Fundamental Company Analysis - World Oil & Gas Production Sector

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Index Analysis - Financial Statements

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 13062542 1848.455 1095 1095 202 211 211 98.95 104.64 104.64 14.28 14.28 13.51 13.51 19.16

Euro Stoxx 50 Pr EUR 2366679 5492.227 4631 4631 760 789 789 148.29 303.79 303.79 28.16 14.46 13.75 13.75 20.95

NIKKEI 225 JPY 2125691 170.8217 224 224 22 24 24 5.08 7.74 7.74 0.28 0.22 0.18 0.18 0.14

FTSE 100 INDEX GBP 2574240 11299.74 9540 9540 1573 1643 1643 717.53 822.22 822.22 20.78 19.66 18.13 18.13 26.07

SWISS MARKET INDEX CHF 895161 10512.34 3951 3951 808 791 791 386.54 520.25 520.25 19.63 19.31 14.59 14.59 22.32

S&P/TSX COMPOSITE INDEX CAD 1661436 16864.97 7789 7789 1959 1984 1984 819.71 841.22 841.22 15.24 15.24 14.85 14.85 25.46

S&P/ASX 200 INDEX AUD 1255500 6203.943 2889 2889 650 702 702 270.76 345.56 345.56 17.79 15.01 13.94 13.94 23.99

HANG SENG INDEX HKD 1626442 3199.112 1453 1453 347 362 362 257.04 246.04 246.04 1.41 1.53 1.47 1.47 3.14

MSCI EM USD 7323468 1378.767 964 964 182 181 181 79.75 86.36 86.36 12.50 12.94 11.54 11.54 18.98

EXXON MOBIL CORP USD 416265 14086 4734 17 0 6 13 419.22 433526 434824 475665 456873 69687 65402 19961 19961 8.42 7.90 7.89 8.26 11.42 11.42 11.42 10.91 26.92 10.02 26.98 0.39 15.04 AAA 16.12.1985 WR 16.08.1993

PETROCHINA CO LTD-A CNY 258183 8018 183021 51 0 13 10 327.66 320733 325449 339797 353091 51758 - - - 0.12 0.11 0.12 0.13 2.02 - 1.96 1.80 5.88 - 1.04 0.68 - - - - -

CHEVRON CORP USD 214619 8012 1981 10 0 1 16 204.69 236286 230561 241746 237967 51210 50980 13889 13889 13.44 13.01 12.76 12.47 8.41 8.41 8.57 8.77 24.62 10.19 33.23 8.05 22.11 AA 01.07.1987 Aa1 27.02.2009

BP PLC GBp 132607 9108 18976 71 0 2 23 265.66 601308 602410 562213 565222 61163 47438 16840 16840 1.71 1.47 1.48 1.61 12.17 18.77 12.04 11.06 42.26 21.09 -1.25 2.07 12.61 A 24.09.2010 - -

ECOPETROL SA COP 129050 3415 41117 5 0 1 4 132.78 36269 38406 34309 36938 17131 18151 3862 3862 - 0.22 0.22 0.25 0.01 - 0.01 0.01 0.03 - 0.04 0.02 0.03 BBB- 18.03.2011 Baa2 13.07.2009

ROYAL DUTCH SHELL PLC-A SHS GBp 219415 834 6254 60 0 2 18 378.70 752876 762170 748250 729782 89580 83912 20464 20464 7.96 6.74 6.82 7.21 12.92 12.94 12.77 12.09 44.43 24.22 53.98 3.45 17.63 AA 03.09.2009 Aa1 20.07.2005

TOTAL SA EUR 118731 1809 2254 42 0 2 19 144.83 215627 227646 251933 248219 42619 41311 11816 11816 7.04 6.21 7.02 7.08 10.46 10.46 9.26 9.18 24.03 12.66 22.50 2.94 23.49 AA- 12.04.2011 Aa1 30.08.2005

GAZPROM OAO RUB 113960 31020 23700 49 0 9 17 145.83 147808 144880 152352 161080 62797 56842 14580 14580 - 1.60 1.59 1.52 0.10 - 0.10 0.10 0.92 0.54 1.30 0.50 1.25 BBB 29.11.2006 Baa1 03.04.2009

ROYAL DUTCH SHELL PLC-B SHS GBp 219304 1643 6254 60 0 2 18 379.09 752876 762170 748250 729782 89580 83912 20464 20464 7.96 6.74 6.82 7.21 13.38 13.40 13.22 12.52 44.43 24.22 53.98 3.45 17.63 AA 03.09.2009 Aa1 20.07.2005

CNOOC LTD HKD 92400 56291 44659 5 0 0 13 66.69 31088 30275 30020 31243 15360 14707 6959 6959 0.20 0.18 0.19 0.19 1.19 - 1.15 1.15 4.37 4.46 2.77 2.43 6.27 AA- 16.12.2010 - -

PETROBRAS - PETROLEO BRAS BRL 142407 135 13044 77 1 29 206.08 120521 129362 134811 139731 30396 27874 8340 8340 1.26 0.73 1.05 1.36 7.51 7.51 5.20 4.01 7.53 5.71 1.89 1.43 10.64 BBB 17.11.2011 - -

ENI SPA EUR 82338 6383 3623 38 0 6 2 123.90 141881 154605 154665 156961 33314 33865 8163 8163 2.45 2.37 2.68 2.82 12.39 - 10.93 10.39 14.54 15.22 3.83 0.26 28.36 A 17.01.2012 A3 16.07.2012

ROSNEFT OAO RUB 79421 38582 9588 24 0 1 5 102.63 86 K 93 K 95 K 102 K 20591 17663 5625 5625 - 0.93 1.04 1.00 0.26 - 0.23 0.24 1.31 0.95 0.35 0.86 0.60 BBB- *- 25.07.2012 WR 20.11.2006

STATOIL ASA NOK 78929 2544 3181 23 0 1 11 85.41 112302 125537 125113 115893 45552 48299 9796 9796 - 4.23 2.95 2.97 1.02 - 1.46 1.45 3.92 2.06 6.99 0.87 6.69 AA- 03.08.2007 Aa2 23.06.2005

BG GROUP PLC GBp 71786 1592 3611 24 0 0 6 131.88 33744 36046 36978 38623 16054 16668 4170 4170 1.87 1.72 2.24 2.60 31.43 24.08 24.15 20.84 36.45 17.87 25.00 13.48 74.04 - - - -

CHINA PETROLEUM & CHEMICAL-A CNY 88331 10264 86703 39 0 6 4 141.19 394348 388711 420476 447702 27364 - - - 0.13 0.10 0.11 0.12 1.59 - 1.49 1.30 5.01 3.38 -0.64 1.49 - A+ 16.12.2010 - -

CONOCOPHILLIPS USD 68088 6853 1286 23 0 1 6 90.52 230859 182437 100014 52319 26270 22894 5115 5115 8.77 7.77 5.52 5.90 7.21 7.21 10.15 9.50 31.35 0.83 15.96 -4.20 12.55 A 07.02.2012 A1 26.04.2012

OCCIDENTAL PETROLEUM CORP USD 65833 4088 811 6 0 0 4 69.04 23939 24076 24181 25142 14168 13695 3386 3386 8.21 7.76 6.96 7.63 10.47 10.47 11.69 10.65 25.70 13.11 30.99 8.71 56.88 A 23.06.2008 A1 19.04.2012

LUKOIL OAO RUB 52293 1763 774 0 0 0 0 1.83 4260 4360 4188 4209 562 514 158 158 - 0.35 0.44 0.43 0.18 - 0.14 0.14 1.76 0.79 0.31 0.25 0.38 BBB- 12.11.2010 - -

SUNCOR ENERGY INC CAD 50709 7631 1559 11 0 0 4 56.39 39766 40258 40540 42254 11297 11964 2735 2735 3.58 3.54 3.23 3.30 9.43 9.43 10.33 10.11 23.17 24.81 36.84 20.03 30.04 BBB+ 28.07.2009 Baa2 30.10.2009

RELIANCE INDUSTRIES LTD INR 49357 2806 2979 17 0 0 13 54.07 66716 66716 66761 64065 6534 6534 - - 1.23 1.23 1.19 1.26 0.23 0.23 0.24 0.22 0.65 0.49 -0.14 0.21 0.18 BBB 23.11.2005 Baa2 07.02.2006

OIL & NATURAL GAS CORP LTD INR 43952 1465 8555 3 0 0 5 42.01 27239 27239 29405 31036 9223 9223 1833 1833 0.54 0.61 0.57 0.62 0.16 0.18 0.17 0.15 0.46 0.23 0.31 0.15 0.63 - - WR 04.12.2000

IMPERIAL OIL LTD CAD 37967 909 848 1 0 0 1 38.18 29472 29793 30561 32609 4987 5089 1245 1245 3.81 3.97 3.91 3.91 11.40 11.40 11.60 11.59 23.63 8.00 38.91 1.09 17.27 AAA 16.10.1992 WR 15.10.2002

NOVATEK OAO RUB 33991 1361 3036 3 0 0 1 36.51 5612 6061 6989 8759 2834 2911 3160 3160 - 1.23 0.71 0.96 0.29 - 0.50 0.37 1.61 - 1.86 1.00 1.53 BBB- 19.11.2010 - -

ANADARKO PETROLEUM CORP USD 33449 5300 498 15 1 3 46.53 13656 13934 13623 15396 7353 6634 2162 2162 2.64 3.88 3.48 4.23 17.25 17.25 19.24 15.83 20.42 5.69 21.44 2.71 47.61 BBB- 08.09.2006 Baa3 23.03.2012

CANADIAN NATURAL RESOURCES CAD 32817 6085 1096 9 0 0 0 41.42 13840 14993 15327 18127 7511 7989 1979 1979 2.20 2.60 1.95 2.69 11.66 11.66 15.54 11.24 5.28 8.82 2.62 7.09 53.87 BBB+ 01.11.2011 Baa1 07.10.2010

APACHE CORP USD 32522 2835 384 7 1 0 0 43.63 16810 16990 16831 18069 12551 12553 2960 2960 11.83 10.98 9.79 10.37 7.57 7.57 8.49 8.02 37.98 18.70 40.97 16.53 73.88 A- 26.01.2001 A3 29.11.2010

SURGUTNEFTEGAS RUB 32136 21549 35726 0 0 0 12 20.32 25113 25113 32128 32446 - - 2621 2621 - 0.20 0.14 0.13 0.15 - 0.20 0.21 0.85 0.30 - - - - - - -

TNK-BP HOLDING-CLS USD 31644 128 14997 2 0 1 1 31.58 38774 38585 56210 56514 13598 12530 13198 13198 - 0.53 0.58 0.56 3.98 - 3.64 3.79 30.66 18.66 35.13 12.72 32.47 - - WR 06.11.2007

PTT PCL/FOREIGN THB 31075 0 2856 13 0 3 4 44.90 79093 85298 84766 89182 6598 6578 1788 1788 1.20 0.96 1.23 1.37 0.37 - 0.29 0.26 0.91 0.59 0.70 0.23 0.25 BBB+ 15.04.2009 Baa1 21.02.2011

WOODSIDE PETROLEUM LTD AUD 29772 2311 804 5 0 1 0 36.46 4965 5380 6227 6661 2848 3091 2839 2839 1.95 1.92 2.79 2.74 20.11 - 13.83 14.11 15.02 26.85 -4.73 7.02 59.40 BBB+ 03.12.2010 - -

EOG RESOURCES INC USD 29746 2000 269 5 0 0 1 34.48 9155 10553 10220 11385 4689 5273 1451 1451 3.79 4.30 4.71 5.50 25.62 25.62 23.39 20.03 57.90 29.28 70.15 12.62 49.96 A- 12.04.2007 A3 24.03.2006

PTT PCL THB 29214 2762 2856 13 0 3 4 43.04 79093 85298 84766 89182 6598 6578 1788 1788 1.20 0.96 1.23 1.37 0.35 - 0.27 0.24 0.91 0.59 0.70 0.23 0.25 BBB+ 15.04.2009 Baa1 21.02.2011

PETROCHINA CO LTD-H HKD 258172 85497 183021 41 0 10 8 264.14 258550 270732 267031 285190 41723 41851 - - 0.10 0.09 0.10 0.11 1.56 1.53 1.49 1.34 4.74 3.34 0.84 0.55 1.99 - - - -

PHILLIPS 66 USD 28161 4079 #VALUE! 0 0 0 0 33.07 196088 #VALUE! 189621 163676 3034 - 2700 2700 - - 7.18 5.93 - - 6.26 7.57 33.79 - 987.46 - - BBB 01.03.2012 Baa1 07.03.2012

FORMOSA PETROCHEMICAL CORP TWD 26829 1296 9526 6 0 0 2 32.09 27260 27190 29497 30514 1582 195 407 407 - -0.05 0.04 0.11 - - 2.72 0.86 0.23 0.39 -1.08 -0.27 0.02 BBB+ 30.12.2010 - -

HUSKY ENERGY INC CAD 26536 1140 958 4 0 0 2 28.78 23619 23700 23665 23372 5937 5541 1191 1191 2.45 2.05 1.89 1.88 13.31 13.31 14.47 14.50 36.98 24.80 68.35 2.51 23.63 BBB+ 27.07.2006 Baa2 05.04.2011

CENOVUS ENERGY INC CAD 25822 2738 754 4 0 0 1 29.58 15867 17150 16517 16884 3789 4201 1184 1184 1.77 1.77 1.99 2.16 19.55 19.55 17.42 16.00 24.43 - 35.20 - 24.76 BBB+ 14.09.2009 Baa2 14.09.2009

REPSOL SA EUR 24647 2452 1221 26 0 5 4 47.74 77838 78282 72844 75214 11016 10009 2356 2356 2.45 2.07 2.04 2.21 12.25 - 12.44 11.51 15.58 3.51 -37.04 -1.46 16.55 BBB- 19.04.2012 - -

DEVON ENERGY CORPORATION USD 24104 2842 404 10 0 0 7 27.66 10965 10190 8799 10064 6389 5643 1260 1260 2.51 4.73 3.17 4.55 12.60 12.60 18.81 13.09 9.46 3.02 7.63 -0.44 55.38 BBB+ 18.03.2008 Baa1 21.09.2007

GAZPROM NEFT OAO-CLS RUB 23439 476 4741 0 0 0 0 0.92 1408 1485 1434 1462 285 279 71 71 - 0.04 0.03 0.03 0.14 - 0.15 0.15 1.11 - 1.35 0.37 0.60 BBB- 09.01.2008 WR 15.01.2009

INPEX CORP JPY 21455 9 4 4 0 2 8 19.11 14866 14866 14171 14361 9572 9572 - - 665.64 665.64 611.74 529.80 0.11 - 0.12 0.14 0.32 0.15 0.37 0.06 0.81 A 01.10.2008 - -

MARATHON OIL CORP USD 20853 12233 704 5 0 0 0 25.65 14663 14834 14695 15672 6770 7354 2103 2103 3.21 2.64 2.64 3.27 11.20 11.20 11.18 9.03 25.43 -10.59 22.11 -7.38 49.58 BBB 01.07.2011 Baa2 28.06.2011

TULLOW OIL PLC GBp 20443 937 905 5 0 0 0 33.94 3690 3857 3877 4466 2664 2037 1119 1119 1.15 1.56 1.29 1.34 36.97 37.31 44.93 43.11 178.44 48.02 263.64 24.58 84.56 - - - -

SEADRILL LTD NOK 18733 596 468 2 0 0 0 5.11 729 723 777 911 403 417 108 108 - 0.32 0.54 0.62 3.76 - 2.24 1.97 0.76 5.48 1.97 7.40 10.03 - - - -

MARATHON PETROLEUM CORP USD 18014 2578 357 3 0 0 3 19.45 73524 75100 79442 80747 4515 4705 1888 1888 6.70 7.03 9.14 8.20 7.57 7.57 5.83 6.49 28.36 - 146.18 - 6.26 BBB 27.01.2011 Baa2 28.06.2011

HESS CORP USD 17885 5881 340 6 0 0 0 25.39 38466 37384 38769 40742 6203 6270 1727 1727 7.28 5.50 5.86 6.50 9.52 9.52 8.94 8.06 13.60 10.37 7.50 5.17 16.77 BBB 22.07.2010 Baa2 28.04.2008

CHINA PETROLEUM & CHEMICAL-H HKD 88327 74164 86703 31 0 5 3 113.82 317893 332154 326306 341323 22059 20248 - - 0.11 0.08 0.09 0.11 1.31 - 1.26 1.00 4.04 3.11 -0.52 1.20 0.79 A+ 16.12.2010 - -

TRANSOCEAN LTD USD 17821 3746 350 14 0 0 4 26.68 9142 9570 9947 10391 1853 1347 912 912 -5.78 -5.41 2.90 4.60 - - 16.44 10.36 -3.42 19.94 -54.22 2.51 14.08 - - - -

PTT EXPLOR & PROD PUBLIC CO THB 16870 2735 3320 4 0 0 1 20.32 5526 6130 6543 7791 3937 4507 1313 1313 0.44 0.48 0.53 0.58 0.35 0.33 0.31 0.28 0.67 0.73 0.67 0.43 2.39 BBB+ 17.02.2011 Baa1 28.03.2011

Valuation Measures I/II

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


2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot

S&P 500 INDEX 2.09 2.09 1.90 1.74 2.09 1.29 1.29 1.25 1.19 1.29 9.36 9.36 8.76 8.61 9.36 8.74 8.74 8.16 7.58 8.74 13.51 13.51 12.20 10.96 13.51 2.24 2.24 2.43 2.61 2.24 1598.5 13.1%

Euro Stoxx 50 Pr 1.11 1.11 1.05 0.99 1.11 0.70 0.70 0.68 0.66 0.70 5.08 5.08 4.81 4.44 5.08 6.97 6.97 6.64 6.31 6.97 10.62 10.62 9.70 8.79 10.62 4.29 4.29 4.77 5.13 4.29 2713.8 8.9%

NIKKEI 225 1.09 1.09 1.02 0.96 1.09 0.50 0.50 0.47 0.48 0.50 6.40 6.40 5.88 5.60 6.40 7.16 7.16 6.55 6.18 7.16 14.50 14.50 12.76 10.85 14.50 2.32 2.32 2.34 2.66 2.32 9793.3 9.4%

FTSE 100 INDEX 1.61 1.61 1.49 1.38 1.61 0.98 0.98 0.95 0.93 0.98 7.42 7.42 6.77 6.24 7.42 6.88 6.88 6.35 5.95 6.88 11.32 11.32 10.28 9.43 11.32 4.06 4.06 4.32 4.60 4.06 6374.3 9.6%

SWISS MARKET INDEX 2.10 2.10 1.96 1.81 2.10 1.80 1.80 1.69 1.60 1.80 11.64 11.64 10.04 9.02 11.64 13.29 13.29 12.22 11.39 13.29 13.63 13.63 12.16 11.08 13.63 3.56 3.56 3.91 4.24 3.56 7145.5 7.8%

S&P/TSX COMPOSITE INDEX 1.71 1.71 1.58 1.46 1.71 1.59 1.59 1.47 1.41 1.59 8.66 8.66 7.73 7.08 8.66 8.50 8.50 7.41 6.88 8.50 14.69 14.69 12.72 11.48 14.69 2.99 2.99 3.13 3.32 2.99 14207.7 16.2%

S&P/ASX 200 INDEX 1.69 1.69 1.60 1.51 1.69 1.61 1.61 1.50 1.42 1.61 9.87 9.87 8.96 8.33 9.87 8.83 8.83 7.81 7.22 8.83 13.48 13.48 12.04 11.05 13.48 4.83 4.83 5.19 5.58 4.83 4690.9 4.1%

HANG SENG INDEX 1.41 1.41 1.30 1.19 1.41 1.93 1.93 1.79 1.65 1.93 7.19 7.19 6.67 6.32 7.19 8.84 8.84 8.03 7.36 8.84 11.41 11.41 10.55 9.52 11.41 3.39 3.39 3.63 3.97 3.39 22763.4 4.6%

MSCI EM 1.51 1.51 1.37 1.24 1.51 1.03 1.03 0.96 0.89 1.03 7.17 7.17 6.47 5.88 7.17 7.62 7.62 6.80 6.21 7.62 11.54 11.54 9.84 8.85 11.54 2.89 2.89 3.08 3.42 2.89 1132.7 13.6%

EXXON MOBIL CORP 2.69 2.50 2.27 2.10 0.86 0.88 0.91 0.93 7.80 7.77 7.29 7.05 6.27 4.76 4.90 5.17 4.93 10.71 11.42 10.91 10.65 9.87 2.05 2.40 2.62 2.78 2.80 92.94 3.1%

PETROCHINA CO LTD-A 1.59 1.51 1.41 1.34 0.89 0.76 0.73 0.72 6.31 6.01 5.05 5.02 6.09 6.28 5.71 5.72 11.38 12.23 11.23 10.52 4.47 3.51 3.62 3.39 10.25 15.9%

CHEVRON CORP 1.76 1.57 1.41 1.29 0.87 0.89 0.90 0.85 5.48 5.48 5.48 5.23 4.97 3.47 3.56 3.70 3.54 8.14 8.57 8.77 8.64 7.93 2.83 3.21 3.41 3.59 3.81 124.10 13.5%

BP PLC 1.17 1.13 1.04 0.92 0.35 0.38 0.38 0.36 4.86 5.15 4.28 3.73 3.85 3.71 4.19 3.89 3.64 6.15 7.52 6.91 6.48 6.07 4.05 4.69 5.02 5.27 5.78 500.44 15.1%

ECOPETROL SA 3.98 3.76 3.49 3.34 13.32 10.94 9.96 10.11 8.41 7.83 6.82 6.58 15.29 14.03 12.41 12.54 3.67 4.13 4.52 4.24 5268.69 -7.4%

ROYAL DUTCH SHELL PLC-A SHS 1.28 1.15 1.06 0.98 0.46 0.47 0.48 0.48 5.24 4.61 4.54 4.44 4.48 3.82 3.96 3.74 3.65 8.18 7.98 7.55 7.44 6.84 5.03 5.08 5.25 5.40 5.58 2537.60 19.6%

TOTAL SA 1.32 1.18 1.07 0.99 0.52 0.47 0.48 0.48 4.34 4.12 3.93 3.80 3.44 3.52 3.28 3.27 3.22 7.49 7.15 7.09 7.11 6.28 5.93 6.02 6.16 6.28 6.65 44.75 15.4%

GAZPROM OAO 0.49 0.42 0.37 0.34 0.31 0.78 0.75 0.71 0.68 0.65 2.45 2.19 2.49 2.26 2.17 2.51 2.62 2.55 2.55 2.51 2.85 3.03 3.16 3.26 3.05 4.53 5.53 5.44 5.74 6.00 219.31 45.2%

ROYAL DUTCH SHELL PLC-B SHS 1.32 1.19 1.09 1.01 0.46 0.47 0.48 0.48 5.43 4.77 4.70 4.60 4.64 3.83 3.96 3.74 3.66 8.47 8.26 7.82 7.70 7.08 4.88 4.91 5.09 5.26 5.29 2503.85 14.1%

CNOOC LTD 2.19 1.86 1.62 1.44 1.30 2.50 2.48 2.38 2.36 2.13 5.75 5.99 5.86 5.90 6.77 4.24 4.23 4.11 4.05 3.93 8.37 8.94 8.92 8.93 8.53 3.94 2.71 2.87 2.88 3.56 17.12 6.7%

PETROBRAS - PETROLEO BRAS 0.84 1.03 0.95 0.89 1.18 1.06 1.02 1.02 1.05 4.62 5.35 4.74 4.33 3.47 6.08 6.44 5.62 5.15 4.77 7.61 10.53 8.13 7.65 7.12 4.00 3.12 2.95 2.66 4.54 30.61 36.2%

ENI SPA 1.17 1.05 0.97 0.91 0.80 0.58 0.53 0.52 0.52 0.49 3.93 3.45 3.17 3.09 2.84 3.47 3.16 3.15 3.05 2.77 8.93 8.44 8.03 7.60 6.93 5.93 6.16 6.31 6.44 6.59 20.21 15.5%

ROSNEFT OAO 1.13 1.02 0.91 0.82 0.70 0.91 0.84 0.78 0.75 0.72 4.49 4.34 4.18 4.01 3.59 4.74 5.21 4.83 4.67 4.42 5.97 7.18 7.51 7.20 6.76 1.50 2.58 2.72 2.78 3.08 251.11 6.8%

STATOIL ASA 1.71 1.41 1.27 1.16 1.01 0.71 0.63 0.68 0.66 0.65 4.17 4.02 3.85 3.67 3.54 2.00 1.86 1.97 1.93 1.78 9.13 8.38 8.33 8.09 7.24 4.55 4.70 4.84 4.97 5.30 163.80 15.1%

BG GROUP PLC 2.47 2.18 1.92 1.69 1.35 3.59 3.11 2.98 2.60 2.06 11.08 8.57 7.77 6.66 4.88 7.83 7.22 6.21 5.38 4.18 17.21 15.08 13.02 11.38 8.26 1.11 1.22 1.33 1.45 1.71 1647.76 25.0%

CHINA PETROLEUM & CHEMICAL-A 1.14 1.06 0.96 0.88 0.24 0.21 0.20 0.18 4.11 3.91 3.51 3.27 4.93 5.43 4.49 4.23 7.10 9.33 8.14 5.98 3.76 3.72 3.72 4.52 8.67 37.4%

CONOCOPHILLIPS 1.14 1.24 1.15 1.06 0.30 0.68 1.30 1.27 4.00 5.09 4.63 4.46 4.42 2.98 3.96 3.97 3.71 6.60 10.15 9.50 9.36 7.87 4.64 4.77 4.88 5.02 5.80 61.23 9.2%

OCCIDENTAL PETROLEUM CORP 1.73 1.59 1.42 1.28 2.84 2.72 2.62 2.53 5.94 5.99 5.50 5.20 4.89 4.70 4.86 4.33 4.19 9.77 11.69 10.65 9.89 8.65 2.15 2.59 2.83 3.01 3.44 108.35 33.3%

LUKOIL OAO 0.70 0.64 0.57 0.51 0.45 0.39 0.40 0.40 0.38 0.39 3.11 3.18 3.06 2.59 2.44 2.88 3.08 3.01 2.74 2.86 4.23 4.47 4.52 4.36 4.14 4.35 4.29 4.34 4.69 5.00 2519.30 30.6%

SUNCOR ENERGY INC 1.29 1.20 1.06 1.00 1.29 1.25 1.20 1.15 5.38 5.18 4.97 5.07 5.28 4.88 4.88 4.72 4.71 4.65 9.16 10.22 10.00 10.27 10.81 1.35 1.51 1.70 1.83 1.59 42.14 29.0%

RELIANCE INDUSTRIES LTD 1.50 1.38 1.26 1.16 0.81 0.74 0.77 0.74 0.68 8.36 8.27 7.58 6.44 8.15 8.77 8.37 7.04 6.57 12.71 12.69 11.94 10.59 9.90 1.05 1.12 1.21 1.37 825.76 2.0%

OIL & NATURAL GAS CORP LTD 1.80 1.55 1.39 1.27 1.62 1.49 1.42 1.39 1.31 4.97 4.90 4.64 4.14 3.97 3.93 3.64 3.58 3.30 8.85 8.97 8.31 7.75 7.67 3.68 3.65 3.85 3.99 314.58 14.0%

IMPERIAL OIL LTD 2.72 2.36 2.02 1.76 1.23 1.24 1.16 1.25 9.69 8.86 8.70 8.81 7.01 7.34 7.43 6.58 7.00 12.03 11.47 11.47 11.31 10.87 1.00 1.07 1.12 1.18 1.15 49.82 12.4%

NOVATEK OAO 5.63 4.06 3.27 2.68 2.31 5.99 4.86 3.88 3.26 2.77 19.97 14.72 11.27 10.30 8.96 13.14 11.55 9.09 7.99 7.43 17.80 15.73 11.69 9.79 8.55 1.50 1.93 2.62 3.12 3.40 422.41 20.3%

ANADARKO PETROLEUM CORP 1.75 1.60 1.45 1.31 2.51 2.46 2.17 1.93 1.75 5.02 4.53 4.21 3.50 3.10 5.80 5.33 4.79 4.25 3.95 21.18 19.24 15.83 12.41 11.68 0.54 0.54 0.49 0.47 99.80 49.1%

CANADIAN NATURAL RESOURCES 1.41 1.31 1.17 1.04 2.40 2.14 1.81 1.83 5.09 5.00 4.22 3.58 3.33 5.40 5.33 4.42 3.99 4.02 12.83 15.37 11.12 9.56 10.33 1.18 1.39 1.50 1.55 1.42 41.44 39.8%

APACHE CORP 1.14 1.02 0.90 0.80 1.93 1.93 1.80 1.60 1.33 3.30 3.34 3.08 2.68 2.58 3.52 3.63 3.35 2.95 7.01 8.49 8.02 6.85 4.45 0.77 0.82 0.82 0.83 113.44 36.5%

SURGUTNEFTEGAS 0.76 0.71 0.67 0.58 0.50 0.92 1.00 0.99 1.02 1.15 3.03 3.01 3.17 4.18 4.04 1.87 2.04 2.16 2.30 2.30 4.85 6.33 6.73 7.25 7.25 3.38 2.41 2.43 2.41 2.25 36.38 28.9%

TNK-BP HOLDING-CLS 1.29 1.15 1.04 0.95 0.84 0.57 0.56 0.56 0.56 0.55 3.40 2.89 3.02 3.04 2.77 2.33 2.39 2.47 2.54 2.53 3.64 3.64 3.79 4.00 3.77 15.31 17.87 16.35 16.40 18.39 3.59 70.2%

PTT PCL/FOREIGN 1.65 1.48 1.31 1.18 1.09 0.42 0.37 0.35 0.34 0.33 6.37 5.99 5.19 4.65 4.66 6.65 6.06 5.52 5.12 5.64 9.00 8.87 7.95 7.55 8.31 3.57

WOODSIDE PETROLEUM LTD 2.30 1.94 1.84 1.71 1.62 6.21 4.95 4.62 4.34 4.10 12.09 7.96 8.17 7.27 6.70 11.33 8.14 7.72 7.21 7.34 16.99 13.38 13.65 12.60 11.85 3.11 3.77 3.92 4.19 4.26 39.98 14.4%

EOG RESOURCES INC 2.32 2.12 1.89 1.67 3.58 2.91 2.61 2.37 1.96 6.56 5.69 5.08 4.07 3.90 6.94 5.88 5.22 4.27 3.99 31.40 23.39 20.03 14.66 0.57 0.61 0.58 0.63 128.67 16.8%

PTT PCL 1.55 1.39 1.23 1.11 1.03 0.39 0.34 0.33 0.32 0.31 5.99 5.63 4.88 4.37 4.38 6.37 5.81 5.29 4.91 5.40 8.46 8.34 7.48 7.10 7.81 3.97 4.19 4.60 4.77 4.07 383.41 22.1%

PETROCHINA CO LTD-H 1.56 1.46 1.36 1.25 1.11 0.86 0.78 0.73 0.70 0.67 5.21 5.03 4.61 4.50 4.04 6.15 5.90 5.38 4.99 4.37 11.46 11.51 10.42 9.56 7.97 3.88 3.89 4.27 4.55 5.66 11.19 4.8%

PHILLIPS 66 1.55 1.36 1.23 1.06 0.92 0.15 0.15 0.17 0.17 0.19 11.99 6.34 6.99 7.18 6.82 4.68 4.13 4.83 5.04 4.47 8.03 6.26 7.57 7.88 7.30 0.00 0.98 2.11 2.16 2.05 53.27 18.6%

FORMOSA PETROCHEMICAL CORP 3.36 3.68 3.35 3.19 3.11 1.00 0.91 0.88 0.89 23.50 25.78 17.55 12.28 16.84 25.18 16.24 15.51 33.73 79.79 25.32 23.01 3.29 1.37 2.86 3.53 71.73 -13.1%

HUSKY ENERGY INC 1.44 1.38 1.32 1.27 1.11 1.12 1.14 1.11 4.69 5.83 5.93 5.41 5.53 4.81 5.52 5.30 4.93 4.48 10.95 14.32 14.35 13.71 15.02 4.49 4.49 4.49 4.49 4.49 28.31 5.9%

CENOVUS ENERGY INC 2.70 2.45 2.26 2.06 1.73 1.56 1.53 1.42 7.84 7.04 7.09 6.54 6.45 7.76 6.90 7.14 6.74 18.74 17.23 15.83 14.77 14.65 2.37 2.60 2.65 2.71 2.60 40.99 21.1%

REPSOL SA 0.73 0.71 0.68 0.66 0.59 0.29 0.34 0.33 0.32 0.34 3.21 4.09 3.79 3.45 3.29 4.38 5.41 5.08 4.79 4.54 9.10 9.61 8.89 8.31 7.92 7.63 5.42 5.76 6.12 6.04 17.76 17.2%

DEVON ENERGY CORPORATION 1.15 1.06 1.01 0.92 2.42 2.74 2.40 2.09 4.10 5.08 4.38 3.40 4.17 5.21 4.46 3.62 9.88 18.81 13.09 9.09 1.12 1.18 1.18 1.12 78.46 31.7%

GAZPROM NEFT OAO-CLS 0.99 0.89 0.77 0.68 0.59 0.54 0.52 0.51 0.51 0.50 3.67 3.33 3.26 3.16 2.78 3.26 3.34 3.38 3.27 3.16 4.47 4.56 4.75 4.91 4.39 4.52 5.11 4.60 4.82 5.29 209.70 35.2%

INPEX CORP 0.79 0.75 0.71 0.68 0.63 1.52 1.51 1.49 1.45 1.39 8.27 7.32 9.62 6.85 7.19 2.02 2.17 2.15 2.18 2.15 9.59 9.59 11.08 11.18 11.37 1.27 1.46 1.45 1.46 1.49 695142.88 48.4%

MARATHON OIL CORP 1.12 1.06 0.94 0.84 0.66 1.42 1.33 1.43 3.85 4.47 3.80 4.30 3.08 3.06 2.82 2.80 7.91 11.18 9.03 8.80 2.67 2.29 2.36 2.39 34.80 17.7%

TULLOW OIL PLC 4.55 3.63 3.35 3.19 3.37 8.96 8.45 7.34 7.33 5.87 14.88 13.66 12.65 13.61 8.36 12.56 11.91 10.75 10.63 9.98 32.74 28.06 26.92 29.64 27.58 0.62 0.72 0.77 0.76 0.89 1537.23 9.3%

SEADRILL LTD 2.94 3.02 2.98 2.81 2.60 4.50 4.20 3.59 3.01 2.88 9.53 9.35 8.07 6.56 12.42 11.53 9.71 7.93 7.16 14.94 12.86 11.32 9.01 7.97 7.53 8.57 8.79 9.42 10.24 253.40 10.4%

MARATHON PETROLEUM CORP 1.93 1.59 1.33 1.12 0.24 0.23 0.22 0.20 5.59 3.97 4.15 4.15 2.99 4.03 3.40 3.67 3.87 7.75 5.83 6.49 6.62 3.84 1.18 2.32 2.96 2.89 65.83 23.6%

HESS CORP 0.92 0.85 0.77 0.70 0.50 0.46 0.44 0.42 3.46 3.46 3.03 2.77 2.41 3.87 3.43 3.15 3.11 8.71 8.94 8.06 8.30 6.70 0.78 0.78 0.76 0.76 0.76 64.92 24.0%

CHINA PETROLEUM & CHEMICAL-H 1.21 1.12 1.02 0.92 0.82 0.23 0.22 0.21 0.20 0.19 3.98 4.01 3.47 3.37 2.58 5.04 5.38 4.62 4.29 3.91 7.61 9.76 7.73 7.26 7.54 3.38 3.35 4.00 4.37 3.94 8.20 0.3%

TRANSOCEAN LTD 0.72 1.06 0.97 0.87 1.97 1.79 1.72 1.56 1.51 7.95 7.23 5.67 4.71 9.34 7.99 6.39 5.51 5.58 33.62 16.44 10.36 7.87 7.64 5.00 1.24 2.11 0.98 60.81 27.6%

PTT EXPLOR & PROD PUBLIC CO 2.60 2.09 1.80 1.56 1.54 3.12 2.58 2.17 2.11 2.21 6.83 5.60 5.21 5.04 4.57 5.33 4.37 3.78 3.64 3.58 11.94 9.58 8.71 8.50 8.35 3.27 3.93 4.43 4.59 9.58 176.69 13.3%

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


24.10.2012

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a

worldwide basis. The Company's operations include exploration and production of

oil and gas, electric power generation, and coal and minerals operations.

Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

Latest Fiscal Year: 12/2011

LTM as of: 06/yy

52-Week High (19.10.2012) 93.67

52-Week Low (25.11.2011) 73.90

Daily Volume

90.18

52-Week High % Change -3.73% Dividend Yield 2.20

52-Week Low % Change 22.03% Beta 1.01

% 52 Week Price Range High/Low 82.35% Equity Float 4'605.60

Shares Out 30.06.2012 4'615.9 Short Int 41.09

416'265.44 1 Yr Total Return 15.29%

Total Debt 17'033.00 YTD Return 8.41%

Preferred Stock 0.0 Adjusted BETA 1.007

Minority Interest 6'348.0 Analyst Recs 28

Cash and Equivalents 12'664.00 Consensus Rating 3.929

Enterprise Value 419'218.43

Average Volume 5 Day 12'807'517

XOM US EQUITY YTD Change - Average Volume 30 Day 12'501'464

XOM US EQUITY YTD % CHANGE - Average Volume 3 Month 12'211'969

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

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

358'600.0 425'071.0 275'564.0 341'578.0 433'526.0 392'725.0 434'824.0 475'665.0 456'873.0 112'670.7 122'699.0

1.35x 0.89x 1.18x 1.10x 0.95x 3.90x 3.63x 0.90x 0.94x 3.72x 3.45x

69'905.0 78'669.0 38'156.0 54'882.0 69'687.0 65'781.0 65'402.0 85'496.3 81'018.6 19'961.0 19'754.0

6.92x 4.82x 8.54x 6.87x 5.91x 6.21x 6.08x 4.90x 5.17x 5.41x 5.43x

40'610.0 45'220.0 19'280.0 30'460.0 41'060.0 37'930.0 45'090.0 36'222.7 36'122.1 9'064.0 8'817.2

12.87x 9.46x 17.01x 11.76x 10.07x 10.69x 10.83x 11.42x 10.91x 11.08x 10.94x

EBITDA 69'687.00 Long-Term Rating Date 16.12.1985

EBIT 54'104.00 Long-Term Rating AAA

Operating Margin 12.48% Long-Term Outlook STABLE

Pretax Margin 16.90% Short-Term Rating Date 16.12.1985

Return on Assets 13.75% Short-Term Rating A-1+

Return on Common Equity 28.33%

Return on Capital 26.55% EBITDA/Interest Exp. 82.96

Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 46.09

Net Debt/EBITDA -0.03

Gross Margin 16.4% Total Debt/EBITDA 0.24

EBITDA Margin 15.0%

EBIT Margin 11.4% Total Debt/Equity 11.0%

Net Income Margin 9.5% Total Debt/Capital 9.6%

Asset Turnover 1.33

Current Ratio 0.94 Net Fixed Asset Turnover 2.05

Quick Ratio 0.66 Accounts receivable turnover-days 29.07

Debt to Assets 5.15% Inventory Days 17.00

Tot Debt to Common Equity 11.03% Accounts Payable Turnover Day 54.83

Accounts Receivable Turnover 12.59 Cash Conversion Cycle 11.53

Inventory Turnover 21.53

Fiscal Year Ended

Exxon Mobil CorpPrice/Volume

Valuation Analysis

14'085'591.00

Current Price (10/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

.--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G.-'- G/-'- G0-'- G1-'- G2-'- G3-'- G4-'- G5-'- G6-'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis


24.10.2012

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

VANGUARD GROUP INC VANGUARD GROUP INC 13F 209'484'348 4.54 2'047'636 30.06.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 187'994'321 4.07 1'316'110 30.06.2012 Investment Advisor

BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 128'004'853 2.77 5'555'316 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 71'642'287 1.55 (1'704'658) 30.09.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 68'517'544 1.48 4'532'448 30.06.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 66'209'338 1.43 (316'745) 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 49'557'616 1.07 (476'214) 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 46'482'622 1.01 (4'136'959) 30.06.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 43'273'801 0.94 (1'715'284) 30.06.2012 Investment Advisor

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 38'720'883 0.84 (4'205'930) 30.06.2012 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 37'062'400 0.8 - 30.06.2012 Insurance Company

NORGES BANK NORGES BANK 13F 36'186'715 0.78 36'186'715 31.12.2011 Government

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 35'542'062 0.77 (7'655'604) 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 35'328'962 0.77 (649'527) 30.06.2012 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 33'306'634 0.72 552'578 30.06.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 24'290'073 0.53 (6'252'293) 30.06.2012 Investment Advisor

FAYEZ SAROFIM FAYEZ SAROFIM 13F 21'410'641 0.46 741'823 30.06.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 21'356'729 0.46 3'196'094 30.06.2012 Investment Advisor

LEGAL & GENERAL GROU LEGAL & GENERAL GROU 13F 20'547'795 0.45 362'081 30.06.2012 Investment Advisor

ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 19'026'812 0.41 4'858'491 30.06.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 97 12 month 23.10.2012

Raymond James PAVEL MOLCHANOV outperform 5 M 96 12 month 19.10.2012

Oppenheimer & Co FADEL GHEIT outperform 5 M 100 18 month 19.10.2012

Societe Generale JOHN HERRLIN buy 5 M 103 12 month 18.10.2012

Barclays PAUL Y CHENG equalweight 3 M 93 Not Provided 18.10.2012

Goldman Sachs ARJUN N MURTI buy/attractive 5 M 104 6 month 17.10.2012

Argus Research Corp PHILIP H WEISS hold 3 M #N/A N/A Not Provided 17.10.2012

Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 17.10.2012

Howard Weil Inc BLAKE FERNANDEZ market perform 3 M 92 12 month 17.10.2012

ISI Group DOUGLAS T TERRESON buy 5 M 95 12 month 17.10.2012

S&P Capital IQ MICHAEL KAY strong buy 5 M 103 Not Provided 17.10.2012

Tudor Pickering & Co ROBERT KESSLER hold 3 M 81 Not Provided 16.10.2012

Jefferies IAIN REID hold 3 M 85 12 month 15.10.2012

Credit Suisse EDWARD WESTLAKE neutral 3 M 90 Not Provided 12.10.2012

Deutsche Bank PAUL SANKEY hold 3 M 96 12 month 10.10.2012

Dahlman Rose & Co ASIT SEN buy 5 N 100 Not Provided 10.10.2012

Macquarie JASON D GAMMEL outperform 5 M 97 12 month 03.10.2012

VTB Capital COLIN SMITH hold 3 N 90 12 month 27.09.2012

National Bank AG MANFRED JAISFELD buy 5 M 100 Not Provided 21.09.2012

Daiwa Securities Co. Ltd. HIROKAZU KABEYA neutral 3 M 86 Not Provided 21.08.2012

Independent Research GmbH SVEN DIERMEIER hold 3 M 90 12 month 06.08.2012

Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 90 12 month 26.07.2012

Phoenix Partners Group CHRIS KETTENMANN hold 3 N 77 Not Provided 24.07.2012

Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 17.02.2012

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011

Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 10.06.2011

Holdings By:

Exxon Mobil Corp ee


24.10.2012

PetroChina Company Limited explores, develops, and produces crude oil and

natural gas. The Company also refines, transports, and distributes crude oil

and petroleum products, produces and sells chemicals, and transmits, markets

and sells natural gas.


LTM as of: 06/yy

52-Week High (27.02.2012) 10.74

52-Week Low (26.09.2012) 8.47

Daily Volume

8.84

52-Week High % Change -17.69% Dividend Yield -



Shares Out 30.06.2012 161'922.1 Short Int -

1'613'048.75 1 Yr Total Return -6.86%

Total Debt 318'002.00 YTD Return -6.00%




Enterprise Value 2'047'146.78


601857 CH EQUITY YTD Change - Average Volume 30 Day 12'340'740

601857 CH EQUITY YTD % CHANGE - Average Volume 3 Month 10'653'790


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

836'353.0 1'072'604.0 1'019'275.0 1'465'415.0 2'003'843.0 ######### ######### ######### ######### 539'863.0 -

6.35x 1.78x 2.57x 1.54x 0.88x 5.01x 3.89x - - - -

269'727.0 256'680.0 237'168.0 303'643.0 323'368.0 167'207.0 243'216.0 325'938.0 358'229.0 - -

19.70x 7.45x 11.04x 7.43x 5.48x 0.00x 0.00x 6.28x 5.71x - -

146'750.0 114'453.0 103'387.0 139'992.0 132'961.0 140'667.0 129'012.0 124'337.0 140'246.5 21'492.0 -

15.86x 9.49x 14.65x 11.33x 10.74x 12.30x 11.62x 12.23x 11.23x - -

EBITDA 323'368.00 Long-Term Rating Date -

EBIT 185'295.00 Long-Term Rating -

Operating Margin 9.25% Long-Term Outlook -

Pretax Margin 9.19% Short-Term Rating Date -

Return on Assets 6.68% Short-Term Rating -


Return on Capital - EBITDA/Interest Exp. 27.94


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 1.05



Debt to Assets 16.58% Inventory Days -

Tot Debt to Common Equity 31.71% Accounts Payable Turnover Day -

Accounts Receivable Turnover 27.70 Cash Conversion Cycle -

Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PetroChina Co LtdPrice/Volume

Valuation Analysis

8'018'018.00


-

/

1

3

5

.-

./

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

.-'- G

/-'- G

0-'- G

1-'- G

2-'- G

3-'- G

4-'- G

5-'- G

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


CHINA NATIONAL PETRO n/a EXCH 158'271'705'094 97.75 - 24.05.2012 Government

SOCIAL SECURITY FUND n/a Co File 400'000'000 0.25 - 31.12.2011 Pension Fund (ERISA)

CHINA LIFE INSURANCE n/a Co File 126'623'555 0.08 - 31.12.2011 Government

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 52'350'919 0.03 3'854'084 31.12.2011 Investment Advisor

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 45'440'035 0.03 - 31.12.2011 Investment Advisor

GUANGXI INVESTMENT G n/a Co File 39'560'045 0.02 - 31.12.2011 Corporation

E FUND MANAGEMENT Multiple Portfolios MF-AGG 31'446'927 0.02 (6'337'900) 31.12.2011 Investment Advisor

YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 30'038'372 0.02 1'305'841 31.12.2011 Investment Advisor

LIANG NENG CONSTRUCT n/a Co File 26'363'816 0.02 - 31.12.2011 n/a

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 23'752'009 0.01 (670'205) 31.12.2011 Investment Advisor

FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 18'131'324 0.01 (12'491'248) 31.12.2011 Investment Advisor

LION FUND MANAGEMENT Multiple Portfolios MF-AGG 17'425'977 0.01 1'989'241 31.12.2011 Investment Advisor

CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 16'595'170 0.01 15'430'143 31.12.2011 Investment Advisor

BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 14'180'934 0.01 8'504'272 31.12.2011 Investment Advisor

HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 14'163'101 0.01 3'529'163 31.12.2011 Investment Advisor

CSOP ASSET MANAGEMEN Multiple Portfolios MF-AGG 12'878'389 0.01 1'849'182 24.10.2012 Investment Advisor

GTJA ALLIANZ FUND MA Multiple Portfolios MF-AGG 10'736'012 0.01 (57'175) 31.12.2011 Investment Advisor

INVESCO GREAT WALL F Multiple Portfolios MF-AGG 10'015'534 0.01 10'015'534 31.12.2011 Investment Advisor

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 8'761'200 0.01 848'763 31.12.2011 Investment Advisor

HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 8'722'647 0.01 678'944 31.12.2011 Investment Advisor


Northeast Securities Co Ltd WEIGANG WANG buy 5 M #N/A N/A Not Provided 23.10.2012

Goldman Sachs ARTHUR YAN neutral/neutral 3 M 10 12 month 17.10.2012

Bank of China International LAWRENCE LAU buy 5 M 11 Not Provided 17.10.2012

Citic Securities Co., Ltd HUANG LILI overweight 5 D 12 6 month 10.09.2012

HSBC THOMAS C HILBOLDT neutral 3 D 10 Not Provided 24.08.2012

Masterlink Securities LI XIN hold 3 M 10 Not Provided 26.07.2012

SWS Research Co Ltd KAISHENG LIN outperform 5 M #N/A N/A Not Provided 23.07.2012

Guodu Securities Co Ltd WANG SHUANG buy 5 M #N/A N/A Not Provided 11.06.2012

Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.05.2012

China International Capital Corp BIN GUAN hold 3 M #N/A N/A Not Provided 27.04.2012

Hong Yuan Securities ZU GUANGPING add 4 M 9 6 month 29.03.2012

China Minzu Securities Co Ltd QI QIUSHI buy 5 M 8 6 month 01.03.2012

PingAn Securities DU ZHIQIANG buy 5 M #N/A N/A Not Provided 18.11.2011

Jefferies LABAN YU buy 5 N 16 12 month 25.05.2011

China Investment Securities RUI DINGKUN buy 5 M #N/A N/A Not Provided 07.04.2011

China Securities Co., Ltd LIANG BIN neutral 3 N 11 Not Provided 08.12.2010

China Galaxy Securities LI GUOHONG buy 5 M #N/A N/A Not Provided 08.06.2010

Everbright Securities Co., Ltd CHENG LEI buy 5 U #N/A N/A Not Provided 28.04.2010

Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 22.03.2010

Holdings By:

PetroChina Co Ltd ee


24.10.2012

Chevron Corporation is an integrated energy company with operations in countries

located around the world. The Company produces and transports crude oil and

natural gas. Chevron also refines, markets, and distributes fuels as well as

is involved in chemical operations, mining operations, power generation and

energy services.


LTM as of: 06/yy

52-Week High (21.09.2012) 118.53

52-Week Low (25.11.2011) 92.29

Daily Volume

109.38





214'618.88 1 Yr Total Return 6.34%



Minority Interest 799.0 Analyst Recs 29




CVX US EQUITY YTD Change - Average Volume 30 Day 6'567'471

CVX US EQUITY YTD % CHANGE - Average Volume 3 Month 5'889'587


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

203'970.0 255'112.0 159'293.0 189'607.0 236'286.0 216'773.0 230'561.0 241'745.6 237'966.8 55'289.0 56'423.7

0.95x 0.58x 0.99x 0.96x 0.87x 3.53x 3.41x 0.86x 0.89x 3.72x 3.67x

34'335.0 44'538.0 26'432.0 38'438.0 51'210.0 45'659.0 50'980.0 57'550.5 55'389.4 13'889.2 14'475.0

5.66x 3.32x 5.94x 4.71x 4.02x 4.48x 3.87x 3.56x 3.70x 3.66x 3.64x

18'688.0 23'931.0 10'483.0 19'024.0 26'895.0 23'006.0 26'633.0 25'276.6 24'287.4 5'942.8 6'036.8

10.64x 6.50x 13.53x 9.76x 7.92x 9.08x 8.11x 8.57x 8.77x 8.99x 8.75x


EBIT 38'299.00 Long-Term Rating AA









EBITDA Margin 22.1%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Chevron CorpPrice/Volume

Valuation Analysis

8'011'680.00


-

/-

1-

3-

5-

.--

./-

.1-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


STATE STREET CORP STATE STREET CORPORA 13F 100'527'536 5.12 170'995 30.06.2012 Investment Advisor


CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 59'275'793 3.02 (1'835'000) 30.06.2012 Investment Advisor



WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 36'327'383 1.85 327'036 30.06.2012 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 28'041'682 1.43 (67'674) 30.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 26'015'538 1.33 (120'112) 30.06.2012 Investment Advisor

CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 20'686'111 1.05 4'411'000 30.06.2012 Investment Advisor

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 19'089'877 0.97 (404'282) 30.06.2012 Investment Advisor



STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 16'281'400 0.83 - 30.06.2012 Insurance Company

BANK OF AMERICA CORP BANK OF AMERICA 13F 16'156'576 0.82 182'072 30.06.2012 Investment Advisor


BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 14'112'123 0.72 516'168 30.06.2012 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 14'083'947 0.72 351'361 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 13'105'358 0.67 2'985'530 30.06.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'946'364 0.61 166'652 30.06.2012 Investment Advisor




Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 132 6 month 17.10.2012




Jefferies IAIN REID buy 5 M 125 12 month 15.10.2012


Credit Suisse EDWARD WESTLAKE outperform 5 M 135 Not Provided 12.10.2012

Argus Research Corp PHILIP H WEISS buy 5 M 130 Not Provided 11.10.2012



Deutsche Bank PAUL SANKEY buy 5 M 140 12 month 10.10.2012

Morgan Stanley J EVAN CALIO Overwt/Attractive 5 M 120 12 month 10.10.2012

Howard Weil Inc BLAKE FERNANDEZ market outperform 4 M 139 12 month 10.10.2012

S&P Capital IQ MICHAEL KAY strong buy 5 M #N/A N/A Not Provided 10.10.2012

Dahlman Rose & Co ASIT SEN hold 3 N #N/A N/A Not Provided 10.10.2012

Barclays PAUL Y CHENG overweight 5 M 133 Not Provided 10.10.2012

Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 09.10.2012


Daiwa Securities Co. Ltd. HIROKAZU KABEYA outperform 5 M 120 Not Provided 21.08.2012

Phoenix Partners Group CHRIS KETTENMANN sell 1 N 83 Not Provided 24.07.2012

Oracle Investment Research LAURENCE BALTER buy 5 M 120 Not Provided 12.06.2012


Cia de Professionales de Bolsa JAMIL HALLASSOU HOLGUIN hold 3 M 110 12 month 24.01.2012



Holdings By:

Chevron Corp ee


24.10.2012

BP plc is an oil and petrochemicals company. The Company explores for and

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 (05.03.2012) 512.00

52-Week Low (18.05.2012) 389.50

Daily Volume

434.6





82'813.27 1 Yr Total Return 3.66%







BP/ LN EQUITY YTD Change - Average Volume 30 Day 27'717'780

BP/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 24'689'460


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

284'365.0 361'143.0 239'272.0 297'107.0 375'517.0 337'004.0 376'205.0 351'101.8 352'981.1 73'196.5 73'059.5

0.91x 0.47x 0.87x 0.53x 0.44x 1.90x 1.71x 0.47x 0.45x 2.28x 2.26x

37'544.0 41'761.0 33'392.0 38'497.0 38'196.0 41'315.0 29'625.0 39'597.6 42'688.8 10'516.3 11'296.5

6.90x 4.05x 6.24x 4.06x 4.35x 4.04x 5.38x 4.19x 3.89x 3.70x 3.58x

20'845.0 21'157.0 16'578.0 (3'719.0) 25'700.0 20'324.0 17'356.0 17'786.5 19'607.9 4'105.9 4'696.2

11.21x 6.81x 10.95x - 5.25x 6.83x 7.23x 7.52x 6.91x 7.24x 6.96x


EBIT 27'061.00 Long-Term Rating A

Operating Margin 7.21% Long-Term Outlook POS


Return on Assets 5.95% Short-Term Rating A-1




Net Debt/EBITDA 1.09


EBITDA Margin 7.9%



Asset Turnover 1.29


Quick Ratio 0.50 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle 22.12


Fiscal Year Ended

BP PLCPrice/Volume

Valuation Analysis

9'108'272.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.--

/--

0--

1--

2--

3--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G.-'- G/-'- G0-'- G1-'- G2-'- G3-'- G4-'- G5-'- G6-'- G.--'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


LEGAL & GENERAL INV Multiple Portfolios REG 696'265'651 3.65 (24'802'335) 01.08.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a RNS-MAJ 609'649'091 3.2 - 01.09.2012 Investment Advisor

CAPITAL RESEARCH AND Multiple Portfolios REG 593'016'326 3.11 31'583'434 01.08.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 483'842'665 2.54 23'687'937 30.09.2012 Investment Advisor

BLACKROCK INV MANAGE Multiple Portfolios REG 478'644'956 2.51 (65'267'858) 01.08.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 427'782'709 2.24 8'154'405 01.08.2012 Government

SCOTTISH WIDOWS INVE Multiple Portfolios REG 351'155'655 1.84 (50'067'578) 01.08.2012 Investment Advisor

KUWAIT INVESTMENT AU Multiple Portfolios REG 328'143'792 1.72 - 01.08.2012 Government

M&G INVESTMENT MANAG Multiple Portfolios REG 321'791'956 1.69 (1'560'565) 01.08.2012 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 258'130'496 1.35 - 01.08.2012 Government

STANDARD LIFE INVEST Multiple Portfolios REG 252'489'400 1.33 (15'394'337) 01.08.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 226'450'073 1.19 11'192'747 30.06.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios REG 188'045'023 0.99 18'974'806 01.08.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios REG 187'875'430 0.99 1'869'460 01.08.2012 Investment Advisor

FIDELITY INVESTMENTS Multiple Portfolios REG 184'115'571 0.97 10'823'197 01.08.2012 Investment Advisor

UBS GLOBAL ASSET MGM Multiple Portfolios REG 180'742'491 0.95 (1'465'315) 01.08.2012 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 171'088'918 0.9 4'250'881 01.08.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios REG 157'820'711 0.83 13'421'455 01.08.2012 Investment Advisor

GOVT OF SINGAPORE IN Multiple Portfolios REG 154'353'562 0.81 12'533'618 01.08.2012 Government

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 153'440'896 0.81 (3'302'926) 22.10.2012 Investment Advisor


Nomura THEEPAN JOTHILINGAM neutral 3 M 455 12 month 24.10.2012

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 460 Not Provided 24.10.2012

Barclays RAHIM KARIM underweight 1 M 510 Not Provided 24.10.2012

Grupo Santander JASON KENNEY hold 3 M 500 Not Provided 23.10.2012

Societe Generale IRENE HIMONA hold 3 M 465 12 month 23.10.2012

RBC Capital Markets PETER HUTTON outperform 5 M 530 12 month 23.10.2012

Credit Suisse KIM FUSTIER outperform 5 M 490 Not Provided 23.10.2012



Oriel Securities Ltd RICHARD GRIFFITH hold 3 M #N/A N/A Not Provided 23.10.2012

Exane BNP Paribas CHARLES RIOU neutral 3 M 500 Not Provided 23.10.2012

Investec STUART JOYNER buy 5 M 460 12 month 22.10.2012

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 530 12 month 22.10.2012


Canaccord Genuity Corp GORDON GRAY buy 5 M 500 12 month 22.10.2012

Deutsche Bank LUCAS HERRMANN buy 5 M 500 12 month 19.10.2012

AlphaValue ALEXANDRE ANDLAUER reduce 2 M 411 6 month 18.10.2012

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

JPMorgan FREDERICK G LUCAS overweight 5 M 550 6 month 02.10.2012


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

Day by Day VALERIE GASTALDY buy 5 M 500 3 month 10.08.2012

HSBC PAUL SPEDDING overweight 5 M 550 Not Provided 02.08.2012

Natixis ANNE PUMIR neutral 3 M 481 Not Provided 01.08.2012

S&P Capital IQ CHRISTINE TISCARENO hold 3 M 595 12 month 31.07.2012

Goldman Sachs MICHELE DELLA VIGNA not rated #N/A N/A M #N/A N/A Not Provided 08.06.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 02.06.2012

Morgan Stanley MARTIJN P RATS restricted #N/A N/A M #N/A N/A Not Provided 01.06.2012

Landesbank Baden-Wuerttemberg ACHIM WITTMANN hold 3 M 460 Not Provided 07.05.2012

Kepler Capital Markets BERTRAND HODEE buy 5 M 602 Not Provided 16.04.2012

CS Capital CHRISTOPHER PARKINSON buy 5 M 500 Not Provided 15.08.2011


National Bank AG MANFRED JAISFELD buy 5 M 700 Not Provided 14.04.2010

Holdings By:

BP PLC ee


24.10.2012

Ecopetrol SA is an integrated oil company. The Company owns interests in oil

producing fields in the central area, south, west and north of Colombia as well

as refineries, ports for fuel exports and imports on both coasts and the

transportation network of pipelines and polyducts throughout the Colombian

territory.


LTM as of: 06/yy

52-Week High (02.05.2012) 5'930.00

52-Week Low (23.11.2011) 3'824.52

Daily Volume

5690





233'954'016.00 1 Yr Total Return 49.84%

Total Debt 8'801'572.00 YTD Return 42.55%


Minority Interest 2'252'631.0 Analyst Recs 15

Cash and Equivalents 8'117'539.00 Consensus Rating 2.467



ECOPETL CB EQUITY YTD Change - Average Volume 30 Day 6'196'646

ECOPETL CB EQUITY YTD % CHANGE - Average Volume 3 Month 6'467'682


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

22'332'320.0 33'896'669.0 30'404'390.0 41'968'311.0 65'752'268.0 ######### ######### ######### ######### ######### #########

3.23x 2.24x 3.41x 4.08x 2.68x 12.30x 11.06x - - - -

9'555'212.0 14'155'420.0 11'265'800.0 17'103'936.0 31'056'068.0 ######### ######### ######### ######### ######### -

7.54x 5.36x 9.20x 10.01x 5.68x 6.82x 6.43x 7.83x 6.82x - -

5'179'792.0 11'629'677.0 5'132'054.0 8'146'471.0 15'452'334.0 ######### ######### ######### ######### ######### -

15.78x 6.98x 19.60x 20.37x 11.22x 13.77x 12.30x 14.03x 12.41x 8.93x -

EBITDA 31'056'068.00 Long-Term Rating Date 18.03.2011

EBIT 25'690'963.00 Long-Term Rating BBB-









EBITDA Margin 47.3%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ecopetrol SAPrice/Volume

Valuation Analysis

3'415'413.00


-

.---

/---

0---

1---

2---

3---

4---

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./'- G

.-'- G

/-'- G

0-'- G

1-'- G

2-'- G

3-'- G

4-'- G

0.0

10'000'000.0

20'000'000.0

30'000'000.0

40'000'000.0

50'000'000.0

60'000'000.0

70'000'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


REPUBLIC OF COLOMBIA n/a 20F 36'384'788'817 88.49 - 31.03.2012 Government

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 65'486'940 0.16 346'356 22.10.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 51'772'416 0.13 - 22.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 43'966'630 0.11 835'781 30.09.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 43'834'268 0.11 (1'708'948) 30.06.2012 Investment Advisor

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 28'847'800 0.07 5'116'700 29.06.2012 Unclassified

PICTET & CIE Multiple Portfolios MF-AGG 24'957'813 0.06 2'980'482 31.07.2012 Mutual Fund Manager

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 17'036'618 0.04 (35'105) 31.08.2012 Investment Advisor

GARTMORE INVESTMENT Multiple Portfolios MF-AGG 9'515'827 0.02 (226'000) 31.08.2012 Investment Advisor

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 5'205'204 0.01 354'283 30.06.2012 Mutual Fund Manager

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 4'612'890 0.01 - 31.08.2012 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 3'969'954 0.01 595'757 30.09.2012 Investment Advisor

WILLIAM BLAIR & CO L Multiple Portfolios MF-AGG 3'166'649 0.01 219'135 28.09.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'019'807 0 15'298 31.08.2012 Investment Advisor

NORD EST ASSET MANAG Multiple Portfolios MF-AGG 1'618'600 0 - 31.08.2012 Mutual Fund Manager

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 1'366'617 0 71'500 31.08.2012 Investment Advisor

PYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 1'210'279 0 (41'111) 31.03.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 1'185'600 0 9'200 31.07.2012 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'167'200 0 68'900 31.08.2012 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 765'675 0 765'675 31.07.2012 Investment Advisor


JPMorgan CAIO M CARVALHAL underweight 1 M 4'620 12 month 24.10.2012

Correval SA CESAR CUERVO hold 3 M #N/A N/A Not Provided 22.10.2012

Asesores en Valores SA OMAR ESCORCIA sell 1 M 5'710 Not Provided 19.10.2012

Goldman Sachs FELIPE MATTAR neutral/neutral 3 M 5'200 6 month 17.10.2012

Interbolsa SA JUAN DAVID PINEROS hold 3 M 5'030 Not Provided 17.10.2012

VTB Capital COLIN SMITH sell 1 N 5'000 12 month 27.09.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 09.08.2012

Acciones y Valores JORGE EDUARDO BELLO hold 3 M 5'460 Not Provided 01.08.2012

Ultrabursatiles DIEGO USME ROMERO sell 1 M 5'060 Not Provided 31.07.2012

Alianza Valores JUAN DAVID BALLEN RAMIREZ maintain 3 M 5'183 12 month 31.07.2012

Grupo Santander CHRISTIAN AUDI buy 5 M 6'560 Not Provided 30.07.2012

Larrain Vial Corredores de Bolsa JUAN CARLOS DELGADO MALCA sell 1 M 5'400 Not Provided 25.07.2012

Davivalores SA EDGAR ROMERO GARCIA no rating system #N/A N/A M 4'800 Not Provided 25.07.2012

Valores Bancolombia SAMUEL DAVID GARCIA no rating system #N/A N/A M 5'070 Not Provided 25.07.2012

Bolsa y Renta S.A. MAURICIO RESTREPO DEL TORO sell 1 M 5'000 Not Provided 24.07.2012

Corredores Asociados MAURICIO HERNANDEZ hold 3 M 4'930 Not Provided 18.07.2012

Itau BBA Securities PAULA KOVARSKY market perform 3 M 4'500 Not Provided 05.05.2011

Holdings By:

Ecopetrol SA ee


24.10.2012

Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and

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

Shell owns and operates gasoline filling stations worldwide.


LTM as of: 06/yy

52-Week High (10.01.2012) 2'409.50

52-Week Low (18.05.2012) 1'956.50

Daily Volume

2122





137'024.50 1 Yr Total Return -0.58%







RDSA LN EQUITY YTD Change - Average Volume 30 Day 2'708'340

RDSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'651'479


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

355'782.0 458'361.0 278'188.0 368'056.0 470'171.0 422'610.0 475'975.0 467'282.2 455'749.2 128'516.5 127'794.5

0.77x 0.37x 0.76x 0.65x 0.55x 2.29x 2.01x 0.52x 0.52x 1.85x 1.86x

53'932.0 57'301.0 29'079.0 41'839.0 55'943.0 45'825.0 52'403.0 59'763.5 63'291.2 12'780.0 14'351.0

5.09x 2.98x 7.28x 5.69x 4.60x 5.45x 4.47x 3.96x 3.74x 3.85x 3.48x

31'331.0 26'277.0 12'518.0 20'127.0 30'918.0 27'695.0 26'258.0 26'684.2 28'362.2 6'382.4 7'141.0

8.37x 6.16x 14.87x 10.16x 7.39x 7.94x 8.00x 7.98x 7.55x 7.67x 7.41x











EBITDA Margin 11.0%



Asset Turnover 1.37







Fiscal Year Ended

Royal Dutch Shell PLCPrice/Volume

Valuation Analysis

833'709.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2--

.---

.2--

/---

/2--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G/'- G1'- G3'- G5'- G.-'- G./'- G.1'- G.3'- G.5'- G/-'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


LEGAL & GENERAL INV Multiple Portfolios REG 146'391'199 3.92 1'987'795 01.09.2012 Investment Advisor

CAPITAL RESEARCH AND Multiple Portfolios REG 114'728'248 3.07 - 01.09.2012 Investment Advisor

BLACKROCK INV MANAGE Multiple Portfolios REG 79'672'958 2.13 (276'856) 01.09.2012 Investment Advisor


PEOPLES REPUBLIC OF Multiple Portfolios REG 46'562'611 1.25 - 01.09.2012 Government


GOVT OF SINGAPORE IN Multiple Portfolios REG 38'067'192 1.02 667'388 01.09.2012 Government


MASSACHUSETTS FINANC Multiple Portfolios REG 26'758'182 0.72 8'356'439 01.09.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 25'445'923 0.68 83'577 28.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 24'413'006 0.65 179'362 31.03.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 22'542'731 0.6 (186'892) 22.10.2012 Investment Advisor

BP INVESTMENT MANAGE Multiple Portfolios REG 22'111'200 0.59 1'367'293 01.09.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios REG 21'850'380 0.58 1'099'355 01.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 20'383'369 0.55 63'620 22.10.2012 Investment Advisor

UBS PRIVATE BANKING Multiple Portfolios REG 19'174'824 0.51 113'132 01.09.2012 Bank

NORTHERN TRUST GLOBA Multiple Portfolios REG 16'257'907 0.43 (53'412) 01.09.2012 Corporation

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 16'115'834 0.43 219'873 31.08.2012 Investment Advisor




Barclays RAHIM KARIM equalweight 3 M 2'650 Not Provided 24.10.2012

Canaccord Genuity Corp GORDON GRAY buy 5 M 2'680 12 month 18.10.2012

AlphaValue ALEXANDRE ANDLAUER reduce 2 M 2'001 6 month 18.10.2012

RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 17.10.2012

Tudor Pickering & Co ROBERT KESSLER buy 5 M 2'700 Not Provided 16.10.2012

Credit Suisse KIM FUSTIER neutral 3 M 2'400 Not Provided 15.10.2012

Jefferies IAIN REID buy 5 M 2'450 12 month 15.10.2012

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'410 12 month 12.10.2012

National Bank AG STEFFEN MANSKE buy 5 M 2'662 Not Provided 11.10.2012

Macquarie JASON D GAMMEL outperform 5 M 2'550 12 month 03.10.2012

JPMorgan FREDERICK G LUCAS neutral 3 M 2'500 6 month 02.10.2012

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

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 17.09.2012

ING Wholesale Banking QUIRIJN MULDER buy 5 M 2'617 12 month 03.09.2012

CA Cheuvreux DOMINIQUE PATRY select list 5 M 2'549 Not Provided 10.08.2012

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 10.08.2012

Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 M 2'580 Not Provided 03.08.2012

Independent Research GmbH SVEN DIERMEIER hold 3 M 2'271 12 month 26.07.2012

HSBC PAUL SPEDDING neutral 3 M 2'488 Not Provided 24.07.2012

Deutsche Bank LUCAS HERRMANN buy 5 M 2'475 12 month 03.07.2012

Investec STUART JOYNER sell 1 M 1'875 12 month 02.07.2012

Kepler Capital Markets BERTRAND HODEE 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

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 02.05.2012

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


Holdings By:

Royal Dutch Shell PLC ee


24.10.2012

Total SA explores for, produces, refines, transports, and markets oil 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: 06/yy

52-Week High (14.03.2012) 42.97

52-Week Low (01.06.2012) 33.42

Daily Volume

38.775





91'708.09 1 Yr Total Return 8.43%







FP FP EQUITY YTD Change - Average Volume 30 Day 5'377'580

FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'156'412


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

136'824.0 160'331.0 112'153.0 140'476.0 166'550.0 153'055.0 175'834.0 194'593.2 191'724.4 46'034.3 45'963.7

1.03x 0.62x 1.03x 0.74x 0.65x 2.76x 2.29x 0.57x 0.58x 2.27x 2.37x

31'249.0 29'887.0 22'234.0 28'045.0 32'919.0 30'721.0 31'909.0 34'109.7 34'268.4 9'126.5 8'746.5

4.50x 3.32x 5.22x 3.72x 3.28x 3.58x 3.14x 3.28x 3.27x 3.16x 3.17x

13'181.0 10'590.0 8'447.0 10'571.0 12'276.0 11'529.0 10'851.0 12'210.2 12'448.3 3'088.0 2'877.0

9.73x 8.21x 11.87x 8.38x 7.23x 7.76x 7.40x 7.15x 7.09x 7.23x 7.23x


EBIT 24'290.00 Long-Term Rating AA-








Gross Margin - Total Debt/EBITDA 1.06

EBITDA Margin 18.1%



Asset Turnover 1.10







Fiscal Year Ended

Total SAPrice/Volume

Valuation Analysis

1'809'139.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-2

.-

.2/-/20-021-12

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


TOTAL SA 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

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 38'657'294 1.63 (1'113'285) 01.07.2012 Mutual Fund Manager

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

AMUNDI Multiple Portfolios MF-AGG 28'398'633 1.2 7'469'137 31.05.2012 Mutual Fund Manager


CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 16'124'600 0.68 1'998'600 30.09.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 13'678'419 0.58 (298'176) 28.09.2012 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 10'700'948 0.45 205'817 28.09.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'756'697 0.41 201'397 23.10.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 8'443'176 0.36 247'012 31.07.2012 Mutual Fund Manager

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'009'376 0.34 - 29.02.2012 Investment Advisor

BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 6'773'910 0.29 39'770 22.10.2012 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6'563'938 0.28 - 22.10.2012 Investment Advisor

WADDELL & REED FINAN Multiple Portfolios MF-AGG 6'092'378 0.26 4'883'200 30.06.2012 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 5'868'600 0.25 - 30.09.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 5'658'031 0.24 - 31.05.2012 Mutual Fund Manager



Barclays LYDIA RAINFORTH equalweight 3 M 45 Not Provided 24.10.2012

JPMorgan NITIN SHARMA overweight 5 M 49 12 month 23.10.2012

Canaccord Genuity Corp GORDON GRAY hold 3 M 40 12 month 18.10.2012


Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 40 12 month 17.10.2012

RBC Capital Markets PETER HUTTON outperform 5 M 44 12 month 17.10.2012

Macquarie JASON D GAMMEL neutral 3 M 42 12 month 16.10.2012


Credit Suisse KIM FUSTIER neutral 3 M 43 Not Provided 15.10.2012


Exane BNP Paribas ALEXANDRE MARIE neutral 3 M 48 Not Provided 15.10.2012

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 51 12 month 12.10.2012

Grupo Santander JASON KENNEY hold 3 M 45 Not Provided 09.10.2012

CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 08.10.2012

VTB Capital COLIN SMITH buy 5 N 50 12 month 27.09.2012


Nomura THEEPAN JOTHILINGAM neutral 3 M 40 Not Provided 25.09.2012

Day by Day VALERIE GASTALDY buy 5 U 46 3 month 24.09.2012


Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 01.08.2012

Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 U 45 Not Provided 31.07.2012

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 48 Not Provided 30.07.2012

Natixis ANNE PUMIR buy 5 M 46 Not Provided 30.07.2012

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 40 12 month 27.07.2012

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 49 12 month 27.07.2012

Deutsche Bank LUCAS HERRMANN hold 3 M 42 12 month 03.07.2012

Investec STUART JOYNER hold 3 M 38 12 month 02.07.2012


Kepler Capital Markets BERTRAND HODEE buy 5 M 47 Not Provided 16.04.2012



National Bank AG MANFRED JAISFELD buy 5 M 46 12 month 19.05.2010

Holdings By:

Total SA ee


24.10.2012

Gazprom OAO operates gas pipeline systems, produces and explores gas, and

transports high pressure gas in the Russian Federation and European countries.

The Company is also engaged in oil production, oil refining, gas storage, and

electric and heat energy generation.


LTM as of: 03/yy

52-Week High (19.03.2012) 203.90

52-Week Low (25.05.2012) 136.50

Daily Volume

151.02





3'575'174.00 1 Yr Total Return -6.10%

Total Debt 1'540'162.00 YTD Return -6.87%






GAZP RM EQUITY YTD Change - Average Volume 30 Day 38'846'240

GAZP RM EQUITY YTD % CHANGE - Average Volume 3 Month 37'059'380


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2

2'390'467.0 3'518'960.0 2'990'971.0 3'597'054.0 4'637'090.0 ######### ######### ######### ######### ######### -

4.02x 1.10x 2.00x 1.60x 1.16x 5.61x 4.74x 1.01x 0.95x - -

885'355.0 1'554'286.0 1'115'242.0 1'399'892.0 1'970'093.0 ######### ######### ######### ######### 457'399.6 -

10.85x 2.48x 5.37x 4.10x 2.73x 4.20x 2.97x 2.62x 2.55x - -

658'038.0 742'928.0 779'585.0 968'557.0 1'307'018.0 ######### ######### ######### ######### 372'530.5 -

12.19x 3.39x 5.52x 4.58x 3.00x 4.72x 3.60x 3.03x 3.16x - -

EBITDA 1'970'093.00 Long-Term Rating Date 29.11.2006

EBIT 1'694'909.00 Long-Term Rating BBB









EBITDA Margin 39.2%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gazprom OAOPrice/Volume

Valuation Analysis

31'020'160.00


-/-1-3-5-

.--

./-

.1-

.3-

.5-/--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2-'- G

.--'- G

.2-'- G

/--'- G

/2-'- G

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

5'000'000.0

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

-'--

-'2-

.'--

.'2-

/'--

/'2-

0'--

0'2-

1'--

1'2-

2'--

-1'-.'/--6 -1'-4'/--6 -1'-.'/-.- -1'-4'/-.- -1'-.'/-.. -1'-4'/-.. -1'-.'/-./ -1'-4'/-./



24.10.2012


RUSSIAN FEDERAL PROP n/a Co File 9'083'527'196 38.37 - 31.12.2011 Government

BANK OF NEW YORK MEL n/a Co File 6'711'441'126 28.35 - 31.12.2011 Investment Advisor

ROSNEFTEGAZ n/a Co File 2'542'535'368 10.74 - 31.12.2011 Government

ROSGAZIFIKATSIYA OAO n/a Co File 210'457'537 0.89 - 31.12.2011 Government

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 128'791'902 0.54 3'721'800 22.10.2012 Investment Advisor



SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 19'612'593 0.08 1'566'000 30.06.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 13'967'991 0.06 - 31.08.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 9'731'965 0.04 (198'000) 30.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 9'598'512 0.04 - 22.10.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 8'017'000 0.03 395'000 30.03.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 6'959'999 0.03 1'499'998 30.11.2011 Mutual Fund Manager

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'655'000 0.02 (5'145'000) 31.07.2012 Investment Advisor

URALSIB JSC Multiple Portfolios MF-AGG 4'106'000 0.02 (509'000) 31.05.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'845'260 0.02 - 31.08.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 3'548'600 0.01 (391'700) 30.06.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'358'300 0.01 (12'000) 31.07.2012 Investment Advisor

VAZHENIN YURI IVANOV n/a Research 2'248'984 0.01 - 31.12.2010 n/a

SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 2'158'247 0.01 (335'125) 30.06.2011 Mutual Fund Manager


Gazprombank IVAN KHROMUSHIN overweight 5 M 250 12 month 24.10.2012

VTB Capital DMITRY LOUKASHOV hold 3 M 174 12 month 22.10.2012

Uralsib ALEXEI KOKIN hold 3 M 181 Not Provided 17.10.2012

JPMorgan ARTEM KONCHIN neutral 3 M 205 12 month 04.10.2012

Deutsche Bank PAVEL KUSHNIR buy 5 M 200 12 month 02.10.2012

Infina Investment Company ALEXANDER IVANISCHEV buy 5 M 263 Not Provided 01.10.2012

Alfa-Bank MARIYA YEGIKYAN overweight 5 M 206 Not Provided 21.09.2012

Nomos Bank DENIS BORISOV hold 3 D 181 Not Provided 17.09.2012

IFC Metropol SERGEY VAKHRAMEEV buy 5 M 220 12 month 11.09.2012

Credit Suisse ANDREY OVCHINNIKOV neutral 3 M 170 Not Provided 07.09.2012

Otkritie Capital ALEXANDER BURGANSKY buy 5 M 374 Not Provided 07.09.2012

RMG Securities MIKHAIL LOSHININ buy 5 M 229 Not Provided 12.07.2012

Raiffeisenbank AG ANDREY POLISCHUK buy 5 N 197 12 month 02.07.2012

UFS-Finance Investment Company ILYA BALAKIREV buy 5 M 228 Not Provided 02.07.2012

Sberbank CIB OLEG MAXIMOV buy 5 U 249 Not Provided 21.05.2012


Aton LLC ELENA SAVCHIK buy 5 M 247 12 month 20.01.2012

Societe Generale EVGENY SOLOVYOV buy 5 M 236 12 month 15.10.2009

Holdings By:

Gazprom OAO ee


24.10.2012

Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and

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

Shell owns and operates gasoline filling stations worldwide.


LTM as of: 06/yy

52-Week High (10.01.2012) 2'499.00

52-Week Low (18.05.2012) 2'020.00

Daily Volume

2193.5





136'955.28 1 Yr Total Return -0.06%







RDSB LN EQUITY YTD Change - Average Volume 30 Day 3'057'119

RDSB LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'740'898


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

355'782.0 458'361.0 278'188.0 368'056.0 470'171.0 422'610.0 475'975.0 467'282.2 455'749.2 128'516.5 127'794.5

0.77x 0.37x 0.76x 0.65x 0.55x 2.29x 2.01x 0.52x 0.52x 1.85x 1.86x

53'932.0 57'301.0 29'079.0 41'839.0 55'943.0 45'825.0 52'403.0 59'763.5 63'291.2 12'780.0 14'351.0

5.09x 2.98x 7.28x 5.69x 4.60x 5.45x 4.47x 3.96x 3.74x 3.85x 3.48x

31'331.0 26'277.0 12'518.0 20'127.0 30'918.0 27'695.0 26'258.0 26'684.2 28'362.2 6'382.4 7'141.0

8.37x 6.16x 14.87x 10.16x 7.39x 7.94x 8.00x 8.26x 7.82x 7.95x 7.67x











EBITDA Margin 11.0%



Asset Turnover 1.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Royal Dutch Shell PLCPrice/Volume

Valuation Analysis

1'643'470.00


-

2--

.---

.2--

/---

/2--

0---

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


BLACKROCK INV MANAGE Multiple Portfolios REG 156'192'884 5.94 8'193'299 01.09.2012 Investment Advisor

CAPITAL RESEARCH AND Multiple Portfolios REG 101'521'110 3.86 (858'917) 01.09.2012 Investment Advisor



CREDIT SUISSE PRIVAT Multiple Portfolios REG 75'473'452 2.87 10'069'351 01.09.2012 Bank





QATAR INVESTMENT AUT Multiple Portfolios REG 43'033'446 1.64 - 01.09.2012 Government

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 38'341'027 1.46 858'048 22.10.2012 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 35'923'585 1.37 (433'000) 01.09.2012 Government


AXA INVESTMENT MANAG Multiple Portfolios REG 33'758'455 1.28 (327'714) 01.09.2012 Investment Advisor


THREADNEEDLE ASSET M Multiple Portfolios REG 29'330'068 1.12 5'404'782 01.09.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 28'461'431 1.08 2'772'600 30.09.2012 Investment Advisor

BREWIN DOLPHIN LIMIT Multiple Portfolios REG 28'018'816 1.07 (339'341) 01.09.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios REG 22'967'969 0.87 (4'081'561) 01.09.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios REG 21'590'673 0.82 554'889 01.09.2012 Investment Advisor


Nomura THEEPAN JOTHILINGAM buy 5 M 2'500 12 month 24.10.2012

Barclays RAHIM KARIM equalweight 3 M 2'650 Not Provided 24.10.2012

Exane BNP Paribas ALEXANDRE MARIE outperform 5 M 2'650 Not Provided 19.10.2012


Societe Generale IRENE HIMONA hold 3 M 2'450 12 month 17.10.2012

Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 D 2'260 12 month 17.10.2012


Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'410 12 month 11.10.2012

JPMorgan FREDERICK G LUCAS neutral 3 M 2'500 6 month 02.10.2012

Grupo Santander JASON KENNEY underweight 1 D 2'480 Not Provided 18.09.2012

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 2'360 Not Provided 04.09.2012

Natixis ANNE PUMIR buy 5 M 2'725 Not Provided 27.07.2012

HSBC PAUL SPEDDING neutral 3 M 2'505 Not Provided 24.07.2012


Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 2'600 12 month 01.07.2012


Holdings By:

Royal Dutch Shell PLC ee


24.10.2012

CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells

crude oil and natural gas. The Group's core operation areas are Bohai, Western

South China Sea, Eastern South China Sea and East China Sea in offshore China.

Internationally, the Group has oil and gas assets in Asia, Africa, North

America, South America and Oceania.


LTM as of: 01/yy

52-Week High (20.02.2012) 18.20

52-Week Low (05.06.2012) 13.18

Daily Volume

16.04





716'126.81 1 Yr Total Return 20.83%







883 HK EQUITY YTD Change - Average Volume 30 Day 56'820'880

883 HK EQUITY YTD % CHANGE - Average Volume 3 Month 55'443'620


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

90'723.8 125'977.4 105'195.1 180'036.0 240'944.0 - - 232'667.0 242'144.5 - -

5.75x 1.95x 4.24x 3.71x 1.79x - - 2.42x 2.27x - -

49'242.7 65'262.9 56'272.8 97'993.0 119'044.0 - - 122'111.4 125'660.3 - -

10.59x 3.77x 7.93x 6.82x 3.62x - - 4.23x 4.11x - -

31'258.3 44'375.3 29'485.6 54'410.0 70'255.0 - - 64'135.3 63'932.5 - -

17.26x 6.44x 16.28x 12.81x 7.02x - - 8.94x 8.92x - -











EBITDA Margin 48.6%



Asset Turnover 0.60







Fiscal Year Ended

CNOOC LtdPrice/Volume

Valuation Analysis

56'291'042.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-/135

.-

./

.1

.3

.5/-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G/-'- G1-'- G3-'- G5-'- G.--'- G./-'- G.1-'- G.3-'- G.5-'- G

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.10.2012


CHINA NATIONAL OFFSH n/a 20F 28'772'727'273 64.45 - 31.03.2012 Government


FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 536'787'247 1.2 (8'067'400) 28.09.2012 Investment Advisor


THORNBURG INVESTMENT Multiple Portfolios MF-AGG 306'196'683 0.69 11'864'213 31.07.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 273'113'880 0.61 (25'381'876) 29.02.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 250'568'200 0.56 7'237'000 30.06.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 157'111'003 0.35 (2'211'309) 31.12.2011 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 142'406'000 0.32 7'363'000 30.09.2012 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 138'905'500 0.31 (4'520'000) 29.06.2012 Mutual Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 121'732'000 0.27 - 30.08.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 107'771'467 0.24 9'576'000 30.06.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 99'157'375 0.22 24'815'000 23.10.2012 Investment Advisor

LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 80'512'000 0.18 19'253'000 30.09.2012 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 75'586'000 0.17 (4'656'000) 31.03.2012 Mutual Fund Manager

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 67'404'957 0.15 (24'685'000) 31.03.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 63'636'436 0.14 (561'000) 31.08.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 63'498'000 0.14 (375'000) 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 59'064'000 0.13 (5'614'000) 31.08.2012 Investment Advisor


Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 21 12 month 24.10.2012

Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 22.10.2012

Jefferies LABAN YU underperform 1 M 13 12 month 22.10.2012

Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 22.10.2012

Nomura SONIA SONG neutral 3 M 18 Not Provided 22.10.2012

China International Capital Corp BIN GUAN accumulate 4 M 17 12 month 19.10.2012

SWS Research Co Ltd ALBERT MIAO underperform 1 M 13 Not Provided 19.10.2012

Bank of China International LAWRENCE LAU hold 3 M 16 Not Provided 17.10.2012

Credit Suisse DAVID HEWITT outperform 5 M 19 Not Provided 15.10.2012

Deutsche Bank DAVID HURD hold 3 M 17 12 month 02.10.2012

Mirae Asset Securities GORDON KWAN hold 3 M 16 12 month 27.09.2012


Macquarie JAMES HUBBARD outperform 5 M 21 12 month 24.09.2012

BOCOM International Holdings WU FEI neutral 3 M 18 12 month 24.09.2012

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 Not Provided 18.09.2012

DBS Vickers WEE KEAT LEE hold 3 M 16 12 month 22.08.2012

BNP Paribas Equity Research CHENG KHOO buy 5 M 18 12 month 22.08.2012

UOB Kay Hian YAN SHI buy 5 M 18 Not Provided 22.08.2012

ICBC International Securities ANNA YU hold 3 M 14 Not Provided 22.08.2012

Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 20 12 month 21.08.2012

HSBC THOMAS C HILBOLDT overweight 5 M 18 Not Provided 21.08.2012

Mizuho Securities ANDREW S F CHAN buy 5 M 18 12 month 21.08.2012

Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 21 Not Provided 21.08.2012

Barclays SCOTT DARLING overweight 5 M 21 Not Provided 21.08.2012

Goldman Sachs ARTHUR YAN not rated #N/A N/A M #N/A N/A Not Provided 02.08.2012

JF Apex Securities Bhd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 25.07.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 16 Not Provided 24.07.2012

Guotai Junan GRACE LIU accumulate 4 M 18 Not Provided 26.06.2012

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 15.06.2012

Ji Asia SAMUEL THAWLEY sell 1 M 10 12 month 11.05.2012

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 29.03.2012


GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011

RBS PETER HILTON hold 3 M 14 12 month 07.11.2011

Industrial Securities FANG LEI buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

CNOOC Ltd ee


24.10.2012

Petroleo Brasileiro S.A. - Petrobras explores for and produces oil and natural

gas. The Company refines, markets, and supplies oil products. Petrobras

operates oil tankers, distribution pipelines, marine, river and lake terminals,

thermal power plants, fertilizer plants, and petrochemical units. The Company

operates in South America and elsewhere around the world.


LTM as of: 06/yy

52-Week High (24.01.2012) 28.26

52-Week Low (28.06.2012) 18.05

Daily Volume

22.47





288'516.16 1 Yr Total Return 7.78%


Preferred Stock - Adjusted BETA 1.013





PETR3 BZ EQUITY YTD Change - Average Volume 30 Day 6'284'857

PETR3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 6'084'779


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

170'718.9 217'220.4 183'481.6 211'841.9 244'176.1 223'163.6 262'088.2 273'126.1 283'095.6 72'844.0 73'980.7

2.95x 0.98x 2.60x 2.07x 1.56x 7.82x 5.77x 1.60x 1.61x 5.87x 5.82x

52'508.7 57'350.1 58'032.9 59'315.3 61'582.3 61'581.1 56'472.1 64'776.5 74'306.3 16'896.9 20'576.0

9.58x 3.73x 8.22x 7.39x 6.17x 6.42x 6.50x 6.44x 5.62x 5.39x 5.14x

25'564.5 38'932.0 30'964.7 35'189.4 33'313.1 41'096.0 19'253.7 28'650.3 35'360.6 7'418.6 11'061.5

33.19x 4.09x 11.92x 7.66x 8.41x 6.69x 12.36x 10.53x 8.13x 8.09x 7.75x


EBIT 43'842.85 Long-Term Rating BBB





Return on Capital 5.05% EBITDA/Interest Exp. -

Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. -



EBITDA Margin 21.5%



Asset Turnover 0.44







Fiscal Year Ended

Petroleo Brasileiro SAPrice/Volume

Valuation Analysis

134'600.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


UNIAO FEDERAL BRAZIL n/a EXCH 3'739'088'941 50.24 - 24.07.2012 Government

BNDES PARTICIPACOES n/a EXCH 621'444'917 8.35 - 24.07.2012 Government

BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 331'703'203 4.46 (355'800) 30.09.2012 Mutual Fund Manager

CAIXA ECONOMICA FEDE Multiple Portfolios MF-AGG 113'901'674 1.53 (1'398'300) 30.09.2012 Mutual Fund Manager


ITAU UNIBANCO SA Multiple Portfolios MF-AGG 53'923'604 0.72 931'382 30.09.2012 Investment Advisor


BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 43'046'998 0.58 (744'401) 30.09.2012 Investment Advisor

BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 31'280'770 0.42 (130'537) 30.09.2012 Mutual Fund Manager

SANTANDER BRASIL ASS Multiple Portfolios MF-AGG 27'204'582 0.37 (116'902) 30.09.2012 Mutual Fund Manager

HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 16'062'121 0.22 356'586 30.09.2012 Investment Advisor


BANCO ALFA DE INVEST Multiple Portfolios MF-AGG 9'915'694 0.13 (40'900) 30.09.2012 Investment Advisor

UNIBANCO ASSET MANAG Multiple Portfolios MF-AGG 9'639'782 0.13 44'965 30.09.2012 Investment Advisor

BANCO SAFRA S A Multiple Portfolios MF-AGG 8'782'072 0.12 (139'000) 30.09.2012 Investment Advisor

FUNDACAO CESP Multiple Portfolios MF-AGG 8'496'003 0.11 (86'300) 30.09.2012 Mutual Fund Manager

SCHRODER INVEST MGMT Multiple Portfolios MF-AGG 8'144'776 0.11 (1'992'469) 30.09.2012 Investment Advisor

BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 8'085'347 0.11 499'575 30.09.2012 Mutual Fund Manager

REAL GRANDEZA FUNDAC Multiple Portfolios MF-AGG 7'477'171 0.1 - 30.09.2012 Mutual Fund Manager

WESTERN ASSET MANAGE Multiple Portfolios MF-AGG 7'372'002 0.1 49'271 30.09.2012 Mutual Fund Manager


JPMorgan CAIO M CARVALHAL neutral 3 M 25 12 month 24.10.2012

Banco Safra de Investimento LEONARDO ALVES outperform 5 M 31 12 month 23.10.2012

Sociedade Corretora Paulista MARCELO VAREJAO market outperform 4 M 38 Not Provided 23.10.2012



GBM BIANCA FAIWICHOW market perform 3 M 23 Not Provided 01.10.2012

VTB Capital COLIN SMITH buy 5 N 28 12 month 27.09.2012

Banco do Brasil SA NATANIEL CEZIMBRA market perform 3 M 28 Not Provided 10.08.2012

Espirito Santo Investment Bank ResearchOSWALDO ALCANTARA TELLES FILHO buy 5 M 35 Not Provided 06.08.2012

HSBC ANISA REDMAN overweight 5 M 41 Not Provided 01.08.2012

Goldman Sachs FELIPE MATTAR Buy/Neutral 5 M 31 6 month 18.07.2012

Grupo Santander CHRISTIAN AUDI hold 3 M 24 Not Provided 15.06.2012

Simmons & Company International JEFFREY A DIETERT neutral 3 D #N/A N/A Not Provided 14.06.2012

Concordia S/A CMVCC LEONARDO GIRELA ZANFELICIO buy 5 M 44 Not Provided 26.12.2011

Banco BTG Pactual SA GUSTAVO GATTASS buy 5 M 47 12 month 29.08.2011

Ativa S/A CTV MONICA ARAUJO Under Review #N/A N/A M #N/A N/A Not Provided 26.07.2011

Bradesco Corretora AURO ROZENBAUM market perform 3 M 38 Not Provided 11.11.2009

Holdings By:

Petroleo Brasileiro SA ee


24.10.2012

Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North

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: 06/yy

52-Week High (19.03.2012) 18.72

52-Week Low (24.11.2011) 14.37

Daily Volume

17.5





63'598.24 1 Yr Total Return 15.75%







ENI IM EQUITY YTD Change - Average Volume 30 Day 26'008'930

ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 19'570'770


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

87'256.0 108'082.0 83'227.0 98'523.0 109'589.0 103'343.0 119'417.0 119'462.9 121'236.8 32'031.5 31'870.7

1.25x 0.74x 1.10x 0.91x 0.83x 3.49x 3.07x 0.70x 0.67x 2.50x 2.44x

25'897.0 26'939.0 20'817.0 24'992.0 25'732.0 24'420.0 26'157.0 30'256.6 30'398.2 6'305.0 7'152.0

4.20x 2.98x 4.39x 3.58x 3.53x 3.93x 3.80x 3.16x 3.15x 3.54x 3.48x

10'011.0 8'825.0 4'367.0 6'318.0 6'860.0 6'073.0 6'903.0 7'596.9 7'854.2 1'606.6 2'102.3

9.18x 6.89x 14.71x 9.39x 8.47x 9.48x 9.18x 8.44x 8.03x 8.68x 8.32x



Operating Margin 15.91% Long-Term Outlook NEG








EBITDA Margin 21.9%



Asset Turnover 0.85








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eni SpAPrice/Volume

Valuation Analysis

6'383'070.00


-/135

.-

./

.1

.3

.5/-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

.-'- G

/-'- G

0-'- G

1-'- G

2-'- G

3-'- G

4-'- G

5-'- G

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


CASSA DEPOSITI E PRE #N/A N/A EXCH 958'298'322 26.37 - 08.10.2012 Other

MINISTERO DELL'ECONO #N/A N/A EXCH 142'968'850 3.93 - 08.10.2012 Government

BNP PARIBAS ARBITRAG #N/A N/A EXCH 41'175'319 1.13 - 08.10.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 40'129'237 1.1 1'535'382 31.08.2012 Investment Advisor


BLACKROCK ADVISORS U n/a EXCH 35'687'700 0.98 - 08.10.2012 Investment Advisor


BLACKROCK INSTITUTIO n/a EXCH 28'819'089 0.79 - 08.10.2012 Investment Advisor

BNP PARIBAS SA #N/A N/A EXCH 28'455'671 0.78 - 08.10.2012 Bank


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'560'315 0.37 (1'027'526) 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS n/a EXCH 12'319'888 0.34 - 08.10.2012 Investment Advisor


BNP PAR SEC SER SA n/a EXCH 11'484'026 0.32 - 08.10.2012 n/a

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 11'179'000 0.31 54'600 28.09.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 11'151'200 0.31 - 30.06.2012 Investment Advisor


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'590'569 0.26 (762'949) 01.07.2012 Mutual Fund Manager

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 7'995'059 0.22 (49'194) 31.08.2012 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 7'909'627 0.22 - 22.10.2012 Investment Advisor


Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 24.10.2012

Barclays RAHIM KARIM overweight 5 U 21 Not Provided 24.10.2012

Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 23.10.2012

JPMorgan NITIN SHARMA overweight 5 M 22 12 month 23.10.2012


Exane BNP Paribas CHARLES RIOU underperform 1 M 19 Not Provided 19.10.2012

Canaccord Genuity Corp GORDON GRAY sell 1 M 17 12 month 18.10.2012

AlphaValue ALEXANDRE ANDLAUER add 4 M 20 6 month 18.10.2012

Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 23 12 month 17.10.2012

RBC Capital Markets PETER HUTTON sector perform 3 M 19 12 month 17.10.2012

Banca IMI ROBERTO RANIERI buy 5 M 21 12 month 16.10.2012

ICBPI. LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012

Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 15.10.2012


Societe Generale IRENE HIMONA buy 5 M 20 12 month 12.10.2012


Banca Akros(ESN) DARIO MICHI buy 5 M 22 12 month 12.10.2012

Kepler Capital Markets ENRICO COCO hold 3 M 18 Not Provided 10.10.2012


Day by Day VALERIE GASTALDY buy 5 M 20 3 month 24.09.2012


Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 18.09.2012

Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012


Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 14.08.2012


HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 08.08.2012

Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 M 20 Not Provided 06.08.2012


Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 Not Provided 30.07.2012

Natixis ANNE PUMIR buy 5 M 21 Not Provided 13.07.2012

Investec STUART JOYNER sell 1 M 15 12 month 02.07.2012

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 19 12 month 01.07.2012

National Bank AG MANFRED JAISFELD hold 3 D 17 Not Provided 24.05.2012

Equita SIM SpA DOMENICO GHILOTTI hold 3 M 21 12 month 04.05.2012

Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010

Holdings By:

Eni SpA ee


24.10.2012

Rosneft Oil Company produces and markets petroleum products. The Company

explores, extracts, refines and markets oil and natural gas. Rosneft produces

oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of

Russia.


LTM as of: 06/yy

52-Week High (09.04.2012) 242.04

52-Week Low (21.05.2012) 188.23

Daily Volume

235.1





2'491'631.75 1 Yr Total Return 16.97%







ROSN RM EQUITY YTD Change - Average Volume 30 Day 11'056'560

ROSN RM EQUITY YTD % CHANGE - Average Volume 3 Month 9'407'702


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

1'258'514.8 1'716'596.1 1'472'000.0 1'915'000.0 2'702'000.0 ######### ######### ######### ######### 757'058.0 759'514.0

2.36x 0.84x 2.10x 1.42x 0.99x 4.58x 3.41x 1.02x 0.95x 4.09x 4.21x

358'176.5 422'686.1 425'000.0 582'000.0 646'000.0 647'156.5 554'156.5 617'487.2 666'248.3 176'484.0 179'993.0

8.30x 3.40x 7.29x 4.68x 4.15x 4.27x 4.73x 5.21x 4.83x - -

328'897.5 276'681.7 155'000.0 293'000.0 316'000.0 360'256.8 278'415.9 314'206.0 333'673.8 94'930.0 94'069.0

7.21x 3.24x 15.60x 7.16x 6.49x 6.68x 7.04x 7.18x 7.51x - -


EBIT 433'000.00 Long-Term Rating BBB- *-









EBITDA Margin 18.9%



Asset Turnover 0.92







Fiscal Year Ended

Rosneft OAOPrice/Volume

Valuation Analysis

38'582'490.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2-

.--

.2-

/--

/2-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

.-'- G

/-'- G

0-'- G

1-'- G

2-'- G

3-'- G

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-1'-.'/--6 -1'-4'/--6 -1'-.'/-.- -1'-4'/-.- -1'-.'/-.. -1'-4'/-.. -1'-.'/-./ -1'-4'/-./



24.10.2012


ROSNEFTEGAZ n/a Co File 7'965'590'385 75.16 - 31.12.2011 Government

RN-RAZVITIYE n/a Co File 1'010'006'338 9.53 - 31.12.2011 Unclassified


KHUDAINATOV EDUARD Y n/a Co File 6'411'898 0.06 - 06.06.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'810'800 0.05 (3'722'804) 30.09.2012 Investment Advisor

URALSIB JSC Multiple Portfolios MF-AGG 2'182'880 0.02 2'059'230 31.05.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'770'000 0.02 (3'437'031) 30.06.2012 Investment Advisor

KALANDA LARISA n/a Co File 1'250'585 0.01 - 06.06.2012 n/a

PICTET & CIE Multiple Portfolios MF-AGG 1'034'600 0.01 87'000 31.07.2012 Mutual Fund Manager

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 756'153 0.01 - 30.09.2012 Investment Advisor

FEDOROV PAVEL n/a Co File 731'274 0.01 - 31.12.2011 n/a

RN-STROY LLC n/a Research 667'685 0.01 - 31.03.2011 Unclassified

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 642'000 0.01 43'000 30.11.2011 Mutual Fund Manager

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 540'000 0.01 200'000 20.06.2012 Mutual Fund Manager

BANK OF MOSCOW Multiple Portfolios MF-AGG 513'856 0 162'162 29.06.2012 Bank

RUDLOFF HANS-JOERG n/a Research 508'713 0 - 02.08.2012 n/a

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 437'422 0 (192'894) 31.08.2012 Investment Advisor

SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 421'076 0 (1'227) 30.06.2011 Mutual Fund Manager

KAPITAL ASSET MANAGE n/a Research 405'530 0 - 25.04.2012 Investment Advisor

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 375'500 0 187'750 30.06.2012 Mutual Fund Manager


UFS-Finance Investment Company ILYA BALAKIREV hold 3 M 230 Not Provided 24.10.2012

Credit Suisse ZOLTAN PALFI underperform 1 M 175 Not Provided 23.10.2012

Nomos Bank DENIS BORISOV hold 3 M 240 Not Provided 23.10.2012

Otkritie Capital ALEXANDER BURGANSKY buy 5 M 280 12 month 22.10.2012

Uralsib ALEXEI KOKIN buy 5 M 237 Not Provided 17.10.2012

Deutsche Bank PAVEL KUSHNIR hold 3 M 215 12 month 02.10.2012


VTB Capital DMITRY LOUKASHOV buy 5 M 287 12 month 19.09.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012

HSBC ILDAR KHAZIEV underweight 1 D 171 Not Provided 29.08.2012

Veles Capital VASILIY TANURKOV buy 5 N 305 Not Provided 24.08.2012

Alfa-Bank MARIYA YEGIKYAN equalweight 3 N 261 Not Provided 02.08.2012




Sberbank CIB OLEG MAXIMOV hold 3 D 253 Not Provided 07.02.2012


Societe Generale EVGENY SOLOVYOV hold 3 M 260 12 month 30.08.2011

JPMorgan NADIA KAZAKOVA neutral 3 M 287 12 month 31.03.2011

Holdings By:

Rosneft OAO ee


24.10.2012

Statoil ASA explores for, produces, transports, refines, and trades oil and

natural gas. The Company explores for oil in Europe, Africa, the Middle East,

Asia, and the Americas.


LTM as of: 06/yy

52-Week High (14.03.2012) 162.80

52-Week Low (26.06.2012) 133.20

Daily Volume

142.3



% 52 Week Price Range High/Low 30.41% Equity Float 945.74


453'744.50 1 Yr Total Return 3.60%







STL NO EQUITY YTD Change - Average Volume 30 Day 3'293'814

STL NO EQUITY YTD % CHANGE - Average Volume 3 Month 3'052'492


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

521'665.0 651'977.0 462'292.0 526'950.0 645'599.0 574'346.0 721'688.0 719'248.2 666'247.0 156'875.9 161'707.6

1.09x 0.63x 1.16x 0.98x 0.88x 3.46x 2.80x 0.72x 0.79x 3.14x 3.05x

175'967.0 240'545.0 173'918.0 186'787.0 261'870.0 229'027.0 277'664.0 264'361.5 249'064.9 56'317.7 65'075.9

3.23x 1.71x 3.08x 2.77x 2.16x 2.07x 1.76x 1.86x 1.97x 2.02x 1.99x

44'096.0 43'265.0 18'313.0 38'082.0 78'787.0 66'250.0 77'428.0 54'749.9 54'607.5 11'774.9 14'081.5

12.25x 8.39x 25.17x 11.58x 6.20x 6.56x 5.81x 8.38x 8.33x 8.65x 8.42x











EBITDA Margin 38.5%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Statoil ASAPrice/Volume

Valuation Analysis

2'543'721.00


-/-1-3-5-

.--

./-

.1-

.3-

.5-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


MINISTRY OF PETROLEU n/a EXCH 2'136'393'559 67 - 15.10.2012 Corporation

BANK OF NEW YORK MEL n/a EXCH 126'078'868 3.95 - 15.10.2012 Investment Advisor

GOVERNMENT PENSION F n/a EXCH 106'305'084 3.33 - 15.10.2012 Government

STATE STREET BANK AN n/a EXCH 97'232'316 3.05 - 15.10.2012 Bank

CLEARSTREAM BANKING n/a EXCH 64'375'398 2.02 - 15.10.2012 Bank

NORTHERN TRUST CO n/a EXCH 36'591'041 1.15 - 15.10.2012 Investment Advisor

JP MORGAN CHASE BANK n/a EXCH 28'481'676 0.89 - 15.10.2012 Investment Advisor

SIX SIS AG n/a EXCH 21'638'727 0.68 - 15.10.2012 Bank


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 17'239'816 0.54 (148'565) 28.09.2012 Investment Advisor


WADDELL & REED FINAN Multiple Portfolios MF-AGG 11'465'900 0.36 4'828'400 30.06.2012 Investment Advisor

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 9'909'647 0.31 (241'431) 30.09.2012 Investment Advisor

LEGAL & GENERAL ASSU n/a EXCH 8'355'762 0.26 - 15.10.2012 Unclassified

EUROCLEAR BANK SA n/a EXCH 8'336'655 0.26 - 15.10.2012 Bank

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 7'778'818 0.24 144'679 30.06.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 5'881'947 0.18 2'051'166 30.06.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'641'195 0.18 69'418 28.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 5'090'076 0.16 - 22.10.2012 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 3'325'000 0.1 - 28.09.2012 Mutual Fund Manager


Nomura THEEPAN JOTHILINGAM reduce 2 M 145 12 month 24.10.2012

Barclays RAHIM KARIM equalweight 3 D 170 Not Provided 24.10.2012

JPMorgan NITIN SHARMA underweight 1 M 145 12 month 23.10.2012

SpareBank 1 Markets AS ODDVAR BJORGAN neutral 3 D 160 12 month 23.10.2012



RBC Capital Markets PETER HUTTON top pick 5 M 175 12 month 22.10.2012

DNB Markets ESPEN HENNIE hold 3 M 160 Not Provided 22.10.2012

Swedbank First Securities TEODOR SVEEN NILSEN buy 5 M 170 Not Provided 22.10.2012


Nordea Equity Research HELGE ANDRE MARTINSEN sell 1 M 145 12 month 19.10.2012

ABG Sundal Collier JOHN A SCHJ OLAISEN buy 5 M 180 6 month 18.10.2012

Carnegie MARTIN VOLD buy 5 M #N/A N/A Not Provided 18.10.2012

Canaccord Genuity Corp GORDON GRAY buy 5 M 185 12 month 18.10.2012

Handelsbanken ANNE GJOEN accumulate 4 M 165 Not Provided 18.10.2012

Exane BNP Paribas CHARLES RIOU outperform 5 M 190 Not Provided 18.10.2012


Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 165 12 month 17.10.2012

Credit Suisse KIM FUSTIER underperform 1 M 161 Not Provided 15.10.2012


Pareto Securities SIGURD-ERIK NISSEN-MEYER buy 5 M 200 6 month 11.10.2012

Grupo Santander JASON KENNEY underweight 1 D 155 Not Provided 18.09.2012

Jefferies BRENDAN MICHAEL WARN buy 5 M 200 12 month 17.09.2012

Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 143 12 month 13.09.2012

Danske Markets ENDRE STORLOKKEN buy 5 M 165 12 month 03.09.2012

Deutsche Bank MARK BLOOMFIELD hold 3 D 170 12 month 30.07.2012



SEB Enskilda LARS HENRIK ROREN buy 5 M 163 Not Provided 27.07.2012

Arctic Securities ASA TROND OMDAL buy 5 M 180 Not Provided 26.07.2012

HSBC PAUL SPEDDING neutral 3 M 155 Not Provided 24.07.2012


Fondsfinans AS MORTEN EVJENTH LINDBACK buy 5 N 185 Not Provided 08.05.2012


CA Cheuvreux DOMINIQUE PATRY underperform 1 M 155 Not Provided 16.11.2011


Holdings By:

Statoil ASA ee


24.10.2012

BG Group plc specializes in the exploration, production, transmission and

distribution of gas, oil and liquefied natural gas. The Group also develops,

owns and operates gas-fired power generation plants.


LTM as of: 06/yy

52-Week High (28.02.2012) 1'554.00

52-Week Low (01.06.2012) 1'177.00

Daily Volume

1318





44'830.30 1 Yr Total Return 0.51%







BG/ LN EQUITY YTD Change - Average Volume 30 Day 6'159'360

BG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'377'117


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

16'588.8 23'270.8 15'992.8 17'166.0 21'073.0 18'413.0 22'511.0 23'092.8 24'119.9 5'581.7 6'039.3

4.98x 2.83x 4.28x 4.68x 4.22x 17.79x 14.97x 3.66x 3.65x 14.97x 13.50x

7'575.1 11'459.5 8'440.4 8'672.0 10'026.0 9'375.0 10'409.0 11'411.9 13'262.7 2'604.0 2'870.5

10.91x 5.75x 8.10x 9.27x 8.87x 9.30x 7.67x 7.22x 6.21x 6.85x 6.41x

3'493.4 5'790.9 3'394.9 3'351.0 4'234.0 3'629.0 3'898.0 4'720.5 5'563.4 1'096.5 1'176.5

22.30x 10.25x 17.40x 20.19x 17.08x 21.01x 18.96x 15.08x 13.02x 13.67x 12.67x








Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. -0.60



EBITDA Margin 46.2%



Asset Turnover 0.37





Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BG Group PLCPrice/Volume

Valuation Analysis

1'592'070.00


-/--1--3--5--

.---

./--

.1--

.3--

.5--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


BLACKROCK INV MANAGE Multiple Portfolios REG 157'002'339 4.62 (8'803'434) 01.10.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 151'353'335 4.45 34'432'029 01.10.2012 Government


INVESCO LTD Multiple Portfolios REG 110'650'521 3.25 (1'087'721) 01.10.2012 Investment Advisor


FIDELITY INVESTMENTS Multiple Portfolios REG 66'182'650 1.95 (9'585'695) 01.10.2012 Investment Advisor



PEOPLES REPUBLIC OF Multiple Portfolios REG 53'899'172 1.58 2'322'067 01.10.2012 Government

GOVT OF SINGAPORE IN Multiple Portfolios REG 44'689'166 1.31 20'565'316 01.10.2012 Government


SCHRODER INVESTMENT Multiple Portfolios REG 42'370'054 1.25 1'576'379 01.10.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 40'418'943 1.19 1'489'372 01.10.2012 Investment Advisor

ALECTA INVESTMENT MA Multiple Portfolios REG 40'085'000 1.18 (200'000) 01.10.2012 Unclassified

STATE FARM MUTUAL AU Multiple Portfolios REG 38'987'000 1.15 (66'300) 01.10.2012 Insurance Company

FIDELITY INTERNATION Multiple Portfolios MF-AGG 36'960'841 1.09 6'726'960 31.03.2012 Investment Advisor

AXA INVESTMENT MANAG Multiple Portfolios REG 36'462'193 1.07 (1'049'699) 01.10.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios REG 35'146'162 1.03 4'514'972 01.10.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 34'020'979 1 (2'033'967) 31.08.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 32'982'470 0.97 (1'337'021) 01.10.2012 Investment Advisor


Nomura THEEPAN JOTHILINGAM buy 5 M 1'700 12 month 24.10.2012

Barclays RAHIM KARIM overweight 5 M 1'800 Not Provided 24.10.2012


AlphaValue ALEXANDRE ANDLAUER sell 1 M 1'013 6 month 18.10.2012

Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 1'780 12 month 17.10.2012


Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 1'450 Not Provided 15.10.2012

Societe Generale IRENE HIMONA buy 5 M 1'650 12 month 11.10.2012

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 2'020 12 month 11.10.2012

Grupo Santander JASON KENNEY buy 5 M 1'616 Not Provided 04.10.2012

Exane BNP Paribas CHARLES RIOU outperform 5 M 1'750 Not Provided 04.10.2012

Liberum Capital Ltd ANDREW WHITTOCK buy 5 M 1'557 Not Provided 04.10.2012

Macquarie JASON D GAMMEL outperform 5 M 1'950 12 month 03.10.2012

JPMorgan FREDERICK G LUCAS overweight 5 M 1'700 6 month 02.10.2012

Tudor Pickering & Co ANISH KAPADIA buy 5 U 1'600 Not Provided 24.09.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 24.09.2012

CA Cheuvreux JEAN-CHARLES LACOSTE suspended coverage #N/A N/A M #N/A N/A Not Provided 20.09.2012

Jefferies BRENDAN MICHAEL WARN buy 5 M 1'800 12 month 17.09.2012

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 10.09.2012

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 D 1'450 12 month 15.08.2012

Day by Day VALERIE GASTALDY buy 5 M 1'550 3 month 07.08.2012

Investec STUART JOYNER hold 3 M 1'405 12 month 02.08.2012

Independent Research GmbH SVEN DIERMEIER hold 3 M 1'400 12 month 31.07.2012

HSBC PAUL SPEDDING overweight 5 M 1'870 Not Provided 30.07.2012

Equita SIM SpA MASSIMO BONISOLI buy 5 M 1'610 12 month 30.07.2012

S&P Capital IQ CHRISTINE TISCARENO hold 3 D 1'500 12 month 26.07.2012


Shore Capital Stockbrokers GERARD LANE not rated #N/A N/A M #N/A N/A Not Provided 05.03.2012


Holdings By:

BG Group PLC ee


24.10.2012

China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades

petroleum and petrochemical products such as gasoline, diesel, jet fuel,

kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and

chemical fertilizers. Also, The company explores for and produces crude oil and

natural gas in China.


LTM as of: 06/yy

52-Week High (01.02.2012) 7.93

52-Week Low (10.07.2012) 5.75

Daily Volume

6.31





551'864.75 1 Yr Total Return -6.45%







600028 CH EQUITY YTD Change - Average Volume 30 Day 24'024'320

600028 CH EQUITY YTD % CHANGE - Average Volume 3 Month 21'375'700


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

1'170'539.0 1'387'077.0 1'212'168.0 1'876'758.0 2'463'767.0 ######### ######### ######### ######### 690'513.0 -

1.73x 0.59x 1.09x 0.48x 0.35x 1.56x 1.35x 0.35x 0.35x - -

127'499.0 29'228.0 151'545.0 178'098.0 170'962.0 0.0 0.0 162'538.5 196'286.0 - -

15.87x 27.82x 8.73x 5.03x 5.05x 0.00x 0.00x 5.43x 4.49x - -

56'515.0 28'445.0 62'677.0 71'782.0 73'225.0 75'523.0 55'155.0 54'824.0 71'019.8 11'670.0 -

16.90x 12.59x 8.42x 7.62x 7.84x 7.47x 8.86x 9.33x 8.14x - -


EBIT 107'146.00 Long-Term Rating A+







Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 2.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Petroleum & Chemical CorpPrice/Volume

Valuation Analysis

10'263'986.00


-

.

/

0

1

2

3

4

5

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/-'- G

1-'- G

3-'- G

5-'- G

.--'- G

./-'- G

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


CHINA PETROCHEMICAL n/a EXCH 65'797'127'692 94.1 - 09.01.2012 Government

GUOTAI JUNAN SECURIT n/a EXCH 254'483'524 0.36 - 03.03.2010 Investment Advisor

HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 140'539'464 0.2 59'955'516 31.12.2011 Investment Advisor

CHINA LIFE INSURANCE n/a EXCH 113'667'653 0.16 - 03.03.2010 Government

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 83'642'326 0.12 30'235'918 31.12.2011 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 73'399'784 0.1 (27'117'658) 31.12.2011 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 45'123'228 0.06 3'402'138 31.12.2011 Investment Advisor

YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 40'190'710 0.06 (36'009'201) 31.12.2011 Investment Advisor

CHANGSHENG SEPARABLE n/a EXCH 34'526'814 0.05 - 03.03.2010 n/a

E FUND MANAGEMENT Multiple Portfolios MF-AGG 34'162'400 0.05 (4'000'026) 31.12.2011 Investment Advisor

SOCIAL SECURITY FUND n/a EXCH 33'242'732 0.05 - 03.03.2010 Pension Fund (ERISA)

PICC LIFE INSURANCE n/a EXCH 29'099'737 0.04 - 03.03.2010 Insurance Company

CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 28'039'325 0.04 26'737'859 31.12.2011 Investment Advisor

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 19'850'786 0.03 228'696 31.12.2011 Investment Advisor

GTJA ALLIANZ FUND MA Multiple Portfolios MF-AGG 19'530'010 0.03 6'916'533 31.12.2011 Investment Advisor

BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 18'744'884 0.03 (6'384'156) 31.12.2011 Investment Advisor

PING AN INSURANCE GR n/a Co File 18'000'000 0.03 - 30.06.2009 Insurance Company

CSOP ASSET MANAGEMEN Multiple Portfolios MF-AGG 15'554'468 0.02 2'224'301 24.10.2012 Investment Advisor

BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 15'437'192 0.02 5'733'719 31.12.2011 Investment Advisor

HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 14'103'771 0.02 2'909'010 31.12.2011 Investment Advisor


Northeast Securities Co Ltd WEIGANG WANG buy 5 M 12 12 month 23.10.2012

Everbright Securities Co., Ltd CHENG LEI buy 5 M #N/A N/A Not Provided 22.10.2012

Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 8 12 month 17.10.2012


SWS Research Co Ltd KAISHENG LIN buy 5 U #N/A N/A Not Provided 11.09.2012

Citic Securities Co., Ltd HUANG LILI buy 5 M 9 6 month 10.09.2012

Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 27.08.2012

Masterlink Securities LI XIN hold 3 M 7 Not Provided 26.07.2012

HSBC THOMAS C HILBOLDT underweight 1 D 6 Not Provided 29.06.2012

Guodu Securities Co Ltd WANG SHUANG strong buy 5 M #N/A N/A Not Provided 11.06.2012

Hong Yuan Securities CHAI QINHU neutral 3 M 8 6 month 26.03.2012

PingAn Securities DU ZHIQIANG buy 5 M #N/A N/A Not Provided 18.11.2011

China Investment Securities ZHEJIAN SONG buy 5 M #N/A N/A Not Provided 07.09.2011

China International Capital Corp BIN GUAN buy 5 M 12 12 month 29.08.2011

Jefferies LABAN YU buy 5 N 10 12 month 25.05.2011

China Minzu Securities Co Ltd CAIXIA FU add 4 M 9 6 month 07.04.2011

Founder Securities ZHENGHUA ZHANG add 4 N 12 6 month 25.01.2011

China Securities Co., Ltd LIANG BIN add 4 N 10 Not Provided 08.12.2010

HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 06.12.2010

Central China Securities LI LINLIN add 4 M #N/A N/A Not Provided 17.11.2010

China Galaxy Securities LI GUOHONG buy 5 M 13 12 month 08.06.2010

Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 22.03.2010

Sealand Securities LILI LIU add 4 M #N/A N/A Not Provided 28.08.2009

Holdings By:

China Petroleum & Chemical Corp ee


24.10.2012

ConocoPhillips explores for, produces, transports and markets crude oil,

natural gas, natural gas liquids, liquefied natural gas and bitumen on a

worldwide basis.


LTM as of: 06/yy

52-Week High (19.03.2012) 59.68

52-Week Low (25.11.2011) 50.41

Daily Volume

56.06





68'087.64 1 Yr Total Return 6.67%







COP US EQUITY YTD Change - Average Volume 30 Day 6'098'587

COP US EQUITY YTD % CHANGE - Average Volume 3 Month 6'412'740


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

171'500.0 225'424.0 136'016.0 175'752.0 230'859.0 207'103.0 182'437.0 100'014.0 52'319.0 12'515.7 13'716.7

0.93x 0.46x 0.77x 0.63x 0.48x 2.20x 2.32x 0.85x 1.66x 6.79x 6.16x

30'681.0 35'740.0 17'606.0 22'655.0 26'270.0 24'432.0 22'894.0 22'888.3 22'814.9 5'114.5 5'595.0

5.22x 2.92x 5.94x 4.91x 4.20x 4.86x 3.94x 3.96x 3.97x 4.15x 4.03x

11'891.0 (16'998.0) 4'414.0 11'358.0 12'436.0 11'526.0 11'210.0 7'034.5 7'102.2 1'512.4 1'720.8

9.12x 4.81x 15.52x 11.50x 8.31x 10.70x 7.19x 10.15x 9.50x 10.14x 9.64x











EBITDA Margin 12.5%



Asset Turnover 1.33







Fiscal Year Ended

ConocoPhillipsPrice/Volume

Valuation Analysis

6'853'487.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

4-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

1-'- G

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


VANGUARD GROUP INC VANGUARD GROUP INC 13F 54'513'582 4.49 330'737 30.06.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 50'406'316 4.15 (51'752) 30.06.2012 Investment Advisor


BERKSHIRE HATHAWAY I BERKSHIRE HATHAWAY I 13F 28'868'637 2.38 (232'300) 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 26'298'000 2.17 - 30.06.2012 Investment Advisor

WADDELL & REED FINAN WADDELL & REED FINAN 13F 22'761'790 1.87 (864'607) 30.06.2012 Investment Advisor

BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 20'981'731 1.73 (167'218) 30.06.2012 Investment Advisor

CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 20'652'860 1.7 (14'847'000) 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 19'948'890 1.64 126'745 30.09.2012 Investment Advisor


BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 13'237'211 1.09 (867'469) 30.06.2012 Investment Advisor

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 11'983'324 0.99 10'604 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 11'170'710 0.92 (59'552) 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 10'241'620 0.84 (424'570) 30.06.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 10'186'360 0.84 1'411'644 30.06.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'974'501 0.82 (2'838'378) 30.06.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 9'820'940 0.81 (419'735) 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 9'498'470 0.78 (4'039'243) 30.06.2012 Investment Advisor


NFJ INVESTMENT GROUP NFJ INVESTMENT GROUP 13F 9'158'100 0.75 2'185'050 30.06.2012 Investment Advisor


JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 65 12 month 24.10.2012


Alembic Global Advisors JAMES J SULLIVAN neutral 3 M 65 12 month 22.10.2012


Goldman Sachs ARJUN N MURTI neutral/attractive 3 U 55 6 month 17.10.2012


Argus Research Corp PHILIP H WEISS buy 5 M #N/A N/A Not Provided 16.10.2012






Raymond James PAVEL MOLCHANOV underperform 1 M #N/A N/A Not Provided 08.10.2012




Morgan Stanley J EVAN CALIO Underwt/Attractive 1 M 55 12 month 26.07.2012

S&P Capital IQ MICHAEL KAY buy 5 M 64 Not Provided 25.07.2012

Howard Weil Inc BLAKE FERNANDEZ restricted #N/A N/A M #N/A N/A Not Provided 01.05.2012

RBC Capital Markets SCOTT HANOLD outperform 5 M 63 12 month 24.04.2012


Holdings By:

ConocoPhillips ee


24.10.2012

Occidental Petroleum Corporation explores for, develops, produces, and markets

crude oil and natural gas. The Company also manufactures and markets a variety

of basic chemicals, vinyls and performance chemicals. Occidental also gathers,

treats, processes, transports, stores, trades and markets crude oil, natural

gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.


LTM as of: 06/yy

52-Week High (28.02.2012) 106.68

52-Week Low (01.06.2012) 76.59

Daily Volume

81.28




Shares Out 30.06.2012 809.9 Short Int 6.06

65'832.52 1 Yr Total Return -4.75%







OXY US EQUITY YTD Change - Average Volume 30 Day 4'506'510

OXY US EQUITY YTD % CHANGE - Average Volume 3 Month 3'936'327


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

18'784.0 24'217.0 14'814.0 19'045.0 23'939.0 21'725.0 24'076.0 24'180.6 25'141.8 5'641.5 5'610.8

3.38x 2.05x 4.58x 4.32x 3.26x 14.77x 12.04x 2.88x 2.72x 12.51x 12.57x

10'232.0 14'622.0 7'755.0 10'816.0 14'168.0 12'635.0 13'695.0 14'217.4 15'934.4 3'386.3 3'577.0

6.20x 3.39x 8.75x 7.61x 5.51x 6.87x 5.31x 4.86x 4.33x 4.74x 4.55x

5'400.0 6'857.0 2'915.0 4'530.0 6'771.0 5'769.0 6'292.0 5'596.9 6'213.6 1'305.0 1'546.0

15.62x 6.70x 21.02x 17.12x 11.41x 14.41x 11.05x 11.69x 10.65x 11.48x 10.96x











EBITDA Margin 56.9%



Asset Turnover 0.41





Accounts Receivable Turnover 4.59 Cash Conversion Cycle -43.68


Fiscal Year Ended

Occidental Petroleum CorpPrice/Volume

Valuation Analysis

4'087'953.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/-

1-

3-

5-

.--

./-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'254'022 4.23 (218'290) 30.06.2012 Investment Advisor



WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 26'466'940 3.27 (179'349) 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 23'137'003 2.86 6'262'326 30.06.2012 Investment Advisor


DODGE & COX DODGE & COX 13F 16'853'663 2.08 (88'601) 30.06.2012 Investment Advisor

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'238'618 1.88 (1'112'321) 30.06.2012 Investment Advisor



MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 12'868'720 1.59 772'280 30.06.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'217'509 1.26 947'184 30.06.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 9'432'772 1.16 2'155'697 30.06.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'060'856 1.12 (1'034'521) 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 8'198'900 1.01 (584'244) 30.06.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'114'736 1 (2'012'883) 30.06.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'097'800 1 (344'163) 30.06.2012 Investment Advisor

IRANI RAY R n/a Form 4 7'978'867 0.99 175'316 20.07.2012 n/a

BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 7'868'306 0.97 1'269'785 30.06.2012 Investment Advisor





Capital One Southcoast, Inc. ELIOT JAVANMARDI add 4 M 120 Not Provided 23.10.2012

Susquehanna Financial Group DUANE GRUBERT neutral 3 M 94 12 month 23.10.2012




Tudor Pickering & Co MATTHEW PORTILLO buy 5 M 119 Not Provided 17.10.2012

RBC Capital Markets LEO P MARIANI sector perform 3 M 93 12 month 16.10.2012


Sterne, Agee & Leach TIM A REZVAN buy 5 M 112 12 month 12.10.2012





Raymond James PAVEL MOLCHANOV market perform 3 M #N/A N/A Not Provided 08.10.2012


Barclays THOMAS R DRISCOLL equalweight 3 M 98 Not Provided 05.10.2012

Howard Weil Inc PETER KISSEL market outperform 4 M 119 12 month 23.08.2012




Holdings By:

Occidental Petroleum Corp ee


24.10.2012

LUKOIL explores for, produces, refines, transports, and markets oil and gas,

mainly from Western Siberia. The Company also manufactures petrochemicals,

fuels, and other petroleum products. LUKOIL operates refineries, and gasoline

filling stations in Russia and the United States. The Company transports oil

through pipelines, and petroleum products with its fleet of ships.


LTM as of: 06/yy

52-Week High (18.09.2012) 2'045.90

52-Week Low (18.05.2012) 1'500.00

Daily Volume

1928.8




Shares Out 30.06.2012 850.6 Short Int -

1'640'566.50 1 Yr Total Return 13.59%



Minority Interest (172.0) Analyst Recs 21




LKOH RM EQUITY YTD Change - Average Volume 30 Day 1'602'276

LKOH RM EQUITY YTD % CHANGE - Average Volume 3 Month 1'497'816


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

66'858.0 86'340.0 68'025.0 86'078.0 133'650.0 110'201.0 136'770.0 131'379.9 132'037.0 33'442.5 33'767.5

1.15x 0.41x 0.84x 0.62x 0.35x 2.06x 1.39x 0.44x 0.46x 1.76x 1.72x

15'366.0 17'092.0 14'096.0 16'050.0 17'628.0 18'847.0 16'139.0 18'586.1 19'021.9 4'946.5 4'831.0

4.99x 2.07x 4.05x 3.32x 2.67x 2.99x 2.90x 3.08x 3.01x - -

9'511.0 9'144.0 7'011.0 9'006.0 10'357.0 11'772.0 8'396.0 10'869.8 10'936.6 2'796.5 2'680.0

7.38x 3.00x 6.82x 5.17x 3.99x 4.28x 5.11x 4.47x 4.52x - -


EBIT 13'155.00 Long-Term Rating BBB-









EBITDA Margin 11.8%



Asset Turnover 1.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lukoil OAOPrice/Volume

Valuation Analysis

1'762'572.00


-

2--

.---

.2--

/---

/2--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

5'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

-1'-.'/--6 -1'-4'/--6 -1'-.'/-.- -1'-4'/-.- -1'-.'/-.. -1'-4'/-.. -1'-.'/-./ -1'-4'/-./



24.10.2012


ALEKPEROV VAGIT Y n/a Research 16'101'163 1.89 - 19.01.2012 n/a

FEDUN LEONID ARNOLID n/a Research 9'951'591 1.17 - 10.02.2012 n/a


KUKURA SERGEI PETROV n/a Research 3'285'726 0.39 - 14.02.2012 n/a

MAGANOV RAVIL ULIFAT n/a Research 3'147'084 0.37 - 03.02.2012 n/a

KHOBA LYUBOV NIKOLAE n/a Co File 2'934'443 0.35 - 30.09.2011 n/a


MATYTSYN ALEXANDER K n/a Co File 2'526'173 0.3 - 30.09.2011 n/a


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'688'255 0.2 - 30.06.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 691'357 0.08 - 30.09.2012 Investment Advisor

KAPITAL ASSET MANAGE n/a Research 654'420 0.08 - 25.04.2012 Investment Advisor

MIKHAILOV SERGEI ANA n/a Research 501'832 0.06 - 31.12.2011 n/a

URALSIB JSC Multiple Portfolios MF-AGG 471'563 0.06 (120'344) 31.05.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 415'550 0.05 41'900 31.07.2012 Mutual Fund Manager

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 395'575 0.05 - 22.10.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 395'000 0.05 25'000 30.11.2011 Mutual Fund Manager

STATE STREET CORP Multiple Portfolios MF-AGG 309'110 0.04 (6'719) 31.08.2012 Investment Advisor

NEKRASOV VLADIMIR IV n/a Research 306'203 0.04 8'506 30.01.2012 n/a

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 300'000 0.04 - 31.08.2012 Investment Advisor


JPMorgan ANDREY GROMADIN neutral 3 M 2'286 12 month 24.10.2012

Uralsib ALEXEI KOKIN buy 5 M 2'153 Not Provided 17.10.2012

VTB Capital DMITRY LOUKASHOV buy 5 M 4'060 12 month 17.10.2012

Otkritie Capital ALEXANDER BURGANSKY buy 5 M 2'243 Not Provided 08.10.2012

Deutsche Bank PAVEL KUSHNIR buy 5 M 2'900 12 month 02.10.2012

Infina Investment Company ALEXANDER IVANISCHEV hold 3 D 2'153 Not Provided 01.10.2012

Morgan Stanley PAVEL SOROKIN Overwt/In-Line 5 M 2'327 12 month 23.09.2012

Nomos Bank DENIS BORISOV hold 3 D 2'159 Not Provided 17.09.2012

Alfa-Bank MARIYA YEGIKYAN overweight 5 N 2'225 Not Provided 03.09.2012

Credit Suisse ZOLTAN PALFI neutral 3 M 1'700 Not Provided 31.08.2012

HSBC ILDAR KHAZIEV overweight 5 M 2'416 Not Provided 29.08.2012

Veles Capital VASILIY TANURKOV buy 5 N 3'609 Not Provided 24.08.2012

RMG Securities MIKHAIL LOSHININ buy 5 M 2'579 Not Provided 12.07.2012

Raiffeisenbank AG ANDREY POLISCHUK hold 3 N 1'870 12 month 02.07.2012

UFS-Finance Investment Company ILYA BALAKIREV buy 5 M 2'580 Not Provided 07.06.2012


IFC Metropol SERGEY VAKHRAMEEV buy 5 M 2'105 12 month 18.04.2012

ING Wholesale Banking IGOR KURINNYY hold 3 M 2'061 12 month 22.03.2012

Aton LLC ELENA SAVCHIK sell 1 M 1'540 12 month 20.01.2012

Sberbank CIB OLEG MAXIMOV buy 5 U 2'229 Not Provided 05.07.2011

Societe Generale EVGENY SOLOVYOV buy 5 M 2'400 12 month 26.05.2011

Otkritie Capital VADIM MITROSHIN hold 3 M 2'055 12 month 22.03.2010

Holdings By:

Lukoil OAO ee


24.10.2012

Suncor Energy, Inc. is a integrated energy company focused on developing the

Athabasca oil sands basin. The Company extracts and upgrades oil sands into

refinery feedstock and diesel fuel, explores for, develops and produces natural

gas, refines crude oil and markets a range of petroleum and petrochemical

products, and operates crude oil pipelines and retail petroleum stations.


LTM as of: 06/yy

52-Week High (24.02.2012) 37.28

52-Week Low (01.06.2012) 26.96

Daily Volume

32.66





50'161.41 1 Yr Total Return 6.45%







SU CN EQUITY YTD Change - Average Volume 30 Day 6'934'330

SU CN EQUITY YTD % CHANGE - Average Volume 3 Month 5'923'036


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

18'535.0 28'609.0 24'404.0 32'003.0 39'337.0 34'897.0 39'823.0 40'101.7 41'798.0 9'930.7 10'663.4

2.87x 1.03x 2.93x 2.22x 1.34x 7.97x 5.28x 1.39x 1.30x 5.60x 5.23x

4'179.0 5'083.0 2'859.0 8'190.0 11'175.0 9'578.0 11'835.0 11'432.4 11'819.2 2'705.3 2'952.3

12.73x 5.79x 24.98x 8.69x 4.72x 7.02x 4.32x 4.88x 4.72x 4.86x 4.65x

2'983.0 2'137.0 1'146.0 3'829.0 4'304.0 4'100.0 4'504.0 4'855.7 5'258.8 1'201.9 1'163.3

19.58x 8.47x 29.77x 22.92x 8.30x 13.13x 8.41x 10.22x 10.00x 10.16x 9.79x


EBIT 7'223.00 Long-Term Rating BBB+









EBITDA Margin 29.7%



Asset Turnover 0.55







Fiscal Year Ended

Suncor Energy IncPrice/Volume

Valuation Analysis

7'631'025.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

02

1-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./'- G/'- G1'- G3'- G5'- G.-'- G./'- G.1'- G.3'- G.5'- G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012



RBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 40'608'198 2.64 3'474'921 30.06.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 40'019'006 2.61 4'324'140 30.06.2012 Hedge Fund Manager

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 35'489'011 2.31 (3'890'598) 30.09.2012 Investment Advisor

PYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 33'854'650 2.2 (4'377'239) 30.06.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 32'303'084 2.1 465'151 30.06.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 31'198'020 2.03 - 30.09.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 29'787'716 1.94 1'240'918 30.09.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 24'718'466 1.61 1'432'002 30.06.2012 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 23'217'554 1.51 1'975'735 30.06.2012 Investment Advisor

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 22'951'276 1.49 1'512'054 30.06.2012 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 22'407'822 1.46 (1'229'219) 30.06.2012 Investment Advisor

JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 21'621'157 1.41 2'128'388 30.06.2012 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 18'195'949 1.18 38'500 30.06.2012 Investment Advisor

FIERA SCEPTRE INC FIERA SCEPTRE INC 13F 17'505'114 1.14 8'333'925 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 17'094'665 1.11 (1'156'911) 30.06.2012 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 16'033'983 1.04 287'300 31.03.2012 Investment Advisor

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 14'521'881 0.95 (1'732'190) 30.06.2012 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 14'095'868 0.92 397'501 30.06.2012 Investment Advisor

GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 12'173'071 0.79 12'285 30.06.2012 Insurance Company



TD Securities MENNO HULSHOF buy 5 M 42 12 month 23.10.2012

National Bank Financial KYLE PRESTON outperform 5 M 43 12 month 23.10.2012


BMO Capital Markets RANDY J OLLENBERGER outperform 5 M 41 Not Provided 22.10.2012

Canaccord Genuity Corp PHILIP R SKOLNICK buy 5 M 45 12 month 22.10.2012


RBC Capital Markets GREG M PARDY outperform 5 M 44 12 month 21.10.2012

CIBC World Markets ANDREW POTTER sector outperform 5 M 42 18 month 19.10.2012

Macquarie CHRIS FELTIN outperform 5 M 40 12 month 18.10.2012


Credit Suisse BRIAN C DUTTON outperform 5 M 49 Not Provided 12.10.2012


NCP Northland Capital Partners Inc ROBERT PLEXMAN sector perform 3 M 39 12 month 09.10.2012

Peters & Co Ltd KAM S SANDHAR sector outperform 5 U 38 12 month 05.10.2012


Raymond James JUSTIN BOUCHARD outperform 5 M 37 12 month 01.10.2012

Edward Jones LANNY PENDILL buy 5 M #N/A N/A Not Provided 26.09.2012

FirstEnergy Capital Corp MICHAEL P DUNN outperform 5 M 38 12 month 17.09.2012

Stifel Nicolaus AMIR ARIF buy 5 M 38 12 month 05.09.2012

Veritas Investment Research Co SAM LA BELL buy 5 M 47 Not Provided 26.07.2012

Scotia Capital MARK POLAK sector outperform 5 M 42 12 month 24.07.2012

Holdings By:

Suncor Energy Inc ee


24.10.2012

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber

intermediates, textiles, blended yarn and polyester staple fiber. The Company

also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India

that produces a wide range of products such as gasoline, superior kerosene oil

and liquefied petroleum gas.


LTM as of: 01/yy

52-Week High (04.11.2011) 905.00

52-Week Low (16.05.2012) 673.05

Daily Volume

809.95





2'652'223.00 1 Yr Total Return -3.16%







RIL IN EQUITY YTD Change - Average Volume 30 Day 4'486'736

RIL IN EQUITY YTD % CHANGE - Average Volume 3 Month 3'882'571


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 12/12 Q3 03/13 Q4

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 - - 0.80x 0.84x - -

222'702.8 242'169.1 303'332.8 380'722.6 351'080.0 - - 331'411.4 346'974.0 - -

16.76x 12.44x 11.96x 9.40x 7.09x - - 8.77x 8.37x - -

195'678.3 149'687.2 245'031.4 192'936.8 197'240.0 - - 202'096.4 214'618.4 - -

16.83x 14.09x 13.05x 16.20x 11.35x - - 12.69x 11.94x - -











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

2'806'440.00


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

.---

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

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'.-'/-./



24.10.2012


LIFE INSURANCE CORP n/a Co File 251'894'910 7.69 - 30.06.2012 Government

KANKHAL INVES & TRAD n/a Co File 148'490'952 4.53 - 30.06.2012 n/a

BHUVANESH ENTERPRISE n/a Co File 134'616'811 4.11 - 30.06.2012 n/a

BADRI COMMERCIALS LL n/a Co File 127'041'799 3.88 - 30.06.2012 n/a

AJITESH ENTERPRISES n/a Co File 127'041'799 3.88 - 30.06.2012 Other

ABHAYAPRADA ENTERPRI n/a Co File 124'514'168 3.8 - 30.06.2012 n/a

TRILOKESH COMMERCIAL n/a Co File 124'513'168 3.8 - 30.06.2012 n/a

PETROLEUM TRUST n/a Co File 120'471'003 3.68 - 30.06.2012 n/a

TARAN ENTERPRISES LL n/a Co File 106'373'069 3.25 - 30.06.2012 n/a

PITAMBAR ENTERPRISES n/a Co File 104'900'070 3.2 - 30.06.2012 n/a

FARM ENTERPRISES LTD n/a Co File 92'077'290 2.81 - 30.06.2012 n/a

ADISESH ENTERPRISES n/a Co File 81'099'093 2.48 - 30.06.2012 Other

RELIANCE CHEMICALS P n/a Co File 62'239'998 1.9 - 30.06.2012 n/a

PAVANA ENTERPRISES L n/a Co File 61'673'400 1.88 - 30.06.2012 n/a

RELIANCE POLYOLEFINS n/a Co File 61'194'924 1.87 - 30.06.2012 n/a

RISHIKESH ENTERPRISE n/a Co File 60'409'418 1.84 - 30.06.2012 n/a


JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 40'242'144 1.23 15'889 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I n/a Co File 39'612'971 1.21 - 30.06.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a Co File 39'434'159 1.2 - 30.06.2012 Government


Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 800 12 month 19.10.2012

Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN neutral 3 M 810 Not Provided 19.10.2012

Batlivala & Karani Securities BHAVIN GANDHI outperform 5 M 810 Not Provided 19.10.2012

Goldman Sachs NILESH BANERJEE Buy/Neutral 5 M 1'010 12 month 17.10.2012

KR Choksey Shares & Sec Pvt Ltd YOGESH S PATIL accumulate 4 M 875 12 month 17.10.2012

Standard Chartered RAHUL SINGH in-line 3 M 817 12 month 16.10.2012

Credit Suisse SANJAY MOOKIM outperform 5 M 865 Not Provided 16.10.2012

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 675 3 month 16.10.2012

Prabhudas Lilladher Pvt Ltd DEEPAK PAREEK reduce 2 M 805 12 month 16.10.2012

JM Financial Institutional Securities P MEHUL THANAWALA hold 3 M 781 12 month 16.10.2012

BNP Paribas Equity Research AMIT SHAH hold 3 M 795 12 month 16.10.2012

Motilal Oswal Securities Ltd HARSHAD BORAWAKE neutral 3 M 780 12 month 16.10.2012

IDBI Capital Market Services Ltd SUDEEP ANAND hold 3 M 825 12 month 16.10.2012

Emkay Share & Stock Brokers JAGDISH MEGHNANI hold 3 M 827 Not Provided 16.10.2012

HDFC Securities AISHWARYA DEEPAK outperform 5 M 855 12 month 16.10.2012

Tata Securities Limited SWARNENDU BHUSHAN hold 3 M 758 12 month 16.10.2012

LKP Shares and Securities Ltd CHIRAG DHAIFULE neutral 3 M 803 Not Provided 16.10.2012

Religare Capital Markets BALLABH MODANI hold 3 M 790 12 month 16.10.2012

Brics Securities NILESH RAMESH GHUGE add 4 M 854 Not Provided 16.10.2012

India Infoline PRAYESH JAIN market perform 3 M 780 9 month 16.10.2012

Antique Stock Broking Limited AMIT RUSTAGI hold 3 M 820 Not Provided 16.10.2012

Systematix Shares & Stocks Ltd SUDARSHAN NARASIMHAN hold 3 M 866 12 month 16.10.2012

Ambit Capital Pvt Ltd DAYANAND MITTAL sell 1 M 758 12 month 16.10.2012

IIFL BHASKAR CHAKRABORTY reduce 2 M 740 12 month 16.10.2012

Quant Broking Pvt Ltd GAGAN DIXIT reduce 2 D 784 12 month 16.10.2012

Centrum Broking Pvt Ltd ROHIT NAGRAJ neutral 3 M 808 Not Provided 16.10.2012

Elara Securities India Pvt Ltd ALOK DESHPANDE accumulate 4 U 900 12 month 16.10.2012

Equirus Securities Pvt Ltd MAULIK PATEL sell 1 M 710 12 month 16.10.2012

BOB Capital Markets NEELABH SHARMA reduce 2 D 853 12 month 16.10.2012

Morgan Stanley VINAY JAISING Underwt/Cautious 1 M 742 12 month 15.10.2012

Jefferies ARYA SEN hold 3 M 747 12 month 15.10.2012

HSBC KUMAR MANISH underweight 1 D 800 Not Provided 15.10.2012

Kotak Securities SANJEEV PRASAD sell 1 M 775 Not Provided 15.10.2012

ICICI Securities ROHIT AHUJA add 4 M 900 12 month 15.10.2012

Enam Securities Pvt Ltd AMIT MISHRA hold 3 M 850 Not Provided 15.10.2012

Nomura ANIL SHARMA buy 5 M 860 Not Provided 15.10.2012

IDFC Securities Ltd PRAKASH JOSHI outperform 5 M 860 Not Provided 15.10.2012

Angel Broking Limited BHAVESH CHAUHAN neutral 3 M #N/A N/A Not Provided 15.10.2012

Edelweiss Capital NIRAJ MANSINGKA buy 5 M 906 12 month 05.10.2012

Macquarie JAL IRANI neutral 3 M 820 12 month 04.10.2012

Deutsche Bank HARSHAD KATKAR buy 5 M 900 12 month 11.09.2012


IFCI Financial Services ABHIJEET BORA hold 3 M 771 12 month 22.07.2012

Holdings By:

Reliance Industries Ltd ee


24.10.2012

Oil and Natural Gas Corporation Limited specializes in the exploration and

production of crude oil and gas. The Company has joint ventures in oil fields

in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other

activities include deep sea explorations on the east and west coasts of India,

and the exploration of coal bed methane.


LTM as of: 01/yy

52-Week High (22.02.2012) 304.25

52-Week Low (05.10.2012) 227.40

Daily Volume

276.05





2'361'742.75 1 Yr Total Return 3.63%







ONGC IN EQUITY YTD Change - Average Volume 30 Day 3'389'848

ONGC IN EQUITY YTD % CHANGE - Average Volume 3 Month 2'832'071


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 09/12 Q2 12/12 Q3

967'821.8 1'045'883.9 1'017'545.7 1'175'251.0 1'463'694.7 - - ######### ######### 221'893.0 -

2.00x 1.52x 2.24x 2.02x 1.50x - - 1.31x 1.19x - -

365'859.0 369'067.1 354'383.0 424'779.1 495'573.3 - - 574'680.1 620'294.7 98'498.0 -

5.28x 4.31x 6.43x 5.60x 4.42x - - 3.93x 3.64x - -

200'760.2 197'953.4 194'035.3 224'559.3 281'436.2 - - 257'333.6 281'195.7 60'154.0 -

10.45x 8.46x 12.11x 11.10x 8.16x - - 8.97x 8.31x - -











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

1'465'368.00


-

2-

.--

.2-

/--

/2-

0--

02-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-2'-1'/--6 -2'.-'/--6 -2'-1'/-.- -2'.-'/-.- -2'-1'/-.. -2'.-'/-.. -2'-1'/-./ -2'.-'/-./



24.10.2012


GOVERNMENT OF INDIA n/a Co File 5'922'546'522 69.23 - 30.06.2012 Government

LIFE INSURANCE CORP n/a Co File 664'445'162 7.77 - 30.06.2012 Government

INDIAN OIL CORP LTD n/a Co File 657'923'428 7.69 - 30.06.2012 Government

GAIL INDIA LTD n/a Co File 205'601'068 2.4 - 30.06.2012 n/a



HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 26'566'501 0.31 (1'049) 30.09.2012 Investment Advisor

UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 14'875'399 0.17 63'801 30.09.2012 Investment Advisor

TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 14'090'929 0.16 (7'014) 30.09.2012 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 13'684'656 0.16 - 22.10.2012 Investment Advisor

SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 11'585'295 0.14 - 30.09.2012 Investment Advisor


PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 10'295'717 0.12 (121'581) 30.09.2012 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 7'914'420 0.09 - 31.03.2011 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 7'666'861 0.09 - 16.04.2012 Investment Advisor

TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 7'383'539 0.09 (248'569) 30.09.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 6'017'987 0.07 (91'973) 31.08.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 5'907'706 0.07 (41'052) 23.10.2012 Investment Advisor

RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 5'483'977 0.06 - 30.09.2012 Other

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'327'101 0.05 4'327'101 30.09.2011 Mutual Fund Manager



BOB Capital Markets NEELABH SHARMA buy 5 M 336 Not Provided 18.10.2012

Goldman Sachs NILESH BANERJEE Buy/Neutral 5 M 350 12 month 17.10.2012

MF Global Equities Research GAURI ANAND buy 5 M 315 12 month 15.10.2012

Asian Markets Securities Pvt. Ltd SUJIT LODHA buy 5 M 329 Not Provided 15.10.2012

Emkay Share & Stock Brokers JAGDISH MEGHNANI accumulate 4 M 327 Not Provided 12.10.2012

Jefferies ARYA SEN buy 5 M 311 12 month 11.10.2012

Credit Suisse SANJAY MOOKIM neutral 3 M 315 Not Provided 10.10.2012

JM Financial Institutional Securities P MEHUL THANAWALA buy 5 M 333 Not Provided 10.10.2012

Ambit Capital Pvt Ltd DAYANAND MITTAL buy 5 M 300 12 month 10.10.2012

Enam Securities Pvt Ltd AMIT MISHRA hold 3 M 300 Not Provided 09.10.2012

Prabhudas Lilladher Pvt Ltd DEEPAK PAREEK accumulate 4 M 301 12 month 08.10.2012

Motilal Oswal Securities Ltd HARSHAD BORAWAKE buy 5 M 316 Not Provided 08.10.2012

Nomura ANIL SHARMA reduce 2 M 250 Not Provided 08.10.2012

ICICIdirect.com MAYUR MATANI buy 5 M 330 Not Provided 08.10.2012

Edelweiss Capital NIRAJ MANSINGKA buy 5 M 321 12 month 05.10.2012

Centrum Broking Pvt Ltd ROHIT NAGRAJ buy 5 M 366 Not Provided 05.10.2012

Nirmal Bang Institutional Equities ASHUTOSH BHARDWAJ hold 3 M 323 Not Provided 04.10.2012

HDFC Securities AISHWARYA DEEPAK buy 5 U 338 12 month 03.10.2012

Brics Securities SANDEEP RANDERY add 4 M 306 12 month 01.10.2012

Antique Stock Broking Limited AMIT RUSTAGI buy 5 M 306 Not Provided 01.10.2012

VTB Capital COLIN SMITH sell 1 N 290 12 month 27.09.2012

BNP Paribas Equity Research AMIT SHAH hold 3 M 298 12 month 24.09.2012

Macquarie JAL IRANI outperform 5 M 325 12 month 21.09.2012

Batlivala & Karani Securities BHAVIN GANDHI outperform 5 M 295 Not Provided 21.09.2012

Elara Securities India Pvt Ltd ALOK DESHPANDE reduce 2 M 290 Not Provided 20.09.2012

Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN outperform 5 M 300 Not Provided 17.09.2012

Deutsche Bank HARSHAD KATKAR buy 5 M 335 12 month 14.09.2012

Kotak Securities SANJEEV PRASAD add 4 M 310 Not Provided 14.09.2012

ICICI Securities ROHIT AHUJA reduce 2 M 287 12 month 14.09.2012

Karvy Stock Broking Ltd VINAY V NAIR buy 5 M 321 Not Provided 14.09.2012

India Infoline TEAM COVERAGE buy 5 M 320 9 month 14.09.2012

Quant Broking Pvt Ltd GAGAN DIXIT reduce 2 M 264 12 month 14.09.2012

India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 358 Not Provided 14.09.2012

IIFL BHASKAR CHAKRABORTY add 4 M 290 12 month 13.09.2012

IDBI Capital Market Services Ltd SUDEEP ANAND hold 3 D 290 12 month 11.09.2012

SBI Capital Markets GUNJAN PODDAR add 4 D 311 12 month 10.09.2012

Religare Capital Markets BALLABH MODANI buy 5 M 335 12 month 10.09.2012

Spark Capital Advisors MAYUR PATEL add 4 M 308 12 month 10.09.2012

Morgan Stanley VINAY JAISING Equalwt/Cautious 3 M 302 12 month 29.08.2012

Standard Chartered RAHUL SINGH outperform 5 M 320 12 month 25.08.2012

LKP Shares and Securities Ltd CHIRAG DHAIFULE buy 5 M 335 Not Provided 17.08.2012

FinQuest Securities (P) Ltd. HARISHCHANDRA SABLE buy 5 M 300 Not Provided 16.08.2012

Holdings By:

Oil & Natural Gas Corp Ltd ee


24.10.2012

Imperial Oil Ltd. produces and refines natural gas and petroleum products

and manufactures petrochemicals. The Company's oil and gas operations are

concentrated in Canada.


LTM as of: 06/yy

52-Week High (24.02.2012) 49.26

52-Week Low (25.11.2011) 38.87

Daily Volume

44.31





37'557.11 1 Yr Total Return 7.91%






Average Volume 5 Day 894'994

IMO CN EQUITY YTD Change - Average Volume 30 Day 968'676

IMO CN EQUITY YTD % CHANGE - Average Volume 3 Month 843'420


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

23'762.0 29'928.0 20'024.0 23'630.0 29'154.0 26'004.0 29'471.0 30'231.4 32'257.0 7'280.5 7'602.5

2.03x 1.12x 1.70x 1.48x 1.32x 6.19x 4.94x 1.27x 1.23x 5.24x 5.04x

4'821.0 5'665.0 2'880.0 3'562.0 4'933.0 4'291.0 5'034.0 5'085.3 5'737.4 1'231.3 1'169.3

10.01x 5.89x 11.84x 9.80x 7.80x 11.70x 7.22x 7.43x 6.58x 7.98x 7.90x

3'188.0 3'878.0 1'579.0 2'210.0 3'371.0 2'724.0 3'514.0 3'184.8 3'408.9 848.0 733.0

16.86x 9.92x 22.59x 16.23x 12.04x 14.31x 10.84x 11.47x 11.47x 11.91x 11.90x


EBIT 4'169.00 Long-Term Rating AAA









EBITDA Margin 17.1%



Asset Turnover 1.17







Fiscal Year Ended

Imperial Oil LtdPrice/Volume

Valuation Analysis

908'715.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


EXXON MOBIL CORP n/a SEDI 589'928'303 69.6 (10) 30.06.2009 Corporation

JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 10'715'785 1.26 (419'990) 30.06.2012 Investment Advisor

RBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 10'655'761 1.26 896'161 30.06.2012 Investment Advisor



MANUFACTURERS LIFE I MANUFACTURERS LIFE I 13F 5'316'822 0.63 929'984 30.06.2012 Insurance Company

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 4'589'539 0.54 26'240 30.06.2012 Investment Advisor


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 4'122'946 0.49 (870) 31.08.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 3'803'415 0.45 (53'026) 30.06.2012 Investment Advisor



PYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 3'218'399 0.38 (1'444'810) 30.06.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'100'649 0.37 12'765 30.06.2012 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 2'903'620 0.34 178'454 30.06.2012 Investment Advisor

MARATHON ASSET MANAG MARATHON ASSET MANAG 13F 2'657'438 0.31 (918'048) 30.09.2012 Investment Advisor


CI INVESTMENTS INC Multiple Portfolios MF-AGG 2'437'218 0.29 374'400 30.06.2012 Hedge Fund Manager

TETREM CAPITAL MANAG TETREM CAPITAL MANAG 13F 2'349'804 0.28 (148'375) 30.06.2012 Hedge Fund Manager

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 2'344'998 0.28 (215'546) 30.06.2012 Investment Advisor


Macquarie CHRIS FELTIN neutral 3 M 47 12 month 18.10.2012

BMO Capital Markets RANDY J OLLENBERGER market perform 3 M 50 Not Provided 16.10.2012

RBC Capital Markets GREG M PARDY sector perform 3 M 51 12 month 16.10.2012

CIBC World Markets ANDREW POTTER sector underperform 1 M 44 Not Provided 15.10.2012

Credit Suisse BRIAN C DUTTON neutral 3 M 53 Not Provided 12.10.2012



Edward Jones LANNY PENDILL hold 3 M #N/A N/A Not Provided 26.09.2012

FirstEnergy Capital Corp MICHAEL P DUNN market perform 3 M 50 12 month 17.09.2012

TD Securities MENNO HULSHOF hold 3 M 46 12 month 06.09.2012

Peters & Co Ltd KAM S SANDHAR sector perform 3 M 50 12 month 28.08.2012

Scotia Capital MARK POLAK sector underperform 1 M 47 12 month 26.07.2012

Veritas Investment Research Co SAM LA BELL buy 5 U 52 Not Provided 01.02.2012

Holdings By:

Imperial Oil Ltd ee


24.10.2012

NovaTek OAO is a Russian independent producer of natural gas. The Company

explores for,produces, processes, transports and markets natural gas and liquid

hydrocarbons. The Company's primary production and processing assets are

located in the Yamal-Nenets Autonomous Region in Western Siberia.


LTM as of: 06/yy

52-Week High (16.03.2012) 442.73

52-Week Low (28.06.2012) 269.66

Daily Volume

351.21





1'066'381.00 1 Yr Total Return -9.16%







NVTK RM EQUITY YTD Change - Average Volume 30 Day 1'599'250

NVTK RM EQUITY YTD % CHANGE - Average Volume 3 Month 1'419'869


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

62'321.0 79'272.0 89'954.0 117'024.0 176'064.0 149'013.0 190'145.0 219'246.5 274'796.5 - -

9.03x 2.06x 6.26x 9.42x 7.20x 28.45x 25.01x 5.14x 4.00x - -

29'157.0 36'798.0 39'271.0 56'200.0 88'917.0 73'878.0 91'324.0 99'126.9 126'053.3 - -

19.31x 4.43x 14.33x 19.61x 14.27x 15.51x 11.73x 11.55x 9.09x - -

18'736.0 22'899.0 26'043.0 40'533.0 119'655.0 55'486.0 117'289.0 69'823.2 90'210.1 - -

29.89x 6.43x 19.80x 25.12x 9.99x 18.90x 8.45x 15.73x 11.69x - -











EBITDA Margin 48.0%



Asset Turnover 0.55







Fiscal Year Ended

NovaTek OAOPrice/Volume

Valuation Analysis

1'361'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-2-

.--

.2-/--/2-0--02-1--12-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

-1'-.'/--6 -1'-4'/--6 -1'-.'/-.- -1'-4'/-.- -1'-.'/-.. -1'-4'/-.. -1'-.'/-./ -1'-4'/-./



24.10.2012


SANTATA OOO n/a Co File 398'666'966 13.13 - 08.09.2011 Other

TOTAL E&P ARCTIC ROS n/a Co File 367'089'384 12.09 - 08.09.2011 Corporation

WHITE SEAL HOLDINGS n/a Research 303'545'574 10 - 30.09.2010 Other

GAZFIN CYPRUS LTD n/a Co File 303'326'960 9.99 - 08.09.2011 Unclassified

ZAO LEVIT n/a Co File 222'257'592 7.32 - 08.09.2011 Holding Company

BELONA n/a Co File 188'554'597 6.21 - 08.09.2011 Investment Advisor

SWGI GROWTH FUND CYP n/a Co File 187'036'444 6.16 - 08.09.2011 n/a

MIKHELSON LEONID V n/a Co File 14'228'129 0.47 - 31.12.2011 n/a

KUZNETSOVA TATYANA S n/a Co File 5'902'579 0.19 - 31.12.2011 n/a

POPOV MIKHAIL VIKTOR n/a Co File 4'372'281 0.14 - 31.12.2011 n/a

YANOVSKIY KIRILL NIK n/a Co File 3'191'158 0.11 - 31.12.2011 n/a

FRIDMAN ALEXANDER n/a Co File 2'186'140 0.07 - 31.12.2011 n/a

KAPITAL ASSET MANAGE n/a Research 1'915'220 0.06 - 25.04.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1'560'646 0.05 (4'000) 31.08.2012 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'340'055 0.04 557'945 31.08.2012 Investment Advisor


URALSIB JSC Multiple Portfolios MF-AGG 930'670 0.03 (72'760) 31.05.2012 Investment Advisor

BASKOV VLADIMIR ALEK n/a Co File 874'456 0.03 - 31.12.2011 n/a

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 592'500 0.02 40'000 31.08.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 485'156 0.02 42'000 30.09.2012 Investment Advisor



Infina Investment Company ALEXANDER IVANISCHEV hold 3 M 423 Not Provided 01.10.2012

Alfa-Bank MARIYA YEGIKYAN equalweight 3 M 417 Not Provided 21.09.2012

Otkritie Capital ALEXANDER BURGANSKY hold 3 M 390 Not Provided 19.09.2012

Nomos Bank DENIS BORISOV hold 3 D 438 Not Provided 17.09.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 10.09.2012


VTB Capital DMITRY LOUKASHOV hold 3 M 412 12 month 20.03.2012


IFC Metropol SERGEY VAKHRAMEEV buy 5 M 523 Not Provided 28.09.2011

Gazprombank ALEXANDER NAZAROV buy 5 N 475 12 month 20.05.2011

Holdings By:

NovaTek OAO ee


24.10.2012

Anadarko Petroleum Corporation is an independent oil and gas exploration and

production company with international operations. In the United States, the

Company operates in Texas and surrounding states, the Rocky Mountain region,

Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration

and/or production operations in Africa, Asia, South America, and the Caribbean.


LTM as of: 06/yy

52-Week High (17.02.2012) 88.70

52-Week Low (04.06.2012) 56.42

Daily Volume

66.94





33'448.51 1 Yr Total Return -15.05%


Preferred Stock - Adjusted BETA 1.385





APC US EQUITY YTD Change - Average Volume 30 Day 3'452'983

APC US EQUITY YTD % CHANGE - Average Volume 3 Month 3'614'102


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

11'232.0 13'740.0 8'537.0 11'340.0 13'656.0 12'508.0 13'934.0 13'623.0 15'395.6 3'373.3 3'575.4

3.94x 2.04x 4.74x 4.22x 3.77x 14.89x 13.77x 3.41x 2.91x 13.68x 12.76x

5'578.0 7'596.0 3'561.0 6'055.0 7'353.0 6'702.0 6'634.0 8'724.7 9'703.6 2'161.9 2'314.7

7.94x 3.70x 11.36x 7.91x 7.00x 7.30x 6.96x 5.33x 4.79x 5.03x 4.84x

3'781.0 3'260.0 (135.0) 761.0 (2'649.0) 845.0 (1'342.0) 1'591.0 2'217.9 363.2 430.6

18.00x 8.53x - 51.81x 28.91x 34.12x 17.06x 19.24x 15.83x 19.22x 17.81x




Pretax Margin -25.07% Short-Term Rating Date 15.09.2009

Return on Assets -2.53% Short-Term Rating NR

Return on Common Equity -6.44%





EBITDA Margin 47.6%


Net Income Margin -19.4% Total Debt/Capital 44.5%

Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Anadarko Petroleum CorpPrice/Volume

Valuation Analysis

5'299'723.00


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

.--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

/-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 33'127'804 6.63 6'134'469 30.06.2012 Investment Advisor





CARMIGNAC GESTION Multiple Portfolios MF-AGG 15'749'500 3.15 (40'000) 29.06.2012 Investment Advisor

CLEARBRIDGE ADVISORS CLEARBRIDGE ADVISORS 13F 13'036'135 2.61 263'252 30.06.2012 Investment Advisor


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'205'913 1.44 1'035'190 30.06.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7'102'174 1.42 (407'099) 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 7'076'603 1.42 (1'979'478) 30.06.2012 Investment Advisor





JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'523'388 1.11 (6'064'593) 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 5'437'656 1.09 2'228'976 30.06.2012 Investment Advisor





FBR Capital Markets REHAN RASHID market perform 3 M 90 12 month 24.10.2012

Global Hunter Securities JOHN MALONE buy 5 M 98 12 month 23.10.2012

Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 85 12 month 22.10.2012

Macquarie JOSEPH MAGNER outperform 5 M 102 12 month 22.10.2012

Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 101 12 month 22.10.2012

Jefferies SUBASH CHANDRA buy 5 M 96 12 month 19.10.2012

Robert W. Baird & Co MICHAEL A HALL neutral 3 M 97 12 month 19.10.2012

Johnson Rice & Co CHARLES MEADE overweight 5 M #N/A N/A Not Provided 19.10.2012


Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 18.10.2012

Goldman Sachs BRIAN SINGER buy/attractive 5 M 98 6 month 17.10.2012

Tudor Pickering & Co BRIAN LIVELY buy 5 M 114 Not Provided 17.10.2012


Deutsche Bank STEPHEN RICHARDSON buy 5 M 85 12 month 15.10.2012

JPMorgan JOSEPH D ALLMAN neutral 3 M 90 12 month 15.10.2012

Canaccord Genuity Corp JOHN J GERDES buy 5 M 119 12 month 15.10.2012

Simmons & Company International DAVID W KISTLER overweight 5 M 117 Not Provided 15.10.2012

Credit Suisse ARUN JAYARAM outperform 5 M 99 Not Provided 12.10.2012


Buckingham Research Group ROBERT L CHRISTENSEN JR buy 5 M 112 12 month 11.10.2012

Capital One Southcoast, Inc. ELIOT JAVANMARDI strong buy 5 M 132 Not Provided 09.10.2012

Raymond James ANDREW COLEMAN outperform 5 M 81 12 month 08.10.2012


Barclays THOMAS R DRISCOLL overweight 5 M 85 Not Provided 05.10.2012

Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 100 12 month 20.09.2012

S&P Capital IQ MICHAEL KAY buy 5 M 89 12 month 14.09.2012

Howard Weil Inc PETER KISSEL focus list 5 M 114 12 month 23.08.2012

Credit Agricole Securities (USA) JEB S ARMSTRONG buy 5 M 93 Not Provided 01.08.2012



EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011

Holdings By:

Anadarko Petroleum Corp ee


24.10.2012

Canadian Natural Resources Ltd. acquires, explores for, develops, and produces

natural gas, crude oil, and related products. The Company operates in the

Canadian provinces of Alberta, northeastern British Columbia and Saskatchewan.

Canadian Natural also operates in areas which have access for exploration

activities and where pipeline systems already exist.


LTM as of: 06/yy

52-Week High (03.02.2012) 41.12

52-Week Low (10.07.2012) 25.58

Daily Volume

29.64





32'462.61 1 Yr Total Return -13.03%




Cash and Equivalents 34.00 Consensus Rating 4.600



CNQ CN EQUITY YTD Change - Average Volume 30 Day 4'930'289

CNQ CN EQUITY YTD % CHANGE - Average Volume 3 Month 4'593'852


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

10'990.0 12'296.0 11'395.0 13'011.0 13'691.0 12'622.0 14'831.0 15'161.5 17'931.5 3'725.3 3'884.3

4.56x 3.20x 4.46x 4.37x 3.68x 17.26x 11.90x 2.78x 2.34x 11.07x 10.64x

6'765.0 7'710.0 6'564.0 7'242.0 7'430.0 6'365.0 7'903.0 7'694.7 9'262.1 1'958.0 2'126.8

7.40x 5.11x 7.75x 7.85x 6.78x 8.32x 4.87x 5.33x 4.42x 4.83x 4.53x

2'608.0 4'985.0 1'580.0 1'673.0 2'643.0 1'262.0 2'848.0 2'138.0 3'178.4 541.0 661.3

12.47x 7.39x 16.81x 21.63x 17.50x 21.97x 10.63x 15.37x 11.12x 12.56x 11.20x











EBITDA Margin 53.3%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Canadian Natural Resources LtdPrice/Volume

Valuation Analysis

6'085'499.00


-2

.-

.2/-/20-021-12

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

.3'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 42'738'611 3.9 64'371 30.06.2012 Investment Advisor



JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 25'180'141 2.3 (743'740) 30.06.2012 Investment Advisor


EDWARDS NORMAN MURRA n/a SEDI 21'234'864 1.94 59'958 08.02.2012 n/a



TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 18'440'266 1.68 4'463'956 30.06.2012 Investment Advisor

ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 17'157'200 1.57 528'785 30.06.2012 Pension Fund (ERISA)

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 17'152'542 1.57 784'141 30.06.2012 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 15'480'300 1.41 (1'361'680) 30.06.2012 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 15'443'880 1.41 1'296'920 30.06.2012 Investment Advisor

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 14'303'443 1.31 2'429'577 30.06.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 13'794'282 1.26 208'670 30.06.2012 Investment Advisor

PYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 13'388'361 1.22 6'061'121 30.06.2012 Investment Advisor


MARKIN ALLAN P n/a SEDI 11'764'844 1.07 (22'727) 03.04.2012 n/a










CIBC World Markets ANDREW POTTER sector outperform 5 M 34 Not Provided 15.10.2012

Credit Suisse BRIAN C DUTTON outperform 5 M 47 Not Provided 12.10.2012

Cormark Securities Inc. TODD KEPLER buy 5 M 42 12 month 12.10.2012




Raymond James JUSTIN BOUCHARD outperform 5 U 35 12 month 01.10.2012


FirstEnergy Capital Corp MICHAEL P DUNN top pick 5 M 41 12 month 17.09.2012

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 11.09.2012

TD Securities MENNO HULSHOF action list buy 5 M 42 12 month 06.09.2012


Peters & Co Ltd KAM S SANDHAR sector outperform 5 M 43 12 month 09.08.2012

Scotia Capital MARK POLAK sector outperform 5 M 44 12 month 09.08.2012

Stifel Nicolaus AMIR ARIF hold 3 M #N/A N/A Not Provided 20.07.2012


Holdings By:

Canadian Natural Resources Ltd ee


24.10.2012

Apache Corporation is an independent energy company. The Company explores for,

develops, and produces natural gas, crude oil, and natural gas liquids. The

Company has operations in the United States, Canada, Egypt, Australia, offshore

the United Kingdom in the North Sea, and Argentina.


LTM as of: 06/yy

52-Week High (24.02.2012) 112.09

52-Week Low (04.06.2012) 77.93

Daily Volume

83.13





32'521.73 1 Yr Total Return -13.91%


Preferred Stock 1'227.0 Adjusted BETA 1.425





APA US EQUITY YTD Change - Average Volume 30 Day 2'764'045

APA US EQUITY YTD % CHANGE - Average Volume 3 Month 2'585'804


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

9'962.0 12'327.8 8'573.9 12'183.0 16'810.0 14'754.0 16'990.0 16'830.6 18'069.1 4'044.8 4'289.9

4.02x 2.27x 4.40x 4.50x 2.55x 14.34x 10.27x 2.78x 2.56x 11.71x 11.15x

7'320.9 3'654.3 3'027.6 8'903.0 12'551.0 10'909.8 12'553.0 12'020.8 13'030.1 2'960.2 3'221.4

5.46x 7.66x 12.46x 6.16x 3.42x 5.07x 3.62x 3.63x 3.35x 3.49x 3.41x

2'812.4 712.0 (284.4) 3'032.0 4'584.0 3'860.0 3'344.0 3'604.0 4'125.9 837.1 919.3

12.82x 35.66x 20.51x 13.34x 7.66x 11.72x 8.00x 8.49x 8.02x 8.73x 8.44x


EBIT 8'347.00 Long-Term Rating A-









EBITDA Margin 73.9%



Asset Turnover 0.33







Fiscal Year Ended

Apache CorpPrice/Volume

Valuation Analysis

2'835'330.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/-

1-

3-

5-

.--

./-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 21'038'436 5.38 832'000 30.06.2012 Investment Advisor



BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 10'805'569 2.76 769'528 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 9'244'445 2.36 32'069 30.06.2012 Investment Advisor

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 8'911'680 2.28 (276'094) 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I FRANKLIN MUTUAL ADVI 13F 7'983'538 2.04 1'657'652 30.06.2012 Investment Advisor




NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 5'523'031 1.41 (85'794) 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 4'960'959 1.27 1'963 30.06.2012 Investment Advisor


MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 3'765'057 0.96 (242'397) 30.06.2012 Investment Advisor

EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 3'522'647 0.9 (289'142) 30.06.2012 Investment Advisor

BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 3'420'833 0.87 364'600 30.06.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'389'762 0.87 (1'434'141) 30.06.2012 Investment Advisor



BANK OF AMERICA CORP BANK OF AMERICA 13F 3'124'482 0.8 (94'405) 30.06.2012 Investment Advisor


Global Hunter Securities JOHN MALONE buy 5 M 105 12 month 23.10.2012


Macquarie JOSEPH MAGNER outperform 5 M 124 12 month 22.10.2012



Robert W. Baird & Co MICHAEL A HALL outperform 5 M 112 12 month 19.10.2012

Raymond James JOHN FREEMAN outperform 5 M 100 12 month 19.10.2012

Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 19.10.2012




Goldman Sachs BRIAN SINGER neutral/attractive 3 M 103 6 month 17.10.2012

RBC Capital Markets LEO P MARIANI sector perform 3 M 105 12 month 16.10.2012


Simmons & Company International PEARCE W HAMMOND overweight 5 M 130 Not Provided 15.10.2012





Tudor Pickering & Co MATTHEW PORTILLO accumulate 4 M 108 Not Provided 09.10.2012



JPMorgan JOSEPH D ALLMAN overweight 5 M 110 Not Provided 02.10.2012

FBR Capital Markets REHAN RASHID market perform 3 M 100 12 month 02.10.2012







Holdings By:

Apache Corp ee


24.10.2012

Surgutneftegas explores for, extracts, transports, refines, and markets oil and

natural gas from fields mainly in Western Siberia. The Company operates oil and

gas fields, dehydrates gas, extracts liquid hydrocarbons, and produces propane.

Surgutneftegas produces fuel oil, engine fuel, and main grades of petroleum

bitumen.


LTM as of: 01/yy

52-Week High (16.03.2012) 33.89

52-Week Low (30.03.2012) 21.00

Daily Volume

28.22





1'008'187.56 1 Yr Total Return 14.71%

Total Debt 164.00 YTD Return 14.06%

Preferred Stock 7'702.0 Adjusted BETA 1.044





SNGS RM EQUITY YTD Change - Average Volume 30 Day 33'153'730

SNGS RM EQUITY YTD % CHANGE - Average Volume 3 Month 31'146'900


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

617'278.2 576'571.6 526'609.6 621'513.0 787'854.0 - - ######### ######### 206'568.0 197'975.0

1.48x 0.34x 1.06x 1.40x 0.68x - - 0.27x 0.24x 0.44x 0.47x

- - - - - - - 313'141.9 294'752.5 82'239.5 68'337.5

- - - - - - - 2.04x 2.16x - -

83'180.4 146'479.6 116'262.1 130'464.0 237'768.0 - - 183'216.4 168'484.5 34'381.0 45'268.5

13.74x 4.30x 8.86x 9.49x 4.09x - - 6.33x 6.73x - -

EBITDA - Long-Term Rating Date -






Return on Capital 16.19% EBITDA/Interest Exp. -

Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin 36.1% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Surgutneftegas OAOPrice/Volume

Valuation Analysis

21'548'900.00


-

2

.-

.2

/-

/2

0-

02

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G.-'- G/-'- G0-'- G1-'- G2-'- G3-'- G4-'- G5-'- G6-'- G.--'- G

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

900'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.10.2012


BOGDANOV VLADIMIR LE n/a Co File 131'221'584 0.37 - 30.06.2012 n/a



REZYAPOV ALEXANDER n/a Co File 8'574'239 0.02 - 30.06.2012 n/a

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 8'465'000 0.02 765'000 30.11.2011 Mutual Fund Manager

URALSIB JSC Multiple Portfolios MF-AGG 7'000'000 0.02 - 31.05.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 5'890'140 0.02 647'940 31.07.2012 Mutual Fund Manager

EROKHIN VLADIMIR PET n/a Co File 4'501'476 0.01 - 30.06.2012 n/a

SHASHKOV VLADIMIR n/a Co File 4'108'490 0.01 - 30.06.2012 n/a

BANK OF MOSCOW Multiple Portfolios MF-AGG 3'820'100 0.01 (215'700) 29.06.2012 Bank

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'250'000 0.01 - 20.06.2012 Mutual Fund Manager

LOGINOVSKAYA LYUDMIL n/a Research 2'500'820 0.01 - 30.06.2011 n/a

SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 2'073'710 0.01 (16'805) 30.06.2011 Mutual Fund Manager

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'961'134 0.01 - 30.09.2012 Investment Advisor

ANANIEV SERGEY n/a Co File 1'929'204 0.01 - 30.06.2012 n/a

KLINOVSKAYA TAISIYA n/a Co File 1'893'478 0.01 - 30.06.2012 n/a

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 1'851'400 0.01 - 31.07.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'833'920 0.01 - 22.10.2012 Investment Advisor

PIONEER INVESTMENTS Multiple Portfolios MF-AGG 1'783'284 0 - 31.05.2011 Investment Advisor

FIRST TRUST ADVISORS Multiple Portfolios MF-AGG 1'503'824 0 - 23.10.2012 Investment Advisor


Goldman Sachs GEYDAR MAMEDOV Buy/Neutral 5 M 46 12 month 17.10.2012






Nomos Bank DENIS BORISOV buy 5 M 45 Not Provided 17.09.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012

HSBC ILDAR KHAZIEV neutral 3 M 32 Not Provided 29.08.2012

Credit Suisse ZOLTAN PALFI neutral 3 M 26 Not Provided 31.07.2012


Arbat Capital SERGEY FUNDOBNY buy 5 M 28 Not Provided 05.04.2012

Renaissance Capital ILDAR DAVLETSHIN buy 5 M 44 12 month 29.03.2012

Aton LLC SLAVA BUNKOV buy 5 M 33 12 month 20.01.2012

Sberbank CIB OLEG MAXIMOV hold 3 M 24 Not Provided 29.01.2010

ING Wholesale Banking IGOR KURINNYY hold 3 M 21 12 month 13.11.2009

Holdings By:

Surgutneftegas OAO ee


24.10.2012

TNK-BP Holding produces and refines oil. The Company operates in Russia and

Ukraine.


LTM as of: 06/yy

52-Week High (15.03.2012) 3.46

52-Week Low (23.10.2012) 2.05

Daily Volume

2.11


52-Week Low % Change 2.93% Beta -



31'643.60 1 Yr Total Return -

Total Debt 1'603.00 YTD Return -

Preferred Stock 16.0 Adjusted BETA -





TNBP RU EQUITY YTD Change - Average Volume 30 Day 32'549

TNBP RU EQUITY YTD % CHANGE - Average Volume 3 Month 17'909


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

25'739.0 31'605.0 23'491.0 29'675.0 38'774.0 0.0 0.0 56'210.1 56'513.7 15'113.0 15'881.0

- - - 1.44x 1.05x #DIV/0! #DIV/0! 0.60x 0.60x - -

8'684.0 9'797.0 8'461.0 10'063.0 13'598.0 0.0 0.0 13'197.5 12'808.7 3'926.0 3'588.0

- - - 4.25x 3.01x 0.00x 0.00x 2.39x 2.47x - -

5'732.0 6'367.0 5'175.0 6'540.0 9'208.0 0.0 0.0 8'640.4 8'276.3 2'359.0 2'040.0

- - - 6.12x 4.21x 0.00x 0.00x 3.64x 3.79x - -











EBITDA Margin 32.5%



Asset Turnover 1.09







Fiscal Year Ended

TNK-BP HoldingPrice/Volume

Valuation Analysis

128'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

1

k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

'/ G

'1 G

'3 G

'5 G

.'- G

.'/ G

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

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

-'--

-'2-

.'--

.'2-

/'--

/'2-

0'--

0'2-

1'--

1'2-

2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


NOVY INVESTMENTS LTD n/a Co File 14'473'574'541 96.51 - 31.12.2011 Corporation

LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 42'710'227 0.28 - 30.09.2012 Investment Advisor


BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 34'240'674 0.23 3'026'244 31.08.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 14'844'869 0.1 (4'865'447) 31.08.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 13'142'121 0.09 - 30.06.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 10'300'740 0.07 (99'500) 30.06.2012 Investment Advisor

CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 9'341'483 0.06 - 31.08.2012 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 6'961'464 0.05 - 30.06.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 5'114'800 0.03 150'000 29.06.2012 Investment Advisor

BANCO FONDER AB Multiple Portfolios MF-AGG 4'986'766 0.03 800'000 30.06.2012 Investment Advisor

SEB ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'979'694 0.03 3'979'694 31.08.2012 Mutual Fund Manager

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 3'595'000 0.02 (200'000) 31.05.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 3'218'603 0.02 - 31.08.2012 Investment Advisor

WOORI ASSET MANAGEME Multiple Portfolios MF-AGG 2'697'042 0.02 437'042 31.03.2012 Mutual Fund Manager

ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 2'330'572 0.02 584'792 30.06.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 2'283'300 0.02 - 31.03.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2'244'277 0.01 - 30.06.2012 Mutual Fund Manager

FIDELITY INTERNATION Multiple Portfolios MF-AGG 2'194'398 0.01 (38'002) 31.03.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 2'103'751 0.01 - 31.05.2012 Mutual Fund Manager


Societe Generale EVGENY SOLOVYOV buy 5 M 3 12 month 24.10.2012

JPMorgan ANDREY GROMADIN overweight 5 M 3 12 month 24.10.2012


Renaissance Capital BRADLEY WAY hold 3 M 2 12 month 22.10.2012

Gazprombank ALEXANDER NAZAROV underweight 1 D 4 12 month 22.10.2012




Deutsche Bank TATIANA KAPUSTINA buy 5 M 4 12 month 02.10.2012

Infina Investment Company ALEXANDER IVANISCHEV buy 5 U 4 Not Provided 01.10.2012

Veles Capital VASILIY TANURKOV buy 5 N 5 Not Provided 24.08.2012

Goldman Sachs GEYDAR MAMEDOV not rated #N/A N/A M #N/A N/A Not Provided 27.07.2012

Credit Suisse ZOLTAN PALFI outperform 5 M 3 Not Provided 24.07.2012




EVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 13.01.2012

Sberbank CIB ALEX FAK buy 5 M 4 12 month 08.04.2011

Holdings By:

TNK-BP Holding ee


24.10.2012

PTT PCL is a state-controlled fully integrated gas and oil company. The

company explores for, produces, transports, and sells natural gas and crude

oil. It also produces, transports and markets refined petroleum products.


LTM as of: 06/yy

52-Week High (03.04.2012) 360.00

52-Week Low (31.05.2012) 301.00

Daily Volume

334






Total Debt 407'923.15 YTD Return -



Cash and Equivalents 127'093.72 Consensus Rating -


Average Volume 5 Day 20

PTT/F TB EQUITY YTD Change - Average Volume 30 Day 2'757

PTT/F TB EQUITY YTD % CHANGE - Average Volume 3 Month 2'798


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

1'508'129.4 2'000'815.8 1'586'174.5 1'898'682.2 2'428'164.7 ######### ######### ######### ######### 663'266.3 836'659.7

0.82x 0.35x 0.64x 0.64x 0.53x 2.38x 1.97x 0.51x 0.47x - -

147'713.2 148'987.3 129'141.0 166'568.6 202'571.5 189'151.4 201'934.6 227'335.7 249'543.6 54'881.0 57'990.0

8.41x 4.69x 7.86x 7.31x 6.30x 7.17x 6.67x 6.06x 5.52x - -

97'803.6 51'704.8 59'547.6 83'992.1 105'296.4 111'392.6 84'143.8 108'073.0 119'644.5 30'236.3 27'634.3

10.80x 9.55x 11.68x 10.82x 8.62x 8.56x 10.96x 8.87x 7.95x 8.09x 7.96x











EBITDA Margin 7.7%



Asset Turnover 1.84







Fiscal Year Ended

PTT PCLPrice/Volume

Valuation Analysis

100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2-

.--

.2-

/--

/2-

0--

02-

1--

k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

'- G

'- G

'- G

'- G

'. G

'. G

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 78'651'401 2.75 80'400 28.09.2012 Investment Advisor



MATTHEWS INTERNATION Multiple Portfolios MF-AGG 8'719'200 0.31 - 29.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'791'914 0.2 (2'841'900) 30.06.2012 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'226'728 0.18 - 31.03.2011 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 4'976'900 0.17 - 31.07.2012 Mutual Fund Manager

ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 4'057'600 0.14 1'343'800 31.08.2012 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 3'586'670 0.13 - 30.06.2012 Investment Advisor

NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 3'377'100 0.12 - 30.03.2012 Investment Advisor


JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'017'300 0.11 (786'100) 30.09.2011 Mutual Fund Manager

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 2'413'300 0.08 50'000 31.08.2012 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 2'332'330 0.08 38'100 31.08.2012 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 2'212'000 0.08 (534'200) 29.06.2012 Mutual Fund Manager

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1'748'339 0.06 - 31.05.2012 Investment Advisor

GUARDIAN CAPITAL INC Multiple Portfolios MF-AGG 1'580'800 0.06 (71'700) 31.05.2012 Mutual Fund Manager

STATE STREET CORP Multiple Portfolios MF-AGG 1'364'127 0.05 (73'900) 23.10.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'280'760 0.04 73'600 31.08.2012 Investment Advisor


#N/A N/A

Holdings By:

PTT PCL ee


24.10.2012

Woodside Petroleum Limited explores for and produces oil and gas from offshore

and onshore facilities located in Western Australia and Northern Territory. The

Company operates numerous oil and gas fields and pipelines throughout Australia,

United States and Mauritania and its products include liquefied natural gas,

domestic gas, condensate, crude oil and liquefied petroleum gas.


LTM as of: 01/yy

52-Week High (23.02.2012) 38.16

52-Week Low (20.12.2011) 30.00

Daily Volume

34.95





28'795.68 1 Yr Total Return 4.28%







WPL AU EQUITY YTD Change - Average Volume 30 Day 2'665'914

WPL AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'482'248


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4

3'221.4 5'103.3 3'487.0 4'193.0 4'802.0 - - 6'022.8 6'442.5 - -

9.18x 4.75x 10.26x 9.20x 6.44x - - 5.50x 5.04x - -

2'359.2 3'818.5 2'482.0 2'887.0 2'755.0 - - 4'331.7 4'569.4 - -

12.53x 6.35x 14.42x 13.37x 11.23x - - 8.14x 7.72x - -

863.9 1'521.6 1'474.0 1'575.0 1'507.0 - - 2'253.1 2'207.3 - -

26.66x 14.06x 20.18x 21.34x 16.53x - - 13.38x 13.65x - -





Return on Assets 6.53% Short-Term Rating NR






EBITDA Margin 57.5%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Woodside Petroleum LtdPrice/Volume

Valuation Analysis

2'311'058.00


-

2

.-

.2

/-

/2

0-

02

1-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


SHELL ENERGY HOLDING n/a EXCH 190'119'364 23.08 - 04.04.2012 Corporation


CARMIGNAC GESTION Multiple Portfolios MF-AGG 7'400'153 0.9 - 29.06.2012 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'950'709 0.72 36'277 31.08.2012 Investment Advisor


CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3'453'472 0.42 (1'765'372) 30.09.2012 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 3'400'000 0.41 - 31.12.2011 Pension Fund (ERISA)

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 3'230'216 0.39 3'000'000 28.09.2012 Investment Advisor

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'205'741 0.39 (210'665) 29.06.2012 Mutual Fund Manager

AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 2'711'000 0.33 - 30.06.2011 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 2'580'656 0.31 - 30.06.2012 Insurance Company

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'577'051 0.31 121'627 31.08.2012 Investment Advisor

ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 1'700'873 0.21 - 30.06.2011 Investment Advisor

MACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'625'502 0.2 624'441 31.08.2011 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'026'542 0.12 2'650 31.08.2012 Mutual Fund Manager

DJERRIWARRH INVESTME Multiple Portfolios MF-AGG 948'000 0.12 - 30.06.2011 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 836'021 0.1 (741) 23.10.2012 Investment Advisor

MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 754'654 0.09 6'654 31.08.2012 Mutual Fund Manager

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 616'768 0.07 84'223 30.06.2012 Investment Advisor


Macquarie ADRIAN WOOD neutral 3 M 38 12 month 19.10.2012

Deutsche Bank JOHN HIRJEE buy 5 M 40 12 month 18.10.2012

Morgan Stanley STUART BAKER Overwt/Attractive 5 M 42 12 month 18.10.2012

Goldman Sachs MARK WISEMAN neutral/neutral 3 M 40 12 month 18.10.2012

RBC Capital Markets ANDREW WILLIAMS underperform 1 M 36 12 month 18.10.2012

Credit Suisse PAUL MCTAGGART neutral 3 M 38 Not Provided 18.10.2012

JPMorgan BENJAMIN X. WILSON overweight 5 M 43 6 month 18.10.2012


Commonwealth Bank LUKE SMITH buy 5 M 42 12 month 18.10.2012

Bell Potter JOHAN HEDSTROM buy 5 M 45 12 month 18.10.2012

RBS STUART NIELSEN hold 3 M 41 12 month 22.08.2012


Nomura RICHARD J JOHNSON suspended coverage #N/A N/A M #N/A N/A Not Provided 29.04.2012

Hartleys DAVID WALL buy 5 M 55 12 month 23.03.2012

Intersuisse Ltd NICK WIRUBOV buy 5 N 51 Not Provided 10.11.2010

Holdings By:

Woodside Petroleum Ltd ee


24.10.2012

EOG Resources, Inc. explores for, develops, produces and markets natural gas

and crude oil. The Company operates in major producing basins in the United

States, Canada, Trinidad, the United Kingdom North Sea, China and, from time to

time, select other international areas.


LTM as of: 06/yy

52-Week High (17.02.2012) 119.97

52-Week Low (26.06.2012) 82.48

Daily Volume

110.16





29'745.79 1 Yr Total Return 21.74%







EOG US EQUITY YTD Change - Average Volume 30 Day 1'552'363

EOG US EQUITY YTD % CHANGE - Average Volume 3 Month 1'756'993


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

4'221.8 6'249.9 5'084.2 5'797.9 9'154.7 7'225.1 10'553.2 10'219.7 11'385.5 2'529.7 2'614.3

5.48x 2.91x 5.25x 4.77x 3.37x 16.90x 11.14x 3.42x 3.18x 13.72x 13.70x

2'696.5 4'216.8 2'817.2 2'756.0 4'689.3 3'313.8 5'272.9 5'862.1 6'608.2 1'450.5 1'501.3

8.58x 4.31x 9.47x 10.04x 6.59x 9.57x 5.51x 5.88x 5.22x 5.75x 5.59x

1'089.9 2'436.9 546.6 160.7 1'091.1 412.3 1'381.4 1'253.4 1'508.1 266.1 314.9

20.66x 8.89x 32.43x 78.80x 25.99x 44.87x 20.96x 23.39x 20.03x 23.37x 22.14x


EBIT 2'172.91 Long-Term Rating A-









EBITDA Margin 50.0%



Asset Turnover 0.42







Fiscal Year Ended

EOG Resources IncPrice/Volume

Valuation Analysis

2'000'451.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/-

1-

3-

5-

.--

./-

.1-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G.'- G/'- G0'- G1'- G2'- G3'- G4'- G5'- G6'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012






T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'732'782 3.6 (1'513'068) 30.06.2012 Investment Advisor


FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 7'267'895 2.69 (486'856) 30.06.2012 Investment Advisor

ABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 7'026'487 2.6 329'601 30.06.2012 Investment Advisor


DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 6'631'572 2.46 (6'173'222) 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 6'227'837 2.31 1'500'000 30.06.2012 Investment Advisor

DELAWARE MANAGEMENT DELAWARE MANAGEMENT 13F 6'205'370 2.3 77'961 30.06.2012 Investment Advisor

MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 4'144'355 1.53 1'324'445 30.06.2012 Investment Advisor


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'788'877 1.4 (2'198'912) 30.06.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'728'397 1.38 (1'243'914) 30.06.2012 Investment Advisor

BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 3'631'201 1.34 638'709 30.06.2012 Investment Advisor

ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 3'607'524 1.34 (519'000) 30.06.2012 Investment Advisor


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'175'313 1.18 (39'520) 30.06.2012 Investment Advisor


FBR Capital Markets REHAN RASHID outperform 5 M 140 12 month 24.10.2012

Susquehanna Financial Group DUANE GRUBERT neutral 3 M 104 12 month 23.10.2012

Credit Suisse ARUN JAYARAM neutral 3 M 115 Not Provided 22.10.2012


Macquarie JOSEPH MAGNER neutral 3 M 122 12 month 22.10.2012


US Capital Advisors CAMERON HORWITZ buy 5 M 149 Not Provided 22.10.2012

Jefferies BIJU Z PERINCHERIL buy 5 M 135 12 month 19.10.2012

Robert W. Baird & Co HSULIN PENG neutral 3 M 126 12 month 19.10.2012

Johnson Rice & Co CHARLES MEADE overweight 5 M #N/A N/A Not Provided 19.10.2012




Wunderlich Securities IRENE O HAAS buy 5 M 128 18 month 18.10.2012



Tudor Pickering & Co BRIAN LIVELY accumulate 4 D 120 Not Provided 17.10.2012

RBC Capital Markets LEO P MARIANI outperform 5 M 137 12 month 16.10.2012



Simmons & Company International PEARCE W HAMMOND overweight 5 M 127 Not Provided 16.10.2012

Canaccord Genuity Corp JOHN J GERDES buy 5 M 158 12 month 15.10.2012


Capital One Southcoast, Inc. MARSHALL H CARVER VI add 4 M 134 Not Provided 09.10.2012

Societe Generale JOHN HERRLIN hold 3 M 117 12 month 05.10.2012


JPMorgan JOSEPH D ALLMAN overweight 5 M 143 12 month 02.10.2012

Guggenheim Securities LLC ROBERT CORDRAY neutral 3 M 104 12 month 20.09.2012

Miller Tabak + Co., LLC ADAM MICHAEL buy 5 M 124 12 month 12.09.2012

S&P Capital IQ MICHAEL KAY buy 5 M 131 12 month 28.08.2012


Brean Murray Carret & Co RAYMOND DEACON buy 5 M 137 12 month 11.05.2012


Finncap WILLIAM ARNSTEIN corporate #N/A N/A M #N/A N/A Not Provided 21.10.2011

Holdings By:

EOG Resources Inc ee


24.10.2012

PTT PCL is a state-controlled fully integrated gas and oil company. The

company explores for, produces, transports, and sells natural gas and crude

oil. It also produces, transports and markets refined petroleum products.


LTM as of: 06/yy

52-Week High (02.03.2012) 369.00

52-Week Low (25.10.2011) 289.00

Daily Volume

314





896'878.06 1 Yr Total Return 14.43%







PTT TB EQUITY YTD Change - Average Volume 30 Day 4'146'220

PTT TB EQUITY YTD % CHANGE - Average Volume 3 Month 3'517'060


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

1'508'129.4 2'000'815.8 1'586'174.5 1'898'682.2 2'428'164.7 ######### ######### ######### ######### 663'266.3 836'659.7

0.82x 0.35x 0.64x 0.64x 0.53x 2.38x 1.97x 0.48x 0.45x - -

147'713.2 148'987.3 129'141.0 166'568.6 202'571.5 189'151.4 201'934.6 227'335.7 249'543.6 54'881.0 57'990.0

8.41x 4.69x 7.86x 7.31x 6.30x 7.17x 6.67x 5.81x 5.29x - -

97'803.6 51'704.8 59'547.6 83'992.1 105'296.4 111'392.6 84'143.8 108'073.0 119'644.5 30'236.3 27'634.3

10.80x 9.55x 11.68x 10.82x 8.62x 8.56x 10.96x 8.34x 7.48x 7.61x 7.48x











EBITDA Margin 7.7%



Asset Turnover 1.84








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PTT PCLPrice/Volume

Valuation Analysis

2'761'800.00


-

2-

.--

.2-

/--

/2-

0--

02-

1--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./'- G/'- G1'- G3'- G5'- G.-'- G./'- G.1'- G.3'- G.5'- G

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


FINANCE MINISTRY #N/A N/A EXCH 1'459'885'575 51.11 - 10.09.2012 Government

VAYUPAK FUND I #N/A N/A EXCH 435'800'000 15.26 - 10.09.2012 Investment Advisor

THAI NVDR CO LTD #N/A N/A EXCH 104'844'600 3.67 - 10.09.2012 Corporation

STATE STREET BANK AN #N/A N/A EXCH 34'240'032 1.2 - 10.09.2012 Bank


STATE STREET BANK EU n/a EXCH 24'886'102 0.87 - 10.09.2012 n/a

SOCIAL SECURITY OFFI #N/A N/A EXCH 24'019'200 0.84 - 10.09.2012 Unclassified

GOVT OF SINGAPORE IN #N/A N/A EXCH 17'812'200 0.62 - 10.09.2012 Government

BANK OF NEW YORK MEL #N/A N/A EXCH 15'813'217 0.55 - 10.09.2012 Investment Advisor

TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'901'600 0.24 (94'800) 28.09.2012 Investment Advisor


THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 1'667'350 0.06 28'950 31.07.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 963'400 0.03 - 31.08.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 893'600 0.03 (52'800) 30.06.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios MF-AGG 791'400 0.03 - 07.03.2012 Investment Advisor

ALLIANCEBERNSTEIN LP Multiple Portfolios MF-AGG 717'300 0.03 (8'100) 31.08.2012 Investment Advisor

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 497'500 0.02 - 30.06.2012 Mutual Fund Manager

DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 406'700 0.01 148'600 31.03.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 390'600 0.01 35'200 30.06.2012 Investment Advisor

RE ADVISERS CORPORAT Multiple Portfolios MF-AGG 331'750 0.01 (13'950) 30.06.2012 Investment Advisor


KT Zmico Securities PATCHARIN KARSEMARNUNTANA buy 5 M 409 12 month 24.10.2012

Kasikorn Securities SIRINATTHA TECHASIRIWAN outperform 5 M 389 Not Provided 22.10.2012

Goldman Sachs PATRICK TIAH neutral/neutral 3 M 340 12 month 17.10.2012

KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK buy 5 M 420 Not Provided 16.10.2012

Credit Suisse PAWORAMON SUVARNATEMEE neutral 3 M 344 Not Provided 15.10.2012

Bualuang Securities THANATTHEP CHANTARAKARN buy 5 M 400 12 month 15.10.2012

BNP Paribas Equity Research TANAPORN VISARUTHAPHONG buy 5 N 416 12 month 08.10.2012

Morgan Stanley MAYANK MAHESHWARI Equalwt/In-Line 3 D 372 12 month 02.10.2012

Asia Plus Securities NALINRAT KITTIKUMPOLRAT buy 5 M 390 12 month 02.10.2012

SCB Securities Co. Ltd. CHAIPAT THANAWATTANO buy 5 M 380 Not Provided 28.09.2012

Macquarie TREVOR BUCHINSKI outperform 5 M 389 12 month 25.09.2012


Kim Eng Securities SUTTHICHAI KUMWORACHAI buy 5 M 392 12 month 20.09.2012

HSBC THOMAS C HILBOLDT underweight 1 N 321 Not Provided 17.09.2012

UOB Kay Hian CHAIWAT ARSIRAWICHAI buy 5 M 405 Not Provided 06.09.2012

Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 380 Not Provided 03.09.2012

OSK (Asia) Securities KANNIKA SIAMWALLA trading buy 5 M 378 3 month 03.09.2012

Deutsche Bank THAPANA PHANICH restricted #N/A N/A M #N/A N/A Not Provided 27.08.2012

CIMB SUWAT SINSADOK outperform 5 M 453 12 month 27.08.2012

Trinity Securities VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 383 Not Provided 27.08.2012

JPMorgan AVIN SONY overweight 5 M 430 Not Provided 21.08.2012

Phillip Securities PREEYANUN TRIPETCHCHUPORN accumulate 4 M 396 Not Provided 21.08.2012

DBS Vickers NAPHAT CHANTARASEREKUL buy 5 M 374 12 month 14.08.2012

Krungsri Securities CHARNVUT TAECHA-AMORNTANAKIJ buy 5 M 350 12 month 06.08.2012

Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 380 Not Provided 03.08.2012

Thanachart Securities PCL SUPANNA SUWANKIRD hold 3 M 325 12 month 17.07.2012

KGI Securities PIYATHIDA VONGVIVATHCHAI outperform 5 M 420 Not Provided 15.05.2012

Country Group Securities PCL MONGKOL PUANGPETRA buy 5 M 442 12 month 30.04.2012

Finansia Syrus Securities PCL SONGKLOD WONGCHAI buy 5 M 395 Not Provided 24.01.2012

Nomura STEWART CALLAGHAN suspended coverage #N/A N/A M #N/A N/A Not Provided 11.09.2011

Holdings By:

PTT PCL ee


24.10.2012

PetroChina Company Limited explores, develops, and produces crude oil and

natural gas. The Company also refines, transports, and distributes crude oil

and petroleum products, produces and sells chemicals, and transmits, markets

and sells natural gas.


LTM as of: 06/yy

52-Week High (08.02.2012) 11.92

52-Week Low (19.12.2011) 8.85

Daily Volume

10.68





2'000'909.63 1 Yr Total Return 14.06%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

836'353.0 1'072'604.0 1'019'275.0 1'465'415.0 2'003'843.0 ######### ######### ######### ######### 527'358.0 557'466.0

6.35x 1.78x 2.57x 1.54x 0.88x 5.01x 3.89x 1.00x 0.95x - -

269'727.0 256'680.0 237'168.0 303'643.0 323'368.0 167'207.0 243'216.0 347'114.4 380'820.7 - -

19.70x 7.45x 11.04x 7.43x 5.48x 0.00x 0.00x 5.90x 5.38x - -

146'750.0 114'453.0 103'387.0 139'992.0 132'961.0 140'667.0 129'012.0 136'464.9 150'194.4 26'250.3 -

15.86x 9.49x 14.65x 11.33x 10.74x 12.30x 11.62x 11.51x 10.42x - -











EBITDA Margin 15.5%



Asset Turnover 1.09







Fiscal Year Ended

PetroChina Co LtdPrice/Volume

Valuation Analysis

85'496'937.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2-'- G

.--'- G

.2-'- G

/--'- G

/2-'- G

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


ABERDEEN ASSET MANAG n/a EXCH 1'711'231'963 8.11 - 08.08.2012 Investment Advisor

FRANKLIN RESOURCES I n/a Co File 1'270'171'357 6.02 - 31.12.2011 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 1'247'208'386 5.91 - 09.10.2012 Investment Advisor

BLACKROCK INC n/a EXCH 1'177'565'718 5.58 54'894'896 13.09.2012 Investment Advisor



HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 350'420'000 1.66 - 30.06.2012 Investment Advisor

CHINA NATIONAL PETRO n/a 20F 291'518'000 1.38 - 31.03.2012 Government

BLACKROCK INC n/a Short (202'404'340) -0.96 (53'778'896) 13.09.2012 Investment Advisor





TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 79'168'272 0.38 896'000 30.06.2012 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 74'010'000 0.35 9'270'000 31.12.2011 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 67'291'243 0.32 (15'002'000) 31.03.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 64'988'243 0.31 22'852'243 31.03.2012 Mutual Fund Manager


DANSKE INVEST A/S Multiple Portfolios MF-AGG 63'680'335 0.3 5'048'000 30.09.2012 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 48'194'378 0.23 (1'184'000) 23.10.2012 Investment Advisor



Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 11 12 month 22.10.2012

Renaissance Capital BRADLEY WAY buy 5 M 13 12 month 22.10.2012

BNP Paribas Equity Research CHENG KHOO hold 3 M 10 12 month 22.10.2012

Goldman Sachs ARTHUR YAN neutral/neutral 3 M 11 12 month 17.10.2012


Jefferies LABAN YU buy 5 M 16 12 month 16.10.2012

Credit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 15.10.2012

Nomura SONIA SONG neutral 3 M 10 Not Provided 09.10.2012

Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 03.10.2012

Deutsche Bank DAVID HURD hold 3 M 11 12 month 02.10.2012

VTB Capital COLIN SMITH sell 1 N 9 12 month 27.09.2012



Mizuho Securities ANDREW S F CHAN neutral 3 M 9 12 month 24.08.2012

China International Capital Corp BIN GUAN accumulate 4 M 10 12 month 24.08.2012

Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012

UOB Kay Hian YAN SHI hold 3 M 11 Not Provided 24.08.2012

BOCOM International Holdings WU FEI long-term buy 5 M 13 Not Provided 24.08.2012

ICBC International Securities ANNA YU hold 3 M 9 Not Provided 24.08.2012

Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 9 12 month 23.08.2012

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 9 Not Provided 23.08.2012

HSBC THOMAS C HILBOLDT neutral 3 M 11 Not Provided 23.08.2012

Macquarie JAMES HUBBARD outperform 5 M 12 12 month 23.08.2012

Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 11 Not Provided 23.08.2012

Barclays SCOTT DARLING overweight 5 M 13 Not Provided 23.08.2012

Guotai Junan GRACE LIU accumulate 4 D 11 Not Provided 14.08.2012


Everbright Securities Co., Ltd VIVIAN CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012

Ji Asia SAMUEL THAWLEY buy 5 M 14 12 month 02.05.2012

Capital Securities Corp TEAM COVERAGE buy 5 U #N/A N/A Not Provided 27.04.2012

GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011

RBS PETER HILTON hold 3 M 10 12 month 01.11.2011

SWS Research Co Ltd YE RONG neutral 3 M 10 Not Provided 28.10.2011

Masterlink Securities LI XIN buy 5 M 11 6 month 30.08.2011

Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

PetroChina Co Ltd ee


24.10.2012

Phillips 66 is a downstream energy company. The Company's operations include

oil refining, marketing and transportation. Phillips 66's operations also

include chemical manufacturing and power generation.


LTM as of: 06/yy

52-Week High (14.09.2012) 48.22

52-Week Low (08.05.2012) 28.75

Daily Volume

44.92






Total Debt 391.00 YTD Return -



Cash and Equivalents - Consensus Rating 4.316



PSX US EQUITY YTD Change - Average Volume 30 Day 4'346'668

PSX US EQUITY YTD % CHANGE - Average Volume 3 Month 4'074'355


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

- - 112'692.0 146'561.0 196'088.0 0.0 92'530.0 189'621.2 163'676.3 51'786.0 40'929.5

- - - - - #DIV/0! 0.28x 0.17x 0.19x 0.48x 0.61x

- - 503.0 279.0 3'034.0 0.0 1'675.0 8'015.6 6'850.4 2'700.4 1'581.0

- - - - - 0.00x 0.00x 4.13x 4.83x 4.30x 4.72x

- - 476.0 735.0 4'775.0 0.0 1'817.0 4'379.1 3'565.3 1'406.9 792.1

- - - - - 0.00x 0.00x 6.26x 7.57x 6.75x 7.61x





Return on Assets - Short-Term Rating A-2

Return on Common Equity -


Asset Turnover - (EBITDA-Capex)/Interest Exp. 118.35

Net Debt/EBITDA -

Gross Margin 4.1% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 1.7%


Asset Turnover -

Current Ratio 1.13 Net Fixed Asset Turnover -






Fiscal Year Ended

Phillips 66Price/Volume

Valuation Analysis

4'079'469.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-2

.-

.2/-/20-021-122-

W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

.3'- G

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.10.2012



BERKSHIRE HATHAWAY I BERKSHIRE HATHAWAY I 13F 27'163'918 4.33 27'163'918 30.06.2012 Investment Advisor


BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 19'157'299 3.06 19'157'299 30.06.2012 Investment Advisor


WADDELL & REED FINAN WADDELL & REED FINAN 13F 12'279'602 1.96 12'279'602 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 11'345'000 1.81 11'345'000 30.06.2012 Investment Advisor




INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 7'940'598 1.27 7'940'598 30.06.2012 Investment Advisor


FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 7'382'450 1.18 7'382'450 30.06.2012 Investment Advisor



BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 6'082'919 0.97 6'082'919 30.06.2012 Investment Advisor

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 5'588'938 0.89 5'588'938 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 5'574'030 0.89 5'574'030 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 5'190'530 0.83 5'190'530 30.06.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'745'410 0.76 4'745'410 30.06.2012 Investment Advisor





Wells Fargo Securities, LLC ROGER D READ market perform 3 M #N/A N/A Not Provided 18.10.2012







Raymond James CORY J GARCIA market perform 3 M #N/A N/A Not Provided 09.10.2012



Simmons & Company International JEFFREY A DIETERT overweight 5 U #N/A N/A Not Provided 13.09.2012

S&P Capital IQ TANJILA SHAFI buy 5 M 45 Not Provided 01.08.2012

EVA Dimensions TEAM COVERAGE overweight 5 N #N/A N/A Not Provided 17.05.2012

Holdings By:

Phillips 66 ee


24.10.2012

Formosa Petrochemical Corp. refines crude oil and markets petroleum and petro-

chemical products. The Company operates refineries and naphtha cracking plants

that provide products such as gasoline, diesel, jet fuel, fuel oil, naphtha,

ethylene, and liquefied petroleum gas. FPCC also owns three utility centers and

generates electricity.


LTM as of: 06/yy

52-Week High (01.11.2011) 99.50

52-Week Low (08.06.2012) 77.50

Daily Volume

82.5





785'891.69 1 Yr Total Return -8.13%







6505 TT EQUITY YTD Change - Average Volume 30 Day 1'562'528

6505 TT EQUITY YTD % CHANGE - Average Volume 3 Month 1'738'706


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

699'314.9 875'573.0 634'232.4 747'307.0 798'533.7 774'528.0 796'483.6 864'043.5 893'850.6 216'640.2 215'680.2

1.45x 0.94x 1.48x 1.43x 1.29x 5.27x 4.89x 1.10x 1.04x - -

95'823.4 51'748.2 78'207.7 67'677.0 46'346.6 70'965.6 5'714.6 37'331.9 57'872.8 11'936.5 11'878.0

10.60x 15.90x 12.00x 15.81x 22.27x 15.18x 161.82x 25.18x 16.24x 19.49x 18.81x

69'610.8 15'193.3 39'192.3 40'923.3 22'498.7 46'898.4 (13'504.2) 9'956.7 30'706.6 8'539.2 6'877.2

12.88x 41.34x 17.89x 23.00x 39.75x 20.50x 0.00x 79.79x 25.32x 27.31x 27.64x





Return on Assets -3.04% Short-Term Rating -






EBITDA Margin 0.7%

EBIT Margin -2.3% Total Debt/Equity 85.3%


Asset Turnover 1.80







Fiscal Year Ended

Formosa Petrochemical CorpPrice/Volume

Valuation Analysis

1'296'124.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/-

1-

3-

5-

.--

./-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

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

900'000.0

1'000'000.0

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

-'--

2-'--

.--'--

.2-'--

/--'--

/2-'--

0--'--

02-'--

-0'-.'/--6 -0'-4'/--6 -0'-.'/-.- -0'-4'/-.- -0'-.'/-.. -0'-4'/-.. -0'-.'/-./ -0'-4'/-./



24.10.2012


FORMOSA PLASTICS COR n/a EXCH 2'791'897'010 29.31 - 31.07.2012 Corporation

FORMOSA CHEMICALS & n/a EXCH 2'371'706'801 24.9 - 31.07.2012 Corporation

NAN YA PLASTICS CORP n/a EXCH 2'271'006'014 23.84 - 31.07.2012 Corporation

CHANG GUNG MEDICAL F n/a EXCH 471'161'791 4.95 - 31.07.2012 n/a

FORMOSA TAFFETA CO L n/a Co File 365'267'576 3.83 - 16.04.2012 Corporation

SINGAPORE PRIVATE CO n/a Co File 67'543'170 0.71 - 16.04.2012 n/a

CHUANG SHIH CAPITAL n/a Co File 57'210'690 0.6 - 16.04.2012 n/a

PAO ERH ENERGY CO AC n/a Co File 48'157'064 0.51 - 16.04.2012 n/a


CENTRAL CAPITAL MANA n/a Co File 46'991'790 0.49 - 16.04.2012 n/a

YA TAI PHOTOELECTRIC n/a Co File 45'901'634 0.48 - 16.04.2012 n/a



POLARIS SEC INVESTME Multiple Portfolios MF-AGG 18'782'000 0.2 (890'000) 30.06.2012 Mutual Fund Manager

HSBC ASSET MANAGEMEN Multiple Portfolios MF-AGG 3'376'000 0.04 (867'000) 30.06.2012 Investment Advisor



PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 2'699'000 0.03 1'351'000 30.06.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'237'000 0.02 (556'000) 30.06.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'674'473 0.02 107'000 31.08.2012 Investment Advisor


Jih Sun Securities LIBAO WAN neutral 3 M #N/A N/A Not Provided 22.10.2012

BNP Paribas Equity Research POR YONG LIANG reduce 2 D 70 12 month 19.10.2012

SinoPac ALVIN LIAO sell 1 M 73 Not Provided 19.10.2012

Barclays SIDNEY YEH underweight 1 N 72 Not Provided 11.10.2012

Credit Suisse JEREMY CHEN underperform 1 M 72 Not Provided 08.10.2012

Fubon Securities KERRY WU reduce 2 M 74 6 month 05.10.2012

President Capital Management TOM HUNG neutral 3 D 81 6 month 05.10.2012

Nomura DAVID WANG reduce 2 M 66 Not Provided 04.10.2012

KGI Securities AARON LIU neutral 3 M 86 12 month 15.09.2012

Mega Securities YOU JIAN-HENG neutral 3 M 80 6 month 14.09.2012


Goldman Sachs TOMMY WONG neutral/neutral 3 M 78 12 month 04.09.2012

Macquarie CORINNE JIAN underperform 1 M 65 12 month 04.09.2012


E Sun Securities HONG CLIFF buy 5 U #N/A N/A Not Provided 16.08.2012

Mizuho Securities ANDREW S F CHAN underperform 1 N 68 12 month 12.07.2012

Deutsche Bank ALDEN LIN sell 1 M 66 12 month 09.07.2012

Morgan Stanley LILY CHEN Underwt/In-Line 1 M 71 12 month 09.07.2012

Capital Securities Corp TEAM COVERAGE neutral 3 M 93 3 month 04.07.2012

JPMorgan SAMUEL SW LEE Rating Suspended #N/A N/A M #N/A N/A Not Provided 10.05.2012

Grand Cathay Securities Co JUN LIAO underperform 1 M 66 Not Provided 21.05.2010

Holdings By:

Formosa Petrochemical Corp ee


24.10.2012

Husky Energy Inc. is involved in the exploration, development, and production of

crude oil and natural gas in Canada and in international areas. The Company

also conducts upgrading operations, pipeline operations, commodity trading, and

energy infrastructure projects. In addition, Husky manufactures and markets

refined products and operates a retail network.


LTM as of: 06/yy

52-Week High (16.10.2012) 28.33

52-Week Low (04.06.2012) 22.03

Daily Volume

26.73





26'249.12 1 Yr Total Return 10.50%







HSE CN EQUITY YTD Change - Average Volume 30 Day 1'686'528

HSE CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'603'726


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

15'518.0 24'701.0 15'074.0 17'107.0 23'364.0 19'086.0 23'444.0 23'409.1 23'119.4 6'351.8 6'355.8

2.61x 1.10x 1.88x 1.61x 1.09x 5.79x 4.37x 1.24x 1.31x 4.51x 4.53x

5'915.0 6'744.0 3'943.0 3'504.0 5'873.0 4'870.0 5'481.0 5'154.7 5'369.0 1'178.5 1'315.5

6.84x 4.04x 7.20x 7.87x 4.34x 5.54x 4.93x 5.52x 5.30x 5.63x 5.38x

3'214.0 3'751.0 1'416.0 947.0 2'224.0 1'695.0 1'951.0 1'742.6 1'779.8 445.3 479.0

13.68x 6.19x 20.19x 25.29x 10.14x 14.05x 12.54x 14.32x 14.35x 15.00x 13.43x











EBITDA Margin 23.4%



Asset Turnover 0.75








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Husky Energy IncPrice/Volume

Valuation Analysis

1'139'954.00


-

2

.-

.2

/-

/2

0-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


KA-SHING LI n/a SEDI 349'869'015 35.63 4'227'003 06.07.2012 n/a

HUTCHISON WHAMPOA LT n/a SEDI 334'141'932 34.03 4'036'993 06.07.2012 Corporation

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 23'431'996 2.39 (1'375'690) 30.06.2012 Investment Advisor

RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 15'465'291 1.57 (62'198) 31.07.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 10'477'800 1.07 576'800 30.09.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 10'438'450 1.06 - 30.09.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 7'494'587 0.76 (7'766) 22.10.2012 Investment Advisor




MD MANAGEMENT LTD Multiple Portfolios MF-AGG 3'224'650 0.33 (688'500) 30.09.2012 Investment Advisor

RBC PH&N INV COUNSEL Multiple Portfolios MF-AGG 2'255'370 0.23 (262'496) 31.08.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'213'385 0.23 (1'068'051) 31.12.2011 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 2'117'048 0.22 993'834 28.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'926'632 0.2 (1'654'107) 30.06.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'771'700 0.18 - 30.06.2012 Investment Advisor

CLARINGTON CAPITAL M Multiple Portfolios MF-AGG 1'770'050 0.18 - 31.03.2012 Mutual Fund Manager

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 1'533'947 0.16 (511'058) 30.06.2012 Investment Advisor

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 975'315 0.1 (60'500) 28.09.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 740'150 0.08 4'000 30.06.2012 Hedge Fund Manager



Canaccord Genuity Corp PHILIP R SKOLNICK sell 1 M 26 12 month 22.10.2012

CIBC World Markets ANDREW POTTER sector perform 3 M 29 18 month 19.10.2012

Macquarie CHRIS FELTIN neutral 3 M 28 12 month 18.10.2012

Goldman Sachs ARJUN N MURTI sell/attractive 1 D 23 6 month 17.10.2012


RBC Capital Markets GREG M PARDY sector perform 3 M 31 12 month 16.10.2012



Edward Jones LANNY PENDILL hold 3 M #N/A N/A Not Provided 26.09.2012


FirstEnergy Capital Corp MICHAEL P DUNN market perform 3 M 27 12 month 17.09.2012

TD Securities MENNO HULSHOF hold 3 M 28 12 month 06.09.2012

Veritas Investment Research Co SAM LA BELL sell 1 M 25 Not Provided 25.07.2012

Scotia Capital MARK POLAK sector perform 3 M 30 12 month 24.07.2012


Holdings By:

Husky Energy Inc ee


24.10.2012

Cenovus Energy Inc. is an integrated oil company. The Company comprises natural

gas, crude oil, and natural gas liquids reserves. Cenovus Energy has

established natural gas and crude oil production in Alberta and Saskatchewan as

well as refineries in Illinois and Texas.


LTM as of: 06/yy

52-Week High (21.02.2012) 39.64

52-Week Low (19.12.2011) 29.80

Daily Volume

33.84





25'543.20 1 Yr Total Return -4.66%







CVE CN EQUITY YTD Change - Average Volume 30 Day 2'463'221

CVE CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'395'912


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

- - 11'517.0 12'641.0 15'696.0 13'834.0 16'965.0 16'338.8 16'702.0 4'012.4 3'928.8

- - 2.06x 2.26x 1.84x 8.50x 6.83x 1.77x 1.76x 7.22x 7.45x

- - 3'235.0 2'780.0 3'748.0 2'896.0 4'156.0 4'243.3 4'097.4 1'171.0 1'018.0

- - 7.34x 10.26x 7.72x 10.69x 6.78x 6.90x 7.14x 6.92x 6.99x

- - 818.0 1'081.0 1'478.0 1'075.0 1'598.0 1'447.0 1'638.0 426.2 344.6

- - 24.31x 28.44x 19.33x 28.44x 18.50x 17.23x 15.83x 15.81x 15.62x











EBITDA Margin 24.5%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cenovus Energy IncPrice/Volume

Valuation Analysis

2'738'009.00


-2

.-

.2/-/20-021-12

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

5'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


PYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 29'104'595 3.86 1'600'347 30.06.2012 Investment Advisor

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 28'079'711 3.72 386'250 30.06.2012 Investment Advisor


BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 24'715'810 3.27 413'724 30.09.2012 Investment Advisor

JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 23'177'041 3.07 608'706 30.06.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 18'239'830 2.42 3'342'579 30.06.2012 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 16'314'173 2.16 58'980 30.06.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 12'467'019 1.65 872'718 30.06.2012 Investment Advisor


CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 10'932'396 1.45 928'675 30.06.2012 Investment Advisor


TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9'704'238 1.29 274'354 30.06.2012 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 9'386'052 1.24 2'089'640 30.06.2012 Hedge Fund Manager

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 9'296'113 1.23 809'425 30.06.2012 Investment Advisor

CAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 9'290'787 1.23 (2'246'170) 30.06.2012 Investment Advisor

THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 9'215'428 1.22 64'700 30.06.2012 Investment Advisor




THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'733'313 1.02 25'500 31.07.2012 Investment Advisor






TD Securities MENNO HULSHOF buy 5 M 43 12 month 18.10.2012


BMO Capital Markets RANDY J OLLENBERGER outperform 5 M 45 Not Provided 16.10.2012

CIBC World Markets ANDREW POTTER sector outperform 5 M 40 Not Provided 15.10.2012

Societe Generale JOHN HERRLIN hold 3 M 36 12 month 12.10.2012


Cormark Securities Inc. TODD KEPLER market perform 3 M 38 12 month 12.10.2012

Tudor Pickering & Co MATTHEW PORTILLO hold 3 M 37 Not Provided 10.10.2012



Raymond James JUSTIN BOUCHARD outperform 5 M 40 12 month 01.10.2012


FirstEnergy Capital Corp MICHAEL P DUNN outperform 5 M 40 12 month 17.09.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012



Scotia Capital MARK POLAK sector perform 3 M 42 12 month 25.07.2012


Holdings By:

Cenovus Energy Inc ee


24.10.2012

Repsol S.A., through subsidiaries, explores for and produces crude oil and

natural gas, refines petroleum, and transports petroleum products and liquefied

petroleum gas (LPG). The Company retails gasoline and other products through

its chain of gasoline filling stations. Repsol's petroleum reserves are in

Spain, Latin America, Asia, North Africa, and the Middle East and United States.


LTM as of: 06/yy

52-Week High (03.01.2012) 24.23

52-Week Low (25.07.2012) 10.90

Daily Volume

15.155





19'037.39 1 Yr Total Return -29.26%







REP SM EQUITY YTD Change - Average Volume 30 Day 7'922'059

REP SM EQUITY YTD % CHANGE - Average Volume 3 Month 8'215'535


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

52'098.0 58'475.0 45'827.0 53'663.0 60'122.0 56'831.0 60'465.0 56'265.1 58'095.3 10'796.0 10'061.0

0.75x 0.54x 0.96x 0.73x 0.82x 3.11x 2.85x 0.65x 0.61x 3.04x 3.25x

9'030.0 8'009.0 6'686.0 11'919.0 8'509.0 11'472.0 7'731.0 6'809.9 7'260.4 1'819.5 1'650.0

4.33x 3.93x 6.58x 3.30x 5.79x 4.10x 4.36x 5.41x 5.08x 5.27x 5.29x

3'188.0 2'555.0 1'559.0 4'693.0 2'193.0 4'699.0 1'885.0 1'931.2 2'171.8 514.9 435.7

9.34x 7.19x 14.63x 5.43x 13.19x 6.23x 7.89x 9.61x 8.89x 9.46x 9.35x











EBITDA Margin 12.8%



Asset Turnover 0.93







Fiscal Year Ended

Repsol SAPrice/Volume

Valuation Analysis

2'451'522.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2-'- G

.--'- G

.2-'- G

/--'- G

/2-'- G

0--'- G

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


CAIXABANK n/a Research 157'399'192 12.53 - 08.10.2012 Investment Advisor

SACYR VALLEHERMOSO S n/a Research 122'226'189 9.73 - 08.10.2012 Corporation

PETROLEOS MEXICANOS n/a Research 118'457'652 9.43 - 08.10.2012 Unclassified

REPSOL YPF SA n/a Research 67'582'415 5.38 - 08.10.2012 Holding Company

BNP PARIBAS SA n/a EXCH 41'122'878 3.27 590'450 15.06.2012 Bank

BLACKROCK INC n/a Co File 37'475'651 2.98 - 31.12.2011 Investment Advisor


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'416'282 0.91 2'383'280 01.07.2012 Mutual Fund Manager

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 8'394'899 0.67 14'398 31.08.2012 Investment Advisor

HSBC BANK PLC n/a Short (6'795'927) -0.54 (618'358) 23.07.2012 Bank

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 6'726'158 0.54 1'952'204 28.09.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'713'227 0.53 1'434'238 28.09.2012 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'250'294 0.34 - 30.08.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'470'396 0.28 - 30.03.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 3'458'187 0.28 1'243'507 29.06.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 2'797'955 0.22 (4'174'797) 31.05.2012 Mutual Fund Manager

SOCIETE GENERALE Multiple Portfolios MF-AGG 2'731'116 0.22 1'962'209 31.05.2012 Bank

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'691'185 0.21 (668'092) 31.08.2012 Investment Advisor



Nomura THEEPAN JOTHILINGAM neutral 3 M 16 12 month 24.10.2012

Barclays LYDIA RAINFORTH overweight 5 M 20 Not Provided 24.10.2012

JPMorgan NITIN SHARMA neutral 3 M 16 12 month 23.10.2012

CA Cheuvreux DOMINIQUE PATRY outperform 5 D 18 Not Provided 23.10.2012

Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO buy 5 M 20 12 month 22.10.2012

NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 19 12 month 22.10.2012


Macquarie MARC B KOFLER underperform 1 M 14 12 month 20.10.2012

Tudor Pickering & Co ANISH KAPADIA accumulate 4 M 22 Not Provided 19.10.2012

BPI BRUNO ALMEIDA DA SILVA buy 5 M 19 Not Provided 18.10.2012

Canaccord Genuity Corp GORDON GRAY hold 3 M 16 12 month 18.10.2012

AlphaValue ALEXANDRE ANDLAUER add 4 M 17 6 month 18.10.2012

Goldman Sachs HENRY MORRIS neutral/cautious 3 M 18 12 month 17.10.2012

RBC Capital Markets PETER HUTTON sector perform 3 M 16 12 month 17.10.2012

Day by Day VALERIE GASTALDY buy 5 U 17 3 month 16.10.2012

Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 19 Not Provided 15.10.2012

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 16 12 month 12.10.2012

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 21 12 month 11.10.2012

Exane BNP Paribas ALEXANDRE MARIE outperform 5 M 20 Not Provided 11.10.2012

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 22 Not Provided 03.10.2012

Grupo Santander JASON KENNEY buy 5 M 19 Not Provided 18.09.2012

Jefferies BRENDAN MICHAEL WARN hold 3 M 16 12 month 17.09.2012

Independent Research GmbH SVEN DIERMEIER sell 1 D 12 12 month 23.08.2012

Inverseguros Sociedad de Valores LUIS ROSE neutral 3 D 17 Not Provided 21.08.2012




Equita SIM SpA MASSIMO BONISOLI buy 5 M 18 12 month 30.07.2012

Societe Generale IRENE HIMONA buy 5 M 16 12 month 27.07.2012

Natixis ANNE PUMIR neutral 3 M 15 Not Provided 27.07.2012

Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 18 Not Provided 26.07.2012

Banesto Bolsa SA Sociedad ROBERT JACKSON overweight 5 M 19 12 month 26.07.2012

Deutsche Bank MARK BLOOMFIELD hold 3 M 16 12 month 24.07.2012


Morgan Stanley HAYTHEM RASHED Equalwt/In-Line 3 M 14 12 month 01.07.2012

BBVA LUIS DE TOLEDO outperform 5 M 18 Not Provided 25.06.2012

Intermoney Valores ALVARO NAVARRO buy 5 M 19 12 month 06.06.2012

Kepler Capital Markets NATALIA BOBO BJOERK hold 3 M 18 Not Provided 30.05.2012

La Caixa FERNANDO MURILLO GUIRAO buy 5 M 21 Not Provided 23.04.2012

Holdings By:

Repsol SA ee


24.10.2012

Devon Energy Corporation is an independent energy company that is involved

primarily in oil and gas exploration, development and production, the

transportation of oil, gas, and NGLs and the processing of natural gas. The

Company also has marketing and midstream operations primarily in North America

that include gas, crude oil and NGLs.


LTM as of: 06/yy

52-Week High (19.03.2012) 76.34

52-Week Low (26.06.2012) 54.01

Daily Volume

59.59





24'104.15 1 Yr Total Return -5.36%







DVN US EQUITY YTD Change - Average Volume 30 Day 2'673'545

DVN US EQUITY YTD % CHANGE - Average Volume 3 Month 2'951'929


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

11'362.0 13'615.0 8'136.0 10'017.0 10'965.0 9'775.0 10'190.0 8'799.5 10'064.1 2'095.5 2'251.6

4.02x 2.56x 4.85x 3.66x 2.53x 14.70x 11.02x 3.25x 2.95x 13.50x 12.77x

7'380.0 8'952.0 4'391.0 5'936.0 6'389.0 5'533.0 5'643.0 5'306.2 6'201.6 1'260.3 1'349.9

6.19x 3.89x 8.99x 6.17x 4.35x 6.17x 4.79x 5.21x 4.46x 4.99x 4.73x

3'606.0 (2'148.0) (2'479.0) 4'550.0 4'704.0 5'811.0 2'415.0 1'311.2 1'846.3 267.4 333.0

12.68x 8.59x 22.41x 13.65x 24.70x 13.47x 12.26x 18.81x 13.09x 16.37x 14.45x











EBITDA Margin 55.4%



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Devon Energy CorpPrice/Volume

Valuation Analysis

2'841'817.00


-

.-

/-

0-

1-

2-

3-

4-

5-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


MITCHELL GEORGE PHYD n/a 13D 23'372'374 5.78 - 07.03.2012 n/a

CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 16'992'400 4.2 554'500 30.06.2012 Investment Advisor



BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 10'577'503 2.61 (62'259) 30.06.2012 Investment Advisor

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 9'951'837 2.46 (78'381) 30.06.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 7'755'019 1.92 (777'245) 30.06.2012 Investment Advisor

FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'556'637 1.87 1'623'592 30.06.2012 Investment Advisor


HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 5'485'855 1.36 5'485'855 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 5'454'337 1.35 (2'129'440) 30.06.2012 Investment Advisor

INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 5'394'780 1.33 328'502 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'386'219 1.33 496'720 30.06.2012 Investment Advisor



BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 5'170'067 1.28 (458'370) 30.06.2012 Investment Advisor

LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 5'015'373 1.24 673'530 30.06.2012 Investment Advisor

GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 4'677'518 1.16 (63'245) 30.06.2012 Investment Advisor


INVESCO LTD INVESCO LTD 13F 4'342'908 1.07 (537'158) 30.06.2012 Investment Advisor



Susquehanna Financial Group DUANE GRUBERT Positive 4 M 74 12 month 23.10.2012

Sanford C. Bernstein & Co BOB BRACKETT market perform 3 M 70 12 month 22.10.2012

Macquarie JOSEPH MAGNER neutral 3 M 69 12 month 22.10.2012


Jefferies BIJU Z PERINCHERIL buy 5 M 89 12 month 19.10.2012

Robert W. Baird & Co HSULIN PENG outperform 5 M 75 12 month 19.10.2012

Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 19.10.2012


Wells Fargo Securities, LLC DAVID R TAMERON market perform 3 M #N/A N/A Not Provided 18.10.2012



Deutsche Bank STEPHEN RICHARDSON hold 3 M 70 12 month 15.10.2012

Simmons & Company International DAVID W KISTLER overweight 5 M 97 Not Provided 15.10.2012



Capital One Southcoast, Inc. MARSHALL H CARVER VI add 4 M 95 Not Provided 09.10.2012



Barclays THOMAS R DRISCOLL equalweight 3 M 67 Not Provided 05.10.2012



JPMorgan JOSEPH D ALLMAN overweight 5 M 74 12 month 02.10.2012

FBR Capital Markets REHAN RASHID outperform 5 U 80 12 month 02.10.2012


Tudor Pickering & Co BRIAN LIVELY accumulate 4 M 84 Not Provided 28.08.2012


Holdings By:

Devon Energy Corp ee


24.10.2012

Gazprom Neft JSC is an integrated oil company engaged in the exploration,

development, production, transportation, and sale of crude oil and gas. The

Company is involved in oil refining, marketing of petroleum products, oilfield

services, and construction and development of exploration wells. Gazprom sells

its products through its sales network in Russia as well as exports worldwide.


LTM as of: 06/yy

52-Week High (07.09.2012) 177.25

52-Week Low (24.05.2012) 119.20

Daily Volume

155.09





735'328.13 1 Yr Total Return 26.55%







SIBN RM EQUITY YTD Change - Average Volume 30 Day 286'269

SIBN RM EQUITY YTD % CHANGE - Average Volume 3 Month 309'783


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

21'100.4 33'075.0 24'166.0 32'772.0 44'172.0 38'791.0 46'512.2 44'984.6 45'866.2 11'355.0 -

1.52x 0.35x 1.39x 0.83x 0.65x 2.93x 2.36x 0.65x 0.61x 2.73x -

5'827.8 7'558.0 5'046.0 6'277.0 8'942.0 7'824.0 8'749.2 8'692.1 8'584.9 2'214.5 -

5.51x 1.55x 6.66x 4.35x 3.19x 3.73x 3.31x 3.34x 3.38x - -

4'142.8 4'658.0 3'013.0 3'148.0 5'352.0 4'251.0 5'332.8 5'146.2 4'900.4 795.3 -

7.10x 2.17x 8.53x 6.29x 4.07x 5.23x 4.31x 4.56x 4.75x - -











EBITDA Margin 18.8%



Asset Turnover 1.30







Fiscal Year Ended

Gazprom Neft OAOPrice/Volume

Valuation Analysis

476'070.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-/-1-3-5-

.--

./-

.1-

.3-

.5-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-1'-.'/--6 -1'-4'/--6 -1'-.'/-.- -1'-4'/-.- -1'-.'/-.. -1'-4'/-.. -1'-.'/-./ -1'-4'/-./



24.10.2012


OAO GAZPROM n/a Research 4'267'169'824 90 - 30.09.2011 Government

GAZPROM FINANCE BV n/a Research 269'263'157 5.68 - 30.09.2011 Unclassified

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4'965'545 0.1 900'000 30.06.2012 Investment Advisor

URALSIB JSC Multiple Portfolios MF-AGG 4'521'510 0.1 (5'000) 31.05.2012 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 1'972'959 0.04 (220'000) 30.06.2012 Investment Advisor

KAPITAL ASSET MANAGE n/a Research 917'800 0.02 - 25.04.2012 Investment Advisor

TKB BNP PARIBAS Multiple Portfolios MF-AGG 567'860 0.01 (44'000) 28.09.2012 Mutual Fund Manager

BANK OF MOSCOW Multiple Portfolios MF-AGG 297'970 0.01 (230'001) 29.06.2012 Bank

DYUKOV ALEXANDER n/a Research 254'134 0.01 - 26.10.2011 n/a

VTB ASSET MANAGEMENT Multiple Portfolios MF-AGG 150'259 0 (15'400) 31.08.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 77'000 0 - 31.08.2012 Investment Advisor

ARSAGERA LTD Multiple Portfolios MF-AGG 59'350 0 13'810 30.11.2011 Mutual Fund Manager

BARANOV VITALIY VITA n/a Research 36'271 0 - 15.12.2011 n/a

BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG 32'000 0 16'000 31.08.2012 Investment Advisor

MANAGEMENT-CONSULTIN Multiple Portfolios MF-AGG 30'000 0 30'000 28.09.2012 Mutual Fund Manager

KAPITAL FUNDS Multiple Portfolios MF-AGG 25'000 0 (70'500) 28.09.2012 Investment Advisor

YAKOVLEV VADIM VLADI n/a Research 21'526 0 - 15.12.2011 n/a

ZILBERMINTS BORIS SE n/a Research 20'000 0 - 30.09.2011 n/a

INTRAST JSC Multiple Portfolios MF-AGG 16'080 0 (3'530) 29.02.2012 Investment Advisor

OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 13'584 0 - 29.06.2012 Investment Advisor


JPMorgan ANDREY GROMADIN overweight 5 M 207 12 month 24.10.2012






Otkritie Capital ALEXANDER BURGANSKY hold 3 M 163 Not Provided 27.08.2012

Veles Capital VASILIY TANURKOV buy 5 M 257 Not Provided 24.08.2012



Sberbank CIB OLEG MAXIMOV buy 5 M 163 Not Provided 13.04.2012

Aton LLC SLAVA BUNKOV sell 1 M 120 12 month 20.01.2012

Credit Suisse ANDREY OVCHINNIKOV neutral 3 M 180 Not Provided 10.01.2012

Holdings By:

Gazprom Neft OAO ee


24.10.2012

INPEX CORPORATION is a holding company established through the reorganization of

INPEX Corp and Teikoku Oil. The Company manages subsidiaries that explores,

produces, and sells oil and natural gas.


LTM as of: 06/yy

52-Week High (27.02.2012) 611'000.00

52-Week Low (26.07.2012) 418'500.00

Daily Volume

468500





1'712'746.50 1 Yr Total Return -8.25%







1605 JP EQUITY YTD Change - Average Volume 30 Day 8'806

1605 JP EQUITY YTD % CHANGE - Average Volume 3 Month 8'706


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 09/12 Q2 12/12 Q3

1'202'965.0 1'076'164.0 840'427.0 943'080.0 1'186'731.0 ######### ######### ######### ######### 295'378.5 300'268.5

2.14x 1.48x 1.93x 2.50x 1.53x 7.17x 5.57x 1.54x 1.74x - -

757'008.0 712'992.0 508'780.0 590'747.0 764'143.0 638'620.0 584'503.0 703'979.2 709'611.0 - -

3.40x 2.24x 3.19x 3.99x 2.38x 3.50x 0.00x 2.17x 2.15x - -

173'245.0 145'062.0 107'210.0 128'699.0 194'000.0 136'871.0 223'777.0 175'160.1 154'742.6 - -

15.10x 11.09x 15.06x 15.45x 10.52x 15.28x 7.25x 9.59x 11.08x - -











EBITDA Margin 64.4%



Asset Turnover 0.41







Fiscal Year Ended

Inpex CorpPrice/Volume

Valuation Analysis

9'217.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-----

/-----

0-----

1-----

2-----

3-----

4-----

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

'- G

'- G

'- G

'- G

'. G

'. G

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

-0'-1'/--6 -0'.-'/--6 -0'-1'/-.- -0'.-'/-.- -0'-1'/-.. -0'.-'/-.. -0'-1'/-./ -0'.-'/-./



24.10.2012


MINISTER OF ECON TRA n/a Co File 692'307 18.94 - 31.03.2012 Government

JAPAN PETROLEUM EXPL n/a Co File 267'233 7.31 - 31.03.2012 Corporation

MITSUI OIL EXPLORATI n/a Co File 164'760 4.51 (12'000) 31.03.2012 Corporation

JAPAN TRUSTEE SERVIC n/a Co File 138'627 3.79 13'159 31.03.2012 Bank

MITSUBISHI CORP n/a Co File 134'500 3.68 - 31.03.2012 Corporation

JP MORGAN CHASE BANK n/a Co File 117'846 3.22 14'217 31.03.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 112'325 3.07 (1'998) 30.09.2012 Investment Advisor

JX HOLDINGS INC n/a Co File 109'527 3 - 31.03.2012 Corporation

MASTER TRUST BANK OF n/a Co File 108'455 2.97 (10'451) 31.03.2012 Bank

JP MORGAN CHASE BANK n/a Co File 104'860 2.87 7'080 31.03.2012 Investment Advisor

STATE STREET BANK AN n/a Co File 69'983 1.91 (20'700) 31.03.2012 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 63'531 1.74 (5'701) 30.06.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 42'968 1.18 208 31.08.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 23'307 0.64 (136) 22.10.2012 Investment Advisor

MARUBENI CORP n/a Co File 23'223 0.64 (23'223) 31.03.2012 Corporation

JABRE CAPITAL PARTNE n/a Research 21'952 0.6 - 13.12.2010 Hedge Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 21'826 0.6 5'685 30.09.2012 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 17'223 0.47 2 30.06.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 16'950 0.46 (2'944) 31.05.2012 Hedge Fund Manager

NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 16'007 0.44 (1'091) 22.06.2012 Investment Advisor


Goldman Sachs HISAAKI YOKOO Buy/Neutral 5 M 690'000 12 month 17.10.2012

Credit Suisse YUJI NISHIYAMA outperform 5 M 780'000 Not Provided 12.10.2012

Nomura SHIGEKI MATSUMOTO buy 5 M 703'000 12 month 10.10.2012

SMBC Nikko Securities Inc HIDETOSHI SHIODA outperform 5 M 750'000 12 month 03.09.2012

Barclays KAZUHISA MORI overweight 5 N 809'000 Not Provided 03.09.2012

Macquarie POLINA DIYACHKINA outperform 5 M 720'000 12 month 16.08.2012

Mizuho Securities NORIMASA SHINYA buy 5 M 810'000 12 month 13.08.2012

Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO neutral 3 M 520'000 12 month 13.08.2012

Okasan Securities SHINICHI YAMAZAKI buy 5 M 630'000 6 month 10.08.2012

JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 750'000 Not Provided 05.08.2012

Deutsche Bank MASAYUKI NAGANO buy 5 M 600'000 12 month 03.08.2012

Daiwa Securities Co. Ltd. TAKAHIRO YANO outperform 5 M 700'000 Not Provided 25.05.2012

Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 M #N/A N/A Not Provided 17.05.2012

Morgan Stanley LALITA GUPTA Overwt/In-Line 5 M 642'000 12 month 10.05.2012


Mizuho Investors HIROFUMI KAWACHI underperform 1 M #N/A N/A Not Provided 29.06.2009

Holdings By:

Inpex Corp ee


24.10.2012

Marathon Oil Corporation is an independent international energy company engaged

in exploration and production, oil sands mining and integrated gas. The

Company's operations are focused in North America, Africa and Europe.


LTM as of: 06/yy

52-Week High (28.02.2012) 35.49

52-Week Low (22.06.2012) 23.17

Daily Volume

29.56





20'852.58 1 Yr Total Return 15.23%







MRO US EQUITY YTD Change - Average Volume 30 Day 7'222'381

MRO US EQUITY YTD % CHANGE - Average Volume 3 Month 6'882'113


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

59'621.0 71'471.0 48'291.0 11'690.0 14'663.0 13'611.0 14'834.0 14'694.8 15'672.0 3'362.5 3'809.7

0.83x 0.35x 0.59x 2.59x 1.70x 10.18x 6.06x 1.78x 1.62x 7.84x 6.84x

7'830.0 8'726.0 5'491.0 5'544.0 6'770.0 6'193.0 7'354.0 8'378.0 9'099.9 2'102.6 2'326.9

6.29x 2.89x 5.20x 5.45x 3.68x 6.12x 3.10x 3.06x 2.82x 2.83x 2.75x

3'956.0 3'528.0 1'463.0 2'568.0 2'946.0 3'394.0 1'764.0 1'856.0 2'369.8 423.4 514.4

11.23x 4.36x 20.54x 13.92x 9.12x 18.36x 9.69x 11.18x 9.03x 9.78x 9.15x











EBITDA Margin 49.6%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Marathon Oil CorpPrice/Volume

Valuation Analysis

12'233'013.00


-

2

.-

.2

/-

/2

0-

02

1-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012




FRANKLIN RESOURCES I FRANKLIN MUTUAL ADVI 13F 25'075'299 3.55 378'090 30.06.2012 Investment Advisor



BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 17'054'607 2.42 (3'376'178) 30.06.2012 Investment Advisor



PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 10'897'157 1.54 4'566'568 30.06.2012 Investment Advisor



LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 10'070'830 1.43 (1'056'218) 30.06.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 9'777'690 1.39 813'003 30.06.2012 Investment Advisor


DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 8'150'136 1.16 (2'041'916) 30.06.2012 Investment Advisor

DELAWARE MANAGEMENT DELAWARE MANAGEMENT 13F 7'846'671 1.11 1'659'619 30.06.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 7'315'025 1.04 (194'530) 30.06.2012 Investment Advisor


ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 7'124'316 1.01 (5'569'172) 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 7'074'119 1 98'410 30.06.2012 Investment Advisor



Susquehanna Financial Group DUANE GRUBERT Positive 4 M 37 12 month 23.10.2012

Global Hunter Securities JOHN MALONE accumulate 4 M 35 12 month 23.10.2012




RBC Capital Markets SCOTT HANOLD sector perform 3 M 33 12 month 16.10.2012














BOE Securities PRIYANKA VYAS buy 5 N 26 Not Provided 15.10.2010

Holdings By:

Marathon Oil Corp ee


24.10.2012

Tullow Oil plc explores for and produces oil and natural gas. The Company

operates in the United Kingdom's southern North Sea, Africa, and South Asia.


LTM as of: 01/yy

52-Week High (20.02.2012) 1'611.00

52-Week Low (25.11.2011) 1'225.00

Daily Volume

1407





12'766.39 1 Yr Total Return 0.40%







TLW LN EQUITY YTD Change - Average Volume 30 Day 2'057'560

TLW LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'062'413


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

1'278.9 1'280.9 911.8 1'089.8 2'304.2 - - 2'421.4 2'788.8 - -

8.10x 7.60x 19.23x 17.80x 9.77x - - 8.87x 7.93x - -

791.2 478.0 486.2 628.7 1'663.8 - - 1'779.7 1'971.3 - -

13.10x 20.36x 36.06x 30.86x 13.54x - - 11.91x 10.75x - -

101.8 413.4 23.6 71.0 649.0 - - 731.8 803.6 - -

91.80x 21.37x 688.29x 243.62x 30.01x - - 28.06x 26.92x - -











EBITDA Margin 52.8%



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tullow Oil PLCPrice/Volume

Valuation Analysis

936'730.00


-/--1--3--5--

.---

./--

.1--

.3--

.5--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

5'- G

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

-'--

.-'--

/-'--

0-'--

1-'--

2-'--

3-'--

4-'--

5-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


BLACKROCK INC n/a RNS-MAJ 98'313'658 10.84 162'524 03.09.2012 Investment Advisor


IFG INTL TRUST CO LT n/a Co File 38'960'366 4.29 - 13.03.2012 Corporation

LEGAL & GENERAL INV Multiple Portfolios REG 34'344'968 3.79 250'879 03.09.2012 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios REG 23'204'717 2.56 3'364'190 03.09.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 23'045'388 2.54 3'660'952 30.08.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 22'563'263 2.49 2'580'593 03.09.2012 Investment Advisor

GENESIS INVESTMENT M Multiple Portfolios REG 22'560'984 2.49 23'619 03.09.2012 Unclassified


NORGES BANK INVESTME Multiple Portfolios REG 20'641'618 2.27 137'445 03.09.2012 Government

UBS PRIVATE BANKING Multiple Portfolios REG 19'524'560 2.15 (242'961) 03.09.2012 Bank

CARMIGNAC GESTION S Multiple Portfolios REG 17'074'758 1.88 (32'928) 03.09.2012 Unclassified

CARMIGNAC GESTION Multiple Portfolios MF-AGG 16'806'079 1.85 (234'531) 29.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios REG 16'084'404 1.77 699'668 03.09.2012 Investment Advisor

FIDELITY INVESTMENTS Multiple Portfolios REG 15'066'196 1.66 (4'241'309) 03.09.2012 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 13'202'711 1.46 1'847'452 03.09.2012 Government

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'650'276 1.39 1'199'846 30.09.2012 Investment Advisor

TARONDO LTD Multiple Portfolios REG 11'196'342 1.23 - 03.09.2012 Unclassified

FERL LTD Multiple Portfolios REG 11'196'341 1.23 - 03.09.2012 Unclassified


Jefferies BRENDAN MICHAEL WARN buy 5 M 1'800 12 month 24.10.2012

Global Hunter Securities JOHN MALONE neutral 3 M 1'500 12 month 23.10.2012

AlphaValue ALEXANDRE ANDLAUER sell 1 M 1'213 6 month 18.10.2012

Goldman Sachs CHRISTOPHOR JOST neutral/cautious 3 M 1'776 12 month 17.10.2012

FirstEnergy Capital Corp GERRY F DONNELLY market perform 3 M 1'385 12 month 17.10.2012

Deutsche Bank PHIL CORBETT hold 3 M 1'200 12 month 16.10.2012

RBC Capital Markets AL STANTON outperform 5 M 1'400 12 month 16.10.2012

Morgan Stanley JAMIE MADDOCK Overwt/Attractive 5 M 1'780 12 month 15.10.2012

Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 1'650 Not Provided 15.10.2012

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 1'920 12 month 15.10.2012

Goodbody Stockbrokers Ltd GERRY F HENNIGAN buy 5 M 1'590 12 month 15.10.2012

Oriel Securities Ltd RICHARD GRIFFITH add 4 M #N/A N/A Not Provided 15.10.2012

Investec STUART JOYNER hold 3 M 1'399 12 month 27.09.2012

N+1 Singer Ltd SIMON HAWKINS Fairly Valued 3 M 1'370 12 month 24.09.2012

Exane BNP Paribas CHARLES RIOU outperform 5 M 1'500 Not Provided 18.09.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.09.2012

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1'411 Not Provided 04.09.2012

Barclays ALESSANDRO POZZI overweight 5 M 1'920 Not Provided 28.08.2012

Societe Generale DAVID MIRZAI hold 3 M 1'500 12 month 23.08.2012

Canaccord Genuity Corp THOMAS MARTIN hold 3 M 1'350 12 month 22.08.2012

Renaissance Capital DRAGAN TRAJKOV hold 3 M 1'300 12 month 07.08.2012

Macquarie MARK WILSON underperform 1 D 1'075 12 month 01.08.2012

Nomura TAO LY reduce 2 M 1'635 12 month 31.07.2012

WH Ireland Ltd ANGUS B MCPHAIL buy 5 M 1'826 12 month 26.07.2012

Tudor Pickering & Co ANISH KAPADIA trim 1 M 1'000 Not Provided 26.07.2012

Numis Securities Ltd SANJEEV BAHL hold 3 M 1'482 Not Provided 25.07.2012

SBG Securities LIONEL THEROND sell 1 M 1'600 12 month 05.07.2012

Westhouse Securities PETER BASSETT not rated #N/A N/A M #N/A N/A Not Provided 04.07.2012

JPMorgan JAMES THOMPSON neutral 3 M 1'700 Not Provided 15.06.2012

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.05.2012

Merrion Stockbrokers MUNA MULEYA buy 5 M 1'910 Not Provided 22.03.2012

HSBC PETER HITCHENS underweight 1 D 1'381 Not Provided 16.03.2012

Mirabaud Securities TEAM COVERAGE reduce 2 N 1'300 12 month 08.03.2012

CAL Brokers Limited NANA AGYEI OPOKU-AGYEMANG buy 5 M #N/A N/A Not Provided 30.08.2011

Davy JOB LANGBROEK outperform 5 M #N/A N/A Not Provided 14.04.2011

Prosdocimi TEAM COVERAGE hold 3 N 1'120 Not Provided 02.12.2009

Holdings By:

Tullow Oil PLC ee


24.10.2012

Seadrill Ltd. provides offshore deepwater drilling. The Company operates a fleet

for operations in shallow to ultra-deepwater areas in harsh and benign

environments. Seadrill's fleet includes semi-submersible rigs, deepwater

drillships, jack-ups, semi-tender rigs, and tender rigs.


LTM as of: 06/yy

52-Week High (21.08.2012) 246.90

52-Week Low (01.11.2011) 176.96

Daily Volume

229.5





107'693.09 1 Yr Total Return 33.66%







SDRL NO EQUITY YTD Change - Average Volume 30 Day 983'156

SDRL NO EQUITY YTD % CHANGE - Average Volume 3 Month 948'871


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

1'465.1 2'031.3 3'210.9 4'015.0 4'191.0 4'368.0 4'159.0 4'468.9 5'236.5 1'109.7 1'170.0

9.01x 5.24x 5.30x 5.88x 6.18x 21.72x 24.98x 6.57x 5.98x 26.09x 25.02x

671.7 801.8 1'697.1 2'079.0 2'315.0 2'282.0 2'397.0 2'549.6 3'026.4 620.6 684.5

19.66x 13.28x 10.02x 11.35x 11.19x 11.37x 11.34x 11.53x 9.71x 10.93x 10.43x

502.0 (164.4) 1'261.2 1'117.0 1'401.0 2'099.0 868.0 1'542.4 1'679.4 335.5 386.1

19.15x - 8.06x 12.24x 10.97x 7.34x 19.09x 12.86x 11.32x 12.78x 12.19x











EBITDA Margin 57.6%



Asset Turnover 0.22







Fiscal Year Ended

Seadrill LtdPrice/Volume

Valuation Analysis

595'657.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2-

.--

.2-

/--

/2-

0--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


HEMEN HOLDING LTD #N/A N/A 424B 115'097'583 24.53 - 18.10.2012 Holding Company

STATE STREET BANK AN n/a EXCH 27'683'169 5.9 - 03.10.2011 Bank

GOVERNMENT PENSION F n/a Co File 23'736'823 5.06 - 24.04.2012 Government

CITIBANK NA n/a EXCH 16'424'550 3.5 - 03.10.2011 Bank


BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 12'619'539 2.69 9'124'489 30.06.2012 Investment Advisor

MORGAN STANLEY SMITH MORGAN STANLEY SMITH 13F 10'814'936 2.3 1'080'027 30.06.2012 Investment Advisor

CLEARSTREAM BANKING n/a EXCH 7'590'854 1.62 - 03.10.2011 Bank

FARAHEAD INVESTMENTS n/a EXCH 6'550'000 1.4 - 03.10.2011 n/a

JP MORGAN CHASE BANK n/a EXCH 6'063'475 1.29 - 03.10.2011 Investment Advisor


CAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 5'958'380 1.27 (256'857) 30.06.2012 Investment Advisor

DNB NORBANK ASA n/a EXCH 5'431'494 1.16 - 03.10.2011 Bank

CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 4'649'343 0.99 - 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 4'631'602 0.99 - 03.10.2011 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3'578'038 0.76 8'725 28.09.2012 Investment Advisor

GEVERAN TRADING CO L n/a EXCH 3'500'000 0.75 - 03.10.2011 Corporation

DNB LIVSFORSIKRING A n/a EXCH 3'386'997 0.72 - 03.10.2011 Insurance Company

EUROCLEAR BANK SA n/a EXCH 3'264'503 0.7 - 03.10.2011 Bank

BANK OF AMERICA CORP BANK OF AMERICA 13F 3'144'611 0.67 (93'343) 30.06.2012 Investment Advisor


ABN Amro Bank N.V. THIJS BERKELDER buy 5 M 243 Not Provided 23.10.2012

Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 212 12 month 19.10.2012

SEB Enskilda LUKAS DAUL hold 3 M 245 Not Provided 19.10.2012

ISI Group JUDSON E BAILEY neutral 3 M #N/A N/A Not Provided 19.10.2012

Spin-Off Research TEAM COVERAGE neutral 3 M 215 Not Provided 19.10.2012

DNB Markets MARTIN HUSEBY KARLSEN buy 5 M 250 Not Provided 19.10.2012

Exane BNP Paribas ALEXANDRE MARIE neutral 3 M 230 Not Provided 19.10.2012

Guggenheim Securities LLC DARREN GACICIA buy 5 M 275 12 month 18.10.2012

Goldman Sachs HENRY TARR buy/attractive 5 U 308 12 month 17.10.2012

Dahlman Rose & Co DOUG GARBER hold 3 M #N/A N/A Not Provided 16.10.2012

Clarkson Capital Markets LLC TODD P SCHOLL outperform 5 M 261 12 month 16.10.2012

BMO Capital Markets ALAN D LAWS market perform 3 M 263 Not Provided 15.10.2012

Credit Suisse GREGORY LEWIS restricted #N/A N/A M #N/A N/A Not Provided 15.10.2012

Wells Fargo Securities, LLC MATTHEW D CONLAN market perform 3 M #N/A N/A Not Provided 15.10.2012

Howard Weil Inc DAVID T WILSON market perform 3 M 268 12 month 11.10.2012

Swedbank First Securities BJORN THORESEN reduce 2 M 215 Not Provided 10.10.2012

Societe Generale GUILLAUME DELABY hold 3 M 236 12 month 05.10.2012

Pareto Securities FRANK HARESTAD buy 5 M 290 6 month 29.09.2012

Carnegie FREDERIK H LUNDE hold 3 M #N/A N/A Not Provided 26.09.2012

Handelsbanken KNUT ERIK LOVSTAD reduce 2 D 240 12 month 12.09.2012

Nordea Equity Research DAVID BHATTI hold 3 M 250 12 month 11.09.2012

Nomura CHRISTYAN MALEK buy 5 M 310 12 month 11.09.2012

HSBC DAVID PHILLIPS neutral 3 D 262 Not Provided 10.09.2012

Fearnley Fonds TRULS OLSEN accumulate 4 M 258 Not Provided 03.09.2012

ABG Sundal Collier OYVIND HAGEN hold 3 M 233 6 month 28.08.2012

RBC Capital Markets BASTIEN DUBLANC sector perform 3 M 244 12 month 28.08.2012

Johnson Rice & Co DAVID C SMITH equalweight 3 M #N/A N/A Not Provided 28.08.2012

Natixis JULIEN LAURENT neutral 3 U 232 Not Provided 28.08.2012

Arctic Securities ASA KJETIL GARSTAD hold 3 M 245 Not Provided 28.08.2012

Barclays JAMES C WEST overweight 5 M 273 Not Provided 28.08.2012

Morgan Stanley OLE SLORER Overwt/Attractive 5 M 297 12 month 27.08.2012

SpareBank 1 Markets AS JANNE KVERNLAND neutral 3 N 240 12 month 24.08.2012

Danske Markets ENDRE STORLOKKEN hold 3 D 255 12 month 26.07.2012


Fondsfinans AS IVAR ANDREAS LEMMECHEN GJUL Under Review #N/A N/A M 170 Not Provided 02.03.2012

RS Platou Markets ANDERS BERGLAND buy 5 M 283 6 month 09.02.2012

Deutsche Bank MICHAEL W URBAN buy 5 M 205 12 month 15.07.2011

Holdings By:

Seadrill Ltd ee


24.10.2012

Marathon Petroleum Corporation refines, transports, and markets petroleum

products. The Company sells its products to resellers and consumers in the

mid-west, gulf coast, and southeast United States.


LTM as of: 06/yy

52-Week High (08.10.2012) 60.04

52-Week Low (09.01.2012) 30.24

Daily Volume

53.25





18'014.32 1 Yr Total Return 52.53%







MPC US EQUITY YTD Change - Average Volume 30 Day 3'277'477

MPC US EQUITY YTD % CHANGE - Average Volume 3 Month 3'084'226


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

49'841.0 59'874.0 40'606.0 57'279.0 73'524.0 66'766.0 75'100.0 79'442.4 80'746.5 19'592.5 16'624.0

- - - - 0.16x 0.25x 0.74x 0.22x 0.22x 0.91x 1.06x

3'627.0 2'142.0 1'215.0 1'834.0 4'515.0 3'702.0 4'705.0 5'725.2 5'300.5 1'887.8 1'070.5

- - - - 2.68x 4.43x 3.72x 3.40x 3.67x 3.03x 2.99x

2'262.0 1'215.0 449.0 623.0 2'389.0 1'838.0 2'468.0 3'000.7 2'663.7 1'025.0 452.9

- - - - 4.97x 0.00x 6.39x 5.83x 6.49x 5.97x 6.55x











EBITDA Margin 6.3%



Asset Turnover 3.09







Fiscal Year Ended

Marathon Petroleum CorpPrice/Volume

Valuation Analysis

2'577'654.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

4-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012






BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 10'222'188 3.02 (138'406) 30.06.2012 Investment Advisor


DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 8'592'298 2.54 2'656'133 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I FRANKLIN MUTUAL ADVI 13F 7'363'234 2.18 985 30.06.2012 Investment Advisor



LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'920'416 1.45 (360'650) 30.06.2012 Investment Advisor




LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 4'153'222 1.23 346'035 30.06.2012 Investment Advisor

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 4'068'598 1.2 768'621 30.06.2012 Investment Advisor


D E SHAW & COMPANY I D E SHAW & CO 13F 3'614'312 1.07 582'773 30.06.2012 Hedge Fund Manager


ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 3'062'792 0.91 503'675 30.09.2012 Hedge Fund Manager




Spin-Off Research TEAM COVERAGE neutral 3 M 55 Not Provided 19.10.2012

Wells Fargo Securities, LLC ROGER D READ outperform 5 M #N/A N/A Not Provided 18.10.2012

Dahlman Rose & Co SAM MARGOLIN buy 5 M 65 Not Provided 18.10.2012


Macquarie CHI CHOW outperform 5 M 77 12 month 16.10.2012



ISI Group DOUGLAS T TERRESON hold 3 M 55 12 month 12.10.2012


Howard Weil Inc BLAKE FERNANDEZ market perform 3 M 58 12 month 09.10.2012


Simmons & Company International JEFFREY A DIETERT overweight 5 U #N/A N/A Not Provided 13.09.2012

S&P Capital IQ TANJILA SHAFI buy 5 M 55 Not Provided 31.07.2012

Tudor Pickering & Co ROBERT KESSLER buy 5 M 89 Not Provided 23.07.2012

RBC Capital Markets JACQUES ROUSSEAU outperform 5 M 47 12 month 15.02.2012


Holdings By:

Marathon Petroleum Corp ee


24.10.2012

Hess Corporation is a global integrated energy company that explores, develops,

produces, purchases, transports and sells crude oil and natural gas. The

Company also manufactures refined petroleum products and purchases, markets and

trades refined petroleum products, natural gas and electricity.


LTM as of: 06/yy

52-Week High (27.02.2012) 67.86

52-Week Low (25.06.2012) 39.67

Daily Volume

52.37





17'885.01 1 Yr Total Return -13.50%







HES US EQUITY YTD Change - Average Volume 30 Day 3'096'043

HES US EQUITY YTD % CHANGE - Average Volume 3 Month 3'471'951


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

31'647.0 41'134.0 29'614.0 33'862.0 38'466.0 36'939.0 37'384.0 38'768.6 40'742.0 9'249.4 9'991.2

1.13x 0.50x 0.78x 0.88x 0.65x 3.09x 2.59x 0.67x 0.64x 2.85x 2.63x

5'259.0 7'064.0 4'181.0 5'770.0 6'203.0 6'354.0 6'270.0 7'397.7 8'059.1 1'727.3 1'954.0

6.79x 2.91x 5.51x 5.19x 4.05x 4.55x 3.56x 3.43x 3.15x 3.20x 3.04x

1'832.0 2'360.0 740.0 2'125.0 1'703.0 2'748.0 1'261.0 1'970.5 2'452.5 381.4 489.6

16.67x 7.33x 26.54x 14.89x 7.80x 12.20x 7.90x 8.94x 8.06x 8.91x 8.34x





Return on Assets 3.25% Short-Term Rating NR






EBITDA Margin 16.8%



Asset Turnover 0.96








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hess CorpPrice/Volume

Valuation Analysis

5'880'634.00


-

.-

/-

0-

1-

2-

3-

4-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 14'620'704 4.28 7'018'388 30.06.2012 Investment Advisor




JOMARCO LTD PART n/a Form 4 8'817'802 2.58 472'716 07.01.2009 Other



PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 7'235'638 2.12 3'418'371 30.06.2012 Investment Advisor

HESS FOUNDATION INC n/a PROXY 6'436'881 1.88 - 02.03.2011 Other

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 5'193'569 1.52 1'157'339 30.06.2012 Investment Advisor

UBS GLOBAL ASSET MAN UBS GLOBAL ASSET MAN 13F 4'895'880 1.43 (1'695'572) 30.06.2012 Investment Advisor

ALLEGHANY CORP ALLEGHANY CORPORATIO 13F 4'250'000 1.24 2'250'000 30.06.2012 Corporation




METROPOLITAN WEST CA METROPOLITAN WEST CA 13F 3'802'859 1.11 30'651 30.06.2012 Hedge Fund Manager

CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 3'718'421 1.09 391'736 30.09.2012 Investment Advisor

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3'660'000 1.07 3'660'000 30.06.2012 Investment Advisor

JANUS CAPITAL MANAGE JANUS CAPITAL MANAGE 13F 3'484'466 1.02 (71'899) 30.06.2012 Investment Advisor

PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 3'015'305 0.88 295'102 30.06.2012 Investment Advisor




Global Hunter Securities JOHN MALONE neutral 3 M 53 12 month 23.10.2012


Tudor Pickering & Co ROBERT KESSLER buy 5 M 69 Not Provided 16.10.2012



Credit Suisse EDWARD WESTLAKE underperform 1 M 60 Not Provided 12.10.2012

ISI Group DOUGLAS T TERRESON hold 3 M #N/A N/A Not Provided 12.10.2012










Holdings By:

Hess Corp ee


24.10.2012

China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades

petroleum and petrochemical products such as gasoline, diesel, jet fuel,

kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and

chemical fertilizers. Also, The company explores for and produces crude oil and

natural gas in China.


LTM as of: 06/yy

52-Week High (02.02.2012) 9.67

52-Week Low (11.07.2012) 6.38

Daily Volume

8.18





684'558.75 1 Yr Total Return 16.78%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

1'170'539.0 1'387'077.0 1'212'168.0 1'876'758.0 2'463'767.0 ######### ######### ######### ######### 685'674.0 768'384.0

1.73x 0.59x 1.09x 0.48x 0.35x 1.56x 1.35x 0.33x 0.33x - -

127'499.0 29'228.0 151'545.0 178'098.0 170'962.0 0.0 0.0 163'856.6 190'857.3 - -

15.87x 27.82x 8.73x 5.03x 5.05x 0.00x 0.00x 5.38x 4.62x - -

56'515.0 28'445.0 62'677.0 71'782.0 73'225.0 75'523.0 55'155.0 57'874.0 73'722.9 13'822.3 23'647.0

16.90x 12.59x 8.42x 7.62x 7.84x 7.47x 8.86x 9.76x 7.73x - -


EBIT 107'146.00 Long-Term Rating A+









EBITDA Margin 6.1%



Asset Turnover 2.27







Fiscal Year Ended

China Petroleum & Chemical CorpPrice/Volume

Valuation Analysis

74'164'099.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-./0123456

.-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2-'- G

.--'- G

.2-'- G

/--'- G

/2-'- G

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


JP MORGAN CHASE & CO n/a EXCH 1'436'412'609 8.56 - 18.09.2012 Investment Advisor

BLACKROCK INC n/a EXCH 1'159'575'167 6.91 - 28.09.2012 Investment Advisor

FRANKLIN RESOURCES I n/a EXCH 1'006'669'203 6 - 26.01.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a EXCH 803'053'154 4.79 - 27.08.2012 Government



CH PETROLEUM SHENGJU n/a EXCH 425'500'000 2.54 - 09.01.2012 n/a


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 223'302'000 1.33 39'448'000 30.06.2012 Investment Advisor

BLACKROCK INC n/a Short (186'321'802) -1.11 - 28.09.2012 Investment Advisor



ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 108'482'200 0.65 103'986'000 30.09.2012 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 94'112'000 0.56 (13'892'000) 29.06.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 91'792'998 0.55 (8'354'000) 31.08.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 90'120'000 0.54 (22'168'000) 31.08.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 79'068'342 0.47 138'000 31.03.2012 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 74'700'000 0.45 (6'564'000) 31.03.2012 Mutual Fund Manager


HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 52'830'000 0.31 1'764'000 31.12.2011 Investment Advisor


Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 9 12 month 24.10.2012

SWS Research Co Ltd ALBERT MIAO buy 5 M 10 Not Provided 24.10.2012

Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 8 12 month 22.10.2012

Renaissance Capital BRADLEY WAY sell 1 M 7 12 month 22.10.2012

BNP Paribas Equity Research CHENG KHOO buy 5 M 9 12 month 22.10.2012

Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 9 12 month 17.10.2012


Credit Suisse DAVID HEWITT outperform 5 M 8 Not Provided 15.10.2012

Jefferies LABAN YU buy 5 M 8 12 month 09.10.2012

Nomura SONIA SONG reduce 2 M 7 Not Provided 09.10.2012

ICBC International Securities ANNA YU buy 5 M 8 Not Provided 05.10.2012

Deutsche Bank DAVID HURD buy 5 U 9 12 month 02.10.2012

Mirae Asset Securities GORDON KWAN buy 5 M 8 12 month 28.09.2012


UOB Kay Hian YAN SHI buy 5 M 9 Not Provided 12.09.2012


BOCOM International Holdings WU FEI buy 5 M 8 12 month 28.08.2012

JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 9 Not Provided 27.08.2012

HSBC THOMAS C HILBOLDT underweight 1 M 7 Not Provided 27.08.2012

Capital Securities Corp TEAM COVERAGE hold 3 D 11 Not Provided 27.08.2012

Macquarie JAMES HUBBARD neutral 3 M 7 12 month 27.08.2012


Mizuho Securities ANDREW S F CHAN neutral 3 M 7 12 month 27.08.2012

Daiwa Securities Co. Ltd. ADRIAN LOH hold 3 M 7 Not Provided 27.08.2012

Barclays SCOTT DARLING equalweight 3 M 10 Not Provided 27.08.2012

Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 8 12 month 26.08.2012

Guotai Junan GRACE LIU accumulate 4 D 8 Not Provided 20.07.2012


Masterlink Securities LI XIN hold 3 M 10 6 month 30.03.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 10 Not Provided 08.02.2012

Citic Securities Co., Ltd YIN XIAODONG buy 5 M 10 6 month 11.01.2012

GuoSen Securities Co Ltd STEVEN LU buy 5 M 11 12 month 22.11.2011

RBS PETER HILTON buy 5 M 9 12 month 01.11.2011

China International Capital Corp BIN GUAN buy 5 M 11 12 month 29.08.2011

China Galaxy Securities LI GUOHONG buy 5 M #N/A N/A Not Provided 30.10.2009

Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

China Petroleum & Chemical Corp ee


24.10.2012

Transocean Ltd. is an offshore drilling contractor. The Company owns or

operates mobile offshore drilling units, inland drilling barges, and other

assets utilized in the support of offshore drilling activities worldwide.

Transocean specializes in technically demanding segments of the offshore

drilling business, including deepwater and harsh environment drilling services.


LTM as of: 06/yy

52-Week High (28.10.2011) 60.09

52-Week Low (28.12.2011) 38.21

Daily Volume

47.67





17'820.51 1 Yr Total Return -11.72%







RIG US EQUITY YTD Change - Average Volume 30 Day 4'312'179

RIG US EQUITY YTD % CHANGE - Average Volume 3 Month 3'613'916


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

6'377.0 12'674.0 11'556.0 9'466.0 9'142.0 8'886.0 9'570.0 9'947.4 10'390.8 2'536.2 2'511.2

9.63x 2.17x 3.22x 3.17x 2.52x 13.45x 10.44x 2.60x 2.38x 10.25x 10.13x

3'366.0 6'430.0 5'926.0 4'048.0 1'853.0 3'137.0 1'347.0 3'339.8 4'174.9 911.7 918.4

18.25x 4.27x 6.27x 7.42x 12.44x 9.05x 18.51x 7.99x 6.39x 6.83x 6.49x

3'131.0 4'031.0 3'181.0 961.0 (5'725.0) 3.0 (6'452.0) 927.2 1'686.1 285.5 303.7

13.61x 3.43x 7.27x 14.79x - 39.61x 0.00x 16.44x 10.36x 12.39x 11.02x


EBIT 449.00 Long-Term Rating -


Pretax Margin -59.44% Short-Term Rating Date -

Return on Assets -18.08% Short-Term Rating -






EBITDA Margin 14.1%

EBIT Margin -0.4% Total Debt/Equity 86.2%

Net Income Margin -62.6% Total Debt/Capital 46.1%

Asset Turnover 0.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Transocean LtdPrice/Volume

Valuation Analysis

3'745'654.00


-

.-

/-

0-

1-

2-

3-

4-

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./ l&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 19'982'400 5.35 (250'000) 30.06.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a EXCH 18'408'177 4.92 - 27.09.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a EXCH 18'323'120 4.9 5'390'147 24.01.2012 Investment Advisor

TRANSOCEAN LTD n/a EXCH 14'606'469 3.91 - 06.05.2012 n/a

FRANKLIN RESOURCES I FRANKLIN MUTUAL ADVI 13F 9'331'753 2.5 185'058 30.06.2012 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 8'506'169 2.28 488'078 30.06.2012 Investment Advisor



ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 6'045'594 1.62 (346'250) 30.06.2012 Pension Fund (ERISA)

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 5'757'524 1.54 (675'160) 30.06.2012 Investment Advisor

UBS AG UBS AG 13F 5'570'306 1.49 (161'827) 30.06.2012 Investment Advisor

FIDELITY INTERNATION FIDELITY INTERNATION 13F 5'368'041 1.44 (636'384) 30.06.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4'878'298 1.3 (28'959) 31.08.2012 Mutual Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 4'591'975 1.23 (1'434'168) 30.06.2012 Investment Advisor

SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 3'497'012 0.94 524'894 30.06.2012 Hedge Fund Manager


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'118'933 0.83 29'282 30.06.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 3'028'539 0.81 47'046 29.06.2012 Investment Advisor

MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 2'800'964 0.75 35'259 30.06.2012 Investment Advisor

TAUBE HODSON STONEX TAUBE HODSON STONEX 13F 2'788'460 0.75 209'860 30.09.2012 Investment Advisor


Jefferies BRAD HANDLER buy 5 M 57 12 month 22.10.2012

Stephens Inc JOHN KELLER equalweight 3 M 57 Not Provided 22.10.2012

Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 66 12 month 19.10.2012

ISI Group JUDSON E BAILEY buy 5 M 65 12 month 19.10.2012

DNB Markets MARTIN HUSEBY KARLSEN buy 5 M 60 Not Provided 19.10.2012

Howard Weil Inc DAVID T WILSON market outperform 4 M 67 12 month 18.10.2012

JPMorgan J DAVID ANDERSON neutral 3 M 56 12 month 18.10.2012

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 60 Not Provided 18.10.2012

Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 18.10.2012

Guggenheim Securities LLC DARREN GACICIA neutral 3 M 50 12 month 18.10.2012

Gabelli & Co ANDREA SHARKEY buy 5 M #N/A N/A Not Provided 18.10.2012

Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 60 12 month 18.10.2012

Barclays JAMES C WEST overweight 5 M 74 Not Provided 18.10.2012

Global Hunter Securities BRIAN UHLMER buy 5 M 56 12 month 18.10.2012

Iberia Capital Partners LLC TREY STOLZ outperform 5 M 74 12 month 18.10.2012

Clarkson Capital Markets LLC TODD P SCHOLL market perform 3 M 55 12 month 18.10.2012

Swedbank First Securities BJORN THORESEN strong buy 5 M 64 Not Provided 18.10.2012

RBC Capital Markets JUSTIN SANDER outperform 5 M 54 12 month 17.10.2012

Credit Suisse GREGORY LEWIS neutral 3 M 56 Not Provided 17.10.2012

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 17.10.2012

Dahlman Rose & Co JAMES D CRANDELL buy 5 M 62 Not Provided 16.10.2012

BMO Capital Markets ALAN D LAWS outperform 5 M 65 Not Provided 15.10.2012

Macquarie NIGEL BROWNE outperform 5 U 55 12 month 15.10.2012

FBR Capital Markets ROBERT J MACKENZIE outperform 5 M 60 12 month 10.10.2012

Deutsche Bank MICHAEL W URBAN hold 3 M 53 12 month 05.10.2012

Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 01.10.2012

Credit Agricole Securities (USA) DAVID S HAVENS outperform 5 M 53 Not Provided 01.10.2012

Oracle Investment Research LAURENCE BALTER strong buy 5 U 75 Not Provided 27.09.2012

Goldman Sachs WAQAR SYED neutral/attractive 3 U 54 6 month 26.09.2012


HSBC DAVID PHILLIPS overweight 5 M 73 Not Provided 14.09.2012

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 13.09.2012

Main First Bank AG BERND POMREHN neutral 3 M 50 12 month 13.09.2012

Morgan Stanley OLE SLORER Overwt/Attractive 5 M 69 12 month 11.09.2012

Nordea Equity Research DAVID BHATTI buy 5 N 64 12 month 11.09.2012

Bank Vontobel AG FABIAN HAECKI hold 3 M 52 Not Provided 04.09.2012

Fearnley Fonds TRULS OLSEN buy 5 M 60 Not Provided 03.09.2012

Tudor Pickering & Co JOE HILL hold 3 M #N/A N/A Not Provided 28.08.2012

Johnson Rice & Co DAVID C SMITH overweight 5 M #N/A N/A Not Provided 06.08.2012

RS Platou Markets ANDERS BERGLAND buy 5 M 68 6 month 16.04.2012

Daiwa Securities Co. Ltd. HIROKAZU KABEYA neutral 3 N #N/A N/A Not Provided 13.04.2012

Miller Tabak + Co., LLC KEVIN SIMPSON neutral 3 M 75 12 month 05.04.2012

Pareto Securities FRANK HARESTAD buy 5 M 79 6 month 28.02.2012

Holdings By:

Transocean Ltd ee


24.10.2012

PTT Exploration and Production Public Company Limited explores for crude oil and

natural gas, develops fields for production, and produces oil and natural gas.

The Company is a subsidiary of the Petroleum Authority of Thailand.


LTM as of: 06/yy

52-Week High (02.03.2012) 187.00

52-Week Low (03.08.2012) 147.50

Daily Volume

156





517'917.72 1 Yr Total Return 5.49%







PTTEP TB EQUITY YTD Change - Average Volume 30 Day 3'553'757

PTTEP TB EQUITY YTD % CHANGE - Average Volume 3 Month 4'025'764


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

95'047.4 138'946.9 119'962.0 140'655.7 169'645.8 152'734.6 188'198.5 200'862.4 239'177.8 54'581.2 53'030.7

5.63x 2.38x 4.16x 4.09x 3.77x 15.75x 13.25x 3.01x 2.43x - -

67'971.5 98'153.8 72'289.0 100'172.8 120'864.3 105'672.4 138'355.9 142'608.7 165'101.4 40'309.3 37'735.0

7.87x 3.38x 6.91x 5.75x 5.29x 6.14x 4.80x 4.37x 3.78x - -

28'455.4 41'674.8 22'153.6 43'773.8 44'748.1 44'300.7 48'620.5 56'150.9 64'769.7 17'326.8 12'788.0

18.96x 8.48x 21.97x 12.72x 12.50x 12.79x 11.48x 9.58x 8.71x 9.23x 9.82x











EBITDA Margin 73.5%



Asset Turnover 0.43








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PTT Exploration & Production PCLPrice/Volume

Valuation Analysis

2'735'000.00


-/-1-3-5-

.--

./-

.1-

.3-

.5-/--

l&.. k&.. a&.. g&./ c&./ j&./ W&./ j&./ g&./ g&./ W&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

.3'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.10.2012


PTT PCL #N/A N/A EXCH 2'167'500'700 65.29 - 15.10.2012 Government

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 90'238'845 2.72 - 28.09.2012 Investment Advisor

THAI NVDR CO LTD #N/A N/A EXCH 78'974'969 2.38 - 15.10.2012 Corporation

STATE STREET BANK AN #N/A N/A EXCH 77'623'441 2.34 - 15.10.2012 Bank

BNP PARIBAS SEC SERV #N/A N/A EXCH 69'566'545 2.1 - 15.10.2012 Investment Advisor

STATE STREET BANK EU n/a EXCH 49'263'984 1.48 - 15.10.2012 n/a

BNP PARIBAS SEC SERV #N/A N/A EXCH 39'279'100 1.18 - 15.10.2012 Investment Advisor


SOCIAL SECURITY OFFI #N/A N/A EXCH 27'674'800 0.83 - 15.10.2012 Unclassified

BANK OF NEW YORK MEL #N/A N/A EXCH 27'551'200 0.83 - 15.10.2012 Investment Advisor

LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 19'387'950 0.58 1'364'100 30.09.2012 Investment Advisor

MORGAN STANLEY & CO #N/A N/A EXCH 17'260'600 0.52 - 15.10.2012 Investment Advisor

TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'022'500 0.24 (110'500) 28.09.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 5'353'145 0.16 - 30.09.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 1'677'600 0.05 - 30.06.2012 Investment Advisor

THOMAS WHITE INTERNA Multiple Portfolios MF-AGG 1'241'400 0.04 - 28.09.2012 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 877'900 0.03 62'600 30.09.2012 Investment Advisor

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 828'100 0.02 - 31.07.2012 Investment Advisor

AIG INVESTMENT CORP Multiple Portfolios MF-AGG 800'000 0.02 - 31.12.2010 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 624'784 0.02 19'592 28.09.2012 Investment Advisor


Morgan Stanley MAYANK MAHESHWARI Equalwt/In-Line 3 M 148 12 month 22.10.2012

Kasikorn Securities SORAPONG JAKTEERUGKUL neutral 3 M 165 12 month 19.10.2012

Goldman Sachs PATRICK TIAH Buy/Neutral 5 M 191 12 month 17.10.2012

CIMB SUWAT SINSADOK trading buy 5 U 180 3 month 17.10.2012

UOB Kay Hian CHAIWAT ARSIRAWICHAI buy 5 M 165 Not Provided 17.10.2012

Krungsri Securities CHARNVUT TAECHA-AMORNTANAKIJ trading 2 M 187 12 month 16.10.2012

KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK buy 5 M 204 Not Provided 16.10.2012

Credit Suisse PAWORAMON SUVARNATEMEE underperform 1 M 156 Not Provided 15.10.2012

AIRA Securities KATE TOUNGTONG buy 5 M 169 Not Provided 15.10.2012

DBS Vickers NAPHAT CHANTARASEREKUL hold 3 M 157 12 month 12.10.2012

Kim Eng Securities SUTTHICHAI KUMWORACHAI buy 5 M 185 12 month 12.10.2012

Phillip Securities RUTSADA TWEESAENGSAKULTHAI buy 5 U 182 Not Provided 12.10.2012

Finansia Syrus Securities PCL SONGKLOD WONGCHAI buy 5 M 195 Not Provided 12.10.2012

Trinity Securities VAJIRALUX SANGLERDSILLAPACHAI buy 5 U 187 Not Provided 12.10.2012

KT Zmico Securities PATCHARIN KARSEMARNUNTANA buy 5 M 182 12 month 11.10.2012

OSK (Asia) Securities KANNIKA SIAMWALLA sell 1 M 142 12 month 11.10.2012

SCB Securities Co. Ltd. CHAIPAT THANAWATTANO neutral 3 M 170 Not Provided 11.10.2012

Bualuang Securities THANATTHEP CHANTARAKARN buy 5 U 188 12 month 10.10.2012

Thanachart Securities PCL SUPANNA SUWANKIRD sell 1 M 151 12 month 09.10.2012

BNP Paribas Equity Research TANAPORN VISARUTHAPHONG buy 5 N 216 12 month 08.10.2012

Deutsche Bank THAPANA PHANICH hold 3 M 190 12 month 03.10.2012

Macquarie TREVOR BUCHINSKI neutral 3 M 165 12 month 02.10.2012

Asia Plus Securities NALINRAT KITTIKUMPOLRAT buy 5 U 168 12 month 26.09.2012

JPMorgan AVIN SONY neutral 3 M 185 Not Provided 21.09.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE underperform 1 M 150 12 month 21.09.2012

HSBC THOMAS C HILBOLDT neutral 3 N 165 Not Provided 17.09.2012

Barclays SCOTT DARLING equalweight 3 D 220 Not Provided 31.08.2012

Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 200 12 month 25.08.2012

Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 190 Not Provided 23.07.2012

IV Global RATTANA LEENUTAPHONG buy 5 M 199 Not Provided 24.05.2012

Country Group Securities PCL MONGKOL PUANGPETRA buy 5 M 192 12 month 30.04.2012

KGI Securities PIYATHIDA VONGVIVATHCHAI outperform 5 M 212 Not Provided 25.04.2012


Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 192 Not Provided 10.01.2012

Holdings By:

PTT Exploration & Production PCL ee


Fundamental Company Analysis - World Oil & Gas Production Sector

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diluted eps

total market cap

index market cap

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