2.2-5.6-15.3-1.2 17 NA Keppel Land Ltd. K17 5.9 9. 52. 1.7 1.7 13.8 1.3 8.6 3.7 1.2 3.5-21.3-24.3-34.4-18.4 133 412 CapitaCommercial Tru C61U 2.1 2.7 26.8 2.5.8 22.1 5.3 16.2 1.3 1. 17.2-7.5-8.7-27.5-13.5 NA NA UOL Group Ltd. U14 3.9 5.9 49.2 1.9.9 NA 2.3 9.9 3.1 -.3 9.8-14. -18. -23.1-13.3 81 139 Noble Group Ltd. N21 1.9 2. 1.5 18.4 3.6 11.3 1.8 NA.2 1.4 9.7-4.9 27.8 52. -2.6 NA NA Wilmar International L F34 4.7 6.1 27.9 23.8 2.7 16.2.7 31.1.8.7 11.3 12.1 58.2 NA -12.2 NA NA Parkway Holdings Ltd P27 3. 4. 33.3 21. 4.3 13.6 4.3 14.9 2.4 1.5-14.8-26.5-21.5-7.4-24.2 82 31 Olam International Lt 32 2.7 3.8 41.9 25.2 6.7 15.2 1.2 3.8.5.9 6. -8.3-1.5 6. -7. NA NA Neptune Orient Lines N3 3.6 2.7-26.2 11.6 1.7 6.6 1.7 6.3.6-11.8 27. -11.3-18.1 1.4-7.4 1 283 Genting International G16.6.8 21.6 81.5 1.9 58.4 NA 34.1 7.4 8.5 2.5-3.1-1.7-17.5-8.8 NA NA Yanlord Land Group L Z25 2.6 4.2 6.1 13.4 2.7 8.4 2.2 24.3 2.8.3.4-2.3-5.7 NA -2.8 NA NA Allgreen Properties Lt A16 1.2 1.8 46.7 9.5.9 7.8 3.3 4.9 3.3.3-4. -17.8-21.6-3.2-19.5 59 12 Singapore Land Ltd. S3 6.6 12. 8.7 15.3.8 12.4 2.6 14.7 8.7.5 2. -14.9-21. -33.6-17. 19 19 Singapore Post Ltd. S8 1.1 1.3 17.1 13.8 9.3 1.7 6.3 11.6 4.3 2.6 6.7 -.9-6.7-5.1 -.9 25 NA Singapore Petroleum S99 7. 8.2 18.5 7.3 1.8 5. 8.1 6.6.4-1.4 18. -11.5 16.8 56.5-8.2 66 NA SMRT Corp. Ltd. S53 1.7 1.8 5.2 17.4 3.7 8.5 4.4 9. 3.2 3.2 2.4 6.1 -.6 13.1 3. 85 23 Wing Tai Holdings Ltd W5 2.1 2.9 37. 6..8 6. 1.6 18.8 1.8 -.4 -.5-19.8-28.8-16.2-21.9 151 376 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 89

Quant Analyst 3774-178 YoungJean@miraeasset.com 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).99 -.14 -.18 -.88 -.65 -.43 Graph 1 : 12-month Forward EPS & Price Index (pt) 4 3 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 6 5 4 2 3 1 2 1 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 35 14 (pt) (%) 4 16 33 12 38 14 36 31 1 12 34 29 28E EPS (LHS) 8 32 29E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 1 3 5-5 -1-3 -1-2 1 2 3 4 5 6 7 8-6 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 25 2 19 2 15 16 CD TS ID MT 15 1 1 5 13 IT UT FN EN 5 1 2 3 4 5 6 7 8 LT EPS Growth (%) 1-5 5 15 25 35 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 2.5 14 4 EN 2. 12 3 CD ID IT TS 1.5 1 2 MT UT FN 1. 1 2 3 4 5 6 7 8 8 Tr.ROE 1 7 12 17 22 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 91

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 56 13.9 8.2 39.4 13.5 11.6 -.4 1.7 -.8 -.1 1.8-1.2 6-7 7 24.7 25.7 14.7 15. Energy 2.3 4 15.9 11.4 17.7 21.9 17.1-19.2.4-8.3.7-5.7 25 9.3 1.6 24.6 26.9 Materials.6 1 7.4 5. 48.4 9.9 9.2-1.2-1..3 -.2-2.2.2-1 -1 1 15.8 18.5 9.6 9.3 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 22.4 12 3.6 1.9 5.3 1.8 18.5-6. 3.5-2.5-7.5 4.5-2.1-42 -17 33 17. 18.6 14. 14.9 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering 3.9 2 31.4 3.2-52.4 218 35.4-1.3 1.4.9-1.8 2.4.2-1 1 13.9 17.1 1.6 13. 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 1. 2 12.3 4.9 NA 48.3 26.6-17. -3.4 6.4-14.1-1.7 3.7-1 -1 1 7. 9.1 15.6 16.6 Marine 3.8 2 4.9 5.6-2. 3.1 1.9-2.2.3-1.3-1.4 -.2-1.6-1 5-1 26.1 26.3 12.6 13.4 Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary 13.5 1 8.2 5.7 3.1 7.5 9.2 4.1 -.1 1.2 2.8 -.3 2.4-56 22 18.2 19.2 13. 13.3 Auto Components 1.2 1 7.4 6.5 3.3 16.2 15.3 6.3 -.1 -.6 7.1. -2. 1-1 -1 6.3 6.7 16.3 16.3 Automobiles.5 2 15.1 6.3 NA 27 24.7 414 8.5 33.4 NA 25. 299 5 5-1.3 3.4 2. 3.6 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 1.7 4 6.1 4.9 12.2 1.2 6.7 1.2 -.1..8 -.2.2 25-75 25 29.7 29.7 14.9 14.6 Media 1.1 3 1.3 8. -12.7 29.9 22.3-5. -4.6 -.5-5.8-3.2 -.6-1 -1 5 22.3 24.8 15.6 17.2 Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples 15.5 5 8.5 8.2 227-49 9.9 5.3 2.8.8 5.5 4.2 1.2 6 4 4 23. 22.5 25.1 23.7 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 15.5 5 8.5 8.2 227-48.8 9.9 5.3 2.8.8 5.5 4.2 1.2 6 4 4 23. 22.5 25.1 23.7 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 3.1 16 6.5 7.7 35. 6.4 11.7 -.9 1.1-1.4 -.2 1.1-1.9 33 27-4 48.4 49.7 14.5 15.1 Banks 23.8 7 6.7 6.4 34.6 6. 1.8-1.4 1. -.3-1.1.8 -.9 43 43 51.9 53.9 16.4 16.7 Capital Markets.1 1 4.1 27.8 31.3-15.4 18.2.. -31.3.. -18.8-1 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.1 1 8.6 4.3 25.5 5.9 15.1-4.9.. -5.2.. -1 14.4 14.6 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.1 1 8.6 4.3 25.5 5.9 15.1-4.9.. -5.2.. -1 14.4 14.6 NA NA Telecom. Services 5.3 2 8.6 7. 16.1 7. 8.8-1.1 1.1 -.3-2.1.4-1.2 1 22.5 22.4 13.7 14.1 Diversified Telecom. Service 4. 1 7.9 6.8 9. 6.4 9.8 1..2.2.4 -.2 -.5 1 1 1 2.8 2.8 11. 11.6 Wireless Telecom. Services 1.3 1 13.2 8.1 31.9 8.1 7.3 NA -.2.3 NA -1.3 -.9-1 -1 1 32.2 31.6 54.4 48.8 Utilities 1.2 5 6.2 5.4 13.4-11 3.9-1..9.2-2..2-1.4 4-4 -2 28.7 29.3 13.4 12.4 Electric Utilities 4.1 1 6.2 6.3 8.8-14..9-2.2.3.8-4. -1.4-2.4-1 -1-1 2.5 2.9 13.5 12.4 Gas Utilities 1.8 1 2.3 2.5-2.2 1.8.7. -.1 2.. -.1 2.3-1 1 48.2 48.4 15.9 15.7 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 92

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 56 15.1 2.3 6.8 3.7 1.2 2.3 1. -.5 3.8 14.2 9.6-2.6 56 112 Energy 2.3 4 13.1 4. 8.7 2.1 12.5.7.4-6.4-5.1.6 12.7-13 43 15 Materials.6 1 15.9 1.5 8.8 4.1 1.6 1.9.5 4.9 3.8 23.3 3.6-7.7 115 144 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 22.4 12 15.8 2.3 1. 3.1 12.1 1.9.7-1.7 1. 26. 19. -4.1 7 121 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering 3.9 2 16.1 1.9 12.2 4.1 17.1 1.7.4-12.7.1 14. -3.8-12.6 5 45 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 1. 2 11. 1.7 9.1 NA 5.8.7 NA -.5-8. -3-12.2-5.6 3 19 Marine 3.8 2 12.4 1.6 8.2 7.4 12.1 2.9 1.2 -.4-3.7 5.3 1.4-4.7 25 175 Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary 13.5 1 16.8 2.2 7.6 2.6 1.8 2. 1.4.8 -.3 3.1-1.6-3.4 43 77 Auto Components 1.2 1 15.2 2.5 8.6 3.7 14..7.7-3.4-4.7 4.4 42. -9. 178 29 Automobiles.5 2 18.2.4 4.6 1.9 4.4.3.6 -.9-4.1-1.3-38.7 3.8-41 -35 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 1.7 4 16.6 2.5 7.8 2.3 11.3 3. 1.5 1.1.5 4.5 2.2-3.5 71 114 Media 1.1 3 19.8 3. 8.7 3.6 12.3 2.8 5.4 3.3 5.3 5.3-9.6 1. -1 15 Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples 15.5 5 19.9 5. 14.9 3. 18.9 3.6 1.6 1.6 11.4 49.1 61. 2.7 179 273 Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco 15.5 5 19.9 5. 14.9 3. 18.9 3.6 1.6 1.6 11.4 49.1 61. 2.7 179 273 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 3.1 16 13.2 1.9. 4.7 9.6 3.9.9 -.6 -.5 5.4-1.9-3 4 112 Banks 23.8 7 13. 2.1-1.9 5.2 8.1 4.1 1..8 1.4 6.4.5-1.2 36 11 Capital Markets.1 1 9.9 NA NA 7.4 NA 2.4 NA -16. -12.7-17.3-5.2-14.1 62 NA Insurance NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information Technology.1 1 11.4 NA 4.3 4.8 4.3 1.1 NA 5.3 -.6-4.3-18 -3.8-39 -25 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.1 1 11 NA 4 5 4 1 NA 5.3 -.6-4.3-17.9-3.8-39 -25 Telecom. Services 5.3 2 15.6 2.2 5.9 5. 6.1 2.2.7.2 3.8 12.3 15.5.1 3 98 Diversified Telecom. Services 4. 1 15.6 1.8 5.6 4.8 5.4 2..6 -.9 5.7 14.3 3.7. 7 43 Wireless Telecom. Services 1.3 1 16.1 8.3 7.6 5.6 9.8 3.7 1. 3.8 NA NA -58.2.4-48 -2 Utilities 1.2 5 12.9 1.6 7. 4.3 6.5 2. 2. -1.4.8-2.7-11 -4.8 29 59 Electric Utilities 4.1 1 11.3 1.5 6.5 4.2 5.2 1.6 2.2-1.1 2.8-9.3-25.4-3.6 11 45 Gas Utilities 1.8 1 16.4 2.6 9.1 4.6 1.2 6.6 2.5-3.7-4.6-1. 12. -3.7 47 43 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 93

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 22.4 1.3 1.1 6. 6.4-5.8 13.9 1.8 1.3 17.4 19.3 15.1 17.3 17.6 17.8 Bumiputra-Commer 123 MY Financials 9. 1.8 2.8.8 2.2 5.3-2.3 12.3-1.9-1.4 38.3 36.9 47.7 51.3 17.2 17.4 IOI Corp. Bhd 1961 MY Cons. Staples 9. 15.1 3.5.6 25. 12. 28. 11.7. 1.1 26. 25.9 24.9 24.3 24.9 24.1 Malayan Banking B 1155 MY Financials 8. 14.5 3. 1.1 1.6 7. 9. 6.9. -.7 5. 5.2 57. 57. 17.8 18.1 Genting Bhd 3182 MY Cons. Discr. 4.6 8.3 2.8.5 6.4 2.8 12.5 6.9.. 43.7 45. 37.3 37.6 11.6 11.3 Tenaga Nasional Bh 5347 MY Utilities 4.1 12.4 7.7 1.1 6.2 6.3-14.6.2 -.6-4. 35.1 33.7 2.5 2.9 14. 12.9 Telekom Malaysia B 4863 MY Telecom. Svcs 4. 12. 6..7 7.9 6.8 7.5 1... 43.7 43.5 2.8 2.8 11.4 12.1 Resorts World Bhd 4715 MY Cons. Discr. 3.8 6.9 1.4.4 7.3 8.9 8.6 5.7 1.3 1.3 42.9 42. 37.2 36.3 16. 15.3 MISC (F) 3816F MY Industrials 3.6 NA 3.9.8 4.8 5.9 3.4 15.3-1.6 -.1 36.3 37.9 25. 25.5 13.1 13.1 Kuala Lumpur Kepo 2445 MY Cons. Staples 2.8 6.2 2..3 26.2 4.7 43.6 8. 2.6 2. 24.3 25.1 22.4 22. 19.5 18.6 Gamuda Bhd 5398 MY Industrials 2.3 2.6.8.1 76.7 67.8 76.1 5... 13.3 14.8 1.9 14.7 12.5 19.8 YTL Corp. Bhd 4677 MY Utilities 2.3 4.1 1.9.2 8.7 7.2-7.8 4.9-1.7-2.7 47.9 49.6 39.3 41. 1.3 1.1 AMMB Holdings Bhd 115 MY Financials 2. 3.2 1.1.3 3.6 8.9 25.9 15.1 1.8-1.3 39. 44.1 45.9 45.8 12.7 13.1 British American To 4162 MY Cons. Staples 1.9 3.7 1.2.2 2.9 2.7 2.7 1.4.6 -.7 3.4 29.2 27.9 26.9 128 128 Petronas Gas Bhd 633 MY Utilities 1.8 6.3 1..4 2.3 2.5 1.3 1.7.3. 65.6 63.3 48.2 48.4 15.6 15.1 PPB Group Bhd 465 MY Cons. Staples 1.7 3.9 1..2-41.4 5.9-89. 3.3.. 12.4 12.9 9.2 9.7 6.3 6.6 PLUS Expressways B 552 MY Industrials 1.7 5..8.4 12.1 3.9 1.3 4.2 1.7.4 77.5 76. 68.6 66.2 22.3 21.6 IJM Corp. Bhd 3336 MY Industrials 1.6 2. 1.6.1 13.9 7.6 35.1 13.5-4.2-2.2 18.9 19.3 15.7 19.3 9. 1.1 Berjaya Sports Toto 1562 MY Cons. Discr. 1.4 2.3 1.1.1 5.5 5.6 1.6 7.5.. 18.6 18.9 18.2 18.7 9.4 89.6 SP Setia Bhd 8664 MY Financials 1.3 2..4.1 15.8 27.1 27.2 22.1-1.9-3. 24.5 25.5 23.4 24.6 14.5 16.9 DiGi.com Bhd 6947 MY Telecom. Svcs 1.3 5.8 1.5.4 13.2 8.1 7.4 5.8 -.5-1.5 47.2 46.9 32.2 31.6 59.6 52.7 Bursa Malaysia Bhd 1818 MY Financials 1.3 1.9.2.1 2.6 7.7 6.1 13.9-9.1-6.2 69.3 7.9 66. 67.5 32.9 34.5 KNM Group Bhd 7164 MY Energy 1.2 2..7.1 66.3 29.3 81.8 45.6. 2.9 19.6 2.4 17.2 18.3 42.9 4.4 Tanjong PLC 2267 MY Utilities 1.2 2. 1.3.2 3.5 1.2 13.6 6.3.. 31.9 32.2 29.2 29.3 16.6 16.4 UMW Holdings Bhd 4588 MY Cons. Discr. 1.2 2.4 3.1.2 7.4 6.5 21.1 1.5. -3.5 7.9 8. 6.3 6.7 16.6 17.2 Hong Leong Bank B 5819 MY Financials 1. 3..6.2 1.4 8.1 8.3 11.8-1.1.2 49.9 49.4 58.3 58.5 14.7 14.9 Magnum Corp. Bhd 3735 MY Cons. Discr..9 1.5 1..1 4.6 4.4 4.9 7.2.. 13. 12.9 12.7 12.5 18.1 17.8 MMC Corp. Bhd 2194 MY Industrials.9 3.8 2.5.2 41.6 1.8 66.2 24.2-1.2 -.2 41.4 4.3 35.1 32.2 13.5 14.5 YTL Power Internat 6742 MY Utilities.8 4.1 1.3.3 7.4 3.2-29.1 6.4 -.6 -.5 59.9 61.2 44.8 44.8 15.6 15.5 UEM World Bhd 1775 MY Industrials.8 1.6 1.9.1-2.2 9.2-52.5 24.6. -1.1 14.6 14.8 1.6 11.2 13.9 15.5 Petronas Dagangan 5681 MY Energy.7 2.6 7..2 8.2 8.1 1.7 9... 5.8 5.8 NA NA 16.2 15.1 Alliance Financial G 2488 MY Financials.7 1.4.4.1 16.7 9.7 27. 22.4-1.6.6 NA NA 54. 57.4 14.9 15.8 Lafarge Malayan C 3794 MY Materials.6 1.4.8.1 7.4 5. 9.4 3.6..3 22.9 23.1 15.8 18.5 9.7 9.8 RHB Capital Bhd 166 MY Financials.6 3.4 1.1.3 4.5 8.4 13.5 4.7 1.3 16.1 36.8 4.6 52.9 55.7 12.8 12.3 IGB Corp. Bhd 1597 MY Financials.5 1.1.2.1 9.7 2.4 26. 1.7. -.7 45.3 48.3 39.2 34.3 6.9 7.2 Malaysian Airline Sy 3786 MY Industrials.5 2.3 4.9.2 6.7 1.5 42.8 43. 7.8 12.1 7.1 9. 4.6 6.3 18.1 18. Astro All Asia Netw 576 MY Cons. Discr..5 2.3.9.1 11.4 9.8 365.4 57... 24. 26.6 18.3 21.6 12.9 19.3 KLCC Property Hold 589 MY Financials.5 1..3.1 3.7 5.6 3.4 13.8.5-7.4 75.8 74.3 73.5 73.2 5.3 5.8 AirAsia Bhd 599 MY Industrials.4 1.1.7.1 42.7 18.8 85.2 3...8 28. 33.7 16.7 18.7 17.8 18.1 Proton Holdings Bhd 534 MY Cons. Discr..4.7 2.2. 15.1 6.3 NA 119.4 NA NA 6.9 6.3-1.3 3.4.6 3.7 Malaysian Resource 1651 MY Industrials.4.7.4. 57.5 2.9 76.6 28.7.. 16.3 15.3 13.5 19.3 15.5 18.1 Hong Leong Financi 182 MY Financials.3 1.6.8.2 25.1 7.6 7.2 7.3.2. 45.8 46.4 48.1 48.6 13.3 13.1 Media Prima Bhd 452 MY Cons. Discr..3.7.2. 13.2 8.1 27.2 13.3.6-1.5 31.2 32.2 26.6 29.2 27.7 26. Star Publications (M 684 MY Cons. Discr..3.8.3.1 4.4 3.5 12.9 5.9.. 33.1 33.1 26.2 26.9 13.8 14.8 Shell Refining Co. ( 4324 MY Energy.3 1. 3.5.1 NA -8.2 NA -.9. -31.5 4. 4.9 5.2 5.1 13.8 12.1 Malaysian Bulk Car 577 MY Industrials.2 1.3.2.1 6.2-6.3-13.4 -.9-7.8-1.6 7.3 72.2 7.1 61.1 23.7 17.6 Multi-Purpose Hold 3859 MY Financials.2.6 1.1.1 5.1 6.6-32.2 1.7-16.6-18.4 14.8 14.8 14.2 14.1 1. 1.4 IOI Properties Bhd 1635 MY Financials.2 1.3.2.1 9.5 15.4-2.6 17.9.. 58. 57.8 58.1 55.6 14.6 15.7 TA Enterprise Bhd 4898 MY Financials.1.5.2.1 4.1 27.8-15.4 18.2-31.3-18.8 45.5 43. NA NA 9.1 1.7 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 4197 12. 13.5 12.5 19.3 3.2 11. 2.6 16.6 2.1 5.4 3.4 31.8 64. 76.8.8 15 184 Bumiputra-Commerce 123 1.3 13. 26.2 12.5 2.1 NA 4.5 9.3 3.8 3. -1.9-1.9 2. 5.6-6.4 12 226 IOI Corp. Bhd 1961 8. 8.7 8.8 22.7 5.2 15.9 2.1 19.6 4. 1.2 1.3 12. 53.5 89.8 2.6 347 535 Malayan Banking Bhd 1155 9.6 11.4 18.3 12.7 2.2 NA 6.6 7.1 4.7 1.6 3.4 4.3 5.3-9.1 4.3-3 5 Genting Bhd 3182 7.3 9.4 29.8 16.6 1.9 6.1.9 8.9 3. 1.7-2.7-5.2. -9.4-8.2 84 161 Tenaga Nasional Bhd 5347 9.3 13.5 45.9 11.4 1.5 6.5 4.2 5.2 1.6-1.5-1.1 2.8-9.3-25.4-3.6 12 23 Telekom Malaysia Bhd 4863 11.2 12.4 1.7 15.7 1.8 5.6 4.8 5.4 2. 1.8 -.9 5.7 14.3 3.7. 7 43 Resorts World Bhd 4715 3.8 4.7 23.7 16.6 2.5 9.1 1.7 13.5 4.8 2.3 3.3 4.4 4.4 15.9-2.1 79 93 MISC (F) 3816F 9.5 9.9 4.8 12.9 1.6 NA 3.2 7.7 NA -5.9-1. -2.1 4.4-2.6-4.5 19 166 Kuala Lumpur Kepong 2445 18.7 19.3 3.2 19.3 3.5 12.6 2.6 16.7 3.1.8 4.5 16.9 61.2 65. 7.5 342 349 Gamuda Bhd 5398 4.2 5. 19.6 16.9 2.8 17.4 5.5 3.5 2.3.3-16.8 4.5 2. 15.1-12.9 57 49 YTL Corp. Bhd 4677 7.9 9.3 17.1 16.1 1.6 6.9 3.2 6.8 2. -9.7 5.3 6.8 1.5-1.9. 5 138 AMMB Holdings Bhd 115 3.7 4.9 3.4 11.4 1.3 NA 2.1 19 3. NA -.5-5.4-7.7 1.2-2.1 16 75 British American Toba 4162 42.3 42.8 1.3 15.9 17.1 1.7 8.3 14.1 3.1 6.1.6 7. 5. -12.4 2.4-11 17 Petronas Gas Bhd 633 1.3 11.8 14.1 16.1 2.5 9.1 4.6 1.2 6.6 22.7-3.7-4.6-1. 12. -3.7 47 43 PPB Group Bhd 465 1.7 13.7 28. 16.9 1.3 29.3 2.1 35.6 4.1 -.3. 8.1 63.4 68.5-2.7 215 435 PLUS Expressways Bhd 552 3.2 3.7 15.5 13.3 3. 1.9 4.9 1.6 6.4 4.9.6 -.6 5.2 6.6-1.8 15 43 IJM Corp. Bhd 3336 7.6 1. 32.5 15.3 1.4 8.9 2.1 1.4 1.3 1. -5.6-5.6 6.3-18.4-12.2 58 59 Berjaya Sports Toto B 1562 5.5 5.6 2.8 16.1 14.4 11.8 7.3 15. 2.2 1.8 9.4 12.1 13.5 14.5 7.9 34 66 SP Setia Bhd 8664 5.1 6.1 2.8 18. 2.8 18.5 4.2 21.8 4.4.7-1. 3.1 8.2 1. 1.4 73 216 DiGi.com Bhd 6947 24.9 28. 12.4 16.2 8.5 7.6 5.6 9.8 3.7 2.4 3.8 2.9 24.5 NA.4 NA NA Bursa Malaysia Bhd 1818 11.6 13.7 18.1 23.2 8. 14.5 4.2 21.1 11.9 2.3-15.9-15.3 21.5-4.1-18.9 NA NA KNM Group Bhd 7164 6.2 9. 45.3 18. 7.3 13.9.6 21.3 2.8.3-1.8 -.8 52. NA -19.5 NA NA Tanjong PLC 2267 15.6 22.2 42.1 1.1 1.6 6.3 6.2 6.6 1.5 1. -9.3-1.3-6. -5.5-15.7 8 79 UMW Holdings Bhd 4588 14.2 16. 12.7 14.5 2.4 8.6 3.7 14..7.9-3.4-4.7 4.4 42. -9. 178 29 Hong Leong Bank Bhd 5819 6.1 7. 14.8 12.3 1.8 NA 3.9 7.6 4.7 1.2 1.7 -.8 8.9-6.2-3.9 12 34 Magnum Corp. Bhd 3735 3.3 3.5 5.2 16.7 3.4 1.4 4.6 15.8 1.5 2.8.. 16.7-4.1. 42 34 MMC Corp. Bhd 2194 4.1 5.3 29.3 15.2 2. 7.9 1. 4.6 1.5.3-6.7 1.5 16. 34.2-12.7 294 38 YTL Power Internatio 6742 2.5 2.7 8. 13.9 1.9 8.4 4.6 8.8 3.2-1.1-3.1-1.2 8.2 NA -7.4 NA NA UEM World Bhd 1775 3.7 4.4 18.9 16.8 2.2 7.9.4 4.9.8 -.7-3.1-3.1 17.8 NA -6.1 NA NA Petronas Dagangan B 5681 8.5 9.5 11.2 1.7 NA 6.1 4.1 NA.4.9.6.6 5.6 38.2-1.7 115 29 Alliance Financial Gro 2488 3. 4. 32. 12. 1.6 NA 1.8 NA 3.9.2. 5.3 3.8-3.2-2.6 12 257 Lafarge Malayan Cem 3794 5.4 6.6 21.8 15.9 1.5 8.8 4.1 1.6 1.9 2.5 4.9 3.8 1.2-7.4-7.7 88 113 RHB Capital Bhd 166 5.1 6. 18.8 15.7 2. NA 1.4 NA 3.1.6-4.7-9. -4.7 14.3-13.7 127 26 IGB Corp. Bhd 1597 2.1 3.3 57. 15.5 1.1 11.3 1.3 14.5 4.7.9-1.8-7.6-8.4-17.9-8.4 6 149 Malaysian Airline Syst 3786 4.5 5.9 31.7 1.1 1.7 3.8 NA 6.9.5.2-3. -1.8 8.4-17.2-8.2 17 35 Astro All Asia Networ 576 3.8 4.4 13.3 3.3 4. 8.9 2.6 12.1 2.6.2 7.3 2. 11.6-3.8 9.7-31 NA KLCC Property Holdin 589 3.4 4.4 27.9 16.2.7 7.6 3.1 8.4 3.6 -.3 1.8. 2.4-5.6-2.9 61 NA AirAsia Bhd 599 1.6 1.8 12.2 14.9 1.4 14.3 NA 4.9 1.6.3 2.6-14.3-13.3-8.8-2.5-8 NA Proton Holdings Bhd 534 4.1 5.2 25.5 28.8.4 3.8 NA 4.3.3 NA 1.5 2.5-17.6-45.4 12. -52-51 Malaysian Resources C 1651 2.4 3.5 44.7 16.8 2.8 12.5 NA 18.7 1.6.3-13.1-2.8 7.7 9.6-6.3 221 176 Hong Leong Financial 182 4.8 7.7 59.8 9.1 1.1 3.9 4.6 NA 2. 1.3-7.3-16.9-9.1-21.6-19.7 1 21 Media Prima Bhd 452 2.5 3.2 28.8 14.1 3.5 8.9 2.9 13.2 2.9.7. -9.4-7.4.4-11. NA NA Star Publications (M) 684 3.5 4.1 17.2 14.6 2. 8.2 6.2 11.7 3.1 1.6. 2.4 6.1 6.1 1.2-1 18 Shell Refining Co. (F.O 4324 11.2 9.1-18.8 14. 1.7 7.2 3.8 5..3 NA 2.8-1.8 2.8 4.7 -.9 32 244 Malaysian Bulk Carrie 577 4.2 4.6 1. 9.8 1.9 7. 7.4 12.1 6.9 -.8 11.2-17.6 1.1 5.3-6.7 11 NA Multi-Purpose Holding 3859 2. 3. 53.8 9.9.9 2.8 5.4 6.7.5 -.7-7.5-16.9 13.9-3.9-15.1 99 49 IOI Properties Bhd 1635 12.9 14.6 13.5 11.9 1.6 11.7 5.7 12.3 5.1-3.7. -.8 2.4 19.4-1.5 65 122 TA Enterprise Bhd 4898 1.1 1.7 5.9 9.9.7 NA 7.4 NA 2.4 NA -16. -12.7-17.3-5.2-14.1 29 118 DRB-HICOM Bhd 1619 1.4 2. 41.3 11.3.5 6.1 1.9 4.9 NA.8-6.8-2.7-1.4-38.9-13.2-35 -29 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 95

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) 3.66 8.29.87 5.36-1. 2.69 Graph 1 : 12-month Forward EPS & Price Index (pt) 3 2 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 4,8 4, 3,2 1 2,4 1,6 8-1 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 27 16 (pt) (%) 31 23 25 29 2 14 27 17 23 25 12 23 14 21 28E EPS (LHS) 21 29E EPS (LHS) 11 19 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

Quant Analyst 3774-178 YoungJean@miraeasset.com Graph 3-A : EM & ERR Graph 3-B : Earnings Momentum by Sector (%) Earnings Momentum (LHS) Earnings Revision Ratio (RHS) (pt) (%) 6 Dec Jan Feb 1 1 5 4 5 5 3 2 1-5 -5-1 -1 1 2 3 4 5 6 7 8-1 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 18 15 4 16 CD UT 1 3 14 TS MT FN 5 2 12 HC 1 2 3 4 5 6 7 8 1 LT EPS Growth (%) 1 15 2 25 3 35 4 Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 7 Trailing PBR (LHS) 3 Trailing ROE (RHS) 6 28 11 Tr.PBR ID UT 5 4 3 2 1 1 2 3 4 5 6 7 8 26 24 22 2 7 TS MT CS CD FN HC Tr.ROE 3 12 24 36 48 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 97

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 23 23.5 16.3 54.6 18.5 16.8 1.2 -.4 7. 1..7 6.5 3 52 43 29.8 28.7 27.6 26.5 Energy 23.7 2 57.4 29.9 211 17.8 35.3 8.6 6.1 34.6 5.4 6.4 39.7 1 5 1 39.6 36.7 41.2 33.4 Materials 8.1 4-6.1-3.7 143-13 -11 3.6-11 9.1 5.5-2.8 3.2 5 1 46.4 38.9 35.4 28.5 Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining 5.5 2-16.8-15.1 168-21. -2. 4.8-6.5.9 1.5-3.4 1. 1-1 1 63.7 52.3 43.6 33.4 Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials 4.5 2 81.8 35.5 7.6 85.8 38.8-7.3-14 3.9.5-12 1. 1 5 12.9 13.2 29.3 28.5 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering 1.5 1 56 62.7 NA 438 53.1 NA -36.3. NA -25.7. 1-1 12.3 12.9 29.3 27.3 Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery 3. 1 19.9 16.2 55.9 33.2 3.2.4 12.3 6.5 1.2 4.9 18.4 1 1 1 13.4 13.5 29.2 29.5 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 9.7 2 17.5 13.6 59.2 26.8 14.9 1.6 2.9 1.6 2.5 1.1 9.2 1 1 13.3 13.5 22.2 21.2 Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles 9.6 1 17.6 13.6 61.7 27.2 14.9 1.7 2.8 11. 2.6 1. 9.5 1 1 1 13.4 13.6 22.3 21.2 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.2 1 14.4 12. 16.3 18.1 15.2-3.1 1.7.6-2.2 -.5 2.2-1 1 1 8.4 9.1 18.7 19.7 Consumer Staples 6.7 4 16.6 1.8 47. 28.6 16.3 1.9 2.3 5.7 2.4 3.5 4.7 1 5 75 15.2 15.3 2.6 21.3 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 4.9 3 16.8 1.6 58.1 32.4 16.5 2.5 2.5 7.2 3.2 4.5 5.8 1 33 67 14.3 14.2 17.1 17.8 Household & Personal Produ 1.8 1 15.8 12.4 2.2 16.8 15.6. 1.5.4.1. 1. 1 1 1 22.4 23.8 74.4 73. Health Care 1. 1 14.1 13.8 25.6 18.1 1.7 -.9 4.. -.7 1.. -1 1 18.7 19.1 21.4 2.9 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals 1. 1 14.1 13.8 25.6 18.1 1.7 -.9 4.. -.7 1.. -1 1 18.7 19.1 21.4 2.9 Financials 21.1 5 12.8 14.7 28.1 23.4 14.5. 1.3 -.2 -.2 -.1.1-6 1 2 5.1 5.7 21.4 21.8 Banks 21.1 5 12.8 14.7 28.1 23.4 14.5. 1.3 -.2 -.2 -.1.1-6 1 2 5.1 5.7 21.4 21.8 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 2.5 2 15.1 1. 25.7 12.1 1.4-1.3.3-1.4-2.5 -.4-3. 1-1 38.6 36.6 3.4 3.4 Diversified Telecom. Service 2.5 2 15.1 1. 25.7 12.1 1.4-1.3.3-1.4-2.5 -.4-3. 1-1 38.6 36.6 3.4 3.4 Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities 4.7 1 65.2 32.3 5. 85.9 39.7 4.3 -.5-2.3 1.7-1.8-5.3 1-1 -1 35.1 37.4 4.4 38.1 Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities 4.7 1 65.2 32.3 5. 85.9 39.7 4.3 -.5-2.3 1.7-1.8-5.3 1-1 -1 35.1 37.4 4.4 38.1 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 98

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 23 15.4 4.2 6.7 2.7 9.8 2.7.4 18.3 13.6 5.9 66.5 4.1 179 747 Energy 23.7 2 2.6 8.2 9.2.9 18.7 4.5.3 53. 75.3 236 5 28.7 NA NA Materials 8.1 4 13.3 4.5 8. 3.9 11. 4.3.7 13.3-4.4 67.2 89.6-4.8 364 1168 Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining 5.5 2 11.9 4.8 7.1 5. 9.7 5.1 1. 14.6-5.8 13.5 13. -5.5 627 2,62 Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials 4.5 2 17.7 4.8 9. 1.9 11.8 1.5.1 7.1 9.8 72. 47.4 6.8 218 NA Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering 1.5 1 15.5 4.1 8.2 NA 9.7 1.2.1-8.5 NA NA NA -16.9 NA NA Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery 3. 1 19.1 5.3 9.4 1.9 13.3 1.7.5 17.2 25.9 94.3 84 24.8 339 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 9.7 2 14.3 3.2 9.3 2.1 13.5 1.3.5 11.3 19.6 69.3 81.9 1.4 139 846 Auto Components NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Automobiles 9.6 1 14.3 3.2 9.3 2.1 13.5 1.3.4 11.2 2.4 73.1 87.2 1.5 15 1,66 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.2 1 13.1 2.5 7.4 3.5 1.4 1. 1.1 13.9-5.7. -2.4-3.5 5 86 Consumer Staples 6.7 4 17.2 3.6 9. 2.8 13.9 1.4.7 1.7 16.7 42.2 44. 5.7 111 42 Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco 4.9 3 16.1 2.9 8.1 2.4 12.6 1.1.6.7 19.6 62.1 57.7 7.3 132 453 Household & Personal Products 1.8 1 21. 15.7 14.3 3.8 19.7 3.4 1.3 4.6 9.6 6.2 16.1 1.5 NA NA Health Care 1. 1 11.6 2.6 5.7 1. 11.1 1.5.6 2.6-4.9-7.1-7.1-7.1 26 335 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals 1. 1 11.6 2.6 5.7 1. 11.1 1.5.6 2.6-4.9-7.1-7.1-7.1 26 335 Financials 21.1 5 13.8 3. 3.4 3.3 7.2 4.5.6 1.8 1.5 27.3 35.2-2 11 545 Banks 21.1 5 13.8 3. 3.4 3.3 7.2 4.5.6 1.8 1.5 27.3 35.2-2.1 11 697 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 2.5 2 13.6 4.2 4.9 4.3 6.4 2.7.7 13. -1.4.8 7.1-2.7 1 44 Diversified Telecom. Services 2.5 2 13.6 4.2 4.9 4.3 6.4 2.7.7 13. -1.4.8 7.1-2.7 1 44 Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities 4.7 1 15.6 6.4 9.5 2.6 12.3 4..4 12.4-15 41.9 51.4-12 42 NA Electric Utilities NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Gas Utilities 4.7 1 15.6 6.4 9.5 2.6 12.3 4..4 12.4-15. 41.9 51.4-11.7 42 NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 99

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 23.2 16.5 3.6.7 57.2 29.9-8.5 39.2 34.3 3. 43.8 48.5 39.4 36.6 46.4 47.3 Telekomunikasi Ind TLKM ID Telecom. Svcs17.4 22.1 7.7 1.6 14.1 9.3 1.7 12.1 -.8-1.3 59.6 6. 41.8 39.3 4.6 4.2 Astra International ASII ID Cons. Discr. 9.6 12.2 8.9.8 17.6 13.6 25.5 13.5 9.4 5.2 16.4 16.8 13.4 13.6 26.2 24.4 Bank Central Asia BBCA ID Financials 7.7 9.7 1.6.6 13.9 12.9 17.3 15.3 1. 2.7 56.2 59.8 52.1 53. 24.4 24.7 Bank Rakyat Indone BBRI ID Financials 6.9 9.9 2.2.7 12.9 14. 22.7 17.9 -.8 -.9 43.1 44.4 51.7 53.1 29. 28.7 Perusahaan Gas Ne PGAS ID Utilities 4.7 6.7 1.6.4 65.2 32.3 73.7 33.7-4.4-9.4 47.6 48.5 35.1 37.4 41.9 46.2 Bank Mandiri (Perse BMRI ID Financials 4.1 7.6 1.9.6 9.6 14.9 3.4 18.1-1.3 -.9 49.2 53.1 45.9 48.4 18.4 19.8 International Nicke INCO ID Materials 3.2 1.2 1.9.9-18.5-12.6-2.2-17.4.2 18.6 74.5 59.1 7.8 59.9 41.1 3.6 Indosat ISAT ID Telecom. Svcs 3. 4.3 2.1.3 19.1 12.9 18.3 16.4-1.8 -.8 52.7 52.2 25.6 26. 14.3 15. United Tractors UNTR ID Industrials 3. 4.2 2.4.2 19.9 16.2 33.5 32.9 9. 28.5 19.5 2.1 13.4 13.5 31.1 31.3 Aneka Tambang ANTM ID Materials 2.3 4.2.9.4-14.9-17.9-19.1-3.4 12.2-8.5 62.7 49.7 55.8 43.4 39.5 22.5 Astra Agro Lestari AALI ID Cons. Staples 2.1 5.5.8.3 31.7.9 41.8 8.6 5.2 4.9 56.4 52.9 54.2 48.5 54.1 42.7 Bank Danamon Indo BDMN ID Financials 2.1 3.9 1.2.3 15.4 18.5 25.9 18.. -.2 37.3 39.3 48.7 44.4 23.3 24.5 IndoFood Sukses M INDF ID Cons. Staples 2. 2.9 3.6.1 22.1 13.4 45.6 22.8 8.7 13.1 13.1 12.7 12.1 12.7 18.3 19. Unilever Indonesia UNVR ID Cons. Staples 1.8 5.7 1.6.3 15.8 12.4 17.9 16.3.6 1.8 23. 23.9 22.4 23.8 79.7 82.9 Truba Alam Manun TRUB ID Industrials 1.5 1.8 1.4.1 559.7 62.7 437.7 53.1.1. 12.7 14.3 12.3 12.9 41.4 39.9 Semen Gresik (Pers SMGR ID Materials 1.4 3.5 1.2.2 11.9 9.7 15.8 12.6 -.3-1.2 28.8 3.5 24.3 24.9 26.1 25.2 Indocement Tungga INTP ID Materials 1.2 3.2.9.1 16.1 14.3 38.2 29.4 2.2 3.2 29.1 3.6 21.3 25.2 17. 19.7 Kalbe Farma KLBF ID Health Care 1. 1.3.9.1 14.1 13.8 2.3 16.8.. 21.5 21.1 18.7 19.1 23.3 23.2 Gudang Garam GGRM ID Cons. Staples.8 1.6 3.2.2 6.4 8. 17.6 11.3.. 11.4 11.2 9.4 1. 11.5 12.1 Energi Mega Persad ENRG ID Energy.5 2..2.1 8.4 26. 534. -34.. 4.7 71.5 76.8 57.4 45.2 13.3 14.4 Bank Pan Indonesia PNBN ID Financials.3 1.4.4.1 15.9 22.2 18.2 18.4.1 5.4 51.3 5.5 52.3 51. 14. 14.9 Ramayana Lestari S RALS ID Cons. Discr..2.6.6. 14.4 12. 21.8 16.2-1.1 2.8 11.1 11.6 8.4 9.1 18.4 19.3 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 1

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. 7,367.5-5.5 2.8 8.7 9.1.9 18.5 4.4 1.6 54.5 79.3 247 55 3. 757 NA Telekomunikasi Indon TLKM 1,15. 11,75. 15.8 13.4 5.4 4.8 4.6 6.6 2.8 1.2 14..5. 4.6. 119 456 Astra International ASII 27,7. 32,. 15.5 14.5 3.4 9.3 2.1 13.5 1.3.8 11.2 2.4 73.1 87.2 1.5 15 166 Bank Central Asia BBCA 3,65. 3,725. 2.1 16.2 3.8 4.1 2.9 1.3 6.1 1. 1.6 8.1 31.5 39.. 121 NA Bank Rakyat Indonesi BBRI 7,4. 8,225. 11.1 14.1 3.7 5.9 3.3 5.7 4.3.7 9.6 2.8 35.8 48.. 133 NA Perusahaan Gas Nega PGAS 13,55. 15,75. 16.2 16.1 6.7 9.5 2.6 12.3 4..3 12.4-15. 41.9 51.4-11.7 42 NA Bank Mandiri (Persero BMRI 3,35. 3,9. 16.4 11.8 2. NA 3.7 8.1 3.8.5 17.5. 2.7 32.7-4.3 79 NA International Nickel In INCO 9,4. 8,69.6-14.2 11.4 4.8 7.4 5.9 1. 5.6 -.6 9.9-3.3 16 124-2.3 56 6675 Indosat ISAT 7,3. 8,85. 21.2 15.7 2.2 5.3 3.2 5.2 2..9 7.4-11. 5.8 23.7-15.6 33 362 United Tractors UNTR 13,6. 14,5. 6.6 18.7 5.3 9.4 1.9 13.3 1.7.6 17.2 25.9 94.3 83.8 24.8 339 6392 Aneka Tambang ANTM 4,5. 2,79. -31.1 11.3 4. 6.7 3.7 9.3 4.6 -.5 21.8-9. 1 118-9.5 82 2693 Astra Agro Lestari AALI 31,85. 3,. -5.8 19.8 9.3 11.3 2.2 16.4 6.5.8 8.3 5.2 144 139 13.8 919 223 Bank Danamon Indone BDMN 7,15. 9,23. 26.2 12.5 2.8 NA 3.8 5.2 3.3.5 3.6-14.9. 18.2-1.6 6 NA IndoFood Sukses Mak INDF 2,775. 3,13. 11.8 18.3 3.4 7.9 1.6 13.3.8.5-4.3 12.1 61.3 63.2 7.8 195 383 Unilever Indonesia UNVR 6,85. 7,425. 8.4 21.2 15.7 14.3 3.8 19.7 3.4 1.2 4.6 9.6 6.2 16.1 1.5 92 27 Truba Alam Manungg TRUB 1,18. 2,. 69.5 15.5 5.7 8.2 NA 9.7 1.2.1-8.5-6.3-1.6 NA -16.9 NA NA Semen Gresik (Perser SMGR 5,45. 6,. 1.1 16.6 4.2 9.5 2.3 14.6 3. 1.2 11.2-3.5 16. 34.6-2.7 177 641 Indocement Tunggal P INTP 7,85. 8,575. 9.2 21.1 3.7 11.9.8 16.1 3.4.6 9.8 1.3 28.7 4.2-4.3 126 797 Kalbe Farma KLBF 1,17. 1,6. 36.8 12. 2.5 5.6 1. 11. 1.5.6 2.6-4.9-7.1-7.1-7.1 48 751 Gudang Garam GGRM 7,8. 1,25. 31.4 8.6 1. 5.2 5.4 7..5.6-4.9-14.3-15.7-22.4-8.2-53 3 Energi Mega Persada ENRG 1,3. 1,14. -12.3 29.8 6.2 12.3.1 56.4 7.9.3 4.. 68.8 97. -12.8 NA NA Bank Pan Indonesia PNBN 64. 777.5 21.5 12.4 1.6.9 3.1 5.6 3.4.7 8.5-1.5 1.3 3.2-5.9 3 39 Ramayana Lestari Sen RALS 82. 1,3. 25.6 13. 2.4 7.4 3.5 1.4 1..7 13.9-5.7. -2.4-3.5 1 8 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 11

Quant Analyst 3774-178 YoungJean@miraeasset.com 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)..67..52.94-2.96 Graph 1 : 12-month Forward EPS & Price Index (pt) 4 2 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 7 6 5 4 3-2 2 1-4 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 32 2 (pt) (%) 35 16 31 16 33 14 3 12 31 12 29 8 29 1 28E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 2 6 5 1 3-5 -1-1 -3-15 -2 1 2 3 4 5 6 7 8-6 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) (%) 25 12-month Forward PER (LHS) 5 LT EPS Growth Forecast (RHS) 21 12MF P/E (x) CD 2 4 17 TS CS 15 1 5 3 2 1 13 9 MT IT UT FN ID EN 1 2 3 4 5 6 7 8 LT EPS Growth (%) 5-5 5 15 25 35 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 3. 22 4 2.5 19 EN MT 2. 1.5 16 13 2 FN ID UT IT 1. 1 2 3 4 5 6 7 8 1 Tr.ROE 3 9 15 21 27 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 13

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 34 7.7 4. -29 15.5 7.3.3 -.1 -.3 -.6 -.9.4-1 1-39 15. 15.6 17.7 17.8 Energy 41.7 6 8.3 4.2 13.2 11.2 2.5 5.8-2.1 3.9 4.4-4. 6.4 17 17 11.8 12.3 22.7 21. Materials 9.1 4 4. 2.8-7.5-8.2-4.3-6. -1.4-5.9-5.5-2.8-6.2-33 -33-1 17.6 16.2 19.9 18.1 Chemicals 2.4 1 14.7 5.6-27.3 12.8-7.7-1.2.3-2.2-13.2 -.5 2.1 1 1-1 26.8 21.7 17.2 15.2 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 3.1 4 9. 5.6-43 -1.2 25.1 2.4.3-17 -8.2 2.1-15 -25 7.1 7.8 7.8 7.9 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 1. 1 8.1 4.4-29.5-45.9 44.9-6.7-2.5-53.3-11.8-3.9-34.7-1 -1 3.4 3.9 7.9 7. Marine.4 1 14.2-6.5 9.4-5.5-8.7-3.1.5-1.1-8.4.8-9.1-1 1-1 44.9 39.4 22.6 17. Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary 2.7 2 11.6 9.4 8.5 19.6 11.4 2.7 -.4-1.2 2.4-1.2-1.6 1 5 44.1 44.8 37.5 4.9 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 1.2 1 NA NA -18.9 19.6 13.1 5.4-1.7-4.2 6.3-1.7-4.5 1-1 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 1.4 1 11.6 9.4 39.8 19.6 1.2 1.3.1.3 -.2-1.2 -.3 1 1 1 44.1 44.8 37.5 4.9 Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples 1.8 2 1.8.4 14.6 7.5 9.8-13 -1..5-15.7-2.6-5 -1 3.3 4.4 24.3 27.9 Food & Staples Retailing 1.8 2 1.8.4 14.6 7.5 9.8-5.8-1..5-5.3.7-2.6-5 -1 3.3 4.4 24.3 27.9 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 32.2 1 15.6 9. NA NA 15.8-5.8 3.2-2.5-4.3 2.9-2.1-71 -13-75 43.9 43.6 12.8 14.9 Banks 3.7 8 NA NA NA NA 16.3-6.1 3.3-2.7-4.5 2.9-2.1-6 -1 45.3 45.2 12.9 15.2 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.3 1 8.5 13.6-7. 1.4 15.7 -.6.1-4.5-3. -.5-2.1-1 1-1 11.7 11.5 17.2 17.5 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..3 1 8.5 13.6-7. 1.4 15.7 -.6.1-4.5-3. -.5-2. -1 1-1 11.7 11.5 17.2 17.5 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 6. 2 9.4 5. 78.4 41.4 19.1 1. 7.5-1.5-2.3 1.6-3.6 1 21.7 22.8 24.2 28.2 Diversified Telecom. Service.3 1 1.1 6.8 NA NA 19 NA NA 58.1 14.2 12.2 3.4 1 1 1 13.7 14.9 13.6 33.3 Wireless Telecom. Services 5.6 1 9. 4. -3.2 15.6 11.6-2.8.4-4.5-4.7. -4.6-1 1-1 26. 27.1 24.8 27.8 Utilities 3.1 3 4.1.4 1.1 6.1-3.7 1.3.2.6.3.4.5 33 33 33 19.9 2.5 15.8 14. 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 34 11.2 1.9 6.2 3.8 7.2 1.1.8 9.5 3.8 12.4 23.4-3.7 23 163 Energy 41.7 6 1.2 2.4 6.5 3.3 7.7.9.8 11.2 3.1 26. 54.3-6.8 88 568 Materials 9.1 4 1.2 2. 7.5 5.7 7.8 1.5 NA.2-5.1-6.3-1.1-9.4-15 94 Chemicals 2.4 1 8.9 1.5 6.6 4.9 7.2 2. NA 3.9-8.4 2.3 38.6-13.7 21 2 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 3.1 4 12.3 1. 6. 3.9 3.9.7.8 7. -5.6-8.8-12 -8.4-23 36 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 1. 1 14.9.7 4.9 5.6 2.3.3 NA.8-13.4-22 -28.3-17.8-33 NA Marine.4 1 7.4 1.6 4.5 6.8 5. 3.5.2 15.5 1.9-6. 7.8-5.2 NA NA Road & Rail NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Discretionary 2.7 2 19. 7.1 8.6 5.1 11.6 5.9 1.4 8.1 5.7 16. 19.7-5. -9-1 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 1.2 1 2. NA NA NA NA NA 2.2 14.9 8.9 2.7 19.3 3.4-2 18 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 1.4 1 18.3 7.1 8.6 5.1 11.6 5.9 1.1 2.8 3.7 12.3 23.8-11.3 17-4 Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Consumer Staples 1.8 2 14.9 4.1 5.8 3.5 17.4.4.5 1.1 13.2 12.8 35.3.6 51 82 Food & Staples Retailing 1.8 2 14.9 4.1 5.8 3.5 17.4.4.5 1.1 16. 12.8 64.4.6 88 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 32.2 1 12.1 1.3 4.9 2.9 6.8 2.7.7 11.6 8.2 11.3 13.7 2 23 112 Banks 3.7 8 12. 1.3 4.7 3. 6.8 2.6.7 11. 7.5 11.7 13.4 1.7 26 132 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.3 1 7.1 1.2 3.9 7.7 5.3.9 3. 3.9-16 -21-29 -13-27 -13 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..3 1 7.1 1.2 3.9 7.7 5.3.9 3. 3.9-16.1-2.8-29.4-13.4-27 -13 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 6. 2 16.7 4.1 6. 6.3 6.6 2. 1.1 9.1 17.1 9.2 27. 4.9-13 185 Diversified Telecom. Services.3 1 2.1 4.2 4.5 NA 1.7.3.3 8.4-13.4-1.8-12.1. -52 24 Wireless Telecom. Services 5.6 1 16.3 4.1 6.6 6.3 7.9 3. 2. 9.1 2.7 1.9 32.5 5.2-5 213 Utilities 3.1 3 8.4 1.3 6.6 5.1 6.2 1.9 1.4. -7.5-4. -4.2-7.3 7 123 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 17.4 28.6 44.3 3. 8.7 1.5 6.1 4.3.9 1.5 11.9 12.2 9.2 9.8 25.1 21.5 PTT Exploration & P PTTEP TH Energy 11.3 15.8 3.6 1.1 23.2 9.1 27.1 9.8 -.2 1.7 72.5 72.3 55.4 59.5 3.2 27.5 Advanced Info Serv ADVANC TH Telecom. Svcs 5.6 9.2 3.1.6 9. 4. 19. 13. -.6-2. 46.8 47.1 26. 27.1 24.2 26.6 Siam Commercial B SCB TH Financials 5.3 5.1 2.1.6 NA 11.5-2.6 15.6-1.6. 44.3 44.8 49. 49. 17.7 18.1 Banpu PCL BANPU TH Energy 4.9 4. 1.2.3 26.3 13.9 4.5 17.3 15.9 21.8 32.7 37. 26.7 28.8 29.7 23.9 IRPC PCL IRPC TH Energy 3.1 3.2 5.5.4-5.8-6.1-7.5-4. -2.6 5.5 9. 7. 7.3 5.1 1.4 9.2 Bangkok Bank PCL BBL TH Financials 3.1 7.3 2.3.7 NA 7.7 14.6 11.4..5 4.2 4.1 46.5 47.2 12.6 12.6 PTT Aromatics & Re PTTAR TH Energy 3. 3.7 8.1.5 3.7 26.8-4.9 5.2-2.2-1.4 8.7 7.9 7.9 7.6 2.3 19. Kasikornbank PCL KBANK TH Financials 2.9 6.4 1.9.5 NA 12.5 4. 17.7 -.9-2.4 34.9 36. 45.6 45.7 15. 15.7 PTT Chemical PCL PTTCH TH Materials 2.4 4.9 2.5.6 14.7 5.6 15.8-5.5 -.2 2.3 33.8 32.3 26.8 21.7 17.7 14.8 Bank of Ayudhya PC BAY TH Financials 2.1 4.3 1.2.3 NA 17.3 NA 28.7-6.4-12.5 38.3 44.2 38.8 42.6 9.8 11.8 Thai Oil PCL TOP TH Energy 2. 4.9 9.7.6 25. -7.5 21.2-12.1 -.9. 1.9 1.3 8.4 8.4 23.4 18.1 Krung Thai Bank PC KTB TH Financials 1.8 3.5 1.7.4 NA 9.5 118.9 19.5-4.4 -.1 36.7 36.2 48. 46.5 13.6 14.5 Siam Cement PCL SCC TH Materials 1.8 7.9 8.2.8 -.7 -.8-17.2-5.4-6.9-9.5 17.1 17.2 1.4 1.3 25.4 22.5 TMB Bank PCL TMB TH Financials 1.6.9.8.2 NA 11.6 NA 27.7-18.8-12.6 29. 4.4 34.6 31.8 11.3 13.3 Airports of Thailand AOT TH Industrials 1.5 2.5.7.1 17.2 18.6 231.2 33.2 39.3 2. 52.7 55.1 18.9 21.4 4.7 6.2 CP ALL PCL CPALL TH Cons. Staples 1.5 1.5 3.3.1-2.9-1.1 83.7 33.4-8.4 -.8 6.2 7. 3.4 4.9 28.7 26.5 BEC World PCL BEC TH Cons. Discr. 1.4 1.6.3.1 11.6 9.4 16.4 12.3 -.5 -.1 62.9 63.3 44.1 44.8 39.7 42.3 Central Pattana PC CPN TH Financials 1.2 1.9.3.1 15.6 9. 21.8 12. -1..4 54.6 55.4 27.6 27.6 14.5 14.3 Electricity Generati EGCO TH Utilities 1.1 1.6.3.2-1.7-4.1 6.8-3.3. 1.8 69.6 65.5 36.9 42.3 18.3 16.4 Glow Energy PCL GLOW TH Utilities 1. 1.5 1..1 1.8 1.5-1.3 -.3. -1.5 28.1 28.2 19. 19.6 15.7 14.4 Thai Airways Intern THAI TH Industrials 1. 1.7 6.4.2 8.1 4.4-53.7 56. -54.8-28.3 15.4 15.6 3.4 3.9 8.2 8.6 Ratchaburi Electrici RATCH TH Utilities 1. 1.9 1.5.2 8.4.8 15.9-5.8 3.5 -.3 2.5 19.8 15.2 14.6 17. 14.8 Siam City Cement P SCCC TH Materials.9 1.7.7.1-3.9 11.9 9.6 12.2-8.5-7.5 27.7 26.8 23.7 25.2 21.3 23.6 Precious Shipping P PSL TH Industrials.4.9.3.1 14.2-6.5-7.2-1.5 5.4-7.4 68. 63.4 44.9 39.4 25.7 19.5 Hana Microelectron HANA TH IT.3.5.5.1 8.5 13.6-2.2 12.2 -.7 -.6 17.5 16.7 11.7 11.5 18.3 18.4 True Corp. PCL TRUE TH Telecom. Svcs.3.7 2.1. 1.1 6.8 NA 221.1 1.7.6 31.9 32.1 13.7 14.9 8.9 28.3 Thanachart Capital TCAP TH Financials.3.6.6.1 NA 12.6-13. -5.8 3.1-5.5 23.7 23.2 22.2 19.3 9.2 7.9 Siam Makro PCL MAKRO TH Cons. Staples.3.7 2.4. 22.3 5.3 2.7 12... 3.9 4.1 2.8 2.8 18. 19.2 Bangkok Expresswa BECL TH Industrials.3.5.2.1 5.6 9.3 29.1 23.6-2..2 81.5 84.4 5.7 54.5 1.8 12.7 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 16

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 332. 437.5 31.8 9.3 2.1 6.4 3.5 7.4.6 1.8 12.2-5.1 2.3 56.6-11.7 69 668 PTT Exploration & Pro PTTEP 158. 18. 13.9 14. 3.8 6.2 2.6 8.8 4.4.8 9.7 17.9 49.1 65.4-3.7 162 542 Advanced Info ServiceADVANC 12. 17.5 5.3 16.3 4.2 6.6 6.3 7.9 3. 1.3 9.1 2.7 1.9 32.5 5.2-6 179 Siam Commercial Ban SCB 87. 91. 4.6 14.2 2.4 3.5 3. 1.4 2.4-3.4 9.4 6.7 19.2 27..6 72 183 Banpu PCL BANPU 472. 468. -.8 14.5 4. 1.1 2.5 13.4 3.2.5 22.3 31.1 81.5 165 18. 179 1167 IRPC PCL IRPC 5.3 6.8 28.6 9. 1. 5.9 3.3 4.8.6-1.6 4. -12.5-16. -12.5-17.3 NA NA Bangkok Bank PCL BBL 125. 145. 16. 1.6 1.3 5. 2.8 5.6 3.1.8 13.6 1.6 1.6 12.6 5.9 16 14 PTT Aromatics & Refin PTTAR 4.3 5.5 25.5 7.5 1.5 6.4 4.7 6.5.4 122 5.2-8.8-7.1 21.6-6.7 NA NA Kasikornbank PCL KBANK 87.5 12.3 16.9 13. 1.9 7.7 2.6 6. 3.3 1.2 8.7 9.4 19. 32.6.6 54 215 PTT Chemical PCL PTTCH 17. 142. 32.7 8.6 1.5 6.6 4.9 7.2 1.9 1.9 3.9-8.5 9.7 39. -13.7 17 NA Bank of Ayudhya PCL BAY 24.4 3.3 24.2 17.1 1.7 6.9 2.2 8.3 3.7 NA 4.3 2.1 7. 17.9-7. 88 25 Thai Oil PCL TOP 78. 96. 23.1 7.7 1.7 4.4 5.7 5.8.5-4.5 7.6-6. 6.8 36.8-9.8 32 NA Krung Thai Bank PCL KTB 1.2 11.5 12.7 8.2 1.1 4.2 5.2 3.9 2..1 17.2 1. -4.7-19. 1. 2 41 Siam Cement PCL SCC 214. 251. 17.3 1.3 2.7 8. 7. 7. 1. -.9-2.7-3.6-1.1-9.3-7.8-18 8 TMB Bank PCL TMB 1.3 1.5 12.4 9.6 1.1.9 NA 3.9 1.1 NA 5.7-18.4 NA -36.1-11.6-71 -61 Airports of Thailand P AOT 56.5 7.5 24.8 19.3 1.1 8.9 1.8 6.8 3.2.2 1.8-5.8 1.8-1.3-1.7 16 NA CP ALL PCL CPALL 11. 12.5 13.6 16.2 4.4 5.6 3.1 24.1.4.3 1.6 17. 7.8 88..9 72 NA BEC World PCL BEC 25.5 29.9 17.2 19.2 7.3 8.9 5.1 11.6 6.1 1.2 2.8 3.7 12.3 23.8-11.3 59 17 Central Pattana PCL CPN 28.5 31. 8.8 28.9 4.1 15.5 1.3 18.9 6.8 1.7 3.1 31.9 9.6 18.8 14. NA NA Electricity Generating EGCO 98.5 12. 21.8 6.8 1.1 5.4 5.2 5.6 4.8-1.1-1.5-15.1-12.1-3.4-12.1 17 14 Glow Energy PCL GLOW 32.5 37.6 15.5 1.1 1.5 6.6 5. 6. 1.5-13. 2.4-2.3 8.3-3.7-3. NA NA Thai Airways Internat THAI 32.3 39.5 22.5 15.3.7 4.9 5.6 2.3.3-1..8-13.4-21.8-28.3-17.8-33 6 Ratchaburi Electricity RATCH 43. 48. 11.6 9.3 1.5 7.6 5.2 7.5 1.3 2.1 -.6-2.8-5.5-5.5-6. 2 118 Siam City Cement PCL SCCC 238. 244.5 2.7 15.5 3.4 9.2 6. 13.7 2.5 1.4 6.3 6.3-5.6-14.4-7.8-13 2 Precious Shipping PCL PSL 27.5 29. 5.5 7.5 1.7 4.6 6.8 5. 3.5-1.7 15.5 1.9-6. 7.8-5.2 NA NA Hana Microelectronic HANA 18.7 28. 49.7 7.2 1.2 3.9 7.7 5.3.9 1.5 3.9-16.1-2.8-31.4-13.4-22 34 True Corp. PCL TRUE 5.8 8.2 4.5 24.7 2.6 4.5 NA 1.7.3 NA 8.4-13.4-1.8-12.1. -52 23 Thanachart Capital PC TCAP 15.4 17.5 13.6 8.5.7.5 5.8 2.3 1. -.9 14.9 9.2 4.1 17.6 5.5 1 17 Siam Makro PCL MAKRO 98. 114. 16.3 14.6 2.6 6.3 5.8 7.2.3.9 7.7 7.7 2.2 19.5-1. 88 18 Bangkok Expressway BECL 22.2 28. 26.1 9.1 1. 6.1 5.2 3.9 2.2.3.9-3.1-6.3-5.9-6.7-21 5 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 17

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) -.91-1.1-2.85.1. -.85 Graph 1 : 12-month Forward EPS & Price Index (pt) 12 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 15 9 12 6 9 3 95 96 97 98 99 1 2 3 4 5 6 7 8 6 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 1 8 (pt) (%) 1 12 9 9 5 9 6 8 3 28E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 5 3-5 -1-5 -3-15 -1-6 -2-15 1 2 3 4 5 6 7 8-9 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 18 16 26 HC 16 14 12 8 2 FN UT CD 12 4 14 TS MT 1 1 2 3 4 5 6 7 8 LT EPS Growth (%) 8-5 5 1 15 2 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 3 2 6 2 1 15 1 3 ID UT CD MT TS FN 1 2 3 4 5 6 7 8 5 Tr.ROE 6 12 18 24 3 36 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 19

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 1 1.3 3. -.6-4.9 4.6 -.7 -.2-1. -.9 -.2-2.2-2 -1-5 2.7 2.9 16.6 16.3 Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials 22.6 1 19.5 3.7.5 16.9 1.9.2 -.1 -.5.7. -2.2 1-1 -1 12.9 13.2 18.4 18.9 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 13.2 1 6.9 7.9-1.1 1.6 14. -2.6-4. -.5-1..6-1.3-1 -1-1 65.8 67.7 5.3 6. 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 12.6 3 5. 6.3 4.4 8.7 2.2 -.3. -1.5.2.1.5 67 33-67 24.8 26.5 17.1 19.3 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 1.7 1 5.5 6.4 NA 4.6 22.7...3.. -.8-1 11.1 11.8 12.3 13.6 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 8.6 1 3.7 5.4-15.6 4.9 15.8 1.. -4.4 2...5 1-1 36. 38.5 27.7 31.3 Media 2.3 1 9.8 9.8 29.4 25. 26.7.6...9.2. 1 1 28.5 3.7 8.2 1. 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 3.2 1 22.6 21.3 NA -2 36.3-14. 4.6-15 -2.2 2.5-1 -1 2.3 24.1 31.5 45. 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 2.2 1 NA NA NA -4.4 5.2. 2... 1.. 1 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 34.8 1 2.2-1. 13.2-21 -9.3.. -2.3 -.2. -5.1-1 -1 26.3 26.1 26.8 22.5 Diversified Telecom. Service 34.8 1 2.2-1. 13.2-2.7-9.3.. -2.3 -.2. -5.1-1 -1 26.3 26.1 26.8 22.5 Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities 11.5 2 7.9 7.4 -.7 14.6 1.2-2. 1..3-3.5 -.3.5-1 24.6 23.3 7.6 8.3 Electric Utilities 1.4 1 9.3 8.2-4.3-4.5 12.8-1.8 1.. -3. -.2.6-1 1 1 21.8 2.5 7.6 8.3 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 1 13.3 2.1 6.9 5.5 7.4 1.3 2.2-1.2-12 -12-15 -11-1 31 Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials 22.6 1 9.6 1.8 6. 5.6 7.1.7 1.8-4.7-19 -17-12 -17 37 12 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 13.2 1 3.5 1.8 16. 3.1 21. 9.6 2.4 11.4-5.4-12 23.6-2.7 47 14 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 12.6 3 13.6 2.6 7.9 5.8 8.2 1.5.9-6.7-24 -13-24 -17-15 8 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 1.7 1 8.8 1.1 5.1 7.4 5.3.5.6-11.9-27.7-26.9-29.7-24.8-19 5 Textiles, Apparel & Luxury Goods NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Hotels, Restaurants & Leisure 8.6 1 15.3 4.5 8.6 6.2 8.8 2.1 1.5-5.5-26.6-5.9-22.4-14.8-22 -3 Media 2.3 1 16.8 1.6 8.2 3. 9.7 2.7.6-7.1-13.3-11.8-2.1-17.7-11 83 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 3.2 1 22.8 7.2 13.9 4.7 17.7 3. 2.1-16 -17-24 -34-24 -16 36 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 2.2 1 15.8 NA NA NA NA NA 8.3. -7.3-12 -21-5 18 5 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 34.8 1 11.4 2.7 5.4 6.7 5.3 1.3 NA -.5-3.1-3.4-16 -6.4-35 -7 Diversified Telecom. Services 34.8 1 11.4 2.7 5.4 6.7 5.3 1.3 NA -.5-3.1-3.4-15.8-6.4-35 -7 Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities 11.5 2 16.7 1.4 9. 4.2 1.1 1.8 1.3 2.3-15 -16-14 -8.5-1 6 Electric Utilities 1.4 1 18.2 1.5 9.2 3.9 1.9 1.9 1.9 3.7-15.6-15.9-1.1-8.4 5 67 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. Svcs34.8 5.9 4.5.6 2.2-1. -19.9-9.7 1.1-4.2 32.9 32.8 26.3 26.1 22.8 22.2 Fletcher Building Lt FBU NZ Materials 22.6 3.8 5.7.4 19.5 3.7 16.7 1.3-1.4-2.9 14. 14.6 12.9 13.2 18.8 18.6 Auckland Internatio AIA NZ Industrials 13.2 2.8.3.1 6.9 7.9-1.2 18.1. -1. 78.2 78.6 65.8 67.7 5.3 6. Contact Energy Ltd CEN NZ Utilities 1.4 3.5 1.7.2 9.3 8.2-4.5 14.1.. 25.4 25.1 21.8 2.5 7.6 8.4 Sky City Entertainm SKC NZ Cons. Discr. 8.6 1.5.7.1 3.7 5.4 7.2 14.3 -.8.4 38. 39.3 36. 38.5 28.9 3.8 Fisher & Paykel Hea FPH NZ Health Care 3.2 1.1.4. 22.6 21.3 42.9 4..8-4. 24.1 27.4 2.3 24.1 3.6 41. Sky Network Televi SKT NZ Cons. Discr. 2.3 1.5.5.1 9.8 9.8 24. 29... 4.6 41.6 28.5 3.7 8.3 1.2 Fisher & Paykel App FPA NZ Cons. Discr. 1.7.6 1.2.1 5.5 6.4 24.1 12.5-2.3-6.8 13.2 13.3 11.1 11.8 12.3 13.5 Vector Ltd. VCT NZ Utilities 1.2 1.6 1.1.1 -.2 2. 151.6 5.1. -.6 47.3 47.5 42. 42. 8. 8.6 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 112

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 4.1 4.1 1.1 11.4 2.7 5.4 6.7 5.3 1.3 -.8 -.5-3.1-15.5-26.3-6.4-43 -19 Fletcher Building Ltd. FBU 9.5 11.9 24.5 9.7 1.8 6. 5.6 7.1.7.7-4.7-18.5-16.8-12. -17.1 34 169 Auckland Internationa AIA 2.8 2.9 2.5 3.4 1.8 16. 3.1 21. 9.6 3.8 11.4-5.4-12.1 23.6-2.7 31 111 Contact Energy Ltd. CEN 7.6 9.5 25.8 18. 1.5 9.2 3.9 1.9 1.9 4.1 3.7-15.6-15.9-1.1-8.4 5 67 Sky City Entertainmen SKC 3.9 5.3 35. 15.1 4.4 8.6 6.2 8.8 2.1 1.4-5.5-26.6-5.9-22.4-14.8-22 -3 Fisher & Paykel Health FPH 2.7 3.3 25.4 22.7 7.1 13.9 4.7 17.7 3. 5.1-15.6-16.9-24.2-33.8-23.8-16 36 Sky Network Televisio SKT 4.9 6.3 27. 16.7 1.6 8.2 3. 9.7 2.7.6-7.1-13.3-11.8-2.1-17.7-16 71 Fisher & Paykel Applia FPA 2.6 3.6 4.5 8.6 1.1 5.1 7.4 5.3.5.6-11.9-27.7-26.9-29.7-24.8-19 5 Vector Ltd. VCT 2. 2.9 48. 12.3 1. 8. 6.6 6. 1.4.2-8.8-12.8-19.8-28.3-1. NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 113

Quant Analyst 3774-178 YoungJean@miraeasset.com 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)..12.37 -.52 -.2 -.85 Graph 1 : 12-month Forward EPS & Price Index (pt) 5 4 12-month Forward EPS (LHS) MSCI Price Index (RHS) 1, 8 (pt) 3 6 2 4 1 2 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 48 16 (pt) (% 7 18 47 14 64 15 46 58 12 12 45 52 9 44 43 1 28E EPS (LHS) Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 46 4 29E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 3 1 4-3 -6-1 -4-9 -2 1 2 3 4 5 6 7 8-8 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) 25 4 15 CS TS FN CD ID 2 3 UT 15 2 1 EN 1 1 5 1 2 3 4 5 6 7 8 LT EPS Growth (%) 5 5 1 15 2 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 3 15 4 CD 2 1 3 1 5 2 FN ID EN UT 1 2 3 4 5 6 7 8 CS Tr.ROE 1 7 12 17 22 27 32 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 115

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 18 9.9 9.5 1.9 15.2 19.3-2.8. -.6-2.6.3 -.9-28 17-28 21.1 22. 15.5 16.4 Energy.8 1 1.4 12.2-3.5 18.7 26.8...8 -.4. 2.2 1 5.2 5.3 16.1 17. 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 1.5 2 13.4 11.1 8.7 18.4 2.1-24. 1. -22. 2. 5 17.9 18.2 12. 12.2 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 2.5 1 12.8 13.1 2.6 15. 15.1.1-1.4-3.9. -1.5-6.3 1-1 -1 8.1 8.7 19.2 18.8 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 2.5 1 12.8 13.1 2.6 15. 15.2.1-1.4-3.9. -1.5-6.3 1-1 -1 8.1 8.7 19.2 18.8 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.9 1 3.8 6.8-3.8 8.9 16. -1.9. -5.9-2.. -7.3-1 7.2 7.2 7.1 7.6 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.9 1 3.8 6.8-3.8 8.9 16. -1.9. -5.9-2.. -7.3-1 7.2 7.2 7.1 7.6 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 43.8 8 15.3 15.4 6.1 13.1 23.1 -.2.1-1.3 -.2.5-2.1-38 38-63 28.5 29.9 12. 13.4 Banks 16.7 3 1. 12.5 7.2 19.3 23.8 -.7 -.2-2.5-1.6.6-4.2-1 33-1 36.2 37.7 13.4 15.4 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 3.1 2 6.1 4.6 3.3 11.5 11.9 -.2. -.3..1-1. -5 5-1 42.2 43.5 31.6 33.5 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 3.1 2 6.1 4.6 3.3 11.5 11.9 -.2. -.3..1-1. -5 5-1 42.2 43.5 31.6 33.5 Utilities 11.3 3 6.7 6. -32 27.5 23.1.5..5.4.5 1.6 33 33 11.4 12.1 14.4 14.5 Electric Utilities 5.9 2 7.2 6.1-28.1 37.7 31.7 2.3 1.3 3.1 2.8 1.9 4.4 1 5 1 7.7 8.4 12.2 13.2 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 18 13.7 2.2 6.1 3.3 8.5 2. 1.1 1. -11-4.2-9.9-12 5 24 Energy.8 1 7.7 1.2 5.1 2.6 6.3.2.4 18. 5.4 18. 21.6 3.5 55 26 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 1.5 2 14.3 1.8 8.3 1.6 9.8 1.8.8-8. -26-24 -31-22 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 2.5 1 15.6 3.1 6.9 2.1 9.7 1.1 1. 1.3 1.1-9.4-9.4-7.7 41 138 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 2.5 1 15.6 3.1 6.9 2.1 9.7 1.1 1. 1.3 1.1-9.4-9.4-7.7 71 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.9 1 14.1 1.1 7.2 2.7 6..7 5. -8.1 7.4-2 -35-14 -36-2 Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco.9 1 14.1 1.1 7.2 2.7 6..7 5. -8.1 7.4-19.7-35. -14.3-36 -2 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 43.8 8 15. 1.9 4.9 2.5 9.4 3.4 1.1-3.1-18 -1-18 -16 39 166 Banks 16.7 3 11.9 1.6-3.4 3.8 5.6 3..8 1.4-7. -7.9-22.3-11.6 27 132 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 3.1 2 13.7 4.4 6.2 5.6 7.7 3.5 1.8 6.2 -.6 17.3 13.6-5.7 12 62 Diversified Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Wireless Telecom. Services 3.1 2 13.7 4.4 6.2 5.6 7.7 3.5 1.8 6.2 -.6 17.3 13.6-5.7 58 NA Utilities 11.3 3 1.9 1.6 6.7 2.4 7.5.7.6 13.2 4. -4.8 2.1-5.7 125 576 Electric Utilities 5.9 2 9.3 1.2 5.6 2.7 6..4.3 7. 6.8-9.1-4.8-9.2 11 531 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. Svcs24. 13.6 3.7 1. 5.8 4.3 1.2 12.2-2. -.3 6.3 6.6 43.6 45. 34.3 35. Ayala Corp. AC PH Financials 9.5 4.6 1.7.3 12.4 16. 12.4 19.5 -.5. 12.9 21.2 1.2 12.2 12.1 14.4 Ayala Land Inc. ALI PH Financials 9.2 3.9.8.1 2.1 18. 18.7 23.4 5.5 6.1 31.4 27.2 25.4 25.3 1.4 11.2 Bank of the Philipp BPI PH Financials 8.9 3.8.9.3 8.6 12.3 16.7 19.3.6-1.2 51.1 51.9 41.7 45.4 17.7 19.4 SM Investments Co SM PH Industrials 6.3 4.3 3.3.3 12. 11.5 17.6 22.6.. 2.9 2.9 15.3 15.5 1.3 11.6 Globe Telecom Inc. GLO PH Telecom. Svcs 6.2 5.3 1.7.4 6.9 5.4 14.3 11.9-1.9-3.5 61.7 6.9 37.9 38.9 26.7 28.5 PNOC Energy Devel EDC PH Utilities 5.4 2.4.5.2.4 4.5 17.2 5.7-6.9-1. 62.8 63.7 55.3 56.7 19.2 18. Manila Electric Co. MER PH Utilities 5.1 2.2 5.5.2 8.4 6.7 59.6 31.4.1.2 8.1 9.4 5.8 6.7 12.2 14.3 SM Prime Holdings SMPH PH Financials 5. 2.8.4.2 11.1 11.8 13.8 15. -1.1 -.2 69.5 69. 58.8 58.2 17. 18.5 Banco de Oro-EPCI BDO PH Financials 4.3 3. 1.1.2 12.6 15.6 28.4 38.3-2.3-4.8 32.2 35. 31.2 34.3 13.7 16.4 International Conta ICT PH Industrials 4.2 1.8.4.1 2.9 9.5 34.2 26.5 5.2 4.7 39. 4. 3.7 31.8 16.7 16.7 Metropolitan Bank MBT PH Financials 3.4 1.9 1..2 9.4 1. 16.3 27.3-2.7-2. 37.4 3.6 34.1 31.6 1.3 1.9 Megaworld Corp. MEG PH Financials 2.9 1.2.5.1 57.8 24.6 32.4 2.1-1.1-3.1 28.7 26.9 3.8 35.8 1.2 11.8 Jollibee Foods Corp JFC PH Cons. Discr. 2.5 1.2 1.1.1 12.8 13.1 14.3 15.2-5.8-8.9 13.4 13.6 8.1 8.7 21.5 21.6 San Miguel Corp. SMCB PH Cons. Staples.9 4.1 5.7.3 3.8 6.8 4.2 13.5-7.1-9.5 14.5 14.9 7.2 7.2 7.2 7.8 First Philippine Hold FPH PH Utilities.9.7 1.4.1-1.1 1.3 5. 19.5.2-5.3 28.7 28.4 22.3 22.2 1.7 11.5 Petron Corp. PCOR PH Energy.8 1.4 5.8.2 1.4 12.2 15.7 24.3 1.7 1.7 6.5 6.4 5.2 5.3 17.6 18.4 Filinvest Land Inc. FLI PH Financials.6.6.1. 22.8 2.3 14.5 22.5. 1.2 61.7 59.6 44.1 43.3 4.7 5.9 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 118

Quant Analyst 3774-178 YoungJean@miraeasset.com 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. 3,36. 14.7 14. 4.5 6.5 5.5 8.3 3.7 1.3 5.8-3. 16.3 12.5-7.7 116 919 Ayala Corp. AC 452.5 66. 45.9 15.5 1.9 2.6 1.7 21.2 2.7 1. 1.7-19.9-2.7-12.4-19.9 41 21 Ayala Land Inc. ALI 12.3 18.3 49. 29. 3.3 16.2 1.2 2.7 4.9 1.4-12.5-23.4-12.5-12.2-14. 6 22 Bank of the Philippine BPI 57. 75. 31.6 12.4 2.1 NA 5.6 8.4 4.2.7 1.8-6.6-4.2-18.6-7.3 22 153 SM Investments Corp SM 285. 428. 5.2 12.6 1.3 7.6 1.9 8.5 1.3.6 -.9-17.4-14.9-23.3-16.2 NA NA Globe Telecom Inc. GLO 1,615. 1,9. 17.6 13.2 3.6 5.3 6.2 6.1 3. 1. 7.7 9.9 21.4 17.9 2.9 77 25 PNOC Energy Develop EDC 6.4 8. 25. 13.5 2.5 8.7 2. 1.4 4.4 1.2 2.8 1.6 3.2 NA -1.5 NA NA Manila Electric Co. MER 79. 16.5 34.8 1.8 1.4 6.9 2.5 7.5.4.2 1.5 13.7-3.4 1.7-4.2 234 595 SM Prime Holdings Inc SMPH 9.2 12.8 38.6 16.2 2.6 1.2 2.7 1.7 6.3 1.1 1.1-18.2-14.4-9.8-1.2 42 121 Banco de Oro-EPCI In BDO 53. 66.5 25.5 13.4 1.8 NA 1.6 6.7 2.7.4 1. 1.9-8.6-16.5-12.4 86 231 International Contain ICT 32. 46. 43.8 18.3 2.8 1.2 1.1 12.6 4.2.6-16.9-16.9 NA 12.3-29.7 31 1256 Metropolitan Bank & MBT 43.5 69. 58.6 9.7 1. NA 2.1 2.7 1.9.4 1.2-17.1-15.5-34.6-2.2 13 64 Megaworld Corp. MEG 2.5 4.7 9.9 12.9 1.2 7.2 1.2 1.2 2.5.5-13.7-36.9-2.6-24.3-34.4 91 441 Jollibee Foods Corp. JFC 48. 6. 25. 16. 3.2 6.9 2.1 9.6 1.1 1.1 1.3 1.1-9.4-9.4-7.7 71 2 San Miguel Corp. SMCB 51. 8. 56.9 14.2 1.1 7.2 2.7 6..7 1.6-8.1 7.4-19.7-35. -14.3-36 -22 First Philippine Holdin FPH 5.5 89. 76.2 6.7.7 2.8 4. 2.7.5.6-9.8-19.8-3.8-36.9-3.3 1 494 Petron Corp. PCOR 5.9 6. 1.7 7.7 1.3 5.1 2.6 6.3.2.4 18. 5.4 18. 21.6 3.5 55 26 Filinvest Land Inc. FLI 1.1 2.2 13.7 14.7.7 12.5 NA 12. 7.1.8-11.5-31.6-28. -43.2-2.6-2 88 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 119

Quant Analyst 3774-178 YoungJean@miraeasset.com Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 12

Quant Analyst 3774-178 YoungJean@miraeasset.com Other Key Market Earnings & Valuation United States United Kingdom France Germany Brazil Russia Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 121

Quant Analyst 3774-178 YoungJean@miraeasset.com 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).3-2.32 1.55 1.37-1.45.25 Graph 1 : 12-month Forward EPS & Price Index (pt) 12 1 8 6 4 2 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 1,6 1,4 1,2 1, 8 6 4 2 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 1 8 (pt) (%) 12 1 98 96 6 11 8 94 92 4 1 6 9 28E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 4 3 5-5 -4-3 -1-15 -8-6 -2-12 1 2 3 4 5 6 7 8-9 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) 26 22 18 15 12MF P/E (x) CS UT HC ID CD IT MT 22 19 TS 18 16 12 EN 14 13 FN 1 1 2 3 4 5 6 7 8 1 LT EPS Growth (%) 9 8 12 16 2 Graph 5-A : Trailing PBR Graph 5-B: PBR-ROE Map by Sector (x) (%) 6 Trailing PBR (LHS) 18 Trailing ROE (RHS) 5 16 5 4 Tr.PBR MT HC IT ID CS EN 4 3 CD 3 14 2 TS UT FN 2 1 2 3 4 5 6 7 8 12 Tr.ROE 1 8 12 16 2 24 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 123

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 635 7.1 6.4-2.9 15.8 13.5-1.9 -.9-3.8-1.8 -.7-3.4-15 -34-28 15.2 15.6 19.4 19.6 Energy 12.8 51 5.3 6.3 1.1 12.3 8. 6.5 5.7-6.2 5.6 4.3-5.5 49 2-18 18.1 18.7 22.8 21.1 Materials 3.7 31 6.8 1.5 2.8 9.9 9.9.6 2.8-5.8 1.9 4.5-4.3-12 -3 14.1 15. 18.2 17.9 Chemicals 2.1 14 7.5 -.8 5.1 9.7 5.2 3.3 5.3-3.4 7. 6.8-3.3-8 36 13.3 14.1 22.1 2.9 Metals & Mining 1.1 6 7.6 3.8-4.1 8. 11.5 -.4.4-1.4.5 5.8-7.5 19.5 2.9 18.3 17.9 Paper & Forest Products.3 4 2.8 2.7-4. 14. 28.1-4. -2.3-1.3-6.1-9.6-3.8-1 -5 7. 7.8 7.6 9.4 Industrials 11.5 71 9. 7.4 9.2 11.9 13.1-1.8 -.2-2.5-2. -.7-2.7-17 -42 3 13.3 13.7 2.1 2.6 Building Products.1 2-1.1 5.2-13.4-7.5 13.8. -5.1 -.7-2.7-9.5-1.6-1 1.6 1.7 NA NA Construction & Engineering.3 4 17.1 15.2 35. 26.9 21.3 -.4 5.9-8. -.1 6.3-8.5 25-25 25 5.8 5.8 16.3 16.7 Electrical Equipment.6 6 11.3 7.1 11.6 15.7 13.6-4.6 2.8-7.9-3.8 2.4-7.4 17-67 67 16.4 17.1 24. 24.7 Machinery 2. 19 12.8 7.9 7.8 13.5 15.1. 2. -5.4 -.3 1.4-4.5-5 -53-26 11.9 12.4 22. 21.8 Trading Companies & Distrib.1 2 9.8 8.9 15.1 16.8 13.1.9 -.5-3.1 1.3-1.1-2.3-1 1 12.9 13.3 NA NA Commercial Services & Supp.6 12 6.7 6.1 1.3 8.8 9. -.2-2.5-2.7 -.4-2.7-6. -5-67 -64 12. 12. 18.3 18.4 Airlines. 1 9.2 9.9-16.4 5.2 24.2-8.6-8.2-6.6-1.3-12.1-6. -1-1 -1 6.8 8.2 6. 6.6 Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail.9 5 6 6.5 11.4 13.3 15.8.4-3.7 1.4 -.5-5..9-1 -8 2 22.3 23.6 14.6 16.3 Consumer Discretionary 9.4 111 2.3 5.1-2.2 18.5 21.3-3.6-4.1-3.4-3.1-5.3-2.3-35 -66-62 8.8 9.6 14.5 16.2 Auto Components.2 3 6.6 6.4 43.3 19.9 2.5 5.8 -.5-2.3 7.5 -.3-2.5-67 -1 33 5.9 6.4 15.1 15.7 Automobiles.3 3-2.4 2.6 225 27. 49-13.7-22.2-59.2.9-7.3-2.9-1 -1-1.7 1.9-2.4-17.1 Household Durables.5 14-11.8 2.5 NA NA 69.7-5.5-3.1-22.4-7.1-6.5-16.5-86 -5-86 4.8 8.4-6.5 2.4 Textiles, Apparel & Luxury G.4 6 5.5 9.4 13.2 12.7 14.6-3.3-2.2-1.4-3.8-3.1-2.3-5 -83-1 15.1 15. 22. 22.5 Hotels, Restaurants & Leisur 1.6 15 6.5 7.4 16.1 1. 13.3-1.4-1.8.8-2. -1.6.7-25 -69-53 16.9 17.5 22.9 25.4 Media 3.3 29 6.1 5.2 29.8 15.9 18.6-3. -1.8-1.7-3.2-4.4-1.9-31 -42-46 17.8 18.6 9.3 1.1 Retailing 2.8 34 4.4 6.1 -.2 4. 12.8-5.7-6.9-1.8-5.3-7.7-2.2-15 -82-82 8. 8.2 16.7 16.4 Consumer Staples 1.1 43 8.6 7. 6. 11.5 11.5 -.1.4 -.1 -.1.3 -.2 14-9 -28 9.8 9.9 2.5 21.3 Food & Staples Retailing 2.5 9 8. 7.5 13.6 13.8 12.9.5-2.4 2..9-2.6 1.8-11 -33 5.1 5.2 14.4 14.2 Food, Beverage & Tobacco 5.3 27 9.8 6.6.3 9. 1.6.8 1.4 -.9.7 1.3 -.7 41-7 -33 14.4 14.6 26.1 29.4 Household & Personal Produ 2.3 7 8.7 5.8 13.3 15.4 12.1-1.1.8 -.8-1.2.9-1.2-57 14-43 18.7 19.5 21.7 22.5 Health Care 12.3 66 7.4 6.5 15.1 9.6 11.8 -.7-1.2 -.6 -.5-1.1 -.7-5 9 2 14.1 14.5 23.2 22.9 Biotechnology 1.6 11 9.8 11.5 19.4 8.7 16.8-1.5-1.1-2.8-1.4 -.8-2.5 27-9 36.4 38. 24.6 22.9 Pharmaceuticals 5.8 11 5. 4.4 12.8 7.6 9.2 -.9-1.2-1.9 -.4-1.1-2.1 9-9 9 27.8 28.6 26.5 25.7 Financials 17.3 124 11.2 6.9-29 27.3 16.2-8.6-6.2-5.3-7.9-4.4-3.8-52 -51-62 29.8 33.1 14.1 14. Banks 3.8 29 16. 8.3-45.7 31.5 29.2-19.8-9. -7.1-18.8-6.8-3.7-1 -86-83 37.5 37.4 NA NA Capital Markets 3.1 2 19.6 1.3-52.8 112 15.1-6.5-3.8-6.3-4.4-3. -3.2-4 -5-9 65.7 69.8 19.6 2.6 Insurance 4. 34 4.5 4.3.9 2.8 8.6-1.3-1.3-3.5.2-1.7-4.1-29 -31-41 9.8 8.1 15.1 14.7 Information Technology 15.9 89 9.9 8.6 12.6 18.2 16.3-1.6 1.1-5.1-1.5 1.3-5.8 1-35 -11 16.7 17.7 22.9 23. Internet Software & Service 1.6 5 2. 21.2 3. 19.8 22.6-3.1 3.7-9. -2.4 3.7-9.9-6 2-6 35.9 38.1 16.5 16.7 IT Services 1.2 16 9.9 7.5 13.7 14.7 13.6 -.6 -.6-1.7-1.2-1.1-1.3 7-13 -13 14.1 14.6 21.4 2.1 Software 3.6 17 14. 1.1 19.1 2. 13.8..3-1. -.1.3-1.2 53-18 18 36. 36.5 34.1 29.1 Communications Equipment 2.4 9 6.5 11.3-1.5 13.4 17.5 -.3 1.6-1.9 -.7.8-11. 33-67 22 18.7 2.6 19.7 21. Computers & Peripherals 4.1 13 9.3 7.1 23. 21.1 14.2-2.1 2. -3.5-2.1 1.6-4.8 31-23 -8 11.6 12.2 23.5 23.9 Electronic Equip. & Instr..5 8 14.9 8.3 4.7 2.6 15.5.8.5-2..4 1. -3.8 25-38 25 6.3 6.4 NA NA Office Electronics.1 1 4.9 3.5 9.1 9.8 1..7 -.9-3.7 3.1.4-4.5 1-1 -1 1. 1.4-63.2-7.5 Semiconductors 2.5 2 5.2 9.3-3.4 15.9 22.6-4.1 -.2-9.2-2.7 2.8-9.5-4 -7-5 22.3 24.6 17.9 2.2 Telecom. Services 3.2 13 3.8 3.6 3. 12.9 12.5 1.8-1.4-4.5 2.9-1.5-4.1-42 -58-33 19.9 21. 13.4 14.6 Diversified Telecom. Service 2.7 6 4.5 3.6 8. 15.2 11.8.6-1.9-2.8 1.5-2. -2.1-67 -1 22.1 22.8 16.7 18. Wireless Telecom. Services.5 7.5 3.4-24.8-6.4 19.8-5.2.8-18. -1.3.1-18.3-17 -17-67 8.6 11. 4. 5.1 Utilities 3.7 36 3. 4.8 1.5 7.1 11.3-1..6-1.8 -.5.9-2.1-25 -36 6 18.5 19.6 13.8 13.7 Electric Utilities 2. 14 3.4 4.7 8.6 6.7 11. -.6.6-1.7 -.1 1. -1.6-21 -5 7 19.8 21.1 13.1 13.7 Gas Utilities.1 2 1.7 5.6 4.1 13.6 16.7 -.4 3.8-4.5-3.4 3.5-4.5 3.8 32.5 18.7 18.4 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 124

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 635 13.7 2.8 8.6 2.6 9.6 1.3 1.1 1.5-5.1-6.9-7.7-8.5 13 6 Energy 12.8 51 11.5 2.6 5.5 1.5 7.6 1.2 1. 6.2 2. 11.2 27. -6.6 71 21 Materials 3.7 31 15.3 2.7 7.7 2. 9.4 1.3.8 1. 8. 12.7 11.8-1.5 39 123 Chemicals 2.1 14 17. 3.7 9.4 2.1 11.1 1.5 1. 9. 11.1 17.7 22. -.2 35 125 Metals & Mining 1.1 6 12.7 2.1 5.9 1.7 7.9 1.3.4 14.7 7.9 16.1 15.2 -.6 77 221 Paper & Forest Products.3 4 18.3 1.6 7.3 3.3 7.2.7 2.8 -.3-5.4-5.4-19.8-9.9-4 25 Industrials 11.5 71 14.5 2.9 1.8 2.3 1.6 1.3 1.1 4.7-3.4-4.7 -.6-7. 18 85 Building Products.1 2 14. NA 9.6.8 9.8.8 1.1.7 9. -6.9-18.6-8.7-21 69 Construction & Engineering.3 4 23. 3.6 11.4.7 18.4.8 1.5 1.4 2. 17.8 6.1-11.7 144 43 Electrical Equipment.6 6 18.1 4.1 9.9 2.1 15. 1.8.9 6.1-6.9 6.7 1.8-14.4 44 131 Machinery 2. 19 13.2 2.9 7.8 1.7 1.2 1.1 1. 8.7-1.2-1.5 6-9.7 46 148 Trading Companies & Distributors.1 2 16.6 NA 6.9 1.6 31.2 1.3 1. 12.7-2.7-14.1.6-7. 24 63 Commercial Services & Supplies.6 12 14.3 2.3 7.1 2.4 1.8 1. 1.1 8.1-2.1-1.2-17.4-2.8-9 34 Airlines. 1 19.4 1.2 5.9.2 8.5.9 1.5 4.6-6.4-17 -19.1 3.5-1 2 Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail.9 5 14.5 2.2 7.7 1.7 8.5 1.8 1. 15.7 7.7 7.9 8.1 4.2 83 182 Consumer Discretionary 9.4 111 16.1 2.4 7.6 2.1 9.5.8 1.2 5.9-5.1-13 -21-5. -6 42 Auto Components.2 3 11.4 1.9 6. 1.7 8.2.4.6 6.9-5.2-8.4 -.9-5.9 18 48 Automobiles.3 3 29.4-1.1 3.2 3.6 4.5.1 3.4 3.4-12.5-25.8-35.5-9.9-42 -22 Household Durables.5 14 21.3.9 21.2 2.4 19.2.7 1.8 9.6-8.3-24.3-33.7-9.1-34 1 Textiles, Apparel & Luxury Goods.4 6 14.5 3.1 8. 1.7 13. 1.4 1. 12. -6.6-1.8-18.7-1.8 12 14 Hotels, Restaurants & Leisure 1.6 15 17.4 4.2 1.3 2.5 12. 1.9 1.2 6.7-7.2-3.6-6.1-5.9 27 17 Media 3.3 29 17.5 1.7 7.5 1.7 8.7 1.5 1.3 6.6-2.9-11.5-19.8-3.2-6 21 Retailing 2.8 34 13.9 2.2 7.3 1.8 9.3.7 1. 4.3-4.3-16.1-26.5-5.5-11 46 Consumer Staples 1.1 43 16.3 3.4 9.7 2.5 12.7 1. 1.5.2-3.4 2.7 3.1-5.2 19 5 Food & Staples Retailing 2.5 9 15.2 2.2 7.8 1.5 11.1.5 1.1 4.6 -.2 2. -2.3-1.3 6 18 Food, Beverage & Tobacco 5.3 27 16.4 4.4 1.6 3. 13.3 1.6 1.9-1.1-2.8 3.8 7.5-5.2 27 66 Household & Personal Products 2.3 7 17.2 3.7 1.6 2.5 13.2 2.1 1.5-1.4-8. 1.5.1-9.2 17 63 Health Care 12.3 66 14.4 3.2 8.7 2.8 11.7 1.5 1.2-4.7-4.9-2.3-4.7-6.1 9 3 Biotechnology 1.6 11 18.8 4. 11.3 1.1 15.4 4.9 1. -2.8-7.5-1. -7.9.3 22 69 Pharmaceuticals 5.8 11 12.8 3.2 7.9 3.6 1.4 2.9 1.4-6. -7.3-5.4-7.3-7.8-1 Financials 17.3 124 11. 1.9 12.7 3.6 8.9 1.7 1. 4.8-6.2-22 -3-9 -1 27 Banks 3.8 29 12.5 NA 22.7 5.2 8.5 2.2 1.3 1.5-3.1-3.7-37.1-4.9-28 -6 Capital Markets 3.1 2 1.8 3. 11.9 2. 11.6 2..9.5-6.8-11. -22.5-12.4 26 NA Insurance 4. 34 8.7 1.4 7.3 2.1 8.5 1..8-1.3-6.7-15.3-2 -11.7-3 36 Information Technology 15.9 89 15.9 3.5 8.7 1.5 12. 2. 1. -3.5-12 -8.4-4.5-15 15 57 Internet Software & Services 1.6 5 25.4 4. 14. NA 19.6 7.3.9-6.4-16.7 -.4-3.1-18.7 36 376 IT Services 1.2 16 16.3 3.3 7.9 1.5 1.8 1.4 1. 4.4-4.6-7.6-9.6-8.9 24 53 Software 3.6 17 15.2 4.6 8.5 1.5 12.6 3.9 1.1-1.6-12.8 -.2-1.1-17.6 17 39 Communications Equipment 2.4 9 16.8 3.3 1.9 1.3 14.4 2.8 1.1 -.8-11.2-14.5-11.7-1.5 2 78 Computers & Peripherals 4.1 13 14.5 3.3 8.1 1.2 1.2 1.3 1. -4.5-11.3-7.1 4.7-16.6 26 73 Electronic Equip. & Instr..5 8 11.9 NA 6.9 1.3 9..5.8 2.7-7.8-7.2-8. -11.5 5 7 Office Electronics.1 1 11.4-7.2 8.9 1.1 7..8 1. 11.2-8.3-1. -17.9-8.9-4 66 Semiconductors 2.5 2 16 3 8 2 11 3 1. 3.7-11.6-18.1-11. -16.5-9 31 Telecom. Services 3.2 13 12.9 1.8 5.2 4.5 5. 1.3 1.2-5.2-14 -19-15 -19 17 42 Diversified Telecom. Services 2.7 6 12. 2. 5. 4.8 5. 1.3 1.2-6.2-11.2-14.6-1.2-17.9 33 43 Wireless Telecom. Services.5 7 21.7 1. 6.5 1.3 4.9 1.3 1.2.2-27.1-33.8-33.6-23.2-18 11 Utilities 3.7 36 15.1 2.1 8.3 3.4 7.7 1.3 1.6-2.4-6.9 -.4 1.7-8.6 34 113 Electric Utilities 2. 14 15.6 2.1 8.5 3.5 8.3 1.6 1.7-3. -6.5.4 5.4-8.5 42 12 Gas Utilities.1 2 2.8 3.8 1.3 1.1 11.2 3.8 2.2 15.5 6.4 19.9 38.6 6.9 77 139 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 125

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 3.9 467.8 437.4 42.3 8.1 6.3 9.2 -.4 3.9 4.9 2.3 17.7 17.8 17.4 32.7 29.5 General Electric Co GE US Industrials 2.8 34.5 192.9 24.3 11.7 5.9 1. 11.6..4 23. 24.3 16.7 17.3 2.8 21.4 Microsoft Corp. MSFT US IT 1.9 261.5 6.2 17.7 17.8 1.3 25.5 12.8 3.3 2.4 43.2 44.3 4.4 4.9 51. 46. AT&T Inc. T US Telecom. Svcs 1.7 28.3 125.3 19. 5.4 4. 14.4 12.6 -.9 -.3 38.2 39.2 25.6 26.1 16.3 17.8 Procter & Gamble C PG US Cons. Staples 1.7 23. 82.9 11.6 8.3 6.2 14.8 11.7. -.5 24.4 25.2 2.6 21.5 17.6 19. Bank of America Co BAC US Financials 1.5 187.3 78.1 18.3 18.9 5.8 21.2 12.5-9.5-8. 36.2 39.7 NA NA 12.2 13.1 Johnson & Johnson JNJ US Health Care 1.5 18.2 63.7 12.7 4.2 2.5 6.7 5.8.5 -.5 3. 31.1 25.9 26.2 27.6 26.4 Chevron Corp. CVX US Energy 1.5 179. 227.3 19.2 2.9 4. 1.7.4 1.4 3.2 2.4 19.6 15.6 16.9 22.3 2.1 Pfizer Inc. PFE US Health Care 1.3 153. 48.2 15.9 -.4 2.2 8. 7.4 1.5 2. 49.3 5.2 39.8 4.4 24.6 24.5 Altria Group Inc. MO US Cons. Staples 1.3 154.6 4.1 1. NA 2.6 9.4 9.8 1.9 1.2 39.5 41.4 37.8 39.4 74.4 74.9 JPMorgan Chase & JPM US Financials 1.2 145. 76.2 13.9 6.8 6.7-6.7 11.4-3.2-5.4 26.9 27.5 NA NA 11.5 11.9 International Busine IBM US IT 1.2 147.3 14.8 11.4 6.1 4.7 15.4 11.9 4.1 2.2 19.9 2.8 14.9 15.6 36. 36. Cisco Systems Inc. CSCO US IT 1.1 14.7 39.5 9.5 13.1 12.5 14.9 1.4-3.1-7.1 33.1 31.5 28.9 29.1 27. 26.1 Citigroup Inc. C US Financials 1.1 125.1 11.2 16.1 23.9 11.2 32.8 2.7-4. -11.4 21.7 26.1 21.5 NA 13.2 15.1 Wal-Mart Stores In WMT US Cons. Staples 1. 199.4 44.4 13.6 7.1 8. 1.6 11.5.6.4 7.5 7.4 5.7 5.7 19.9 19.8 Hewlett-Packard C HPQ US IT 1. 119.6 111.7 8.9 7.1 5.6 14.7 13.1 -.3 -.3 12.3 12.8 9.8 1.2 22.5 23.9 Coca-Cola Co. KO US Cons. Staples 1. 134. 31.4 7. 8.7 6. 11.5 1.3.3 -.3 3.5 31.1 26.7 27. 31.5 31.2 Intel Corp. INTC US IT 1. 118.7 4.1 8.4 4.5 7.4 18.6 16.4.. 39.9 41.5 28.7 3.3 18. 15.4 Google Inc. (Cl A) GOOG US IT 1. 157.3 16.2 6.6 39.3 28.8 28.8 24.8-4.2-5.1 58.4 57.9 49.3 51.1 22. 22.1 PepsiCo Inc. PEP US Cons. Staples.9 113.9 42.5 6. 7.6 6.8 1.7 1.6.3 -.4 22.4 22.9 18.7 19. 35.1 35.8 Apple Inc. AAPL US IT.9 16.8 31.7 4.6 32.3 21.6 3.3 22.1.2-1. 2.1 2.8 18.8 19.4 26.9 25.9 American Internatio AIG US Financials.8 12.7 125.4 16.3 8.7 4.3 8.2 8.4-1.6-6.9 19.3 2.6 2.1 1.9 15. 15.8 Verizon Communica VZ US Telecom. Svcs.8 11.7 97.9 7.6 4.8 3.9 14. 1.6 -.4-1.5 34.3 35.3 19.1 2.2 15.1 15.7 Merck & Co. Inc. MRK US Health Care.8 1.4 24.6 7.3 1.8 4.8 4.7 11.9-1.2-2.8 44.1 47. 25.6 27.8 36.4 35.1 Schlumberger Ltd. SLB US Energy.8 1.5 26.5 6. 13.9 16.7 14.8 21.9-4.6-2.5 37.3 37. 28. 28.8 36. 35.3 Wells Fargo & Co. WFC US Financials.8 11.4 42.6 8.9 8.1 9. 1.1 1.1-1.1-2.2 23.9 26.3 28.2 28.7 17.8 18.2 Abbott Laboratorie ABT US Health Care.7 84.8 28.2 5. 8.8 8. 13.4 12.3 -.3 -.4 28.6 29. 22.4 23.1 27.8 26.2 Oracle Corp. ORCL US IT.6 97. 24.5 7.5 11. 9.8 14.2 14.5. 1.8 46.7 47.1 43.2 42.7 27.8 26.6 QUALCOMM Inc. QCOM US IT.6 68.6 9.9 3.5 12. 1.7 4.5 12.1 -.9.2 38.8 41.3 38.1 39.2 19. 18.7 United Technologie UTX US Industrials.5 7.1 58.8 4.8 7.4 5.5 13.6 11.9..5 15.3 15.7 13.4 14. 21.9 21.6 Wachovia Corp. WB US Financials.5 65.4 37. 7.6 17.8 7.6 7. 16.4-11. -9. 32.8 3. 39.2 NA 9.2 1.4 McDonald's Corp. MCD US Cons. Discr..5 65.3 22.9 3.7.4 3.5 9.7 1.4..3 31.1 31.8 25.4 26.2 27.1 3.1 Goldman Sachs Gro GS US Financials.5 69.4 41.5 9.3-9.7 8.6-2.7 17.3-9.5. NA NA 73.9 8.6 21.8 2.5 Monsanto Co. MON US Materials.5 63.8 1.4 1.6 22. 1.9 41.9 21..7. 27.4 28.5 22.1 24. 18.9 21.3 UnitedHealth Group UNH US Health Care.5 61.8 8.3 5. 6.5 6.5 13.1 13.6.. 11.6 11.4 1.5 1.5 25.4 26.7 ConocoPhillips COP US Energy.5 127.7 187.1 15.6 NA -2.6 11.8 1.3.1 4.8 2. 2.9 15.8 16.6 17.2 15.5 Boeing Co. BA US Industrials.5 62.7 69. 4.5 3.9 12.6 13.1 2.2.8 1.9 12.1 12.3 9.6 1.3 46.2 4.8 Time Warner Inc. TWX US Cons. Discr..5 58.6 48. 3.9 3.2 5. 14.6 14.1 -.9-1.2 28.7 29. 18.9 19.4 6.6 7.3 Occidental Petroleu OXY US Energy.5 6.6 2.7 5.3 1. -4.8 23.2-6.4.8-5.2 6.4 6.9 46.7 42.8 22.4 18.8 CVS Caremark Corp CVS US Cons. Staples.5 57.8 86.6 3.4 13.4 8. 28.9 16.4 6.7 7.1 8.6 8.8 7.1 7.4 1.5 11.4 Walt Disney Co. DIS US Cons. Discr..5 6.8 37.4 4.3 5.2 4.1 16.1 7.6 4.7 2.1 25. 25.4 21.1 21.4 14. 13.7 Medtronic Inc. MDT US Health Care.5 55.3 15.1 3.4 13.3 8.5 16.2 13.6 -.3 -.3 36.1 36.9 31.4 31.9 23.6 25.4 U.S. Bancorp USB US Financials.5 55.6 15. 4.6 8.1 6.8 9.1 7.4. -.2 43.7 43. 45.3 43.6 21.9 21.8 Wyeth WYE US Health Care.4 54.9 22.4 4.6.1 2.9-3.4 8.4-7.9-7.2 32.7 33.1 29. 29.8 23.8 21.7 3M Co. MMM US Industrials.4 55.9 26.4 3.9 7.7 7. 1. 1.4.6.8 27. 26.8 22.3 22.3 32.1 32.2 Exelon Corp. EXC US Utilities.4 51.1 18.3 2.8-3.2 5.8 1.6 8.7 -.5.6 38. 38.3 28.5 29.8 26. 26. Bank of New York BK US Financials.4 52. 15.9 3.3 11.6 7.9 14.5 15... 37.7 39.2 NA NA 11.7 12.9 Eli Lilly & Co. LLY US Health Care.4 56.5 2.2 4.3 8.2 6. 11.3 9.3 1.5.6 31.6 32.1 27. 28. 31.1 28.2 Amgen Inc. AMGN US Health Care.4 5.8 14.7 4.6 -.6 4.8-2.1 9.5-4.5-4. 46. 48.6 39.4 4.4 23.7 2.3 United Parcel Servi UPS US Industrials.4 75.6 52.8 4.5 6.3 7.5 5.6 13.3-1. 1.2 17.6 17.6 14.2 14.4 33.8 32.6 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 126

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 86.9 1. 15. 1.9 3.5 5.1 1.8 8.6 1.1 2.6 2.2 -.1 4.5 16.2-7.2 46 154 General Electric Co. GE 33.7 44. 3.6 13.7 2.8 19.3 3.8 1.1 1.7 1.3-1.8-9.4-12.2-6.2-9.1-6 42 Microsoft Corp. MSFT 28.1 4. 42.3 13.8 5.8 8. 1.6 11.7 4.1.7-14.9-17.9.1-4.3-21.1 1 14 AT&T Inc. T 34.5 45. 3.5 1.6 1.8 5.6 4.7 5.8 1.7.8-4.5-8. -11. -7.4-17.1 43 66 Procter & Gamble Co PG 66. 78. 18.3 17.5 3.1 1.9 2.4 13.4 2.4 1.3-1.8-8.7 2.3 2. -1.2 23 57 Bank of America Corp BAC 42.2 42. -.5 1.3 1.2 7.1 6.2 6.1 2.4.6 17.3.2-17.7-21.7 2.3-8 2 Johnson & Johnson JNJ 63. 74. 17.5 14.1 3.7 8.9 2.9 11.3 2.8 2.3-5. -6.2 2.1-3.1-5.6-4 18 Chevron Corp. CVX 84.8 97.5 15. 9.2 2. 3.8 2.9 6.3.8 1.7 1.6-1.1.6 21.2-9.2 42 165 Pfizer Inc. PFE 22.4 27. 2.5 9.3 2.4 5.7 5.8 8.5 3.2 1.2 -.4.2-7.6-14.1-1.5-16 -23 Altria Group Inc. MO 73.4 86. 17.2 15.1 11.7 1.2 4.3 13.8 3.8 1.6-2.7 1.4 9.2-14. -2.9 13 95 JPMorgan Chase & Co JPM 43.1 49.5 14.9 1.3 1.1 18.8 3.6 1.7 1.9 5.4 8.8 5.9-6.8-16.6-1.3 18 88 International Business IBM 16.9 12. 12.2 12.7 4.6 7.7 1.5 8.4 1.4.9 3.4 4.6-1.9 7.9-1.1 15 34 Cisco Systems Inc. CSCO 23.2 28. 2.7 14.2 4. 8.8 NA 12.7 3.3 1.1-4.6-17.9-23. -15.3-14.3 34 58 Citigroup Inc. C 25.1 29. 15.8 8.4 1. 6.2 5.1 7.8 1.2.1 2.5-18.5-47.9-53.4-14.9-48 -25 Wal-Mart Stores Inc. WMT 49.8 55. 1.5 14.3 2.8 8. 2. 9.6.5 1.3 4.6 11. 13.9 -.4 4.8-6 2 Hewlett-Packard Co. HPQ 46.8 58. 23.9 13.4 3. 8.1.7 1.4 1.1 1. 7. -4.2 1.8 13.9-7.2 123 158 Coca-Cola Co. KO 58. 67. 15.5 18.9 7. 14.2 2.6 16.3 4.2 1.7-4.5-6.8 7.3 21.9-5.5 35 43 Intel Corp. INTC 2.3 27. 33. 14.1 2.6 6.4 2.5 9. 2.9.8 6.8-17.6-15. -2.8-23.9-15 21 Google Inc. (Cl A) GOOG 52.9 695. 38.2 24. 4.3 13.9 NA 21.3 9.2.9-16.2-23.9 -.7 5.7-27.3 154 NA PepsiCo Inc. PEP 71.1 8. 12.5 18.7 6.4 12.3 2.4 15. 2.7 1.8 -.5-5.3 3.8 9.3-6.4 31 8 Apple Inc. AAPL 121.5 2. 64.6 21.7 4.9 11.6 NA 18.3 3.1.8-24.7-27.9-4.7 36.3-38.6 18 1521 American Internationa AIG 47.6 65. 36.6 7.1 1. 5.9 2. NA 1..9-8.6-7.3-27.7-31.7-18.4-31 -6 Verizon Communicatio VZ 35.4 46. 3.1 12.9 1.9 3.8 4.9 4.1 1. 1.1-9.5-15.7-15.2-7.7-19.1-1 Merck & Co. Inc. MRK 46.1 61. 32.2 13.5 4.5 8.4 3.3 11.1 4. 1.6-13.5-18.4-7.3 5. -2.6 41-14 Schlumberger Ltd. SLB 83.9 14.5 24.5 16.9 5.1 9.8 1. 12.3 3.7.9 5.5-8.6-6. 32. -14.7 128 3 Wells Fargo & Co. WFC 3.7 3. -2.4 11.5 1.9 9.7 4.2 9.1 2.3 1.1 2.6 2.7-17.7-15. 1.8 3 32 Abbott Laboratories ABT 54.9 65.5 19.4 16.7 3.9 11. 2.4 NA 3. 1.3-7.7.2 4.8 4.1-2.3 18 56 Oracle Corp. ORCL 18.9 26. 37.6 13.4 3.7 7.9 NA 12.6 4.1.7-12.5-6.5-2. 9.8-16.3 46 52 QUALCOMM Inc. QCOM 42.4 54. 27.3 19.2 3.7 14.7 1.5 18.9 6.6 2.3 1.6 4.8 15..9 7.8 23 141 United Technologies C UTX 7.9 85. 19.9 14.3 2.8 8.1 1.9 11.5 1.2 1.1 4.2-2.6-2.8 4.9-7.4 41 13 Wachovia Corp. WB 33.4 39.5 18.4 8.9.9 6. 7.7 6.6 1.7.8 8.3-14.1-32.3-43.1-12.3-37 -7 McDonald's Corp. MCD 55.2 62. 12.3 17.1 5.1 1.3 3.3 12.4 2.8 1.7 5.4-3.7 13.9 2.1-6.2 71 37 Goldman Sachs Group GS 175.2 229.5 31. 8.6 1.6 NA.9 NA 1.6-2.4-6.4-16.4 -.2-2.4-18.5 61 156 Monsanto Co. MON 116.4 135. 15.9 37.5 6.8 21.1.6 31.5 5.8 1.2 1.1 32.7 81.6 17 4.2 318 1264 UnitedHealth Group In UNH 47.8 61. 27.6 11.8 2.8 6.1 NA 9.2.8.9-12.1-1.5-3.6-1.7-17.9 7 133 ConocoPhillips COP 79.8 91. 14. 7.8 1.3 4. 2.4 5.1.7 1.2 9.5 2.6 2. 2.4-9.6 5 22 Boeing Co. BA 82. 1. 21.9 13.3 5.6 7.6 2. 9.9.9.8 4.6-6.2-15.4-9.8-6.2 55 177 Time Warner Inc. TWX 16.3 2.5 25.6 14.5 1. 6.8 1.6 6.8 1.2 1. 5. -1.4-12.4-24.6-1.2-9 54 Occidental Petroleum OXY 73.1 84.5 15.6 11.4 2.3 4.9 1.4 7.5 3. 1.5 7.4 4. 34. 53. -5.1 115 4 CVS Caremark Corp. CVS 4.2 49. 21.8 15.8 1.6 8.4.6 14.5.7.7 9. -1.4 9.8 21.7 1.2 65 21 Walt Disney Co. DIS 32.3 38. 17.8 14. 1.9 7.6 1.1 1.2 1.6 1.2 13.2 2.4-3.1-8.2. 11 9 Medtronic Inc. MDT 49. 57. 16.4 17. 4. 11.1 1.1 14.3 3.7 1.6 4.2 1.4-7.4-5.9-2.6-8 8 U.S. Bancorp USB 32.2 34. 5.5 12. 2.5 8.6 5.5 8.5 3.7 1.5 6.7 5.7-1.4-12. 1.5 1 53 Wyeth WYE 41. 47.5 15.8 11.9 2.6 7.2 2.8 1.5 2.4 5.1-6.4-11.2-1. -17.9-7.2 2 15 3M Co. MMM 79. 94. 19. 14.2 4.4 8.2 2.6 11.2 2.1 1.4 5.4-2.8-1.7 3.6-6.4-8 24 Exelon Corp. EXC 77.3 91. 17.7 17.4 4.6 9.3 2.6 1.4 2.8 3.4 1.9-3.7 8.3 21.7-5.3 74 29 Bank of New York Me BK 45.4 53. 16.7 14.8 1.6 11.9 2.3 14. 3.2 1. 3.8 1.9 7.2.2-6.9 43 85 Eli Lilly & Co. LLY 49.8 58. 16.4 12.5 3.5 8.5 3.8 1.9 2.8 1.2-7.2 1.5-9.9-8.6-6.7-9 -13 Amgen Inc. AMGN 46.7 6.5 29.4 11. 2.7 8. 1.1 9.3 3.4 3.1-1.5-11.5-5.1-3.7.6-25 -14 United Parcel Service UPS 71.9 85. 18.2 16. 5.7 9. 2.6 11.2 1.4 1.7 7.1 2.5-4.8-2.6 1.7-7 23 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 127

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) -.4 -.58 -.6 1.19 -.17-1.9 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, 4 5 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 165 1 (pt) (%) 18 12 16 8 17 1 155 6 16 8 28E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 2 3 5-5 -2-3 -1-4 1 2 3 4 5 6 7 8-6 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 25 2 15 1 14 12 UT TS HC ID IT MT CD 15 5 1 EN 1 1 2 3 4 5 6 7 8 FN LT EPS Growth (%) 8 2 6 1 14 18 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 4 3 2 ID UT 3 2 15 2 TS IT FN CD EN 1 1 2 3 4 5 6 7 8 1 Tr.ROE 1 5 15 25 35 45 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 129

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 156 4.7 3.4 5.7 5.2 8.5 -.1 1. -1.9 -.1 1.5-1.7-13 -17-54 16.1 16.4 18.2 18. Energy 18.5 5 3.3-3.3 1.2 2. -.6 3.9 5.1-3.9 4.1 6.3-3.9 1 1 5 12.4 11.5 2.6 19.3 Materials 12.7 11 3.1 4.1 13.8 17.8 1. 4.8 3.2-1.3 5.7 8.4 1.8-8 -9-45 33.1 32. 26.7 22.9 Chemicals.3 1 5.6 2.9 8.6 13.3 11.4 -.1 -.6 2.4.2 2.1 2.7-5 1 1 4.1 4.5 2.9 24.1 Metals & Mining 12.1 8 1.8 4.4 14.9 17.9 9.9 5.2 1.7-1.3 6.3 7.2 1.9 25-25 -5 41.4 39.8 28. 23.6 Paper & Forest Products.1 1 5.4 1.8 NA 8.2 1.7 -.5 5.4-4.8-4.1 12.5-2.8-1 1-1 6.2 4.8 8.2 8.2 Industrials 5.6 33 9.4 4.6 8. 7.6 9.6-2. -.2-2.7-2.3 -.4-3.4 18 6-55 8.3 8.6 2. 19.1 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering.3 2 1.4 6.7 43.4 21.1 14. 3. 1.3. 2.5 1.1. 1 1 3.2 3.5 23.5 22.1 Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery.3 4 4.4 5. 12.5 14.8 8.6-1.4-2.1.9-1.4-2.7 -.6-5 -5-1 11.4 11.1 37.7 28. Trading Companies & Distrib.6 3 1.2 1.3 4.8-2.3 5.1-9.4-2.1-9.1-1.5-3.1-11.2-33 -33-1 5.2 5.3 13.3 12.5 Commercial Services & Supp 1.4 11 11.7 8. 11.3 12.6 12.1-4.5 -.1-1.7-5.3 -.3-1.9 45 18-27 1. 1.4 3.9 29.3 Airlines.1 1 2.9 2.2 4.9-17.2 2.1-5.9 -.5-13.3-6. -.4-14.4-1 -1-1 6.7 6.5 15.5 13. Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail.4 4 19 5. 11.8 19.9 1.2 2.4-2.2 3. 2.2-2.4 3.2 1-5 8.3 8.3 34.1 3.9 Consumer Discretionary 7.3 41 4.2 4.5 4.6.5 1.4-2.2-3.5-2. -2.4-4.7-2.6-27 -56-78 11.2 11.3 16.4 16.5 Auto Components.1 1 6.3 6.5 19.3 5.7 9.5-1.4-1. -2.7-1.7 -.4-3.4-1 -1-1 7.5 7.7 19.8 19.4 Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables.5 5 5.6 1.8-1. -22.9 3.1-3.5-11. -7.8-1.7-17.2-9.6-6 -1-1 12.6 1.8 9. 8.5 Textiles, Apparel & Luxury G.1 1 9.3 1. 42.1 18.5 13.3-1.2-19. 17. -.6-18.6 16.5-1 -1-1 21.3 21.2 31.3 25.3 Hotels, Restaurants & Leisur 1.9 13 1.8 4. 8.7 2.3 13.1.2-1. -1. -.4-1.2-1.3-8 -31-38 11.9 12.4 17.3 17.5 Media 3.1 11 5.4 4.5 7.3 8.1 12.2 -.9 1.4-1.4-1.6.9-2.3-9 -45-1 18.4 18.5 19.4 19.5 Retailing 1.6 1 4.6 5.2 4.8 1.8 8.5-2.1-7.5-2.1-2.7-8.2-2.2-4 -7-9 6.6 6.7 16. 15.9 Consumer Staples 12.9 13 4.7 6.9 12.2 11.9 1.2.8.5.6.3.2.6 23 69-8 12.2 12.3 22. 23.5 Food & Staples Retailing 2.9 3 9.1 8.6 19.7 13.2 12.6-2.1..3-2.2 -.3.2 33 33 33 5.3 5.4 15.7 16.6 Food, Beverage & Tobacco 8.8 9-1.4 4.5 9. 11.3 9.2 1.8.9.4 1..5.5 11 78-33 2.9 21.3 24.5 26.4 Household & Personal Produ 1.2 1 11.2 6.2 18.4 12.2 11.2. -1.8 2.9.5-1.4 2.9 1 1 1 23.8 24.3 39.8 39.8 Health Care 7.3 5 2.8 2.8 3.5 4.9 8.9-1.3 1.1-1.7-1.9.8-2.2 2-8 3.6 31.7 59.5 61.1 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals 6.8 3 2.2 2.5 2.9 4.5 8.6-1.6 1. -1.8-2.1.7-2.3 33-33 -1 31.1 32.3 61.8 64. Financials 22.8 31 4.2 7.2 4.6.4 1.7-4.3. -2.2-4.2 -.4-2.4-35 -39-52 21.7 23.1 14.4 14.8 Banks 15.5 7 4.6 6.5 5.8 -.8 11.7-7..1-2.4-6.8 -.4-2.1-71 -71-1 34.2 36.3 16.2 16.8 Capital Markets 1.4 7 9. 11.3-7.4-2. 3.6 4.5.8.1 3.3 1. -2.5-43 43-71 4.1 4.4 24. 25.1 Insurance 4.3 8 3.2 7.9-2.7 1.3 8.9-1.8 -.5-2.3-1.7-1.2-3.4-5 -5-88 -7.1-6.5 12.4 11.9 Information Technology.5 7 5.2 4.9 4.7 12.6 1.7-2. -1.2-1.6-1.6-1.7-2. -1-43 -1 13.1 13.4 14.6 15.4 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.1 1 3.8 3.8 4.8 13.3 8.3-1.7-8.2 3.7-1.7-9.3 3. -1-1 -1 7.7 7.8 1.2 1.7 Software.2 2 6.7 5.4 -.6 8.6 1.5-1.7 -.4 -.6-1.9 -.7 -.7-1 -1 22.8 22.8 17. 17.8 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.. 2 4.5 5. 1.9 11.9 7.9-1. -.7-1.5-1.8 -.4-2.9-1 -1-1 11.9 12. 39.1 4. Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors.1 2 11.2 1.1 14.6 2.1 16.7-2.6 4. -7.3.1 3.2-7.1-1 -1 19.9 21.8 15.4 16.7 Telecom. Services 7.7 3 5.9 4.3 4.2 1.2 8.6.8.4 1.7 1.3.8 1.4-33 33-33 18.4 19.1 11.8 12.1 Diversified Telecom. Service 1.6 2 1.8 1.1 7.5 8.3 6.9 -.9.2 1. -.4 1.3 -.1-1 -1 13.4 14.2 46.9 44.7 Wireless Telecom. Services 6.1 1 8.7 6.4 3.3 1.9 9.2 1.4.5 2. 1.9.6 2. 1 1 1 21.5 22. 9.6 1. Utilities 4.6 7 8. 3.9 11.6 3.9 1.5 -.9 -.8-2..2.9-1.3-5 -5-29 17.4 18. 23. 22.3 Electric Utilities 1.3 2 5.4 7.7-7.5 11.1 15.9-2.8 -.3-3.8 -.8 2.5. -1 14. 15.2 21.8 23.1 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 156 11. 2. 7.5 4.3 8.4 1.3 1.2 6.4-2.6-3. -7.5-8.1 16 58 Energy 18.5 5 1.4 2.2 5.3 3.9 6.8.8 1.9 5.2-4.9 5.2 12.8-11 15 57 Materials 12.7 11 12.8 3.4 7.4 1.6 9. 2.8.8 33.8 17.5 41.8 57. 8.4 163 33 Chemicals.3 1 19.8 4.4 11.9 2.1 15.4.6 2.5 13.8 15. 2.2 44.4 4. 158 272 Metals & Mining 12.1 8 12.7 3.5 7.4 1.6 9.1 3.5.8 35.1 18.3 46.7 59.8 8.7 174 349 Paper & Forest Products.1 1 1.1.8 4.6 4.8 3.8.4 1. 3.4 -.3-17.7 NA -13.9 NA NA Industrials 5.6 33 12.5 2.6 7.3 3.3 8.6.7 1.3 5.6-1.7-6.5-14 -8. 38 129 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering.3 2 15.1 3.5 8.4 2.3 13.7.5 1.2 1.8 2.7 12.7 2.7-1.7 88 246 Electrical Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Machinery.3 4 9.1 2.5 5.4 4.5 7.3.8.9 24.4-4.2-22.8-2 4.9 8 52 Trading Companies & Distributors.6 3 1.5 1.5 7.5 4.6 7.1.3 1.3.4.2-27.9-42.3-9.3-28 6 Commercial Services & Supplies 1.4 11 14.9 5.1 8.9 2.9 9.2 1.1 1.7 1.8 2.4-6. -12.1-1.7 33 83 Airlines.1 1 6. 1. 2.7 3.8 2.5.3.9-2.6-15.7-32 -52. -12.2 141 Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail.4 4 11.6 4. 6.7 3.2 5.8.5 2.7.3-11.9 -.8 -.8-22.2 48 2 Consumer Discretionary 7.3 41 11.5 1.9 7.6 4.2 8..8 1.2 8.6-7.6-19 -27-9.5-11 36 Auto Components.1 1 8.5 1.6 4.9 5.1 5.7.5 2.4 17. -9.1-2.2-16.8-3.1 7 67 Automobiles NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Household Durables.5 5 6.7.6 5.9 8.6 4..5 3.3-3.4-7.6-42.6-52.6-11.8-19 35 Textiles, Apparel & Luxury Goods.1 1 12.2 3.8 7. 3.4 1.3 1.8.9 7.4-23.2-27.9-36. -25.2 NA NA Hotels, Restaurants & Leisure 1.9 13 12.6 2.3 9.1 3.6 9..8 1.2 16.5-3.1-13.3-23.6-4.2-3 52 Media 3.1 11 13.7 2.5 8.3 3.5 1.3 1.5 1.2 8.1-1. -1.6-11.7-8. -2 45 Retailing 1.6 1 9.6 1.6 5.7 5.3 6.1.4 1.6 4.1-21.3-29.4-39.6-16.5-3 7 Consumer Staples 12.9 13 15.6 3.6 1.7 3.3 12.2 1.4 1.6 2.7-4.2 5.1 4.5-9.7 46 14 Food & Staples Retailing 2.9 3 15. 2.3 8.4 3. 8.7.6 1.4 -.6-1.5-2.3-5.4-13.7 35 16 Food, Beverage & Tobacco 8.8 9 15.4 4.1 11.3 3.5 13.4 2.3 1.7 2.7-3.2 7.2 7.8-9.1 48 94 Household & Personal Products 1.2 1 19.6 7.8 14. 2.2 17.5 3.4 1.6 11.8 6.5 9.2 7.1-2.8 7 192 Health Care 7.3 5 11.2 7.3 7.8 4.5 8.9 2.5 1.4-6.8-1.5-11 -23-8.6-9 2 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals 6.8 3 1.9 7.3 7.6 4.7 8.7 2.5 1.4-7.8-2.5-12.6-25. -9.8-1 -4 Financials 22.8 31 8.3 1.2 9.3 6.5 9.9 1.5 1.1 7.4-4.6-19 -3-1 -13 22 Banks 15.5 7 7.8 1.3 NA 7.5 NA 1.8 1. 8.7-6. -23.2-32.7-1.6-23 5 Capital Markets 1.4 7 1.6 3.1 8.7 3.5 9.2 3.7.8 1.9 -.5 7.5-9.4-7. 69 NA Insurance 4.3 8 7.9 1.1 6.8 5. NA.7 1.2 3.7-4.7-11.6-23 -12.7 5 53 Information Technology.5 7 11.9 1.9 8.3 4.4 9.8 1.2 1.3 -.7-8.5-22 -3-12 -29-6 Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services.1 1 8.7.9 6.3 5.7 7..5 1.7 8.1-12.8-32.6-42. -11.9-34 Software.2 2 13.9 2.5 9.6 3.8 11.7 2.1 1.5-2.8 2.6-9.6-2.2-6.5-2 37 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.. 2 11.2 4.3 6.9 8.3 7.8.8 1.3 1.1-3.3-21. -3.1-6.2-32 NA Office Electronics NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Semiconductors.1 2 13 2 1 2 12 3 1. -7.9-24.2-32.9-33. -24.7-2 6 Telecom. Services 7.7 3 12.2 1.4 6.9 5.1 6.9 1.8 1.7-4.6-12 -2.3 2.2-13 16 41 Diversified Telecom. Services 1.6 2 1.2 5. 5. 6.6 4.3.9 1.1-7.7-14.7-22.1-22.2-14.2 13 51 Wireless Telecom. Services 6.1 1 12.8 1.2 7.8 4.7 8.1 2.3 2. -3.8-1.6 4.8 11.5-12.7 17 4 Utilities 4.6 7 13.3 3.1 8. 4.5 7.5 1.3 1.7 -.6 -.9 3.4-2.7-8.6 55 13 Electric Utilities 1.3 2 14.3 3.1 7.9 4.7 9. 1.2 2.3 3.9 3.3 8.8.1-6.8 76 117 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 7.4 23.9 298.2 21. 3.2-1.7 5.8. -.9-3.4 15.1 15.6 11.4 1.5 21.7 19.4 HSBC Holdings PLC HSBA GB Financials 6.2 174.9 8. 16.6 4.8 6.4-4.6 13.4-2.7-6.5 3.2 33.3 29.1 31.6 13.7 15.1 Vodafone Group PL VOD GB Telecom. Svcs 6.1 17.7 74.8 13.8 8.7 6.4 11.1 9.5 2.1 2.4 36.9 36.7 21.5 22. 9.8 1.5 GlaxoSmithKline PL GSK GB Health Care 4.5 122.1 44.7 9.8.4 2.3-1.9 7.8-4.6-4. 38.1 37.9 32.8 33.1 62.9 71.6 Rio Tinto PLC RIO GB Materials 4.1 166. 31.3 11.3 5.4 1.1 29.6 24.6-4.9.2 6.9 7.3 5.9 54.2 36.9 36.4 Royal Dutch Shell P RDSB GB Energy 3.5 221. 365.6 25.6 2.8-7. -7.1-4.8 -.7-1. 14.5 15.8 1.7 9.9 19.5 17.5 Anglo American PLC AAL GB Materials 3. 84.4 28.5 6.6-11.9 6.9 14.8.8.8 5. 44.8 43.2 36.5 32.9 27.3 24.9 BG Group PLC BG GB Energy 2.7 76. 17.7 4.1 8.7 5.1 23.7-3.2 2.2 2.2 52.7 48.6 41.8 38.6 25.1 2.4 BHP Billiton PLC BLT GB Materials 2.7 179.6 49.2 14.9 24.7 9.9 13.2 2.9-4.5 -.3 51.8 55.2 44.5 44.2 43.1 38.8 Royal Bank of Scotl RBS GB Financials 2.6 73.4 59.3 13.2 4.1 6.7-3.4 11.6-2.1-1.3 34.7 31.2 35.9 38. 14.4 15. Barclays PLC BARC GB Financials 2.3 62.3 46.6 9. 4.4 7.4 3.7 11.1-2.5.1 41.3 39. 31.9 33.1 19.1 19.2 Tesco PLC TSCO GB Cons. Staples 2.3 62.5 12.2 4.5 1.3 9.5 13.1 11.1 -.1. 8.2 8.2 6.1 6.1 18.9 18.8 AstraZeneca PLC AZN GB Health Care 2.1 58.1 3.8 5.8 4.3 2.7 16.6 11.8 2.1.3 34.8 37.5 28.9 31.1 38.5 37.3 British American To BATS GB Cons. Staples 2. 73.5 2.8 4.6 7.2 3.6 11.5 9.2 1.8 1.3 34.4 35.2 3.5 31.1 35.3 36.6 Diageo PLC DGE GB Cons. Staples 1.9 52.6 15.7 3.1 7.1 8.3 9. 11.6.6. 31.5 31.5 28.5 28.5 4.3 47.2 Xstrata PLC XTA GB Materials 1.8 77.8 28.5 5.5 -.2-1.4 -.2 2.4-8.3-9.2 38.4 38.6 34.5 28.9 18.3 17.6 Lloyds TSB Group P LLOY GB Financials 1.7 48.4 23.2 6. 5.2 5. 8.2 7.3 -.5-1.4 43.3 42.9 4.5 42.4 23.5 23.3 HBOS PLC HBOS GB Financials 1.7 48.2 26.1 7.6 2.7 5..1 7.8 -.6 -.1 51.9 49.1 43.7 45.8 17. 16.6 Unilever PLC ULVR GB Cons. Staples 1.4 87.6 59.8 5.5 3.2 4.2 1.7 2.2-3..5 15.7 15.8 14.4 14.6 36. 3.8 National Grid PLC NG GB Utilities 1.4 37.8 24.5 3. 14. 4.1 7.5 3.2-1.9-8.4 34.1 33.8 23.9 24.2 3.5 29.5 BT Group PLC BT.A GB Telecom. Svcs 1.3 36. 41.3 3.7 1.5.9 3.6 5.6 -.4-1.5 28. 28.4 13.8 14.3 6.9 64. Reckitt Benckiser G RB GB Cons. Staples 1.2 39.5 11.5 2. 11.2 6.2 12.4 11..7.5 25.2 26. 23.8 24.3 39. 4.4 BAE Systems PLC BA GB Industrials 1.2 32.9 34.3 2.2 15.2 3.4 15.2 8.6.4 -.4 11.5 12. 8.9 9.4 19. 18.9 Imperial Tobacco G IMT GB Cons. Staples 1.1 31.3 6.9 2.1 8. 5.6 11.9 1..1.6 49. 49.2 46. 45.8 29.6 41.9 Prudential PLC PRU GB Financials 1.1 3.2 35. 3.6 4.9 4.7 6.7 11. -1.8-6.6 7.5 8.3 NA NA 15.4 15.5 Aviva PLC AV GB Financials 1.1 29.8 61.4 4.2 6. 6.4 16. 3.6 -.3-2.8 11.1 11. 6.4 6.5 12.8 13.7 Scottish & Southern SSE GB Utilities.9 25.5 23.5 1.9 4.7 6.2 6.5 5.5. -.7 13.6 13.3 11. 11.1 29.1 27.6 Cadbury Schweppe CBRY GB Cons. Staples.9 23.8 1.9.7-3.4 5. 11.3 9.4.9-2. 14.5 15.8 1.7 11.6 16.5 17.9 Centrica PLC CNA GB Utilities.8 22.6 33.7 1.9 6.9 -.6-12.4 6.3-1.8-5.7 13.7 14.5 1.6 1.5 36.2 32.2 Standard Chartered STAN GB Financials.7 43.2 12.6 3.3 17.4 12.2 17.1 13.6. -.1 4. 46.5 39.6 41.6 17. 17.8 SABMiller PLC SAB GB Cons. Staples.7 32.3 19.8 2.2-5.9 1.4 14.2 14.6 -.6-3.7 25.6 28.3 2.2 22.4 14.3 15.1 Man Group PLC EMG GB Financials.6 18.9 2.8 1.6 5.8 12.1 18.6 4.8.9-6.6 65.8 66.1 6.2 61.7 29. 32. Legal & General Gr LGEN GB Financials.6 15.5 1.5 1.6 18.2 4.8 18.6 5.2. -2.8 23.4 24.2 11. 11.1 11.4 11.9 Rolls-Royce Group P RR GB Industrials.6 15.8 16.5 1.3 13. 5.9 4.2 5.3-3.1-6.1 13.1 13. 1.8 1.7 17.9 17.2 Reuters Group PLC RTR GB Cons. Discr..5 14.8 5.4.6 5.4 5.8 32.9 13.8 -.6-1.5 23.2 24.2 17.8 17.3 54.3 71.8 Land Securities Gro LAND GB Financials.5 14.1 1.5.8 5.9 7.4 11.2 1.6.7 1.1 93.1 93. 9.2 92.3 5.2 6.5 Marks & Spencer G MKS GB Cons. Discr..5 13.6 18.6 1.4 5.4 5.7 2.1 5.5-1.2-3.7 15.5 15.8 11.7 11.9 4.4 41.7 WPP Group PLC WPP GB Cons. Discr..5 14.2 12.7 1.2 6.2 3.9 12.8 1.2 -.5.4 17.2 17.7 14.5 14.9 12.9 12.9 Reed Elsevier PLC REL GB Cons. Discr..5 13.5 9.4 1.4 4.7 4.7-2.4 13.8-8.4-4.8 28.2 28.8 24.6 22.2 35. 29.3 British Sky Broadca BSY GB Cons. Discr..5 2.4 9.7.9 9.3 9. -6.2 37.5 -.7-1.6 2.1 22.9 15.4 18. 359 182 Old Mutual PLC OML GB Financials.5 13.4 26.6 1.6 4.2 7.1 1.2 12.6 -.2. 12.3 13.5-58.2-55.8 17.4 17.6 Compass Group PLC CPG GB Cons. Discr..5 12.2 21.2.7 5.1 5.9 25.3 14.6.7.4 7.1 7.3 5.4 5.5 17. 19.1 Scottish & Newcast SCTN GB Cons. Staples.4 14.6 7..7 5.5 1.1 15.7 1.6.6-1.3 2.6 24.3 16.4 14.2 1.8 11.6 International Powe IPR GB Utilities.4 12. 5.8.9 8.6 9.7 1.5 9.8.. 42. 41.4 26.6 28. 16.5 16.5 Smith & Nephew PL SN GB Health Care.4 11.7 3.9.5 14.8 8.9 17.1 2.2.8 -.2 28.3 3.6 21.8 23.3 31.7 35.5 United Utilities PLC UU GB Utilities.4 11.9 4.8.8 5.3 3.1 7.1 14.5 5. 8.3 42.6 43.2 31.2 32.3 17.5 19.5 J Sainsbury PLC SBRY GB Cons. Staples.4 12.7 37.1.8 6.5 6.8 19.1 18.5 -.5 -.3 6.2 6.3 3.4 3.6 8.9 9.7 Pearson PLC PSON GB Cons. Discr..4 1.8 8.9.7 9.2 3.7 5.5 11.7.3 -.9 17.2 17.7 14.5 14.6 1.7 11.4 British Energy Grou BGY GB Utilities.4 1.8 5.7.7 8.4 13.5 27.5 58.8-24.3-1. 32.3 39.1 26.5 3.9 15.5 18.7 British Land Co. PLC BLND GB Financials.4 9.7 1.4.5 2.7 4.5 5.9 8.7 2.4.6 84.9 85.3 83. 88.3 1.7 3.7 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 132

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 5.5 12.8 131.6 4.8 1. 2.9 9.7 3.1.3 1.7 6.2-4.6 2.3 5.7-1.4-1 33 HSBC Holdings PLC HSBA 7.5 18.2 142.6 5.1.7 NA 13.1 NA 1.1 1.3 5.6-6.9-16.1-17.2-1.7-16 1 Vodafone Group PLC VOD 1.6 2.1 28.7 12.7 1.2 7.8 4.7 8.1 2.3 1.7-3.8-1.6 4.8 11.5-12.7 2 22 GlaxoSmithKline PLC GSK 11.4 12.5 1.1 11.5 6.4 8.2 5. 9. 2.7 4.1-7.8-2.2-11.5-22.2-11.3-12 -3 Rio Tinto PLC RIO 58.2 93.7 6.9 7.6 2. 5.4 2.9 5.1 2.7.3 37.7 18.8 89.6 18 9.5 231 357 Royal Dutch Shell PLC RDSB 17.8 43.2 142.3 4.3.8 2.3 8.6 3..3 -.7.4-11. -3.5 7.4-14.7 3 38 Anglo American PLC AAL 32.6 68.3 19.7 6.1 1.5 3.1 3.8 4.2 1.5.6 38.4 15.1 25.1 16.9 5.7 121 NA BG Group PLC BG 11.6 12. 3.4 17.9 4.2 8.3.9 12.7 4.3 1.9 19.2 16.4 56.1 66.7.9 191 384 BHP Billiton PLC BLT 16.5 35. 112.6 5.6 1.9 3.2 3.7 4.5 1.7.3 33.3 1. 26.5 53.8 6.5 127 421 Royal Bank of Scotlan RBS 3.7 5. 33.7 5.4.8 NA 9.8 NA 1.2 1.4 9.1-5.9-35.7-47. -15.8-38 -21 Barclays PLC BARC 4.8 5.7 18. 6.7 1.3 NA 7.7 NA 1.3.9 14.8-1.5-23.1-38.1-4.2-21 28 Tesco PLC TSCO 4.1 5. 22.8 14.4 2.6 8.8 3. 9..6 1.2 -.8-12. 2.8-7.6-14.7 34 142 AstraZeneca PLC AZN 2.4 47. 13.8 4.6 1.7 3.6 9.6 3.7 1..3-8.2-2.7-14.4-3. -5.9-6 -7 British American Toba BATS 18.6 2. 7.6 15.3 5.4 11.6 4.2 15.1 3.5 1.5 1.4 3.5 15.2 18.6-5.4 92 29 Diageo PLC DGE 1.4 11.5 1.4 16. 7. 12.2 3.4 14.3 3.2 1.6 1.5-2.3 4.5.6-3.5 38 65 Xstrata PLC XTA 4.6 69.1 7.2 7. 1.3 4. 1.1 4.8 1.4 6.5 27.7 37.7 47.4 63.8 14.4 335 NA Lloyds TSB Group PLC LLOY 4.4 5. 13.3 7.9 1.8 NA 8.7 NA 2.1 1. 16.9-3.2-19.7-28.8-7.5-14 11 HBOS PLC HBOS 6.6 8.2 24.4 6.1 1. NA 7.8 NA 1.8 1.6 7.9-7.6-25. -42.8-1.3-24 11 Unilever PLC ULVR 15.7 17. 8.4 14.5 4.5 1.3 3.7 12.9 1.5 2.3-1.6-1.9 4. 13.3-17. 4 27 National Grid PLC NG 7.6 8.5 11.6 13.1 3.7 8.7 4.7 6.7 1.6 1.3-4.1-1.4 7.5-1.7-8.7 3 59 BT Group PLC BT.A 2.3 3.1 33.8 9.5 5.3 4.8 7.1 3.8.9 2.5-1. -16.2-25.7-25. -15. 11 39 Reckitt Benckiser Gro RB 28.3 31.3 1.3 19.6 7.7 14. 2.2 17.5 3.4 1.7 11.8 6.5 9.2 7.1-2.8 7 192 BAE Systems PLC BA 4.8 5.4 12.3 13.8 2.7 8. 2.9 11.1 1. 1.5 4.8 4.8 11.7 6.9-4. 89 293 Imperial Tobacco Gro IMT 23.6 26.7 13.4 14.8 5.1 11.2 3.5 12.8 4.4 1.3-1.8-5.2 11.7 7. -13.2 67 138 Prudential PLC PRU 6.2 8.2 31.2 8. 2.4 NA 3.1 NA.9.9 8.8 1. -4.6-11.7-12.4 33 65 Aviva PLC AV 5.8 8.4 44.8 6.6.8 5.4 6.4 NA.5.7 5. -7.4-18.3-31.3-14. -12 42 Scottish & Southern E SSE 15. 14.3-4.9 14. 4. 9.6 4.3 1.9 1.1 1.4 2.7-1.2 5.4 2.9-8.2 69 133 Cadbury Schweppes P CBRY 5.8 6. 4.3 16.9 2.9 18. 2.8 13.4 2.2 1.7 3.3-2.9 5.3 3. -7.3 13 8 Centrica PLC CNA 3.1 4.1 3.6 11.4 3.8 5.4 4.6 7.3.7-4.3-2.4-6.6-14.8-15.2-12.5 3 81 Standard Chartered P STAN 15.7 36.2 131.3 6.6 1. NA 5.6 NA 1.7.4 5.6-5. 1.6 3.8-15.1 56 121 SABMiller PLC SAB 11. 25.2 13.1 7.2 1. 4.6 5.5 5..8.6 -.6-14.4-1.6-6.5-22.6 3 183 Man Group PLC EMG 5.6 6.6 17.7 12. 2.9 8.4 3.8 8.2 6.7.7 19.4 -.2 7.5-16.2-1.1 111 246 Legal & General Grou LGEN 1.3 1.6 21.3 8.6 1.3 8.6 5.1 NA 1.5.7 4.8 3.2-6.7-22.2-2.1 8 74 Rolls-Royce Group PLC RR 4.4 4.6 4.5 12.5 2. 6.3 3.3 9.5.9 2.6-1.5-11.9-8.6-14.6-19.1 68 452 Reuters Group PLC RTR 6.1 6.8 11.4 21.4 8.4 12.1 2.3 13.4 2.7.9 8.1 4.8 -.7 42.4-4.2 47 345 Land Securities Group LAND 15.5 17.4 12.8 18.3.8 18.3 4.6 1.2 9.6 1.8 2.9 6.4-11.7-3.2 2.6 1 11 Marks & Spencer Gro MKS 4.2 4.9 17.4 9.8 3.3 6.6 5.7 6.2.7 2. 2.2-28.6-28.7-39.1-25.4 14 34 WPP Group PLC WPP 6.1 7.6 24.3 12. 1.7 7.4 2.6 9.1 1.1 1. 1.1 5.5-1.7-19.3-5.5 4 52 Reed Elsevier PLC REL 6.3 7.5 19.8 15.5 4.7 6.6 3.4 11.9 1.4 1.3 7.2-2.7-6.1-13. -2.1 2 2 British Sky Broadcasti BSY 6. 6.5 9.2 17.9 28.4 1.3 3.1 12.6 2. 1.3 17.6-4.2-9.4 6.1-3.9 3-5 Old Mutual PLC OML 1.3 2. 55.6 6.7.9 5.5 6. NA.5.6.5-15.5-14.2-3.1-23.3 NA NA Compass Group PLC CPG 3.3 3.7 1.8 16.7 2.9 8.9 3.6 11..6.8 1. 2.3 9.9 9.1 8.3 32 12 Scottish & Newcastle SCTN 7.9 8. 1.7 19.4 2.1 12.1 2.9 17.7 2.1 1.5 4.1 8.5 35. 42.2 6.1 7 114 International Power P IPR 4.1 4.5 1.2 13.4 2. 7.8 3. 8. 2.1 1.3 3.4-1.6 -.2 1.3-1. 139 47 Smith & Nephew PLC SN 6.7 7.1 6.3 2.7 6.5 11.7 1.1 15.8 3. 1.1 11.8 19.7 18.7 9.8 15.2 23 89 United Utilities PLC UU 6.9 7.4 7.1 13.5 2.7 1.2 4.9 6.9 2.5-2.7-1.4 2.8 5.3-8.5-8.6 1 3 J Sainsbury PLC SBRY 3.7 4.3 14.6 16.6 1.4 6.9 3.6 7..3.7 -.3-8.5-27.6-27.3-12.3 27 61 Pearson PLC PSON 6.8 7.8 14.5 13.9 1.5 8.5 4.9 1.3 1.2 1.6 9.8-4.3-9.2-17.3-7. 4 4 British Energy Group BGY 5.3 6. 13. 16.3 1.9 5.1 5.7 6.3 1.9-1. 6.9 15.7 17.9 27.1-3.3 NA NA British Land Co. PLC BLND 9.7 11.4 17.4 17.9.8 19. 3.9 1.4 7. 1.5 5.3 13.9-2. -4.3 2.9 13 13 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 133

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) -1.95-1.23.71-1. 1.11 2.69 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, 4 5 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 16 1 (pt) (%) 172 12 17 155 8 168 9 166 15 6 164 6 145 28E EPS (LHS) Coef. Variation (RHS) 4 7/2 7/5 7/8 7/11 8/2 162 16 29E EPS (LHS) Coef. Variation (RHS) 3 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 134

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 4 3 5-5 -4-3 -1-8 -6-15 -12 1 2 3 4 5 6 7 8-9 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) (%) 35 12-month Forward PER (LHS) 25 LT EPS Growth Forecast (RHS) 18 12MF P/E (x) CS UT 28 2 15 21 15 12 TS MT IT ID 14 1 EN CD HC 7 5 9 FN 1 2 3 4 5 6 7 8 LT EPS Growth (%) 6 3 5 7 9 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 4 16 3 EN 3 12 2 CD ID MT TS HC 2 8 IT FN 1 4 1 1 2 3 4 5 6 7 8 Tr.ROE -5 5 1 15 2 25 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 135

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 74 3.3 5.1 1.6 12. 9.6-1. -.1-2.5 -.1 -.1-2.8-27 -41-65 13.2 13.4 14.8 14.8 Energy 13.1 3-8.9 2.4 6.2 5.9 1.9.5 1.3-1.1 1.8 1.7-1.4 33 33-1 16.5 15.8 23.5 21.4 Materials 9.9 4 1.6 3.6 16.1 2. 8. 1.3-1.4.6 7.4-1.3 1.3-5 15.9 16.1 16.7 16.8 Chemicals 2.5 1 8.7 7.8 11.2 9.9 11.8 -.4.1 -.6 -.3.1 -.8-1 1-1 15.4 15.8 17.9 18.1 Metals & Mining 5.2 1-2.7 1.2 13.5-1.2 4.8 1. -2.4 1.1 1.3-2.4 2.9 1-1 1 14.5 14.5 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 1.9 16 6.1 5.6 21.5 11.8 9.3-1. -1.1-1.8 -.8-1.4-3. -31-31 -63 1. 1.1 14.9 14.6 Building Products 1.7 1 4.4 5.4 15.5 5.3 8.2 -.8 -.2-2.9-1. -.7-4.7-1 -1-1 9.1 9.1 13.3 12.8 Construction & Engineering 2.2 2 9.7 4.7 12.3 9.1 9.6.4 -.7 -.9.6-1.6-2. -1 9.4 9.8 15.7 15. Electrical Equipment 3.8 3 1.4 7.2 24.9 14.8 11.9.9-1.2-1.. -1.1-3.4 33-33 -33 12. 12.5 17.5 17.8 Machinery.7 1 -.6 1.7 19.9-1.3.8-1.6-8.6.9 -.8-8.7 1. -1-1 -1 23.7 22.1 29.4 25.5 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.1 1 1.3 3.9 4.7 3. 6.7 -.7-4.8 1.5.9-5. 1.6-1 -1-1 17.6 17.7 13.7 13.4 Airlines.3 1 4.1 4.2 2.2-1.9-4.3-4.6.1-5.6-11.4 -.1-7.8-1 1-1 6. 5.4 9.8 9.1 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 14.5 19 4.8 5.5 5.5 17.5 15.5-2.6-1.3-1.6-2.6-1.6-2. -42-79 -89 1. 1.9 13.4 14.3 Auto Components 1.2 2 2.8 3.6 5.8 29.1 19.2 -.3-1.5-1.8 -.5-1.3 -.9-5 -1-1 8.7 9.7 15.8 16.3 Automobiles 2.4 2 6.4 6.5 3.8 24.4 22.5 -.7. -4.1-1.6 -.7-5.5-1 -1 3.9 4.8 11.4 12.5 Household Durables.2 1 3. 2.6-7.4 55.1 13.6 -.5 -.9-2.9 -.7-1.5.7-1 -1-1 7.7 8.2 13.6 14. Textiles, Apparel & Luxury G 2.8 3 6.2 7.2 12. 1.6 11.6 3.6-3.5 1.1 3.6-3.9.6-33 -1-33 21.7 22. 17.2 15.1 Hotels, Restaurants & Leisur 1.6 2.6 6. 16.4 11.1 13.3-2.9-1.1 -.8-2.6-2.2-1.8-1 -1-1 8.7 9. 15.1 15.8 Media 5.6 8 4.3 4.7 1.6 12.8 11.4-3.3 -.7 -.8-1.9 -.7 -.5-75 -1 19.2 2.3 13.8 15.4 Retailing.8 1 6.3 6. 16.8 18.1 17.7-1.8-1.7-4.4-1.4-1.6-5.5-1 -1-1 9.1 9.6 1.1 11.1 Consumer Staples 9.7 5 8. 6.8 7.9 9.5 12.4 -.5-2. 1.6 -.4-2.1 1.2-6 -1-2 7.2 7.4 14.4 14.9 Food & Staples Retailing 3.5 2 7.2 6.5 1.5 1.6 11.2 -.4 -.1. -.5 -.1-1.1-1 4.2 4.3 15.8 15.8 Food, Beverage & Tobacco 3.9 2 12.1 8.3 1.5 7.6 13.9 -.6-3.2 2.4 -.5-3.2 2.6-1 -1-1 17. 17.3 13.1 13.9 Household & Personal Produ 2.2 1 6.6 7.1 17.2 11.6 11.8 -.2-3.5 3.8. -3.6 3.1-1 -1 1 16.8 17.4 14.7 15.6 Health Care 6.8 2 2.7 3.2 1.4 4.7 7.6.4 -.5 -.9.3 -.7-1.7-1 -1 32.6 32.7 14. 14. Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals 6. 1 2.1 2.3 1. 4.3 7.3.5 -.5 -.8.4 -.7-1.7 1-1 -1 34.6 34.9 13.9 13.9 Financials 17.3 12 7.6 7.2-17 2.6 8.6.3 -.7-6.9.4 -.9-7.2-8 -5 18.7 18.8 13. 12.9 Banks 1.7 4 7. 8.1-26.2 27.6 8.5.4 -.2-9.4.6 -.2-9.6-5 -1 33.8 33.4 13.7 14.1 Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance 4.6 3 7.5 6.6 5.4 6.1 9.4-1.8 -.4-1.4-1.6 -.6-1.6-33 -67-1 6.8 7.2 14.5 13.1 Information Technology 3.1 6 -.3 4.1-65 174 31.4-3. 2.8-7.9 -.3 2.5-5.3-57 -1-1 6.9 8.6 8.5 11.3 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.9 2 -.6 4.1 29.6 16.5 14.8 -.7-3.6.1-1.2-5.9.6-1 -1-1 6.8 7.6 1.8 12. Software.2 1 8.9 8.7 2.7 12.3 11.1.6 25.3 -.6.9 23.6 -.4-5 -1-1 26.3 28.1 18.5 17.7 Communications Equipment 1.1 1 -.6 3.6 NA NA 64.6-8.4-3.8-17.8 1.8-5.3-9.4-1 -1-1 4.6 7.4 5.9 1.9 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.2 1 6.5 4.8-5.8 6.4 7.7-2.8 -.4 -.5-2.7 -.4 -.7-1 -1-1 25.6 26.1 26.9 26. Semiconductors.6 1 -.7 5.1-2.3 6.5 17. 2.2-6.5-4.6-4.1-4.3-6.5 1-1 -1 8.5 9.2 7.8 9. Telecom. Services 6. 3 2.5 2.3 35. -11 8.7 -.1.3 1.4.3 1.4 1.1 33 33 33 16.3 16.7 17.4 17.1 Diversified Telecom. Service 4.8 2 1.3 1.8 36.3-15.3 8.5 -.8.6 1.7 -.1 1.8 1.5 1 2.8 21.3 16.8 16.5 Wireless Telecom. Services 1.2 1 4.9 3.2 29.1 11. 9.8 2.3 -.5.2 1.7. -.3 1-1 1 7.8 7.9 19.8 19.4 Utilities 8.6 4 9. 6.8 14.9 13.7 12.7-6.2 1..4-5.4 1.1.2-5 5-5 11. 11.4 15.5 16.1 Electric Utilities.7 1 4.6 4.2 13. 15.6 19.2 NA -.5 -.8 NA. -.7-1 -1-1 16.8 17.7 18.9 2.1 Gas Utilities.8 1 8.3 4.5 1.3 12.5 6.5. 1. -.3. 1. -.4 1 1-1 13.9 13.8 13.6 13.1 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 136

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 74 1.6 1.6 6.1 4. 6.4.9 1.7 3.5-9. -1-15 -13 21 72 Energy 13.1 3 9.1 2.2 4.4 4.4 6..8 2.5.9-9.2-5.2-5. -12 15 65 Materials 9.9 4 11.3 2.2 6.8 2.8 8. 1.1 1.9 2.2 8.3 13.2 15.4-5.1 116 248 Chemicals 2.5 1 18.1 3.3 9. 2.5 9.9 1.8 1.5 6.9 2.6 6.7 6.1-7.6 52 96 Metals & Mining 5.2 1 9.9 NA 6. NA NA 1. 5. 35.8 9.9 21.6 33.3-3.2 339 93 Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials 1.9 16 11.3 1.7 6.1 3.3 6.7.7 1.3 11. -11-13 -14-12 38 129 Building Products 1.7 1 9.1 1.2 5.3 3.9 5.1.4 1.2 6.6-19.8-29.9-27.1-16.3 14 87 Construction & Engineering 2.2 2 13. 2.1 7.6 3.7 6.1.6 2.6 9.5-14.3-5.2-15.5-1.1 7 227 Electrical Equipment 3.8 3 13.5 2.4 8. 3.1 1.1 1.1 1. 13.5-1.4 1.2 8.1-8.5 18 172 Machinery.7 1 8. 2.4 4.3 4.6 6.8 1.2 2.5 7. -26.9-25. -28-26. NA NA Trading Companies & Distributors NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Commercial Services & Supplies.1 1 12.2 1.7 5.5 3.3 8.4 1.5 2.6 16.8-9.9-14.6-14.2-9.4 4 52 Airlines.3 1 5.4.5 2.6 3.1 1.9.2 1.8 3.3-17.5-36 -47.6-24.2 27 14 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 14.5 19 1.7 1.4 5.2 4. 5.8.7 2.2 5.5-11 -15-2 -14 8 6 Auto Components 1.2 2 8.4 1.3 3.7 3.3 3.9.4 2.7 4.1-19.5-29.8-26.4-19.7 3 85 Automobiles 2.4 2 6.7.8 3. 5. 3.1.3 1.5.5-12.2-18.5-14.8-16.4 5 54 Household Durables.2 1 5.6.8 2.9 7. 2.2.2 1.9-23.3-47.7-53.7-62.9-43.5-73 -61 Textiles, Apparel & Luxury Goods 2.8 3 15.9 2.8 7.9 2.3 11.1 1.9 1.9 11.9-7.9-8.8-18.6-13.4 29 87 Hotels, Restaurants & Leisure 1.6 2 16.7 2.6 8.2 3.4 1..9 2.1 1.9-7.2-11.5-28.1-6.5 49 7 Media 5.6 8 11.3 1.4 5.8 4.7 6.9 1.3 5.5 4.1-8. -9.5-16.2-11.3 3 66 Retailing.8 1 11.6 1.2 6.7 4.3 7.3.6 1.2 1.7-17. -2. -2.9-15.8 12 48 Consumer Staples 9.7 5 17. 2.5 9.7 2.3 1.8.7 2. 2. -9.7-4. -8.3-14 31 52 Food & Staples Retailing 3.5 2 15.5 2.4 6.9 2.6 7.7.4 2.3 4.1-5.8-2.1-3.9-1.2 19 32 Food, Beverage & Tobacco 3.9 2 16.8 2.3 11.8 2.2 13.1 1.7 1.9 -.1-1.3-5.5-14.7-14. 43 12 Household & Personal Products 2.2 1 2.8 3.3 13.9 1.9 16.2 2.7 2.1 2.4-14.3-4.2-2.1-18.3 34 32 Health Care 6.8 2 1.1 1.5 6.9 3.6 8.7 2.5 1.6-7.3-11 -11-2 -16-1 35 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals 6. 1 9.4 1.3 6.5 3.8 8.2 2.5 1.6-9.1-11.4-1.9-21.6-16.9-14 27 Financials 17.3 12 7.6 1. 7.3 5.6 4.8 1. 1.1 -.8-13 -26-34 -18 11 68 Banks 1.7 4 6.9 1. NA 5.9 4.2 1.6 1. -4.9-16.4-29.9-36.2-21.8 45 Capital Markets NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Insurance 4.6 3 7.5 1.1 5.2 5.5 NA.4 1.9 2. -11.3-21.8-31 -17.4 18 94 Information Technology 3.1 6 12.7 1.1 5.6 3.3 7.5.7 1.8 6.2-8.4-29 -39-11 -29-16 Internet Software & Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA IT Services.9 2 11.6 1.3 4.7 2.7 7.7.6 1.6 18.6 4.3-13.8-26.5-7. 5 46 Software.2 1 16.7 3. 8.9 1.6 14.1 3.1 1.5 13.2 -.3 16.1 18.1-4.8 51 12 Communications Equipment 1.1 1 12.3.9 6.3 3.9 7.7.5 3.1-3.1-16.7-47.5-58.2-16.6-57 -37 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.2 1 14. 3.9 8.7 5. 1. 2.3 2.3 9.5.7-33. -3.6-2.1 NA NA Semiconductors.6 1 13 1 4 3 6 1 1.3 4.6-17.5-32. -42. -14.1-35 -5 Telecom. Services 6. 3 11.3 1.9 4.9 5.4 4.4.9 2.3-2. -13 4.4 4.1-8.5 6 4 Diversified Telecom. Services 4.8 2 11.3 1.9 4.9 5.9 4.2 1.1 2.1-2.9-12.5 7. 8.3-7. -2 26 Wireless Telecom. Services 1.2 1 1.9 2.2 5.1 3.3 5.6.6 5.5 1.8-14. -4.9-8.8-13.5 54 148 Utilities 8.6 4 16.6 2.6 8.1 3.2 8.2 1. 2. 1.9-7.4 8.9 5.8-11 19 172 Electric Utilities.7 1 21.2 4.1 7.8 2.3 9.2 1.9 1.5-7.6 NA NA NA -18.6 NA NA Gas Utilities.8 1 13.9 1.9 6.9 3.7 8.2 1.2 4.6 1.7 -.2 15.4 7.1-6.2 NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 137

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 12. 176.3 212.1 18.7-9.7 2.2 4.6 1.5-1.8-1.4 21.3 2.9 16.9 16.1 25.3 22.7 Sanofi-Aventis S.A. SAN FR Health Care 6. 15.7 42.3 1.8 2.1 2.3 4. 8.2-1.1-2. 37.8 38.9 34.6 34.9 15. 15.2 BNP Paribas S.A. BNP FR Financials 5.8 82.6 47.6 11.6 3.2 7.5.6 6.8-1.7-3.7 34.7 38.8 34.2 34.1 14.4 14.7 ArcelorMittal SA MTP FR Materials 5.2 NA 11.5 11. -2.7 1.2.7 3.. 1.2 18.7 18.6 14.5 14.5 2. 18.8 SUEZ (France) SZE FR Utilities 4.8 8.1 75.1 5.2 7. 6.4 11.9 12.5 2.3. 16. 16.4 11.8 12.5 16. 17.2 France Telecom FTE FR Telecom. Svcs 4.7 87.8 79.3 7.8 1.2 1.7-16.2 9.2.9 3. 36. 35.7 2.9 21.4 17.2 17.8 AXA S.A. CS FR Financials 4. 68.8 146.7 9.3 6.1 6.7 7.5 9.6-1.8-1.1 1.2 1.3 6.9 7.1 13.1 13.7 Vivendi VIV FR Cons. Discr. 3.5 46.6 34.1 4.6 6.4 5.6 1.2 11.9.2 1.7 29.6 3.6 22.3 23.9 14. 14.8 Societe Generale (F GLE FR Financials 3.4 48.1 36.1 7.2 11.4 9.5 432.5 12.7-26.8-24.5 4. 4.9 33. 32.3 15.8 15. Carrefour S.A. CA FR Cons. Staples 3.2 49.3 131.1 3.1 7.2 6.5 11.4 11.4 -.7-1.5 6.2 6.3 4.1 4.2 18.2 18.4 L'Air Liquide S.A. AI FR Materials 2.5 33.2 19. 1.8 8.7 7.8 8.8 12.7 -.8 -.5 23.4 23.6 15.4 15.8 16.8 17.4 Groupe Danone BN FR Cons. Staples 2.5 36.4 24.9 2. 15.3 8.9 6.5 15.4 -.5.3 18.1 18.5 14.8 15.1 2.3 17.1 L'Oreal S.A. OR FR Cons. Staples 2.2 73.2 26.9 3.3 6.6 7.1 11.2 12.5..5 2.6 21. 16.8 17.4 14.8 16.1 Veolia Environneme VIE FR Utilities 2.2 4.5 53.9 1.8 12.9 8.4 19.9 12.9..5 13.4 13.8 8.3 8.6 16.2 17.2 Vinci S.A. DG FR Industrials 2.1 32.8 49. 2.4 1.2 4.7 1.2 13.2.6.4 15.1 15.5 9.3 9.8 18. 18. LVMH Moet Hennes MC FR Cons. Discr. 1.9 49.6 25.8 3.4 6. 7.5 1.9 11.5-3.2-3.8 25.6 25.9 21.2 21.6 17.6 17.4 Schneider Electric S SU FR Industrials 1.9 28.5 27.4 2.6 7.1 4.5 11.4 8.2-1.5-6. 17.6 18.1 14.7 15.2 16. 16.4 Lafarge S.A. LG FR Materials 1.9 29.4 28.7 3. 1. 7.2 4.3 12.9 -.1-1.4 26. 27. 2.3 21. 15.5 15.8 Alstom S.A. ALO FR Industrials 1.7 3.6 28. 1.5 14.8 1.6 3.4 23.7.8.2 1.4 1.6 8.5 9.3 34.4 33.6 Compagnie de Sain SGO FR Industrials 1.7 29.9 67. 3.2 4.4 5.4 3.2 9.3-3.6-3.6 13.1 13.1 9.1 9.1 13.9 13.4 Renault RNO FR Cons. Discr. 1.5 31. 66.7 4.6 1.9 1.1 14. 21.3-6.3-9. 11.1 12. 4.5 5.6 13.1 13.6 Pernod Ricard S.A. RI FR Cons. Staples 1.4 22.8 9.9 1.3 4.3 6.6 9.3 13.1. -.3 25.4 25.8 22.9 23.2 13.7 13.9 Credit Agricole S.A ACA FR Financials 1.3 43.8 29. 7.5 12.3 7.2 11.1 7.4-1.6-3.4 43.4 41.3 35.3 33.7 12.2 12.3 Bouygues S.A. EN FR Telecom. Svcs 1.2 25.3 45.4 2.3 4.9 3.2 13.8 9.8 1.1.1 13.1 13.3 7.8 7.9 22.4 2.8 Unibail-Rodamco UL FR Financials 1.2 2. 2. 1.3 73.5 8.7 13. 7.1.1.1 83.3 83.7 81.5 83.6 5.9 11.3 Accor S.A. AC FR Cons. Discr. 1.2 17.6 11.7 1. -2.3 6.1 14.3 11.4-1.2-3.2 18.3 18.6 13.2 13.6 15.9 17.8 Alcatel-Lucent ALU FR IT 1.1 14.2 26.2 1. -.6 3.6 NA 62.1-17.1-9.6 8.6 11.1 4.6 7.4 5.6 7.6 Compagnie Genera ML FR Cons. Discr. 1. 13.2 26. 1.6 3.2 3.4 18.8 18.3.4.5 16.4 17.5 11.2 12.5 18.4 2. Peugeot S.A. UG FR Cons. Discr..9 18.2 92.7 2.1 3.4 3.9 58.8 27.4-1.3-1.6 8.8 9.4 3.4 4.2 9.3 1.1 Essilor Internationa EF FR Health Care.9 12.2 4.6.6 7.8 1.1 1.5 11.5-1.3-1.4 22.9 22.8 17.5 17.6 18. 17.8 Gaz de France GAZ FR Utilities.8 54.6 43.9 3.9 8.3 4.5 14.2 3.. -.4 19.3 19.3 13.9 13.8 14.8 14.5 PPR S.A. PP FR Cons. Discr..8 17.5 31.1 1.5 6.3 6. 18.5 17.3-5.4-6.2 11.4 12. 9.1 9.6 1.3 11.3 Electricite de Franc EDF FR Utilities.7 178.7 91.9 8.1 4.6 4.2 15.6 18.8 2..8 26.3 27.7 16.8 17.7 2. 19.9 Lagardere S.C.A. MMB FR Cons. Discr..7 1.2 12.5.8-1.2 2.4 57. 11.8 -.8-1.3 1.2 1.6 8.1 8.6 9.7 11.2 Vallourec S.A. VK FR Industrials.7 1.7 9. 1.3 -.6 1.7-11.5 2.8-6.3-5.8 26.5 26.7 23.7 22.1 3.3 25.4 European Aeronaut EAD FR Industrials.7 21.7 6.8 2.1 4.6 6.8 1,123 7.4-2.9-2. 1.5 1.3 6.4 5.8 11.9 11.2 STMicroelectronics STM FR IT.6 11.2 9.9.8 -.7 5.1 1.9 23.4-9.5-5.4 2.9 21.9 8.5 9.2 7.7 8.8 Hermes Internation RMS FR Cons. Discr..6 12.5 2.6.4 8. 7. 9.2 12.1.5.6 29.2 3.2 26.1 27.2 18.9 18.6 Technip S.A. TEC FR Energy.6 8.5 11.8.5 -.5 3.8 16.8 15.3-1. -2.6 9. 9.7 6.9 7.5 14.8 16. Capgemini CAP FR IT.6 8.4 13.3.7 3.2 4.2 9.9 7.2-1.2-3.5 1.4 1.9 7.8 8.5 12. 12. CGG Veritas GA FR Energy.5 7. 4..5 13.1 7.9 44.7 16.4 -.5-2.8 43.1 42.8 24.3 25.1 14.6 14.2 Sodexo S.A. SW FR Cons. Discr..4 8.6 2.4.5 3. 5.9 5. 15. -.4-1.5 6.5 6.8 5. 5.2 15.6 16.7 Thales S.A. HO FR Industrials.4 11.7 19.7.9 7.7 5.3 11. 9.9 -.3-2.7 1.6 11. 7.6 8. 17.6 16.4 Publicis Groupe S.A PUB FR Cons. Discr..4 7.4 7.3.7 4.1 3.6 9.4 7.9-1.4. 18.9 19.2 16.9 17.2 19.7 18.2 Casino Guichard-Pe CO FR Cons. Staples.4 1.8 39.6.8 7.3 6.1 9.4 1. 1.4.4 7.1 7.1 4.6 4.6 9.6 1.1 CNP Assurances CNP FR Financials.4 15.9 52.4 1.8 7. 7.. 1.4-5.3-3.3 NA NA NA NA 9.7 11.6 Klepierre S.A. LI FR Financials.3 7.8 1..3 15.6 1.2 12.6 11.9-14.5-16. 86.4 88.1 55.6 58.5 8.1 8.6 Aeroports de Paris ADP FR Industrials.3 11.2 3.6.4 7.2 6.6 12.6 11.3 -.7-2.6 33. 34. 19.8 21. 8.9 9.8 Scor S.E. SCR FR Financials.3 4. 9.4.6 29.4 4.5 2.9 9.7-3.3 -.8 NA NA 6.6 8.4 11.1 13. SES S.A. SESG FR Cons. Discr..3 NA 2.5.6 3.8 6.4 2.1 17.7-2. -5. 69.1 69.1 39. 37. 18.1 22.1 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 138

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 49.8 64. 28.6 8.8 2.1 4.3 4.5 5.9.8 2.9 -.5-9.2-5.2-5.1-12.5 12 59 Sanofi-Aventis S.A. SAN 52.3 63. 2.4 9.4 1.4 6.5 3.8 8.2 2.5 1.5-9.1-11.4-1.9-21.6-16.9-14 6 BNP Paribas S.A. BNP 61.7 85.3 38.3 7. 1. NA 5.9 4.2 1.7 1.6-1.6-1.2-21.2-25. -16.9 14 61 ArcelorMittal SA MTP 51.5 51. -1. 9.8 1.7 NA 2. 6.7 NA 5.3 35.8 9.9 21.6 33.3-3.2 34 73 SUEZ (France) SZE 41.5 51. 22.8 15. 2.3 8. 3.6 8.7 1.1 1.2.8-7.6 1. 8.2-1.8 18 172 France Telecom FTE 22.8 28. 22.6 11.1 1.9 4.8 6. 4.1 1.1-2.6-3. -12.7 6.7 8. -7.2-2 26 AXA S.A. CS 22.6 36. 59.5 7.4 1. 5.1 5.7 NA.5.9 2. -12.1-23.1-31.9-17.6 17 94 Vivendi VIV 27. 35.7 31.9 1. 1.4 5.1 5.3 5.9 1.4.9 1.1-1.4-7.3-12. -13.9 12 9 Societe Generale (Fra GLE 65.1 84.5 29.8 7.6 1. NA 6.3 3.6 1.3.1-11.2-26.3-4.9-48.2-29.5-12 35 Carrefour S.A. CA 47.3 55. 16.4 15.6 2.7 7.1 2.5 7.9.4 1.4 2.7-6.5-3.1-5.5-11.3 18 31 L'Air Liquide S.A. AI 94. 1.3 6.6 18.2 3. 8.9 2.6 9.8 1.7 1.8 6.9 2.6 6.7 6.1-7.6 52 96 Groupe Danone BN 51.9 66. 27.2 17.5 2.8 11.2 2.4 11.8 1.4 1.6-5. -12.8-4.3-17.6-15.5 38 86 L'Oreal S.A. OR 8.1 91. 13.6 2.8 3.1 13.8 1.9 16. 2.7 1.8 2.4-14.3-4.2-2.1-18.3 34 32 Veolia Environnement VIE 57.2 66. 15.4 21. 3.3 8.8 2.4 7.1.7 1.3 8.1-5.1 9.1 5.1-8.4 124 218 Vinci S.A. DG 45.5 64.5 41.6 13.3 2.2 7.6 3.8 6.2.7 1.1 9. -14.1-5. -15.3-1.1 7 228 LVMH Moet Hennessy MC 7.8 9.5 27.9 14.7 2.5 7.9 2.6 11. 1.9 1.3 8.2-9.3-11.4-18.6-14.4 25 81 Schneider Electric S.A SU 78.5 95. 21. 1.4 1.6 7. 4.8 8. 1. 1.2 9.3-8.5-11.7-15.5-15.3 34 96 Lafarge S.A. LG 115.4 14. 21.3 1.4 1.6 6.8 3.2 6.5 1. 1.2 4.4 12.8 5. -1.5-7.3 47 127 Alstom S.A. ALO 147.5 155. 5.1 2. 5.8 1. 1.2 14.7 1.1.4 18.5 7.8 2.7 57.2.3 434 13 Compagnie de Saint-G SGO 54. 75. 38.9 9.1 1.2 5.3 3.9 5.1.4 1.5 6.6-19.8-29.9-27.1-16.3 14 87 Renault RNO 73.5 1. 36.1 6..8 4.3 6.2 3.7.5.3-3.4-19.6-22.1-21.5-24.3 6 84 Pernod Ricard S.A. RI 7.2 79.5 13.2 15.4 2.1 11.9 2.1 13.7 2.2 1.4 1.3-5.4-7.6-1. -11.2 52 153 Credit Agricole S.A. ACA 17.8 26. 46.5 5.6.7 NA 7.2 3.6 1.5.6-3.8-16.5-34.9-44.4-23.1-21 26 Bouygues S.A. EN 49.3 68.5 38.9 1.7 2.3 5.1 3.3 5.6.6.9 1.8-14. -4.9-8.8-13.5 54 113 Unibail-Rodamco UL 165.8 186. 12.2 18.4.9 18.4 4.7 18.8 1. 1.8 17.9 16.9-4. -3.2 1.6 77 189 Accor S.A. AC 52. 66. 26.9 17.3 3. 8.6 3.4 9.7 1.5 1.3 12.3-7. -9. -26. -4.9 47 75 Alcatel-Lucent ALU 4.1 7. 69.5 12.9.7 6.3 3.9 7.7.5 NA -3.1-16.7-47.5-58.2-16.6-57 -38 Compagnie Generale ML 61.8 88.5 43.1 7.9 1.4 4. 3. 4.3.5.9 3.4-18.4-29.8-24.7-21.2 15 128 Peugeot S.A. UG 52.7 65. 23.5 8.2.8 1.8 2.9 2.5.2.2 7.8 3.8-11.6 -.2 1.5 3 28 Essilor International S EF 39.1 49.5 26.7 19.6 3.3 1.7 1.7 14.9 2.6 1.8 7.4-4.6-9.7-1.6-1.5 44 15 Gaz de France GAZ 37.5 44.2 17.7 14. 2. 6.9 3.7 8.2 1.2 1.7 1.7 -.2 15.4 7.1-6.2 NA NA PPR S.A. PP 92.6 12.5 3.1 11.7 1.2 6.7 4.4 7.3.6.7 1.7-17. -2. -2.9-15.8 12 48 Electricite de France EDF 66.3 89.4 34.8 21.1 4.1 7.8 2.3 9.2 1.9 1.2-7.6-22.7-5.8 16.3-18.6 NA NA Lagardere S.C.A. MMB 52. 62.5 2.3 12.2 1.2 9.5 2.7 9.8.8.4 14.5 -.1-9.2-13.2 1.3-15 5 Vallourec S.A. VK 137. 185. 35. 8. 2.2 4.3 4.6 6.8 1.2-1.7 7. -26.9-25. -28.1-26. 332 1288 European Aeronautic EAD 18. 2.4 13.3 9.7 1. 2.4 1.7 5.6.4. 13.2-15. -12.8-3.3-17.5-27 115 STMicroelectronics N. STM 8.4 18.7 122.4 9.5.8 2.5 3.9 3.7.8.8 4.6-17.5-32. -42. -14.1-35 -5 Hermes International RMS 79.5 69. -13.2 27.5 4.9 15. 1.5 22.7 4.7 2.6 27.8-1.6 1.9-17. -8.1 46 93 Technip S.A. TEC 53.4 56. 4.9 15.8 2.3 5.8 2.6 1.6.7 1. 18. -3.2 1.7 5.7-2. 61 28 Capgemini CAP 39. 51. 3.6 11.6 1.3 4.6 2.7 8.2.6 1.4 2.7 4.8-14. -28.6-9.2 5 7 CGG Veritas GA 171.5 228.4 33.2 12.4 1.6 4.7 NA 5.2 1.7.4 19.6-7.3.8 7.7-12.1 175 1371 Sodexo S.A. SW 37.4 51. 36.4 14.9 2.3 6.5 3.6 9.4.4 1.5 7. -8. -17.8-33.3-11. 55 58 Thales S.A. HO 39.9 45.8 14.9 12.2 1.8 5.7 2.7 7.5.6 1.2 1.6 5.4 1.4 -.9-2.2 14 75 Publicis Groupe S.A. PUB 24.8 31.3 26.3 11.2 1.8 5.1 2.5 8.9 1. 2.8 21.2 5.7-19. -27.5-7.4 6 42 Casino Guichard-Perr CO 75.2 78. 3.8 14.7 1.4 6. 3.3 6.3.3 1.5 18.6 1. 8. 11.6 1.1 17 32 CNP Assurances CNP 72.6 95. 3.9 8.9.9 NA 3.7 NA.3 1.8-8.5-2.7-14.9-18.7-18.4 39 NA Klepierre S.A. LI 38.6 43.5 12.6 2.4 1. 17.1 3.5 15.1 7.4.9 33.2 2.5 6.5-26.8 1.4 65 193 Aeroports de Paris ADP 76.3 82. 7.5 27.3 2.4 11.6 1.9 12.4 3. 2.3 8.2 4.5-1.1 19.4 9. NA NA Scor S.E. SCR 15.2 21.5 41.4 6.3.8 NA 5.9 NA.4 1. 17.4-9.8-1. -24.4-13.1-2 -21 SES S.A. SESG 16.1 19.3 19.9 16.3 2.7 NA 4.2 7.3 NA 1.7-1.8.2 6.3 13.8-1.6 58 224 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 139

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) -1. -.84. -1.24.94 2.69 Graph 1 : 12-month Forward EPS & Price Index (pt) 8 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 1,2 6 1, 8 4 6 2 4 2 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 75 12 (pt) (%) 84 12 72 11 8 76 11 69 66 1 9 72 68 1 63 6 8 28E EPS (LHS) Coef. Variation (RHS) 7 7/2 7/5 7/8 7/11 8/2 64 6 56 9 29E EPS (LHS) Coef. Variation (RHS) 8 7/2 7/5 7/8 7/11 8/2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 14

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 3-1 -2-1 -3-3 -2-6 -4-3 1 2 3 4 5 6 7 8-9 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) 35 16 LT EPS Growth Forecast (RHS) 18 12MF P/E (x) TS CS IT HC 3 14 25 12 14 UT MT ID 2 1 15 8 1 CD 1 5 1 2 3 4 5 6 7 8 6 4 FN LT EPS Growth (%) 6 2 8 14 2 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 4 16 3 HC CS 3 12 ID MT UT 2 8 2 CD 1 4 TS FN 1 2 3 4 5 6 7 8 Tr.ROE 1 5 1 15 2 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 141

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 61 6. 5. 21.7 7.4 13.4 -.5 -.9-2.3 -.1-1. -1.2-35 -19-54 1.7 11.3 14.1 14.7 Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials 15.5 9 3. 3.1 25.2 2. 7.3-1.2 -.4 -.4. -.5.1 33-11 11 11. 11.5 15.2 14.6 Chemicals 13. 6 3. 3.2 36.3 2. 9.2-1.6 -.8 -.3-1.2 -.9.1 67-67 12.7 13.2 14.6 14.6 Metals & Mining 2.3 2 1.9 2.8 -.8 -.3-1. 1.3 -.2 -.6 3.8 -.4. 1 7. 7.1 17.2 14.6 Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials 16.1 12 7.1 6.1 15.1 32.7 15.7-2.4 -.2 -.9-2.2 -.6-2.3-5 17-17 7.6 8. 17.7 19.8 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering.6 2 5.6 4.3 34.1 2.8 16.9 -.4 -.3. -.6..2-1 2.3 2.7 9.9 11. Electrical Equipment.7 2 42.6 43.4-6.7 49.5 5.1-15.6-4.4 3.9-8.3-4.5 2.1 1 22.6 21.5 14.2 17.4 Machinery 1.9 3 6.4 3.2 35.6 1.9 6.3-2.3 -.1. -1.7 -.2-2.7-33 1 33 1.1 1.5 19.6 18.4 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 1 11.1 4.9 2. -1.2 1.5.5 -.8-3.2-2..1-5.3-1 1-1 5.7 5.9 15.8 15.8 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 17.1 14 11.1 4.7 61.3 19. 15.2 3.6-1.3-3.1 2.6-1.5-2.9-42 -33-1 7. 7.5 15.6 15.9 Auto Components 1.4 1 67.9 6.4 14.5 8.2 16.4.2 -.7-2.2 1.8 -.3 -.7-1 -1-1 7.8 7.7 2.1 19.8 Automobiles 13.5 6 3.4 4.5 46.6 19.5 14.1 4.2 -.9-3.2 2.8 -.9-3.4-1 7.3 7.8 15.3 15.5 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 1.3 2 9.7 1.3 29.3 3. 17.6 -.2-4. 1.2.2-3.8 1.1-1 -1-1 1.4 11. 17.3 17.6 Hotels, Restaurants & Leisur.4 1 18.6 4.1 NA 152 34.4 4.8-8.2 6.4 4.7-6.7 5.8 1-1 -1 3.5 4.8 9.7 13.2 Media.2 2 19. 1.9 NA 136 32. -6.6-3.9-6. -1.9-5.4-5.1-1 -1 6.9 6.6 7.5 11.4 Retailing.2 2 32. 2.7-3.6 122 13.5 25.6 3. -29. 3.3-11.8-19.7-5 -1 2.7 3.3 12.7 12.1 Consumer Staples 2.9 5 6. 6. 3. 15.4 14. -1.9-1.7 1.4-1.4-2. 1.2-1 -5-5 3.9 4.1 14.9 15.5 Food & Staples Retailing 1.2 1 6.1 6. 1.2 18.7 15.3 -.5.3. -.2. -.2-1 1-1 3.3 3.5 15.3 15.7 Food, Beverage & Tobacco.1 1-1.8 1.4-65.6 9.3 52.9-4.4-13.9 2.4.6-11.7.3-1 -1 1 6.1 7.7 3.5 5.6 Household & Personal Produ 1.7 3 8.1 7.2 11. 11.2 11.2-2.3-2.3 2.4-1.9-2.6 2.3-1 -1-1 13. 13.7 21.4 21.1 Health Care 2.5 5 6.3 6. 16. 13.1 15.5-1.2-1.3 -.8 -.2-2.7 -.2-1 -6-6 8.4 8.9 11.5 12.2 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals.7 1 7.5 7.6 7.4 8.4 18.6.3 -.2 1.3.5-2..1-1 -1 1 17.9 19.9 8.6 9.9 Financials 21. 9 2.2 5.8 17.1-6.7 8.1 -.2-2.5 -.3.1-2.1 -.3-33 -56-78 17.5 17.8 13.9 13.9 Banks 2.8 3 16.3 5.7 13.9 1.6 1.1.7-12.7 7.4.7-12.8 7.6-33 -1-1 38. 4.3 11.9 11.9 Capital Markets 5. 2-3.2 3.7 26.8-25.5 9.1-1.5 -.8-4.6 -.3 -.3-4.6-1 -1-1 25.7 26.9 13. 13.5 Insurance 1. 2 2. 6.3 1.5-1.3 6.3. -1.1 -.1 -.3 -.8 -.4-1 -1 12.7 12.5 14.1 13.9 Information Technology 4.4 3 2.6 14. 7.2-24 159-14.8-49 -4.9-1.3-1.6-33 33-1 8.3 16.8 6.2 18.5 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 3.8 1 17.9 1.6 5.6 15.6 18.1 -.2-1.3. -1.3-1.4.9-1 -1-1 25.4 27.2 26.3 25.2 Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals.1 1 8.2 6.9 35.5 21.9 9.8 2..4 -.4 1.6. -1.4 1 1-1 8.4 8.8 41.1 36.5 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.5 1-12.5 19.4 NA NA NA -88.1 8.2 NA -19.8-2.5-14.3-1 1-1 -13.1 5.9-21.9 7.9 Telecom. Services 4.7 1.3 1.6-1 15.7 17.5 -.8 -.5 -.8.2 -.1.2-1 -1-1 13.1 13.9 7.2 7.9 Diversified Telecom. Service 4.7 1.3 1.6-1.4 15.7 17.5 -.7 -.6 -.8.2 -.1.2-1 -1-1 13.1 13.9 7.2 7.9 Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities 15.8 3 8.2 4.9 15.4 14.1 1.6.8.4.5.3. -.1 1 1-1 14.2 14.9 14. 14. Electric Utilities 1.5 1 1.5 6.6 9.5 12.9 1.5 1.1.4.7.6 -.1 -.2 1 1-1 13.5 14. 11.5 11.5 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 61 11.1 1.7 5.7 3.6 6.6.8 1.3 2.6-8.1-6.8-2.6-14 48 134 Energy NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Materials 15.5 9 12.1 2. 5.7 2.9 7.1.8 1.6 3.7-1.3-4.5 14.8-11 81 217 Chemicals 13. 6 13.1 2.1 6.1 2.9 7.6.9 1.6 1.6-1.6-3.2 18.7-12.2 74 2 Metals & Mining 2.3 2 8.5 1.5 4. 2.9 5.4.4 4. 16.6.4-11.1-1.9 -.5 122 296 Paper & Forest Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Industrials 16.1 12 12.7 2.4 6.3 2.8 8..7.7 6.5-8.1-2.4-1.8-18 47 146 Building Products NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Construction & Engineering.6 2 2.1 2. 5.2 2.7 7.3.3 1.5 23.3-4.7 -.3-5.7-14.5 NA NA Electrical Equipment.7 2 24.5 3.7 15.2.6 19.7 4.4.5 2.6-22.1-9.4 2.4-29.5 NA NA Machinery 1.9 3 1.5 2. 5.5 3.2 8..7 1.2 9.9-12.9-9.4-5 -19.3 124 468 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.5 1 7.4 1.1 2.2 6.5 3..3 1.9-1.6-1.6-24 -3.7-15.8 44 93 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 17.1 14 1.1 1.6 3.8 2.9 5..5 1.9 6.6-11 -7.2 7.5-14 77 153 Auto Components 1.4 1 8.1 1.6 5.3 2.7 5.1.4 1.5-7.2-18.9-24. -3.9-22.6 21 392 Automobiles 13.5 6 1. 1.6 3.3 3.1 4.8.5 2.3 7.4-1.6-4.3 18.8-12.3 17 15 Household Durables NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Textiles, Apparel & Luxury Goods 1.3 2 13.1 2.2 7.5 1.4 1..8.9 8. -7. -.5 7.3-16.2 48 147 Hotels, Restaurants & Leisure.4 1 1.5 1.3 4.2 3.1 3.4.2 2.7 18.9-11.7-8.5-14. -17.5-1 66 Media.2 2 13. 2. 8.8 NA 1.7 1.4 1. 14. 3.2-32.7-36.8-4.5-39 53 Retailing.2 2 11.5 1.2 3.2 3.4 3.7.2 1. 18.1-27.4-28.7-41.7-17. 22 17 Consumer Staples 2.9 5 15.5 2.8 7.2 2. 8.5.4 1.5 2.9-12 -5.4-7.6-11 32 82 Food & Staples Retailing 1.2 1 16.2 2.5 6.3 2.2 6.9.3 1.3 5.4-9.8-2.5 2.5-2.9 33 NA Food, Beverage & Tobacco.1 1 21.5.8 7.3 3.8 5.7.5 NA 4. -4. 3.1-11.4-1.9-7 NA Household & Personal Products 1.7 3 14.8 5.3 12.2 1.4 17.3 2.2 1.6 1.2-14.6-8.2-14.6-15.5 39 63 Health Care 2.5 5 16.6 2.1 9.3 1.7 12.1.9 1.2 2.9 1.1-3.2-8.6-4.7 51 142 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals.7 1 13.6 1.7 8.2 1.5 1.3 2.3 1. -1.8-3.1-9.7-15. -6.4 35 11 Financials 21. 9 7.5 1.1 6.1 4.8 5.4.9 1.2 3. -9.6-17 -22-18 33 111 Banks 2.8 3 6.9.8 NA 4.8 4. 1.7 1.3 7.6-17.9-31.2-39.3-25.7 7 135 Capital Markets 5. 2 7.4 1.1 5.8 5.6 4.3 1.3 1.2 3.6-8.2-18.9-29.6-15.8 12 NA Insurance 1. 2 6.5.9 5.8 5.1 NA.6 1.6 -.1-9. -2.9-2 -17.8 26 66 Information Technology 4.4 3 23.5 3.2 9.7 1.7 12.2 2. 1.9 3.6-8.6-21 -17-11 3 42 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 3.8 1 17.2 4.9 11.4 1.6 16.8 3.4 1.4 7.2-4.9-14.8-6.3-7. 7 55 Communications Equipment NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Computers & Peripherals.1 1 12.8 4.9 7. 4. 9.2.7 1.1.4-5.5-11. -14.4-17.3 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.5 1-12 1 5 NA 4 1-1.1-16.4-29. -5.2-55.1-33. -3-15 Telecom. Services 4.7 1 16.2 1.2 4.7 6.1 3.8.9 4. -11-16 -5.1-4.9-15 -2 11 Diversified Telecom. Services 4.7 1 16.2 1.2 4.7 6.1 3.8.9 4. -11.4-15.6-5.1-4.9-15.1-2 11 Wireless Telecom. Services NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Utilities 15.8 3 13.4 2. 7.1 3.9 8.2 1.1 3. -2.4-6.5 8.4 16.2-11 88 247 Electric Utilities 1.5 1 13.9 1.8 8. 3.6 8.7 1.2 2.8-2.3-5.7 1.6 2.9-1.8 9 235 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1.5 128.6 112.5 8.5 1.5 6.6 14.5 13.2. -.2 18.3 19.1 13.5 14. 11.7 12.1 Siemens AG SIE DE Industrials 9.7 118.6 116.7 7.9 8.9 7.4 47.2 26. -3.8.3 13. 13.8 9. 9.5 16.4 17.5 Daimler AG DAI DE Cons. Discr. 6.9 87.7 153. 8.9 4.1 4.6 59. 12.5-3.3-7.8 13.5 14. 8.2 8.7 16.4 18.2 Allianz SE ALV DE Financials 6.9 78.9 14.9 12.5 1.9 7.7 2.8 8.1. -.8 12.8 NA 12.5 12.3 16.2 16.5 BASF S.E. BAS DE Materials 5.4 61.2 87.3 5.4 1.3 2.1-4.4-2.8 -.9 -.6 17.3 16.6 12.8 11.8 19.1 17.7 Bayer AG BAY DE Materials 5.1 61. 49.8 3.3 3.5 3.5 2.6 17.6 2.9.1 21.1 22.7 12.2 14.9 16. 19.1 Deutsche Bank AG DBK DE Financials 5. 55.6 44. 7.3-3.3 3.7-26. 9.7-3.8-3.6 26.2 24.9 25.7 27. 13.2 13.8 RWE AG RWE DE Utilities 4.9 7.8 67.3 5.5 4.1 1.6 17.4 1.2-1.8.2 19.4 2.6 15.6 16.7 25.6 24.5 Deutsche Telekom DTE DE Telecom. Svcs 4.7 82.2 92.8 4.8.3 1.6 17.2 17.2-2.6 -.1 3.9 31.1 13.1 13.9 7. 8.3 SAP AG SAP DE IT 3.8 58.8 17.9 3.2 17.9 1.6 16.6 17.1.3.7 27.9 29.9 25.4 27.2 28.5 28.8 Muenchener Rueck MUV2 DE Financials 3.1 36.3 57.1 4.8 2.3 2.8-11.6 6.9 -.6.2 12.9 12.9 13.2 12.9 12.4 12.4 Volkswagen AG VOW DE Cons. Discr. 3.1 88. 165.4 6.7 1.9 4.6 18. 15.3-1.8-1.9 12.5 12.9 5.4 6.1 14.5 15.2 Deutsche Boerse AG DB1 DE Financials 2.9 32.4 3.9 1.6 18.1 4.2 33.1 16.7 1.2 1.5 64. 66.1 64.4 7.6 4.9 4. Deutsche Post AG DPW DE Industrials 2.3 4.3 97.9 3.3 3.7 5.5 18.3 19.6.. 9. 9.4 6.3 6.7 17.7 18.9 ThyssenKrupp AG TKA DE Materials 1.7 26. 77.2 3.1.9 3.3.3 -.9 -.8 -.1 1.1 1.1 6.4 6.6 19.2 17. Commerzbank AG CBK DE Financials 1.6 19.2 12.6 2.9 19.2 4.6.9 6.3-2.2-1.6 39.3 41.1 35. 36.1 11.9 12.1 Continental AG CON DE Cons. Discr. 1.4 15. 39.9 2. 67.9 6.4 6.1 18. -1.7 -.1 14.2 14.7 7.8 7.7 19.7 2.2 Linde AG LIN DE Materials 1.3 2.4 19.1 1.1 6.8 6.9 12.1 18.2 -.8 -.3 2.5 21.2 12.8 13.4 8.6 1.3 MAN AG MAN DE Industrials 1.3 19.5 24.4 1.9 6.5 3. 1.4 3.4.8 -.3 13.5 13.1 11.1 11.5 24.9 22. Metro AG MEO DE Cons. Staples 1.2 27. 13.3 1.6 6.1 6. 17.3 14.7. -1.5 5.3 5.4 3.3 3.5 16.7 17.1 adidas AG ADS DE Cons. Discr. 1.1 13. 16.2 1. NA 6.6 NA 18. -.6-2.1 12.1 12.8 9.9 1.6 18.2 18.6 K+S AG SDF DE Materials.9 12. 5.6.5 16.7 8.2 92.1 14.5..2 16.2 13.6 NA 2.9 29.8 3.4 Fresenius Medical C FME DE Health Care.9 15.5 1.5.8 8.1 7.4 14.9 13.9 -.7 -.5 2. 2. 16.7 17. 14.6 14.9 BMW AG BMW DE Cons. Discr..8 35.2 84.5 4.1 4. 3.6-3.8 1.2-4.8-3.1 13.3 14. 7.3 7.9 11.9 11.7 Merck KGaA MRK DE Health Care.7 26.6 11.2 1.3 7.5 7.6 12.9 12.5 -.3 -.9 29.7 3.6 17.9 19.9 9.4 12. Deutsche Postbank DPB DE Financials.7 15.4 6.4 1.2 1.8 3.5 19.1 11. -.2 -.2 4.5 43.8 27.5 3. 13.7 14. Salzgitter AG SZG DE Materials.6 1.1 16.2 1.2 7.6 -.1 -.4-3.3 1.3-1.1 12.9 12.3 1. 9.4 18. 14.8 Beiersdorf AG BEI DE Cons. Staples.6 19.3 8.8.8 8.1 7.2 12.3 14.1 -.4. 15.4 16. 13. 13.7 23.7 23. Infineon Technolog IFX DE IT.5 6. 9.9-1.4-12.5 19.4 NA NA NA -31.5 4.8 18.5-13.1 5.9-19.2 5.5 Hypo Real Estate H HRX DE Financials.5 5.5 2.7 1.2 23.8 13. 48.2 22.6-12.4-5.9 52.8 55.3 63.5 69.4 1.8 1.6 Deutsche Lufthansa LHA DE Industrials.5 1.4 36.5 1.5 11.1 4.9 3.7 5.2-2.8-3.9 11.8 11.6 5.7 5.9 16.1 15.1 Celesio AG CLS1 DE Health Care.4 1.1 34.7.7 4.9 4.9 8.6 11. -.2.2 3.8 3.9 3.2 3.2 14.5 14.4 GEA Group AG G1A DE Industrials.4 5.9 8.3.4 8.8 5.2 21.8 18.1. -.3 1.1 1.7 8.9 9.4 18.6 18.7 TUI AG TUI1 DE Cons. Discr..4 5.9 38.4.4 18.6 4.1 184.9 23.2 2. -4.1 6.4 7.3 3.5 4.8 13.8 17.5 Hochtief AG HOT DE Industrials.4 7.7 26.4.2 7. 3. 34.6 18.5 -.5 -.4 4.2 4.4 1.9 2.2 8. 1.5 Q-Cells AG QCE DE Industrials.4 1.4 1.9.3 5. 52.6 44.8 68.1-2.8-3.8 24.6 24.2 19.7 18. 12.5 17.8 SolarWorld AG SWV DE Industrials.4 5.3 1.3.2 37.2 36. 5.8 33.3 5.2. 33.5 32.3 24.8 24.6 2.3 22.6 IVG Immobilien AG IVG DE Financials.3 3.8.8.3 NA 9.7 NA 1.2-3.6-1.9 73.3 71. 77.3 86.8 1.6 11.4 Bilfinger Berger AG GBF DE Industrials.2 2.8 13.2.2 4. 5.8 16.5 15.4-1.2. 4.3 4.4 2.8 3.2 11.8 12.1 Rheinmetall AG RHM DE Industrials.2 2.5 6.2.3 4.9 5.8 28.6 11.6-1.2-4.4 11.2 11.8 7.5 8.2 16. 17. Puma AG Rudolf Da PUM DE Cons. Discr..2 5.4 3.8.4 9.7 1.3 12.2 8.3-1.9-4.8 18. 17.6 15.1 15.1 22. 2.5 Qiagen N.V. QIA DE Health Care.2 4.1.9.1 37. 16.4 23.3 22.3-1.6 5.6 3.5 37.7 17.8 22.6 12.2 15.3 HeidelbergCement HEI DE Materials.2 18.7 22. 1.8 38.8 4.7 3.2 15.4. 2.5 19.5 22.3 16.5 16.6 19.9 17.8 Wacker Chemie AG WCH DE Materials.1 1.7 6.4.7 14.4 7.1 12.4 14.2-1.7.5 25.8 26. 17.6 18.9 23.6 22.9 Heidelberger Druck HDD DE Industrials.1 2. 5.7.3 2..4 6. 4.1-6.9-6.2 11.3 11.2 7.6 8.1 13.5 13.1 Arcandor AG ARO DE Cons. Discr..1 4.1 3.9.5 39.2 1.9 771.9 4.3-5.1-8.5 6.1 5.5 2.2 2.9 17.7 15.9 Wincor Nixdorf AG WIN DE IT.1 2.5 3.4.2 8.2 6.9 25. 8.7.1 -.8 11. 11.1 8.4 8.8 44.4 41.3 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 144

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 129.9 153.5 18.2 13.8 1.6 7.8 3.7 8.4 1.1 1. -2.3-5.7 1.6 2.9-1.8 9 235 Siemens AG SIE 87.8 12. 36.7 13. 2.3 7.3 2.2 8.9 1..4 4.3-8.8-1.4 4.4-19.4 46 137 Daimler AG DAI 56.2 74.2 32. 9. 1.4 3.3 4. 5..6.3 11.9-12.5-7.3 4.2-15.5 58 99 Allianz SE ALV 118.4 19. 6.4 6.2.9 NA 5.5 NA.6 1. -1.2-12. -25.4-24.3-19.9 26 85 BASF S.E. BAS 85.3 15. 23.1 1.9 2. 4.7 4. 6.2.7-2.6.4-6.7-7.4 12.5-15.9 5 151 Bayer AG BAY 53.9 66.5 23.3 14. 2.4 7. 2.4 8.5 1.2 1.4-2.6-2.4-5. 21.5-13.8 11 241 Deutsche Bank AG DBK 75.3 9. 19.6 7.3.9 5.4 6. 4. 1.3 -.7 3.5-8.4-18.8-29.2-15.8 13 94 RWE AG RWE 85.1 94.5 11.1 12.7 2.9 5.3 4.7 7.4 1..9-2.3-7.9 4.9 8.6-11.4 86 28 Deutsche Telekom AG DTE 12.8 15.7 23.1 16.5 1.2 4.7 6.1 3.8.9 1. -11.4-15.6-5.1-4.9-15.1-2 11 SAP AG SAP 33. 38. 15. 17.2 4.9 1.8 1.7 16. 3.2 1. 7.2-4.9-14.8-6.3-7. 7 55 Muenchener Rueckve MUV2 116.2 148. 27.3 7.4.9 5.6 4.5 NA.6-2.6 2.3-1.6-8.8-6.7-12.6 28 39 Volkswagen AG VOW 15.2 154.5 2.9 12.5 1.7 3.6 1.2 4.6.5.8 1.2-7.2 -.3 58.1-3.8 295 297 Deutsche Boerse AG DB1 112.8 14. 24.1 19.2 6.9 NA 2.6 17.6 8.2 1. 8.6-4.8 42.4 34.4-16.9 326 526 Deutsche Post AG DPW 22.6 26. 15.2 11.9 2.1 4.9 4.5 6.5.4.6 6.9 4.4 1.4-8.3-4. 25 129 ThyssenKrupp AG TKA 36. 42.5 18. 8.4 1.5 3.9 3.6 4.6.3-3. 1.4-4.2-12.4-7.6-6.1 17 27 Commerzbank AG CBK 19.8 29. 46.5 6.7.8 NA 5.6 3.7 1.5 1.9 4.4-15.8-34.1-4.4-24.6 18 229 Continental AG CON 68.9 115. 66.9 8.1 1.4 5. 2.9 4.6.4.4-7.2-18.9-24. -3.9-22.6 21 392 Linde AG LIN 85.4 98. 14.7 15.7 1.5 7.6 2.1 7.5 1.1 1. 1.1 3.9 1.8 8.8-5.6 71 29 MAN AG MAN 89.7 12. 33.8 1.1 2.3 5.6 3.4 8.1.8 1.5 9.3-14. -5.1 2.1-21.2 169 582 Metro AG MEO 55.8 65. 16.6 16.3 2.6 6.3 2.2 6.9.3 1. 5.4-9.8-2.5 2.5-2.9 33 24 adidas AG ADS 43. 52. 2.8 13.2 2.2 7.6 1.4 1..8 NA 9.7-5.1 2.8 14.8-16. 5 136 K+S AG SDF 195.9 197..6 24.6 5.6 13.7 1.3 17.9 2.1.5 42.1 62.6 11 12 2.4 365 148 Fresenius Medical Car FME 35.3 61.5 74.3 12.5 1.7 7.1 2.3 8.7 1. 1..4-1.5 -.7-6.3-3.8 6 171 BMW AG BMW 36.4 45. 23.5 8.5 1. 2.2 3. 3.6.4 2.9.4-8.5-17.1-19.4-14. 11 42 Merck KGaA MRK 82.7 98.5 19.2 13.3 1.8 8.2 1.5 1.3 2.3.3-1.8-3.1-9.7-15.4-6.4 47 234 Deutsche Postbank AG DPB 63.6 63.2 -.5 12.5 1.7 NA 2. 7. 2.4.8 21.1 13.6 18.7-5.2 4.6 76 NA Salzgitter AG SZG 12.5 13. 7.9 8.8 1.4 3.1 1.8 6.8.6-4.7 36.7 14.8-7.5 17.1 18.1 591 1562 Beiersdorf AG BEI 51.7 57.5 11.2 22.2 4.9 12.2 1.4 17.3 2.2 1.7 9.5.2 6.9 1. -2.5 79 6 Infineon Technologies IFX 5.4 7.9 46.6 NA 1. 5.1 NA 4.2.6 NA -16.4-29. -5.2-55.1-33. -3-15 Hypo Real Estate Hold HRX 18.4 3.5 65.8 4.5.4 NA 5.9 2.9 2..1 2.3-44.4-53.6-63.5-49. -41 NA Deutsche Lufthansa A LHA 15.4 23.1 5.2 7.2 1.1 2.2 6.5 3..3 1.6-1.6-1.6-23.7-3.7-15.8 44 93 Celesio AG CLS1 4. 45. 12.6 14.4 2.1 9.8 2.2 11.8.3 1.5 13.6 9.8-9.3-1.8-5.9 4 129 GEA Group AG G1A 21.2 29. 36.9 12.7 2.2 6.3 2. 9.7.7.6 12.5 4.4-3.2 13.1-11. 19 275 TUI AG TUI1 15.8 19.3 22. 1.1 1.2 4.2 3.1 3.4.2.1 18.9-11.7-8.5-14. -17.5-1 66 Hochtief AG HOT 73.9 89. 2.4 33.2 2.7 5.7 1.8 7.9.3 1.3 2.4-9. 6.3 1.8-19.7 211 498 Q-Cells AG QCE 63.8 84.3 32. 27.3 3.4 21.7 NA 24.1 5.1.5 15. -2.4 9.1 NA -34.6 NA NA SolarWorld AG SWV 32.3 4. 23.9 21.7 4.2 11.3.6 16.4 3.8.5 27.5-14.6 -.7 12.3-22.7 NA NA IVG Immobilien AG IVG 22.1 3. 35.9 13.5 1.2 17.9 3.3 16.1 4.7 NA 11.7-1.8-14.7-4.3-6.4 57 NA Bilfinger Berger AG GBF 5.5 66.5 31.8 12.2 1.4 4.5 4.1 6.4.2.8 28.5 3.3-9.6-24.3-4.4 4 177 Rheinmetall AG RHM 47.4 66.5 4.2 9. 1.5 NA 2.7 4.6.4.5 1.3-1.2-12.1-27.2-12.8 11 26 Puma AG Rudolf Dass PUM 226.9 299.5 32. 11.8 2.4 6.4 1.7 1.4 1.4 1.2-1.1-17.1-16.7-19.1-16.9 23 263 Qiagen N.V. QIA 14.2 23.8 68.2 17.6 2.1 8.3 NA 15.8 3.1.8 1.5 5. 15. 7.5-4.4 47 186 HeidelbergCement AG HEI 15.6 15. -.5 9.4 1.5 7.8 1.4 7.1.8.4 1.7-5.5 1.2 NA -.4 NA NA Wacker Chemie AG WCH 146. 17. 16.4 14.8 3.2 6.6 1.9 8.1 1.6 1.1 15. -14.9-2. NA -26.2 NA NA Heidelberger Druckma HDD 17.2 23.5 36.7 7.6 1. 4. 6.1 4.6.4 -.5 7. -12.8-43.9-5.7-25.3-36 7 Arcandor AG ARO 13. 2. 53.4 9.2 1.3 2.4 3.4 2.8.1. 28.9-33.5-31.9-52.4-19.7 46 22 Wincor Nixdorf AG WIN 53.7 63. 17.2 12.6 5.2 7. 4. 9.2.7.8.4-5.5-11. -14.4-17.3 NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 145

Quant Analyst 3774-178 YoungJean@miraeasset.com 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). 1.52 -.22.5-2.1 1.7 Graph 1 : 12-month Forward EPS & Price Index (pt) 25 2 12-month Forward EPS (LHS) MSCI Price Index (RHS) (pt) 3, 2,5 15 1 2, 1,5 1, 5 5 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 25 24 (pt) (%) 3 29 23 2 25 23 21 16 12 2 17 19 17 28E EPS (LHS) Coef. Variation (RHS) 8 4 15 29E EPS (LHS) 11 15 7/2 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 15 2 2 1-1 -15-2 -2-3 -3 1 2 3 4 5 6 7 8-4 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) (%) 16 12-month Forward PER (LHS) 4 LT EPS Growth Forecast (RHS) 35 12MF P/E (x) HC 12 3 26 CD 8 2 CS IT 4 1 17 UT EN ID FN MT TS 1 2 3 4 5 6 7 8 LT EPS Growth (%) 8-5 1 25 4 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 3 22 4 HC CS EN MT FN 2 18 2 TS 1 14 UT 1 2 3 4 5 6 7 8 1 Tr.ROE 5 1 15 2 25 3 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 147

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 69 27.5 15.2 19.8 14.8 13.6 2.6-4.6 1.7 2.7 -.9 4.6-5 -5 13 18.6 2. 2.9 2.6 Energy 29. 2 NA NA -5.4 25.5-2.1 4.6 1.8 3.2 12.6-3.2.1 1 1 1 NA NA NA NA Materials 31.5 14 23.5 13. 37.4.8 17.2-2.3-5.2-2.3-4.4 2. 3.8 36 2 1 38.3 39.6 24.9 25.5 Chemicals.6 2 NA NA 23-7.6-36.6-17.1 18.8 9.9-25.7 -.3 115-5 1 1 NA NA NA NA Metals & Mining 29. 8 23.5 13. 38.1 2.5 17.6-2.3-6.1-2.6-4.9 1.7 3.7 2-2 38.3 39.6 24.9 25.5 Paper & Forest Products 1.7 3 NA NA 7. -17.8 17.3 3.2 5.5.1 28.7 7.4 2.4 1 33 33 NA NA NA NA Industrials 3.2 6 14.3 11.8-1.5 66.5 7.1-18 7.1-2.1-11 3.1-2.3-67 33-17 13.2 14.3 116 38.9 Building Products.3 1 NA NA 32.4 13.1 16.9-1. 3.2-8.8-3.5 4.2-8.8-1 -1-1 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 -22.6 87.8-11. -23.7 37. -.8-31.4 5. -.8-1 1 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 1279 64.4 4.8 -.7 14.7.1-1.8.5-1.9-1 1 1 NA NA NA NA Consumer Discretionary 3.4 8 36.5 32. 29.7 43.9 54.7 1.4-5.8 4.3 4.3-4.2 1.6-1 -1 16.6 17.7 23.3 26.7 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.9 2 53.2 43.2 63.6 46.1 51.5-1.8-3.7 4.5 4.8-1.3 7.6-1 -1 1 23. 23.8 18.4 21.7 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 -5.9 89.9 73.4 8.1-11.4-6.4 6. -7.9 -.1-1 -1-1 NA NA NA NA Retailing 2.1 4 27.6 24.8 33.2 32.6 51. 1.1-4.2 2.2 2.8-4.7 35.7-1 -1-25 12.6 13.3 3.4 33.6 Consumer Staples 4.9 8 52.7 13. 22. 58.3 31.5-4.3 -.7 38.4-2.1 8.3 41.1-75 -25-25 6.1 8.5 15.5 2. Food & Staples Retailing.3 1 NA NA 143 77.9 33.5 1.6-8.2 1. 4.2 2.4 15.6-1 -1 1 NA NA NA NA Food, Beverage & Tobacco 4.4 6 56.7 12.9 21.7 61.5 32.3-5.1 -.1 43.6-2.8 9.5 45.9-67 -33 5.2 7.8 1.6 15.7 Household & Personal Produ.2 1 11.9 13.9 2.7 11.1 14.7.1-2.7-3.8 1.2-2.3-4. -1-1 -1 19.6 19.3 59.4 56.7 Health Care.1 1 26.7 18.1 256-1.7 74.5 4.3-2 1.3 4.5-11. -1-1 1 13.3 16.3 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 17.5 11 28.8 23.1 32.4 13.8 21.9 17.7-16 1.3 8.2-5. 6.3 11 1 55 36.1 38.7 NA NA Banks 15.2 7 11.8 12.7 43.6 13.1 19.8 17.5-12.9 3. 9.7-1.6 5.2 14 33 71 26.9 29. 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.5 1 2.2 16.5 631 25.1 18. -4.6 -.3 -.1 -.3-9.7 -.1-1 -1 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.5 1 2.2 16.5 631 25.1 18. -4.6 -.3 -.1 -.3-9.7 -.1-1 -1 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 4.6 8 3.3 25.2 85.4 26.3 19.1-13 9.1.9-8.7 3. -2.5 17 33-33 18.6 24.2 9.6 11.8 Diversified Telecom. Service 3.5 6 3.3 25.2 54.5 19.4 14.2-13.8 11.7.1-1.9 5.3-2.9 25 1-5 18.6 24.2 9.6 11.8 Wireless Telecom. Services 1.1 2 NA NA NA 174 98.3-25.1-12.2-5.8-2.9-8. -1.2-1 NA NA NA NA Utilities 5.2 1 1.5 6. 6.4.3 11.7-4.6-1.6 1.9-3.1-2.6 1.2 33-11 44 27.7 26.8 11.5 12.5 Electric Utilities 3.3 6-1.4 5.3.1-1.8 12.9-8. -2.7 2.3-5. -1.3 1.1 2-2 6 22.7 21.4 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 69 12. 3.3 8.5 3.4 12.6 2.1.8 2.9 4.4 31.7 4.6-2.3 131 413 Energy 29. 2 12.2 NA NA NA NA NA 2.2 28.1 12.4 83.9 97.2-4.2 234 675 Materials 31.5 14 12.3 4.7 8.9 2.2 13.7 4..5 27.8 9.2 44.4 56.3 3.9 157 547 Chemicals.6 2 12. NA NA NA NA NA NA 16.3 6.6-11.3 2.3-2.5-52 Metals & Mining 29. 8 12.1 4.7 8.9 2.2 13.7 4..5 28.8 9.7 47.5 6.3 4.5 185 663 Paper & Forest Products 1.7 3 16.4 NA NA NA NA NA 1. 19.7 7.5 21.2 21..3 41 14 Industrials 3.2 6 15.2 6.2 9.2 5. 1.6 1.6 1.4 12.6-9.1-11 -22-7.5 15 159 Building Products.3 1 13.4 NA NA NA NA NA 1.3 2. -14. -2.7-4.7-13.4 26 654 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.5 2 6.9 NA NA NA NA NA.8 3.4-3.6-26 -49.2-23.4 NA NA Marine NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Road & Rail 1. 1 32.6 NA NA NA NA NA 2.3 14.6-1.7-3.1-18.1-4.1 NA NA Consumer Discretionary 3.4 8 19.8 5.5 13. 1.4 35.7 2.3.6 14.9-13 -2.1.5-4.9 76 115 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.9 2 17.5 3.4 12.9 1.4 26.5 2.8.7 23.2-4.8 22.7 13.7-1.2 NA NA Textiles, Apparel & Luxury Goods. 1 NA NA NA NA NA NA NA -5.3-22.7-28.2-39.3-17.5-36 -22 Hotels, Restaurants & Leisure NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Media.4 1 18. NA NA NA NA NA.3 1.1-16.6-23. NA -7.8 NA NA Retailing 2.1 4 21.7 8.6 13. 1.3 19.9 2..6 15.7-15.2-3.9 9.9-5.5 NA NA Consumer Staples 4.9 8 13.5 3.3 7.4 3.9 1.3.9.7 13.5 5.2 6. 14.9 1.9 74 17 Food & Staples Retailing.3 1 2. NA NA NA NA NA NA 23.7 21.5 18.8 4.7.9 8 48 Food, Beverage & Tobacco 4.4 6 13.3 2.8 7.2 3.5 1.2.8.7 13.6 5.3 7.6 21.2 2.4 89 195 Household & Personal Products.2 1 12.7 7.6 8.9 5.9 1.5 2. 1.6 1.9-11.8-26.4-43.2-5.9 NA NA Health Care.1 1 29.8 NA 6.9 1.5 9.7 1.7 NA 9.4 -.9-14 -32-8.7 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 17.5 11 1.8 NA 2.8 3. NA 4.5 1.1 9. -4.8 1.9 11.1-11 124 46 Banks 15.2 7 1.5 NA NA 3.5 NA 1.9 1. 7.8-3. 4.5 14. -1. 13 475 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.5 1 17.9 NA 11.4 5.4 NA 7..9 18.7-18 -11 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.5 1 17.9 NA 11.4 5.4 NA 7..9 18.7-17.9-11.2 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 4.6 8 9.8 2.5 9.7.8 1.5 3.7.3 15.5 3.6 1.8 23.6 9.6 22 14 Diversified Telecom. Services 3.5 6 8.9 2.5 9.7.8 1.5 3.7.3 12.1 4.1 6.9 3.7 9. 3 11 Wireless Telecom. Services 1.1 2 24.3 NA NA NA NA NA 1.2 27.7 1.1 2. 9.2 11.5 4 113 Utilities 5.2 1 11.1.8 4.1 6.6 6.4 1.6 2.3 11.3.2.3 1.8 -.1 67 287 Electric Utilities 3.3 6 1.2 NA 4.7 7.4 7.8 1.4 1.8 11.5-4.3-4.5 1.3 -.5 45 236 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 3. 31.5 8.2 1.7 23.5 13..7 24.3-67.4-64.9 44.7 45.9 38.3 39.6 29.9 27.8 Embraer-Empresa B EMBR3 BR Industrials 1. 8.4 6.6 12.5 14.9 12.2 46.3 49.4.. 11.5 12.5 9. 1.2 16.4 15.2 Bovespa Holding S/A BOVH3 BR Financials.8 1.6.8 7.1 6.4 25.3 72.9 14.7.. 74.3 7.1 72.8 68.4 47.1 52.3 Banco do Brasil S/A BBAS3 BR Financials.6 45.9 2.7 32.6 13.1 12.7 2.2 18.5 1.1 2.3 31.4 32.6 32.3 34.8 27. 27.5 Bolsa de Mercadori BMEF3 BR Financials.6 9.6.5 67. 41.3 41.3 44.3 45.5. 4.9 63.2 67. 62.4 71.9 31. 35.4 Cyrela Brazil Realty CYRE3 BR Cons. Discr..5 5.3 1.5 23.9 6.2 43.4 25. 41.9 3.4 2.5 23.9 23.9 28.1 28.1 2. 22.4 Redecard S/A RDCD3 BR IT.5 1.3 1.4 61. 2.2 16.5 27.9 12.7.. 61.3 61. NA NA 79.2 63.9 Companhia de Sane SBSP3 BR Utilities.5 5. 3.7 49.4 6.1 5.6 3.5 15.8.. 48.1 49.4 34.2 33.8 12.7 12.7 Perdigao S/A PRGA3 BR Cons. Staples.5 4. 6.1 13.7 58.8 12.4 23.9 19. 1.8.8 12.7 13.7 6.6 7. 17. 17. B2W-Companhia Gl BTOW3 BR Cons. Discr..5 4.9 1.9 15.6 36.4 32.5 83. 77.6-2.6 9.7 14.7 15.6 13. 14.1 37.5 48.9 CPFL Energia S.A. CPFE3 BR Utilities.5 9.8 5.1 31.8-4.7 3.3-24.1 4.6 2.8 6.8 32.9 31.8 25. 23.4 27.3 27.2 Lojas Renner S/A LREN3 BR Cons. Discr..4 2.2 1.2 16.4 21.5 18.8 27.2 22... 16.2 16.4 12.2 12.6 27.1 36.2 Souza Cruz S.A. CRUZ3 BR Cons. Staples.4 8.4 3. 3.7 4.8 8.8 7.7 18.4-9.1 -.3 29.7 3.7 8.1 29.8 56.9 62.5 Companhia Concess CCRO3 BR Industrials.4 6.8 1.5 65.2 1. 8.2 17.2 19.2 -.3 -.5 63.8 65.2 5.3 51.5 41.8 42.6 GVT (Holding) S/A GVTT3 BR Telecom. Svcs.3 2.9.7 4. 3.3 25.2 194.9 45.9-7.3-3.3 38.1 4. 18.6 24.2 11.1 14.1 Gafisa S/A GFSA3 BR Cons. Discr..3 2.3 1. 21. 46.1 43. 76.1 54.3 1.5 1.1 18.6 21. 17.3 19. 13.9 16.8 Cosan S/A Industria CSAN3 BR Cons. Staples.3 4.5 1.8 24.4 16.1 34. NA NA NA. 2.4 24.4 4.2 9.1-1.6 7. Tractebel Energia S TBLE3 BR Utilities.3 7.8 1.7 63.8-1.7 14. -4.7 29.5.. 61.7 63.8 NA NA 34. 41. MRV Engenharia e MRVE3 BR Financials.3 2.8.7 27.8 178.1 65.8 22.7 43.4 8.6 1.8 28.8 27.8 NA NA 2.9 25.4 Natura Cosmeticos NATU3 BR Cons. Staples.2 4. 2. 22.1 11.9 13.9 8.2 12.5-6.3-4.3 22.1 22.1 19.6 19.3 64.4 62.1 JBS S/A JBSS3 BR Cons. Staples.2 3.5 14.3 5.7 81.8 1.6 233. 75.2-3.4-6.1 4.8 5.7 3.6 4.2 15.8 21.8 EDP-Energias do Br ENBR3 BR Utilities.2 2.3 2.7 26.1 2.7 7.5 16.9 6.3.. 26.9 26.1 2. 19.2 12.4 11.9 Diagnosticos da Am DASA3 BR Health Care.1 1.1.6 26.4 26.7 18.1-15.2 7. 5.1. 24.8 26.4 13.3 16.3 12.1 17.6 Banco Nossa Caixa BNCA3 BR Financials. 1.5 2.4 27. 6.9 12.4-39.6 6.7 5.. 24. 27. 6.2 7.1 5.7 1.5 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 15

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 CSNA3 7. 56.7-19. 17.8 4.9 9.3 2.3 12.9 3.8 1.5 61. 65.8 118 164 33.2 244 135 Embraer-Empresa Bra EMBR3 19.4 26.8 38.1 22.7 NA 1.1 5.3 NA 1.2.5 6.6-3.4-4.5-18.8-3.7-9 14 Bovespa Holding S/A BOVH3 25.6 34.1 33.2 23.3 9.9 15.4 4.2 NA 12.5.6 9.7-19.9 NA NA -25.3 NA NA Banco do Brasil S/A BBAS3 31.7 39. 23. 1.9 2.7 NA 3.4 NA 2.2.6 17. 27.2 21.9 38.4 4.3 167 895 Bolsa de Mercadorias BMEF3 18.3 23.5 28.4 38.7 11.2 32.6 1.4 NA 19.9.9 19.6 NA NA NA -26.8 NA NA Cyrela Brazil Realty S/ CYRE3 25.4 29.1 14.9 18.2 3.4 14.4 1.4 53. 3.3.5 26.8-7.1 31.3 21.9 4.8 NA NA Redecard S/A RDCD3 26.3 43.7 66.4 18.1 NA 11.2 5.4 NA 7..9 18.7-17.9-11.2 NA -8.7 NA NA Companhia de Saneam SBSP3 37.9 49.1 29.4 6.8.8 4.8 5. 4.4 1.4.7 1.6-14.8-17. 2.1-7.8 93 281 Perdigao S/A PRGA3 41.4 59.5 43.8 15.4 2.5 5.9 2.5 8.3.6.7 18.1.3 18.7 53.4-6.4 NA NA B2W-Companhia Glob BTOW3 74.5 98.9 32.8 44.1 13.7 16.9.5 32.1 2.4.5 19.2-6.4 6.4 4.9 4.9 NA NA CPFL Energia S.A. CPFE3 35.1 42. 19.6 12.9 3.2 7.9 6.8 9.4 1.9-1.2 18..6 3.2 NA 4.3 NA NA Lojas Renner S/A LREN3 3.9 44.2 43.3 19.6 5.1 1.2 2.2 14. 1.7.8 9.8-23.6-1.1 6. -14.3 NA NA Souza Cruz S.A. CRUZ3 46.9 5.1 6.8 14.2 3.3 9.2 7.2 11. 2.8 1.1-2.7.6 24.4 16.4-2.7 47 146 Companhia Concessoe CCRO3 28.9 39. 35.2 15.6 6.2 7.8 4.3 1.6 4.4.9 32.7 -.2-14.4 3.8 4.9 NA NA GVT (Holding) S/A GVTT3 39.3 48.5 23.6 26.5 2.6 9.7.8 1.5 3.7.2 22.7 23. NA NA 9.8 NA NA Gafisa S/A GFSA3 3. 39.9 32.7 16.6 2.2 12.2 1.5 NA 2.2.3 17.8 -.6 1.6-14.9-9.5 NA NA Cosan S/A Industria e CSAN3 28.3 33. 16.8 NA 2.3 17.6.5 11.4 2.5 NA 25.7 37. 2.3-31.8 35.8 NA NA Tractebel Energia S/A TBLE3 2.5 26.2 27.7 13.4 4.2 8. 7.2 1.7 4.5 1.2 2.5-4.7 2.5 13. -3.8 13 64 MRV Engenharia e Pa MRVE3 35.1 48. 36.8 14.8 2.8 NA 1.5 NA 3.7.1 36.6-12. NA NA -7.8 NA NA Natura Cosmeticos S. NATU3 16. 27.2 7. 13.1 7.5 8.8 5.9 1.5 2. 1.3 1.9-11.8-26.4-43.2-5.9 NA NA JBS S/A JBSS3 5.5 8.2 5.4 14.2 1.5 7.3 NA 9.7.2.1 17.1-22.8 NA NA -8.7 NA NA EDP-Energias do Bras ENBR3 24.1 37.5 55.7 8.1 1. 5.1 8.9 5.3.8.7-1.7-1.5-27.9-27.3-16.6 NA NA Diagnosticos da Amer DASA3 33.7 52.1 54.8 29.3 3.2 7.8 1.5 9.7 1.7 1.5 9.4 -.9-13.6-32.3-8.7 NA NA Banco Nossa Caixa S.A BNCA3 23.9 28. 17.4 11.5.8 NA 4. NA.6 3.5 5.1-9.8-21. -47.2 1.1 NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 151

Quant Analyst 3774-178 YoungJean@miraeasset.com 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) 2.65 1.38 -.81-2.77 1.5 1.38 Graph 1 : 12-month Forward EPS & Price Index (%) (pt) 12-month Forward EPS (LHS) 16 1,6 MSCI Price Index (RHS) 12 1,2 8 8 4 4 95 96 97 98 99 1 2 3 4 5 6 7 8 Graph 2-A : FY1 EPS Forecast Graph 2-B : FY2 EPS Forecast (pt) (%) 15 2 (pt) (%) 16 3 18 14 12 2 16 12 9 1 14 1 28E 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 3 5-1 -2-3 -3-5 -4-5 -6 1 2 3 4 5 6 7 8-1 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) 3 27 12MF P/E (x) CS 12 2 22 8 1 17 CD FN TS 4 12 MT EN 1 2 3 4 5 6 7 8-1 LT EPS Growth (%) 7-1 1 3 5 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 3 15 12 CS 2 1 6 TS 1 5 UT FN EN MT 1 2 3 4 5 6 7 8 Tr.ROE -5 1 25 4 Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 153

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1 32 16.4 1.7 NA 13.5 7.2 NA NA NA NA NA NA NA NA 38 26.4 27.7 13.7 12.1 Energy 56.5 9 16.6-2.3 15. 14.1 5.3 3.6.7 2.9 6.2 1.5 1.1 33 33 83 24.6 27.4 11.8 11.1 Materials 13.4 6 5. 2.8 5.2-3.8-3. 5.2 -.7 5.6 12.3 8.3 2. 1 2 2 4.1 22.8 18.4 19. Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining 13.4 6 5. 2.8 5.2-3.8-3. 5.2 -.7 5.6 12.3 8.3 2. 1 2 2 4.1 22.8 18.4 19. 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.8 1 28.8 69.7 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 33.4 34.4 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.8 1 28.8 69.7 NA NA NA NA NA NA NA NA NA NA NA NA NA NA 33.4 34.4 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.5 1 22.9 17.3 34.3 48.5 3.3-5. 14.7-9.3-9.5 15.3-8.7 1 1 11. 11.7 25.3 25.5 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.5 1 22.9 17.3 34.3 48.5 3.3-5. 14.7-9.3-9.5 15.3-8.7 1 1 11. 11.7 25.3 25.5 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.6 1 26.4 18.2 NA NA NA NA NA NA NA NA NA NA NA NA 37.4 38. 26.2 25.2 Biotechnology NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Pharmaceuticals.6 1 26.4 18.2 NA NA NA NA NA NA NA NA NA NA NA NA 37.4 38. 26.2 25.2 Financials 1.9 3 34.8 15.9 17.1 35.4 23.1 3.1 -.4.9 1.1 -.8 -.3 1 1 1 4. 45.2 NA NA Banks 1.9 3 34.8 15.9 17.1 35.4 23.1 3.1 -.4.9 1.1 -.8 -.3 1 1 1 4. 45.2 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 13. 8 17.9 13.2 54.4 28.2 18.9 2.8 9.6-3.6 4.9 9.1-1.7 33 17 17 3.7 32.2 22.4 22.3 Diversified Telecom. Service 1.9 5 5.4 3.7 11.9 18.8 23.6-6.1 7.7 -.7-1.5-1.2-1.2 25-25 17.8 2. 7.5 8.7 Wireless Telecom. Services 11.1 3 2.9 15.2 61.6 29.3 18.4 3.9 1.3-4.2 5.8 1.8-2.1 1 1 33.4 34.4 25.3 24.6 Utilities 4.1 3 18.1 11.3-61 14. 53..8-43 2.9-11 -38 26.4 5-1 1.1 14.5 2.6 2.8 Electric Utilities 4.1 3 18.1 11.3-61.5 14. 53..8-42.8 2.9-11.5-38.5 26.4 5-1 1.1 14.5 2.6 2.8 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 1. 32 1.2 1.3 6.4 1.7 8.3 2..7 5.5 -.2 21.6 15.2-8.7 166 399 Energy 56.5 9 9.1 1.1 6. 1.6 7.9 1.7 NA 4.8-1.5 19.6 1.1-9.9 142 39 Materials 13.4 6 9.4 1.9 6.1 2.4 8.5 3. 2.9 3.8 14.4 59. 61.1 14.3 468 1266 Chemicals NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Metals & Mining 13.4 6 9.4 1.9 6.1 2.4 8.5 3. 2.9 3.8 14.4 59. 61.1 14.3 468 1,266 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 4.6 7.3 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 4.6 7.3 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.5 1 24. 6.1 12.6.9 16.4 1.7.7 3.4-1.8 3.9 75.7-1 NA NA Food & Staples Retailing NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Food, Beverage & Tobacco.5 1 24. 6.1 12.6.9 16.4 1.7.7 3.4-1.8 3.9 75.7-1.3 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 7. 17.5 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 7. 17.5 NA NA 7.3 NA 9.5 NA NA NA -3.6 NA NA Financials 1.9 3 11.9 NA 7.4.9 NA 4..7-8.2-14 -8.4-14 -18 447 NA Banks 1.9 3 11.9 NA 7.4.9 NA 4..7-8.2-14.4-8.4-13.9-18.3 447 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 13. 8 15.2 3.5 7. 2.7 9. 3..7 1.6 6.5 45.5 56.1-13 173 462 Diversified Telecom. Services 1.9 5 2.5 2.5 9.3.9 13.2 2.6 3.1-1.7. 5.8 8.2-11.7 135 385 Wireless Telecom. Services 11.1 3 14.7 3.7 6.7 3. 8.7 3.1.7 2.2 7.7 56.7 7.5-13.8 NA NA Utilities 4.1 3 36.4.9 8.6.2 14.7 1.2.8 2.4-2. -.7 3.3-8.4 283 85 Electric Utilities 4.1 3 36.4.9 8.6.2 14.7 1.2.8 2.4-2. -.7 3.3-8.4 283 85 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

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 36.6 37.7 11.4 31.2 22.1 9.8 29.2 8.1 2.9-3. 46. 44.9 39.4 4.4 18.2 17.2 Lukoil Holdings LKOH RU Energy 1.3 61.7 88.9 7.8 14.6-14.4-13.3-7.9 5..4 14.8 17. 13.4 16.2 19.4 15.5 Sberbank SBER RU Financials 8.7 73.4 18.1 5.6 34.8 15.9 34.7 26.9. -2.9 54.8 49.1 4. 45.2 2.7 21.6 Norilsk Nickel Minin GMKN RU Materials 7.6 54.4 15.8 6.5-3.2.9-11.3-3.7 1.. 67.1 63.9 56.9 NA 35. 26.9 Vimpel Communicat VIP US Telecom. Svcs 5.2 38.8 8.9 2.1 23.7 17.8 41.4 21.5 5.4 9.1 51.3 51.1 34.2 35.8 38.6 38.9 Mobile TeleSystems MBT US Telecom. Svcs 4.8 34.1 9.9 2.5 21. 11.4 23.3 14.8 2.5 11.4 52. 51.8 36.3 38.2 44.7 44.1 Unified Energy Syst EESR RU Utilities 2.9 48.7 45.8 1.4 17.9 1.7. 33.3. 33.3 21.6 24.2 1. 14.1 5.8 8.9 Tatneft TATN RU Energy 2.2 11.7 14.9 1.4 9.5-1.7-13.1-6.4 8. -2.1 15.3 16.1 14. 17.2 12.9 11.4 Surgutneftegaz JSC SNGS RU Energy 2. 33.7 22.4 4. 6.6.5-23.1 5.6. -5. 3.4 29. 2.1 12. 9.9 8.7 NOVATEK JT STK C NVTK GB Energy 1.7 NA 3.3 1. 34.5 27.8 36. 42.6 2.4 4.1 48.9 51.5 43.3 51.6 25.9 29. Severstal JSC CHMF RU Materials 1.6 26.5 15.9 2.2 9.7 5.7 11.8-2.5-1.1.4 27.9 28.7 19.6 17.1 17.1 15.5 Rosneft ROSN RU Energy 1.5 78.5 49.5 5.9 8.7-3.2 17.6 4.7 5.3 4.7 26.6 26.9 19.4 19.8 2.1 19.5 Polyus Gold PLZL RU Materials 1.3 9.7 1..2 18.2 12.9 17.2 26.5.. 39. 39.7 26.7 NA 6.8 7.5 Mechel AOA (ADS) MTL US Materials 1.3 17. 7.3 1.3 2.4-2.5 42.9-16.4 16.5-3.8 32.2 32.5 29. 25.7 33.5 28.6 Rostelecom RTKM RU Telecom. Svcs 1.2 1.8 2.4.1 -.9-5.7. 16..6. 19.1 19.3 7.7 9.9 6.8 8.3 NOVOLIPETSK IRON NLMK GB Materials 1.1 NA 8.7 2.5 16.1 3.5 14.1.1 2.4 -.8 42.4 39.7 33.2 33.3 27. 22.5 Sistema JSFC SPON SSA GB Telecom. Svcs 1.1 NA 15.5 1.5 17.3 17.5 15.3 3.9-1.7 -.1 39.1 39.3 27.9 27.2 18.6 18. PIK GROUP SPON A PIK GB Cons. Discr..8 NA 3.7.9 28.8 69.7 42.8 98.1..1 36.6 4. NA NA 37.1 39.5 Magnitogorsk Iron MAGN RU Materials.6 13.4 9. 1.6 11.3 9.6 4.7 1.3-8.8-1.9 26.8 25.7 25. 24. 27.4 2.9 PHARMSTANDARD O PHST GB Health Care.6 NA.6.1 26.4 18.2 42. 25.5.. 41.1 41.9 37.4 38. 56.9 46.8 Wholesale Generat OGKE RU Utilities.6 5.6 1.4.1 22.6 23. 1. 75. NA -3. 19.1 26.8 12.2 22.2 8.7 13.2 Wimm-Bill-Dann Foo WBD US Cons. Staples.5 5.2 3..2 22.9 17.3 46.3 3.3 4.8 7.1 14.4 14.9 11. 11.7 28.1 29.3 Comstar United Tel CMST GB Telecom. Svcs.5 NA 1.6.3 9.3 9. 27.9 2.6.6.5 42.5 42.6 3.8 29.9 11.1 14.8 TMK OA SPON GDR TMKS GB Energy.3 NA 4.8.8 17.7 13.7 38.8 45.7-12.7.1 27.2 31.1 31.5 NA 32.6 34.1 Uralsvyazinform JSC URSI RU Telecom. Svcs.1 1.6 1.6.2 7.5 13.2 66.7 4. NA -3. 35.6 37.7 21.9 24.2 2.7 19. Sibirtelecom ENCO RU Telecom. Svcs.1 1. 1.5.2 12.1 6.1 3.. 3. 3. 33.6 35.9 17.2 2. 18.7 17.6 VolgaTelecom NNSI RU Telecom. Svcs.1 1. 1.3.1 9.3 9.8 19.6 19.9 9.8 5.3 36.9 37.1 17.7 21.1 13.9 15.9 Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 156

Quant Analyst 3774-178 YoungJean@miraeasset.com 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 13.1 17.4 33.6 9.7 1.7 6.4 1.2 8.4 2.7.5 5.9 3.7 3.5 22.3-7.4 NA NA Lukoil Holdings LKOH 74.5 16.2 42.6 8. 1.3 5. 2.7 6.2.7 -.7 6.4-12.7 3.6-7. -14.4 127 412 Sberbank SBER 83.8 4.9-94.2 12.5 2.4 7.4. NA 4..4-8.2-15.7-8.4-9.8-17.9 NA NA Norilsk Nickel Mining GMKN 299.7 316. 5.4 8.4 2.3 5. 2.7 7.3 3.4-1.1 38.1 5.9 49.9 64.2 13.1 44 1111 Vimpel Communicatio VIP 38.2 38.8 1.6 17.8 5.9 8.3 2. 1.2 4.3.6 12.3 22.9 86.2 121-8.3 417 1518 Mobile TeleSystems (A MBT 82. 14.5 27.5 12.1 4.8 6.8 4. 7.4 3.4.6-7.7-3. 37. 48.6-19.5 122 723 Unified Energy System EESR 1.2 1.6 35.9 37.9 1.7 7.9.2 12.8 1. 2.4 4.5-1.2-6. -3.1-8.8 34 826 Tatneft TATN 14.1 5.7-95.9 8.7 1.1 3.8.1 194.8 -.9 7.5.1 14.3 25.6-5.3 NA NA Surgutneftegaz JSC SNGS.9 1.3 37.9 1.4 1.1 3.3 2.1 7.7 1.5-1. -8.4-2.5-17.3-23.3-24. 23 22 NOVATEK JT STK CO NVTK 76.5 81. 5.8 21.9 5.8 NA 1.1 2.4 NA.6 7.7 27.5 54.5 38.1 -.5 NA NA Severstal JSC CHMF 647.4 25.2-96.1 11.7 1.8 5.7.1 2 1.6 2.7 2.8 19.7 69.3 85.8 15.7 NA NA Rosneft ROSN 21. 1.3-94.9 13.5 2.4 7.5. 228 1.6 1.2 3.2-4.9-1.5 NA -13.3 NA NA Polyus Gold PLZL 1,387. 47.4-96.6 39.4 3.1 22.4. 627 9.6 1.8 12.5 35.7 35.5-2.2 23.1 NA NA Mechel AOA (ADS) MTL 122.4 95. -22.4 13.3 4.1 8.3 3.5 9.2 2.3 1.4 43.8 65.2 234 276 26. NA NA Rostelecom RTKM 273.4 2.8-99. 6. 4. 23.6. 62 4.5 7.8 -.5 13.9 9.7 27. -5.3 NA NA NOVOLIPETSK IRON S NLMK 46.5 45.5-2.2 1.9 2.7 NA 2.9 NA NA 1.6 28.1 22. 64.4 64.9 13.7 NA NA Sistema JSFC SPONSO SSA 37.2 48.8 31.4 12.3 2.2 NA.1 5.4 NA 1.3 6.4-2. 4.2 17.9-11. NA NA PIK GROUP SPON ADR PIK 28.5 32.5 13.9 12.8 4. NA.8 11.1 NA.2 5.7 -.1 NA NA -6.5 NA NA Magnitogorsk Iron & S MAGN 29.3 1.4-95.4 7.7 1.8 5..1 174 1.5 2.6 4.8-3.2 NA NA -6.9 NA NA PHARMSTANDARD OJS PHST 26.5 27.8 4.7 25.9 1.6 NA.3 11.4 NA.8 9.5 32.5 NA NA -3.6 NA NA Wholesale Generation OGKE 4.1.2-96.1 35.6 3. 19.9. 98 3.9.4-6.1-3.4 13.1 NA -5.4 NA NA Wimm-Bill-Dann Foods WBD 117.5 135.4 15.2 22.8 6.1 12.6.9 16.4 1.7.6 3.4-1.8 3.9 75.7-1.3 618 549 Comstar United TeleS CMST 1.3 13.6 32. 12.1 2. NA.3 8.1 NA.5 1.1-9.6 6.7 12. -18.2 NA NA TMK OA SPON GDR R TMKS 38.1 47. 23.5 1.4 3.1 NA 2.2 1.1 NA.2-3.7-3.1 15.3 NA -15.4 NA NA Uralsvyazinform JSC URSI 1.2.1-94.2 9.1 1.5 4.3.1 121.9.2-5.5-23.3-16.6-33.1-19.3 NA NA Sibirtelecom ENCO 2..1-93. 6.3 1. 3.4.1 67.1.6.5-19.5-31.3-18.7-32.4-3.5 NA NA VolgaTelecom NNSI 12. 7.5-92.7 7.9.9 2.9.1 84.1.8.4-16.6-3.3-18.4-38. -29. NA NA Note : Above table is as of Feb. 21, 28. Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 157

Quant Analyst 3774-178 YoungJean@miraeasset.com Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 158

Quant Analyst 3774-178 YoungJean@miraeasset.com Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 159

Quant Analyst 3774-178 YoungJean@miraeasset.com Feb 26, 28 MIRAE ASSET QUANTITATIVE RESEARCH 16