Fundamental Equity Analysis - BSE 100 Index Members (BSE100 Index)

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80

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

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

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

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

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

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

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

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

ABB LTD INR 1905 13 212 0 0 0 0 1.95 1382 1382 1486 1666 63 63 - - 0.12 0.12 0.19 0.30 1.35 1.35 0.86 0.55 0.04 - 0.39 - 0.08 - - - -

ACC LTD INR 3997 17 188 0 0 0 1 3.47 2047 2047 2338 2633 404 404 120 120 1.36 1.04 1.46 1.68 0.38 0.29 0.27 0.23 0.21 0.18 0.26 0.04 0.36 - - - -

ADANI ENTERPRISES LTD INR 3888 225 1100 12 0 1 1 16.03 7239 7239 8342 10502 976 976 456 456 0.31 0.31 0.23 0.47 0.21 0.21 0.28 0.14 0.90 0.41 0.44 1.16 0.25 - - - -

ADANI PORTS AND SPECIAL ECON INR 4853 212 2003 3 0 0 0 8.28 602 602 804 966 391 391 144 144 0.10 0.10 0.12 0.16 0.44 0.44 0.38 0.27 1.17 0.77 1.10 0.87 1.20 - - - -

ADANI POWER LTD INR 1726 275 2180 7 0 0 0 8.35 752 752 1274 2495 246 246 - - -0.01 -0.02 -0.10 0.04 - - #VALUE! 0.32 1.68 - 0.12 - 0.60 - - - -

AMBUJA CEMENTS LTD INR 4785 90 1542 0 0 0 1 4.10 1792 1792 2054 2303 512 512 - - 0.19 0.15 0.22 0.25 0.37 0.30 0.26 0.23 0.26 0.20 0.69 0.12 0.53 - - - -

ASHOK LEYLAND LTD INR 1082 197 2661 1 0 0 0 1.72 2362 2362 #VALUE! #VALUE! 230 230 - - 0.04 0.04 #VALUE! #VALUE! 0.19 0.19 #VALUE! #VALUE! 0.27 0.28 0.04 0.22 0.18 - - - -

ASIAN PAINTS LTD INR 8638 13 96 0 0 0 0 8.56 1772 1772 2064 2418 284 284 92 92 1.90 1.90 2.24 2.72 0.87 0.87 0.74 0.61 0.45 0.39 0.29 0.47 0.30 - - - -

AXIS BANK LTD INR 11137 136 413 9 0 0 3 #VALUE! 5052 5052 3025 3696 - - - - - 1.88 2.23 2.81 0.23 - 0.20 0.16 0.71 0.71 - - - BBB- 30.01.2007 Baa2 24.04.2007

BAJAJ AUTO LTD INR 9555 26 289 0 0 0 0 9.25 3485 3485 3801 4413 693 693 - - 2.02 1.94 1.98 2.38 0.31 0.30 0.31 0.25 0.35 0.31 0.31 - 0.37 - - - -

BANK OF BARODA INR 5141 66 411 15 0 0 12 #VALUE! 6362 6362 #VALUE! #VALUE! - - - - - 2.47 #VALUE! #VALUE! 0.09 - #VALUE! #VALUE! 0.63 0.49 - - - NR 30.12.2011 - -

BANK OF INDIA INR 3181 141 574 13 0 0 12 #VALUE! 5873 5873 #VALUE! #VALUE! - - - - - 0.92 #VALUE! #VALUE! 0.11 - #VALUE! #VALUE! 0.56 0.46 - - - BBB- 30.01.2007 Baa3 07.03.2012

BHARAT FORGE LTD INR 868 70 233 0 0 0 0 1.26 1 K 1 K 1 K 1 K 184 184 156 156 0.33 0.33 0.23 0.30 0.21 0.21 0.30 0.23 0.44 0.22 0.48 0.09 0.30 - - - -

BHARAT HEAVY ELECTRICALS INR 7937 312 2448 0 0 0 1 6.80 8755 8755 8698 8308 2074 2074 - - 0.53 0.53 0.46 0.40 0.11 0.11 0.13 0.15 0.25 - 0.59 - 0.44 - - - -

BHARAT PETROLEUM CORP LTD INR 4983 33 723 6 0 0 1 9.37 39021 39021 44662 43758 1190 1190 - - 0.20 0.20 0.42 0.47 0.64 0.64 0.30 0.27 0.70 0.33 0.52 0.12 0.06 - - (P)Baa3 12.10.2012

BHARTI AIRTEL LTD INR 20750 411 3798 13 0 1 1 33.44 13143 13143 14813 16295 4384 4384 1201 1201 0.21 0.21 0.13 0.25 0.49 0.49 0.76 0.41 0.37 0.59 0.32 0.48 0.61 BB+ 09.06.2010 - -

CAIRN INDIA LTD INR 9736 159 1907 0 0 0 2 7.33 2182 2182 3470 3474 1745 1745 643 643 0.78 0.77 1.11 0.99 0.12 0.12 0.08 0.10 0.28 - 0.20 - 1.47 - - - -

CANARA BANK INR 2956 99 443 5 0 0 5 #VALUE! 6239 6239 #VALUE! #VALUE! - - - - - 1.39 1.49 1.90 0.09 - 0.08 0.06 0.58 0.41 - - - NR 30.12.2011 Baa2 09.11.2006

CIPLA LTD INR 5608 108 803 0 0 0 0 5.43 1285 1285 1519 1708 330 330 - - 0.26 0.26 0.35 0.38 0.49 0.49 0.37 0.34 0.21 - 0.45 - 0.47 - - - -

COAL INDIA LTD INR 35001 303 6316 0 0 0 9 23.26 11481 11481 12628 13550 3162 3162 1078 1078 0.43 0.43 0.49 0.54 0.24 0.24 0.21 0.19 0.45 0.30 0.30 0.31 0.51 - - - -

COLGATE PALMOLIVE (INDIA) INR 3101 19 136 0 0 0 0 3.04 361 361 566 675 91 91 - - 0.59 0.59 0.73 0.84 0.71 0.71 0.57 0.50 0.29 0.28 0.76 0.42 0.46 - - - -

CROMPTON GREAVES LTD INR 1086 184 641 0 0 0 0 1.28 2069 2069 2236 2491 148 148 25 25 0.11 0.11 0.06 0.14 0.29 0.29 0.54 0.22 0.23 0.28 -0.74 0.19 0.13 - - - -

CUMMINS INDIA LTD INR 2473 25 277 0 0 0 0 2.42 649 #VALUE! 852 1002 102 - - - 0.29 - 0.46 0.55 - - 0.36 0.30 0.60 - 0.73 0.64 - - - - -

DABUR INDIA LTD INR 4306 173 1742 0 0 0 0 4.30 976 976 1143 1323 162 162 51 51 0.07 0.07 0.08 0.10 0.67 0.67 0.56 0.47 0.54 0.35 0.24 0.37 0.31 - - - -

DIVI'S LABORATORIES LTD INR 2436 4 133 0 0 0 0 2.44 342 342 418 509 127 127 - - 0.74 0.74 0.90 1.10 0.46 0.46 0.38 0.31 0.78 0.43 0.72 0.41 0.69 - - - -

DLF LTD INR 7380 1084 1698 5 0 0 0 10.77 1771 1771 1523 1770 741 741 134 134 0.13 0.13 0.11 0.16 0.61 0.61 0.70 0.51 0.01 1.55 0.08 0.40 0.77 - - - -

DR. REDDY'S LABORATORIES INR 5479 5 170 1 0 0 0 5.74 1778 1778 2082 2345 459 459 125 125 1.55 1.41 1.71 1.95 0.42 0.38 0.35 0.30 0.56 0.20 1.13 0.15 0.47 - - - -

EXIDE INDUSTRIES LTD INR 1972 33 850 0 0 0 0 1.85 978 978 1173 1386 140 140 - - 0.10 0.10 0.12 0.14 0.44 0.44 0.37 0.30 0.21 0.42 -0.37 0.35 0.26 - - - -

FEDERAL BANK LTD INR 1535 41 171 1 0 0 1 #VALUE! 1125 1125 #VALUE! #VALUE! - - - - - 0.81 #VALUE! #VALUE! 0.20 - #VALUE! #VALUE! 0.62 0.45 - - - - - - -

GAIL INDIA LTD INR 7091 92 1268 2 0 0 0 9.10 8104 8104 8991 10094 1358 1358 - - 0.64 0.64 0.65 0.68 0.16 0.16 0.16 0.15 0.47 0.42 0.24 0.33 0.31 - - - -

GLENMARK PHARMACEUTICALS LTD INR 2350 32 271 0 0 0 0 2.69 740 740 901 1061 131 131 48 48 0.31 0.31 0.41 0.52 0.51 0.51 0.39 0.31 0.67 0.51 0.38 0.20 0.33 - - - -

GMR INFRASTRUCTURE LTD INR 1496 2392 3892 7 0 0 1 8.55 1530 1530 1555 2073 347 347 - - -0.02 -0.03 -0.02 0.00 - - #VALUE! #VALUE! 0.58 0.71 0.36 0.53 0.42 - - - -

GODREJ CONSUMER PRODUCTS LTD INR 5095 10 340 0 0 0 0 5.34 895 895 1173 1416 161 161 56 56 0.30 0.41 0.39 0.48 0.67 0.92 0.71 0.57 0.58 0.74 0.63 0.67 0.33 - - - -

GRASIM INDUSTRIES LTD INR 4771 3 92 1 0 1 1 6.17 4643 4643 4993 5693 1028 1028 220 220 5.30 5.31 5.41 6.24 0.18 0.18 0.18 0.15 0.32 0.23 0.21 0.12 0.41 - - - -

HCL TECHNOLOGIES LTD INR 9908 22 693 0 0 0 0 9.89 3832 3832 4630 5207 745 745 251 251 0.63 0.64 0.96 1.04 0.41 0.41 0.27 0.25 0.60 0.52 0.90 0.45 0.36 - - - -

HDFC BANK LIMITED INR 26866 134 2347 6 0 0 4 #VALUE! 6081 6081 #VALUE! #VALUE! - - - - - 0.41 #VALUE! #VALUE! 0.50 - #VALUE! #VALUE! 0.63 0.62 - - - BBB- 17.01.2008 Baa2 30.04.2012

HERO MOTOCORP LTD INR 5776 25 200 0 0 0 1 5.45 4298 4298 #VALUE! #VALUE! 674 674 - - 2.19 2.19 #VALUE! #VALUE! 0.24 0.24 #VALUE! #VALUE! 0.39 0.35 0.75 0.46 0.29 - - - -

HINDALCO INDUSTRIES LTD INR 3099 732 1915 8 0 0 1 9.46 14866 14866 14889 16181 1411 1411 - - 0.33 0.33 0.26 0.28 0.09 0.09 0.11 0.11 0.22 0.91 -0.07 0.22 0.17 - - - -

HINDUSTAN PETROLEUM CORP INR 1750 67 339 7 0 0 1 8.00 34045 34045 37348 36847 784 784 - - 0.09 0.09 0.50 0.73 1.00 1.00 0.19 0.13 0.62 0.31 0.07 0.16 0.04 - - - -

HINDUSTAN UNILEVER LTD INR 18791 741 2162 0 0 0 1 18.18 4311 4311 4943 5644 645 645 - - 0.23 0.24 0.28 0.31 0.67 0.70 0.57 0.52 0.31 - 0.51 - 0.28 - - - -

HINDUSTAN ZINC LTD INR 9051 99 4225 0 0 0 3 5.75 2098 2098 #VALUE! #VALUE! 1118 1118 - - 0.24 0.24 #VALUE! #VALUE! 0.16 0.16 #VALUE! #VALUE! 0.25 0.16 0.15 -0.02 0.98 - - - -

HOUSING DEVELOPMENT & INFRAS INR 350 4920 419 1 0 0 0 0.93 367 367 369 483 278 278 86 86 0.35 0.35 0.29 0.36 0.04 0.04 0.05 0.04 0.15 0.32 -0.04 0.34 1.39 - - - -

HOUSING DEVELOPMENT FINANCE INR 23399 112 1477 26 0 0 0 42.96 5510 5510 #VALUE! #VALUE! 3286 3286 - - - 0.68 #VALUE! #VALUE! 0.41 - #VALUE! #VALUE! 0.30 0.74 0.64 0.47 1.10 - - - -

ICICI BANK LTD INR 21666 270 1153 33 #VALUE! 0 8 #VALUE! 12262 12262 #VALUE! #VALUE! - - - - - 1.22 1.45 1.68 0.28 - 0.24 0.21 0.15 0.21 - - - NR 27.10.2003 Baa2 25.05.2006

IDBI BANK LTD INR 1877 352 1278 14 0 0 3 #VALUE! 4707 4707 #VALUE! #VALUE! - - - - - 0.37 #VALUE! #VALUE! 0.07 - #VALUE! #VALUE! 0.42 0.53 - - - - - Baa3 21.10.2009

IDEA CELLULAR LTD INR 6627 123 3309 2 0 0 0 8.40 3585 3585 4096 4628 929 929 297 297 0.04 0.04 0.06 0.09 0.91 0.92 0.65 0.43 0.48 0.65 0.63 0.51 0.48 - - - -

IDFC LTD INR 3894 531 1512 9 0 0 0 11.30 1183 1183 623 740 1042 1042 - - - 0.19 0.22 0.26 0.25 - 0.22 0.18 0.56 0.63 0.63 0.57 1.62 BBB- 27.12.2011 - -

INDIAN OIL CORPORATION LTD INR 12235 95 2428 15 0 0 3 24.63 74907 74907 86875 87834 4164 4164 - - 0.90 0.32 0.48 0.60 0.29 0.10 0.19 0.16 0.59 0.33 0.96 0.22 0.10 NR 29.12.2009 Baa3 25.01.2010

INDUSIND BANK LTD INR 3845 181 468 2 0 0 1 #VALUE! 1172 1172 #VALUE! #VALUE! - - - - - 0.32 #VALUE! 0.47 0.43 - #VALUE! 0.29 0.88 0.54 - - - - - - -

INFOSYS LTD INR 30149 25 574 0 0 0 4 26.02 6205 6205 7460 8329 1977 1977 569 569 2.68 2.68 3.00 3.27 0.36 0.36 0.32 0.30 0.42 0.36 0.36 0.35 0.59 BBB+ 07.05.2010 - -

Valuation Measures I/II

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80

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

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

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

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

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

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

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

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

ITC LTD INR 44491 323 7818 0 0 0 1 43.16 4816 4816 5651 6592 1710 1710 - - 0.15 0.15 0.18 0.21 0.70 0.71 0.59 0.50 0.32 0.28 0.38 0.33 0.65 - - - -

JAIPRAKASH ASSOCIATES LTD INR 2618 2951 2126 10 0 1 1 12.36 2736 2736 3284 4111 1026 1026 - - 0.05 0.05 0.08 0.10 0.40 0.41 0.28 0.21 0.57 0.62 0.19 0.54 0.69 - - - -

JINDAL STEEL & POWER LTD INR 6068 155 935 3 0 0 0 9.74 3349 3349 3640 4166 1308 1308 358 358 0.78 0.78 0.76 0.80 0.15 0.15 0.16 0.15 0.71 0.78 0.18 0.70 0.72 - - - -

JSW STEEL LTD INR 2460 249 223 4 0 0 1 5.24 6322 6322 7097 7653 1125 1125 292 292 1.03 0.44 1.26 1.57 0.46 0.20 0.16 0.13 0.78 0.59 0.47 0.32 0.33 - - - -

KOTAK MAHINDRA BANK LTD INR 8778 32 741 6 0 0 1 #VALUE! 2394 2394 1725 2044 - - - - - 0.46 0.52 0.64 0.47 - 0.42 0.34 0.33 0.50 - - - - - - -

LARSEN & TOUBRO LTD INR 15134 214 612 9 0 0 2 22.29 11830 11830 13715 15671 1736 1736 - - 1.38 1.41 1.56 1.74 0.32 0.33 0.29 0.26 0.43 0.49 0.33 0.56 0.27 - - - -

LIC HOUSING FINANCE LTD INR 2055 252 505 9 0 0 0 10.57 1149 1149 343 446 1073 1073 - - - 0.36 0.39 0.53 0.21 - 0.19 0.14 0.52 0.59 0.60 0.59 1.72 - - - -

LUPIN LTD INR 5121 42 447 0 0 0 0 5.30 1300 1300 1702 1961 269 269 93 93 0.36 0.36 0.49 0.59 0.59 0.59 0.43 0.36 0.40 0.53 0.47 0.65 0.38 - - - -

MAHINDRA & MAHINDRA LTD INR 9749 53 589 3 0 1 1 13.08 10929 10929 13022 14710 1366 1366 - - 0.92 0.98 1.17 1.38 0.30 0.32 0.25 0.21 1.13 0.69 0.39 0.59 0.23 - - - -

MARUTI SUZUKI INDIA LTD INR 6872 32 289 0 0 0 1 5.83 6474 6474 7818 9048 467 467 - - 1.07 1.07 1.22 1.87 0.41 0.41 0.36 0.23 -0.06 0.37 -0.57 0.07 0.13 - - - -

NESTLE INDIA LTD INR 8138 2 96 0 0 0 0 8.22 1527 1527 #VALUE! #VALUE! 341 341 - - 2.04 2.04 #VALUE! #VALUE! 0.76 0.76 #VALUE! #VALUE! 0.20 0.35 0.32 0.44 0.41 - - - -

NHPC LTD INR 4514 1343 12301 3 0 0 1 6.84 1273 1273 1184 1322 896 896 1 1 0.05 0.05 0.03 0.04 0.15 0.15 0.19 0.18 0.64 0.48 0.66 0.41 1.29 BBB- 25.09.2009 - -

NMDC LTD INR 9787 4811 3965 0 0 0 2 8.00 1 K 1 K #VALUE! #VALUE! 1074 1074 - - - 0.20 #VALUE! #VALUE! 0.23 - #VALUE! #VALUE! 0.60 - 0.64 - 1.42 - - - -

NTPC LTD INR 21613 3862 8245 11 0 0 4 29.10 11964 11964 13135 15129 2802 2802 - - 0.22 0.22 0.23 0.26 0.22 0.22 0.21 0.19 0.24 0.26 0.34 0.15 0.43 BBB- 30.01.2007 - -

OIL & NATURAL GAS CORP LTD INR 47636 178 8555 3 0 0 5 45.72 26923 26923 28870 31246 9116 9116 - - 0.54 0.61 0.54 0.63 0.17 0.19 0.19 0.16 0.45 0.23 0.31 0.15 0.62 - - WR 04.12.2000

POWER FINANCE CORPORATION INR 4429 362 1320 20 0 0 0 24.68 2409 2409 1161 1442 2322 2322 - - - 0.43 0.60 0.74 0.14 - 0.10 0.08 0.52 - 0.47 - 1.77 BBB- 30.01.2007 Baa3 05.02.2004

POWER GRID CORP OF INDIA LTD INR 8942 95 4630 10 0 0 1 18.33 1897 1897 2359 2750 1609 1609 - - 0.13 0.13 0.16 0.18 0.27 0.27 0.22 0.19 0.36 - 0.37 - 1.56 BBB- 03.01.2013 - -

PUNJAB NATIONAL BANK INR 4634 90 339 11 0 0 6 #VALUE! 7667 7667 #VALUE! #VALUE! - - - - - 2.73 #VALUE! #VALUE! 0.09 - #VALUE! #VALUE! 0.62 0.50 - - - NR 17.07.2006 - -

RANBAXY LABORATORIES LTD INR 3460 193 423 1 0 0 1 3.52 2254 2254 2143 2404 356 356 79 79 0.48 0.40 0.48 0.64 0.37 0.31 0.31 0.24 0.38 0.22 -0.20 0.29 0.29 - - - -

RELIANCE CAPITAL LTD INR 1360 1344 246 4 0 0 0 4.42 1219 1219 1060 1161 532 532 - - - 0.34 0.49 0.51 0.30 - 0.21 0.20 0.37 0.60 1.03 0.50 0.80 - - - -

RELIANCE COMMUNICATIONS LTD INR 1940 2807 2064 7 0 0 0 8.98 3443 3443 3917 4193 1299 1299 281 281 0.08 0.08 0.06 0.09 0.21 0.21 0.31 0.19 -0.28 - -0.50 - 0.69 - - - -

RELIANCE INDUSTRIES LTD INR 46525 497 2979 17 0 0 12 51.19 65943 65943 67763 66434 6458 6458 - - 1.22 1.22 1.21 1.27 0.22 0.22 0.22 0.21 0.64 0.48 -0.14 0.21 0.18 BBB 23.11.2005 Baa2 07.02.2006

RELIANCE INFRASTRUCTURE LTD INR 1566 886 263 3 0 0 1 4.15 3202 3202 4082 4316 532 532 - - 1.10 1.10 1.14 1.18 0.10 0.10 0.10 0.09 1.42 0.62 0.96 0.76 0.31 - - - -

RELIANCE POWER LTD INR 3052 2056 2805 3 0 0 0 6.46 371 371 878 1321 115 115 90 90 0.06 0.06 0.07 0.07 0.35 0.35 0.30 0.29 1.68 - 3.16 - 0.57 - - - -

RURAL ELECTRIFICATION CORP INR 3671 478 987 17 0 0 1 19.25 1941 1941 1018 1131 1887 1887 - - - 0.53 0.68 0.73 0.13 - 0.10 0.09 0.44 - 0.44 - 1.79 - - (P)Baa3 12.01.2011

SATYAM COMPUTER SERVICES LTD INR 2736 699 1177 0 0 0 1 2.18 1176 1176 1422 1564 228 228 74 74 0.19 0.20 0.19 0.21 0.21 0.23 0.22 0.20 0.45 0.06 1.86 -0.08 0.36 - - - -

SESA GOA LTD INR 2417 181 869 1 0 0 0 3.07 1529 1529 524 1023 645 645 10 10 0.56 0.57 0.54 0.57 0.09 0.09 0.09 0.09 -0.18 0.63 -0.60 0.55 0.78 - - - -

SHRIRAM TRANSPORT FINANCE INR 2815 8 226 3 0 0 0 5.77 1138 1138 712 830 943 943 - - - 1.06 1.16 1.39 0.21 - 0.20 0.16 0.24 - 0.25 - 1.52 - - - -

SIEMENS LTD INR 3448 50 340 0 0 0 0 3.21 2190 2190 2422 2671 233 233 - - 0.47 0.47 0.38 0.47 0.38 0.38 0.47 0.38 0.45 0.31 -0.09 0.26 0.20 - - - -

STATE BANK OF INDIA INR 25321 336 671 39 0 1 27 #VALUE! 32572 32572 17847 20511 - - - - - 4.44 5.10 5.85 0.16 - 0.14 0.12 0.36 0.39 - - - BBB- 30.01.2007 Baa2 02.04.2008

STEEL AUTHORITY OF INDIA INR 4635 614 4131 3 0 0 1 6.76 8582 8582 8333 9444 1182 1182 331 331 0.15 0.16 0.13 0.15 0.13 0.14 0.15 0.14 0.14 0.13 -0.33 -0.16 0.25 BBB- 29.04.2010 - -

STERLITE INDUSTRIES INDIA LT INR 5635 608 3361 3 0 2 4 6.82 7575 7575 7936 8698 1870 1870 473 473 0.29 0.26 0.31 0.36 0.12 0.11 0.10 0.09 0.65 0.23 0.48 0.01 0.45 - - - -

SUN PHARMACEUTICAL INDUS INR 15636 38 1036 0 0 0 0 15.45 1475 1475 2030 2370 604 604 219 219 0.46 0.46 0.58 0.66 0.61 0.61 0.48 0.42 0.74 0.60 1.17 0.65 0.75 - - - -

SUZLON ENERGY LTD INR 441 4322 1777 2 0 0 0 2.63 3878 3878 4005 5038 349 349 38 38 -0.07 -0.05 -0.22 0.01 - - #VALUE! 0.63 0.33 0.54 1.61 0.11 0.17 - - - -

TATA CHEMICALS LTD INR 1514 27 255 1 0 0 0 2.57 2540 2540 2699 2868 430 430 106 106 0.71 0.60 0.62 0.70 0.18 0.15 0.18 0.16 0.46 0.48 0.45 0.34 0.31 - - - -

TATA CONSULTANCY SVCS LTD INR 56067 52 1957 0 0 0 1 54.23 8994 8994 11590 13143 2659 2659 893 893 0.98 0.98 1.31 1.46 0.54 0.54 0.40 0.36 0.57 0.39 0.54 0.42 0.54 BBB+ 07.05.2010 - -

TATA GLOBAL BEVERAGES LTD INR 1405 368 618 0 0 0 0 1.64 1211 1211 1365 1519 115 115 - - 0.10 0.11 0.12 0.15 0.39 0.42 0.34 0.29 0.19 0.19 0.04 -0.11 0.17 - - - -

TATA MOTORS LTD INR 14886 1028 3174 9 0 0 4 18.26 30471 30471 34278 39504 4103 4103 1356 1356 0.76 0.78 0.59 0.73 0.12 0.12 0.16 0.13 0.66 0.77 0.60 0.67 0.25 BB 09.07.2012 WR 15.07.2007

TATA POWER CO LTD INR 4136 156 2373 6 0 0 1 9.84 4783 4783 5599 6526 984 984 - - 0.05 -0.08 0.09 0.11 - 0.64 0.35 0.30 0.62 0.65 0.27 0.71 0.38 BB- 24.08.2007 B2 05.10.2012

TATA STEEL LTD INR 5470 1047 971 11 0 0 2 13.86 24446 24446 24401 25653 2284 2284 600 600 0.99 1.03 0.32 0.71 0.10 0.10 0.32 0.15 0.22 1.59 -0.48 0.18 0.17 BB 09.08.2011 - -

TITAN INDUSTRIES LTD INR 4110 263 888 0 0 0 0 3.94 1628 1628 1899 2347 154 154 - - 0.12 0.12 0.15 0.19 0.68 0.68 0.56 0.45 0.65 0.62 0.65 0.60 0.17 - - - -

ULTRATECH CEMENT LTD INR 9333 5 274 1 0 0 1 9.84 3511 3511 3975 4612 765 765 - - 1.61 1.61 1.86 2.21 0.39 0.39 0.34 0.28 0.73 0.62 1.00 0.43 0.40 - - - -

UNION BANK OF INDIA INR 2129 240 551 5 0 0 4 #VALUE! 4317 4317 #VALUE! #VALUE! - - - - - 0.62 #VALUE! #VALUE! 0.11 - #VALUE! #VALUE! 0.49 - - - - BBB- 17.06.2008 Baa3 19.03.2012

UNITECH LTD INR 1063 3077 2616 1 0 0 0 1.63 445 445 463 569 61 61 23 23 0.02 0.02 0.02 0.03 0.45 0.45 0.33 0.25 -0.53 -0.06 -1.23 -0.54 0.25 - - - -

UNITED BREWERIES LTD INR 3351 66 264 0 0 0 0 3.54 667 667 762 922 76 76 - - 0.10 0.09 0.15 0.21 2.70 2.33 1.54 1.12 0.34 0.46 0.10 0.35 0.21 - - - -

UNITED PHOSPHORUS LTD INR 949 113 462 1 #VALUE! 0 0 1.44 1408 1408 1599 1766 256 256 81 81 0.23 0.22 0.29 0.34 0.18 0.17 0.14 0.12 0.60 0.52 0.52 0.42 0.33 - - - -

UNITED SPIRITS LTD INR 4536 131 131 2 0 0 0 6.08 1690 1690 1946 2221 217 217 43 43 0.29 0.27 0.51 0.95 2.32 2.20 1.25 0.67 0.45 0.48 0.00 0.39 0.24 - - - -

WIPRO LTD INR 19743 49 2459 1 0 0 2 18.04 6842 6842 7960 8739 1303 1303 413 413 0.42 0.42 0.49 0.53 0.35 0.35 0.30 0.28 0.36 0.37 0.15 0.27 0.35 BBB+ 02.04.2012 - -

YES BANK LTD INR 2806 213 353 3 0 0 1 #VALUE! 1318 1318 #VALUE! #VALUE! - - - - - 0.51 #VALUE! 0.80 0.28 - #VALUE! 0.18 0.99 1.07 - - - - - - -

ZEE ENTERTAINMENT ENTERPRISE INR 3679 600 959 0 0 0 0 3.50 559 559 675 782 138 138 43 43 0.11 0.11 0.14 0.17 0.63 0.63 0.52 0.42 0.02 0.29 -0.17 0.31 0.45 - - - -

Valuation Measures I/II

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


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%

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

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

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

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

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

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

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

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

ABB LTD 1.28 1.14 22.64 16.04 46.56 29.81 0.49 0.63 0.67 0.82 494.20 1.1%

ACC LTD 2.82 2.58 2.29 1.99 1.88 1.71 1.52 1.40 10.26 9.69 8.44 8.59 7.84 6.60 5.88 15.59 14.55 12.67 10.83 2.48 2.85 3.12 3.43 1442.10 24.6%

ADANI ENTERPRISES LTD 1.03 1.00 0.89 0.79 0.56 0.47 0.37 0.32 5.55 5.53 3.46 2.73 14.18 12.88 7.64 5.94 8.16 15.36 7.57 5.83 0.58 0.58 0.71 0.89 293.63 52.8%

ADANI PORTS AND SPECIAL ECON 5.18 4.35 3.45 2.75 8.17 6.03 5.03 4.28 16.88 14.64 10.80 9.75 21.33 15.25 12.67 10.77 25.01 20.56 14.91 11.70 0.77 0.88 1.02 1.16 162.17 23.1%

ADANI POWER LTD 1.28 1.78 1.58 1.32 1.17 2.12 1.35 0.69 0.53 0.54 28.41 3.56 2.09 26.01 28.95 8.84 6.35 7.03 22.78 17.51 6.64 8.51 0.38 0.00 0.00 0.00 2.37 45.38 15.8%

AMBUJA CEMENTS LTD 2.98 2.74 2.42 2.57 2.33 2.08 11.96 10.48 9.01 8.57 7.53 6.59 15.57 14.28 12.61 11.24 2.07 2.37 2.63 2.97 208.62 23.7%

ASHOK LEYLAND LTD 3.73 4.48 5.13 26.67 20.7%

ASIAN PAINTS LTD 17.30 13.90 11.28 9.28 4.99 4.18 3.57 3.04 42.87 35.42 29.34 24.65 31.23 25.71 21.17 17.65 49.02 40.12 33.13 27.35 0.78 1.01 1.22 1.52 4596.75 -6.1%

AXIS BANK LTD 2.44 2.01 1.69 1.39 4.41 3.68 3.01 2.45 13.62 10.65 8.48 7.12 1.26 1.47 1.62 2.09 1599.81 23.6%

BAJAJ AUTO LTD 8.08 5.64 4.47 3.62 2.60 2.51 2.17 1.93 16.17 15.80 12.71 10.96 12.55 12.99 10.65 9.40 16.82 16.68 13.85 12.34 2.80 2.84 3.28 3.38 2138.84 19.1%

BANK OF BARODA 1.06 1.93 5.09 2.94 2.71 3.06 3.42 843.85 27.2%

BANK OF INDIA 2.78 3.31 3.89 354.51 22.2%

BHARAT FORGE LTD 2.03 1.98 1.78 1.59 0.76 0.80 0.74 0.66 0.46 7.27 7.72 6.61 6.16 6.73 8.07 7.02 6.22 11.11 16.47 12.37 10.08 6.27 1.69 1.98 2.15 2.45 232.41 14.7%

BHARAT HEAVY ELECTRICALS 1.73 1.44 1.28 1.17 0.89 0.91 0.96 1.06 8.10 6.24 7.07 8.12 4.16 4.24 4.94 5.50 6.70 7.06 8.20 9.47 3.99 3.78 3.44 3.12 207.15 17.5%

BHARAT PETROLEUM CORP LTD 1.67 1.50 1.41 1.24 1.24 0.13 0.11 0.11 0.11 0.11 8.21 5.12 5.03 5.21 3.33 11.23 8.69 8.44 7.50 7.49 22.52 16.22 14.74 12.30 12.54 1.43 1.90 2.05 2.30 1.33 441.70 17.9%

BHARTI AIRTEL LTD 2.15 2.10 1.92 1.72 1.58 1.40 1.27 1.17 1.06 6.09 6.10 5.22 4.53 7.61 7.32 6.42 5.69 4.90 22.92 41.36 22.08 15.82 11.01 0.36 0.39 0.54 0.91 4.04 359.56 21.0%

CAIRN INDIA LTD 1.12 0.94 0.82 0.74 0.74 3.74 2.81 2.80 2.75 2.46 5.55 4.09 4.42 4.71 5.23 3.80 2.97 3.19 3.36 3.70 6.42 4.60 5.17 5.46 6.14 2.45 4.37 3.87 3.78 3.97 383.74 38.5%

CANARA BANK 0.75 0.93 0.86 1.47 4.51 4.67 4.48 3.50 3.14 3.07 3.45 3.91 464.81 28.2%

CIPLA LTD 4.05 3.42 2.96 2.57 4.39 3.69 3.28 2.85 23.37 18.25 16.32 14.16 18.83 13.47 12.62 10.96 27.15 19.95 18.48 15.87 0.77 0.79 0.87 0.96 436.25 14.9%

COAL INDIA LTD 4.41 3.77 3.12 2.67 2.58 3.11 2.77 2.58 2.38 2.18 11.24 9.98 9.29 8.03 7.34 6.63 5.91 5.21 4.85 12.95 11.24 10.27 9.16 9.73 2.20 3.33 3.64 4.38 3.32 388.40 28.9%

COLGATE PALMOLIVE (INDIA) 39.16 34.43 30.56 27.02 6.29 5.47 4.60 3.88 37.94 28.74 24.97 21.37 28.54 24.81 20.40 16.74 37.78 31.11 27.19 23.30 2.24 2.33 2.66 3.00 1335.92 7.8%

CROMPTON GREAVES LTD 1.65 1.63 1.47 1.29 0.52 0.49 0.44 0.39 0.35 10.50 15.42 8.31 6.56 8.06 12.53 7.19 5.86 4.88 13.20 29.38 11.78 8.82 2.03 1.31 1.79 2.05 109.57 19.0%

CUMMINS INDIA LTD 6.58 5.98 5.39 4.84 3.29 2.90 2.47 2.12 19.88 15.47 12.97 11.21 24.20 19.58 16.32 14.31 2.10 2.60 2.83 3.18 542.22 11.8%

DABUR INDIA LTD 13.85 10.82 8.65 7.01 4.51 3.77 3.25 2.80 35.20 27.89 23.30 20.06 26.63 22.63 19.08 16.21 36.34 30.54 25.47 21.37 1.05 1.20 1.44 1.72 146.21 8.9%

DIVI'S LABORATORIES LTD 6.22 5.17 4.24 3.51 8.11 5.83 4.78 3.99 23.83 18.98 15.50 13.53 21.84 15.58 12.68 10.65 27.24 20.43 16.64 13.78 0.94 1.42 1.65 1.97 1261.04 26.4%

DLF LTD 1.52 1.49 1.42 1.33 4.21 4.85 4.17 3.49 21.79 20.33 19.96 13.98 13.73 17.91 14.31 11.38 28.81 38.28 27.85 18.57 0.92 0.92 0.97 0.92 282.29 19.5%

DR. REDDY'S LABORATORIES 5.19 4.34 3.57 2.98 3.15 2.63 2.34 2.09 15.96 14.19 13.55 11.81 13.72 12.89 11.54 10.36 19.96 18.86 16.58 14.54 0.67 0.91 0.99 1.16 2084.67 18.8%

EXIDE INDUSTRIES LTD 3.97 3.78 3.31 2.86 2.06 1.68 1.42 1.19 18.83 16.17 13.86 11.90 12.94 11.27 9.13 8.34 22.68 20.15 16.51 15.19 1.04 1.17 1.40 1.72 135.65 7.5%

FEDERAL BANK LTD 1.36 1.18 3.34 11.52 1.78 1.98 2.23 2.55 576.96 18.2%

GAIL INDIA LTD 1.60 1.35 1.21 1.06 0.94 0.79 0.70 0.59 7.22 6.36 6.03 5.38 7.00 6.33 5.86 5.10 9.18 8.56 8.26 7.21 2.89 3.02 3.15 3.44 394.80 29.9%

GLENMARK PHARMACEUTICALS LTD 5.12 4.28 3.47 2.81 3.36 2.61 2.21 1.92 19.89 17.09 14.04 11.63 16.76 14.14 12.07 10.31 23.20 21.16 16.74 13.90 0.12 0.40 0.43 0.45 560.94 18.9%

GMR INFRASTRUCTURE LTD 0.86 0.90 0.92 0.85 1.06 0.96 0.72 0.58 28.91 16.59 6.65 4.40 23.31 17.63 11.34 9.39 42.22 0.00 0.00 0.44 0.00 26.00 24.4%

GODREJ CONSUMER PRODUCTS LTD 11.87 8.37 7.08 6.00 5.84 4.34 3.60 3.01 41.94 35.23 27.99 23.39 33.87 27.25 21.87 18.07 47.00 38.86 31.12 25.23 0.78 0.70 0.88 1.10 750.07 -7.8%

GRASIM INDUSTRIES LTD 1.55 1.33 1.15 1.00 1.10 0.96 0.84 0.72 6.28 5.49 4.95 4.28 6.37 5.65 4.73 3.97 10.49 9.60 8.33 7.14 0.88 0.87 0.94 0.99 3759.90 33.0%

HCL TECHNOLOGIES LTD 5.21 4.09 3.34 2.76 2.57 2.14 1.90 1.66 1.58 17.82 12.41 11.46 9.99 14.20 9.76 9.10 8.28 8.63 23.11 14.89 13.65 12.29 13.44 1.14 1.46 1.61 1.85 795.04 2.6%

HDFC BANK LIMITED 4.84 8.28 27.68 0.66 0.89 1.08 1.33 708.11 15.3%

HERO MOTOCORP LTD 2.92 3.15 3.75 1840.35 17.0%

HINDALCO INDUSTRIES LTD 0.54 0.50 0.47 0.43 0.37 0.21 0.21 0.19 0.18 0.16 3.10 3.08 2.69 2.46 6.23 6.37 5.53 4.78 3.54 5.54 6.14 5.77 5.07 3.31 1.87 1.76 1.83 1.90 1.76 123.33 40.2%

HINDUSTAN PETROLEUM CORP 0.70 0.69 0.65 0.62 0.05 0.05 0.05 0.04 4.22 1.64 2.14 2.83 13.21 8.44 7.98 7.34 10.59 10.43 7.09 6.66 2.79 2.76 3.39 3.77 4.97 361.18 28.6%

HINDUSTAN UNILEVER LTD 31.50 25.35 21.13 18.47 4.48 3.80 3.33 2.92 37.14 32.11 29.19 26.66 30.78 24.03 21.27 18.76 39.70 31.18 28.27 25.68 1.71 2.84 2.37 2.67 479.12 1.4%

HINDUSTAN ZINC LTD 2.39 2.62 2.76 152.05 30.6%

HOUSING DEVELOPMENT & INFRAS 0.19 0.17 0.16 0.15 0.96 0.95 0.73 0.67 3.33 3.61 2.36 2.25 4.54 4.44 3.62 3.61 2.72 2.88 2.30 2.15 3.48 2.00 2.91 2.74 94.89 108.8%

HOUSING DEVELOPMENT FINANCE 5.50 20.79 27.03 1.26 1.50 1.74 2.00 850.02 3.3%

ICICI BANK LTD 1.97 1.76 1.61 1.51 4.94 17.15 12.98 11.15 1.59 1.93 2.18 2.50 1345.89 31.8%

IDBI BANK LTD 4.35 3.96 5.11 6.05 109.45 37.2%

IDEA CELLULAR LTD 2.76 2.57 2.32 2.05 1.85 1.62 1.43 1.28 1.11 9.81 7.96 6.69 5.59 8.92 7.73 6.56 5.64 4.54 49.57 35.37 23.31 16.74 10.87 0.01 0.06 0.17 0.34 3.68 112.59 3.6%

IDFC LTD 1.71 1.55 1.38 1.22 7.07 6.25 5.26 4.49 12.82 10.35 8.08 7.28 28.97 23.21 19.86 17.09 13.17 11.86 9.91 8.27 1.71 1.88 2.21 2.43 181.91 30.2%

INDIAN OIL CORPORATION LTD 1.13 1.02 0.95 0.89 0.15 0.14 0.14 0.14 9.97 6.07 4.51 4.16 8.77 7.94 7.05 6.49 11.12 10.50 8.44 7.61 2.39 2.73 3.23 3.48 337.27 23.1%

INDUSIND BANK LTD 2.85 15.50 0.73 0.92 1.06 480.63 20.2%

INFOSYS LTD 5.05 4.23 3.56 3.07 4.78 4.04 3.62 3.22 2.52 17.95 15.14 14.51 13.22 13.02 11.99 10.79 9.81 8.43 19.60 17.49 16.04 14.45 13.52 1.49 1.68 1.80 2.05 2938.78 3.0%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%

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

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

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

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

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

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

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

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

ITC LTD 13.12 10.86 9.64 8.42 9.28 7.87 6.75 5.80 36.30 29.52 25.02 21.25 26.00 21.31 17.92 15.16 39.44 32.06 27.07 22.90 1.53 1.87 2.19 2.64 331.78 8.4%

JAIPRAKASH ASSOCIATES LTD 1.09 1.09 1.00 0.91 0.99 0.80 0.64 0.56 8.54 6.45 4.41 2.91 13.32 9.98 8.21 6.71 5.64 12.70 15.05 11.48 7.43 1.35 1.04 1.10 1.26 94.33 47.1%

JINDAL STEEL & POWER LTD 1.83 1.55 1.32 1.11 1.94 1.67 1.46 1.20 1.14 6.07 6.43 5.65 4.63 7.54 7.45 6.65 5.40 4.25 8.23 8.52 8.07 7.32 5.67 0.54 0.49 0.50 0.52 460.94 30.6%

JSW STEEL LTD 0.79 0.75 0.69 0.63 0.42 0.35 0.32 0.30 4.74 3.63 3.02 2.77 5.30 4.34 3.88 3.62 4.02 12.36 8.78 7.01 6.17 1.56 1.53 1.70 1.94 758.04 26.5%

KOTAK MAHINDRA BANK LTD 3.75 3.18 2.72 2.33 6.79 5.09 4.29 3.90 26.55 22.61 18.39 15.09 0.12 0.13 0.17 0.17 669.29 4.6%

LARSEN & TOUBRO LTD 3.03 2.38 2.14 1.86 1.31 1.10 0.97 0.84 16.86 7.39 10.50 10.66 13.83 12.22 10.71 9.16 17.31 15.78 14.17 12.19 1.14 1.32 1.42 1.54 1720.71 28.7%

LIC HOUSING FINANCE LTD 2.12 1.70 1.44 6.31 5.99 4.61 10.75 10.52 7.69 1.72 1.80 2.20 2.68 286.18 29.3%

LUPIN LTD 6.97 5.55 4.48 3.67 4.03 3.01 2.61 2.30 26.51 19.19 16.09 14.25 20.27 13.95 12.10 10.79 28.54 23.33 19.40 17.05 0.60 0.69 0.78 0.89 680.15 9.3%

MAHINDRA & MAHINDRA LTD 3.22 2.54 2.17 1.84 1.17 0.75 0.66 0.59 11.38 9.17 8.10 6.90 11.79 8.31 7.18 6.10 17.33 13.54 11.47 9.45 1.38 1.53 1.64 1.79 997.57 15.6%

MARUTI SUZUKI INDIA LTD 2.42 2.17 1.88 1.61 1.06 0.88 0.76 0.65 13.80 10.45 7.59 6.60 12.77 9.67 6.48 5.21 23.56 19.57 12.70 10.19 0.54 0.63 0.93 1.09 1738.92 34.5%

NESTLE INDIA LTD 28.05 36.72 1.25 1.57 2.09 2.39 4683.86 2.1%

NHPC LTD 0.89 0.82 0.78 0.74 0.69 4.29 3.81 3.41 3.13 7.27 6.86 6.86 6.04 9.48 8.69 7.58 6.89 11.53 10.57 9.58 8.84 7.98 3.31 3.76 3.94 4.12 24.06 20.6%

NMDC LTD 2.18 4.72 7.14 4.87 7.26 3.52 3.51 3.70 4.08 185.85 38.5%

NTPC LTD 1.58 1.46 1.34 1.25 1.85 1.65 1.43 1.30 8.97 8.76 7.60 6.76 10.32 9.05 7.67 6.79 12.36 11.39 10.10 9.36 2.93 3.10 3.32 3.75 182.02 27.7%

OIL & NATURAL GAS CORP LTD 1.97 1.73 1.54 1.36 1.30 1.77 1.65 1.52 1.42 1.64 5.45 5.69 5.05 4.45 8.39 4.38 4.55 3.96 3.52 4.21 9.70 10.25 8.85 7.61 9.02 3.36 3.26 3.64 4.05 4.33 354.62 17.2%

POWER FINANCE CORPORATION 1.15 1.11 0.96 0.80 5.50 3.82 3.07 2.66 8.94 5.61 4.53 3.86 3.08 3.97 4.53 5.10 240.93 32.1%

POWER GRID CORP OF INDIA LTD 2.08 1.87 1.61 1.45 4.80 3.79 3.25 3.01 11.70 9.26 7.90 7.24 16.09 11.87 10.46 9.85 1.14 2.24 2.48 2.86 135.51 29.1%

PUNJAB NATIONAL BANK 1.00 4.81 3.52 3.32 3.65 4.21 952.84 33.7%

RANBAXY LABORATORIES LTD 3.98 3.68 2.87 2.56 1.55 1.61 1.44 1.29 10.06 13.85 10.35 15.56 8.40 11.05 8.39 10.72 13.14 16.98 12.86 17.01 0.79 0.81 1.04 1.65 452.89 1.8%

RELIANCE CAPITAL LTD 0.92 0.67 0.64 0.56 1.37 1.28 1.17 1.21 32.61 28.85 29.01 33.28 13.88 11.33 10.85 8.42 2.27 3.19 3.28 3.41 529.39 75.9%

RELIANCE COMMUNICATIONS LTD 0.27 0.30 0.29 0.28 0.52 0.50 0.46 0.44 0.41 2.13 2.08 1.96 1.74 7.57 7.28 6.62 6.09 5.46 13.03 16.85 10.47 7.23 5.76 1.46 0.57 0.72 0.76 1.57 68.33 33.7%

RELIANCE INDUSTRIES LTD 1.45 1.33 1.21 1.11 0.77 0.69 0.70 0.67 0.65 8.09 7.58 7.43 6.47 7.80 8.33 7.96 6.82 6.29 12.29 11.94 11.33 10.06 9.58 1.08 1.16 1.24 1.33 924.24 18.0%

RELIANCE INFRASTRUCTURE LTD 0.37 0.33 0.31 0.30 0.37 0.38 0.36 0.35 3.46 55.62 20.02 7.50 7.56 6.42 5.43 5.32 5.21 5.06 5.13 2.39 2.39 2.48 2.42 674.82 108.5%

RELIANCE POWER LTD 0.95 0.89 0.84 0.78 0.70 7.96 3.47 2.31 1.46 1.04 21.08 12.06 7.59 5.54 48.12 19.22 11.17 6.92 4.23 23.10 16.56 16.00 9.89 6.18 0.00 0.00 0.00 0.23 3.33 91.41 54.5%

RURAL ELECTRIFICATION CORP 1.37 1.17 1.01 0.87 4.91 3.61 3.25 2.97 5.17 5.14 4.60 34.26 7.98 5.50 5.06 5.06 4.00 269.19 33.2%

SATYAM COMPUTER SERVICES LTD 3.85 3.40 2.60 2.32 2.32 1.92 1.75 1.59 17.57 9.99 9.48 9.84 11.96 7.30 6.97 6.42 15.31 12.20 11.00 10.13 0.00 0.00 0.00 0.00 131.20 3.8%

SESA GOA LTD 0.86 0.77 0.69 0.63 1.60 4.62 2.36 2.09 4.76 6.06 5.60 6.08 4.88 17.28 10.27 9.20 4.79 5.16 4.91 4.58 2.51 2.39 2.56 2.49 185.91 23.0%

SHRIRAM TRANSPORT FINANCE 2.48 2.10 1.75 1.46 4.22 3.95 3.39 2.93 11.88 10.36 8.20 6.77 10.81 10.66 8.95 7.58 1.16 1.12 1.32 1.56 809.92 20.1%

SIEMENS LTD 4.36 3.99 3.58 1.48 1.42 1.29 25.07 19.22 16.25 18.90 15.20 12.48 31.08 25.49 20.85 1.23 1.15 1.23 1.28 571.05 8.3%

STATE BANK OF INDIA 1.37 1.16 1.01 0.88 1.61 1.42 1.23 1.06 9.24 6.79 6.15 9.62 7.41 6.45 5.42 1.72 2.01 2.28 2.58 2435.05 18.7%

STEEL AUTHORITY OF INDIA 0.63 0.59 0.55 0.52 0.55 0.56 0.49 0.43 4.25 5.63 4.67 3.61 5.87 6.29 4.98 3.77 3.02 6.39 8.41 7.62 6.14 3.82 3.23 3.42 3.50 6.93 77.75 27.5%

STERLITE INDUSTRIES INDIA LT 0.65 0.58 0.53 0.47 0.78 0.71 0.65 0.61 4.24 3.63 3.23 2.93 3.69 3.61 3.08 2.84 5.66 5.35 4.71 4.37 1.64 2.11 2.23 2.39 123.90 35.9%

SUN PHARMACEUTICAL INDUS 7.46 5.78 4.78 4.00 11.09 7.70 6.60 5.76 33.39 23.62 20.44 18.15 28.07 17.21 15.70 14.24 36.49 26.08 22.96 19.91 0.53 0.66 0.79 0.93 860.56 4.7%

SUZLON ENERGY LTD 0.38 0.55 0.50 1.17 0.11 0.11 0.09 0.07 8.14 287.23 2.64 8.18 68.39 6.40 5.37 34.18 5.13 0.00 0.74 1.32 0.00 16.48 22.1%

TATA CHEMICALS LTD 1.32 1.19 1.08 0.97 0.62 0.56 0.53 0.50 5.24 5.62 5.03 4.33 6.26 6.15 5.61 5.33 9.22 9.63 8.46 7.78 3.20 3.17 3.25 3.52 385.05 19.2%

TATA CONSULTANCY SVCS LTD 9.69 7.67 6.14 4.95 6.21 4.84 4.27 3.77 3.27 27.42 20.97 18.36 16.24 20.26 16.16 14.34 12.89 11.27 28.72 21.88 19.63 17.41 1.14 1.44 1.65 1.78 1506.73 -3.3%

TATA GLOBAL BEVERAGES LTD 1.74 1.60 1.51 1.46 1.18 1.03 0.92 0.83 18.23 15.11 13.21 11.85 15.29 12.00 10.27 9.11 24.39 18.47 15.54 14.46 2.20 2.15 2.42 3.38 160.78 30.2%

TATA MOTORS LTD 3.09 2.12 1.68 1.35 0.50 0.43 0.38 0.33 5.03 4.78 3.99 3.33 4.49 4.08 3.40 2.99 8.43 8.60 6.92 6.17 1.58 1.43 1.51 1.58 326.65 18.7%

TATA POWER CO LTD 1.61 1.75 1.62 1.47 0.91 0.74 0.63 0.60 8.25 7.50 5.70 4.95 8.93 8.60 7.18 6.72 13.08 19.11 16.31 13.36 1.34 1.20 1.27 1.30 104.83 10.6%

TATA STEEL LTD 0.76 0.72 0.68 0.64 0.44 0.23 0.22 0.21 0.20 0.17 3.46 4.88 3.22 3.00 2.24 5.85 6.24 4.85 4.48 3.25 6.69 17.35 7.95 6.64 2.63 3.76 3.38 3.60 4.06 7.60 407.20 33.0%

TITAN INDUSTRIES LTD 15.69 11.36 8.57 6.60 2.56 2.16 1.75 1.46 39.21 33.67 27.60 22.30 27.05 21.05 16.76 13.64 37.94 30.67 24.68 20.15 0.71 0.94 1.24 1.56 309.61 23.0%

ULTRATECH CEMENT LTD 4.04 3.29 2.79 2.28 2.79 2.35 2.02 1.75 18.00 13.42 11.32 9.43 13.46 10.96 9.10 7.56 24.64 18.34 15.42 12.82 0.35 0.47 0.52 0.60 2090.79 13.0%

UNION BANK OF INDIA 0.76 4.97 3.43 3.99 4.59 5.07 9.15 263.54 25.3%

UNITECH LTD 0.49 0.47 0.46 0.44 2.12 2.30 1.87 1.52 12.70 18.48 12.59 11.33 13.74 18.82 13.34 9.72 14.29 18.09 13.67 10.25 0.47 0.51 0.59 0.57 33.72 52.6%

UNITED BREWERIES LTD 12.28 12.28 10.44 8.51 4.89 4.40 3.64 2.94 50.56 45.81 36.85 28.54 46.90 36.42 27.84 20.22 14.83 106.66 83.86 60.64 41.11 0.11 0.12 0.16 0.26 517.20 -24.9%

UNITED PHOSPHORUS LTD 1.27 1.13 0.99 0.86 0.68 0.59 0.54 0.49 7.24 5.19 4.55 3.85 5.58 5.08 4.57 4.08 8.76 7.37 6.36 5.42 2.01 2.41 2.63 2.90 163.84 40.5%

UNITED SPIRITS LTD 5.16 4.26 3.14 2.88 2.83 2.33 2.04 1.83 1.62 54.04 45.84 29.20 23.47 26.40 23.12 19.30 16.32 12.38 65.91 67.73 36.46 26.61 0.17 0.16 0.17 0.20 2240.81 18.9%

WIPRO LTD 3.85 3.25 2.81 2.43 2.86 2.48 2.26 2.04 1.88 16.25 14.09 12.81 11.85 13.43 11.54 10.58 9.56 8.86 18.93 16.29 15.01 13.42 13.00 1.41 1.60 1.76 1.89 432.15 -0.8%

YES BANK LTD 3.19 6.17 15.25 9.78 0.95 1.14 1.38 1.63 568.26 33.6%

ZEE ENTERTAINMENT ENTERPRISE 5.74 5.23 4.50 3.85 3.02 6.74 5.45 4.71 4.09 3.39 34.16 28.06 22.87 18.83 24.18 20.54 16.69 13.45 9.16 34.51 28.11 23.03 18.77 13.54 0.93 1.05 1.23 1.49 3.76 250.18 19.9%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


27.03.2013

ABB Limited undertakes engineering and construction projects and manufactures

a wide range of food products. The Company's product line includes milk,

chocolate, confectionery, bottled water, coffee, creamer, food seasoning and

pet foods.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (30.03.2012) 862.00

52-Week Low (26.03.2013) 485.00

Daily Volume

488.85

52-Week High % Change -43.29% Dividend Yield 0.61

52-Week Low % Change 0.79% Beta 0.94

% 52 Week Price Range High/Low 1.02% Equity Float 32.78

Shares Out 25.01.2013 211.9 Short Int -

103'591.41 1 Yr Total Return -40.12%

Total Debt 3'315.70 YTD Return -30.20%

Preferred Stock 18.5 Adjusted BETA 0.935

Minority Interest 0.0 Analyst Recs 39

Cash and Equivalents 869.20 Consensus Rating 1.359

Enterprise Value 106'037.91

Average Volume 5 Day 10'909

ABB IB EQUITY YTD Change - Average Volume 30 Day 12'714

ABB IB EQUITY YTD % CHANGE - Average Volume 3 Month 10'006

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

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

- - - 73'727.3 75'136.8 0 21'721 80'764 90'596 - -

- - - 1.64x 2.01x #DIV/0! 5.57x - - - -

- - - 2'813.7 3'415.8 0.0 1'082.8 4'684.0 6'614.0 - -

- - - 43.01x 44.19x 0.00x 0.00x 22.64x 16.04x - -

- - - 1'847.1 1'409.4 0.0 642.9 2'228.0 3'472.0 - -

- - - 66.92x 105.38x 0.00x 0.00x 46.56x 29.81x - -

EBITDA 3'415.80 Long-Term Rating Date -

EBIT 2'474.10 Long-Term Rating -

Operating Margin 3.29% Long-Term Outlook -

Pretax Margin 2.81% Short-Term Rating Date -

Return on Assets 2.20% Short-Term Rating -

Return on Common Equity 5.49%

Return on Capital 6.21% EBITDA/Interest Exp. 7.90

Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 4.12

Net Debt/EBITDA 0.72

Gross Margin - Total Debt/EBITDA 0.97

EBITDA Margin 4.5%

EBIT Margin 3.3% Total Debt/Equity 12.7%

Net Income Margin 1.9% Total Debt/Capital 11.3%

Asset Turnover 1.17

Current Ratio 1.25 Net Fixed Asset Turnover 6.10

Quick Ratio 0.87 Accounts receivable turnover-days 155.25

Debt to Assets 5.10% Inventory Days -

Tot Debt to Common Equity 12.74% Accounts Payable Turnover Day -

Accounts Receivable Turnover 2.36 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ABB Ltd/IndiaPrice/Volume

Valuation Analysis

13'351.00

Current Price (3/dd/yy) Market Data

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70'000.0

80'000.0

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

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27.03.2013

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

ABB ASEA BROWN BOVER n/a ULT-AGG 167'423'934 5.19 145'091 25.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 73'718'620 2.29 2'250'900 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 45'239'182 1.4 (902'542) 31.01.2013 Mutual Fund Manager

FMR LLC n/a ULT-AGG 37'264'088 1.16 2'976'375 31.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'232'885 1.09 (997'394) 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 28'857'544 0.89 (56'440) 30.11.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 23'431'160 0.73 524'947 31.01.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 18'332'115 0.57 319'679 31.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 17'812'640 0.55 88'163 31.01.2013 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 16'719'546 0.52 6'474'868 31.01.2013 Mutual Fund Manager

CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'537'390 0.39 22'050 31.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'887'345 0.37 (187'731) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'560'011 0.33 (110'988) 28.02.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9'789'155 0.3 3'003'499 31.12.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'899'608 0.28 (63'233) 31.01.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'902'742 0.25 11'764 30.09.2012 Hedge Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'524'912 0.17 121'371 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'320'763 0.16 (722'976) 31.01.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 5'162'265 0.16 (118'700) 28.02.2013 Unclassified

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'693'232 0.15 (71'536) 31.05.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Axis Capital Limited ANDREW WOOD market perform 3 M 66 12 month 26.03.2013

Kepler Capital Markets JON COX hold 3 M 60 Not Provided 22.03.2013

Grupo Santander PEDRO GIL buy 5 M 72 Not Provided 21.03.2013

Jefferies ALEX HOWSON buy 5 M 74 12 month 21.03.2013

AlphaValue SOPHIE CABO-BROSETA reduce 2 M 70 6 month 21.03.2013

EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 21.03.2013

Exane BNP Paribas JEFF STENT outperform 5 M 74 Not Provided 19.03.2013

Day by Day VALERIE GASTALDY buy 5 M 79 3 month 18.03.2013

JPMorgan CELINE PANNUTI overweight 5 M 72 9 month 14.03.2013

Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 68 12 month 13.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 73 12 month 11.03.2013

Credit Suisse ALEX MOLLOY outperform 5 U 76 Not Provided 07.03.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 69 12 month 05.03.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 63 12 month 26.02.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 22.02.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 22.02.2013

Societe Generale WARREN L ACKERMAN buy 5 M 71 12 month 19.02.2013

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 18.02.2013

Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 15.02.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 15.02.2013

Nomura DAVID HAYES reduce 2 M 66 Not Provided 15.02.2013

Helvea ANDREAS VON ARX neutral 3 M 65 12 month 15.02.2013

Barclays LIAM ROWLEY overweight 5 M 70 Not Provided 15.02.2013

Deutsche Bank JAMES ISENWATER hold 3 M 63 12 month 14.02.2013

Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 70 12 month 14.02.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 67 12 month 14.02.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 14.02.2013

SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 61 12 month 14.02.2013

S&P Capital IQ CARL SHORT hold 3 M 65 12 month 14.02.2013

Natixis PIERRE TEGNER buy 5 U 72 Not Provided 11.02.2013

Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013

CA Cheuvreux ERIC BOROIAN outperform 5 M 63 Not Provided 21.01.2013

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 49 6 month 18.10.2012

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 58 Not Provided 14.09.2012

Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 13.09.2012

HSBC CEDRIC BESNARD neutral 3 D 67 Not Provided 12.09.2012

Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012

DZ Bank AG ROBERT CZERWENSKY hold 3 D 63 12 month 16.08.2012

Holdings By:

ABB Ltd/India ee


27.03.2013

ACC Limited manufactures a range of cements and blended cements. The Company

provides a variety of international banking and financial services, including

retail and corporate banking, trade, trusteeship, securities, custody, capital

markets, treasury, private and investment banking, and insurance. The Group

operates worldwide.


LTM as of: 12/yy

52-Week High (15.10.2012) 1'514.95

52-Week Low (04.06.2012) 1'105.05

Daily Volume

1157.4





217'296.48 1 Yr Total Return -10.41%




Cash and Equivalents 30'229.20 Consensus Rating 3.310



ACC IB EQUITY YTD Change - Average Volume 30 Day 25'274

ACC IB EQUITY YTD % CHANGE - Average Volume 3 Month 25'265


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

76'939.4 84'795.5 82'606.3 100'020.7 111'305.6 100'260.1 111'816.2 127'089.6 143'117.1 31'863.0 -

1.11x 1.78x 2.22x 1.90x 2.16x 3.69x 4.07x 1.48x 1.27x - -

22'511.9 26'283.6 18'428.2 19'212.4 21'966.5 19'211.3 21'967.1 24'105.6 28'627.9 6'505.0 -

3.78x 5.74x 9.95x 9.91x 10.94x 10.53x 10.94x 7.84x 6.60x - -

10'996.5 15'639.1 10'775.3 13'008.0 10'592.8 13'008.0 10'592.7 15'498.3 17'601.4 3'581.0 -

8.19x 10.47x 18.74x 16.41x 25.38x 16.41x 25.40x 14.55x 12.67x - -









Net Debt/EBITDA -1.30


EBITDA Margin 19.7%



Asset Turnover 0.93







Fiscal Year Ended

ACC LtdPrice/Volume

Valuation Analysis

17'393.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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27.03.2013


HOLCIM PVT LTD n/a ULT-AGG 1'324'583'860 7.17 (13'049'021) 12.02.2013 Unclassified

BLACKROCK n/a ULT-AGG 1'110'172'768 6.01 - 25.03.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 681'507'879 3.69 2'537'898 01.02.2013 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 476'556'585 2.58 - 01.02.2013 Government

SCOTTISH WIDOWS n/a ULT-AGG 440'954'225 2.39 79'539'775 01.02.2013 Unclassified



FRANKLIN RESOURCES n/a ULT-AGG 224'222'452 1.21 (2'646'000) 28.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 209'856'599 1.14 5'636'526 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios REG 200'499'704 1.08 10'505'716 01.02.2013 Investment Advisor

DZ BANK AG Multiple Portfolios REG 199'869'719 1.08 - 01.02.2013 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 198'426'753 1.07 5'126'341 01.02.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 193'573'011 1.05 27'428'625 28.02.2013 Unclassified

UBS n/a ULT-AGG 187'959'754 1.02 21'768'714 01.02.2013 Unclassified

SUN LIFE FINANCIAL I n/a ULT-AGG 181'870'790 0.98 2'568'947 01.02.2013 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 180'568'727 0.98 (14'593'182) 01.02.2013 Investment Advisor

STATE STREET n/a ULT-AGG 174'085'246 0.94 2'029'272 26.03.2013 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 141'993'045 0.77 (3'241'674) 01.02.2013 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 127'868'417 0.69 19'292'369 01.02.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 125'817'709 0.68 (3'893'625) 01.02.2013 Investment Advisor


IIFL THOMAS STOEGNER outperform 5 M 800 12 month 26.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 835 Not Provided 25.03.2013

Credit Suisse AMIT GOEL outperform 5 M 790 Not Provided 25.03.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 21.03.2013

AlphaValue DAVID GRINSZTAJN sell 1 M 610 6 month 21.03.2013

Investec IAN GORDON add 4 M 735 12 month 20.03.2013

Shore Capital Stockbrokers GARY GREENWOOD buy 5 U #N/A N/A Not Provided 19.03.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 860 12 month 18.03.2013

Nomura CHINTAN JOSHI buy 5 M 900 12 month 18.03.2013

Exane BNP Paribas TOM RAYNER outperform 5 M 825 Not Provided 18.03.2013

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 856 12 month 14.03.2013

Oriel Securities Ltd VIVEK RAJA buy 5 U 860 Not Provided 14.03.2013

Goldman Sachs FREDERIK THOMASEN Buy/Neutral 5 M 940 12 month 12.03.2013

Numis Securities Ltd MICHAEL J TRIPPITT hold 3 M 652 Not Provided 12.03.2013

Societe Generale JAMES INVINE buy 5 M 790 12 month 05.03.2013

Deutsche Bank JASON NAPIER buy 5 M 760 12 month 05.03.2013

Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 777 12 month 05.03.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 700 12 month 05.03.2013

DBS Vickers ALEXANDER LEE buy 5 M 820 12 month 05.03.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 750 12 month 05.03.2013

Citic Securities Co., Ltd STEVEN CHAN buy 5 M 854 6 month 05.03.2013

BOCOM International Holdings LI SHANSHAN neutral 3 M 746 Not Provided 05.03.2013

Canaccord Genuity Corp GARETH HUNT buy 5 M 825 12 month 04.03.2013

S&P Capital IQ FRANK BRADEN buy 5 M 785 12 month 04.03.2013

CCB International Securities Ltd ADAM CHAN neutral 3 M 692 Not Provided 04.03.2013

JPMorgan RAUL SINHA overweight 5 M 755 9 month 26.02.2013

Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 800 12 month 08.02.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 720 Not Provided 04.02.2013

Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 31.01.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 800 Not Provided 29.01.2013

Berenberg Bank JAMES CHAPPELL buy 5 M 680 Not Provided 28.01.2013

Barclays ROHITH CHANDRA-RAJAN overweight 5 M 730 Not Provided 22.01.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013

Daniel Stewart & Co SIMON WILLIS hold 3 M 650 12 month 09.01.2013

Liberum Capital Ltd CORMAC LEECH buy 5 M 665 Not Provided 07.12.2012

JF Apex Securities Bhd TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 06.12.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 676 Not Provided 06.12.2012

Mizuho Securities JIM ANTOS buy 5 U 709 12 month 19.11.2012

Grupo Santander ARTURO DE FRIAS hold 3 M 632 Not Provided 18.09.2012

China International Capital Corp SALLY NG accumulate 4 M 668 12 month 12.07.2012

Redburn Partners JON KIRK buy 5 N #N/A N/A Not Provided 27.01.2011

Holdings By:

ACC Ltd ee


27.03.2013

Adani Enterprises Limited is an international trading house that operates from

Company produces pharmaceuticals for cardiovascular, respiratory and infectious

diseases, oncology, neuroscience, transplantation, dermatology,

gastrointestinal and urinary conditions, and arthritis, vaccines and

diagnostics, vision, and animal health products.


LTM as of: 12/yy

52-Week High (04.04.2012) 324.90

52-Week Low (31.08.2012) 151.70

Daily Volume

192.2




Shares Out 25.01.2013 1'099.8 Short Int -

211'383.48 1 Yr Total Return -32.22%



Minority Interest 34'623.0 Analyst Recs 14



Average Volume 5 Day 1'205'410

ADE IB EQUITY YTD Change - Average Volume 30 Day 402'417

ADE IB EQUITY YTD % CHANGE - Average Volume 3 Month 339'701


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

175'325.2 225'736.3 211'207.0 264'054.7 393'556.3 377'892.5 454'910.2 453'503.9 570'956.3 135'868.0 -

1.13x 0.75x 1.90x 4.02x 2.54x 0.00x 4.14x 2.01x 1.67x - -

7'779.0 9'697.8 16'992.6 42'841.3 53'071.5 55'273.3 54'778.9 67'673.4 114'141.9 24'812.0 -

25.50x 17.41x 23.66x 24.77x 18.87x 0.00x 0.00x 12.88x 7.64x - -

3'697.5 5'046.5 9'193.0 24'760.9 18'392.1 24'579.7 14'486.6 14'502.0 30'325.8 4'534.0 -

39.98x 13.08x 25.32x 28.64x 18.23x 13.14x 20.62x 15.36x 7.57x - -








Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. -22.51



EBITDA Margin 13.5%



Asset Turnover 0.46







Fiscal Year Ended

Adani Enterprises LtdPrice/Volume

Valuation Analysis

225'441.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 ! B- ! B. ! B0 ! B1 ! B2 ! B3 ! B4 ! B5 ! B6 ! B-! ! B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.



27.03.2013


ADANI GAUTAM S n/a ULT-AGG 120'887'981 4.47 (515'205) 31.12.2012 Investment Advisor

NOVARTIS AG n/a EXCH 109'194'165 4.03 - 09.05.2012 Corporation

BLACKROCK n/a ULT-AGG 104'449'586 3.86 4'817'320 25.03.2013 Investment Advisor

EMASAN AG n/a Co File 87'859'938 3.25 - 31.12.2011 Hedge Fund Manager

NOVARTIS FOUNDATION n/a EXCH 78'926'882 2.92 - 25.02.2013 n/a






HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'586 0.5 1'410'638 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'144'896 0.49 458'700 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'929'652 0.4 590'222 26.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 8'481'470 0.31 223'606 31.01.2013 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 6'826'249 0.25 693'638 21.03.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'478'481 0.24 63'525 28.02.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 5'456'801 0.2 (621'833) 31.12.2012 Investment Advisor




Axis Capital Limited TIMOTHY M ANDERSON outperform 5 M 71 12 month 25.03.2013

Helvea ODILE RUNDQUIST buy 5 M 68 12 month 25.03.2013

Exane BNP Paribas FLORENT CESPEDES outperform 5 M 71 Not Provided 21.03.2013

AlphaValue ARMELLE MOULIN add 4 M 75 6 month 21.03.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 U 78 15 month 15.03.2013

Credit Suisse MATTHEW WESTON outperform 5 M 70 Not Provided 14.03.2013

Jefferies JEFFREY HOLFORD buy 5 M 78 12 month 14.03.2013

Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 13.03.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 72 Not Provided 28.02.2013


Societe Generale STEPHEN MCGARRY buy 5 M 72 12 month 25.02.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 70 6 month 25.02.2013

Kepler Capital Markets MARTIN VOEGTLI hold 3 M 59 Not Provided 14.02.2013

Barclays MARK PURCELL equalweight 3 M 65 Not Provided 04.02.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 60 12 month 28.01.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 70 Not Provided 25.01.2013

Bank Vontobel AG ANDREW C WEISS reduce 2 M 53 Not Provided 24.01.2013

Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 61 12 month 23.01.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 63 12 month 23.01.2013

S&P Capital IQ SHO MATSUBARA hold 3 M 63 12 month 23.01.2013

Natixis BEATRICE MUZARD neutral 3 M 62 Not Provided 18.01.2013

Nomura AMIT ROY buy 5 M 65 12 month 18.01.2013

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

Deutsche Bank TIM RACE hold 3 D 63 12 month 12.12.2012

Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.12.2012

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 Not Provided 25.10.2012

Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 70 Not Provided 05.10.2012

Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012

Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012

DZ Bank AG ELMAR KRAUS buy 5 M 56 12 month 30.01.2012

CA Cheuvreux MARCEL BRAND underperform 1 M 48 Not Provided 17.07.2009

Holdings By:

Adani Enterprises Ltd ee


27.03.2013

Adani Ports and Special Economic Zone operates a shipping port on the west coast

products. The Company produces prescription drugs in the areas of

cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,

metabolic disorders, oncology, transplantation, and the central nervous system.


LTM as of: 12/yy

52-Week High (06.02.2013) 162.40

52-Week Low (24.08.2012) 105.15

Daily Volume

131.7





263'847.00 1 Yr Total Return 9.40%







ADSEZ IB EQUITY YTD Change - Average Volume 30 Day 246'619

ADSEZ IB EQUITY YTD % CHANGE - Average Volume 3 Month 363'055


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

8'170.2 11'949.3 14'955.2 20'001.1 32'708.0 0.0 33'867.9 43'719.7 52'499.9 8'629.0 -

28.90x 12.17x 23.04x 15.43x 13.05x #DIV/0! 13.05x 9.56x 7.17x - -

4'911.4 7'441.9 9'759.7 13'308.0 21'268.1 0.0 23'908.8 29'486.3 35'486.7 7'826.0 -

48.08x 19.54x 35.30x 23.19x 20.07x 0.00x 0.00x 15.25x 12.67x - -

2'104.2 4'325.2 6'760.0 9'181.5 11'020.7 0.0 9'129.1 12'904.1 17'937.6 3'622.0 -

109.18x 29.95x 46.80x 29.82x 23.54x 0.00x 0.00x 20.56x 14.91x - -











EBITDA Margin 65.0%



Asset Turnover 0.18








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Adani Ports and Special Economic ZonePrice/Volume

Valuation Analysis

212'063.00


!.!1!3!5!

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

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 ! B

2 B

- ! B

- 2 B

. ! B

. 2 B

0 ! B

0 2 B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

2! !!

!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.



27.03.2013


ADANI ENTERPRISES LT Multiple Portfolios MF-AGG 19'795'162 2.82 336'935 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 11'953'300 1.7 - 31.12.2012 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'676'417 1.52 102'700 31.12.2012 Investment Advisor



BLACKROCK n/a ULT-AGG 8'033'131 1.14 731'500 25.03.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 7'596'200 1.08 - 29.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 7'169'150 1.02 (416'685) 31.01.2013 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'696'091 0.67 336'221 31.12.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 4'213'722 0.6 (246'469) 31.01.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 4'134'183 0.59 (5'494) 31.01.2013 Mutual Fund Manager

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 4'098'284 0.58 - 31.03.2012 Investment Advisor






ALLIANZ ASSET MANAGE n/a ULT-AGG 2'119'017 0.3 179'622 28.02.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'085'546 0.3 108'630 31.01.2013 Investment Advisor


Axis Capital Limited ODILE RUNDQUIST accumulate 4 M 220 12 month 25.03.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013

Exane BNP Paribas VINCENT MEUNIER neutral 3 M 213 Not Provided 21.03.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.03.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 270 15 month 15.03.2013


Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 208 6 month 08.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 222 12 month 05.03.2013


Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 25.02.2013

Natixis PHILIPPE LANONE buy 5 M 240 Not Provided 25.02.2013

Nomura AMIT ROY neutral 3 M 140 12 month 25.02.2013

Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 230 12 month 22.02.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 222 12 month 22.02.2013

Kepler Capital Markets MARTIN VOEGTLI buy 5 M 225 Not Provided 21.02.2013


Deutsche Bank TIM RACE buy 5 M 215 12 month 04.02.2013

Barclays MARK PURCELL overweight 5 M 230 Not Provided 04.02.2013


Credit Suisse LUISA HECTOR outperform 5 M 227 Not Provided 31.01.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 D 206 12 month 31.01.2013

Bank Vontobel AG ANDREW C WEISS buy 5 M 225 Not Provided 31.01.2013


Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 245 12 month 28.01.2013

CA Cheuvreux MARCEL BRAND outperform 5 M 220 Not Provided 28.01.2013


Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012

Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 190 Not Provided 05.10.2012


Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 178 Not Provided 02.04.2012


MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 160 Not Provided 14.11.2011

Holdings By:

Adani Ports and Special Economic Zone ee


27.03.2013

Adani Power Ltd is a power project development company. The Company develops,

services, including voice and data communications. The Company operates in

Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa

and the Middle East through its subsidiaries, associates, and investments.


LTM as of: 12/yy

52-Week High (18.04.2012) 73.85

52-Week Low (30.08.2012) 36.80

Daily Volume

39.2





93'816.27 1 Yr Total Return -42.52%







ADANI IB EQUITY YTD Change - Average Volume 30 Day 1'486'169

ADANI IB EQUITY YTD % CHANGE - Average Volume 3 Month 993'139


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

- - 4'348.6 21'351.9 40'897.9 0.0 48'868.7 69'279.5 135'658.8 - -

- - 80.80x 22.96x 13.11x #DIV/0! 9.74x 6.91x 3.47x - -

- - 2'439.5 12'549.7 13'383.1 0.0 4'561.5 15'694.8 51'388.5 - -

- - 144.04x 39.06x 40.06x 0.00x 0.00x 28.95x 8.84x - -

(71.8) (49.9) 1'701.1 5'135.7 (2'872.7) 0.0 (16'897.3) (12'666.3) 5'709.0 - -

- - 141.19x 47.86x - 0.00x 0.00x - 17.51x - -





Return on Assets -0.67% Short-Term Rating -

Return on Common Equity -4.66%

Return on Capital -1538.43% EBITDA/Interest Exp. 1.97




EBITDA Margin 32.7%


Net Income Margin -7.0% Total Debt/Capital 85.4%

Asset Turnover 0.09







Fiscal Year Ended

Adani Power LtdPrice/Volume

Valuation Analysis

275'374.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 ! B

. ! B

1 ! B

3 ! B

5 ! B

-! ! B

-. ! B

-1 ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.



27.03.2013


ADANI ENTERPRISES LT n/a ULT-AGG 3'213'888'547 6.57 - 25.03.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 1'840'749'892 3.76 (25'141'828) 03.12.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 1'829'029'872 3.74 (28'812'480) 31.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 1'307'796'665 2.67 141'890'605 03.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 1'168'679'699 2.39 (11'916'154) 03.12.2012 Government

FMR LLC n/a ULT-AGG 1'115'035'830 2.28 (52'316'656) 31.01.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 890'918'812 1.82 (52'366'577) 31.01.2013 Investment Advisor




PEOPLES REPUBLIC OF Multiple Portfolios REG 619'899'347 1.27 99'016'155 03.12.2012 Government

STANDARD LIFE INVEST Multiple Portfolios REG 526'399'681 1.08 (24'829'446) 03.12.2012 Investment Advisor


STATE STREET n/a ULT-AGG 514'956'230 1.05 (15'517'805) 26.03.2013 Investment Advisor


JP MORGAN n/a ULT-AGG 463'624'918 0.95 (60'869'430) 31.01.2013 Unclassified

DODGE & COX Multiple Portfolios REG 413'470'000 0.85 15'508'600 03.12.2012 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 409'583'000 0.84 2'613'000 29.01.2013 Investment Advisor

AXA n/a ULT-AGG 402'114'002 0.82 (2'762'350) 31.01.2013 Investment Advisor


Nomura JUSTIN FUNNELL outperform 5 M 180 Not Provided 27.03.2013

Grupo Santander JOHN DAVIES hold 3 M 200 Not Provided 26.03.2013

Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 220 12 month 26.03.2013

Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 205 12 month 25.03.2013

Jefferies JEREMY A DELLIS hold 3 M 174 12 month 25.03.2013

Oriel Securities Ltd JOHN KARIDIS buy 5 M 225 Not Provided 25.03.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 U 172 Not Provided 22.03.2013

AlphaValue JEAN-MICHEL SALVADOR add 4 M 215 6 month 21.03.2013

Societe Generale OTTAVIO ADORISIO sell 1 M 100 12 month 15.03.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 135 12 month 15.03.2013

Espirito Santo Investment Bank ResearchNICK BROWN buy 5 M 200 Not Provided 13.03.2013

Barclays MAURICE PATRICK overweight 5 M 210 Not Provided 12.03.2013

Macquarie GUY R PEDDY outperform 5 M 205 12 month 11.03.2013

New Street Research JAMES RATZER buy 5 M 250 Not Provided 11.03.2013

Exane BNP Paribas ANTOINE PRADAYROL underperform 1 M 178 Not Provided 08.03.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 185 Not Provided 06.03.2013

Nomura JAMES BRITTON neutral 3 M 195 12 month 06.03.2013

JPMorgan AKHIL DATTANI overweight 5 M 220 12 month 26.02.2013

Oddo & Cie VINCENT MAULAY buy 5 M 200 Not Provided 14.02.2013

Banca Akros(ESN) ANDREA DEVITA hold 3 M 184 12 month 14.02.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 11.02.2013

Deutsche Bank DAVID A WRIGHT hold 3 M 173 12 month 08.02.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 150 12 month 07.02.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 M 190 12 month 07.02.2013


Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 210 Not Provided 18.01.2013

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

HSBC STEPHEN HOWARD overweight 5 M 205 Not Provided 07.12.2012

Natixis BENOIT MAYNARD neutral 3 M 190 Not Provided 02.10.2012

DZ Bank AG JOERI SELS buy 5 M 190 12 month 08.11.2011

Northland Capital Partners Ltd DAVID JOHNSON not rated #N/A N/A M #N/A N/A Not Provided 13.04.2010

Holdings By:

Adani Power Ltd ee


27.03.2013

Ambuja Cements Limited manufactures cement in India. The Company owns specially

produces oil and natural gas, refines, markets, and supplies petroleum

products, generates solar energy, and manufactures and markets chemicals. BP's

chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and

polyethylene.


LTM as of: 06/yy

52-Week High (05.10.2012) 220.70

52-Week Low (23.05.2012) 135.60

Daily Volume

168.65





260'137.92 1 Yr Total Return 3.10%

Total Debt 603.60 YTD Return -15.11%






ACEM IB EQUITY YTD Change - Average Volume 30 Day 127'588

ACEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 163'864


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

62'474.1 70'768.7 73'902.1 85'210.3 97'395.4 0.0 36'033.2 111'671.0 125'177.6 - -

1.59x 2.06x 2.66x 2.47x 2.80x #DIV/0! 0.00x 1.93x 1.68x - -

18'079.6 20'163.0 18'914.3 20'228.2 27'827.2 0.0 3'465.5 29'614.0 33'816.7 - -

5.49x 7.24x 10.39x 10.42x 9.79x 0.00x 0.00x 7.53x 6.59x - -

13'897.1 12'168.4 12'629.7 12'277.4 12'932.1 0.0 8'326.5 18'645.9 21'117.0 - -

7.67x 13.05x 17.29x 19.38x 23.89x 0.00x 0.00x 14.28x 12.61x - -











EBITDA Margin 28.6%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ambuja Cements LtdPrice/Volume

Valuation Analysis

90'063.00


!

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20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

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27.03.2013


HOLDERIND INVSTS LTD n/a ULT-AGG 1'027'123'894 5.36 - 25.03.2013 Investment Advisor




NORGES BANK INVESTME Multiple Portfolios REG 432'628'420 2.26 4'845'711 01.11.2012 Government

FRANKLIN RESOURCES n/a ULT-AGG 369'828'759 1.93 21'912'486 31.12.2012 Investment Advisor


KUWAIT INVESTMENT AU Multiple Portfolios REG 328'143'792 1.71 - 01.11.2012 Government

M&G INVESTMENT MANAG Multiple Portfolios REG 321'514'948 1.68 (277'008) 01.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 303'860'650 1.59 (1'973'558) 31.01.2013 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 258'130'496 1.35 - 01.11.2012 Government




STATE STREET n/a ULT-AGG 193'700'712 1.01 (698'478) 26.03.2013 Investment Advisor


AVIVA INVESTORS Multiple Portfolios REG 166'069'621 0.87 (5'019'297) 01.11.2012 Investment Advisor

AXA n/a ULT-AGG 150'610'225 0.79 (592'855) 31.01.2013 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 147'434'500 0.77 (6'919'062) 01.11.2012 Government

HSBC INVESTMENTS UK Multiple Portfolios REG 139'991'616 0.73 6'546'014 01.11.2012 Investment Advisor


IIFL JASON KENNEY hold 3 M 530 12 month 25.03.2013

Independent Research GmbH SVEN DIERMEIER buy 5 M 540 12 month 25.03.2013

Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 22.03.2013

Canaccord Genuity Corp GORDON GRAY hold 3 M 500 12 month 22.03.2013

Oriel Securities Ltd RICHARD GRIFFITH hold 3 M #N/A N/A Not Provided 22.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 575 Not Provided 22.03.2013

AlphaValue ALEXANDRE ANDLAUER reduce 2 U 425 6 month 21.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.03.2013

Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 490 12 month 20.03.2013

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 510 12 month 13.03.2013

Deutsche Bank LUCAS HERRMANN buy 5 M 520 12 month 11.03.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 520 Not Provided 11.03.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 445 Not Provided 11.03.2013

Societe Generale IRENE HIMONA hold 3 M 500 12 month 08.03.2013

VTB Capital COLIN SMITH hold 3 M 490 12 month 01.03.2013

Morgan Stanley MARTIJN P RATS Underwt/In-Line 1 M 442 12 month 27.02.2013

VSA Capital Ltd DOUGIE YOUNGSON sell 1 D 400 12 month 25.02.2013

Macquarie JASON D GAMMEL outperform 5 M 550 12 month 22.02.2013


RBC Capital Markets PETER HUTTON sector perform 3 M 530 12 month 19.02.2013

Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013

HSBC PAUL SPEDDING overweight 5 M 550 Not Provided 08.02.2013

Credit Suisse KIM FUSTIER neutral 3 M 475 Not Provided 06.02.2013

Jefferies IAIN REID hold 3 M 450 12 month 06.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 6 12 month 06.02.2013

Natixis ANNE PUMIR neutral 3 M 490 Not Provided 06.02.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 455 12 month 06.02.2013

Barclays RAHIM KARIM underweight 1 M 480 Not Provided 06.02.2013

Investec STUART JOYNER buy 5 M 495 12 month 05.02.2013

S&P Capital IQ CHRISTINE TISCARENO hold 3 M 595 12 month 05.02.2013

JPMorgan FREDERICK G LUCAS overweight 5 M 525 3 month 19.12.2012

Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 500 Not Provided 15.10.2012

Jyske Bank ROBERT JAKOBSEN buy 5 M 520 Not Provided 19.09.2012

CA Cheuvreux DOMINIQUE PATRY outperform 5 M 500 Not Provided 10.08.2012

Kepler Capital Markets TEAM COVERAGE buy 5 M 602 Not Provided 16.04.2012

Holdings By:

Ambuja Cements Ltd ee


27.03.2013

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles,

manufactures prescription pharmaceuticals and vaccines. The Company develops

cardiovascular, thrombosis, metabolic disorder, central nervous system,

internal medicine and oncology drugs, and vaccines.


LTM as of: 12/yy

52-Week High (02.05.2012) 32.90

52-Week Low (30.08.2012) 20.25

Daily Volume

22.1



% 52 Week Price Range High/Low 14.62% Equity Float 1'381.70


58'800.95 1 Yr Total Return -20.85%







AL IB EQUITY YTD Change - Average Volume 30 Day 1'668'399

AL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'424'257


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

77'425.8 59'810.7 72'447.1 111'771.1 128'419.9 122'984.1 127'217.4 - - - -

0.67x 0.81x 1.35x 0.93x 0.87x 1.41x 1.65x - - - -

8'347.3 4'847.8 7'714.5 12'243.8 12'504.0 12'960.2 11'470.5 - - - -

6.26x 9.97x 12.68x 8.53x 8.91x 0.00x 0.00x - - - -

4'693.1 1'900.0 4'236.7 6'313.0 5'659.8 6'054.7 5'524.1 - - - -

10.02x 12.71x 17.52x 23.96x 14.27x 10.02x 13.21x - - - -











EBITDA Margin 9.7%



Asset Turnover 1.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ashok Leyland LtdPrice/Volume

Valuation Analysis

196'942.00


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02

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1 ! B

3 ! B

5 ! B

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-1 ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

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0! !!

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27.03.2013


HINDUJA AUTOMOTIVE L n/a 20F 118'227'307 8.91 - 31.01.2013 Corporation


BLACKROCK n/a ULT-AGG 20'826'782 1.57 (6'850) 25.03.2013 Investment Advisor


SANOFI EMP SAVINGS P n/a 20F 17'191'116 1.3 - 31.01.2013 n/a


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'821'204 1.04 1'647'107 31.01.2013 Mutual Fund Manager



AVIVA PLC Multiple Portfolios MF-AGG 6'413'305 0.48 (10'030) 28.02.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'954'817 0.45 - 30.09.2012 Hedge Fund Manager


WADDELL & REED FINAN Multiple Portfolios MF-AGG 5'643'800 0.43 597'970 31.12.2012 Investment Advisor


LBPAM Multiple Portfolios MF-AGG 4'869'438 0.37 (67'746) 31.12.2012 Mutual Fund Manager

AMUNDI Multiple Portfolios MF-AGG 4'547'746 0.34 (42'392) 31.12.2012 Mutual Fund Manager


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'068'709 0.31 8'077 31.12.2012 Investment Advisor




Nomura MARK CLARK buy 5 M 89 12 month 26.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 76 12 month 25.03.2013

Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 82 Not Provided 25.03.2013

Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013

Mirabaud Securities NICHOLAS TURNER neutral 3 D 83 Not Provided 22.03.2013

Exane BNP Paribas VINCENT MEUNIER outperform 5 M 85 Not Provided 21.03.2013

AlphaValue ARMELLE MOULIN add 4 M 83 6 month 21.03.2013

JPMorgan RICHARD VOSSER overweight 5 M 99 15 month 15.03.2013


EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 14.03.2013



Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 81 12 month 18.02.2013

Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 M 76 Not Provided 13.02.2013

Barclays MARK PURCELL equalweight 3 M 77 Not Provided 12.02.2013

Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 11.02.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 66 12 month 11.02.2013

Credit Suisse LUISA HECTOR neutral 3 M 78 Not Provided 08.02.2013



Kepler Capital Markets FABIAN WENNER hold 3 D 73 Not Provided 08.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 81 Not Provided 07.02.2013

Nomura AMIT ROY neutral 3 M 65 12 month 07.02.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 81 12 month 07.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 U 73 12 month 28.01.2013

Natixis PHILIPPE LANONE buy 5 M 84 Not Provided 28.01.2013

Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012

Day by Day VALERIE GASTALDY buy 5 U 78 3 month 11.12.2012


Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.11.2012

CA Cheuvreux LAURENT FLAMME outperform 5 M 77 Not Provided 29.10.2012

Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 65 Not Provided 05.10.2012


Jyske Bank ROBERT JAKOBSEN sell 1 M 57 Not Provided 11.07.2012

Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012


Holdings By:

Ashok Leyland Ltd ee


27.03.2013

Asian Paints Limited manufactures a wide range of decorative paints, varnishes,

refines petroleum. The Company produces fuels, chemicals, and lubricants.

Shell owns and operates gasoline filling stations worldwide.


LTM as of: 12/yy

52-Week High (21.03.2013) 5'047.00

52-Week Low (29.03.2012) 3'004.00

Daily Volume

4895.7





469'594.50 1 Yr Total Return 59.89%

Total Debt 3'358.50 YTD Return 10.76%






APNT IB EQUITY YTD Change - Average Volume 30 Day 10'445

APNT IB EQUITY YTD % CHANGE - Average Volume 3 Month 10'374


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

44'072.3 54'639.0 66'809.4 77'223.0 96'322.4 90'373.1 107'310.0 112'230.2 131'442.7 31'390.6 27'144.5

2.66x 1.45x 2.93x 3.05x 3.18x 3.37x 2.86x 4.16x 3.51x - -

6'714.5 6'984.4 12'334.5 13'358.6 15'449.5 14'018.4 17'213.2 18'122.4 22'008.2 4'993.3 4'772.5

17.48x 11.31x 15.84x 17.65x 19.85x 0.00x 0.00x 25.71x 21.17x 22.26x 21.73x

4'091.8 3'978.4 8'356.4 8'432.4 9'887.3 9'152.7 11'222.5 11'715.5 14'258.6 3'148.3 3'160.5

28.13x 18.96x 23.40x 28.73x 31.45x 27.17x 37.89x 40.12x 33.13x 34.22x 33.34x











EBITDA Margin 16.0%



Asset Turnover 1.83







Fiscal Year Ended

Asian Paints LtdPrice/Volume

Valuation Analysis

13'046.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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- B

- B

- B

- B

- B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

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27.03.2013


LIFE INSURANCE CORP n/a ULT-AGG 190'130'247 5.04 13'987'593 25.03.2013 Investment Advisor







GOVT OF SINGAPORE IN n/a ULT-AGG 39'669'849 1.05 1'602'657 01.01.2013 Government

UBS n/a ULT-AGG 38'832'374 1.03 (1'443'858) 31.01.2013 Unclassified


FRANKLIN RESOURCES n/a ULT-AGG 26'147'686 0.69 188'418 31.12.2012 Investment Advisor


BP INVESTMENT MANAGE Multiple Portfolios REG 22'400'138 0.59 288'938 01.01.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 19'530'183 0.52 161'883 28.02.2013 Unclassified

JP MORGAN n/a ULT-AGG 19'189'183 0.51 5'377'967 31.01.2013 Unclassified


NORTHERN TRUST GLOBA Multiple Portfolios REG 16'292'959 0.43 35'052 01.01.2013 Investment Advisor

SOCIETE GENERALE PRO Multiple Portfolios REG 16'129'705 0.43 12'387'795 01.01.2013 Unclassified

STANDARD LIFE INVEST Multiple Portfolios REG 14'890'316 0.39 (803'892) 01.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 12'949'057 0.34 2'215'390 28.02.2013 Investment Advisor


Axis Capital Limited KIM FUSTIER outperform 5 M 2'525 Not Provided 26.03.2013


EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 25.03.2013

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'410 12 month 22.03.2013

Jefferies IAIN REID buy 5 M 2'450 12 month 21.03.2013


AlphaValue ALEXANDRE ANDLAUER reduce 2 M 2'114 6 month 21.03.2013

JPMorgan FREDERICK G LUCAS underweight 1 D 2'400 9 month 15.03.2013

ING Bank QUIRIJN MULDER buy 5 M 2'843 12 month 28.02.2013

Tudor Pickering & Co ROBERT KESSLER buy 5 M 2'800 Not Provided 27.02.2013

Canaccord Genuity Corp GORDON GRAY buy 5 M 2'650 12 month 21.02.2013


Macquarie JASON D GAMMEL outperform 5 M 2'500 12 month 13.02.2013

CA Cheuvreux DOMINIQUE PATRY outperform 5 D 2'431 Not Provided 05.02.2013

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 04.02.2013

Investec STUART JOYNER hold 3 M 2'168 12 month 01.02.2013

HSBC PAUL SPEDDING neutral 3 M 2'520 Not Provided 01.02.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 2'433 12 month 01.02.2013

Barclays RAHIM KARIM equalweight 3 M 2'550 Not Provided 01.02.2013

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 31.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 2'567 Not Provided 29.01.2013

RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 24.01.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 2'580 Not Provided 09.01.2013

VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012

Deutsche Bank LUCAS HERRMANN hold 3 D 2'475 12 month 03.12.2012

Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 2'722 Not Provided 02.10.2012

VTB Capital COLIN SMITH hold 3 N 2'500 12 month 27.09.2012

Kepler Capital Markets TEAM COVERAGE hold 3 M 2'272 Not Provided 18.05.2012

Morgan Stanley MARTIJN P RATS not rated #N/A N/A M #N/A N/A Not Provided 03.05.2012

S&P Capital IQ CHRISTINE TISCARENO hold 3 D 2'315 12 month 03.10.2011

Holdings By:

Asian Paints Ltd ee


27.03.2013

Axis Bank Limited provides a full range of banking services throughout India.

develops, manufactures, and markets vaccines, prescription, and over-the-counter

medicines, as well as health-related consumer products. GlaxoSmithKline

provides products for infections, depression, skin conditions, asthma, heart &

circulatory disease, and cancer.


LTM as of: 01/yy

52-Week High (01.02.2013) 1'519.00

52-Week Low (18.05.2012) 922.00

Daily Volume

1294.45





605'450.25 1 Yr Total Return 15.24%





Enterprise Value -


AXSB IB EQUITY YTD Change - Average Volume 30 Day 156'949

AXSB IB EQUITY YTD % CHANGE - Average Volume 3 Month 168'061


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

88'161.8 137'177.0 156'077.5 198'334.5 274'629.8 - - 164'444.0 200'909.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

10'591.4 18'129.3 24'781.4 33'399.1 42'197.8 - - 51'039.5 64'165.5 - -

24.84x 8.21x 18.02x 17.17x 11.19x - - 10.65x 8.48x - -

EBITDA - Long-Term Rating Date 30.01.2007

EBIT - Long-Term Rating BBB-

Operating Margin 46.33% Long-Term Outlook NEG

Pretax Margin 46.48% Short-Term Rating Date 30.01.2007

Return on Assets 1.60% Short-Term Rating A-3


Return on Capital 6.50% EBITDA/Interest Exp. -

Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 217.6%


Asset Turnover 0.10

Current Ratio - Net Fixed Asset Turnover 12.00

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

Axis Bank LtdPrice/Volume

Valuation Analysis

135'635.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0! ! B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-1 !!

-3 !!

-5 !!

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27.03.2013


UTI ASSET MANAGEMENT n/a ULT-AGG 271'061'000 5.52 - 25.03.2013 Investment Advisor

INVESCO LTD Multiple Portfolios REG 188'613'112 3.84 9'906'677 01.01.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 153'140'293 3.12 - 28.02.2013 Unclassified




NORGES BANK INVESTME Multiple Portfolios REG 115'229'583 2.35 21'497 01.01.2013 Government




NEWTON INV MGMT Multiple Portfolios REG 71'507'300 1.46 9'684'880 01.01.2013 Mutual Fund Manager




SCHRODER INVESTMENT Multiple Portfolios REG 52'720'290 1.07 (5'398'021) 01.01.2013 Investment Advisor


PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 51'301'508 1.04 73'324 31.07.2012 Investment Advisor



STATE STREET n/a ULT-AGG 43'934'496 0.89 497'126 26.03.2013 Investment Advisor


Espirito Santo Investment Bank ResearchBRIAN WHITE buy 5 M #N/A N/A Not Provided 25.03.2013

AlphaValue ARMELLE MOULIN reduce 2 M 1'461 6 month 21.03.2013

JPMorgan JAMES D GORDON underweight 1 M 1'550 15 month 15.03.2013

Jefferies JEFFREY HOLFORD hold 3 M 1'550 12 month 14.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 1'497 12 month 14.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.03.2013

Deutsche Bank MARK CLARK hold 3 M 1'530 12 month 11.03.2013

Credit Suisse KERRY HOLFORD neutral 3 M 1'450 Not Provided 11.03.2013


Berenberg Bank ALISTAIR CAMPBELL buy 5 M 1'530 Not Provided 07.03.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 1'525 Not Provided 06.03.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 1'580 6 month 05.03.2013

Societe Generale STEPHEN MCGARRY buy 5 M 1'810 12 month 01.03.2013

Exane BNP Paribas FLORENT CESPEDES underperform 1 M 1'400 Not Provided 26.02.2013

Barclays MARK PURCELL overweight 5 M 1'610 Not Provided 26.02.2013

Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 20.02.2013

Kepler Capital Markets FABIAN WENNER buy 5 M 1'680 Not Provided 13.02.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 1'560 12 month 08.02.2013

Helvea ODILE RUNDQUIST neutral 3 M 1'520 Not Provided 07.02.2013

Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 1'370 12 month 06.02.2013


S&P Capital IQ SHO MATSUBARA sell 1 M 1'200 12 month 06.02.2013

Nomura AMIT ROY neutral 3 M 1'340 12 month 04.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 1'415 12 month 28.01.2013

Cenkos Securities Ltd NAVID MALIK buy 5 N 1'603 12 month 30.11.2012


Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 1'380 Not Provided 05.10.2012

CA Cheuvreux MARCEL BRAND underperform 1 M 1'250 Not Provided 11.09.2012

Natixis PHILIPPE LANONE neutral 3 M 1'450 Not Provided 06.09.2012

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 1'450 Not Provided 03.08.2012


Cyrrus TOMAS MENCIK hold 3 M 1'420 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER buy 5 M 1'640 Not Provided 02.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M #N/A N/A Not Provided 13.01.2012

DZ Bank AG ELMAR KRAUS buy 5 U 1'500 12 month 28.10.2011

First Global Stockbroking KAVITA THOMAS market perform 3 R #N/A N/A Not Provided 23.08.2011

Holdings By:

Axis Bank Ltd ee


27.03.2013

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and

natural gas. The Company also operates a chemical division which produces

polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and

resins. Total operates gasoline filling stations in Europe, the United States,

and Africa.


LTM as of: 03/yy

52-Week High (03.01.2013) 2'228.95

52-Week Low (18.07.2012) 1'423.10

Daily Volume

1795.2





519'471.66 1 Yr Total Return 11.26%







BJAUT IB EQUITY YTD Change - Average Volume 30 Day 30'128

BJAUT IB EQUITY YTD % CHANGE - Average Volume 3 Month 27'496


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 03/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

86'659.2 84'460.3 115'431.6 159'274.0 189'455.2 100'753.0 88'415.4 206'662.4 239'910.5 - -

- 1.23x 2.51x 2.66x 2.48x 0.00x 0.00x 2.33x 1.93x - -

- 10'213.2 24'713.5 32'225.8 37'655.7 0.0 2'607.9 38'862.7 47'410.3 - -

- 10.18x 11.73x 13.16x 12.47x 0.00x 0.00x 12.99x 10.65x - -

7'495.6 5'357.9 15'946.0 34'548.9 30'486.2 12'733.5 6'365.1 31'143.8 37'604.3 - -

- 16.70x 18.28x 12.26x 15.93x 0.00x 0.00x 16.68x 13.85x - -











EBITDA Margin 19.9%



Asset Turnover 1.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bajaj Auto LtdPrice/Volume

Valuation Analysis

26'074.00


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0 B

1 B

1 B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

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27.03.2013


BAJAJ HOLDINGS AND I n/a Co File 108'732'635 4.6 - 31.12.2011 Corporation

GROUPE BRUXELLES LAM n/a Research 94'077'367 3.98 - 15.03.2012 Holding Company

AMUNDI n/a Research 78'390'326 3.31 - 06.01.2012 Investment Advisor

QATAR HOLDINGS LLC n/a Research 47'275'059 2 - 14.03.2012 Government

NORGES BANK n/a Research 47'038'683 1.99 - 31.12.2011 Government

CIE NATIONALE A PORT n/a Co File 35'456'294 1.5 - 31.12.2011 Corporation


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 23'623'504 1 (1'631'999) 31.01.2013 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'417'298 0.99 287'390 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 19'734'600 0.83 (2'024'000) 31.12.2012 Investment Advisor


ONTARIO TEACHERS PEN n/a Research 11'200'000 0.47 - 31.12.2011 Pension Fund (ERISA)


AVIVA PLC Multiple Portfolios MF-AGG 10'451'098 0.44 - 28.02.2013 Investment Advisor


GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'031'246 0.34 21'870 31.05.2012 Investment Advisor


WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'573'598 0.32 (6'360) 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'054'684 0.3 - 30.09.2012 Hedge Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 6'889'834 0.29 (38'409) 28.02.2013 Investment Advisor


Nomura OSWALD CLINT outperform 5 M 51 12 month 27.03.2013



Barclays LYDIA RAINFORTH underweight 1 M 44 Not Provided 25.03.2013

Jefferies IAIN REID buy 5 M 48 12 month 21.03.2013


Grupo Santander JASON KENNEY buy 5 M 45 Not Provided 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 42 12 month 20.03.2013


AlphaValue ALEXANDRE ANDLAUER reduce 2 M 37 6 month 07.03.2013

VTB Capital COLIN SMITH buy 5 M 50 12 month 01.03.2013

HSBC PAUL SPEDDING overweight 5 M 46 Not Provided 27.02.2013

Canaccord Genuity Corp GORDON GRAY buy 5 U 45 12 month 21.02.2013

RBC Capital Markets PETER HUTTON outperform 5 M 44 12 month 19.02.2013

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 47 12 month 15.02.2013

Societe Generale IRENE HIMONA buy 5 M 47 12 month 14.02.2013

Credit Suisse KIM FUSTIER neutral 3 M 44 Not Provided 14.02.2013

JPMorgan NITIN SHARMA overweight 5 M 49 3 month 14.02.2013

Macquarie JASON D GAMMEL neutral 3 M 42 12 month 14.02.2013

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 14.02.2013

CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 14.02.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 40 12 month 14.02.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 42 12 month 13.02.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 48 12 month 13.02.2013

Natixis ANNE PUMIR buy 5 M 47 Not Provided 07.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013




Deutsche Bank LUCAS HERRMANN buy 5 U 44 12 month 03.12.2012

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 42 12 month 27.11.2012

Investec STUART JOYNER hold 3 M 38 12 month 02.07.2012


Holdings By:

Bajaj Auto Ltd ee


27.03.2013

Bank of Baroda owns and operates commercial banks in India. The Group's banks

that manufacture, market and sell cigarettes and other tobacco products,

including cigars and roll-your-own tobacco.


LTM as of: 01/yy

52-Week High (03.01.2013) 899.65

52-Week Low (06.09.2012) 606.25

Daily Volume

663.45





279'482.50 1 Yr Total Return -13.97%





Enterprise Value -


BOB IB EQUITY YTD Change - Average Volume 30 Day 82'176

BOB IB EQUITY YTD % CHANGE - Average Volume 3 Month 100'583


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

143'062.7 183'929.5 202'000.3 258'005.3 345'881.1 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

15'483.8 23'840.8 31'793.0 44'337.1 52'485.8 - - - - - -

6.67x 3.58x 7.32x 8.52x 5.94x - - - - - -


EBIT - Long-Term Rating NR



Return on Assets 1.27% Short-Term Rating NR




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank of BarodaPrice/Volume

Valuation Analysis

65'976.00


!-!!.!!0!!1!!2!!3!!4!!5!!6!!

-!!!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 ! B - B . B 0 B 1 B 2 B 3 B 4 B 5 B 6 B- ! B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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27.03.2013


GOVERNMENT OF INDIA n/a ULT-AGG 132'891'526 6.9 - 25.03.2013 Investment Advisor

REINET INVESTMENTS S Multiple Portfolios REG 81'313'066 4.22 (3'000'000) 03.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 70'617'321 3.66 (2'766'594) 03.12.2012 Unclassified


INVESCO LTD Multiple Portfolios REG 62'241'180 3.23 1'948'246 03.12.2012 Investment Advisor




CREDIT SUISSE PRIVAT Multiple Portfolios REG 37'965'898 1.97 (376'548) 03.12.2012 Bank


MORGAN STANLEY INVES Multiple Portfolios REG 26'280'778 1.36 5'499'279 03.12.2012 Investment Advisor




MORGAN STANLEY n/a ULT-AGG 22'521'571 1.17 1'491'898 31.12.2012 Investment Advisor

Northern Cross Inter Multiple Portfolios REG 22'218'678 1.15 245'915 03.12.2012 Unclassified



ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 17'404'651 0.9 892'088 31.12.2012 Investment Advisor

NEWTON INV MGMT Multiple Portfolios REG 16'928'208 0.88 (202'468) 03.12.2012 Mutual Fund Manager


Axis Capital Limited ISABELLE COMBEMALE add 4 M 3'801 6 month 21.03.2013


Deutsche Bank JONATHAN FELL buy 5 M 3'700 12 month 13.03.2013

Investec THANE DUFF hold 3 M 3'577 Not Provided 13.03.2013

Nomura DAVID HAYES buy 5 M 4'087 Not Provided 13.03.2013

Oriel Securities Ltd CHRIS WICKHAM hold 3 M 3'700 Not Provided 13.03.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 4'000 12 month 08.03.2013

Goldman Sachs FULVIO CAZZOL buy/attractive 5 M 4'420 12 month 07.03.2013

Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 3'900 Not Provided 06.03.2013

Avior Research RICHARD TESSENDORF neutral 3 M 3'761 Not Provided 06.03.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 3'100 12 month 05.03.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 3'600 12 month 04.03.2013

Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 04.03.2013

Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 3'550 12 month 01.03.2013

Morgan Stanley MATTHEW GRAINGER Equalwt/Attractive 3 N 3'450 12 month 01.03.2013

Natixis NICOLAS LANGLET neutral 3 M 3'600 Not Provided 01.03.2013

Exane BNP Paribas JAMES BUSHNELL outperform 5 M 3'800 Not Provided 01.03.2013

Barclays SIMON HALES overweight 5 M 3'725 Not Provided 01.03.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 3'600 Not Provided 28.02.2013

JPMorgan RAE MAILE overweight 5 M 4'209 9 month 28.02.2013

Renaissance Capital REY WIUM hold 3 D 3'550 Not Provided 28.02.2013

Berenberg Bank ERIK BLOOMQUIST buy 5 M 3'500 Not Provided 28.02.2013

S&P Capital IQ CARL SHORT hold 3 M 3'540 12 month 28.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 18.04.2012

Imara RICHARD CLARKE sell 1 N #N/A N/A Not Provided 17.05.2011

Holdings By:

Bank of Baroda ee


27.03.2013

Bank of India, through its subsidiaries, provides corporate, commercial,

three major business sectors including industrial, energy, and healthcare.

Siemens AG provides engineering solutions in automation and control, power,

transportation, medical, information and communication, and lighting.


LTM as of: 03/yy

52-Week High (18.01.2013) 392.20

52-Week Low (30.08.2012) 253.80

Daily Volume

290.2





172'930.81 1 Yr Total Return -18.31%





Enterprise Value -


BOI IB EQUITY YTD Change - Average Volume 30 Day 137'523

BOI IB EQUITY YTD % CHANGE - Average Volume 3 Month 163'807


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

145'280.9 194'930.5 205'968.2 245'002.3 319'294.4 0.0 31'921.3 - - - -

- - - - - #DIV/0! 0.00x - - - -

- - - - - 0.0 0.0 - - - -

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

19'598.4 30'875.4 17'871.6 25'424.2 27'248.6 0.0 24'072.8 - - - -

6.36x 3.73x 10.00x 9.83x 7.27x 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09







Fiscal Year Ended

Bank of IndiaPrice/Volume

Valuation Analysis

140'956.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 ! B - B . B 0 B 1 B 2 B 3 B 4 B 5 B 6 B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

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!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.



27.03.2013


GOVERNMENT OF INDIA n/a ULT-AGG 57'388'502 6.51 (569'646) 25.03.2013 Investment Advisor

SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a

QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government

SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation


CAPITAL GROUP COMPAN n/a ULT-AGG 9'880'200 1.12 (890'272) 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 6'246'478 0.71 (142'559) 31.01.2013 Unclassified

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'386'486 0.61 (1'084'091) 28.09.2012 Investment Advisor




DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'175'468 0.47 70'846 28.12.2012 Mutual Fund Manager




MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'464'495 0.28 - 25.03.2013 Investment Advisor


FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'647'039 0.19 (87'700) 31.01.2013 Mutual Fund Manager

ADIG INVESTMENT Multiple Portfolios MF-AGG 1'634'951 0.19 (5'200) 30.11.2012 Investment Advisor

ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'570'015 0.18 - 26.03.2013 Investment Advisor


Axis Capital Limited JAMES STETTLER hold 3 M 80 12 month 25.03.2013

Societe Generale GAEL DE BRAY hold 3 M 88 12 month 22.03.2013

Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 73 12 month 22.03.2013

Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 99 12 month 21.03.2013


AlphaValue HEINZ STEFFEN reduce 2 D 84 6 month 21.03.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 96 Not Provided 19.03.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M 86 12 month 19.03.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 88 12 month 15.03.2013

Exane BNP Paribas OLIVIER ESNOU underperform 1 M 88 Not Provided 14.03.2013

HSBC MICHAEL HAGMANN neutral 3 M 87 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 81 Not Provided 08.03.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 86 12 month 19.02.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 90 12 month 15.02.2013

DZ Bank AG JASKO TERZIC hold 3 M 77 12 month 05.02.2013


Kepler Capital Markets ULRICH SCHOLZ hold 3 M 85 Not Provided 25.01.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 24.01.2013

CA Cheuvreux ALFRED GLASER outperform 5 M 94 Not Provided 24.01.2013

Bankhaus Metzler ULRICH TRABERT buy 5 M 93 12 month 24.01.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 94 Not Provided 24.01.2013

Natixis LUDOVIC DEBAILLEUX reduce 2 M 75 Not Provided 24.01.2013

Main First Bank AG CHRISTOPHER YOUL underperform 1 M 86 12 month 24.01.2013

Barclays NICK WEBSTER equalweight 3 M 84 Not Provided 24.01.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 83 6 month 23.01.2013

Nord/LB WOLFGANG DONIE hold 3 M 76 12 month 23.01.2013

JPMorgan ANDREAS WILLI neutral 3 M 90 9 month 23.01.2013

William Blair & Co NICHOLAS P HEYMANN market perform 3 M 79 12 month 23.01.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 85 12 month 23.01.2013

S&P Capital IQ JAMES CRAWSHAW hold 3 M 85 12 month 23.01.2013

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 23.01.2013

SRH AlsterResearch OLIVER DREBING buy 5 M 92 12 month 23.01.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 90 12 month 17.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank PETER REILLY sell 1 D 65 12 month 20.11.2012

Nomura DANIEL CUNLIFFE neutral 3 M 85 12 month 16.11.2012

Silvia Quandt Research EERIK KD BUDARZ avoid 1 M 58 12 month 08.11.2012

Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 12.10.2012

Holdings By:

Bank of India ee


27.03.2013

Bharat Forge Limited manufactures steel forgings and machined components for

refines petroleum. The Company produces fuels, chemicals, and lubricants.

Shell owns and operates gasoline filling stations worldwide.


LTM as of: 03/yy

52-Week High (08.05.2012) 347.00

52-Week Low (26.03.2013) 196.65

Daily Volume

202.65





47'175.77 1 Yr Total Return -31.78%







BHFC IB EQUITY YTD Change - Average Volume 30 Day 57'671

BHFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 69'577


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

45'614.0 46'739.9 32'616.0 49'686.1 61'460.2 43'365.3 42'292.4 58'951.6 64'099.9 - -

1.60x 0.88x 2.33x 2.00x 1.56x 0.00x 0.00x 1.13x 1.00x - -

8'663.3 5'581.1 3'471.8 7'948.6 10'023.5 0.0 335.1 8'465.8 9'733.1 - -

8.42x 7.38x 21.85x 12.48x 9.57x 0.00x 0.00x 8.07x 7.02x - -

3'000.7 584.0 (683.2) 2'901.6 4'130.5 2'941.2 288.2 2'878.5 3'865.3 - -

19.88x 39.35x - 26.65x 18.04x 20.25x 76.55x 16.47x 12.37x - -











EBITDA Margin 16.3%



Asset Turnover 0.94








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bharat Forge LtdPrice/Volume

Valuation Analysis

70'343.00


!

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- B

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1 B

2 B

3 B

4 B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

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27.03.2013


KALYANI INVESTMENT C n/a ULT-AGG 176'509'095 6.79 - 25.03.2013 Investment Advisor




CREDIT SUISSE PRIVAT Multiple Portfolios REG 74'947'205 2.88 (526'247) 01.01.2013 Bank



QATAR INVESTMENT AUT Multiple Portfolios REG 44'703'170 1.72 1'669'724 01.01.2013 Government


UBS n/a ULT-AGG 37'871'476 1.46 932'195 31.01.2013 Unclassified







BREWIN DOLPHIN LIMIT Multiple Portfolios REG 27'392'377 1.05 (626'439) 01.01.2013 Investment Advisor



THREADNEEDLE ASSET M Multiple Portfolios REG 21'990'967 0.85 1'154'509 01.01.2013 Investment Advisor


Axis Capital Limited OSWALD CLINT market perform 3 M 2'410 12 month 22.03.2013

Grupo Santander JASON KENNEY underweight 1 M 2'409 Not Provided 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 2'280 12 month 20.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 2'350 Not Provided 18.03.2013

JPMorgan FREDERICK G LUCAS underweight 1 D 2'400 9 month 15.03.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 2'310 Not Provided 14.03.2013

VTB Capital COLIN SMITH hold 3 M 2'500 12 month 01.03.2013

Societe Generale IRENE HIMONA buy 5 M 2'700 12 month 27.02.2013

Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 2'500 12 month 27.02.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 2'500 12 month 27.02.2013


RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 19.02.2013

HSBC PAUL SPEDDING neutral 3 M 2'450 Not Provided 01.02.2013

Natixis ANNE PUMIR buy 5 M 2'600 Not Provided 01.02.2013

Barclays RAHIM KARIM equalweight 3 M 2'550 Not Provided 01.02.2013


VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012


Holdings By:

Bharat Forge Ltd ee


27.03.2013

Bharat Heavy Electricals Limited manufactures power plant equipment. The

polymers. The Company manufactures products that include aspirin, antibiotics,

anti-infectives, and cardiovascular, oncology, and central nervous system

drugs, over-the-counter medications, diagnostics, animal health products, crop

protection products, plastics, and polyurethanes.


LTM as of: 01/yy

52-Week High (04.04.2012) 274.45

52-Week Low (26.03.2013) 175.50

Daily Volume

176.3





431'511.88 1 Yr Total Return -28.99%







BHEL IB EQUITY YTD Change - Average Volume 30 Day 423'251

BHEL IB EQUITY YTD % CHANGE - Average Volume 3 Month 441'696


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

- 264'914.0 331'544.8 418'546.6 475'989.5 - - 472'879.5 451'680.0 - -

- 2.41x 3.24x 2.19x 1.19x - - 0.78x 0.72x - -

- 37'633.0 54'935.0 85'525.5 112'739.0 - - 87'400.8 74'977.5 - -

- 16.96x 19.55x 10.71x 5.03x - - 4.24x 4.94x - -

- 31'151.7 43'269.2 60'533.6 70'874.4 - - 61'741.1 55'731.1 - -

- 23.74x 27.05x 16.68x 8.88x - - 7.06x 8.20x - -










Gross Margin 88.4% Total Debt/EBITDA 0.05

EBITDA Margin 23.7%



Asset Turnover 0.75



Debt to Assets 0.80% Inventory Days 808.44

Tot Debt to Common Equity 2.14% Accounts Payable Turnover Day 412.58

Accounts Receivable Turnover 2.03 Cash Conversion Cycle 575.72

Inventory Turnover 0.45

Fiscal Year Ended

Bharat Heavy Electricals LtdPrice/Volume

Valuation Analysis

312'372.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 ! B

2 B

- ! B

- 2 B

. ! B

. 2 B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.



27.03.2013


GOVERNMENT OF INDIA n/a ULT-AGG 99'286'793 12.01 (3'516'978) 31.12.2012 Investment Advisor






MORGAN STANLEY n/a ULT-AGG 8'564'198 1.04 - 03.05.2012 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'532'781 0.91 2'307'304 28.02.2013 Investment Advisor


UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'937'955 0.72 279'716 28.09.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'795'523 0.7 (211'094) 28.12.2012 Mutual Fund Manager



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'647'992 0.44 356'211 31.12.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 3'035'802 0.37 (32'100) 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 3'035'138 0.37 45'000 30.11.2012 Investment Advisor


TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'406'227 0.29 (149'624) 31.01.2013 Investment Advisor



Nirmal Bang Institutional Equities JEREMY REDENIUS market perform 3 M 75 12 month 27.03.2013

Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013

DZ Bank AG PETER SPENGLER buy 5 M 80 12 month 21.03.2013

Exane BNP Paribas FLORENT CESPEDES neutral 3 M 76 Not Provided 21.03.2013

AlphaValue MARTIN SCHNEE reduce 2 M 81 6 month 21.03.2013

Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 20.03.2013

Baader Bank NORBERT BARTH hold 3 M 66 12 month 20.03.2013

Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 20.03.2013


Natixis BEATRICE MUZARD buy 5 M 90 Not Provided 20.03.2013

Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 75 12 month 20.03.2013

S&P Capital IQ SHO MATSUBARA hold 3 M 79 12 month 19.03.2013

JPMorgan RICHARD VOSSER overweight 5 M 95 15 month 15.03.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 07.03.2013

CA Cheuvreux LAURENT FLAMME outperform 5 M 82 Not Provided 06.03.2013

Societe Generale STEPHEN MCGARRY hold 3 M 74 12 month 05.03.2013

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 85 Not Provided 05.03.2013


Nomura JEAN DE WATTEVILLE neutral 3 M 84 12 month 05.03.2013


Nord/LB THORSTEN STRAUSS sell 1 M 65 12 month 01.03.2013

Credit Suisse JOHANNA WALTON outperform 5 M 83 Not Provided 01.03.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 83 12 month 01.03.2013

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 90 12 month 01.03.2013

Barclays MARK PURCELL underweight 1 M 68 Not Provided 01.03.2013


M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 75 12 month 28.02.2013


Goldman Sachs RAKESH PATEL neutral/neutral 3 M 82 12 month 27.02.2013

Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 25.02.2013

Deutsche Bank TIM RACE buy 5 M 86 12 month 12.12.2012


Main First Bank AG RONALD KOEHLER outperform 5 M 80 Not Provided 20.11.2012

Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 30.10.2012

Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012

Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 76 Not Provided 15.09.2010

Holdings By:

Bharat Heavy Electricals Ltd ee


27.03.2013

Bharat Petroleum Corporation Limited explores for and refines crude oil. The

Plastics, Performance Products, Functional Solutions, Agricultural Solutions

and Oil & Gas. BASF offers products for the chemical, automotive, construction,

agriculture, oil, plastics, electrical / electronics, furniture and paper

industries, and provides a range of system solutions and services.


LTM as of: 06/yy

52-Week High (21.01.2013) 449.00

52-Week Low (26.11.2012) 315.60

Daily Volume

374.65





270'903.50 1 Yr Total Return 14.06%







BPCL IB EQUITY YTD Change - Average Volume 30 Day 94'315

BPCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 139'844


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

1'112'431.1 1'365'571.2 1'238'167.2 1'537'649.1 2'121'395.6 229'448.0 ######### ######### ######### - -

0.19x 0.22x 0.29x 0.26x 0.23x 0.00x 0.00x 0.22x 0.23x - -

36'849.4 40'846.0 32'753.3 50'399.0 64'671.3 0.0 0.0 58'619.2 60'343.8 - -

5.85x 7.34x 10.83x 7.95x 7.60x 0.00x 0.00x 8.69x 8.44x - -

17'695.5 6'337.6 16'323.6 16'349.6 7'808.3 (5'379.0) 19'634.0 16'057.7 17'849.7 - -

8.35x 21.45x 11.47x 13.53x 32.42x 0.00x 0.00x 16.22x 14.74x - -











EBITDA Margin 3.0%



Asset Turnover 2.93







Fiscal Year Ended

Bharat Petroleum Corp LtdPrice/Volume

Valuation Analysis

33'480.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!2!!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 ! B

. B

1 B

3 B

5 B

- ! B

- . B

- 1 B

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.



27.03.2013


GOVERNMENT OF INDIA n/a ULT-AGG 63'927'154 6.96 - 25.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 12'764'100 1.39 933'000 31.12.2012 Investment Advisor









BNP PARIBAS INV PART n/a ULT-AGG 3'382'359 0.37 (16'216) 31.01.2013 Investment Advisor



UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'052'900 0.22 251'750 28.09.2012 Investment Advisor

SEB n/a ULT-AGG 2'000'933 0.22 85'942 31.01.2013 Unclassified


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'605'194 0.17 (18'792) 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'494'928 0.16 95'786 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'446'357 0.16 (1'093'863) 31.01.2013 Mutual Fund Manager

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'361'517 0.15 (143'697) 28.12.2012 Mutual Fund Manager


Nomura JEREMY REDENIUS market perform 3 M 75 12 month 27.03.2013

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 27.03.2013

HSBC GEOFF HAIRE neutral 3 M 75 Not Provided 26.03.2013

Exane BNP Paribas JAMES KNIGHT outperform 5 M 74 Not Provided 26.03.2013

Nord/LB THORSTEN STRAUSS hold 3 M 73 12 month 25.03.2013

Jefferies LAURENCE ALEXANDER hold 3 M 73 12 month 25.03.2013

AlphaValue MARTIN SCHNEE add 4 M 79 6 month 21.03.2013

JPMorgan MARTIN EVANS neutral 3 M 75 12 month 20.03.2013

Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 20.03.2013


M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 D 78 12 month 07.03.2013

Baader Bank NORBERT BARTH buy 5 M 85 12 month 05.03.2013

CA Cheuvreux MARTIN ROEDIGER outperform 5 M 80 Not Provided 01.03.2013

Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 28.02.2013

Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 28.02.2013

Bankhaus Lampe HEIKO FEBER buy 5 M 80 Not Provided 28.02.2013

S&P Capital IQ JOHNSON IMODE hold 3 D 78 12 month 28.02.2013

Societe Generale PETER CLARK hold 3 M 72 12 month 27.02.2013

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 87 12 month 27.02.2013

Macquarie CHRISTIAN FAITZ neutral 3 M 66 12 month 27.02.2013


Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 27.02.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.02.2013

Bankhaus Metzler LARS HETTCHE sell 1 D 68 12 month 27.02.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 D 85 12 month 27.02.2013

Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 26.02.2013

Nomura JEAN DE WATTEVILLE buy 5 M 88 12 month 26.02.2013

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013

Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013

Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 06.12.2012

Main First Bank AG RONALD KOEHLER neutral 3 M 65 Not Provided 20.11.2012

Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 25.10.2012


Gilford Securities PAUL C CHRISTOPHERSON hold 3 D #N/A N/A Not Provided 26.09.2012

Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012

Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012

SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010

Holdings By:

Bharat Petroleum Corp Ltd ee


27.03.2013

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications

stout, and bitter beer. Anheuser-Busch InBev owns brands that are both

nationally and internationally prominent. The Company has production plants in

Europe, the Americas, and Asia.


LTM as of: 12/yy

52-Week High (25.01.2013) 370.40

52-Week Low (30.08.2012) 238.50

Daily Volume

297.05





1'128'056.25 1 Yr Total Return -11.71%





Enterprise Value 1'818'096.26


BHARTI IB EQUITY YTD Change - Average Volume 30 Day 585'345

BHARTI IB EQUITY YTD % CHANGE - Average Volume 3 Month 547'275


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

270'122.4 373'520.8 418'472.0 595'383.0 714'508.0 689'868.0 785'922.0 805'335.3 885'904.2 190'664.8 214'955.0

5.99x 3.44x 2.95x 3.34x 2.75x 13.87x 9.46x 2.22x 1.95x - -

114'765.5 154'623.6 169'127.0 202'571.0 238'314.0 230'138.0 248'136.0 248'207.9 283'087.6 65'301.0 68'807.0

14.11x 8.31x 7.31x 9.81x 8.24x 8.61x 7.63x 7.32x 6.42x 6.46x 6.11x

63'953.9 78'589.5 89'768.0 60'467.0 42'594.0 46'542.0 27'730.0 26'706.4 50'486.1 9'227.0 11'634.0

24.51x 15.11x 13.21x 22.43x 30.11x 28.02x 43.39x 41.36x 22.08x 24.65x 20.93x

EBITDA 238'314.00 Long-Term Rating Date 09.06.2010

EBIT 103'850.00 Long-Term Rating BB+

Operating Margin 14.53% Long-Term Outlook STABLE








EBITDA Margin 33.4%



Asset Turnover 0.47







Fiscal Year Ended

Bharti Airtel LtdPrice/Volume

Valuation Analysis

410'789.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B- ! B. ! B0 ! B1 ! B2 ! B3 ! B4 ! B5 ! B6 ! B

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.



27.03.2013


BHARTI TELECOM LIMIT n/a 20F 663'074'830 41.26 - 29.08.2011 n/a

EUGENIE PATRI SEBAST n/a 20F 133'267'604 8.29 - 29.08.2011 Corporation


BRC SARL n/a 20F 32'666'460 2.03 - 29.08.2011 Other





VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'415'186 0.65 (2'422'646) 31.12.2012 Investment Advisor

ANHEUSER-BUSCH INBEV n/a 20F 7'601'955 0.47 - 29.08.2011 Corporation

VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 29.08.2011 Other

INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 29.08.2011 Other







THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'031'936 0.13 39'854 31.12.2012 Investment Advisor

WELLCOME TRUST LIMIT n/a Research 1'850'000 0.12 - 31.01.2013 Investment Advisor


Nomura TREVOR STIRLING outperform 5 M 82 12 month 22.03.2013

AlphaValue ISABELLE COMBEMALE sell 1 M 46 6 month 21.03.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 89 12 month 18.03.2013

Bank Degroof(ESN) HANS D'HAESE hold 3 M 74 12 month 18.03.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 83 Not Provided 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 90 12 month 11.03.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 08.03.2013

Credit Suisse SANJEET AUJLA outperform 5 M 90 Not Provided 07.03.2013

ING Bank MARCO GULPERS hold 3 M 68 12 month 06.03.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 85 12 month 05.03.2013

KBC Securities WIM HOSTE hold 3 M 71 12 month 04.03.2013

JPMorgan MIKE J GIBBS not rated #N/A N/A M #N/A N/A Not Provided 01.03.2013

Societe Generale ANDREW HOLLAND buy 5 M 74 12 month 28.02.2013

HSBC LAUREN E TORRES overweight 5 M 78 Not Provided 28.02.2013

Nomura IAN SHACKLETON neutral 3 M 70 12 month 28.02.2013


Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 63 Not Provided 28.02.2013

Kempen & Co SANDER VAN OORT hold 3 M 68 12 month 27.02.2013


Petercam KRIS KIPPERS buy 5 M 80 Not Provided 27.02.2013


ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 61 Not Provided 27.02.2013

Rabobank International KAREL ZOETE buy 5 U 76 12 month 25.02.2013

Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013

Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 14.02.2013

Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 60 12 month 04.02.2013

Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 75 6 month 01.02.2013

Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013




Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012

Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012

Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012

Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012

Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012

Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011

Holdings By:

Bharti Airtel Ltd ee


27.03.2013

Cairn India Ltd. together with its subsidiaries is involved in surveying,

offers a wide range of branded beverages, including vodkas, whiskeys, tequilas,

gins, and beer.


LTM as of: 01/yy

52-Week High (17.09.2012) 365.90

52-Week Low (22.03.2013) 275.55

Daily Volume

277.1





529'323.06 1 Yr Total Return -20.71%







CAIR IB EQUITY YTD Change - Average Volume 30 Day 304'798

CAIR IB EQUITY YTD % CHANGE - Average Volume 3 Month 292'506


31.12.2007 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

10'122.6 - 15'622.2 102'779.3 118'606.5 0.0 0.0 188'633.2 188'837.2 44'884.5 44'400.0

43.49x - 37.60x 6.22x 4.73x #DIV/0! #DIV/0! 2.08x 1.82x - -

4'106.3 - 8'227.1 85'465.9 94'860.8 0.0 0.0 134'332.6 125'245.6 34'932.0 34'569.0

107.22x - 71.40x 7.48x 5.91x 0.00x 0.00x 2.97x 3.19x - -

(245.4) - 10'511.1 63'344.0 79'377.5 0.0 0.0 114'554.3 102'040.9 29'444.0 29'595.0

- - 55.15x 10.52x 8.01x 0.00x 0.00x 4.60x 5.17x - -











EBITDA Margin 80.0%



Asset Turnover 0.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cairn India LtdPrice/Volume

Valuation Analysis

159'498.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 ! B

-! ! B

.! ! B

0! ! B

1! ! B

2! ! B

3! ! B

4! ! B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

02! !!

1!! !!

!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.



27.03.2013


TWIN STAR MAURITIUS n/a ULT-AGG 170'818'263 6.81 32'500 31.12.2012 Investment Advisor



LEGAL & GENERAL n/a ULT-AGG 93'430'267 3.72 116'442 03.12.2012 Unclassified










Cascade Investment C Multiple Portfolios REG 25'516'958 1.02 - 03.12.2012 Unclassified



DIAGEO PLC ESOP Multiple Portfolios REG 20'432'541 0.81 443'832 03.12.2012 Unclassified


AXA n/a ULT-AGG 19'645'452 0.78 2'364'575 03.12.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 19'387'391 0.77 (655'760) 31.12.2012 Investment Advisor


Maybank Kim Eng TREVOR STIRLING market perform 3 M 2'100 12 month 22.03.2013

Nomura IAN SHACKLETON buy 5 M 2'040 12 month 22.03.2013

Stifel MARK D SWARTZBERG buy 5 N 2'400 12 month 21.03.2013

AlphaValue ISABELLE COMBEMALE reduce 2 M 1'912 6 month 21.03.2013


Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 19.03.2013

Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'100 Not Provided 19.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 2'100 12 month 11.03.2013

JPMorgan MATTHEW WEBB neutral 3 M 1'915 9 month 11.03.2013

Barclays SIMON HALES overweight 5 M 2'150 Not Provided 11.03.2013

Credit Suisse CHARLES MILLS outperform 5 M 2'350 Not Provided 07.03.2013

Raymond James HERMINE DE BENTZMANN outperform 5 M 2'060 12 month 07.03.2013


Day by Day VALERIE GASTALDY buy 5 M 2'460 3 month 28.02.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 1'980 Not Provided 22.02.2013

Investec MARTIN DEBOO hold 3 M 1'970 12 month 15.02.2013

Societe Generale NICOLAS CERON hold 3 M 1'900 12 month 01.02.2013

Kepler Capital Markets LAETITIA DELAYE buy 5 M 2'100 Not Provided 01.02.2013

Natixis OLIVIER DELAHOUSSE buy 5 M 2'100 Not Provided 01.02.2013



Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 1'900 6 month 31.01.2013

S&P Capital IQ CARL SHORT buy 5 M 2'100 12 month 31.01.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 2'300 Not Provided 25.01.2013

CA Cheuvreux ERIC BOROIAN outperform 5 M 1'850 Not Provided 21.01.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 2'100 Not Provided 18.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 2'220 12 month 09.01.2013

Deutsche Bank JAMES ISENWATER buy 5 M 2'000 12 month 10.11.2012

Berenberg Bank PHILIP MORRISEY buy 5 M 1'760 Not Provided 29.10.2012

Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 1'860 Not Provided 02.10.2012

HSBC ERWAN RAMBOURG neutral 3 M 1'800 Not Provided 08.08.2012

Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 25.08.2011

Holdings By:

Cairn India Ltd ee


27.03.2013

Canara Bank Ltd. provides a full range of banking services throughout India.

software, including e-business and enterprise management software, consults on

organizational usage of its applications software, and provides training

services. SAP markets its products and services worldwide.


LTM as of: 01/yy

52-Week High (14.01.2013) 550.00

52-Week Low (30.08.2012) 306.00

Daily Volume

362.7





160'676.11 1 Yr Total Return -17.93%





Enterprise Value -


CBK IB EQUITY YTD Change - Average Volume 30 Day 61'870

CBK IB EQUITY YTD % CHANGE - Average Volume 3 Month 81'317


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

165'838.9 194'807.3 216'844.7 258'296.3 339'192.0 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

3'812.0 11'420.1 27'728.8 40'341.8 33'417.0 - - 40'740.0 41'901.0 - -

24.21x 5.95x 6.07x 6.39x 6.31x - - 4.48x 3.50x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Canara BankPrice/Volume

Valuation Analysis

99'112.00


!

-!

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1!

2!

3!

4!

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.



27.03.2013


GOVERNMENT OF INDIA n/a 13G 121'324'707 9.88 - 31.12.2012 n/a

TSCHIRA KLAUS n/a Co File 93'079'595 7.58 - 08.03.2012 n/a

BLACKROCK n/a ULT-AGG 66'743'066 5.43 - 25.03.2013 Investment Advisor

HOPP DIETMAR n/a 13G 65'273'200 5.31 - 31.12.2012 n/a

SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation



HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 - 31.12.2012 Investment Advisor




UNION INVESTMENT GMB Multiple Portfolios MF-AGG 8'270'322 0.67 (346'827) 28.09.2012 Investment Advisor





DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'264'797 0.43 (406'504) 28.02.2013 Investment Advisor

CREDIT SUISSE AG n/a Research 4'582'686 0.37 - 06.06.2012 Investment Advisor




Axis Capital Limited ADAM WOOD Overwt/In-Line 5 M 73 12 month 27.03.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 26.03.2013

Jefferies ROSS MACMILLAN hold 3 M 62 12 month 25.03.2013


Baader Bank KNUT WOLLER hold 3 M 63 12 month 21.03.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 65 Not Provided 21.03.2013

AlphaValue HEINZ STEFFEN add 4 M 72 6 month 21.03.2013

Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 70 6 month 11.03.2013

JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 11.03.2013


Nomura RICHARD G SHERLUND buy 5 M 68 12 month 10.03.2013

Societe Generale RICHARD NGUYEN buy 5 M 71 12 month 07.03.2013

Deutsche Bank KAI KORSCHELT buy 5 M 70 12 month 07.03.2013

HSBC ANTONIN BAUDRY overweight 5 U 74 Not Provided 07.03.2013

William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 06.03.2013

Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 06.03.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 24.02.2013

Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013

Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 65 6 month 04.02.2013

Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013

Exane BNP Paribas JOSEP BORI neutral 3 M 63 Not Provided 28.01.2013

Nord/LB WOLFGANG DONIE buy 5 U 70 12 month 24.01.2013

JPMorgan STACY E POLLARD overweight 5 M 65 12 month 24.01.2013

Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 24.01.2013


Bankhaus Metzler ULRICH TRABERT buy 5 M 69 12 month 24.01.2013


Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 24.01.2013

Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 57 Not Provided 23.01.2013

Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 86 12 month 23.01.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 57 Not Provided 23.01.2013

Kepler Capital Markets LAURENT DAURE buy 5 M 66 Not Provided 23.01.2013


DZ Bank AG OLIVER FINGER buy 5 M 66 12 month 23.01.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013

M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 67 12 month 17.01.2013

Natixis GWENAEL GIARD neutral 3 M 53 Not Provided 16.01.2013

Cross Research RICHARD T WILLIAMS hold 3 M 45 12 month 16.01.2013

Jyske Bank ROBERT JAKOBSEN reduce 2 M 65 Not Provided 09.01.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012

CA Cheuvreux MICHAEL BEUCHER underperform 1 M 46 Not Provided 02.02.2012

FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012

Holdings By:

Canara Bank ee


27.03.2013

Cipla Ltd. manufactures fine chemicals and pharmaceutical preparations.

Company focuses on diabetes care and offers insulin delivery systems and other

diabetes products. Novo Nordisk also works in areas such as haemostatis

management, growth disorders, and hormone replacement therapy. The Company

offers educational and training materials. Novo Nordisk markets worldwide.


LTM as of: 12/yy

52-Week High (09.01.2013) 435.00

52-Week Low (27.03.2012) 290.65

Daily Volume

379.7





304'869.25 1 Yr Total Return 27.30%







CIPLA IB EQUITY YTD Change - Average Volume 30 Day 136'313

CIPLA IB EQUITY YTD % CHANGE - Average Volume 3 Month 171'104


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

40'103.8 49'606.0 53'595.2 62'601.4 69'843.9 - - 82'593.9 92'836.0 - -

4.37x 3.61x 5.01x 4.17x 3.37x - - 3.53x 3.07x - -

8'536.3 12'646.9 14'350.7 14'416.1 17'952.8 - - 21'884.9 23'367.1 - -

20.51x 14.16x 18.72x 18.11x 13.10x - - 13.47x 12.62x - -

7'010.4 7'710.2 10'825.9 9'895.7 11'442.4 - - 15'204.6 16'498.5 - -

24.39x 22.18x 24.69x 26.10x 21.41x - - 19.95x 18.48x - -











EBITDA Margin 25.7%



Asset Turnover 0.78







Fiscal Year Ended

Cipla Ltd/IndiaPrice/Volume

Valuation Analysis

107'841.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!!

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5!!

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- ! B

. ! B

0 ! B

1 ! B

2 ! B

3 ! B

4 ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

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0! !!

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



27.03.2013


HAMIED YUSUF K n/a ULT-AGG 79'419'633 17.55 (2'007'633) 31.12.2012 Investment Advisor

NOVO AS n/a 20F 35'312'800 7.8 (5'100'000) 31.01.2013 Holding Company

NOVO-NORDISK A/S n/a Research 18'962'215 4.19 - 08.03.2013 Corporation









CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 1'729'312 0.38 (102'150) 28.02.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'569'603 0.35 (127'123) 30.11.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'321'823 0.29 (1'321) 28.02.2013 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'163'920 0.26 1'109'960 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 994'564 0.22 (121'792) 28.02.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 936'874 0.21 21'995 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 860'779 0.19 (2'666) 28.02.2013 Investment Advisor

SEB n/a ULT-AGG 738'979 0.16 (13'497) 31.01.2013 Unclassified


Credit Suisse ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 27.03.2013

ABG Sundal Collier PETER HUGREFFE buy 5 M 1'200 6 month 25.03.2013

Jyske Bank FRANK HOERNING ANDERSEN buy 5 M 1'100 Not Provided 22.03.2013

Exane BNP Paribas VINCENT MEUNIER neutral 3 M 950 Not Provided 21.03.2013

AlphaValue KAMLA SINGH add 4 U 1'031 6 month 21.03.2013

Societe Generale STEPHEN MCGARRY sell 1 M 753 12 month 20.03.2013

SEB Enskilda LARS HEVRENG buy 5 M 1'180 Not Provided 19.03.2013

Carnegie CARSTEN LONBORG MADSEN buy 5 M #N/A N/A Not Provided 19.03.2013

Nordea Equity Research MICHAEL NOVOD strong buy 5 M 1'250 12 month 19.03.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 920 6 month 19.03.2013

Helvea OLAV ZILIAN accumulate 4 M 1'100 12 month 19.03.2013

Barclays BRIAN BOURDOT underweight 1 M 870 Not Provided 19.03.2013

Danske Markets MARTIN PARKHOI buy 5 M 1'100 12 month 19.03.2013

JPMorgan RICHARD VOSSER underweight 1 D 800 9 month 18.03.2013

Deutsche Bank TIM RACE sell 1 M 890 12 month 15.03.2013

Jefferies JEFFREY HOLFORD hold 3 M 900 12 month 14.03.2013

DNB Markets RUNE MAJLUND DAHL buy 5 M 1'100 Not Provided 12.03.2013

CA Cheuvreux LAURENT FLAMME underperform 1 M 965 Not Provided 06.03.2013

Handelsbanken PETER SEHESTED buy 5 M 1'112 12 month 04.03.2013

Credit Suisse LUISA HECTOR neutral 3 M 1'040 Not Provided 28.02.2013

Nomura AMIT ROY buy 5 M 1'000 12 month 21.02.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 M 920 Not Provided 12.02.2013

Kepler Capital Markets MARTIN VOEGTLI hold 3 M 920 Not Provided 12.02.2013

S&P Capital IQ JACOB THRANE hold 3 M 985 12 month 12.02.2013

Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 1'040 12 month 11.02.2013

Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 D 1'015 Not Provided 11.02.2013

Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 1'200 12 month 11.02.2013

Natixis PHILIPPE LANONE neutral 3 D 1'010 Not Provided 11.02.2013

Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 1'400 6 month 04.02.2013


Mirabaud Securities NICHOLAS TURNER reduce 2 D 819 Not Provided 23.11.2012

Swedbank JOHAN UNNERUS strong buy 5 U 1'150 12 month 09.11.2012

NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 23.07.2012


Cyrrus TOMAS MENCIK sell 1 M 627 Not Provided 05.04.2012

Sydbank SOEREN LONTOFT HANSEN overweight 5 U #N/A N/A Not Provided 02.02.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 648 Not Provided 15.04.2011

Holdings By:

Cipla Ltd/India ee


27.03.2013

Coal India Limited produces and markets coal and coal products, as well as

banking, and asset management services. The Bank offers consumer credit,

mortgage loans, lease financing, factoring, mutual funds, pension funds,

insurance, commercial credit, investment banking services, structured finance,

and advice on mergers and acquisitions.


LTM as of: 12/yy

52-Week High (17.09.2012) 386.00

52-Week Low (19.03.2013) 291.20

Daily Volume

301.25





1'902'804.75 1 Yr Total Return -5.77%







COAL IB EQUITY YTD Change - Average Volume 30 Day 352'893

COAL IB EQUITY YTD % CHANGE - Average Volume 3 Month 271'708


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

326'338.6 387'888.3 446'152.5 502'292.8 624'154.3 44'219.0 43'575.0 686'504.6 736'638.7 194'818.0 173'786.5

- - - 3.59x 2.74x 0.00x 0.00x 1.77x 1.49x - -

73'071.1 39'042.3 112'742.5 148'089.0 171'897.8 0.0 0.0 190'922.4 214'010.9 58'606.5 54'049.0

- - - 12.18x 9.95x 0.00x 0.00x 6.63x 5.91x 6.42x 6.70x

42'850.1 40'628.1 96'224.5 108'673.5 147'882.0 5'351.0 2'205.0 169'330.2 184'849.6 47'134.7 47'374.0

- - - 20.16x 14.71x 9.70x 25.61x 11.24x 10.27x 10.74x 10.43x











EBITDA Margin 27.5%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Coal India LtdPrice/Volume

Valuation Analysis

302'831.00


!

-

.

0

1

2

3

4

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

-!! ! B

.!! ! B

0!! ! B

1!! ! B

2!! ! B

3!! ! B

4!! ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! .!

! 1!

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- .!



27.03.2013


GOVERNMENT OF INDIA n/a ULT-AGG 866'053'147 8.22 28'365 26.03.2013 Investment Advisor

BANK OF NEW YORK MEL n/a Co File 555'448'975 5.27 - 31.12.2011 Investment Advisor

BNP PARIBAS SA n/a EXCH 341'264'391 3.24 86'154'727 14.01.2013 Bank


BARCLAYS PLC n/a ULT-AGG 227'263'557 2.16 (56'807'364) 03.05.2011 Investment Advisor



DE LOS RIOS EMILIO B n/a EXCH 79'215'379 0.75 30'908 11.03.2013 n/a

DODGE & COX Multiple Portfolios MF-AGG 53'673'238 0.51 447'012 29.01.2013 Investment Advisor

ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.48 - 01.10.2011 Insurance Company

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 43'495'798 0.41 586'726 31.12.2012 Investment Advisor

BANCO SANTANDER SA n/a Co File 42'192'066 0.4 - 31.12.2011 Bank


CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'143'000 0.37 - 31.12.2012 Investment Advisor





O'SHEA JAVIER BOTIN- n/a EXCH 16'280'026 0.15 937 31.01.2013 n/a

PUENTEPUMAR SL n/a EXCH 13'757'649 0.13 - 11.07.2011 Corporation


Nomura ANDREA FILTRI underperform 1 M 4 Not Provided 25.03.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 6 Not Provided 25.03.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 25.03.2013

Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 22.03.2013

La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 20.03.2013

Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 19.03.2013

Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 14.03.2013

Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 11.03.2013

Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 6 12 month 11.03.2013

Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 11.03.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 10.03.2013

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 08.03.2013

BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 07.03.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 07.03.2013

Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013


EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013

Banco Sabadell MARIO LODOS buy 5 M 7 12 month 15.02.2013

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013

Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 12.02.2013

JPMorgan JAIME BECERRIL neutral 3 M 6 18 month 11.02.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.02.2013

RBC Capital Markets PATRICK LEE underperform 1 M 6 12 month 01.02.2013

Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 01.02.2013


Nomura DARAGH QUINN reduce 2 M 6 Not Provided 01.02.2013

S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 31.01.2013

Berenberg Bank NICK ANDERSON sell 1 M 6 Not Provided 28.01.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 8 12 month 23.01.2013

BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013

HSBC CARLO DIGRANDI neutral 3 M 6 Not Provided 10.01.2013

Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 08.01.2013

Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013

Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012

CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012

Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012

DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012

Holdings By:

Coal India Ltd ee


27.03.2013

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care

mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,

uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon.

Dually-listed company with RIO AU.


LTM as of: 06/yy

52-Week High (01.01.2013) 1'580.40

52-Week Low (02.04.2012) 1'030.00

Daily Volume

1239.6





168'576.70 1 Yr Total Return 13.84%







CLGT IB EQUITY YTD Change - Average Volume 30 Day 11'732

CLGT IB EQUITY YTD % CHANGE - Average Volume 3 Month 17'488


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

14'738.5 16'952.1 19'624.6 - - 0.0 46'038.0 30'793.0 36'678.0 - -

3.44x 3.64x 4.51x - - #DIV/0! 8.17x 5.38x 4.52x - -

2'975.1 3'484.7 4'930.6 - - 0.0 13'532.0 6'663.0 8'103.0 - -

17.04x 17.71x 17.95x - - 0.00x 0.00x 24.81x 20.40x - -

2'357.6 2'857.8 4'341.0 - - 0.0 9'402.0 5'419.0 6'201.0 1'632.0 -

22.07x 22.42x 21.16x - - 0.00x 0.00x 31.11x 27.19x - -











EBITDA Margin 25.1%



Asset Turnover 2.33





Accounts Receivable Turnover 187.77 Cash Conversion Cycle -119.74


Fiscal Year Ended

Colgate-Palmolive India LtdPrice/Volume

Valuation Analysis

19'443.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.03.2013


COLGATE PALMOLIVE CO Multiple Portfolios REG 182'550'329 12.93 - 03.12.2012 Holding Company


AXA n/a ULT-AGG 59'271'193 4.2 605'414 03.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 53'306'336 3.78 (30'895) 28.02.2013 Unclassified




BNP PARIBAS INV PART n/a ULT-AGG 28'183'471 2 5'058'654 31.01.2013 Investment Advisor





M&G INVESTMENT MANAG Multiple Portfolios REG 15'566'865 1.1 777'762 03.12.2012 Investment Advisor


AVIVA INVESTORS Multiple Portfolios REG 14'066'647 1 (18'708) 03.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios REG 13'772'088 0.98 509'965 03.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 13'345'435 0.95 812'987 31.01.2013 Unclassified

GOVT OF SINGAPORE IN n/a ULT-AGG 13'197'558 0.93 (667'279) 03.12.2012 Government

SCHRODER INVESTMENT Multiple Portfolios REG 13'004'093 0.92 3'648'560 03.12.2012 Investment Advisor



Nomura MENNO SANDERSE Equalwt/In-Line 3 M 3'870 12 month 27.03.2013

Credit Suisse PAUL MCTAGGART outperform 5 M 4'000 Not Provided 26.03.2013

Independent Research GmbH SVEN DIERMEIER hold 3 D 3'400 12 month 25.03.2013


Jefferies Christopher LaFemina buy 5 M 4'100 12 month 21.03.2013

AlphaValue SACHIN KUMAR add 4 M 3'796 6 month 21.03.2013

Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 4'575 12 month 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA Sell/Neutral 1 D 2'800 12 month 19.03.2013

JPMorgan FRASER JAMIESON overweight 5 M 4'400 9 month 15.03.2013

SBG Securities PETER DAVEY buy 5 M 4'300 12 month 11.03.2013

Macquarie JEFFREY LARGEY neutral 3 M 4'050 12 month 08.03.2013

RBC Capital Markets DES KILALEA outperform 5 M 4'300 12 month 04.03.2013

Espirito Santo Investment Bank ResearchNICK MELLOR sell 1 M 2'910 12 month 04.03.2013


Exane BNP Paribas LUC PEZ outperform 5 M 4'700 Not Provided 27.02.2013

BMO Capital Markets TONY ROBSON outperform 5 M 4'500 Not Provided 25.02.2013

Societe Generale ABHISHEK SHUKLA buy 5 M 3'900 12 month 15.02.2013

Deutsche Bank ROBERT CLIFFORD buy 5 M 4'720 12 month 15.02.2013

Natixis RAOUDHA BOUZEKRI neutral 3 M 3'500 Not Provided 15.02.2013

Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 4'200 12 month 14.02.2013

Nomura SAM CATALANO buy 5 M 3'700 12 month 14.02.2013

S&P Capital IQ JOHNSON IMODE strong buy 5 M 4'200 12 month 14.02.2013

HSBC ANDREW KEEN overweight 5 M 4'180 Not Provided 07.02.2013

Redburn Partners SIMON TOYNE buy 5 M #N/A N/A Not Provided 21.01.2013

Barclays DAVID BUTLER overweight 5 M 4'000 Not Provided 14.01.2013

Liberum Capital Ltd RICHARD KNIGHTS buy 5 U #N/A N/A Not Provided 30.11.2012

Standard Chartered SUBRAMANIAM VARADA outperform 5 M 3'430 12 month 22.11.2012

Axiom Capital GORDON L JOHNSON sell 1 N 2'059 12 month 30.07.2012

Holdings By:

Colgate-Palmolive India Ltd ee


27.03.2013

Crompton Greaves Ltd. manufactures, distributes, installs and services

Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,

watches and jewelry.


LTM as of: 12/yy

52-Week High (03.04.2012) 148.50

52-Week Low (28.02.2013) 88.35

Daily Volume

92.05





59'049.30 1 Yr Total Return -32.36%







CRG IB EQUITY YTD Change - Average Volume 30 Day 207'033

CRG IB EQUITY YTD % CHANGE - Average Volume 3 Month 356'033


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

68'323.4 87'372.6 91'408.7 100'051.1 112'485.8 23'659.0 28'103.0 121'572.5 135'414.2 33'502.2 -

1.56x 0.54x 1.79x 1.73x 0.81x 0.00x 0.00x 0.56x 0.50x - -

7'526.5 11'234.0 12'771.3 13'437.8 8'036.4 0.0 0.0 5'558.1 9'691.7 1'366.0 -

14.15x 4.21x 12.83x 12.92x 11.30x 0.00x 0.00x 12.53x 7.19x - -

4'067.2 5'599.0 8'598.7 8'886.7 3'735.9 0.0 0.0 1'874.2 5'032.8 519.8 -

24.83x 8.09x 20.30x 19.69x 23.71x 0.00x 0.00x 29.38x 11.78x - -











EBITDA Margin 7.1%



Asset Turnover 1.40







Fiscal Year Ended

Crompton Greaves LtdPrice/Volume

Valuation Analysis

184'437.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

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27.03.2013


AVANTHA HOLDINGS LTD n/a Research 235'886'503 46.46 (147'143) 01.10.2012 Holding Company

LVMH MOET HENNESSY L n/a Co File 9'536'678 1.88 - 31.12.2011 Holding Company

QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'085'056 0.8 - 31.01.2013 Investment Advisor




NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'724'161 0.54 49'222 31.01.2013 Mutual Fund Manager



TRAPANI FRANCESCO n/a Co File 1'561'592 0.31 - 31.12.2011 n/a





LBPAM Multiple Portfolios MF-AGG 1'150'592 0.23 43'392 31.12.2012 Mutual Fund Manager


AMUNDI Multiple Portfolios MF-AGG 925'639 0.18 (20'403) 31.10.2012 Mutual Fund Manager


Prabhudas Lilladher Pvt Ltd OMAR SAAD buy 5 M 160 12 month 24.03.2013

Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 20.03.2013

Nomura CHRISTOPHER WALKER buy 5 M 155 12 month 20.03.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 135 Not Provided 20.03.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 160 Not Provided 19.03.2013


Societe Generale THIERRY COTA hold 3 M 145 12 month 18.03.2013

Renaissance Capital REY WIUM hold 3 M 152 12 month 14.03.2013

AlphaValue VIRGINIE BLIN buy 5 M 172 6 month 07.03.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 22.02.2013

Aurel - BGC DAVID DA MAIA hold 3 M 145 Not Provided 20.02.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 157 12 month 20.02.2013

Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013

Berenberg Bank JOHN GUY hold 3 D 140 Not Provided 15.02.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 Not Provided 10.02.2013

Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 152 12 month 08.02.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 198 12 month 08.02.2013

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 160 6 month 08.02.2013

Credit Suisse ROGERIO FUJIMORI neutral 3 M 148 Not Provided 05.02.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 165 12 month 04.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 160 12 month 04.02.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 142 9 month 01.02.2013

Raymond James MARC WILLAUME strong buy 5 M 163 Not Provided 01.02.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 01.02.2013

Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 01.02.2013

S&P Capital IQ MICHAEL SOUERS strong buy 5 M 160 12 month 01.02.2013

Barclays JULIAN EASTHOPE overweight 5 M 151 Not Provided 01.02.2013

Kepler Capital Markets CATHERINE ROLLAND buy 5 M 168 Not Provided 31.01.2013

HSBC ANTOINE BELGE neutral 3 M 150 Not Provided 24.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank WARWICK OKINES hold 3 D 145 12 month 14.01.2013

Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012

Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012

CA Cheuvreux THOMAS MESMIN outperform 5 M 140 Not Provided 17.10.2012

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2012

DZ Bank AG THOMAS MAUL buy 5 M 147 Not Provided 02.05.2012

Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012

Holdings By:

Crompton Greaves Ltd ee


27.03.2013

Cummins India Limited manufactures internal combustion engines, including

detergents, fragrances, home and personal care products. Dually-listed company

with ULVR LN.


LTM as of: 12/yy

52-Week High (09.01.2013) 550.00

52-Week Low (23.05.2012) 396.05

Daily Volume

485.05

52-Week High % Change -11.81% Dividend Yield -




134'455.86 1 Yr Total Return 7.26%







KKC IB EQUITY YTD Change - Average Volume 30 Day 28'590

KKC IB EQUITY YTD % CHANGE - Average Volume 3 Month 53'642


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

26'555.2 35'285.3 - - - - - 46'300.0 54'457.0 - -

2.31x 0.96x - - - - - 2.86x 2.41x - -

3'988.2 5'562.5 - - - - - 8'543.0 10'190.0 - -

15.39x 6.11x - - - - - 15.47x 12.97x - -

3'249.1 4'629.1 - - - - - 6'933.5 8'125.0 - -

19.65x 7.91x - - - - - 19.58x 16.32x - -





Return on Assets - Short-Term Rating -

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. 162.38

Asset Turnover - (EBITDA-Capex)/Interest Exp. 135.30

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -

Current Ratio 2.30 Net Fixed Asset Turnover -

Quick Ratio 1.33 Accounts receivable turnover-days -






Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cummins India LtdPrice/Volume

Valuation Analysis

25'413.00


!

2

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-2

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.2

0!

02


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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27.03.2013


CUMMINS INC n/a Co File 1'268'224'230 73.96 - 28.02.2011 Other

UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2011 Other






ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'447'002 0.55 (57'347) 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'028'108 0.47 8'028'108 31.12.2012 Investment Advisor



ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 7'180'977 0.42 (63'607) 31.01.2013 Mutual Fund Manager

ELMA EN UNITED HOLDS n/a Research 6'428'550 0.37 - 19.10.2011 Other

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'122'561 0.36 (32'935) 31.01.2013 Investment Advisor




MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'387'993 0.31 (102'210) 31.12.2012 Investment Advisor




IIFL ANDREW WOOD outperform 5 M 34 12 month 25.03.2013

Exane BNP Paribas JEFF STENT neutral 3 M 33 Not Provided 19.03.2013

Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 27 12 month 13.03.2013


RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 31 12 month 11.03.2013

Kepler Capital Markets JON COX buy 5 M 33 Not Provided 10.03.2013

Credit Suisse CHARLES MILLS neutral 3 M 34 Not Provided 07.03.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 31 12 month 05.03.2013

Rabobank International KAREL ZOETE buy 5 M 34 Not Provided 25.02.2013

Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013


HSBC CEDRIC BESNARD overweight 5 M 35 Not Provided 30.01.2013


Jefferies ALEX HOWSON hold 3 D 32 12 month 29.01.2013



Berenberg Bank JAMES TARGETT buy 5 M 35 Not Provided 25.01.2013


Societe Generale WARREN L ACKERMAN sell 1 M 28 12 month 24.01.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 30 12 month 24.01.2013

Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 37 12 month 24.01.2013

SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 M 35 12 month 24.01.2013

Nomura DAVID HAYES reduce 2 M 30 Not Provided 24.01.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 36 12 month 24.01.2013

Helvea ANDREAS VON ARX accumulate 4 M 33 12 month 24.01.2013

ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 24.01.2013

Grupo Santander PEDRO GIL buy 5 M 33 Not Provided 23.01.2013



Petercam FERNAND DE BOER hold 3 M 30 Not Provided 23.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 30 Not Provided 23.01.2013


Barclays IAIN SIMPSON overweight 5 M 34 Not Provided 23.01.2013


Natixis PIERRE TEGNER reduce 2 M 27 Not Provided 21.01.2013

ING Bank MARCO GULPERS hold 3 M 29 12 month 21.01.2013


Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 15.01.2013

Kempen & Co ERWIN DUT hold 3 M 29 12 month 06.01.2013


Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012

DZ Bank AG ROBERT CZERWENSKY sell 1 M 22 12 month 03.02.2012

Equita SIM SpA FABIO FAZZARI buy 5 M 28 12 month 10.06.2011

Holdings By:

Cummins India Ltd ee


27.03.2013

Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders,

business lines are mineral exploration and production, including coal, iron ore,

gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum

exploration and production. Dually-listed company with BHP AU.


LTM as of: 01/yy

52-Week High (01.11.2012) 140.00

52-Week Low (05.06.2012) 101.25

Daily Volume

134.3





234'076.17 1 Yr Total Return 28.63%







DABUR IB EQUITY YTD Change - Average Volume 30 Day 94'313

DABUR IB EQUITY YTD % CHANGE - Average Volume 3 Month 130'022


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

23'610.6 28'054.3 33'904.7 41'045.1 53'054.2 0.0 0.0 62'137.1 71'915.6 15'819.7 -

4.02x 3.06x 4.01x 4.16x 3.56x #DIV/0! #DIV/0! 3.81x 3.23x - -

4'226.4 4'841.1 6'382.8 7'807.5 8'821.4 0.0 0.0 10'324.0 12'242.9 2'750.0 -

22.48x 17.72x 21.27x 21.85x 21.41x 0.00x 0.00x 22.63x 19.08x - -

3'329.4 3'905.0 5'032.3 5'685.7 6'448.9 0.0 0.0 7'676.9 9'205.5 1'751.0 -

28.75x 21.97x 27.37x 29.42x 28.79x 0.00x 0.00x 30.54x 25.47x - -











EBITDA Margin 16.6%



Asset Turnover 1.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dabur India LtdPrice/Volume

Valuation Analysis

172'515.00


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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

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27.03.2013


CHOWDHARY ASSOCIATES n/a ULT-AGG 168'784'326 7.99 - 25.03.2013 Investment Advisor

GEPF EQUITY n/a 20F 87'131'000 4.13 - 24.08.2012 n/a


NORGES BANK n/a RNS-MAJ 63'635'068 3.01 387'315 05.02.2013 Government




FRANKLIN RESOURCES n/a ULT-AGG 37'588'249 1.78 8'992'566 31.12.2012 Investment Advisor


INDUSTRIAL DEVELOPME n/a 20F 33'804'582 1.6 - 24.08.2012 Unclassified


BAILLIE GIFFORD AND Multiple Portfolios REG 24'697'602 1.17 (1'256'810) 01.11.2012 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 22'369'418 1.06 1'376'028 31.01.2013 Investment Advisor




ALECTA INVESTMENT MA Multiple Portfolios REG 19'545'000 0.93 (4'850'000) 01.11.2012 Unclassified




JPMorgan SYLVAIN BRUNET neutral 3 M 2'000 Not Provided 21.03.2013

AlphaValue SACHIN KUMAR reduce 2 M 1'894 6 month 21.03.2013


Goldman Sachs MICHELE DELLA VIGNA neutral/neutral 3 D 2'200 12 month 19.03.2013

Espirito Santo Investment Bank ResearchNICK MELLOR sell 1 N 1'703 Not Provided 19.03.2013


Credit Suisse PAUL MCTAGGART neutral 3 M 2'400 Not Provided 15.03.2013

JPMorgan FRASER JAMIESON neutral 3 M 2'300 9 month 15.03.2013


RBC Capital Markets DES KILALEA outperform 5 M 2'300 12 month 08.03.2013

Macquarie JEFFREY LARGEY neutral 3 M 2'175 12 month 07.03.2013

Macquarie KIERAN DALY neutral 3 M 2'146 12 month 07.03.2013

Nomura SAM CATALANO buy 5 M 2'400 Not Provided 04.03.2013

Morgan Stanley MENNO SANDERSE Overwt/In-Line 5 M 2'310 12 month 28.02.2013

SBG Securities PETER DAVEY buy 5 M 2'500 12 month 28.02.2013

Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 2'155 12 month 26.02.2013

Barclays DAVID BUTLER overweight 5 M 2'300 Not Provided 22.02.2013

Societe Generale ABHISHEK SHUKLA sell 1 M 1'585 12 month 21.02.2013


Natixis RAOUDHA BOUZEKRI buy 5 M 2'400 Not Provided 21.02.2013

Avior Research CLINTON DUNCAN outperform 5 M 3'042 Not Provided 21.02.2013

BMO Capital Markets TONY ROBSON outperform 5 M 2'500 Not Provided 20.02.2013

S&P Capital IQ JOHNSON IMODE hold 3 M 2'200 12 month 20.02.2013

HSBC ANDREW KEEN neutral 3 M 2'250 Not Provided 07.02.2013

Deutsche Bank GRANT SPORRE buy 5 M 2'380 12 month 30.01.2013


Investec ALBERT MINASSIAN hold 3 M 2'306 Not Provided 20.12.2012

Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 06.12.2012

Liberum Capital Ltd RICHARD KNIGHTS buy 5 M #N/A N/A Not Provided 20.09.2012

Standard Chartered SUBRAMANIAM VARADA in-line 3 D 2'000 12 month 08.09.2012

Holdings By:

Dabur India Ltd ee


27.03.2013

Divi's Laboratories Ltd. manufactures pharmaceutical products which include

distributes beer through breweries worldwide. SABMiller also bottles and

distributes a number of soft drinks.


LTM as of: 01/yy

52-Week High (30.11.2012) 1'233.00

52-Week Low (29.03.2012) 735.10

Daily Volume

997.7





132'429.00 1 Yr Total Return 34.42%







DIVI IB EQUITY YTD Change - Average Volume 30 Day 7'746

DIVI IB EQUITY YTD % CHANGE - Average Volume 3 Month 31'560


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

10'328.3 11'803.4 9'416.2 13'071.1 18'586.0 0.0 0.0 22'730.8 27'684.2 - 5'547.0

7.95x 5.07x 9.07x 6.45x 5.49x #DIV/0! #DIV/0! 5.56x 4.47x - -

4'260.4 5'224.5 4'165.6 4'982.5 6'923.4 0.0 0.0 8'538.7 10'490.5 - 1'967.0

19.27x 11.45x 20.50x 16.92x 14.74x 0.00x 0.00x 15.58x 12.68x - 12.70x

3'476.0 4'166.4 3'403.4 4'292.7 5'332.6 0.0 0.0 6'471.9 8'022.0 - 1'422.0

23.57x 14.67x 25.98x 20.82x 19.06x 0.00x 0.00x 20.43x 16.64x - 17.15x











EBITDA Margin 37.3%



Asset Turnover 0.74







Fiscal Year Ended

Divi's Laboratories LtdPrice/Volume

Valuation Analysis

3'938.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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-2 ! B

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.2 ! B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

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27.03.2013


MOTAPARTI NILIMA n/a RNS-MAJ 430'000'000 26.92 - 29.06.2012 Corporation

BEVCO INTERNATIONAL n/a Co File 225'000'000 14.09 - 08.06.2012 Corporation

PUBLIC INVESTMENT CO n/a Co File 67'663'248 4.24 - 08.06.2012 Government

KULCZYK HOLDING n/a Co File 60'000'000 3.76 - 08.06.2012 Holding Company

KULCZYK INVESTMENT H Multiple Portfolios REG 60'000'000 3.76 - 01.11.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 34'866'303 2.18 (1'720'544) 25.03.2013 Investment Advisor





SCOTTISH WIDOWS n/a ULT-AGG 19'161'032 1.2 (4'245'434) 30.11.2012 Unclassified

ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 15'304'821 0.96 (1'824'542) 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'499'774 0.78 - 31.01.2013 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios REG 10'980'964 0.69 (324'670) 01.11.2012 Investment Advisor



GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 9'330'377 0.58 265'826 31.12.2012 Hedge Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 8'204'566 0.51 77'255 31.01.2013 Investment Advisor


Dolat Capital Market Ltd. LAUREN E TORRES neutral 3 M 3'600 Not Provided 27.03.2013

Credit Suisse SANJEET AUJLA outperform 5 M 4'000 Not Provided 26.03.2013

Macquarie WYNAND VAN ZYL outperform 5 M 3'698 12 month 26.03.2013

Renaissance Capital REY WIUM sell 1 D 3'400 12 month 26.03.2013

Oriel Securities Ltd CHRIS WICKHAM add 4 M 3'760 Not Provided 26.03.2013

SBG Securities BRENDAN GRUNDLINGH hold 3 M 3'200 12 month 26.03.2013

Morgan Stanley VIKHYAT SHARMA Equalwt/In-Line 3 M 3'300 12 month 25.03.2013

Nomura IAN SHACKLETON neutral 3 M 2'840 12 month 25.03.2013

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 3'180 12 month 22.03.2013

AlphaValue ISABELLE COMBEMALE sell 1 D 3'033 6 month 21.03.2013

JPMorgan MATTHEW WEBB overweight 5 M 3'645 15 month 19.03.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 3'675 Not Provided 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 3'500 12 month 11.03.2013


Berenberg Bank PHILIP MORRISEY buy 5 M 3'800 Not Provided 01.03.2013

Barclays SIMON HALES equalweight 3 D 3'350 Not Provided 25.02.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 3'333 Not Provided 22.02.2013

Investec MARTIN DEBOO buy 5 M 2'950 12 month 15.02.2013


Liberum Capital Ltd PABLO ZUANIC sell 1 M 2'600 Not Provided 25.01.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'860 Not Provided 23.01.2013

Natixis OLIVIER DELAHOUSSE neutral 3 M 3'000 Not Provided 23.01.2013

Societe Generale ANDREW HOLLAND hold 3 M 2'970 12 month 22.01.2013

Deutsche Bank JONATHAN FELL hold 3 M 2'900 12 month 22.01.2013


Shore Capital Stockbrokers PHIL CARROLL hold 3 M #N/A N/A Not Provided 22.01.2013

Bryan Garnier & Cie NIKOLAAS FAES neutral 3 M 2'633 6 month 22.01.2013


CA Cheuvreux ERIC BOROIAN outperform 5 M 2'950 Not Provided 21.01.2013


Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 3'520 12 month 09.01.2013


Avior Research DE WET SCHUTTE underperform 1 M 2'641 Not Provided 19.10.2012

Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 24.08.2012

Holdings By:

Divi's Laboratories Ltd ee


27.03.2013

DLF Ltd. is a real estate development company. The Company develops

Company offers property and casualty, life and health, credit, motor vehicle and

travel insurance, and fund management services.


LTM as of: 12/yy

52-Week High (12.03.2013) 289.20

52-Week Low (04.06.2012) 169.55

Daily Volume

236.2





401'233.72 1 Yr Total Return 20.87%


Preferred Stock 17'992.0 Adjusted BETA 1.518





DLFU IB EQUITY YTD Change - Average Volume 30 Day 1'302'738

DLFU IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'083'768


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

144'375.0 100'353.9 74'228.7 95'605.7 96'293.8 87'384.0 96'019.0 82'782.7 96'201.4 18'406.5 -

8.41x 4.52x 10.23x 7.40x 6.27x 2.70x 2.56x 7.58x 6.33x - -

97'234.2 56'155.7 36'680.8 38'562.7 40'283.6 0.0 0.0 32'701.2 40'916.4 7'285.0 -

12.48x 8.08x 20.69x 18.34x 14.99x 0.00x 0.00x 17.91x 14.31x - -

78'120.3 44'696.0 17'198.3 16'396.1 12'008.2 2'545.0 5'169.0 10'718.4 14'358.8 1'143.0 -

13.74x 6.37x 30.48x 27.80x 28.53x 12.79x 9.18x 38.28x 27.85x - -











EBITDA Margin 41.8%



Asset Turnover 0.16







Fiscal Year Ended

DLF LtdPrice/Volume

Valuation Analysis

1'083'554.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

- ! B

. ! B

0 ! B

1 ! B

2 ! B

3 ! B

4 ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



27.03.2013


PANCHSHEEL INVESTMEN n/a ULT-AGG 32'047'039 7.03 - 25.03.2013 Investment Advisor







SOCIETE GENERALE SA n/a Research 4'475'337 0.98 - 28.02.2013 Unclassified


MORGAN STANLEY n/a ULT-AGG 3'746'308 0.82 - 16.05.2012 Investment Advisor


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'337'600 0.51 - 31.12.2012 Investment Advisor



ADIG INVESTMENT Multiple Portfolios MF-AGG 1'630'559 0.36 (602'365) 30.11.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'533'611 0.34 17'500 31.01.2013 Mutual Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'483'920 0.33 - 31.01.2013 Investment Advisor





BNP Paribas Equity Research MARC THIELE neutral 3 M 123 6 month 27.03.2013

Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 103 12 month 27.03.2013

Oddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 27.03.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 27.03.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 105 12 month 27.03.2013

DZ Bank AG WERNER EISENMANN buy 5 M 120 12 month 27.03.2013

Main First Bank AG MICHAEL HAID outperform 5 M 125 12 month 27.03.2013

Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 27.03.2013

Macquarie HADLEY COHEN outperform 5 M 130 12 month 22.03.2013

AlphaValue DIETER HEIN reduce 2 D 114 6 month 21.03.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.03.2013

Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 95 12 month 08.03.2013

JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 05.03.2013

Berenberg Bank PETER ELIOT buy 5 M 132 Not Provided 05.03.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 135 12 month 03.03.2013

S&P Capital IQ RODERICK WALLACE buy 5 M 122 12 month 01.03.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 27.02.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 25.02.2013

Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 25.02.2013

Nord/LB VOLKER SACK buy 5 M 113 12 month 22.02.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 125 12 month 21.02.2013

Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013

Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 Not Provided 20.02.2013


Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013

Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013


Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013

HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013


Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013


CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012

Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012

Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012

Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012

Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 92 Not Provided 11.11.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011

Holdings By:

DLF Ltd ee


27.03.2013

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical

Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces

natural gas and imports it for sale in Italy and elsewhere in Europe. Eni

transports natural gas in pipelines. The Company generates and trades

electricity, refines oil, and operates gasoline service stations.


LTM as of: 12/yy

52-Week High (25.01.2013) 1'968.60

52-Week Low (19.06.2012) 1'528.00

Daily Volume

1754.45





297'843.09 1 Yr Total Return 5.32%







DRRD IB EQUITY YTD Change - Average Volume 30 Day 16'417

DRRD IB EQUITY YTD % CHANGE - Average Volume 3 Month 30'680


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

49'142.0 67'904.0 70'175.0 74'109.0 96'665.0 108'740.0 127'271.0 113'213.8 127'483.8 30'454.1 25'406.0

2.20x 1.42x 3.13x 3.99x 3.24x 3.31x 2.95x 2.73x 2.35x - -

9'040.0 14'295.0 14'642.0 15'441.0 24'931.0 25'213.0 24'564.0 24'331.3 27'174.8 6'799.4 4'996.0

11.96x 6.75x 15.02x 19.13x 12.58x 3.60x 3.52x 12.89x 11.54x - -

4'381.0 (9'172.0) 3'515.0 9'989.0 13'009.0 6'860.0 8'673.0 15'890.6 17'895.5 4'145.3 3'360.0

22.68x - 61.19x 27.75x 22.99x 8.45x 7.66x 18.86x 16.58x - -











EBITDA Margin 25.8%



Asset Turnover 0.95








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dr Reddy's Laboratories LtdPrice/Volume

Valuation Analysis

4'979.00


!

2

-!

-2

.!

.2

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

-! ! B

.! ! B

0! ! B

1! ! B

2! ! B

3! ! B

4! ! B

5! ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



27.03.2013


DR REDDYS HOLDINGS L n/a EXCH 958'298'322 26.37 - 20.11.2012 Other

MINISTERO DELL'ECONO n/a EXCH 142'968'850 3.93 - 20.11.2012 Government




BNP PARIBAS ARBITRAG n/a EXCH 41'175'319 1.13 - 20.11.2012 Investment Advisor


BNP PARIBAS SA n/a EXCH 28'455'671 0.78 - 20.11.2012 Bank




BNP PARIBAS SEC SERV n/a EXCH 11'484'026 0.32 - 20.11.2012 Investment Advisor





THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'925'800 0.16 (1'437'700) 31.01.2013 Investment Advisor


EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'385'693 0.15 996'578 31.01.2013 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'120'940 0.14 1'015'630 28.09.2012 Investment Advisor


Nomura ROBERTO RANIERI add 4 M #N/A N/A Not Provided 25.03.2013

HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 21.03.2013


Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 20.03.2013


Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 18.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 20 Not Provided 18.03.2013


Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 15.03.2013

Raymond James BERTRAND HODEE outperform 5 M 21 Not Provided 15.03.2013

Macquarie MARC B KOFLER outperform 5 M 21 12 month 15.03.2013


Equita SIM SpA ROBERTO LETIZIA buy 5 M 22 12 month 15.03.2013

Banca Akros(ESN) DARIO MICHI buy 5 M 23 12 month 15.03.2013

Canaccord Genuity Corp GORDON GRAY sell 1 M 17 12 month 15.03.2013

Natixis ANNE PUMIR neutral 3 M 20 Not Provided 15.03.2013

Barclays RAHIM KARIM overweight 5 M 21 Not Provided 15.03.2013

RBC Capital Markets PETER HUTTON sector perform 3 M 21 12 month 14.03.2013

Jefferies IAIN REID buy 5 M 22 12 month 14.03.2013


Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 14.03.2013

JPMorgan NITIN SHARMA overweight 5 M 22 3 month 13.03.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 12.03.2013

VTB Capital COLIN SMITH hold 3 M 19 12 month 01.03.2013

Kepler Capital Markets ENRICO COCO hold 3 M 18 Not Provided 18.02.2013

Investec STUART JOYNER hold 3 U 16 12 month 15.02.2013

Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 21 12 month 15.02.2013




Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 U 20 12 month 27.11.2012

Hamburger Sparkasse INGO SCHMIDT hold 3 U #N/A N/A Not Provided 30.10.2012

Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012


Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010

Holdings By:

Dr Reddy's Laboratories Ltd ee


27.03.2013

Exide Industries Ltd. manufactures a wide range of lead and electric storage

researches, manufactures, and sells pharmaceutical and medical products.

AstraZeneca focuses its operations on eight therapeutic areas:

Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous

System, Pain Control, Anaesthesia, and Infection.


LTM as of: 12/yy

52-Week High (19.10.2012) 166.30

52-Week Low (16.05.2012) 112.90

Daily Volume

126.15





107'227.50 1 Yr Total Return -13.55%







EXID IB EQUITY YTD Change - Average Volume 30 Day 93'341

EXID IB EQUITY YTD % CHANGE - Average Volume 3 Month 181'338


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

29'798.3 34'048.7 39'788.5 47'660.8 53'186.7 - - 63'789.0 75'352.8 - -

1.96x 1.07x 2.54x 2.47x 2.26x - - - - - -

4'903.7 5'867.1 9'835.1 9'553.1 7'622.7 - - 8'896.8 10'978.4 - -

11.92x 6.22x 10.27x 12.33x 15.76x - - 11.27x 9.13x - -

1'643.7 1'914.9 4'935.2 6'188.2 4'460.6 - - 5'339.8 6'628.6 - -

31.23x 17.28x 20.04x 19.70x 28.43x - - 20.15x 16.51x - -











EBITDA Margin 14.3%



Asset Turnover 1.42







Fiscal Year Ended

Exide Industries LtdPrice/Volume

Valuation Analysis

33'238.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

. ! B

1 ! B

3 ! B

5 ! B

-! ! B

-. ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



27.03.2013


CHLORIDE EASTERN LTD Multiple Portfolios REG 92'577'683 7.42 4'654'729 01.02.2013 Investment Advisor



INVESTOR AB Multiple Portfolios REG 51'587'810 4.13 - 01.02.2013 Investment Advisor






SCHRODER INVESTMENT Multiple Portfolios REG 18'084'946 1.45 (791'342) 01.02.2013 Investment Advisor






THREADNEEDLE ASSET M Multiple Portfolios REG 13'153'411 1.05 36'670 01.02.2013 Investment Advisor


GMO LLC Multiple Portfolios REG 12'158'200 0.97 (505'782) 01.02.2013 Corporation


ALLIANCE BERNSTEIN n/a ULT-AGG 10'705'870 0.86 (714'599) 01.02.2013 Investment Advisor


Axis Capital Limited PETER VERDULT Equalwt/Attractive 3 M 3'310 12 month 25.03.2013

Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 25.03.2013

Nordea Equity Research ERIK HULTGARD sell 1 M 3'037 12 month 25.03.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 3'540 6 month 25.03.2013

Redburn Partners TEAM COVERAGE neutral 3 U #N/A N/A Not Provided 25.03.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 3'300 Not Provided 25.03.2013

Barclays MARK PURCELL equalweight 3 M 3'300 Not Provided 25.03.2013

Societe Generale STEPHEN MCGARRY sell 1 M 2'675 12 month 22.03.2013

Deutsche Bank MARK CLARK hold 3 M 3'100 12 month 22.03.2013

ABG Sundal Collier PETER HUGREFFE sell 1 M 2'562 6 month 22.03.2013

Credit Suisse LUISA HECTOR underperform 1 M 3'050 Not Provided 22.03.2013

Jefferies JEFFREY HOLFORD hold 3 M 3'000 12 month 22.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 3'298 12 month 22.03.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 3'200 12 month 22.03.2013

Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 22.03.2013

Kepler Capital Markets FABIAN WENNER hold 3 M 2'700 Not Provided 22.03.2013

Natixis BEATRICE MUZARD neutral 3 U 3'383 Not Provided 22.03.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 3'200 Not Provided 22.03.2013

Danske Markets MATTIAS HAGGBLOM hold 3 M 3'000 12 month 22.03.2013

S&P Capital IQ SHO MATSUBARA sell 1 M 2'700 12 month 21.03.2013

AlphaValue ARMELLE MOULIN add 4 M 3'311 6 month 21.03.2013

Helvea ODILE RUNDQUIST neutral 3 M 2'850 12 month 19.03.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE underweight 1 M 2'750 15 month 15.03.2013

Swedbank JOHAN UNNERUS sell 1 D 2'666 12 month 08.03.2013

Nomura AMIT ROY reduce 2 M 2'600 12 month 18.02.2013


Berenberg Bank ALISTAIR CAMPBELL hold 3 M 3'050 Not Provided 06.02.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER sell 1 D 2'900 Not Provided 05.02.2013

Pareto Securities YILMAZ MAHSHID sell 1 M 2'843 6 month 04.02.2013

SEB Enskilda LARS HEVRENG hold 3 M 2'924 Not Provided 01.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 3'375 12 month 28.01.2013

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

Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 3'000 Not Provided 05.10.2012


Mirabaud Securities NICHOLAS TURNER reduce 2 U 2'700 Not Provided 02.04.2012

DZ Bank AG ELMAR KRAUS buy 5 M 3'700 12 month 02.02.2012

MP Advisors Pvt Ltd BHAVITA NAGRANI underperform 1 M 2'509 Not Provided 07.01.2010

Edward Jones LINDA BANNISTER sell 1 M #N/A N/A Not Provided 20.11.2008

Holdings By:

Exide Industries Ltd ee


27.03.2013

Federal Bank Limited operates branches and regional offices throughout India.

in Asia, Africa, and the Middle East. The Company offers its products and

services in the personal, consumer, corporate, institutional and treasury

areas.


LTM as of: 01/yy

52-Week High (02.01.2013) 550.75

52-Week Low (25.04.2012) 335.00

Daily Volume

488.25





83'474.60 1 Yr Total Return 17.57%





Enterprise Value -


FB IB EQUITY YTD Change - Average Volume 30 Day 30'029

FB IB EQUITY YTD % CHANGE - Average Volume 3 Month 39'966


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

29'104.5 38'308.2 43'031.4 45'700.4 61'135.8 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

3'600.7 4'720.1 4'396.7 5'564.7 7'537.3 - - - - - -

6.83x 5.00x 10.38x 12.87x 9.68x - - - - - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Federal Bank LtdPrice/Volume

Valuation Analysis

40'684.00


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

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

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B-! ! B.! ! B0! ! B1! ! B2! ! B3! ! B4! ! B5! ! B6! ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


INTERNATIONAL FINANC n/a ULT-AGG 432'746'145 17.93 - 29.02.2012 Government











BAILLIE GIFFORD AND Multiple Portfolios REG 30'412'658 1.26 194'259 02.01.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios REG 30'132'593 1.25 (60'464) 02.01.2013 Investment Advisor





Standard Chartered B Multiple Portfolios REG 24'000'000 0.99 - 02.01.2013 Unclassified


WALTER SCOTT & PARTN Multiple Portfolios REG 20'631'586 0.85 (437'402) 02.01.2013 Investment Advisor


Ambit Capital Pvt Ltd IAN GORDON buy 5 M 1'900 12 month 26.03.2013

Macquarie THOMAS STOEGNER outperform 5 M 2'000 12 month 26.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 U 1'837 Not Provided 25.03.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 1'700 12 month 25.03.2013

HSBC PETER TOEMAN neutral 3 M 1'800 Not Provided 21.03.2013

AlphaValue DAVID GRINSZTAJN reduce 2 M 1'778 6 month 21.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 21.03.2013

Credit Suisse AMIT GOEL underperform 1 M 1'400 Not Provided 20.03.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA underperform 1 M 1'330 12 month 20.03.2013

Nomura CHINTAN JOSHI buy 5 M 2'100 12 month 18.03.2013

Exane BNP Paribas TOM RAYNER neutral 3 M 1'750 Not Provided 18.03.2013

Oriel Securities Ltd VIVEK RAJA add 4 D 2'050 Not Provided 14.03.2013

Berenberg Bank JAMES CHAPPELL sell 1 D 1'450 Not Provided 12.03.2013

Liberum Capital Ltd CORMAC LEECH hold 3 D 1'875 Not Provided 12.03.2013

Independent Research GmbH STEFAN BONGARDT buy 5 U 2'100 12 month 08.03.2013

Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 08.03.2013

Keefe, Bruyette & Woods MARK J PHIN market perform 3 M 1'890 12 month 07.03.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 1'900 Not Provided 07.03.2013

Societe Generale JAMES INVINE buy 5 M 2'100 12 month 06.03.2013

Deutsche Bank JASON NAPIER hold 3 M 1'825 12 month 06.03.2013

JPMorgan RAUL SINHA overweight 5 M 2'000 9 month 06.03.2013

China International Capital Corp SALLY NG hold 3 M 1'821 12 month 06.03.2013

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 2'157 12 month 06.03.2013

Citic Securities Co., Ltd STEVEN CHAN hold 3 M 1'764 6 month 06.03.2013

Numis Securities Ltd MICHAEL J TRIPPITT add 4 M 2'057 Not Provided 06.03.2013

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 1'888 Not Provided 06.03.2013

Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 2'020 12 month 05.03.2013

S&P Capital IQ FRANK BRADEN hold 3 M 1'980 12 month 05.03.2013

CCB International Securities Ltd ADAM CHAN outperform 5 M 2'049 Not Provided 05.03.2013

Mizuho Securities JIM ANTOS buy 5 U 2'057 12 month 01.03.2013

Day by Day VALERIE GASTALDY buy 5 U 1'854 3 month 14.02.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 1'970 Not Provided 29.01.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 1'950 12 month 28.01.2013

Redburn Partners FAHED KUNWAR neutral 3 M #N/A N/A Not Provided 04.01.2013

Barclays ROHITH CHANDRA-RAJAN overweight 5 M 1'600 Not Provided 17.12.2012

Grupo Santander ARTURO DE FRIAS buy 5 M 1'960 Not Provided 11.12.2012

Canaccord Genuity Corp GARETH HUNT sell 1 M 1'325 12 month 06.12.2012

Daniel Stewart & Co SIMON WILLIS buy 5 M 1'900 12 month 08.08.2012

JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'800 Not Provided 02.08.2012

IIFL SACHIN NIKHARE add 4 M 1'700 12 month 01.03.2012

Holdings By:

Federal Bank Ltd ee


27.03.2013

GAIL India Limited processes and distributes natural gas and liquefied

Europe and Latin America. The Company offers fixed-line and mobile telephone,

Internet, and data transmission services to residential and corporate customers.


LTM as of: 12/yy

52-Week High (05.10.2012) 396.00

52-Week Low (26.03.2013) 300.40

Daily Volume

303.9





385'490.28 1 Yr Total Return -14.38%







GAIL IB EQUITY YTD Change - Average Volume 30 Day 69'948

GAIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 76'658


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

181'287.7 240'632.1 256'772.2 351'066.5 440'578.2 - - 488'810.4 548'765.6 - -

1.93x 1.30x 2.07x 1.81x 1.33x - - 1.02x 0.93x - -

45'580.1 44'633.0 54'792.5 65'293.3 73'835.7 - - 78'142.4 84'305.1 - -

7.70x 7.00x 9.68x 9.73x 7.94x - - 6.33x 5.86x - -

27'829.0 28'259.0 33'278.3 40'209.7 44'436.1 - - 45'148.9 47'104.9 - -

12.93x 11.02x 15.65x 14.64x 10.74x - - 8.56x 8.26x - -











EBITDA Margin 16.8%



Asset Turnover 0.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GAIL India LtdPrice/Volume

Valuation Analysis

91'588.00


!

.

1

3

5

-!

-.

-1

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

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.!! ! B

0!! ! B

1!! ! B

2!! ! B

3!! ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.03.2013


GOVERNMENT OF INDIA n/a 20F 261'798'437 5.75 3'581'300 21.03.2013 Bank

CAIXABANK n/a 20F 254'697'815 5.6 7'798'898 21.03.2013 Investment Advisor


BNP PARIBAS SA n/a EXCH 127'368'869 2.8 (15'605'969) 12.05.2011 Bank

TELEFONICA SA n/a Co File 84'209'364 1.85 - 31.12.2011 Corporation

CHINA UNICOM HONG KO n/a Co File 62'526'753 1.37 - 31.12.2011 Corporation


AMUNDI Multiple Portfolios MF-AGG 24'865'994 0.55 11'840'334 31.12.2012 Mutual Fund Manager





T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'058'783 0.18 (3'474'417) 31.12.2012 Investment Advisor




WELLCOME TRUST LIMIT n/a Research 5'200'000 0.11 - 31.01.2013 Investment Advisor


BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 4'854'264 0.11 (70'160) 30.09.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 4'609'602 0.1 (668'098) 28.09.2012 Investment Advisor


IDFC Securities Ltd DAVID CABEZA JARENO buy 5 M 14 12 month 26.03.2013

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU buy 5 M 13 Not Provided 26.03.2013

NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 13 12 month 26.03.2013

Morgan Stanley LUIS PROTA Overwt/In-Line 5 M 13 12 month 25.03.2013

Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 Not Provided 22.03.2013


Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 10 12 month 15.03.2013

Deutsche Bank KEVAL KHIROYA hold 3 M 12 12 month 14.03.2013

BBVA IVON LEAL outperform 5 M 13 Not Provided 11.03.2013

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 11 Not Provided 08.03.2013

BPI PEDRO OLIVEIRA reduce 2 M 9 Not Provided 07.03.2013

Berenberg Bank PAUL ANDREW MARSCH sell 1 M 9 Not Provided 06.03.2013


JPMorgan TORSTEN ACHTMANN overweight 5 U 13 9 month 04.03.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 9 12 month 04.03.2013

Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 U 10 Not Provided 04.03.2013

Banesto Bolsa SA Sociedad MARTA GOMEZ buy 5 M 12 Not Provided 04.03.2013

HSBC LUIGI MINERVA neutral 3 M 11 Not Provided 01.03.2013

Macquarie GUY R PEDDY underperform 1 M 9 12 month 01.03.2013

Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 01.03.2013

S&P Capital IQ ALEXANDER WISCH sell 1 M 9 12 month 01.03.2013

Barclays JONATHAN DANN equalweight 3 U 10 Not Provided 01.03.2013

AlphaValue JEAN-MICHEL SALVADOR buy 5 M 17 6 month 01.03.2013

Goldman Sachs TIMOTHY BODDY neutral/neutral 3 U 11 12 month 28.02.2013

Jefferies JEREMY A DELLIS underperform 1 M 8 12 month 28.02.2013

Raymond James STEPHANE BEYAZIAN underperform 1 M 10 12 month 28.02.2013

Interdin Bolsa BORJA MIJANGOS BLANCO buy 5 M 12 Not Provided 28.02.2013

Nomura FREDERIC BOULAN reduce 2 M 9 12 month 28.02.2013

New Street Research JAMES RATZER reduce 2 M #N/A N/A Not Provided 28.02.2013

BCP Investimento ALEXANDRA DELGADO buy 5 M 17 Not Provided 22.02.2013

Credit Suisse JUSTIN FUNNELL neutral 3 M 14 Not Provided 24.01.2013

La Caixa BORJA PAGOAGA buy 5 M 13 Not Provided 27.11.2012


Kepler Capital Markets JAVIER BORRACHERO buy 5 M 12 Not Provided 19.11.2012



Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 12 Not Provided 26.07.2012

Natixis BENOIT MAYNARD neutral 3 M 14 Not Provided 14.05.2012

Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 19 12 month 24.02.2012

DZ Bank AG THORSTEN REIGBER buy 5 M 16 12 month 15.11.2011

Holdings By:

GAIL India Ltd ee


27.03.2013

Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops

generic drugs for inflammation, metabolic disorders, and pain.


LTM as of: 12/yy

52-Week High (09.01.2013) 550.80

52-Week Low (27.03.2012) 298.00

Daily Volume

471.65





127'748.13 1 Yr Total Return 56.94%







GNP IB EQUITY YTD Change - Average Volume 30 Day 78'231

GNP IB EQUITY YTD % CHANGE - Average Volume 3 Month 85'118


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

20'092.0 21'160.3 25'006.5 29'490.7 40'206.4 106'540.0 114'297.0 48'978.2 57'689.2 13'156.3 10'407.0

6.47x 2.82x 3.64x 3.26x 2.57x 3.70x 3.91x 3.01x 2.53x - -

8'071.6 4'847.4 6'731.9 5'922.7 7'143.1 12'265.0 12'193.0 10'308.7 12'076.8 2'607.0 2'201.0

16.11x 12.30x 13.53x 16.23x 14.45x 8.06x 9.46x 14.14x 12.07x 15.31x -

6'321.3 1'916.6 3'244.7 4'532.1 4'603.5 5'667.0 6'095.0 6'095.4 7'589.7 1'688.8 783.0

18.92x 20.47x 21.58x 16.90x 18.17x 6.38x 7.24x 21.16x 16.74x - -











EBITDA Margin 17.8%



Asset Turnover 0.73







Fiscal Year Ended

Glenmark Pharmaceuticals LtdPrice/Volume

Valuation Analysis

32'078.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!122!


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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



27.03.2013


SALDANHA FAMILY TRUS n/a Co File 128'241'936 47.35 - 31.12.2012 n/a

HSBC GLOBAL INV MAUR n/a Co File 14'250'329 5.26 - 31.12.2012 Investment Advisor


LIFE INSURANCE CORP n/a Co File 3'936'246 1.45 - 31.12.2012 Government

KEMNY INVESTMENT FUN n/a Co File 3'472'981 1.28 - 31.12.2012 n/a

GENERAL INSURANCE CO n/a Co File 3'157'000 1.17 - 31.12.2012 Government

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'921'897 1.08 (3'832'371) 30.06.2012 Investment Advisor

COPTHALL MAURITIUS I n/a Co File 2'912'017 1.08 - 31.12.2012 Investment Advisor

DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 2'718'304 1 - 28.02.2013 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'707'124 1 587'771 28.09.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'701'789 1 (1'221'677) 31.01.2013 Investment Advisor

BB BIOTECH AG Multiple Portfolios MF-AGG 1'990'307 0.73 217'000 31.03.2012 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'473'383 0.54 610'360 31.12.2012 Investment Advisor

SALDANHA BLANCHE ELI n/a Co File 1'443'162 0.53 - 31.12.2012 n/a

PINTO CHERYLANN MARI n/a Co File 1'351'600 0.5 - 31.12.2012 n/a

HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 1'300'000 0.48 - 29.11.2012 Investment Advisor


EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'133'808 0.42 - 31.01.2013 Investment Advisor

DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 990'000 0.37 (266'120) 28.02.2013 Investment Advisor


Nomura SAION MUKHERJEE buy 5 M 578 Not Provided 25.03.2013

Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 610 Not Provided 22.03.2013

Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI buy 5 M 563 Not Provided 21.03.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 565 Not Provided 18.03.2013

First Global Stockbroking DEVINA MEHRA moderate outperform 4 M #N/A N/A Not Provided 11.03.2013

ICICIdirect.com SIDDHANT KHANDEKAR hold 3 M 513 24 month 05.03.2013

Fortune Equity Brokers (India) Ltd HITESH MAHIDA buy 5 M 554 Not Provided 05.03.2013

Edelweiss Capital MANOJ GARG buy 5 M 576 12 month 04.03.2013

JPMorgan PRINCY SINGH overweight 5 M 625 6 month 01.03.2013

Batlivala & Karani Securities ROHIT V BHAT buy 5 M 595 Not Provided 25.02.2013

Motilal Oswal Securities Ltd HARDICK BORA buy 5 M 583 Not Provided 22.02.2013

Credit Suisse ANUBHAV AGGARWAL outperform 5 M 545 Not Provided 21.02.2013

Sharekhan Ltd TEAM COVERAGE buy 5 M 600 Not Provided 20.02.2013

Spark Capital Advisors HARITH AHAMED buy 5 U 596 12 month 05.02.2013

Antique Stock Broking Limited ANMOL GANJOO buy 5 U 562 Not Provided 01.02.2013

Emkay Share & Stock Brokers DEEPAK MALIK buy 5 M 587 Not Provided 31.01.2013

India Infoline BHAVIKA THAKKER buy 5 M 561 Not Provided 31.01.2013

FinQuest Securities (P) Ltd. ANAND K BAGARIA hold 3 D 536 Not Provided 31.01.2013

IIFL BINO PATHIPARAMPIL add 4 M 554 12 month 31.01.2013

Standard Chartered RAVI AGRAWAL outperform 5 M 560 12 month 30.01.2013

Morgan Stanley SAMEER BAISIWALA Overwt/In-Line 5 M 584 12 month 30.01.2013

Macquarie ABHISHEK SINGHAL outperform 5 M 650 12 month 30.01.2013

Kotak Securities KRISHNA PRASAD reduce 2 M 510 Not Provided 30.01.2013

ICICI Securities KARTIK A MEHTA reduce 2 M 522 12 month 30.01.2013

IDFC Securities Ltd NITIN AGARWAL outperform 5 M 560 18 month 30.01.2013

Tata Securities Limited VIHARI PURUSHOTHAMAN sell 1 D 444 12 month 30.01.2013

Barclays BALAJI V PRASAD overweight 5 M 563 Not Provided 30.01.2013

Avendus Capital Private Ltd MONICA JOSHI reduce 2 M 399 Not Provided 30.01.2013

Elara Securities India Pvt Ltd SURAJIT PAL reduce 2 D 510 12 month 30.01.2013

India Nivesh Ltd BHAGWAN SINGH CHAUDHARY hold 3 M 506 Not Provided 30.01.2013

Nirmal Bang Institutional Equities PRAFUL BOHRA hold 3 D 556 Not Provided 30.01.2013

CIMB PRAKASH AGARWAL neutral 3 M 550 12 month 29.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013

SMC Global Securities Ltd. SHOUVIK CHATTERJEE market perform 3 M 435 Not Provided 03.08.2012

Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 410 Not Provided 04.06.2012

PINC Infinity.com Financial Services SUSHANT DALMIA accumulate 4 M 343 Not Provided 02.03.2012

Khandwala Securities Ltd BHAWANA VERMA hold 3 U 300 12 month 02.02.2012

KR Choksey Shares & Sec Pvt Ltd DEEPIKA JAIN buy 5 M 360 12 month 01.02.2012

Holdings By:

Glenmark Pharmaceuticals Ltd ee


27.03.2013

GMR Infrastructure is an infrastructure company with interests in airports,

The Company provides a variety of financial services to individuals,

institutions, corporations, governments, and financial intermediaries around the

world.


LTM as of: 12/yy

52-Week High (02.04.2012) 31.90

52-Week Low (29.11.2012) 16.75

Daily Volume

20.9





81'351.88 1 Yr Total Return -32.36%







GMRI IB EQUITY YTD Change - Average Volume 30 Day 1'047'298

GMRI IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'242'336


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

22'947.8 38'436.1 45'665.1 63'321.4 83'201.1 40'870.0 37'758.0 84'561.0 112'704.9 22'758.0 -

13.16x 7.49x 8.97x 5.82x 5.66x 36.80x 31.69x 5.18x 3.84x - -

6'428.2 9'040.6 14'134.8 15'776.3 18'890.8 17'455.0 15'530.0 26'365.2 40'978.9 - -

46.97x 31.86x 28.99x 23.37x 24.92x 21.54x 16.67x 17.63x 11.34x - -

3'198.9 2'794.5 1'584.0 (9'296.4) (6'033.4) 4'159.0 (2'510.0) (5'676.0) (1'493.1) (2.2) -

79.37x 61.80x 144.94x - - 10.07x 0.00x - - - -




Pretax Margin -10.19% Short-Term Rating Date -







EBITDA Margin 22.7%



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GMR Infrastructure LtdPrice/Volume

Valuation Analysis

2'391'612.00


!.135

-!-.-1-3-5

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

-! ! B

.! ! B

0! ! B

1! ! B

2! ! B

3! ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



27.03.2013


GMR HOLDINGS n/a ULT-AGG 245'633'960 6.4 (261'829) 31.12.2012 Government



NORGES BANK n/a EXCH 116'490'210 3.04 - 27.09.2011 Government


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 52'106'861 1.36 (1'332'781) 31.01.2013 Mutual Fund Manager


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 40'980'253 1.07 1'928'515 31.12.2012 Investment Advisor




ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 25'446'748 0.66 435'986 31.12.2012 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 20'880'689 0.54 2'393'021 31.01.2013 Investment Advisor


CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'622'115 0.43 1'350'143 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 16'537'648 0.43 4'242'564 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'956'720 0.39 1'002'642 31.12.2012 Investment Advisor

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 14'066'648 0.37 (1'222'625) 31.12.2012 Hedge Fund Manager

ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 9'167'333 0.24 5'013'106 31.12.2012 Pension Fund (ERISA)


Axis Capital Limited KIRI VIJAYARAJAH overweight 5 M 19 Not Provided 26.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 17 Not Provided 25.03.2013


Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 12 month 21.03.2013

AlphaValue DIETER HEIN reduce 2 M 16 6 month 21.03.2013

Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 18.03.2013

Exane BNP Paribas DANIEL DAVIES neutral 3 M 16 Not Provided 14.03.2013

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 21 12 month 11.03.2013

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 9 month 11.03.2013


CA Cheuvreux CHRISTIAN STARK outperform 5 M 16 Not Provided 08.03.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 13 12 month 08.03.2013

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 16 12 month 05.03.2013

Macquarie PIERS BROWN outperform 5 M 19 12 month 05.03.2013

Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 D 18 12 month 27.02.2013

Oddo & Cie JEAN SASSUS neutral 3 M 18 Not Provided 27.02.2013

DZ Bank AG CHRISTOPH BAST sell 1 D 13 12 month 22.02.2013

Credit Suisse AMIT GOEL neutral 3 D 15 Not Provided 19.02.2013



Kepler Capital Markets DIRK BECKER reduce 2 M 14 Not Provided 06.02.2013

Natixis ANTOINE BURGARD buy 5 M 18 Not Provided 06.02.2013

Nomura JON PEACE buy 5 M 18 Not Provided 06.02.2013


Helvea TIM DAWSON accumulate 4 M 18 12 month 06.02.2013

Main First Bank AG KILIAN MAIER outperform 5 M 18 12 month 05.02.2013

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 16 6 month 04.02.2013

Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 20 Not Provided 30.01.2013

Societe Generale DIRK HOFFMANN-BECKING hold 3 M 16 12 month 25.01.2013

Bank Vontobel AG TERESA NIELSEN buy 5 M 18 Not Provided 25.01.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 17 12 month 18.01.2013


Deutsche Bank MATT SPICK hold 3 M 16 12 month 07.01.2013

HSBC ROBERT MURPHY overweight 5 M 18 Not Provided 20.12.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 17 Not Provided 20.12.2012

Grupo Santander AURELIA FAURE underweight 1 M 11 Not Provided 11.12.2012


Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012



Holdings By:

GMR Infrastructure Ltd ee


27.03.2013

Godrej Consumer Products Limited manufactures personal care, hair care,

distribution of gas, oil and liquefied natural gas. The Group also develops,

owns and operates gas-fired power generation plants.


LTM as of: 12/yy

52-Week High (11.03.2013) 831.50

52-Week Low (12.06.2012) 465.00

Daily Volume

813.85





276'974.31 1 Yr Total Return 72.96%







GCPL IB EQUITY YTD Change - Average Volume 30 Day 10'780

GCPL IB EQUITY YTD % CHANGE - Average Volume 3 Month 11'983


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

11'025.7 13'929.6 20'412.0 36'936.0 48'661.6 21'073.0 21'665.0 63'790.8 76'970.3 16'655.0 17'414.0

2.66x 2.38x 3.78x 3.54x 3.57x 16.45x 14.69x 4.52x 3.71x - -

2'255.1 2'114.3 4'113.2 6'540.1 8'769.8 10'026.0 10'561.0 10'660.6 13'279.6 3'033.0 3'235.0

13.01x 15.70x 18.76x 19.99x 19.79x 8.83x 6.35x 27.25x 21.87x 21.60x 21.69x

1'592.4 1'732.6 3'395.9 5'147.1 7'267.2 4'234.0 4'519.0 7'141.9 8'936.6 2'049.3 2'196.0

17.52x 19.54x 23.06x 22.69x 21.49x 17.08x 16.06x 38.86x 31.12x 30.47x 30.67x











EBITDA Margin 18.0%



Asset Turnover 0.92







Fiscal Year Ended

Godrej Consumer Products LtdPrice/Volume

Valuation Analysis

9'889.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B-! ! B.! ! B0! ! B1! ! B2! ! B3! ! B4! ! B5! ! B6! ! B-!! ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.03.2013


GODREJ & BOYCE MANUF n/a ULT-AGG 253'990'367 7.46 14'804'992 25.03.2013 Investment Advisor



FMR LLC n/a ULT-AGG 102'081'949 3 (22'980'265) 31.01.2013 Investment Advisor





SCHRODER INVESTMENT Multiple Portfolios REG 48'293'192 1.42 5'128'695 01.01.2013 Investment Advisor



Northern Cross Inter Multiple Portfolios REG 41'754'612 1.23 14'104'546 01.01.2013 Unclassified

STATE FARM MUTUAL AU Multiple Portfolios REG 40'100'800 1.18 1'113'800 01.01.2013 Insurance Company

ALECTA INVESTMENT MA Multiple Portfolios REG 40'085'000 1.18 - 01.01.2013 Unclassified



AXA n/a ULT-AGG 38'280'582 1.13 1'790'949 01.01.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 33'967'551 1 4'544'498 31.01.2013 Investment Advisor



IIFL BERTRAND HODEE outperform 5 N 1'400 Not Provided 26.03.2013

Jefferies BRENDAN MICHAEL WARN buy 5 M 1'700 12 month 22.03.2013

AlphaValue ALEXANDRE ANDLAUER sell 1 M 942 6 month 21.03.2013

Grupo Santander JASON KENNEY buy 5 M 1'395 Not Provided 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 1'600 12 month 20.03.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 1'890 12 month 18.03.2013

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 18.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 1'470 Not Provided 18.03.2013

JPMorgan FREDERICK G LUCAS overweight 5 M 1'600 9 month 07.03.2013

Societe Generale IRENE HIMONA hold 3 M 1'200 12 month 25.02.2013



RBC Capital Markets PETER HUTTON outperform 5 M 1'360 12 month 19.02.2013

HSBC PAUL SPEDDING overweight 5 M 1'815 Not Provided 18.02.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1'268 Not Provided 15.02.2013

Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 1'150 Not Provided 11.02.2013


Equita SIM SpA MASSIMO BONISOLI buy 5 M 1'415 12 month 07.02.2013

Macquarie JASON D GAMMEL neutral 3 M 1'300 12 month 06.02.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 1'500 12 month 06.02.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 U 1'400 12 month 06.02.2013

Barclays RAHIM KARIM overweight 5 M 1'420 Not Provided 06.02.2013

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 1'110 12 month 05.02.2013

Investec STUART JOYNER sell 1 M 1'000 12 month 05.02.2013




Tudor Pickering & Co ANISH KAPADIA hold 3 M 1'500 Not Provided 01.11.2012

CA Cheuvreux JEAN-CHARLES LACOSTE suspended coverage #N/A N/A M #N/A N/A Not Provided 20.09.2012

Shore Capital Stockbrokers GERARD LANE not rated #N/A N/A M #N/A N/A Not Provided 05.03.2012

Holdings By:

Godrej Consumer Products Ltd ee


27.03.2013

Grasim Industries Limited is a diversified operating company and part of the

private and corporate banking services. The Bank also provides asset management

and investment advisory services to institutions and individuals in Europe, the

United States, Asia and the Emerging Markets.


LTM as of: 12/yy

52-Week High (17.10.2012) 3'511.00

52-Week Low (04.06.2012) 2'216.00

Daily Volume

2826.3





259'388.02 1 Yr Total Return 8.78%







GRASIM IB EQUITY YTD Change - Average Volume 30 Day 7'281

GRASIM IB EQUITY YTD % CHANGE - Average Volume 3 Month 7'063


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

169'739.2 182'966.1 199'334.2 215'502.3 252'443.0 11'685.0 2'593.0 271'431.8 309'491.6 73'347.5 67'934.0

1.78x 1.07x 1.47x 1.16x 1.21x 0.00x 0.00x 1.35x 1.15x - -

49'238.0 45'613.0 59'312.9 50'115.0 55'905.0 0.0 0.0 59'373.7 70'899.1 11'971.0 15'932.0

6.13x 4.30x 4.96x 4.98x 5.47x 0.00x 0.00x 5.65x 4.73x 6.42x -

28'914.4 21'866.6 30'955.3 22'790.1 26'474.6 6'050.0 6'553.0 26'991.4 31'051.4 9'271.5 7'180.0

8.17x 6.63x 8.34x 9.89x 9.10x 6.02x 7.78x 9.60x 8.33x - -











EBITDA Margin 22.1%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Grasim Industries LtdPrice/Volume

Valuation Analysis

3'061.00


!

-!

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0!

1!

2!

3!


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! !!

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- !!

- 2!

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27.03.2013


ABERDEEN n/a Co File 129'166'979 10.4 - 31.12.2012 Government

AXA n/a ULT-AGG 66'464'562 5.35 - 31.12.2012 Investment Advisor






STATE OF LUXEMBOURG n/a Co File 12'540'483 1.01 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'412'585 1 476'466 31.12.2012 Investment Advisor



HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 5'548'626 0.45 (313'400) 31.12.2012 Investment Advisor





SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'793'501 0.31 263'565 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 3'752'412 0.3 (1'668'815) 31.12.2012 Investment Advisor




IIFL JEAN-PIERRE LAMBERT outperform 5 M 57 12 month 26.03.2013

Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 47 Not Provided 25.03.2013

RBC Capital Markets ANKE REINGEN outperform 5 M 55 12 month 22.03.2013

Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 22.03.2013

AlphaValue CHRISTOPHE NIJDAM add 4 M 48 6 month 21.03.2013

Societe Generale SEBASTIEN LEMAIRE buy 5 M 56 12 month 20.03.2013

Macquarie PIERS BROWN underperform 1 M 41 12 month 19.03.2013


S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 14.03.2013

Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 59 Not Provided 13.03.2013

Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 12.03.2013

JPMorgan DELPHINE LEE neutral 3 M 48 18 month 11.03.2013

Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 08.03.2013

Barclays JEREMY SIGEE overweight 5 M 54 Not Provided 04.03.2013

HSBC ROBIN DOWN overweight 5 M 55 Not Provided 28.02.2013

Deutsche Bank FLORA BENHAKOUN hold 3 M 52 12 month 18.02.2013

Kepler Capital Markets BENOIT PETRARQUE buy 5 M 50 Not Provided 18.02.2013


Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 55 12 month 15.02.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 48 Not Provided 15.02.2013

CA Cheuvreux CYRIL MEILLAND select list 5 M 56 Not Provided 15.02.2013



Natixis ALEX KOAGNE buy 5 M 61 Not Provided 15.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 55 12 month 15.02.2013


CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 14.02.2013


Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 43 Not Provided 30.01.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 70 12 month 28.01.2013

Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013




DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012

Holdings By:

Grasim Industries Ltd ee


27.03.2013

HCL Technologies Limited provides software development and related engineering

detergents, fragrances, home and personal care products. Dually-listed company

with UNA NA.


LTM as of: 12/yy

52-Week High (18.03.2013) 804.50

52-Week Low (26.06.2012) 453.90

Daily Volume

775.1





538'641.31 1 Yr Total Return 67.00%







HCLT IB EQUITY YTD Change - Average Volume 30 Day 63'215

HCLT IB EQUITY YTD % CHANGE - Average Volume 3 Month 83'333


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

75'627.8 102'294.1 121'362.9 157'304.3 208'305.5 46'467.0 51'324.0 251'734.5 283'091.4 59'577.5 66'012.9

2.08x 1.33x 2.07x 2.18x 1.58x 0.00x 0.00x 2.04x 1.74x 9.04x 8.16x

17'027.0 21'250.5 19'924.2 27'151.5 40'507.5 0.0 0.0 55'149.9 59'113.0 13'666.2 13'986.2

9.24x 6.39x 12.59x 12.61x 8.10x 0.00x 0.00x 9.76x 9.10x 10.05x 9.77x

10'514.1 13'196.3 12'591.9 16'465.1 24'227.0 0.0 0.0 36'786.5 39'965.0 8'857.6 9'129.6

15.96x 9.43x 19.48x 20.54x 13.59x 0.00x 0.00x 14.89x 13.65x 15.63x 15.07x











EBITDA Margin 19.4%



Asset Turnover 1.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

HCL Technologies LtdPrice/Volume

Valuation Analysis

21'935.00


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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013


SLOCUM INVESTMENTS P n/a ULT-AGG 74'570'243 5.81 - 25.03.2013 Investment Advisor

The Leverhulme Trust Multiple Portfolios REG 70'566'764 5.5 - 02.01.2013 Unclassified






THREADNEEDLE ASSET M Multiple Portfolios REG 18'808'791 1.47 938'955 02.01.2013 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios REG 17'496'650 1.36 313'701 02.01.2013 Investment Advisor









CEDAR ROCK CAPITAL L Multiple Portfolios REG 13'353'349 1.04 (229'486) 02.01.2013 Investment Advisor


Standard Chartered ANDREW WOOD outperform 5 M 2'700 12 month 25.03.2013

Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 3'000 Not Provided 21.03.2013

AlphaValue SOPHIE CABO-BROSETA sell 1 M 2'419 6 month 21.03.2013

Shore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 19.03.2013

Exane BNP Paribas JEFF STENT neutral 3 M 2'900 Not Provided 19.03.2013

Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 2'200 12 month 13.03.2013

Oriel Securities Ltd CHRIS WICKHAM hold 3 M 2'800 Not Provided 13.03.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 2'800 12 month 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 2'800 12 month 11.03.2013

Credit Suisse CHARLES MILLS neutral 3 M 2'800 Not Provided 07.03.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 3'250 Not Provided 06.03.2013

Investec MARTIN DEBOO buy 5 M 2'900 12 month 20.02.2013


Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 3'100 12 month 07.02.2013

Barclays IAIN SIMPSON overweight 5 M 2'900 Not Provided 31.01.2013

HSBC CEDRIC BESNARD overweight 5 M 2'940 Not Provided 30.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 29.01.2013

JPMorgan CELINE PANNUTI overweight 5 M 2'850 9 month 28.01.2013

Berenberg Bank JAMES TARGETT buy 5 M 2'800 Not Provided 25.01.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 2'520 12 month 23.01.2013

Jefferies ALEX HOWSON buy 5 M 2'460 12 month 23.01.2013


Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'280 Not Provided 14.09.2012

Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 03.07.2012

Nomura DAVID HAYES reduce 2 M 1'870 Not Provided 17.01.2012

Holdings By:

HCL Technologies Ltd ee


27.03.2013

HDFC Bank Ltd. offers a wide range of services to the global corporate sector.

credit cards, wholesale banking, investment banking, wealth management and

investment management services.


LTM as of: 12/yy

52-Week High (30.11.2012) 705.00

52-Week Low (23.05.2012) 482.30

Daily Volume

614.4





1'460'575.25 1 Yr Total Return 19.53%





Enterprise Value -


HDFCB IB EQUITY YTD Change - Average Volume 30 Day 201'645

HDFCB IB EQUITY YTD % CHANGE - Average Volume 3 Month 168'169


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

124'920.8 197'464.0 204'385.1 246'291.8 330'567.1 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

15'950.8 22'489.9 30'036.5 39'924.9 52'470.2 - - - - - -

28.71x 18.38x 28.09x 27.13x 23.15x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

HDFC Bank LtdPrice/Volume

Valuation Analysis

134'182.00


!

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-2! ! B

.!! ! B

.2! ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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02 !!

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



27.03.2013


HOUSING DEVELOPMENT Multiple Portfolios REG 813'964'552 6.33 - 01.02.2013 Government

AL NAHYAN MANSOUR BI n/a RNS-MAJ 758'437'618 5.9 - 26.02.2013 n/a







UPPER CHANCE GROUP L Multiple Portfolios REG 248'872'808 1.94 - 01.02.2013 Unclassified


DODGE & COX Multiple Portfolios REG 247'149'298 1.92 (19'000'000) 01.02.2013 Investment Advisor



BARCLAYS PERSONAL IN Multiple Portfolios REG 210'027'061 1.63 (18'528'345) 01.02.2013 Investment Advisor

SUMITOMO MITSUI FINA n/a ULT-AGG 194'608'412 1.51 (259'690) 01.02.2013 Bank





ORBIS INVESTMENT MAN Multiple Portfolios REG 127'348'130 0.99 (9'688'810) 01.02.2013 Investment Advisor


Espirito Santo Investment Bank ResearchMICHAEL J TRIPPITT buy 5 M 400 Not Provided 27.03.2013


Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 438 12 month 25.03.2013

Investec IAN GORDON buy 5 M 345 12 month 21.03.2013

AlphaValue DAVID GRINSZTAJN add 4 M 363 6 month 21.03.2013


Macquarie EDWARD FIRTH neutral 3 M 320 12 month 19.03.2013

Nomura CHINTAN JOSHI reduce 2 M 305 12 month 18.03.2013


Oriel Securities Ltd VIVEK RAJA buy 5 U 380 Not Provided 14.03.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 340 Not Provided 12.03.2013

JPMorgan RAUL SINHA overweight 5 M 375 9 month 11.03.2013

RBC Capital Markets FIONA SWAFFIELD outperform 5 M 375 12 month 05.03.2013

Baden Hill LLP JAMIE MOYES sell 1 M #N/A N/A Not Provided 01.03.2013

Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 400 12 month 27.02.2013


HSBC PETER TOEMAN overweight 5 M 400 Not Provided 26.02.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 418 Not Provided 26.02.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 U 400 12 month 21.02.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 D 340 12 month 19.02.2013


Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 14.02.2013


Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 290 Not Provided 13.02.2013

S&P Capital IQ FRANK BRADEN buy 5 R 380 12 month 13.02.2013

Independent Research GmbH STEFAN BONGARDT buy 5 U 350 12 month 12.02.2013

Canaccord Genuity Corp GARETH HUNT hold 3 M 280 12 month 12.02.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 160 Not Provided 12.02.2013


Liberum Capital Ltd CORMAC LEECH hold 3 D 230 Not Provided 14.11.2012

Holdings By:

HDFC Bank Ltd ee


27.03.2013

Hero Motocorp Ltd. designs, manufactures and distributes motorcycles. The

under segments that include power products, power systems, automation products,

process automation and robotics.


LTM as of: 12/yy

52-Week High (02.05.2012) 2'278.50

52-Week Low (26.03.2013) 1'566.65

Daily Volume

1572.5





314'008.59 1 Yr Total Return -19.95%







HMCL IB EQUITY YTD Change - Average Volume 30 Day 22'486

HMCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 29'282


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

103'318.0 123'191.2 157'581.8 192'450.3 233'680.5 37'990.0 39'336.0 - - - -

1.12x 1.48x 2.24x 1.48x 1.66x 5.09x 4.69x - - - -

13'546.4 17'362.5 27'363.5 26'003.3 36'657.0 5'688.0 5'420.0 - - - -

8.58x 10.50x 12.88x 10.96x 10.57x 7.37x 9.09x - - - -

9'678.8 12'817.6 22'318.3 19'279.0 23'781.3 3'168.0 2'704.0 - - - -

14.33x 16.69x 17.40x 16.46x 17.26x 13.65x 17.55x - - - -











EBITDA Margin 15.7%



Asset Turnover 2.27







Fiscal Year Ended

Hero Motocorp LtdPrice/Volume

Valuation Analysis

24'654.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

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-2 ! B

.! ! B

.2 ! B

0! ! B

02 ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

2 !!

-! !!

-2 !!

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27.03.2013


HERO INVESTMENTS PVT n/a Research 166'330'142 7.19 - 04.01.2011 Investment Advisor





NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 24'899'512 1.08 1'143'030 28.02.2013 Investment Advisor



SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 14'044'104 0.61 (1'721'905) 31.12.2012 Investment Advisor



SKAGEN AS Multiple Portfolios MF-AGG 10'421'737 0.45 - 28.02.2013 Mutual Fund Manager

AMF FONDER AB Multiple Portfolios MF-AGG 9'443'400 0.41 1'877'700 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 8'508'473 0.37 (2'513'786) 21.03.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 6'992'268 0.3 (81'762) 28.02.2013 Investment Advisor


FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6'064'784 0.26 1'403 31.12.2012 Investment Advisor

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 6'061'300 0.26 21'000 28.02.2013 Investment Advisor


VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 3'862'588 0.17 23'640 30.11.2012 Investment Advisor


Nomura BEN UGLOW Underwt/Cautious 1 M 18 12 month 27.03.2013

Societe Generale SEBASTIEN GRUTER buy 5 M 25 12 month 26.03.2013

JPMorgan ANDREAS WILLI underweight 1 M 21 9 month 26.03.2013

SEB Enskilda DANIEL SCHMIDT buy 5 M 23 Not Provided 26.03.2013

Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 26.03.2013

Exane BNP Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided 26.03.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 25.03.2013

Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 25.03.2013

Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 25 12 month 22.03.2013

AlphaValue HEINZ STEFFEN reduce 2 M 22 6 month 21.03.2013

ABG Sundal Collier ANDERS IDBORG buy 5 M 25 6 month 14.03.2013

Berenberg Bank WILLIAM MACKIE buy 5 U 25 Not Provided 14.03.2013

Nomura DANIEL CUNLIFFE buy 5 U 27 Not Provided 13.03.2013

HSBC COLIN GIBSON neutral 3 M 23 Not Provided 08.03.2013

Kepler Capital Markets CHRISTOPH LADNER hold 3 M 20 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 25 Not Provided 08.03.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 22 12 month 04.03.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 25 Not Provided 20.02.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.02.2013

Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 18.02.2013


Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 18.02.2013

Barclays NICK WEBSTER overweight 5 M 24 Not Provided 18.02.2013

Deutsche Bank MARTIN WILKIE sell 1 M 18 12 month 15.02.2013


Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 15.02.2013

Nordea Equity Research ANDREAS BROCK hold 3 M 21 12 month 15.02.2013

Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.02.2013

Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month 15.02.2013

Handelsbanken HAMPUS ENGELLAU buy 5 M 26 12 month 14.02.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 23 12 month 14.02.2013


Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 24 12 month 17.01.2013

Natixis ARNAUD SCHMIT neutral 3 M 19 Not Provided 21.12.2012

Swedbank MATS LISS buy 5 M 20 12 month 11.12.2012

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012

Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012

Hammer Partners SA ALBERTO ROLLA buy 5 N 27 Not Provided 05.08.2010

Holdings By:

Hero Motocorp Ltd ee


27.03.2013

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company

household, toiletry, pharmaceutical and food products on a global basis. The

Company's products include fabric treatments , disinfectant spray and cleaners,

dishwashing detergent, personal care, food, and prescription drugs.


LTM as of: 12/yy

52-Week High (02.01.2013) 137.00

52-Week Low (26.03.2013) 86.90

Daily Volume

88





168'483.31 1 Yr Total Return -30.84%







HNDL IB EQUITY YTD Change - Average Volume 30 Day 1'286'038

HNDL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'034'690


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

596'963.0 657'524.1 607'079.2 722'022.7 808'213.7 - - 809'426.4 879'696.1 - -

0.72x 0.49x 0.89x 0.88x 0.73x - - 0.73x 0.70x - -

63'576.3 55'555.1 86'372.7 79'599.7 76'723.6 - - 80'817.0 93'123.3 - -

6.74x 5.76x 6.26x 8.00x 7.74x - - 6.37x 5.53x - -

21'987.9 4'838.9 39'254.7 24'563.7 33'969.5 - - 27'966.0 30'078.4 - -

9.66x 16.19x 8.18x 16.30x 7.29x - - 6.14x 5.77x - -











EBITDA Margin 9.5%



Asset Turnover 0.87







Fiscal Year Ended

Hindalco Industries LtdPrice/Volume

Valuation Analysis

731'643.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0!!!

1!!!

2!!!

3!!!


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013


IGH HOLDINGS PVT LTD Multiple Portfolios REG 76'659'342 10.7 - 03.12.2012 Unclassified


INVESCO LTD n/a RNS-MAJ 35'939'131 5.02 (3'521'895) 11.02.2013 Investment Advisor








MORGAN STANLEY INVES Multiple Portfolios REG 12'921'988 1.8 131'837 03.12.2012 Investment Advisor


PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 11'262'286 1.57 - 31.03.2012 Investment Advisor

WALTER SCOTT & PARTN Multiple Portfolios REG 10'715'075 1.5 2'130'744 03.12.2012 Investment Advisor

CEDAR ROCK CAPITAL L Multiple Portfolios REG 8'962'334 1.25 3'028'426 03.12.2012 Investment Advisor





FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 6'769'218 0.94 26'600 31.12.2012 Investment Advisor


Maybank Kim Eng GRAHAM JONES hold 3 M 4'700 Not Provided 26.03.2013

Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 5'000 12 month 25.03.2013

AlphaValue ARMELLE MOULIN reduce 2 M 4'543 6 month 21.03.2013

Oriel Securities Ltd CHRIS WICKHAM add 4 M 4'700 Not Provided 13.03.2013

Grupo Santander PEDRO GIL hold 3 M 4'200 Not Provided 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 4'500 12 month 11.03.2013

Credit Suisse CHARLES MILLS neutral 3 M 4'900 Not Provided 11.03.2013

Berenberg Bank SETH PETERSON hold 3 M 4'490 Not Provided 11.03.2013

Liberum Capital Ltd PABLO ZUANIC sell 1 M 3'500 Not Provided 08.03.2013

Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 4'300 12 month 07.03.2013

Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 4'320 12 month 07.03.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 3'425 12 month 05.03.2013

Societe Generale CHAS MANSO DE ZUNIGA sell 1 M 4'000 12 month 26.02.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 3'950 12 month 26.02.2013

Investec MARTIN DEBOO sell 1 M 4'260 12 month 25.02.2013

JPMorgan CELINE PANNUTI neutral 3 M 4'300 9 month 25.02.2013

Jefferies ALEX HOWSON hold 3 M 3'640 12 month 25.02.2013

Exane BNP Paribas EAMONN FERRY underperform 1 M 4'000 Not Provided 25.02.2013


Raymond James HERMINE DE BENTZMANN outperform 5 M 4'630 Not Provided 14.02.2013

HSBC CEDRIC BESNARD neutral 3 M 4'700 Not Provided 14.02.2013

Nomura GUILLAUME DELMAS buy 5 M 4'900 Not Provided 14.02.2013

Barclays IAIN SIMPSON underweight 1 M 3'700 Not Provided 14.02.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 4'300 6 month 13.02.2013

Deutsche Bank HAROLD THOMPSON buy 5 M 4'800 12 month 13.02.2013

Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 13.02.2013



CA Cheuvreux ERIC BOROIAN underperform 1 M 3'750 Not Provided 21.01.2013


Redburn Partners JEREMY FIALKO sell 1 M #N/A N/A Not Provided 24.09.2012

Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 3'140 Not Provided 14.09.2012

Holdings By:

Hindalco Industries Ltd ee


27.03.2013

Hindustan Petroleum Corporation Limited refines crude oil and manufactures

wholesale, and investment banking services. The Bank offers consumer and

mortgage loans, private banking, asset management, insurance, mutual funds, and

securities brokerage services. It operates in Europe, Latin America, United

States, China and Turkey.


LTM as of: 12/yy

52-Week High (18.01.2013) 381.40

52-Week Low (26.11.2012) 275.30

Daily Volume

280.95





95'137.33 1 Yr Total Return 1.88%







HPCL IB EQUITY YTD Change - Average Volume 30 Day 143'249

HPCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 281'218


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

1'020'982.7 1'136'797.4 1'051'779.3 1'385'672.9 1'850'872.6 - - ######### ######### - -

0.19x 0.24x 0.27x 0.27x 0.24x - - 0.21x 0.20x - -

21'610.4 32'154.7 28'268.5 41'062.7 42'638.2 - - 51'559.1 54'474.2 - -

8.99x 8.46x 10.19x 9.00x 10.38x - - 8.44x 7.98x - -

13'641.0 7'573.9 14'766.3 17'036.0 1'746.5 - - 9'586.8 13'801.9 - -

6.37x 12.04x 7.30x 7.09x 58.87x - - 10.43x 7.09x - -











EBITDA Margin 2.3%



Asset Turnover 2.38








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hindustan Petroleum Corp LtdPrice/Volume

Valuation Analysis

67'246.00


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20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! .!

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27.03.2013


GOVERNMENT OF INDIA n/a EXCH 184'725'823 3.39 22'455'188 07.01.2013 Bank

INVERAVANTE INVERSIO n/a 13G 160'934'820 2.95 (86'470'698) 24.07.2012 Other









CORP GNRAL FINANCIER n/a Co File 10'870'987 0.2 - 19.10.2012 n/a

UMB BANK N A Multiple Portfolios MF-AGG 10'811'646 0.2 2'209'334 31.01.2013 Investment Advisor


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'802'767 0.14 4'703'508 28.12.2012 Mutual Fund Manager

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'760'019 0.14 1'553'396 31.12.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7'718'009 0.14 (2'806'444) 30.09.2012 Mutual Fund Manager



PIONEER INVESTMENT M Multiple Portfolios MF-AGG 6'002'218 0.11 958'831 31.12.2012 Investment Advisor



Nomura ARTURO DE FRIAS buy 5 M 9 Not Provided 27.03.2013

Mediobanca SpA ANDREA FILTRI neutral 3 M 7 Not Provided 25.03.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 9 12 month 25.03.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 9 6 month 25.03.2013

Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 M 9 12 month 22.03.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 7 Not Provided 22.03.2013

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 20.03.2013

Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 8 Not Provided 14.03.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 12.03.2013

Societe Generale CARLOS GARCIA GONZALEZ hold 3 U 7 12 month 11.03.2013

Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 8 12 month 11.03.2013

Credit Suisse IGNACIO CEREZO neutral 3 M 8 Not Provided 11.03.2013

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 U 9 Not Provided 08.03.2013

BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 07.03.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 07.03.2013

La Caixa DAVID FERNANDEZ buy 5 M 9 Not Provided 04.03.2013

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 Not Provided 04.03.2013

Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013



Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 9 12 month 12.02.2013

Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 9 Not Provided 12.02.2013

JPMorgan JAIME BECERRIL neutral 3 U 7 18 month 11.02.2013


Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 06.02.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 8 12 month 04.02.2013


Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 04.02.2013

Nomura DARAGH QUINN buy 5 M 8 12 month 04.02.2013

S&P Capital IQ WILLIAM HOWLETT sell 1 M 7 12 month 01.02.2013

Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 28.01.2013

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 11 12 month 23.01.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 8 Not Provided 17.01.2013

HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 10.01.2013


Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013



Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012

DZ Bank AG SABINE BOHN sell 1 M 6 12 month 06.02.2012

Holdings By:

Hindustan Petroleum Corp Ltd ee


27.03.2013

Hindustan Unilever Limited manufactures branded and packaged consumer products

Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan,

Malaysia, South Korea, China, Thailand, and the United States.


LTM as of: 01/yy

52-Week High (16.10.2012) 571.12

52-Week Low (04.04.2012) 392.57

Daily Volume

472.45





1'021'576.00 1 Yr Total Return 17.26%







HUVR IB EQUITY YTD Change - Average Volume 30 Day 219'987

HUVR IB EQUITY YTD % CHANGE - Average Volume 3 Month 206'226


31.12.2007 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

139'134.0 - 177'642.7 200'225.5 234'363.3 - - 268'737.9 306'842.2 - -

3.32x - 2.83x 3.01x 3.64x - - 3.67x 3.18x - -

20'920.8 - 28'498.6 27'443.4 35'044.4 - - 41'142.7 46'487.2 - -

22.10x - 17.67x 21.96x 24.34x - - 24.03x 21.27x - -

19'148.9 - 21'566.3 22'960.5 27'906.6 - - 32'923.8 36'359.0 - -

24.60x - 24.22x 27.26x 31.75x - - 31.18x 28.27x - -











EBITDA Margin 15.0%



Asset Turnover 2.15







Fiscal Year Ended

Hindustan Unilever LtdPrice/Volume

Valuation Analysis

740'669.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

.! ! B

1! ! B

3! ! B

5! ! B

-!! ! B

-.! ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

- !!

. !!

0 !!

1 !!

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3 !!

4 !!

5 !!

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27.03.2013


UNILEVER PLC n/a ULT-AGG 408'516'187 5.07 - 01.01.2013 Investment Advisor








MONDRIAN INVESTMENT Multiple Portfolios REG 107'524'181 1.33 (407'143) 01.01.2013 Hedge Fund Manager




GEICO CORP Multiple Portfolios REG 90'000'000 1.12 - 01.01.2013 Unclassified


ALECTA INVESTMENT MA Multiple Portfolios REG 86'150'000 1.07 - 01.01.2013 Unclassified

M&G INVESTMENT MANAG Multiple Portfolios REG 83'932'359 1.04 1'917'566 01.01.2013 Investment Advisor

SILCHESTER INTL INVE Multiple Portfolios REG 81'651'783 1.01 20'121'589 01.01.2013 Investment Advisor



GENERAL REINSURANCE Multiple Portfolios REG 72'862'000 0.9 - 01.01.2013 Insurance Company


Credit Suisse JAMES GRZINIC buy 5 M 440 12 month 26.03.2013

Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 443 Not Provided 26.03.2013

Oriel Securities Ltd JONATHAN PRITCHARD buy 5 M 400 Not Provided 26.03.2013

JPMorgan JAIME VAZQUEZ overweight 5 M 425 9 month 25.03.2013

AlphaValue VIRGINIE BLIN reduce 2 M 380 6 month 21.03.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK buy 5 M #N/A N/A Not Provided 19.03.2013

Exane BNP Paribas JOHN KERSHAW neutral 3 M 375 Not Provided 13.03.2013

Morgan Stanley EDOUARD AUBIN Underwt/In-Line 1 M 310 12 month 11.03.2013


Credit Suisse ANDREW KASOULIS outperform 5 U 430 Not Provided 06.03.2013

Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 440 Not Provided 06.03.2013

Nomura NICK COULTER buy 5 M 430 12 month 26.02.2013

Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 15.02.2013

Baader Bank VOLKER BOSSE buy 5 U 410 12 month 12.02.2013

Macquarie SREEDHAR MAHAMKALI outperform 5 M 400 12 month 23.01.2013


Independent Research GmbH ZAFER RUZGAR buy 5 M 420 12 month 11.01.2013

HSBC JEROME SAMUEL overweight 5 M 410 Not Provided 10.01.2013

Aurel - BGC JEAN-MARIE L'HOME sell 1 M 300 Not Provided 10.01.2013

S&P Capital IQ WILLIAM MACK buy 5 M 380 12 month 10.01.2013

Espirito Santo Investment Bank ResearchCAROLINE GULLIVER sell 1 M 275 Not Provided 08.01.2013

Barclays JAMES ANSTEAD equalweight 3 M 360 Not Provided 04.01.2013

Investec DAVID MCCARTHY sell 1 M 295 12 month 04.10.2012

CA Cheuvreux ARNAUD JOLY underperform 1 M 320 Not Provided 04.10.2012

Natixis PIERRE-EDOUARD BOUDOT reduce 2 D 300 Not Provided 04.10.2012

Deutsche Bank JAMES G COLLINS buy 5 M 394 12 month 24.09.2012

Kepler Capital Markets FABIENNE CARON hold 3 N 298 Not Provided 28.06.2012

Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 375 12 month 01.05.2012

Merchant Securities AMISHA CHOHAN hold 3 M #N/A N/A Not Provided 18.04.2012

Holdings By:

Hindustan Unilever Ltd ee


27.03.2013

Hindustan Zinc Limited specializes in the exploration, mining and smelting of

Company produces colorants, styling, and hair care products for professional

hairdressers, hair care, cosmetics, and skin care products and perfumes for

consumers, luxury cosmetics and perfumes sold through department stores,

perfumeries and travel stores, and dermatological and pharmaceutical products.


LTM as of: 12/yy

52-Week High (18.12.2012) 146.80

52-Week Low (22.03.2013) 110.55

Daily Volume

116.45





492'038.41 1 Yr Total Return -3.99%







HZ IB EQUITY YTD Change - Average Volume 30 Day 180'843

HZ IB EQUITY YTD % CHANGE - Average Volume 3 Month 138'422


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

78'777.7 56'802.7 80'169.7 100'391.7 114'053.1 20'343.1 22'462.7 - - - -

1.84x 1.76x 4.87x 4.31x 3.33x 0.00x 0.00x - - - -

54'008.8 27'429.8 46'743.5 56'134.5 60'777.0 0.0 0.0 - - - -

2.68x 3.65x 8.36x 7.71x 6.25x 0.00x 0.00x - - - -

43'960.7 27'276.1 40'414.1 49'004.9 55'260.4 0.0 0.0 - - - -

5.05x 6.99x 12.59x 11.88x 10.12x 0.00x 0.00x - - - -











EBITDA Margin 53.3%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hindustan Zinc LtdPrice/Volume

Valuation Analysis

98'974.00


!

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1!

3!

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. ! B

. 2 B

0 ! B

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10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

2 !!

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



27.03.2013


STERLITE INDUSTRIES n/a Co File 185'661'879 30.72 - 31.12.2012 n/a

NESTLE SA #N/A N/A Co File 178'381'021 29.52 - 31.12.2012 Corporation

L'OREAL SA #N/A N/A Co File 10'454'165 1.73 - 31.12.2012 Corporation




OWEN-JONES LINDSAY n/a Co File 2'998'095 0.5 - 31.12.2012 n/a

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'784'467 0.46 (516'711) 31.01.2013 Mutual Fund Manager


BALYASNY ASSET MANAG n/a Short (2'309'774) -0.38 729'403 30.01.2013 Hedge Fund Manager





AMUNDI Multiple Portfolios MF-AGG 831'525 0.14 2'576 31.10.2012 Mutual Fund Manager

INVESCO LTD Multiple Portfolios MF-AGG 805'008 0.13 1'825 21.03.2013 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 661'487 0.11 - 25.03.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 511'365 0.08 - 31.08.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 457'965 0.08 30'221 31.12.2012 Investment Advisor


Standard Chartered ERIK SJOGREN Underwt/In-Line 1 M 110 12 month 27.03.2013

Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 95 12 month 25.03.2013

Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 21.03.2013

AlphaValue ARMELLE MOULIN reduce 2 M 115 6 month 21.03.2013

Jefferies ALEX HOWSON buy 5 M 106 12 month 20.03.2013


Kepler Capital Markets CATHERINE ROLLAND buy 5 M 125 Not Provided 14.03.2013

Grupo Santander PEDRO GIL hold 3 M 105 Not Provided 12.03.2013


Berenberg Bank SETH PETERSON hold 3 M 113 Not Provided 11.03.2013



Credit Suisse ALEX MOLLOY neutral 3 M 117 Not Provided 07.03.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 94 12 month 05.03.2013

Exane BNP Paribas EAMONN FERRY outperform 5 M 114 Not Provided 25.02.2013

Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 105 Not Provided 19.02.2013

Nomura GUILLAUME DELMAS reduce 2 M 97 Not Provided 18.02.2013

Main First Bank AG GAEL COLCOMBET outperform 5 M 120 12 month 18.02.2013

Barclays IAIN SIMPSON overweight 5 M 121 Not Provided 14.02.2013

Raymond James HERMINE DE BENTZMANN outperform 5 M 120 Not Provided 13.02.2013


Bryan Garnier & Cie LOIC MORVAN buy 5 M 118 6 month 13.02.2013

Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.02.2013

Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 112 12 month 12.02.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 113 6 month 12.02.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 105 12 month 12.02.2013

Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 143 12 month 12.02.2013




Telsey Advisory Group DAVID WU no rating system #N/A N/A M #N/A N/A Not Provided 12.02.2013

Natixis PIERRE TEGNER neutral 3 M 96 Not Provided 08.02.2013

HSBC CEDRIC BESNARD overweight 5 U 121 Not Provided 17.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013

CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 14.01.2013

Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012

Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 87 Not Provided 30.10.2012

Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012

DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012

Holdings By:

Hindustan Zinc Ltd ee


27.03.2013

Housing Development & Infrastructure Limited is real estate development

beverages, baby food and clinical/medical nutrition products.


LTM as of: 12/yy

52-Week High (16.01.2013) 123.95

52-Week Low (26.03.2013) 43.65

Daily Volume

45.45





19'043.73 1 Yr Total Return -48.00%







HDIL IB EQUITY YTD Change - Average Volume 30 Day 4'995'737

HDIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 5'290'828


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

23'804.5 17'284.4 15'021.2 18'467.1 19'924.8 19'318.0 20'868.0 20'047.9 26'266.7 11'855.0 -

7.08x 3.61x 8.93x 6.19x 3.74x 0.00x 0.00x 2.76x 2.10x 4.72x -

16'926.4 13'105.9 12'047.8 15'460.3 15'093.7 0.0 0.0 11'385.1 13'965.6 4'690.0 -

9.95x 4.76x 11.14x 7.39x 4.94x 0.00x 0.00x 4.44x 3.62x - -

14'104.8 7'812.5 5'678.6 8'217.6 8'098.1 0.0 0.0 6'783.7 8'471.5 3'613.0 -

12.21x 2.89x 16.51x 8.44x 4.47x 0.00x 0.00x 2.88x 2.30x - -











EBITDA Margin 75.8%



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Housing Development & Infrastructure LtdPrice/Volume

Valuation Analysis

4'920'077.00


!

-!

.!

0!

1!

2!

3!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

. ! B

1 ! B

3 ! B

5 ! B

-! ! B

-. ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013


WADHAWAN RAKESH KUMA n/a ULT-AGG 55'771'157 8.79 15'779 31.01.2013 Investment Advisor

GROUPE DANONE n/a Co File 44'051'229 6.94 - 31.12.2012 Corporation

AMUNDI SA n/a Co File 20'039'020 3.16 - 31.12.2012 Other

EURAZEO n/a Co File 16'433'370 2.59 - 31.12.2012 Investment Advisor

NORGES BANK n/a Co File 15'048'614 2.37 - 31.12.2012 Government

SOFINA & HENEX GROUP n/a Co File 13'584'541 2.14 - 31.12.2012 Other

NATIXIS ASSET MANAGE n/a Co File 12'811'179 2.02 - 31.12.2012 Investment Advisor



CAISSE DES DEPOTS ET n/a Co File 9'783'434 1.54 - 31.12.2012 Government


FCPE FONDS GROUPE DA n/a Co File 8'533'644 1.35 - 31.12.2012 n/a




TRIAN FUND MANAGEMEN n/a Research 6'431'620 1.01 - 07.11.2012 Hedge Fund Manager


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.68 745'570 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'969'086 0.63 (54'102) 31.12.2012 Investment Advisor



HSBC ANDREW WOOD market perform 3 M 53 12 month 25.03.2013

HSBC CEDRIC BESNARD overweight 5 M 63 Not Provided 25.03.2013

AlphaValue SOPHIE CABO-BROSETA add 4 M 65 6 month 21.03.2013

Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 20.03.2013

Nomura DAVID HAYES buy 5 M 60 12 month 20.03.2013

Jefferies ALEX HOWSON hold 3 M 48 12 month 19.03.2013

Exane BNP Paribas JEFF STENT neutral 3 M 57 Not Provided 19.03.2013


Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 45 12 month 13.03.2013

S&P Capital IQ CARL SHORT buy 5 M 63 12 month 13.03.2013

Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 59 12 month 11.03.2013



Credit Suisse ALEX MOLLOY underperform 1 M 54 Not Provided 07.03.2013




Berenberg Bank JAMES TARGETT sell 1 M 51 Not Provided 22.02.2013

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.02.2013

Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 20.02.2013

Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 65 12 month 20.02.2013


CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 47 12 month 20.02.2013

Oddo & Cie LAURENCE HOFMANN neutral 3 M 54 Not Provided 20.02.2013

Helvea ANDREAS VON ARX accumulate 4 M 61 12 month 20.02.2013

Barclays LIAM ROWLEY equalweight 3 M 51 Not Provided 20.02.2013

Deutsche Bank JAMES ISENWATER hold 3 M 45 12 month 19.02.2013

JPMorgan CELINE PANNUTI neutral 3 M 56 9 month 19.02.2013


Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 49 12 month 19.02.2013

Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013



Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 56 Not Provided 08.01.2013

Natixis PIERRE TEGNER neutral 3 D 56 Not Provided 14.12.2012

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012

DZ Bank AG ROBERT CZERWENSKY buy 5 M 56 12 month 22.10.2012

Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012


Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011

Holdings By:

Housing Development & Infrastructure Ltd ee


27.03.2013

Housing Development Finance Corporation Ltd. HDFC provides housing finance in

The PLC owns and operates the electricity transmission network in England and

Wales, the gas transmission network in Great Britain, and electricity

transmission networks in the Northeastern United States. National Grid also

operates the electricity transmission networks in Scotland.


LTM as of: 01/yy

52-Week High (11.12.2012) 882.00

52-Week Low (16.05.2012) 610.70

Daily Volume

822.65





1'272'094.00 1 Yr Total Return 25.46%

Total Debt 1'424'792.00 YTD Return -0.66%






HDFC IB EQUITY YTD Change - Average Volume 30 Day 117'070

HDFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 119'964


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

88'194.2 117'064.2 123'566.6 257'926.3 299'575.3 0.0 0.0 - - - -

15.67x 10.70x 14.26x 8.56x 8.05x #DIV/0! #DIV/0! - - - -

80'922.1 105'974.0 113'182.5 132'326.9 178'648.6 0.0 0.0 - - - -

17.08x 11.82x 15.57x 16.68x 13.50x 0.00x 0.00x - - - -

27'130.0 23'105.0 32'409.8 45'284.1 54'625.1 0.0 0.0 - - - -

23.73x 17.38x 23.91x 22.56x 18.14x 0.00x 0.00x - - - -











EBITDA Margin 59.6%



Asset Turnover 0.15







Fiscal Year Ended

Housing Development Finance CorpPrice/Volume

Valuation Analysis

112'247.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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2 ! B

-! ! B

-2 ! B

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.2 ! B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

- !!

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0 !!

1 !!

2 !!

3 !!

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27.03.2013


ABERDEEN n/a ULT-AGG 399'638'038 10.9 (35'637'904) 21.02.2013 Investment Advisor


CRESCENT HOLDING GMB Multiple Portfolios REG 149'414'285 4.08 - 03.12.2012 Investment Advisor







BREWIN DOLPHIN LIMIT Multiple Portfolios REG 44'812'821 1.22 (2'034'154) 03.12.2012 Investment Advisor


STOCK LENDING ACCOUN Multiple Portfolios REG 42'803'435 1.17 18'660'830 03.12.2012 Other



DEUTSCHE BANK PROP T Multiple Portfolios REG 34'419'117 0.94 19'219'117 03.12.2012 Other


HSBC INVESTMENTS UK Multiple Portfolios REG 28'398'916 0.77 14'402'655 03.12.2012 Investment Advisor

NOMURA n/a ULT-AGG 27'260'666 0.74 5'959'620 03.12.2012 Unclassified


FEDERATED INVESTORS Multiple Portfolios MF-AGG 24'687'411 0.67 1'812'745 31.12.2012 Investment Advisor


IIFL JOHN MUSK outperform 5 M 800 12 month 27.03.2013

Exane BNP Paribas IAIN TURNER outperform 5 M 780 Not Provided 25.03.2013

HSBC VERITY MITCHELL overweight 5 U 850 Not Provided 21.03.2013

AlphaValue MYRIAM COHEN reduce 2 M 692 6 month 21.03.2013

Credit Suisse MARK FRESHNEY outperform 5 M 800 Not Provided 20.03.2013

JPMorgan EDMUND REID neutral 3 U 720 12 month 18.03.2013

Societe Generale ASHLEY THOMAS sell 1 M 634 12 month 11.03.2013

Goldman Sachs ANDREW MEAD Sell/Neutral 1 M 604 12 month 11.03.2013

Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 08.03.2013

Nomura JONATHAN CONSTABLE buy 5 M 735 12 month 28.02.2013

Cantor Fitzgerald ANGELOS ANASTASIOU sell 1 N 617 Not Provided 11.02.2013

Berenberg Bank LAWSON STEELE hold 3 N 700 Not Provided 05.02.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 727 12 month 29.01.2013

Liberum Capital Ltd GUILLAUME REDGWELL hold 3 N 730 Not Provided 25.01.2013

Barclays PETER BISZTYGA overweight 5 M 785 Not Provided 25.01.2013


Deutsche Bank MARTIN BROUGH sell 1 M 600 12 month 07.01.2013


Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 775 12 month 13.12.2012


Holdings By:

Housing Development Finance Corp ee


27.03.2013

ICICI Bank Limited operates a network of bank's located throughout India. The

Company offers general and life insurance products and services for individuals,

small businesses, commercial enterprises, mid-sized and large corporations, and

multinational companies.


LTM as of: 12/yy

52-Week High (31.01.2013) 1'231.00

52-Week Low (18.05.2012) 767.00

Daily Volume

1021.1





1'177'863.88 1 Yr Total Return 19.02%


Preferred Stock - Adjusted BETA 1.317



Enterprise Value -


ICICIBC IB EQUITY YTD Change - Average Volume 30 Day 317'850

ICICIBC IB EQUITY YTD % CHANGE - Average Volume 3 Month 282'296


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

599'917.4 641'516.2 595'176.1 615'647.1 666'619.9 52'980.0 70'446.0 - - - -

- - - - - 3.11x 2.48x - - - -

- - - - - 0.0 0.0 - - - -

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

33'982.3 35'769.5 46'702.9 60'932.7 76'429.4 3'750.0 3'872.0 90'649.0 113'240.0 - -

23.90x 10.36x 22.71x 20.85x 13.42x 8.80x 10.07x 12.98x 11.15x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12







Fiscal Year Ended

ICICI Bank LtdPrice/Volume

Valuation Analysis

269'578.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

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0!!

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. B

1 B

3 B

5 B

- ! B

- . B

- 1 B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

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-1 !!

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



27.03.2013


DEUTSCHE BANK TRUST n/a ULT-AGG 6'491'974 4.38 8'208 25.03.2013 Investment Advisor

NORGES BANK n/a EXCH 4'495'862 3.03 - 23.06.2011 Government



CREDIT SUISSE n/a EXCH 2'525'492 1.7 787 23.03.2010 Investment Advisor



FRANKLIN RESOURCES n/a ULT-AGG 1'903'054 1.28 10 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'414'107 0.95 (311) 30.11.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 802'354 0.54 314'544 31.01.2013 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 760'859 0.51 4'556 31.01.2013 Mutual Fund Manager

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.48 (13'585) 31.03.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 619'731 0.42 18'520 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 558'266 0.38 16'355 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 444'000 0.3 353'700 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 433'728 0.29 13'430 31.01.2013 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 374'403 0.25 45'107 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 362'837 0.24 - 31.07.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 311'978 0.21 56'299 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 296'523 0.2 29'113 28.02.2013 Investment Advisor


Espirito Santo Investment Bank ResearchTHOMAS SEIDL market perform 3 M 269 12 month 27.03.2013

Raymond James DANNY JACQUES outperform 5 M 297 Not Provided 22.03.2013

AlphaValue DIETER HEIN buy 5 M 309 6 month 21.03.2013


Exane BNP Paribas THOMAS JACQUET neutral 3 M 245 Not Provided 14.03.2013

Barclays ANDREW BROADFIELD underweight 1 D 247 Not Provided 13.03.2013


RBC Capital Markets GORDON AITKEN outperform 5 U 290 12 month 04.03.2013

Morgan Stanley MARCUS RIVALDI Equalwt/In-Line 3 M 261 12 month 26.02.2013

Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 270 Not Provided 26.02.2013

Berenberg Bank PETER ELIOT hold 3 M 290 Not Provided 21.02.2013

Credit Suisse RICHARD BURDEN outperform 5 M 282 Not Provided 20.02.2013


Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 18.02.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 D 300 12 month 17.02.2013

JPMorgan MICHAEL HUTTNER neutral 3 M 263 9 month 15.02.2013

Macquarie HADLEY COHEN neutral 3 M 270 12 month 15.02.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 15.02.2013

Kepler Capital Markets FABRIZIO CROCE hold 3 M 213 Not Provided 15.02.2013

Nomura MICHAEL KLIEN buy 5 M 290 Not Provided 15.02.2013

S&P Capital IQ RODERICK WALLACE sell 1 D 230 12 month 15.02.2013

Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 15.02.2013

Helvea DANIEL BISCHOF neutral 3 M 255 12 month 15.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 252 6 month 14.02.2013

Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 13.02.2013

CA Cheuvreux ATANASIO PANTARROTAS select list 5 M 300 Not Provided 04.02.2013

Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 30.01.2013

Deutsche Bank ROBIN BUCKLEY hold 3 M 265 12 month 24.01.2013

HSBC THOMAS FOSSARD neutral 3 M 254 Not Provided 16.01.2013


Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 300 Not Provided 08.01.2013


Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 200 Not Provided 30.11.2012

Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 15.11.2012


Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012


Daiwa Securities Co. Ltd. TIM PROUDLOVE underperform 1 M 216 6 month 06.05.2011

Holdings By:

ICICI Bank Ltd ee


27.03.2013

IDBI Bank Limited provides a range of banking and financial services. The Bank's

retails luxury goods. The Company produces jewelry, watches, leather goods,

writing instruments, and men's and women's wear.


LTM as of: 12/yy

52-Week High (09.01.2013) 118.20

52-Week Low (26.03.2013) 79.00

Daily Volume

79.8





102'018.49 1 Yr Total Return -24.06%





Enterprise Value -


IDBI IB EQUITY YTD Change - Average Volume 30 Day 243'629

IDBI IB EQUITY YTD % CHANGE - Average Volume 3 Month 259'656


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

99'623.0 133'336.1 178'185.1 208'408.8 255'897.8 0.0 7'515.0 - - - -

- - - - - #DIV/0! 0.00x - - - -

- - - - - 0.0 0.0 - - - -

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

7'465.9 7'665.4 10'205.3 15'635.1 20'025.0 0.0 0.0 - - - -

8.65x 4.29x 8.17x 8.19x 5.16x 0.00x 0.00x - - - -




Pretax Margin - Short-Term Rating Date 30.01.2007





Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

IDBI Bank LtdPrice/Volume

Valuation Analysis

351'768.00


!-!.!0!1!2!3!4!5!6!

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- ! B

. ! B

0 ! B

1 ! B

2 ! B

3 ! B

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

2 !!

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-2 !!

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27.03.2013


GOVERNMENT OF INDIA Multiple Portfolios MF-AGG 12'427'709 2.38 - 31.12.2012 Investment Advisor





WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'162'235 1.37 (5'806'400) 31.12.2012 Investment Advisor

GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 6'983'477 1.34 (43'763) 31.12.2012 Hedge Fund Manager

JANUS CAPITAL MANAGE n/a ULT-AGG 5'275'767 1.01 (49'746) 31.12.2012 Investment Advisor




T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'073'903 0.59 (123'534) 31.12.2012 Investment Advisor



SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'457'766 0.47 928'202 31.01.2013 Mutual Fund Manager

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'978'900 0.38 (809'000) 31.12.2012 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 1'291'101 0.25 (2'744) 31.01.2013 Investment Advisor




Anand Rathi Securities Pvt. Ltd. ROGERIO FUJIMORI outperform 5 M 85 Not Provided 27.03.2013


Investec THANE DUFF hold 3 M 87 12 month 25.03.2013


ISI Group OMAR SAAD strong buy 5 M 80 12 month 24.03.2013



EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013

Nomura CHRISTOPHER WALKER buy 5 M 83 12 month 20.03.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 105 Not Provided 20.03.2013

Aurel - BGC DAVID DA MAIA buy 5 M 86 Not Provided 19.03.2013


Societe Generale THIERRY COTA buy 5 M 95 12 month 18.03.2013

Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 100 12 month 15.03.2013

Renaissance Capital REY WIUM sell 1 M 76 Not Provided 14.03.2013

Independent Research GmbH LARS LUSEBRINK buy 5 N 90 12 month 21.02.2013

Berenberg Bank JOHN GUY hold 3 M 72 Not Provided 15.02.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 84 Not Provided 10.02.2013

Bryan Garnier & Cie LOIC MORVAN buy 5 M 82 6 month 01.02.2013

Barclays HELEN NORRIS overweight 5 M 86 Not Provided 28.01.2013

HSBC ERWAN RAMBOURG neutral 3 M 83 Not Provided 24.01.2013

Macquarie WYNAND VAN ZYL outperform 5 U 90 12 month 22.01.2013

S&P Capital IQ JASON ASAEDA hold 3 M 80 12 month 22.01.2013

Morgan Stanley LOUISE SINGLEHURST Equalwt/In-Line 3 M 74 12 month 21.01.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 114 12 month 21.01.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 72 12 month 21.01.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 21.01.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 83 12 month 21.01.2013

Raymond James MARC WILLAUME strong buy 5 M 90 Not Provided 18.01.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 U 86 12 month 16.01.2013

CA Cheuvreux THOMAS MESMIN outperform 5 M 88 Not Provided 14.01.2013

Bank Vontobel AG RENE WEBER hold 3 M 80 Not Provided 09.01.2013

Redburn Partners ANNABEL GLEESON buy 5 N #N/A N/A Not Provided 07.01.2013

BNP Paribas Cadiz Securities SHAMIL ISMAIL hold 3 D 64 12 month 27.11.2012

Natixis JOSEPHINE CHEVALLIER neutral 3 M 60 Not Provided 02.11.2012

Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012

Holdings By:

IDBI Bank Ltd ee


27.03.2013

Idea Cellular Limited offers cellular services, SMS services, and mobile

insurance and investment products and services. Insurance products include life,

accident and health, property and casualty insurance, as well as fixed and

variable annuities. Financial and investment services include personal and

group pensions, equity plans, mortgages and deposit accounts.


LTM as of: 12/yy

52-Week High (16.01.2013) 124.00

52-Week Low (24.04.2012) 71.20

Daily Volume

108.7





360'266.78 1 Yr Total Return 10.19%







IDEA IB EQUITY YTD Change - Average Volume 30 Day 278'581

IDEA IB EQUITY YTD % CHANGE - Average Volume 3 Month 412'359


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

67'199.9 101'312.9 123'978.8 154'384.0 194'886.9 0.0 0.0 222'663.3 251'594.4 57'308.0 62'688.0

4.87x 1.92x 2.27x 2.11x 2.25x #DIV/0! #DIV/0! 2.18x 1.87x - -

22'624.3 28'274.1 33'714.1 37'583.9 50'484.3 0.0 0.0 59'180.0 69'743.7 16'125.3 17'214.0

14.47x 6.88x 8.34x 8.69x 8.68x 0.00x 0.00x 7.73x 6.56x 6.40x 5.88x

10'423.1 8'815.8 9'539.4 8'987.1 7'229.9 0.0 0.0 10'079.8 15'179.1 3'038.5 3'509.0

25.95x 16.65x 21.34x 24.77x 45.17x 0.00x 0.00x 35.37x 23.31x 22.72x 19.15x











EBITDA Margin 25.9%



Asset Turnover 0.62





Accounts Receivable Turnover 28.28 Cash Conversion Cycle -690.99



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Idea Cellular LtdPrice/Volume

Valuation Analysis

122'625.00


!

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1!!

3!!

5!!

-!!!

-.!!

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1 ! B

3 ! B

5 ! B

-! ! B

-. ! B

-1 ! B

-3 ! B

-20'000.0

-10'000.0

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

.! !!

1! !!

3! !!

5! !!

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-.! !!

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



27.03.2013


ADITYA BIRLA NUVO LT n/a ULT-AGG 256'652'047 10.04 - 01.01.2013 Investment Advisor




BAILLIE GIFFORD AND Multiple Portfolios REG 88'407'117 3.46 401'633 01.01.2013 Investment Advisor











LAZARD ASSET MANAGEM n/a ULT-AGG 25'199'103 0.99 (468'132) 28.02.2013 Unclassified

AEGON n/a ULT-AGG 24'499'349 0.96 (6'815'149) 01.01.2013 Unclassified

HSBC INVESTMENTS UK Multiple Portfolios REG 24'085'771 0.94 (189'080) 01.01.2013 Investment Advisor


MORGAN STANLEY INVES Multiple Portfolios REG 22'537'114 0.88 (2'815'055) 01.01.2013 Investment Advisor


Motilal Oswal Securities Ltd ANDY HUGHES underperform 1 M 835 Not Provided 27.03.2013

Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 1'160 Not Provided 26.03.2013

HSBC KAILESH MISTRY overweight 5 M 1'375 Not Provided 22.03.2013


AlphaValue JEROME CASSAGNE sell 1 D 911 6 month 21.03.2013

Berenberg Bank MATTHEW PRESTON buy 5 M 1'350 Not Provided 20.03.2013

Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 20.03.2013


Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 1'350 12 month 15.03.2013

Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 15.03.2013

Credit Suisse CHRIS ESSON outperform 5 M 1'300 Not Provided 14.03.2013

Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 950 12 month 13.03.2013

Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 1'055 12 month 13.03.2013

S&P Capital IQ RODERICK WALLACE buy 5 D 1'250 12 month 13.03.2013

Oriel Securities Ltd MARCUS BARNARD buy 5 M 900 Not Provided 13.03.2013

JPMorgan ASHIK MUSADDI underweight 1 M 781 9 month 11.03.2013


Morgan Stanley JON HOCKING Overwt/In-Line 5 M 1'135 12 month 11.02.2013

Macquarie NEIL WELCH neutral 3 M 1'000 12 month 05.02.2013

Barclays ALAN DEVLIN overweight 5 M 1'023 Not Provided 04.02.2013

Deutsche Bank OLIVER STEEL buy 5 M 1'060 12 month 24.01.2013

Investec KEVIN RYAN hold 3 M 831 12 month 07.01.2013

Societe Generale ABID HUSSAIN buy 5 M 900 12 month 03.12.2012

Nomura FAHAD CHANGAZI reduce 2 M 680 Not Provided 15.08.2012

Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 812 6 month 01.07.2011

Holdings By:

Idea Cellular Ltd ee


27.03.2013

IDFC Limited offers infrastructure project financing services. The Company

The Company offers life and non-life insurance, reinsurance, savings and pension

products, and asset management services. AXA operates in both domestic and

international markets.


LTM as of: 12/yy

52-Week High (07.01.2013) 185.35

52-Week Low (07.05.2012) 110.50

Daily Volume

139.75





211'683.19 1 Yr Total Return 9.24%







IDFC IB EQUITY YTD Change - Average Volume 30 Day 670'475

IDFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 588'104


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

28'071.7 36'386.4 40'745.4 49'364.8 64'303.5 0.0 0.0 33'852.5 40'232.4 8'989.0 -

14.91x 8.39x 11.64x 12.05x 10.39x #DIV/0! #DIV/0! 5.95x 4.95x - -

24'539.3 31'232.6 34'392.0 42'130.0 56'662.4 0.0 0.0 26'482.8 30'941.0 - -

17.05x 9.78x 13.79x 14.12x 11.80x 0.00x 0.00x 23.21x 19.86x - -

7'052.3 7'498.3 10'622.9 12'816.6 15'540.1 0.0 0.0 17'855.5 21'378.6 5'574.0 5'560.0

26.72x 9.34x 19.64x 17.62x 13.19x 0.00x 0.00x 11.86x 9.91x 8.49x 8.07x











EBITDA Margin 88.1%



Asset Turnover 0.12







Fiscal Year Ended

IDFC LtdPrice/Volume

Valuation Analysis

531'301.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

-3

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0! ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

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



27.03.2013


GOVERNMENT OF INDIA #N/A N/A Co File 342'767'775 14.34 - 31.12.2012 Insurance Company

AMUNDI n/a Research 91'682'238 3.84 (20'493'797) 15.05.2012 Investment Advisor






LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.85 (7'936'172) 16.09.2011 Unclassified







AMUNDI Multiple Portfolios MF-AGG 7'000'250 0.29 - 31.10.2012 Mutual Fund Manager

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'835'130 0.24 (52'090) 31.12.2012 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'466'038 0.19 - 31.07.2012 Investment Advisor




Axis Capital Limited DANNY JACQUES strong buy 5 M 19 Not Provided 25.03.2013


Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 25.03.2013

Hammer Partners SA ENRICO RACIOPPI buy 5 N 21 Not Provided 25.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 21.03.2013


Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 18.03.2013

Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.03.2013

AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 07.03.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 26.02.2013


Helvea DANIEL BISCHOF buy 5 M 16 12 month 26.02.2013

Berenberg Bank PETER ELIOT hold 3 M 18 Not Provided 25.02.2013

Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 24.02.2013

Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 18 12 month 22.02.2013

CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 17 Not Provided 22.02.2013


S&P Capital IQ RODERICK WALLACE buy 5 M 15 12 month 22.02.2013

Nomura MICHAEL KLIEN buy 5 M 23 12 month 21.02.2013

Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 21.02.2013


Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013

Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013

Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013

Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013

Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013

HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013

Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012

Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012

CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012


Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 05.10.2011


BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011

Holdings By:

IDFC Ltd ee


27.03.2013

Indian Oil Corporation Limited explores for and refines crude oil, in addition

The Company produces circuit breakers, remote installation management equipment,

panelboards, programmable logic controllers, industrial control products,

detectors, human-machine interfaces, and process controls. Schneider's products

are sold various brands.


LTM as of: 12/yy

52-Week High (18.01.2013) 375.00

52-Week Low (19.06.2012) 239.00

Daily Volume

273.95





665'137.63 1 Yr Total Return 6.73%







IOCL IB EQUITY YTD Change - Average Volume 30 Day 95'580

IOCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 172'020


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

2'073'817.5 2'441'665.6 2'333'291.8 3'089'159.9 4'072'314.3 - - ######### ######### - -

0.37x 0.32x 0.44x 0.40x 0.32x - - 0.28x 0.28x - -

133'175.9 135'248.5 144'779.6 148'991.8 226'391.5 - - 168'530.4 189'828.4 - -

5.79x 5.70x 7.16x 8.33x 5.79x - - 7.94x 7.05x - -

79'127.4 25'994.0 107'131.9 78'307.2 42'259.8 - - 61'274.0 76'755.6 - -

6.71x 18.11x 6.70x 10.32x 15.09x - - 10.50x 8.44x - -


EBIT 175'668.10 Long-Term Rating NR









EBITDA Margin 5.6%



Asset Turnover 2.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Indian Oil Corp LtdPrice/Volume

Valuation Analysis

94'755.00


!

-!

.!

0!

1!

2!

3!

4!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

- ! B

. ! B

0 ! B

1 ! B

2 ! B

3 ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.03.2013


GOVERNMENT OF INDIA n/a ULT-AGG 82'567'657 14.87 (10'012'679) 31.12.2012 Investment Advisor


CAISSE DES DEPOTS ET n/a Research 20'349'002 3.66 - 31.12.2012 Government




SCHNEIDER ELECTRIC S n/a Co File 9'164'952 1.65 - 31.12.2011 Corporation








ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'452'160 0.44 (404'495) 31.12.2012 Investment Advisor


AVIVA PLC Multiple Portfolios MF-AGG 1'839'691 0.33 3'134 28.02.2013 Investment Advisor



JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'708'138 0.31 (235'006) 30.11.2012 Investment Advisor


Nomura ANDREW CARTER outperform 5 M 65 12 month 27.03.2013

JPMorgan ANDREAS WILLI overweight 5 M 65 9 month 25.03.2013


Nomura DANIEL CUNLIFFE neutral 3 M 52 Not Provided 25.03.2013

Societe Generale GAEL DE BRAY buy 5 M 64 12 month 22.03.2013

Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 55 12 month 22.03.2013

AlphaValue LIONEL PELLICER add 4 M 67 6 month 21.03.2013


Exane BNP Paribas OLIVIER ESNOU outperform 5 M 66 Not Provided 14.03.2013

HSBC MICHAEL HAGMANN overweight 5 M 70 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 60 Not Provided 08.03.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.03.2013

Barclays NICK WEBSTER equalweight 3 M 54 Not Provided 27.02.2013

Credit Suisse SIMON TOENNESSEN neutral 3 M 58 Not Provided 25.02.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 60 Not Provided 25.02.2013

Deutsche Bank MARTIN WILKIE hold 3 M 55 12 month 22.02.2013

CA Cheuvreux ALFRED GLASER outperform 5 M 62 Not Provided 22.02.2013


Natixis LUDOVIC DEBAILLEUX neutral 3 M 61 Not Provided 22.02.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 57 12 month 21.02.2013

Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 57 Not Provided 21.02.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 61 12 month 21.02.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013

Goldman Sachs DANIELA COSTA Buy/Neutral 5 U 65 12 month 30.01.2013


CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 21.01.2013

Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 08.01.2013

Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 08.10.2012

Holdings By:

Indian Oil Corp Ltd ee


27.03.2013

IndusInd Bank Limited is a national bank. The Bank provides a range of banking

herbicides, insecticides and fungicides, and seeds for field crops, vegetables,

and flowers.


LTM as of: 12/yy

52-Week High (14.02.2013) 448.90

52-Week Low (04.06.2012) 288.00

Daily Volume

399.9





209'018.80 1 Yr Total Return 30.55%





Enterprise Value -


IIB IB EQUITY YTD Change - Average Volume 30 Day 289'633

IIB IB EQUITY YTD % CHANGE - Average Volume 3 Month 256'358


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

21'789.1 27'963.6 32'944.7 43'058.8 63'703.8 0.0 14'202.0 - - - -

- - - - - #DIV/0! 0.00x - - - -

- - - - - 0.0 0.0 - - - -

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

750.5 1'483.4 3'503.1 5'773.3 8'026.1 0.0 0.0 - - - -

33.51x 7.51x 18.88x 20.03x 18.70x 0.00x 0.00x - 15.50x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12







Fiscal Year Ended

IndusInd Bank LtdPrice/Volume

Valuation Analysis

180'635.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B - B . B 0 B 1 B 2 B 3 B 4 B 5 B 6 B- ! B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.03.2013


INDUSIND INTL HLDGS n/a ULT-AGG 5'198'082 5.58 - 25.03.2013 Investment Advisor


BANK OF NEW YORK n/a EXCH 3'907'159 4.2 42'023 26.02.2013 Investment Advisor





BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 937'171 1.01 17'936 26.03.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 932'280 1 - 31.01.2013 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 858'339 0.92 (1'821) 30.11.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 645'945 0.69 13'889 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 590'695 0.63 (8'060) 30.11.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 536'300 0.58 (76'790) 31.12.2012 Investment Advisor


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 388'585 0.42 75'179 31.12.2012 Investment Advisor



DWS INVESTMENT S A Multiple Portfolios MF-AGG 337'986 0.36 (18'438) 31.01.2013 Mutual Fund Manager


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 241'169 0.26 49'414 28.02.2013 Investment Advisor


Axis Capital Limited JEREMY REDENIUS underperform 1 M 307 12 month 27.03.2013

HSBC GEOFF HAIRE neutral 3 D 430 Not Provided 27.03.2013

Exane BNP Paribas JAMES KNIGHT neutral 3 M 376 Not Provided 26.03.2013


AlphaValue FABRICE FARIGOULE buy 5 M 502 6 month 19.03.2013




Bank Vontobel AG PATRICK RAFAISZ hold 3 M 390 Not Provided 11.02.2013


Equita SIM SpA MASSIMO BONISOLI hold 3 M 390 12 month 08.02.2013

Barclays ANDREAS HEINE equalweight 3 M 403 Not Provided 08.02.2013



CA Cheuvreux MARTIN ROEDIGER select list 5 M 426 Not Provided 07.02.2013

Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 450 12 month 07.02.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 440 12 month 07.02.2013

Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 406 12 month 06.02.2013



Kepler Capital Markets BETTINA EDMONDSTON buy 5 M 440 Not Provided 06.02.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 430 12 month 06.12.2012

DZ Bank AG HEINZ MUELLER buy 5 M 400 12 month 30.11.2012

Main First Bank AG RONALD KOEHLER outperform 5 M 415 Not Provided 20.11.2012

Societe Generale PETER CLARK buy 5 M 450 12 month 25.10.2012

Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 400 Not Provided 23.10.2012

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 19.09.2012

Berenberg Bank JAIDEEP PANDYA hold 3 M 350 Not Provided 17.07.2012

S&P Capital IQ JOHNSON IMODE hold 3 M 320 12 month 13.07.2012

Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 310 Not Provided 18.05.2012

Holdings By:

IndusInd Bank Ltd ee


27.03.2013

Infosys Limited provides IT consulting and software services, including

industrial and healthcare gases worldwide. These gases include liquid nitrogen,

argon, carbon dioxide, and oxygen. The Company also produces welding equipment,

diving equipment, and technical-medical equipment. Air Liquide sells its

products throughout Europe, the United States, Canada, Africa, and Asia.


LTM as of: 12/yy

52-Week High (07.03.2013) 3'010.00

52-Week Low (26.07.2012) 2'101.65

Daily Volume

2854.3





1'639'042.38 1 Yr Total Return 1.24%

Total Debt 0.00 YTD Return 23.11%






INFO IB EQUITY YTD Change - Average Volume 30 Day 70'783

INFO IB EQUITY YTD % CHANGE - Average Volume 3 Month 106'234


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

166'920.0 216'930.0 227'420.0 275'010.0 337'340.0 14'255.5 15'326.0 405'581.2 452'780.9 107'018.4 107'412.5

4.52x 3.05x 5.97x 6.16x 4.26x 0.00x 0.00x 3.49x 3.01x 15.32x 15.26x

52'590.0 72'190.0 79'110.0 89'750.0 107'490.0 0.0 0.0 118'036.4 131'124.3 30'926.9 30'870.6

14.34x 9.16x 17.17x 18.87x 13.37x 0.00x 0.00x 11.99x 10.79x 11.13x 10.89x

46'590.0 59'880.0 62'660.0 68'350.0 83'320.0 0.0 0.0 93'372.2 102'047.4 23'355.5 23'736.0

17.66x 12.66x 23.82x 27.09x 19.66x 0.00x 0.00x 17.49x 16.04x 16.93x 16.50x


EBIT 98'210.00 Long-Term Rating BBB+









EBITDA Margin 31.9%



Asset Turnover 0.96







Fiscal Year Ended

Infosys LtdPrice/Volume

Valuation Analysis

24'858.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 B

- ! B

- 2 B

. ! B

. 2 B

0 ! B

0 2 B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.03.2013


LIFE INSURANCE CORP Multiple Portfolios MF-AGG 4'574'174 1.46 - 31.01.2013 Investment Advisor




LANSDOWNE PARTNERS L n/a Short (2'249'662) -0.72 (313'148) 22.03.2013 Hedge Fund Manager




AIR LIQUIDE n/a Co File 1'003'394 0.32 - 31.12.2012 Corporation

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 965'341 0.31 (422) 31.12.2012 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 921'742 0.3 (6'180) 31.01.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 902'774 0.29 (450'378) 31.12.2012 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 696'712 0.22 (19'889) 31.10.2012 Mutual Fund Manager

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 685'259 0.22 56'202 28.02.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 606'009 0.19 (7'465) 31.12.2012 Mutual Fund Manager

FMR LLC n/a ULT-AGG 583'986 0.19 (126'624) 31.01.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 561'349 0.18 11'929 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 553'212 0.18 31'333 31.01.2013 Investment Advisor


Standard Chartered JEREMY REDENIUS outperform 5 M 105 12 month 27.03.2013

HSBC GEOFF HAIRE overweight 5 M 112 Not Provided 26.03.2013

Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 102 Not Provided 26.03.2013


AlphaValue FABRICE FARIGOULE add 4 M 100 6 month 21.03.2013


Nomura JEAN DE WATTEVILLE neutral 3 M 108 Not Provided 18.03.2013

Goldman Sachs RAKESH PATEL neutral/neutral 3 M 108 12 month 27.02.2013


Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 22.02.2013



Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013

Societe Generale PETER CLARK hold 3 M 100 12 month 15.02.2013

Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 15.02.2013



Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 14.02.2013


Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 93 Not Provided 14.02.2013

Barclays GUNTHER ZECHMANN underweight 1 M 100 Not Provided 04.02.2013

Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 01.02.2013

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

Liberum Capital Ltd ADAM COLLINS buy 5 M 121 Not Provided 13.12.2012


CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 U 106 12 month 05.11.2012

CA Cheuvreux KLAUS RINGEL outperform 5 M 101 Not Provided 26.10.2012

Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012


Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 02.08.2012

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012


Holdings By:

Infosys Ltd ee


27.03.2013

ITC Limited, a member of BAT Group of UK, is a holding company, which has a

and mobile communications in public and private networks. The Company produces

mobile telephones through its Sony Ericsson joint venture. Ericsson

manufactures and installs wired and wireless communications systems, wireless

microwave links, call center equipment, microelectronics, and radar systems.


LTM as of: 12/yy

52-Week High (04.02.2013) 310.75

52-Week Low (29.03.2012) 221.80

Daily Volume

306.1





2'418'751.00 1 Yr Total Return 38.29%







ITC IB EQUITY YTD Change - Average Volume 30 Day 298'713

ITC IB EQUITY YTD % CHANGE - Average Volume 3 Month 359'681


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

146'591.0 165'561.4 191'358.7 222'791.1 261'795.2 - - 307'220.8 358'396.2 - -

5.12x 4.03x 4.97x 6.05x 6.50x - - 7.68x 6.54x - -

45'763.1 51'170.1 63'787.9 77'161.0 92'983.7 - - 110'202.3 131'052.5 - -

16.40x 13.03x 14.91x 17.46x 18.30x - - 21.31x 17.92x - -

31'577.6 33'245.9 41'681.8 50'179.3 62'581.4 - - 75'005.1 88'701.9 - -

24.59x 20.96x 23.89x 27.87x 28.18x - - 32.06x 27.07x - -











EBITDA Margin 35.5%



Asset Turnover 0.93







Fiscal Year Ended

ITC LtdPrice/Volume

Valuation Analysis

323'330.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0! ! B

02 ! B

1! ! B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



27.03.2013


TOBACCO MANUFACTURER n/a Co File 141'913'401 4.66 - 31.12.2011 Investment Advisor


SEB n/a ULT-AGG 92'171'054 3.03 (1'067'250) 31.01.2013 Unclassified

AMF FONDER AB n/a Co File 75'600'000 2.48 - 31.12.2011 Investment Advisor

NORGES BANK INVESTME n/a Co File 69'572'027 2.29 - 31.12.2011 Government

OPPENHEIMERFUNDS INC n/a Co File 67'628'249 2.22 - 31.12.2011 Investment Advisor

ABERDEEN ASSET MANAG n/a Co File 58'953'636 1.94 - 31.12.2011 Investment Advisor

INVESTOR AB n/a Co File 58'709'995 1.93 - 31.12.2011 Investment Advisor

DODGE & COX n/a Co File 54'067'771 1.78 - 31.12.2011 Investment Advisor

HANDELSBANKEN FONDER n/a Co File 54'063'621 1.78 - 31.12.2011 Investment Advisor


FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 33'508'867 1.1 (65'425) 31.12.2012 Investment Advisor



NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'519'333 0.74 416'584 28.02.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 21'423'488 0.7 1'375'020 31.12.2012 Investment Advisor


SPP FONDER AB Multiple Portfolios MF-AGG 17'746'645 0.58 264'704 28.02.2013 Investment Advisor

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 17'556'069 0.58 488'086 31.12.2012 Investment Advisor

AFA FORSAKRINGAR n/a Co File 15'779'975 0.52 - 31.12.2011 Insurance Company


Jefferies PIERRE FERRAGU outperform 5 M 100 12 month 21.03.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 94 Not Provided 21.03.2013

AlphaValue JEAN-MICHEL SALVADOR reduce 2 D 85 6 month 21.03.2013

Nomura STUART JEFFREY buy 5 M 96 12 month 20.03.2013

Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 84 12 month 19.03.2013

Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 112 12 month 19.03.2013


Nordea Equity Research DANIEL DJURBERG hold 3 D 87 12 month 19.03.2013

Pareto Securities ERIK PAULSSON hold 3 M 90 6 month 19.03.2013

Exane BNP Paribas ALEXANDER PETERC outperform 5 M 97 Not Provided 19.03.2013

Kepler Capital Markets SEBASTIEN SZTABOWICZ buy 5 M 95 Not Provided 18.03.2013

S&P Capital IQ JAMES CRAWSHAW strong buy 5 M 100 12 month 18.03.2013


Pohjola Bank Plc (ESN) HANNU RAUHALA accumulate 4 M 102 12 month 15.03.2013

Swedbank HAKAN WRANNE buy 5 M 88 12 month 11.03.2013

JPMorgan SANDEEP S DESHPANDE overweight 5 M 90 9 month 07.03.2013

Danske Markets ILKKA RAUVOLA buy 5 M 90 12 month 07.03.2013

Oddo & Cie VINCENT MAULAY neutral 3 M 80 Not Provided 06.03.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 60 Not Provided 05.03.2013

Deutsche Bank KAI KORSCHELT buy 5 M 87 12 month 04.03.2013

Grupo Santander CARLOS JAVIER TREVINO buy 5 M 85 Not Provided 01.03.2013

ABG Sundal Collier PER LINDBERG buy 5 M 90 6 month 13.02.2013

HSBC RICHARD DINEEN overweight 5 M 90 Not Provided 05.02.2013


Societe Generale ANDY PERKINS hold 3 M 70 12 month 01.02.2013

Credit Suisse ACHAL SULTANIA neutral 3 U 70 Not Provided 01.02.2013

SEB Enskilda ANDREAS JOELSSON buy 5 U 84 Not Provided 01.02.2013

Carnegie LENA OSTERBERG buy 5 M #N/A N/A Not Provided 01.02.2013

Handelsbanken MARTIN NILSSON reduce 2 M 55 12 month 01.02.2013

Natixis ERIC BEAUDET buy 5 M 80 Not Provided 01.02.2013

Liberum Capital Ltd JANARDAN MENON buy 5 M 90 Not Provided 01.02.2013

Barclays ANDREW M GARDINER equalweight 3 M 65 Not Provided 01.02.2013

CA Cheuvreux ODON DE LAPORTE outperform 5 M 70 Not Provided 19.09.2012

Jyske Bank ROBERT JAKOBSEN sell 1 D 70 Not Provided 26.03.2012

DZ Bank AG OLIVER FINGER buy 5 M 72 12 month 25.01.2012

Sydbank MORTEN IMSGARD neutral 3 U #N/A N/A Not Provided 28.04.2011

Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 92 12 month 26.01.2011

Holdings By:

ITC Ltd ee


27.03.2013

Jaiprakash Associates Ltd. is an industrial conglomerate. The Company's lines

coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The

Group conducts operations in Australia, South Africa, Germany, Argentina, and

the United Kingdom.


LTM as of: 01/yy

52-Week High (12.12.2012) 106.75

52-Week Low (24.05.2012) 58.05

Daily Volume

64.15





142'354.22 1 Yr Total Return -20.55%







JPA IB EQUITY YTD Change - Average Volume 30 Day 2'006'710

JPA IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'868'539


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

40'419.2 46'177.9 63'743.3 113'749.1 148'735.0 - - 178'533.0 223'489.1 - -

9.03x 6.04x 9.33x 5.25x 4.73x - - 3.72x 3.06x - -

17'877.3 19'046.5 23'459.3 50'554.3 55'764.0 - - 67'300.5 81'834.4 - -

20.42x 14.65x 25.34x 11.80x 12.61x - - 9.98x 8.21x - -

6'768.0 4'202.5 11'191.8 17'928.2 6'329.2 - - 8'412.2 10'889.5 3'372.0 -

37.65x 27.77x 28.24x 11.00x 27.45x - - 15.05x 11.48x - -











EBITDA Margin 37.5%



Asset Turnover 0.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Jaiprakash Associates LtdPrice/Volume

Valuation Analysis

2'951'224.00


!

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-! ! B

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0! ! B

1! ! B

2! ! B

3! ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

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1 !!

3 !!

5 !!

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



27.03.2013


JAYPEE VENTURES PVT Multiple Portfolios REG 1'010'403'999 33.65 - 02.01.2013 Corporation

QATAR HOLDINGS LLC n/a RNS-RUL8 350'410'601 11.67 - 14.01.2013 Government







BANK OF NEW YORK MEL Multiple Portfolios REG 54'135'734 1.8 (634'892) 02.01.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 42'863'026 1.43 (202'870) 02.01.2013 Unclassified

Xstrata Plc Employee Multiple Portfolios REG 42'642'114 1.42 (6'795'572) 02.01.2013 Unclassified

STANDARD LIFE INVEST #N/A N/A RNS-RUL8 41'205'251 1.37 (24'936) 22.03.2013 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 32'530'740 1.08 66'360 21.03.2013 Government

SAFE INVESTMENT COMP n/a RNS-RUL8 31'187'938 1.04 - 02.02.2012 Unclassified


LLOYDS BANKING GROUP n/a ULT-AGG 29'719'950 0.99 (610'124) 28.02.2013 Investment Advisor

NORTHERN CROSS LLC n/a RNS-RUL8 28'945'439 0.96 (3'925'000) 14.09.2012 Investment Advisor

HSBC Prop Trading/Ma Multiple Portfolios REG 25'475'000 0.85 2'450'000 02.01.2013 Unclassified

Northern Cross Inter Multiple Portfolios REG 25'223'487 0.84 (757'180) 02.01.2013 Unclassified



Anand Rathi Securities Pvt. Ltd. JEFFREY LARGEY outperform 5 M 1'200 12 month 22.03.2013

AlphaValue SACHIN KUMAR reduce 2 M 1'100 6 month 21.03.2013



BMO Capital Markets TONY ROBSON market perform 3 U 1'220 Not Provided 12.03.2013

Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 1'300 Not Provided 12.03.2013


Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 1'300 Not Provided 07.03.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 1'000 12 month 05.03.2013

RBC Capital Markets TIMOTHY HUFF sector perform 3 M 1'100 12 month 04.03.2013

CA Cheuvreux JOAKIM AHLBERG outperform 5 M 1'300 Not Provided 11.02.2013


SBG Securities PETER DAVEY sell 1 D 1'220 12 month 11.02.2013

HSBC ANDREW KEEN neutral 3 D 1'250 Not Provided 07.02.2013


Societe Generale ALAIN WILLIAM hold 3 D 1'190 12 month 31.01.2013

Nomura SAM CATALANO restricted #N/A N/A M #N/A N/A Not Provided 16.01.2013

Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 10.01.2013


Standard Chartered SUBRAMANIAM VARADA outperform 5 U 1'080 12 month 08.09.2012

Credit Suisse LIAM FITZPATRICK restricted #N/A N/A M #N/A N/A Not Provided 21.02.2012

Bank Vontobel AG PATRICK RAFAISZ buy 5 M 1'103 Not Provided 07.02.2012

Deutsche Bank ROBERT CLIFFORD restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Morgan Stanley ALAIN GABRIEL restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Goldman Sachs EUGENE KING not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012

JPMorgan BENJAMIN DEFAY restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Holdings By:

Jaiprakash Associates Ltd ee


27.03.2013

Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and

investment, private and retail banking. The Bank offers debt, foreign exchange,

derivatives, commodities, money markets, repo and securitization, cash equities,

research, equity prime services, loans, convertibles, advice on M&A and IPO's,

trade finance, retail banking, asset management and corporate investments.


LTM as of: 12/yy

52-Week High (29.03.2012) 557.15

52-Week Low (12.09.2012) 321.10

Daily Volume

352.9





329'902.84 1 Yr Total Return -33.30%







JSP IB EQUITY YTD Change - Average Volume 30 Day 187'004

JSP IB EQUITY YTD % CHANGE - Average Volume 3 Month 159'655


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

54'889.8 108'747.3 110'915.4 131'121.5 182'086.0 50'925.0 47'151.0 197'886.5 226'463.5 52'350.7 -

6.94x 2.37x 6.68x 6.02x 3.75x 0.00x 0.00x 2.71x 2.42x - -

24'002.8 54'887.4 60'205.0 64'685.9 71'086.0 0.0 0.0 71'091.5 79'549.7 19'478.0 -

15.87x 4.69x 12.30x 12.20x 9.60x 0.00x 0.00x 7.45x 6.65x - -

12'740.2 30'457.2 35'729.7 37'538.8 39'648.9 4'132.0 611.0 39'180.9 40'705.8 9'401.0 -

25.02x 6.12x 18.32x 17.36x 12.85x 6.64x 48.46x 8.52x 8.07x - -











EBITDA Margin 39.0%



Asset Turnover 0.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Jindal Steel & Power LtdPrice/Volume

Valuation Analysis

154'505.00


!2

-!-2.!.20!021!12


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



27.03.2013


SUN INVESTMENTS LTD n/a ULT-AGG 73'721'977 7.93 1'022'636 25.03.2013 Investment Advisor


DEUTSCHE BANK AG n/a Co File 24'888'999 2.68 - 31.12.2011 Investment Advisor

DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24'458'657 2.63 (3'091'342) 31.12.2012 Bank

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 16'957'871 1.82 5'959'356 31.12.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'648'807 1.79 3'630'244 31.12.2012 Investment Advisor

COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 14'797'901 1.59 10'133'323 31.12.2012 Bank


CREDIT SUISSE GROUP n/a Research 9'379'275 1.01 - 08.06.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'557'620 0.92 3'906'478 31.12.2012 Investment Advisor




BANK OF AMERICA CORP BANK OF AMERICA 13F 5'677'666 0.61 (3'004'857) 31.12.2012 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'906'432 0.42 176'476 31.12.2012 Investment Advisor

DEUTSCHE TELEKOM n/a Research 3'832'262 0.41 - 13.11.2012 Unclassified


ALLIANCE BERNSTEIN n/a ULT-AGG 3'350'113 0.36 (1'003'376) 31.12.2012 Investment Advisor



Deutsche Bank CHRISTOPHER J WHEELER neutral 3 M 40 Not Provided 25.03.2013

AlphaValue DIETER HEIN add 4 M 38 6 month 21.03.2013

Societe Generale DIRK HOFFMANN-BECKING buy 5 M 42 12 month 20.03.2013

Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 41 6 month 20.03.2013

Nord/LB MICHAEL SEUFERT buy 5 M 39 12 month 20.03.2013

Credit Suisse AMIT GOEL underperform 1 M 32 Not Provided 20.03.2013



Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 44 12 month 20.03.2013

DZ Bank AG CHRISTOPH BAST buy 5 M 40 12 month 20.03.2013

Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 18.03.2013

Grupo Santander AURELIA FAURE underweight 1 M 30 12 month 14.03.2013

JPMorgan KIAN ABOUHOSSEIN neutral 3 M 38 9 month 11.03.2013

Bankhaus Metzler GUIDO HOYMANN buy 5 M 45 12 month 08.03.2013

Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 41 12 month 06.03.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 U 38 Not Provided 06.03.2013

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 39 12 month 05.03.2013

Macquarie PIERS BROWN neutral 3 M 36 12 month 05.03.2013

Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 D 37 12 month 28.02.2013

Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 U 44 12 month 27.02.2013

Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 30 Not Provided 25.02.2013


Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 15.02.2013

Barclays JEREMY SIGEE overweight 5 M 46 Not Provided 12.02.2013


Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 04.02.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 N 45 Not Provided 04.02.2013

CA Cheuvreux CYRIL MEILLAND underperform 1 M 37 Not Provided 01.02.2013

Natixis ANTOINE BURGARD neutral 3 M 37 Not Provided 01.02.2013

Nomura JON PEACE reduce 2 M 37 Not Provided 01.02.2013

M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 44 12 month 31.01.2013


Kepler Capital Markets DIRK BECKER buy 5 M 44 Not Provided 31.01.2013

S&P Capital IQ FRANK BRADEN hold 3 M 39 12 month 31.01.2013



HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012


SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010

Holdings By:

Jindal Steel & Power Ltd ee


27.03.2013

JSW Steel Limited is an integrated steel producer with manufacturing facilities

includes bulk commodities including iron ore, manganese and metallurgical

coal, base metals including copper and nickel and precious metals and minerals

including platinum and diamonds. Anglo American PLC has mining operations in

Africa, Europe, North and South America, Asia and Australia.


LTM as of: 01/yy

52-Week High (29.01.2013) 893.75

52-Week Low (24.05.2012) 566.00

Daily Volume

599.3





133'714.14 1 Yr Total Return -18.11%







JSTL IB EQUITY YTD Change - Average Volume 30 Day 162'326

JSTL IB EQUITY YTD % CHANGE - Average Volume 3 Month 165'676


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

124'566.5 159'348.4 189'571.7 241'058.9 343'680.5 0.0 0.0 385'854.6 416'038.0 95'972.2 94'964.5

2.37x 1.67x 2.35x 1.56x 1.02x #DIV/0! #DIV/0! 0.93x 0.88x - -

34'998.5 32'106.6 41'738.0 48'796.6 61'153.7 0.0 0.0 65'685.8 73'523.9 15'862.7 17'684.0

8.44x 8.30x 10.65x 7.68x 5.74x 0.00x 0.00x 4.34x 3.88x 4.43x 4.18x

16'400.4 2'749.1 15'975.5 17'539.8 5'376.8 0.0 0.0 15'358.9 19'427.8 3'280.0 5'335.0

9.05x 17.71x 14.72x 10.89x 29.94x 0.00x 0.00x 8.78x 7.01x 7.88x 6.92x











EBITDA Margin 17.8%



Asset Turnover 0.68







Fiscal Year Ended

JSW Steel LtdPrice/Volume

Valuation Analysis

248'531.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-!!!

-2!!

.!!!

.2!!


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! !!

. !!

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5 !!

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27.03.2013


JFE STEEL INTL EUROP n/a ULT-AGG 78'986'629 5.67 - 25.03.2013 Investment Advisor

PUBLIC INVESTMENT CO Multiple Portfolios REG 77'592'603 5.57 - 01.11.2012 Government


TARL INVESTMENT HOLD Multiple Portfolios REG 47'275'613 3.39 - 01.11.2012 Unclassified

EPOCH TWO INVESTMENT Multiple Portfolios REG 42'166'686 3.03 - 01.11.2012 Unclassified


NORGES BANK INVESTME Multiple Portfolios REG 29'466'453 2.11 (2'557'012) 01.11.2012 Government


E OPPENHEIMER & SON Multiple Portfolios REG 25'200'000 1.81 - 01.11.2012 Other




OPPENHEIMERFUNDS INC Multiple Portfolios REG 15'661'337 1.12 6'944'224 01.11.2012 Investment Advisor



CORONATION ASSET MAN Multiple Portfolios MF-AGG 11'914'195 0.85 1'346'501 31.12.2012 Investment Advisor


AVIVA INVESTORS Multiple Portfolios REG 10'437'360 0.75 (639'640) 01.11.2012 Investment Advisor




Standard Chartered DES KILALEA underperform 1 D 1'800 12 month 26.03.2013


S&P Capital IQ JOHNSON IMODE sell 1 D 1'640 12 month 21.03.2013


Exane BNP Paribas RAPHAEL VEVERKA underperform 1 M 1'700 Not Provided 21.03.2013

AlphaValue SACHIN KUMAR add 4 M 2'073 6 month 21.03.2013


Goldman Sachs EUGENE KING Sell/Neutral 1 M 1'450 12 month 19.03.2013

Macquarie KIERAN DALY outperform 5 M 2'250 12 month 18.03.2013

Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 2'080 12 month 15.03.2013

Liberum Capital Ltd BEN DAVIS hold 3 M #N/A N/A Not Provided 15.03.2013

Nomura SAM CATALANO reduce 2 D 1'700 Not Provided 04.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.02.2013

Societe Generale ALAIN WILLIAM sell 1 M 1'900 12 month 19.02.2013

Independent Research GmbH SVEN DIERMEIER sell 1 M 1'800 12 month 19.02.2013

Deutsche Bank GRANT SPORRE buy 5 M 2'290 12 month 18.02.2013

Credit Suisse LIAM FITZPATRICK neutral 3 M 2'100 Not Provided 18.02.2013

JPMorgan FRASER JAMIESON underweight 1 M 1'640 9 month 18.02.2013


SBG Securities PETER DAVEY sell 1 M 2'000 12 month 18.02.2013

BMO Capital Markets TONY ROBSON market perform 3 M 2'200 Not Provided 15.02.2013

HSBC ANDREW KEEN overweight 5 U 2'240 Not Provided 07.02.2013

Imara STEPHEN MEINTJES hold 3 N #N/A N/A Not Provided 17.01.2013

Investec ALBERT MINASSIAN hold 3 M 2'259 Not Provided 16.01.2013

Redburn Partners SIMON TOYNE sell 1 D #N/A N/A Not Provided 16.01.2013

Barclays IAN ROSSOUW equalweight 3 M 1'970 Not Provided 14.01.2013

Standard Chartered SUBRAMANIAM VARADA in-line 3 M 1'960 12 month 08.09.2012

Avior Research CLINTON DUNCAN outperform 5 M 2'338 Not Provided 27.08.2012

CA Cheuvreux JOAKIM AHLBERG outperform 5 M 2'250 Not Provided 30.07.2012

Daiwa Securities Co. Ltd. SCOTT FINLAY hold 3 N 3'329 6 month 21.04.2011

Panmure Gordon & Co Limited ALISON TURNER hold 3 M 2'756 Not Provided 21.04.2011

Holdings By:

JSW Steel Ltd ee


27.03.2013

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers

full range of fixed-line telephone services, mobile communications services,

Internet access, and combined information technology and telecommunications

services for businesses.


LTM as of: 12/yy

52-Week High (07.02.2013) 694.40

52-Week Low (29.03.2012) 511.00

Daily Volume

639.85





477'209.88 1 Yr Total Return 18.68%





Enterprise Value -


KMB IB EQUITY YTD Change - Average Volume 30 Day 26'208

KMB IB EQUITY YTD % CHANGE - Average Volume 3 Month 61'371


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

76'774.4 72'885.2 101'089.3 110'294.0 130'143.1 58'653.0 58'169.0 93'778.0 111'144.6 37'264.0 -

- - - - - 6.25x 5.77x - - - -

- - - - - 19'004.0 17'708.0 - - - -

- - - - - 4.48x 4.54x - - - -

9'912.3 6'523.9 13'070.0 15'667.4 18'322.4 557.0 (5'255.0) 21'236.9 25'807.6 6'532.7 -

21.13x 14.93x 19.86x 21.07x 21.98x 68.19x 0.00x 22.61x 18.39x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kotak Mahindra Bank LtdPrice/Volume

Valuation Analysis

31'972.00


!

.

1

3

5

-!

-.

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B2 ! B-! ! B-2 ! B.! ! B.2 ! B0! ! B02 ! B1! ! B12 ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

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



27.03.2013


KOTAK UDAY SURESH n/a Research 734'624'287 17 - 30.09.2012 Investment Advisor

FEDERAL REPUBLIC OF n/a Research 648'197'900 15 - 30.09.2012 Government


BLACKSTONE n/a ULT-AGG 191'700'000 4.44 - 03.08.2012 Unclassified








SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'770'469 0.27 2'089'161 31.12.2012 Investment Advisor




ING INTERNATIONAL AD Multiple Portfolios MF-AGG 7'200'550 0.17 690'125 31.12.2012 Investment Advisor






BNP Paribas Equity Research ROBIN BIENENSTOCK outperform 5 M 10 12 month 27.03.2013

Bankhaus Metzler ULRICH TRABERT sell 1 M 8 12 month 26.03.2013

AlphaValue HEINZ STEFFEN add 4 M 10 6 month 21.03.2013

Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 15.03.2013

Jefferies ULRICH RATHE hold 3 M 8 12 month 08.03.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 08.03.2013

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 08.03.2013

JPMorgan HANNES C WITTIG not rated #N/A N/A M #N/A N/A Not Provided 07.03.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 11 Not Provided 06.03.2013

RBC Capital Markets JONATHAN ATKIN sector perform 3 M 10 12 month 04.03.2013


Morgan Stanley NICK DELFAS restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013


Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 01.03.2013

Natixis JACQUES DE GRELING reduce 2 M 7 Not Provided 01.03.2013

Nomura FREDERIC BOULAN buy 5 M 10 Not Provided 01.03.2013

S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 01.03.2013

DZ Bank AG KARSTEN OBLINGER sell 1 M 8 12 month 01.03.2013

Barclays JONATHAN DANN equalweight 3 M 9 Not Provided 01.03.2013

Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 28.02.2013

Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 28.02.2013

Nord/LB WOLFGANG DONIE buy 5 N 11 12 month 28.02.2013

Raymond James STEPHANE BEYAZIAN outperform 5 M 11 12 month 28.02.2013


Bankhaus Lampe WOLFGANG SPECHT sell 1 M 8 Not Provided 28.02.2013

M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 28.02.2013

Equinet Institutional Services(ESN) ADRIAN PEHL buy 5 M 10 12 month 28.02.2013

New Street Research CHARLES GAYNOR reduce 2 M 7 Not Provided 28.02.2013

Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 9 12 month 26.02.2013

CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 25.02.2013

Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 N 8 Not Provided 19.02.2013

Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013

Kepler Capital Markets JAVIER BORRACHERO buy 5 M 11 Not Provided 30.01.2013

Credit Suisse JUSTIN FUNNELL restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 M 8 Not Provided 23.01.2013

Deutsche Bank MATTHEW BLOXHAM buy 5 M 10 12 month 16.01.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 14.01.2013


HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 10.12.2012

Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 M 8 Not Provided 10.12.2012

Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 11 12 month 08.11.2012

Holdings By:

Kotak Mahindra Bank Ltd ee


27.03.2013

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale

environment services throughout the world. The Company produces, trades,

transports, stores and distributes natural gas, and offers energy management and

climatic and thermal engineering services.


LTM as of: 12/yy

52-Week High (29.10.2012) 1'719.50

52-Week Low (04.06.2012) 1'106.40

Daily Volume

1337





822'771.06 1 Yr Total Return 3.76%







LT IB EQUITY YTD Change - Average Volume 30 Day 223'810

LT IB EQUITY YTD % CHANGE - Average Volume 3 Month 203'061


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

291'985.0 401'870.0 435'135.8 520'437.8 643'131.1 89'792.0 97'038.0 745'592.8 851'959.6 - -

3.29x 1.30x 2.53x 2.37x 1.85x 0.00x 0.00x 1.79x 1.65x - -

35'429.5 49'086.8 68'009.8 79'986.1 94'404.3 0.0 0.0 99'211.5 113'150.7 - -

27.08x 10.63x 16.19x 15.40x 12.61x 0.00x 0.00x 12.22x 10.71x - -

24'389.2 37'894.6 54'507.4 44'561.7 46'936.9 0.0 0.0 52'076.0 58'239.0 - -

35.79x 13.02x 18.20x 23.02x 17.04x 0.00x 0.00x 15.78x 14.17x - -











EBITDA Margin 14.7%



Asset Turnover 0.60







Fiscal Year Ended

Larsen & Toubro LtdPrice/Volume

Valuation Analysis

214'224.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B2 ! B-! ! B-2 ! B.! ! B.2 ! B0! ! B02 ! B1! ! B12 ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



27.03.2013




GROUPE BRUXELLES LAM n/a Research 116'911'820 4.85 - 15.03.2012 Holding Company


GDF SUEZ n/a Co File 38'293'787 1.59 - 31.12.2011 Corporation

CNP ASSURANCES n/a Co File 24'778'333 1.03 - 31.12.2011 Insurance Company



SOFINA SA n/a Co File 13'515'454 0.56 - 31.12.2011 Holding Company






INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'777'965 0.32 124'302 31.12.2012 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 5'571'946 0.23 (4'729'951) 31.01.2013 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 4'229'692 0.18 (10'748'086) 31.12.2012 Mutual Fund Manager



Goldman Sachs BENJAMIN LEYRE underperform 1 M 14 Not Provided 25.03.2013

Macquarie SHAI HILL outperform 5 M 17 12 month 22.03.2013

HSBC ADAM DICKENS overweight 5 U 18 Not Provided 21.03.2013

Grupo Santander OSCAR NAJAR RIOS hold 3 M 17 Not Provided 12.03.2013

Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 25 12 month 12.03.2013

Nomura MARTIN YOUNG neutral 3 M 19 Not Provided 12.03.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 U 17 Not Provided 05.03.2013

Independent Research GmbH SVEN DIERMEIER hold 3 U 15 12 month 04.03.2013

Barclays JULIE ARAV equalweight 3 M 15 Not Provided 01.03.2013

Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 15 12 month 28.02.2013

Raymond James EMMANUEL RETIF underperform 1 M 13 Not Provided 28.02.2013

KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 28.02.2013

CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 28.02.2013


AlphaValue MYRIAM COHEN buy 5 M 18 6 month 28.02.2013

Credit Suisse MICHEL DEBS neutral 3 M 15 Not Provided 26.02.2013

Natixis PHILIPPE OURPATIAN neutral 3 M 17 Not Provided 20.02.2013


Berenberg Bank ANDREW FISHER sell 1 M 14 Not Provided 05.02.2013



JPMorgan NATHALIE F CASALI underweight 1 D 14 9 month 10.01.2013


Deutsche Bank MARTIN BROUGH hold 3 D 18 12 month 06.12.2012

Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012

Societe Generale ALBERTO PONTI buy 5 M 25 12 month 26.11.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012

DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011

Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011

Holdings By:

Larsen & Toubro Ltd ee


27.03.2013

LIC Housing Finance Limited provides housing finance services to individuals

manufactures, markets, and sells a range of cigarettes, tobaccos,

rolling papers, and cigars.


LTM as of: 01/yy

52-Week High (02.01.2013) 300.00

52-Week Low (21.03.2013) 209.10

Daily Volume

221.35





111'707.16 1 Yr Total Return -14.04%







LICHF IB EQUITY YTD Change - Average Volume 30 Day 414'639

LICHF IB EQUITY YTD % CHANGE - Average Volume 3 Month 652'766


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

21'727.5 29'030.5 34'746.9 48'746.6 62'445.8 - - 18'643.5 24'224.5 - -

10.40x 9.37x 12.56x 9.72x 9.54x - - - - - -

19'937.2 27'417.2 33'108.2 43'940.6 58'337.9 - - - - - -

11.33x 9.92x 13.18x 10.78x 10.21x - - - - - -

3'672.3 5'321.7 6'888.3 9'518.8 9'198.5 - - 10'993.5 14'872.0 - -

6.52x 3.58x 11.40x 11.27x 13.63x - - 10.52x 7.69x - -











EBITDA Margin 93.4%



Asset Turnover 0.11







Fiscal Year Ended

LIC Housing Finance LtdPrice/Volume

Valuation Analysis

252'129.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

- ! B

. ! B

0 ! B

1 ! B

2 ! B

3 ! B

4 ! B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.03.2013


LIFE INSURANCE CORP n/a ULT-AGG 66'461'651 6.8 380'781 31.12.2012 Investment Advisor

INVESCO LTD n/a Co File 61'000'000 6.24 - 30.10.2012 Investment Advisor








CEDAR ROCK CAPITAL L Multiple Portfolios REG 16'997'045 1.74 595'616 01.12.2012 Unclassified




STANDARD LIFE INVEST Multiple Portfolios REG 13'734'190 1.4 (606'667) 01.12.2012 Investment Advisor




THREADNEEDLE ASSET M Multiple Portfolios REG 12'498'191 1.28 2'126'754 01.12.2012 Investment Advisor




Axis Capital Limited DAMIAN MCNEELA buy 5 M 2'650 Not Provided 26.03.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 2'900 12 month 22.03.2013

Berenberg Bank ERIK BLOOMQUIST hold 3 M 2'800 Not Provided 22.03.2013

Natixis NICOLAS LANGLET buy 5 M 2'800 Not Provided 22.03.2013

Nomura DAVID HAYES reduce 2 M 2'443 Not Provided 22.03.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 2'700 Not Provided 21.03.2013

Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'900 Not Provided 21.03.2013

Exane BNP Paribas JAMES BUSHNELL underperform 1 M 2'450 Not Provided 20.03.2013

Jefferies DIRK VAN VLAANDEREN hold 3 M 2'500 12 month 19.03.2013

Goldman Sachs FULVIO CAZZOL neutral/attractive 3 M 2'470 12 month 07.03.2013

AlphaValue ISABELLE COMBEMALE buy 5 M 3'011 6 month 07.03.2013

Day by Day VALERIE GASTALDY buy 5 U 2'518 3 month 05.03.2013

Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 2'700 12 month 28.02.2013

JPMorgan RAE MAILE neutral 3 M 3'067 9 month 20.02.2013

Investec MARTIN DEBOO hold 3 M 2'450 12 month 15.02.2013

Morgan Stanley MATTHEW GRAINGER Overwt/Attractive 5 M 2'680 12 month 30.01.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 2'850 12 month 30.01.2013


Barclays SIMON HALES equalweight 3 M 2'650 Not Provided 30.01.2013


Renaissance Capital REY WIUM hold 3 M 2'700 12 month 16.01.2013

Redburn Partners CHRISTIAN DE ROUALLE sell 1 M #N/A N/A Not Provided 16.01.2013

Deutsche Bank JONATHAN FELL buy 5 M 3'000 12 month 01.05.2012

Holdings By:

LIC Housing Finance Ltd ee


27.03.2013

Lupin Limited manufactures bulk actives and formulations. The principal bulk

financial solutions, and related advisory services. The Group attracts deposits

and offers credit, investment banking, securities trading, and insurance

products to private individuals, companies, institutions, and the public sector.

Nordea services the Scandinavian countries and the Baltic Sea region.


LTM as of: 12/yy

52-Week High (25.03.2013) 638.65

52-Week Low (15.06.2012) 507.00

Daily Volume

622.05





278'385.72 1 Yr Total Return 22.06%







LPC IB EQUITY YTD Change - Average Volume 30 Day 56'633

LPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 64'047


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

27'063.7 37'758.8 47'736.3 57'925.9 70'649.7 16'686.0 17'456.0 92'540.8 106'589.7 23'573.5 22'192.0

1.91x 1.84x 3.27x 3.33x 3.51x 0.00x 0.00x 3.12x 2.67x 11.78x -

6'361.4 7'588.0 10'177.5 11'666.9 14'631.7 0.0 0.0 20'612.7 23'769.1 5'064.2 4'575.0

8.11x 9.17x 15.34x 16.55x 16.95x 0.00x 0.00x 13.95x 12.10x - -

4'082.5 5'015.4 6'816.3 8'625.5 8'676.5 2'627.0 3'119.0 11'896.8 14'338.1 2'969.3 3'111.0

9.97x 11.25x 102.76x 21.52x 27.25x 9.15x 9.31x 23.33x 19.40x - -











EBITDA Margin 20.7%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lupin LtdPrice/Volume

Valuation Analysis

41'903.00


!

-!

.!

0!

1!

2!

3!

4!

5!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



27.03.2013


ZYMA LABORATORIES LT n/a Research 860'400'000 21.24 - 28.09.2012 Insurance Company

GOVERNMENT OF SWEDEN n/a Research 544'200'000 13.44 - 28.09.2012 Government

NORDEA FONDER AB/SWE n/a Research 158'200'000 3.91 - 28.09.2012 Investment Advisor

SWEDBANK ROBUR FONDE n/a Research 127'800'000 3.16 - 28.09.2012 Investment Advisor

AMF PENSION n/a Research 79'700'000 1.97 - 28.09.2012 Pension Fund (ERISA)

NORWEGIAN PETROLEUM n/a Research 72'400'000 1.79 - 28.09.2012 n/a

SHB FUNDS n/a Research 58'900'000 1.45 - 28.09.2012 n/a

SEB n/a ULT-AGG 52'450'681 1.3 (271'123) 31.12.2012 Unclassified

SEB FUNDS n/a Research 51'700'000 1.28 - 28.09.2012 n/a

FJARDE AP-FONDEN n/a Research 44'400'000 1.1 - 28.09.2012 Pension Fund (ERISA)

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 43'836'854 1.08 1'335'441 28.02.2013 Investment Advisor

NORDEA FUNDS n/a Research 41'100'000 1.01 - 28.09.2012 n/a

AFA INSURANCE n/a Research 40'900'000 1.01 - 28.09.2012 Insurance Company


VARMA MUTUAL PENSION n/a Research 30'400'000 0.75 - 28.09.2012 Insurance Company

SKANDIA LIV n/a Research 30'400'000 0.75 - 28.09.2012 Pension Fund (ERISA)

AMF FONDER AB Multiple Portfolios MF-AGG 28'499'330 0.7 (862'000) 31.12.2012 Investment Advisor


FORSTA AP FONDEN n/a Research 27'000'000 0.67 - 28.09.2012 Investment Advisor

ALECTA PENSIONSFORSA n/a Research 23'500'000 0.58 - 28.09.2012 Pension Fund (ERISA)


Nomura CHRISTOPHE NIJDAM reduce 2 M 76 6 month 27.03.2013

Mediobanca SpA RICCARDO ROVERE underperform 1 M 73 Not Provided 25.03.2013

Exane BNP Paribas ANDREAS HAKANSSON neutral 3 U 74 Not Provided 20.03.2013

Keefe, Bruyette & Woods RONNY REHN outperform 5 M 86 12 month 19.03.2013

SEB Enskilda NICOLAS MCBEATH buy 5 M 90 Not Provided 19.03.2013

Nomura OMAR KEENAN buy 5 M 84 Not Provided 15.03.2013

Societe Generale GEOFF DAWES buy 5 M 88 12 month 14.03.2013

JPMorgan SOFIE PETERZENS neutral 3 M 82 18 month 14.03.2013

DNB Markets HAKON FURE buy 5 M 77 Not Provided 08.03.2013

Jyske Bank CHRISTIAN HEDE strong buy 5 M 91 Not Provided 07.03.2013

ABG Sundal Collier MAGNUS ANDERSSON buy 5 M 81 6 month 07.03.2013

RBC Capital Markets CLAIRE KANE outperform 5 M 81 12 month 07.03.2013

Pareto Securities JON DAVID GJERTSEN buy 5 M 82 6 month 07.03.2013


Barclays CHRISTOFFER ROSQUIST overweight 5 M 88 Not Provided 25.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 18.02.2013

Macquarie EDWARD FIRTH neutral 3 M 75 12 month 04.02.2013

Carnegie ASBJORN MORK buy 5 M #N/A N/A Not Provided 31.01.2013

Handelsbanken PETER GRABE reduce 2 M 70 12 month 31.01.2013

SpareBank 1 Markets AS NILS CHRISTIAN OYEN buy 5 M 76 12 month 31.01.2013

Alm Brand Markets STIG NYMANN sell 1 M 60 Not Provided 30.01.2013

Arctic Securities ASA FRIDTJOF BERENTS buy 5 M 76 Not Provided 30.01.2013

Danske Markets PER GRONBORG hold 3 M 72 12 month 30.01.2013

Goldman Sachs PAWEL DZIEDZIC Buy/Neutral 5 M 85 12 month 28.01.2013

Berenberg Bank NICK ANDERSON buy 5 M 80 Not Provided 28.01.2013

Morgan Stanley ALVARO SERRANO Equalwt/In-Line 3 M 70 12 month 16.01.2013

NYKREDIT MADS THINGGAARD underperform 1 M #N/A N/A Not Provided 08.10.2012

Evli Bank Plc KIMMO RAMA buy 5 U 86 12 month 29.05.2012

Nordea Equity Research MATHS LILJEDAHL not rated #N/A N/A M #N/A N/A Not Provided 16.04.2012

Swedbank CHRISTIAN HALL buy 5 M 65 12 month 27.10.2011

CA Cheuvreux MATS ANDERSON outperform 5 M 80 Not Provided 16.08.2011

Sydbank BJORN SCHWARZ neutral 3 M #N/A N/A Not Provided 29.04.2011

Holdings By:

Lupin Ltd ee


27.03.2013

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive

provides investment banking, private banking, and asset management services to

customers located around the world.


LTM as of: 12/yy

52-Week High (10.01.2013) 974.80

52-Week Low (18.05.2012) 621.75

Daily Volume

863.25





530'018.88 1 Yr Total Return 27.87%







MM IB EQUITY YTD Change - Average Volume 30 Day 81'508

MM IB EQUITY YTD % CHANGE - Average Volume 3 Month 78'415


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

176'194.8 189'864.5 231'986.5 368'637.8 594'176.3 42'715.0 38'313.0 707'943.6 799'684.1 - -

1.52x 1.12x 1.89x 1.52x 1.00x 0.00x 0.00x 1.19x 1.07x - -

37'437.6 37'045.4 55'600.1 61'269.0 74'259.3 0.0 0.0 85'635.7 99'079.1 - -

7.14x 5.76x 7.89x 9.12x 7.99x 0.00x 0.00x 8.31x 7.18x - -

15'711.2 14'054.1 24'785.6 30'797.3 31'266.6 1'953.0 1'483.0 38'197.0 45'340.6 - -

10.59x 7.44x 12.01x 13.10x 13.17x 16.85x 26.50x 13.54x 11.47x - -











EBITDA Margin 12.5%



Asset Turnover 1.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mahindra & Mahindra LtdPrice/Volume

Valuation Analysis

52'806.00


!

2

-!

-2

.!

.2

0!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0! ! B

02 ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



27.03.2013


LIFE INSURANCE CORP n/a ULT-AGG 88'790'736 6.72 134'170 31.12.2012 Investment Advisor

QATAR INVESTMENT AUT #N/A N/A Co File 81'886'795 6.2 - 31.12.2012 Government

CRESCENT HOLDING GMB #N/A N/A Co File 80'566'040 6.1 - 31.12.2012 Investment Advisor

DODGE & COX #N/A N/A Co File 66'037'738 5 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 39'622'643 3 - 25.03.2013 Investment Advisor

HARRIS ASSOCIATES LP #N/A N/A Co File 39'622'643 3 - 31.12.2012 Investment Advisor


CREDIT SUISSE n/a EXCH 36'381'320 2.75 (3'890'327) 04.03.2013 Investment Advisor



NORGES BANK #N/A N/A Co File 29'056'605 2.2 - 31.12.2012 Government











Nomura TIM DAWSON neutral 3 M 27 12 month 27.03.2013



Exane BNP Paribas DANIEL DAVIES outperform 5 M 32 Not Provided 18.03.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 30 12 month 15.03.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 30 12 month 11.03.2013

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 34 18 month 11.03.2013

CA Cheuvreux CHRISTIAN STARK select list 5 M 30 Not Provided 11.03.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 24 12 month 08.03.2013

AlphaValue DIETER HEIN add 4 M 28 6 month 07.03.2013

Societe Generale DIRK HOFFMANN-BECKING buy 5 M 33 12 month 05.03.2013

RBC Capital Markets FIONA SWAFFIELD outperform 5 M 30 12 month 05.03.2013

Macquarie PIERS BROWN outperform 5 M 30 12 month 05.03.2013

Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 34 12 month 27.02.2013


DZ Bank AG CHRISTOPH BAST sell 1 M 24 12 month 19.02.2013

Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 15.02.2013

Barclays JEREMY SIGEE equalweight 3 M 27 Not Provided 12.02.2013

Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 11.02.2013

Main First Bank AG KILIAN MAIER outperform 5 U 30 12 month 11.02.2013

Natixis ANTOINE BURGARD neutral 3 M 24 Not Provided 08.02.2013



Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 27 6 month 07.02.2013

Deutsche Bank MATT SPICK hold 3 D 29 12 month 07.02.2013



Kepler Capital Markets DIRK BECKER buy 5 U 30 Not Provided 07.02.2013


Canaccord Genuity Corp ARUN MELMANE hold 3 N 29 Not Provided 04.02.2013

Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 25 Not Provided 30.01.2013

Liberum Capital Ltd CORMAC LEECH hold 3 M 25 Not Provided 23.01.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 27 Not Provided 22.01.2013


Bank Vontobel AG TERESA NIELSEN hold 3 M 23 Not Provided 20.11.2012

HSBC ROBERT MURPHY neutral 3 D 24 Not Provided 07.11.2012


Grupo Santander AURELIA FAURE hold 3 M 20 Not Provided 18.09.2012

Hammer Partners SA ENRICO RACIOPPI sell 1 M 21 Not Provided 03.07.2012

Holdings By:

Mahindra & Mahindra Ltd ee


27.03.2013

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti

and commercial vehicles for sale worldwide. The Company produces the Passat,

Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,

Seat and Skoda, which manufacture and sell cars in Spain and in southern and

eastern Europe, and Lamborghini, which makes sports cars in Italy.


LTM as of: 12/yy

52-Week High (06.02.2013) 1'637.60

52-Week Low (04.06.2012) 1'052.00

Daily Volume

1293.2





373'618.47 1 Yr Total Return 2.06%







MSIL IB EQUITY YTD Change - Average Volume 30 Day 78'106

MSIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 81'466


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

181'041.0 206'622.0 295'915.0 363'330.0 351'972.0 - - 425'051.8 491'911.0 - -

1.31x 0.98x 1.23x 0.84x 0.95x - - 0.79x 0.67x - -

26'009.0 18'746.0 39'462.0 36'891.0 25'408.0 - - 32'796.2 48'942.9 - -

9.11x 10.77x 9.25x 8.27x 13.13x - - 9.67x 6.48x - -

17'899.0 12'274.0 26'247.0 23'824.0 16'810.0 - - 19'283.1 29'008.9 - -

13.35x 18.36x 15.61x 15.31x 23.21x - - 19.57x 12.70x - -











EBITDA Margin 7.2%



Asset Turnover 1.67







Fiscal Year Ended

Maruti Suzuki India LtdPrice/Volume

Valuation Analysis

32'411.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

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

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B 2 B- ! B- 2 B. ! B. 2 B0 ! B0 2 B1 ! B1 2 B2 ! B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.03.2013


SUZUKI MOTOR CORP n/a EXCH 26'355'116 15.49 - 10.03.2011 Government

BLACKROCK n/a ULT-AGG 6'811'077 4 40'022 25.03.2013 Investment Advisor





CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'823'701 1.07 1'011'201 31.12.2012 Investment Advisor



BG MASTER FUND PLC n/a Short (1'208'014) -0.71 (153'129) 07.11.2012 Investment Advisor



ADIG INVESTMENT Multiple Portfolios MF-AGG 894'264 0.53 125'708 30.11.2012 Investment Advisor


JP MORGAN n/a ULT-AGG 554'996 0.33 36'337 31.01.2013 Unclassified

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 545'030 0.32 - 31.01.2013 Mutual Fund Manager

UMB BANK N A Multiple Portfolios MF-AGG 442'029 0.26 - 31.01.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 435'232 0.26 (7'214) 31.01.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 432'917 0.25 7'182 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 415'317 0.24 (54'543) 31.01.2013 Unclassified


Nomura MICHAEL PUNZET buy 5 M 188 12 month 27.03.2013

Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 26.03.2013

Kepler Capital Markets MICHAEL RAAB buy 5 M 194 Not Provided 26.03.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 192 Not Provided 25.03.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 195 6 month 22.03.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 22.03.2013

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 196 Not Provided 20.03.2013

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 175 12 month 19.03.2013

AlphaValue HANS-PETER WODNIOK add 4 M 175 6 month 19.03.2013

JPMorgan JOSE ASUMENDI overweight 5 M 207 9 month 18.03.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 18.03.2013

Societe Generale STEPHEN REITMAN buy 5 M 200 12 month 15.03.2013

Nord/LB FRANK SCHWOPE buy 5 M 195 12 month 15.03.2013

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 211 12 month 15.03.2013


Oddo & Cie FRANCOIS MAURY neutral 3 M 160 Not Provided 15.03.2013


Morgan Stanley STUART PEARSON Overwt/In-Line 5 M 190 12 month 14.03.2013

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 215 12 month 07.03.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 205 12 month 28.02.2013

HSBC HORST SCHNEIDER overweight 5 M 207 Not Provided 27.02.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 200 12 month 25.02.2013

Natixis GEORGES DIENG buy 5 M 195 Not Provided 25.02.2013

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 Not Provided 25.02.2013

S&P Capital IQ MARNIE COHEN buy 5 M 181 12 month 25.02.2013

Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 25.02.2013

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 22.02.2013


Credit Suisse ERICH HAUSER outperform 5 M 195 Not Provided 08.01.2013

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 207 12 month 30.11.2012

Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 141 12 month 16.11.2012

Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012

Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012

Deutsche Bank JOCHEN GEHRKE buy 5 M 200 12 month 02.08.2012

CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 200 Not Provided 30.04.2012

Holdings By:

Maruti Suzuki India Ltd ee


27.03.2013

Nestle India Ltd. manufactures brand name milk products and other food products.

services. The Company offers reinsurance, insurance, and asset management

services. MunichRe has subsidiaries in most major financial centers throughout

the world.


LTM as of: 12/yy

52-Week High (02.01.2013) 5'040.00

52-Week Low (27.09.2012) 4'305.55

Daily Volume

4588.5





442'403.53 1 Yr Total Return 3.62%







NEST IB EQUITY YTD Change - Average Volume 30 Day 3'646

NEST IB EQUITY YTD % CHANGE - Average Volume 3 Month 3'757


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

43'242.5 51'293.8 62'547.4 74'908.2 83'022.6 61'764.0 66'135.0 - - - -

3.19x 4.72x 5.82x 5.35x 5.85x 1.29x 1.52x - - - -

8'671.4 10'373.9 12'637.9 15'744.8 18'511.8 0.0 0.0 - - - -

15.89x 23.34x 28.78x 25.46x 26.25x 0.00x 0.00x - - - -

5'340.8 6'550.0 8'186.6 8'515.0 10'679.3 702.0 3'195.0 - - - -

26.23x 37.51x 44.92x 46.37x 45.07x 23.74x 7.56x - - - -











EBITDA Margin 22.3%



Asset Turnover 1.74







Fiscal Year Ended

Nestle India LtdPrice/Volume

Valuation Analysis

1'575.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 B

- ! B

- 2 B

. ! B

. 2 B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

1 2!

2 !!

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



27.03.2013


NESTLE SA n/a ULT-AGG 20'086'215 11.2 - 31.12.2012 Investment Advisor


PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified





ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'798'228 1 263'657 31.12.2012 Investment Advisor



MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'050'506 0.59 97'400 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 925'403 0.52 715'207 31.01.2013 Mutual Fund Manager

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 834'488 0.47 5'222 28.09.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 800'520 0.45 (33'714) 31.01.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'738 0.35 6'554 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 590'450 0.33 131'232 30.11.2012 Investment Advisor

SARASIN n/a ULT-AGG 574'580 0.32 196'794 31.12.2012 Unclassified

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 539'431 0.3 (10'900) 31.01.2013 Mutual Fund Manager



Nomura THOMAS SEIDL underperform 1 M 106 12 month 27.03.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 165 12 month 27.03.2013

Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 22.03.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 21.03.2013

AlphaValue DIETER HEIN reduce 2 M 141 6 month 21.03.2013


RBC Capital Markets GORDON AITKEN underperform 1 M 135 12 month 19.03.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 170 12 month 19.03.2013


Exane BNP Paribas THOMAS JACQUET neutral 3 M 145 Not Provided 18.03.2013

Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 15.03.2013


Nomura MICHAEL KLIEN reduce 2 M 140 Not Provided 15.03.2013

Nord/LB JULIA SIEKMANN hold 3 M 155 12 month 14.03.2013




Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 14.03.2013

Natixis BENOIT VALLEAUX neutral 3 M 140 Not Provided 14.03.2013




Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 125 12 month 12.03.2013


Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 145 Not Provided 20.02.2013

CA Cheuvreux FRANK KOPFINGER outperform 5 M 157 Not Provided 18.02.2013

Berenberg Bank TOM CARSTAIRS hold 3 M 140 Not Provided 11.02.2013

Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013

HSBC THOMAS FOSSARD underweight 1 M 135 Not Provided 07.02.2013


Kepler Capital Markets FABRIZIO CROCE buy 5 M 153 Not Provided 05.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 N 147 Not Provided 05.02.2013


Main First Bank AG MICHAEL HAID underperform 1 M 145 12 month 01.02.2013

Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 152 12 month 31.01.2013

Mediobanca SpA MARC THIELE outperform 5 M 164 6 month 30.01.2013


Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012


Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011

Holdings By:

Nestle India Ltd ee


27.03.2013

National Hydroelectric Power Corp Ltd. is a hydro-power development company

Company's operations include electric generation at conventional, nuclear, and

renewable-source facilities, electric transmission via high-voltage wires

network, regional distribution of electricity, gas, and heat, power trading and

electricity, gas, and heat sales.


LTM as of: 12/yy

52-Week High (20.02.2013) 29.40

52-Week Low (07.09.2012) 14.65

Daily Volume

19.95





245'399.83 1 Yr Total Return 5.53%







NHPC IB EQUITY YTD Change - Average Volume 30 Day 6'226'878

NHPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 4'295'786


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

29'248.3 34'277.7 50'485.7 51'436.5 69'203.3 - - 64'380.3 71'860.4 103.0 -

- - 9.75x 8.62x 5.33x - - 5.92x 5.41x - -

23'851.0 26'082.6 42'854.1 35'820.6 48'693.6 - - 42'840.0 49'145.8 52.0 -

- - 11.48x 12.38x 7.57x - - 8.69x 7.58x - -

11'461.7 9'392.5 21'755.6 23'161.6 30'855.8 - - 23'073.3 25'814.3 18.9 -

- - 16.59x 13.44x 7.85x - - 10.57x 9.58x - -


EBIT 36'928.50 Long-Term Rating BBB-









EBITDA Margin 70.4%



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NHPC LtdPrice/Volume

Valuation Analysis

1'342'707.00


!

2

-!

-2

.!

.2

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

-! ! B

.! ! B

0! ! B

1! ! B

2! ! B

3! ! B

4! ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



27.03.2013


GOVERNMENT OF INDIA n/a ULT-AGG 172'665'399 8.63 (62'158) 25.03.2013 Investment Advisor

GOVERNMENT OF NORWAY n/a Co File 118'276'492 5.91 - 31.12.2011 Government

E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation


MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor




DEUTSCHE BANK AG Multiple Portfolios MF-AGG 9'652'792 0.48 (1'454'174) 28.02.2013 Investment Advisor









ADIG INVESTMENT Multiple Portfolios MF-AGG 3'154'858 0.16 (1'125'000) 30.11.2012 Investment Advisor




Axis Capital Limited JOHN MUSK underperform 1 M 11 12 month 27.03.2013

Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 19 12 month 26.03.2013

Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 14 Not Provided 25.03.2013

AlphaValue EILEEN RYAN buy 5 M 17 6 month 25.03.2013

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 14 6 month 22.03.2013

HSBC ADAM DICKENS underweight 1 M 12 Not Provided 22.03.2013

DZ Bank AG MARC NETTELBECK hold 3 M 14 12 month 19.03.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013

Kepler Capital Markets INGO BECKER hold 3 M 13 Not Provided 15.03.2013

Societe Generale ALBERTO PONTI hold 3 M 13 12 month 14.03.2013

M.M. Warburg Investment Research STEPHAN WULF buy 5 M 17 12 month 14.03.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 15 12 month 14.03.2013

Grupo Santander OSCAR NAJAR RIOS hold 3 M 16 12 month 13.03.2013

Nord/LB HEINO HAMMANN hold 3 M 13 12 month 13.03.2013

Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013

Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 13.03.2013


JPMorgan VINCENT DE BLIC underweight 1 M 13 9 month 06.02.2013

Berenberg Bank ROBERT CHANTRY sell 1 N 12 Not Provided 05.02.2013


Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 13 Not Provided 01.02.2013

Deutsche Bank ALEXANDER KARNICK sell 1 M 13 12 month 31.01.2013

Morgan Stanley BOBBY CHADA Underwt/In-Line 1 M 11 12 month 31.01.2013

Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 12 12 month 31.01.2013

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 D #N/A N/A Not Provided 31.01.2013

Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 11 12 month 31.01.2013

Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 31.01.2013

Nomura MARTIN YOUNG reduce 2 M 14 12 month 31.01.2013


Credit Suisse VINCENT GILLES underperform 1 M 11 Not Provided 30.01.2013

Barclays PETER BISZTYGA equalweight 3 M 15 Not Provided 25.01.2013

Main First Bank AG ANDREAS THIELEN outperform 5 M 17 12 month 23.01.2013


Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 14.11.2012

CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 17 Not Provided 14.08.2012

Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012

Holdings By:

NHPC Ltd ee


27.03.2013

NMDC Limited explores for minerals. The Company is exploring for iron ore,

bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and

white spirits and rums. Pernod Ricard markets its products worldwide.


LTM as of: 12/yy

52-Week High (04.07.2012) 203.40

52-Week Low (22.03.2013) 128.30

Daily Volume

134.2





532'064.88 1 Yr Total Return -14.91%







NMDC IB EQUITY YTD Change - Average Volume 30 Day 939'202

NMDC IB EQUITY YTD % CHANGE - Average Volume 3 Month 669'502


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

57'113.1 75'640.3 - - - - - - - - -

22.72x 6.88x - - - - - - - - -

43'366.9 58'371.0 - - - - - - - - -

29.93x 8.91x - - - - - - - - -

32'859.8 43'495.5 - - - - - - - - -

1250.58x 14.20x - - - - - - - - -











EBITDA Margin 77.2%



Asset Turnover 0.69







Fiscal Year Ended

NMDC LtdPrice/Volume

Valuation Analysis

4'811'044.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B . B 1 B 3 B 5 B- ! B- . B- 1 B- 3 B- 5 B. ! B

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

1997199819992000200120022003200420052006200720082009201020112012

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-. !0 !- .!-0



27.03.2013


GOVERNMENT OF INDIA n/a Co File 34'866'200 13.14 - 29.08.2012 Corporation


GROUPE BRUXELLES LAM n/a Co File 19'890'770 7.5 - 29.08.2012 Holding Company




CREDIT AGRICOLE ASSE n/a Co File 5'615'014 2.12 - 29.08.2012 Investment Advisor

AMUNDI ASSET MANAGEM n/a Co File 5'468'037 2.06 - 29.08.2012 Other

NORGES BANK INVESTME n/a Co File 5'310'761 2 - 29.08.2012 Government



GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 3'711'633 1.4 70'829 31.12.2012 Hedge Fund Manager

ARTISAN PARTNERS HOL n/a Co File 3'710'368 1.4 - 29.08.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 3'407'419 1.28 10'620 31.12.2012 Investment Advisor


NATIXIS ASSET MANAGE n/a Co File 3'110'259 1.17 - 29.08.2012 Investment Advisor


CITIGROUP GLOBAL MAR n/a Co File 2'898'012 1.09 - 29.08.2012 Unclassified

CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'843'000 1.07 - 31.12.2012 Investment Advisor

LANSDOWNE PARTNERS L n/a Co File 2'786'833 1.05 - 29.08.2012 Hedge Fund Manager


Standard Chartered NICOLAS CERON buy 5 M 110 12 month 22.03.2013

Raymond James HERMINE DE BENTZMANN outperform 5 M 104 Not Provided 22.03.2013


Berenberg Bank PHILIP MORRISEY buy 5 M 117 Not Provided 21.03.2013

Kepler Capital Markets LAETITIA DELAYE hold 3 M 97 Not Provided 21.03.2013

Barclays SIMON HALES overweight 5 M 105 Not Provided 21.03.2013

AlphaValue ISABELLE COMBEMALE reduce 2 M 99 6 month 21.03.2013

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 103 12 month 14.03.2013


Credit Suisse ALEX MOLLOY outperform 5 M 116 Not Provided 07.03.2013


Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 104 Not Provided 22.02.2013


Shore Capital Stockbrokers PHIL CARROLL hold 3 D #N/A N/A Not Provided 20.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 20.02.2013

Investec MARTIN DEBOO hold 3 M 93 12 month 15.02.2013

JPMorgan MIKE J GIBBS overweight 5 M 101 9 month 15.02.2013

Natixis JOSEPHINE CHEVALLIER buy 5 M 107 Not Provided 15.02.2013

CM - CIC Securities(ESN) FRANCIS PRETRE accumulate 4 M 98 12 month 14.02.2013

Bryan Garnier & Cie NIKOLAAS FAES neutral 3 D 91 6 month 14.02.2013

S&P Capital IQ CARL SHORT buy 5 M 107 12 month 14.02.2013

Deutsche Bank JAMES ISENWATER sell 1 D 75 12 month 08.02.2013

Liberum Capital Ltd PABLO ZUANIC sell 1 M 62 Not Provided 25.01.2013

CA Cheuvreux ERIC BOROIAN underperform 1 M 91 Not Provided 21.01.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 103 Not Provided 14.01.2013

Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 139 12 month 09.01.2013


Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 10.12.2012

Jefferies DIRK VAN VLAANDEREN hold 3 M 82 12 month 26.10.2012

Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 96 Not Provided 14.09.2012

HSBC ERWAN RAMBOURG neutral 3 M 93 Not Provided 08.08.2012

Equita SIM SpA FABIO FAZZARI hold 3 U 66 12 month 12.01.2012

Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 26.07.2011

Holdings By:

NMDC Ltd ee


27.03.2013

NTPC Ltd. owns and operates power generation plants that supply power to state

and long-distance telephone call products and services in the UK, international

telephone calls to and from the UK, broadband network solutions and web hosting

to corporate customers, network ADSL, ISDN, and IP services to communication

companies and narrowband and broadband internet access and related services.


LTM as of: 12/yy

52-Week High (12.09.2012) 175.35

52-Week Low (21.03.2013) 136.10

Daily Volume

142.5





1'174'978.63 1 Yr Total Return -11.00%







NTPC IB EQUITY YTD Change - Average Volume 30 Day 702'509

NTPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 579'126


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

395'547.0 426'614.0 482'564.0 574'831.7 650'439.3 - - 714'085.7 822'486.4 - -

4.48x 3.99x 4.09x 3.32x 2.69x - - 2.30x 2.07x - -

129'347.0 113'936.0 136'798.0 128'580.8 152'329.5 - - 175'008.7 206'399.1 - -

13.70x 14.93x 14.43x 14.84x 11.48x - - 9.05x 7.67x - -

76'704.0 83'615.0 88'378.0 93'482.3 98'146.6 - - 102'958.9 115'154.7 - -

21.13x 17.74x 19.34x 17.03x 13.67x - - 11.39x 10.10x - -











EBITDA Margin 23.4%



Asset Turnover 0.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NTPC LtdPrice/Volume

Valuation Analysis

3'861'806.00


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

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27.03.2013


GOVERNMENT OF INDIA Multiple Portfolios REG 778'912'816 9.88 - 01.11.2012 Investment Advisor



BT GROUP PLC SHAREVI Multiple Portfolios REG 284'949'077 3.62 56'100'337 01.11.2012 Unclassified


THREADNEEDLE ASSET M Multiple Portfolios REG 176'167'732 2.24 (2'425'817) 01.11.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 153'691'805 1.95 (9'615'159) 01.11.2012 Government




SCOTTISH WIDOWS n/a ULT-AGG 128'739'886 1.63 (6'162'708) 30.11.2012 Unclassified

ARTEMIS INVESTMENT M Multiple Portfolios REG 121'209'276 1.54 5'420'429 01.11.2012 Investment Advisor



ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 90'844'770 1.15 12'800'853 31.12.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 86'476'500 1.1 689'067 31.12.2012 Investment Advisor


BT GROUP PLC EMPLOYE Multiple Portfolios REG 81'270'291 1.03 (197'922) 01.11.2012 Unclassified


MAJEDIE ASSET MANAGE Multiple Portfolios REG 79'359'827 1.01 702'630 01.11.2012 Investment Advisor


Nomura PAUL SIDNEY outperform 5 M 300 Not Provided 26.03.2013

Nomura JAMES BRITTON buy 5 M 360 Not Provided 22.03.2013

Oriel Securities Ltd JOHN KARIDIS buy 5 M 330 Not Provided 21.03.2013

AlphaValue JEAN-MICHEL SALVADOR reduce 2 M 278 6 month 21.03.2013

JPMorgan CARL MURDOCK-SMITH overweight 5 M 280 12 month 19.03.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 285 12 month 15.03.2013

Barclays MAURICE PATRICK equalweight 3 M 230 Not Provided 15.03.2013

Espirito Santo Investment Bank ResearchNICK BROWN neutral 3 M 250 Not Provided 13.03.2013

Exane BNP Paribas MICHAEL WILLIAMS neutral 3 M 250 Not Provided 08.03.2013

Berenberg Bank STUART GORDON buy 5 M 280 Not Provided 06.03.2013

New Street Research JAMES RATZER reduce 2 M 225 Not Provided 06.03.2013


Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 290 12 month 20.02.2013


Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 300 Not Provided 05.02.2013

Deutsche Bank DAVID A WRIGHT hold 3 M 277 12 month 04.02.2013

Societe Generale OTTAVIO ADORISIO hold 3 M 245 12 month 01.02.2013

Goldman Sachs ANDREW LEE Buy/Neutral 5 M 320 12 month 01.02.2013

Jefferies JEREMY A DELLIS buy 5 M 278 12 month 01.02.2013


Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 175 Not Provided 30.01.2013

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

HSBC STEPHEN HOWARD neutral 3 M 220 Not Provided 20.11.2012

Raymond James STEPHANE BEYAZIAN outperform 5 M 245 Not Provided 04.09.2012

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK sell 1 M 190 Not Provided 25.07.2012

Holdings By:

NTPC Ltd ee


27.03.2013

Oil and Natural Gas Corporation Limited specializes in the exploration and

manufactures and distributes apparel. The Company operates retail chains in

Europe, the Americas, Asia, and Africa.


LTM as of: 01/yy

52-Week High (18.01.2013) 354.10

52-Week Low (23.05.2012) 240.10

Daily Volume

302.7





2'589'747.00 1 Yr Total Return 18.76%







ONGC IB EQUITY YTD Change - Average Volume 30 Day 418'870

ONGC IB EQUITY YTD % CHANGE - Average Volume 3 Month 453'870


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

967'821.8 1'045'883.9 1'017'545.7 1'175'251.0 1'463'694.7 - - ######### ######### - -

2.00x 1.52x 2.24x 2.02x 1.50x - - 1.55x 1.42x - -

365'859.0 369'067.1 354'383.0 424'779.1 495'573.3 - - 547'053.6 629'176.9 - -

5.28x 4.31x 6.43x 5.60x 4.42x - - 4.55x 3.96x - -

200'760.2 197'953.4 194'035.3 224'559.3 281'436.2 - - 250'353.3 290'812.0 - -

10.45x 8.46x 12.11x 11.10x 8.16x - - 10.25x 8.85x - -











EBITDA Margin 33.9%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Oil & Natural Gas Corp LtdPrice/Volume

Valuation Analysis

178'295.00


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02 ! B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013! !!

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27.03.2013


GOVERNMENT OF INDIA n/a Co File 311'727'598 50.01 - 31.01.2013 Unclassified

PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2013 Corporation

ROSP CORUNNA n/a Co File 31'494'806 5.05 - 31.01.2013 Unclassified

JP MORGAN n/a ULT-AGG 18'823'336 3.02 (2'766) 30.11.2012 Unclassified










BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'192'900 0.19 119'400 31.12.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 1'105'737 0.18 (159'687) 31.01.2013 Investment Advisor


JENNISON ASSOCIATES Multiple Portfolios MF-AGG 753'341 0.12 (54'094) 31.01.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 703'033 0.11 (36'531) 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 644'567 0.1 (14'010) 26.03.2013 Investment Advisor


ICICI Securities REBECCA MCCLELLAN buy 5 M 125 12 month 27.03.2013

Exane BNP Paribas BEN SPRUNTULIS neutral 3 M 110 Not Provided 27.03.2013

ISI Group OMAR SAAD strong buy 5 M 110 12 month 24.03.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013

Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 20.03.2013

Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 15.03.2013

La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 102 Not Provided 15.03.2013

Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 15.03.2013

Societe Generale ANNE CRITCHLOW buy 5 M 131 12 month 14.03.2013

BPI JOSE RITO neutral 3 M 112 Not Provided 14.03.2013

CA Cheuvreux DANIEL OVIN underperform 1 D 95 Not Provided 14.03.2013


Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 14.03.2013

BBVA ISABEL CARBALLO market perform 3 M 107 Not Provided 14.03.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 112 6 month 14.03.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 118 12 month 14.03.2013

Credit Suisse SIMON IRWIN underperform 1 M 103 Not Provided 13.03.2013

Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 13.03.2013

HSBC PAUL ROSSINGTON overweight 5 M 120 Not Provided 13.03.2013

Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 13.03.2013

Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 13.03.2013

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 13.03.2013

Bryan Garnier & Cie PETER FARREN sell 1 M 100 6 month 13.03.2013

Nomura FRASER RAMZAN buy 5 M 121 12 month 13.03.2013

S&P Capital IQ WILLIAM MACK buy 5 M 115 12 month 13.03.2013

Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013

Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 13.03.2013

Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 13.03.2013

Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 110 Not Provided 11.03.2013

AlphaValue VIRGINIE BLIN sell 1 M 87 6 month 07.03.2013

Deutsche Bank WARWICK OKINES buy 5 U 115 12 month 06.03.2013

Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 89 Not Provided 22.02.2013

Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013



Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012

Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012

Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 67 12 month 21.03.2012

Holdings By:

Oil & Natural Gas Corp Ltd ee


27.03.2013

Power Finance Corporation funds power projects in India. The Company serves

for civil and military aircraft. The Group designs, constructs and installs

power generation systems, transmission and distribution systems, and equipment

for the marine propulsion, oil and gas pumping, and defense markets.


LTM as of: 01/yy

52-Week High (08.02.2013) 227.00

52-Week Low (16.05.2012) 139.00

Daily Volume

182.4





240'770.73 1 Yr Total Return 4.46%







POWF IB EQUITY YTD Change - Average Volume 30 Day 295'344

POWF IB EQUITY YTD % CHANGE - Average Volume 3 Month 280'685


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

- 65'720.2 81'217.1 102'141.0 130'960.1 0.0 0.0 63'092.0 78'390.5 17'423.0 -

- 10.46x 11.91x 11.16x 10.27x #DIV/0! #DIV/0! - - - -

- 64'433.3 80'285.9 100'484.9 126'219.8 0.0 0.0 - - - -

- 10.67x 12.05x 11.35x 10.65x 0.00x 0.00x - - - -

- 19'796.9 23'783.0 26'471.2 30'588.5 0.0 0.0 43'037.0 53'296.0 - -

- 8.38x 12.47x 10.84x 7.81x 0.00x 0.00x 5.61x 4.53x - -











EBITDA Margin 96.4%



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Power Finance Corp LtdPrice/Volume

Valuation Analysis

362'088.00


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-1 ! B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

. !!

1 !!

3 !!

5 !!

-! !!

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27.03.2013


GOVERNMENT OF INDIA Multiple Portfolios REG 112'822'192 6 (3'289'064) 01.11.2012 Investment Advisor




BAILLIE GIFFORD AND Multiple Portfolios REG 58'757'257 3.13 3'025'904 01.11.2012 Investment Advisor





DEUTSCHE PRIVATE BAN Multiple Portfolios REG 41'865'846 2.23 2'652'399 01.11.2012 Unclassified




SCHRODER INVESTMENT Multiple Portfolios REG 27'706'884 1.47 803'995 01.11.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 26'924'567 1.43 (428'418) 01.11.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios REG 25'928'040 1.38 (8'010'744) 01.11.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 25'368'833 1.35 941'008 01.11.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios REG 24'908'239 1.32 (462'155) 01.11.2012 Investment Advisor


AEGON n/a ULT-AGG 21'891'388 1.16 526'673 01.11.2012 Unclassified


Axis Capital Limited EDWARD STACEY neutral 3 M 950 Not Provided 27.03.2013

JPMorgan DAVID H. PERRY overweight 5 M 1'300 9 month 26.03.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 880 12 month 22.03.2013

RBC Capital Markets ROBERT STALLARD outperform 5 M 1'180 12 month 21.03.2013

Jefferies SANDY MORRIS buy 5 M 1'250 12 month 21.03.2013

AlphaValue THOMAS PICHERIT reduce 2 M 987 6 month 21.03.2013

Societe Generale ZAFAR KHAN sell 1 M 900 12 month 19.03.2013

Investec ANDREW GOLLAN add 4 M 1'125 12 month 19.03.2013

Barclays CARTER COPELAND overweight 5 M 1'225 Not Provided 11.03.2013

S&P Capital IQ UNAI FRANCO hold 3 M 1'100 12 month 19.02.2013

Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 1'200 12 month 18.02.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX sell 1 M 800 12 month 18.02.2013

Natixis ERIC CHADEYRAS neutral 3 M 1'100 Not Provided 18.02.2013

Exane BNP Paribas OLIVIER BROCHET outperform 5 M 1'075 Not Provided 18.02.2013

Deutsche Bank BEN FIDLER hold 3 M 930 12 month 15.02.2013

Kepler Capital Markets CHRISTOPHE MENARD hold 3 M 1'050 Not Provided 15.02.2013


Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 1'030 Not Provided 04.02.2013


Credit Suisse OLIVER SLEATH neutral 3 M 900 Not Provided 16.01.2013

Arden Partners Ltd GRAHAM J WEBSTER add 4 M #N/A N/A Not Provided 01.10.2012

CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX underperform 1 M 800 Not Provided 27.07.2012

Holdings By:

Power Finance Corp Ltd ee


27.03.2013

Power Grid Corporation of India Limited has been established by the Government

natural gas. The Company explores for oil in Europe, Africa, the Middle East,

Asia, and the Americas.


LTM as of: 12/yy

52-Week High (05.09.2012) 124.45

52-Week Low (14.05.2012) 100.10

Daily Volume

105





486'121.16 1 Yr Total Return 1.98%







PWGR IB EQUITY YTD Change - Average Volume 30 Day 590'188

PWGR IB EQUITY YTD % CHANGE - Average Volume 3 Month 380'642


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

- - - 86'117.6 103'115.2 - - 128'226.5 149'521.7 - -

- - - 9.73x 9.81x - - 8.76x 8.30x - -

- - - 72'808.2 87'480.8 - - 107'616.0 126'166.3 - -

- - - 11.51x 11.56x - - 9.26x 7.90x - -

- - - 26'719.1 33'029.9 - - 40'904.0 48'103.0 - -

- - - 16.62x 15.16x - - 11.87x 10.46x - -











EBITDA Margin 84.8%



Asset Turnover 0.12







Fiscal Year Ended

Power Grid Corp of India LtdPrice/Volume

Valuation Analysis

95'306.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

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


0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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27.03.2013


GOVERNMENT OF INDIA #N/A N/A EXCH 2'136'393'559 67 - 25.03.2013 Corporation

DEUTSCHE BANK TRUST #N/A N/A EXCH 104'384'307 3.27 - 25.03.2013 Investment Advisor


GOVERNMENT PENSION F #N/A N/A EXCH 100'735'001 3.16 - 25.03.2013 Government

CLEARSTREAM BANKING #N/A N/A EXCH 65'490'887 2.05 - 25.03.2013 Bank

JP MORGAN CHASE BANK #N/A N/A EXCH 32'446'911 1.02 - 25.03.2013 Investment Advisor

NORTHERN TRUST CO #N/A N/A EXCH 32'110'800 1.01 - 25.03.2013 Investment Advisor

BANK OF NEW YORK MEL #N/A N/A EXCH 25'316'478 0.79 - 25.03.2013 Investment Advisor


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 17'488'785 0.55 93'028 28.02.2013 Investment Advisor

SIX SIS AG #N/A N/A EXCH 12'443'807 0.39 - 25.03.2013 Bank


EUROCLEAR BANK SA #N/A N/A EXCH 11'619'396 0.36 - 25.03.2013 Bank

WADDELL & REED FINAN Multiple Portfolios MF-AGG 11'465'900 0.36 - 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'191'044 0.35 (56'821) 31.12.2012 Investment Advisor


STOREBRAND FUND MANA Multiple Portfolios MF-AGG 9'439'710 0.3 191'000 28.02.2013 Investment Advisor


KLP AKSJE NORGE INDE n/a EXCH 9'125'612 0.29 - 25.03.2013 n/a

HSBC BANK PLC #N/A N/A EXCH 8'631'846 0.27 - 25.03.2013 Bank


Nomura OLE-JACOB STORVIK buy 5 M 167 Not Provided 27.03.2013


Jefferies BRENDAN MICHAEL WARN buy 5 M 200 12 month 22.03.2013

Grupo Santander JASON KENNEY underweight 1 M 155 Not Provided 20.03.2013

SEB Enskilda LARS HENRIK ROREN sell 1 M 140 Not Provided 19.03.2013

SpareBank 1 Markets AS ODDVAR BJORGAN buy 5 M 165 12 month 19.03.2013



Swedbank First Securities TEODOR SVEEN NILSEN buy 5 U 160 Not Provided 11.03.2013


Investec STUART JOYNER buy 5 M 163 12 month 01.03.2013

RBC Capital Markets PETER HUTTON top pick 5 M 175 12 month 21.02.2013

Macquarie MARC B KOFLER neutral 3 M 160 12 month 21.02.2013

Canaccord Genuity Corp GORDON GRAY buy 5 M 170 12 month 21.02.2013

HSBC PAUL SPEDDING neutral 3 U 160 Not Provided 18.02.2013


Credit Suisse KIM FUSTIER underperform 1 M 158 Not Provided 11.02.2013


Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 136 12 month 08.02.2013

Carnegie MARTIN VOLD buy 5 M #N/A N/A Not Provided 08.02.2013

Nordea Equity Research KELLY CHEN hold 3 M 147 12 month 08.02.2013

Handelsbanken ANNE GJOEN accumulate 4 M 160 12 month 08.02.2013

Pareto Securities SIGURD-ERIK NISSEN-MEYER buy 5 M 170 6 month 08.02.2013

Nomura THEEPAN JOTHILINGAM reduce 2 M 145 12 month 08.02.2013

Barclays RAHIM KARIM equalweight 3 M 160 Not Provided 08.02.2013

Norne Securities AS IRMANTAS VASKELA hold 3 M 160 12 month 08.02.2013

Danske Markets ENDRE STORLOKKEN hold 3 M 145 12 month 08.02.2013

ABG Sundal Collier JOHN A SCHJ OLAISEN buy 5 M 170 6 month 07.02.2013

S&P Capital IQ CHRISTINE TISCARENO hold 3 M 177 12 month 07.02.2013

DNB Markets ESPEN HENNIE hold 3 M 150 Not Provided 07.02.2013

Arctic Securities ASA TROND OMDAL buy 5 M 165 Not Provided 07.02.2013

JPMorgan NITIN SHARMA neutral 3 M 165 3 month 06.02.2013


Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 160 12 month 11.01.2013


Deutsche Bank MARK BLOOMFIELD hold 3 M 160 12 month 03.12.2012

Fondsfinans AS MORTEN EVJENTH LINDBACK Under Review #N/A N/A M #N/A N/A Not Provided 08.05.2012

CA Cheuvreux DOMINIQUE PATRY underperform 1 M 155 Not Provided 16.11.2011

Holdings By:

Power Grid Corp of India Ltd ee


27.03.2013

Punjab National Bank provides financial services such as corporate and personal

a range of banking and financial services. The Company provides retail banking,

mortgages, pensions, asset management, insurance services, corporate banking,

and treasury services.


LTM as of: 12/yy

52-Week High (18.04.2012) 942.90

52-Week Low (30.08.2012) 659.00

Daily Volume

712.7





251'920.48 1 Yr Total Return -20.71%





Enterprise Value -


PNB IB EQUITY YTD Change - Average Volume 30 Day 75'113

PNB IB EQUITY YTD % CHANGE - Average Volume 3 Month 95'644


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

166'526.2 226'340.4 254'333.6 312'036.4 416'824.7 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

22'030.9 31'970.3 39'725.7 45'747.3 50'254.6 - - - - - -

7.30x 4.06x 8.04x 8.36x 6.24x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10







Fiscal Year Ended

Punjab National BankPrice/Volume

Valuation Analysis

89'742.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

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27.03.2013


GOVERNMENT OF INDIA n/a RNS-MAJ 27'608'563'642 39.25 - 23.03.2012 Government

FMR LLC n/a ULT-AGG 2'359'287'182 3.35 40'204'114 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 2'335'851'144 3.32 35'727'885 25.03.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 1'661'879'228 2.36 4'371'787 28.02.2013 Unclassified

UBS n/a ULT-AGG 1'113'818'748 1.58 (49'558'902) 31.01.2013 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 1'096'594'012 1.56 (189'806'781) 28.02.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 1'089'919'867 1.55 462'591'455 01.12.2012 Unclassified

DEUTSCHE PRIVATE BAN Multiple Portfolios REG 1'075'638'770 1.53 41'049'793 01.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 1'075'023'992 1.53 (14'804'023) 01.12.2012 Government

HALIFAX SHARE DEALIN Multiple Portfolios REG 1'052'501'056 1.5 (38'913'754) 01.12.2012 Corporation



TD WATERHOUSE GROUP Multiple Portfolios REG 724'279'567 1.03 (36'378'354) 01.12.2012 Investment Advisor

ALECTA INVESTMENT MA Multiple Portfolios REG 675'500'000 0.96 (40'000'000) 01.12.2012 Unclassified

HARRIS ASSOCIATES LP Multiple Portfolios REG 609'121'200 0.87 (225'724'735) 01.12.2012 Investment Advisor

SELFTRADE Multiple Portfolios REG 597'593'904 0.85 (17'125'603) 01.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 590'792'286 0.84 (893'151) 31.12.2012 Investment Advisor


PRIVATE INDIVIDUALS Multiple Portfolios REG 456'479'052 0.65 (1'330'422) 01.12.2012 Other



Axis Capital Limited MICHAEL J TRIPPITT buy 5 M 63 Not Provided 27.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 53 Not Provided 25.03.2013

Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 53 12 month 25.03.2013

Investec IAN GORDON hold 3 M 50 12 month 25.03.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 60 12 month 24.03.2013

AlphaValue DAVID GRINSZTAJN reduce 2 M 47 6 month 21.03.2013

Macquarie EDWARD FIRTH underperform 1 M 46 12 month 19.03.2013


Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 45 Not Provided 18.03.2013

Nomura CHINTAN JOSHI reduce 2 M 42 12 month 18.03.2013



Oriel Securities Ltd VIVEK RAJA sell 1 D 41 Not Provided 14.03.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 66 12 month 13.03.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 64 12 month 12.03.2013


Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 05.03.2013


JPMorgan RAUL SINHA neutral 3 M 55 9 month 04.03.2013

Keefe, Bruyette & Woods MARK J PHIN underperform 1 M 51 12 month 03.03.2013

RBC Capital Markets CLAIRE KANE outperform 5 M 69 12 month 01.03.2013

Canaccord Genuity Corp GARETH HUNT hold 3 M 35 12 month 01.03.2013


Daniel Stewart & Co SIMON WILLIS sell 1 M 39 12 month 01.03.2013




Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA sell 1 D 48 Not Provided 29.01.2013


HSBC PETER TOEMAN overweight 5 M 65 Not Provided 10.01.2013

Holdings By:

Punjab National Bank ee


27.03.2013

Ranbaxy Laboratories Limited manufactures and distributes a wide range of

market products. The Company offers automobile, liability, accident,

engineering, marine, aviation, life, and health insurance. Swiss Re also

manages fixed-income and equity investments for itself and other insurance

companies.


LTM as of: 12/yy

52-Week High (04.09.2012) 578.30

52-Week Low (01.03.2013) 370.50

Daily Volume

444.7





188'111.14 1 Yr Total Return 7.82%







RBXY IB EQUITY YTD Change - Average Volume 30 Day 156'400

RBXY IB EQUITY YTD % CHANGE - Average Volume 3 Month 121'486


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

74'140.0 75'970.4 89'607.7 101'614.1 122'528.9 27'797.0 33'116.0 116'527.1 130'681.6 30'325.7 30'633.4

1.70x 3.16x 2.95x 1.83x 1.76x 3.93x 3.91x 1.70x 1.48x - -

5'842.1 7'244.0 18'742.6 21'719.1 19'379.0 0.0 0.0 17'314.1 22'803.7 4'305.0 4'758.3

21.63x 33.18x 14.08x 8.58x 11.15x 0.00x 0.00x 11.05x 8.39x 9.16x -

(9'512.1) 2'964.9 14'967.5 (28'997.3) 9'227.6 2'626.0 4'180.0 11'341.3 15'482.2 703.0 2'562.5

- 73.44x 16.83x - 23.05x 6.64x 5.97x 16.98x 12.86x 17.13x -











EBITDA Margin 15.8%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ranbaxy Laboratories LtdPrice/Volume

Valuation Analysis

192'923.00


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2 B

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- 2 B

. ! B

. 2 B

0 ! B

0 2 B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

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27.03.2013


DAIICHI SANKYO CO LT n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified




DODGE & COX n/a Co File 12'639'368 3.41 - 31.12.2011 Investment Advisor

BERKSHIRE HATHAWAY I n/a ULT-AGG 11'262'000 3.04 - 31.12.2011 Investment Advisor





SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'176'959 0.59 705'661 31.01.2013 Mutual Fund Manager

SARASIN n/a ULT-AGG 1'833'877 0.49 (153'093) 31.01.2013 Unclassified




HARTFORD INVESTMENT Multiple Portfolios MF-AGG 855'734 0.23 (169'771) 28.02.2013 Investment Advisor


BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819'676 0.22 145'000 31.10.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 645'679 0.17 10'202 30.11.2012 Investment Advisor



Nomura THOMAS SEIDL underperform 1 M 55 12 month 27.03.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 80 12 month 21.03.2013

AlphaValue DIETER HEIN sell 1 M 70 6 month 21.03.2013


Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 85 Not Provided 15.03.2013

Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 68 Not Provided 14.03.2013


Credit Suisse ADAM MCINALLY neutral 3 M 69 Not Provided 04.03.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 79 12 month 03.03.2013

Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 01.03.2013

Kepler Capital Markets FABRIZIO CROCE buy 5 M 83 Not Provided 01.03.2013



Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 76 12 month 25.02.2013





Nomura MICHAEL KLIEN reduce 2 M 67 Not Provided 22.02.2013


Societe Generale JASON KALAMBOUSSIS buy 5 M 75 12 month 21.02.2013

Nord/LB JULIA SIEKMANN buy 5 M 84 Not Provided 21.02.2013

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 U 75 12 month 21.02.2013

Berenberg Bank TOM CARSTAIRS sell 1 M 66 Not Provided 21.02.2013


Main First Bank AG RENE LOCHER underperform 1 M 72 12 month 21.02.2013

CA Cheuvreux FRANK KOPFINGER select list 5 M 86 Not Provided 18.02.2013


Mediobanca SpA GIANLUCA FERRARI neutral 3 M 75 6 month 30.01.2013


HSBC THOMAS FOSSARD neutral 3 M 75 Not Provided 16.01.2013


DZ Bank AG THORSTEN WENZEL sell 1 M 58 12 month 10.09.2012

Raymond James DANNY JACQUES underperform 1 M 63 Not Provided 09.08.2012


Holdings By:

Ranbaxy Laboratories Ltd ee


27.03.2013

Reliance Capital Limited is a full service financial services company. The

business energy solutions. The Company sources, generates, processes, stores,

trades, saves and supplies energy and provides a range of related services.


LTM as of: 01/yy

52-Week High (07.01.2013) 508.00

52-Week Low (16.05.2012) 278.83

Daily Volume

301





73'935.47 1 Yr Total Return -20.72%







RCAPT IB EQUITY YTD Change - Average Volume 30 Day 1'076'922

RCAPT IB EQUITY YTD % CHANGE - Average Volume 3 Month 845'773


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

49'120.2 59'825.2 61'335.9 55'250.0 66'250.0 0.0 0.0 57'635.2 63'097.6 - -

8.01x 3.64x 5.31x 6.13x 4.30x #DIV/0! #DIV/0! - - - -

16'864.3 27'105.2 21'029.3 18'540.0 28'940.0 0.0 0.0 8'326.5 8'282.0 - -

23.34x 8.02x 15.50x 18.27x 9.84x 0.00x 0.00x 28.85x 29.01x - -

10'056.5 10'157.2 4'345.3 2'910.0 4'580.0 0.0 0.0 6'660.8 6'710.4 - -

30.01x 8.55x 42.74x 49.22x 21.05x 0.00x 0.00x 11.33x 10.85x - -











EBITDA Margin 43.7%



Asset Turnover 0.20







Fiscal Year Ended

Reliance Capital LtdPrice/Volume

Valuation Analysis

1'344'101.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

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0!!

02!

1!!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

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-2 ! B

.! ! B

.2 ! B

0! ! B

02 ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

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27.03.2013


AAA ENTERPRISES PVT n/a Co File 258'200'185 4.98 - 23.02.2012 Investment Advisor



PETRONAS n/a Co File 199'375'000 3.85 - 23.02.2012 Government



NEWTON INV MGMT Multiple Portfolios REG 178'317'146 3.44 15'220'210 01.11.2012 Mutual Fund Manager


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 135'169'676 2.61 (7'934'002) 26.03.2013 Investment Advisor













Barclays JOHN MUSK sector perform 3 M 370 12 month 27.03.2013

AlphaValue MYRIAM COHEN add 4 M 382 6 month 26.03.2013

Exane BNP Paribas IAIN TURNER underperform 1 M 280 Not Provided 25.03.2013

HSBC VERITY MITCHELL overweight 5 M 400 Not Provided 21.03.2013

Nomura JONATHAN CONSTABLE neutral 3 M 350 Not Provided 13.03.2013

Societe Generale ASHLEY THOMAS buy 5 M 400 12 month 11.03.2013

Goldman Sachs ANDREW MEAD neutral/neutral 3 M 416 12 month 11.03.2013

JPMorgan EDMUND REID neutral 3 D 370 9 month 08.03.2013

Kepler Capital Markets INGO BECKER hold 3 M 320 Not Provided 28.02.2013

Raymond James EMMANUEL RETIF underperform 1 M 321 Not Provided 27.02.2013

Cantor Fitzgerald ANGELOS ANASTASIOU buy 5 M 403 Not Provided 27.02.2013

S&P Capital IQ CLIVE ROBERTS strong buy 5 M 525 12 month 27.02.2013

Mirabaud Securities GUS HOCHSCHILD buy 5 M 435 Not Provided 25.02.2013

Credit Suisse MARK FRESHNEY neutral 3 M 325 Not Provided 15.02.2013

Berenberg Bank ROBERT CHANTRY hold 3 D 370 Not Provided 05.02.2013

Liberum Capital Ltd GUILLAUME REDGWELL buy 5 M 370 Not Provided 25.01.2013

Barclays PETER BISZTYGA underweight 1 M 325 Not Provided 25.01.2013


Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 345 12 month 11.01.2013

Deutsche Bank MARTIN BROUGH hold 3 M 340 12 month 07.01.2013

Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 10.12.2012


Holdings By:

Reliance Capital Ltd ee


27.03.2013

Reliance Communications Ltd. offers integrated telephone services.

appliances, consumer electronics, and lighting. The Company produces imaging,

ultrasound and healthcare informatics equipment, shaving and beauty and health

and wellness products, displays, and peripherals, and lamps and luminaries.


LTM as of: 12/yy

52-Week High (22.01.2013) 91.85

52-Week Low (30.08.2012) 46.60

Daily Volume

51.1





105'471.77 1 Yr Total Return -41.06%







RCOM IB EQUITY YTD Change - Average Volume 30 Day 2'610'172

RCOM IB EQUITY YTD % CHANGE - Average Volume 3 Month 2'786'974


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

171'484.8 207'429.1 206'850.5 220'890.0 187'160.0 22'582.0 24'788.0 212'948.7 227'942.7 50'869.5 -

7.73x 3.53x 2.93x 2.58x 2.97x 3.02x 2.75x 2.18x 1.94x - -

81'990.7 87'269.4 69'905.3 96'740.0 70'630.0 1'186.0 2'463.0 67'083.9 73'713.0 15'285.0 -

16.17x 8.38x 8.67x 5.89x 7.87x 13.34x 7.69x 7.28x 6.62x - -

54'011.4 60'449.3 46'550.0 13'450.0 9'280.0 (1'295.0) 226.0 5'751.6 9'462.2 1'738.0 -

19.37x 5.97x 7.54x 16.52x 18.69x 0.00x 72.71x 16.85x 10.47x 25.55x 21.29x











EBITDA Margin 37.7%



Asset Turnover 0.20







Fiscal Year Ended

Reliance Communications LtdPrice/Volume

Valuation Analysis

2'806'674.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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3 ! B

5 ! B

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-. ! B

-1 ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.03.2013


AAA COMMUNICATION PR n/a Research 47'895'476 5 15'514'236 08.02.2013 Corporation

DODGE & COX n/a 13G 46'061'138 4.81 - 31.12.2012 Investment Advisor


SOUTHEASTERN ASSET M n/a 13G 41'502'897 4.34 (6'799'141) 31.12.2012 Investment Advisor



FMR LLC n/a ULT-AGG 9'615'086 1 2'767'369 31.01.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'437'496 0.99 586'900 31.12.2012 Investment Advisor




ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4'020'057 0.42 623'576 31.01.2013 Mutual Fund Manager



FORTIS INVESTMENTS Multiple Portfolios MF-AGG 2'924'969 0.31 (78'890) 30.11.2012 Mutual Fund Manager

BARCLAYS PLC n/a ULT-AGG 2'911'837 0.3 - 04.05.2012 Investment Advisor






Morgan Stanley OLIVIER ESNOU neutral 3 M 25 Not Provided 27.03.2013


Societe Generale GAEL DE BRAY hold 3 M 24 12 month 22.03.2013

Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 27 12 month 22.03.2013

Rabobank International HANS SLOB buy 5 M 28 12 month 21.03.2013

AlphaValue THOMAS PICHERIT add 4 D 27 6 month 21.03.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 27 12 month 20.03.2013

Credit Suisse SIMON TOENNESSEN neutral 3 M 23 Not Provided 20.03.2013

ING Bank FABIAN SMEETS buy 5 M 27 12 month 20.03.2013

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 28 Not Provided 20.03.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 24 12 month 19.03.2013

JPMorgan ANDREAS WILLI neutral 3 M 25 9 month 19.03.2013

Kepler Capital Markets PETER OLOFSEN buy 5 M 23 Not Provided 19.03.2013

Nomura DANIEL CUNLIFFE buy 5 M 25 12 month 12.03.2013

HSBC MICHAEL HAGMANN neutral 3 M 24 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 27 Not Provided 08.03.2013

Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 08.03.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 05.03.2013

Nord/LB WOLFGANG VASTERLING buy 5 M 24 12 month 26.02.2013

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013



Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 25 Not Provided 30.01.2013

CA Cheuvreux ANTOINE AZAR outperform 5 M 25 Not Provided 30.01.2013


Natixis LUDOVIC DEBAILLEUX buy 5 M 26 Not Provided 30.01.2013

Barclays DAVID VOS equalweight 3 M 21 Not Provided 30.01.2013

Deutsche Bank MARTIN WILKIE hold 3 M 23 12 month 29.01.2013

Kempen & Co ERWIN DUT buy 5 M 23 12 month 29.01.2013


Petercam MARCEL ACHTERBERG hold 3 M 23 Not Provided 29.01.2013


Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 17.01.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 25 Not Provided 08.01.2013

SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 22.10.2012

Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012

DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012

Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010

Holdings By:

Reliance Communications Ltd ee


27.03.2013

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber

raw materials to industrial consumers. The Company operates in three groups:

Metals and Minerals, Energy Products, and Agricultural Products.


LTM as of: 06/yy

52-Week High (21.01.2013) 954.80

52-Week Low (04.06.2012) 673.50

Daily Volume

783.4





2'529'334.00 1 Yr Total Return 8.50%







RIL IB EQUITY YTD Change - Average Volume 30 Day 444'751

RIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 421'817


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

1'371'466.6 1'512'240.1 2'037'397.2 2'658'106.0 3'585'010.0 - - ######### ######### - -

2.72x 1.99x 1.78x 1.35x 0.69x - - 0.74x 0.77x - -

222'702.8 242'169.1 303'332.8 380'722.6 351'080.0 - - 334'000.3 349'470.5 - -

16.76x 12.44x 11.96x 9.40x 7.09x - - 8.33x 7.96x - -

195'678.3 149'687.2 245'031.4 192'936.8 197'240.0 - - 208'614.3 219'739.8 - -

16.83x 14.09x 13.05x 16.20x 11.35x - - 11.94x 11.33x - -


EBIT 227'070.00 Long-Term Rating BBB

Operating Margin 6.33% Long-Term Outlook POS








EBITDA Margin 9.8%



Asset Turnover 1.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Reliance Industries LtdPrice/Volume

Valuation Analysis

497'065.00


!2!

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e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2! ! B

-!! ! B

-2! ! B

.!! ! B

.2! ! B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

! !!

-! !!

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1! !!

2! !!

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27.03.2013


LIFE INSURANCE CORP n/a RNS-RUL8 1'101'848'752 15.52 2'700'000 11.06.2012 n/a

MATE BADENE DANIEL F n/a RNS-MAJ 417'468'330 5.88 - 11.10.2012 n/a

MISTAKIDIS ARISTOTEL n/a RNS-RUL8 414'730'597 5.84 3'000'000 24.05.2012 n/a

PETERSON TOR n/a Co File 366'074'885 5.16 - 26.03.2012 n/a

BEARD ALEXANDER FRAN n/a Co File 320'260'410 4.51 - 26.03.2012 n/a


JSC VERNY CAPITAL n/a RNS-RUL8 176'742'520 2.49 - 11.10.2012 Investment Advisor

FEGEL GARY n/a RNS-RUL8 154'814'588 2.18 - 15.02.2012 n/a

MAHONEY CHRIS n/a RNS-RUL8 143'834'821 2.03 - 15.02.2012 n/a


FR GALAXY HOLDINGS S n/a RNS-RUL8 129'372'165 1.82 16'875'000 29.01.2013 Holding Company


STATE STREET n/a ULT-AGG 99'636'501 1.4 157 26.03.2013 Investment Advisor

ABU DHABI INVESTMENT n/a RNS-RUL8 99'299'065 1.4 3'072'650 02.02.2012 Government

POPOVIC NIKOLA n/a RNS-RUL8 93'437'150 1.32 - 15.02.2012 n/a


WOLFENSBERGER CHRIST n/a RNS-RUL8 87'403'187 1.23 - 15.02.2012 n/a

BLUMGART STEVEN n/a RNS-RUL8 86'736'565 1.22 - 15.02.2012 n/a

ALVAREZ LUIS n/a RNS-RUL8 81'654'211 1.15 - 15.02.2012 n/a

CUTLER STUART n/a RNS-RUL8 78'568'743 1.11 200'000 18.05.2012 n/a


Barclays JEFFREY LARGEY outperform 5 M 430 12 month 22.03.2013

Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 450 Not Provided 21.03.2013

AlphaValue SACHIN KUMAR reduce 2 M 382 6 month 21.03.2013

Jefferies Christopher LaFemina buy 5 M 450 12 month 20.03.2013

Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 475 12 month 15.03.2013

BMO Capital Markets TONY ROBSON market perform 3 U 400 Not Provided 12.03.2013


RBC Capital Markets TIMOTHY HUFF outperform 5 M 425 12 month 07.03.2013

Societe Generale ALAIN WILLIAM hold 3 M 410 12 month 06.03.2013

Deutsche Bank ROBERT CLIFFORD restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013


SBG Securities PETER DAVEY hold 3 M 400 12 month 29.01.2013


Nomura SAM CATALANO restricted #N/A N/A M #N/A N/A Not Provided 16.01.2013

Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 10.01.2013

Standard Chartered SUBRAMANIAM VARADA outperform 5 M 454 12 month 22.11.2012

ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 N 415 12 month 31.10.2012

Credit Suisse LIAM FITZPATRICK restricted #N/A N/A M #N/A N/A Not Provided 20.03.2012

Morgan Stanley ALAIN GABRIEL restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

JPMorgan BENJAMIN DEFAY restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Holdings By:

Reliance Industries Ltd ee


27.03.2013

Reliance Infrastructure Ltd. generates, distributes, and transmits electricity.

institutions. The Company offers corporate, investment, and private banking

services, asset and portfolio management, treasury services, and insurance. ING

Groep has offices throughout the world.


LTM as of: 12/yy

52-Week High (03.04.2012) 621.90

52-Week Low (26.03.2013) 320.25

Daily Volume

323.7





85'129.86 1 Yr Total Return -43.61%







RELI IB EQUITY YTD Change - Average Volume 30 Day 561'242

RELI IB EQUITY YTD % CHANGE - Average Volume 3 Month 451'851


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

68'689.8 100'916.0 112'984.1 98'095.4 174'088.2 46'023.0 42'241.0 221'921.2 234'644.2 - -

5.06x 1.64x 2.59x 2.58x 1.70x 22.59x 22.26x 0.92x 0.88x - -

5'772.5 8'515.8 12'947.5 18'980.8 28'899.6 0.0 0.0 29'800.7 35'118.4 - -

60.26x 19.44x 22.57x 13.34x 10.22x 0.00x 0.00x 7.56x 6.42x - -

11'782.1 13'532.3 15'193.9 15'516.1 15'868.1 5'766.0 3'894.0 16'460.3 16'898.9 - -

24.58x 8.77x 14.82x 11.12x 9.78x 6.43x 9.42x 5.21x 5.06x - -











EBITDA Margin 16.6%



Asset Turnover 0.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Reliance Infrastructure LtdPrice/Volume

Valuation Analysis

885'609.00


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70'000.0

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27.03.2013


AAA PROJECT VENTURES n/a ULT-AGG 246'344'796 6.43 (1'807'406) 25.03.2013 Investment Advisor



CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'943'572 1.04 1'701'096 31.12.2012 Investment Advisor




DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 30'159'946 0.79 968'030 28.02.2013 Investment Advisor




DEUTSCHE BANK AG Multiple Portfolios MF-AGG 24'042'650 0.63 1'817'067 28.02.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'087'088 0.6 1'256'401 31.12.2012 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'206'527 0.5 (493'114) 31.01.2013 Mutual Fund Manager

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 18'861'119 0.49 3'877'089 28.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'785'056 0.46 (81'806) 31.12.2012 Investment Advisor



ROYAL BANK OF CANADA n/a ULT-AGG 11'184'560 0.29 - 30.11.2012 Bank

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 9'422'204 0.25 (350'366) 29.06.2012 Investment Advisor


Motilal Oswal Securities Ltd ALAIN TCHIBOZO outperform 5 M 9 Not Provided 25.03.2013

AlphaValue JEROME CASSAGNE add 4 D 7 6 month 21.03.2013

Rabobank International COR KLUIS buy 5 M 10 12 month 20.03.2013

Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 20.03.2013


Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 18.03.2013


ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.03.2013

Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 05.03.2013

Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 04.03.2013

Credit Suisse RICHARD BURDEN restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013

Macquarie THOMAS STOEGNER neutral 3 U 7 12 month 26.02.2013


HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 20.02.2013

Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013


Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013


SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013

Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013

Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013

Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013


Petercam MATTHIAS DE WIT hold 3 M 8 Not Provided 13.02.2013


Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012



CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012


Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011


Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009

Holdings By:

Reliance Infrastructure Ltd ee


27.03.2013

Reliance Power Limited develops, constructs, and operates power projects both

motorcycles worldwide. The Company produces everything from convertible sports

cars to luxury sedans to touring motorcycles with large displacement engines.


LTM as of: 12/yy

52-Week High (03.04.2012) 123.70

52-Week Low (26.03.2013) 58.90

Daily Volume

59.15





165'923.23 1 Yr Total Return -50.52%







RPWR IB EQUITY YTD Change - Average Volume 30 Day 1'494'726

RPWR IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'417'444


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

0.0 - 207.2 10'547.6 20'192.1 68'821.0 76'848.0 47'753.7 71'828.8 14'363.0 -

- - 1619.01x 39.82x 22.48x 5.13x 5.09x 8.02x 6.78x 29.65x -

(344.4) (932.6) (1'056.1) 2'298.5 6'247.8 11'677.0 12'014.0 18'271.5 31'443.1 4'879.0 -

- - - 182.72x 72.66x 7.75x 8.70x 19.22x 11.17x - -

853.8 2'445.1 6'838.9 7'604.4 8'667.8 4'881.0 5'096.0 10'006.8 10'565.5 2'638.0 -

2135.86x 100.33x 52.38x 44.32x 37.91x 6.95x 9.39x 16.56x 16.00x - -











EBITDA Margin 30.9%



Asset Turnover 0.06







Fiscal Year Ended

Reliance Power LtdPrice/Volume

Valuation Analysis

2'055'641.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

2!

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4!

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1 ! B

2 ! B

3 ! B

4 ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

. !!

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27.03.2013


RELIANCE INFRASTRUCT n/a Co File 104'747'161 17.4 - 31.12.2012 n/a

QUANDT JOHANNA n/a Co File 98'125'214 16.3 - 31.12.2012 n/a

KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a

BLACKROCK n/a ULT-AGG 36'126'021 6 (168'858) 25.03.2013 Investment Advisor






DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'474'386 0.58 (1'064'286) 28.02.2013 Investment Advisor









FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'149'062 0.19 - 31.01.2013 Mutual Fund Manager

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 961'711 0.16 8'114 28.02.2013 Investment Advisor


Brics Securities MAX WARBURTON outperform 5 M 90 12 month 26.03.2013

DZ Bank AG MICHAEL PUNZET sell 1 M 65 12 month 26.03.2013

Kepler Capital Markets MICHAEL RAAB buy 5 M 83 Not Provided 25.03.2013

Exane BNP Paribas RABIH FREIHA neutral 3 M 74 Not Provided 25.03.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 22.03.2013

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 22.03.2013

Nord/LB FRANK SCHWOPE sell 1 M 61 12 month 21.03.2013

JPMorgan JOSE ASUMENDI overweight 5 M 95 9 month 21.03.2013

Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 70 Not Provided 21.03.2013


Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 21.03.2013

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 21.03.2013

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 21.03.2013



Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 79 12 month 20.03.2013

Credit Suisse ERICH HAUSER outperform 5 M 80 Not Provided 20.03.2013

Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 19.03.2013


Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 18.03.2013

S&P Capital IQ RODERICK BRIDGE strong buy 5 M 83 12 month 14.03.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 90 12 month 13.03.2013

Bankhaus Metzler JUERGEN PIEPER sell 1 D 64 12 month 19.02.2013

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 12.02.2013

HSBC HORST SCHNEIDER neutral 3 M 82 Not Provided 01.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 83 Not Provided 01.02.2013

Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 D 92 12 month 10.01.2013

Natixis GEORGES DIENG buy 5 M 82 Not Provided 10.12.2012

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 77 12 month 26.11.2012


CA Cheuvreux THOMAS BESSON outperform 5 M 85 Not Provided 07.11.2012

Barclays KRISTINA CHURCH overweight 5 M 84 Not Provided 07.11.2012

Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012

Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012

Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012

Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012

Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012

Holdings By:

Reliance Power Ltd ee


27.03.2013

Rural Electrification Corporation Limited engages in the financing and promotion

range of industrial and medical gases mainly used in energy sector, steel

production, chemical processing, as well as in food processing. The Engineering

Division develops olefin plants, natural gas plants and air separation plants,

as well as hydrogen and synthesis gas plants.


LTM as of: 12/yy

52-Week High (04.01.2013) 267.50

52-Week Low (07.06.2012) 142.00

Daily Volume

202.1





199'565.47 1 Yr Total Return 4.30%







RECL IB EQUITY YTD Change - Average Volume 30 Day 242'657

RECL IB EQUITY YTD % CHANGE - Average Volume 3 Month 205'326


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

35'412.5 49'365.4 67'475.9 85'321.9 105'535.7 - - 55'331.7 61'494.3 13'295.0 13'522.0

12.01x 10.71x 11.86x 10.81x 9.95x - - - - - -

34'198.3 48'165.7 65'794.1 82'868.6 102'575.0 - - - - - -

12.44x 10.97x 12.16x 11.13x 10.23x - - - - - -

8'619.3 12'745.8 23'480.2 25'848.9 28'386.6 - - 36'580.0 38'431.5 8'803.0 8'966.0

9.71x 6.47x 9.26x 9.69x 7.15x - - 5.50x 5.06x 6.20x 6.13x











EBITDA Margin 97.2%



Asset Turnover 0.11







Fiscal Year Ended

Rural Electrification Corp LtdPrice/Volume

Valuation Analysis

478'347.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

3!

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

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27.03.2013


GOVERNMENT OF INDIA n/a Research 9'252'936 5 - 14.01.2013 Investment Advisor








ALLIANZ ASSET MANAGE n/a ULT-AGG 1'850'348 1 (31'340) 31.01.2013 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'825'948 0.99 (678'316) 28.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'815'684 0.98 (20) 31.12.2012 Investment Advisor




DODGE & COX Multiple Portfolios MF-AGG 820'205 0.44 - 29.01.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 776'040 0.42 (55'000) 30.11.2012 Investment Advisor

MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 699'871 0.38 22'217 31.01.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 665'092 0.36 - 31.01.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 566'970 0.31 (121'000) 31.01.2013 Mutual Fund Manager


Axis Capital Limited JEREMY REDENIUS market perform 3 M 149 12 month 27.03.2013

HSBC SEBASTIAN SATZ overweight 5 M 168 Not Provided 27.03.2013

Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 137 Not Provided 26.03.2013

JPMorgan MARTIN EVANS overweight 5 M 160 12 month 20.03.2013

Bankhaus Lampe HEIKO FEBER buy 5 M 160 12 month 19.03.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 160 Not Provided 18.03.2013

Societe Generale PETER CLARK buy 5 M 165 12 month 13.03.2013

Commerzbank Corporates & Markets STEPHAN KIPPE buy 5 M 180 6 month 13.03.2013



Credit Suisse CHRIS COUNIHAN underperform 1 M 130 Not Provided 08.03.2013


Equita SIM SpA MASSIMO BONISOLI buy 5 M 160 12 month 08.03.2013

M.M. Warburg Investment Research EGGERT KULS buy 5 M 165 12 month 08.03.2013

Bankhaus Metzler LARS HETTCHE buy 5 M 154 12 month 08.03.2013


Main First Bank AG THOMAS SWOBODA outperform 5 M 170 12 month 08.03.2013

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 150 12 month 07.03.2013

Nord/LB THORSTEN STRAUSS buy 5 M 165 12 month 07.03.2013

Baader Bank NORBERT BARTH buy 5 M 153 12 month 07.03.2013

Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 160 Not Provided 07.03.2013

Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 D 147 Not Provided 07.03.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA buy 5 M 155 12 month 07.03.2013

DZ Bank AG PETER SPENGLER hold 3 M 141 12 month 07.03.2013



Barclays GUNTHER ZECHMANN equalweight 3 M 139 Not Provided 04.02.2013

Kepler Capital Markets MARKUS MAYER buy 5 M 147 Not Provided 01.02.2013


Jefferies LAURENCE ALEXANDER buy 5 M 149 12 month 02.01.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 156 Not Provided 13.12.2012

Deutsche Bank TIMOTHY JONES buy 5 M 160 12 month 06.12.2012


CA Cheuvreux KLAUS RINGEL select list 5 M 153 Not Provided 30.10.2012


Silvia Quandt Research RALF GROENEMEYER buy 5 M 160 12 month 29.10.2012

Alembic Global Advisors HASSAN I AHMED neutral 3 M 120 12 month 15.10.2012

Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 08.10.2012

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 114 Not Provided 18.05.2012

Holdings By:

Rural Electrification Corp Ltd ee


27.03.2013

Satyam Computer Services Limited is a global consulting and IT services

and television to film and telecommunications. The Company provides digital and

pay television services, sells music compact discs (CDs), develops and

distributes interactive entertainment, and operates mobile and fixed-line

telecommunications.


LTM as of: 12/yy

52-Week High (18.03.2013) 131.20

52-Week Low (17.05.2012) 66.25

Daily Volume

126.35





148'749.78 1 Yr Total Return 64.20%

Total Debt 241.00 YTD Return 18.19%






SCS IB EQUITY YTD Change - Average Volume 30 Day 507'852

SCS IB EQUITY YTD % CHANGE - Average Volume 3 Month 530'992


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

84'734.9 88'126.0 54'810.0 51'450.0 63'956.0 28'813.0 28'994.0 77'284.8 85'027.2 19'735.3 -

2.63x 0.33x 1.48x 0.92x 1.05x 5.00x 4.98x 1.54x 1.28x - -

18'433.3 1'649.0 1'691.0 6'168.0 12'404.0 8'847.0 6'531.0 16'361.7 17'134.7 4'036.0 -

12.09x 17.73x 48.07x 7.71x 5.42x 4.03x 6.01x 7.30x 6.97x - -

16'878.9 (81'768.0) (1'246.0) (1'473.0) 13'060.0 2'681.0 164.0 12'395.9 13'733.0 2'964.5 -

15.70x - - - 7.26x 7.83x 118.88x 12.20x 11.00x 11.70x 11.28x











EBITDA Margin 19.4%



Asset Turnover 0.98








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Satyam Computer Services LtdPrice/Volume

Valuation Analysis

699'317.00


!.135

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

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

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27.03.2013


VENTURBAY CONSULTANT n/a ULT-AGG 78'670'926 5.94 19'121 25.03.2013 Investment Advisor

CIE DE CORNOUAILLE S n/a Research 66'174'684 5 - 14.11.2012 Unclassified

SOCIETE GENERALE n/a Research 62'157'815 4.69 (36'465'062) 30.04.2012 Bank


NATIXIS ASSET MANAGE n/a Research 57'389'860 4.33 29'924'444 10.05.2012 Investment Advisor



PEG VIVENDI n/a Co File 33'192'445 2.51 - 31.12.2011 Other

BAUPOST GROUP LLC n/a Co File 26'349'991 1.99 - 31.12.2011 Hedge Fund Manager

NORGES BANK INVESTME n/a Co File 25'862'423 1.95 - 31.12.2011 Government

QATAR HOLDINGS LLC n/a Co File 25'789'649 1.95 - 31.12.2011 Government

BANK OF AMERICA CORP n/a Co File 19'320'712 1.46 - 31.12.2011 Investment Advisor


CREDIT SUISSE SECURI n/a Co File 17'995'960 1.36 - 31.12.2011 Investment Advisor


GROUPE BOLLORE n/a Co File 14'021'059 1.06 - 31.12.2011 Holding Company

HSBC HOLDINGS PLC n/a Co File 13'811'784 1.04 - 31.12.2011 Investment Advisor



BNP PARIBAS INV PART n/a ULT-AGG 13'250'434 1 (4'398) 31.01.2013 Investment Advisor


Angel Broking Limited FILIPPO PIETRO LO FRANCO overweight 5 M 20 9 month 27.03.2013

Oddo & Cie BRUNO HARENG buy 5 M 19 Not Provided 27.03.2013

Barclays JULIEN ROCH overweight 5 M 18 Not Provided 26.03.2013

Societe Generale CHRISTOPHE CHERBLANC buy 5 M 17 12 month 25.03.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 18 12 month 25.03.2013

Credit Suisse OMAR SHEIKH outperform 5 M 19 Not Provided 21.03.2013

Jefferies WILL SMITH buy 5 M 19 12 month 21.03.2013

Nomura MATTHEW WALKER neutral 3 D 18 Not Provided 18.03.2013

Macquarie ANGUS TWEEDIE outperform 5 M 17 12 month 15.03.2013

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 17 12 month 13.03.2013

Raymond James STEPHANE BEYAZIAN outperform 5 M 19 12 month 12.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 11.03.2013


Kepler Capital Markets CONOR O'SHEA buy 5 M 19 Not Provided 07.03.2013

AlphaValue JEAN-MICHEL SALVADOR buy 5 M 23 6 month 28.02.2013

CA Cheuvreux ANDREA BENEVENTI outperform 5 M 17 Not Provided 27.02.2013

S&P Capital IQ ALEXANDER WISCH strong buy 5 M 18 12 month 27.02.2013

Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 19 Not Provided 27.02.2013

Goldman Sachs RICHARD JONES neutral/neutral 3 M 18 12 month 26.02.2013


CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 17 12 month 26.02.2013

New Street Research RUSSELL WALLER neutral 3 M 17 Not Provided 26.02.2013



HSBC NICOLAS COTE-COLISSON neutral 3 M 18 Not Provided 31.01.2013

Grupo Santander CARLOS JAVIER TREVINO buy 5 M 22 Not Provided 23.01.2013

Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 U 18 Not Provided 15.11.2012

Liberum Capital Ltd IAN WHITTAKER buy 5 M 20 Not Provided 24.10.2012

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 D 17 Not Provided 15.10.2012

Natixis JEROME BODIN buy 5 M 22 Not Provided 21.09.2012

Deutsche Bank PATRICK KIRBY hold 3 M 16 12 month 01.03.2012

DZ Bank AG HARALD HEIDER buy 5 M 23 12 month 06.12.2011

Holdings By:

Satyam Computer Services Ltd ee


27.03.2013

Sesa Goa Limited is involved in iron ore mining, beneficiation and exports.

construction services, and operates toll roads. The Company builds and

maintains roads and produces road construction materials, builds electricity

and communications networks, installs fire protection and power and ventilation

systems, and operates toll highways, bridges, parking garages, and a stadium.


LTM as of: 09/yy

52-Week High (04.07.2012) 207.90

52-Week Low (04.03.2013) 148.20

Daily Volume

151.2





131'408.14 1 Yr Total Return -21.84%







SESA IB EQUITY YTD Change - Average Volume 30 Day 213'140

SESA IB EQUITY YTD % CHANGE - Average Volume 3 Month 215'805


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

37'658.9 49'179.4 57'978.0 91'933.3 83'100.6 33'699.5 37'494.5 28'461.1 55'614.1 3'803.0 -

2.75x 0.96x 5.89x 1.81x 2.41x 0.00x 0.00x 5.60x 2.75x - -

23'052.4 27'117.1 31'547.0 52'094.3 35'053.5 0.0 0.0 9'672.5 16'269.0 540.0 -

4.50x 1.75x 10.82x 3.19x 5.72x 0.00x 0.00x 17.28x 10.27x - -

15'415.8 19'881.3 26'291.3 42'224.5 26'955.0 0.0 0.0 25'551.3 27'416.3 7'952.5 7'750.0

8.05x 3.94x 14.51x 5.93x 6.28x 0.00x 0.00x 5.16x 4.91x 3.91x 4.17x











EBITDA Margin 42.2%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sesa Goa LtdPrice/Volume

Valuation Analysis

180'788.00


!2

-!-2.!.20!021!12

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B- ! B. ! B0 ! B1 ! B2 ! B3 ! B4 ! B5 ! B6 ! B-! ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



27.03.2013


FINSIDER INTERNATION n/a Research 40'940'297 7.06 - 31.12.2012 Corporation

COMET LUXEMBOURG HLD n/a Research 31'714'315 5.47 - 31.12.2012 Corporation


ARTEMIS SA n/a Research 8'072'735 1.39 - 31.12.2012 Holding Company










COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'663'965 0.29 133'200 31.12.2012 Investment Advisor


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'457'470 0.25 53'000 28.09.2012 Investment Advisor



DNCA FINANCE Multiple Portfolios MF-AGG 1'325'000 0.23 (180'000) 28.09.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1'235'358 0.21 106'285 30.11.2012 Bank


Axis Capital Limited ARNAUD PALLIEZ outperform 5 M 45 12 month 22.03.2013


Bryan Garnier & Cie SVEN EDELFELT buy 5 M 45 6 month 20.03.2013

HSBC PIERRE BOSSET neutral 3 M 40 Not Provided 19.03.2013

BPI FILIPE MARTINS LEITE buy 5 M 48 Not Provided 07.03.2013

Aurel - BGC ERIC LEMARIE hold 3 M 39 Not Provided 07.03.2013

AlphaValue GAETAN DUPONT buy 5 M 50 6 month 07.03.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 26.02.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 43 12 month 15.02.2013


Societe Generale MURIEL FELLOUS buy 5 M 48 12 month 11.02.2013

Natixis GREGOIRE THIBAULT buy 5 M 48 Not Provided 07.02.2013


CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 44 12 month 06.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 45 12 month 06.02.2013

S&P Capital IQ JAWAHAR HINGORANI strong buy 5 M 45 12 month 06.02.2013

Exane BNP Paribas NICOLAS MORA neutral 3 M 41 Not Provided 01.02.2013

Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 30.01.2013

RBC Capital Markets OLIVIA PETERS sector perform 3 M 40 12 month 29.01.2013

Barclays SUSANNA INVERNIZZI overweight 5 M 45 Not Provided 23.01.2013

Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 42 12 month 15.01.2013

Goldman Sachs WILL MORGAN Buy/Neutral 5 M 46 12 month 14.01.2013

CA Cheuvreux NABIL AHMED outperform 5 M 43 Not Provided 21.11.2012

JPMorgan ELODIE RALL overweight 5 M 49 6 month 17.09.2012

DZ Bank AG MARC NETTELBECK buy 5 M 41 12 month 17.09.2012

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 37 Not Provided 01.08.2012

Oddo & Cie OLIVIER BECKER buy 5 M 49 Not Provided 01.08.2012

Kepler Capital Markets JOSEP PUJAL buy 5 M 50 Not Provided 01.08.2012

Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012

Holdings By:

Sesa Goa Ltd ee


27.03.2013

Shriram Transport Finance Co. Ltd. provides hire purchase finance for trucks.

Company operates hydroelectric, geothermal, and other generating plants. Enel,

through subsidiaries, also provides fixed-line and mobile telephone services,

installs public lighting systems, and operates real estate, factoring,

insurance, telecommunications, and Internet service provider businesses.


LTM as of: 12/yy

52-Week High (15.01.2013) 800.00

52-Week Low (16.05.2012) 475.00

Daily Volume

674.55





153'031.06 1 Yr Total Return 14.45%







SHTF IB EQUITY YTD Change - Average Volume 30 Day 93'124

SHTF IB EQUITY YTD % CHANGE - Average Volume 3 Month 66'223


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

- - 44'965.6 54'833.8 61'876.3 77'573.0 82'699.0 38'726.8 45'106.4 10'301.0 10'530.0

- - 6.35x 5.57x 4.85x 5.64x 4.86x 2.14x 1.52x - -

- - 39'210.3 45'185.6 51'257.6 15'554.0 16'150.0 - - - -

- - 7.29x 6.76x 5.86x 0.00x 6.35x - - - -

348.6 - 8'730.3 12'171.1 13'088.1 4'148.0 865.0 14'295.0 16'909.1 3'897.0 3'937.0

29.08x - 12.82x 14.76x 10.38x 7.08x 34.87x 10.66x 8.95x 8.81x 8.20x











EBITDA Margin 82.8%



Asset Turnover 0.18







Fiscal Year Ended

Shriram Transport Finance Co LtdPrice/Volume

Valuation Analysis

8'159.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

-

.

.

0

0

1

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B.! ! B1! ! B3! ! B5! ! B-!! ! B-.! ! B-1! ! B-3! ! B-5! ! B.!! ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

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



27.03.2013


SHRIRAM HOLDINGS MAD n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government



PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 52'151'916 0.55 (26'014'603) 31.01.2013 Investment Advisor





ARCA SGR SPA Multiple Portfolios MF-AGG 12'861'686 0.14 216'500 28.02.2013 Mutual Fund Manager

STATE STREET BANQUE Multiple Portfolios MF-AGG 9'428'887 0.1 775'921 28.02.2013 Investment Advisor



ING INTERNATIONAL AD Multiple Portfolios MF-AGG 8'055'396 0.09 61'977 31.12.2012 Investment Advisor


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 7'754'520 0.08 (198'780) 28.09.2012 Investment Advisor



JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6'929'768 0.07 - 31.01.2013 Mutual Fund Manager

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'732'826 0.06 185'790 31.12.2012 Investment Advisor



Credit Suisse JAVIER GARRIDO underweight 1 D 3 12 month 25.03.2013

Exane BNP Paribas PHILIP GOTTSCHALK underperform 1 M 3 Not Provided 25.03.2013


Banca IMI ROBERTO RANIERI Under Review #N/A N/A M #N/A N/A Not Provided 19.03.2013

ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 19.03.2013

Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 3 12 month 18.03.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 18.03.2013


Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 15.03.2013

Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 12 month 14.03.2013

Societe Generale ALBERTO PONTI buy 5 M 3 12 month 14.03.2013


Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 3 Not Provided 14.03.2013


Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013

Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 13.03.2013

Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 13.03.2013

Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 4 12 month 11.03.2013

AlphaValue MYRIAM COHEN buy 5 M 4 6 month 07.03.2013

Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 05.03.2013

Centrobanca EDOARDO MONTALBANO hold 3 M 3 Not Provided 08.02.2013

Nomura JAVIER SUAREZ reduce 2 M 3 12 month 08.02.2013


Berenberg Bank ANDREW FISHER hold 3 N 3 Not Provided 05.02.2013

Barclays SUSANNA INVERNIZZI equalweight 3 M 4 Not Provided 25.01.2013


Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 30.11.2012

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 09.03.2012

Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012

DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011

Holdings By:

Shriram Transport Finance Co Ltd ee


27.03.2013

Siemens Ltd. has its operations in various areas: in the transportation sector

produces beers, spirits, wines, and soft drinks under various brand names.


LTM as of: 12/yy

52-Week High (18.04.2012) 838.70

52-Week Low (04.03.2013) 482.35

Daily Volume

527.25





187'434.61 1 Yr Total Return -30.25%







SIEM IB EQUITY YTD Change - Average Volume 30 Day 50'936

SIEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 35'198


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

96'336.4 92'336.3 95'752.1 119'063.4 - - - 131'673.6 145'190.1 - -

1.24x 1.88x 2.70x 2.29x - - - 1.25x 1.08x - -

7'274.2 10'386.8 13'296.2 12'670.3 - - - 11'493.4 14'000.0 - -

16.46x 16.67x 19.47x 21.49x - - - 15.20x 12.48x - -

5'995.5 7'046.0 7'577.7 8'677.5 - - - 7'082.6 8'656.8 - -

22.41x 26.66x 36.64x 32.71x - - - 25.49x 20.85x - -











EBITDA Margin 10.6%



Asset Turnover 1.22








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Siemens LtdPrice/Volume

Valuation Analysis

50'144.00


!

-!

.!

0!

1!

2!

3!

4!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 B

- ! B

- 2 B

. ! B

. 2 B

0 ! B

0 2 B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



27.03.2013


SIEMENS AG n/a Research 288'030'112 50 - 30.07.2011 Corporation

CB EQUITY LLP n/a Research 58'426'684 10.14 - 29.06.2011 Holding Company



DAVIS INVESTMENTS LL n/a Research 8'514'203 1.48 - 16.02.2012 Other




INVESCO LTD Multiple Portfolios MF-AGG 2'588'234 0.45 - 21.03.2013 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 2'205'111 0.38 - 28.02.2013 Mutual Fund Manager


MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 1'540'251 0.27 49'679 31.01.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'287'725 0.22 (64'810) 31.12.2012 Investment Advisor


UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 1'165'000 0.2 - 31.01.2013 Investment Advisor


FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 837'474 0.15 (28'080) 31.05.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 694'714 0.12 (48'250) 30.06.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 658'436 0.11 96'772 30.11.2012 Investment Advisor


Axis Capital Limited WIM HOSTE buy 5 M 62 Not Provided 26.03.2013

SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 50 12 month 26.03.2013

Rabobank International KAREL ZOETE hold 3 M 55 Not Provided 26.03.2013


Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 64 12 month 22.03.2013

ING Bank MARCO GULPERS buy 5 M 65 12 month 22.03.2013

AlphaValue ISABELLE COMBEMALE add 4 M 61 6 month 21.03.2013

ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 53 Not Provided 20.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 62 12 month 11.03.2013



Societe Generale ANDREW HOLLAND buy 5 M 62 12 month 26.02.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 64 Not Provided 22.02.2013

JPMorgan MIKE J GIBBS neutral 3 M 57 9 month 21.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 20.02.2013

Deutsche Bank JONATHAN FELL buy 5 M 60 12 month 14.02.2013

Natixis JOSEPHINE CHEVALLIER buy 5 M 60 Not Provided 14.02.2013


Barclays SAMAR CHAND underweight 1 M 48 Not Provided 14.02.2013

Kempen & Co SANDER VAN OORT hold 3 M 48 12 month 13.02.2013

Jefferies DIRK VAN VLAANDEREN underperform 1 M 43 12 month 13.02.2013

HSBC LAUREN E TORRES neutral 3 M 56 Not Provided 13.02.2013

Petercam KRIS KIPPERS hold 3 M 50 Not Provided 13.02.2013

Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 67 6 month 13.02.2013

S&P Capital IQ CARL SHORT hold 3 D 56 12 month 13.02.2013

Berenberg Bank PHILIP MORRISEY hold 3 M 49 Not Provided 07.02.2013

Theodoor Gilissen Securities TOM MULLER hold 3 M 54 Not Provided 22.01.2013

Grupo Santander ANTHONY J BUCALO hold 3 M 57 Not Provided 21.01.2013


Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 56 12 month 09.01.2013

Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 10.12.2012


Credit Suisse SANJEET AUJLA not rated #N/A N/A M #N/A N/A Not Provided 28.08.2012

Davy BARRY GALLAGHER underperform 1 M #N/A N/A Not Provided 14.08.2012

Kepler Capital Markets TEAM COVERAGE reduce 2 N 34 Not Provided 27.09.2011

Holdings By:

Siemens Ltd ee


27.03.2013

State Bank of India provides a wide range of banking and financial services to

commercial, and residential customers. The Company produces natural gas and oil,

mines coal, delivers and distributes gas, and supplies drinking water.

RWE AG operates mainly in Europe.


LTM as of: 12/yy

52-Week High (10.01.2013) 2'550.00

52-Week Low (16.05.2012) 1'804.50

Daily Volume

2051.4





1'376'582.25 1 Yr Total Return -1.97%




Cash and Equivalents 1'451'021.22 Consensus Rating 3.619

Enterprise Value -


SBIN IB EQUITY YTD Change - Average Volume 30 Day 426'309

SBIN IB EQUITY YTD % CHANGE - Average Volume 3 Month 372'821


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

899'701.7 1'131'245.9 1'338'617.8 1'478'646.7 1'770'798.4 49'153.0 39'773.0 970'236.3 ######### - -

- - - - - 2.84x 3.72x - - - -

- - - - - 6'912.0 7'228.0 - - - -

- - - - - 4.66x 0.00x - - - -

89'606.1 109'552.9 117'338.3 106'849.5 153'431.0 1'806.0 1'033.0 187'262.5 216'363.1 - -

10.06x 6.18x 11.24x 16.43x 8.68x 8.13x 0.00x 7.41x 6.45x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10







Fiscal Year Ended

State Bank of IndiaPrice/Volume

Valuation Analysis

336'451.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

. ! B

1 ! B

3 ! B

5 ! B

-! ! B

-. ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



27.03.2013


GOVERNMENT OF INDIA n/a Co File 86'361'823 15 - 31.12.2012 Other



MONDRIAN INVESTMENT n/a Co File 17'272'365 3 - 16.05.2012 Hedge Fund Manager

SOCIETE GENERALE SA n/a Research 6'421'155 1.12 - 19.02.2013 Unclassified











FMR LLC n/a ULT-AGG 986'543 0.17 (1'416'019) 31.01.2013 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 928'678 0.16 79'174 31.10.2012 Mutual Fund Manager

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 900'000 0.16 900'000 31.01.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 845'432 0.15 (13'576) 31.01.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 822'801 0.14 800'000 31.01.2013 Mutual Fund Manager


Axis Capital Limited JOHN MUSK sector perform 3 M 28 12 month 27.03.2013


Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 32 Not Provided 25.03.2013

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 29 6 month 22.03.2013

EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 21.03.2013

Redburn Partners AHMED FARMAN buy 5 M #N/A N/A Not Provided 18.03.2013

Grupo Santander OSCAR NAJAR RIOS underweight 1 M #N/A N/A Not Provided 12.03.2013

JPMorgan VINCENT DE BLIC underweight 1 M 28 9 month 12.03.2013

Nomura MARTIN YOUNG reduce 2 M 25 Not Provided 12.03.2013

AlphaValue EILEEN RYAN buy 5 M 34 6 month 12.03.2013

Goldman Sachs DEBORAH WILKENS neutral/neutral 3 M 36 12 month 11.03.2013

Raymond James EMMANUEL RETIF underperform 1 M 25 12 month 08.03.2013

DZ Bank AG MARC NETTELBECK buy 5 M 35 12 month 08.03.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 25 Not Provided 07.03.2013


Societe Generale ALBERTO PONTI sell 1 M 24 12 month 06.03.2013

Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 33 12 month 06.03.2013

Nord/LB HEINO HAMMANN hold 3 M 31 12 month 06.03.2013

Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 25 12 month 06.03.2013



M.M. Warburg Investment Research STEPHAN WULF buy 5 M 34 12 month 05.03.2013

Kepler Capital Markets INGO BECKER reduce 2 M 27 Not Provided 05.03.2013

Main First Bank AG ANDREAS THIELEN underperform 1 D 29 12 month 01.03.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013


Credit Suisse VINCENT GILLES underperform 1 M 28 Not Provided 06.02.2013

Berenberg Bank LAWSON STEELE sell 1 N 25 Not Provided 05.02.2013


Barclays PETER BISZTYGA underweight 1 M 27 Not Provided 25.01.2013

Macquarie ROBERT SCHRAMM-FUCHS neutral 3 D 30 12 month 22.01.2013

Steubing AG MICHAEL BROEKER buy 5 M 60 Not Provided 14.01.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 11.01.2013

Deutsche Bank ALEXANDER KARNICK sell 1 D 27 12 month 07.01.2013


CA Cheuvreux SEBASTIAN KAUFFMANN outperform 5 D 38 Not Provided 14.06.2012

Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 06.03.2012

Holdings By:

State Bank of India ee


27.03.2013

Steel Authority of India Limited is an integrated steel manufacturing company.

the United Kingdom, United States, Spain, Portugal, and Latin America. The

Company specializes in clean energy and more specifically wind power.


LTM as of: 12/yy

52-Week High (25.04.2012) 101.75

52-Week Low (26.03.2013) 60.25

Daily Volume

61





251'962.05 1 Yr Total Return -33.61%







SAIL IB EQUITY YTD Change - Average Volume 30 Day 487'678

SAIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 464'424


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

395'765.1 432'186.9 405'770.0 433'993.9 466'581.6 - - 453'037.5 513'419.5 113'974.0 128'361.0

1.66x 0.69x 2.40x 1.69x 1.08x - - 0.93x 0.98x - -

116'897.0 92'919.6 99'514.9 78'383.7 64'239.0 - - 58'363.4 73'762.6 18'016.0 -

5.62x 3.23x 9.79x 9.35x 7.86x - - 6.29x 4.98x - -

75'957.6 62'452.7 68'506.1 50'139.1 35'930.9 - - 29'429.8 32'298.6 6'796.0 7'142.0

10.08x 6.38x 15.23x 13.97x 10.83x - - 8.41x 7.62x 8.92x 8.82x











EBITDA Margin 13.8%



Asset Turnover 0.60







Fiscal Year Ended

Steel Authority of India LtdPrice/Volume

Valuation Analysis

613'615.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!--..00112

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B2! ! B-!! ! B-2! ! B.!! ! B.2! ! B0!! ! B02! ! B1!! ! B12! ! B2!! ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



27.03.2013


GOVERNMENT OF INDIA n/a Co File 514'250'814 8.19 - 31.12.2012 Government

ACS ACTIVIDADES CONS n/a Co File 415'111'949 6.61 - 31.12.2012 Corporation

BANCAJA (VALENCIA CA n/a Co File 314'887'559 5.01 - 31.12.2012 Bank

BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.93 (13'299'908) 24.01.2013 Bank

NATIXIS n/a Co File 277'971'800 4.43 - 31.12.2012 Investment Advisor


SOCIETE GENERALE n/a Co File 182'216'094 2.9 - 17.01.2013 Bank

IBERDROLA SA n/a Co File 83'188'438 1.32 - 31.12.2012 Corporation

AMUNDI Multiple Portfolios MF-AGG 60'811'776 0.97 9'929'612 31.12.2012 Mutual Fund Manager



DEUTSCHE BANK AG Multiple Portfolios MF-AGG 17'171'395 0.27 (1'721'294) 28.02.2013 Investment Advisor

DE URRUTIA VAL VICTO n/a EXCH 14'465'535 0.23 1'000'000 27.02.2013 n/a


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'214'700 0.21 7'602'990 28.09.2012 Investment Advisor


INVERCAIXA GESTION S Multiple Portfolios MF-AGG 8'353'126 0.13 1'181'206 31.01.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 8'200'000 0.13 - 30.11.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 7'236'945 0.12 263'277 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'034'262 0.11 1'750'634 31.12.2012 Investment Advisor


Nomura ALOK KUMAR NEMANI buy 5 M 103 Not Provided 27.03.2013

Standard Chartered SATISH KUMAR in-line 3 M 95 12 month 25.03.2013

IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 59 Not Provided 22.03.2013

India Infoline TARANG BHANUSHALI Subscribe 5 M 72 12 month 22.03.2013

Ambit Capital Pvt Ltd JATIN KOTIAN sell 1 M 65 12 month 22.03.2013

ICICIdirect.com DEWANG SANGHAVI buy 5 M 82 Not Provided 22.03.2013

Centrum Broking Pvt Ltd ABHISAR JAIN sell 1 M 59 Not Provided 22.03.2013

Emkay Share & Stock Brokers GOUTAM CHAKRABORTY accumulate 4 U 70 Not Provided 21.03.2013

Angel Broking Limited BHAVESH CHAUHAN avoid 1 M #N/A N/A Not Provided 21.03.2013

Antique Stock Broking Limited AMIT AGARWAL hold 3 M 71 Not Provided 21.03.2013

Motilal Oswal Securities Ltd SANJAY JAIN sell 1 M 39 Not Provided 18.03.2013

Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR hold 3 M 78 Not Provided 15.03.2013

ICICI Securities ABHIJIT MITRA add 4 M 82 12 month 15.03.2013

Batlivala & Karani Securities PRITAM LALA outperform 5 M 77 Not Provided 15.03.2013

Macquarie RAKESH ARORA outperform 5 U 82 12 month 13.03.2013

Nirmal Bang Institutional Equities GIRIRAJ DAGA sell 1 M 62 Not Provided 12.03.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 N 79 Not Provided 08.03.2013

Elara Securities India Pvt Ltd ASHISH KEJRIWAL reduce 2 M 76 Not Provided 28.02.2013

Barclays CHIRAG SHAH underweight 1 M 67 Not Provided 27.02.2013

Credit Suisse NEELKANTH MISHRA underperform 1 M 50 Not Provided 20.02.2013

MSFL - Institutional Business Group TANUJ RASTOGI sell 1 M 70 12 month 15.02.2013

BNP Paribas Equity Research KUNAL AGRAWAL buy 5 M 100 12 month 14.02.2013

Phillip Securities DHAWAL DOSHI neutral 3 M 89 Not Provided 14.02.2013

KR Choksey Shares & Sec Pvt Ltd UMESH PATEL accumulate 4 M 88 12 month 14.02.2013

IIFL BIJAL SHAH reduce 2 M 66 12 month 14.02.2013

JPMorgan PINAKIN M PAREKH overweight 5 M 120 9 month 13.02.2013

Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 74 12 month 13.02.2013

JM Financial Institutional Securities P ASHUTOSH SOMANI hold 3 M 80 12 month 13.02.2013

Sunidhi Consultancy Services CHINTAN J MEHTA neutral 3 M 90 12 month 13.02.2013

Dolat Capital Market Ltd. RAM MODI sell 1 M 72 Not Provided 13.02.2013

Edelweiss Capital PRASAD BAJI buy 5 M 103 12 month 13.02.2013

Systematix Shares & Stocks Ltd ERIC MARTINS buy 5 M 120 12 month 13.02.2013

Morgan Stanley VIPUL PRASAD Underwt/In-Line 1 M 70 12 month 12.02.2013

Religare Capital Markets VARUN LOHCHAB sell 1 M 75 12 month 12.02.2013

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

Karvy Stock Broking Ltd PALLAV AGARWAL buy 5 M 130 Not Provided 10.01.2013

CIMB RAHUL JAIN underperform 1 N 69 Not Provided 07.01.2013

Espirito Santo Investment Bank ResearchRITESH SHAH sell 1 M 63 Not Provided 26.11.2012

Daiwa Securities Co. Ltd. DEEPAK PODDAR outperform 5 M 95 Not Provided 09.11.2012

Tata Securities Limited ABHISHEK PODDAR hold 3 M 87 12 month 09.11.2012

Deutsche Bank ABHAY LAIJAWALA buy 5 M 106 12 month 08.11.2012

Fortune Equity Brokers (India) Ltd NIRAJ SHAH sell 1 M 69 12 month 08.11.2012

Maybank Kim Eng ANUBHAV GUPTA buy 5 M 111 12 month 07.11.2012

Holdings By:

Steel Authority of India Ltd ee


27.03.2013

Sterlite Industries (India) Ltd. manufactures a wide range of electrical wires

and children. The Company sells a variety trendy, sporty, and classic garments

in addition to accessories such as jewelery, bags, and scarves, and cosmetics.

H&M owns and operates stores in many European countries and the United States.


LTM as of: 02/yy

52-Week High (03.01.2013) 123.35

52-Week Low (04.06.2012) 88.60

Daily Volume

91.15





306'324.03 1 Yr Total Return -16.91%







STLT IB EQUITY YTD Change - Average Volume 30 Day 494'790

STLT IB EQUITY YTD % CHANGE - Average Volume 3 Month 473'325


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 02/yy 02/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

247'053.6 211'442.2 245'006.0 304'285.0 411'789.4 113'328.0 121'358.0 431'466.6 472'877.1 104'646.3 -

2.38x 0.94x 2.77x 1.89x 1.00x 12.17x 11.80x 0.92x 0.72x - -

82'353.4 48'237.9 63'339.8 80'498.2 101'685.8 23'862.0 25'182.0 102'626.9 120'270.4 25'722.5 -

7.15x 4.12x 10.70x 7.14x 4.04x 15.57x 14.50x 3.61x 3.08x - -

45'060.9 35'399.9 37'437.4 50'425.2 48'279.2 15'942.0 16'586.0 57'064.6 64'994.8 15'197.3 16'202.0

10.70x 7.16x 18.16x 11.58x 7.73x 24.69x 23.16x 5.35x 4.71x 4.60x 4.73x











EBITDA Margin 24.7%



Asset Turnover 0.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sterlite Industries India LtdPrice/Volume

Valuation Analysis

607'999.00


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5 ! B

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-. ! B

-1 ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

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27.03.2013


TWINSTAR HOLDINGS LT n/a Research 429'449'332 29.4 - 31.01.2013 n/a

THAM LOTTIE n/a Research 88'080'400 6.03 - 31.01.2013 n/a



SEB n/a ULT-AGG 34'110'194 2.34 (1'369'533) 13.01.2013 Unclassified

AMF FORAKRING OCH FO n/a Research 33'183'861 2.27 - 31.01.2013 n/a

CLEARSTREAM BANKING n/a Research 29'003'861 1.99 - 31.01.2013 Bank

JP MORGAN CHASE BANK n/a Research 28'345'566 1.94 - 31.01.2013 Investment Advisor

SSB CL OMNIBUS n/a Research 27'316'541 1.87 - 31.01.2013 Other

FOLKSAM GROUP n/a Research 17'812'084 1.22 - 28.09.2012 Insurance Company

AFA FORSAKRINGAR n/a Research 17'365'420 1.19 - 31.01.2013 Insurance Company



HANDELSBANKEN FONDER n/a Research 15'328'521 1.05 - 28.09.2012 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 14'537'070 1 2'239'650 28.02.2013 Investment Advisor

BENGTSSON JAN n/a Research 14'222'030 0.97 - 31.01.2013 n/a


AMF FONDER AB Multiple Portfolios MF-AGG 12'305'880 0.84 2'337'150 31.12.2012 Investment Advisor

NORDEA INVESTMENT FU n/a Research 11'904'522 0.82 - 31.01.2013 Mutual Fund Manager

FORSTA AP FONDEN n/a Research 10'964'430 0.75 - 31.01.2013 Investment Advisor


Standard Chartered SIMON BOWLER underperform 1 M 190 Not Provided 27.03.2013

ISI Group OMAR SAAD neutral 3 M 230 12 month 24.03.2013

ABG Sundal Collier ANDREAS LUNDBERG hold 3 M 220 6 month 22.03.2013

Sanford C. Bernstein & Co JAMIE MERRIMAN underperform 1 M 195 12 month 22.03.2013

Raymond James CEDRIC LECASBLE underperform 1 M 196 12 month 22.03.2013

HSBC PAUL ROSSINGTON underweight 1 D 230 Not Provided 22.03.2013

SEB Enskilda NICKLAS FHARM buy 5 M 255 Not Provided 22.03.2013

Cantor Fitzgerald ALLEGRA PERRY sell 1 M 200 Not Provided 22.03.2013

Nordea Equity Research STEFAN STJERNHOLM sell 1 M 215 12 month 22.03.2013

Handelsbanken ERIK SANDSTEDT buy 5 M 270 12 month 22.03.2013

Bryan Garnier & Cie PETER FARREN sell 1 M 225 6 month 22.03.2013

Natixis JEAN BAPTISTE TEISSIER neutral 3 M 235 Not Provided 22.03.2013

Nomura FRASER RAMZAN neutral 3 M 216 Not Provided 22.03.2013

DNB Markets HAAKON ASCHEHOUG sell 1 M 205 Not Provided 22.03.2013

Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 240 Not Provided 22.03.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 212 12 month 22.03.2013

Danske Markets ANDERS HANSSON hold 3 M 235 12 month 22.03.2013

Grupo Santander REBECCA MCCLELLAN underweight 1 M 190 12 month 21.03.2013

Credit Suisse SIMON IRWIN underperform 1 M 175 Not Provided 21.03.2013

Carnegie NIKLAS EKMAN buy 5 M #N/A N/A Not Provided 21.03.2013

Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 21.03.2013


Societe Generale ANNE CRITCHLOW sell 1 M 219 12 month 22.02.2013



S&P Capital IQ TUNA AMOBI hold 3 M 260 12 month 01.02.2013

Redburn Partners GEOFF LOWERY sell 1 M #N/A N/A Not Provided 01.02.2013

Independent Research GmbH ZAFER RUZGAR sell 1 M 210 12 month 31.01.2013

Morgan Stanley GEOFFREY RUDDELL Underwt/Cautious 1 M 195 12 month 30.01.2013

Deutsche Bank CHARLIE MUIR-SANDS hold 3 M 240 12 month 23.01.2013

Swedbank CHRISTIAN ANDERSON neutral 3 M 220 12 month 14.01.2013

CA Cheuvreux DANIEL OVIN underperform 1 M 200 Not Provided 30.11.2012

Espirito Santo Investment Bank ResearchCAROLINE GULLIVER sell 1 M 185 Not Provided 19.11.2012

Goldman Sachs FRANKLIN WALDING neutral/neutral 3 U 238 12 month 07.11.2012

Sydbank SOEREN LONTOFT HANSEN hold 3 M #N/A N/A Not Provided 01.10.2012

Pareto Securities HELENA NORDMAN-KNUTSON hold 3 M 240 6 month 28.09.2012

Holdings By:

Sterlite Industries India Ltd ee


27.03.2013

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals

military equipment. The Company produces commercial aircraft including the

Airbus, military fighter aircraft, military and commercial helicopters,

missiles, satellites, and telecommunications and defense systems, and offers

military and commercial aircraft conversion and maintenance services.


LTM as of: 12/yy

52-Week High (19.03.2013) 848.00

52-Week Low (05.06.2012) 554.00

Daily Volume

822.1





850'036.69 1 Yr Total Return 43.80%







SUNP IB EQUITY YTD Change - Average Volume 30 Day 83'430

SUNP IB EQUITY YTD % CHANGE - Average Volume 3 Month 68'095


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

33'565.3 42'723.0 38'086.3 57'279.0 80'194.9 49'128.0 56'480.0 110'344.1 128'867.8 28'573.9 26'581.0

7.29x 4.89x 9.25x 7.78x 7.23x 1.04x 1.39x 7.39x 6.14x - -

14'387.7 18'745.7 13'811.0 20'043.3 32'828.5 3'381.0 3'987.0 48'889.4 53'599.6 11'907.2 12'169.0

17.00x 11.15x 25.51x 22.22x 17.67x 4.51x 4.51x 17.21x 15.70x 19.09x -

14'869.0 18'118.8 13'510.8 18'160.6 25'872.5 1'033.0 1'228.0 32'671.4 37'530.8 8'432.4 9'579.0

16.47x 12.71x 27.47x 25.19x 22.80x 19.00x 19.73x 26.08x 22.96x - -











EBITDA Margin 40.9%



Asset Turnover 0.56







Fiscal Year Ended

Sun Pharmaceutical Industries LtdPrice/Volume

Valuation Analysis

38'231.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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.2 ! B

0! ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

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27.03.2013


SHANGHVI DILIP SHANT n/a Research 183'337'704 22.12 - 11.12.2012 Holding Company

DAIMLERCHRYSLER AERO n/a Research 122'225'136 14.74 (61'096'851) 11.12.2012 Corporation

SOCIEDAD ESTATAL DE n/a Research 44'690'871 5.39 - 11.12.2012 Holding Company

FEDERAL REPUBLIC OF n/a Research 22'725'182 2.74 - 06.12.2012 Government



CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.88 - 25.09.2012 Government

AMUNDI SA n/a RNS-RUL8 15'385'347 1.86 (2'721) 10.10.2012 Other

VANGUARD GROUP INC n/a RNS-RUL8 12'117'860 1.46 3'341 09.10.2012 Investment Advisor

VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.44 (1'079'438) 10.10.2012 Hedge Fund Manager

OLD MUTUAL n/a ULT-AGG 9'406'422 1.13 (41'413) 31.01.2013 Unclassified

OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.11 (9'990) 05.10.2012 Investment Advisor


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'266'690 0.76 60'000 31.12.2012 Investment Advisor



INVESCO LTD n/a RNS-RUL8 3'879'592 0.47 - 13.09.2012 Investment Advisor


BARCLAYS CAPITAL SEC n/a RNS-RUL8 2'644'421 0.32 (833'201) 10.10.2012 Investment Advisor



Espirito Santo Investment Bank ResearchCHIRAG TALATI buy 5 M 900 Not Provided 26.03.2013

Credit Suisse ANUBHAV AGGARWAL outperform 5 M 900 Not Provided 25.03.2013

Nomura SAION MUKHERJEE neutral 3 M 842 Not Provided 25.03.2013

Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN Under Review #N/A N/A M 950 Not Provided 22.03.2013

BNP Paribas Equity Research ALOK DALAL buy 5 M 900 12 month 20.03.2013

Sunidhi Consultancy Services RASHMI SANCHETI neutral 3 N 830 12 month 19.03.2013

Karvy Stock Broking Ltd RAHUL SHARMA buy 5 M 825 Not Provided 19.03.2013

Quant Broking Pvt Ltd KIRIT GOGRI reduce 2 M 794 Not Provided 19.03.2013

HSBC GIRISH BAKHRU overweight 5 M 953 Not Provided 17.03.2013

India Infoline BHAVIKA SHINDE buy 5 M 930 12 month 14.03.2013

Centrum Broking Pvt Ltd RANJIT KAPADIA buy 5 M 892 Not Provided 14.03.2013


JM Financial Institutional Securities P JESAL SHAH buy 5 M 900 Not Provided 11.03.2013


Barclays BALAJI V PRASAD overweight 5 U 936 Not Provided 08.03.2013

SBI Capital Markets VIVEK KUMAR buy 5 M 925 12 month 05.03.2013

ICICIdirect.com SIDDHANT KHANDEKAR hold 3 M 766 24 month 05.03.2013

Fortune Equity Brokers (India) Ltd HITESH MAHIDA buy 5 M 857 Not Provided 05.03.2013

Edelweiss Capital MANOJ GARG hold 3 M 774 12 month 04.03.2013

Antique Stock Broking Limited ANMOL GANJOO buy 5 M 818 Not Provided 01.03.2013

IIFL BINO PATHIPARAMPIL buy 5 M 917 12 month 27.02.2013

Batlivala & Karani Securities ROHIT V BHAT buy 5 M 850 Not Provided 25.02.2013

Motilal Oswal Securities Ltd HARDICK BORA neutral 3 M 848 Not Provided 22.02.2013

Elara Securities India Pvt Ltd SURAJIT PAL buy 5 M 950 12 month 19.02.2013

Jefferies PIYUSH NAHAR buy 5 M 870 12 month 15.02.2013

HDFC Securities SUDARSHAN PADMANABHAN outperform 5 M 809 12 month 13.02.2013

Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 13.02.2013

Khambatta Securities Ltd FATHIMA KHAN strong buy 5 U 860 Not Provided 12.02.2013

Standard Chartered RAVI AGRAWAL in-line 3 U 770 12 month 11.02.2013

JPMorgan PRINCY SINGH neutral 3 M 720 6 month 11.02.2013

Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI hold 3 M 824 Not Provided 11.02.2013

Avendus Capital Private Ltd MONICA JOSHI hold 3 M 798 Not Provided 11.02.2013

India Nivesh Ltd DALJEET SINGH KOHLI hold 3 M 796 Not Provided 11.02.2013

Nirmal Bang Institutional Equities PRAFUL BOHRA hold 3 U 768 Not Provided 11.02.2013

Kotak Securities KRISHNA PRASAD reduce 2 M 750 Not Provided 10.02.2013

Macquarie ABHISHEK SINGHAL outperform 5 M 880 12 month 09.02.2013

CIMB PRAKASH AGARWAL neutral 3 M 790 12 month 09.02.2013

Morgan Stanley SAMEER BAISIWALA Overwt/In-Line 5 M 845 12 month 08.02.2013

Prabhudas Lilladher Pvt Ltd AMIT SHAH accumulate 4 M 805 12 month 08.02.2013


Emkay Share & Stock Brokers DEEPAK MALIK buy 5 M 800 Not Provided 08.02.2013

Tata Securities Limited VIHARI PURUSHOTHAMAN buy 5 M 847 12 month 08.02.2013

Angel Broking Limited SARABJIT KOUR NANGRA neutral 3 M #N/A N/A Not Provided 08.02.2013

Holdings By:

Sun Pharmaceutical Industries Ltd ee


27.03.2013

Suzlon Energy Ltd. designs, manufactures, operates, and maintains wind

equipment. The Company's products allow semiconductor manufacturers to choose

the optimal numerical aperture and wavelength for their applications, assure

uniformity, and produce more using less floor space.


LTM as of: 12/yy

52-Week High (28.03.2012) 28.10

52-Week Low (22.03.2013) 13.20

Daily Volume

13.5





23'994.44 1 Yr Total Return -50.82%







SUEL IB EQUITY YTD Change - Average Volume 30 Day 12'792'490

SUEL IB EQUITY YTD % CHANGE - Average Volume 3 Month 11'540'340


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

136'794.3 260'817.0 206'196.6 178'791.3 210'823.7 5'651.0 4'731.5 217'740.5 273'873.6 - -

3.41x 0.81x 1.04x 0.99x 0.61x 7.30x 12.93x 0.64x 0.49x - -

20'984.3 33'284.1 11'658.8 10'122.5 18'998.4 1'806.4 1'343.4 2'091.8 22'369.0 - -

22.21x 6.35x 18.32x 17.46x 6.75x 6.33x 13.11x 68.39x 6.40x - -

10'301.0 2'364.8 (9'825.6) (13'239.7) (4'785.8) 1'467.0 1'146.3 (24'125.0) 170.9 - -

37.28x 26.83x - - - 9.41x 17.78x - 34.18x - -




Pretax Margin -0.83% Short-Term Rating Date -







EBITDA Margin 9.0%



Asset Turnover 0.68








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Suzlon Energy LtdPrice/Volume

Valuation Analysis

4'321'870.00


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-!

.!

0!

1!

2!

3!


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

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27.03.2013


SANMAN HOLDINGS PVT n/a 20F 62'977'877 15.35 - 06.02.2013 Other


FMR LLC n/a ULT-AGG 36'311'008 8.85 - 06.02.2013 Investment Advisor


STICHT ADM TSMC n/a 20F 20'992'625 5.12 - 06.02.2013 n/a

ASML HOLDING NV n/a Co File 8'980'030 2.19 - 01.07.2012 Corporation

WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'028'537 1.96 191'077 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'226'859 1.03 1'261'872 31.01.2013 Investment Advisor







ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'036'267 0.25 130'859 31.01.2013 Mutual Fund Manager



HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 855'324 0.21 2'376 31.12.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 842'648 0.21 827'721 31.10.2012 Investment Advisor

SARASIN n/a ULT-AGG 836'932 0.2 (92'410) 31.01.2013 Unclassified


Axis Capital Limited JEROME RAMEL neutral 3 M 50 Not Provided 26.03.2013

Kepler Capital Markets PETER OLOFSEN reduce 2 M 40 Not Provided 22.03.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 M 43 Not Provided 21.03.2013

Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 21.03.2013

AlphaValue LIONEL PELLICER reduce 2 M 53 6 month 21.03.2013

Credit Suisse SATYA KUMAR outperform 5 M 60 Not Provided 19.03.2013

Piper Jaffray JAGADISH IYER overweight 5 M 57 12 month 13.03.2013

Societe Generale PETER KNOX hold 3 M 56 12 month 05.03.2013

Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 56 12 month 26.02.2013

Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 25.02.2013

Rabobank International PHILIP SCHOLTE hold 3 M 52 Not Provided 25.02.2013

Natixis STEPHANE HOURI buy 5 M 62 Not Provided 21.02.2013

JPMorgan SANDEEP S DESHPANDE overweight 5 M 65 12 month 12.02.2013

ING Bank MARC ZWARTSENBURG hold 3 M 60 12 month 01.02.2013



Deutsche Bank KAI KORSCHELT hold 3 U 47 12 month 22.01.2013

Liberum Capital Ltd JANARDAN MENON hold 3 U 45 Not Provided 22.01.2013

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 60 Not Provided 22.01.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 52 12 month 21.01.2013

Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 50 Not Provided 18.01.2013

CA Cheuvreux BERND LAUX outperform 5 M 59 Not Provided 18.01.2013

Petercam MARCEL ACHTERBERG hold 3 M 57 Not Provided 18.01.2013


Main First Bank AG JUERGEN WAGNER underperform 1 M 40 12 month 18.01.2013

Barclays ANDREW M GARDINER overweight 5 M 53 Not Provided 18.01.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 D 40 12 month 17.01.2013

Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 50 Not Provided 15.01.2013

Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 07.01.2013

Kempen & Co ERWIN DUT hold 3 M 50 12 month 06.01.2013

Jefferies LEE SIMPSON hold 3 M #N/A N/A Not Provided 18.12.2012

Goldman Sachs SIMON F SCHAFER not rated #N/A N/A M #N/A N/A Not Provided 23.11.2012

SNS Securities(ESN) VICTOR BARENO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012

Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012

Holdings By:

Suzlon Energy Ltd ee


27.03.2013

Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy

marine and industrial uses, and aircraft engine components. The Company also

offers repair and maintenance, lease financing, insurance, and financial

services to its customers.


LTM as of: 12/yy

52-Week High (09.01.2013) 381.50

52-Week Low (08.08.2012) 299.00

Daily Volume

323





82'286.27 1 Yr Total Return -1.85%







TTCH IB EQUITY YTD Change - Average Volume 30 Day 43'721

TTCH IB EQUITY YTD % CHANGE - Average Volume 3 Month 68'455


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

59'757.2 126'519.8 94'486.8 110'605.8 138'060.6 310'367.0 303'646.0 146'742.6 155'928.5 37'149.0 35'378.0

1.85x 0.67x 1.31x 1.21x 1.05x 3.61x 3.78x 0.94x 0.82x - -

9'383.2 17'665.1 16'304.2 18'784.3 23'384.1 42'597.0 32'392.0 22'684.2 24'844.2 5'760.0 -

11.76x 4.83x 7.60x 7.11x 6.23x 5.80x 8.78x 6.15x 5.61x - -

9'644.0 6'481.0 6'059.1 6'534.7 8'375.9 17'751.0 11'038.0 8'600.9 9'910.7 2'041.5 2'822.0

6.45x 5.13x 12.81x 13.10x 10.54x 8.60x 16.31x 9.63x 8.46x - -











EBITDA Margin 16.9%



Asset Turnover 0.79







Fiscal Year Ended

Tata Chemicals LtdPrice/Volume

Valuation Analysis

27'444.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0! ! B

02 ! B

1! ! B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

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



27.03.2013


TATA SONS LTD n/a Research 80'013'209 5.02 - 28.12.2012 Corporation


NORGES BANK n/a Research 71'955'474 4.52 - 28.12.2012 Government



AMF FORSAKRING n/a Research 42'544'960 2.67 - 28.12.2012 Other


SEB FONDER AB n/a Research 35'329'637 2.22 - 28.12.2012 Mutual Fund Manager

AMF FONDER AB Multiple Portfolios MF-AGG 31'934'960 2 2'523'000 31.12.2012 Investment Advisor

SHB FUNDS n/a Research 27'578'727 1.73 - 28.12.2012 Investment Advisor

SEB n/a ULT-AGG 27'473'308 1.72 2'208'704 31.01.2013 Unclassified

NORDEA FONDER AB/SWE n/a Research 23'592'830 1.48 - 28.12.2012 Investment Advisor

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 23'301'799 1.46 294'923 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 20'281'485 1.27 489'457 28.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 15'936'269 1 1'218'851 25.03.2013 Investment Advisor


DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 13'240'000 0.83 600'000 31.12.2012 Investment Advisor


ANDRA AP FONDEN n/a Research 11'526'751 0.72 - 28.12.2012 Pension Fund (ERISA)

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 9'898'756 0.62 (819'640) 31.12.2012 Investment Advisor


Quant Broking Pvt Ltd HIMANSHU NAYYAR buy 5 M 421 Not Provided 25.03.2013

GEPL Capital Pvt Ltd ADITYA ANAND BAPAT buy 5 N 421 12 month 21.02.2013

Batlivala & Karani Securities AYYATHURAI RAJKUMAR outperform 5 M 380 Not Provided 15.02.2013

Phillip Securities GAURI ANAND neutral 3 D 385 Not Provided 11.02.2013

Sunidhi Consultancy Services TARUN SURANA hold 3 D 370 12 month 11.02.2013

Dalal & Broacha APURVA SHAH buy 5 M 414 Not Provided 11.02.2013

Spark Capital Advisors MUKESH SARAF add 4 D 375 12 month 11.02.2013

IIFL ABHIJIT R AKELLA buy 5 M 390 12 month 11.02.2013

Deutsche Bank HARSHAD KATKAR hold 3 M 350 12 month 10.02.2013

Kotak Securities JASDEEP WALIA add 4 D 370 Not Provided 10.02.2013

HSBC PUNEET GULATI underweight 1 M 330 Not Provided 08.02.2013

Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 D 400 Not Provided 08.02.2013

Microsec Capital GARGI DEB buy 5 M #N/A N/A Not Provided 30.01.2013



India Infoline PRITESH MEHTA buy 5 M 403 3 month 20.12.2012

MSFL - Institutional Business Group RAHUL METKAR buy 5 M 394 12 month 14.12.2012

Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN hold 3 D 372 Not Provided 12.11.2012

ICICIdirect.com AMIT GUPTA buy 5 M 365 Not Provided 03.10.2012

Unicon Securities Pvt Ltd TEAM COVERAGE accumulate 4 M 414 Not Provided 14.02.2012

AK Stockmart Pvt Ltd GAURAV OZA accumulate 4 M 418 Not Provided 13.02.2012

Right Horizons Financial Services RANGAPRIYA SAIVASAN hold 3 M 425 Not Provided 12.02.2012

Holdings By:

Tata Chemicals Ltd ee


27.03.2013

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT

professional, and large business customers. The Company offers public

fixed-line telephone, leased lines and data transmission, mobile

telecommunications, cable television, Internet and wireless applications, and

broadcasting services, and telecommunications equipment sales and rentals.


LTM as of: 12/yy

52-Week High (07.03.2013) 1'598.00

52-Week Low (23.04.2012) 1'039.86

Daily Volume

1557.35





3'048'078.00 1 Yr Total Return 35.49%







TCS IB EQUITY YTD Change - Average Volume 30 Day 107'177

TCS IB EQUITY YTD % CHANGE - Average Volume 3 Month 122'920


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

226'195.2 278'128.8 300'289.2 373'245.1 488'938.3 45'277.0 43'515.0 630'084.2 714'537.7 167'294.6 173'291.7

3.37x 1.77x 4.87x 6.08x 4.54x 0.00x 0.00x 4.69x 4.06x 18.25x 17.61x

57'113.8 71'698.0 86'945.5 111'790.7 144'564.9 0.0 0.0 182'298.4 205'491.6 48'530.7 49'573.3

13.36x 6.88x 16.81x 20.31x 15.36x 0.00x 0.00x 16.16x 14.34x 14.46x 14.04x

50'260.2 52'564.2 70'006.4 90'570.4 103'879.2 0.0 0.0 139'391.6 155'373.7 36'834.0 37'974.3

15.78x 10.04x 21.88x 25.58x 22.02x 0.00x 0.00x 21.88x 19.63x 19.87x 19.18x











EBITDA Margin 29.6%



Asset Turnover 1.32







Fiscal Year Ended

Tata Consultancy Services LtdPrice/Volume

Valuation Analysis

51'850.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0! ! B

02 ! B

1! ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

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



27.03.2013


TATA SONS LTD n/a Research 360'248'428 13.6 - 08.03.2013 Government

SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank






FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation

DNCA FINANCE Multiple Portfolios MF-AGG 13'910'873 0.53 (368'000) 28.09.2012 Investment Advisor













Standard Chartered PANKAJ KAPOOR outperform 5 U 1'640 12 month 26.03.2013

Ambit Capital Pvt Ltd ANKUR RUDRA sell 1 M 1'417 12 month 26.03.2013

Nomura ASHWIN MEHTA neutral 3 M 1'470 Not Provided 24.03.2013

Axis Capital Limited PRIYA ROHIRA hold 3 M 1'736 Not Provided 22.03.2013

Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN accumulate 4 M 1'590 12 month 20.03.2013

Angel Broking Limited ANKITA SOMANI accumulate 4 M 1'624 Not Provided 20.03.2013

Credit Suisse ANANTHA NARAYAN outperform 5 M 1'760 Not Provided 19.03.2013

JPMorgan VIJU K GEORGE neutral 3 M 1'500 12 month 18.03.2013

MSFL - Institutional Business Group SHWETA MALIK hold 3 M 1'631 12 month 15.03.2013

ICICI Securities KULDEEP KOUL add 4 M 1'707 12 month 14.03.2013

Techno Shares & Stocks DEBASHISH MAZUMDAR hold 3 M #N/A N/A Not Provided 13.03.2013

Jefferies VISHAL AGARWAL buy 5 M 1'785 12 month 11.03.2013

CIMB SANDEEP R SHAH neutral 3 M 1'400 12 month 11.03.2013

Maybank Kim Eng URMIL SHAH buy 5 M 1'810 12 month 11.03.2013

SBI Capital Markets DIPESH N MEHTA hold 3 M 1'490 12 month 11.03.2013

JM Financial Institutional Securities P GOVIND AGARWAL buy 5 M 1'580 12 month 11.03.2013

Dalal & Broacha APURVA SHAH buy 5 M 1'566 12 month 11.03.2013

Brics Securities SUSHIL SHARMA add 4 M 1'600 Not Provided 11.03.2013

Edelweiss Capital SANDIP KUMAR AGARWAL hold 3 M 1'587 Not Provided 11.03.2013

Sharekhan Ltd TEAM COVERAGE hold 3 M 1'650 Not Provided 11.03.2013

Equirus Securities Pvt Ltd BHAVIN SHAH sell 1 D 1'435 12 month 11.03.2013

Nirmal Bang Institutional Equities HARIT SHAH sell 1 D 1'480 Not Provided 11.03.2013

Morgan Stanley VIPIN KHARE Overwt/In-Line 5 M 1'670 12 month 10.03.2013

Religare Capital Markets RUMIT DUGAR buy 5 M 1'500 12 month 10.03.2013

Elara Securities India Pvt Ltd PRALAY KUMAR DAS reduce 2 D 1'525 12 month 09.03.2013

Kotak Securities KAWALJEET SALUJA reduce 2 M 1'320 Not Provided 08.03.2013

IDFC Securities Ltd HITESH SHAH neutral 3 M 1'430 12 month 08.03.2013

HSBC YOGESH AGGARWAL overweight 5 M 1'785 Not Provided 07.03.2013

HDFC Securities MADHU BABU underperform 1 D 1'489 12 month 05.03.2013


IDBI Capital Market Services Ltd PRATIK GANDHI hold 3 M 1'335 Not Provided 28.02.2013

IIFL SANDEEP MUTHANGI reduce 2 M 1'351 12 month 27.02.2013

India Nivesh Ltd AMAR MOURYA hold 3 M 1'395 Not Provided 27.02.2013

BNP Paribas Equity Research ABHIRAM ELESWARAPU hold 3 M 1'500 12 month 22.02.2013

Motilal Oswal Securities Ltd ASHISH CHOPRA neutral 3 M 1'465 Not Provided 22.02.2013

Fortune Equity Brokers (India) Ltd NIRAL DALAL buy 5 M 1'496 Not Provided 18.02.2013

Batlivala & Karani Securities DEEPAN S KAPADIA outperform 5 M 1'365 Not Provided 12.02.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 1'686 12 month 04.02.2013

Microsec Capital NITIN PRAKASH DAGA buy 5 M 1'364 Not Provided 30.01.2013

Espirito Santo Investment Bank ResearchNITIN PADMANABHAN neutral 3 M 1'450 Not Provided 23.01.2013

BP Equities Private Limited AMIT CHANDRA hold 3 M 1'445 12 month 17.01.2013

Deutsche Bank ANIRUDDHA BHOSALE buy 5 M 1'670 12 month 15.01.2013

Macquarie NITIN MOHTA underperform 1 M 1'200 12 month 15.01.2013

Holdings By:

Tata Consultancy Services Ltd ee


27.03.2013

Tata Global Beverages Ltd. cultivates tea and coffee on its plantations. The

Company manufactures, sells domestically and exports instant, blended and

packet teas, and instant and ground coffee.


LTM as of: 12/yy

52-Week High (15.11.2012) 181.70

52-Week Low (15.05.2012) 100.00

Daily Volume

123.5





76'372.23 1 Yr Total Return 14.28%







TGBL IB EQUITY YTD Change - Average Volume 30 Day 432'289

TGBL IB EQUITY YTD % CHANGE - Average Volume 3 Month 448'497


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

43'096.5 48'478.7 57'829.5 59'824.2 65'852.6 42'116.0 43'198.0 74'224.4 82'604.1 19'233.0 -

1.49x 1.24x 1.19x 1.19x 1.23x 0.00x 0.00x 1.17x 1.05x - -

7'079.4 6'497.2 6'865.0 6'093.9 6'230.5 0.0 0.0 7'423.6 8'675.3 - -

9.04x 9.22x 9.99x 11.64x 13.01x 0.00x 0.00x 12.00x 10.27x - -

15'425.5 7'005.5 3'903.0 2'543.3 3'561.4 0.0 0.0 4'169.2 4'982.5 601.0 -

3.30x 5.16x 15.51x 23.77x 19.51x 0.00x 0.00x 18.47x 15.54x - -











EBITDA Margin 9.5%



Asset Turnover 0.82







Fiscal Year Ended

Tata Global Beverages LtdPrice/Volume

Valuation Analysis

367'659.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

. ! B

1 ! B

3 ! B

5 ! B

-! ! B

-. ! B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.03.2013


TATA SONS LTD #N/A N/A Co File 91'581'114 17.24 - 31.12.2011 Investment Advisor

FONDS DU PLAN D EPAR n/a Co File 42'844'966 8.07 - 31.12.2011 n/a

AMUNDI SA n/a Research 40'161'206 7.56 17'861'078 27.06.2012 Other

CAISSE DES DEPOTS ET #N/A N/A Co File 13'924'614 2.62 - 31.12.2011 Government

GROUPAMA SA #N/A N/A Co File 10'175'679 1.92 - 31.12.2011 Insurance Company

CIE DE SAINT GOBAIN #N/A N/A Co File 9'104'555 1.71 - 31.12.2011 Corporation


COGEMA #N/A N/A Co File 5'891'183 1.11 - 31.12.2011 Corporation




PREDICA #N/A N/A Co File 3'213'372 0.61 - 31.12.2011 Insurance Company


SOCIETE GEN GESTION n/a Research 2'536'782 0.48 - 15.06.2011 Mutual Fund Manager








Axis Capital Limited HEMANT B PATEL sell 1 M 140 Not Provided 22.03.2013

Anand Rathi Securities Pvt. Ltd. AMOL RAO buy 5 M 168 Not Provided 15.03.2013

Sharekhan Ltd TEAM COVERAGE hold 3 M 162 Not Provided 13.03.2013


Maybank Kim Eng GANESH RAM buy 5 M 175 12 month 05.03.2013

Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 04.02.2013

Right Horizons Financial Services TUSHAR PENDHARKAR buy 5 M 200 Not Provided 04.02.2013

Kotak Securities AMRITA BASU buy 5 M 165 Not Provided 02.02.2013

Batlivala & Karani Securities ASHIT DESAI underperform 1 M 145 Not Provided 01.02.2013

Morgan Stanley NILLAI SHAH Equalwt/In-Line 3 M 143 12 month 31.01.2013



Fairwealth Securities Ltd TEAM COVERAGE buy 5 M 210 12 month 07.11.2012

SBI Capital Markets SAGARIKA MUKHERJEE sell 1 M 114 12 month 02.11.2012

India Infoline VANMALA NAGWEKAR buy 5 M 184 Not Provided 25.10.2012

HDFC Securities SAMEER NARANG outperform 5 M 119 12 month 11.07.2012

Elara Securities India Pvt Ltd HIMANI SINGH reduce 2 M 92 12 month 27.01.2012

Holdings By:

Tata Global Beverages Ltd ee


27.03.2013

Tata Motors Limited manufactures cars and commercial automotive vehicles in

India. The Company designs, manufactures and sells heavy commercial, medium

commercial and small commercial vehicles including trucks, tankers, vans,

buses, ambulances and minibuses. Tata also manufactures small cars and sports

utility vehicles.


LTM as of: 12/yy

52-Week High (10.01.2013) 337.05

52-Week Low (26.07.2012) 202.95

Daily Volume

275.25





809'274.88 1 Yr Total Return 2.79%







TTMT IB EQUITY YTD Change - Average Volume 30 Day 944'387

TTMT IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'045'624


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

342'856.6 708'809.5 925'192.5 1'221'279.2 1'656'544.9 81'203.0 90'533.0 ######### ######### 559'745.3 433'236.0

1.09x 0.64x 0.82x 0.87x 0.70x 9.56x 8.98x 0.59x 0.51x - -

38'809.6 (51'622.3) 76'392.1 168'129.7 223'067.2 20'076.0 21'892.0 243'173.9 291'890.0 73'723.3 57'549.0

9.63x - 9.92x 6.34x 5.16x 9.47x 9.92x 4.08x 3.40x - -

21'677.0 (108'080.3) 25'710.6 92'736.2 135'165.0 12'963.0 13'901.0 103'201.8 128'778.2 31'079.0 27'544.0

11.07x - 15.56x 8.04x 6.46x 13.86x 15.57x 8.60x 6.92x 7.97x 7.31x


EBIT 166'858.60 Long-Term Rating BB

Operating Margin 10.07% Long-Term Outlook POS








EBITDA Margin 13.5%



Asset Turnover 1.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tata Motors LtdPrice/Volume

Valuation Analysis

1'028'324.00


!.!1!3!5!

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

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

. ! B

1 ! B

3 ! B

5 ! B

-! ! B

-. ! B

-1 ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



27.03.2013


TATA SONS LTD n/a Co File 702'333'345 26.35 - 31.12.2012 Holding Company

CITIBANK NA n/a 20F 446'246'135 16.74 - 30.06.2012 Bank

TATA STEEL LTD n/a Co File 147'810'695 5.55 - 31.12.2012 Corporation

LIFE INSURANCE CORP n/a EXCH 141'782'919 5.32 - 07.01.2013 Government


TATA INDUSTRIES LTD n/a Co File 68'436'485 2.57 - 31.12.2012 Corporation


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 28'718'455 1.08 10'155'054 31.12.2012 Investment Advisor


JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 11'715'845 0.44 (330'505) 30.09.2011 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'285'184 0.42 - 25.03.2013 Investment Advisor

RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 10'716'969 0.4 - 28.02.2013 Other

TATA INVESTMENT CORP n/a Co File 10'525'000 0.39 - 31.12.2012 Private Equity

PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 7'722'237 0.29 - 28.02.2013 Investment Advisor



INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 6'705'382 0.25 121'342 31.01.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 6'675'274 0.25 - 31.05.2012 Investment Advisor

TATA AIG LIFE INS CO n/a EXCH 5'473'110 0.21 135 27.03.2012 Insurance Company

MORGAN STANLEY n/a ULT-AGG 5'104'936 0.19 (1'531'767) 28.02.2013 Investment Advisor


Nomura KAPIL SINGH neutral 3 M 304 Not Provided 26.03.2013

Credit Suisse JATIN CHAWLA outperform 5 M 385 Not Provided 25.03.2013

Axis Capital Limited CHIRAG SHAH buy 5 M 372 Not Provided 22.03.2013

Spark Capital Advisors MUKESH SARAF buy 5 U 327 12 month 22.03.2013

Morgan Stanley BINAY SINGH Overwt/Attractive 5 M 346 12 month 21.03.2013

IDFC Securities Ltd PRAMOD KUMAR underperform 1 M 254 12 month 19.03.2013

Anand Rathi Securities Pvt. Ltd. ROHAN KORDE buy 5 M 346 Not Provided 14.03.2013

JPMorgan ADITYA MAKHARIA overweight 5 M 330 12 month 13.03.2013

Brics Securities UMESH KARNE add 4 M 305 Not Provided 13.03.2013

Angel Broking Limited YARESH KOTHARI accumulate 4 M 326 12 month 13.03.2013

Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 350 Not Provided 13.03.2013

ICICIdirect.com NISHANT VAAS buy 5 M 360 Not Provided 13.03.2013

Barclays SAHIL KEDIA underweight 1 M 253 Not Provided 13.03.2013

Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD buy 5 M 350 12 month 13.03.2013

Kotak Securities HITESH GOEL buy 5 M 340 Not Provided 12.03.2013

Emkay Share & Stock Brokers KAUSHAL MAROO accumulate 4 M 330 Not Provided 12.03.2013

Edelweiss Capital AASHIESH AGARWAAL reduce 2 M 253 Not Provided 11.03.2013

Maybank Kim Eng JIGAR A SHAH sell 1 M 265 12 month 05.03.2013

Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA buy 5 U 360 12 month 05.03.2013

HDFC Securities SORABH TALWAR underperform 1 M 332 12 month 05.03.2013

Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 348 Not Provided 04.03.2013

IDBI Capital Market Services Ltd BHAUMIK BHATIA buy 5 M 317 Not Provided 04.03.2013

Antique Stock Broking Limited ASHISH NIGAM buy 5 M 353 Not Provided 04.03.2013

India Nivesh Ltd ABHISHEK JAIN not rated #N/A N/A M #N/A N/A Not Provided 04.03.2013

Daiwa Securities Co. Ltd. NAVIN MATTA buy 5 U 360 Not Provided 01.03.2013

BNP Paribas Equity Research VIJAY CHUGH hold 3 M 300 12 month 25.02.2013

KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL buy 5 M 350 Not Provided 21.02.2013


Ventura Securities Ltd TEAM COVERAGE hold 3 M 328 Not Provided 20.02.2013

Shah Investor's Home Limited AMEYA HARDAS hold 3 D 308 12 month 18.02.2013

Standard Chartered AMIT KASAT in-line 3 M 294 12 month 15.02.2013

Macquarie AMIT MISHRA outperform 5 M 360 12 month 15.02.2013

CIMB PRAMOD AMTHE outperform 5 M 341 12 month 15.02.2013

JM Financial Institutional Securities P AMBRISH MISHRA buy 5 M 318 12 month 15.02.2013

Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 332 Not Provided 15.02.2013

Phillip Securities DEEPAK JAIN neutral 3 M 265 Not Provided 15.02.2013

Sunidhi Consultancy Services ABHISHEK GAOSHINDE neutral 3 D 292 12 month 15.02.2013

Religare Capital Markets MIHIR JHAVERI buy 5 M 340 12 month 15.02.2013

Karvy Stock Broking Ltd MITUL SHAH buy 5 M 328 Not Provided 15.02.2013

India Infoline PRAYESH JAIN market perform 3 M 313 9 month 15.02.2013

IIFL JOSEPH GEORGE reduce 2 M 305 12 month 15.02.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 350 12 month 15.02.2013

Centrum Broking Pvt Ltd AJAY SHETHIYA buy 5 M 347 12 month 15.02.2013

Holdings By:

Tata Motors Ltd ee


27.03.2013

Tata Power Company Limited generates and supplies electricity in Mumbai and its

suburbs. The Company also constructs and operates independent power plants as

well as captive power plants for industrial concerns. Tata Power also provides

various services related to electricity distribution, erects and commissions

transmission lines, and is diversifying into the telecommunications market.


LTM as of: 01/yy

52-Week High (05.12.2012) 113.20

52-Week Low (24.05.2012) 85.80

Daily Volume

94.75





224'848.59 1 Yr Total Return -0.24%







TPWR IB EQUITY YTD Change - Average Volume 30 Day 237'568

TPWR IB EQUITY YTD % CHANGE - Average Volume 3 Month 393'458


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

107'872.5 174'787.2 188'000.7 194'507.6 260'014.0 0.0 0.0 304'399.7 354'773.6 - -

3.26x 1.77x 2.66x 17.51x 2.11x #DIV/0! #DIV/0! 1.78x 1.49x - -

20'802.7 36'722.4 37'363.3 46'651.8 53'479.4 0.0 0.0 62'212.3 74'495.1 - -

16.93x 8.42x 13.37x 73.00x 10.27x 0.00x 0.00x 8.60x 7.18x - -

10'550.7 12'187.4 19'668.4 20'596.0 (10'876.8) 0.0 0.0 11'254.5 13'608.5 2'164.0 4'865.0

23.31x 13.96x 16.23x 153.96x - 0.00x 0.00x 19.11x 16.31x - -


EBIT 40'133.00 Long-Term Rating BB-





Return on Capital -7.18% EBITDA/Interest Exp. 2.17




EBITDA Margin 20.6%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tata Power Co LtdPrice/Volume

Valuation Analysis

155'723.00


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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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12 !!

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



27.03.2013


TATA SONS LTD n/a ULT-AGG 1'445'313 4.69 (70'942) 31.12.2012 Investment Advisor

SWATCH GROUP AG n/a Co File 505'000 1.64 - 31.12.2011 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 463'841 1.5 63'157 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 448'873 1.46 (10'129) 31.01.2013 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 374'750 1.22 78'689 25.03.2013 Investment Advisor


CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 266'305 0.86 (25'035) 28.02.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 255'065 0.83 (255'195) 31.01.2013 Investment Advisor


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 230'863 0.75 (180) 30.11.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 196'392 0.64 (169) 31.12.2012 Investment Advisor

WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 184'025 0.6 - 31.12.2012 Hedge Fund Manager

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 178'394 0.58 (621) 31.01.2013 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 154'414 0.5 (69'287) 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 144'672 0.47 (88'242) 31.01.2013 Investment Advisor

GRETHER ESTHER n/a Co File 114'000 0.37 - 31.12.2011 n/a

ROYAL BANK OF CANADA n/a ULT-AGG 112'640 0.37 20'597 30.11.2012 Bank

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 108'442 0.35 (5'868) 28.02.2013 Investment Advisor



BNP Paribas Equity Research GIRISH NAIR reduce 2 M 85 12 month 25.03.2013

Avendus Capital Private Ltd ABHAY MOGHE hold 3 M 104 Not Provided 25.03.2013

Axis Capital Limited BHAVIN VITHLANI hold 3 M 100 Not Provided 22.03.2013

Jefferies LAVINA QUADROS buy 5 M 120 12 month 20.03.2013

ICICI Securities PRAKASH GAURAV GOEL add 4 M 103 12 month 19.03.2013

CIMB HARISH BIHANI neutral 3 N 105 12 month 12.03.2013

Credit Suisse AMISH SHAH underperform 1 D 83 Not Provided 11.03.2013

Motilal Oswal Securities Ltd NALIN BHATT neutral 3 M 105 Not Provided 07.03.2013

Batlivala & Karani Securities VISHAL BIRAIA outperform 5 M 107 Not Provided 07.03.2013

HSBC ARUN KUMAR SINGH overweight 5 M 117 Not Provided 06.03.2013

Antique Stock Broking Limited RAHUL MODI hold 3 M 94 Not Provided 28.02.2013

Standard Chartered LAKSHMINARAYANA GANTI underperform 1 M 86 12 month 26.02.2013

IDFC Securities Ltd SHIRISH RANE neutral 3 M 103 Not Provided 26.02.2013

Quant Broking Pvt Ltd ABHINEET ANAND sell 1 M 88 12 month 26.02.2013

IIFL HARSHAWARDHAN S DOLE buy 5 M 120 Not Provided 22.02.2013

Ambit Capital Pvt Ltd BHARGAV BUDDHADEV buy 5 M 120 Not Provided 20.02.2013


Deutsche Bank ABHISHEK PURI hold 3 M 97 12 month 12.02.2013

JM Financial Institutional Securities P SUBHADIP MITRA hold 3 M 97 12 month 12.02.2013

HDFC Securities ABHINAV SHARMA underperform 1 M 97 12 month 12.02.2013

Karvy Stock Broking Ltd RUPESH D SANKHE buy 5 M 119 Not Provided 12.02.2013

ICICIdirect.com CHIRAG J SHAH hold 3 M 97 6 month 12.02.2013

Barclays VENUGOPAL GARRE equalweight 3 M 95 Not Provided 12.02.2013

ITI Securities Ltd ABHISHEK B PATEL buy 5 U 119 12 month 12.02.2013

India Nivesh Ltd ABHISHEK JAIN buy 5 M 125 Not Provided 12.02.2013

Morgan Stanley PARAG GUPTA Underwt/In-Line 1 M 87 12 month 11.02.2013

JPMorgan SUMIT KISHORE overweight 5 M 118 6 month 11.02.2013

Prabhudas Lilladher Pvt Ltd RUPA SHAH accumulate 4 M 111 12 month 11.02.2013

Emkay Share & Stock Brokers AMIT GOLCHHA hold 3 M 95 Not Provided 11.02.2013

IFCI Financial Services SACHIN MEHTA sell 1 M 92 12 month 11.02.2013

Edelweiss Capital SHANKAR K buy 5 M 122 12 month 11.02.2013

Kotak Securities MURTUZA ARSIWALLA add 4 M 113 Not Provided 09.02.2013


NVS Brokerage Limited TEAM COVERAGE buy 5 M 135 12 month 17.01.2013


Macquarie INDERJEET SINGH BHATIA neutral 3 M 103 12 month 07.11.2012

MSFL - Institutional Business Group SITARAMAN IYER hold 3 M 106 12 month 18.10.2012

Religare Capital Markets MISAL SINGH hold 3 M 105 12 month 10.09.2012

IDBI Capital Market Services Ltd ROHIT SINGH buy 5 M 116 Not Provided 08.08.2012

SPA Securities Ltd RINA SANGHAVI hold 3 M 116 Not Provided 28.05.2012

First Global Stockbroking HITESH KUVELKAR Moderate Underperformer 2 M #N/A N/A Not Provided 27.02.2012

SMC Global Securities Ltd. JAISHEEL GARG outperform 5 M 124 Not Provided 09.01.2012

Holdings By:

Tata Power Co Ltd ee


27.03.2013

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of

steel products. The Company's products include steel ball bearing rings, alloy

steel bearing rings, annular forgings, flanges, bearings, welded steel tubes,

cold rolled strips and seamless tubes. Tata Steel also manufactures

metallurgical machinery.


LTM as of: 12/yy

52-Week High (03.04.2012) 482.00

52-Week Low (26.03.2013) 305.00

Daily Volume

306.2





297'386.13 1 Yr Total Return -29.41%







TATA IB EQUITY YTD Change - Average Volume 30 Day 771'015

TATA IB EQUITY YTD % CHANGE - Average Volume 3 Month 694'135


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

1'315'336.3 1'473'292.6 1'023'931.2 1'187'531.2 1'328'997.0 98'515.0 101'719.0 ######### ######### 351'677.0 368'849.0

0.80x 0.49x 0.99x 0.89x 0.72x 7.22x 8.10x 0.65x 0.65x - -

188'723.9 187'616.9 84'118.7 167'466.7 124'167.9 34'382.0 39'711.0 120'767.4 155'407.5 32'622.0 -

5.58x 3.83x 12.04x 6.30x 7.69x 5.22x 5.52x 6.24x 4.85x - -

123'499.8 49'509.0 (20'092.2) 89'826.9 53'897.7 7'937.0 9'490.0 16'568.7 37'836.9 2'406.5 11'074.0

3.93x 3.10x - 6.28x 8.41x 19.98x 18.44x 17.35x 7.95x 8.37x 6.98x


EBIT 79'001.40 Long-Term Rating BB









EBITDA Margin 9.3%



Asset Turnover 0.94







Fiscal Year Ended

Tata Steel LtdPrice/Volume

Valuation Analysis

1'046'612.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

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-.!

-1!

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- ! B

. ! B

0 ! B

1 ! B

2 ! B

3 ! B

4 ! B

5 ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

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0 !!

1 !!

2 !!

3 !!

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27.03.2013



LIFE INSURANCE CORP n/a Co File 145'709'683 15 - 31.12.2012 Government

GOVT OF SINGAPORE IN n/a ULT-AGG 17'162'293 1.77 - 31.12.2012 Government

HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 16'880'481 1.74 - 28.02.2013 Investment Advisor

ICICI PRUDENTIAL LIF n/a Co File 15'624'088 1.61 - 31.12.2012 Insurance Company

NATIONAL INSURANCE C n/a Co File 11'054'459 1.14 - 31.12.2012 Insurance Company

NEW INDIA ASSURANCE n/a Co File 10'784'993 1.11 - 31.12.2012 Government





TATA MOTORS LTD n/a Co File 4'432'497 0.46 - 31.12.2012 Corporation


ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 3'000'000 0.31 (13'000) 31.01.2013 Investment Advisor

TATA CHEMICALS LTD n/a Co File 2'491'977 0.26 - 31.12.2012 Corporation

UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'467'713 0.25 - 28.02.2013 Investment Advisor

TATA AIG LIFE INS CO n/a EXCH 2'225'377 0.23 75 27.03.2012 Insurance Company

MORGAN STANLEY n/a ULT-AGG 2'045'075 0.21 (59'081) 28.02.2013 Investment Advisor


TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'849'402 0.19 125'000 28.02.2013 Investment Advisor


Standard Chartered SATISH KUMAR in-line 3 M 329 12 month 25.03.2013

Sanford C. Bernstein & Co VANESSA LAU market perform 3 M 420 12 month 22.03.2013

Axis Capital Limited NITESH JAIN buy 5 M 495 Not Provided 22.03.2013

Nomura ALOK KUMAR NEMANI buy 5 M 443 12 month 22.03.2013

IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 304 Not Provided 22.03.2013


Muthoot Securities VINEET PAUL buy 5 M 502 Not Provided 22.03.2013

Motilal Oswal Securities Ltd SANJAY JAIN sell 1 M 305 Not Provided 18.03.2013

Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR buy 5 M 443 Not Provided 15.03.2013

Emkay Share & Stock Brokers GOUTAM CHAKRABORTY reduce 2 M 349 Not Provided 15.03.2013

Nirmal Bang Institutional Equities GIRIRAJ DAGA sell 1 M 307 Not Provided 12.03.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 N 403 Not Provided 09.03.2013

Edelweiss Capital PRASAD BAJI buy 5 M 516 12 month 06.03.2013

Morgan Stanley VIPUL PRASAD Overwt/In-Line 5 M 496 12 month 01.03.2013

Elara Securities India Pvt Ltd ASHISH KEJRIWAL accumulate 4 M 411 Not Provided 28.02.2013

Batlivala & Karani Securities PRITAM LALA underperform 1 M 328 Not Provided 25.02.2013

HSBC JIGAR MISTRY neutral 3 M 400 Not Provided 21.02.2013

Angel Broking Limited BHAVESH CHAUHAN buy 5 M 443 Not Provided 21.02.2013

Equirus Securities Pvt Ltd ASHUTOSH TIWARI neutral 3 M 417 15 month 21.02.2013


Credit Suisse NEELKANTH MISHRA underperform 1 M 300 Not Provided 20.02.2013

KR Choksey Shares & Sec Pvt Ltd UMESH PATEL hold 3 M 395 Not Provided 16.02.2013

Phillip Securities DHAWAL DOSHI neutral 3 M 416 Not Provided 15.02.2013

ICICIdirect.com DEWANG SANGHAVI hold 3 M 374 15 month 15.02.2013

MSFL - Institutional Business Group TANUJ RASTOGI buy 5 M 421 12 month 15.02.2013

Deutsche Bank ABHAY LAIJAWALA buy 5 M 445 12 month 14.02.2013

Macquarie RAKESH ARORA underperform 1 M 304 12 month 14.02.2013

CIMB RAHUL JAIN underperform 1 M 360 12 month 14.02.2013

Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR accumulate 4 M 430 12 month 14.02.2013

Sunidhi Consultancy Services CHINTAN J MEHTA underperform 1 D 335 12 month 14.02.2013

Religare Capital Markets VARUN LOHCHAB buy 5 M 440 12 month 14.02.2013

India Infoline TARANG BHANUSHALI buy 5 M 422 9 month 14.02.2013

Dolat Capital Market Ltd. RAM MODI reduce 2 M 396 12 month 14.02.2013

Antique Stock Broking Limited AMIT AGARWAL buy 5 M 465 Not Provided 14.02.2013

Systematix Shares & Stocks Ltd ERIC MARTINS buy 5 M 498 12 month 14.02.2013

Ambit Capital Pvt Ltd JATIN KOTIAN buy 5 M 484 Not Provided 14.02.2013

Barclays CHIRAG SHAH equalweight 3 M 403 Not Provided 14.02.2013

IIFL BIJAL SHAH add 4 M 406 12 month 14.02.2013

Centrum Broking Pvt Ltd ABHISAR JAIN sell 1 M 355 12 month 14.02.2013

JPMorgan PINAKIN M PAREKH overweight 5 M 505 9 month 13.02.2013

Kotak Securities KAWALJEET SALUJA add 4 M 400 Not Provided 13.02.2013

ICICI Securities ABHIJIT MITRA buy 5 M 463 12 month 12.02.2013

Karvy Stock Broking Ltd PALLAV AGARWAL buy 5 M 461 Not Provided 10.01.2013

Holdings By:

Tata Steel Ltd ee


27.03.2013

Titan Industries Ltd. manufactures and retails jewelry and watches. The

Company produces quartz analog electronic watches, watch movements, step

motors, and watch cases. Titan Industries serves customers throughout the

United States.


LTM as of: 12/yy

52-Week High (30.11.2012) 313.60

52-Week Low (05.06.2012) 203.90

Daily Volume

251.7





223'455.77 1 Yr Total Return 6.72%







TTAN IB EQUITY YTD Change - Average Volume 30 Day 335'404

TTAN IB EQUITY YTD % CHANGE - Average Volume 3 Month 297'431


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

29'968.8 38'326.4 46'771.6 65'331.4 88'484.3 - - 103'217.2 127'616.3 - -

1.63x 0.94x 1.72x 2.42x 2.19x - - 2.04x 1.61x - -

2'508.2 3'150.6 3'992.2 6'179.2 8'377.1 - - 10'181.8 12'788.8 - -

19.46x 11.42x 20.19x 25.60x 23.09x - - 21.05x 16.76x - -

1'399.6 1'639.2 2'513.0 4'331.2 6'013.6 - - 7'310.4 9'115.3 - -

33.52x 21.17x 32.51x 39.06x 33.74x - - 30.67x 24.68x - -











EBITDA Margin 9.5%



Asset Turnover 2.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Titan Industries LtdPrice/Volume

Valuation Analysis

263'259.00


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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

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27.03.2013


TAMILNADU INDUSTRIAL n/a Co File 247'476'720 27.88 - 31.12.2012 Corporation


KALIMATI INVESTMENT n/a Co File 77'555'840 8.74 - 31.12.2012 Investment Advisor

JHUNJHUNWAL RAKESH R n/a Co File 71'509'100 8.05 - 31.12.2012 n/a

JHUNJHUNWALA REKHA R n/a Co File 20'041'120 2.26 - 31.12.2012 n/a


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 15'132'580 1.7 - 31.12.2012 Investment Advisor

TATA CHEMICALS LTD n/a Co File 13'826'180 1.56 - 31.12.2012 Corporation


TATA GLOBAL BEVERAGE n/a Co File 9'248'060 1.04 - 31.12.2012 Corporation

IIFL VONTOBEL INDIA n/a Co File 9'241'253 1.04 - 31.12.2012 Other

MERRILL LYNCH CAPITA n/a Co File 9'121'538 1.03 - 31.12.2012 Investment Advisor




EWART INVESTMENTS LT n/a Co File 4'964'480 0.56 - 31.12.2012 Other



MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'682'062 0.3 (503'091) 28.09.2012 Investment Advisor

TATA AIG LIFE INS CO n/a EXCH 2'661'027 0.3 (150'000) 04.04.2012 Insurance Company


Axis Capital Limited HEMANT B PATEL buy 5 M 334 Not Provided 22.03.2013

Morgan Stanley NILLAI SHAH Equalwt/In-Line 3 U 245 12 month 21.03.2013

BNP Paribas Equity Research ALOK DALAL buy 5 M 337 12 month 20.03.2013

HSBC AMIT SACHDEVA overweight 5 M 330 Not Provided 12.03.2013

IIFL AVI MEHTA reduce 2 M 255 12 month 11.03.2013

Credit Suisse ARNAB MITRA outperform 5 M 338 Not Provided 07.03.2013

Nomura MANISH JAIN buy 5 M 321 Not Provided 28.02.2013

Goldman Sachs PUNEET JAIN neutral/neutral 3 M 298 12 month 22.02.2013

Motilal Oswal Securities Ltd GAUTAM DUGGAD buy 5 M 320 Not Provided 22.02.2013


Edelweiss Capital ABNEESH ROY buy 5 M 320 12 month 11.02.2013

Standard Chartered SANJAY SINGH outperform 5 M 318 12 month 31.01.2013

Anand Rathi Securities Pvt. Ltd. SUMAN MEMANI buy 5 M 325 12 month 31.01.2013

Antique Stock Broking Limited ABHIJEET KUNDU hold 3 D 290 Not Provided 31.01.2013

ICICIdirect.com BHARAT CHHODA buy 5 U 319 12 month 31.01.2013

JPMorgan LATIKA CHOPRA underweight 1 M 270 9 month 30.01.2013

Jefferies RAJASA KAKULAVARAPU hold 3 M 288 12 month 30.01.2013

Kotak Securities AMRITA BASU add 4 M 325 Not Provided 30.01.2013

Batlivala & Karani Securities ASHIT DESAI buy 5 M 330 Not Provided 30.01.2013

IDFC Securities Ltd NIKHIL K VORA outperform 5 M 300 18 month 30.01.2013

Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA buy 5 M 285 Not Provided 30.01.2013

Religare Capital Markets VARUN LOHCHAB buy 5 M 310 12 month 30.01.2013

Dolat Capital Market Ltd. AMIT PUROHIT buy 5 M 347 12 month 30.01.2013


Daiwa Securities Co. Ltd. MIHIR P SHAH buy 5 M 340 Not Provided 24.12.2012

Deutsche Bank MANOJ MENON buy 5 M 330 12 month 22.11.2012

Proactive Universal KAUSTAV KAKATI hold 3 M 249 12 month 01.08.2012

HDFC Securities SAMEER NARANG underperform 1 M 220 12 month 11.07.2012

Fairwealth Securities Ltd HITESH PAREKH sell 1 M 220 12 month 03.05.2012

JM Financial Institutional Securities P RICHARD LIU buy 5 M 248 12 month 31.01.2012

Greshma Shares & Stock Ltd TEAM COVERAGE buy 5 M 240 Not Provided 07.10.2011

First Global Stockbroking HITESH KUVELKAR moderate outperform 4 M #N/A N/A Not Provided 29.07.2011

India Infoline TEAM COVERAGE sell 1 M 203 Not Provided 11.07.2011

Holdings By:

Titan Industries Ltd ee


27.03.2013

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company

represents the cement operations of Larsen & Toubro which were spun-off into a

separate entity in which Grasim Industries holds a majority interest.


LTM as of: 12/yy

52-Week High (12.10.2012) 2'074.80

52-Week Low (04.05.2012) 1'254.90

Daily Volume

1850.55





507'376.78 1 Yr Total Return 24.72%







UTCEM IB EQUITY YTD Change - Average Volume 30 Day 6'539

UTCEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 12'459


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

56'238.2 65'636.4 71'750.7 136'874.0 190'855.6 - - 216'093.1 250'734.5 - -

2.00x 1.21x 1.99x 2.30x 2.32x - - 2.59x 2.20x - -

17'319.7 17'383.2 19'806.5 26'906.5 41'583.6 - - 48'752.7 58'742.4 - -

6.51x 4.56x 7.20x 11.68x 10.64x - - 10.96x 9.10x - -

10'100.5 9'780.6 10'952.0 13'673.5 24'032.6 - - 27'922.8 33'144.3 - -

9.67x 7.02x 13.13x 22.68x 17.27x - - 18.34x 15.42x - -











EBITDA Margin 21.8%



Asset Turnover 0.82







Fiscal Year Ended

Ultratech Cement LtdPrice/Volume

Valuation Analysis

5'425.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 B

- ! B

- 2 B

. ! B

. 2 B

0 ! B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

. !!

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3 !!

5 !!

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27.03.2013


GRASIM INDUSTRIES LT n/a Co File 165'335'150 60.3 - 31.12.2012 Corporation





TURQUOISE INVESTMENT n/a Co File 1'898'049 0.69 - 31.12.2012 Investment Advisor


TRAPTI TRADING AND I n/a EXCH 1'382'528 0.5 (6'000) 14.02.2013 Corporation

HINDALCO INDUSTRIES n/a Co File 1'313'748 0.48 - 31.12.2012 Corporation


BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 948'000 0.35 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 882'763 0.32 (7'924) 25.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 502'862 0.18 - 31.01.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 477'187 0.17 - 28.02.2013 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 443'770 0.16 123'100 31.12.2012 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 286'000 0.1 - 31.01.2013 Investment Advisor

SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 264'238 0.1 - 28.02.2013 Investment Advisor

EDINBURGH FUND MANAG Multiple Portfolios MF-AGG 238'047 0.09 - 28.02.2013 Investment Advisor

L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 186'718 0.07 - 28.02.2013 Investment Advisor



IIFL J RADHAKRISHNAN buy 5 M 2'578 12 month 26.03.2013

Quant Broking Pvt Ltd MANGESH BHADANG reduce 2 M 1'856 Not Provided 25.03.2013

Axis Capital Limited JAGDISHWAR TOPPO hold 3 M 1'790 Not Provided 22.03.2013

JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 2'250 Not Provided 21.03.2013


Deutsche Bank CHOCKALINGAM NARAYANAN buy 5 M 2'100 12 month 20.03.2013

ICICI Securities KRUPAL MANIAR buy 5 M 2'250 12 month 19.03.2013

Batlivala & Karani Securities PRITAM LALA outperform 5 M 2'245 Not Provided 19.03.2013

Goldman Sachs NAVIN GUPTA neutral/neutral 3 N 1'800 12 month 18.03.2013

HDFC Securities ANKUR KULSHRESTHA underperform 1 M 1'765 12 month 15.03.2013

Credit Suisse ANUBHAV AGGARWAL neutral 3 M 1'900 Not Provided 11.03.2013

ICICIdirect.com RASHESH SHAH hold 3 M 2'110 24 month 11.03.2013

Standard Chartered SATISH KUMAR outperform 5 M 2'127 12 month 08.03.2013

Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 1'927 12 month 06.03.2013

Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH buy 5 M 2'314 Not Provided 06.03.2013

Emkay Share & Stock Brokers AJIT MOTWANI hold 3 M 1'950 Not Provided 05.03.2013

Ambit Capital Pvt Ltd NITIN BHASIN sell 1 M 1'805 12 month 05.03.2013

Antique Stock Broking Limited NIRAV SHAH buy 5 M 2'227 Not Provided 01.03.2013

IDBI Capital Market Services Ltd SIDDHANT KUMAR reduce 2 M 1'739 Not Provided 28.02.2013

Karvy Stock Broking Ltd RAJESH KUMAR RAVI buy 5 M 2'300 Not Provided 28.02.2013

Maybank Kim Eng JIGAR A SHAH buy 5 M 2'201 12 month 27.02.2013

Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 2'338 Not Provided 22.02.2013

Elara Securities India Pvt Ltd RAVI SODAH accumulate 4 M 2'220 Not Provided 22.02.2013

Jefferies ANAND AGARWAL hold 3 M 2'020 12 month 20.02.2013

Sharekhan Ltd TEAM COVERAGE hold 3 M 2'100 Not Provided 20.02.2013

Systematix Shares & Stocks Ltd BINOD MODI accumulate 4 M 2'266 12 month 20.02.2013

Edelweiss Capital NAVIN SAHADEO buy 5 M 2'244 12 month 12.02.2013

First Global Stockbroking DEVINA MEHRA outperform 5 M #N/A N/A Not Provided 07.02.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 2'180 Not Provided 07.02.2013

Morgan Stanley ASHISH G JAIN Equalwt/In-Line 3 D 2'050 12 month 05.02.2013

Phillip Securities VAIBHAV AGARWAL buy 5 M 2'727 Not Provided 28.01.2013

HSBC JIGAR MISTRY underweight 1 D 1'610 Not Provided 24.01.2013


SBI Capital Markets MILIND RAGINWAR reduce 2 M 1'723 12 month 22.01.2013

Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA hold 3 M 2'150 Not Provided 21.01.2013

IDFC Securities Ltd BHOOMIKA NAIR underperform 1 M 1'600 18 month 21.01.2013

Tata Securities Limited NIRAJ AGARWALLA hold 3 M 1'948 12 month 21.01.2013

Brics Securities NOVONIL GUHA sell 1 M 1'525 Not Provided 21.01.2013


Almondz Global Securities Ltd MANISH RAJ hold 3 M 1'934 Not Provided 21.01.2013

Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 U 2'252 12 month 21.01.2013

BOB Capital Markets JINAL JOSHI buy 5 M 2'156 12 month 21.01.2013

JPMorgan PINAKIN M PAREKH underweight 1 M 1'600 9 month 20.01.2013

Holdings By:

Ultratech Cement Ltd ee


27.03.2013

Union Bank of India Limited provides a full range of banking services

throughout India. The Company's activities include retail banking, commercial

and personal banking, investment management, treasury and NRI services, cash

management and assorted ATM facilities. Union Bank has an online tele-banking

facility for all its core banking customers.


LTM as of: 12/yy

52-Week High (02.01.2013) 288.00

52-Week Low (30.08.2012) 150.10

Daily Volume

210.25





115'752.93 1 Yr Total Return 0.80%





Enterprise Value -


UNBK IB EQUITY YTD Change - Average Volume 30 Day 176'595

UNBK IB EQUITY YTD % CHANGE - Average Volume 3 Month 195'595


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

- - - 185'010.2 234'694.5 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - 22'078.9 17'718.5 - - - - - -

- - - 8.25x 6.98x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Union Bank of IndiaPrice/Volume

Valuation Analysis

239'622.00


!

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02 ! B

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20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

1998 1999 20002001 2002 2003 2004 20052006 2007 2008 2009 20102011 2012

! !!

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0 !!

1 !!

2 !!

3 !!

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27.03.2013


GOVERNMENT OF INDIA n/a Co File 299'214'515 54.35 - 31.12.2012 Government


HDFC LIFE INSURANCE n/a Co File 16'530'088 3 - 31.12.2012 Insurance Company


BIRLA SUN LIFE INSUR n/a Co File 5'808'538 1.06 - 31.12.2012 Insurance Company



GCIC LTD/CANADA Multiple Portfolios MF-AGG 4'250'499 0.77 (158'000) 31.12.2012 Investment Advisor


TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 3'295'929 0.6 100'000 28.02.2013 Mutual Fund Manager

BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 2'530'594 0.46 - 28.02.2013 Investment Advisor


GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'609'502 0.29 - 31.05.2012 Investment Advisor

DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 1'560'104 0.28 - 28.02.2013 Investment Advisor

IDFC MUTUAL FUND Multiple Portfolios MF-AGG 1'505'459 0.27 - 28.02.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'476'480 0.27 - 31.01.2013 Investment Advisor




KOTAK MAHINDRA Multiple Portfolios MF-AGG 989'163 0.18 - 28.02.2013 Investment Advisor


Elara Securities India Pvt Ltd RAKESH KUMAR reduce 2 D 220 12 month 26.03.2013

Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 288 Not Provided 22.03.2013

Phillip Securities MANISH AGARWALLA buy 5 M 300 Not Provided 21.03.2013

JM Financial Institutional Securities P PUNEET GULATI buy 5 M 265 12 month 20.03.2013

Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES hold 3 U 254 Not Provided 20.03.2013

Credit Suisse ASHISH GUPTA underperform 1 M 232 Not Provided 19.03.2013

IDFC Securities Ltd MANISH CHOWDHARY underperform 1 M 205 12 month 19.03.2013

Dolat Capital Market Ltd. RAJIV PATHAK buy 5 M 290 Not Provided 19.03.2013

IIFL SAMPATH S K KUMAR reduce 2 M 200 12 month 17.03.2013

Standard Chartered MAHRUKH ADAJANIA outperform 5 M 295 12 month 13.03.2013

Espirito Santo Investment Bank ResearchSAIKIRAN PULAVARTHI neutral 3 M 244 Not Provided 13.03.2013

Fortune Equity Brokers (India) Ltd VIJAY NARA hold 3 M 251 Not Provided 07.03.2013

Batlivala & Karani Securities ANAND DAMA outperform 5 M 260 Not Provided 05.03.2013

IDBI Capital Market Services Ltd SANDEEP JAIN hold 3 M 242 Not Provided 28.02.2013

Sunidhi Consultancy Services AMIT JAIN reduce 2 M 248 12 month 27.02.2013

Macquarie SURESH GANAPATHY underperform 1 M 220 12 month 26.02.2013

Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 265 Not Provided 26.02.2013

Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 305 Not Provided 22.02.2013

BNP Paribas Equity Research ABHIJIT MAJUMDER hold 3 M 255 12 month 21.02.2013

Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA outperform 5 M 260 Not Provided 19.02.2013

Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 U 275 Not Provided 19.02.2013


Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 315 Not Provided 13.02.2013

Spark Capital Advisors GANESHRAM JAYARAMAN sell 1 M 166 12 month 06.02.2013

Morgan Stanley SUMEET KARIWALA Underwt/In-Line 1 M 185 12 month 05.02.2013

Centrum Broking Pvt Ltd BHAVESH KANANI neutral 3 U 260 Not Provided 05.02.2013

Ambit Capital Pvt Ltd A SV KRISHNAN buy 5 M 285 Not Provided 04.02.2013

Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 270 12 month 04.02.2013

HSBC TEJAS MEHTA underweight 1 M 221 Not Provided 01.02.2013

HDFC Securities VISHAL MODI outperform 5 M 270 12 month 01.02.2013

Tata Securities Limited SREESANKAR RADHAKRISHNAN sell 1 M 226 12 month 01.02.2013

Religare Capital Markets SIDDHARTH TELI buy 5 M 310 12 month 01.02.2013

India Infoline RAJIV MEHTA buy 5 U 285 Not Provided 01.02.2013

Angel Broking Limited VAIBHAV AGRAWAL accumulate 4 M 286 12 month 01.02.2013

Antique Stock Broking Limited ALOK KAPADIA buy 5 M 280 Not Provided 01.02.2013

KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 U 275 Not Provided 01.02.2013

Deutsche Bank MANISH SHUKLA hold 3 M 310 12 month 31.01.2013

CIMB JATINDER AGARWAL underperform 1 M 250 12 month 31.01.2013

Kotak Securities MB MAHESH add 4 M 285 Not Provided 31.01.2013

Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 290 12 month 31.01.2013

Emkay Share & Stock Brokers KASHYAP JHAVERI hold 3 M 240 Not Provided 31.01.2013

Edelweiss Capital NILESH PARIKH buy 5 M 295 12 month 31.01.2013

Goldman Sachs TABASSUM INAMDAR neutral/neutral 3 M 270 12 month 27.01.2013

Holdings By:

Union Bank of India ee


27.03.2013

Unitech Limited is a real estate development company. The Company develops

self-sustaining residential areas, commercial spaces, amusement parks,

infrastructure development, thermal power plants, transmission lines, highways,

flyovers, industrial facilities, steel plants, and overseas turnkey projects.


LTM as of: 12/yy

52-Week High (15.01.2013) 40.90

52-Week Low (04.09.2012) 18.20

Daily Volume

22.1





57'780.85 1 Yr Total Return -23.26%







UT IB EQUITY YTD Change - Average Volume 30 Day 5'461'467

UT IB EQUITY YTD % CHANGE - Average Volume 3 Month 6'135'747


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

41'148.5 28'449.1 29'309.8 33'960.2 24'183.0 93'973.0 84'213.0 25'168.3 30'954.1 10'707.5 -

12.58x 4.98x 7.94x 4.19x 4.29x 2.92x 2.47x 4.21x 3.45x - -

22'666.3 16'323.3 10'756.0 9'867.4 3'289.5 10'117.0 7'150.0 4'727.9 6'667.2 1'254.0 -

22.84x 8.68x 21.64x 14.40x 31.55x 5.35x 7.17x 18.82x 13.34x - -

16'613.4 11'964.3 6'750.5 5'676.6 2'373.8 2'263.0 (3'726.0) 3'052.7 4'085.4 918.0 -

26.99x 4.74x 24.80x 18.01x 31.69x 15.75x 0.00x 18.09x 13.67x - -











EBITDA Margin 13.6%



Asset Turnover 0.10







Fiscal Year Ended

Unitech LtdPrice/Volume

Valuation Analysis

3'076'637.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

-3

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2 ! B

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-2 ! B

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.2 ! B

0! ! B

02 ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

-! !!

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0! !!

1! !!

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27.03.2013


PRAKAUSALI INV INDIA n/a EXCH 563'679'623 21.56 - 13.03.2013 Other

HARSIL PROJECTS PVT n/a EXCH 227'501'000 8.7 - 13.03.2013 Corporation

HSBC GLOBAL INV MAUR n/a Co File 182'190'342 6.97 - 30.09.2012 Investment Advisor

PLATINUM INVESTMENT n/a Co File 153'751'981 5.88 - 30.09.2012 Investment Advisor

IL&FS TRUST CO LTD n/a EXCH 153'075'000 5.85 - 18.03.2011 Investment Advisor

R V TECHNO INVEST PV n/a Co File 124'212'400 4.75 - 30.09.2012 Holding Company

MAYFAIR INVESTMENTS n/a EXCH 103'311'765 3.95 - 05.03.2013 Corporation

TULIP INVSTS PVT LTD n/a Co File 77'085'970 2.95 - 30.09.2012 Other

INDRUS COUNTERTRADE n/a Co File 70'129'800 2.68 - 30.09.2012 Other

CHANDRA SANJAY n/a Co File 66'894'880 2.56 - 30.09.2012 n/a

COLLEGE RETIREMENT E n/a Co File 48'143'686 1.84 - 30.09.2012 Other



GOVT PENSION FUND GL n/a Co File 30'653'938 1.17 - 30.09.2012 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'810'838 0.72 18'810'838 30.06.2012 Investment Advisor


BAHRI RAHUL n/a Co File 8'422'350 0.32 - 30.09.2012 n/a

WADHA MINOTI BAHRI n/a Co File 8'290'900 0.32 - 30.09.2012 n/a

UNIBILD ENGINEER & C n/a Co File 6'240'000 0.24 - 30.09.2012 Other



IIFL BHASKAR CHAKRABORTY sell 1 M 35 12 month 08.03.2013

JPMorgan SAURABH S KUMAR underweight 1 D 25 12 month 06.03.2013

Motilal Oswal Securities Ltd SANDIPAN PAL buy 5 M 58 Not Provided 22.02.2013

BNP Paribas Equity Research AVNEESH SUKHIJA hold 3 M 33 12 month 14.02.2013

ICICI Securities SHALEEN SILORI buy 5 M 34 12 month 14.02.2013

Batlivala & Karani Securities PREM KHURANA outperform 5 U 31 Not Provided 14.02.2013

Jefferies ANAND AGARWAL hold 3 M 33 12 month 13.02.2013

Prabhudas Lilladher Pvt Ltd KEJAL MEHTA reduce 2 M 25 12 month 13.02.2013

JM Financial Institutional Securities P HIMANSHU MAHESHWARI sell 1 M 24 12 month 13.02.2013

Religare Capital Markets ARUN AGGARWAL buy 5 M 50 12 month 13.02.2013

HSBC ASHUTOSH NARKAR overweight 5 U 43 Not Provided 30.01.2013

Goldman Sachs PUNEET JAIN neutral/attractive 3 M 36 12 month 23.01.2013


Standard Chartered GAURAV PATHAK underperform 1 D 28 12 month 16.01.2013

Macquarie ABHISHEK BHANDARI underperform 1 M 23 12 month 15.01.2013

Edelweiss Capital AASHIESH AGARWAAL not rated #N/A N/A M #N/A N/A Not Provided 07.01.2013

Phillip Securities ABHISHEK RANGANATHAN Under Review #N/A N/A M #N/A N/A Not Provided 15.11.2012

IFCI Financial Services RAJEEV DESAI sell 1 M 20 12 month 06.11.2012

Nomura PRABHAT AWASTHI suspended coverage #N/A N/A M #N/A N/A Not Provided 05.11.2012

Systematix Shares & Stocks Ltd ROHIT JAIN hold 3 M #N/A N/A Not Provided 11.07.2012

First Global Stockbroking HITESH KUVELKAR underperform 1 M #N/A N/A Not Provided 28.05.2012

Kotak Securities SAMAR SARDA not rated #N/A N/A M #N/A N/A Not Provided 16.05.2012

IDFC Securities Ltd NITIN AGARWAL Under Review #N/A N/A M #N/A N/A Not Provided 19.09.2011

KR Choksey Shares & Sec Pvt Ltd NIYATI JHAVERI hold 3 M 39 12 month 31.05.2011

Axis Capital Limited CHIRAG NEGANDHI Under Review #N/A N/A M #N/A N/A Not Provided 13.11.2010

Holdings By:

Unitech Ltd ee


27.03.2013

United Breweries Ltd. brews beer. The Company produces lager, pilsner, and

strong beers.


LTM as of: 12/yy

52-Week High (05.12.2012) 1'023.30

52-Week Low (31.05.2012) 458.00

Daily Volume

689





182'175.16 1 Yr Total Return 28.39%







UBBL IB EQUITY YTD Change - Average Volume 30 Day 250'404

UBBL IB EQUITY YTD % CHANGE - Average Volume 3 Month 209'798


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

15'607.7 19'294.6 22'755.0 30'598.1 36'251.5 - - 41'413.4 50'116.8 - -

3.20x 1.58x 2.44x 4.32x 4.21x - - 4.63x 3.80x - -

1'909.0 2'469.5 2'367.4 3'903.3 4'125.0 - - 5'292.0 6'923.2 - -

26.16x 12.36x 23.46x 33.88x 37.01x - - 36.42x 27.84x - -

541.7 455.8 896.4 1'474.9 1'267.7 - - 2'188.0 3'016.4 451.0 -

88.56x 56.37x 56.89x 91.15x 115.01x - - 83.86x 60.64x - -











EBITDA Margin 11.4%



Asset Turnover 1.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Breweries LtdPrice/Volume

Valuation Analysis

66'253.00


!

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2!

3!

4!

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

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27.03.2013


SCOTTISH & NEWSCASTL n/a Co File 98'484'230 37.25 - 31.12.2012 Holding Company

UNITED BREWERIES HOL n/a Co File 30'295'911 11.46 - 31.12.2012 Holding Company

MALLYA VIJAY n/a Co File 21'353'620 8.08 - 31.12.2012 n/a

MCDOWELL HOLDINGS LT n/a EXCH 10'707'344 4.05 - 25.02.2013 Holding Company

KAMSCO INDUSTRIES n/a Co File 9'786'666 3.7 - 31.12.2012 Other

MALLYA PVT LTD n/a Co File 9'786'666 3.7 - 31.12.2012 Corporation

ARISAIG PARTNERS ASI n/a Co File 8'760'165 3.31 - 31.12.2012 Investment Advisor

UNITED SPIRITS LTD n/a EXCH 8'500'000 3.21 - 19.02.2013 Corporation


NEW WORLD FUND INC n/a Co File 5'131'864 1.94 - 31.12.2012 n/a

GEM INVEST & TRADING n/a Co File 4'315'132 1.63 - 31.12.2012 Other

ACACIA PARTNERS LP n/a Co File 3'780'000 1.43 - 31.12.2012 Investment Advisor

TREE LINE ASIA MASTE n/a Co File 2'890'000 1.09 - 31.12.2012 n/a

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'522'126 0.95 8'325 31.01.2013 Investment Advisor

DEVI INVESTMENT & DE n/a Co File 1'859'300 0.7 - 31.12.2012 Other


PHARMA TRADING CO n/a Co File 1'514'366 0.57 - 31.12.2012 Private Equity

PLATINUM INVESTMENT n/a EXCH 1'462'635 0.55 - 11.10.2012 Investment Advisor


AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 622'100 0.24 - 31.10.2012 Investment Advisor


Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY sell 1 M 336 Not Provided 05.03.2013

Kotak Securities JASDEEP WALIA sell 1 M 700 Not Provided 10.02.2013

Religare Capital Markets VARUN LOHCHAB sell 1 M 500 12 month 10.02.2013

Batlivala & Karani Securities ASHIT DESAI sell 1 M 450 Not Provided 08.02.2013


IDFC Securities Ltd NIKHIL K VORA underperform 1 M 650 18 month 11.11.2012

India Infoline BHAVESH GANDHI market perform 3 M 428 9 month 08.02.2012

Holdings By:

United Breweries Ltd ee


27.03.2013

United Phosphorus Ltd. manufactures, distributes and exports off-patent

agrochemicals. The Company also manufactures phosphorus & phosphorus-based

compounds and its products include herbicides, fungicides, insecticides,

fumigants and rodenticides. United Phosphorus also manufactures industrial

chemicals, specialty chemicals and chloralkaline products


LTM as of: 12/yy

52-Week High (21.01.2013) 144.10

52-Week Low (04.06.2012) 105.00

Daily Volume

116.6





51'607.66 1 Yr Total Return -8.22%


Preferred Stock - Adjusted BETA 1.050





UNTP IB EQUITY YTD Change - Average Volume 30 Day 160'683

UNTP IB EQUITY YTD % CHANGE - Average Volume 3 Month 254'652


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

35'155.1 48'021.2 52'900.4 57'606.8 76'547.2 322'520.0 342'058.0 86'914.2 96'009.9 24'238.0 -

1.86x 1.26x 1.34x 1.15x 1.13x 2.44x 3.40x 0.95x 0.82x - -

6'216.3 9'791.1 9'156.9 10'858.3 13'900.6 78'506.0 72'897.0 15'409.5 17'112.0 4'377.3 -

10.53x 6.16x 7.74x 6.09x 6.24x 3.44x 4.06x 5.08x 4.57x - -

2'574.9 4'558.7 5'261.6 5'576.2 5'555.5 15'189.0 21'673.0 7'021.1 8'083.9 2'209.3 -

20.28x 9.47x 12.46x 12.00x 10.81x 11.01x 8.61x 7.37x 6.36x - -











EBITDA Margin 18.2%



Asset Turnover 0.82








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Phosphorus LtdPrice/Volume

Valuation Analysis

112'874.00


!2!!!

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50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

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

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27.03.2013


NERKA CHEMICALS PVT n/a Co File 98'633'100 22.28 - 31.12.2012 Other

UNIPHOS ENTERPRISES n/a Co File 25'337'060 5.72 - 31.12.2012 Corporation



HDFC LIFE INSURANCE n/a Co File 17'126'042 3.87 - 31.12.2012 Insurance Company

GOLDMAN SACHS INV MA n/a Co File 16'673'565 3.77 - 31.12.2012 Investment Advisor

RELIANCE CAPITAL TRU n/a Co File 8'208'573 1.85 - 31.12.2012 Other



SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 6'000'000 1.36 - 28.02.2013 Investment Advisor

CITIBANK INTERNATION n/a Co File 5'681'083 1.28 - 31.12.2012 Investment Advisor




INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 3'327'511 0.75 8'721 30.11.2012 Mutual Fund Manager

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 3'265'479 0.74 (161'637) 31.10.2012 Investment Advisor

SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 2'970'472 0.67 - 28.02.2013 Investment Advisor

SHROFF SHILPA R n/a Co File 2'907'279 0.66 - 31.12.2012 n/a




Quant Broking Pvt Ltd HIMANSHU NAYYAR accumulate 4 N 132 12 month 25.03.2013

HDFC Securities SATISH MISHRA outperform 5 N 142 12 month 13.03.2013

Prabhudas Lilladher Pvt Ltd BALWINDAR SINGH buy 5 M 170 12 month 04.03.2013

Morgan Stanley GIRISH ACHHIPALIA Overwt/Attractive 5 U 162 12 month 25.02.2013

Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 203 Not Provided 22.02.2013

India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 217 Not Provided 21.02.2013

MSFL - Institutional Business Group RAHUL METKAR buy 5 M 154 12 month 08.02.2013


Sunidhi Consultancy Services TARUN SURANA buy 5 M 171 12 month 30.01.2013

Indsec Securities & Finance Ltd MILAN WADKAR buy 5 M 174 12 month 30.01.2013

IIFL ABHIJIT R AKELLA reduce 2 M 130 12 month 30.01.2013

Quantum Securities Pvt Ltd AMIT RANE outperform 5 U 164 18 month 30.01.2013

Deutsche Bank AMIT MURARKA buy 5 M 157 12 month 29.01.2013

CIMB ATUL RASTOGI outperform 5 M 175 12 month 29.01.2013

Kotak Securities JASDEEP WALIA reduce 2 M 120 Not Provided 29.01.2013

Batlivala & Karani Securities G VIJAYARAGHAVAN buy 5 M 160 Not Provided 29.01.2013


Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 M 172 Not Provided 29.01.2013

Angel Broking Limited SARABJIT KOUR NANGRA buy 5 M 170 12 month 29.01.2013

Edelweiss Capital MANISH MAHAWAR buy 5 M 165 12 month 29.01.2013


Phillip Securities GAURI ANAND neutral 3 M 115 Not Provided 12.11.2012


Spark Capital Advisors MUKESH SARAF add 4 D 140 12 month 23.07.2012

Shah Investor's Home Limited AMEYA HARDAS buy 5 M 158 12 month 03.05.2012

Prime Broking Company ROHIT SANGHAVI buy 5 D 167 Not Provided 31.01.2012

Holdings By:

United Phosphorus Ltd ee


27.03.2013

United Spirits Ltd. manufactures and distributes a variety of alcohols and

spirits, including whiskey, brandy and rum. The Company's well known brands

include "McDowell's No. 1 Whiskey," "McDowell's No. 1 Brandy," "McDowell's

Diplomat Whiskey" and "McDowell's Signature Whiskey." United Spirits also

manufactures Indian-made foreign liquor brands.


LTM as of: 01/yy

52-Week High (29.11.2012) 2'149.00

52-Week Low (31.05.2012) 547.15

Daily Volume

1885.2





246'574.67 1 Yr Total Return 238.09%







UNSP IB EQUITY YTD Change - Average Volume 30 Day 288'203

UNSP IB EQUITY YTD % CHANGE - Average Volume 3 Month 271'541


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 06/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

46'275.3 54'680.6 63'623.1 73'761.9 91'864.9 - - 105'767.4 120'757.0 20'109.0 -

4.60x 2.47x 3.37x 2.66x 1.78x - - 2.99x 2.41x - -

11'766.7 7'703.6 10'538.3 11'778.0 11'797.8 - - 14'290.3 17'118.8 2'361.0 -

18.09x 17.56x 20.36x 16.66x 13.83x - - 23.12x 19.30x - -

2'720.6 (4'084.1) (227.1) 5'695.2 1'879.2 - - 3'451.7 7'388.0 658.0 -

47.54x - - 22.65x 40.59x - - 67.73x 36.46x - -











EBITDA Margin 12.8%



Asset Turnover 0.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Spirits LtdPrice/Volume

Valuation Analysis

131'395.00


!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

- B

. B

0 B

1 B

2 B

3 B

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



27.03.2013


UNITED BREWERIES HOL n/a EXCH 23'220'123 17.75 - 18.02.2013 Holding Company

KINGFISHER FINVEST I n/a EXCH 12'676'342 9.69 - 04.03.2013 Corporation

JP MORGAN CHASE BANK n/a EXCH 6'401'026 4.89 130'000 04.10.2010 Investment Advisor

PLATINUM INVESTMENT n/a Co File 4'480'210 3.43 - 31.12.2012 Investment Advisor

PALMER INVESTMENT GR n/a Co File 4'376'771 3.35 - 31.12.2012 Other

JP MORGAN n/a ULT-AGG 3'556'760 2.72 - 22.02.2012 Unclassified

USL BENEFIT TRUST n/a Co File 3'459'090 2.64 - 31.12.2012 n/a

NEW WORLD FUND INC n/a Co File 3'044'752 2.33 - 31.12.2012 n/a


CLSA MAURITIUS LTD n/a Co File 2'850'281 2.18 - 31.12.2012 Investment Advisor



MERRILL LYNCH CAPITA n/a Co File 2'195'349 1.68 - 31.12.2012 Investment Advisor

MORGAN STANLEY ASIA/ n/a Co File 2'130'514 1.63 - 31.12.2012 Unclassified


DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 1'984'099 1.52 (2'768) 28.02.2013 Investment Advisor


DB INTERNATIONAL ASI n/a Co File 1'858'649 1.42 - 31.12.2012 Bank

CREDIT SUISSE/SINGAP n/a Co File 1'449'760 1.11 - 31.12.2012 Bank

GOLDMAN SACHS INV MA n/a Co File 1'302'758 1 - 31.12.2012 Investment Advisor


India Infoline BHAVESH GANDHI buy 5 M 2'150 12 month 25.03.2013

BNP Paribas Equity Research ALOK DALAL buy 5 N 2'173 12 month 06.03.2013

IIFL AVI MEHTA buy 5 M 2'220 12 month 27.02.2013

Nomura MANISH JAIN buy 5 M 2'200 Not Provided 24.02.2013

Motilal Oswal Securities Ltd GAUTAM DUGGAD buy 5 M 2'490 Not Provided 22.02.2013

First Global Stockbroking DEVINA MEHRA outperform 5 M #N/A N/A Not Provided 21.02.2013


Antique Stock Broking Limited ABHIJEET KUNDU hold 3 D 2'010 Not Provided 06.02.2013

Morgan Stanley NILLAI SHAH restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013

JPMorgan LATIKA CHOPRA overweight 5 M 2'265 12 month 05.02.2013

Maybank Kim Eng GANESH RAM buy 5 M 2'100 12 month 05.02.2013

Batlivala & Karani Securities ASHIT DESAI buy 5 M 2'025 Not Provided 05.02.2013

Religare Capital Markets VARUN LOHCHAB buy 5 M 2'500 12 month 05.02.2013

Credit Suisse ARNAB MITRA outperform 5 M 2'400 Not Provided 04.02.2013

Kotak Securities AMRITA BASU add 4 M 2'000 Not Provided 04.02.2013

IDFC Securities Ltd NIKHIL K VORA outperform 5 M #N/A N/A Not Provided 04.02.2013

Edelweiss Capital ABNEESH ROY buy 5 M 2'320 12 month 04.02.2013

Deutsche Bank MANOJ MENON buy 5 N 2'700 12 month 23.01.2013


Macquarie AMIT MISHRA underperform 1 M 1'165 12 month 12.11.2012

HDFC Securities SAMEER NARANG buy 5 M 700 Not Provided 29.03.2012

Holdings By:

United Spirits Ltd ee


27.03.2013

Wipro Limited specializes in IT and computer related technologies. The Group's

services encompass a number of areas, including software architecture, business

intelligence systems, e-commerce, data warehousing, Internet access devices,

network management, system administration, messaging systems, IT consulting and

design. Wipro also has a presence in niche markets of consumer products.


LTM as of: 12/yy

52-Week High (08.03.2013) 455.80

52-Week Low (30.07.2012) 325.60

Daily Volume

435.8





1'073'321.25 1 Yr Total Return 3.60%







WPRO IB EQUITY YTD Change - Average Volume 30 Day 128'748

WPRO IB EQUITY YTD % CHANGE - Average Volume 3 Month 145'199


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

199'796.0 256'995.0 272'129.0 310'542.0 371'971.0 15'605.0 16'510.0 432'744.0 475'104.4 108'918.3 112'700.0

3.19x 1.37x 3.69x 3.61x 2.75x 5.53x 6.49x 2.29x 2.03x 9.91x 9.58x

41'111.0 53'606.0 60'811.0 65'434.0 70'864.0 2'217.0 2'658.0 85'467.7 93'169.4 22'435.6 21'480.8

15.50x 6.56x 16.50x 17.14x 14.43x 9.72x 11.22x 11.54x 10.58x 11.08x 10.71x

32'829.0 38'999.0 46'310.0 52'977.0 55'987.0 1'161.0 1'510.0 65'808.6 71'154.0 17'280.7 17'193.3

19.10x 9.17x 22.25x 22.08x 19.25x 16.70x 17.93x 16.29x 15.01x 15.53x 14.91x











EBITDA Margin 19.1%



Asset Turnover 0.92







Fiscal Year Ended

Wipro LtdPrice/Volume

Valuation Analysis

48'906.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B - B - B . B . B 0 B 0 B 1 B 1 B 2 B 2 B

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.03.2013


PREMJI AZIM HASHAM n/a Co File 1'925'303'553 78.17 - 31.12.2012 n/a






COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'153'891 0.17 - 30.11.2012 Bank


JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'543'000 0.14 135'000 30.09.2011 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'335'972 0.14 11'724 30.06.2012 Investment Advisor

TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 3'323'569 0.13 (17'810) 28.02.2013 Mutual Fund Manager


NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 3'006'750 0.12 25'446 31.12.2012 Investment Advisor

HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 2'930'180 0.12 - 29.11.2012 Investment Advisor



INVESCO LTD Multiple Portfolios MF-AGG 1'423'928 0.06 - 26.03.2013 Investment Advisor





Standard Chartered PANKAJ KAPOOR outperform 5 U 490 12 month 26.03.2013

Axis Capital Limited PRIYA ROHIRA sell 1 M 424 Not Provided 22.03.2013

Kotak Securities KAWALJEET SALUJA reduce 2 M 400 Not Provided 21.03.2013

Nomura ASHWIN MEHTA buy 5 M 490 Not Provided 21.03.2013

Ambit Capital Pvt Ltd ANKUR RUDRA sell 1 M 312 12 month 21.03.2013


JPMorgan VIJU K GEORGE overweight 5 M 465 12 month 20.03.2013

Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN buy 5 M 480 12 month 20.03.2013

BNP Paribas Equity Research ABHIRAM ELESWARAPU buy 5 M 470 12 month 20.03.2013

Angel Broking Limited ANKITA SOMANI accumulate 4 M 473 Not Provided 20.03.2013

IIFL SANDEEP MUTHANGI add 4 M 484 12 month 18.03.2013

ICICI Securities KULDEEP KOUL add 4 N 482 12 month 14.03.2013

Espirito Santo Investment Bank ResearchNITIN PADMANABHAN buy 5 M 475 Not Provided 07.03.2013

Edelweiss Capital SANDIP KUMAR AGARWAL buy 5 M 515 Not Provided 05.03.2013

Credit Suisse ANANTHA NARAYAN outperform 5 M 490 Not Provided 04.03.2013

Antique Stock Broking Limited PRATISH KRISHNAN buy 5 M 460 Not Provided 01.03.2013

IDBI Capital Market Services Ltd PRATIK GANDHI reduce 2 M 355 Not Provided 28.02.2013

Elara Securities India Pvt Ltd PRALAY KUMAR DAS sell 1 M 385 Not Provided 27.02.2013

Jefferies VISHAL AGARWAL buy 5 M 475 12 month 25.02.2013

Motilal Oswal Securities Ltd ASHISH CHOPRA buy 5 M 471 Not Provided 22.02.2013

Morgan Stanley VIPIN KHARE Overwt/In-Line 5 M 471 12 month 21.02.2013

Equirus Securities Pvt Ltd BHAVIN SHAH buy 5 M 455 15 month 21.02.2013

SBI Capital Markets DIPESH N MEHTA hold 3 D 425 12 month 20.02.2013

IDFC Securities Ltd HITESH SHAH outperform 5 M 440 18 month 18.02.2013

Fortune Equity Brokers (India) Ltd NIRAL DALAL hold 3 M 388 Not Provided 18.02.2013

Batlivala & Karani Securities DEEPAN S KAPADIA underperform 1 M 370 Not Provided 12.02.2013

Phillip Securities DEEPAK JAIN neutral 3 M 400 Not Provided 06.02.2013

Spark Capital Advisors SRIVATHSAN RAMACHANDRAN reduce 2 M 405 12 month 05.02.2013

Sharekhan Ltd TEAM COVERAGE hold 3 M 440 Not Provided 31.01.2013

KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH hold 3 M 409 Not Provided 24.01.2013

Deutsche Bank ANIRUDDHA BHOSALE buy 5 M 460 12 month 22.01.2013

CIMB SANDEEP R SHAH neutral 3 M 415 12 month 21.01.2013

Anand Rathi Securities Pvt. Ltd. ATUL THAKKAR hold 3 M 410 Not Provided 21.01.2013

HDFC Securities MADHU BABU underperform 1 M 413 12 month 21.01.2013

India Infoline ANIRUDDHA MEHTA buy 5 M 464 9 month 21.01.2013

Systematix Shares & Stocks Ltd ANURAG PUROHIT hold 3 M 420 12 month 21.01.2013

Barclays BHUVNESH SINGH underweight 1 M 380 Not Provided 21.01.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE accumulate 4 M 473 12 month 21.01.2013


Avendus Capital Private Ltd PRIYA SUNDER add 4 M 442 Not Provided 20.01.2013

HSBC YOGESH AGGARWAL overweight 5 M 460 Not Provided 18.01.2013

Sunidhi Consultancy Services NAUSHIL SHAH neutral 3 M 400 12 month 18.01.2013

Emkay Share & Stock Brokers MANIK TANEJA reduce 2 M 390 Not Provided 18.01.2013

Holdings By:

Wipro Ltd ee


27.03.2013

Yes Bank Ltd attracts deposits and offers comprehensive banking and financial

solutions in India. The Company primarily serves customers in the food and

agribusiness, life sciences, healthcare, biotechnology, telecommunications,

media, information technology and infrastructure development industries.


LTM as of: 12/yy

52-Week High (04.02.2013) 539.00

52-Week Low (18.05.2012) 294.25

Daily Volume

425.5





152'527.66 1 Yr Total Return 21.49%





Enterprise Value -


YES IB EQUITY YTD Change - Average Volume 30 Day 254'515

YES IB EQUITY YTD % CHANGE - Average Volume 3 Month 255'504


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

16'653.7 24'384.9 29'458.3 46'654.6 71'659.1 81'203.0 90'533.0 - - - -

- - - - - 9.56x 8.98x - - - -

- - - - - 20'076.0 21'892.0 - - - -

- - - - - 9.47x 9.92x - - - -

2'000.2 3'038.4 4'777.4 7'271.4 9'770.0 12'963.0 13'901.0 12'902.0 17'259.0 - -

24.03x 4.88x 16.37x 14.66x 13.23x 13.86x 15.57x - 9.78x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11







Fiscal Year Ended

Yes Bank LtdPrice/Volume

Valuation Analysis

213'117.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

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

e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B

2 B

- ! B

- 2 B

. ! B

. 2 B

0 ! B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


KAPUR MADHU n/a Co File 35'125'000 9.8 - 30.09.2012 n/a


KAPOOR RANA n/a Co File 20'000'000 5.58 - 30.09.2012 n/a

LIFE INSURANCE CORP n/a EXCH 18'182'991 5.07 - 10.09.2012 Government

DOIT CAPITAL INDIA P n/a Co File 15'125'000 4.22 - 30.09.2012 Other

MORGAN CREDITS PVT L n/a Co File 14'050'000 3.92 - 30.09.2012 Other

WASATCH ADVISORS INC Multiple Portfolios MF-AGG 10'563'211 2.95 (38'655) 31.12.2012 Investment Advisor

CREDIT SUISSE/SINGAP n/a Co File 8'633'636 2.41 - 30.09.2012 Bank

CLSA MAURITIUS LTD n/a Co File 8'586'178 2.4 - 30.09.2012 Investment Advisor

MAGS FINVEST PVT LTD n/a Co File 7'942'450 2.22 - 30.09.2012 Corporation


JP MORGAN n/a ULT-AGG 5'660'283 1.58 - 31.01.2013 Unclassified

JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 4'612'069 1.29 - 30.06.2012 Mutual Fund Manager

RABOBANK NEDERLAND n/a Co File 4'008'436 1.12 - 30.09.2012 Bank

RELIANCE LIFE INSURA n/a Co File 3'711'435 1.04 - 30.09.2012 Insurance Company


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 3'055'602 0.85 1'871 31.01.2013 Investment Advisor

OEKOWORLD LUX SA Multiple Portfolios MF-AGG 2'700'000 0.75 1'350'000 30.11.2012 Mutual Fund Manager


PRINCIPAL FINANCIAL n/a ULT-AGG 2'110'379 0.59 141'929 28.02.2013 Investment Advisor


Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 567 Not Provided 22.03.2013

Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 595 Not Provided 20.03.2013

Nomura ABHISHEK BHATTACHARYA buy 5 M 615 Not Provided 20.03.2013

IDFC Securities Ltd MANISH CHOWDHARY neutral 3 M 510 Not Provided 19.03.2013

Dolat Capital Market Ltd. RAJIV PATHAK buy 5 N 580 Not Provided 19.03.2013

Standard Chartered MAHRUKH ADAJANIA outperform 5 M 635 12 month 13.03.2013

Espirito Santo Investment Bank ResearchSAIKIRAN PULAVARTHI buy 5 M 386 Not Provided 13.03.2013

Fortune Equity Brokers (India) Ltd VIJAY NARA hold 3 M 472 Not Provided 07.03.2013

Batlivala & Karani Securities ARUN SETHIA outperform 5 M 560 Not Provided 05.03.2013

IIFL ABHISHEK MURARKA buy 5 M 610 12 month 05.03.2013

Firstcall India Equity Advisors Pvt Ltd ASHISH KUSHWAHA buy 5 M 589 Not Provided 02.03.2013

Sunidhi Consultancy Services KANIKA THACKER reduce 2 M 500 12 month 27.02.2013

Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 586 Not Provided 26.02.2013

Macquarie SURESH GANAPATHY outperform 5 M 600 12 month 25.02.2013

Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 619 Not Provided 22.02.2013

Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA outperform 5 M 585 Not Provided 19.02.2013

Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 601 Not Provided 19.02.2013


Morgan Stanley SUMEET KARIWALA Overwt/In-Line 5 M 675 12 month 13.02.2013

Edelweiss Capital NILESH PARIKH buy 5 M 615 12 month 11.02.2013

BNP Paribas Equity Research ABHIJIT MAJUMDER hold 3 M 536 12 month 06.02.2013

Barclays ANISH TAWAKLEY underweight 1 M 380 Not Provided 31.01.2013

Spark Capital Advisors GANESHRAM JAYARAMAN buy 5 M 605 12 month 28.01.2013

Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 575 Not Provided 25.01.2013

ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT hold 3 D 445 12 month 23.01.2013

Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 560 12 month 22.01.2013

Aditya Birla Money Limited SUMIT JATIA accumulate 4 M 569 Not Provided 22.01.2013

Systematix Shares & Stocks Ltd JYOTI KHATRI buy 5 M 702 Not Provided 22.01.2013

SBI Capital Markets RAVIKANT BHAT add 4 M 555 12 month 21.01.2013

Ventura Securities Ltd TEAM COVERAGE buy 5 M 473 18 month 21.01.2013

Right Horizons Financial Services JAGDISH BHANUSHALI buy 5 M 700 Not Provided 21.01.2013

Maybank Kim Eng VARUN VARMA buy 5 M 571 12 month 18.01.2013

BP Equities Private Limited SHWETA RANE hold 3 M 544 12 month 18.01.2013

HSBC SACHIN SHETH overweight 5 M 605 Not Provided 17.01.2013

JM Financial Institutional Securities P KARAN UBEROI buy 5 M 700 Not Provided 17.01.2013

ICICI Securities SHASHIN UPADHYAY buy 5 M 625 12 month 17.01.2013

HDFC Securities VISHAL MODI buy 5 M 597 12 month 17.01.2013

Tata Securities Limited SREESANKAR RADHAKRISHNAN hold 3 D 532 12 month 17.01.2013

India Infoline RAJIV MEHTA market perform 3 M 531 9 month 17.01.2013

Antique Stock Broking Limited ALOK KAPADIA buy 5 M 558 Not Provided 17.01.2013

ICICIdirect.com KAJAL GANDHI hold 3 M 550 12 month 17.01.2013


Deutsche Bank MANISH SHUKLA buy 5 M 590 12 month 16.01.2013

Holdings By:

Yes Bank Ltd ee


27.03.2013

Zee Entertainment Enterprises Limited produces and develops Hindi films,

serials, game shows and children's programs. The Company also purchases rights

to Hindi films, serials and other programs from their producers on a contract

basis. Zee also produces and exports entertainment software for transmission on

its ZEE TV channel. The Company also produces motion pictures.


LTM as of: 12/yy

52-Week High (24.12.2012) 247.00

52-Week Low (10.05.2012) 119.30

Daily Volume

208.6





199'999.45 1 Yr Total Return 66.89%



Minority Interest (32.0) Analyst Recs 41




Z IB EQUITY YTD Change - Average Volume 30 Day 310'471

Z IB EQUITY YTD % CHANGE - Average Volume 3 Month 395'025


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

18'353.7 21'773.1 21'997.8 30'088.0 30'405.0 9'972.5 10'834.0 36'673.9 42'499.8 9'539.8 8'430.0

6.00x 2.31x 5.02x 3.89x 3.89x 9.50x 8.64x 5.23x 4.43x - -

5'479.0 5'491.9 6'226.1 8'291.0 7'505.0 2'449.1 2'952.6 9'279.3 11'416.0 2'333.7 2'333.0

20.09x 9.15x 17.73x 14.10x 15.75x 9.06x 8.39x 20.54x 16.69x - -

3'832.7 5'123.6 6'313.7 6'251.0 5'906.0 1'331.2 1'699.0 7'101.4 8'639.2 1'885.0 1'582.0

27.83x 9.01x 18.97x 19.34x 20.80x 16.38x 14.30x 28.11x 23.03x - -











EBITDA Margin 24.7%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zee Entertainment Enterprises LtdPrice/Volume

Valuation Analysis

599'738.00


!.135

-!-.-1-3-5

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

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27.03.2013


CYQUATOR MEDIA SERVI n/a EXCH 241'402'908 25.18 - 28.02.2013 Other

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 108'495'755 11.32 (1'527'416) 31.01.2013 Investment Advisor

ESSEL MEDIA VENTURES n/a Co File 102'888'286 10.73 - 31.12.2012 Other

ESSEL CORP RESOURCE n/a EXCH 71'727'960 7.48 (56'170'750) 16.11.2011 Corporation

25FPS MEDIA PVT LTD n/a EXCH 56'170'750 5.86 56'170'750 16.11.2011 Other

ESSEL HOLDINGS LTD n/a Co File 46'378'518 4.84 - 31.12.2012 Other


GOVT PENSION FUND GL n/a Co File 24'397'954 2.54 - 31.12.2012 n/a

ESSEL INTERNATIONAL n/a Co File 23'000'000 2.4 - 31.12.2012 Corporation



HDFC LIFE INSURANCE n/a Co File 13'455'409 1.4 - 31.12.2012 Insurance Company


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 11'987'118 1.25 (1'869'592) 31.12.2012 Investment Advisor



RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 8'138'657 0.85 (531) 28.02.2013 Other


IDFC MUTUAL FUND Multiple Portfolios MF-AGG 4'480'000 0.47 - 28.02.2013 Investment Advisor



HSBC RAJIV SHARMA overweight 5 M 272 Not Provided 25.03.2013


Antique Stock Broking Limited PRATISH KRISHNAN hold 3 M 220 Not Provided 21.03.2013

Goldman Sachs SACHIN SALGAONKAR neutral/neutral 3 D 225 12 month 19.03.2013

JM Financial Institutional Securities P SIDDHARTH GOENKA buy 5 M 270 Not Provided 19.03.2013

Edelweiss Capital ABNEESH ROY buy 5 M 301 12 month 19.03.2013

IIFL BIJAL SHAH buy 5 M 253 12 month 19.03.2013

CIMB SRINIVAS SESHADRI neutral 3 M 277 12 month 18.03.2013

Techno Shares & Stocks DEBASHISH MAZUMDAR accumulate 4 M 250 Not Provided 13.03.2013


Standard Chartered SAURAV ANAND outperform 5 M 280 12 month 12.03.2013


Anand Rathi Securities Pvt. Ltd. YOGESH KIRVE buy 5 M 275 Not Provided 05.03.2013

JPMorgan LATIKA CHOPRA neutral 3 M 240 12 month 03.03.2013

Nomura ANKUR AGARWAL buy 5 M 276 Not Provided 28.02.2013

Motilal Oswal Securities Ltd SHOBHIT KHARE neutral 3 M 232 Not Provided 22.02.2013

Deutsche Bank GAURAV BHATIA buy 5 M 220 12 month 20.02.2013

ICICI Securities VIKASH MANTRI sell 1 M 210 12 month 20.02.2013

Spark Capital Advisors AASHISH UPGANLAWAR buy 5 M 266 12 month 28.01.2013

Ventura Securities Ltd TEAM COVERAGE buy 5 M 267 Not Provided 28.01.2013

KR Choksey Shares & Sec Pvt Ltd ARCHANA SHIVANE buy 5 U 265 Not Provided 25.01.2013

Macquarie NITIN MOHTA neutral 3 U 240 12 month 24.01.2013

BNP Paribas Equity Research KUNAL D VORA hold 3 M 247 12 month 24.01.2013

Batlivala & Karani Securities ROHIT DOKANIA underperform 1 M 171 Not Provided 24.01.2013

Phillip Securities NAVEEN KULKARNI neutral 3 M 220 Not Provided 24.01.2013

HDFC Securities HIMANSHU SHAH outperform 5 D 250 12 month 24.01.2013

Religare Capital Markets BALLABH MODANI sell 1 M 225 12 month 24.01.2013


Centrum Broking Pvt Ltd ANKIT KEDIA buy 5 U 257 12 month 24.01.2013

Elara Securities India Pvt Ltd MOHAN LAL buy 5 M 290 12 month 24.01.2013

Morgan Stanley PARAG GUPTA Overwt/Attractive 5 M 281 12 month 23.01.2013

Jefferies PIYUSH NAHAR hold 3 M 208 12 month 23.01.2013

Kotak Securities AMIT KUMAR reduce 2 M 190 Not Provided 23.01.2013

IDFC Securities Ltd NIKHIL K VORA outperform 5 U 277 18 month 23.01.2013

Emkay Share & Stock Brokers NAVAL SETH buy 5 M 275 Not Provided 23.01.2013

ICICIdirect.com KARAN MITTAL buy 5 M 268 12 month 23.01.2013

SBI Capital Markets RAHUL KUNDNANI add 4 M 210 12 month 23.10.2012

Dolat Capital Market Ltd. AMIT PUROHIT accumulate 4 M 136 Not Provided 03.10.2011

First Global Stockbroking HITESH KUVELKAR Moderate Underperformer 2 M #N/A N/A Not Provided 22.07.2011

Axis Capital Limited CHIRAG NEGANDHI hold 3 M 121 Not Provided 17.01.2011

Holdings By:

Zee Entertainment Enterprises Ltd ee


Fundamental Equity Analysis - BSE 100 Index Members (BSE100 Index)

Economy & Finance

Transcript of Fundamental Equity Analysis - BSE 100 Index Members (BSE100 Index)