Global Focus List. Emerging Markets. China Colombia Czech Republic. Greece. Hungary. Egypt. Philippines

Global Focus ist merging Markets Brazil Chile China Colombia Czech Republic gypt Greece Hungary India Indonesia Republic of Korea Malaysia Mexico Pakistan Peru Philippines Poland Qatar Russia South frica Taiwan Thailand Turkey United rab mirates

Global Focus ist merging Markets

O'I QUITY RSRCH MTHODOOGY 70,000 quities in Coverage Universe 70 Countries 40 Research nalysts 10 Ideas On verage Per Week General Market nalysis Quantitative nalysis Profile nalysis Fundamental nalysis Technical nalysis Committee of O eil Research Research nalysts examine a company s financial results, Research nalysts focus on company s historical stock nalysts classify 70 major variety of proprietary proprietary ratings and rankings growth catalysts that provide a price is evaluated against market indices into 4 states quantitative Ratings and are compared against a company a competitive edge cataloged price pattern profiles using a proprietary approach Rankings to monitor existing proprietary Model Book and superior product/service. in a proprietary Model Book based on quantitative, technical, and qualitative observation: and potential recommendations. database with profiles of over +1,000 Great Winning Stocks since 1880. Financial Statement nalysis, Industry and Company reports, ews Releases, and Conference database. Buy/Sell entry points are determined based on closeness Confirmed Uptrend Calls are utilized to gauge of fit. growth catalysts. Uptrend Under Pressure Downtrend Rally ttempt in Downtrend -2- Refer to the end of the report for important disclosures

TB OF COTTS Weekly Updates and Market Information Performance Summary... 4 Indices Summary... 5 Trading Setups... 6 7 Market Summaries... 8 11 Weekly Updates... 12 Page Indexes eaders by Company ame Index... 13 14 eaders by Sector Index... 15 17 eaders by Country Index... 18 20 eaders by Market Cap (USD) Index... 21 22 Page Performance Summaries Focus ist llocations... 23 Top Performers This Week... 24 Top Performers Since dded... 25 Page International Mark ups and Weekly Charts (Organized By Sector) Financial... 26 55 Consumer Cyclical... 56 75 Technology... 76 93 Capital quipment... 94 105 Basic Material... 106 113 Consumer Staple... 114 121 Retail... 122 129 nergy... 130 135 Utility... 136 141 Health Care... 142 145 Transportation... 146 147 Page Cumulative Positions Cumulative Positions... 148 171 Page -3-

PRFORMC SUMMRY GF merging Markets Performance vs. Benchmark s of 02/01/2018 500.00% 476.34% 450.00% 400.00% 350.00% 300.00% 250.00% 200.00% 150.00% 100.00% 101.60% 50.00% 0.00% 50.00% 100.00% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 GF merging Markets YTD Performance +1.04% Ishares MSCI merging Markets Index Fund YTD Performance +6.83% -4-

MRGIG MRKTS IDICS SUMMRY merging Markets Condition 2/2/2018 18 2 1 1/26/2018 19 1 1 1/19/2018 16 3 2 1/12/2018 16 3 1 1 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% COFIRMD UPTRD UPTRD UDR PRSSUR DOWTRD RY TTMPT Country % Since Follow Through Weeks Since Follow Through Distribution Days Country % Off High Weeks Since Follow Through Distribution Days Country % Off High Weeks Since Downtrend Country % Off ow Weeks Since Downtrend Taiwan 33% 88 2 Brazil 31% 29 2 Peru 31% 38 2 India 26% 53 2 Czech Republic 26% 68 2 Philippines 25% 56 5 Indonesia 20% 46 2 Thailand 18% 57 4 gypt 16% 46 2 Greece 15% 7 3 Russia 11% 19 3 Colombia 10% 22 2 Turkey 8% 13 6 Malaysia 6% 7 2 Chile 6% 5 1 South Korea 3% 16 1 Poland 0% 4 5 Hungary 1% 1 2 South frica 5% 27 4 China 10% 23 7 Mexico 7% 14-5-

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MRGIG MRKTS SUMMRIS sia (China, India, Indonesia) KY POITS 1. Mainland China s markets fell significantly over last week, led by the Shenzhen, which fell 6.6% compared with the 2.7% fall for the Shanghai. The market condition was changed to Uptrend Under Pressure this week because of the elevated number of distribution days and technical weakness. Three distribution days were added this week, taking the total to seven for the Shenzhen, while the Shanghai has four distribution days. The Shanghai is trading 3% above its 50-DM (~3,374), while the Shenzhen closed 5% below its 50-DM (~1,913). The 100-DM (~1,955) continues to act as a strong resistance level for the Shenzhen. 2. China s Manufacturing PMI fell to 51.3 in January, below market estimates of 51.5. on-manufacturing PMI increased to 55.3 in January, from 55.0 the previous month, beating market consensus of 55.0. 3. China s Caixin Manufacturing PMI stood at 51.5 in January, in line with market expectations. 4. fter eight consecutive weeks of gains, India s BS Sensex fell significantly this week amid the Union Budget for FY 2018-2019. The index fell 2.73% over last week to 35,066.75. It is trading 3% above its 50-DM and 9% above its 200-DM. The market continues to be in a Confirmed Uptrend. The index has two distribution days in the last five weeks. 5. India s infrastructure output increased 4% y/y in December. 6. India s Manufacturing PMI fell to 52.4 in January, below market estimates of 54.5. 7. Indonesia s Jakarta S Composite Index fell 0.48% over last week to 6,628.82. It is trading 4% above its 10-WM and 10% above its 40-WM. The index continues to be in a Confirmed Uptrend. One new distribution day was added this week. 8. Indonesia s core CPI increased 2.69% y/y in January and CPI increased 0.62% in January compared with the previous month. Stocks of Interest Jubilant ife Sciences (VOC.I; JUBIT:I) $2.3B market cap Jubilant ife Sciences offers contract pharmaceutical manufacturing, life science ingredients, and drug discovery solutions. The Company is the global leader for Pyridines, which is mostly used in manufacturing agro chemicals. The global crop protection chemicals market is projected to reach $70B by 2021, growing at a 5% CGR from 2016 to 2021. Jubilant is also the world s second largest producer of vitamin B3. In Q3 FY 2018, the Company s revenues and PS grew 42% and 78%, y/y, respectively. The stock remains buyable. United Tractors (UTR.ID; UTR:IJ) $10.8B market cap United Tractors (UT) is the leading and the largest heavy equipment distributor with an exclusive right to distribute Komatsu products in Indonesia. s of September 2017, it saw a 64% y/y surge in revenues from the construction machinery segment, primarily driven by a 73% y/y expansion in Komatsu sales volume. The global heavy construction equipment market is expected to reach $90.4B by 2025, and is likely to register a CGR of 5.4% from 2017 to 2025. UT plans to expand into the Mining sector by commencing gold production by 2019. The stock remains buyable. Important Dates February 4 China Services PMI February 5 Indonesia Q4 GDP February 7 India Interest Rate Decision February 8 China CPI and trade balance -8-

MRGIG MRKTS SUMMRIS sia (Malaysia, Philippines, South Korea, Taiwan, Thailand) KY POITS 1. The Malaysia KCI Composite Index surged 0.89% this week to MYR 1,870.48. The index remains in a Confirmed Uptrend, trading 5.08% above its 50-DM and 5.86% above its 200-DM. 2. The Philippines Stock xchange plunged 2.55% this week to settle at PHP 8,810.75. It added two distribution days this week, increasing the count to five. The index remains in a Confirmed Uptrend, trading 2.83% above its 50-DM and 8.12% above its 200-DM. 3. South Korea s Kospi fell 1.92% this week to KRW 2,525.39. It is trading 0.98% above its 50-DM and 5.01% above its 200-DM. The index remains in a Confirmed Uptrend. 4. South Korea s industrial production sank 6.0% y/y in December 2017, far worse than consensus of 2.0% fall, and much below ovember s 1.6% y/y fall. 5. South Korea s CPI increased 1.0% y/y in January, below street estimates of 1.3%, decelerating from December 2017 s 1.5% rise. Inflation slowed to a 17-month low as a slight dip in food prices dragged on the headline CPI. 6. In January, South Korea s exports expanded 22.2% y/y, while its imports grew 20.9% y/y, reducing trade surplus to $3.70B, from $5.54B in December 2017. 7. The Taiwan xchange declined 0.19% this week to settle at TWD 11,126.23. It added one distribution day this week, increasing the total count to two. The index remains in a Confirmed Uptrend, trading 3.37% above its 50-DM and 6.15% above its 200-DM. 8. Taiwan s GDP surged 3.28% y/y in Q4 2017, faster than 3.10% growth in Q3 2017 and above consensus of 2.5%. 9. The Thailand Bangkok ST grew 0.04% this week and reached THB 1,827.35. It added two distribution days this week, increasing the count to four. The index remains in a Confirmed Uptrend, trading 3.77% above its 50-DM and 10.88% above its 200-DM. 10. Thailand s industrial production increased 2.35% y/y in December 2017, below street estimates of 3.50% and much lower than ovember s revised 4.14% y/y growth. 11. Thailand s headline CPI grew 0.68% y/y in January, following December 2017 s 0.78% increase. The headline CPI growth was below consensus of 0.80%. The core CPI, which excludes raw food and energy prices, grew 0.58% y/y in January, also below street estimates of 0.65%. Stocks of Interest BCPG Pcl (BCPG.TH; BCPG:TB) $1.6B market cap BCPG Pcl is one of the largest solar power generators in Thailand, operating solar power portfolios in Thailand (182 MW) and Japan (236 MW). BCPG aims to attain 1 GW of renewable energy by 2020. In Q3 2017, operating revenues and net profit increased 9% and 43%, y/y, respectively. Revenue growth was primarily driven by the commencement of solar power plants in Thailand and Japan. The Company s profit after adjusting for foreign exchange impact grew 82% y/y in Q3 2017. ccording to the Power Development Plan of 2015, Thailand s electricity demand is estimated to increase 2.6% per year from 2015 to 2036. lectricity demand is expected to continue to rise from 27,633 MW in 2014 to 49,655 MW in 2036. It has strong O eil Ratings, including an RS Rating of 95 and an Up/Down volume ratio of 1.8. The stock remains buyable. Muangthai easing (MUTH.TH; MTS:TB) $2.9B market cap Muangthai easing (MUTH) is one of the leading lending companies in Thailand. Growth is driven by a huge potential from the underpenetrated nanofinance market and new branch openings. The Company observed a robust loan increase of 58% y/y and 10% q/q in Q3 2017, with the primary loan growth driver being new products such as cars and agricultural land products. sset quality remains strong, as P came in at 1.17% in Q3 2017 (versus 1.18% in Q2 2017 and 1.09% in Q1 2017). In July 2017, the Bank of Thailand tightened its credit policies by lowering credit lines for credit cards and personal loans to not more than 1.5x monthly salaries (from 5x currently) for income earners of less than THB 30,000 per month. This regulatory change will be a tailwind for loan growth as it will force the salaried class to seek additional sources of funds to support their personal consumption. The stock has strong O eil Ratings, with an PS Rank of 99, an RS Rating of 88, and a Datagraph Rating of 87. It remains buyable. Important Dates February 5 The Philippines CPI February 6 Taiwan CPI Malaysia trade balance February 7 Taiwan trade balance February 8 The Philippines interest rate decision and trade balance Malaysia industrial production -9-

MRGIG MRKTS SUMMRIS M (gypt, Israel, Turkey, South frica, United rab mirates) KY POITS 1. The GX 30 Index was up 0.31% to 15,088.66 points on Thursday, and closed with a loss of 0.54% this week. 2. The IMF expects gypt s economic growth to hit about 5% in 2018. In addition, officials expect gypt s budget deficit to go down and current account balance figures to improve in 2018. 3. Israel s Tel viv 125 Index was down 0.36% to 1,403.44 points on Thursday. The index closed down 0.03% for the week. 4. Israel s government debt fell to 59.4% of the GDP, marking the first instance where Israel reached the benchmark of the U s Maastricht Treaty. 5. Turkey s ational 100 Index was down 0.66% to reach 118,263.13 points on Thursday. ccording to the Turkish Statistical Institute, Turkey s exports in 2017 amounted to more than $157.05B (+10.2%y/y). Meanwhile, Turkish imports climbed 17.7% to $233.79B, amounting to a foreign trade deficit of $76.73B. 6. fter having a good run last week, the JS ll Share Index corrected heavily this week and registered its third and fourth distribution day on Monday and Tuesday, respectively. It ended the week with a loss of 3.79%. 7. South frica s CPI increased 4.7% in 2017 (within the Governments target of 3-6%). arlier, the Department of abor in South frica increased the minimum wage for farm and forestry workers to ZR 3169.19 per month. 8. The U market ended the week on a positive note. The bu Dhabi Securities xchange Index was up 0.22% to 4,612.33. The Real state sector gained 0.71%, while the Industrial sector underperformed with a loss of 0.72%. Stocks of Interest Intentionally left blank Important Dates February 5 Turkey CPI February 6 South frica business confidence February 7 Israel FX reserve -10-

MRGIG MRKTS SUMMRIS mericas (Brazil, Mexico) KY POITS 1. Brazilian equities had a slight pullback after rallying for six consecutive weeks, down 0.04% through Thursday. Shares of heavyweights Petrobras (PBR) and financial institutions like Bradesco (BBD) and Itau (ITUB) continue to lead gains in the Bovespa Index, which is at all-time highs. Brazil s market is in a Confirmed Uptrend. 2. Brazil s unemployment rate ended 2017 at a 14-month low. The unemployment rate fell 0.6% in the fourth quarter to 11.8%, according to government statistics. That was slightly below the 11.9% median estimate from economists. 3. Brazil s Finance Minister Henrique Meirelles stated that the recovery of the Brazilian economy is well on track, and that he will decide in pril whether to run for president in the October general election. 4. The reform of Brazil s social security system still does not have enough support for Congressional approval, according to the cabinet minister in charge of political affairs. 5. Mexican equities pulled back this week, down 0.93% through Thursday. Mexico s IPC35 benchmark is attempting to rally. The benchmark is already above the key 50,000 level and its 200-DM. We are now waiting for a follow-through day to upgrade Mexico to a Confirmed Uptrend. 6. Mexico s economy rebounded in the fourth quarter of 2017, according to preliminary data. GDP expanded around 1.0% in seasonally adjusted terms in the October December period, compared with the previous quarter. conomists had forecast an expansion of 0.6%. In Q3 2017, the economy shrank 0.3% as the country recovered from two devastating earthquakes. ooking forward, rising interest rates, persistent inflation, upcoming elections, and uncertainty regarding the renegotiation of FT could weigh on economic activity and consumer sentiment. 7. Mexico s conomy Minister stated this week that negotiators from the U.S., Canada, and Mexico have made enough progress in the talks to revamp FT to be able to conclude the negotiations soon. Stocks of Interest Banco del Bajio (BJI.MX; BBJIOO:MM) $2.4 B market cap BanBajio is the eighth largest bank in Mexico by loans and deposits and ranked seventh by business loans. The bank is located in the Bajio, one of Mexico s fastest growing regions, ~ 5.5% real GDP growth over the past five years, versus ~2.8% for the country. The Company has a leading 22% market share in this region in terms of commercial loans, and is growing faster than the overall industry, while maintaining low delinquency rates. The Company s strategy of funding at a low cost, combined with the trend of rising interest rates, should allow the bank to expand margins in 2018. BanBajio shares are breaking out of a 24-week IPO base after reporting betterthan-expected Q4 2017 results. We recommend that investors accumulate the stock at current levels. The stock s RS line is trending higher and its RS Rating currently stands at 92. The stock has a strong PS Rank of 98, and consensus estimates have PS growing 11% in 2018. dditionally, Mexico s IPC35 benchmark is attempting to rally. Important Dates Intentionally left blank -11-

GOB FOCUS IST WKY UPDTS dditions Page Symbol ame Date O'eil Sector O'eil Industry Group Reason This section intentionally left blank. Deletions Page Symbol ame Date O'eil Sector O'eil Industry Group Reason IDI 2 Stocks 94 BH.I Bharat lectronics 02/01/18 Capital quipment erospace/defense The Company s PBT and PT declined 13.7% and 18.9%, y/y, to IR 4.35B and IR 3.03B, respectively, due to a significant increase in employee payroll costs and higher tax incidence. The Indian government s FY 2019 budget defense allocation was another factor in the stock s sharp decline. The stock declined 9% in the last two trading sessions following weak Q3 FY 2018 numbers. The stock breached its 200 DM on more than 3x average volume. 90 VKS.I Vakrangee 01/30/18 Technology Computer Tech Services Vakrangee was investigated by the Securities and xchange Board of India (SBI) for alleged share price and volume manipulation of its own stock at the Bombay Stock xchange and the ational Stock xchange. It is believed that directors of Vakrangee and various client companies were at the center of the manipulation. The stock sold off on 2x average daily volume, falling over ~17% intraday before bouncing off its 50 DM and closing down ~7%. -12-

DRS BY COMPY M Page Symbol ame Trading Country xchange O'eil Sector O'eil Industry Group Mkt Val (Mil), USD vg Dly $ Vol (000), USD 88 CC.TW ccton Technology TIW TI Technology Computer etworking 2,169 27,443 102 IG.TW irtac International Gp. TIW TI Capital quipment Machinery Gen Industrial 3,104 17,270 70 RZ.BR rezzo Industria On BRZI BSP Consumer Cyclical pparel Shoes & Rel Mfg 1,648 5,723 82 SM.TW smedia Technology TIW TI Technology lec Semiconductor Mfg 715 5,893 128 S.I venue Supermarts IDI S Retail Retail Super/Mini Mkts 11,057 10,862 146 Z.BR zul Pn BRZI BSP Transportation Transportation irline 3,182 9,216 30 B.ID Bank egara Indonesia IDOSI IDX Financial Banks Money Center 12,764 15,435 34 BT.ID Bank Tabungan egara IDOSI IDX Financial Banks Money Center 2,860 7,574 132 BCPG.TH Bcpg THID BKK nergy nergy lternative/other 1,635 24,179 94 BH.I Bharat lectronics IDI S Capital quipment erospace/defense 5,823 11,279 126 BMI.TR Bim Birlesik Magazalar TURKY IST Retail Retail Discount&Variety 5,968 16,632 36 BJI.MX Bnc.Del Bajio Idbc. Mtpl. MXICO MX Financial Banks Money Center 2,542 3,907 114 BRI.I Britannia Inds. IDI S Consumer Staple Food Grain & Related 8,857 14,214 50 CP.TH Central Pattana THID BKK Financial Real state Dvlpmt/Ops 11,799 16,203 140 CS.I Cesc IDI S Utility Utility lectric Power 2,069 7,898 98 CM.TW Chroma te TIW TI Capital quipment lectrical Power/quipmt 2,452 17,256 124 CSJ.Z Clicks Group SOUTH FRIC JS Retail Retail Drug Stores 3,358 11,399 74 CVC.BR Cvc Bra.Opd. cdv. On BRZI BSP Consumer Cyclical eisure Travel Booking 2,483 13,606 106 DI.I Dalmia Bharat IDI S Basic Material Bldg Cement/Concrt/g 3,929 5,072 44 DWH.I Dewan Housing Finance IDI S Financial Finance Consumer oans 2,543 24,719 130 P.TH nergy bsolute THID BKK nergy nergy lternative/other 7,726 39,091 40 GRU.I Gruh Finance IDI S Financial Finance Consumer oans 3,241 4,636 26 HFC.I Hdfc Bank IDI S Financial Banks Money Center 78,811 46,966 52 IGU.BR Iguatemi mpresa Shopping Centers On BRZI BSP Financial Real state Dvlpmt/Ops 2,359 15,181 38 IZ.I Indiabulls Housing Fin IDI S Financial Finance Consumer oans 8,785 35,468 28 IBK.I Indusind Bank IDI S Financial Banks Money Center 16,493 36,221 144 IHP.BR Instituto Hermes Pardini On BRZI BSP Health Care Medical Services 1,253 3,296 138 IS.CO Interconexion lectrica COOMBI BOG Utility Utility lectric Power 5,640 1,658 112 JVS.I Jsw Steel IDI S Basic Material Steel Producers 14,848 17,201 142 VOC.I Jubilant ife Scis. IDI S Health Care Medical Diversified 2,188 11,865 54 FH.I &T Finance Holdings IDI S Financial Financial Svcs Specialty 4,581 14,679 84 IX.BR inx On BRZI BSP Technology Comp Sftwr Spec nterprs 1,078 4,422-13-

DRS BY COMPY M Page Symbol ame Trading Country xchange O'eil Sector O'eil Industry Group Mkt Val (Mil), USD vg Dly $ Vol (000), USD Z 72 OC.BR ocaliza Rent Car On BRZI BSP Consumer Cyclical eisure Services 5,276 20,114 64 YBM.KR oen ntertainment SOUTH KOR KRX Consumer Cyclical eisure Movies & Related 2,459 4,729 116 MDB.BR M Dias Branco Industria On BRZI BSP Consumer Staple Food Grain & Related 6,066 8,374 56 MUD.I Maruti Suzuki India IDI S Consumer Cyclical uto Manufacturers 42,390 84,621 60 MSY.I Motherson Sumi Sys. IDI S Consumer Cyclical uto/truck Original qp 11,568 16,629 42 MUTH.TH Muangthai easing THID BKK Financial Finance Consumer oans 2,821 10,207 86 MYG.MY My g Services MYSI KS Technology Computer Sftwr Desktop 2,282 6,754 68 PI1.I Page Industries IDI S Consumer Cyclical pparel Clothing Mfg 3,491 5,868 80 PD.TW Parade Technologies TIW XTO Technology lec Semiconductor Mfg 1,582 17,431 134 T.I Petronet G IDI S nergy Oil&Gas Refining/Mktg 5,696 18,659 136 PGC.I Power Grid Corp.Of India IDI S Utility Utility lectric Power 15,751 20,399 104 PMT.MY Press Metal luminium Holdings MYSI KS Capital quipment Metal Proc & Fabrication 5,763 14,970 120 QR.MY Ql Resources MYSI KS Consumer Staple Food Meat Products 2,016 694 122 DR3.BR Raia Drogasil On BRZI BSP Retail Retail Drug Stores 8,481 29,491 32 RB2.I RB Bank IDI S Financial Banks Money Center 3,142 6,414 96 STX.MY Scientex MYSI KS Capital quipment Containers/Packaging 1,093 355 108 SQB.C Sociedad Quimica Y Minera De Chile B PreCHI SGO Basic Material Chemicals gricultural 14,617 17,540 46 SWP.TH Srisawad Corporation THID BKK Financial Finance Consumer oans 2,157 16,566 62 SMF.I Sundram Fasteners IDI S Consumer Cyclical uto/truck Original qp 1,684 1,676 76 TSM.TW Taiwan Semicon.Mnfg. TIW TI Technology lec Semiconductor Mfg 230,195 266,303 118 T.I Tata Global Beverages IDI S Consumer Staple Beverages on lcoholic 2,708 20,918 92 TIDO.MY Time Dotcom MYSI KS Technology Telecom Svcs Integrated 1,307 2,308 58 TO.TR Tofas Turk Otom.Fabk. TURKY IST Consumer Cyclical uto Manufacturers 4,192 5,335 48 TCPJ.Z Transaction Capital SOUTH FRIC JS Financial Finance Consumer oans 838 1,078 100 UTR.ID United Tractors IDOSI IDX Capital quipment Machinery Constr/Mining 10,870 11,592 90 VKS.I Vakrangee IDI S Technology Computer Tech Services 4,341 27,851 110 VD.I Vedanta IDI S Basic Material Mining Metal Ores 35,101 50,338 78 WI.TW Winbond ltn. TIW TI Technology lec Semiconductor Mfg 3,186 42,573 66 WORK.TH Workpoint ntertainment THID BKK Consumer Cyclical eisure Movies & Related 1,161 8,395-14-

DRS BY SCTOR Page Symbol ame Trading Country xchange O'eil Sector O'eil Industry Group Mkt Val (Mil), USD vg Dly $ Vol (000), USD FICI 15 Stocks 26 HFC.I Hdfc Bank IDI S Financial Banks Money Center 78,811 46,966 28 IBK.I Indusind Bank IDI S Financial Banks Money Center 16,493 36,221 30 B.ID Bank egara Indonesia IDOSI IDX Financial Banks Money Center 12,764 15,435 32 RB2.I RB Bank IDI S Financial Banks Money Center 3,142 6,414 34 BT.ID Bank Tabungan egara IDOSI IDX Financial Banks Money Center 2,860 7,574 36 BJI.MX Bnc.Del Bajio Idbc. Mtpl. MXICO MX Financial Banks Money Center 2,542 3,907 38 IZ.I Indiabulls Housing Fin IDI S Financial Finance Consumer oans 8,785 35,468 40 GRU.I Gruh Finance IDI S Financial Finance Consumer oans 3,241 4,636 42 MUTH.TH Muangthai easing THID BKK Financial Finance Consumer oans 2,821 10,207 44 DWH.I Dewan Housing Finance IDI S Financial Finance Consumer oans 2,543 24,719 46 SWP.TH Srisawad Corporation THID BKK Financial Finance Consumer oans 2,157 16,566 48 TCPJ.Z Transaction Capital SOUTH FRIC JS Financial Finance Consumer oans 838 1,078 50 CP.TH Central Pattana THID BKK Financial Real state Dvlpmt/Ops 11,799 16,203 52 IGU.BR Iguatemi mpresa Shopping Centers On BRZI BSP Financial Real state Dvlpmt/Ops 2,359 15,181 54 FH.I &T Finance Holdings IDI S Financial Financial Svcs Specialty 4,581 14,679 COSUMR CYCIC 10 Stocks 56 MUD.I Maruti Suzuki India IDI S Consumer Cyclical uto Manufacturers 42,390 84,621 58 TO.TR Tofas Turk Otom.Fabk. TURKY IST Consumer Cyclical uto Manufacturers 4,192 5,335 60 MSY.I Motherson Sumi Sys. IDI S Consumer Cyclical uto/truck Original qp 11,568 16,629 62 SMF.I Sundram Fasteners IDI S Consumer Cyclical uto/truck Original qp 1,684 1,676 64 YBM.KR oen ntertainment SOUTH KOR KRX Consumer Cyclical eisure Movies & Related 2,459 4,729 66 WORK.TH Workpoint ntertainment THID BKK Consumer Cyclical eisure Movies & Related 1,161 8,395 68 PI1.I Page Industries IDI S Consumer Cyclical pparel Clothing Mfg 3,491 5,868 70 RZ.BR rezzo Industria On BRZI BSP Consumer Cyclical pparel Shoes & Rel Mfg 1,648 5,723 72 OC.BR ocaliza Rent Car On BRZI BSP Consumer Cyclical eisure Services 5,276 20,114 74 CVC.BR Cvc Bra.Opd. cdv. On BRZI BSP Consumer Cyclical eisure Travel Booking 2,483 13,606 TCHOOGY 9 Stocks 76 TSM.TW Taiwan Semicon.Mnfg. TIW TI Technology lec Semiconductor Mfg 230,195 266,303 78 WI.TW Winbond ltn. TIW TI Technology lec Semiconductor Mfg 3,186 42,573 80 PD.TW Parade Technologies TIW XTO Technology lec Semiconductor Mfg 1,582 17,431-15-

DRS BY SCTOR Page Symbol ame Trading Country xchange O'eil Sector O'eil Industry Group Mkt Val (Mil), USD vg Dly $ Vol (000), USD 82 SM.TW smedia Technology TIW TI Technology lec Semiconductor Mfg 715 5,893 84 IX.BR inx On BRZI BSP Technology Comp Sftwr Spec nterprs 1,078 4,422 86 MYG.MY My g Services MYSI KS Technology Computer Sftwr Desktop 2,282 6,754 88 CC.TW ccton Technology TIW TI Technology Computer etworking 2,169 27,443 90 VKS.I Vakrangee IDI S Technology Computer Tech Services 4,341 27,851 92 TIDO.MY Time Dotcom MYSI KS Technology Telecom Svcs Integrated 1,307 2,308 CPIT QUIPMT 6 Stocks 94 BH.I Bharat lectronics IDI S Capital quipment erospace/defense 5,823 11,279 96 STX.MY Scientex MYSI KS Capital quipment Containers/Packaging 1,093 355 98 CM.TW Chroma te TIW TI Capital quipment lectrical Power/quipmt 2,452 17,256 100 UTR.ID United Tractors IDOSI IDX Capital quipment Machinery Constr/Mining 10,870 11,592 102 IG.TW irtac International Gp. TIW TI Capital quipment Machinery Gen Industrial 3,104 17,270 104 PMT.MY Press Metal luminium Holdings MYSI KS Capital quipment Metal Proc & Fabrication 5,763 14,970 BSIC MTRI 4 Stocks 106 DI.I Dalmia Bharat IDI S Basic Material Bldg Cement/Concrt/g 3,929 5,072 108 SQB.C Sociedad Quimica Y Minera De Chile B PreCHI SGO Basic Material Chemicals gricultural 14,617 17,540 110 VD.I Vedanta IDI S Basic Material Mining Metal Ores 35,101 50,338 112 JVS.I Jsw Steel IDI S Basic Material Steel Producers 14,848 17,201 COSUMR STP 4 Stocks 114 BRI.I Britannia Inds. IDI S Consumer Staple Food Grain & Related 8,857 14,214 116 MDB.BR M Dias Branco Industria On BRZI BSP Consumer Staple Food Grain & Related 6,066 8,374 118 T.I Tata Global Beverages IDI S Consumer Staple Beverages on lcoholic 2,708 20,918 120 QR.MY Ql Resources MYSI KS Consumer Staple Food Meat Products 2,016 694 RTI 4 Stocks 122 DR3.BR Raia Drogasil On BRZI BSP Retail Retail Drug Stores 8,481 29,491 124 CSJ.Z Clicks Group SOUTH FRIC JS Retail Retail Drug Stores 3,358 11,399 126 BMI.TR Bim Birlesik Magazalar TURKY IST Retail Retail Discount&Variety 5,968 16,632 128 S.I venue Supermarts IDI S Retail Retail Super/Mini Mkts 11,057 10,862-16-

DRS BY SCTOR Page Symbol ame Trading Country xchange O'eil Sector O'eil Industry Group Mkt Val (Mil), USD vg Dly $ Vol (000), USD RGY 3 Stocks 130 P.TH nergy bsolute THID BKK nergy nergy lternative/other 7,726 39,091 132 BCPG.TH Bcpg THID BKK nergy nergy lternative/other 1,635 24,179 134 T.I Petronet G IDI S nergy Oil&Gas Refining/Mktg 5,696 18,659 UTIITY 3 Stocks 136 PGC.I Power Grid Corp.Of India IDI S Utility Utility lectric Power 15,751 20,399 138 IS.CO Interconexion lectrica COOMBI BOG Utility Utility lectric Power 5,640 1,658 140 CS.I Cesc IDI S Utility Utility lectric Power 2,069 7,898 HTH CR 2 Stocks 142 VOC.I Jubilant ife Scis. IDI S Health Care Medical Diversified 2,188 11,865 144 IHP.BR Instituto Hermes Pardini On BRZI BSP Health Care Medical Services 1,253 3,296 TRSPORTTIO 1 Stock 146 Z.BR zul Pn BRZI BSP Transportation Transportation irline 3,182 9,216 Sorted by O'eil Sector, O'eil Industry Group, Market Capitalization -17-

DRS BY COUTRY Page Symbol ame Trading Country xchange O'eil Sector O'eil Industry Group Mkt Val (Mil), USD vg Dly $ Vol (000), USD IDI 23 Stocks 26 HFC.I Hdfc Bank IDI S Financial Banks Money Center 78,811 46,966 56 MUD.I Maruti Suzuki India IDI S Consumer Cyclical uto Manufacturers 42,390 84,621 110 VD.I Vedanta IDI S Basic Material Mining Metal Ores 35,101 50,338 28 IBK.I Indusind Bank IDI S Financial Banks Money Center 16,493 36,221 136 PGC.I Power Grid Corp.Of India IDI S Utility Utility lectric Power 15,751 20,399 112 JVS.I Jsw Steel IDI S Basic Material Steel Producers 14,848 17,201 60 MSY.I Motherson Sumi Sys. IDI S Consumer Cyclical uto/truck Original qp 11,568 16,629 128 S.I venue Supermarts IDI S Retail Retail Super/Mini Mkts 11,057 10,862 114 BRI.I Britannia Inds. IDI S Consumer Staple Food Grain & Related 8,857 14,214 38 IZ.I Indiabulls Housing Fin IDI S Financial Finance Consumer oans 8,785 35,468 94 BH.I Bharat lectronics IDI S Capital quipment erospace/defense 5,823 11,279 134 T.I Petronet G IDI S nergy Oil&Gas Refining/Mktg 5,696 18,659 54 FH.I &T Finance Holdings IDI S Financial Financial Svcs Specialty 4,581 14,679 90 VKS.I Vakrangee IDI S Technology Computer Tech Services 4,341 27,851 106 DI.I Dalmia Bharat IDI S Basic Material Bldg Cement/Concrt/g 3,929 5,072 68 PI1.I Page Industries IDI S Consumer Cyclical pparel Clothing Mfg 3,491 5,868 40 GRU.I Gruh Finance IDI S Financial Finance Consumer oans 3,241 4,636 32 RB2.I RB Bank IDI S Financial Banks Money Center 3,142 6,414 118 T.I Tata Global Beverages IDI S Consumer Staple Beverages on lcoholic 2,708 20,918 44 DWH.I Dewan Housing Finance IDI S Financial Finance Consumer oans 2,543 24,719 142 VOC.I Jubilant ife Scis. IDI S Health Care Medical Diversified 2,188 11,865 140 CS.I Cesc IDI S Utility Utility lectric Power 2,069 7,898 62 SMF.I Sundram Fasteners IDI S Consumer Cyclical uto/truck Original qp 1,684 1,676 BRZI 9 Stocks 122 DR3.BR Raia Drogasil On BRZI BSP Retail Retail Drug Stores 8,481 29,491 116 MDB.BR M Dias Branco Industria On BRZI BSP Consumer Staple Food Grain & Related 6,066 8,374 72 OC.BR ocaliza Rent Car On BRZI BSP Consumer Cyclical eisure Services 5,276 20,114 146 Z.BR zul Pn BRZI BSP Transportation Transportation irline 3,182 9,216 74 CVC.BR Cvc Bra.Opd. cdv. On BRZI BSP Consumer Cyclical eisure Travel Booking 2,483 13,606 52 IGU.BR Iguatemi mpresa Shopping Centers On BRZI BSP Financial Real state Dvlpmt/Ops 2,359 15,181 70 RZ.BR rezzo Industria On BRZI BSP Consumer Cyclical pparel Shoes & Rel Mfg 1,648 5,723-18-

DRS BY COUTRY Page Symbol ame Trading Country xchange O'eil Sector O'eil Industry Group Mkt Val (Mil), USD vg Dly $ Vol (000), USD 144 IHP.BR Instituto Hermes Pardini On BRZI BSP Health Care Medical Services 1,253 3,296 84 IX.BR inx On BRZI BSP Technology Comp Sftwr Spec nterprs 1,078 4,422 TIW 7 Stocks 76 TSM.TW Taiwan Semicon.Mnfg. TIW TI Technology lec Semiconductor Mfg 230,195 266,303 78 WI.TW Winbond ltn. TIW TI Technology lec Semiconductor Mfg 3,186 42,573 102 IG.TW irtac International Gp. TIW TI Capital quipment Machinery Gen Industrial 3,104 17,270 98 CM.TW Chroma te TIW TI Capital quipment lectrical Power/quipmt 2,452 17,256 88 CC.TW ccton Technology TIW TI Technology Computer etworking 2,169 27,443 80 PD.TW Parade Technologies TIW XTO Technology lec Semiconductor Mfg 1,582 17,431 82 SM.TW smedia Technology TIW TI Technology lec Semiconductor Mfg 715 5,893 THID 6 Stocks 50 CP.TH Central Pattana THID BKK Financial Real state Dvlpmt/Ops 11,799 16,203 130 P.TH nergy bsolute THID BKK nergy nergy lternative/other 7,726 39,091 42 MUTH.TH Muangthai easing THID BKK Financial Finance Consumer oans 2,821 10,207 46 SWP.TH Srisawad Corporation THID BKK Financial Finance Consumer oans 2,157 16,566 132 BCPG.TH Bcpg THID BKK nergy nergy lternative/other 1,635 24,179 66 WORK.TH Workpoint ntertainment THID BKK Consumer Cyclical eisure Movies & Related 1,161 8,395 MYSI 5 Stocks 104 PMT.MY Press Metal luminium Holdings MYSI KS Capital quipment Metal Proc & Fabrication 5,763 14,970 86 MYG.MY My g Services MYSI KS Technology Computer Sftwr Desktop 2,282 6,754 120 QR.MY Ql Resources MYSI KS Consumer Staple Food Meat Products 2,016 694 92 TIDO.MY Time Dotcom MYSI KS Technology Telecom Svcs Integrated 1,307 2,308 96 STX.MY Scientex MYSI KS Capital quipment Containers/Packaging 1,093 355 IDOSI 3 Stocks 30 B.ID Bank egara Indonesia IDOSI IDX Financial Banks Money Center 12,764 15,435 100 UTR.ID United Tractors IDOSI IDX Capital quipment Machinery Constr/Mining 10,870 11,592 34 BT.ID Bank Tabungan egara IDOSI IDX Financial Banks Money Center 2,860 7,574-19-

DRS BY COUTRY Page Symbol ame Trading Country xchange O'eil Sector O'eil Industry Group Mkt Val (Mil), USD vg Dly $ Vol (000), USD SOUTH FRIC 2 Stocks 124 CSJ.Z Clicks Group SOUTH FRIC JS Retail Retail Drug Stores 3,358 11,399 48 TCPJ.Z Transaction Capital SOUTH FRIC JS Financial Finance Consumer oans 838 1,078 TURKY 2 Stocks 126 BMI.TR Bim Birlesik Magazalar TURKY IST Retail Retail Discount&Variety 5,968 16,632 58 TO.TR Tofas Turk Otom.Fabk. TURKY IST Consumer Cyclical uto Manufacturers 4,192 5,335 CHI 1 Stock 108 SQB.C Sociedad Quimica Y Minera De Chile B PreCHI SGO Basic Material Chemicals gricultural 14,617 17,540 COOMBI 1 Stock 138 IS.CO Interconexion lectrica COOMBI BOG Utility Utility lectric Power 5,640 1,658 MXICO 1 Stock 36 BJI.MX Bnc.Del Bajio Idbc. Mtpl. MXICO MX Financial Banks Money Center 2,542 3,907 SOUTH KOR 1 Stock 64 YBM.KR oen ntertainment SOUTH KOR KRX Consumer Cyclical eisure Movies & Related 2,459 4,729 Sorted by Trading Country, Market Capitalization -20-

DRS BY MRKT CPITIZTIO, (USD) Page Symbol ame Trading Country xchange O'eil Sector O'eil Industry Group Mkt Val (Mil), USD vg Dly $ Vol (000), USD OVR 10 BIIO 13 Stocks 76 TSM.TW Taiwan Semicon.Mnfg. TIW TI Technology lec Semiconductor Mfg 230,195 266,303 26 HFC.I Hdfc Bank IDI S Financial Banks Money Center 78,811 46,966 56 MUD.I Maruti Suzuki India IDI S Consumer Cyclical uto Manufacturers 42,390 84,621 110 VD.I Vedanta IDI S Basic Material Mining Metal Ores 35,101 50,338 28 IBK.I Indusind Bank IDI S Financial Banks Money Center 16,493 36,221 136 PGC.I Power Grid Corp.Of India IDI S Utility Utility lectric Power 15,751 20,399 112 JVS.I Jsw Steel IDI S Basic Material Steel Producers 14,848 17,201 108 SQB.C Sociedad Quimica Y Minera De Chile B PreCHI SGO Basic Material Chemicals gricultural 14,617 17,540 30 B.ID Bank egara Indonesia IDOSI IDX Financial Banks Money Center 12,764 15,435 50 CP.TH Central Pattana THID BKK Financial Real state Dvlpmt/Ops 11,799 16,203 60 MSY.I Motherson Sumi Sys. IDI S Consumer Cyclical uto/truck Original qp 11,568 16,629 128 S.I venue Supermarts IDI S Retail Retail Super/Mini Mkts 11,057 10,862 100 UTR.ID United Tractors IDOSI IDX Capital quipment Machinery Constr/Mining 10,870 11,592 1 BIIO TO 10 BIIO 46 Stocks 114 BRI.I Britannia Inds. IDI S Consumer Staple Food Grain & Related 8,857 14,214 38 IZ.I Indiabulls Housing Fin IDI S Financial Finance Consumer oans 8,785 35,468 122 DR3.BR Raia Drogasil On BRZI BSP Retail Retail Drug Stores 8,481 29,491 130 P.TH nergy bsolute THID BKK nergy nergy lternative/other 7,726 39,091 116 MDB.BR M Dias Branco Industria On BRZI BSP Consumer Staple Food Grain & Related 6,066 8,374 126 BMI.TR Bim Birlesik Magazalar TURKY IST Retail Retail Discount&Variety 5,968 16,632 94 BH.I Bharat lectronics IDI S Capital quipment erospace/defense 5,823 11,279 104 PMT.MY Press Metal luminium Holdings MYSI KS Capital quipment Metal Proc & Fabrication 5,763 14,970 134 T.I Petronet G IDI S nergy Oil&Gas Refining/Mktg 5,696 18,659 138 IS.CO Interconexion lectrica COOMBI BOG Utility Utility lectric Power 5,640 1,658 72 OC.BR ocaliza Rent Car On BRZI BSP Consumer Cyclical eisure Services 5,276 20,114 54 FH.I &T Finance Holdings IDI S Financial Financial Svcs Specialty 4,581 14,679 90 VKS.I Vakrangee IDI S Technology Computer Tech Services 4,341 27,851 58 TO.TR Tofas Turk Otom.Fabk. TURKY IST Consumer Cyclical uto Manufacturers 4,192 5,335 106 DI.I Dalmia Bharat IDI S Basic Material Bldg Cement/Concrt/g 3,929 5,072 68 PI1.I Page Industries IDI S Consumer Cyclical pparel Clothing Mfg 3,491 5,868 124 CSJ.Z Clicks Group SOUTH FRIC JS Retail Retail Drug Stores 3,358 11,399-21-

DRS BY MRKT CPITIZTIO, (USD) Page Symbol ame Trading Country xchange O'eil Sector O'eil Industry Group Mkt Val (Mil), USD vg Dly $ Vol (000), USD 40 GRU.I Gruh Finance IDI S Financial Finance Consumer oans 3,241 4,636 78 WI.TW Winbond ltn. TIW TI Technology lec Semiconductor Mfg 3,186 42,573 146 Z.BR zul Pn BRZI BSP Transportation Transportation irline 3,182 9,216 32 RB2.I RB Bank IDI S Financial Banks Money Center 3,142 6,414 102 IG.TW irtac International Gp. TIW TI Capital quipment Machinery Gen Industrial 3,104 17,270 34 BT.ID Bank Tabungan egara IDOSI IDX Financial Banks Money Center 2,860 7,574 42 MUTH.TH Muangthai easing THID BKK Financial Finance Consumer oans 2,821 10,207 118 T.I Tata Global Beverages IDI S Consumer Staple Beverages on lcoholic 2,708 20,918 44 DWH.I Dewan Housing Finance IDI S Financial Finance Consumer oans 2,543 24,719 36 BJI.MX Bnc.Del Bajio Idbc. Mtpl. MXICO MX Financial Banks Money Center 2,542 3,907 74 CVC.BR Cvc Bra.Opd. cdv. On BRZI BSP Consumer Cyclical eisure Travel Booking 2,483 13,606 64 YBM.KR oen ntertainment SOUTH KOR KRX Consumer Cyclical eisure Movies & Related 2,459 4,729 98 CM.TW Chroma te TIW TI Capital quipment lectrical Power/quipmt 2,452 17,256 52 IGU.BR Iguatemi mpresa Shopping Centers On BRZI BSP Financial Real state Dvlpmt/Ops 2,359 15,181 86 MYG.MY My g Services MYSI KS Technology Computer Sftwr Desktop 2,282 6,754 142 VOC.I Jubilant ife Scis. IDI S Health Care Medical Diversified 2,188 11,865 88 CC.TW ccton Technology TIW TI Technology Computer etworking 2,169 27,443 46 SWP.TH Srisawad Corporation THID BKK Financial Finance Consumer oans 2,157 16,566 140 CS.I Cesc IDI S Utility Utility lectric Power 2,069 7,898 120 QR.MY Ql Resources MYSI KS Consumer Staple Food Meat Products 2,016 694 62 SMF.I Sundram Fasteners IDI S Consumer Cyclical uto/truck Original qp 1,684 1,676 70 RZ.BR rezzo Industria On BRZI BSP Consumer Cyclical pparel Shoes & Rel Mfg 1,648 5,723 132 BCPG.TH Bcpg THID BKK nergy nergy lternative/other 1,635 24,179 80 PD.TW Parade Technologies TIW XTO Technology lec Semiconductor Mfg 1,582 17,431 92 TIDO.MY Time Dotcom MYSI KS Technology Telecom Svcs Integrated 1,307 2,308 144 IHP.BR Instituto Hermes Pardini On BRZI BSP Health Care Medical Services 1,253 3,296 66 WORK.TH Workpoint ntertainment THID BKK Consumer Cyclical eisure Movies & Related 1,161 8,395 96 STX.MY Scientex MYSI KS Capital quipment Containers/Packaging 1,093 355 84 IX.BR inx On BRZI BSP Technology Comp Sftwr Spec nterprs 1,078 4,422 300 MIIO TO 1 BIIO 2 Stocks 48 TCPJ.Z Transaction Capital SOUTH FRIC JS Financial Finance Consumer oans 838 1,078 82 SM.TW smedia Technology TIW TI Technology lec Semiconductor Mfg 715 5,893-22-

GOB FOCUS IST OCTIOS Market Cap lloca ons in % 120.0% 100.0% 80.0% 75.4% 60.0% 40.0% 20.0% 21.3% 0.0% Over 10 Billion 1 Billion to 10 Billion 3.3% 300 Million to 1 Billion 0.0% Under 300 Million Sector lloca ons in % 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 24.6% 20.0% 15.0% 10.0% 5.0% 0.0% Technology 14.8% Financials 16.4% 6.6% Consumer Staples Consumer Cyclical Basic Materials 6.6% Healthcare 3.3% nergy 4.9% 4.9% U lity Transporta on 9.8% 1.6% Capital quipment 6.6% Retail -23-

TOP PRFORMRS THIS WK Symbol ame Trading Country Market Value (Mil), USD O'eil Industry Group Date dded # of Weeks Since ddition Performance This Week Performance Since ddition Page # CM.TW Chroma te TIW 2,452 lectrical Power/quipmt 02/22/17 50 6.42% 83.35% 98 Z.BR zul Pn BRZI 3,182 Transportation irline 07/31/17 27 6.30% 16.85% 146 WORK.TH Workpoint ntertainment THID 1,161 eisure Movies & Related 01/13/17 56 4.40% 78.49% 66 CVC.BR Cvc Bra.Opd. cdv. On BRZI 2,483 eisure Travel Booking 10/04/16 70 3.85% 128.65% 74 SWP.TH Srisawad Corporation THID 2,157 Finance Consumer oans 05/02/17 40 3.75% 39.89% 46 BJI.MX Bnc.Del Bajio Idbc. Mtpl. MXICO 2,542 Banks Money Center 08/29/17 23 3.64% 6.85% 36 MDB.BR M Dias Branco Industria On BRZI 6,066 Food Grain & Related 01/05/17 57 2.91% 39.64% 116 JVS.I Jsw Steel IDI 14,848 Steel Producers 01/11/17 56 2.82% 59.42% 112 BRI.I Britannia Inds. IDI 8,857 Food Grain & Related 07/19/17 29 2.18% 24.18% 114 BT.ID Bank Tabungan egara IDOSI 2,860 Banks Money Center 02/21/17 50 1.94% 70.70% 34 IBK.I Indusind Bank IDI 16,493 Banks Money Center 05/12/14 195 1.80% 237.87% 28 TSM.TW Taiwan Semicon.Mnfg. TIW 230,195 lec Semiconductor Mfg 03/28/17 45 1.76% 33.42% 76 OC.BR ocaliza Rent Car On BRZI 5,276 eisure Services 12/21/17 7 1.68% 17.92% 72 PMT.MY Press Metal luminium Holdings MYSI 5,763 Metal Proc & Fabrication 01/05/17 57 1.22% 231.43% 104 QR.MY Ql Resources MYSI 2,016 Food Meat Products 02/28/14 206 0.84% 99.35% 120 For a complete list of historical recommendations, please see 'Cumulative Positions Since Inception' at the end of the book. -24-

TOP PRFORMRS SIC DDD Symbol ame Trading Country Market Value (Mil), USD O'eil Industry Group Date dded # of Weeks Since ddition Performance This Week Performance Since ddition Page # VKS.I Vakrangee IDI 4,341 Computer Tech Services 09/14/16 73 (9.72%) 316.35% 90 IBK.I Indusind Bank IDI 16,493 Banks Money Center 05/12/14 195 1.80% 237.87% 28 PMT.MY Press Metal luminium Holdings MYSI 5,763 Metal Proc & Fabrication 01/05/17 57 1.22% 231.43% 104 STX.MY Scientex MYSI 1,093 Containers/Packaging 08/13/14 182 (1.81%) 178.08% 96 TCPJ.Z Transaction Capital SOUTH FRIC 838 Finance Consumer oans 05/30/14 193 (8.42%) 173.22% 48 CSJ.Z Clicks Group SOUTH FRIC 3,358 Retail Drug Stores 03/31/14 201 (10.01%) 150.94% 124 CVC.BR Cvc Bra.Opd. cdv. On BRZI 2,483 eisure Travel Booking 10/04/16 70 3.85% 128.65% 74 TIDO.MY Time Dotcom MYSI 1,307 Telecom Svcs Integrated 04/09/14 200 (2.89%) 127.34% 92 P.TH nergy bsolute THID 7,726 nergy lternative/other 06/12/17 34 (3.35%) 113.11% 130 QR.MY Ql Resources MYSI 2,016 Food Meat Products 02/28/14 206 0.84% 99.35% 120 CC.TW ccton Technology TIW 2,169 Computer etworking 02/08/17 52 (1.29%) 95.73% 88 CM.TW Chroma te TIW 2,452 lectrical Power/quipmt 02/22/17 50 6.42% 83.35% 98 WORK.TH Workpoint ntertainment THID 1,161 eisure Movies & Related 01/13/17 56 4.40% 78.49% 66 BT.ID Bank Tabungan egara IDOSI 2,860 Banks Money Center 02/21/17 50 1.94% 70.70% 34 MYG.MY My g Services MYSI 2,282 Computer Sftwr Desktop 09/01/16 75 (5.38%) 68.48% 86 For a complete list of historical recommendations, please see 'Cumulative Positions Since Inception' at the end of the book. -25-

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Company Overview HDFC Bank has a 5% market share of deposits and loans in India. In addition to a leading market share in the Indian credit card market, it is also a market leader in mobile banking and auto loans segment. Its P ratio of 1.29% is the lowest among India s largest lenders. s of December 2017, HFC.I had a nationwide distribution network of 4,734 branches and 12,333 TMs. bout 52% of its branches are in semi-urban and rural areas. Q3 FY 2018 loans by type: retail banking, 55%; wholesale banking, 45%. ϴϬϬ ϳϬϬ ϲϭϭ 40-Week M ϲϵ Ͳ 10-Week M ϱϭϭ ϰϲϭ ϰϯϭ ϯθϭ ϯϰϭ Rising R/S line and good /D rating ϯϭϭ ϮϲϬ ϮϰϬ ϮϮϬ ϭϵϭ ϭϳϭ ϭϱϭ Solid PS and revenue growth ϭϯϭ ϭϯϭ >/ sk>hd ϰϱd ϯϱd ϮϱD нϭй ϭϱd ϴ ϬD ϭϭ D Z ϭϭ &/ / >^ W^ /ZͿ ϭϳ Ϯϵ нϯϲй W^ й, ' :h ϭϭ ^ W ϭϭ ϭϭ Ϯϰϱ ϵθϭ Ϯ ^ > ^ D/> /ZͿ нϯϭй ^ > ^ й, ' D Z ϭϯ ϮϮ ϰϱ нϯϭй :h ϭϯ ϭϯ ϯϰϯ ϳϰϮ Ϭ нϯϵй ϱϭϳ ϱϯϳ ϱϳϯ ϱϳϱ Ͳϯ ϴй ϲϭϱ ϳ ϱϯϯ ϰϲϳd ϰθϭd ^, Z ^, > z &h ^ ϰθϲd ϰθϯd ϰθϱd ϱϭϲd W^ й ^hzwz/^ ϰϱϭ ϰϵϭ &h ^ ^ W ϭϯ Ͳϯ ϭй ϲϭϳ ϱϭϳd D Z ϭϯ ϴ ϱϳ :h ϭϯ ^ W ϭϯ ϭϯ D Z ϭϰ ϯϲ ϱθ :h ϭϰ ^ W ϭϰ ϭϰ D Z ϭϱ ϰϰ ϭϭ нϯϭй :h ϭϱ ^ W ϭϱ ϭϯϭ ϴϬϴ Ϭ ϱϭθ ϰϯϲ ϰ ϲϰϭ ϲϳϵ ϳϬϴ ϳϯϬ ϳϱϳ Ͳϲ ϴй ϴϭϮ ϴϱϰ ϵϭϭ ϵϱϯ ϵϵϭ ϵϵϯ ϭ Ϭϰϳ ϱϭϭd ϱϭϰd ϱϯϰd ϱϯϭd ϱϯϳd ϱϯϳd ϱϱϭd ϱϵθd ϲϯϯd ϲϲϭd ϲϵϵd ϳϮϮD ϭϱ ϲϭϭ ϰϱϰ Ϯ нϭθй D Z ϭϲ ϱϭ ϵϭ нϭϱй ϳϰϯ ϳϯϮ Ϯ нϯϰй :h W Ϯϯ ϮϬϭϳ Ɛƚ ϮϬ ϱͳǉƌ,ŝőś Ϯϳ ϱͳǉƌ >Žǁ ϭϰ ǀƐ /ŶĚ ǀŐ ϭ ϱǆ O eil Methodology HFC.I broke out of a seven-week consolidation base and is actionable. Shares are at all-time highs and constructively trading above the 10-WM. Its Up/Down volume ratio of 1.7 and /D rating of B+ indicate strong institutional support. PS Rank is strong at 85. arnings stability rating is 4 for 2015 2017 and 7 for 2013 2017. et profit grew 20% y/y to IR 46.42B (consensus at IR 46.26B), its highest quarterly profit ever. IM was unchanged from previous quarter at 4.3%. Total revenues rose 23.9% y/y to IR 141.83B Cost-to- income ratio decreased to 41.2% from 43.8% in Q3 FY 2017. CS deposits rose 6.7% y/y. In December 2017, HFC.I announced its goal to raise IR 240B, of which IR 85B will be via issuance of shares to its parent company, HDFC td. The funds, when raised, will be used for growth initiatives over the next five years. The capital infusion is estimated to boost HFC.I s capital adequacy ratio by 2.5-3.0% from 15.5% as of December 2017. The Company is well placed to increase its loan book. In a recent study conducted by Greenwich associates, HDFC bank was the leader in the middle-market segment and second in large corporate banking in terms of market penetration. Its merging Corporates Group (CG) more than doubled its asset base in just three years to cross IR 650B in FY 2017. The low penetration of financial services in India compared with other developing economies combined with the government s initiatives to boost the country s housing market bodes well for HFC.I. Growth Drivers In Q3 FY 2018, II (73% of total income) increased 24.1% y/y to IR 103.1B. Other income (fees and commissions) increased 23.1% y/y. Total loans rose 27.5% y/y. Retail and wholesale loan segments grew 28.7% y/y and 26.4% y/y, respectively. ooking Forward By FY 2018, about 150M people in rural India are expected to have consumption levels on par with urban consumers. HFC.I expects its semi-urban and rural branches to contribute 35% of the total revenues by FY 2020. ext Catalyst: Q4 FY 2018 earnings on pril 20. Π ϮϬϭϲ t/>>/ D KΖ /> н K / -26- ϭ Ϭϲϵ ϭ Ϭϴϱ ϳϯϵD ϳϯϰD,ĚĨĐ ĂŶŬ,& /Ϳ tğğŭůǉ ĂƐ ŽĨ &Z/ Ϯϳ DĂǇ ϮϬϭϲ Ĩ &Z/ Ϯϳ DĂǇ ϮϬϭϲ ocal Code: I:HDFCBK Bloomberg Symbol: HDFCB:I ISI: I04001026

Hdfc Bank IDI HDFC BK (HFC.I) S BKS-MOY CTR 2.59B 1.92B SHRS RIGS BUSISS: +91 22 4957676 http://www.hdfcbank.com MGMT owns X-DIV SC HDFC BK IMITD (TH BK) IS HODIG COMPY. TH BK IVSTMT OPRTIOS D O CCOUT OF TRDIG I FORIG PRIC = OFFRS RG OF BKIG SRVICS COVRIG COMMRCI D XCHG D DRIVTIV COTRCTS. TH RTI BKIG 10 X PS IVSTMT BKIG O TH WHOS SID D SGMT SRVS RTI CUSTOMRS THROUGH BRCH TWORK D TRSCTIO/BRCH BKIG O TH RTI SID. IT SO OTHR DIVRY CHS, S W S THROUGH TRTIV OFFRS FICI SRVICS. TH BK'S SGMTS ICUD DIVRY CHS. TH BK PROVIDS ITS CORPORT D TRSURY, RTI BKIG, WHOS BKIG D OTHR ISTITUTIO CITS RG OF COMMRCI D BKIG BUSISS. TH TRSURY SGMT PRIMRIY COSISTS OF TRSCTIO BKIG PRODUCTS. TH OTHR BKIG BUSISS 600 T ITRST RIGS FROM TH BK'S IVSTMT PORTFOIO, SGMT ICUDS ICOM FROM PR BKIG CTIVITIS. MOY MRKT BORROWIG D DIG, GIS OR OSSS O 460 440 420 400 380 360 340 320 300 280 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT CP IR 5.05T IDI SS IR861.42 BI PS RTIG IC 1994 85 IR1948(OH -3%) Up 64.14% Since ddition PRIC SC 7000 6000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 66.87 +12% 80.96 +21% 10.59 13.76 17.29 22.45 29.10 36.58 44.10 50.85 59.95 21.79 27.17 27.05 32.19 36.62 48.46 55.90 65.18 82.21 RIGS GROWTH RT SS GR RT 2015-17 +18%(4 STBIITY) +20% 16.8 21.6 24.2 22.4 23.3 26.0 26.7 26.2 27.1 16.9 16.4 16.9 18.8 20.6 21.6 19.9 18.8 18.4 2013-17 +21%(7 STBIITY) +20% +59 +3 +20 +34 +26 +18 +18 +24 +16 COMPOSIT RTIG IVT T/O 197744 204415 245981 342742 429950 508426 601454 743907 861419 62 63 59 59 59 58 60 62 59 DBT % 2015-17 73%: 140%: 107% 1506 1389 1476 1521 1297 1278 1410 1437 1511 33%: 34%: 35% TX RT 15-17 : : 1.6 1.5 1.7 1.4 1.3 1.3 1.8 2.5 1.9 BCKOG 15-17 5.56 X '17 BK.V +16 +28 +17 +19 +9 +10 +38 +48 +42 R&D 11(0.6%) DIV GR RT+27% (9) 60 61 55 54 51 48 60 60 65 DIV 97 94 109 113 119 129 105 112 102 BT 0.55(14) PH 0.11(0.14) 5000 4800 4600 4400 4200 4000 3800 3600 3400 3200 3000 2800 0IBOM500 260 2600 240 2400 220 2200 200 2000 190 1900 180 1800-3% 170 1700 160 1600 150 1500 Global Focus M IR1186.8 140 1400 130 1300 120 1200 110 1100 100 1000 90.00 900 80.00 800 65-70.00 700 60.00 600 50.00 48.00 46.00 44.00 42.00 40.00 500 480 460 440 420 400 38.00 380 36.00 360 34.00 340 32.00 320 30.00 300 VOUM 60 M 30 M 20 M 9M 5M PS (IR) 36.58 44.10 +21% 601454 +18% 17.8% % CHG SS(BI IR) 508426 % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 15-18 728/533M DC 13 17.2% +21.6% 16-20 787/533M MR 14 17-21 825/547M JU 14 22-24 878/595M SP 14 21-24 918/628M DC 14 50.85 +15% 743907 +24% 17.2% 21-25 20-23 957/656M MR 15 966/695M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Banks-Money Center 20-23 21-22 18-21 59.95 +18% 861419 +16% 17.7% 19-22 1021/719M 1047/736M 1069/725M 1115/755M SP 15 DC 15 MR 16 JU 16 20-23 1159/784M SP 16 20-22 19-24 '13-18 P..'S 23-28 1170/775M 1165/757M 1212/775M 1233/799M DC 16 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -27- OW OW HI ST DC 17 13X 31X 28X MR 18 TM DTGRPHS 2/2/2018

IDI Indusind Bank Indusind Bank IBK.I Banks-Super Regional TIO IDI xch India, Rupees MktCap Rs274.19 Bil Sales Rs96.33 Bil Shares 526 Mil Float 426 Mil Price= +91 22 6641 2200 www.indusind.com Pune, IDI MGMT owns Price 50eps PS Rank 95 Vol =2,569,160 Rate = + 46% Rs521.30 7.80 (OH -2%) IDUSID BK IMITD IS COMMRCI BK. TH COMPY OPRTS I FOUR SGMTS: TRSURY, CORPORT/WHOS Scale 25 BKIG, RTI BKIG D OTHR BKIG OPRTIOS. TRSURY ICUDS IVSTMT PORTFOIO, PROFIT/OSS O 1100 S OF IVSTMTS, PROFIT/OSS O FORIG XCHG TRSCTIOS, QUITIS, ICOM FROM DRIVTIVS D MOY 20 MRKT OPRTIOS. CORPORT/WHOS BKIG ICUDS DIG TO D DPOSITS FROM CORPORT CUSTOMRS D Minimal overhead supply 0IBOM500 1000 IDTIFID RIGS D XPSS OF TH SGMT. RTI BKIG ICUDS DIG TO D DPOSITS FROM RTI 18 Mar Year nd 900 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 stimate 2015 stimate Breaks out of 16 PS 7.07 1.27 2.31 2.35 4.28 9.01 13.16 17.20 21.83 26.52 21% 31.26 18% Strong estimates consolidation on 800 n Cash Flow/Shr IR 12.93 7.15 5.90 3.62 10.04 15.33 19.12 24.32 27.95 arnings Growth Rate Sales Gr Rt 14 n Pretax Margin % 18.7 4.2 5.9 5.2 8.0 16.2 20.4 18.7 18.9 2011-13 28% ( 2 Stability) 35% 1.3x the average 700 u Return On quity % 25.2 4.3 7.0 6.2 9.8 17.2 17.9 18.3 17.2 2009-13 43% (16 Stability) 33% daily volume a Sales % Change 4 2 28 22 26 18 31 48 31 Composite Rating 12 l Sales (Mil) $ 13907 14187 18122 22185 27964 32945 43059 63704 83407 600 W Datagraph Global DG Rating 66 69 70 69 69 65 65 69 69 Debt % 2011-13 57% 44% 45% e vg Daily Vol (000) 1912 1894 1973 1904 1905 1923 1951 1976 1956 Tax Rate 11-13 34% 33% 33% 10 500 e Up Down Volume 1.2 1.4 1.4 1.7 2.1 1.8 1.7 1.7 2.0 Backlog 11-13 9.20 k ccum/dist Rating 51 51 57 60 65 64 65 69 72 R and D 3.52 X '13 Bk Val 460 8.40 l Relative Global Relative Strength Str 62 75 73 71 72 73 73 82 82 Div IR 3.00(0.6%) Div Gr Rt 35%(22) 420 y Global Group Rank Group Rank 97 39 41 42 45 45 47 35 29 Beta 1.95(85) lpha -0.08(0.04) 7.60 380 Source: Corporate Website IndusInd Bank (IBK.I), India s sixth largest private bank by assets, serves retail and corporate clients. The Company s industry-beating loan and deposit growth is driven by geographical expansion. Company Overview s of December 2017, IndusInd had 1,320 branches in India, up 5.6% m/m, with three offices in ondon, Dubai, and bu Dhabi. Q3 FY 2018 loans by segment: corporate banking, 59%; retail banking, 41%. O eil Methodology The stock is trading on the right side of a 17-week consolidation base above its 50-DM and 4% below its pivot of IR 1,804. Its RS Rating is at 44 with a neutral Up/Down volume ratio of 1. However, its /D Rating of - indicates strong accumulation. Institutional sponsorship increased 25% y/y to 642 as of December 2017. Considering its robust fundamentals, investors can look to accumulate. In Q3 FY 2018, II rose 20.1% y/y to IR 18.95B, (consensus of 22%; IR 19.26B); deposits grew 23% y/y (consensus of 22%). IM came in at 3.99% (consensus of 3.8%), due to a 42.9% CS ratio, up 5.8% y/y. ow-cost savings deposits rose 68% y/y. et profit grew 25% y/y to IR 9.36B (consensus at 24.1%; IR 9.3B). Gross P is stable at 1.16%, compared with 1.08% in Q2 FY 2018. xpectations call for PS growth of 26% (+IR 60.64) and 28% (+IR 77.63) in FY 2018 and FY 2019, respectively. Growth Drivers In Q3 FY 2018, loan growth of 25% y/y (consensus of 23-25%) was ahead of the industry growth (sub 12%) and driven by 26% and 24% y/y growth in corporate (diversified) and retail loans (67% auto loans), respectively. 6.80 6.00 5.60 5.20 4.80 4.40 3.80 3.40 3.00 2.80 2.60 2.40 2.20 2.00 1.80 1.60 1.40 1.20 PS (IR) % Change Sales (Mil IR) % Change Margin fter Tax Return on quity T4Q P ow-high Fund/Shares (000) Good PS rank 2.71 +12% 9325.0 +16% 12.7% 21-24 70/54M 3.03 +48% 10292.0 +31% 12.9% 22-30 89/59M 3.51 +63% 11108.6 +36% 13.9% 23-30 111/62M 3.91 +63% 12304.7 +39% 14.0% +17.9% 17-24 166/76M Good growth rates 3.87 +43% 13799.8 +48% 13.1% 15-22 196/75M 4.14 +37% 15630.7 +52% 12.4% +17.0% 16-20 216/75M 4.41 +26% 16548.6 +49% 12.4% 14-19 219/81M 10-Week M 17730.7 +44% Jun Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 WOD Copyright 2014 William O'eil + Co.,Inc. ll rights reserved wonda@williamoneil.com 4.78 +22% 12.6% +18.3% 14-20 212/84M 4.85 +25% 19508.2 +41% 12.1% 17-22 211/91M 5.15 +24% 20484.2 +31% 12.2% +18.9% 15-20 204/84M 40-Week M Solid PS and revenue growth 5.50 +25% 21562.9 +30% 12.4% 18-23 226/105M 6.33 +32% 21906.6 +24% 14.0% +17.1% 19-22 237/94M 6.39 +32% 23828.1 +22% 14.1% 18-24 294/87M Good /D rating 6.30 +22% 24353.0 +19% 13.6% +18.3% 13-22 297/82M 6.62 +20% 26237.6 +22% 13.2% 15-19 309/81M 14-20 305/81M 70 + 340 300 280 260 240 220 190 170 150 140 130 120 110 100 90 80 70 60 Volume 11,000,000 6,000,000 3,000,000 Mar Q 6.97 +10 % 09-14 P s ow 12x ow 20x Hi 30x st. 0.0x s &p 5/12/2014 In October 2017, IBK.I acquired India s second-largest microfinance company, Bharat Financial Inclusion (1,400 branches) for IR 154B. ccording to management, the deal will help scale its microfinance book from 3% to 7% of its total loan portfolio. The cost of funds on micro loans is expected to decline 300-400bps. The merger will increase the Company s 9.5M customer base to 16.3M; IBK.I added 0.5M customers in Q3 FY 2018. IndusInd has partnered with Indraprastha Gas (IG), India s largest CG provider. With this, it has become the sole provider of prepaid CG smartcards for commercial and private vehicles, facilitating cashless transactions. IG has a network of 421 CG stations. pproximately 1M vehicles use CG in India. IBK.I and Overseas Private Investment executed an agreement for a $225M loan in June 2017, which will support the expansion of the Company s micro and small and medium enterprise lending programs. ooking Forward IBK.I targets 25-30% loan growth annually, with a focus on the retail segment. The Company aims to double its customer base to more than 20M and increase its branch network to 2,000 by 2020, thereby maintaining a CS ratio of 40%. ext catalyst: The Company s Q4 FY 2018 earnings release on pril 19, 2018. -28- ocal Code: I:IDUSIDB Bloomberg Symbol: IIB:I ISI: I09501012

Indusind Bank IDI IDUSID BK (IBK.I) S BKS-MOY CTR 599.96M 509.97M SHRS RIGS BUSISS: +91 22 2423 1999 http://www.indusind.com MGMT owns X-DIV SC IDUSID BK TD. IDUSID BK IMITD (TH BK) IS OTHR BKIG OPRTIOS. TH TRSURY SGMT ICUDS PRIC = GGD I BKIG D PR-BKIG SRVICS. TH BK IS IVSTMT PORTFOIOS, PROFIT OR OSS O S OF 10 X PS IVOVD I CCPTIG DPOSITS, SUCH S SVIGS CCOUTS, IVSTMTS, PROFIT OR OSS O FORIG XCHG CURRT CCOUTS D FIXD DPOSITS, D BKIG SOUTIOS. TRSCTIOS, QUITIS, ICOM FROM DRIVTIVS D MOY TH BK IS GGD I GRTIG OS TO VRIOUS SGMTS, MRKT OPRTIOS. TH CORPORT/WHOS BKIG SGMT 600 SUCH S IDUSTRIS D BUSISSS, D RTI OS; ICUDS DIG TO D DPOSITS FROM CORPORT CUSTOMRS. FICIG RG OF VHICS OR QUIPMT TO IDIVIDUS, TH RTI BKIG SGMT ICUDS DIG TO D DPOSITS D PRIORITY SCTOR DIG. TH BK'S SGMTS ICUD FROM RTI CUSTOMRS. TH BK OPRTS PPROXIMTY 1,000 TRSURY, CORPORT/WHOS BKIG, RTI BKIG D BRCHS. TH COMPY HS OPRTIOS I IDI. 500 480 460 440 420 400 380 360 340 320 300 280 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 4.28 10.04 8.0 9.8 +26 27964 64 2010 9.01 15.33 16.2 17.2 +18 32945 64 2011 13.16 19.12 20.4 17.9 +31 43059 60 2012 17.20 24.32 18.7 18.3 +48 63704 61 2013 21.83 27.95 18.9 17.2 +31 83407 62 1343 1415 1392 1303 1225 1.1 +21 55 97 1.0 +22 57 94 0.9 +23 49 109 0.9 +23 45 113 1.0 +33 47 119 FOT MKT CP IR 1.06T SS IR185.74 BI IDI PS RTIG 85 IR1761(OH -3%) Up 237.87% Since ddition PRIC SC 6000 5000 4800 4600 4400 4200 2014 2015 2016 2017 2018 STIMT 2019 STIMT 60.32 +25% 76.72 +27% 26.84 33.98 39.68 48.07 0.37-21.26-94.08 18.06 RIGS GROWTH RT SS GR RT 2015-17 +21%(1 STBIITY) +23% 21.0 22.4 22.9 23.5 16.9 18.2 16.1 15.0 2013-17 +23%(2 STBIITY) +23% +22 +19 +22 +22 COMPOSIT RTIG IVT T/O 101439 122400 151617 185740 60 57 63 61 DBT % 2015-17 77%: 45%: 49% 1281 1233 1240 1292 34%: 34%: 34% TX RT 15-17 : : 1.0 0.9 1.1 1.2 BCKOG 15-17 5.20 X '17 BK.V +27 +39 +49 +42 R&D 6(0.3%) DIV GR RT+19% (8) 40 46 52 61 DIV 129 105 112 102 BT 0.72(13) PH 0.06(0.06) 4000 3800 3600 3400 3200 3000 2800 2600 0IBOM500 240 2400 220 2200 200 2000 190 1900 180 1800 170 1700 160 1600 150 1500 140 1400 130 1300 120 1200 110 1100 100 1000 90.00 900 80.00 800 70.00 Global Focus M IR521.3 61-700 60.00 600 50.00 48.00 46.00 44.00 42.00 40.00 500 480 460 440 420 400 38.00 380 36.00 360 34.00 340 32.00 320 30.00 300 28.00 280 260 VOUM 9M 6M MR Q 80% BOV ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 6.61 +20% 26237.6 +22% 13.2% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 14-18 7.55 +19% 27021.9 +23% 14.7% +16.8% 13-18 8.02 +26% 29821.2 +25% 14.1% 16-20 8.15 +29% 29727.2 +22% 14.5% +17.4% 17-21 8.46 +28% 30477.0 +16% 14.7% 18-25 269/74859 278/75639 296/81808 313/87757 356/98331 DC 13 MR 14 JU 14 SP 14 DC 14 9.36 +24% 32374.3 +20% 15.3% +18.2% 23-28 9.89 +23% 34851.1 +17% 15.1% 21-26 383/103M MR 15 420/114M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Banks-Money Center 9.53 +17% 35813.1 +20% 15.6% +15.1% 21-26 464/145M SP 15 9.80 +16% 38385.5 +26% 15.1% 22-25 510/156M DC 15 10.77 +15% 40444.9 +25% 15.3% +16.1% 19-24 531/160M MR 16 48.07 JU Q 14.25 185740 '13-18 15.2% 15.8% 15.9% 15.4% 15.8% 22-26 24-28 22-26 22-29 28-32 563/168M JU 16 579/174M SP 16 602/177M DC 16 631/173M MR 17 640/174M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -29-4M P..'S OW OW HI ST 30-37 662/178M SP 17 DC 17 12X 35X 37X MR 18 TM DTGRPHS 2/2/2018

IDOSI &K ϮϬ ǆ Bank egara Indonesia ĂŶŬ ĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ / /ŶĚŽŶĞƐŝĂ ^ ǆđś / ϭϭϭϭϭϵϲϲϭϱ нϲϯ Ϯϭ Ϯϱϭ ϭϵϰϲ W^ ZĂŶŬ ϵϭ ďŷŝ ĐŽ ŝě ĂŶŬƐͲDŽŶĞǇ ĞŶƚĞƌ DŬƚ ĂƉ / Zϭϭϭ Ϯϯd ^ĂůĞƐ / Zϰϵ ϮϬd / K ^/ ^ŚĂƌĞƐ ϭθ ϰϲϯ &ůžăƚ ϳ ϮϬϬ Wd < ' Z / K ^/ W Z^ ZKͿ d < /^ / K ^/ Ͳ ^ KDW z WZ/D Z/>z ' ' / </' ^ dkz /d /^ KW Z d/' h Z d, D < / KZ / h > Ͳ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ƐƟŵĂƚĞ ϮϬϭϳ ƐƟŵĂƚĞ ϲϭ ϲϳ ϳϱ ϴϰ ϭϱϰ ϱϯ Ϯϲϲ ϬϬ ϯϭϯ ϬϬ ϯϳθ ϬϬ ϰθϱ ϱϯ ϱϳθ ϮϬ ϰθϲ ϴϯ W^ / Z ϱϲϳ ϲϱ ϭϳй ϲϵθ ϴϳ Ϯϯй ^, &>Kt ^,Z / Z ϯϱϵ ϳϵ ϱϯϯ ϱϭ ϰϲϯ ϲϰ ϯθϱ Ϭϲ ϮϴϬ Ϭϲ ϱϭϳ ϰϭ ϱϯϰ ϬϮ ϱϲϭ ϯϯ ϳϱϲ ϵϲ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ WZ d y D Z'/ й ϴй ϭϭй ϭϱй Ϯϭй Ϯϳй Ϯϵй ϯϯй ϯϯй Ϯϲй ϮϬϭϰͲϭϲ ϱй ϭϭ ^ƚăďŝůŝƚǉͿ ϭϰй Z dhz K Yh/dz й ϲй ϴй ϭϰй ϭϲй ϭϲй ϭϳй ϮϬй ϮϬй ϭϯй ϮϬϭϮͲϭϲ ϭϰй ϭϭ ^ƚăďŝůŝƚǉͿ ϭϯй ^ > ^ й, ' ϳй ϲй ϭϲй ϭϭй ϵй ϭϭй ϴй Ϯϱй ϳй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ / Z ϭϵd ϮϬD ϮϯD ϮϲD ϮϴD ϯϭd ϯϰd ϰϯd ϰϱd /s d K t <>z ĞĐ ϭϲ ĞĐ Ϯϯ ĞĐ ϯϭ :ĂŶ Ϭϲ :ĂŶ ϭϯ :ĂŶ ϮϬ :ĂŶ Ϯϳ &Ğď Ϭϯ &Ğď Ϭϲ d й ϮϬϭϯͲϭϱ ϳϮй ϱϰй ϱϭй d 'Z W, Z d/' ϱϵ ϱϵ ϲϭ ϲϯ ϲϭ ϲϭ ϲϯ ϲϭ ϲϯ d y Z d ϮϬϭϯͲϭϱ ϮϬй ϮϬй ϮϬй s' />z sk> ϬϬϬͿ ϮϮ Ϭϯϭ Ϯϭ ϲϳϲ ϭϵ ϲϲϰ ϭθ ϵϭϯ ϭθ ϯϭϱ ϭθ Ϭϴϴ ϭϲ ϲϰϳ ϭϳ ϴϴϮ ϭϳ ϳϬϲ <>K' ϮϬϭϯͲϭϱ hw Kt sk>hd ϭ Ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ Ϯ ϯ Ϯ ϭ Ϯ ϰ Z Θ < s > ϭ ϰϱǆ Ζϭϱ hd /^d Z d/' Ͳϭϰ Ͳϭϲ Ͳϭϰ ϭϯ ϴ ϭϵ ϯϲ ϰθ ϱϭ /s / Z ϭϰϱ ϳϭ Ϯ ϭйͿ /s 'Z ZdнϮϰй ϭϵͿ Z > d/s ^dz 'd, ϱϭ ϱϯ ϱϭ ϱϵ ϱϱ ϱϭ ϲϯ ϲϯ ϲϯ d ϭ ϭϳ ϯϭ ϬϬͿ >W, Ϭ Ϭϭ Ϭ ϬϭͿ 'ZKhW Z < ϰϭ ϰϯ ϵϱ ϰϯ ϱϯ ϱϭ ϰϱ ϱϳ ϰϳ ϮϬϭϱ DW>Kz ^ Ϯϲ ϴϳϱ ϭйͿ Source: Corporate Website >K' &ŝǆğěͿ WZ/ Ϯϲ< Ϯϰ< ϮϮ< ϭϵ< ϭϳ< ϭϱ< ϭϯ< ϭϯ< ϭϭ< Breaking out of 5-month consolidation ϭϭ< ϵϭϭϭ High up/down volume, rising /D and R/S ratings Good PS rank ϴϬϬϬ ϳϬϬϬ Bank egara Indonesia (BI) is the fourth-largest bank in Indonesia, in terms of assets. The Bank continues to benefit from its robust loan growth, driven by branch expansion. Company Overview BI was the first state-owned bank, to go public, in Indonesia. The state still owns about 60% stake in the Bank, whereas foreign institutions and domestic public own 32% and 8%, respectively. The Bank has an extensive distribution network comprising 2,051 outlets, 54,543 branchless banking centers, and 17,178 TMs. It has eight overseas offices in Singapore, Hong Kong, ondon, Tokyo, ew York, Osaka, Yangoon, and Seoul. BI s Q2 2017 loan portfolio by segment: business banking 72%, consumer 16%, overseas 6%, and subsidiaries 6% K, ͲϮй Strong estimates D'Dd ŽǁŶƐ ϲϭϭϭ ϲ ϬϮϱ нϱϭ ϬϬ ϱϭϭϭ ϰϲϭϭ / Z нϭ ϴϰй ϰϯϭϭ ϯθϭϭ 10-Week M 40-Week M ϲϯ ϯϰϭϭ ϯϭϭϭ ϮϲϬϬ ϮϰϬϬ ϮϮϬϬ ϭϵϭϭ Good /D rating ϭϳϭϭ ϭϱϭϭ ϭϯϭϭ ϭϯϭϭ ϭϭϭϭ ϭϭϭϭ Increasing sponsorship ϵϭϭ >/ sk>hd ϮϳϬD ϮϭϬD ϭϱϭd нϵϰй ϵϭd 4827(6 '(/$<(' $7 /($67 0,187(6 Ϯϱ ϬD Ϯ&/ / >^ ^ĞƉ ϭϯ ĞĐ ϭϯ Ϭ W^ / ZͿ ϵϰ ϬϬ ϭϭθ ϬϬ й W^ й, ' нϯϭй нϭϱй Ϭ^ > ^ D/> / ZͿ ϳ ϳD ϴ ϳD DĂƌ ϭϯ ϭϭϭ ϵϱ нϯϰй ϴ ϭd :ƵŶ ϭϯ ϭϭθ ϰϲ нϯϳй ϴ ϳD ^ĞƉ ϭϯ ϭϯϭ Ϭϵ нϯϵй ϵ ϬD ĞĐ ϭϯ ϭϯϱ ϬϮ нϯϱй ϵ ϭd DĂƌ ϭϰ ϭϯθ ϯϭ нϭϲй ϵ ϱd :ƵŶ ϭϰ ϭϯϲ ϯϵ нϭϱй ϭϭ ϭd ^ĞƉ ϭϰ ϭϰϯ ϰϲ нϭθй ϭϭ ϴD ĞĐ ϭϰ ϭϳϭ Ϭϱ нϯϲй ϭϭ ϴD DĂƌ ϭϱ ϭϱϭ Ϯϲ нϭθй ϭϭ ϱd :ƵŶ ϭϱ ͲϮϬ ϳϴ Ͳϭϭϱй ϭϭ ϭd ^ĞƉ ϭϱ ϭϵϭ ϱϵ нϯϰй ϭϭ ϲd ĞĐ ϭϱ ϭϲϰ ϳϳ Ͳϯй ϭϭ ϴD DĂƌ ϭϲ ϭϲϭ Ϭϭ нϲй ϭϯ ϮD :ƵŶ ϭϲ ϳϰ ϯϵ нϰϱθй ϭϯ ϲd ^ĞƉ ϭϲ ϭϯϭ ϳϵĞ ͲϯϭйĞ ϭϭ ϬDĞ ĞĐ ϭϲ ϭϳϭ ϱϭğ нϯйğ ϭϭ ϵdğ DĂƌ ϭϳ ϭϲϱ ϭϭğ нϯйğ ϭϭ ϰdğ :ƵŶ ϭϳ ϭϲϳ ϴϵĞ нϭϯϲйğ ϭϭ ϲdğ ^ĞƉ ϭϳ ϭϳϭ ϯϵğ нϯϭйğ ϭϭ ϵdğ ĞĐ ϭϳ ϭϳϭ ϳϳĞ нϭйğ ϭϯ ϰdğ й^ > ^ й, ' Ͳϭй нϯϳй й W^ й ^hzwz/^ Ͳϴ ϯй нϯϯ ϱй ϵ&h ^ Ϯϯϵ ϮϰϮ нϭϰй нϭϯй нϭϳй нϱй нϭϳй нϭϳй нϯϭй нϯϭй нϯϯй нϭϭй Ϭй нϭϱй нϯϯй ͲϲйĞ ͲϴйĞ ͲϭϰйĞ ͲϭϰйĞ нϭϵйğ нϭϰйğ ϮϴϮ ϯϭϯ Ϯϴϱ Ϯϳϲ ϯϭϳ ϯϰθ ϯϵϯ ϰϯϲ ϰϳϰ ϰϳϲ ͲϮй ͲϬ ϰй ϰϱϵ ϰϭϯ ϰϯϲ ϰϲθ ϰθϯ ϰθϲ ϯ^, Z ^, > z &h ^ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ Ϯ ϯ ϯ W ϭϭ O eil Methodology Driven by an 11% y/y growth in net interest income and improved cost/income ratio, BI reported a robust 47% y/y growth in net profit in H1 2017; thereby, generating a good PS rank of 86. xpectations call for 13% and 16% PS growth in 2017 and 2018, respectively. Technically, the stock has high O eil ratings and ranking, with solid RS rating of 79 (which is set to improve as the stock has gathered momentum), The Banks-Money Center industry group has sharply jumped in rank, over the past four weeks. The group is now ranked 10, up from 60, eight weeks ago. n Up/Down volume ratio of 2.5 reflects strong accumulation. Institutional sponsorship increased 17% y/y to 557, in June 2017. By leveraging on infra boom in Indonesia, BI targets to win infra projects, by maintaining good rapport with the government. The asset quality of BI is improving, achieved by limiting exposure in high P sectors and expanding in lower risk business. P improved 2.8%, in Q2 2017 (from 3% in Q1 2017); whereas restructured loans came down to 7.1%, in Q2 2017 (versus 8.4% in Q2 2016 and 7.8% in Q1 2017). oan at risk ratio is showing a declining trend and was at 11.3% at the end Q2 2017. (versus 12% in Q2 2016 and Q1 2017). Growth Drivers BI recorded a strong loan growth of 15.4% y/y, as on H1 2017. It has consistently outperformed the industry, which only grew 9.5%. In H1 2017, the loan to state-owned-enterprises (SO) segment went up 27% y/y. The consumer loans increased 10% y/y, primarily driven by robust growth in payroll loans. ooking Forward BI expects its loan book to grow 15-17% in 2017, driven by a 19-21% increase in its funding and Indonesia s GDP growth of 5.3%. The Bank forecasts a fee income growth of 20% in 2017, mainly driven by recurring fees from trade finance, bank assurance, and fund management. It has also planned to open a branch office in ustralia, which is expected to commence operations in 2018. The next catalyst is Q3 2017 earnings release, on October 16, 2017. Π ϮϬϭϳ t/>>/ D KΖ /> н K / -30- ϮϬϭϲ Ɛƚ ϭϭ Ϭ ϱͳǉƌ,ŝőś ϭϲ Ϭ ϱͳǉƌ >Žǁ ϳ Ϭ ǀƐ /ŶĚ ǀŐ Ϭ ϵǆ ĂŶŬ ĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ / Ϳ tğğŭůǉ ĂƐ ŽĨ DŽŶ &ĞďƌƵĂƌǇ Ϭϲ ϮϬϭϳ Ĩ DŽŶ &ĞďƌƵĂƌǇ Ϭϲ ϮϬϭϳ ocal Code: IBBI Bloomberg Symbol: BBI:IJ ISI: ID1000096605

Bank egara Indonesia BK GR IDOSI IDOSI (B.ID) IDX BKS-MOY CTR 18.46B 7.20B SHRS RIGS BUSISS: +62 21 251 1946 http://www.bni.co.id MGMT owns X-DIV SC PT BK GR IDOSI (PRSRO) TBK IS IDOSI-BSD SHRIH-COMPIT BKIG SRVICS THROUGH ITS SUBSIDIRY, PRIC = COMPY PRIMRIY GGD I BKIG SCTOR. IT OPRTS PT BK BI SYRIH. ITS OTHR SUBSIDIRIS ICUD PT BI 10 X PS UDR TH M BK BI OR BI. TH COMPY'S MJOR PRODUCTS IF ISURC, WHICH PROVIDS IF ISURC; PT BI D SRVICS ICUD CRDIT CRDS, SVIG CCOUTS, CURRT MUTIFIC, WHICH IS GGD I FICIG BUSISS; PT BI CCOUTS D FIXD DPOSITS, S W S VRIOUS TYPS OF SCURITIS, WHICH PROVIDS SCURITIS UDRWRITIG D 3400 OS, SUCH S HOUSIG OS D OTHR COSUMR OS. BROKRIG SRVICS, D BI RMITTC TD, WHICH OFFRS 3200 BSIDS COVTIO BKIG, IT SO OFFRS MOY RMITTC SRVICS. 3000 2600 2400 2200 2000 1900 1800 1700 1600 U W K Y PS IDR (DC.) CF/SHR IDR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IDR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT CP IDR 171.70T SS IDR64.82T IDOSI PS RTIG 74 IDR9300(OH -6%) PRIC SC 38000 Up 54.36% Since ddition 36000 34000 32000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 827.03 +13% 930.52 +13% 154.52 266.00 312.00 378.00 485.52 578.20 486.83 610.00 730.16 462.64 385.06 280.06 517.41 524.02 560.32 756.96 833.30 1139 RIGS GROWTH RT SS GR RT 14.8 21.4 26.7 28.6 33.4 32.0 25.5 24.7 26.5 2015-17 +13%(11 STBIITY) +17% 14.4 15.7 16.4 17.4 19.9 20.2 13.4 13.9 14.7 2013-17 +11%(10 STBIITY) +16% +16 +10 +9 +11 +8 +25 +7 +29 +12 COMPOSIT RTIG IVT T/O 23317723 25664821 27941829 31150328 33753920 42223898 45002654 57950001 64823964 75 69 74 74 72 70 68 66 66 DBT % 2015-17 51%: 57%: 61% 16237 16426 17335 19764 20332 20852 21514 21765 22266 TX RT 15-17 20%: 20%: 20% : : 2.0 2.2 2.7 2.8 2.1 2.1 2.1 2.1 1.8 BCKOG 15-17 1.76 X '17 BK.V +45 +58 +64 +62 +34 +32 +29 +27 +11 R&D 90 92 92 93 90 90 88 88 83 DIV145.71(2.3%) DIV GR RT+18% (24) 10 14 16 15 14 15 13 15 17 BT 1.18(19) PH 0.08(0.06) 30000 28000 26000 24000 22000 20000 19000 18000 17000 16000 1500 15000 1400 14000 1300 0JKCOMP 1200 13000 12000 1100 11000 1000 10000 900 9000-9% 800 8000 Global Focus M IDR6025 700 7000 600 6000 83 B- 500 480 460 440 420 400 5000 4800 4600 4400 4200 4000 380 3800 360 3600 340 3400 320 3200 300 3000 280 2800 260 2600 240 2400 220 2200 200 190 2000 1900 180 1800 170 1700 160 1600 1500 VOUM 90 M DC Q -48% BOW ST. PS (IDR) % CHG SS(BI IDR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 135.02 +25% 9447.9 +9% +19.8% 7-10 128.30 +16% 9450.7 +17% 25.3% +19.5% 7-10 136.39 +15% 10138.9 +17% 25.1% +19.8% 9-10 143.46 +18% 10827.0 +20% 24.7% 170.05 +26% 11807.3 +25% 26.9% 151.26 +18% 11489.5 +22% 24.5% -20.78 11118.3 +10% 191.59 +34% 10592.3-2% 33.7% 164.77-3% 11802.6 +0% 26.0% 159.93 +6% 13199.1 +15% 22.5% 75.24 #+462% 13608.5 +22% 10.3% 179.98-6% 15524.3 +47% 21.6% 194.85 +18% 15618.1 +32% 23.2% 173.02 +8% 15295.9 +16% 21.1% 170.89 +127% 15626.2 +15% 20.4% 200.75 +12% 16633.5 +7% 22.5% 8-11 8-10 9-12 11-16 7-11 8-11 9-11 7-8 8-10 7-9 8-11 8-10 8-10 274/1760M 304/1837M 337/1892M 380/1980M 422/1857M 453/1897M 454/1920M 442/1670M 387/1815M 421/2101M 455/2293M DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Banks-Money Center 483/2527M SP 16 520/2538M 547/2816M 538/2715M 546/2840M 545/2862M DC 16 MR 17 JU 17 SP 17 DC 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -31-185.50-5% 17268.3 +11% 20.0% 60 M 40 M 30 M MR Q 177.32 +2% '13-18 P..'S OW OW HI ST 7X 10X 16X MR 18 TM DTGRPHS 2/2/2018

IDI RB Bank strong estimates Good growth rtes Minimal overhead supply Source: Corporate Website Strong PS rank High up/down volume, strong /D rating, rising R/S rating RB Bank td (RB2.I) is a rapidly growing private sector bank, expanding its presence across India. The bank is set to benefit from expansion initiatives in the underpenetrated Indian financial sector. Company Overview RB is a scheduled commercial bank in India that provides services to 4M customers through a network of 246 branches and 394 TMs. Q3 FY 2018 revenues by segment: treasury, 35%; retail banking, 30%; corporate/wholesale banking, 29%; other, 6%. O eil Methodology The stock is currently consolidating in a flat base with resistance at IR 600. s an alternate buy point (aggressive entry), investors can look to accumulate once the stock retakes its 200- DM on above average volume. Technical profile is good. Up/Down volume ratio of 3.2 and /D Rating of B+. RB reported Q3 FY 2018 net interest income of IR 4.7B, up 44% y/y, and net profit of IR 1.7B, up 28% y/y. IM expanded 3.89%, up 15bps q/q, led by the falling cost of funds. The Company reported double-digit revenue and PS growth in the trailing seven quarters, generating a strong PS Rank of 97. Consensus estimates call for PS growth of 26% and 33% in FY 2018 and FY 2019, respectively. Growth Drivers RB boasts one of the top asset qualities and improving KPI. It had robust growth from FY 2011 2016, with II and advances CGR of 54% and 65%, respectively. RB s partnership with Bajaj Finance is helping to expand its customer base by leveraging the latter s established base of 18M customers and 33,000 distribution points. 10-Week M Rising R/S line with good /D rating On ovember 30, 2016, RB launched its first successful cashless disbursement in the rural segment, becoming the first bank in India to introduce the adhaar Payment Bridge System for micro-finance loan disbursements. RB, along with eogrowth Credit Pvt. td and Overseas Private Investment Corp., the U.S. government s development finance institution, formed a joint commitment to provide financing for small and medium enterprises in the Indian retail space in October 2016. The Bank acquired a 10% stake in Utkarsh Micro Finance td, a non-banking financial company to offer services to under-banked segments of society. RB plans to extend its product portfolio to Utkarsh Micro Finance s customers and has obtained all the necessary approvals. This would enable RB to extend its distribution footprint and strengthen financial inclusion initiatives across rural areas. ooking Forward In its Vision 2020, RB aims for robust loan growth of 30-35% per annum, an increase in CS ratio of 0.75-1% per year, and to maintain its return on assets at approximately 1.5%. ext Catalyst: The Company reports Q4 FY 2018 earnings on pril 18. -32- ocal Code: I:RBBK Bloomberg Symbol: RBK:I ISI: I976G01028

RB Bank IDI RB BK (RB2.I) S BKS-MOY CTR 416.97M 387.78M SHRS RIGS BUSISS: +91 22 4302 0600 http://www.rblbank.com MGMT owns X-DIV SC RB BK IMITD IS BKIG COMPY. TH BK IS GGD RTI CUSTOMRS OF TH BK THROUGH BRCH TWORK OR OTHR PRIC = I PROVIDIG RG OF BKIG D FICI SRVICS, PPROVD DIVRY CHS; TRSURY, WHICH ICUDS 10 X PS ICUDIG COMMRCI BKIG, RTI BKIG, GRICUTUR IVSTMTS, FICI MRKTS CTIVITIS UDRTK O FIC D FICI ICUSIO, TRSURY OPRTIOS D BHF OF TH BK'S CUSTOMRS, TRDIG, MITC OF OTHR BKIG RTD CTIVITIS. TH BK'S SGMTS RSRV RQUIRMTS D RSOURC MOBIIZTIO FROM OTHR 170 ICUD CORPORT/WHOS BKIG, WHICH ICUDS DIG, BKS D FICI ISTITUTIOS, D OTHR BKIG DPOSITS D OTHR BKIG SRVICS PROVIDD TO CORPORT OPRTIOS SGMT, WHICH ICUDS PR BKIG CTIVITIS, 160 CUSTOMRS OF TH BK; RTI BKIG, WHICH ICUDS SUCH S BCSSURC D CRDIT CRDS. 150 DIG, DPOSITS D OTHR BKIG SRVICS PROVIDD TO 140 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 130 120 110 100 90.00 80.00 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 1.76 2.41 18.0 62 62 60 5301.2 61 2.51 3.50 13.6 6.8 +89 10042 62 2.51 4.27 8.2 5.1 +60 16109 65 5.60 7.82 12.8 9.8 +46 23515 64 7.91 11.87 13.2 11.2 +38 32340 59 12.61 42.96 15.3 12.2 +38 44679 56 222 219 215 228 366 491 569 713 814 5.0 +29 45 97 4.7 +33 45 94 4.8 +35 44 109 4.0 +29 41 113 6.4 +47 40 119 3.7 +16 36 129 2.8-3 39 105 2.1-16 34 112 1.6-40 37 102 FOT MKT CP IR 201.29BI. SS IR44.69 BI IDI PS RTIG IC 1943 97IR482.75(OH -19%) Up 24.55% Since ddition 1900 1800 1700 1600 1500 1400 15.87 +26% 21.09 +33% RIGS GROWTH RT SS GR RT 2015-17 +63% (8 STBIITY) +40% 2013-17 +54%(11 STBIITY) +45% COMPOSIT RTIG IVT T/O PRIC SC 1300 1200 1100 1000 DBT % 2015-17 312%: 352%: 184% 31%: 32%: 35% TX RT 15-17 : : BCKOG 15-17 4.37 X '17 BK.V R&D 1.8(0.4%) DIV GR RT DIV BT 0.96(11) PH 0.01(0.01) 900 800 70.00 700 0IBOM500 60.00 600 50.00 48.00 46.00 44.00 42.00 40.00 38.00 500 480 460 440 420 400 380 Global Focus M IR387.6-10% 36.00 360 34.00 340 32.00 320 30.00 300 28.00 280 26.00 260 24.00 240 22.00 220 20.00 200 37 19.00 18.00 17.00 190 180 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 VOUM 10 M 6M 3M 2M 1M 600 K JU Q PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX RTUR O QUITY T4Q 2.51 0% 5.60 +123% 1.63 1.81 2.19 2.28 16108.8 23515.3 7307.7 7766.5 8227.7 9046.6 +60% 5.8% +5.1% +46% 8.8% +9.7% 8.3% 8.6% 9.9% 9.3% +11.2% 2.75 +69% 10312.3 +41% 9.4% P OW-HIGH 2.54 +40% 10710.4 +38% 8.4% +11.0% 29-32 69/32328 FUD/SHRS (000) DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Banks-Money Center SP 15 DC 15 MR 16 JU 16 SP 16 3.63 +66% 11434.8 +39% 11.3% +11.2% 25-37 81/39454 DC 16 3.70 +62% 12228.7 +35% 10.7% +12.2% 26-40 78/40377 MR 17 3.20 +16% '13-18 P..'S 38-47 89/41555 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -33- OW OW HI ST SP 17 DC 17 25X 41X 47X MR 18 TM DTGRPHS 2/2/2018

IDOSI Bank Tabungan egara Increased estimates Good growth rates Minimal overhead supply Break out to new highs Bank egara Branch Source: Corporate Website Improving /D, 2.4x up down volume 40-Week M 10-Week M Bank Tabungan egara is one of the largest Indonesian banks in terms of assets. Strong loan growth, driven by subsidized mortgage demand, should benefit the bank. Company Overview Bank Tabungan egara (BT) operates through Bank BT, with its business activities focused in three sectors: mortgage loans and consumer banking, housing and commercial banking, and Shariah-compliant banking (Islamic banking). It is the market leader in the country s mortgage loans sector, with a share of 35.62%. The Bank has an extensive distribution network comprising 2,954 post offices, 1,964 TMs, and 903 outlets. Q3 2017 loan book composition: subsidized mortgage, 37%; non-subsidized mortgage, 36%; construction, 13%; commercial, 7%; other housing, 5%; consumer, 2%. O eil Methodology The stock is currently facing selling pressure and trading below its 21- and 50-DM. We believe that it is primarily due to a slowerthan-expected Tapera rollout (a housing savings program to help low-income people attain proper housing). BT has a strong PS Rank of 98, as it was able to accelerate earnings growth in recent years by improving margins and high loan growth. It reported average PS growth of 42% in 2015 2017, compared with 15% in 2013 2017. Increasing sponsorship Rising R/S line with strong /D rating Solid PS and revenue growth In Q3 2017, loans grew 20% y/y, supported by the government program and a 31% y/y increase in subsidized mortgage loans. Supported by y/y growth of 20% in CS, deposits grew 14% y/y, generating a comfortable loan-to-deposit ratio of 110%. Driven by a 17% y/y growth in net interest income, net interest margin stood at 4.49%. sset quality also improved with P at 3.07%. Growth Drivers BT holds 96.69% of national subsidized mortgage disbursements. Driven by its leadership in subsidized mortgage disbursement, BT s loan book growth outpaced the industry. In ugust 2017, BT loans grew 20.08% y/y, far above industry growth of 8.3% y/y. The Bank is expected to benefit from the government housing program that provides housing to the low-income population. Of the total 504,122 targeted subsidized mortgage units, only 319,798 units were approved by the Bank as of September 2017, leaving enough opportunity to grow. ooking Forward BT expects total loans to grow 21 23% y/y in 2017. It also targets to keep its P ratio below 2.5% by December 2017. ext catalyst: The Company s Q4 2017 results are due on February 12, 2018. -34- ocal Code: IBBT Bloomberg Symbol: BBT:IJ ISI: ID1000113707

Bank Tabungan egara BK TBUG GR IDOSI (BT.ID) IDX BKS-MOY CTR 10.48B 4.09B SHRS RIGS BUSISS: +62 21 633 6789 http://www.btn.co.id MGMT owns SC PT BK TBUG GR (PRSRO) TBK IS IDOSI-BSD WORKIG CPIT O. BSIDS COVTIO BKIG, IT SO PRIC = COMPY PRIMRIY GGD I BKIG SCTOR. IT OPRTS ITS OFFRS SHRIH-COMPIT BKIG SRVICS. ITS OFFIC 10 X PS BK UDR TH M BK BT. ITS PRODUCTS ICUD SVIG TWORK IS COMPRISD OF BRCHS D SUB-BRCHS THT R CCOUTS, CURRT CCOUTS D FIXD DPOSITS. IT SO OCTD CROSS IDOSI. OFFRS VRIOUS OS, SUCH S HOM O, IVSTMT O D 1200 1100 1000 900 800 700 U W K Y PS IDR (DC.) CF/SHR IDR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IDR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK X-DIV FOT MKT CP IDR 38.48T SS IDR19.84T IDOSI PS RTIG 97 IDR3670(OH 0%) Up 70.70% Since ddition PRIC SC 13000 12000 2008 46.96 61.55 14.1 2009 2010 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 286.07 +16% 336.30 +18% 75.71 100.62 121.71 148.00 148.32 108.42 175.06 247.33 100.09 101.64 130.53 197.05 227.43 178.92 248.10 288.80 RIGS GROWTH RT SS GR RT 12.5 17.9 18.9 19.8 19.3 11.8 16.2 18.5 2015-17 +42% (7 STBIITY) +15% 11.5 15.5 16.2 15.5 14.3 9.4 14.2 15.9 2013-17 +15%(21 STBIITY) +17% +27 +17 +15 +16 +19 +20 +17 +15 COMPOSIT RTIG IVT T/O 4717811598323769866428068121938957211080696 13391951 15666757 18012534 78 76 76 76 76 76 76 76 76 DBT % 2014-16 150%: 159%: 145% 35033 34852 35064 34678 34634 32794 31051 30874 28223 TX RT 14-16 27%: 27%: 21% : : 2.2 2.2 2.1 2.1 2.0 3.2 2.9 2.9 2.6 BCKOG 14-16 2.00 X '16 BK.V +48 +38 +35 +34 +24 +34 +35 +37 +39 R&D 93 90 92 91 90 92 89 90 88 DIV 49.46(1.4%) DIV GR RT+3% (33) 0.20(0.11) 10 14 16 15 14 15 13 15 17 BT 0.75(4) PH 11000 10000 9000 8000 7000 600 6000 500 480 460 440 420 0JKCOMP 5000 4800 4600 4400 4200 400 380 4000 3800 360 3600 340 3400 320 3200-3% 300 3000 280 2800 Global Focus M IDR2150 260 2600 240 2400 220 2200 88-200 190 180 2000 1900 1800 170 1700 160 1600 150 1500 140 1400 130 1300 120 1200 110 1100 100 1000 90.00 900 80.00 800 70.00 700 60.00 600 VOUM 300 M 200 M SP Q -52% BOW ST. PS (IDR) % CHG SS(BI IDR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 47.96 +50% 3127.3 +25% 16.2% +14.3% 5-6 57/679M DC 13 32.29 +2% 3261.3 +32% 10.5% +14.3% 5-9 78/782M MR 14 18.71-42% 3184.1 +12% 6.2% +12.8% 7-11 84/1085M JU 14 20.50-44% 3328.3 +17% 6.5% +11.0% 8-10 80/1000M SP 14 34.08-29% 3618.2 +16% 10.0% +9.3% 10-11 83/1207M DC 14 38.07 +18% 3626.3 +11% 11.1% +10.1% 8-11 40.61 +117% 3797.6 +19% 11.3% +11.5% 8-9 83/1175M MR 15 86/1234M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Banks-Money Center 36.98 +80% 4041.5 +21% 9.7% +12.6% 6-8 86/1215M SP 15 59.39 +74% 4201.3 +16% 15.0% +14.2% 5-7 85/1116M DC 15 46.40 +22% 4213.6 +16% 11.7% +14.4% 6-10 52.05 +28% 4323.4 +14% 12.7% +13.6% 8-9 106/1151M 132/1279M MR 16 JU 16 54.68 +48% 4382.4 +8% 13.2% +14.3% 7-9 145/1433M SP 16 94.20 +59% 5093.2 +21% 19.6% +15.8% 6-8 56.13 +21% 4678.0 +11% 12.7% +16.2% 6-9 63.90 +23% 4902.2 +13% 13.8% +15.2% 7-10 148/1370M 158/1469M 172/1506M 187/1476M DC 16 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -35-69.33 +27% 5166.8 +18% 14.2% +15.5% 100 M 70 M 40 M DC Q 86.53-8% '13-18 P..'S OW OW HI ST DC 17 5X 11X 12X MR 18 TM DTGRPHS 2/2/2018

MXICO ŶĐ Ğů ĂũŝŽ /ĚďĐ DƚƉů :/ Dy W^ ϭϯ ǆ ϭϯ Ϭϴ ϭϭ ϱϰ ϭϭ ϬϬ ϵ Ϯϯ ϴ ϰϲ ϳ ϲϵ ϲ ϵϯ ϲ ϭϱ ϱ ϯθ Bnc.Del Bajio Idbc. Mtpl. D y/ K /dz ǆđś Dyϰϭ ϬϬϬϬϬϬ нϱϯ ϱϱ ϱϰϰϲ ϳϰϴϮ W^ ZĂŶŬ ϵϳ ĂŶŬƐͲDŽŶĞǇ ĞŶƚĞƌ >ĞŽŶ D y/ K DŬƚ ĂƉ Dyϰϰ Ϭϵ ^ĂůĞƐ DyϮϭ ϱϳ ^ŚĂƌĞƐ ϭ ϭϵϭ &ůžăƚ ϭ ϭϵϭ D'Dd ŽǁŶƐ (PHUJQJ /RQJ nnual estimates revised upwards ϭϯϭ ϭϯϭ ϭϭϭ ϭϭϭ ϵϭ Shares are constructivelyθϭ trading along its 21-DMϳϬ ϲϭ ϱϭ ϰϲ Strong earnings profile Group ranked at 12; among the 197 industry groups in our database ϯ Ϯϯ Ϯ ϵϯ ϰϯ O eil Methodology The stock is breaking out of a 24-week IPO base (saucer-withhandle). We recommend that investors accumulate the stock at current levels. The stock s RS line is trending higher and its RS Rating currently stands at 85. /D Rating improved to B+. Strong PS Rank of 97. Consensus estimates have PS growing 11% in 2018. BanBajio belongs to the Banks-Money Center industry group, currently ranked seventh out of Mexico s 50 industry groups. The Company reported solid Q4 2017 numbers above consensus estimates. et income was MX 1.115B (up 75% y/y). The Company s IM grew to 5.42% in Q4 2017 and its efficiency ratio was 42.3%. нϭ ϭϳй ϯϭ ϭ Superior profitability results in accelerating RO and Pretax Margin Ϯ ϬϬ ϭ ϴϱ ϭ ϲϵ Ϯϲ Ϯϰ ϮϮ ϭ ϰϲ ϭϵ ϭ ϯϭ ϭϳ ϭ ϭϱ ϭϱ ϭ ϬϬ Ϭ ϵϯ Ϭ ϴϱ ϭϯ ϭϯ ϭϭ ϭϭ More of upside volumes Ϭ ϲϵ Company Overview BanBajio is the third-largest locally controlled bank in Mexico, with MX 193.8B in total assets as of Q4 2017. The bank operates 297 branches nationwide, with presence in 28 of the 32 states and in 78 cities. It is currently ranked eighth in Mexico in terms of loans and deposits and seventh in terms of business loans. Dy ϯϰ нϭ ϰϯϭ Ϭ ϳϳ Banco del Bajio (BJI.MX) is the leader in SM and commercial lending in Bajio, one of the most dynamic areas of Mexico. The bank is set to benefit from rising interest rates, as commercial loans constitute more than 80% of its loan book. ϯθ ϯϳ Ϭϱ Ϯ ϲϯ Ϯ ϱϭ Ϯ ϯϭ Source: Corporate Website WZ/ ϭϱϭ ϰ ϲϯ ϯ ϴϱ ϯ ϱϰ >K' &ŝǆğěͿ Q :.6 ϭϳϭ K > :/K ^ /^d/dh /K Dh>d/W> /^ D y/ KͲ ^ &/ / > /^d/dhd/k d, <Ϳ ' ' / d, </' ^ dkz ϮϬϭϳ ƐƟŵĂƚĞ ϮϬϭϴ ƐƟŵĂƚĞ h > Ͳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ Ϭ ϳϲ ϭ Ϭϲ ϭ ϰϰ ϭ ϰϯ Ϯ Ϭϵ ϯ ϰϭ ϭϯйÿ ϯ ϬϮ ϰϰйÿ W^ Dy ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ ^, &>Kt ^,Z Dy Ͳϭ ϯθ Ͳϭ ϭϯ Ͳϭ ϴϲ Ͳϯ ϰϱ Ϭ ϰϰ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ϭϳй WZ d y D Z'/ й ϭϯй ϭϰй ϮϬй Ϯϭй Ϯϯй ϮϬϭϱͲϭϳ Ϯϰй ϴ ^ƚăďŝůŝƚǉͿ ϭϯй Z dhz K Yh/dz й ϭϭй ϭϯй ϭϭй ϭϰй ϮϬϭϯͲϭϳ Ϯϲй ϳ ^ƚăďŝůŝƚǉͿ ^DZ Z d/' ^ > ^ й, ' ϵй ϰй ϴй Ϯϳй KDW Z d/' ^ > ^ D/>Ϳ Dy ϴ ϯϱϰ ϵ ϭϭϵ ϵ ϰϱϭ ϭϭ< ϭϯ< /s d K t <>z Ϭϳ :Ƶů ϭϰ :Ƶů Ϯϭ :Ƶů Ϯϴ :Ƶů Ϭϰ ƵŐ ϭϭ ƵŐ ϭθ ƵŐ Ϯϱ ƵŐ Ϯϵ ƵŐ d й ϮϬϭϰͲϭϲ ϭϭϱй ϭϯϵй ϭϵϭй d 'Z W, Z d/' Ϯϱ Ϯϳ Ϯϱ ϯϭ ϯϯ ϯϭ ϯϭ ϯϭ ϯϭ d y Z d ϮϬϭϰͲϭϲ ϭθй Ϯϴй Ϯϰй s' />z sk> ϬϬϬͿ ϰϱϲ ϲϯϭ ϴϰϳ ϭ ϭϲϭ ϭ ϰϯϰ ϭ ϱϲϭ ϭ ϳϭϲ ϭ ϳϴϭ ϭ ϳϲϰ <>K' ϮϬϭϰͲϭϲ hw Kt sk>hd ϯ ϳ Ϯ ϰ Ϯ ϳ ϰ Ϭ ϯ Ϯ Ϯ ϱ Ϯ ϲ Ϯ ϲ Ϯ ϱ Z Θ < s > Ϯ Ϯϴǆ Ζϭϲ hd /^d Z d/' ϰθ ϰϳ ϰϵ /s Dy ŽŶĞ /s 'Z Zd Z > d/s ^dz 'd, ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ d Ϭ Ϯϭ Ϭ ϬϬͿ >W, Ϭ ϯϱ Ϭ ϯϰͿ 'ZKhW Z < Ϯϭ Ϯϰ ϮϮ ϭϲ ϵ ϭϯ ϭϳ ϭϭ ϭϯ ϵ Ϭ ϲϯ ϴ Ϭ ϱϰ ϳ >K' sk>hd ϵd ϳD ϱd ͲϭϬϬй ϰd ϯ ϰd ^ĞƉ ϭϯ ĞĐ ϭϯ &/ / >^ Ϭ ϳϲ W^ DyͿ W^ й, ' ϴ ϯϱϰ Ϯ ^ > ^ D/> DyͿ DĂƌ ϭϯ :ƵŶ ϭϯ ^ĞƉ ϭϯ ^ > ^ й, ' нϵ ϳй D Z'/ &d Z d y ĞĐ ϭϯ ϭ Ϭϲ нϯϵй ϵ ϭϭθ ϲ нϵй нϭϯ ϰй W >KtͲ,/', &h ^ Π ϮϬϭϳ t/>>/ D KΖ /> н K / DĂƌ ϭϰ :ƵŶ ϭϰ ^ĞƉ ϭϰ ĞĐ ϭϰ ϭ ϰϰ нϯϲй ϵ ϰϱϭ ϱ нϰй нϭϲ ϯй DĂƌ ϭϱ :ƵŶ ϭϱ ^ĞƉ ϭϱ ĞĐ ϭϱ ϭ ϰϯ Ͳϭй ϭϭ Ϯϭϯ ϴ нθй нϭϰ ϵй DĂƌ ϭϲ :ƵŶ ϭϲ ^ĞƉ ϭϲ ĞĐ ϭϲ Ϯ Ϭϵ нϰϳй ϭϯ Ϭϭϯ Ϭ нϯϳй DĂƌ ϭϳ Ϭ ϳϱ :ƵŶ ϭϳ Ϭ ϳϮ ϰ Ϭϴϱ Ϭ ϰ ϰϳϱ ϰ нϭϳ Ϯй нϭϵ ϳй нϯϭ Ϭй ϭϯͳϭϯ ϭϳ ^ĞƉ ϭϳ Ϭ ϳϲĞ Ϯ ϲϱϭ ϵğ ĞĐ ϭϳ Ϭ ϳϱĞ Ϯ ϳϮϱ ϬĞ DĂƌ ϭθ Ϭ ϴϬĞ нϳйğ Ϯ ϴϬϬ ϰğ ͲϯϭйĞ :ƵŶ ϭθ Ϭ ϴϱĞ нϭθйğ Ϯ ϴϳϲ ϳĞ ͲϯϲйĞ W ϭϱ ϮϬϭϳ Ɛƚ ϭϯ ϯϭ ϮϬϭϴ Ɛƚ ϭϭ ϴϵ ϱͳǉƌ,ŝőś ϭϯ ϱͳǉƌ >Žǁ ϭϯ ǀƐ /ŶĚ ǀŐ ŶĐ Ğů ĂũŝŽ /ĚďĐ DƚƉů :/ DyͿ tğğŭůǉ ĂƐ ŽĨ dƶğ Ϯϵ ƵŐƵƐƚ ϮϬϭϳ In Q4 2017, the loan portfolio grew to MX 146B, up 14.9% y/y and 3.3% q/q, while deposits grew MX 113B up 12.7% y/y. P ratio improved to 0.83% (versus 0.88% in Q3 2017 and Q4 2016), while the coverage ratio was 232.23% (versus 181.19% in Q4 2016 and 207.74% in Q3 2017). Growth Drivers With a favorable loan mix and a significant inclination towards SMs (27% of total loans), BanBajio has the second-highest yield in commercial loans in the country, behind Banregio. BanBajio is located in Bajio, one of the fastest growing regions in Mexico, with about 5.5% real GDP growth over the past five years, versus an average of ~2.8% for the country. The bank has a leading 22% market share in this region in terms of commercial loans. The Company s top 20 and 50 customers represent 17% and 27%, respectively, of its total commercial loan book, second lowest among Mexican banks. ooking Forward BanBajio issued its 2018 guidance: loan growth of 12-14%, deposit growth of 12-17%, IM of 5.5-5.6%, net income of MX 4.65B-4.75B, and efficiency ratio of less than 45%. ext Catalyst: The Company s Q1 2018 earnings release on pril 27. -36- ocal Code: MXBBJIOO Bloomberg Symbol: BBJIOO:MM ISI: MX41BB000000

Bnc.Del Bajio Idbc. Mtpl. MXICO BC.D BJIO IDBC. MTP. (BJI.MX) MX RIGS BUSISS: +52 55 5446 7482 http:// SC BCO D BJIO S ISTITUCIO D BC MUTIP IS PRIC = MXICO-BSD FICI ISTITUTIO (TH BK) GGD I TH 10 X PS BKIG SCTOR. TH BK OFFRS FICI PRODUCTS D SRVICS TO IDIVIDU CUSTOMRS, SM D MDIUM-SIZD COMPIS, CORPORTIOS D GOVRMT BODIS. ITS 17.00 PRODUCTS RG ICUDS CURRT D SVIGS CCOUTS, PRSO D COMMRCI OS, MORTGG, CRDIT D DBIT 16.00 15.00 14.00 13.00 12.00 11.00 10.00 9.00 8.00 U W K Y 2009 PS MX (DC.) CF/SHR MX PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI MX) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2010 2011 BKS-MOY CTR 1.19B 1.19B SHRS MGMT owns X-DIV FOT MKT CP MX 47.13BI. SS MX18.51 BI CRDS, IVSTMT FUDS, SCURITIS BROKRG, ISURC POICIS, FORIG CURRCY XCHG, SIG D FCTORIG, ITRTIO TRD FICIG, S W S FIDUCIRY SRVICS, MOG OTHRS. TH BK SO OFFRS SRVICS THROUGH MOBI D ITRT PTFORM. IT OPRTS UMBR OF BRCHS CROSS MXICO. MXICO PS RTIG 98 MX39.61(OH -3%) Up 6.85% Since ddition PRIC SC 190 180 170 160 2012 0.76 0.92 11.7 2013 2014 1.06 1.44 1.17 1.88 13.5 19.8 10.2 12.5 +9 +4 8354.2 9118.6 9450.5 65 61 63 2015 1.42 1.15 20.8 10.9 +8 10214 64 2016 2.09 2.14 22.7 13.9 +27 13013 65 2017 3.28 3.28 26.9 18.7 +42 18510 67 71 67 64 2034 2300 2338 2323 1784 1742 1598 1733 1842 1.5 +20 1 6 1.1 +18 1 3 1.1 +16 50 2 1.2 +15 1 5 0.8 +15 1 14 0.7 +14 1 7 0.7 +14 85 3 0.9 +26 84 14 0.9 +27 92 10 2018 STIMT 2019 STIMT 3.65 +11% 3.94 +8% RIGS GROWTH RT SS GR RT 2015-17 +34%(10 STBIITY) +26% 2013-17 +29%(10 STBIITY) +15% COMPOSIT RTIG IVT T/O 150 140 130 120 110 DBT % 2015-17 139%: 191%: 93% 28%: 24%: 22% TX RT 15-17 : : BCKOG 15-17 1.93 X '17 BK.V R&D DIV O DIV GR RT BT 0.14(0) PH 0.15(0.13) 100 90 80 7.00 70 0MXIPC35 6.00 5.00 4.80 4.60 4.40 4.20 4.00 60 50 48 46 44 42 40 Global Focus M MX37.1 3.80 38 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 92 B+ 2.60 2.40 26 24 2.20 22 2.00 1.90 20 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8 VOUM 20 M 10 M DC Q -46% BOW ST. PS (MX) % CHG SS(BI MX) % CHG MRGI FTR TX RTUR O QUITY T4Q 1.06 +39% 9118.6 +9% 12.4% +10.2% 1.44 +36% 9450.5 +4% 16.3% +12.4% 1.42-1% 0.93S 0.57 0.59 0.75 0.72 10213.8 5890.1S 3383.9 3739.0 4085.0 4514.4 +8% 14.9% +10.8% 16.9% 17.9% 17.0% +13.8% 19.7% 20.8% +15.6% 11-12 P OW-HIGH 32/45459 FUD/SHRS (000) DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Banks-Money Center SP 15 DC 15 MR 16 JU 16 SP 16 DC 16 MR 17 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -37-0.87 +53% 4827.8 +43% 21.5% +17.1% 10-12 56/76027 SP 17 0.94 +59% 5082.8 +36% 21.9% +18.7% MR Q 0.88 +18% '13-18 P..'S OW OW HI ST 75/98854 DC 17 7M 5M 10X 12X 12X MR 18 TM DTGRPHS 2/2/2018

IDI /ŶĚŝĂďƵůůƐ,ŽƵƐŝŶŐ &ŝŷ / / &K ϮϬ ǆ Source: Corporate Website Indiabulls Housing Fin d/k > / / ǆđś / ϭϰθ/ϭϭϭϯϭ нϵϭ ϭϭ ϯϭϯϱ ϮϵϬϬ W^ ZĂŶŬ ϳϵ &ŝŷăŷđğͳ ŽŶƐƵŵĞƌ >ŽĂŶƐ / / /ŶĐ ϮϬϭϮ DŬƚ ĂƉ /Zϯϴϯ Ϭϳ ^ĂůĞƐ /Zϵϴ ϲϵ ^ŚĂƌĞƐ ϰϯϰd &ůžăƚ ϯϲϭd W^ ƵĞ ϰ Ϯϰ ϮϬϭϳĞ K, Ͳϯй D'Dd ŽǁŶƐ / / h>>^,kh^/' &/ >/D/d /^,Kh^/' &/ KDW z d, KDW zζ^ WZ/D Zz h^/ ^^ d/s/d/ ^ Z dk ZZz K h^/ ^^ K& /s ^d/' &/ Z > d d/s/d/ ^ /s ^d/' / s Z/Kh^ ^h ^/ / Z/ ^ &/ /' K& >K ^ Z /d d/s/d/ ^Ϳ & / KD t,/, D />z K^/^d^ K& &/ / > ^ Zs/ Z > d & / KD &ZKD ^ Zs/ ^ ^ >>/' K& /^hz WZK h d^ ^ >/ ^ KZWKZ d ' d Kd, Z Z > d />> Zz ^ Zs/ ^ DKZ ϮϬϭϳ ƐƟŵĂƚĞ ϮϬϭϴ ƐƟŵĂƚĞ h > Ͳ D Z ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϰϭ ϭϵ ϰϳ ϵϲ ϱϰ ϵϱ ϱϵ ϴϰ ϲθ ϯϯ ϭϰй ϴϮ ϲϭ Ϯϭй W^ /Z ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ ^, &>Kt ^,Z /Z ϰϳ ϴϭ ϲϯ ϵϵ ϱϵ ϴϮ ϲθ ϳϮ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ WZ d y D Z'/ й ϯϳй ϯϰй ϯϰй ϯϱй ϮϬϭϰͲϭϲ ϭϯй ϭ ^ƚăďŝůŝƚǉͿ Ϯϱй Z dhz K Yh/dz й Ϯϵй ϯϭй Ϯϳй ϮϬϭϮͲϭϲ ϭϯй ϭ ^ƚăďŝůŝƚǉͿ Ϯϱй ^ > ^ й, ' Ϯϳй Ϯϲй Ϯϱй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ /Z ϰϱ< ϱθ< ϳϮ< ϵϭ< /s d K t <>z :ĂŶ ϮϬ :ĂŶ Ϯϳ &Ğď Ϭϯ &Ğď ϭϭ &Ğď ϭϳ &Ğď Ϯϰ DĂƌ Ϭϯ DĂƌ ϭϭ DĂƌ ϭϰ d й ϮϬϭϰͲϭϲ ϯϱϯй ϰϯϵй ϯϯϯй d 'Z W, Z d/' ϱϯ ϱϰ ϱϵ ϲϭ ϲϲ ϲϰ ϲϯ ϲθ ϳϭ d y Z d ϮϬϭϰͲϭϲ Ϯϭй Ϯϯй Ϯϱй s' />z sk> ϬϬϬͿ Ϯ ϭϵϳ Ϯ ϭϭϱ Ϯ ϭθϲ Ϯ Ϯϳϭ Ϯ Ϯϴϱ Ϯ ϬϮϲ Ϯ ϬϮϮ ϭ ϵϳϭ ϭ ϴϱϭ <>K' ϮϬϭϰͲϭϲ hw Kt sk>hd Ϭ ϳ ϭ Ϭ ϭ ϭ ϭ Ϯ ϭ ϯ ϭ ϵ ϭ ϵ ϭ ϵ Ϯ ϳ Z Θ < s > ϯ ϭϭǆ Ζϭϲ hd /^d Z d/' ϯϭ ϯϯ ϱϲ ϲϯ ϲϲ ϲϭ ϲϭ ϲϭ ϲϯ /s /Z ϯϲ ϬϬ ϰ ϮйͿ /s 'Z Zdнϭϯй ϭϯͿ Z > d/s ^dz 'd, ϯϳ ϯϳ ϰθ ϱϱ ϲϱ ϲϱ ϱϯ ϲϯ ϳϮ d ϭ ϯϱ Ϯϵ ϬϬͿ >W, Ϭ Ϭϭ Ϭ ϬϭͿ 'ZKhW Z < ϭϯθ ϭϯϯ ϭϭϵ ϭϭϱ ϵϱ ϭϭϯ ϭϭϳ ϵϵ ϴϱ ϮϬϭϲ DW>Kz ^ ϱ ϰϱϯ ϭϰйͿ >K' &ŝǆğěͿ WZ/ ϮϮϬϬ ϭϵϭϭ Break out near highs on 1.9x the average daily volume Double-digit estimates Strong growth rates with earning stability ϭϳϭϭ ϭϱϭϭ ϭϯϭϭ ϭϯϭϭ ϭϭϭϭ ϭϭϭϭ ϵϭϭ ϵϭϯ ϵϭ ϴϬϬ нϰϳ ϯϭ /Z нϱ ϱϯй ϳϬϬ Highest up/down volume over several weeks Rising R/S and improving IG rank ϲϭϭ ϱϭϭ ϰϲϭ ϰϯϭ ϳϮ н ϯθϭ ϯϰϭ 40-Week M Indiabulls Housing Finance (IZ.I) is one of the largest private housing finance companies in India. The Company benefits from the launch of a new version of its online mortgage solution. ϯϭϭ ϮϲϬ ϮϰϬ ϮϮϬ R/S near highs with best /D rating 10-Week M ϭϵϭ ϭϳϭ ϭϱϭ ϭϯϭ ϭϯϭ ϭϭϭ ϭϭϭ Company Overview Indiabulls has vast experience in the field of housing finance, serving 963,143 customers with total disbursements of more than IR 1.8T. In FY 2017, it launched a new version of e-home oans, the country s first online end-to-end home mortgage solution. This has enabled the Company to benefit from economies of scale through effective technology deployment. O eil Methodology The stock recently broke out of a 14-week cup and is actionable. The Company continues to post double-digit revenue and PS growth over the past several quarters, generating a strong PS Rank of 88. Its earnings stability factor is 3 over the past three and five years, indicating a stable earnings history. s of 9M FY 2018, loan assets increased 32% y/y to IR 1.07T (versus IR 814B in 9M FY 2017). 79%of total loans were retail and the balance were corporate. Management expects a loan growth of 32-33% in FY 2018. P was at its lowest level in 21 quarters, driven by an increasing share of low-risk home loans in the mid-income segment. GP was 0.77% (0.85% in Q3 FY 2017). P was 0.31% (versus 0.36% in Q3 FY 2017). The Company s cost-to-income for 9M FY 2018 came in at 12.5% (versus 12.9% in Q2 FY 2018 and 13.3% in FY 2017). Decline in cost-to-income has accelerated due to the increasing share of disbursals from online e-home oans and technologyenabled cost effectiveness. ϵϭ ϴϬ Strong forward estimates Increasing sponsorship >/ sk>hd ϮϴD ϮϬD ϭϯd ͲϮй ϯ ϰd ^ĞƉ ϭϯ &/ / >^ W^ /ZͿ ĞĐ ϭϯ DĂƌ ϭϯ ϰϭ ϭϵ :ƵŶ ϭϯ ϭϭ ϭϱ ^ĞƉ ϭϯ ϭϭ ϯϯ ĞĐ ϭϯ ϭϭ ϴϵ DĂƌ ϭϰ ϭϯ ϱϯ W^ й, ' ^ > ^ D/> /ZͿ ^ > ^ й, ' ϰϱ ϰϭϰ ϭ ϭϯ Ϭϵϳ Ϭ ϭϰ ϳϰϭ ϱ ^, Z ^, > z &h ^ ĞĐ ϭϰ ϭϯ ϴϮ нϭϲй DĂƌ ϭϱ ϭϱ ϵϯ нϭθй :ƵŶ ϭϱ ϭϯ Ϭϱ нϳй ^ĞƉ ϭϱ ϭϰ ϭθ нϵй ĞĐ ϭϱ ϭϱ ϯθ нϭϭй DĂƌ ϭϲ ϭϳ Ϯϰ нθй :ƵŶ ϭϲ ϭϰ ϵϲ нϭϱй ^ĞƉ ϭϲ ϭϲ ϮϮ нϭϰй ĞĐ ϭϲ ϭϳ ϳϳ нϭϲй ϭϯ ϲϰϭ ϯ ϭϱ ϭϰϯ ϭ ϭϳ ϬϭϬ ϴ ϭθ ϳϳϳ ϭ ϭθ Ϯϴϵ ϲ ϭϵ ϴϱϬ ϭ ϮϬ ϳϱϬ ϴ Ϯϰ ϬϬϴ ϳ Ϯϯ ϳϭϵ ϴ Ϯϱ Ϭϵϴ Ϭ Ϯϱ ϴϱϴ ϲ нϭϯй нϯй нϭϰй нϰϯй нϯϰй нϯϭй нϯϯй нϯθй нϯϭй нϯϲй нϯϱй ͲϮϲ ϴй ϭϯϯ ϭϳϲ Ϯϱϲ Ϯϲϲ Ϯϴϲ ϯϭϳ ϯϰϰ ϯϱϳ ϱϳd ϲϭd ϲϱd ϵϲd ϵϰd ϭϭϭd ϭϯϱd ϭϯϭd ϭϯ ϮϮϯ ϲ ϳϱ ϳϱ нϲ ϭй ϭϭϰ ϱϲd ϱϱd ϱϵd ϰϵ ϱϭ ϰθ нϯ ϴй ϱϭ ϮϱD ϱϱd ϰθd ϱϭd Π ϮϬϭϳ t/>>/ D KΖ /> н K / ^ĞƉ ϭϰ ϭϯ ϵϲ нϭϰй ϭϰ ϴϲϲ ϯ W^ й ^hzwz/^ &h ^ :ƵŶ ϭϰ ϭϯ Ϯϱ нϭϭй DĂƌ ϭϳ ϭϵ ϬϰĞ нϭϭйğ :ƵŶ ϭϳ ϭθ ϲϭğ нϯϰйğ ^ĞƉ ϭϳ ϭϵ ϲϭğ нϯϭйğ ĞĐ ϭϳ ϭϵ ϮϱĞ нθйğ W ϭϯ ϮϬϭϴϮϬϭϴ Ɛƚ ϭϭ Ϭ ϱͳǉƌ,ŝőś ϭϰ Ϭ ϱͳǉƌ >Žǁ ϰ Ϭ ǀƐ /ŶĚ ǀŐ ϭ Ϭǆ /ŶĚŝĂďƵůůƐ,ŽƵƐŝŶŐ &ŝŷ / /Ϳ tğğŭůǉ ĂƐ ŽĨ dƶğ DĂƌĐŚ ϭϰ ϮϬϭϳ Ĩ dƶğ DĂƌĐŚ ϭϰ ϮϬϭϳ Growth Drivers The Company enjoys declining funding costs due to a borrowing profile tilted toward low-cost market borrowing as well as the bank s marginal cost-based lending. recent rating upgrade by the ICR to the highest level of should further benefit funding costs, expanding IM. Management looks for technology to drive its distribution model; by 2020, it aims to source 50% of home loans from outside its top 20 cities (currently 30%). In January 2017, Indiabulls entered a strategic partnership with Paisabazaar.com, India s leading online financial marketplace, to offer online home loans to consumers. This partnership was aimed to synergize the online home loan experience with Paisabazaar s scale and retain customers by providing quality services. ooking Forward The urban population of India consists of more than 400M people, estimated to reach about 814M by 2050. This should boost the demand for homes in the upcoming years. ext Catalyst: The Company s Q4 FY 2018 earnings on pril 24. -38- ocal Code: I:IBUHSGFI Bloomberg Symbol: IHF:I ISI: I148I01020

Indiabulls Housing Fin IDIBUS HOUSIG FI IDI (IZ.I) S FIC-COSUMR OS 426.54M 392.41M SHRS RIGS BUSISS: +91 124 6681341 http://www.indiabullshomeloans.com MGMT owns X-DIV SC IDIBUS HOUSIG FIC IMITD IS HOUSIG FIC TH BUSISS TO PROVID FIC D TO UDRTK DIG PRIC = COMPY. TH COMPY'S PRIMRY BUSISS CTIVITIS R TO D FIC TO PRSO OR PRSOS, CO-OPRTIV SOCITY, 10 X PS CRRY O BUSISS OF IVSTIG D FIC RTD SSOCITIO OF PRSOS, BODY OF IDIVIDUS, COMPIS, CTIVITIS (IVSTIG I VRIOUS SUBSIDIRIS, FICIG OF ISTITUTIOS, FIRMS, BUIDRS, DVOPRS, COTRCTORS, OS D CRDIT CTIVITIS) D F ICOM, WHICH MIY TTS D OTHRS ITHR T ITRST OR WITHOUT D/OR WITH 380 COSISTS OF FICI SRVIC RTD F ICOM FROM OR WITHOUT Y SCURITY FOR COSTRUCTIO, RCTIO, 360 SRVICS, SIG OF ISURC PRODUCTS S ICSD BUIDIG, RPIR, RMODIG, DVOPMT, IMPROVMT, 340 CORPORT GT, D OTHR RTD CIRY SRVICS. ITS PURCHS OF HOUSS, PRTMTS, FTS, BUGOWS, ROOMS, GOGRPHIC SGMT ICUDS WITHI IDI. IT IS GGD I HUTS D TOWSHIPS, MOG OTHRS. 320 300 280 260 240 220 200 190 180 170 160 U W K Y 2009 PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2010 2011 2012 2013 40.19 47.81 36.5 63 63 63 67 45404 63 2014 47.96 62.99 34.4 28.7 +27 57604 66 2015 54.95 59.82 34.2 30.8 +19 72349 67 2016 59.84 77.49 34.5 27.1 +14 90575 78 2017 68.80 101.68 34.7 25.5 +15 108691 73 1932 1850 1806 1760 1634 1636 1627 1657 1649 1.2-22 59 104 1.2-21 63 103 1.2-21 56 107 1.0-17 55 120 1.3-12 52 120 1.3-3 48 126 1.5 +14 58 117 2.2 +26 67 123 1.7 +8 68 128 FOT MKT 11/1/2017 CP IR 562.86BI. SS IR123.04 BI IC IDI PS RTIG 88 2012 IR1320(OH -8%) 4200 Up 45.99% Since ddition 4000 3800 3600 3400 3200 2018 STIMT 2019 STIMT 87.33 +27% 104.46 +20% RIGS GROWTH RT SS GR RT 2015-17 +15%(3 STBIITY) +27% 2013-17 +15%(3 STBIITY) +25% COMPOSIT RTIG IVT T/O PRIC SC 3000 2800 2600 2400 2200 DBT % 2015-17 439%: 332%: 358% 23%: 25%: 23% TX RT 15-17 : : BCKOG 15-17 4.30 X '17 BK.V R&D 41(3.0%) DIV GR RT+9% (11) DIV BT 1.32(19) PH 0.10(0.06) 0IBOM500 2000 1900 1800 1700 1600 150 1500 1400 130 1300 120 1200 Global Focus M IR903.9 110-8% 1100 100 1000 90.00 900 80.00 800 70.00 700 60.00 600 68 B- 50.00 48.00 46.00 44.00 42.00 40.00 500 480 460 440 420 400 38.00 380 36.00 360 34.00 340 32.00 320 30.00 300 28.00 280 26.00 260 24.00 240 22.00 220 20.00 200 19.00 190 18.00 180 17.00 170 VOUM 7M 3M DC Q -35% BOW ST. PS (IR) 11.89 13.52 14866.3 13223.6 % CHG SS(BI IR) % CHG MRGI FTR TX 26.6% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 3-5 48/48337 DC 13 34.1% +28.7% 3-5 51/50055 MR 14 12.25 +10% 13641.3 +13% 31.1% 4-8 75/55521 JU 14 12.96 +14% 15143.1 +3% 29.6% +29.4% 6-8 75/54711 SP 14 13.82 +16% 17010.8 +14% 28.1% 7-9 99/58621 DC 14 15.93 +18% 18777.1 +42% 29.3% +30.8% 8-11 13.05 +7% 18289.6 +34% 28.0% 9-11 15.38 +11% 20750.8 +22% 29.0% 9-13 17.24 +8% 24008.7 +28% 28.1% +27.0% 9-12 129/57297 172/59530 253/65091 263/96257 282/94351 MR 15 JU 15 SP 15 DC 15 MR 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Finance-Consumer oans 14.18 +9% 19850.1 +31% 28.0% +25.4% 10-14 14.96 +15% 23719.8 +30% 26.6% 9-12 305/110M JU 16 16.23 +14% 25098.0 +26% 27.3% +23.7% 10-13 342/124M SP 16 17.77 +16% 25858.6 +25% 29.1% 9-13 348/128M DC 16 19.84 +15% 29314.0 +22% 28.7% +25.4% 9-14 406/136M MR 17 18.59 +24% 29559.9 +25% 26.7% +26.0% 12-16 457/136M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -39-20.30 +25% 30670.4 +22% 28.1% +27.0% 507/144M SP 17 27.45 +54% 33491.7 +30% 34.9% MR Q 23.02 +16% '13-18 P..'S OW OW HI ST 500/126M DC 17 600 K 300 K 3X 18X 16X MR 18 TM DTGRPHS 2/2/2018

IDI 'ƌƶś &ŝŷăŷđğ 'Zh / &K ϮϬ ǆ Source: Corporate Website GRUH Finance (GRU.I), a subsidiary of HDFC td, is one of the leading housing finance companies in India. With a focus on rural markets and lower ticket size loans, the Company is well positioned to benefit from the ongoing thrust on affordable housing. Gruh Finance d/k > / / ǆđś / ϱθϭ ϬϭϬϮϵ нϵϭ ϳϵ ϮϲϰϮ ϭϲϳϭ W^ ZĂŶŬ ϴϱ ŐƌƵŚ ĐŽŵ &ŝŷăŷđğͳ ŽŶƐƵŵĞƌ >ŽĂŶƐ DŬƚ ĂƉ /ZϭϮϴ ϴϬ ^ĂůĞƐ /Zϭϰ ϰϭ ŚŵĞĚĂďĂĚ / / ^ŚĂƌĞƐ ϯϲϰd &ůžăƚ ϭϰϵd W^ ƵĞ ϰ ϭϳ ϮϬϭϳĞ K, Ͳϰй D'Dd ŽǁŶƐ 'Zh, &/ >/D/d 'Zh,Ϳ /^ / / Ͳ ^,Kh^/' &/ KDW z d, KDW z WZKs/ ^,KD >K ^ dk / /s/ h >^ & D/>/ ^ &KZ WhZ, ^ K^dZh d/k yd ^/K ϮϬϭϳ ƐƟŵĂƚĞ ϮϬϭϴ ƐƟŵĂƚĞ h > Ͳ D Z ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϭ ϮϮ ϭ ϰϱ ϭ ϵϵ Ϯ ϲϯ ϯ ϰϭ ϰ ϭϭ ϰ ϵϯ ϱ ϲϯ ϲ ϳϬ ϳ ϴϭ ϭϳйÿ W^ /Z ϵ ϯϱ ϮϬйŸ ^, &>Kt ^,Z /Z ϭ Ϯϵ ϭ ϰθ Ϯ Ϯϱ Ϯ ϳϱ ϯ ϱϯ ϰ ϯϲ Ͳϯϴ ϲϯ Ͳϰϱ ϵϯ ϳ ϯϵ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ Ϯϭй WZ d y D Z'/ й Ϯϵй Ϯϰй ϯϭй ϯϱй ϯϯй ϯϭй Ϯϵй Ϯϴй Ϯϴй ϮϬϭϰͲϭϲ ϭϳй ϭ ^ƚăďŝůŝƚǉͿ Ϯϰй Z dhz K Yh/dz й Ϯϰй Ϯϱй ϯϭй ϯϰй ϯϯй ϯϯй ϯϭй ϯϯй ϮϬϭϮͲϭϲ ϭθй Ϯ ^ƚăďŝůŝƚǉͿ ^DZ Z d/' ^ > ^ й, ' ϯϵй ϰϲй ϱй ϭϲй ϰϯй Ϯϳй ϯϭй Ϯϱй ϮϬй KDW Z d/' ^ > ^ D/>Ϳ /Z Ϯ Ϭϭϴ Ϯ ϵϰϭ ϯ ϬϴϮ ϯ ϱϵϭ ϱ Ϭϴϰ ϲ ϰθϯ ϴ ϰϱϳ ϭϭ< ϭϯ< /s d K t <>z ĞĐ Ϭϵ ĞĐ ϭϲ ĞĐ Ϯϯ ĞĐ ϯϭ :ĂŶ Ϭϲ :ĂŶ ϭϯ :ĂŶ ϮϬ :ĂŶ Ϯϳ &Ğď Ϭϭ d й ϮϬϭϰͲϭϲ ϴϯϮй ϵϯϭй ϭ<й d 'Z W, Z d/' ϱϭ ϱϰ ϱϱ ϱϭ ϱϲ ϲϯ ϱϵ ϱϵ ϱϵ d y Z d ϮϬϭϰͲϭϲ Ϯϴй ϯϯй ϯϯй s' />z sk> ϬϬϬͿ ϯϯθ ϯϭϲ ϯϭϱ Ϯϳϳ ϭϵϵ ϯϰϭ ϯϭϭ ϮϵϮ Ϯϳϵ <>K' ϮϬϭϰͲϭϲ hw Kt sk>hd ϭ ϰ ϭ ϯ ϭ ϰ ϭ ϭ Ϭ ϳ Ϯ ϳ Ϯ ϲ ϯ Ϯ ϰ ϲ Z Θ < s > ϭϰ ϲϭǆ Ζϭϲ hd /^d Z d/' Ͳϭϰ ͲϭϬ Ͳϯ Ͳϴ ϲ ϵ ϮϬ Ϯϲ ϯϯ /s /Z Ϯ ϯϭ Ϭ ϳйͿ /s 'Z ZdнϮϭй ϴͿ Z > d/s ^dz 'd, ϰϵ ϱθ ϲϰ ϲϭ ϱϵ ϲϭ ϲϱ ϲϯ ϳϬ d Ϭ ϴϭ ϭϱ ϬϬͿ >W, Ϭ Ϭϳ Ϭ ϬϰͿ 'ZKhW Z < ϭϭϱ ϭϭϵ ϭϭθ ϭϱϯ ϭϯϳ ϭϯϭ ϭϯθ ϭϯϯ ϭϯϳ ϮϬϭϲ DW>Kz ^ ϲϰϭ ϭϭйͿ >K' &ŝǆğěͿ Minimal overhead supply WZ/ ϲϭϭ Break out on 1.8x the average daily volume ϱϭϭ ϰϲϭ Increased estimates ϰϯϭ ϯθϭ ϯϱϯ ϵϭ ϯϰϭ Good growth rates, stable earnings нϭϲ ϭϭ ϯϭϭ /Z нϰ ϳϳй ϮϲϬ ϮϰϬ ϮϮϬ ϭϵϭ High up/down volume, improving /D and R/S ratings ϭϳϭ ϭϱϭ ϳϬ н 40-Week M 10-Week M ϭϯϭ ϭϯϭ ϭϭϭ ϭϭϭ ϵϭ ϴϬ Company Overview GRU.I primarily focuses on providing home loans to individuals and families for purchase and construction. The Company has historically provided housing finance to salaried individual customers and has recently expanded its client base to include self-employed professionals and builders. O eil Methodology GRU.I is extended from an ideal entry. Given its strong fundamentals, add to positions when the stock pulls back to its 50-DM. high RS Rating of 82, an Up/Down volume ratio of 3.5, and an /D Rating of + indicate price outperformance and institutional support. Institutional sponsorship increased 25% y/y to 87 as of December 2017. Historically, the Company has had high revenue and PS growth of 22% and 18% (2013-2017) with stable margins (pretax margins of 30%). Its earnings stability rating is 2 for 2015-2017 and 2013-2017. et income rose 28.3% y/y to IR 822M, while diluted PS was up 27.27% y/y. Q3 FY 2018 revenue increased 12.5% y/y to IR 4.28B. Q3 FY 2018 II increased 17.1% y/y to IR 1.77B. Q3 FY 2018 gross P came in at 0.73%, compared with 0.67% in Q2 FY 2018. More notably, net P were fully provisioned for and came in at 0%, down from 0.07% in Q2 FY 2018. et P has been below 0.30% over the last 10 quarters. Growth Drivers s of Q3 FY 2018, total loans were up 18% y/y to IR 148B. 9M CY 2017 loan disbursements rose 31% y/y to IR 374.8B. Robust loan growth and best-in-class asset quality coupled with a positive outlook for the Indian housing market will drive the Company going forward. Rising R/S line near highs ϳϬ ϲϭ ϱϭ ϰϲ ϰϯ ϯθ ϯϰ ϯϭ Solid PS and revenue growth Ϯϲ Ϯϰ ϮϮ >/ sk>hd ϵd Increasing sponsorship ϳD ϱd ϯd ͲϮϯй ϲϳϭ ϲ< ϭ&/ / >^ ĞĐ ϭϭ DĂƌ ϭϯ ϵ W^ /ZͿ Ϭ ϲϲ ϭ ϱθ й W^ й, ' нϯϯй нϯϯй ϵ^ > ^ D/> /ZͿ ϭ ϯϭϵ ϰ ϭ ϲϱϳ ϯ :ƵŶ ϭϯ Ϭ ϳϱ ^ĞƉ ϭϯ Ϭ ϳϳ ĞĐ ϭϯ Ϭ ϴϭ DĂƌ ϭϯ ϭ ϳϳ :ƵŶ ϭϯ Ϭ ϵϱ ^ĞƉ ϭϯ Ϭ ϵϲ ĞĐ ϭϯ Ϭ ϵθ DĂƌ ϭϰ Ϯ Ϭϱ :ƵŶ ϭϰ ϭ ϭϲ ^ĞƉ ϭϰ ϭ ϭϵ ĞĐ ϭϰ ϭ Ϯϯ DĂƌ ϭϱ Ϯ Ϭϰ :ƵŶ ϭϱ ϭ ϯθ ^ĞƉ ϭϱ ϭ ϰϯ ĞĐ ϭϱ ϭ ϰθ DĂƌ ϭϲ Ϯ ϰϭ :ƵŶ ϭϲ ϭ ϲϲ ^ĞƉ ϭϲ ϭ ϳϬ ĞĐ ϭϲ ϭ ϳϲ DĂƌ ϭϳ Ϯ ϰϱğ нϯϵй ϭ ϰϳϳ ϳ нϯϭй ϭ ϱϲϵ ϴ нϯϯй ϭ ϲϲϰ Ϯ нϭϯй ϭ ϳϳϬ Ϯ нϯϳй ϭ ϴϯϭ ϵ нϯϱй Ϯ ϭϭϱ Ϭ нϯϭй Ϯ ϭϳϯ ϵ нϭϲй Ϯ ϱϰϰ Ϯ нϯϯй Ϯ ϰϭϲ ϭ нϯϰй Ϯ ϱϳϳ ϯ нϯϲй Ϯ ϳϭϭ ϭ Ϭй Ϯ ϴϵϴ ϲ нϭϵй Ϯ ϵϰϯ ϵ нϭϵй ϯ ϭϭθ ϭ нϯϭй ϯ Ϯϯϱ ϱ нϭθй ϯ ϰϱϲ ϱ нϯϭй ϯ ϰϲϯ ϰ нϯϭй ϯ ϲϳϰ ϯ нϭϵй ϯ ϴϭϬ Ϯ нϯйğ ϭ ϴϴϬ ϬĞ й^ > ^ й, ' нϰϭй нϰϭй W^ й ^hzwz/^ ϱ&h ^ ϭϱ ϭϲ нϯϭй нϯθй нϯϲй нϳй нϯϰй нϯϭй нϭϵй нϭθй нϭθй нϭθй ͲϰϲйĞ ϯϵ ϯϱ ϰϯ ϱϯ нϯϯй Ͳϰ ϴй ϱϭ нϭϵй ϯϯ нϯϱй нϭ ϱй ϰϲ нϯϭй Ϯϲ нϯϯй нϭϭ Ϭй ϰϰ нϭϰй Ϯϭ нϰϰй нϯϭ ϯй ϰϯ нϯϯй ϭϵ нϯϰй Ͳϰϯ ϴй ϯϲ ϱϯ ϱϰ ϱϱ ϱϲ ϲϭ ϲθ Ϭ^, Z ^, > z &h ^ ϯϭd ϮϰD ϮϲD ϯϰd ϯϯd ϯϰd ϯϰd ϯϱd ϯϯd ϰϭd ϰϭd ϰϯd ϰϯd ϯϭd ϯϯd ϯϱd ϯϲd ϯϵd ϰϭd ϰϯd ϱϱd Π ϮϬϭϳ t/>>/ D KΖ /> н K / W ϰϱ ϮϬϭϴ Ɛƚ ϯθ Ϭ ϱͳǉƌ,ŝőś ϱϲ Ϭ ϱͳǉƌ >Žǁ ϭϲ Ϭ ǀƐ /ŶĚ ǀŐ ϯ ϰǆ 'ƌƶś &ŝŷăŷđğ 'Zh /Ϳ tğğŭůǉ ĂƐ ŽĨ tğě &ĞďƌƵĂƌǇ Ϭϭ ϮϬϭϳ &ĞďƌƵĂƌǇ Ϭϭ ϮϬϭϳ Mortgage penetration remains low compared with advanced and emerging economies. The Indian mortgage industry is expected to grow five-fold in the next 10 years. growing urban population should boost demand for homes. GRU.I s cost of funds is comparable with that of its larger peers as it has been a prime beneficiary of low-cost ational Housing Bank loans due to its major disbursement exposure in underpenetrated lower-income rural and semi-urban areas. This has resulted in higher interest spreads than its peers. Over the years, GRUH has successfully reduced its borrowing costs. ooking Forward The Indian government has effectively lowered interest rates on home loans by increasing tax exemption limits on loan repayments. It has also planned to launch 2M affordable housing units by FY 2018, benefiting housing finance companies. xpectations call for PS growth of 19% (+IR 9.68) and 18% (+IR 11.47) in FY 2018 and FY 2019, respectively. ext Catalyst: The Company s Q4 FY 2018 earnings release on pril 17. -40- ocal Code: I:GRUH Bloomberg Symbol: GRHF:I ISI: I580B01029

Gruh Finance IDI GRUH FIC (GRU.I) S FIC-COSUMR OS 365.69M 153.59M SHRS RIGS BUSISS: +91 79 2642 1671 http://www.gruh.com MGMT owns X-DIV SC GRUH FIC IMITD (GRUH) IS IDI-BSD HOUSIG PROPRTIS. GRUH OFFRS DVOPR OS O SCTIV BSIS PRIC = FIC COMPY. TH COMPY PROVIDS HOM OS TO. GRUH OFFRS OS O U, MOTHY D DIY RST BSIS. 10 X PS IDIVIDUS, D FMIIS FOR PURCHS, COSTRUCTIO D TH COMPY SO OFFRS OS WITH CRDIT GURT COVR XTSIO. TH COMPY OPRTS THROUGH HOUSIG FIC WHRI TH OS R GURTD BY TH CRDIT RISK BUSISS SGMT. GRUH SO PROVIDS OS FOR RPIR D GURT FUD TRUST (CRGFT). GRUH SO OFFRS HOM OS 190 ROVTIO OF HOUSS D HOM OS TO FMIIS I TH UDR TH RUR HOUSIG FUD (RHF) SCHM OF TIO 180 SF-MPOYD CTGORY. GRUH OFFRS OS FOR PURCHS D HOUSIG BK (HB). TH COMPY'S HOM O PRODUCTS ICUD 170 COSTRUCTIO OF O- RSIDTI PROPRTIS (RP) D OFFRS GRUH SURKSH, GRUH SUVIDH, GRUH SJVT D GRUH SMRUDDHI 160 MORTGG OS GIST XISTIG RSIDTI D COMMRCI. 150 140 130 120 110 100 90.00 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT CP IR 207.64BI. SS IR16.33 BI IDI PS RTIG 88IR567.80(OH -20%) Up 60.44% Since ddition PRIC SC 2000 1900 1800 1700 1600 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 9.67 +19% 11.54 +19% 1.45 1.99 2.62 3.41 4.10 4.93 5.62 6.70 8.15 1.48 2.25 2.75 3.53 4.36-38.63-45.93-52.74-48.44 RIGS GROWTH RT SS GR RT 2015-17 +20%(2 STBIITY) +17% 23.7 30.6 35.0 32.0 30.4 28.9 28.4 28.4 29.7 24.5 31.4 34.2 33.3 32.2 30.9 31.5 30.4 2013-17 +18%(2 STBIITY) +22% +46 +5 +16 +1,332 +27 +30 +25 +20 +17 COMPOSIT RTIG IVT T/O 2941.3 3082.3 3589.6 5083.9 6481.9 8456.9 10603 12754 14874 61 61 61 61 59 60 66 59 61 DBT % 2015-17 931%: 999%: 943% 245 232 228 218 208 205 335 459 515 32%: 33%: 33% TX RT 15-17 : : 1.1 1.0 1.1 1.3 1.3 1.6 3.5 1.9 1.7 BCKOG 15-17 18.88 X '17 BK.V +40 +48 +43 +45 +42 +44 +66 +41 +38 R&D 2.8(0.5%) DIV GR RT+20% (7) 59 59 52 52 45 45 82 72 72 DIV 104 103 107 120 120 126 117 123 128 BT 0.26(0) PH 0.20(0.08) 1500 1400 1300 1200 1100 1000 900 0IBOM500 800 70.00 700 60.00 600 50.00 48.00 46.00 44.00 42.00 40.00 500 480 460 440 420 400-30% Global Focus M IR353.9 38.00 380 36.00 360 34.00 340 32.00 320 30.00 300 28.00 280 26.00 260 24.00 240 72-22.00 220 20.00 19.00 200 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 2/1 VOUM 5M 3M 2M 800 K 400 K PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 0.98 +21% 2173.9 +31% 16.2% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 22-30 34/32002 DC 13 2.05 +16% 2544.2 +44% 28.9% +32.2% 25-30 40/40319 MR 14 1.16 +22% 2416.1 +32% 17.3% 27-41 40/40252 JU 14 1.19 +24% 2577.3 +22% 16.7% +30.6% 35-42 42/42938 SP 14 1.23 +26% 2711.1 +25% 16.5% 32-49 45/42382 DC 14 2.04 0% 2898.6 +14% 25.6% +30.9% 42-56 1.38 +19% 2943.9 +22% 17.1% 32-45 50/30354 MR 15 50/32354 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Finance-Consumer oans 1.42 +19% 3118.1 +21% 16.6% +29.1% 36-44 53/35170 SP 15 1.48 +20% 3235.5 +19% 16.6% 37-44 53/36441 DC 15 2.41 +18% 3456.5 +19% 25.4% +31.4% 33-41 54/38776 MR 16 1.66 +20% 3463.4 +18% 17.4% 34-42 55/40024 JU 16 1.70 +20% 3674.3 +18% 16.9% +29.6% 38-48 61/41782 SP 16 1.76 +19% 3810.2 +18% 16.8% 35-48 69/55944 DC 16 3.03 +26% 3926.0 +14% 28.1% +30.4% 36-53 72/57220 MR 17 1.98 +19% 3981.2 +15% 18.1% 43-54 89/58288 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -41-2.13 +25% 4140.5 +13% 18.8% +30.5% 47-62 90/60741 SP 17 2.25 +28% 4284.7 +12% 19.2% '13-18 P..'S OW OW HI ST 85/59643 DC 17 21X 56X 62X MR 18 TM DTGRPHS 2/2/2018

THID DƵĂŶŐƚŚĂŝ >ĞĂƐŝŶŐ Dhd, d, &K ϮϬ ǆ Source: Corporate Website нϲϲ Ϯϴ ϴϬϭϬϯϯ W^ ZĂŶŬ ϵθ Muangthai easing d, /> ǆđś d,ϲϭϲθϭϭϭϭϭϯ ŵƶăŷőƚśăŝůğăɛŝŷő ĐŽ ƚś &ŝŷăŷđğͳ ŽŶƐƵŵĞƌ >ŽĂŶƐ DŬƚ ĂƉ d, ϲϭ ϰθ ^ĂůĞƐ d, ϯ ϴϰ ĂŶŐŬŽŬ d, /> ^ŚĂƌĞƐ Ϯ ϭϯϭ &ůžăƚ ϲϭϱd W^ ƵĞ Ϯ ϮϬ ϮϬϭϳĞ K, Ͳϰй D'Dd ŽǁŶƐ Dh 'd, / > ^/' W > Dh 'd, / > ^/' Wh >/ KDW z >/D/d /^ d, /> Ͳ ^ KDW z ' ' / > /' h^/ ^^ /d^ h^/ ^^ /^ Z > d dk d, WZK ^^ K& >K ^ ^ hz ' /^d s,/ > Z '/^dz d/k^ W Z^K > >K ^ t/d,khd K>> d Z > t,/, / >h ^ DKdKZ s,/ > ^ >K ^ Z >K ^ hdk >K ^ &KZ 'Z/ h>dhz h > Ͳ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ƐƟŵĂƚĞ ϮϬϭϳ ƐƟŵĂƚĞ Ϭ ϭϯ Ϭ Ϯϳ Ϭ Ϯϯ Ϭ ϯϯ Ϭ ϯϵ W^ d, Ϭ ϲϲ ϲϵйÿ Ϭ ϵϯ ϯϵйÿ ^, &>Kt ^,Z d, Ϭ ϭϯ Ϭ ϰϭ Ϭ Ϯϴ Ϭ ϯϱ Ϭ ϰϰ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ WZ d y D Z'/ й Ϯϭй ϯϯй Ϯϴй ϯϳй ϰϭй ϮϬϭϰͲϭϲ ϯϭй ϳ ^ƚăďŝůŝƚǉͿ ϯϲй Z dhz K Yh/dz й ϮϬй ϮϬй ϭϲй ϭϱй ϮϬϭϮͲϭϲ Ϯϲй ϭϯ ^ƚăďŝůŝƚǉͿ ϯϱй ^ > ^ й, ' ϴϴй Ϯϰй ϮϬй ϯθй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ d, ϲϲϯ ϭ Ϯϰϲ ϭ ϱϰθ ϭ ϴϱϲ Ϯ ϱϱϵ /s d K t <>z ĞĐ Ϭϵ ĞĐ ϭϲ ĞĐ Ϯϯ ĞĐ ϯϭ :ĂŶ Ϭϲ :ĂŶ ϭϯ :ĂŶ ϮϬ :ĂŶ Ϯϳ :ĂŶ ϯϭ d й ϮϬϭϯͲϭϱ ϯϯй ϳй ϲϭй d 'Z W, Z d/' ϳϵ ϴϬ ϳϵ ϳϬ ϳϱ ϳϭ ϳϲ ϳϴ ϳϴ d y Z d ϮϬϭϯͲϭϱ ϮϬй ϮϬй ϮϬй s' />z sk> ϬϬϬͿ ϭϲ ϳϭϱ ϭϳ ϲϭϱ ϭθ ϭϯϯ ϭθ ϴϳϳ ϭϵ ϵϭϯ ϮϬ ϬϱϮ ϮϬ ϳϱϯ ϭϱ ϭϵϭ ϭϱ Ϯϭϴ <>K' ϮϬϭϯͲϭϱ hw Kt sk>hd ϯ ϰ ϯ ϰ ϯ Ϭ Ϯ ϲ Ϯ ϴ Ϯ ϲ Ϯ ϱ ϭ ϴ ϭ ϴ Z Θ < s > ϭϭ ϴϴǆ Ζϭϱ hd /^d Z d/' ϰϭ ϰϳ ϰθ Ϯϭ ϯθ ϭθ ϯϯ ϰϯ ϰϯ /s d, Ϭ ϮϬ Ϭ ϳйͿ /s 'Z Zd Z > d/s ^dz 'd, ϴϵ ϵϭ ϴϳ ϴϮ ϴϱ ϴϭ ϴϱ ϵϭ ϵϭ d ϭ ϬϬ ϭϯ ϬϬͿ >W, Ϭ Ϭϴ Ϭ ϬϰͿ 'ZKhW Z < ϲ ϲ ϳ ϯϯ ϭϭ ϭϯ ϭϰ ϭϰ ϭϯ >K' &ŝǆğěͿ WZ/ ϵϭ ϴϬ ϳϬ Minimal overhead supply ϲϭ ew high on 1.7x the average daily volume Increased estimates ϱϭ ϰϲ ϰϯ ϯθ ϯϰ Good growth rates; stable earnings ϯϭ Ϯϵ ϬϬ d, Ϯϲ Ϭ ϬϬϬ Ϭ ϬϬй Ϯϰ ϮϮ Great PS rank ϭϵ ϵϭ Ͳ ϭϳ ϭϱ ϭϯ ϭϯ ϭϭ 40-Week M ϭϭ Muangthai easing (MUTH) is one of the leading companies engaged in lending. Its growth is driven by a huge potential from the under-penetrated nanofinance market and new branch openings. ϵ Rising R/S line with good R/S and /D rating 10-Week M ϴ ϳ ϲ ϱ ϰ ϲ ϰ Ϯ ϯ ϴ Company Overview The Company s operations include: secured loans against all types of used vehicle titles, home titles, and land titles, and unsecured personal loans, such as nano-finance. Q3 2017 loans receivable by segment: motor cycle, 39%; car, 33%; land, 14%; personal, 7%; tractor, 5%; nano, 2%. ϯ ϰ ϯ >/ sk>hd Solid PS and revenue growth ϭ ϴ ϭ ϰ ϭ ϲϭϭd нθϯй Ϯϱ ϯd ^ĞƉ ϭϭ ĞĐ ϭϭ &/ / >^ Ϭ ϭϯ W^ d, Ϳ DĂƌ ϭϯ :ƵŶ ϭϯ ^ĞƉ ϭϯ ĞĐ ϭϯ Ϭ Ϯϳ DĂƌ ϭϯ Ϭ Ϭϱ :ƵŶ ϭϯ Ϭ Ϭϰ ^ĞƉ ϭϯ Ϭ Ϭϳ ĞĐ ϭϯ Ϭ Ϭϴ DĂƌ ϭϰ Ϭ Ϭϵ :ƵŶ ϭϰ Ϭ Ϭϳ ^ĞƉ ϭϰ Ϭ Ϭϵ ĞĐ ϭϰ Ϭ Ϭϴ DĂƌ ϭϱ Ϭ Ϭϵ :ƵŶ ϭϱ Ϭ Ϭϵ ^ĞƉ ϭϱ Ϭ ϭϭ ĞĐ ϭϱ Ϭ ϭϭ DĂƌ ϭϲ Ϭ ϭϯ :ƵŶ ϭϲ Ϭ ϭϰ ^ĞƉ ϭϲ Ϭ ϭϵ нθϭй нϳϱй нϯϵй Ϭй Ϭй нϯϵй нϭϭй нϯθй нϰϰй нϱϲй нϵϭй ϰϯϲ ϱ нϯϭй ϰϰϲ ϭ нϭϵй ϰϳϱ ϱ нϭθй ϱϭθ Ϭ нϯϯй ϳϲϴ Ϭ нϱϭй ϴϲϱ ϴ нϲϯй ϭ ϬϬϯ ϭ нϳϯй ϭ ϮϬϭ ϰ нϳθй ĞĐ ϭϲ W ϱϭ O eil Methodology Shares recently broke out of a flat base spanning nine weeks and are currently trading above 21- and 50-DM support. We expect the stock to continue its strong momentum on the back of better-than-expected Q3 2017 results. The Company s three- and five-year earnings growth stands at 44% and 31%, respectively, generating top PS Rank of 99. Consensus estimates have PS growing 61% and 40%, y/y, in 2017 and 2018, respectively. In Q3 2017, the Company reported revenue and net profit growth of 64% and 62%, y/y, respectively, mainly driven by an increased number of branches (to 2,294 from 1,515 in Q3 2016) and 45.4% growth in new loan lending. xpanding pretax margin led to accelerating RO, indicating strong profitability. Fund ownership increased 61% y/y to 119 in September 2017. sset quality remains strong, as P came in at 1.17% (versus 1.18% in Q2 2017 and 1.09% in Q1 2017). Management s P ratio target for 2017 is below 1.5%. In July, The Bank of Thailand tightened its credit policies by lowering credit lines for credit cards and personal loans to not more than 1.5x monthly salaries (from 5x currently for income earners) of less than THB 30K per month. This regulatory change will be a tailwind for loan growth as it will force the salaried class to seek additional sources of funds to support their personal consumption. The Company has cross-selling opportunities in its lending business, backed by a large customer database and countrywide branch network, which would act as a catalyst for growth in the coming quarters. Growth Drivers The Company observed robust loan growth of 58% y/y and 10% q/q in Q3 2017, with the primary loan growth driver being new products, such as cars and agricultural land products. ooking Forward ccording to the World Bank, Thailand s economy is gaining momentum. Growth forecasts for 2017 are at 3.5%. ext Catalyst The Company s Q4 2017 earnings on February 16, 2018. нϭϭθй W^ й, ' ϲϲϯ ϵ ^ > ^ D/> d, Ϳ ϭ Ϯϰϱ ϲ нθθй ^ > ^ й, ' ϯϱϯ ϯ ϯϳϱ ϳ ϰϭϯ ϱ ϰϭϲ ϳ ϱϯϯ ϭ нϯϱй ϱθϯ ϴ нϯϭй ϲϳϱ ϭ нϰϯй нϭϱ ϰй Ͳϴϭ ϴй нϭ Ϭй ϭϭ ϭϳ Ϯϲ Ϯϵ ϱϲ ϵ ϭϰϲ ϬϬϬ ϭϯd ϯϵd ϱθd ϵϲd W^ й ^hzwz/^ &h ^ ^, Z ^, > z &h ^ Π ϮϬϭϳ t/>>/ D KΖ /> н K / -42- ϮϬϭϳ Ɛƚ ϯϯ Ϭ ϱͳǉƌ,ŝőś ϲϯ Ϭ ϱͳǉƌ >Žǁ Ϯϲ Ϭ ǀƐ /ŶĚ ǀŐ ϯ ϴǆ ϴϬ ϳϴ ϳϳ ϵθd ϳϮD ϳϳD DƵĂŶŐƚŚĂŝ >ĞĂƐŝŶŐ Dhd, d,Ϳ tğğŭůǉ ĂƐ ŽĨ DŽŶ :ĂŶƵĂƌǇ ϯϭ ϮϬϭϳ Ĩ DŽŶ :ĂŶƵĂƌǇ ϯϭ ϮϬϭϳ ocal Code: TH:MTS Bloomberg Symbol: MTS:TB ISI: TH6068010003

Muangthai easing THID MUGTHI SIG BKK (MUTH.TH) FIC-COSUMR OS 2.12B 678.40M SHRS RIGS BUSISS: +66 28 801033 http://www.muangthaileasing.co.th MGMT owns SC MUGTHI SIG PUBIC COMPY IMITD IS THID-BSD GRICUTUR. ITS SUBSIDIRY COMPRISS MUGTHI SIG PRIC = COMPY GGD I DIG BUSISS. ITS BUSISS IS RTD ISURC BROKR COMPY IMITD, PRICIPY GGD I 10 X PS TO TH PROCSS OF OS SCURD GIST VHIC ISURC BROKRG. RGISTRTIOS D PRSO OS WITHOUT COTR, WHICH ICUDS MOTOR VHICS OS, CR OS D UTO OS FOR 14.00 13.00 12.00 11.00 10.00 9.00 8.00 7.00 U W K Y 2008 PS THB (DC.) CF/SHR THB PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI THB) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 2010 2011 0.13 0.12 21.1 X-DIV FOT MKT CP THB 88.51BI. SS THB6.70 BI THID PS RTIG 99 THB41.75(OH -2%) Up 43.97% Since ddition 150 140 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 1.14 +66% 1.58 +38% 0.27 0.23 0.33 0.39 0.69 0.41 0.28 0.35 0.44 0.91 RIGS GROWTH RT SS GR RT 32.2 28.4 36.6 40.3 40.5 2015-17 +52%(12 STBIITY) +59% 20.3 20.0 15.5 15.3 23.7 2013-17 +34%(18 STBIITY) +41% +87 +24 +20 +38 +75 COMPOSIT RTIG IVT T/O 1245.6 1548.2 1856.1 2558.9 4472.0 81 81 81 82 85 DBT % 2014-16 7%: 60%: 69% 7365 7170 7158 7386 7581 20%: 20%: 19% TX RT 14-16 : : 1.6 1.1 1.3 1.7 2.2 BCKOG 14-16 13.38 X '16 BK.V +8-6 -7 +25 +14 R&D 0.1(0.2%) DIV GR RT 90 87 85 87 87 DIV 0.08(0.05) 21 21 21 19 9 BT 1.38(9) PH 130 120 79 86 85 662.9 81 10396 10110 8653 6910 1.9 +8 87 22 1.9 +15 89 18 2.0 +7 89 20 1.3 +1 89 19 PRIC SC 110 100 90 80 70 6.00 0BGKST 5.00 4.80 4.60 4.40 4.20 60 50 48 46 44 42 4.00 3.80 40 38 3.60-8% Global Focus M THB29 3.40 36 34 3.20 32 3.00 30 2.80 28 2.60 26 87 B- 2.40 24 2.20 22 2.00 1.90 20 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8 0.70 7 6 VOUM 400 M 80 M SP Q -47% BOW ST. PS (THB) 0.08 % CHG SS(BI THB) 416.7 % CHG MRGI FTR TX RTUR O QUITY T4Q 30.5% +20.0% 0.09 +80% 426.5 +21% 33.0% 0.07 +75% 446.1 +19% 26.4% 0.09 +29% 475.5 +18% 29.2% P OW-HIGH FUD/SHRS (000) DC 13 MR 14 JU 14 SP 14 0.08 0% 508.0 +22% 28.9% +15.4% 25-38 10/9146 DC 14 0.09 0% 533.1 +25% 34.0% +15.8% 36-62 0.09 +29% 582.8 +31% 31.5% +18.3% 48-58 17/12207 MR 15 26/39062 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Finance-Consumer oans 0.10 +11% 675.1 +42% 32.6% +19.6% 43-54 29/58169 SP 15 0.11 +38% 768.0 +51% 31.3% +15.3% 38-56 54/93296 DC 15 0.13 +44% 865.8 +62% 32.3% +16.4% 44-48 78/95459 MR 16 0.14 +56% 1003.1 +72% 29.9% +18.9% 38-42 78/72201 JU 16 0.19 +90% 1201.4 +78% 33.4% +21.0% 30-34 73/73755 SP 16 0.23 +109% 1401.7 +83% 34.5% +23.7% 20-41 91/106M DC 16 0.25 +92% 1563.1 +81% 34.3% +26.1% 30-40 108/111M MR 17 0.27 +93% 1765.3 +76% 32.4% +29.7% 29-38 131/112M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -43-0.31 +63% 1967.6 +64% 33.1% +31.0% DC Q 0.32 +42% '13-18 P..'S OW OW HI ST 146/124M SP 17 30 M DC 17 20X 39X 62X MR 18 TM DTGRPHS 2/2/2018

IDI ĞǁĂŶ,ŽƵƐŝŶŐ &ŝŷăŷđğ t, / &K ϮϬ ǆ Source: Corporate Website Dewan Housing Finance d/k > / / ǆđś / ϮϬϮ ϬϭϬϭϮ нϵϭ ϮϮ ϳϭϱϴ ϯϯϯϯ W^ ZĂŶŬ ϳϰ ĚŚŇ ĐŽŵ &ŝŷăŷđğͳ ŽŶƐƵŵĞƌ >ŽĂŶƐ DƵŵďĂŝ / / DŬƚ ĂƉ /ZϭϬϳ ϰθ ^ĂůĞƐ /Zϳϴ ϱϯ ^ŚĂƌĞƐ ϯϭϯd &ůžăƚ ϭϵϳd W^ ƵĞ ϱ ϭ ϮϬϭϳĞ K, Ϭй D'Dd ŽǁŶƐ t,kh^/' &/ KZWKZ d/k >/D/d /^ WK^/dͲd </',Kh^/' &/ KDW z d, KDW z &K h^ ^ K WZKs/ /' &/ /' WZK h d^ dk d, >Kt Z D/ > Ͳ/ KD ^ 'D d^ / / / WZ/D Z/>z / d/ Z // d/ Z /// /d/ ^ dkt^ DKZ ϮϬϭϳ ƐƟŵĂƚĞ ϮϬϭϴ ƐƟŵĂƚĞ h > Ͳ D Z ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϳ ϰθ ϳ ϴϴ ϭϭ ϭθ ϭϲ ϰϭ ϭϱ ϯϭ ϭϵ Ϯϰ ϮϬ ϲϭ Ϯϯ ϵϭ Ϯϱ ϲϵ ϯϭ ϭϭ Ϯϭй ϯθ ϬϬ ϮϮй W^ /Z ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ ^, &>Kt ^,Z /Z ϱ ϯϳ ϳ ϯϯ ϵ Ϯϭ ϭϲ ϯϯ ϭϲ ϲϲ ϮϬ Ϭϱ Ϯϭ ϱθ Ϯϰ ϴϵ ϯϰ ϲϵ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ Ϯϯй WZ d y D Z'/ й ϮϬй ϭθй ϮϬй ϮϮй ϭϱй ϭϱй ϭϱй ϭϲй ϭϰй ϮϬϭϰͲϭϲ ϭϯй Ϯ ^ƚăďŝůŝƚǉͿ Ϯϲй Z dhz K Yh/dz й Ϯϭй ϮϬй ϮϮй Ϯϳй ϭθй ϭϳй ϭϲй ϭϱй ϭϱй ϮϬϭϮͲϭϲ ϭϯй ϰ ^ƚăďŝůŝƚǉͿ ^ > ^ й, ' ϱϲй ϯϯй ϰϯй ϭϭϯй ϱϯй Ϯϵй ϮϬй ϮϬй ϯϭй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ /Z ϱ ϱϲθ ϳ ϯϰϱ ϭϭ< Ϯϭ< ϯϯ< ϰϭ< ϱϭ< ϲϭ< ϳϵ< /s d K t <>z :ĂŶ ϮϬ :ĂŶ Ϯϳ &Ğď Ϭϯ &Ğď ϭϭ &Ğď ϭϳ &Ğď Ϯϰ DĂƌ Ϭϯ DĂƌ ϭϭ DĂƌ ϭϰ d й ϮϬϭϰͲϭϲ ϵϭϯй ϳϵϱй ϴϯϳй d 'Z W, Z d/' ϱθ ϱϵ ϲϰ ϲϱ ϳϬ ϲϳ ϲθ ϳϭ ϳϮ d y Z d ϮϬϭϰͲϭϲ Ϯϴй ϯϰй ϯϰй s' />z sk> ϬϬϬͿ Ϯ ϴϵϭ Ϯ ϲϯϭ Ϯ ϲϭθ Ϯ ϰϳϰ Ϯ ϲϯϱ Ϯ ϳϮϱ Ϯ ϳϱϰ Ϯ ϳϮϴ Ϯ ϳϳϳ <>K' ϮϬϭϰͲϭϲ hw Kt sk>hd ϭ Ϭ ϭ ϱ ϭ ϴ ϭ ϲ ϭ ϳ ϭ ϵ ϭ ϵ ϭ ϴ ϭ ϵ Z Θ < s > ϭ ϳϲǆ Ζϭϲ hd /^d Z d/' ϴ ϭϳ Ϯϰ Ϯϴ ϯϱ ϰϭ ϰϯ ϰϯ ϰϲ /s /Z ϲ ϬϬ ϭ ϴйͿ /s 'Z Zdнϯϭй ϮϱͿ Z > d/s ^dz 'd, ϲϭ ϲϳ ϳϭ ϳϳ ϴϱ ϴϲ ϴϭ ϳϵ ϴϰ d Ϯ ϭϰ ϱϭ ϬϬͿ >W, Ϭ Ϭϳ Ϭ ϬϯͿ 'ZKhW Z < ϭϯθ ϭϯϯ ϭϭϵ ϭϭϱ ϵϱ ϭϭϯ ϭϭϳ ϵϵ ϴϱ ϮϬϭϲ DW>Kz ^ Ϯ ϲϯϱ ϭϭйͿ >K' &ŝǆğěͿ WZ/ Strong estimates ϳϬϬ 52-week highs Break out to new highs on 1.6x the average daily volume ϲϭϭ ϱϭϭ ϰϲϭ ϰϯϭ ϯθϭ Good growth rates; stable earnings ϯϰϭ ϯϰϯ Ϯϱ нϭϳ ϳϱ ϯϭϭ /Z нϱ ϰϱй ϮϲϬ ϮϰϬ ϮϮϬ Improving ratings with consistent up/down volume ϭϵϭ ϭϳϭ ϭϱϭ ϴϰ Dewan Housing Finance td (DHF) is India s thirdlargest private housing finance company by UM. The Company is well positioned to benefit from the growing demand for affordable housing. ϭϯϭ ϭϯϭ ϭϭϭ ϭϭϭ 40-Week M ϵϭ ϴϬ ϳϬ R/S at all time with good /D rating 10-Week M ϲϭ ϱϭ ϰϲ ϰϯ Company Overview DHF holds a market share of ~5% in the Indian housing finance industry, and its UM stood at IR 940.89B as of September 30. The Company has a presence in 351 locations, with a significant penetration in Tier 2 and Tier 3 cities. The Company has an international presence through representative offices in ondon and Dubai. DHF s loan portfolio is well diversified as of Q2 FY 2018: housing loans, ~63.7%; P, 17.8%; project loans, 15.1%; others, 3.3%. ϯθ ϯϰ ϯϭ Ϯϲ Ϯϰ >/ sk>hd ϮϳD ϮϭD ϭϱd Ͳϭϵй ϵd ϰ ϯd ϭ&/ / >^ ĞĐ ϭϭ W^ /ZͿ W^ й, ' DĂƌ ϭϯ ϭϱ ϯϭ Ͳϳй :ƵŶ ϭϯ ^ĞƉ ϭϯ ĞĐ ϭϯ ^ > ^ D/> /ZͿϯϮ ϭϲϯ ϲ ^ > ^ й, ' нϱϯй W^ й ^hzwz/^ Ϭ&h ^ Ϯϴ ϯϯ Ϭ^, Z ^, > z &h ^ ϭϯd ϭϰd :ƵŶ ϭϯ ϰ ϲϵ ^ĞƉ ϭϯ ϱ Ϭϰ ĞĐ ϭϯ ϱ ϰϭ ϰϭ ϯϳϱ ϯ ϭϭ Ϯϲϲ ϰ ϭϭ ϲϲθ Ϯ ϭϯ ϬϭϬ ϭ ͲϮϴ Ϯй Ͳϰϵ Ϯй Ͳϰϳ ϵй ϯϯ Ϯϱ ϭϭd ϳ ϯϱϭ ϲϯθ Ϯϳ ϭϰd DĂƌ ϭϰ ϱ ϰϵ ϭϯ ϳϭϭ Ϭ нϯϵй ϯϱ ϭϲd ϯϰ ϭϯd Π ϮϬϭϳ t/>>/ D KΖ /> н K / O eil Methodology The stock is constructively trading above its 50- and 200-DM. fter its earnings release on October 16, the stock rose ~6% on above-average volume. Currently, the stock seems to be extended from an ideal entry point. DHF has a high PS Rank of 98, as it was able to accelerate earnings growth in recent years through sustainable growth in its loan portfolio and a reduction in the cost of funds. The Company reported average PS growth of 60% from FY 20152017, compared with 32% from FY 2013-2017. Dewan reported Q2 FY 2018 net profit of IR 2.93B (26.1% y/y). Total income rose 21% y/y to IR 26.14B, versus IR 21.61B in Q2 FY 2017. This was primarily driven by the number of loans granted, which grew 68% y/y to 142B. Disbursements rose 51% y/y to IR 99.49B. IM remained flat q/q at 3.05% and the bank reported gross non-performing assets of 0.96% (versus 0.97% in Q1 FY 2018). DĂƌ ϭϯ ϭϵ Ϯϰ нϯϲй ϯϵ ϭϰd ϯϭ ϭϯd Ϯϴ ϭϱd :ƵŶ ϭϰ ϱ ϳϰ нϯϯй ^ĞƉ ϭϰ ϱ ϴϲ нϭϲй ĞĐ ϭϰ ϲ Ϯϭ нϭϱй DĂƌ ϭϱ ϲ Ϯϱ нϭϰй :ƵŶ ϭϱ ϱ ϵϰ нϯй ^ĞƉ ϭϱ ϲ ϭθ нϱй ĞĐ ϭϱ ϲ ϯϳ нϯй DĂƌ ϭϲ ϳ ϭϵ нϭϱй :ƵŶ ϭϲ ϳ ϲϭğ нϯθйğ ^ĞƉ ϭϲ ϭϯ ϰϭğ нϭϭϳйğ ϭϰ Ϯϱϱ ϳ ϭϰ ϱϭϯ Ϭ ϭϱ Ϯϰϲ ϱ ϭϱ ϳϲϭ ϵ ϭϲ ϱϯϯ ϰ нϯϳй нϯϰй нϭϳй ϯϭ ϭϲd ϰϲ ϮϮD ϱϭ ϮϭD ϭθ ϭϭϳ ϯ ϭθ ϴϰϯ ϳ Ϯϱ ϬϰϮ ϲ ϱ ϬϮϱ ϬĞ ϱ ϭϯϲ ϬĞ нϭϱй нϭϲй нϯϱй нϯϰй нϱϵй ͲϳϬйĞ ͲϳϮйĞ Ͳϱϭ ϳй Ͳϱϲ ϴй Ͳϯϯ ϰй ϵϱ ϯϯd ϭϭϯ ϰθd ϭϭϵ ϰϲd ĞĐ ϭϲ DĂƌ ϭϳ W ϭϯ ϮϬϭϳϮϬϭϳ Ɛƚ ϭϭ Ϭ ϱͳǉƌ,ŝőś ϭϯ Ϭ ϱͳǉƌ >Žǁ ϯ Ϭ ǀƐ /ŶĚ ǀŐ ϭ Ϭǆ ϭϭϳ ϰϵd ϭϭϭ ϱϭd ϭϭϱ ϱϯd ϭϭϯ ϱϯd ϭϭϭ ϰϲd ĞǁĂŶ,ŽƵƐŝŶŐ &ŝŷăŷđğ t, /Ϳ tğğŭůǉ ĂƐ ŽĨ dƶğ DĂƌĐŚ ϭϰ ϮϬϭϳ Ĩ dƶğ DĂƌĐŚ ϭϰ ϮϬϭϳ Growth Drivers fter posting strong 20% growth in UM in FY 2017, growth has further accelerated to 25.1% in H1 FY 2018. Incremental demand from the Indian government s push for affordable housing should further accelerate growth. The cost of funds further eased to 8.63% in Q2 FY 2018 (down 9bps q/q), enabling the Company to report IM of more than 3% for the fifth consecutive quarter. Management is fairly confident that the current IM will be maintained going forward. The Company is well positioned to benefit from the affordable housing boom given its vast expertise in underwriting credit for the lower and middle income groups. Given the Company s cost rationalization initiatives, its cost-to-income ratio has fallen to 23.3% from 27.3% in FY 2015. Management aims to shed 150 200bps over the next two years. ooking Forward ccording to the Indian Brand quity Foundation, the Indian real estate market is expected to increase at a CGR of 15% from FY 2008 2028. The next catalyst is the Company s Q3 FY 2018 earnings release on January 18, 2018. -44- ocal Code: I:DHF Bloomberg Symbol: DWH:I ISI: I202B01012

Dewan Housing Finance DW HOUSIG FIC IDI (DWH.I) S FIC-COSUMR OS 313.66M 197.61M SHRS RIGS BUSISS: +91 22 6600 6999 http://www.dhfl.com MGMT owns SC DW HOUSIG FIC CORPORTIO IMITD IS CTRS, PPROXIMTY 18 CIRCS/CUSTR OFFICS, OVR TWO PRIC = DPOSIT-TKIG HOUSIG FIC COMPY. TH COMPY FOCUSS DISBURSMT HUBS D COCTIO CTR I IDI. IT 10 X PS O PROVIDIG FICIG PRODUCTS TO TH OWR D OFFRS RG OF HOM O PRODUCTS, SUCH S HOM O, MIDD-ICOM SGMTS I IDI, PRIMRIY I TIR II D HOM XTSIO O, HOM IMPROVMT O, POT O, TIR III CITIS, D TOWS. IT OFFRS HOUSIG O D MORTGG O, SM D MDIUM TRPRISS (SM) O, 110 O-HOUSIG OS. IT OFFRS OS FOR COSTRUCTIO OR PROJCT O D ORSIDTI PROPRTY O. ITS DPOSIT PURCHS OF RSIDTI PROPRTY D OS GIST PROPRTY. PRODUCTS ICUD SHRY DPOSIT PUS-IDIVIDUS, SHRY 100 TH COMPY HS PRSC I PPROXIMTY 349 OCTIOS, DPOSIT PUS-TRUSTS & ISTITUTIOS, SWYMSIDH DPOSIT FOR ICUDIG PPROXIMTY 182 BRCHS, OVR 146 SRVIC WOM D WTH2HTH FIXD DPOSIT. 90.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 80.00 70.00 60.00 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 7.88 7.33 18.0 19.7 +32 7345.3 74 10.18 9.21 20.4 22.0 +42 10432 70 16.41 16.33 22.4 27.0 +102 21027 74 15.30 16.66 15.1 18.1 +53 32164 73 19.24 20.05 14.8 17.2 +29 41375 75 20.61 21.58 14.8 15.5 +20 49656 77 23.91 24.89 15.8 15.1 +20 59790 77 25.69 30.99 14.3 14.9 +31 78349 77 92.78 14.65 34.1 42.8 +22 96099 72 6053 5667 5286 4357 3658 3098 2590 2843 2786 1.8 +55 83 104 1.5 +53 81 103 1.6 +53 78 107 1.0 +47 75 120 1.1 +52 77 120 0.9 +54 74 126 0.9 +59 74 117 1.0 +36 72 123 0.7 +10 59 128 X-DIV FOT MKT CP IR 162.93BI. SS IR96.10 BI IDI PS RTIG 97IR519.45(OH -23%) Up 51.33% Since ddition 1200 1100 1000 900 RIGS GROWTH RT SS GR RT 2015-17 +60%(28 STBIITY) +27% 2013-17 +32%(29 STBIITY) +25% COMPOSIT RTIG IVT T/O PRIC SC 800 0IBOM500 700 DBT % 2015-17 795%: 837%: 867% 34%: 34%: 15% TX RT 15-17 : : BCKOG 15-17 2.30 X '17 BK.V R&D 6(1.1%) DIV GR RT+19% (33) DIV BT 2.07(31) PH 0.07(0.03) 46.00 44.00 42.00 40.00 600 500 480 460 440 420 400-16% Global Focus M IR343.2 38.00 380 36.00 360 34.00 340 32.00 320 30.00 300 28.00 280 26.00 260 24.00 240 22.00 220 59 B- 20.00 19.00 200 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 7.00 70 6.00 60 5.00 2/1 50 48 VOUM 20 M 7M 3M 900 K PS (IR) 5.40 5.49 13010.1 13711.0 10.6% 10.3% % CHG SS(BI IR) % CHG MRGI FTR TX 5.74 +23% 14255.7 +27% 10.3% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 2-5 27/13889 DC 13 4-5 28/14714 MR 14 4-8 31/15886 JU 14 5.86 +16% 14502.0 +24% 10.5% +15.9% 6-9 45/22010 SP 14 6.21 +15% 15246.5 +17% 10.5% 6-9 50/20744 DC 14 6.25 +14% 15761.9 +15% 10.3% +15.1% 8-11 93/31561 MR 15 5.94 +3% 16522.4 +16% 10.5% 7-10 6.37 +3% 18843.7 +24% 9.9% 8-9 7.19 +15% 25042.6 +59% 8.4% +14.9% 5-9 92.78 96099.0 '13-18 P..'S 29.2% 4-5 101/48149 108/46316 105/48948 100/49881 102/51589 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Finance-Consumer oans 6.18 +5% 18107.3 +25% 10.0% +15.5% 8-10 3-5 109/51222 SP 16 2-4 2-4 3-5 104/40331 110/41538 125/43111 DC 16 MR 17 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -45- OW OW HI ST SP 17 DC 17 2X 6X 11X MR 18 TM DTGRPHS 2/2/2018

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We would recommend investors accumulate it once it retakes its 50DM with good volume. The Company s five-year earnings growth of 25% and three-year earnings stability factor of 2 has generated a strong PS Rank of 98. Consensus estimates call for PS growth of 33% and 27% for 2017 and 2018, respectively. Srisawad reported Q3 2017 total revenues of THB 1.81B (+29% y/y). This was primarily driven by 43.8% y/y loan growth from an increasing number of branches. et profit came in at THB 622M (+14% y/y), ~9% below street estimates. ower-thanexpected net profit was due to the booking of one-off impairment expenses (~THB 75M). xpanding pretax margin and average RO above 35% signify strong profitability. ϰϰ ϱϭ ϰϯ ϭ Ϯϲ Company Overview Srisawad operates through three subsidiaries: Fast Money, which provides hire purchase loans for new motorcycles, nonsecured personal loans, and nano-finance loans; Srisawad sset Management, which operates a debt collection business and the purchase of distressed assets; and Srisawad International, which invests in businesses in Thailand and abroad. The Company holds the second-largest loan portfolio behind gern Tid or. s of December 2014, Srisawad had the secondlargest market share, with 24% of total receivable value in the non-financial institution system. ϳϬ ϱϭ ϰϲ ϭ ϰϭ SriSrisawad Power (SWP.TH) is a leading player in the consumer finance space, offering installment loans. With a nationwide presence in Thailand, Srisawad is well-positioned to grab more opportunities than its peers. 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Total branch count is 2,422 at the end of September 2017, versus 2,130 at the end of 2016. The Company s branch network is larger than its peers. The Company s restructuring plan is functioning smoothly and it will be transferring its collateralized lending business to Srisawad Power by the end of 2017 and will restructure itself as a holding company. Srisawad also aims to restructure to create better synergies among the companies in the group, especially synergy with Bangkok First Investment & Trust Public Company td (BFIT). It is likely that Srisawad will strengthen its risk management to bring it more in line with the standards of the Bank of Thailand, especially in terms of P classification and provisioning. ooking Forward Srisawad aims to grow its business by 30% through branch expansion, diligent credit assessment, and risk management. The Company is expected to announce Q4 2017 results on February 23, 2018. -46- ocal Code: TH:SWD Bloomberg Symbol: SWD:TB ISI: TH5456010Y00

Srisawad Corporation THID SRISWD CORPORTIO BKK (SWP.TH) FIC-COSUMR OS 1.09B 685.04M SHRS RIGS BUSISS: +66 26 935555 http://www.meebaanmeerod.com MGMT owns X-DIV SC SRISWD CORPORTIO PC FORMRY KOW S SRISWD POWR USCURD PRSO OS FOR RTI CUSTOMRS I BGKOK D PRIC = 1979 PC. SRISWD CORPORTIO PUBIC COMPY IMITD, UPCOUTRY PROVICS, SUCH S RTCHBURI, SUPHBURI, 10 X PS FORMRY SRISWD POWR 1979 PUBIC COMPY IMITD, IS OPBURI, CHOBURI, SRBURI, YUTTHY. BSIDS, TH COMPY THID-BSD COMPY GGD I TH FICI SRVICS. IS GGD I TH PROVISIO OF O-PRFORMIG SSTS TH COMPY OPRTS TWO MJOR BUSISS SGMTS, MY MGMT, IVSTMT I OTHR COMPIS, MGMT D 19.00 HIR PURCHS D O. TH COMPY OFFRS WID RG OF COSUTIG SRVICS FOR RTI CRDIT SYSTMS I OC D 18.00 HIR PURCHS FICIG D SCURD OS FOR HOUSS, D, FORIG COUTRIS, S W S CRDIT S I FORIG 17.00 PRSO D COMMRCI VHICS, MOTORCYCS, ITRTIO COUTRIS. BORS, GRICUTUR MCHIRY D QUIPMT, TOGTHR WITH 16.00 15.00 14.00 13.00 12.00 11.00 10.00 9.00 U W K Y 2008 PS THB (DC.) CF/SHR THB PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI THB) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 0.01 0.00 68.4 2010 2.42 5.77 46.0 134.0 68 76 39.1 75 8903 9277 8958 1.2 +4 91 22 1.2 +21 94 18 1.4 +21 93 20 FOT MKT CP THB 67.69BI. SS THB6.86 BI THID PS RTIG 98 THB62.25(OH -14%) Up 39.89% Since ddition PRIC SC 200 190 180 170 160 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 2.45 +33% 3.09 +26% 0.92 0.92 0.73 0.86 1.23 1.84 9.63 1.21 1.00 1.10 1.49 2.19 RIGS GROWTH RT SS GR RT 2015-17 +49% (2 STBIITY) +41% 25.5 40.3 37.5 39.5 44.1 47.5 80.3 73.4 66.1 37.5 32.6 34.5 2013-17 +25%(21 STBIITY) +42% +1,802 +147 +40 +35 +40 +41 COMPOSIT RTIG IVT T/O 552.2 1306.2 1937.0 2689.4 3739.6 5286.8 75 74 73 68 66 69 DBT % 2014-16 15%: 121%: 88% 8675 8755 8545 8919 8838 8219 20%: 19%: 20% TX RT 14-16 : : 1.3 1.4 1.2 1.1 1.1 1.3 BCKOG 14-16 10.05 X '16 BK.V +24 +26 +34-4 -21-11 R&D 0(0.0%) DIV GR RT 93 93 91 84 79 80 DIV 19 21 21 21 19 9 BT 0.95(3) PH 0.13(0.06) 150 140 130 120 110 100 0BGKST 90 80 7.00 70 6.00 60-20% Global Focus M THB44.5 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 80 D+ 3.60 3.40 36 34 3.20 32 3.00 30 2.80 28 2.60 26 2.40 24 2.20 22 2.00 1.90 20 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 102/100 102/100 104/100 VOUM 400 M 200 M 100 M 50 M SP Q -55% BOW ST. PS (THB) 0.16 % CHG SS(BI THB) 535.1 % CHG MRGI FTR TX RTUR O QUITY T4Q 24.9% +69.2% 0.23 +15% 585.7 +47% 31.8% P OW-HIGH FUD/SHRS (000) DC 13 MR 14 0.16-6% 651.5 +39% 27.2% 12-20 32/4280 JU 14 0.21 +5% 696.8 +30% 32.2% 0.25 +56% 753.1 +41% 35.5% +37.4% 20-29 19-28 49/13765 SP 14 53/32897 DC 14 0.26 +13% 814.9 +39% 34.1% +39.4% 25-46 78/60045 MR 15 0.27 +69% 877.5 +35% 33.2% +30.5% 36-41 0.37 +48% 1072.0 +42% 37.1% +32.6% 26-38 110/67168 134/81667 147/88011 JU 15 SP 15 DC 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Finance-Consumer oans 0.34 +62% 983.6 +41% 37.6% +32.0% 28-33 0.38 +46% 1122.4 +38% 37.4% +33.2% 28-34 162/132M MR 16 0.40 +48% 1253.0 +43% 34.6% +33.6% 23-29 175/132M JU 16 0.50 +47% 1404.3 +43% 38.7% +33.9% 18-24 162/122M SP 16 0.55 +49% 1546.7 +44% 39.3% +34.5% 13-23 158/129M DC 16 0.59 +55% 1685.9 +50% 40.9% +36.0% 18-21 150/101M MR 17 0.63 +58% 1818.1 +45% 34.7% +36.1% 18-24 150/98441 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -47-0.57 +14% 1809.8 +29% 34.3% +34.3% DC Q 0.63 +14% '13-18 P..'S OW OW HI ST 159/109M SP 17 20 M 10 M DC 17 12X 30X 46X MR 18 TM DTGRPHS 2/2/2018

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Technically, it has good O eil Ratings and Rankings, with an RS Rating of 59 (which is set to improve as the stock gathers momentum) and an Up/Down Volume ratio of 1.7, reflecting accumulation. In FY 2017, headline earnings and core headline PS grew 26% and 20%, y/y, respectively. The Company s strategy to deepen its penetration in the traditional market segment contributed to the strong results. S Taxi delivered 22% growth in headline earnings. With a loan portfolio currently comprising 29,000 vehicles, S Taxi finances and insures one in every three of the financed national minibus taxi fleet. TCRS grew core headline earnings at 39% y/y. Institutional sponsorship increased 200% y/y to 90 in September 2017. DŬƚ ĂƉ Zϯ ϱϯ ^ĂůĞƐ Zϯ Ϯϵ ϮϱϬ Ϭ ϭϭϲ ϳ Company Overview Transaction Capital is a non-depository financial services group that operates through two divisions: S Taxi (53% of FY 2017 revenues) and Transaction Capital Risk Services (TCRS) (40%). S Taxi, the Group s asset-backed lending division, focuses on financing small-to-medium enterprises (SMs) in the minibus taxi industry. S Taxi and S Bakkie are two subsidiaries under this division. Its risk services division provides customer management and capital solutions to its clients, enabling them to effectively manage customers throughout their lifecycle. &ŝŷăŷđğͳ ŽŵŵĞƌĐŝĂů >ŽĂŶƐ ^ĂŶĚƚŽŶ ^Khd, &Z/ /ŶĐ ϮϬϬϮ Ϯϴϯ ϯ ϯϭϲ ϳ Transaction Capital (TCPJ.Z) provides specialized financial and allied services to under-served segments of the South frican and ustralian financial services sector. 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The Company plans to expand into the ustralian debt recovery market. It also acquired a major share in Road Cover and Beancounter in ovember 2016. Road Cover provides valueadded services to customers and Beancounter offers accounting and payroll services to SMs. Through these acquisitions, the Company aims to enter the value-added and cloud accounting services markets in South frica. ooking Forward Management reiterated that it will look for acquisition opportunities as part of its growth strategy, with a narrow focus on businesses operating within existing or adjacent market segments. Minibus taxis are the main mode of transportation for more than 50% of South fricans earning less than ZR 3,000 per month. Usage has been consistently increasing. Per the ational and Transport ct of South frica, a minibus taxi must be scrapped after seven years. ging fleets and recapitalization are driving higher demand and the need for finance. ext catalyst: The Company s H1 FY 2018 results are expected on May 24, 2018. -48- ocal Code: R:TCP Bloomberg Symbol: TCP:SJ ISI: Z000167391

Transaction Capital SOUTH FRIC TRSCTIO CPIT JS (TCPJ.Z) FIC-COSUMR OS 610.68M 360.30M SHRS RIGS BUSISS: +27 11 049 6700 http://www.transactioncapital.co.za MGMT owns X-DIV SC TRSCTIO CPIT IMITD IS SOUTH FRIC-BSD SM-D MDIUM-SIZD TRPRISS (SMS).IT HS DSIGD PRIC = IVSTMT HODIG COMPY. TH COMPY OPRTS S ITS OW ISURC PRODUCTS THT IT SS THROUGH ITS OW 10 X PS O-DPOSIT TKIG FICI SRVICS COMPY. TH COMPY'S ISURC C CPTIV TITY. TRSCTIO CPIT RISK SGMTS ICUD S TXI, TRSCTIO CPIT RISK SRVICS, SRVICS DIVISIO IS PROVIDR OF CUSTOMR MGMT D D GROUP XCUTIV OFFIC. TH COMPY OPRTS I TWO CPIT SOUTIOS THROUGH PTFORM, BIG ITS CITS PRICIP RS: S TXI D TRSCTIO CPIT RISK TO MITIGT RISK THROUGH THIR CUSTOMR GGMT IFCYC 600 SRVICS. S TXI IS VRTICY ITGRTD TXI PTFORM. IT PROVIDS RG OF SRVICS TO SMS, WHICH ICUD UTIIZIG SPCIIST CPBIITIS D DT TO DPOY PROPRTY D TRD FICIG, S W S IVOIC DISCOUTIG DVOPMT CRDIT D ID BUSISS SRVICS TO MG. 500 480 460 440 420 400 340 320 300 280 U W K Y PS c (SP.) CF/SHR c PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI ZR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT CP ZR 10.09BI. SS ZR3.91 BI SOUTH FRIC PS RTIG 52 IC 2002 ZX1653(OH -11%) PRIC SC 7000 Up 173.22% Since ddition 6000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 114.30 +23% 135.40 +18% 56.00 45.10 54.10 77.20 93.22 162.70 70.40 80.56 92.76 107.23 127.67 130.00 251.25 296.44 134.75 146.95 156.90 200.23 RIGS GROWTH RT SS GR RT 2015-17 -5%(26 STBIITY) +13% 48.5 27.0 25.4 12.5 13.4 15.9 18.6 20.3 19.7 17.4 16.9 17.7 15.8 28.1 14.5 16.6 16.7 2013-17 -6%(33 STBIITY) +3% +65 +47 +1,980 +18-27 +6 +10 +32 COMPOSIT RTIG IVT T/O 739.0 1216.8 1784.8 3882.0 4593.0 2546.0 2699.0 2967.0 3908.0 55 56 59 62 57 61 59 64 57 DBT % 2015-17 257%: 254%: 220% 674 726 791 787 786 772 784 774 775 19%: 23%: 26% TX RT 15-17 : : 2.4 1.9 2.0 2.0 1.9 1.9 1.9 2.2 1.8 BCKOG 15-17 2.71 X '17 BK.V +34 +22 +41 +40 +41 +41 +21 +47 +23 R&D 40(2.4%) DIV GR RT+22% (16) 69 72 72 72 76 75 76 83 74 DIV 45 33 38 33 34 33 26 16 24 BT 0.03(0) PH 0.04(0.03) 5000 4800 4600 4400 4200 4000 3800 3600 3400 3200 3000 2800 260 2600 240 2400 220 0RZCP 2200 200 2000 190 1900 180 1800 170 1700 160 1600 150 1500-15% 140 1400 130 1300 120 1200 110 1100 100 1000 90.00 900 80.00 70.00 800 74 B Global Focus M ZR6.1 700 60.00 600 50.00 48.00 46.00 44.00 42.00 40.00 500 480 460 440 420 400 38.00 380 36.00 360 34.00 340 32.00 320 30.00 300 142/100 280 VOUM 2M 600 K 50 K 10 K SP S PS (ZR) % CHG SS(BI ZR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 3-4 7/12081 DC 13 130.90S +228% 1198.0S +13% 63.0% +33.9% 2-3 9/16665 MR 14 2-3 8/15393 JU 14 31.80S -40% 1348.0S -35% 13.5% +28.0% 3-4 10/17508 SP 14 5-7 12/20236 DC 14 31.10S -76% 1354.0S +13% 13.1% +12.0% 12-14 13-15 13/21598 MR 15 15/20288 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Finance-Consumer oans 39.30S +24% 1345.0S +0% 16.7% +14.4% 12-15 18/20336 SP 15 12-17 24/25341 DC 15 37.00S +19% 1417.0S +5% 14.8% +14.9% 13-16 26/23356 MR 16 12-16 27/23344 JU 16 43.55S +11% 1550.0S +15% 16.0% +16.5% 12-15 30/25931 SP 16 14-19 36/48520 DC 16 39.75S +7% 1782.0S +26% 13.0% +15.3% 15-19 62/79021 MR 17 81/86335 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -49-53.02S +22% 2126.0S +37% 15.2% +16.6% 87/91391 SP 17 25.75 '13-18 P..'S OW OW HI ST 84/96112 DC 17 2X 17X 19X MR 18 TM DTGRPHS 2/2/2018

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It is currently extended from an ideal entry point. The Company s PS Rank stands at 89, indicating an excellent earnings profile. Consensus estimates have the Company s PS growing 15% (to THB 2.37) in 2017 (revised upward from THB 2.25), and 16% y/y (to THB 2.76) in 2018. In Q3 2017, adjusted net profit was THB 2.48B, up 6% y/y, and net revenue was THB 7.69B, up 5.2% y/y. The numbers were in line with estimates. The Company recorded a one-time gain of THB 3.5B from an insurance claim received under the terrorism protection policy. Revenue from rental and other services increased 1.6% y/y to THB 6.42B, driven by the contribution from a new mall, fullquarter contribution from renovated Central Marina, and the resilient performance of existing malls. ϳϭ ϱϭ ϳϬ ϲϭ ϰ ϱϳ Company Overview CP s portfolio comprises 30 shopping centers with a total leasable area of 1.61M square meters and seven office buildings, two hotels, and one residential condominium. 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The Company is looking to expand its leasable area to 2.22M square meters by 2021 (38% growth). It also plans to increase the number of malls it manages from 30 to 44 by 2021. In 2017, the Company shifted its focus from being a traditional mall developer to a mixed-use developer in order to enhance its top line and asset yield. It launched three new projects in 2017, which will generate revenue of about THB 2B in 2019. On ugust 28, CP Retail Growth easehold Property (CPRF) received approval to convert itself into an RIT. CP holds a 26.7% stake in CPRF. Post conversion, CP will sell Central Festival Pattaya Beach and Hilton Hotel Pattaya to CPRIT for a net asset price of THB 11.9B. ooking Forward Management has set a five-year target of a top-line CGR of 14 15% for 2017 2021, driven by Thailand s urbanization trend. The next catalyst is the Company s Q4 2017 earnings release on February 26, 2018. -50- ocal Code: TH:CP Bloomberg Symbol: CP:TB ISI: TH0481B10Z00

Central Pattana THID CTR PTT (CP.TH) BKK R STT DVPMT/OPS 4.49B 3.32B SHRS RIGS BUSISS: +66 26 675555 http://www.cpn.co.th MGMT owns SC CTR PTT PUBIC COMPY IMITD IS THID-BSD PTTY HOT D CTR HOT & COVTIO CTR PRIC = COMPY GGD I TH PROPRTY DVOPMT BUSISS. TH UDOTHI. TH COMPY OPRTS ITS SHOPPIG CTRS UDR 10 X PS COMPY OPRTS THR BUSISS SGMTS: TH DVOPMT OF CTRWORD, CTRPZ D CTRFSTIV BRDS. ITS SHOPPIG CTR BUIDIGS, OFFIC BUIDIGS D CODOMIIUMS SUBSIDIRIS COMPRIS CTR PTT RM 2 CO., TD., FOR RT ICUDIG TH PROVISIO OF UTIITY SRVICS, TH CTR PTT CHIGMI CO., TD., GSU RTY CO., 34.00 OPRTIO OF PY D D WTR THM PRKS I TH SHOPPIG TD., CTR PTT RTTTHIBT CO., TD., CTR 32.00 CTR BUIDIGS; TH SS OF FOOD D BVRGS I TH RTY SRVIC CO., TD. D CTR FOOD VU CO., TD., SHOPPIG CTRS, D HOT BUSISS ICUDIG TH HITO MOG OTHRS. 28.00 26.00 24.00 22.00 20.00 19.00 18.00 17.00 16.00 15.00 U W K Y PS THB (DC.) CF/SHR THB PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI THB) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 0.50 0.56 30.1 15.9 +12 9477.3 77 2009 1.14 0.91 42.3 29.9 +66 15714 75 2010 0.26 0.81 15.7 6.1-24 11873 80 2011 0.47 0.86 18.7 10.7 +10 13001 80 2012 1.42 1.53 35.3 27.3 +50 19541 78 2013 1.42 2.01 38.1 20.5 +2 19913 76 2014 1.63 2.26 39.5 18.9 +12 22308 78 2015 1.76 2.57 38.9 18.1 +9 24283 78 2016 2.06 3.03 39.9 18.9 +14 27634 77 6277 6186 5898 5956 5985 6004 6316 6040 6089 1.0 +9 88 11 0.9 +18 90 11 1.0 +10 90 9 1.0 +15 91 8 1.1-2 89 9 1.0-3 89 14 1.2 +12 90 10 1.4 +16 89 10 1.2 +9 85 13 X-DIV FOT MKT CP THB 370.26BI. SS THB28.58 BI THID PS RTIG 95 IC 1980 THB82.50(OH -5%) Up 15.39% Since ddition 360 340 320 300 2017 STIMT 2018 STIMT 2.54 +23% 2.78 +9% RIGS GROWTH RT SS GR RT 2015-17 +16%(8 STBIITY) +11% 2013-17 +12%(9 STBIITY) +9% COMPOSIT RTIG IVT T/O PRIC SC 280 260 240 220 200 DBT % 2014-16 28%: 38%: 25% 16%: 15%: 15% TX RT 14-16 : : BCKOG 14-16 7.20 X '16 BK.V R&D DIV 0.55(1.0%) DIV GR RT+32% (28) BT 1.10(12) PH 0.10(0.08) 190 180 170 160 150 14.00 140 13.00 130 0BGKST 12.00 120 11.00 110 10.00 100 9.00 90 Global Focus M THB71.5 8.00 80-4% 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 85 B- 3.80 38 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 2.60 26 2.40 24 2.20 22 2.00 20 1.90 19 1.80 18 1.70 17 1.60 16 1.50 15 VOUM 80 M 50 M 30 M SP Q 21% BOV ST. PS (THB) % CHG SS(BI THB) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.39 +50% 5319.5-26% 32.9% +20.4% 27-34 201/405M DC 13 0.38 0% 5273.5 +8% 32.4% +19.5% 25-33 227/399M MR 14 0.41 +28% 5519.7 +7% 33.4% +19.2% 28-33 232/323M JU 14 0.43 +30% 5759.6 +18% 33.6% 28-31 246/329M SP 14 0.41 +5% 5754.7 +8% 31.6% 22-30 245/321M DC 14 0.48 +26% 5761.4 +9% 37.3% 0.45 +10% 5847.7 +6% 34.3% 23-27 22-26 239/312M MR 15 245/319M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Real state Dvlpmt/Ops 0.40-7% 6071.0 +5% 29.9% 22-28 282/318M SP 15 0.41 0% 6602.4 +15% 28.9% 24-27 273/327M DC 15 0.53 +10% 6803.4 +18% 35.1% 23-29 281/258M MR 16 0.51 +13% 6800.0 +16% 33.7% 27-32 299/266M JU 16 0.52 +30% 6930.0 +14% 33.8% 26-31 314/445M SP 16 0.49 +20% 7100.3 +8% 31.2% 23-28 302/309M DC 16 0.62 +17% 7205.1 +6% 38.5% 25-27 294/311M MR 17 0.55 +8% 7167.3 +5% 34.6% 25-32 299/306M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -51-1.33 +156% 7102.8 +2% 84.2% 288/305M 10 M DC Q 1.09 +121% '13-18 P..'S OW OW HI ST 30-36 SP 17 20 M 283/306M DC 17 22X 35X 41X MR 18 TM DTGRPHS 2/2/2018

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With the most recognizable brands in its portfolio and a huge gross leasable area (G), the Company is poised to grow. Company Overview The Company s portfolio comprises 16 shopping malls, one outlet, and four commercial towers, totaling to 746K square meters of G (455K square meters of G). Iguatemi focuses on the south and southwest regions of Brazil, and targets and B income classes. Q3 2017 gross revenues by segment: rental, 70%; parking, 18%; administration fees, 6%; others, 6%. O eil Methodology Weakness in the Brazilian market has dragged the stock below it 50-DM, with the next level of support at its 100-DM. We would recommend that investors accumulate positions once the stock retakes its 50-DM on good volume. The Company posted strong double-digit PS growth in last three quarters, generating a high PS Rank of 78. Consensus estimates call for PS growth of 32% and 27%, in 2017 and 2018, respectively. In Q3 2017, Iguatemi s net revenues increased 5.3% y/y to BR 169.7M and BITD grew 4.6% to BR 133.8M. ll figures were ahead of consensus estimates. BITD margin was 78.9%, surpassing the top of Company guidance. Institutional sponsorship is very strong, with the number of funds owning the stock totaled 395 at the end of September 2017, compared with 261 at the end of September 2016. ϵ Relative strength turning up ϴ ϳ ϲ Strong upside volume prior to break out ϰ ϴ ϰ ϰ >/ sk>hd ϲ ϯd ϰ ϱd ϰ ϮD Ϯ ϳD нθй ^ĞƉ ϭϯ ĞĐ ϭϯ &/ / >^ Ϭ ϴϮ Ϭ ϯϰ W^ Z>Ϳ нϯϭϭй нϭϯй W^ й, ' DĂƌ ϭϯ Ϭ Ϯϳ нϯϱй :ƵŶ ϭϯ Ϭ ϮϬ Ͳϰϭй ^ĞƉ ϭϯ Ϭ Ϯϲ Ͳϲϴй ϵϲ ϵ ϭϯθ Ϭ DĂƌ ϭϰ Ϭ Ϯϳ Ϭй ϭϭϵ ϱ :ƵŶ ϭϰ Ϭ Ϯϴ нϰϭй ϭϰϯ ϲ ^ĞƉ ϭϰ Ϭ ϯϳ нϰϯй ϭϰϳ ϳ ĞĐ ϭϰ Ϭ ϯϳ нϭϲй ϭϲϲ ϯ DĂƌ ϭϱ Ϭ Ϯϱ Ͳϳй ϭϰθ ϲ :ƵŶ ϭϱ Ϭ Ϯϳ Ͳϰй ϭϱϲ ϰ ^ĞƉ ϭϱ Ϭ ϯϯ Ͳϭϭй ĞĐ ϭϱ Ϭ Ϯϰ Ͳϯϱй DĂƌ ϭϲ Ϭ ϮϮ ͲϭϮй ϵϯ ϵ ϭϭθ ϱ ^ > ^ D/> Z>Ϳ нϭϭй нϯϰй ^ > ^ й, ' ϵϯ ϴ ϭϱϵ ϰ ϭϳϭ ϵ ϭϲϭ ϱ нϰй нϯй нϵй нθй нϯϵй нϰθй нϰϲй нϯϭй нϯϰй нϵй нθй нϯй нθй нϭϭϲ ϰй нϰϯ ϯй W^ й ^hzwz/^ ϭϯϳ &h ^ ϭϭϵ ϭϵ ϱϳϳ ϴϱϰ ϮϮD ^, Z ^, > z &h ^ ͲϮ ϲй Ͳϭ ϵй Ͳϰ ϲй нϯ Ϯй Ͳϱ Ϯй нϯ ϯй нϰϰ ϲй нϭϭ ϰй нθ ϳй нϰ ϯй нϯϵ ϲй ϭϯϭ ϮϯD ϭϰϭ ϯϭd ϭϰϯ ϮϴD ϭϱϯ ϯϭd ϭϳϭ ϮϴD ϭθϵ ϮϵD ϮϮϬ ϯϭd Ϯϯϳ ϯϯd Ϯϱϳ ϯϯd Ϯϱϵ ϯϭd ϮϯϮ ϮϴD Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϭϭϭ Ϯ ĞĐ ϭϯ Ϭ ϯϯ Ͳϲй ϮϮϵ ϮϴD Ϯϯϳ ϮϵD :ƵŶ ϭϲ Ϭ ϮϬ ͲϮϲй ϭϲϯ ϴ ^ĞƉ ϭϲ Ϭ Ϯϯ ͲϯϬй ϭϲϭ ϭ ĞĐ ϭϲ Ϭ Ϯϴ нϭϳй DĂƌ ϭϳ Ϭ ϮϮĞ ϬйĞ :ƵŶ ϭϳ Ϭ ϮϰĞ нϯϭйğ ϭθϯ ϴ ϭθϯ ϱğ ϭθϵ ϮĞ нϰй нϭй нϳй нϭϰйğ нϭϲйğ нϱϳ ϯй нϯϱ ϳй нϯϭ ϲй Ϯϰϱ ϮϴD Ϯϱϱ ϯϭd Ϯϱϭ ϮϵD ^ĞƉ ϭϳ Ϭ ϮϲĞ нϭϯйğ ĞĐ ϭϳ Ϭ ϯϭğ нϳйğ W ϯϰ ϮϬϭϳϮϬϭϳ Ɛƚ ϯϯ Ϭ ϱͳǉƌ,ŝőś ϯϲ Ϭ ϱͳǉƌ >Žǁ ϭϯ Ϭ ǀƐ /ŶĚ ǀŐ Ϯ ϱǆ /ŐƵĂƚĞŵŝ ŵɖƌğɛă ^ŚŽƉƉŝŶŐ ĞŶƚĞƌƐ KŶ /'h ZͿ tğğŭůǉ ĂƐ ŽĨ &ƌŝ DĂƌĐŚ ϭϭ ϮϬϭϳ DĂƌĐŚ ϭϭ ϮϬϭϳ Growth Drivers SSS y/y growth accelerated to 5.9% from 4.1% in Q2 2017 and 1% in Q3 2016. Same-store rentals (SSR) were up 6.1% and same-area rentals (SR) grew 5.8% in Q3 2017. Currently, two Greenfield projects are in progress; Fashion Outlet Santa Catarina (30,000m2) and Fashion Outlet ova ima (30,300m2), which are scheduled to open in 2018 and 2019, respectively. With the economic turnaround in Brazil, the real estate sector is expected to benefit from the rebound in economic activity (H2 2017 onward), falling interest rates, and improved consumer sentiment. Iguatemi is one of the best-positioned companies to benefit from this trend. ooking Forward Brazil s mall industry offers strong potential for growth and expansion, as it has only 56 square meters of G per 1,000 inhabitants, versus 150, 201, and 2,210 square meters in Mexico, Chile, and the U.S., respectively. 2017guidance remains unchanged, with net revenue growth of 2 7%, BITD margin of 73 77%, and capex of RB 80M 130M. ext Catalyst: The Company s Q4 2017 earnings on February 19, 2018. -52- ocal Code: BRIGT3 Bloomberg Symbol: IGT3:BZ ISI: BRIGTCOR5

Iguatemi mpresa Shopping Centers On IGUTMI MPRS SHOPPIG (IGU.BR) BSP BRZI R STT DVPMT/OPS 176.61M 86.54M SHRS RIGS BUSISS: +55 11 3137 6801 http://www.iguatemi.com.br MGMT owns X-DIV SC IGUTMI MPRS D SHOPPIG CTRS S. IGUTMI MPRS D PRPRTIO OF STUDIS, PROJCTS D PIG I PROMOTIO PRIC = SHOPPIG CTRS S IS BRZI-BSD COMPY GGD I TH D MRCHDISIG. TH COMPY HODS ITRSTS I SVR 10 X PS R STT DVOPMT SCTOR. TH COMPY IS FOCUSD O R STT PROJCTS, ICUDIG SHOPPIG CTR IGUTMI SO TH COMMRCI XPORTIO D PIG OF SHOPPIG CTRS, PUO, SHOPPIG CTR IGUTMI CMPIS, SHOPPIG CTR RDRIG OF DMIISTRTIO SRVICS OF RGIO SHOPPIG IGUTMI SO CROS, SHOPPIG CTR BOUVRD RIO IGUTMI, CTRS D OF MIXD-US R STT COMPXS, PURCHS D PRI D BS SHOPPIG CTR, SHOPPIG CTR IGUTMI 14.00 S OF PROPRTY, XPORTIO OF ROTTIG PRKIG OTS, CXIS, SHOPPIG CTR IGUTMI BRSII D PRI D BS MDITIO I TH SIG OF PROMOTIO SPCS, S W S PRIM OFFICS, MOG OTHRS. 13.00 12.00 11.00 10.00 9.00 8.00 7.00 U W K Y PS BR (DC.) CF/SHR BR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI BR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 0.59 1.18 49.9 8.8 +38 189.6 69 2009 0.55 1.00 51.3 7.4 +15 217.4 68 2010 0.96 1.29 65.8 10.6 +21 263.6 68 2011 0.96 1.17 57.2 9.9 +25 329.5 70 2012 1.70 0.88 76.9 16.0 +25 410.5 71 2013 1.05-0.35 53.7 +2 418.9 65 2014 1.30 1.23 43.7 9.6 +38 577.2 70 2015 1.08 1.13 37.9 7.5 +10 636.3 76 2016 0.92 1.89 30.4 6.0 +5 668.1 70 889 880 912 930 935 977 1019 1028 1137 0.8-21 65 68 0.8-36 63 71 0.7-46 60 67 0.9-27 67 72 1.0-11 68 70 0.9-16 59 73 1.1-15 60 75 1.2-3 63 73 1.2 +5 67 67 FOT MKT CP BR 7.60BI. SS BR690.20 MI BRZI PS RTIG 69 BR43.02(OH -1%) Up 32.57% Since ddition PRIC SC 160 150 140 130 2017 STIMT 2018 STIMT 1.20 +31% 1.55 +29% RIGS GROWTH RT SS GR RT 2015-17 -9%(10 STBIITY) +7% 2013-17 -9%(15 STBIITY) +15% COMPOSIT RTIG 120 110 100 IVT T/O 22.2x 68 90 DBT % 2014-16 70%: 65%: 70% 9%: 20%: 19% TX RT 14-16 : : BCKOG 14-16 2.78 X '16 BK.V R&D DIV 0.68(1.6%) DIV GR RT+6% (26) BT 0.94(45) PH 0.04(0.03) 80 70 6.00 60 0BRBOVS 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 Global Focus M BR32.5 3.80 38-9% 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 2.60 26 2.40 24 2.20 22 2.00 20 1.90 19 1.80 18 1.70 67 B- 1.60 17 16 1.50 15 1.40 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8 0.70 7 VOUM 8M 5M 3M SP Q -55% BOW ST. PS (BR) % CHG SS(MI BR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.32-6% 128.0 +8% 44.2% +9.0% 20-25 0.27 0% 119.5 +29% 40.3% +8.8% 18-21 0.28 +40% 143.6 +48% 34.6% +8.6% 18-20 0.37 +42% 147.7 +46% 45.1% +9.2% 17-22 0.37 +16% 166.3 +30% 39.0% +9.5% 16-20 0.25-7% 148.6 +24% 30.0% +9.2% 17-22 0.27-4% 156.4 +9% 30.2% +8.9% 19-24 0.33-11% 159.4 +8% 36.3% +8.4% 15-21 0.24-35% 171.9 +3% 24.1% +7.4% 17-21 0.22-12% 160.5 +8% 23.8% +7.1% 17-24 0.20-26% 162.8 +4% 21.1% +6.5% 24-29 149/30790 168/27523 186/28343 217/29911 235/32835 254/32804 256/29498 229/28447 228/28212 235/28595 239/28249 DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Real state Dvlpmt/Ops 0.23-30% 161.1 +1% 24.9% +5.7% 31-35 258/30242 SP 16 0.28 +17% 183.8 +7% 26.6% +6.0% 27-34 0.28 +27% 167.3 +4% 29.9% +6.3% 26-34 0.29 +45% 169.4 +4% 29.7% +6.9% 27-33 0.30 +30% 169.7 +5% 30.9% +7.3% 256/31025 376/41320 391/42443 406/43737 DC 16 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -53-1M DC Q 0.41 +49% '13-18 P..'S OW OW HI ST DC 17 13X 38X 35X MR 18 TM DTGRPHS 2/2/2018

IDI >Θd &ŝŷăŷđğ,žůěŝŷőɛ >&, / ZW^ Ϯ ǆ ϮϯϬ Ϭ ϮϭϬ Ϭ ϭϵϭ Ϭ ϭϳϭ Ϭ ϭϱϭ Ϭ ϭϯϭ Ϭ ϭϯϭ Ϭ ϭϭϭ Ϭ ϵϱ ϬϬ ϴϱ ϬϬ ϳϱ ϬϬ ϲϱ ϬϬ ϲϭ ϬϬ ϱϱ ϬϬ Source: Corporate Website нϵϭ ϮϮ ϲϲϯϭ ϳϯϬϬ W^ ZĂŶŬ ϴϭ &T Finance Holdings d/k > / / ǆđś / ϰϵθ>ϭϭϭϭϱ ůƞŝŷăŷđğśžůěŝŷőɛ ĐŽŵ &ŝŷăŷđŝăů ^ǀĐƐͲ^ƉĞĐŝĂůƚǇ DŬƚ ĂƉ /ZϮϲϳ ϰϱ ^ĂůĞƐ /Zϴϱ ϳϮ DƵŵďĂŝ / / /ŶĐ ϮϬϬϴ W^ ƵĞ ŝŷ ϯθ ĂǇƐ ĞͿ K, Ϭй >K' &ŝǆğěͿ ϰϯϭ ϯθϭ ϯϰϭ ϯϭϭ ϮϲϬ ϮϰϬ ϮϮϬ Strong PS growth ϭϵϭ ϭϳϭ ϭϱϭ ϭϰϲ ϴϱ ϭϯϭ нϭϯ Ϭϱ ϭϭϭ RO to move from 14% to 20% by 2020 ϵϭ ϰϭ ϬϬ xcellent RS and /D Ratings ϲϭ ϴϰ н Ϯϱ ϬϬ Ϯϯ ϬϬ O eil Methodology FH retook its 21- and 50-DMs on good volume post the release of Q2 FY 2018 results. Investors can take this opportunity to add to positions. The Company has an PS Rank of 69. Consensus estimates have PS growing 39% and 33% in FY 2018 and FY 2019, respectively. ncouraged by consistent and strong financial performance, institutional ownership surged 68% y/y to 121 in September 2017. The Company is keen on improving RO through optimizing costs and improving fee structure. FH s RO improved to 15.15% in Q2 FY 2018, the highest ever since its listing. It aims to achieve RO of at least 18% by 2020 or earlier. ϴϬ ϳϬ ϯϭ ϬϬ Company Overview FH is a non-banking financial holding company, offering a diverse range of financial products and services across the corporate, retail, and infrastructure sectors. majority share of the Company is owned by arsen & Toubro td, a $14.3B engineering conglomerate. With a loan book of IR 723B and a pan-india presence through 195 branches, FH has emerged as one of the largest BFCs. Q2 FY 2018 loans and advances by segment: wholesale, 60%; housing, 21%; rural, 16%; defocused, 3%. /Z нϵ ϳϱй ϭϯϭ ϭϭϭ ϯϱ ϬϬ &T Finance Holdings td (FH) is a leading nonbanking financial services company. It aims to gain market share and improve profitability through focusing on selected business verticals. 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The rural and housing segments reported RO of 25.32% and 30.15% in Q2 FY 2018, respectively. Going forward, wholesale financing (RO of 10.12%) will be the key driver of profitability improvement. Under its rural business segment, the Company grew loan disbursement 88% y/y. It is the second-largest tractor financier with an 11.1% market share in Q2 FY 2018 (versus 4.7% in Q2 FY 2017). In order to boost its housing finance business profitability, the Company is shifting focus toward the highermargin, relatively less competitive, self-employed segment for home and property loans. The transition will lead to lower costs once processes are streamlined and turnaround times are improved. The housing business reported disbursement growth of 34% y/y in Q2 FY 2018. ooking Forward By FY 2020, FH aims to establish digital and data analytics, which should be a sustainable competitive advantage to gain market share. ext Catalyst: FH is expected to report Q3 FY 2018 earnings on January 23, 2018. -54- ocal Code: I:&TFH Bloomberg Symbol: TFH:I ISI: I49801015

&T Finance Holdings &T FIC HODIGS IDI (FH.I) S FICI SVCS-SPCITY 1.82B 547.08M SHRS RIGS BUSISS: +91 22 6621 7300 http://www.ltfs.com MGMT owns X-DIV SC &T FIC HODIGS TD. &T FIC HODIGS IMITD IS SGMTS CROSS POWR-THRM D RWB; PRIC = O-BKIG FICI ISTITUTIO-COR IVSTMT COMPY. TRSPORTTIO-RODS, PORTS D IRPORTS; TCOM, D OTHR 10 X PS TH COMPY'S SGMTS ICUD RTI D MID MRKT O-IFR SGMTS; IVSTMT MGMT, WHICH COSISTS OF FIC, WHICH COSISTS OF RUR PRODUCTS FIC, PRSO SSTS MGMT OF MUTU FUD D PRIVT QUITY FUD, VHIC FIC, MICROFIC, HOUSIG FIC, COMMRCI D OTHR BUSISS, WHICH COSISTS OF WTH MGMT D VHIC FIC, COSTRUCTIO QUIPMT FIC, OS D FICI PRODUCT DISTRIBUTIO. IT OFFRS RG OF SS, O GIST SHRS D SUPPY CHI FIC; FICI PRODUCTS D SRVICS CROSS RTI, CORPORT, 50.00 48.00 WHOS FIC, WHICH COSISTS OF PROJCT FIC D HOUSIG D IFRSTRUCTUR FIC SCTORS, S W S 46.00 O-PROJCT CORPORT FIC TO IFR D O-IFR MUTU FUD PRODUCTS D IVSTMT MGMT SRVICS. 44.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 42.00 PS IR (MR.) 7.54 +45% 10.23 +36% -0.36 2.13 2.82 2.81 4.25 3.03 4.30 1.25 5.21 38.00 36.00 34.00 32.00 30.00 28.00 26.00 24.00 U W K Y CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK -0.34 0.3 71 3.12 4.41 27.7 28.6 13.6 15.0 +5,476,496 +49 14239 21169 70 73 4.40 22.8 11.9 +42 30073 71 4.64 24.7 14.3 +33 39948 70 5.00 15.8 9.2 +31 52372 72 10.15 18.5 12.1 63375 69 2.18 105.6 9.7 +18 3485.0 72 12.78 12.6 14.0 +15 85706 62 6830 6712 6938 6885 6434 6603 6677 7013 5498 0.6-4 67 128 0.6 0 62 145 0.7 +22 66 127 0.6 +13 60 132 0.6 +12 57 137 0.5 +20 58 136 0.5 +3 56 143 0.5 +4 59 139 0.8-12 46 148 FOT MKT CP IR 287.58BI. SS IR98.00 BI IC IDI PS RTIG 2008 88IR157.70(OH -26%) 600 Up 7.39% Since ddition 500 480 460 440 420 400 RIGS GROWTH RT SS GR RT 2015-17 +34%(47 STBIITY) +38% 2013-17 +6%(45 STBIITY) +7% COMPOSIT RTIG IVT T/O PRIC SC 380 360 340 320 DBT % 2015-17 461%: 515%: 548% 28%: 32%: 3% TX RT 15-17 : : BCKOG 15-17 3.80 X '17 BK.V R&D 0.8(0.5%) DIV GR RT+2% (2) DIV BT 1.85(30) PH 0.03(0.02) 300 280 260 240 22.00 0IBOM500 20.00 220 200 19.00 190 18.00 180 Global Focus M IR146.9 17.00 170 16.00 160 15.00 150-25% 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 7.00 70 46 D+ 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 2.60 26 2.40 24 VOUM 60 M 40 M 20 M DC Q -49% BOW ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 0.64-63% 13152.4 +32% 8.3% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 19-25 16/11836 DC 13 0.64-35% 14188.2 +24% 13.1% +10.5% 22-30 16/9616 MR 14 1.66 +98% 14685.5 +25% 19.5% 16-22 15/9494 JU 14 1.06 +31% 15866.1 +20% 11.4% +10.8% 16-19 14/12191 SP 14 1.06 +66% 16115.2 +23% 11.3% 14-17 15/5658 DC 14 0.52-19% 16707.7 +18% 12.2% +13.9% 13-17 0.28-74% 1.37 +163% 1.00 +300% 20307.3 1.23 +339% 21415.7 1.38 +393% 21619.2 1.60 +17% 22380.9 10.9% 11.7% +9.6% 27-35 11.4% 11.8% +12.6% 22-30 10.2% 11.6% +4.8% 18-25 12.5% 14.1% +15.9% 16-24 98/113M MR 17 26/23045 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Financial: Financial Svcs-Specialty 0.28-74% 20-23 21/18073 MR 15 0.25-85% 43/30582 SP 15 46-52 41/50818 DC 15 44/55750 MR 16 21-27 41/58483 JU 16 72/87367 SP 16 16-21 92/107M DC 16 1.56 +56% 23657.6 +16% 13.1% 1.96 +42% 27010.2 +25% 14.2% 112/131M JU 17 126/133M SP 17 2.16 '13-18 P..'S OW OW HI ST 126/144M DC 17 MR Q +35% 20-26 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -55-1.83 +49% 24947.2 +16% 14.4% +13.3% 10 M 12X 36X 52X MR 18 TM DTGRPHS 2/2/2018

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The Company continues to grow through new product launches and capacity expansion. Company Overview The Company is a subsidiary of the Japanese automobile and motorcycle manufacturer Suzuki. It holds about a 47% market share in the domestic passenger vehicle industry. It offers more than 15 brands and more than 150 variants across industry segments such as passenger cars, utility vehicles, and vans. The Company has a total annual production capacity of 1.5M units. O eil Methodology Maruti s PS Rank is strong at 94, due to consistent PS growth over the last few quarters. Consensus estimates have PS growing 11% and 22%, y/y, respectively, in FY 2018 and FY 2019. The Company reported Q3 FY 2018 revenues of IR 192.8B (+14.2% y/y) and net profit of IR 18.0B (+3.0% y/y). Revenues were slightly above consensus expectations, but net profit missed street estimates. Operating BITD grew 22.1% y/y while BITD margin improved 100bps y/y to 15.7%, above consensus estimates of 15.5% in Q3 FY 2018. Growth Drivers In Q3 FY 2018, sales volume increased 11% y/y, driven by demand for models Baleno and Vitara Brezza. 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The demand for the Baleno, Brezza, and ew Dzire models continues to remain strong. These models have a healthy waiting period of three to four months. SUV sales volume grew 28% y/y, accounting for 16% of total sales volume in Q3 FY 2018. Management stated that there is steady progress with the development of its Gujarat plant, which will add 1M units to total capacity by 2019. It also expects the FY 2018 run-rate to be closer to 150,000 units per annum. ooking Forward Maruti sold 1.3M vehicles in India from 2015 2016. The Company has a sales target of 2M vehicles by 2020. The Company aims for a market share of 50% by FY 2018, led by its wider product portfolio, superior distribution network compared with its peers, and low cost of ownership. ccording to management, it also plans to expand the number of exa outlets to 400 by 2020. ext Catalyst: The Company s Q4 FY 2018 results are expected to be released on pril 25. -56- ocal Code: I:MRUTI Bloomberg Symbol: MSI:I ISI: I585B01010

Maruti Suzuki India IDI MRUTI SUZUKI IDI (MUD.I) S UTO MUFCTURRS 302.08M 132.92M SHRS RIGS BUSISS: +91 11 4678 1135 http://www.marutisuzuki.com MGMT owns X-DIV SC MRUTI SUZUKI IDI IMITD IS HODIG COMPY. TH 800, TO K10, WGO R, CRIO, RITZ, SWIFT, DZIR, RTIG, PRIC = COMPY IS GGD I TH MUFCTUR, PURCHS D S OF OMI, CO, GYPSY D CIZ. ITS SRVIC OFFRIGS ICUD 10 X PS MOTOR VHICS, COMPOTS D SPR PRTS (UTOMOBIS). MRUTI FIC, TRU VU, MRUTI GUI PRTS, MRUTI TH OTHR CTIVITIS OF TH COMPY COMPRIS FCIITTIO OF GUI CCSSORIS, MRUTI SUZUKI UTO CRD D MRUTI PR-OWD CR SS, FT MGMT D CR FICIG. ITS DRIVIG SCHOO. IT HS PPROXIMTY FIV PTS, OCTD I GOGRPHIC SGMTS ICUD TH DOMSTIC SGMT, WHICH PM GURGO ROD, GURGO, HRY, D T MSR 2600 ICUDS SS TO CUSTOMRS OCTD I IDI, D TH IDUSTRI TOW, GURGO, HRY, WITH ISTD OVRSS SGMT, WHICH ICUDS SS TO CUSTOMRS OCTD CPCITY OF OVR 1.5 MIIO VHICS PR YR. 2400 OUTSID IDI. TH COMPY'S PRODUCT PORTFOIO ICUDS TO 2200 2000 1900 1800 1700 1600 1500 1400 1300 1200 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT CP IR 2.72T SS IR680.85 BI IDI PS RTIG IC 1981 94 IR8991(OH -10%) Up 54.94% Since ddition PRIC SC 30000 28000 26000 24000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 275.99 +11% 338.99 +23% 42.48 90.85 82.46 58.19 81.74 94.44 126.04 181.94 248.61 55.57 119.97 111.76 95.81 141.43 143.40 188.30 232.01 265.82 RIGS GROWTH RT SS GR RT 2015-17 +39% (1 STBIITY) +15% 8.2 12.7 8.6 6.1 6.9 8.4 9.8 13.2 14.9 13.5 24.1 18.0 11.2 14.2 14.1 16.6 18.0 22.2 2013-17 +35%(11 STBIITY) +13% +14 +43 +24-3 +23 +3 +14 +15 +18 COMPOSIT RTIG IVT T/O 17.1x 86 206622 295915 363330 351972 443044 445418 508014 575890 680850 69 71 74 73 73 69 70 69 72 DBT % 2015-17 1%: 0%: 0% 415 424 481 490 509 490 504 529 576 24%: 28%: 26% TX RT 15-17 : : 1.7 1.6 1.6 1.7 1.4 1.1 1.0 1.0 0.9 BCKOG 15-17 7.66 X '17 BK.V +54 +59 +43 +42 +47 +53 +49 +41 +21 R&D 0.4% 75(0.8%) DIV GR RT+55% (25) 72 73 74 72 67 67 70 69 69 DIV 105 92 89 85 96 106 103 104 95 BT 0.93(24) PH 0.08(0.07) 22000 20000 19000 18000 17000 16000 15000 14000 0IBOM500 13000 12000 1100 11000 1000 10000 900 9000 800 8000-11% Global Focus M IR5802.5 700 7000 600 6000 500 480 460 440 420 400 5000 4800 4600 4400 4200 4000 380 3800 360 3600 69 B 340 320 3400 3200 300 3000 280 2800 260 2600 240 2400 220 2200 200 190 2000 1900 180 1800 170 1700 160 1600 150 1500 140 1400 130 1300 1200 VOUM 7M MR Q 169% BOV ST. PS (IR) 94.44 126.04 +33% 508014 +14% 7.5% % CHG SS(BI IR) 445418 % CHG MRGI FTR TX 6.4% 181.94 +44% 575890 +13% 9.5% 248.61 +37% 680850 +18% 11.0% FUD/SHRS (000) 11-16 16-20 18-24 22-28 24-29 26-30 24-29 25-30 25-28 17-25 17-21 465/49966 477/52822 501/52652 562/56567 639/54952 662/57543 705/60919 772/65670 775/62030 798/56644 844/55239 DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Cyclical: uto Manufacturers 19-26 888/55118 SP 16 20-25 21-25 980/55072 989/55031 DC 16 MR 17 JU Q '13-18 P..'S OW OW HI ST 23-30 1003/56M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -57-2M 64.85 RTUR O QUITY T4Q P OW-HIGH 4M 3M SP 17 DC 17 11X 31X 30X MR 18 TM DTGRPHS 2/2/2018

TURKY Tofas Turk Otom.Fabk. Source: Corporate Website Good earnings estimate revised up Strong earnings and sales growth rates over last three years Shares under accumulation from up/down volume ratio over 1 Improving Datagraph Rating from eight weeks ago Clears cup-with-handle base 40-week M Tofas Turk (TO.TR) is one of the leading passenger car (PC) and light commercial vehicle (CV) manufacturers in Turkey. The Company expects to benefit from increasing demand for the Fiat gea. 10-week M Good /D Rating and RS line close to new highs Company Overview The Company is jointly owned by Koç Holding and Fiat Chrysler utomobiles (FC), each holding a 37.8% stake. The Company represents six brands such as Fiat, lfa Romeo, ancia, Jeep, Maserati, and Ferrari in its domestic market. 2016 revenue by product segment: CV, 50%; PC, 50%. O eil Methodology Revenues and PS grew at an average annual rate of 37% and 20%, respectively, over the last three years. Consensus estimates call for PS growth of 19% and 14%, y/y, in 2017 and 2018, respectively. In Q3 2017, the Company s revenue growth was 22% y/y, slightly above consensus estimates, driven by 39% y/y growth in domestic sales. BITD and net profit grew 47% and 35%, y/y, respectively, both above consensus estimates. Management revised its 2017 guidance. It now expects domestic sales volume of 0.120M 0.130M units in 2017 (previously 0.115M 0.125M), compared with 0.112M units in 2016. xport sales volume of 0.280M 0.300M units is expected in 2017, compared with 0.280M units in 2016. Growth Drivers The Company s Fiat gea model, also known as Fiat Tipo in the uropean markets and Dodge eon in Mexico, was well received. s of 2016, Fiat gea/tipo was the best-selling car in Turkey, with 35,000 units. Increasing institutional ownership Domestic revenues increased 57% y/y in Q3 2017, driven by 39% y/y volume growth and increases in domestic vehicle prices. Domestic revenue per vehicle increased 13% y/y. To meet the growing demand for its gea model, the Company plans to manufacture at least 580,000 sedans and 700,000 hatchbacks and station wagons from 2015 2023. It also announced a capacity expansion of 50,000 units per year in 2017. With this expansion, the number of units produced will increase 13%. The Company has been witnessing strong demand from urope, mainly Italy and Spain, which together, as of June 2017, accounted for 47.5% of total exports. In Q2 2017, exports to urope grew 22% y/y. ooking Forward The Company will continue its pace of export going forward. It plans to export more than 30% of sedans and an even higher number of hatchbacks and station wagons. s a part of its Doblo merica project, Tofas plans to export 175,000 units to orth merica, from 2014 2021. ext Catalyst: The Company s Q4 2017 results are expected to be released on February 6, 2018. -58- ocal Code: TR:TOSO Bloomberg Symbol: TOSO:TI ISI: TRTOSO91H3

Tofas Turk Otom.Fabk. TOFS TURK OTOM.FBK. TURKY (TO.TR) IST UTO MUFCTURRS 500.00M 125.00M SHRS RIGS BUSISS: +90 212 275 33 90 http://www.tofas.com.tr MGMT owns X-DIV SC TOFS TURK OTOMOBI FBRIKSI S (TOFS) IS TURKY-BSD OFFRS COSUMR FICIG D FR MS OTO TICRT S, WHICH PRIC = COMPY, WHICH MUFCTURS, XPORTS D SS PSSGR IS GGD I TH TRDIG OF UTOMOBIS D SPR PRTS. 10 X PS CRS D IGHT COMMRCI VHICS UDR ICSS OF FIT TOFS'S MUFCTURIG FCIITIS R OCTD T BURS. TOFS CHRYSR UTOMOBIS SP (FIT). TOFS, WHICH IS JOIT UDRTKS TH RPRSTTIO OF TH FOOWIG BRDS I TH VTUR OF KOC HODIG S D FIT, SO PRODUCS VRIOUS DOMSTIC MRKT: FIT, F ROMO, CI, JP, MSRTI 13.00 UTOMOTIV SPR PRTS USD I ITS UTOMOBIS. ITS D FRRRI. SUBSIDIRIS ICUD: KOC FIT KRDI FISM S, WHICH 12.00 11.00 10.00 9.00 7.00 U W K Y PS TRY (DC.) CF/SHR TRY PRTX MRGI, % RT. O QUITY, % SS % CHG SS (TRI TRY) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 2009 2010 2011 2012 2013 2014 2015 0.35 0.72 0.77 0.95 0.88 0.87 1.15 1.66 1.01 0.86 1.33 1.38 1.55 1.60 1.91 2.13 4.6 5.3 6.1 6.9 7.4 6.8 6.3 6.2 15.4 28.4 24.6 27.1 23.3 21.9 27.7 34.4 +31 +7 +25 +14-9 +5 +6 +33 4798.0 5112.4 6410.2 7336.7 6705.3 7038.0 7440.0 9920.7 73 74 72 73 74 69 73 72 2016 1.94 2.78 5.6 35.0 +44 14236 68 649 671 642 589 609 596 583 617 643 1.3 +6 60 15 1.3-3 62 15 1.1-7 52 20 1.2-8 57 20 1.3-14 56 22 0.9-1 46 30 0.9 +26 59 31 0.8-14 46 34 0.9-12 37 29 FOT MKT CP TRY 15.78BI. SS TRY17.16 BI TURKY PS RTIG 41 TRY31.56(OH -8%) Up 22.14% Since ddition PRIC SC 140 130 120 2017 STIMT 2018 STIMT 2.34 +20% 2.69 +15% RIGS GROWTH RT SS GR RT 2015-17 +20%(10 STBIITY) +37% 2013-17 +10%(12 STBIITY) +22% COMPOSIT RTIG 110 100 90 IVT T/O 16.9x 81 DBT % 2014-16 59%: 99%: 101% : : TX RT 14-16 : : BCKOG 14-16 R&D 0.2% DIV 0.65(0.0%) DIV GR RT+6% (25) BT 0.66(21) PH 80 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 0TKT 50 48 46 44 42 40 3.80 38 3.60 36 3.40 34 3.20 32 Global Focus M TRY25.8 3.00 30 2.80 28 2.60 26 2.40 24 2.20 22 2.00 1.90 20 19 1.80 18 1.70 17 1.60 16 1.50 15 37 D+ 1.40 1.30 14 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8 0.70 7 0.60 6 VOUM 4M 2M SP Q -53% BOW ST. PS (TRY) % CHG SS(BI TRY) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.23-8% 1889.7 +7% 6.0% +21.9% 13-16 0.27 +29% 1676.1-2% 8.0% +27.1% 10-14 0.27 +23% 1819.7 +2% 7.4% +26.6% 12-14 0.25 +19% 1684.8 +2% 7.5% +26.4% 11-13 0.36 +57% 2259.5 +20% 7.9% +27.7% 10-14 0.43 +59% 2131.1 +27% 9.6% +35.1% 11-13 0.40 +48% 2549.9 +40% 7.6% +34.9% 10-13 0.32 +28% 2271.6 +35% 6.9% +35.7% 10-13 2715.6 +27% 8.9% +39.2% 12-15 3652.3 +43% 6.6% +37.6% 13-16 266/59259 254/58769 276/61057 283/60450 298/54137 312/51119 316/57063 339/57567 325/55805 334/54027 351/53957 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 Consumer Cyclical: uto Manufacturers DC Q 0.31 2968.1 +31% 8.7% +34.4% 11-13 DC 13 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. 1M 3112.0 +37% 6.7% +37.7% 14-17 346/54156 SP 16 4756.1 +60% 5.9% +35.0% 4098.3 +51% 6.4% +37.7% 4498.5 +23% 6.9% +36.8% '13-18 P..'S 337/57186 341/56529 355/57037 372/58743 368/58677 DC 16 MR 17 JU 17 SP 17 DC 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -59- -15% 3803.6 +22% 7.5% +37.2% OW OW HI ST 10X 17X MR 18 TM DTGRPHS 2/2/2018

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Strategic acquisitions should continue to drive profitable revenue growth of the Company. Company Overview Motherson is the largest manufacturer of automotive wiring harnesses in India, with more than 65% of domestic market share in the passenger car segment. Its rear-view mirror division has a market share of 53% in the Indian market and 22% in the global market. The Company has more than 200 manufacturing facilities in 37 countries across various product lines in the automotive component industry. Motherson supplies products and services to well-known automobile companies, such as BMW, Ford, Mercedes-Benz, Renault, issan, and Maruti Suzuki, among others. O eil Methodology In Q2 FY 2018, Motherson s revenues grew 33% y/y to IR 133.3B, slightly below consensus estimates of IR 135.3B, driven by 36% y/y sales growth in international markets and higher contribution from its newly subsidiary, The Company s net profit grew 24%acquired y/y in Q2 FY 2018.PKC. It generated about 87% of total revenues from international operations. In Q2 FY 2018, the Company s BITD grew 31% y/y while its BITD margin declined 80bps to 8.8%, lower than estimates of 9.8%. Over the past three years, PS has grown 26%. The Company s PS Rank stands at 78. Consensus estimates have the Company s FY 2018 and FY 2019 PS growing 43% and 29%, y/y, respectively. ϲϭ ϱϭ ϰϲ ϰϯ ϯθ ϯϰ ϯϭ Ϯϲ Ϯϰ ϮϮ Solid PS and revenue growth >/ sk>hd ϰϵd ϯϱd Ͳϱй ϮϭD ϲ ϲd Ɖ ϭϭ ĞĐ ϭϭ &/ / >^ Ϭ ϭθ W^ /ZͿ ͲϬ ϭϵ DĂƌ ϭϯ ϭ ϰϳ :ƵŶ ϭϯ Ϭ Ϭϲ ^ĞƉ ϭϯ ϭ Ϭϰ ĞĐ ϭϯ Ϭ ϳϴ DĂƌ ϭϯ ϭ ϰϲ :ƵŶ ϭϯ Ϭ ϱϱ ^ĞƉ ϭϯ ϭ Ϭϲ ĞĐ ϭϯ ϭ ϴϵ DĂƌ ϭϰ Ϯ Ϯϵ :ƵŶ ϭϰ ϭ Ϯϰ ^ĞƉ ϭϰ Ϭ ϳϵ ĞĐ ϭϰ ϭ ϵϯ DĂƌ ϭϱ Ϯ ϱϳ :ƵŶ ϭϱ Ϯ ϬϮ ^ĞƉ ϭϱ Ϯ ϭθ ĞĐ ϭϱ Ϯ ϯϱ Ͳϳϯй ͲϭϮϯй W^ й, ' ϵϭϭ Ϭ ϯϳ ϳϮϯ ϰ ^ > ^ D/> /ZͿ нϯϳй ϲϯ ϲθϯ Ϯ Ͳϴϴй ϲϯ ϳϳϮ ϰ нϰϳθй ϱθ ϬϬϱ ϱ нϱϭϭй ϲϲ ϲϯϱ ϵ Ͳϭй ϲϯ ϳϭϮ ϴ нθϭϳй ϳϬ ϴϮϲ Ϭ нϯй ϳϮ ϰϯϭ Ϭ нϭϰϯй ϳϵ ϴϴϲ ϳ нϱϳй ϴϭ ϭϯϲ ϯ нϭϯϱй ϴϯ ϵϭϱ ϰ ͲϮϱй ϴϬ ϭϲϲ ϲ нϯй ϵϭ ϰϵϯ ϱ нϭϯй ϵϰ ϳϰϯ ϯ нϲϯй ϵϭ ϰϲϭ ϵ нϭϳϲй ϴϴ ϳϮϭ Ϭ нϯϯй ϵϰ ϰϯϯ ϭ нϭϳϱй нϭϳϲй нϭϱϯй нϳϳй Ϭй нϭϯй нϯϱй нϯϭй нϯϳй нϭθй нϭϭй нϭϭй нϯϭй нθϭй ^ > ^ й, ' W^ й ^hzwz/^ ϭϭϰ ϭϭϲ &h ^ нϭϳ ϯй нϯϰ Ϭй Ͳϯϳ ϱй нϭϱй нϭϳй нθй нϭϳ ϯй нϭθ ϳй нθϭ Ϭй DĂƌ ϭϲ ϯ ϭϯ :ƵŶ ϭϲ Ϯ Ϯϯ нϯϯй нϭϭй ϵϵ ϱϯϭ ϰ ϭϭϰ ϱϭϯ ϴ нϯй нϱй нϭϲй Ͳϵ Ϭй нϯϭ ϯй Ͳϵ ϴй ^ĞƉ ϭϲ Ϯ ϲϳ ĞĐ ϭϲ ϯ Ϭϳ DĂƌ ϯ ϴϰĞ нϯϯй нϯϭй ϭϭϭ ϯϲθ ϵ ϭϭϲ ϬϰϬ ϵ нϯϯйğ ϭϯϳ Ϯ<Ğ нϭϰй нϭϯй нϲ ϱй ϭϭϯ ϭϭϯ ϭϯϯ ϭϰϱ ϭϱϭ ϭϱϵ ϭϲϲ Ϯϭϳ Ϯϲϯ Ϯϴϲ ϯϯϱ ϯϳϯ ϯϵϵ ϰϯϯ ϰϯϵ ϰϭϳ ϯθϯ ϯϵϭ ϰϯϲ ϰϳθ Ϭ ϱϭθ ϭϵϵd ϮϬϯD ^, Z ^, > z &h ^ ϮϭϬD ϮϯϰD ϮϰϭD ϮϯϰD ϮϯϭD ϮϮϮD ϮϭϭD ϭϵϱd ϭθϭd ϭϳϯd ϭϲϲd ϭϳϯd ϭϳϭd ϭϱϯd ϭϰϳd ϭϱϯd ϭϱϯd ϭθϯd ϮϭϯD Π ϮϬϭϳ t/>>/ D KΖ /> н K / нϯθйğ W ϯϯ ϮϬϭϴ Ɛƚ Ϯϰ Ϭ ϱͳǉƌ,ŝőś ϱϯ Ϭ ϱͳǉƌ >Žǁ ϭϵ Ϭ ǀƐ /ŶĚ ǀŐ ϭ ϵǆ DŽƚŚĞƌƐŽŶ ^Ƶŵŝ ^ǇƐ D^z /Ϳ tğğŭůǉ ĂƐ ŽĨ tğě DĂƌĐŚ Ϭϭ ϮϬϭϳ DĂƌĐŚ Ϭϭ ϮϬϭϳ Growth Drivers Motherson entered into an agreement to acquire the Finland-based wiring harness and components producer PKC Group for about $614M in February 2017. The Company s wiring harness division has been strengthened by this acquisition. The Company plans to open three new facilities in Hungary, two each in India and South Korea, and one each in the U.S., Germany, and China, by FY 2019. These facilities will produce wiring harness, polymer products, door panels, exterior mirror, /B/C pillars, bumper, wheel covers, roof spoilers, and rocker panels. s of September 2017, the Company s total order book stood at IR 1.172T, including orders worth IR 189B obtained in H1 FY 2018. ooking Forward The Indian auto-component industry is set to become the third-largest globally by 2025. Indian auto-component makers are well positioned to benefit from the globalization of this sector, as export potential could grow 4x to $40B by 2020. Motherson targets revenues of $18B by FY 2020, as compared with $8.3B in FY 2017. Capex guidance for FY 2018 is IR 18B 20B. -60- ocal Code: I:MOTHRSUM Bloomberg Symbol: MSS:I ISI: I77501035

Motherson Sumi Sys. IDI MOTHRSO SUMI SYS. (MSY.I) S UTO/TRUCK-ORIGI QP 2.11B 1.58B SHRS RIGS BUSISS: +91 120 6752100 http://www.motherson.com MGMT owns SC MOTHRSO SUMI SYSTMS IMITD IS SYSTM SOUTIOS VTITIO D IR CODITIOIG (HVC) MODUS, PSTIC PRIC = PROVIDR TO UTOMOTIV D OTHR IDUSTRIS, OFFRIG MODD COMPOTS D BRSS TRMIS, D O-UTOMOTIV, 10 X PS SRVICS FROM DSIG D PROTOTYPIG TO PRODUCTIO D WHICH ICUDS PRODUCT CTGORIS, SUCH S WIRIG HRSS, DIVRY OF SOUTIOS CROSS RG OF PRODUCTS. TH PSTIC COMPOTS FOR WHIT GOODS, HOUSHOD WIRS, PTS COMPY'S SGMTS R UTOMOTIV, WHICH ICUDS PRODUCT D ROBI. IT SO HS PRSC I RG OF OTHR CTGORIS, SUCH S WIRIG HRSS, HIGH TSIO CORDS, POYMR, R-TIMR IGHT DVIC, STOMR D MT-BSD 110 WIR, PSTIC COMPOTS, RUBBR COMPOTS, COCKPIT PRTS D SYSTMS. TH COMPY CTRS TO RG OF SSMBY, SCUFF PTS, THRMO-FORMD PRODUCTS, MOD FOR CUSTOMRS I TH UTOMOTIV D OTHR IDUSTRIS CROSS 100 WIRIG HRSS COMPOTS D MOD PRTS, HTIG, SI, UROP, TH MRICS, USTRI D FRIC. 90.00 80.00 70.00 60.00 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 0.98 1.49 9.8 26.7 +28 25924 68 2010 1.28 2.27 5.1 24.9 +158 66968 66 2011 2.00 3.41 7.6 28.2 +22 82382 67 2298 2315 2623 1.8 +42 73 90 1.7 +29 73 89 1.3 +4 69 93 X-DIV FOT MKT CP IR 741.17BI. SS IR484.15 BI IDI PS RTIG 77IR352.05(OH -11%) PRIC SC 1300 Up 45.97% Since ddition 1200 1100 1000 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 10.55 +39% 14.14 +34% 1.30 2.24 3.86 4.35 6.51 7.58 3.95 6.78 11.00 8.99 14.07 17.10 RIGS GROWTH RT SS GR RT 2015-17 +26% (7 STBIITY) +12% 2.8 3.3 5.2 5.2 6.2 7.3 14.9 21.4 29.2 27.5 24.5 2013-17 +34%(12 STBIITY) +14% +80 +71 +21 +14 +10 +14 COMPOSIT RTIG IVT T/O 13.9x 84 147666 253124 304279 350319 371831 424327 64 63 60 63 64 59 DBT % 2015-17 123%: 109%: 114% 2762 2792 2775 2776 2840 2937 29%: 23%: 30% TX RT 15-17 : : 1.5 1.5 1.4 1.2 1.3 1.2 BCKOG 15-17 9.23 X '17 BK.V +20 +26 +26 +19 +7-16 R&D 66 64 64 67 60 63 DIV 1.33(0.4%) DIV GR RT+36% (19) 89 92 105 100 100 111 BT 1.29(25) PH 0.07(0.05) 900 800 700 600 0IBOM500 46.00 44.00 42.00 40.00 38.00 500 480 460 440 420 400 380 36.00 360 34.00 340-8% 32.00 320 30.00 300 Global Focus M IR241.2 28.00 280 26.00 260 24.00 240 22.00 220 20.00 200 19.00 190 18.00 180 17.00 170 16.00 160 15.00 150 63 D 14.00 13.00 140 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 7.00 70 6.00 60 3/2 3/2 3/2 50 VOUM 50 M 30 M 20 M SP Q -59% BOW ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 1.26 +142% 79886.7 +20% 3.1% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 18-25 213/310M DC 13 1.52 +55% 81136.3 +27% 3.7% +29.1% 19-28 258/288M MR 14 0.83 +41% 83915.4 +18% 2.0% 25-33 280/268M JU 14 0.53-24% 80166.6 +11% 1.3% +26.5% 34-48 317/256M SP 14 1.28 +2% 91493.5 +15% 2.8% 37-49 367/247M DC 14 1.71 +12% 94743.3 +17% 3.6% +27.4% 43-53 1.35 +63% 90460.9 +8% 3.0% 39-48 395/255M MR 15 417/253M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Cyclical: uto/truck-original qp 1.45 +174% 88721.0 +11% 3.3% +31.8% 26-45 437/226M SP 15 1.57 +23% 94432.1 +3% 3.3% 23-33 407/216M DC 15 2.14 +25% 98549.1 +4% 4.3% 21-31 383/226M MR 16 1.48 +10% 104504 +16% 2.9% 24-30 393/224M JU 16 1.76 +21% 101369 +14% 3.6% +24.4% 26-34 439/270M SP 16 2.03 +29% 106041 +12% 3.9% 25-30 489/326M DC 16 2.32 +8% 112838 +14% 4.2% +24.5% 28-33 502/335M MR 17 1.32-11% 130959 +25% 2.1% 508/337M JU 17 2.73 '13-18 P..'S OW OW HI ST 526/346M SP 17 DC Q +35% 33-44 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -61-2.07 +18% 134313 +32% 3.2% +19.6% 8M 5M DC 17 18X 48X 53X MR 18 TM DTGRPHS 2/2/2018

IDI Sundram Fasteners Strong estimates Strong prior move from base reset Clean break out to new highs from second stage base Fastener Source: Corporate Website Sundram Fasteners (SFM.I) manufactures high tensile fasteners, motor vehicle parts, and accessories. The Company is growing through the expansion of its auto component manufacturing and a growing fastener market. Company Overview The Company s products include cold extruded parts, hot forged components, radiator caps, automotive pumps, gear shifters, gears and couplings, hubs and shafts, and iron powder. It has 11 manufacturing plants, mostly in South India, and factories in China, the U.K., and Germany to meet global demand. The Company holds a leadership position in the Indian fasteners market, with a 40-50% share. Its clientele include industry leaders such as shok eyland, M&M, Tata Motors, Daimler, and Siemens. O eil Methodology In Q3 FY 2018, the Company reported net revenue and PS growth of 20% and 21%, y/y, respectively, driven by increasing production of passenger and utility vehicles. During the quarter, BITD grew 17% y/y, while BITD margin declined to 17.7%. The Company has an excellent PS Rank of 95 due to a sharp turnaround in earnings growth over the last year. et income grew at an annual average rate of 22% from FY 2012 2017. Consensus estimates have FY 2018 and FY 2019 PS growing 19% and 21%, y/y, respectively. Growth Drivers sia s industrial fastener market is expected to reach $44B by 2020. Growing automotive demand, in light of the increasing disposable income of consumers, is expected to propel the demand for industrial fasteners over the next five years. 10-Week M 40-Week M Heavy support at earlier stage base for an upside move Strong upside volume currently R/S at highs with best /D rating Per India s credit rating organization, the Indian auto component industry is expected to grow 8-10% from FY 2017 2018, based on higher localization by OMs, higher component content per vehicle, and rising exports from India. conomic growth and rapid industrialization in China, India, Malaysia, Vietnam, and Thailand is anticipated to stimulate investments for construction, which in turn is likely to boost the outlook for the industrial fastener market. India is becoming a hub for auto components manufacturing, with major global auto companies such as Volkswagen, Suzuki, General Motors, and Mercedes setting up bases in India. ooking Forward India s auto component makers are well-positioned to benefit from the globalization of the sector, as potential exports could increase 4x to $40B by 2020. xport growth should improve with increasing demand in the U.S. market. The uto Components Manufacturers ssociation forecasts that the Indian auto components industry will reach $100B by FY 2020, indicating a huge scope for the auto components industry. ext Catalyst: The Company s Q4 FY 2018 results, likely to be announced on May 22. -62- ocal Code: I:SUDRMFS Bloomberg Symbol: SF:I ISI: I38701021

Sundram Fasteners IDI SUDRM FSTRS (SMF.I) S UTO/TRUCK-ORIGI QP 210.13M 90.36M SHRS RIGS BUSISS: +91 44 2847 8500 http://www.sundram.com MGMT owns SC SUDRM FSTRS IMITD IS HODIG COMPY. TH COMPY TSI FSTRS PRODUCT RG ICUDS STDRD FSTRS PRIC = IS GGD I MUFCTURIG HIGH TSI FSTRS, D D SPCI FSTRS. TH COMPY'S POWDR MT PRTS 10 X PS MOTOR VHIC PRTS D CCSSORIS. ITS PRODUCT RG PRODUCT RG ICUDS BUSHS, STRUCTUR PRTS D IRO ICUDS COD XTRUDD PRTS, POWDR MT PRTS, RDITOR POWDR. TH COMPY'S RDITOR CPS PRODUCT RG ICUDS CPS, GR SHIFTRS, HOT FORGD PRTS, PRCISIO FORGD MT D YO CP SSMBIS FOR ORIGI QUIPMT 70.00 DIFFRTI GRS, WTR PUMPS, OI PUMPS, FU PUMPS, BT MUFCTURRS. TH COMPY'S HOT FORGD PRODUCTS ICUD TSIORS, ROCKR RM SSMBIS, CM FOOWRS, BRIG COCTIG RODS, UG GRS FOR MOTORCYCS, HOUSIGS, HUBS D SHFTS, TPPTS D OTHR GI COSTT-VOCITY JOIT PRTS, F HUBS, BV GRS D 60.00 COMPOTS, D VV TRI PRTS. TH COMPY'S HIGH FU IJCTIO PUMP PRTS. 50.00 48.00 46.00 44.00 42.00 40.00 38.00 36.00 34.00 32.00 30.00 U W K Y 2009 1.56 6.03 2.1 7.1 +11 17972 76 PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2010 2.25 4.18 4.7 10.1-6 16948 78 2011 5.36 9.30 6.8 21.9 +32 22784 79 2012 4.74 11.08 5.5 16.7 +21 27612 76 2013 4.42 8.54 5.2 13.8-6 26510 78 2014 5.75 9.37 6.2 16.0 +3 27362 74 2015 6.25 14.28 5.8 15.6 +15 31561 78 2016 6.00 15.01 4.3 13.6 +3 32549 74 2017 16.10 22.89 13.9 30.9 +1 32900 71 221 240 241 226 217 205 195 197 201 2.0 +35 71 90 2.3 +32 75 89 2.0 +50 78 93 1.7 +35 76 89 1.5 +36 70 92 1.5 +32 66 105 2.1 +45 69 100 2.1 +50 70 100 1.4-3 66 111 2018 STIMT 2019 STIMT 19.10 +19% 23.10 +21% RIGS GROWTH RT SS GR RT 2015-17 +35%(22 STBIITY) +6% 2013-17 +22%(20 STBIITY) +5% COMPOSIT RTIG IVT T/O 5.9x 60 X-DIV FOT MKT IR 107.92BI. CP SS IR32.90 BI IDI PS RTIG IC 1962 95IR513.60(OH -14%) Up 44.68% Since ddition0ibom500 PRIC SC 700 600 500 480 460 440 420-13% Global Focus M IR355 400 380 DBT % 2015-17 23%: 18%: 12% 28%: 10%: 26% TX RT 15-17 : : BCKOG 15-17 9.05 X '17 BK.V R&D 0.4% 4.7(0.9%) DIV GR RT+24% (24) DIV BT 1.26(14) PH 0.08(0.04) 360 340 320 300 28.00 280 260 24.00 240 22.00 220 66 C 20.00 19.00 200 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 3.60 36 3.40 34 3.20 32 30 VOUM 3M 900 K 500 K 200 K PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 5.75 +30% 6.25 +9% 6.00-4% 27362.0 31561.4 32548.7 +168% 32900.1 16.10 +3% 4.4% +15% 4.2% +3% 3.9% +1% 10.3% '13-18 P..'S OW OW HI ST RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 6-9 20/25189 DC 13 7-11 24/25866 MR 14 10-17 30/26348 JU 14 16-28 39/28813 SP 14 24-33 47/30096 DC 14 26-34 23-34 52/30698 MR 15 54/31810 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Cyclical: uto/truck-original qp 23-30 55/31933 SP 15 23-29 58/31673 DC 15 22-30 57/31769 MR 16 18-22 58/31207 JU 16 16-29 59/30490 SP 16 19-26 56/28164 DC 16 17-25 57/28101 MR 17 22-29 60/26848 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -63- SP 17 DC 17 6X 32X 34X MR 18 TM DTGRPHS 2/2/2018

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Kakao became the largest shareholder in 2016, through a 76.4% acquisition of the Company. Growth Drivers MelOn accounted for approximately 70% of revenues in Q3 2017 and is the Company s main growth driver. s of September, MelOn had 6M MU. <Zt нϯ ϱϭϭ ϭϭϭ< ϴϬ< Rising P/T margins Source: Corporate Website O eil Methodology The Company s PS Rank of 93 is due to strong PS growth over the past few quarters. Revenues and PS grew an average of 21% and 19%, respectively, over the past three years. Consensus estimates have the Company s PS growing 27% and 26% in 2017 and 2018, respectively. O reported better-than-expected Q3 2017 revenues of KRW 151.3B (beat by 6%), up 37% y/y, and PS growth of 28% y/y. In January 2016, O s majority stake was acquired by Kakao, the leading mobile messenger service in Korea with about a 90% market share. ϭϭϱ< ϭϭϭ< ϵϭ< ϵϯ н Company Overview The Company s products include compact discs, albums, and online music services. It distributes K-pop content through its K-pop channel brand 1thek. O has a partnership with SK Telecom, Korea s largest mobile telecommunications provider. Online music sales make up more than 80% of the Company s total revenues. Q3 2017 revenue by segment: MelOn (B2C), 68%; physical goods (CD), 15%; distribution (B2B), 12%; other (artist management), 5%. WZ/ Trading at secondary enry ϭϵϭ< after breaking out of two- ϭϳϭ< year consolidation ϯϭ< Relative Strength at highs with rising R/S and /D ratings Ϯϲ< Ϯϰ< ϮϮ< ϭϵ< ϭϳ< ϭϱ< Strong volume supporting move higher ϭϯ< ϭϯ< ϭϭ< ϭϭ< ϵϭϭϭ Strong current quarter revenue and PS growth ϴϬϬϬ ϳϬϬϬ >K' sk>hd ϴϬϬ< ϰϭϭ< ϮϬϬ< нϰϯй ϭϭϭ< ϲϵ ϴ< ƵŶ ϭϯ ^ĞƉ ϭϯ &/ / >^ Ϭ Ϯϱ Ϭ Ϯϲ W^ ϬϬϬ <ZtͿ ĞĐ ϭϯ Ϭ ϭϱ DĂƌ ϭϯ Ϭ Ϯϰ :ƵŶ ϭϯ Ϭ Ϯϰ ^ĞƉ ϭϯ Ϭ ϰϯ ĞĐ ϭϯ Ϭ ϰϱ DĂƌ ϭϰ Ϭ ϰϳ :ƵŶ ϭϰ Ϭ ϰϳ ^ĞƉ ϭϰ Ϭ ϱϭ ĞĐ ϭϰ Ϭ ϯϱ DĂƌ ϭϱ Ϭ ϰϯ :ƵŶ ϭϱ Ϭ ϰϵ ^ĞƉ ϭϱ Ϭ ϱϰ ĞĐ ϭϱ Ϭ ϱϯ DĂƌ ϭϲ Ϭ ϲϭ :ƵŶ ϭϲ Ϭ ϲϰ ^ĞƉ ϭϲ Ϭ ϲϰ ĞĐ ϭϲ Ϭ ϲϭ DĂƌ ϭϳ Ϭ ϳϯ :ƵŶ ϭϳ Ϭ ϳϵ ^ĞƉ ϭϳ Ϭ ϴϮ Ͳϭϭй нϰϰй W^ й, ' ϰϲ Ϭ ϰϳ ϭ ^ > ^ /> <ZtͿ ͲϮϱй ϰθ Ϭ Ͳϭϰй ϱϭ ϱ Ͳϰй ϱϰ ϴ нϲϱй ϳϮ ϴ нϯϭϭй ϳϰ ϱ нϵϲй ϳϳ ϰ нϵϲй ϳϳ ϭ нϭϵй ϴϯ ϲ ͲϮϮй ϴϱ ϭ Ͳϵй ϳϴ ϯ нϰй ϴϳ ϲ нϲй ϵϭ ϲ нϱϭй ϭϭϭ ϭ нϰϭй ϵϲ ϱ нϯϭй ϭϭϭ ϰ нϭϵй ϭϭϭ ϲ нϭϯй ϭϯϯ Ϯ нϯϯй ϭϯϯ ϲ нϯϯй ϭϯϰ ϵ нϯθй ϭϱϭ ϯ нϭϱй нϭϵй нϱϰй нϱϱй нϱϯй нϰϭй нϭϱй нϭϰй нϭй нϭϰй нϭϭй нϭθй нϯϯй нϯϲй нϯϭй нϯϯй нϯθй нϯϯй нθй нϵй ^ > ^ й, ' нϯϭ ϱй W^ й ^hzwz/^ ϭϭ Ϯϯ ϭϵ &h ^ ϲ Ϯϱϱ ϯϯθ Ϭϲϰ ϱϭϲ ϯϲθ ^, Z ^, > z &h ^ Ͳϳ ϱй Ϯϭ ϮϬ ϱϭϱ ϭϯϵ ϰϰϲ ϭϲϭ Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϭϯ ϯϭ ϯϳ ϲθ ϭϭϱ ϭϭϱ ϭϭϵ ϭϭϯ ϭϰϭ ϭϯϱ ϭϰϱ ϭϰϳ Ϯϴϰ ϴϬϭ ϭ ϯϱϲ ϲθϲ ϭ ϰϭϲ ϲϰϯ ϭ ϱϯϭ Ϭϵϭ ϭ ϱϳϯ ϭϭϲ ϭ ϴϳϳ ϰϲϱ Ϯ Ϯϯϵ ϲϰϰ Ϯ ϰθθ ϲϯϯ Ϯ ϵϯϭ Ϭϰϵ Ϯ ϳϯϯ Ϭϱϰ Ϯ ϱϵϳ ϭϯϭ Ϯ ϴϰϭ ϭϲϯ ϭϰϳ ϭϱϭ нϯϳй Ͳϱ ϴй ϭϲϱ ϭϲϯ ϭϲϭ ϯ Ϭϱϵ ϮϮϵ ϯ ϯϯϯ ϲϯϯ ϯ ϲϳϱ ϵϱϯ ϯ ϯθϯ ϱϵϯ ϯ ϯϲϭ Ϭϭϯ W ϯϳ ϮϬϭϴ Ɛƚ Ϯϵ Ϭ ϮϬϭϵ Ɛƚ Ϯϰ ϲ ϱͳǉƌ,ŝőś ϱϱ ϱͳǉƌ >Žǁ ϭϭ ǀƐ /ŶĚ ǀŐ Ϭ ϲǆ >ŽĞŶ ŶƚĞƌƚĂŝŶŵĞŶƚ z D <ZͿ tğğŭůǉ ĂƐ ŽĨ DŽŶ ŽǀĞŵďĞƌ ϮϬ ϮϬϭϳ ŽǀĞŵďĞƌ ϮϬ ϮϬϭϳ pproximately 30M domestic users subscribe to MelOn. Since 2010, subscriber count has been growing steadily by more than 10% annually. s of Q3 2017, MelOn had 4.4M paid subscribers, up 16% y/y. et growth of paying users has accelerated for the past three quarters, from 120,000 in Q1 and 130,000 in Q2 to 150,000 in Q3 2017. Unique visitors and paid subscriber growth are expected to accelerate due to access to the app KakaoTalk s 40M MU, which is about 10x greater than O s paid-user base. It also provides huge cross-selling opportunities. ccording to the Korea Creative Content gency, the domestic market for digital music services had a CGR of 19% from 2001 to 2016, reaching KRW 1.5T. ooking Forward South Korea s digital music market is currently estimated to be worth $272M. It is expected to have a CGR of 7% by 2021, reaching $362M. The market s largest segment, music streaming, accounted for 96% of total market volume. Current digital music user penetration in South Korea is about 19%, expected to reach 33% by 2021. The Company s Q4 2017 earnings is expected to be released on February 9, 2018. -64- ocal Code: K016170 Bloomberg Symbol: 016170:KS ISI: KR7016170003

oen ntertainment SOUTH KOR O TRTIMT (YBM.KR) KRX ISUR-MOVIS & RTD 25.29M 26000 24000 22000 20000 19000 18000 17000 16000 15000 14000 U W K Y PS (000 DC.) CF/SHR (000) KRW PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI KRW) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 0.08 0.18 6.8 2.7-10 30.8 75 2009 0.19 0.65 6.2 7.3 +229 101.4 76 2010 0.47 0.70 7.0 14.7 +37 139.0 77 2011 0.88 1.47 17.0 23.7 +20 167.2 76 2012 0.94 1.37 17.0 20.1 +11 185.0 74 2013 1.35 2.08 17.7 23.9 +37 252.6 72 2014 1.80 2.80 18.4 25.4 323.3 77 2015 1.98 2.73 18.4 22.8 +11 357.6 73 2016 2.48 3.40 18.4 23.6 +26 450.6 76 58 59 58 58 54 52 56 46 47 1.4 +22 91 21 1.4 +18 90 20 1.3 +24 91 10 1.3 +23 89 18 1.1-4 83 31 0.9-6 83 22 1.2 +16 81 12 0.9 +12 75 18 0.7-28 62 22 6.07M SHRS RIGS BUSISS: +82 2 2280 7700 http://www.iloen.com MGMT owns SC O TRTIMT, IC. IS KOR-BSD COMPY GGD I TH BRD OF MO, D BUM SGMT WHICH PS, PRIC = MUFCTURIG D DISTRIBUTIG BUM. ITS MI PRODUCT IS MUFCTURS D DISTRIBUTS BUMS. 10 X PS COMPCT DISC USD FOR ISTIG TO MUSIC TH COMPY OPRTS ITS BUSISS THROUGH TWO SGMTS: DIGIT MUSIC SGMT, WHICH PROVIDS DIGIT MUSIC D OI MUSIC UDR X-DIV FOT MKT CP KRW 2.66T SS KRW552.91 BI KOR (SOUTH) PS RTIG 87KRW105000(OH -13%) PRIC SC 300000 Down 8.30% Since ddition 280000 2017 STIMT 2018 STIMT 3.13 +26% 3.80 +22% RIGS GROWTH RT SS GR RT 2015-17 +19% (6 STBIITY) +21% 2013-17 +26%(12 STBIITY) +26% COMPOSIT RTIG 260000 240000 220000 200000 190000 IVT T/O 73.4x 91 DBT % 2014-16 0%: 0%: 0% 23%: 24%: 25% TX RT 14-16 : : BCKOG 14-16 9.26 X '16 BK.V R&D DIV 1.00K(0.9%) DIV GR RT+78% (50) 0.13(0.07) BT 0.24(0) PH 180000 170000 160000 150000 0KORCOMP Global Focus M KRW114500 13000 140000 130000 12000 120000 11000 110000 10000 100000-13% 9000 90000 8000 80000 7000 70000 62 D- 6000 60000 5000 4800 4600 4400 4200 4000 50000 48000 46000 44000 42000 40000 3800 38000 3600 36000 3400 34000 3200 32000 3000 30000 2800 28000 2600 26000 2400 24000 2200 22000 2000 1900 20000 19000 1800 18000 1700 17000 1600 16000 1500 15000 1400 14000 1300 13000 12000 VOUM 1M 700 K 400 K SP Q -53% BOW ST. PS (KRW) % CHG SS(BI KRW) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.45 +200% 74.5 +55% 15.3% +23.9% 9-13 31/1357 DC 13 0.47 +96% 77.4 +53% 15.4% +26.8% 10-14 37/1417 MR 14 0.47 +96% 77.1 +41% 15.3% +29.0% 12-18 68/1521 JU 14 0.51 +19% 83.6 +15% 15.5% +28.2% 15-27 105/1572 SP 14 0.35-22% 85.1 +14% 10.4% +25.3% 20-26 115/1877 DC 14 0.43-9% 78.3 +1% 14.0% +24.4% 23-32 0.49 +4% 87.6 +14% 14.0% +23.0% 24-46 109/2240 MR 15 112/2489 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Cyclical: eisure-movies & Related 0.54 +6% 91.6 +10% 14.8% +21.8% 39-55 140/2931 SP 15 0.53 +51% 100.1 +18% 13.3% +22.8% 31-42 135/2733 DC 15 0.60 +40% 96.5 +23% 15.6% +24.3% 30-46 145/2597 MR 16 0.64 +31% 110.4 +26% 14.6% +24.5% 30-36 147/2841 JU 16 0.64 +19% 110.6 +21% 14.6% +24.1% 29-36 146/3058 SP 16 0.60 +13% 133.2 +33% 11.5% +23.6% 25-31 149/3320 DC 16 0.73 +22% 133.6 +38% 13.8% +24.6% 27-34 165/3658 MR 17 0.79 +23% 134.9 +22% 14.8% +24.5% 29-33 164/3424 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -65-0.82 +28% 151.3 +37% 13.7% +24.6% 163/3556 SP 17 200 K 80 K DC Q 0.85 +41% '13-18 P..'S OW OW HI ST 160/3499 DC 17 9X 37X 55X MR 18 TM DTGRPHS 2/2/2018

THID tžƌŭɖžŝŷƚ ŶƚĞƌƚĂŝŶŵĞŶƚ tkz< d, &K ϮϬ ǆ нϲϲ Ϯϴ ϯϯϯϭϭϭ W^ ZĂŶŬ ϰθ Workpoint ntertainment d, /> ǆđś d,ϭϳθθϭϭϭϭϭϱ ǁŽƌŬƉŽŝŶƚ ĐŽ ƚś >ĞŝƐƵƌĞͲDŽǀŝĞƐ Θ ZĞůĂƚĞĚ ĂŶŐŬŽŬ d, /> DŬƚ ĂƉ d, ϭϵ ϰϭ ^ĂůĞƐ d, Ϯ ϳϳ ^ŚĂƌĞƐ ϰϭϳd &ůžăƚ ϭϱϰd W^ ƵĞ Ϯ Ϯϳ ϮϬϭϳĞ K, Ͳϯй D'Dd ŽǁŶƐ Triple-digit earnings expected in 2017 Minimal overhead supply tkz<wk/d d Zd /D d Wh >/ KDW z >/D/d /^ d, /> Ͳ ^ KDW z ' ' / d, WZK h d/k K& d > s/^/k WZK'Z D^ h > Ͳ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ƐƟŵĂƚĞ ϮϬϭϳ ƐƟŵĂƚĞ Ϭ ϳϭ Ϭ ϰϲ Ϭ Ϯϭ Ϭ ϰϯ Ϭ ϵϰ ϭ ϭϭ Ϭ ϳϭ ͲϬ Ϭϰ Ϭ ϯϵ W^ d, Ϭ ϰϭ ϱйź ϭ Ϭϴ ϭϲϯйÿ ^, &>Kt ^,Z d, Ϭ ϵϵ Ϭ ϳϭ Ϭ ϰϭ Ϭ ϲϯ ϭ ϭθ ϭ ϯϭ ϭ ϮϮ Ϭ ϳϴ ϭ ϳϯ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ WZ d y D Z'/ й Ϯϳй ϮϬй ϭϭй Ϯϭй Ϯϲй Ϯϲй ϭϱй ͲϮй ϵй ϮϬϭϰͲϭϲ Ͳϱϰй ϵϵ ^ƚăďŝůŝƚǉͿ ϴй Z dhz K Yh/dz й Ϯϱй ϭϲй ϳй ϭθй Ϯϵй ϯϯй ϭй ϳй ϮϬϭϮͲϭϲ Ͳϯϱй ϵϵ ^ƚăďŝůŝƚǉͿ ϳй ^ > ^ й, ' ϭй ͲϭϬй Ͳϭϲй Ϯϵй ϰϯй ϭϲй ϭй Ͳϱй ϭϲй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ d, ϭ ϯϯϭ ϭ ϭϵϯ ϭ ϬϬϰ ϭ ϮϵϮ ϭ ϴϯϱ Ϯ ϭϯϲ Ϯ ϭϲϳ Ϯ Ϭϱϯ Ϯ ϯθθ /s d K ϭϯ ϳǆ ϳϰ t <>z Žǀ ϭθ Žǀ Ϯϱ ĞĐ ϬϮ ĞĐ Ϭϵ ĞĐ ϭϲ ĞĐ Ϯϯ ĞĐ ϯϭ :ĂŶ Ϭϲ :ĂŶ ϭϯ d й ϮϬϭϯͲϭϱ Ϯ Ϯй ϰϯй ϮϮй d 'Z W, Z d/' ϱϵ ϲϱ ϲϯ ϲϭ ϲϳ ϳϬ ϳϳ ϳϰ ϳϲ d y Z d ϮϬϭϯͲϭϱ Ϯϱй ϭϵй ϮϮй s' />z sk> ϬϬϬͿ Ϯ ϴϬϮ Ϯ ϰϱϯ ϭ ϵθϱ ϭ ϴϵϳ ϭ ϵϭϵ ϭ ϵϭϵ ϭ ϴϭϵ ϭ ϯϰϭ ϭ ϮϳϮ <>K' ϮϬϭϯͲϭϱ < s > ϲ ϲϵǆ Ζϭϱ hw Kt sk>hd ϭ ϭ ϭ ϱ ϭ ϰ ϭ ϰ ϭ ϳ ϭ ϴ Ϯ ϰ Ϯ ϱ Ϯ ϱ Z Θ Ϭ ϯϰ Ϭ ϴйͿ /s 'Z Zdнϭϰй ϳϬͿ hd /^d Z d/' Ϭ Ϭ ϯ ϯ ϭϯ ϭϳ ϭϳ ϭϳ ϮϮ /s d, ϭ Ϯϰ ϲϯ ϬϬͿ >W, ͲϬ Ϭϵ Ϭ ϬϰͿ Z > d/s ^dz 'd, ϰϰ ϰϵ ϰϭ ϮϮ ϱθ ϳϬ ϲϵ ϳϭ ϳϲ d 'ZKhW Z < ϵϯ ϵϱ ϵϱ ϵϰ ϵϯ ϵϯ ϲϭ ϵϭ ϳϮ ϮϬϭϱ DW>Kz ^ ϲϭθ ϭϯйͿ >K' &ŝǆğěͿ ϭϭϭ ϵϭ Rebounds to highs on 1.6x the average daily volume ϰϲ ϰϲ ϱϭ d, ϰϯ нϯ ϬϬ нϰ ϰϵй ϯθ ϯϰ ϯϭ ϳϲ Workpoint ntertainment (WORK.TH) is one of the leading content producers and the operator of the third most popular channel in Thailand. strong focus on launching big format programs continues to drive the Company s growth. Growth Drivers Revenues from the concerts and plays segment grew 116% y/y to THB 94M, driven by Concert The Mask Singer 2 and Khun Pha Chuay no. 7. ϳϬ ϱϭ Source: Corporate Website O eil Methodology The stock has an PS Rank of 83, owing to 19% and 157% three-year average revenue and PS growth, respectively. Workpoint is further expected to generate significant revenues by leveraging its Workpoint TV and online channels. In Q3 2017, the Company s revenues and PS grew 46% and 246%, y/y, respectively. bout 50% of total revenue growth was driven by a 45% y/y increase in revenues from Workpoint TV and 616% y/y growth from online media. In Q3 2017, revenues from the TV segment grew 44% y/y and its gross margin remained strong at 63%. The Company is expected to benefit from the better economies of scale by growing its top line, as 90% of its total costs are fixed and relatively independent of revenues, such as amortization expenses for its digital TV license, broadcast rental fees, and amortization expenses for purchased content. ϴϬ ϲϭ High up/down volume, rising /D and R/S trend Company Overview Workpoint ntertainment engages in television show production, publication, animation and computer graphics, movies, concert and plays, and event marketing. The Company is ranked the third among the 24 digital-tv channels, with viewership rising to 980,000 in February 2017 from 55,000 in pril 2014. Workpoint TV is now ahead of both 3HD and Channel 7 in Bangkok primetime in the key 15 years+ demographic, which makes it the best play on the terrestrial digital TV theme. WZ/ ϭϭϭ Ϯϲ Ϯϰ ϮϮ ϭϵ ϭϳ ϭϱ R/S line rising again ϭϯ ϭϯ ϭϭ ϭϭ ϵ ϴ ϳ ϲ ϰ ϴ ϰ ϰ ϰ Solid PS and revenue growth ϯ ϲ >/ sk>hd Increasing sponsorship ϲϯd ϰϱd ϮϳD ͲϭϬй ϱ ϯd ^ĞƉ ϭϭ ĞĐ ϭϭ &/ / >^ Ϭ Ϯϴ Ϭ Ϭϵ W^ d, Ϳ нθϳй ͲϰϬй W^ й, ' ϰϱϭ ϱ ϯϳθ ϯ ^ > ^ D/> d, Ϳ нϯϵй Ͳϳй ^ > ^ й, ' DĂƌ ϭϯ Ϭ Ϯϭ нϰϭй ϰϯϰ Ϯ нϰй :ƵŶ ϭϯ Ϭ ϯϵ Ͳϳй ϱϭϵ ϵ Ͳϭϱй W^ й ^hzwz/^ ϯ &h ^ ϯ ϰ ϭϳϯ ϳϬϬ ϰ ϭϳϯ ϳϬϬ ^, Z ^, > z &h ^ ^ĞƉ ϭϯ Ϭ ϯϵ нϯϵй ϲϭϯ Ϭ нϯϰй ĞĐ ϭϯ Ϭ ϭϯ нϯϯй ϲϭϭ Ϯ нϱϵй :ƵŶ ϭϯ Ϭ Ϯϰ Ͳϯϴй ϱϱϱ ϳ нϵй ^ĞƉ ϭϯ Ϭ ϯϭ ͲϮϭй ϲϭϭ ϱ нϭй нϭϳ ϴй Ͳϱϲ ϳй нϭϯ ϴй ϭ ϵ Ϯϵ ϯϲ ϵϲϭ ϯ ϱϰϱ ϱϭϭ ϲ ϵϲϯ ϭθϭ Ͳϰ ϰй ϰϭ ϭϰd Π ϮϬϭϳ t/>>/ D KΖ /> н K / DĂƌ ϭϯ Ϭ ϭϭ ͲϱϮй ϰϭϯ ϭ Ͳϱй ĞĐ ϭϯ Ϭ Ϭϲ ͲϱϬй ϱϵθ Ϭ Ϭй DĂƌ ϭϰ ͲϬ Ϭϭ ͲϭϭϬй ϯθϭ ϭ Ͳϲй :ƵŶ ϭϰ Ϭ Ϭϱ Ͳϳϵй ϱϭϭ Ϭ ͲϭϬй ^ĞƉ ϭϰ Ϭ Ϭϳ Ͳϳϳй ϲϯϯ ϭ нϰй ĞĐ ϭϰ ͲϬ Ϭϳ ͲϮϭϳй ϱϭϯ Ϯ Ͳϭϲй DĂƌ ϭϱ ͲϬ Ϭϳ ͲϲϬϬй ϰϯϳ ϯ нϭϯй ͲϮϮϰ ϭй ͲϮϭϲ ϯй ͲϯϴϬ Ϭй ϰϱ ϯϯ ϭϰ ϴ ϳ ϭϰ ϭϰd ϳ ϱϵϭ ϲϲϭ ϱ ϴϰϱ ϭϰϭ ϰ ϲϳϭ ϵϰϭ ϱ ϲθϵ ϰϲϭ ϲ ϰϰϱ ϳϮϬ :ƵŶ ϭϱ Ϭ Ϯϰ нϯθϭй ϲϳθ ϵ нϯϲй ^ĞƉ ϭϱ Ϭ ϭϭ нϱϳй ϲϰϭ ϱ нϭй ϰϯ ϭϯd Ͳϯϵ ϭй ϰϲ ϭϰd ĞĐ ϭϱ Ϭ ϬϮ нϭϯϵй ϲϰϭ Ϭ нϯθй DĂƌ ϭϲ Ϭ Ϭϳ нϯϭϭй ϱϰϲ ϳ нϯθй :ƵŶ ϭϲ Ϭ ϯϯ нϯϯй ϴϬϭ ϳ нϭθй ^ĞƉ ϭϲ Ϭ Ϯϲ нϭϯϲй ϳϳϲ ϱ нϯϭй ĞĐ ϭϲ W ϲϳ ϮϬϭϳ Ɛƚ ϰϯ Ϭ ϱͳǉƌ,ŝőś ϴϲϭ Ϭ ϱͳǉƌ >Žǁ ϵ Ϭ ǀƐ /ŶĚ ǀŐ ϭ ϰǆ ϰϱ ϮϳD ϱϯ ϮϴD ϱϭ ϮϱD ϱϯ ϮϱD tžƌŭɖžŝŷƚ ŶƚĞƌƚĂŝŶŵĞŶƚ tkz< d,Ϳ tğğŭůǉ ĂƐ ŽĨ &ƌŝ :ĂŶƵĂƌǇ ϭϯ ϮϬϭϳ :ĂŶƵĂƌǇ ϭϯ ϮϬϭϳ BITD grew 112% y/y to THB 627M while BITD margin improved to 53.9% from 37.2% in Q3 2016. In 9M 2017, net profit has already surpassed full-year consensus estimates. Workpoint TV s rating increased to 1.46% in the first nine months of 2017 from 1.33% in 2016 and 0.85% in 2015. The increasing popularity of Workpoint TV was primarily led by the success of The Mask Singer. This program has about 12M views in average per episode for Season 1 and 5M for Season 2. It has decided to go ahead with Season 3, as most of its air time has already sold at THB 420,000 per minute, on par with the drama series of Channels 3 and 7, the country s most popular programs. ew programs lined up for Q4 2017 are We Kids Thailand, My ittle TV, et Me in Thailand 3, Bao Young Blood Season 2, and X-Factor Thailand. Its continuous efforts to launch new programs to gain higher ratings will allow the Company to charge higher ad rates on a sustainable basis. ooking Forward Consensus estimates have PS growing 377% and 30%, y/y, in 2017 and 2018, respectively. ext Catalyst: The Company s Q4 2017 earnings are expected to be released February 11, 2018. -66- ocal Code: TH:WORK Bloomberg Symbol: WORK:TB ISI: TH0788010005

Workpoint ntertainment WORKPOIT TRTIMT THID (WORK.TH) BKK ISUR-MOVIS & RTD 439.03M 223.91M SHRS RIGS BUSISS: +66 28 332000 http://www.workpoint.co.th MGMT owns X-DIV SC WORKPOIT TRTIMT PUBIC COMPY IMITD IS ITS PUBISHIG BUSISS MIY PUBISHS MGZIS D PRIC = THID-BSD COMPY GGD I TH PRODUCTIO OF POCKT BOOKS. ITS IMTIO BUSISS PRODUCS IMTIO WORK 10 X PS TVISIO PROGRMS. TH COMPY IS IVOVD I TH FOR PRODUCTIO HOUSS D THOS I TH MOTIO PICTUR PRODUCTIO OF TVISIO PROGRMS, PUBICTIOS, IMTIO IDUSTRY. ITS FIM PRODUCTIO BUSISS OPRTS FIM D COMPUTR GRPHICS, MOVIS, COCRTS, PYS D VT PRODUCTIO D IVSTMT I RTD FIDS. TH COMPY'S 30.00 MRKTIG. TH COMPY PROVIDS VRIOUS TYPS OF TVISIO SUBSIDIRIS ICUD WORKPOIT PUBISHIG COMPY IMITD, 28.00 PROGRMS, SUCH S GM SHOWS, SITCOMS, VRITY SHOWS D ITTIRIT HOUS COMPY IMITD, WORK POIT PICTURS COMPY CUTUR SHOWS THROUGH FR TVISIO CHS I THID, IMITD D SIX DGR PRODUCTIO COMPY IMITD. 26.00 ICUDIG CH 3, CH 5, CH 9, BT D THI PBS. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 24.00 22.00 20.00 19.00 18.00 17.00 16.00 15.00 14.00 13.00 U W K Y PS THB (DC.) CF/SHR THB PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI THB) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT CP THB 36.44BI. SS THB3.59 BI THID PS RTIG 85 THB83.00(OH -20%) Up 78.50% Since ddition PRIC SC 320 300 280 260 240 2.16 +354% 3.00 +39% 0.46 0.21 0.43 0.94 1.11 0.71-0.04 0.36 0.48 0.71 0.41 0.63 1.18 1.31 1.22 0.85 1.85 2.34 RIGS GROWTH RT SS GR RT 2015-17+157%(22 STBIITY) +19% 20.1 11.4 20.6 26.3 25.6 15.3 8.1 9.7 16.2 7.4 18.2 29.2 32.0 1.3 7.3 6.9 2013-17 +10% -10-16 +29 +42 +16 +1 +2 +16 +8 COMPOSIT RTIG IVT T/O 14.2x 74 1191.8 1004.1 1291.7 1835.0 2136.3 2167.4 2052.8 2433.7 2633.5 81 80 80 80 79 76 77 75 81 DBT % 2014-16 42%: 15%: 19% 3716 3659 3732 3588 3378 3247 3039 2785 3145 19%: 23%: 20% TX RT 14-16 : : 1.7 1.6 1.7 1.6 1.3 1.1 1.0 0.9 1.1 BCKOG 14-16 10.52 X '16 BK.V +8 +8 +14 +13 0 +5 +5 +5 +5 R&D 93 93 93 93 92 89 84 81 85 DIV 0.76(0.9%) DIV GR RT+14% (70) 4 5 5 5 11 17 17 20 17 BT 0.39(0) PH 0.17(0.08) 220 200 190 180 170 160 150 140 130 120 11.00 0BGKST 10.00 110 100 9.00 90 8.00 80 7.00 70-26% 6.00 60 Global Focus M THB46.5 5.00 4.80 4.60 4.40 4.20 50 48 46 44 42 85 B- 4.00 3.80 40 38 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 2.60 26 2.40 24 2.20 22 2.00 1.90 20 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 7/5 13 VOUM 9M 4M SP Q -46% BOW ST. PS (THB) % CHG SS(BI THB) % CHG MRGI FTR TX 0.06-50% 598.0 +0% 4.5% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 25-36 45/14425 DC 13-0.0029 380.1-6% +15.5% 23-32 33/7591 MR 14 0.03-88% 500.0-10% 2.3% +9.9% 42-57 14/5845 JU 14 0.07-77% 632.1 +4% 4.1% +4.1% 116-161 8/4672 SP 14-0.05 502.2-16% +1.3% 398-632 7/5689 DC 14-0.07 427.3 +12% 0.24 +700% 678.9 +36% 15.1% +3.4% 162-223 0.11 +57% 640.5 +1% 7.2% +4.6% 149-200 0.02 #+150% 641.0 +28% 1.2% +7.2% 133-153 0.07 #+217% 559.7 +31% 5.1% +7.2% 69-101 0.32 +33% 805.0 +19% 16.6% +8.2% 68-85 0.26 +136% 795.7 +24% 13.6% +10.4% 50-70 -0.17 508.6-21% +6.8% 58-97 0.42 +500% 806.0 +44% 21.5% +11.2% 53-72 0.89 +178% 1114.2 +38% 33.5% +18.0% 37-50 0.90 +246% 1163.4 +46% 32.7% +25.1% Consumer Cyclical: eisure-movies & Related FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -67- DC Q -0.18 +4% '13-18 P..'S 41/11737 44/14057 42/26184 49/27469 51/24985 51/24043 48/25025 58/26196 79/28941 90/36771 14/6446 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 SP 16 DC 16 MR 17 JU 17 SP 17 DC 17 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. 2M 1M 600 K OW 20X OW 69X HI 632X ST MR 18 TM DTGRPHS 2/2/2018

IDI WĂŐĞ /ŶĚƵƐƚƌŝĞƐ W/ϭ / W^ ϱϵ ǆ ϳϭϭ ϵ ϲϰϰ ϭ ϱϳϲ ϯ ϱϭθ ϱ Source: Corporate Website ϰϰϭ ϳ ϰϭϲ ϴ ϯϳϯ ϵ ϯϯϯ Ϭ Ϯϴϴ ϭ Page Industries is a manufacturer of innerwear, leisurewear, activewear, and swimwear for men, women, and children. The Company will benefit from the underpenetrated and fast-growing Indian innerwear market. Company Overview The Company is an exclusive licensee of JOCKY International Inc. (US) in India, Sri anka, Bangladesh, epal, and the U and of Speedo International td. in India. Its distribution network includes more than 50,000 retail outlets in 1,600 cities and 368 exclusive Jockey brand outlets across India. O eil Methodology The Company displays a strong fundamental profile, with average three-year sales and PS growth of 20% and 19%, y/y, respectively. arnings growth has been very consistent during this period, as reflected by Page s top-notch earnings stability factor of five. Page has a high single-digit market share in the Indian innerwear industry. This is significant given that the Indian innerwear market is largely controlled (more than 45%) by unorganized players. Shares soared 8.21% on ovember 11 on more than 6.2x average daily volume post-q2 FY 2018 earnings. In Q2 FY 2018, the Company recorded sales growth of 17% y/y. BITD increased 19.5% y/y in the quarter and net profit of IR 0.84B grew 22.4% y/y, above consensus expectations of IR0.80B. We think that the Company s growth will be supported by: 1) Its strong position in the men s innerwear segment where the Company s core brand, Jockey, enjoys strong brand equity and operates in the niche mid-to-premium segment; 2) Its ability to strengthen its foothold in segments such as kidswear, leisurewear, swimwear (Speedo brand), and women s innerwear; 3) Structural growth drivers such as growing discretionary spending, rising urbanization, and the transition of the innerwear market from functional to fashionable will remain conducive to growth. 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It is estimated to reach IR 519.13B by 2020, a CGR of 13%. Page has a larger market share in men s innerwear (50% of group s revenues) than women s. We estimate a market share in the low double digits in men s innerwear and low-to-mid single digits in women s innerwear. It is estimated that men s innerwear will account for 44% of the total innerwear industry in 2020, compared with 36% currently. This will benefit Page industries due to its large market share in men s innerwear. The women s innerwear segment (20% of total revenues) is witnessing tremendous growth and is estimated to have a CGR of 15% through 2020. Kidswear in India is expected to have a CGR of 10.7% from 2014 to 2024. ooking Forward In September, after witnessing rapid growth in demand, the Company announced plans to double its capacity to manufacture 400M pieces by 2020. The next catalyst is the Company s Q3 FY 2018 earnings announcement on February 9, 2018. -68- ocal Code: I:PGID Bloomberg Symbol: PG:I ISI: I761H01022

Page Industries IDI PG IDUSTRIS (PI1.I) S PPR-COTHIG MFG 11.15M 3.68M SHRS RIGS BUSISS: +91 186 0425 3333 http://www.jockeyindia.com MGMT owns X-DIV SC PG IDUSTRIS IMITD IS GGD I TH BUSISS OF STORS (FS), MUTI BRD OUTTS (MBO), TRDITIO HOSIRY PRIC = MUFCTURIG D TRDIG OF GRMTS. TH COMPY OFFRS STORS D MUTI-PURPOS STORS SPRD CROSS IDI. TH 10 X PS KITTD GRMTS. TH COMPY OFFRS RG OF PRODUCTS FOR COMPY HS PPROXIMTY FOUR BOS I TH UITD RB M, WOM D CHIDR. TH COMPY IS GGD I TH MIRTS D OVR O BO I SRI K. TH SPDO BRD IS MUFCTURIG, DISTRIBUTIO D MRKTIG OF JOCKY PRODUCTS VIB I PPROXIMTY 1060 STORS, ICUDIG OVR 150. TH COMPY HODS ICS OF SPDO, ITRTIO FS CROSS PPROXIMTY 110 CITIS D OVR I BOS. IT BRD FOR SWIM WR. TH JOCKY BRD IS VIB I OVR OPRTS ITS OW OI STOR WWW.JOCKYIDI.COM. ITS 7000 1400 CITIS D TOWS. TH COMPY'S JOCKY BRD PRODUCTS PTS R OCTD I BGOR, HSS D MYSOR, MOG R SOD THROUGH XCUSIV BRD OUTTS (BO), RG FORMT OTHRS. 6000 5000 4800 4600 4400 4200 4000 3800 3600 3400 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT 11/16/2017 CP IR 223.67BI. SS IR23.49 BI IDI PS RTIG 87 IR20053(OH -22%) Up 6.23% Since ddition PRIC SC 80000 70000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 296.03 +24% 376.05 +27% 28.36 35.51 52.49 80.68 100.89 137.87 175.75 207.57 238.73 34.98 43.57 61.11 90.20 112.73 153.28 185.71 232.91 238.41 RIGS GROWTH RT SS GR RT 2015-17 +18%(1 STBIITY) +19% 18.3 17.2 17.9 19.6 18.9 19.7 19.0 19.1 18.5 38.5 42.6 52.6 62.1 59.3 61.2 58.0 52.2 44.5 2013-17 +24%(5 STBIITY) +25% +32 +33 +45 +39 +26 +38 +30 +16 +19 COMPOSIT RTIG IVT T/O 2.9x 32 2546.5 3393.8 4915.6 6834.1 8763.1 11877 15434 17956 21301 72 72 73 73 72 72 66 67 65 DBT % 2015-17 9%: 4.6%: 6% 15 15 18 19 19 21 20 19 17 33%: 33%: 33% TX RT 15-17 : : 1.6 1.5 1.8 1.8 1.5 1.2 0.8 0.8 0.6 BCKOG 15-17 33.36 X '17 BK.V +22 +31 +33 +36 +23-11 -16-14 -22 R&D 111(0.5%) DIV GR RT+22% (9) 76 75 78 80 75 68 69 69 66 DIV 69 68 65 60 65 67 71 72 87 BT 0.94(9) PH 0.08(0.04) 60000 50000 48000 46000 44000 42000 40000 38000 36000 34000 32000 3000 30000 0IBOM500 2800 2600 28000 26000 2400 24000 Global Focus M IR18877.2 2200 22000 2000 20000 1900 19000-17% 1800 18000 1700 17000 1600 16000 1500 15000 1400 14000 1300 13000 1200 12000 1100 11000 1000 10000 900 9000 66 D- 800 8000 700 7000 600 6000 500 480 460 440 420 5000 4800 4600 4400 4200 400 380 4000 3800 360 3600 340 3400 CURRT 268.09 VOUM 200 K 80 K SP Q -50% BOW ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 31.05 +36% 3061.0 +39% 11.3% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 33-42 58/1761 DC 13 31.49 +49% 2836.7 +35% 12.4% +61.2% 37-48 58/1316 MR 14 48.68 +26% 3837.0 +24% 14.2% 37-50 59/1175 JU 14 44.74 +22% 3965.4 +36% 12.6% +57.4% 41-53 57/1104 SP 14 40.08 +29% 3829.7 +25% 11.7% 47-77 65/1209 DC 14 42.24 +34% 3798.2 +34% 12.4% +58.0% 60-84 74/1266 MR 15 56.15 +15% 4488.6 +17% 14.0% 68-92 85/1168 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Cyclical: pparel-clothing Mfg 53.98 +21% 4662.6 +18% 12.9% +53.6% 65-81 90/1115 SP 15 46.63 +16% 4431.4 +16% 11.7% 59-74 86/1154 DC 15 50.80 +20% 4405.5 +16% 12.9% +52.1% 46-66 87/1099 MR 16 60.92 +8% 5685.7 +27% 12.0% 52-68 92/1289 JU 16 61.57 +14% 5343.9 +15% 12.9% +46.2% 59-70 94/1340 SP 16 56.38 +21% 5282.6 +19% 11.9% 53-75 100/1408 DC 16 59.88 +18% 4989.2 +13% 13.4% +44.5% 56-63 99/1394 MR 17 76.47 +26% 6962.3 +22% 12.3% 75.36 +22% 6257.1 +17% 13.4% +43.6% 107/1478 JU 17 10 K DC Q +25% '13-18 P..'S OW OW HI ST 124/1548 SP 17 20 K 70.58 53-67 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -69-40 K DC 17 29X 77X 92X MR 18 TM DTGRPHS 2/2/2018

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ϴϬ ϳϬ ϲϭ Z> нϭ ϵϰ ϱϭ нϯ ϰϯй ϰϲ ttractive yield ϭϵ Ϭϵ ϰϯ ϭϳ Ϯϳ ϯθ ϭϱ ϰϱ ϭϰ ϵϵ ϭϯ ϲϰ ϯϰ ϯϭ ϭϭ ϴϮ ϭϭ ϵϭ ϭϭ ϬϬ Ϯϲ Ϯϰ ϮϮ ϵϭ ϴ ϲϰ ϭϵ ϳ ϳϯ Company Overview The Company has a portfolio of five brands: rezzo, Schutz, nacapri, lexandre Birman, and Fiever. The Company operates through 49 owned stores and 520 franchises in Brazil. Its products are also offered through 2,289 multi-brand retailers in more than 1,220 towns and cities. Q3 2017 gross revenue by brand: rezzo, 57.2%; Schutz, 30.3%; nacapri, 10%; other, 2.5%. ϵϭ ϱθ ϱϰ Share have been under accumulation for six weeks ϮϮ ϳϯ ϮϬ ϵϭ WZ/ ϭϳϭ Ϯϳ Ϯϳ Source: Corporate Website >K' &ŝǆğěͿ ϭϳ ϲ ϴϮ Strong RS Rating of 90 and /D Rating of B ϱ ϵϭ ϱ ϰϱ ϱ ϬϬ ϭϱ ϭϯ ϭϯ ϭϭ ϰ ϱϱ ϭϭ ϰ Ϭϵ ϵ ϯ ϲϰ ϴ ϯ ϭθ ϳ >K' sk>hd ϮD ϵϭϭ< O eil Methodology The stock has strong technical indicators, with RS and /D Ratings of 89 and B, respectively. The Company has a five-year average earnings growth rate of 5% y/y, a stability factor of 4, and an PS Rank of 76. In Q3 2017, net revenue and net profit advanced 6.9% and 6.3%, y/y, respectively. In the quarter, gross margin and BITD margin expanded 190bps and 150bps, respectively. The Company s asset-light model and flexible value chain provide a 24% ROIC and a strong balance sheet (ended Q3 2017 with R$125M net cash position). In 2016 2019, consensus expects a high single-digit revenue CGR and a low double-digit PS CGR. Growth will be fuelled by new brand initiatives at rezzo, nacapri and Schutz s expansion into the U.S market, and the ecommerce channel. Growth drivers The Company outsources about 90% of its production and benefits from a reduced need for investments in its installed production capacity. The Company generates 75% of sales through franchisees and multi-brand retailers. This allows it to expand its footprint rapidly with low investment. ϱϭϭ< Ͳϲϭй ϯϭϭ< ϭϯϭ ϰ< :ƵŶ ϭϯ &/ / >^ Ϭ ϯϯ W^ Z>Ϳ ^ĞƉ ϭϯ Ϭ ϯϯ ĞĐ ϭϯ Ϭ ϯϳ DĂƌ ϭϰ Ϭ ϮϬ :ƵŶ ϭϰ Ϭ ϯϲ ^ĞƉ ϭϰ Ϭ ϯθ ĞĐ ϭϰ Ϭ ϯϰ DĂƌ ϭϱ Ϭ ϮϬ :ƵŶ ϭϱ Ϭ ϯϲ ^ĞƉ ϭϱ Ϭ ϰϭ ĞĐ ϭϱ Ϭ ϯθ DĂƌ ϭϲ Ϭ ϭϳ :ƵŶ ϭϲ Ϭ ϯϰ ^ĞƉ ϭϲ Ϭ ϰϭ ĞĐ ϭϲ Ϭ ϰϭ DĂƌ ϭϳ Ϭ Ϯϱ :ƵŶ ϭϳ Ϭ ϰϰ ^ĞƉ ϭϳ Ϭ ϰϯ ĞĐ ϭϳ Ϭ ϰϳğ DĂƌ ϭθ Ϭ ϮϳĞ :ƵŶ ϭθ Ϭ ϯϳğ ^ĞƉ ϭθ Ϭ ϲϯğ нϭϰй нϯй W^ й, ' Ϯϯϳ ϲ Ϯϲϲ ϳ ^ > ^ D/> Z>Ϳ нϯй Ϯϱϳ ϲ Ͳϵй Ϯϭϯ ϰ нϵй Ϯϱϯ ϳ нϭϱй Ϯϵϲ ϭ Ͳϴй Ϯϴϵ ϲ Ϭй Ϯϯϲ Ϯ Ϭй Ϯϴϱ ϱ нθй ϯϭϱ ϭ нϭϯй Ϯϴϯ ϴ Ͳϭϱй Ϯϱϳ ϱ Ͳϲй Ϯϵϱ ϴ ͲϮй ϯϰϲ ϵ нϱй ϯϯθ ϵ нϰϳй Ϯϵϳ Ϯ нϯϵй ϯϯθ ϵ нϱй ϯϳϭ ϴ нϭϳйğ ϯϲθ ϳĞ нθйğ ϯϯϲ ϲğ ͲϭϲйĞ ϯϲϯ ϬĞ нϱϭйğ ϰϯϭ ϱğ нϭϵй нθй ^ > ^ й, ' нϭϯ Ϯй нϭϭ Ϭй D Z'/ &d Z d y нϯй нϲй нϳй нϭϭй нϭϯй нϭϭй нϭϯй нϲй ͲϮй нϵй нϰй нϭϭй нϭϵй нϭϱй нϭϭй нϳй нϵйğ нϭϭйğ нϭϭйğ нϭϯйğ нϭϯ ϳй нθ Ϯй нϭϯ ϱй нϭϭ ϯй нϭϭ ϰй нϳ ϳй нϭϭ Ϯй нϭϭ ϱй нϭϭ ϴй нϱ ϳй нϭϭ Ϯй нϭϭ Ϯй нϭϭ ϲй нϳ ϱй нϭϭ ϵй нϭϭ Ϯй ϭϲϯ ͲϮϬ Ϭй ϭϰϯ Ͳϯ ϱй ϭϯϯ Ͳϴ ϵй ϭϰϭ Ͳϭϯ ϯй ϭϯϱ ͲϮϰ ϳй ϭϭϵ Ͳϱ Ϭй ϭϭϳ Ͳϯ ϴй ϭϭϲ нϳ ϳй ϭϭϭ ϭϭϭ ͲϮ ϱй ϭϯϲ Ͳϭϱ ϯй ϭϯϯ нϯϭ ϱй ϭϱϳ ϮϬϳ Ͳϴ ϵй ϮϮϰ ͲϭϮ ϭй Ͳϵ ϱй W^ й ^hzwz/^ ϭϰϯ &h ^ ϭθϯ Π ϮϬϭϴ t/>>/ D KΖ /> н K / ϭϭϭ W ϯϲ ϮϬϭϴ Ɛƚ ϯϭ ϳ ϮϬϭϵ Ɛƚ Ϯϲ Ϭ ϱͳǉƌ,ŝőś ϯϳ ϱͳǉƌ >Žǁ ϭϯ Ϯϭϵ ǀƐ /ŶĚ ǀŐ ϭ ϰǆ ƌğǌǌž /ŶĚƵƐƚƌŝĂ KŶ Z ZͿ tğğŭůǉ ĂƐ ŽĨ DŽŶ :ĂŶƵĂƌǇ ϭϱ ϮϬϭϴ The group is launching rezzo ight, a new store format, in order to expand into smaller cities in Brazil (with 80K-250K inhabitants). This new format will operate with reduced selling space and instead offer an interactive screen through which customers can browse the Company s full catalog. With rezzo ight, the Company will have a leaner format that should reduce capex requirements per store and boost profitability. The nacapri brand focuses on flat and comfortable shoes offered at lower price points. The brand is experiencing rapid expansion (sales grew 24.2% y/y in Q3 2017), and management projects that the brand will see continued growth in sales and store count for at least the next three years. Schutz, the Company s upscale brand, plans to expand in the U.S by opening two new stores in 2018, in addition to its two existing flagship stores in the region. ooking Forward The Company aims to open 55-60 new stores in 2018 (up from 50 new stores in 2017). The Company s sixth brand urora is projected to be launched in H1 2018. The next catalyst is the Company s Q4 earnings announcement on March 7, 2018. -70- ocal Code: BRRZZ3 Bloomberg Symbol: RZZ3:BZ ISI: BRRZZCOR3

rezzo Industria On RZZO IDUSTRI O BRZI (RZ.BR) BSP PPR-SHOS & R MFG 89.77M 43.99M SHRS RIGS BUSISS: +55 31 2121 1000 http://www.arezzoco.com.br MGMT owns SC RZZO IDUSTRI COMRCIO S IS BRZI-BSD COMPY FRCHISD STORS, MUTI-BRD STORS D -COMMRC PRIC = PRICIPY GGD I TH FOOTWR IDUSTRY. TH COMPY PTFORMS. TH COMPY IS PRST I BRZI D TH UITD 10 X PS SPCIIZS I TH DSIG, MUFCTUR, DVOPMT, MODIG STTS. TH COMPY OPRTS THROUGH UMBR OF D S OF WOM'S FOOTWR, BGS D CCSSORIS. TH SUBSIDIRIS, SUCH S ZZB COMRCIO D CCDOS TD, ZZSP COMPY'S BRD MS PORTFOIO ICUDS RZZO, SCHUTZ, IDUSTRI COMRCIO D CCDOS TD, RZZ ITRTIO 17.00 XDR BIRM, CPRI D FIVR. IT DISTRIBUTS IC, RZZ C D SCHUTZ 655. 16.00 FOOTWR THROUGH VRIOUS CHS, SUCH S OW D 14.00 13.00 12.00 11.00 10.00 9.00 8.00 U W K Y PS BR (DC.) CF/SHR BR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI BR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 0.25-0.10 8.0 34.0 +89 367.1 71 2009 0.55 0.59 14.3 47.5 +12 412.1 67 2010 0.73 1.05 15.6 48.6 +39 571.5 71 2011 1.05 1.03 18.5 34.6 +19 678.9 73 2012 1.09 1.06 15.5 23.1 +27 860.3 74 2013 1.25 1.34 16.2 22.8 +12 963.0 67 402 395 383 395 406 397 0.8-13 86 29 0.8 +2 88 29 0.8 +2 87 32 1.0 +10 90 36 1.0 +19 90 33 0.9 +17 89 42 X-DIV FOT MKT 12/22/2017 CP BR 5.31BI. SS BR1.34 BI BRZI PS RTIG 75 BR59.13(OH -4%) Down 0.12% Since ddition PRIC SC 190 180 170 160 2014 2015 2016 2017 STIMT 2018 STIMT 1.57 +20% 1.91 +21% 1.27 1.35 1.31 1.32 1.54 1.39 RIGS GROWTH RT SS GR RT 15.3 14.7 12.7 2015-17 +5%(4 STBIITY) +9% 20.7 20.0 18.0 2013-17 +5%(4 STBIITY) +9% +9 +6 +11 COMPOSIT RTIG IVT T/O 6.1x 49 1052.9 1120.6 1239.1 72 77 68 DBT % 2014-16 6%: 6%: 4% 352 331 308 30%: 27%: 26% TX RT 14-16 : : 1.1 1.1 0.9 BCKOG 14-16 7.70 X '16 BK.V +22 +14 +14 R&D 92 90 89 DIV 1.48(2.5%) DIV GR RT+23% (26) 40 6 37 BT 1.02(24) PH 0.19(0.08) 150 140 130 120 110 100 90 80 Global Focus M BR59.2 7.00 0BRBOVS 6.00 70 60-7% 5.00 4.80 4.60 4.40 4.20 4.00 3.80 50 48 46 44 42 40 38 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 2.60 26 2.40 24 89 B- 2.20 22 2.00 20 1.90 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8 VOUM 2M SP Q -54% BOW ST. PS (BR) % CHG SS(BI BR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.37 +3% 257.6 +2% 12.7% +22.8% 22-31 0.20-9% 213.4 +6% 8.2% +21.5% 19-25 0.36 +9% 253.7 +7% 12.5% +22.1% 18-25 0.38 +15% 296.1 +11% 11.3% +22.0% 21-24 0.34-8% 289.6 +12% 10.4% +20.6% 18-23 0.20 0% 236.2 +11% 7.7% +20.1% 18-21 0.36 0% 285.4 +12% 11.2% +20.5% 17-21 0.41 +8% 315.1 +6% 11.5% +20.0% 14-18 0.38 +12% 283.8-2% 11.8% +20.0% 14-17 0.17-15% 257.5 +9% 5.7% +18.9% 12-18 0.34-6% 295.8 +4% 10.2% +18.9% 16-21 163/25415 142/23130 132/20798 140/21917 125/22508 119/21601 117/21573 116/21628 111/21388 111/19864 111/20562 DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Cyclical: pparel-shoes & Rel Mfg 0.40-2% 346.9 +10% 10.2% +18.1% 19-22 125/20319 SP 16 0.40 +5% 338.9 +19% 10.6% +18.0% 17-24 0.25 +47% 297.2 +15% 7.5% +18.6% 17-23 0.44 +29% 328.9 +11% 11.9% +20.2% 20-24 131/21957 156/24863 206/29404 223/28453 DC 16 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -71-0.42 +5% 370.8 +7% 10.2% +21.0% 1M 700 K 500 K 300 K DC Q 0.35-13% '13-18 P..'S OW OW HI ST DC 17 12X 35X 36X MR 18 TM DTGRPHS 2/2/2018

BRZI >ŽĐĂůŝǌĂ ZĞŶƚ Ăƌ KŶ >K Z ZW^ ϭ ϵ ǆ ϯϭ ϱθ Ϯϲ ϯϯ Ϯϰ Ϯϭ ϮϮ ϭϭ ϮϬ ϬϬ ϭϳ ϴϵ ϭϱ ϳϵ Source: Corporate Website ϭϯ ϲθ ϭϯ ϲϯ ϭϭ ϱθ нϱϱ ϯϭ ϯϯϰϳ ϳϳϱϯ W^ ZĂŶŬ ϴϰ ^ K W h>k ǆđś ZZ d KZϰ ůžđăůŝǌă ĐŽŵ >ĞŝƐƵƌĞͲ^ĞƌǀŝĐĞƐ ^ŚĂƌĞƐ ϲϲϳd &ůžăƚ ϱϭϭd W^ ƵĞ Ϯ ϱ ϮϬϭϴĞ IURP 3YRW Q :HHV D'Dd ŽǁŶƐ K, ͲϮй ϱϭ ϰϲ ϰϯ ϯθ 6KDUHV DUH UHDQJ RXW RI D FXS ZWK KDQGOH DVH ϭϯ ϱϭ Ϯϭ Ϯϴ ϭϯ ϭϯ ϭϭ ϵ ϰϯ ϭϭ ϭϭ ϬϬ ϵ ϵϭ ϵ ϰϯ ϵ ϴϲ н ϴ ϯ ϲθ ϳ ϯ ϭϲ Company Overview It operates car and fleet rental units under the ocaliza Rent-Car brand and also has a franchising division. Q3 2017 revenues by segment: car sales, 57%; car and fleet rentals and franchising, 43%. Z> нϭ ϳϲй ϭϱ ϭϭ ϳϳ ϱ Ϯϲ ocaliza is Brazil s largest car/fleet rental company. 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Over the past five years, its earnings have advanced an average of 10%. This growth has also been relatively consistent, as reflected by its Stability Factor of 13 (out of 99, lower is better) during the same period. Its earnings growth is expected to pick up next year. Per consensus expectations, PS is expected to increase 20% y/y in 2018. Institutional holdings increased from 511 funds as of September 2016 to 655 funds as of September 2017. In Q3 2017, the Company s revenues increased 39% y/y to BR 1.563B on account of robust growth in all three divisions. The Company s BIT improved 41% y/y to BR 263.9M. et income rose 34% y/y to BR 139.5M, a record for the company. In recent years, ocaliza s growth has been driven mainly by volume. In the car rental business, the number of daily rentals had a CGR of 10% from 2014 to 2016, while revenues had a CGR of 5.4% over the same period. BITD margins for the RC business declined from 38.7% to 32.3% from 2014 to 2016. In December 2016, ocaliza agreed to acquire Hertz s operations in Brazil and, as part of the alliance, ocaliza and Hertz will have a branding agreement. fter the integration, ocaliza added a fleet of about 3,300 cars to the car rental division, while 1,317 cars were decommissioned for sale. The absorption of this fleet represented 3.2% of the average ocaliza fleet in September. The deal is expected increase the visibility of the ocaliza brand in a highly fragmented market. Growth Drivers In order to continue generating top-line growth in its car rental business in an adverse economic environment, ocaliza has focused on maximizing the revenue yield from its rental fleet through aggressive pricing strategies. ooking Forward Interest rates in Brazil are expected to decline further, which will aid in reducing the Company s cost of debt and increase the spread between ROIC and cost of debt. ast week, the Central Bank lowered the benchmark interest rate to an all-time low of 7.00%. The next catalyst is the full year 2017 earnings announcement on February 5, 2018. Π ϮϬϭϳ t/>>/ D KΖ /> н K / -72- ϱϯϯ ϱͳǉƌ,ŝőś ϯϭ >ŽĐĂůŝǌĂ ZĞŶƚ Ăƌ KŶ >K ZͿ tğğŭůǉ ĂƐ ŽĨ tğě ĞĐĞŵďĞƌ ϮϬ ϮϬϭϳ ocal Code: BRRT3 Bloomberg Symbol: RT3:BZ ISI: BRRTCOR4

ocaliza Rent Car On OCIZ RT CR O BRZI (OC.BR) BSP ISUR-SRVICS 667.15M 507.03M SHRS RIGS BUSISS: +55 31 3247 7753 http://www.localiza.com MGMT owns X-DIV SC OCIZ RT CR S (OCIZ) IS BRZI-BSD COMPY CSSRY FOR TH OPRTIO OF TH BUSISS. THROUGH ITS PRIC = PRIMRIY IVOVD I TH CR D FT RT. TH COMPY SUBSIDIRY PRIM PRSTDOR D SRVICOS S, TH COMPY IS 10 X PS DIVIDS ITS BUSISS ITO THR SCTORS: CR RT SO IVOVD I TH ITRMDITIO I TH S OF CRS DIVISIO, WHICH IS RSPOSIB FOR CR RT THROUGH ITS PRVIOUSY USD I ITS RT OPRTIOS. S OF DCMBR 31, OW GCIS; FT RT DIVISIO, WHICH IS GGD I 2011, TH COMPY'S TWORK, ICUDIG DOMSTIC D FORIG RT OF FT VHICS TO CORPORTIOS FOR OG-TRM FRCHISS, COMPRISD 449 BRCHS I 314 CITIS I BRZI 7.00 PRIODS, D FRCHISIG DIVISIO, WHICH IS CTIV I TH D 47 BRCHS I 27 CITIS I SV OTHR COUTRIS OF DMIISTRTIO D GRTIG OF FRCHIS RIGHTS TO US TH SOUTH MRIC. COMPY'S BRD, ICUDIG TH TRSFR OF KOWDG 6.00 5.00 4.80 4.60 4.40 4.20 4.00 3.80 3.60 3.40 3.20 U W K Y PS BR (DC.) CF/SHR BR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI BR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT 12/15/2017 CP BR 16.99BI. SS BR5.55 BI BRZI PS RTIG IC 1973 83 BR25.47(OH -2%) PRIC SC 80 Up 17.92% Since ddition 70 60 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 0.80 +28% 0.99 +24% 0.21 0.17 0.39 0.45 0.37 0.60 0.63 0.61 0.62 1.86 1.77 2.49 2.64 2.54 3.13 3.12 2.98 3.47 RIGS GROWTH RT SS GR RT 2015-17 +5% (4 STBIITY) +11% 10.3 8.4 14.4 14.3 10.3 15.4 14.8 13.6 11.9 26.8 17.8 31.8 28.9 19.7 27.4 22.4 19.8 2013-17 +10%(13 STBIITY) +10% +21 +0 +37 +17 +9 +11 +11 +1 +13 COMPOSIT RTIG IVT T/O 1823.8 1820.9 2497.2 2918.1 3166.8 3506.2 3892.2 3928.1 4439.3 72 74 70 74 74 70 70 73 76 DBT % 2014-16 146%: 134%: 143% 4360 4002 3619 3475 3286 3074 2889 2526 2512 29%: 24%: 22% TX RT 14-16 : : 0.8 1.0 0.9 1.0 1.0 1.0 1.2 0.9 1.1 BCKOG 14-16 6.87 X '16 BK.V -1-5 +1-6 +1-4 +6 +7 +23 R&D 85 87 85 87 87 86 89 89 90 DIV 0.25(1.0%) DIV GR RT+17% (11) 30 30 35 30 26 34 36 38 18 BT 0.78(26) PH 0.22(0.12) 50 48 46 44 42 40 38 36 34 0BRBOVS 3.00 32 30 2.80 28 2.60 26 Global Focus M BR21.6 2.40 24 2.20 22 2.00 20 1.90 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 1.10 11 90 B 1.00 0.90 10 9 0.80 8 0.70 7 0.60 6 0.50 0.48 0.46 0.44 0.42 0.40 5 4.8 4.6 4.4 4.2 4 0.38 3.8 0.36 3.6 0.34 3.4 105/100 0.32 3/1 3.2 VOUM 20 M SP Q -84% BOW ST. PS (BR) % CHG SS(BI BR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.14 +8% 963.9 +21% 9.3% +28.8% 16-19 499/274M DC 13 0.16 +14% 945.1 +19% 11.2% +28.1% 15-16 483/261M MR 14 0.15-6% 904.6 +11% 11.1% +26.6% 16-19 506/269M JU 14 0.16 0% 1007.4 +8% 10.1% +25.1% 17-21 529/263M SP 14 0.16 +14% 1035.2 +7% 9.9% +27.4% 15-19 534/243M DC 14 0.15-6% 1007.0 +7% 10.0% +25.5% 16-19 0.14-7% 949.4 +5% 9.8% +23.8% 16-20 572/232M MR 15 529/227M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Cyclical: eisure-services 0.16 0% 978.1-3% 10.5% +22.9% 10-16 539/219M SP 15 0.16 0% 993.6-4% 10.7% +22.3% 12-15 480/243M DC 15 0.16 +7% 1047.0 +4% 9.8% +21.6% 10-15 460/229M MR 16 0.15 +7% 963.1 +1% 10.2% +21.0% 14-18 478/223M JU 16 0.16 0% 1123.2 +15% 9.3% +20.4% 16-22 507/231M SP 16 0.16 0% 1306.0 +31% 8.0% +19.7% 16-21 535/223M DC 16 0.19 +19% 1339.6 +28% 9.0% +19.7% 16-21 595/248M MR 17 0.20 +33% 1345.8 +40% 9.6% +20.4% 637/254M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -73-0.19 +19% 1563.4 +39% 7.9% +20.4% 6M DC Q 0.22 +36% '13-18 P..'S OW OW HI ST 662/252M SP 17 9M DC 17 10X 27X 29X MR 18 TM DTGRPHS 2/2/2018

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The Company s travel products combine airfare, ground transportation, accommodations, and other complementary services. WZ/ ϵϭ ϭ ϯϲ ϭ ϯϱ ϭ Ϯϭ CVC Brasil Operadora e gencia de Viagens (CVC. BR) is the largest travel agency in Brazil based on the number of confirmed bookings. 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In Q3 2017, the Company recorded revenues of BR 314M, an increase of 10% y/y and above consensus expectations of BR 309M. Growth was driven by 10.5% y/y growth in SSS. Growth was observed in CVC s own stores (+14% y/y) and in independent agents (+11% y/y). Consolidated bookings grew 15.7% y/y in Q3 2017, accelerating from 13.8% y/y bookings growth in Q2 2017. Its exclusive stores had 13.8% y/y bookings growth, Including xperimentobranded stores, booking growth was 12.3% y/y. Over the years, CVC has grown through acquisitions and by improving its performance. In late 2014, it acquired a major stake in Grupo Duotur (which operates Rextur, a business-to-business travel agency), and in 2015, it acquired online booking platform Sumbarino Viagens. Bookings growth (y/y) for Rextur dvance and Submarino Viagens turned positive in Q3 2016 and has improved further from +5% y/y in Q1 2017 to +21.6% y/y in Q3 2017. The Company acquired Visual Turismo in Q3 2017, the third-largest operator in the leisure segment, with bookings of BR 400M in 2016 (CVC s bookings for 9M 2017 were BR 7.479B). In May, the Company acquired Grupo Trend, one of the largest tour operators in Brazil. Growth Drivers The Company is on track with its expansion plan, opening 20 CVC-branded stores during the quarter, bringing the total CVC store count to 1,156. dditionally, the Company added three xperimento-branded stores, bringing the number of xperimento stores to 46. ooking Forward CVC continues to explore possible merger opportunities in multiple travel segments, including the student travel segment. Further, it is planning to acquire tourism operators and travel consolidators. The Company is positioned to directly benefit from economic reform through higher bookings, the sale of more value-added services such as travel insurance, and a recovery in the corporate travel segment. ext Catalyst: The Company s Q4 2017 results to be reported on February 13, 2018. W^ й, ' нϯϳй ^ > ^ D/> Z>Ϳ ϱϵϲ ϭ ^ > ^ й, ' нϯϯй ϭϭϳ ϲ ϭϲϭ Ϯ ϭϱϵ ϴ нϭϭ ϵй W^ й ^hzwz/^ ϰϯ ϭϭd &h ^ ^, Z ^, > z &h ^ Π ϮϬϭϲ t/>>/ D KΖ /> н K / -74- ϵϳ ϭϳd ϭϭϭ ϭϲd ϭθθ ϳ Ϭй ϭθθ ϳ нϯй нϯϭ ϴй нϲϭ ϴй ϭϭϰ ϭϱd ϭϭθ ϭθd нϭϭ ϰй ϭϭϱ ϭϲd ϭϯϰ ϭθd ϱͳǉƌ,ŝőś ϭθ ϱͳǉƌ >Žǁ ϴ ǀƐ /ŶĚ ǀŐ Ϭ ϲǆ ϭϯϱ ϭϵd ϭϯϯ ϭϱd ϭϯϰ ϭϲd ϭϯϰ ϭϳd ǀĐ ƌă KƉĚ ĐĚǀ KŶ s ZͿ tğğŭůǉ ĂƐ ŽĨ dƶğ KĐƚŽďĞƌ Ϭϰ ϮϬϭϲ Ĩ dƶğ KĐƚŽďĞƌ Ϭϰ ϮϬϭϲ ocal Code: BRCVCB3 Bloomberg Symbol: CVCB3:BZ ISI: BRCVCBCOR1

Cvc Bra.Opd. cdv. On CVC BR.OPD. CDV. O BRZI (CVC.BR) BSP ISUR-TRV BOOKIG 141.70M 131.78M SHRS RIGS BUSISS: +55 11 2191 1079 http://www.cvc.com.br MGMT owns X-DIV SC CVC BRSI OPRDOR GCI D VIGS S IS TGRS. TH COMPY SS PRODUCTS D SRVICS THROUGH PRIC = BRZI-BSD COMPY GGD I TH TOURISM SCTOR. TH OW STORS, OI DISTRIBUTIO PTFORM D UTHORIZD 10 X PS COMPY OFFRS DOMSTIC D ITRTIO TOURISM PCKGS, IDPDT GTS I UMBR OF TI MRIC COUTRIS, CRUISS, HOT D RSORT STYS, IRI TICKTS D TOURS. SUCH S BRZI, RGTI D COOMBI. ITS DSTITIOS ITS TRV PCKGS COMBI IRFR, GROUD TRSPORTTIO, RG MIY ICUDS UROP D TH MRICS. TH COMPY 15.00 CCOMMODTIOS, TRV ISURC, TOURIST GUIDS D OTHR OPRTS THROUGH CVC SRVICOS GCI D VIGS TD, MOG COMPMTRY TRV SRVICS. I DDITIO, IT ORGIZS OTHRS. 14.00 ITRTIO XCHGS, GUG CMPS D TRIPS FOR 13.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 12.00 11.00 10.00 8.00 7.00 U W K Y PS BR (DC.) CF/SHR BR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI BR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 0.62 0.80 23.4 76 79 489.3 74 0.85 1.11 28.7 95.1 +22 596.1 79 0.16 1.27 6.8 10.6 +5 623.4 78 0.86 1.60 27.2 42.4 +3 641.2 76 1.11 1.92 31.5 37.6 +11 714.5 76 1.29 2.21 30.3 33.3 +23 881.9 76 1.34 2.58 28.2 29.7 +21 1063.9 78 998 964 961 973 978 954 904 815 794 0.9-3 87 8 1.0 +7 87 9 0.9 +17 89 6 1.0 +25 89 4 1.0 +30 86 5 1.1 +28 87 6 1.2 +29 86 5 1.7 +31 88 5 1.7 +42 92 2 FOT MKT CP BR 8.00BI. SS BR1.10 BI BRZI PS RTIG 86 BR56.43(OH 0%) 170 Up 128.65% Since ddition 160 150 140 130 1.71 +28% 2.33 +36% RIGS GROWTH RT SS GR RT 2015-17 +11% (5 STBIITY) +18% 2013-17 +63%(99 STBIITY) +14% COMPOSIT RTIG IVT T/O PRIC SC 120 110 100 2.1x 15 DBT % 2014-16 0%: 24%: 12% 35%: 35%: 33% TX RT 14-16 : : BCKOG 14-16 11.06 X '16 BK.V R&D DIV 0.46(0.8%) DIV GR RT+42% (84) BT 0.83(30) PH 0.22(0.12) 90 80 0BRBOVS 6.00 70 60 5.00 4.80 4.60 4.40 4.20 50 48 46 44 42-10% 4.00 3.80 40 38 3.60 36 3.40 34 3.20 32 3.00 Global Focus M BR24.7 2.80 30 28 2.60 26 2.40 24 92-2.20 2.00 1.90 22 20 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8 0.70 7 101/100 VOUM 7M 3M SP Q -43% BOW ST. PS (BR) % CHG SS(BI BR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.31 #+169% 183.6 +15% 21.7% +42.3% 16-18 42/10451 DC 13 0.30 +7% 185.7 +13% 21.2% 13-18 93/15767 MR 14 0.06 #+700% 139.7 +13% 5.9% +39.6% 13-18 0.30 +3% 188.7 +0% 20.5% +35.0% 12-17 0.45 +45% 188.7 +3% 31.6% +37.6% 12-14 0.40 +33% 234.6 +26% 22.3% +36.2% 10-12 0.08 +33% 158.9 +14% 6.5% +37.3% 10-16 0.33 +10% 244.7 +30% 17.9% +33.8% 10-16 0.48 +7% 243.7 +29% 26.6% +33.3% 9-12 0.44 +10% 280.4 +20% 20.9% +31.3% 8-13 0.09 +12% 229.7 +45% 5.3% +34.9% 12-17 105/15396 109/14375 104/17799 101/16193 119/17571 128/19093 118/14132 124/15807 136/20911 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Cyclical: eisure-travel Booking 0.38 +15% 276.3 +13% 18.4% +32.2% 14-18 233/38723 SP 16 0.42-13% 235.6-3% 23.8% +29.7% 16-19 0.45 +2% 298.3 +6% 20.5% +27.4% 17-22 0.10 +11% 250.4 +9% 5.4% +33.3% 20-25 0.52 +37% 313.8 +14% 22.4% +32.5% 272/52745 354/66142 365/68058 401/71332 DC 16 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -75-1M '13-18 P..'S OW OW HI ST DC 17 8X 33X 25X MR 18 TM DTGRPHS 2/2/2018

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The stock has Up/Down volume ratio of 1.1, an RS Rating of 78, and an /D Rating of B. The stock has an PS Rank of 66. Per consensus estimates, earnings are expected to increase 12% in 2018. The Company reported Q4 2017 results with revenue of TWD 277.6B (+5.9% y/y, +10.1% q/q), matching consensus estimates as well as guidance of TWD 277.5B at the midpoint. Revenues increased 10.1% q/q, primarily due to to major mobile product launches and continuing demand for cryptocurrency mining. Gross margin was 50.0% in Q4 2017, 0.1% greater than in Q3 2017, due to a higher level of capacity utilization. The Company reported PS of TWD 3.83 (-0.9% y/y, +10.4% q/q), beating consensus of TWD 3.77. dt нϯ ϬϬ ϭϳϭ нϭ Ϭϰй ϭϯϭ ϭϯϭ ϭϭϭ ϲθ Ͳ 40-Week M ϲ ϬϬ Company Overview The Company is engaged in the manufacturing, packaging, testing, and computer-aided design of integrated circuits (IC) and other semiconductor devices. Q4 2017 revenue by technology: 10nm, 25%; 16/20nm, 20%; 28nm, 18%; 40/45nm, 10%; 65nm, 9%; other, 18%. Q4 2017 revenue breakdown by application: communication 62%, industrial/standard 22%, computer 11%, and consumer 5%. ϭϵϰ ϱϭ ϭϵϭ ϭϱϭ ϴ ϲϳ ϴ ϬϬ ϳ ϯϯ ϲ ϲϳ Taiwan Semiconductor Manufacturing (TSM.TW) is the world s largest dedicated semiconductor foundry. The Company continues to experience strong growth by building solid partnerships with its customers. WZ/ o overhead supply ϭϯ ϴϵ ϭϯ ϲϳ ϭϭ ϯϯ >K' &ŝǆğěͿ ϭϭϭ ϵϭ 10-Week M ϱ ϯϯ ϴϬ ϰ ϲϳ ϳϬ ϰ ϬϬ ϲϭ ϯ ϯϯ ϯ Ϭϳ ϱϭ ϰϲ Ϯ ϴϬ ϰϯ Ϯ ϱϯ ϯθ Ϯ Ϯϳ ϯϰ Ϯ ϬϬ ϯϭ ϭ ϳϯ ϭ ϲϭ ϭ ϰϳ Ϯϲ Ϯϰ ϮϮ >/ sk>hd ϯϲϭd ϮϴϬD ϮϬϬD нϰϭй ϭϯϭd ϲϳ ϲd ^ĞƉ ϭϯ &/ / >^ ϭ ϵϭ W^ dt Ϳ ĞĐ ϭϯ ϭ ϲϭ :ƵŶ ϭϲ Ϯ ϴϬ ^ĞƉ ϭϲ ϯ ϳϯ ĞĐ ϭϲ ϯ ϴϲ DĂƌ ϭϳ ϯ ϰϯğ :ƵŶ ϭϳ Ϯ ϵϱğ ^ĞƉ ϭϳ ϯ ϳϰĞ ĞĐ ϭϳ ϯ ϳϵĞ нϲϯй нϯϭй нϭϳй нϯϰй нϱй нθй нϯϯй нϭϱй нϰϳй нϳθй нϲϱй нϯϯй Ͳϭй Ͳϵй Ͳϭϴй Ͳϴй W^ й, ' ϭϰϭ ϰϵϵ ϯ ϭϯϭ ϰϰϰ ϴ ϭϯϯ ϳϱϱ Ϭ ϭϱϱ ϴϴϲ ϯ ϭϲϯ ϱϳϳ Ϭ ϭϰϱ ϴϬϱ ϴ ϭϰθ Ϯϭϱ Ϯ ϭθϯ ϬϮϬ ϱ ϮϬϵ Ϭϰϵ ϳ ϮϮϮ ϱϯϭ ϭ ϮϮϮ Ϭϯϰ ϭ ϮϬϱ ϰϯϵ ϴ ϮϭϮ ϱϭϰ ϵ ϮϬϯ ϱϭθ ϲ ϮϬϯ ϰϵϱ ϰ ϮϮϭ ϴϬϵ ϴ ^ > ^ D/> dt Ϳ нϯϯй нϯϲй нϯϲй нϯϯй нϭϱй нϭϭй нϭϯй нϭϳй нϯϵй нϱϯй нϱϭй нϭϯй нϯй Ͳϵй Ͳϴй нθй ^ > ^ й, ' нϯθй нϯϳй нϯϳйğ нϱйğ ϬйĞ ͲϮйĞ ϮϲϬ ϰϭϱ ϵ ϮϲϮ ϮϮϳ ϯ нϯϯй нϯϵй Ϯϯϴ ϭ<ğ нϭϳйğ Ϯϯϱ Ϯ<Ğ нϲйğ ϮϳϮ ϯ<ğ нϱйğ Ϯϳϲ ϴ<Ğ нϲйğ нϭϭ Ϭй Ͳϴϴ ϴй W^ й ^hzwz/^ ϭ Ϯϳϭ &h ^ϭ ϭϵϱ ϴ ϰθϭ Ϯϳϲ ϵϭϭ ^, Z ^, > z &h ^ DĂƌ ϭϯ ϭ ϱϯ ϭ ϯϭϱ ϴ :ƵŶ ϭϯ Ϯ ϬϬ ^ĞƉ ϭϯ Ϯ ϬϬ ϭ ϯϯϭ ϴ Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϭ ϯθϭ ϴ ĞĐ ϭϯ ϭ ϳϯ ϭ ϰϭϰ ϴ DĂƌ ϭϰ ϭ ϴϱ :ƵŶ ϭϰ Ϯ ϯϭ ^ĞƉ ϭϰ Ϯ ϵϰ ĞĐ ϭϰ ϯ Ϭϴ DĂƌ ϭϱ ϯ Ϭϱ :ƵŶ ϭϱ ϯ Ϭϲ ^ĞƉ ϭϱ Ϯ ϵϭ нϵ ϯй нϱ ϵй нϰ ϰй нϱ Ϭй нϭ ϱй нϭϭ Ϯй нϯ Ϭй ϭ ϰϯϭ ϴ ϭ ϱϭϱ ϴ ϭ ϱϱϯ ϴ ϭ ϲϲϳ ϴ ϭ ϳϭϯ ϴ ϭ ϳϰϲ ϴ ϭ ϴϬϭ ϴ ĞĐ ϭϱ Ϯ ϴϭ DĂƌ ϭϲ Ϯ ϱϭ нϱ ϳй ϭ ϴϰϰ ϴ ϭ ϵϭθ ϴ ϭ ϵϵϭ ϴ W ϭϱ ϮϬϭϳ Ɛƚ ϭϰ Ϭ ϱͳǉƌ,ŝőś ϭϳ Ϭ ϱͳǉƌ >Žǁ ϵ Ϭ ǀƐ /ŶĚ ǀŐ Ϭ ϴǆ Ϯ Ϭϲϭ ϴ Ϯ Ϭϴϱ ϴ dăŝǁăŷ ^ĞŵŝĐŽŶ DŶĨŐ d^d dtͿ tğğŭůǉ ĂƐ ŽĨ dƶğ DĂƌĐŚ Ϯϴ ϮϬϭϳ Growth Drivers The Company announced plans to build a 3nm fab in the Tainan Science Park. The Company is likely to retain orders from pple for manufacturing iphones in 2018, as it is the front runner in migrating to 7nm fab technology. Samsung is also investing in 7nm, but commercial production will not start in 2018, which means TSM should maintain 100% of its business from pple through the first half of 2019. Strong demand for IoT technology, IDMs increasing outsourcing for automotive chips, and growing dollar content for semiconductors in automotive chips should benefit the Company in 2018. The Company plans to increase capital spending 5-10% every year for the next five years in developing the lower 10nm fab technology. ooking Forward TSM guided for Q1 2018 revenue of TWD 248.6B-251.6B, below consensus estimates of TWD 254.5B, and operating margin of 38-40%. ext Catalyst: The Company s Q1 2018 earnings release on pril 18. -76- ocal Code: T2330 Bloomberg Symbol: 2330:TT ISI: TW0002330008

Taiwan Semicon.Mnfg. TIW SMICO.MFG. TIW (TSM.TW) TI C-SMICODUCTOR MFG 25.93B 24.37B SHRS RIGS BUSISS: +886 3 563 6688 http://www.tsmc.com MGMT owns SC TIW SMICODUCTOR MUFCTURIG COMPY IMITD (TSMC) IS OPRTS THR 12-ICH WFR FBS, FOUR IGHT-ICH WFR PRIC = SMICODUCTOR FOUDRY. TH COMPY IS GGD I TH FBS, O SIX-ICH WFR FB (FB 2) D TWO BCKD FBS 10 X PS MUFCTURIG, SIG, PCKGIG, TSTIG D (DVCD BCKD FB 1 D 2). IT SO MGS TWO COMPUTR-IDD DSIG OF ITGRTD CIRCUITS D OTHR IGHT-ICH FBS T ITS SUBSIDIRIS, WFRTCH, C I TH SMICODUCTOR DVICS D TH MUFCTURIG OF MSKS. IT UITD STTS D TSMC CHI COMPY IMITD. ITS OPRTS THROUGH FOUDRY SGMT. TH FOUDRY SGMT IS XPORTORY WORK FOCUSS O TRSISTORS D TCHOOGIS, 100 GGD I MUFCTURIG, SIG, PCKGIG, TSTIG D SUCH S THR DIMSIO (3D) STRUCTURS, STRID-YR COMPUTR-IDD DSIG OF ITGRTD CIRCUITS (IC) D OTHR COMPMTRY MT-OXID SMICODUCTOR (CMOS), 90.00 SMICODUCTOR DVICS D TH MUFCTURIG OF MSKS. IT HIGH-MOBIITY MTRIS D 3D IC DVICS. 70.00 60.00 50.00 48.00 46.00 44.00 42.00 40.00 U W K Y PS TWD (DC.) CF/SHR TWD PRTX MRGI, % RT. O QUITY, % SS % CHG SS (TRI TWD) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK X-DIV FOT MKT CP TWD 6.73T SS TWD962.10 BI TIW PS RTIG 66 TWD259.50(OH -2%) Up 33.42% Since ddition PRIC SC 1100 1000 900 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 13.16 +2% 14.79 +12% 3.84 3.45 6.24 5.18 6.42 7.26 10.18 11.82 12.89 7.15 6.60 9.40 9.35 11.69 13.74 18.30 19.71 21.73 RIGS GROWTH RT SS GR RT 2015-17 +11%(7 STBIITY) +10% 33.5 32.3 40.6 34.0 35.9 36.1 39.6 41.5 40.7 20.7 18.4 30.2 22.3 24.6 24.0 27.9 27.0 25.6 2013-17 +19%(9 STBIITY) +16% +3-11 +42 +2 +19 +18 +28 +11 +12 COMPOSIT RTIG IVT T/O 4.3x 46 333158 295742 419538 427081 506745 597024 762807 843497 947938 59 61 57 58 59 58 63 60 61 DBT % 2014-16 21%: 16%: 11% 25672 25271 23990 23299 24065 24276 26185 28479 29997 TX RT 14-16 13%: 13%: 13% : : 1.2 1.1 0.8 0.8 0.9 0.9 1.2 1.3 1.4 BCKOG 14-16 4.84 X '16 BK.V -18-20 -26-13 +7-8 +35 +14 +3 R&D 7.5% 7(2.7%) DIV GR RT+20% (15) 76 76 73 73 76 71 81 79 82 DIV 12 13 18 21 21 28 21 21 10 BT 1.46(56) PH 0.04(0.04) 800 700 600 0TIWGHT 38.00 500 480 460 440 420 400 380 36.00 360 34.00 340 32.00 320 30.00 300 28.00 280 26.00 260 24.00 240 Global Focus M TWD194.5 22.00 220-5% 20.00 19.00 200 190 18.00 180 17.00 170 16.00 82 C+ 15.00 160 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 7.00 70 6.00 60 5.00 4.80 50 48 46 VOUM 200 M SP Q -49% BOW ST. PS (TWD) % CHG SS(BI TWD) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 1.73 +8% 145806 +11% 30.7% +24.0% 13-15 1367/8B DC 13 1.85 +22% 148215 +12% 32.3% +23.6% 13-15 1392/8B MR 14 2.30 +15% 183021 +17% 32.6% +25.1% 14-16 1455/8B JU 14 2.94 +47% 209050 +29% 36.5% +25.9% 13-15 1502/8B SP 14 3.08 +78% 222521 +53% 35.9% +27.8% 11-13 1611/8B DC 14 3.05 +65% 222034 +50% 35.6% +29.1% 11-13 1652/8B MR 15 3.06 +33% 205440 +12% 38.7% +32.3% 11-12 1686/8B JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Technology: lec-semiconductor Mfg 2.91-1% 212505 +2% 35.4% +29.7% 9-11 1742/8B SP 15 2.81-9% 203519-9% 35.8% +27.0% 10-12 1789/8B DC 15 2.50-18% 203495-8% 31.8% +24.3% 11-14 1865/8B MR 16 2.80-8% 221810 +8% 32.7% +25.2% 12-15 1954/8B JU 16 3.73 +28% 260406 +23% 37.2% +25.2% 13-15 2036/8B SP 16 3.86 +37% 262227 +29% 38.2% +25.6% 13-14 2091/8B DC 16 3.38 +35% 233914 +15% 37.5% +26.1% 13-14 2119/8B MR 17 2.56-9% 213855-4% 31.0% +27.6% 13-16 2128/8B JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -77-3.47-7% 252107-3% 35.7% +25.3% 100 M 80 M DC Q 3.77-2% '13-18 P..'S 2144/8B SP 17 DC 17 OW OW HI ST 9X 17X 16X MR 18 TM DTGRPHS 2/2/2018

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RS line is at new highs. Ϭ ϯϱ Ϭ ϯϯ dt нϭϭ ϳϬй ϭϱ Ϭ ϰϯ Ϭ ϯθ O eil Methodology The stock is currently trading 54% above the pivot of its most recent base. It is actionable once it forms a new base and breaks out. It has a strong technical profile with an Up/Down volume ratio of 1.5 and an /D Rating of B. The stock has an RS Rating of 97 and its RS line is on a steady uptrend. In Q3 2017, Winbond reported sales of TWD 12.55B, up 17% y/y (+10% q/q), led by strong revenue contribution of TWD 2.41B from its subsidiary uvoton Technology and strong sales growth in memory products, beating consensus estimates of TWD 12.08B. The Company s gross margin is 37%, a 430bps expansion q/q, led by an increase in the SP of memory products. The Company reported PS of TWD 0.57, up 217% y/y and the highest recorded PS since 2010, beating consensus estimates of TWD 0.39. Ϯϲ Ϯϰ ϮϮ ϭϳ нϯ ϬϬ Ϭ ϴϯ Ϭ ϳϵ Ϭ ϳϱ Company Overview Winbond lectronics designs and manufactures integrated circuits and specialty memory products. Its major product lines include code storage flash memory, specialty DRM, and mobile DRM. ϯϭ ϭϵ ϭϵ ϭϭ Strong Up/Down Volume rating. It's significantly above 1.0 ϭ Ϭϴ ϭ ϬϬ Ϭ ϵϯ Winbond lectronics (WI.TW) is one of the leading providers of integrated circuits (IC) and flash storage and specialty memory products. The growing demand for flash memory and specialty memory products continues to boost revenues. WZ/ ϰϲ ϭ ϰϯ ϭ Ϯϱ >K' &ŝǆğěͿ Ϭ Ϯϴ Ϭ Ϯϱ ϰ Ϯ ϯ ϴ ϯ ϰ ϯ Ϭ ϮϮ Ϭ ϮϬ Ϭ ϭθ Ϯ ϲ Ϯ ϰ Ϯ Ϯ Ϭ ϭϳ Ϭ ϭϱ Top and bottom line is expected to improve as the company adds more production capacity and OR flash memory prices rise Shares have been rallying on above-average volume = institutional accumulation Ϭ ϭϯ Ϯ ϭ ϴ ϭ ϲ >K' sk>hd The number of funds holding Winbond shares continues to increase ϰϭϭd ϮϵϮ ϳD ϮϬϬD ͲϭϮй ϳϬD ϯϭd Ϯ&/ / >^ ĞĐ ϭϯ DĂƌ ϭϯ ϵ W^ dt Ϳ ͲϬ ϭϱ ͲϬ ϭϭ й W^ й, ' нϱϯй нϰϰй ϰ^ > ^ D/> dt Ϳ ϳ ϴϲϵ ϱ ϳ ϲϳϱ ϭ :ƵŶ ϭϯ Ϭ ϭϭ ^ĞƉ ϭϯ Ϭ Ϭϰ ĞĐ ϭϯ Ϭ ϬϮ DĂƌ ϭϰ Ϭ ϭϭ :ƵŶ ϭϰ Ϭ ϭϵ ^ĞƉ ϭϰ Ϭ Ϯϱ ĞĐ ϭϰ Ϭ Ϯϵ DĂƌ ϭϱ Ϭ Ϯϳ :ƵŶ ϭϱ Ϭ ϮϮ ^ĞƉ ϭϱ Ϭ ϭθ ĞĐ ϭϱ Ϭ Ϯϯ DĂƌ ϭϲ Ϭ ϮϮ :ƵŶ ϭϲ Ϭ ϭθ ^ĞƉ ϭϲ Ϭ ϭθ ĞĐ ϭϲ Ϭ Ϯϯ нϯϭϭй ϴ ϴϰϱ ϴ нϭϰϰй ϴ ϯϭϵ Ϯ нϭϭϯй ϴ ϯϭϱ ϰ нϯϭϭй ϴ ϳϱϭ Ϭ нϵϭй ϵ ϳϰϮ ϰ нϱϯϱй ϵ ϵϯϭ ϰ нϭ<й ϵ ϱϲϰ ϴ нϭϳϭй ϵ ϳϮϯ ϴ нϭϲй ϵ ϮϱϮ ϭ ͲϮϴй ϵ ϱϯϯ ϵ ͲϮϭй ϵ ϴϰϬ ϰ Ͳϭϵй ϭϭ Ϭϴϲ ϵ Ͳϭϴй ϭϭ ϰϵϲ ϵ Ϭй ϭϭ ϳϯϮ ϳ Ϭй ϭϭ ϳϳϱ Ϯ й^ > ^ й, ' нϳй нϯй йd Z'/ &d Z d y Ͳϳ Ϯй Ͳϰ ϳй ͲϮй Ͳϯй нϲй нϭϰй нϭϭй нϯϭй нϭϱй нϭϭй Ͳϱй Ͳϰй нϯй нϰй нϭϯй нϭϯй нϵй нϯй нϰ Ϯй нϭ ϲй нϭ ϳй нϰ ϯй нϳ ϯй нϵ ϯй нϭϭ Ϭй нϭϭ ϯй нθ ϳй нϳ ϭй нθ ϯй нϳ ϳй нϲ ϭй нϲ ϭй нϳ ϲй нϲ ϲй ϱϭ нϭϱϭ Ϭй ϱϰ ϲϯ нϭϭ Ϭй ϲϵ ϳϴ ϴϰ ϴϭ ϴϱ W^ й ^hzwz/^ ϱ&h ^ ϱϯ ϱϰ ϱϰ ϱϭ Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϲϲ ϳϭ ϲϯ ϱθ ϲϭ ϱϵ DĂƌ ϭϳ Ϭ ϭϵ :ƵŶ ϭϳ Ϭ ϮϱĞ ^ĞƉ ϭϳ Ϭ ϮϴĞ ĞĐ ϭϳ Ϭ ϮϵĞ DĂƌ ϭθ Ϭ ϮϴĞ Ͳϭϰй нϯϵйğ нϱϲйğ нϯϲйğ нϰϳйğ ϭϭ ϰϯϱ Ϭ ϭϭ Ϭϭϰ ϮĞ ϭϭ ϯϯϱ ϬĞ ϭϭ ϰϯϲ ϰğ ϭϭ ϵϯϭ ϱğ нϱйğ нϲйğ нϲйğ нϱйğ W Ϯϰ ϮϬϭϳ Ɛƚ ϭϵ Ϭ ϱͳǉƌ,ŝőś ϭϱϰ Ϭ ϱͳǉƌ >Žǁ ϲ Ϭ ǀƐ /ŶĚ ǀŐ ϭ ϯǆ tŝŷďžŷě ůƚŷ t/ dtͿ tğğŭůǉ ĂƐ ŽĨ dśƶ :ƵŶĞ Ϭϭ ϮϬϭϳ Growth Drivers Winbond plans to expand its capacity in Fab C and has plans for producing 38nm DRM, with wafers per month (wpm) to reach 48K by the end of 2017 from 44K currently. DRM wpm will rise to 26K from 24K and Flash wpm will grow to 22K from 20K. By Q3 2018, total capacity is planned to reach the target of 52K wpm, with DRM and flash capacity equally split. Winbond plans to set up a new facility in the Southern Taiwan Science Park, for which land use has been approved. It plans to invest TWD 335B over the next ten years. Production will kick start in 2020, with a planned initial monthly capacity of 40K. Winbond signed a patent licensing agreement with Rambus to use Rambus patented technology (comprising server DIMM chipsets) for its integrated circuit products for five years. Wider adoption of MOD and TDDI displays and dual camera modules will likely spark a comeback in the OR Flash market, driven by increasing demand from IoT and Industry 4.0 applications. ooking Forward Consensus estimates have PS growing 62% and 103%, y/y, in 2017 and 2018, respectively. The next catalyst is the Company s Q4 2017 earnings release on February 10, 2018. -78- ocal Code: T2344 Bloomberg Symbol: 2344:TT ISI: TW0002344009

Winbond ltn. TIW WIBOD T. (WI.TW) TI C-SMICODUCTOR MFG 3.98B 3.18B SHRS RIGS BUSISS: +886 42 521 8168 http://www.winbond.com MGMT owns SC WIBOD CTROICS CORP. IS PRICIPY GGD I TH MMORY PRODUCTS, MOG OTHRS. TH COMPY'S PRODUCTS R PRIC = RSRCH, DVOPMT, DSIG, MUFCTUR D S OF PRIMRIY PPID I COMPUTRS, COMMUICTIOS D COSUMR 10 X PS ITGRTD CIRCUITS (ICS) D MMORY PRODUCTS. TH COMPY CTROICS (3CS), SUCH S PRSO COMPUTRS, WIRSS PRIMRIY PROVIDS OGIC ICS, DYMIC RDOM CCSS MMORY TWORKS, ST-TOP BOXS, TVISIOS D DIGIT CMRS, (DRM) PRODUCTS, ICUDIG MOBI RM PRODUCTS, SPCITY MOG OTHRS. TH COMPY DISTRIBUTS ITS PRODUCTS I SI, DRM PRODUCTS D GRPHICS DRM PRODUCTS, S W S FSH TH MRICS D UROP. 8.00 7.00 6.00 4.60 4.40 4.20 4.00 U W K Y PS TWD (DC.) CF/SHR TWD PRTX MRGI, % RT. O QUITY, % SS % CHG SS (TRI TWD) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008-1.97 0.75-22 25645 73 2009-2.32 0.92 +4 26695 74 2010 0.95 3.82 9.8 10.0 +50 39934 75 2011-0.23 2.75-13 34697 74 2012-0.50 2.04-5 32965 74 2013 0.06 1.82 1.7 0.6 +1 33135 74 2014 0.82 2.31 10.4 8.4 +15 37990 72 2015 0.89 2.66 11.1 8.5 +1 38350 71 2016 0.80 2.50 8.9 7.0 +10 42092 75 65092 63171 58946 56488 54876 55776 53857 52607 51638 1.3-6 95 12 1.2-7 95 13 1.0-11 92 18 1.0-12 90 21 1.1-9 90 21 1.0-18 87 28 1.1-8 87 21 1.0 +6 88 21 1.0 +3 87 10 X-DIV FOT MKT CP TWD 93.13BI. SS TWD45.16 BI TIW PS RTIG 95 TWD23.40(OH -22%) Up 21.25% Since ddition 90 80 2017 STIMT 2018 STIMT 1.29 +62% 2.31 +79% RIGS GROWTH RT SS GR RT 2015-17 +7%(18 STBIITY) +6% 2013-17 +54%(73 STBIITY) +7% COMPOSIT RTIG IVT T/O PRIC SC 70 60 3x 28 DBT % 2014-16 26%: 23%: 15% 19%: 18%: 16% TX RT 14-16 : : BCKOG 14-16 1.99 X '16 BK.V R&D 13.7% DIV 0.59(2.5%) DIV GR RT 0.20(0.07) BT 1.30(6) PH 50 48 46 44 42 40 3.80 38 3.60 36 3.40 34 3.20 0TIWGHT 3.00 32 30 2.80 28 2.60 26 2.40 24 Global Focus M TWD19.3 2.20 22-24% 2.00 20 1.90 19 1.80 18 1.70 17 1.60 16 1.50 15 87 C+ 1.40 1.30 14 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8 0.70 7 0.60 6 0.50 0.48 0.46 0.44 0.42 0.40 5 4.8 4.6 4.4 4.2 4 0.38 3.8 101/100 3.6 VOUM 300 M 200 M SP Q -23% BOW ST. PS (TWD) % CHG SS(BI TWD) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.02 #+113% 8305.4 +6% 0.7% +0.6% 123-153 51/213M DC 13 0.10 #+211% 8751.0 +14% 4.3% +2.7% 28-34 54/219M MR 14 0.19 +90% 9742.4 +10% 7.3% +3.6% 22-35 66/244M JU 14 0.25 +525% 9931.4 +20% 9.3% +5.8% 15-22 71/261M SP 14 0.28 +1300% 9564.8 +15% 11.0% +8.4% 9-13 62/247M DC 14 0.27 +170% 9723.8 +11% 10.3% +9.9% 9-11 57/258M MR 15 0.21 +11% 9252.1-5% 8.7% +10.0% 7-10 59/263M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Technology: lec-semiconductor Mfg 0.18-28% 9533.9-4% 7.1% +9.3% 6-8 58/261M SP 15 0.23-18% 9840.4 +3% 8.3% +8.5% 7-9 61/257M DC 15 0.21-22% 10086.9 +4% 7.7% +7.7% 8-12 68/270M MR 16 0.18-14% 10496.9 +13% 6.1% +7.3% 10-11 77/293M JU 16 0.18 0% 10732.7 +13% 6.1% +7.1% 10-13 83/305M SP 16 0.23 0% 10775.2 +9% 7.6% +7.0% 11-12 85/308M DC 16 0.19-10% 10425.0 +3% 6.6% +6.5% 12-22 125/390M MR 17 0.27 +50% 11411.3 +9% 8.7% +7.3% 17-22 134/441M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -79-0.57 +217% 12549.9 +17% 16.6% +10.0% 40 M DC Q 0.42 +86% '13-18 P..'S OW 6X OW 31X HI 153X ST 144/404M SP 17 100 M 70 M DC 17 MR 18 TM DTGRPHS 2/2/2018

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In 2016, pple accounted for 47% of revenues. Other major customers include Samsung, OPPO, and Huawei. O eil Methodology The stock recently broke out of a flat base after consolidating for 6 weeks. It is trading 10% above its pivot. The stock has very strong O eil Ratings and Rankings, including an PS Rank of 96, RS Rating of 92, and /D Rating of. The Company reported Q3 2017 results, with revenue of TWD 2.743B, up 31% y/y, beating consensus estimates of TWD 2.694B. Operating margin expanded 530bps y/y to 20.7%, mainly led by lower R&D and SG& expenses. The Company reported PS of TWD 8.65, up 119% y/y, beating the consensus of TWD 6.34. This is due to one-time tax benefit/refund of TWD 1.99 per share. Growth Drivers The T-CO business is expected to show strong growth due to order inflows from pple. Parade expects its touch controller business to grow as pple launched new ipad models in H1 2018. The Company expects the penetration of edps for high-end notebooks to increase. Parade controls 50% of this market. WZ/ ϭϯϭϭ ϭϯϭϭ ϭϭϭϭ ϭϭϭϭ ϵϭϭ ϴϬϬ ϳϬϬ Shares are breaking out to new highs after consolidating for six weeks ϲϭϭ ϱϭϭ ϰθϭ ϬϬ ϰϲϭ dt ϮϮ ϭϭ нϭϱ ϱϭ ϰϯϭ нϯ ϯϯй ϮϬ ϬϬ ϭϵ ϰθ ϭϳ ϴϵ ϯθϭ High PS Rank ϯϰϭ ϭϱ ϳϵ Parade Technologies (PD.TW) develops mixedsignal integrated circuits (ICs) for various display and high-speed interface standards used in consumer electronics. Its leading position in embeded DisplayPorts (edps) is its biggest growth catalyst. >K' &ŝǆğěͿ ϯϭϭ ϵϭ н ϭϯ ϲθ ϭϯ ϲϯ ϭϭ ϱθ ϮϲϬ ϮϰϬ ϮϮϬ ϭϭ ϬϬ ϭϵϭ ϴ ϵϱ ϭϳϭ ϳ ϴϵ ϭϱϭ ϲ ϴϰ ϲ ϯϯ ϱ ϳϵ ϭϯϭ ϭϯϭ ϭϭϭ Strong Relative Strength rating of 90, and ccum/dist. rating of B+ ϱ Ϯϲ ϭϭϭ ϰ ϳϰ ϵϭ ϰ Ϯϭ ϴϬ ϯ ϲθ ϳϬ ϯ ϭϲ Top and bottom line growth is set to accelerate Shares have been trending higher on above-average volume Ϯ ϲϯ Ϯ ϰϯ ϲϭ ϱϭ ϰϲ >K' sk>hd ϴD ϳ ϰd ϱd нϯθй ϯd ϮD Ϯ&/ / >^ DĂƌ ϭϯ :ƵŶ ϭϯ ϱ W^ dt Ϳ Ϭ ϲθ ϭ ϲϯ й W^ й, ' Ͳϳϰй Ͳϱϵй ϭ^ > ^ D/> dt Ϳ ϲϭϳ Ϯ ϴϭϬ ϴ ^ĞƉ ϭϯ Ϯ ϯϳ ĞĐ ϭϯ ϰ ϲϭ DĂƌ ϭϰ ϯ ϰϳ :ƵŶ ϭϰ ϯ ϳϱ ^ĞƉ ϭϰ ϱ ϭϯ ĞĐ ϭϰ ϰ ϭϯ DĂƌ ϭϱ ϯ ϰϯ :ƵŶ ϭϱ ϯ ϲϯ ^ĞƉ ϭϱ ϰ Ϯϴ ĞĐ ϭϱ ϯ ϵϳ DĂƌ ϭϲ ϰ ϳϳ :ƵŶ ϭϲ ϰ ϲϲ ^ĞƉ ϭϲ ϰ Ϭϯ ĞĐ ϭϲ ϰ ϱθ DĂƌ ϭϳ ϰ ϵϯ :ƵŶ ϭϳ ϱ ϵϱ ^ĞƉ ϭϳ ϲ ϮϵĞ ĞĐ ϭϳ ϲ ϭϵğ DĂƌ ϭθ ϱ ϴϵĞ :ƵŶ ϭθ ϲ ϵϱğ ͲϰϬй ϭ ϭϳϯ Ϯ нϱϭй ϭ ϲϭϭ ϴ нϰϭϭй ϭ ϯϰϳ ϵ нϭϯϭй ϭ ϰϭϭ ϭ нϭϭϲй ϭ ϳϳϬ Ϭ ͲϭϬй ϭ ϲϵϳ Ϯ Ͳϭй ϭ ϱϭϳ ϵ Ͳϯй ϭ ϱϯϭ ϱ Ͳϭϳй ϭ ϵϰϰ ϯ Ͳϰй Ϯ ϮϬϲ ϳ нϯϵй Ϯ ϯϰϭ ϳ нϯθй Ϯ ϮϮϵ ϵ Ͳϲй Ϯ Ϭϴϵ Ϯ нϭϱй Ϯ ϰϰϲ ϴ нϯй Ϯ ϯϱϭ ϳ нϯθй Ϯ ϱϵϵ ϴ нϱϲйğ Ϯ ϲθϵ ϳĞ нϯϱйğ Ϯ ϳϰϭ ϵğ нϯϭйğ Ϯ ϲϯθ ϯğ нϭϳйğ Ϯ ϵϱϯ ϴĞ й^ > ^ й, ' ͲϰϮй Ͳϰϭй йd Z'/ &d Z d y нθ Ϭй нϭϰ ϲй Ͳϭϴй нϳϰй нϭϭθй нϳϰй нϱϭй нϱй нϭϯй нθй нϭϭй нϯϭй нϱϰй нϰϳй нϳй нϭϭй Ϭй нϭϳй нϯϵйğ нϭϯйğ нϭϯйğ нϭϰйğ нϭϰ ϴй нϯϭ Ϭй нϭϵ ϭй нϭϯ ϭй нϭϵ ϳй нϭϳ ϵй нϯϭ ϲй нϯ ϵй нϭθ Ϯй Ͳϵ ϳй нϭϲ ϴй Ͳϯ Ϭй нϭϳ ϴй Ͳϵ ϰй нϭϲ ϱй нϰ ϱй нϭϯ ϱй нϭϱ ϯй нϰ ϯй нϭϱ ϳй нϭϰ ϱй нϭϰ Ϯй нϭϱ ϴй Ͳϭ ϴй нϭϳ ϯй ϰϵ ϰϯ ϱϳ ϱϭ ϱϯ ϲθ ϲϯ ϰϯ ϰϭ ϭϭϯ ϭϭϯ ϭϭϯ W^ й ^hzwz/^ ϲ&h ^ ϮϬ Ϯϳ ϯϳ ϰϲ Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϭϭϳ ϵϱ W Ϯϰ ϮϬϭϳ Ɛƚ ϮϬ ϴ ϮϬϭϴ Ɛƚ ϭϳ ϱ ϱͳǉƌ,ŝőś ϯϭ ϱͳǉƌ >Žǁ ϭϭ ǀƐ /ŶĚ ǀŐ ϭ Ϯǆ WĂƌĂĚĞ dğđśŷžůžőŝğɛ W dtͿ tğğŭůǉ ĂƐ ŽĨ dśƶ ƵŐƵƐƚ ϯϭ ϮϬϭϳ Demand for Parade s edp TCO is expected to increase due improving ipad sales and increased technical specifications (greater display size, refresh rates, and pixel usage) in new ipads. Parade has designed high-speed HDMI and PCI products for B and server makers, which are expected to have robust demand in 2018. Parade enables high-speed data transmission rates, minimizing power consumption and distortions. It is also a leader in USB-C connectivity devices, with a TM CGR of 89% during 2016 2021. Cypress generated $90M in revenues from this unit in 2015. In ugust 2015, Parade Technologies acquired TrueTouch s mobile business for $100M. The acquisition expanded the Company s TM and enabled Parade to enter the datacenter market. The high-speed interface segment of this market is still in its early days and is expected to reach $200M by 2020. ooking Forward For Q4 2017, sales guidance of TWD 2.520B 2.763B ($83.5M 91.5M), versus consensus estimates of TWD 2.744B. Gross margin is guided to be 40 43%. The next catalyst is the Company s Q4 2017 earnings release on February 3, 2018. -80- ocal Code: T4966 Bloomberg Symbol: 4966:TT ISI: KYG68921085

Parade Technologies TIW PRD TCHOOGIS (PD.TW) XTO C-SMICODUCTOR MFG 78.37M 72.89M SHRS RIGS BUSISS: 408-329-5540 http://www.paradetech.com MGMT owns SC PRD TCHOOGIS, TD. IS GGD I TH RSRCH, DISPYPORT SWITCH PRODUCTS, JITTR CIG RPTRS, PRIC = DVOPMT, MRKTIG D S OF HIGH-SPD VIDO DISPYPORT TRSMITTRS, SRI DVCD TCHOOGY 10 X PS ITRFCIG D PROCSSIG ITGRTD CIRCUIT CHIPS FOR TTCHMT (ST)/PRIPHR COMPOT ITRCOCT XPRSS PRODUCTS, SUCH S HIGH DFIITIO TVISIO (HDTV) STS D (PCI) RDRIVRS, USB RPTRS, HIGH-DFIITIO MUTIMDI IQUID CRYST DISPY (CD) MOITORS. TH COMPY'S VRIOUS ITRFC (HDMI)/DIGIT VISU ITRFC (DVI) SOURC 220 PRODUCT CTGORIS ICUD DISPYPORT CD TIMIG COTROR PRODUCTS D HDMI/DVI SIK PRODUCTS. PRD TCHOOGIS, PRODUCTS, TRUTOUCH TOUCHSCR COTROR PRODUCTS, IC., SUBSIDIRY OF PRD TCHOOGIS, TD., IS GGD 200 DISPYPORT CD MOITOR COTRORS, DISPYPORT FORMT I TH DVOPMT OF DISPYPORT DIGIT VIDO ITRFC 190 COVRTRS, UIVRS SRI BUS (USB) TYP-C COCTIVITY, STDRD. 180 170 160 150 140 120 110 100 U W K Y 2008 PS TWD (DC.) CF/SHR TWD PRTX MRGI, % RT. O QUITY, % SS % CHG SS (TRI TWD) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 0.11 0.42 1.4 81 710.6 84 1153 1202 1.4 +35 92 12 1.5 +45 95 13 X-DIV FOT MKT CP TWD 46.24BI. SS TWD10.14 BI TIW PS RTIG 96 TWD590.00(OH -7%) Up 22.66% Since ddition PRIC SC 2400 2200 2000 1900 1800 2010 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 25.29 +40% 28.69 +13% 3.79 8.20 12.75 9.25 16.48 15.30 18.04 4.22 9.04 14.09 11.34 19.80 19.51 25.49 RIGS GROWTH RT SS GR RT 2015-17 +9% (8 STBIITY) +20% 17.1 23.2 31.9 18.0 21.7 17.2 16.4 61.7 33.9 46.4 18.6 26.0 19.3 19.4 2013-17 +15%(18 STBIITY) +22% +124 +46 +105-12 +48 +15 +27 COMPOSIT RTIG IVT T/O 6.9x 70 1592.5 2329.7 4780.7 4212.0 6225.3 7189.5 9106.7 84 83 83 83 83 83 84 DBT % 2014-16 0%: 0%: 0% 1134 1094 1107 1053 869 868 854 9%: 8%: 9% TX RT 14-16 : : 1.6 1.9 1.7 1.6 1.5 1.5 1.4 BCKOG 14-16 6.14 X '16 BK.V +44 +42 +35 +23 +28 +29 +29 R&D 15.7% 94 93 93 92 92 92 91 DIV 8.88(1.5%) DIV GR RT+25% (19) 18 21 21 28 21 21 10 BT 1.46(11) PH 0.16(0.07) 1700 1600 1500 1400 1300 1200 1100 1000 90.00 900 0TIWGHT 80.00 70.00 800 700 60.00 600 Global Focus M TWD481-13% 50.00 48.00 46.00 44.00 42.00 40.00 500 480 460 440 420 400 38.00 380 91 B+ 36.00 34.00 360 340 32.00 320 30.00 300 28.00 280 26.00 260 24.00 240 22.00 220 20.00 200 19.00 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 VOUM 10 M 6M SP Q -36% BOW ST. PS (TWD) % CHG SS(BI TWD) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 4.60 +51% 1611.8 +74% 21.0% +18.6% 16-25 46/6455 DC 13 3.47 +410% 1347.9 +118% 19.1% +22.9% 17-23 49/5599 MR 14 3.75 +131% 1410.1 +74% 19.7% +26.8% 16-30 42/5251 JU 14 5.13 +116% 1770.0 +51% 21.6% +29.6% 17-24 57/6293 SP 14 4.13-10% 1697.2 +5% 18.2% +26.0% 16-22 50/5009 DC 14 3.42-1% 1517.9 +13% 16.8% +24.7% 16-20 52/5452 MR 15 3.63-3% 1520.5 +8% 17.8% +24.7% 17-23 68/7831 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Technology: lec-semiconductor Mfg 4.28-17% 1944.3 +10% 16.5% +20.9% 10-24 63/7044 SP 15 3.97-4% 2206.7 +30% 13.5% +19.2% 13-18 42/7130 DC 15 4.77 +39% 2340.7 +54% 15.3% +20.3% 11-20 40/7455 MR 16 4.66 +28% 2229.9 +47% 15.7% +21.7% 16-20 112/13699 JU 16 4.03-6% 2089.2 +7% 14.5% +19.9% 16-20 117/14714 SP 16 4.58 +15% 2446.8 +11% 14.2% +19.4% 16-20 91/11749 DC 16 4.93 +3% 2351.7 +0% 15.8% +19.3% 16-19 5.95 +28% 2599.8 +17% 17.3% +21.0% 16-20 8.89 +121% 2743.2 +31% 24.6% +24.6% 109/13675 113/13366 160/18326 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -81-4M 2M DC Q 6.05 +32% '13-18 P..'S OW OW HI ST DC 17 10X 23X 30X MR 18 TM DTGRPHS 2/2/2018

TIW ƐŵĞĚŝĂ dğđśŷžůžőǉ ^D dt &K ϮϬ ǆ нθθϲ Ϯ ϮϮϭϵ ϲϭθθ W^ ZĂŶŬ ϵϵ smedia Technology d /t ǆđś dtϭϭϭϱϯϲϵϭϭϱ ĂƐŵĞĚŝĂ ĐŽŵ ƚǁ ůğđͳ^ğŵŝđžŷěƶđƚžƌ DĨŐ DŬƚ ĂƉ dt ϭϳ Ϭϲ ^ĂůĞƐ dt ϭ ϴϲ Ğǁ dăŝɖğŝ d /t ^ŚĂƌĞƐ ϱϳd &ůžăƚ ϮϵD ^D / d,k>k'z / ^D / d,k>k'/ ^ / /^ d /t Ͳ ^ KDW z WZ/ /W >>z ' ' / d, ^/' s >KWD d /^dz/ hd/k K& /d 'Z d /Z h/d^ / ^Ϳ ^ t >> ^ d, WZKs/^/K K& Z > d d,/ > ^ Zs/ ^ ϮϬϭϲ ƐƟŵĂƚĞ ϮϬϭϳ ƐƟŵĂƚĞ h > Ͳ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ͲϬ ϳϮ Ͳϭ ϱϯ ϭ Ϭϴ ϰ ϳϬ ϰ ϮϮ ϭ ϱϰ ϰ Ϭϰ ϯ ϲϲ ϭϯ ϮϬ ϭϭϯйź ϲ Ϯϭ ϳϬйź W^ dt ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ ^, &>Kt ^,Z dt Ϭ ϰϵ ͲϬ Ϭϴ Ϯ ϭθ ϲ Ϭϰ ϲ Ϭϲ ϯ Ϯϲ ϱ ϱϭ ϲ Ϯϲ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ϭϯй WZ d y D Z'/ й ͲϮϬй Ͳϭϵй ϴй ϭϲй ϭϲй ϭϭй ϭϳй ϭϱй ϮϬϭϰͲϭϲ ϰϲй ϮϬ ^ƚăďŝůŝƚǉͿ ϯй Z dhz K Yh/dz й Ͳϰϭй Ϯϭй ϱϭй Ϯϱй ϴй ϮϬй ϭϲй ϮϬϭϮͲϭϲ ϭй ϰϯ ^ƚăďŝůŝƚǉͿ ^DZ Z d/' ^ > ^ й, ' ϭϱй ϳϵй ϭϯϱй ϭϭй ͲϮϲй Ϯϴй Ϯй KDW Z d/' ^ > ^ D/>Ϳ dt ϯϭϯ ϯϱϵ ϲϰϯ ϭ ϰϰϲ ϭ ϲϭϱ ϭ ϭθϵ ϭ ϱϯϰ ϭ ϱϱϲ /s d K ϯ ϲǆ ϯϲ t <>z Žǀ ϭϭ Žǀ ϭθ Žǀ Ϯϱ ĞĐ ϬϮ ĞĐ Ϭϵ ĞĐ ϭϲ ĞĐ Ϯϯ ĞĐ ϯϭ :ĂŶ Ϭϱ d й ϮϬϭϯͲϭϱ Ϭй Ϭй Ϭй d 'Z W, Z d/' ϳϯ ϳϭ ϲϯ ϲθ ϲϯ ϲϳ ϲϳ ϱϳ ϲϳ d y Z d ϮϬϭϯͲϭϱ Ϯϰй ϭϯй ϭϯй s' />z sk> ϬϬϬͿ ϭ Ϯϴϰ ϭ Ϯϴϯ ϭ ϭθϵ ϭ ϭϯϭ ϭ Ϭϱϲ ϭ ϬϭϬ ϭ Ϭϭϯ ϴϴϳ ϴϳϲ <>K' ϮϬϭϯͲϭϱ hw Kt sk>hd ϭ ϱ ϭ ϯ ϭ ϯ ϭ ϭ Ϭ ϵ Ϭ ϵ Ϭ ϵ Ϭ ϵ ϭ Ϯ Z Θ Ϯϲ ϱϭй < s > ϭϭ ϱϰǆ Ζϭϱ hd /^d Z d/' ϮϬ ϭϯ Ϯϳ ϯϰ Ϯϲ Ϯϳ ϭϱ Ͳϰ Ϯϵ /s dt ϯ ϬϬ ϭ ϭйͿ /s 'Z Zdнϵϳй ϵϵͿ Z > d/s ^dz 'd, ϵϰ ϵϯ ϵϱ ϵϰ ϵϯ ϵϯ ϵϯ ϴϵ ϵϲ d ϭ ϲϯ ϲϵ ϬϬͿ >W, Ϭ Ϭϴ Ϭ ϬϬͿ 'ZKhW Z < ϭϭ ϭϯ ϭϱ ϭϱ Ϯϯ Ϯϭ Ϯϲ ϵϱ ϰϭ ϮϬϭϱ DW>Kz ^ ϭθϭ ϲйͿ K, Ϭй Breaks out to new highs Growth Drivers SMedia s USB Type-C devices are gaining traction, as many vendors are aiming to roll out the right product architecture and designs, which in turn lead to a mass-market adoption. WZ/ ϰϯϭ ϯθϭ ϯϰϭ ϯϭϭ Ϯϵϵ ϬϬ нϯϵ ϬϬ ϮϲϬ Strong growth rates dt нϭϭ ϳϰй ϮϰϬ ϮϮϬ ϭϵϭ ϵϲ н ϭϳϭ ϭϱϭ ϭϯϭ ϭϯϭ ϭϭϭ Best PS rank ϭϭϭ ϵϭ Rising R/S line with strong R/S rating ϴϬ ϳϬ 40-Week M ϲϭ ϱϭ ϰϲ ϰϯ 10-Week M Company Overview SMedia Technology designs high-speed interconnection solutions and offers products such as data storage controller integrated circuits (ICs) and super-speed universal serial bus (USB) interface ICs. 2015 sales breakdown: controller chips, 30%; switches, 45%; hosts, 25%. Its super-speed interconnection comprises display interfaces, such as high-definition multimedia interface (HDMI) and display adapters. O eil Methodology The stock is currently trading 10% below the pivot of its most recent base. It has strong support at its 10-WM at TWD 350.0. Given the strong outlook for 2018, the stock can be bought once it breaks out of its base. It has a strong technical profile with an Up/Down volume ratio of 1.1 and an /D Rating of C+. The stock has an RS Rating of 80 and a top Industry Group Rank of 3. In Q3 2017, SMedia reported sales of TWD 814M, up 30% y/y, led by growth of 50G/100G switches. Sales were below consensus estimates of TWD 869M, owing to seasonality. Operating margin expanded 600bps y/y to 28.3%, led by a better product mix toward high-margin USB 3.1 and improving yield rates. The Company reported PS of TWD 3.49, up 75.0% y/y, beating consensus estimates of TWD 3.16. >K' &ŝǆğěͿ ϱϭϭ ϰϲϭ Strong estimates Source: Corporate Website SMedia Technology (SM.TW) is a major integrated circuit designer that provides digital switches and USB devices. The Company benefits from the growing demand for USB Type-C devices and superspeed interconnection devices. W^ ƵĞ ϯ ϭϯ ϮϬϭϳĞ D'Dd ŽǁŶƐ ϯθ ϯϰ ϯϭ Ϯϲ Ϯϰ ϮϮ Strong forward quarterly growth ϮϬ ϭθ >/ sk>hd ϮϭD ϭϱd нϲй ϵd ϯ ϲd Ϯ&/ / >^ ^ĞƉ ϭϯ ĞĐ ϭϯ ϳ W^ dt Ϳ ϭ ϰϱ Ϭ Ϯϲ нϱϰй Ͳϱϰй W^ й, ' ϰ^ > ^ D/> dt Ϳ ϰϭθ ϰ ϮϵϮ ϯ нϭϭй ^ > ^ й, ' Ͳϵй DĂƌ ϭϯ Ϭ ϰϭ ͲϲϬй ϯϭϭ Ϭ :ƵŶ ϭϯ Ϭ ϱϰ Ͳϲϯй ϯϭϳ Ϯ ^ĞƉ ϭϯ Ϭ Ϯϰ Ͳϴϯй Ϯϳϳ ϴ ĞĐ ϭϯ Ϭ ϯϰ нϯϭй ϯϭϯ Ϭ DĂƌ ϭϰ Ϭ ϴϱ нϭϭϳй ϯϲϭ ϳ :ƵŶ ϭϰ ϭ Ϯϭ нϭϯϰй ϰϯϯ ϰ ^ĞƉ ϭϰ Ϭ ϵθ нϯϭθй ϯθϳ ϰ ĞĐ ϭϰ ϭ Ϭϭ нϭϵϳй ϯϰϯ ϱ DĂƌ ϭϱ Ϭ ϲϰ ͲϮϱй ϯθϵ Ϭ :ƵŶ ϭϱ Ϭ ϭϯ ͲϵϬй Ϯϵϲ ϭ ^ĞƉ ϭϱ ϭ ϲϯ нϲϱй ϰϯϭ ϳ ĞĐ ϭϱ ϭ Ϯϴ нϯϳй ϰϯθ ϳ DĂƌ ϭϲ ϭ ϭϭ нϳϯй ϰϭϰ ϵ :ƵŶ ϭϲ Ϭ ϵϯ нϲϳϱй ϯϳϲ ϳ ^ĞƉ ϭϲ Ϯ Ϭϭ нϯϰй ϲϯϲ ϭ ĞĐ ϭϲ Ϯ ϮϭĞ нϳϯйğ ϱθϲ ϬĞ DĂƌ ϭϳ ϭ ϳϬĞ нϱϱйğ ϱϯϱ ϬĞ :ƵŶ ϭϳ Ϯ ϵϲğ нϯϭθйğ ϳϯϰ ϬĞ ^ĞƉ ϭϳ ϯ ϱϱğ нϳϳйğ ϴϯϰ ϬĞ ĞĐ ϭϳ ϯ ϬϵĞ нϰϭйğ ϳϰϰ ϬĞ ͲϯϮй Ͳϯϭй Ͳϯϰй нϰй нϯϭй нϰϭй нϯϵй нϭϯй нθй ͲϯϮй нϭϭй нϯθй нϳй нϯϳй нϰϱй нϯϰйğ нϯϵйğ нϵϱйğ нϯϯйğ нϯϳйğ W^ й ^hzwz/^ ϭ &h ^ ϭϱ ϬϬϬ ^, Z ^, > z &h ^ W ϱϭ ϮϬϭϳ Ɛƚ Ϯϯ Ϭ ϱͳǉƌ,ŝőś ϵϲ Ϭ ϱͳǉƌ >Žǁ ϭϲ Ϭ ǀƐ /ŶĚ ǀŐ Ϯ ϲǆ Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϯ ϰ ϭϳϵ ϳϵϰ ϭθϲ ϬϰϬ ϭϯ ϭϳ ϯϲ ϯθ Ϯϳ ϴϮϮ ϳϬϴ ϭ ϱθϱ ϱϲϲ ϯ ϱθϯ ϯϯϭ ϯ ϱϵϰ ϯϭϳ Ϯ Ϯϲϴ ϯϭϵ Ϯϵ Ϯϴ Ϯ ϱϭθ ϯϯϱ Ϯ ϯϵϭ ϯϯϱ ƐŵĞĚŝĂ dğđśŷžůžőǉ ^D dtͿ tğğŭůǉ ĂƐ ŽĨ dśƶ :ĂŶƵĂƌǇ Ϭϱ ϮϬϭϳ :ĂŶƵĂƌǇ Ϭϱ ϮϬϭϳ SMedia s integrated USB Type-C solutions are expected to further strengthen the gross margin of device controller chips, and boost segment sales and profits. The Company plans to extend into high-end PCI- switch solutions, featuring middle-to-high lane counts. It is also witnessing a strong adoption of its higher USB 3.1 Gen 2 of 10 gigabytes per second. By 2019, the Company s major customer, MD, plans to migrate to 7nm process in GPU avi, from the current 14nm/14nm+ node. By 2020, MD is expected to launch 7nm+ process architecture, which will be named extgen. MD s Ryzen 5 and 7 chipset helped SMedia grow its sales in 2017. ew products such as Ryzen 3, Ryzen Pro, and Mobile Ryzen Pro continue to drive the growth, as MD chipset to reach 56% of the Company s 2018 sales against 11% in 2016. ooking Forward Consensus estimates have the Company s PS growing at 64% and 103%, y/y, in 2017 and 2018, respectively. The next catalyst is the Company s Q4 2017 earnings release on February 13, 2018. -82- ocal Code: T5269 Bloomberg Symbol: 5269:TT ISI: TW0005269005

smedia Technology TIW SMDI TCHOOGY (SM.TW) TI C-SMICODUCTOR MFG 60.04M 30.62M SHRS RIGS BUSISS: +886 2 2219 6088 http://www.asmedia.com.tw MGMT owns SC SMDI TCHOOGIS, IC. IS TIW-BSD COMPY DVIC COTRO ICS, PRIPHR COMPOT ITRFC XPRSS PRIC = PRICIPY GGD I TH DSIG, DVOPMT, DISTRIBUTIO (PCI) BRIDG ICS D OTHRS. TH COMPY DISTRIBUTS ITS 10 X PS D WHOS OF HIGH-SPD ITRFC COTRO CHIPS, S W PRODUCTS I DOMSTIC MRKT D TO OVRSS MRKTS, S TH PROVISIO OF RTD TCHIC SRVICS. TH ICUDIG TH RST OF SI, TH MRICS, UROP D OTHR COMPY'S PRODUCTS ICUD HIGH-SPD SWITCH ICS, SIG RS. SWITCHS, V SHIFTRS, UIVRS SRI BUS (USB) 3.0 60.00 50.00 48.00 46.00 44.00 42.00 40.00 38.00 36.00 34.00 32.00 U W K Y PS TWD (DC.) CF/SHR TWD PRTX MRGI, % RT. O QUITY, % SS % CHG SS (TRI TWD) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008-0.69 0.47 313.1 65 2009-1.45-0.08 +15 358.5 72 2010 1.03 2.07 7.5 21.0 +79 642.5 73 912 885 838 1.1 +7 82 12 1.0 +3 80 13 1.0 +6 82 18 X-DIV FOT MKT CP TWD 20.89BI. SS TWD2.97 BI TIW PS RTIG 78TWD348.00(OH -16%) PRIC SC 700 Up 22.44% Since ddition 600 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 7.56 +29% 18.40 +143% 4.47 4.01 1.47 3.84 3.48 5.88 5.74 5.76 3.09 5.24 5.95 8.20 RIGS GROWTH RT SS GR RT 16.2 16.2 9.7 17.2 15.1 19.4 2015-17 +33%(16 STBIITY) +26% 2013-17 +21%(39 STBIITY) +13% 50.0 7.8 19.6 16.0 24.1 +125 +11-26 +28 +2 +32 COMPOSIT RTIG IVT T/O 3.2x 31 1446.3 1605.1 1189.0 1523.9 1555.5 2056.7 69 71 70 70 71 71 DBT % 2014-16 0%: 0%: 0% 753 730 661 596 559 492 13%: 12%: 12% TX RT 14-16 : : 1.2 1.2 1.0 0.9 0.9 0.9 BCKOG 14-16 13.50 X '16 BK.V +5 +4 +16 +15 +13 +8 R&D 20.7% 79 68 69 70 65 58 DIV 4.28(1.2%) DIV GR RT+71% (98) 21 21 28 21 21 10 BT 1.70(10) PH -0.04(-0.01) 0TIWGHT 500 480 460 440 420 400 380 360 Global Focus M TWD284.2 340 320 30.00 300-22% 28.00 280 26.00 260 240 22.00 220 58 B- 20.00 19.00 200 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 3.80 50 48 46 44 42 40 38 3.60 36 3.40 34 3.20 32 3.00 30 105/100 2.80 28 VOUM 7M 3M 2M SP Q -44% BOW ST. PS (TWD) % CHG SS(BI TWD) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH 0.33 +32% 303.0 +4% 6.4% +7.8% 19-25 0.81 +108% 361.7 +20% 13.2% +9.7% 18-29 1.15 +121% 432.4 +41% 15.8% +13.6% 19-76 0.93 +304% 387.4 +39% 14.2% +16.9% 38-67 FUD/SHRS (000) DC 13 MR 14 JU 14 SP 14 0.96 +191% 342.5 +13% 16.6% +19.5% 29-47 2/188 DC 14 0.61-25% 389.0 +8% 9.3% +17.7% 38-58 3/194 MR 15 0.11-90% 296.1-32% 2.2% +13.5% 51-95 12/863 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Technology: lec-semiconductor Mfg 1.54 +66% 431.7 +11% 21.2% +15.6% 31-81 16/1618 SP 15 1.22 +27% 438.7 +28% 16.5% +15.9% 40-64 35/3761 DC 15 1.05 +72% 414.9 +7% 15.0% +17.1% 39-53 36/3771 MR 16 0.88 +700% 376.7 +27% 14.0% +22.6% 26-35 10/395 JU 16 1.91 +24% 626.1 +45% 18.2% +22.4% 27-51 12/638 SP 16 2.04 +67% 639.0 +46% 19.0% +24.1% 34-46 52/5209 DC 16 1.93 +84% 698.5 +68% 16.5% +26.0% 37-50 82/7172 MR 17-0.26 814.8 +116% +24.7% 42-58 77/7485 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -83-3.51 +84% 813.7 +30% 25.8% +28.2% 1M 500 K DC Q 2.15 +6% '13-18 P..'S 80/6709 SP 17 DC 17 OW OW HI ST 17X 59X 95X MR 18 TM DTGRPHS 2/2/2018

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Its offerings range from point of sale (POS) to full enterprise resource planning (RP), which include inventory management, customer relationship management, financial management, and supply management. The Company s major competitors include TOTVS, infor, SP, and Oracle. Q3 2017 revenue breakdown: recurring, 82%; services, 18%. Z> нϭ ϳϬϬ ϭϵ Good PS profile Ϭ ϱϯ Ϭ ϱϯ Ϭ ϯϭ inx On is Brazil s leading software company, which provides ecommerce tools and business optimization products, services, and solutions to large retail players. WZ/ ϴϬ ϯ ϰ Ϭ ϬϵϬ ϯ Better than expected Q3 2017 results Ϭ Ϭϳϴ Ϯ ϲ Good quarterly PS/revenue growth >K' sk>hd ϮD нϭϯй ϴϬϬ< ϲϯθ ϲ< Ϯ&/ / >^ DĂƌ ϭϯ :ƵŶ ϭϯ ϲ W^ Z>Ϳ Ϭ Ϭϵ Ϭ ϭϭ й W^ й, ' ͲϱϬй нϯϯθй Ϯ^ > ^ D/> Z>Ϳ ϲϯ ϴ ϳϰ ϯ й^ > ^ й, ' нϯϰй нϯϯй ^ĞƉ ϭϯ Ϭ ϭϰ ĞĐ ϭϯ Ϭ ϭϯ DĂƌ ϭϰ Ϭ ϭϭ :ƵŶ ϭϰ Ϭ ϭϭ ^ĞƉ ϭϰ Ϭ ϭϳ ĞĐ ϭϰ Ϭ ϭϭ DĂƌ ϭϱ Ϭ ϭϭ :ƵŶ ϭϱ Ϭ ϭϭ ^ĞƉ ϭϱ Ϭ ϭϯ ĞĐ ϭϱ Ϭ ϭϭ DĂƌ ϭϲ Ϭ ϭϭ :ƵŶ ϭϲ Ϭ ϭϯ ^ĞƉ ϭϲ Ϭ ϭϯ ĞĐ ϭϲ Ϭ ϭϭ DĂƌ ϭϳ Ϭ ϭϲ :ƵŶ ϭϳ Ϭ ϭϯ ^ĞƉ ϭϳ Ϭ ϭϱğ ĞĐ ϭϳ Ϭ ϭϵğ DĂƌ ϭθ Ϭ ϭϵğ :ƵŶ ϭθ Ϭ ϭϲğ Ͳϭϴй Ͳϭϵй нϭϭй Ϭй нϯϭй Ͳϭϱй нϭϭй Ϭй ͲϮϵй Ϭй Ͳϵй нϵй нθй Ϭй нϲϭй нθй нθйğ нϳϯйğ нϭϵйğ нϯϯйğ ϮϬϭϳ Ɛƚ ϯϱ ϵϭ ϳϲ ϵ нϯθй ϴϬ ϰ нϯϳй ϴϮ ϴ нϯϭй ϵϭ Ϭ нϯϭй ϵϯ ϰ нϯϭй ϭϭϯ ϲ нϯθй ϭϭϱ ϭ нϯϳй ϭϭθ ϴ нϯϭй ϭϭϯ ϱ нϯϯй ϭϯϭ ϴ нϭϵй ϭϭθ ϭ нϭϯй ϭϯϯ ϰ нϭϯй ϭϯϯ ϰ нϵй ϭϯϯ Ϭ нθй ϭϯϰ ϭ нϭϰй ϭϯϱ ϰ нϭϭй ϭϰϱ ϲğ нϭθйğ ϭϱϯ ϯğ нϭϱйğ ϭϰϵ ϳĞ нϭϯйğ ϭϱϰ ϲğ нϭϰйğ ϮϬϭϴ Ɛƚ ϯϭ ϲϯ нϭϯϯ ϵй нϯϱ ϳй W^ й ^hzwz/^ ϭϳd ϮϰD ^, Z ^, > z &h ^ нϯϰ ϳй ϮϳD ϯϯd ϯϰd Ͳϯ ϲй ϯϱd нϭϰ ϯй ϯϲd ͲϳϬ ϭй ϰϯd Ͳϳϯ ϴй ϰϭd ͲϳϮ ϭй ϰϯd Ͳϳϰ ϭй ϯϲd Ͳϳϰ ϰй ϯϲd Ͳϲϴ ϴй ϯθd Ͳϯ ϵй ϯϳd Ͳϭϯ ϳй ϰϱd Ͳϰϭ ϵй ϱϭd Ͳϭϲ ϲй ϱϱd Ͳϯϭ Ϭй ϱϳd ϱϵd ϳϱ ϵϭ ϵθ ϭϭϲ ϭϭϭ ϭϯϰ ϭϯϵ ϭϰϵ ϭϰϱ ϭϰϯ ϭϰθ ϭϱϱ ϮϬϮ ϭϵϯ Ϯϭϭ ϭϵϵ ϭϵϵ &h ^ ϲϱ ϳϬ Π ϮϬϭϳ t/>>/ D KΖ /> н K / W ϰϭ ϱͳǉƌ,ŝőś ϰϰ Ϭ ϱͳǉƌ >Žǁ ϭϵ Ϭ ǀƐ /ŶĚ ǀŐ Ϭ ϳǆ >ŝŷǆ KŶ >/y ZͿ tğğŭůǉ ĂƐ ŽĨ DŽŶ ŽǀĞŵďĞƌ Ϭϲ ϮϬϭϳ O eil Methodology The stock broke through resistance at BR 20 from a 49-week consolidation and subsequently reported better-than-expected Q3 results. The Company s gross revenue grew 17% y/y to BR 165.7M, driven by recurring revenue, which grew 13% y/y to BR 135.6M (representing 82% of total gross revenues). Service revenue came in at BR 30.1M (+ 40% y/y). Its client base increased by 272 customers q/q, up 12% y/y, to 45,157. Its client retention rate of 98.8 was 10bps higher than Q2 2017. It has a low customer concentration, with its largest customer representing only 2.5% of revenues. Currently, about 45% of recurring revenues come from offers that are based in the cloud. bout 82% of its revenues are recurring. The Company has formed partnerships with Rede and Itaú. Rede s platform will allow retailers to download RP software to the smart POS terminal, and inx is one of the companies authorized to provide this software. inx has focused on larger retail chains until now and Rede s platform will help expand inx s addressable market by providing solutions to small- and medium-sized retail companies. On October 18, the Company approved the acquisition of 100% of the shares of ShopBack, a leader in technologies for retention, reengagement, and recapture through Big Data and Intelligence for engagement. The acquisition provides inx with huge cross-selling opportunities, apart from strengthening its ecommerce business. Growth Drivers The Company benefits from a large and diversified base of customers ranging from SMBs to large retail chains. It has expanded its customer base from 12,771 in 2012 to approximately 45,157 as of September 2017. ooking Forward IDC estimates that the TM of Brazil s retail management software market is BR 9.0B and expects it to grow at a CGR of 12% from 2014 to 2019. Consensus estimates have the Company s PS growing at 30% and 13%, y/y, in 2017 and 2018, respectively. ext Catalyst: Q4 2017 results expected on February 18. -84- ocal Code: BRIX3 Bloomberg Symbol: IX3:BZ ISI: BRIXCOR0

inx On BRZI IX O (IX.BR) BSP COMP SFTWR-SPC TRPRS 166.11M 132.89M SHRS RIGS BUSISS: +55 11 2103 2400 http://www.linx.com.br MGMT owns SC IX S IS BRZI-BSD COMPY PRIMRIY GGD I TH UTOMTIO SOFTWR, WHICH PRFORM CSSRY OPRTIOS PRIC = SOFTWR DVOPMT SCTOR. TH COMPY PROVIDS PRODUCTS, FROM TH POIT OF S (POS), UTI TH FU TRPRIS 10 X PS SRVICS D SOUTIOS FOR BUSISS OPTIMIZTIO, S W S RSOURC PIG (RP), WHICH ICUDS, MOG OTHR TOOS FOR -COMMRC MRKT. IT SPCIIZS I TCHOOGY FTURS, IVTORY MGMT, CUSTOMR RTIOSHIP SOUTIOS FOR RTI D WHOS CTIVITIS I SUCH MGMT, FICI MGMT, MGMT OF PRODUCTS 8.00 SGMTS S PPR, GIFTS, BUIDIG MTRI, SUPRMRKTS, IFCYC D SUPPY MGMT. DDITIOY, TH COMPY PHRMCIS D CTROICS, MOG OTHRS. TH COMPY OFFRS PROVIDS CUSTOMIZTIO, TRIIG D OTHR SRVICS RTD ITS CUSTOMRS ITGRTD BUSISS MGMT SYSTM THT TO ITS PRODUCTS. ITS SUBSIDIRIS ICUD SYTHSIS RTI 7.00 COVRS TH TIR RTI CHI, STRTIG FROM BUSISS SOUTIOS S. 6.00 5.00 4.80 4.60 4.40 4.20 4.00 3.80 3.60 U W K Y 2008 PS BR (DC.) CF/SHR BR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI BR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 1.59 1.99 24.6 73.0 65 64 2010 2.82 4.15 22.7 59.4 +77 129.5 64 2011 0.60 1.21 19.1 13.3 +43 184.5 63 2012 0.43 1.50 14.5 7.2 +25 231.0 63 2013 0.46 0.79 26.0 15.2 +28 295.4 63 2014 0.48 0.61 22.7 11.1 +25 368.8 65 2015 0.45 0.73 18.1 9.8 +22 449.2 67 2016 0.46 0.66 18.7 7.5 +10 495.8 57 612 644 620 605 632 620 659 653 671 0.6-30 66 17 0.8-22 72 15 0.7-9 69 18 0.7-8 68 25 0.7 +3 68 35 0.9 +3 70 20 0.9 +12 69 22 1.0 +21 67 23 0.9-5 50 47 X-DIV FOT MKT CP BR 3.47BI. SS BR546.15 MI BRZI 55 PS RTIG BR20.90(OH -9%) PRIC SC 90 Down 1.41% Since ddition 80 70 2017 STIMT 2018 STIMT 0.69 +49% 0.74 +8% RIGS GROWTH RT SS GR RT 2015-17 +1% (6 STBIITY) +15% 2013-17 +2%(10 STBIITY) +20% COMPOSIT RTIG 60 50 48 46 44 42 40 IVT T/O 916.9x 97 DBT % 2014-16 9%: 18%: 8% 19%: 22%: 26% TX RT 14-16 : : BCKOG 14-16 2.95 X '16 BK.V R&D 12.1% DIV 0.63(0.9%) DIV GR RT+26% (45) BT 0.33(5) PH 0.03(0.02) 38 36 3.40 34 3.20 32 3.00 0BRBOVS 2.80 Global Focus M BR21.2 2.60 30 28 26 2.40 24 2.20 22 2.00 1.90 20 19-5% 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 50 C 0.80 8 0.70 7 0.60 6 0.50 0.48 0.46 0.44 0.42 0.40 5 4.8 4.6 4.4 4.2 4 0.38 3.8 3/1 0.36 3.6 VOUM 4M 2M SP Q -57% BOW ST. PS (BR) % CHG SS(MI BR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.13-19% 80.4 +27% 22.5% +15.2% 26-36 89/32558 DC 13 0.10 +11% 82.8 +30% 16.6% +11.1% 27-35 96/34097 MR 14 0.11 0% 90.0 +21% 16.5% +11.1% 31-38 0.17 +21% 93.4 +21% 25.2% 31-36 0.11-15% 102.6 +28% 15.0% 31-41 0.11 +10% 105.1 +27% 14.3% 0.11 0% 108.8 +21% 14.4% 29-35 29-34 0.12-29% 113.5 +22% 15.4% 29-37 0.11 0% 121.8 +19% 12.9% 30-37 0.10-9% 118.1 +12% 12.7% 32-39 0.12 +9% 122.4 +13% 14.3% 31-37 104/34849 109/36172 131/41331 136/40315 146/41616 142/36213 140/36217 144/37948 152/36896 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Technology: Comp Sftwr-Spec nterprs 0.13 +8% 123.4 +9% 14.6% 34-43 199/44881 SP 16 0.11 0% 132.0 +8% 13.6% 34-44 0.16 +60% 134.1 +14% 19.9% 30-35 0.13 +8% 135.4 +11% 15.8% 30-37 DC Q 0.18 +61% '13-18 P..'S OW OW HI ST 31-40 192/49933 212/56641 197/56602 199/58895 196/58584 DC 16 MR 17 JU 17 SP 17 DC 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -85-0.12-8% 144.6 +17% 13.6% 1M 700 K 19X 41X 44X MR 18 TM DTGRPHS 2/2/2018

MYSI DǇ Ő ^ĞƌǀŝĐĞƐ &K ϮϬ ǆ Source: Corporate Website Dz ' Dz My g Services hz^ D > z^/ ǆđś DzYϬϭϯϴKKϬϬϲ нϲϭ ϯ ϳϴϬϭ Ϭϭϴϴ W^ ZĂŶŬ ϵϵ ŵǉğő ĐŽŵ ŵǉ Žŵŵů ^ǀĐƐͲKƵƚƐŽƵƌĐŝŶŐ DŬƚ ĂƉ DzZϱ Ϯϳ ^ĂůĞƐ DzZϮϴϭ ϲϯd WĞƚĂůŝŶŐ :ĂǇĂ D > z^/ /ŶĐ ϮϬϬϬ ^ŚĂƌĞƐ Ϯ ϰϭϰ &ůžăƚ ϭ ϯϵϰ D'Dd ŽǁŶƐ >K' &ŝǆğěͿ WZ/ Break out of cup with handle on 2.6x the average daily ϯ volume Dz ' ^ Zs/ ^ Z, /^ D > z^/ Ͳ ^ KDW z ' ' / d, s >KWD d /DW> D d d/k K& Ͳ'Ks ZD d ^ Zs/ ^ Z > d ^ Zs/ ^ &KZ d, Ͳ'Ks ZD d //d/ d/s ^ t >> ^ /s ^dd d,k> /' h > Ͳ :h ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ƐƟŵĂƚĞ ϮϬϭϴ ƐƟŵĂƚĞ Ϭ Ϭϭ Ϭ Ϭϭ Ϭ Ϭϭ Ϭ Ϭϭ Ϭ Ϭϭ Ϭ Ϭϭ Ϭ ϬϮ Ϭ Ϭϯ Ϭ Ϭϲ W^ DzZ Ϭ Ϭϴ ϯϯйÿ Ϭ ϭϭ ϯθйÿ ^, &>Kt ^,Z DzZ Ϭ Ϭϭ Ϭ Ϭϭ Ϭ Ϭϭ Ϭ Ϭϭ Ϭ ϬϮ Ϭ ϬϮ Ϭ Ϭϯ Ϭ Ϭϰ Ϭ Ϭϳ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ WZ d y D Z'/ й ϯϭй ϯϯй ϰϰй ϰϭй ϰϭй ϰϱй ϰϲй ϰθй ϱϭй ϮϬϭϰͲϭϲ ϱϳй ϭϯ ^ƚăďŝůŝƚǉͿ ϱϯй Z dhz K Yh/dz й ϯϱй Ϯϵй Ϯϳй Ϯϰй Ϯϱй Ϯϳй ϯϯй ϯϭй ϰϯй ϮϬϭϮͲϭϲ ϰϭй ϭϲ ^ƚăďŝůŝƚǉͿ ϯϰй ^ > ^ й, ' ϵϯй ϲй Ͳϵй Ϯϯй ϭϰй ϭϰй ϰϰй Ϯϵй ϵϵй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ DzZ ϰϵ ϱϯ ϰθ ϱϵ ϲϳ ϳϳ ϭϭϭ ϭϰϯ ϮϴϮ /s d K ϳϴ ϴǆ ϵϯ t <>z :Ƶů Ϭϴ :Ƶů ϭϱ :Ƶů ϮϮ :Ƶů Ϯϵ ƵŐ Ϭϱ ƵŐ ϭϯ ƵŐ ϭϵ ƵŐ Ϯϲ ^ĞƉ Ϭϭ d й ϮϬϭϰͲϭϲ ϰ ϲй Ϯ ϰй Ϯϯй d 'Z W, Z d/' ϳϲ ϲϲ ϳϮ ϳϰ ϳϭ ϳϱ ϳϵ ϳϰ ϴϰ d y Z d ϮϬϭϰͲϭϲ ϭ Ϯй Ϭ Ϯϰй Ϭ ϲϭй s' />z sk> ϬϬϬͿ ϱ ϰϵϲ ϲ ϮϯϮ ϲ ϵϭϯ ϲ ϳϬϯ ϳ ϭϰϭ ϳ ϭϲϱ ϳ Ϯϱϰ ϳ ϰϭϯ ϴ ϰϯθ <>K' ϮϬϭϰͲϭϲ hw Kt sk>hd Ϭ ϵ Ϭ ϵ ϭ Ϯ ϭ Ϯ ϭ ϭ ϭ Ϭ ϭ Ϯ ϭ Ϯ ϭ ϯ Z Θ < s > ϭϯ ϭϱǆ Ζϭϲ hd /^d Z d/' Ϭ ͲϮϮ ϭθ ϯϵ ϰϵ ϱϭ ϱϯ ϱϭ ϱϰ /s DzZ Ϭ ϬϭϮ Ϭ ϲйͿ /s 'Z Zdнϯϰй ϭϯͿ Z > d/s ^dz 'd, ϴϬ ϲϯ ϳϳ ϴϯ ϴϬ ϴϯ ϴϯ ϴϭ ϴϵ d Ϭ ϲθ ϰϰ ϬϬͿ >W, Ϭ ϭϭ ͲϬ ϬϴͿ 'ZKhW Z < ϵϲ ϭϭϭ ϭϭϭ ϵϵ ϭϭϯ ϵϵ ϳϮ ϴϭ ϯϱ Ϯ ϲ Ϯ ϰ Increased estimates Ϯ ϭϵϯ Ϯ DzZ нϭ ϭϲϭ ϭ ϵ нϳ ϴϴй ϭ ϳ Good growth rates ϴϵ ϭ ϱ ϭ ϯ ϭ Ϯ ϭ ϭ ϭ Best PS rank Increasing cash flow/share, pre tax margins and RO Improving /D, R/S and group rank Ϭ ϵ Ϭ ϴ Rising R/S line with good /D rating MyG Services (MYG.MY) serves as a communitybased information and service center for the public to access information, execute transactions, and interact with the Malaysian government. Its long-term contract with the government in a duopolistic market has been its revenue driver. Ϭ ϳ Ϭ ϲ Ϭ ϱ Ϭ ϰϲ 40-Week M Ϭ ϰϯ Ϭ ϯθ Ϭ ϯϰ Ϭ ϯ Ϭ Ϯϲ Ϭ Ϯϰ Ϭ ϮϮ 10-Week M Ϭ ϭϵ Ϭ ϭϳ Ϭ ϭϱ Company Overview The Company offers a variety of eservices, including electronic delivery of driver and vehicle registrations, licensing and summons services, and utility bill payments, among others. It also operates eservice centers that offer services like driver licensing courses and tests. O eil Methodology The stock has been consolidating for the last 29 weeks and is currently trading below its 200-DM with its next level of support at MYR 1.91. We suggest investors hold current positions, as fundamentals look solid. Up/Down volume ratio of 1.7 and /D rating of B+ indicate institutional support. RS line is trading near its all-time high with strong RS Rating of 78. For Q1 FY 2018, the Company s revenue grew 25% y/y to RMB 98M, in line with expectations, driven mainly by the registration of illegal foreign workers and economies of scale. et profit increased 30% y/y to RMB 52.8M. The rise in profitability was also boosted by foreign worker rehiring program services and strong revenue contribution from motor vehicle trading-related services. Growth Drivers MyG is a dominant player in the two-player market and offers its services through its website, 100 eservice centers, and 1,000 kiosks. The Company obtained a five-year extension of its agreement with the Malaysian government in July 2014 that lasts through 2020 to continue providing electronic services. Ϭ ϭϯ Ϭ ϭϯ Ϭ ϭϭ Solid PS and revenue growth >/ sk>hd ϭϯϭd ϭϭϭd ϵϭd ϳϬD ϲϭ ϳD ϱϭd ϯϭd нϭϭϰй ϭϭ :ƵŶ ϭϭ &/ / >^ Ϭ ϬϬ W^ DzZͿ Ϭ ϬϬ W^ й, ' ϭϱ ϲ ϭϳ ϵ ^ > ^ D/> DzZͿ Ͳϲй нϯϰй ^ > ^ й, ' W^ й ^hzwz/^ ϭϵ ϭθ &h ^ ^ĞƉ ϭϭ Ϭ ϬϬ ϭϰ Ϯ нϭθй ĞĐ ϭϭ Ϭ ϬϬ DĂƌ ϭϯ Ϭ ϬϬ ϭϲ ϵ нϯϳй ϭθ ϯ нϭθй :ƵŶ ϭϯ Ϭ ϬϬ ϭϳ ϱ ͲϮй ^ĞƉ ϭϯ Ϭ ϬϬ ϭϲ ϭ нϭϯй ĞĐ ϭϯ Ϭ ϬϬ ϭϵ Ϯ нϭϯй DĂƌ ϭϯ Ϭ ϬϬ ϮϬ ϰ нϭϭй :ƵŶ ϭϯ Ϭ ϬϬ ϮϬ ϴ нϭϵй ^ĞƉ ϭϯ Ϭ ϬϬ ϮϬ ϰ нϯϳй ĞĐ ϭϯ Ϭ ϬϬ Ϯϯ ϱ нϯϯй DĂƌ ϭϰ Ϭ Ϭϭ ϯϭ ϲ нϱϭй :ƵŶ ϭϰ Ϭ Ϭϭ ϯϱ ϰ нϳϭй ^ĞƉ ϭϰ Ϭ ϬϬ Ϯϳ ϳ нϯϲй ĞĐ ϭϰ Ϭ Ϭϭ Ϯϵ ϴ нϯϳй DĂƌ ϭϱ Ϭ Ϭϭ :ƵŶ ϭϱ Ϭ Ϭϭ Ϭй Ϭй ϯϵ Ϭ нϯϳй ϰϱ ϭ нϯϳй ^ĞƉ ϭϱ Ϭ Ϭϭ ϲϭ ϳ нϭϭϵй нϯϭ Ϭй ĞĐ ϭϱ Ϭ ϬϮ DĂƌ ϭϲ Ϭ Ϭϭ :ƵŶ ϭϲ Ϭ ϬϮ нϭϭϭй Ϭй нϭϭϭй ϲϯ ϱ нϭϭϯй ϳϬ ϭ нθϭй ϴϳ ϯ нϵϰй ͲϮ Ϭй W ϯϳ ϮϬϭϳ Ɛƚ Ϯϳ ϱͳǉƌ,ŝőś ϲϭ ϱͳǉƌ >Žǁ ϭϯ ǀƐ /ŶĚ ǀŐ ϭ Ϭǆ ϭϱ ϭϯ ϭϰ ϭϳ ϭϳ ϭϵ ϭϵ ϮϬ Ϯϴ ϱϭ ϱϳ ϳϯ ϴϳ ϭϭϯ ϭϯϭ ϭϭϭ ϭϭϰ ϭϯϲ ϭϰϯ ϭϰϲ ϱϭϲ ϭϯϭd ϭϰϭd ^, Z ^, > z &h ^ ϮϳϳD ϮϳϵD ϮϵϲD ϯϯϭd ϯϰϰd ϯϱϳd ϯθϭd ϯθθd ϰϭϱd ϰϭϳd ϯϲϭd ϰϲϵd ϰϵϲd ϱϭθd ϯθϯd ϯϲϵd ϰϯϭd ϰϭϰd ϰϭϱd Π ϮϬϭϲ t/>>/ D KΖ /> н K / ^ĞƉ DǇ Ő ^ĞƌǀŝĐĞƐ Dz ' DzͿ tğğŭůǉ ĂƐ ŽĨ dśƶ ^ĞƉƚĞŵďĞƌ Ϭϭ ϮϬϭϲ Ĩ dśƶ ^ĞƉƚĞŵďĞƌ Ϭϭ ϮϬϭϲ The earnings outlook for the upcoming quarters looks positive, driven by growing immigration led by stronger FWP and illegal foreign workers (IFW) registrations. In ovember, MyG completed its GST Monitoring project (GSTM) Phase1, installing a monitoring system in all major F&B outlets nationwide. The Company is scheduled to start GSTM Phase 2 in mid-2018. The Company estimates that there are about 500,000 retail outlets nationwide. The Company started a new service, matching employers with IFWs in October. This service allows employers to source for new foreign workers and MyG receives RMB 1,000 for each IFW it matches with an employer. ooking Forward The Company has registered about 500,000 IFW and this figure is expected to double by December, boosting revenues. Consensus estimates have the Company s PS increasing 17% and 29% in FY 2018 and FY 2019, respectively. ext Catalyst: The Company s Q2 FY 2018 earnings are expected on February 28, 2018. -86- ocal Code: 0138 Bloomberg Symbol: MYG:MK ISI: MYQ0138OO006

My g Services MYSI MY G SRVICS KS (MYG.MY) COMPUTR SFTWR-DSKTOP 3.61B 2.31B SHRS RIGS BUSISS: +60 3 7664 8000 http://www.myeg.com.my MGMT owns X-DIV SC MY.G. SRVICS BRHD IS GGD I TH BUSISSS OF D PYMT, S W S OI IFORMTIO SRVICS SUCH S PRIC = DVOPMT D IMPMTTIO OF TH CTROIC GOVRMT TRFFIC SUMMOS CHCKIG D CTROIC BKRUPTCY OR 10 X PS SRVICS PROJCT D TH PROVISIO OF OTHR RTD SRVICS IQUIDTIO STTUS SRCHS. GS R O-ITRT BSD FOR TH CTROIC GOVRMT SRVICS PROJCT, S W S SRVICS, SUCH S SOFTWR D TRPRIS SOUTIOS, SYSTM IVSTMT HODIG. TH COMPY'S BUSISSS R CTGORIZD DVOPMT D MITC, S W S SRVICS RDRD T ITO TWO STRTGIC BUSISS DIVISIOS: GOVRMT TO CITIZ TH -SRVICS CTRS. ITS OTHR SRVICS ICUD RW 0.50 0.48 (G2C) D GOVRMT/TRPRIS SOUTIO (GS). G2C SRVICS OF RW OF FORIG WORKRS PRMIT, ZKT PYMTS, D 0.46 RFRS TO SRVICS SUCH S DRIVIG THORY TST BOOKIGS, KU UMPUR CITY H SSSSMT D SUMMOS PYMT. 0.44 ISSUC D RW OF ICSS, CTROIC BI PYMT 0.42 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 0.40 PS MYR (JU.) 0.07 +31% 0.09 +22% 0.00 0.01 0.01 0.01 0.01 0.01 0.02 0.04 0.06 0.38 0.36 0.34 0.32 0.30 0.28 0.26 0.24 0.22 U W K Y CF/SHR MYR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI MYR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 0.01 33.0 28.9 +7 52.5 48 0.01 44.1 27.1-12 47.7 46 0.01 39.6 24.0 +28 58.8 59 0.01 41.3 24.9 +14 66.9 57 0.01 45.0 27.0 +14 76.5 62 0.02 46.2 31.7 +44 109.9 60 0.02 48.2 30.2 +29 141.5 62 0.04 50.8 42.4 +99 281.7 61 0.06 54.3 42.3 +32 371.2 60 6530 6338 7231 7397 8541 9154 9388 10088 10503 1.5 +8 75 49 1.2 +17 75 38 1.7 +27 84 18 1.7 +25 83 32 2.1 +34 85 16 1.8 +29 89 9 1.8 +29 90 9 1.7 +16 90 12 1.5-6 83 FOT MKT CP MYR 8.87BI. SS MYR390.66 MI MYSI PS RTIG 98 IC 2000 MYR2.46(OH -11%) Up 68.48% Since ddition 5 4.8 4.6 4.4 4.2 4 3.8 RIGS GROWTH RT SS GR RT +77%(13 STBIITY) +57% 2013-17 +56%(15 STBIITY) +48% COMPOSIT RTIG 2015-17 IVT T/O 3.6 3.4 3.2 28x 85 0KPCOMP DBT % 2015-17 2%: 21%: 21% 0%: 0%: 1% TX RT 15-17 : : BCKOG 15-17 16.29 X '17 BK.V R&D DIV 0.02(0.7%) DIV GR RT+53% (13) BT 1.51(8) PH 0.12(0.07) 2.6 2.4 2.2 0.20 0.19 2 1.9 83 C- Global Focus M MYR1.5 0.17 3 2.8-9% 0.18 PRIC SC 1.8 1.7 0.16 1.6 0.15 1.5 0.14 1.4 0.13 1.3 0.12 1.2 0.11 1.1 0.10 1 0.090 0.9 0.080 0.8 0.070 0.7 0.060 0.6 0.050 0.048 0.046 0.044 0.042 0.040 0.5 0.48 0.46 0.44 0.42 0.4 0.038 0.38 0.036 0.36 0.034 0.34 0.032 0.32 0.030 0.3 0.028 0.28 0.026 0.26 0.024 2/1 2/1 0.24 3/2 VOUM 80 M 50 M 30 M 20 M PS (MYR) % CHG SS(MI MYR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.0032 a% 23.5 +22% 47.8% +27.6% 27-39 51/607M DC 13 0.0039 a% 30.6 +50% 44.8% +29.6% 34-40 57/625M MR 14 0.0047 a% 35.4 +70% 47.0% +31.6% 27-35 71/537M JU 14-0.0006 27.7 +36% 43.4% +31.8% 41-60 83/696M SP 14 0.0080 29.8 +27% 47.3% +29.2% 31-46 98/736M DC 14 0.0053 39.0 +27% 48.9% +29.3% 40-59 0.0064 45.1 +27% 50.9% +30.2% 39-51 117/766M MR 15 106/564M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Technology: Computer Sftwr-Desktop -0.0005 60.7 +119% 46.9% +34.7% 33-43 112/545M SP 15 0.02 +100% 63.5 +113% 47.7% +35.1% 31-54 136/625M DC 15 0.0092 0% 70.1 +80% 47.2% +37.1% 40-49 145/597M MR 16 0.01 0% 87.4 +94% 58.3% +42.3% 31-36 147/573M JU 16 0.01 78.6 +29% 51.5% +42.3% 24-34 136/583M SP 16 0.01-50% 88.7 +40% 53.7% +41.2% 30-35 166/650M DC 16 0.02 +100% 99.2 +41% 54.3% +44.2% 28-36 177/696M MR 17 0.02 +100% 104.7 +20% 56.8% +42.2% 33-42 182/694M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -87-0.01 0% 98.0 +25% 53.8% +41.1% '13-18 P..'S OW OW HI ST 175/677M SP 17 DC 17 13X 36X 60X MR 18 TM DTGRPHS 2/2/2018

TIW ĐĐƚŽŶ dğđśŷžůžőǉ dt &K ϮϬ ǆ Source: Corporate Website ccton Technology (CC.TW) is a leading provider of telecom and enterprise networking devices. Strong demand for high-end switches from cloud datacenters will help drive the Company s growth. ccton Technology d /t ǆđś dtϭϭϭϯϯϰϱϭϭϲ нθθϲ ϯϱ ϳϳϬϮϳϬ W^ ZĂŶŬ ϵθ ĂĐĐƚŽŶ ĐŽŵ ŽŵƉƵƚĞƌͲĞƚǁŽƌŬŝŶŐ Growth Drivers ccton is expected to be a key beneficiary of strong demand for 400G switches, which will hit mass production in H2 2018, and adoption of coherent switch technology in remote data center interconnect. ^ŚĂƌĞƐ ϱϰϰd &ůžăƚ ϰϲθd W^ ƵĞ ϯ ϯϭ ϮϬϭϳĞ K, Ͳϭй D'Dd ŽǁŶƐ dk d,k>k'z KZWKZ d/k /^ WZ/ /W >>z ' ' / d, Z ^ Z, s >KWD d D h& dhz /^dz/ hd/k K& d, Z d ^t/d, ^ t/z > ^^ >K > Z dtkz< t> Ϳ WZK h d^ ZK ^^ WZK h d^ ϮϬϭϲ ƐƟŵĂƚĞ ϮϬϭϳ ƐƟŵĂƚĞ h > Ͳ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ͲϬ ϰϲ Ϭ ϳϮ ϭ ϭϵ ϭ ϵϱ ϭ ϲϲ ϭ ϲϱ ϭ Ϭϲ ϭ Ϯϭ Ϯ ϭϵ ϰ ϯϭ ϭϵйÿ ϯ ϲϯ ϲϱйÿ W^ dt ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ ^, &>Kt ^,Z dt ͲϬ ϭϵ ϭ Ϭϲ Ϭ ϵϭ Ϯ Ϯϰ Ϯ ϲϵ ϯ Ϯϱ ϭ Ϯϴ ϭ ϴϳ ϯ ϰϭ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ϲй WZ d y D Z'/ й Ͳϭй Ϯй ϰй ϱй ϰй ϰй ϯй ϯй ϲй ϮϬϭϰͲϭϲ ϰϵй Ϯϯ ^ƚăďŝůŝƚǉͿ Ͳϭй Z dhz K Yh/dz й Ͳϰй ϳй ϭϭй ϭϰй ϭϯй ϭϯй ϴй ϵй ϭϱй ϮϬϭϮͲϭϲ ϵй ϯϳ ^ƚăďŝůŝƚǉͿ ^DZ Z d/' ^ > ^ й, ' Ͳϭϴй ϮϮй Ͳϭϭй ϯϰй ϭϯй ϰй Ͳϭϲй ϭй ϴй KDW Z d/' ^ > ^ D/>Ϳ dt ϭϲ< ϭϵ< ϭϳ< Ϯϯ< Ϯϲ< Ϯϳ< Ϯϯ< Ϯϯ< Ϯϱ< /s d K ϱ ϳǆ ϱϵ t <>z ĞĐ ϭϲ ĞĐ Ϯϯ ĞĐ ϯϭ :ĂŶ Ϭϲ :ĂŶ ϭϯ :ĂŶ ϮϬ :ĂŶ Ϯϳ &Ğď Ϭϯ &Ğď Ϭϴ d й ϮϬϭϯͲϭϱ ϯ ϭй Ϭй Ϭй d 'Z W, Z d/' ϳϭ ϲϳ ϳϭ ϳϲ ϳϲ ϳϱ ϳϱ ϳϴ ϴϭ d y Z d ϮϬϭϯͲϭϱ ϮϬй ϵй Ϯϭй s' />z sk> ϬϬϬͿ ϲ ϯϭϯ ϲ ϭϰϭ ϲ ϭϭϰ ϲ ϱϯϲ ϲ ϱθϭ ϲ ϮϬϴ ϲ ϬϮϮ ϱ ϵϲϳ ϲ ϮϬϮ <>K' ϮϬϭϯͲϭϱ hw Kt sk>hd ϭ Ϭ ϭ Ϯ ϭ ϯ ϭ ϱ ϭ ϳ ϭ ϱ ϭ ϴ Ϯ Ϯ Ϯ ϭ Z Θ ϱ ϱϭй < s > ϯ ϱϲǆ Ζϭϱ hd /^d Z d/' Ͳϯ ͲϮ ϳ Ϯϰ ϯϲ Ϯϲ ϯϯ ϯϰ ϯϯ /s dt ϭ ϵϲ ϯ ϲйͿ /s 'Z ZdͲϱй ϮϮͿ Z > d/s ^dz 'd, ϴϱ ϴϮ ϴϴ ϵϯ ϵϰ ϵϯ ϵϯ ϵϭ ϵϭ d ϭ ϬϮ ϴ ϬϬͿ >W, Ϭ ϭϱ Ϭ ϬϲͿ 'ZKhW Z < ϲϱ ϲϲ ϱϭ ϰϵ ϰϯ ϱϰ ϱϭ ϰθ ϯϯ ϮϬϭϱ DW>Kz ^ ϰ ϰϵϱ ͲϳйͿ >K' &ŝǆğěͿ WZ/ ϭϱϭ Minimal overhead supply ϭϯϭ ϭϯϭ ϭϭϭ ϭϭϭ Break out from cup w/ high handle on 1.6x the average daily volume stimate increased ϵϭ ϴϬ ϳϬ ϲϭ ϱθ ϱϭ dt нϯ ϱϭ ϱϭ нϰ ϰϲй ϰϲ Strong PS rank ϰϯ Rising U/D vol and /D rating ϯθ Improving IG rank Improving CF/share, P/T margin, RO ϵϭ н ϯϰ ϯϭ Ϯϲ Ϯϰ ϮϮ Company Overview The Company supplies a diverse spectrum of solutions to advanced networking, IT, and telecom operators, such as switches, carrier access, W products, broadband, and gateway products, among others. 2015 sales by segment: switches, 62%; carrier access, 20%; W (business wireless P/ router), 7%; broadband and gateway, 2%; other, 9%. 2016 revenue by geography: U.S., 58%; sia, 21%; urope, 19%; Taiwan and rest of world, 2%. O eil Methodology The stock is currently trading 12% above the pivot of its most recent base. It has strong support at its 10-WM at TWD 95.8. Given better-than-expected October sales, the stock is likely to find support near its 10-WM. It has a strong technical profile with an Up/Down volume ratio of 1.6 and an /D Rating of B-. The stock has an RS Rating of 92, and the RS line is in a steady uptrend. In Q3 2017, ccton reported sales of TWD 8.87B, up 18.3% y/y, led by growth of 50G/100G switches, below consensus estimates of TWD 9.4B. The Company reported higher-than-expected October sales of TWD 2.9B, up 34% y/y. Gross margin contracted 30bps y/y to 19.3%. The Company reported PS of TWD 1.2, up 34.8% y/y, still below consensus estimates of TWD 1.4. DŬƚ ĂƉ dt ϯϭ ϴϭ ^ĂůĞƐ dt Ϯϴ Ϭϲ,ƐŝŶĐŚƵ d /t ϭϵ ϭϳ ϭϱ 40-Week M Rising R/S line with strong R/S and /D rating ϭϯ ϭϯ ϭϭ ϭϭ ϵ 10-Week M ϴ ϳ ϲ PS and revenue growth accelerating ϰ ϴ >/ sk>hd Increasing sponsorship ϭϯϭd ϭϭϭd ϵϭd ϳϬD нϭϭϭй ϱϭd ϯϭ ϳD ϯϭd ϭϭ&/ / >^ ĞĐ ϭϭ DĂƌ ϭϯ ϱϱ Ϭ ϱϵ Ϭ ϯϵ W^ dt Ϳ ϰй нϭϰϲй нϯϵй W^ й, ' ϵ^ > ^ D/> dt Ϳ ϲ ϵϯθ Ϯ ϲ ϰϱϭ Ϭ :ƵŶ ϭϯ Ϭ Ϯϰ ^ĞƉ ϭϯ Ϭ ϲθ ĞĐ ϭϯ Ϭ ϯϰ DĂƌ ϭϯ Ϭ ϭϯ :ƵŶ ϭϯ Ϭ ϯϳ ^ĞƉ ϭϯ Ϭ Ϯϲ ĞĐ ϭϯ Ϭ ϯϭ DĂƌ ϭϰ Ϭ ϯϲ :ƵŶ ϭϰ Ϭ Ϯϵ ^ĞƉ ϭϰ Ϭ ϭϯ ĞĐ ϭϰ Ϭ ϰϰ DĂƌ ϭϱ Ϭ Ϯϭ :ƵŶ ϭϱ Ϭ ϰϯ ^ĞƉ ϭϱ Ϭ ϳϭ ĞĐ ϭϱ Ϭ ϴϱ DĂƌ ϭϲ Ϭ ϳϱ :ƵŶ ϭϲ Ϭ ϴϵ ^ĞƉ ϭϲ Ϭ ϴϵ ĞĐ ϭϲ ϭ ϮϮĞ DĂƌ ϭϳ ϭ ϭϯğ Ϭй ϲ ϳϴϯ ϵ нϯϰй ϳ ϭϯϯ Ϯ ͲϰϮй ϲ ϲϱϵ ϭ Ͳϲϳй ϰ ϴϰϰ ϴ нϱϰй ϲ ϭϯϰ Ϯ ͲϲϮй ϱ ϲϰϯ Ϭ ͲϭϮй ϲ Ϭϭϲ Ϭ нϭϳϳй ϱ Ϯϱϭ ϱ ͲϮϮй ϱ ϵϱϯ Ϯ Ͳϱϰй ϱ ϯϰϳ ϭ нϰϳй ϲ Ϯϵϲ Ϭ ͲϰϮй ϰ ϵϰϳ Ϯ нϰϱй ϲ ϭϯϭ ϲ нϰϵϯй ϲ ϱϰϯ ϳ нϵϯй ϳ ϭϭθ ϰ нϯϱϳй ϱ ϵϯϳ ϴ нϭϭϯй ϳ ϰϯϭ ϱ нϯϱй ϳ ϱϵϭ ϯ нϰϰйğ ϴ Ϯϭϳ ϬĞ нϱϭйğ ϳ ϲϲϭ ϬĞ Ϭй нϱй нϭϳй ^ > ^ й, ' нθй ͲϮй Ͳϰй ͲϮϱй ͲϭϬй ͲϮϭй ͲϭϬй нθй Ͳϯй Ͳϱй нϱй Ͳϲй нϯй нϯϯй нϭϯй нϳ ϭй нϯϭй нϭϯ ϭй нϯϭй нϭϲй нϭϱйğ нϯϵйğ ϲϵ ϴϵD ϳϯ ϴϰD ϭϭϳ ϵϵd W^ й ^hzwz/^ ϮϮ Ϯϰ Ϯϰ &h ^ ϭθ^, Z ^, > z &h ^ ϮϮD ϮϱD ϯϰ ϯϲd ϯϱ ϯϲd Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϯϰ ϯθd ϯϯ ϯϰd ϰϭ ϰϭd ϰϭ ϰϭd ϰϰ ϰϭd ϰϱ ϰϭd ϰϯ ϰϱd ϰϯ ϰϳd ϯθ ϰθd ϯϵ ϰϵd ϯϲ ϰϵd ϯϳ ϱϭd W ϭϲ ϮϬϭϳ Ɛƚ ϭϰ Ϭ ϱͳǉƌ,ŝőś ϭθ Ϭ ϱͳǉƌ >Žǁ ϳ Ϭ ǀƐ /ŶĚ ǀŐ ϭϭϲ ϭϭϯd ϭϭθ ϭϭϭd ĐĐƚŽŶ dğđśŷžůžőǉ dtͿ tğğŭůǉ ĂƐ ŽĨ tğě &ĞďƌƵĂƌǇ Ϭϴ ϮϬϭϳ &ĞďƌƵĂƌǇ Ϭϴ ϮϬϭϳ More than five Zs will be upgrading their network throughput to 100G, which would ramp up the Company s 100G switches. ccton s subsidiary, dgecore, developed 100G open network modular switches through its open compute project, which created a new trend of open source network operating systems. ccton became the first supplier of 10G, 40G, and 100G switches, certified by Facebook s open compute project (OCP). With several hardware models undergoing accreditation, ccton is poised to become a major beneficiary as an OCP hardware vendor. The CWDM8 multi-source agreement group was formed to define specifications for 400G singlemode optics and to address industry needs by developing technologies to create a competitive supply chain. ooking Forward Consensus estimates have the Company s PS growing 41% and 21%, y/y, in 2017 and 2018, respectively. Growth will be driven by growing demand for high-end switches. (100G/400G). The next catalyst is the Company s Q4 2017 earnings release on February 13, 2018. -88- ocal Code: T2345 Bloomberg Symbol: 2345:TT ISI: TW0002345006

ccton Technology TIW CCTO TCHOOGY (CC.TW) TI COMPUTR-TWORKIG 553.72M 465.12M SHRS RIGS BUSISS: +886 3 577 0270 http://www.accton.com MGMT owns X-DIV SC CCTO TCHOOGY CORPORTIO IS PRICIPY GGD I TH CRRIR-CSS CCSS TWORK PRODUCTS, TRPRIS-GRD 802. PRIC = RSRCH, DVOPMT, MUFCTUR D DISTRIBUTIO OF 11 DU-BD MUTI-RDIO WIRSS FIDITY (WI-FI) CCSS 10 X PS THRT SWITCHS, WIRSS OC R TWORK (W) POITS, WI-FI PHOS, CRRIR-GRD WIRSS OUTDOOR PRODUCTS D BRODBD CCSS PRODUCTS. TH COMPY PROVIDS BRIDGS, VOIC OVR ITRT PROTOCO (VOIP) GTWYS, WI-FI THRT SWITCHS, HIGH SPD DT CTR SWITCHS, MODUS D ITGRTD SRVIC GTWYS, MOG OTHRS. IT 26.00 MUTIYR SWITCHS, POWR OVR THRT SWITCHS, CTIV PRIMRIY DISTRIBUTS ITS PRODUCTS TO OVRSS MRKTS, SUCH THRT MOBI BCKHU GTWYS, WIRSS SWITCHS, S ORTH MRIC, UROP D OTHRS. 24.00 22.00 20.00 19.00 18.00 17.00 16.00 15.00 14.00 13.00 U W K Y PS TWD (DC.) CF/SHR TWD PRTX MRGI, % RT. O QUITY, % SS % CHG SS (TRI TWD) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 0.72 1.06 2.1 6.5 +22 19325 76 2009 1.19 0.90 4.2 9.5-11 17158 73 2010 1.95 2.24 4.5 14.2 +34 22927 76 2011 1.66 2.69 4.0 12.2 +13 26016 76 2012 1.65 3.25 3.6 12.2 +4 27027 79 2013 1.06 1.28 3.1 7.9-16 22638 75 2014 1.21 1.87 3.1 8.8 +1 22848 76 2015 2.19 3.41 6.0 14.8 +8 24739 77 2016 3.51 5.09 8.5 22.2 +19 29369 76 6792 6669 6601 6560 6835 7110 7547 7125 6856 1.5 +30 94 25 1.2 +12 92 31 1.3 +14 91 33 1.5 +18 92 27 2.0 +41 94 18 1.6 +13 90 23 1.9 +18 92 28 1.9 +27 93 24 1.5 +27 94 23 FOT MKT CP TWD 63.40BI. SS TWD34.69 BI TIW PS RTIG 98 TWD114.50(OH -7%) Up 95.73% Since ddition 280 260 240 2017 STIMT 2018 STIMT 4.88 +39% 6.12 +25% RIGS GROWTH RT SS GR RT 2015-17 +73%(14 STBIITY) +17% 2013-17 +29%(38 STBIITY) +5% COMPOSIT RTIG IVT T/O PRIC SC 220 200 190 180 6.4x 66 170 DBT % 2014-16 0%: 0%: 0% 9%: 21%: 24% TX RT 14-16 : : BCKOG 14-16 7.21 X '16 BK.V R&D 5% 3.1(2.7%) DIV GR RT+7% (35) DIV BT 1.22(6) PH 0.23(0.09) 160 0TIWGHT 150 140 130 12.00 120 11.00 110 10.00 100-16% 9.00 90 8.00 80 Global Focus M TWD58.5 7.00 94 B+ 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 2.60 26 2.40 24 2.20 22 2.00 1.90 20 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 VOUM 70 M 40 M 20 M SP Q -58% BOW ST. PS (TWD) % CHG SS(BI TWD) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.30-12% 6016.0-10% 2.6% +7.8% 13-15 43/40540 DC 13 0.36 +177% 5251.5 +8% 3.6% +9.2% 12-14 44/40040 MR 14 0.29-22% 5953.2-3% 2.6% +9.2% 13-17 42/44541 JU 14 0.12-54% 5347.1-5% 1.2% +8.1% 15-18 0.44 +47% 6296.0 +5% 3.7% +8.8% 11-14 41/46589 SP 14 36/48039 DC 14 0.21-42% 4947.2-6% 2.2% +7.5% 14-15 0.42 +45% 6130.6 +3% 3.7% +8.9% 11-13 37/48567 MR 15 35/48878 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Technology: Computer-etworking 0.71 +492% 6542.6 +22% 5.8% +12.7% 6-8 36/49674 SP 15 0.85 +93% 7118.4 +13% 6.3% +14.8% 6-15 68/88836 DC 15 0.75 +257% 5927.8 +20% 6.7% +18.0% 10-14 72/83787 MR 16 0.89 +112% 7420.5 +21% 6.4% +22.6% 8-15 131/113M JU 16 0.89 +25% 7591.3 +16% 6.3% +22.4% 12-17 146/127M SP 16 0.98 +15% 8429.2 +18% 6.3% +22.2% 11-14 136/122M DC 16 1.19 +59% 8562.2 +44% 7.6% +24.1% 12-17 160/131M MR 17 1.17 +31% 8825.1 +19% 7.2% +28.5% 14-20 177/138M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -89-1.20 +35% 8872.1 +17% 7.4% +28.5% 4M DC Q 1.34 +37% '13-18 P..'S OW OW HI ST 197/126M SP 17 7M DC 17 6X 23X 20X MR 18 TM DTGRPHS 2/2/2018

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So far, a total of 308M accounts have been opened with IR 715B in deposits. India is still largely under-banked, with only 35.2% of the population having bank accounts. There are only 11.4 bank branches per 100k population in India, of which only 30% are located in rural areas. ϵϭ ϴϬ ϳϬ Ϯ ϰϭ O eil Methodology The stock gapped up on better-than-expected Q3 FY 2018 results and remains extended from a buy point. The stock is under accumulation: /D Rating of +, RS Rating of 96, and an RS line at all-time highs. Revenue and PS growth is accelerating over the trailing four quarters, with an PS Rank of 95. The Company reported Q3 FY 2018 net revenue of IR 18.0B (+84% y/y), beating consensus estimates of IR 17.6B. PS increased 86% y/y to IR 2.33. нϱ ϵϱй ϭϭϭ Strong PS profile ϯ ϲϭ Ϯ ϴϬ Company Overview The Company s retail touch points are called Kendra (outlet) and act as one-stop shops for various services and products. The Company is India s largest e-governance player functioning as a systems integrator. The Kendra, currently in 17 states in India, run on an asset-light franchise model, requiring low capex and working capital. In Q3 FY 2018, revenue from Kendras grew 168% y/y to IR 16.8B, 96% of total revenue. /Z нϭϯ ϯϭ ϭϵϭ Good growth rates ϰ ϬϬ ϯ ϮϬ Vakrangee (VKS.I) focuses on building India s largest network of last-mile retail outlets to deliver real-time banking, insurance, and other services. The Company continues to expand by opening more outlets across India. 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In ugust, Vakrangee facilitated the pre-booking of Reliance Jio phones. It targets a sale of 10M handsets through its outlets. During this quarter, Vakrangee tied up with etmeds to offer medicines and other health products. Other tieups, such as DMI finance for loan generation and Vasco llianz for visa services, are still in the pilot phase and would contribute incrementally to revenues once fully implemented. ooking Forward The Indian ecommerce market is expected to increase from $7B to $200B (CGR of 36%) in the next 10 years. With a footprint across India, Vakrangee has a first-mover advantage to leverage this huge opportunity from the IR 1.1T Digital India mission. ext Catalyst: The Company s Q4 FY 2018 results on May 20. -90- ocal Code: I:VKRG Bloomberg Symbol: VKI:I ISI: I051B01021

Vakrangee IDI VKRG (VKS.I) S COMPUTR-TCH SRVICS 1.06B 550.58M SHRS RIGS BUSISS: +91 22 2850 3412 http://www.vakrangeesoftwares.com MGMT owns X-DIV SC VKRG IMITD IS TCHOOGY COMPY. TH COMPY'S SRVICS, WHICH B CITIZS TO ISSU FORM GRIVC TO PRIC = SGMTS ICUD -GOVRC PROJCTS D VKRG KDR. TH GOVRMT, D ROMTS, ICUDIG D RCORD 10 X PS TH -GOVRC PROJCTS SGMT OFFRS COCTIO DIGITIZTIO, CTOR ROS; PYMT OF UTIITY BIS, SRVICS, ICUDIG PYMT OF CTRICITY, TPHO D TXS, VIS, D RIWY TICKTS, CRTIFICTS, H MOBIS; RCRUITMT PPICTIO PROCSSIG, ICUDIG TICKTS. TH VKRG KDR SGMT ICUDS BKIG D PROCSSIG OF PPICTIOS FOR RCRUITMT OF WORKFORC FOR ISURC, ICUDIG WHIT B UTOMTD TR MCHIS GOVRMT-RTD SRVICS; ISSUC OF CRTIFICTS, D PSIO TRSCTIOS, D -COMMRC SRVICS. ITS 50.00 ICUDIG OI RGISTRTIO D ISSUC OF BIRTH, DTH, SUBSIDIRIS ICUD VKRG FISRV IMITD D 48.00 DOMICI D D RCORD CRTIFICTS; GRIVC MGMT VKRG -SOUTIOS IC. 46.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 44.00 7.37 +47% 10.55 +43% 0.00 0.27 0.54 0.71 1.04 1.74 3.20 3.80 5.01 42.00 PS IR (MR.) 40.00 38.00 36.00 34.00 32.00 30.00 28.00 24.00 U W K Y CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 0.55 0.85 1.23 2.4 7.4 7.5 0.1 8.3 14.7 +31 +45 +108 2943.2 4275.3 8896.5 79 79 79 1.69 7.6 18.4 +52 13532 78 2.77 9.3 22.5 +14 15472 79 3.66 14.4 +26 19519 78 5.08 17.6 +42 27805 79 4.55 19.0 28.9 +15 31907 79 5.79 20.7 29.2 +25 40005 73 FOT MKT CP IR 278.09BI. SS IR58.00 BI IDI PS RTIG 95IR262.65(OH -49%) Up 316.35% Since ddition 5447 5632 5835 5798 5733 5745 5494 5348 6115 2.2 +61 94 83 2.1 +59 93 79 2.1 +61 93 82 2.2 +59 94 81 2.1 +60 93 83 2.3 +60 94 81 2.5 +63 94 67 2.7 +75 97 49 1.3-19 72 45 600 500 480 460 440 420 RIGS GROWTH RT SS GR RT +32% (5 STBIITY) +28% +46%(11 STBIITY) +28% COMPOSIT RTIG 400 380 2015-17 2013-17 IVT T/O PRIC SC 0IBOM500 R M O V D 360 340 6.1x 61 320 DBT % 2015-17 3%: 0.77%: 0% 34%: 35%: 36% TX RT 15-17 : : BCKOG 15-17 15.04 X '17 BK.V R&D 1(0.3%) DIV GR RT+52% (59) DIV BT 0.83(3) PH 0.19(0.08) 300 280 260 240 22.00 220 20.00 200 19.00 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 Global Focus M IR109.5 13.00 130 12.00 120 11.00 110 72 D 10.00 100 9.00 90 8.00 80 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 2.60 26 2/1 24 VOUM 20 M 9M 4M 800 K PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 1.74 +67% 0.76 0.80 0.89 0.76 19519.0 6812.4 6982.8 7021.9 6987.7 +26% 9.0% 11.2% 11.5% 12.7% 10.9% +32.4% 14-21 RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 19-29 9/12233 DC 13 23-28 9/13287 MR 14 22-33 14/20956 JU 14 25-30 22/26368 SP 14 18-25 28/26024 DC 14 0.86 +13% 7043.0 +3% 12.3% 13-21 30/27245 MR 15 31/47424 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Technology: Computer-Tech Services 0.91 +14% 7876.2 +13% 12.2% +30.3% 12-25 32/55964 SP 15 0.97 +9% 8188.7 +17% 12.6% 14-27 38/56822 DC 15 1.05 +38% 8799.6 +26% 12.6% +28.9% 20-30 48/72481 MR 16 1.15 +34% 9175.4 +30% 13.2% 19-25 46/43728 JU 16 1.19 +31% 9590.7 +22% 13.2% +29.1% 18-27 61/63609 SP 16 1.24 +28% 9788.6 +20% 13.4% 25-31 83/80091 DC 16 1.43 +36% 11449.9 +30% 13.2% +29.1% 26-33 100/97938 MR 17 1.59 +38% 13018.5 +42% 12.9% 1.80 +51% 15507.9 +62% 12.2% +31.6% 2.33 +88% 18024.2 +84% 13.7% '13-18 P..'S OW OW HI ST 29-41 134/131M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -91-169/155M SP 17 229/146M DC 17 12X 50X 41X MR 18 TM DTGRPHS 2/2/2018

MYSI Time Dotcom Source: Corporate Website Time Dotcom (TIDO.MY) is a fixed-line telecommunications provider that connects businesses and homes across PC. The Company continues to grow in international markets through strategic acquisitions. Company Overview The Company offers a full suite of domestic and international connectivity and data center solutions to the wholesale, enterprise, SM, and consumer markets through its two fastestgrowing subsidiaries: the Global Transit Group of Companies (GT) and IMS Group of Companies (IMS). GT has a presence in the U.S., Singapore, Hong Kong, and Japan. It also has links in international submarine cable systems such as UITY, FSTR, and sia-pacific Gateway, through which it connects sia globally. IMS is a leading provider of premium carrier-neutral data center and managed services in Southeast sia. It also provides data recovery and cloud computing services. O eil Methodology The stock is currently trading 9% below the pivot of its most recent base. It is trading below its 50- and 200-DM. The next support levels are at 8.74 and 8.30, and the stock is expected to show correction if it breaks these levels. The stock has a strong technical profile, with an Up/Down volume ratio of 1.7, an /D Rating of B-, and an RS Rating of 60. In Q3 2017, the Company reported sales of MYR 203M, up 4.2% y/y, mainly due to poor performance by its voice business and an absence of IRU sales. BITD margin fell 590bps y/y to 33.8%, led by forex losses and poor top-line growth. Data and data center revenue grew 7.5% and 3.7%, y/y, to MYR 156.4M and MYR 27M, respectively. Voice revenue fell 16.6% y/y to MYR 18.4M. The Company reported PS of MYR 0.049, down 49.2% y/y due to higher taxes (MYR 14.2M versus MYR 2.4M a year ago). Time Dotcom TIDO.MY Telecom Svcs-Integrated BURS MYSI xch Malaysia, Ringgits MktCap MYR2.45 Bil Sales MYR548 Mil Shares 573 Mil Price= +60 3 5032 6000 www.time.com.my Selangor Darul hsan, MYSI Inc 1996 MGMT owns Price 10eps PS Rank 95 Vol =8,484,540 Rate = + 436% MYR4.28 0.34 (OH -1%) TIM DOTCOM BRHD (TIM) IS DT-CTRIC TCOMMUICTIOS D SOUTIOS PROVIDR BSD I MYSI, WITH Scale BUSISS RCH CROSS TH SI-PCIFIC RGIO. TH COMPY IS PRICIPY GGD I IVSTMT HODIG, PROVISIO OF Minimal overhead 1.10 MGMT D MRKTIG/PROMOTIO SRVICS. TIM'S COR BUSISS FOCUSS O PROVIDIG BCKHU D WHOS 11 supply 1.00 BDWIDTH TO OC, RGIO D GOB OPRTORS I MYSI D TH SI-PCIFIC RGIO. TH COMPY DIVRS FIBR 0KPCOMP 10 OPTIC-BSD TCOMMUICTIOS SOUTIOS, ICUDIG PRIVT SD IS D DDICTD ITRT SRVICS TO 0.90 Dec Year nd 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 stimate 2015 stimate 9 PS -0.47-0.35-0.31-1.88 0.07 0.21 0.23 0.35 1.12 0.24-79% 0.27 13% 0.80 8 n Cash Flow/Shr MYR 0.04 0.06 0.09 0.15 0.26 0.20 0.27 0.26 1.25 arnings Growth Rate Sales Gr Rt n Pretax Margin % 11.5 27.7 37.9 37.5 90.7 2011-13 71% (37 Stability) 22% Breaks out to new highs 0.70 u Return On quity % 3.2 9.2 7.8 9.1 28.6 2009-13 64% (38 Stability) 13% 7 on 4.4x the average a Sales % Change -20-27 -10-5 0 12-2 34 31 Composite Rating 0.60 l Sales (Mil) $ 460 335 301 287 287 321 314 419 548 Inv t/o 40.1 X 90 weekly volume 6 W Datagraph Global DG Rating 29 36 41 59 54 60 54 57 62 Debt % 2011-13 0% 6% 7% e vg Daily Vol (000) 764 754 772 789 769 585 536 539 677 Tax Rate 11-13 1% 0.50 e Up Down Volume 0.8 0.8 0.9 0.9 0.9 1.1 1.1 1.8 2.9 Backlog 11-13 5 0.46 k ccum/dist Rating -6-5 11 24 17 18 21 34 56 R and D 1.20 X '13 Bk Val 4.6 0.42 l Global Relative Relative Strength Str 46 38 44 57 59 59 58 62 71 Div MYR one Div Gr Rt 4.2 y Global Group Rank Group Rank 1 1 12 14 15 19 11 13 11 Beta 1.35(64) lpha 0.10(-0.03) 0.38 3.8 0.34 3.4 Good growth rates 0.30 3.0 0.28 Good PS rank 2.8 0.26 2.6 0.24 40-Week M 2.4 0.22 2.2 10-Week M 63 0.19 1.9 + 0.17 1.7 0.15 1.5 0.14 1.4 0.13 Rising R/S line with 1.3 0.12 best R/S rating 1.2 0.11 1.1 0.100 1.0 0.090 0.9 0.080 0.8 0.070 PS (MYR) % Change Sales (Mil MYR) % Change Margin fter Tax Return on quity T4Q P ow-high Fund/Shares (000) 0.05-6% 83.2 +23% 27.6% +7.9% 22-32 17/9217 0.04 +77% 87.3 +25% 24.0% +8.4% 10-16 20/8929 0.09 +41% 85.5 +14% 51.9% +9.3% 14-16 32/19M 32.7% 14-18 43/23M 34.2% 11-17 52/29M 52.9% 6-12 54/30M 0.23 313.9 37.4% +36.0% 7-11 68/40M Mar Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 WOD Copyright 2014 William O'eil + Co.,Inc. ll rights reserved wonda@williamoneil.com 0.06 81.3 36.0% +7.7% 11-11 75/41M 1/5 0.07 105.9 35.1% +7.6% 9-12 81/39M 0.06 110.1 32.7% +6.6% 9-11 81/46M 0.16 121.8 74.9% +9.1% 9-12 88/44M 0.06 +1% 133.0 +64% 27.1% +9.6% 11-12 98/46M 132/100 0.68 +886% 134.1 +27% 291.1% +29.0% 8-11 82/44M 0.05-22% 131.9 +20% 21.4% +26.1% 4-12 79/47M 0.33 +105% 149.2 +22% 125.1% +28.6% 4-4 90/40M 4-4 88/38M 0.7 Volume 12,000,000 6,000,000 3,000,000 09-14 P s ow 4x ow 4x Hi 32x st. 0.0x s &p 4/9/2014 Growth Drivers Demand for the Company s fiber broadband service (Time Fibre Broadband), which is only available in multidwelling units, remained strong, thanks to its good value proposition and attractive price points. In its Malaysia retail business, with more homes and a niche target market, management believes that it can continue to grow aggressively in 2017. The Company is targeting 450,000 premises by the end of 2017, up from more than 300,000, currently. TIM had partially completed the sia-frica-urope 1 Cable System (-1) in June and expects to be fully ready for service by the end of 2017. -1 will extend TIM s network reach in urope and open new markets and opportunities for the Company. ooking Forward IRU sales are not expected to feature in Q4 2017, giving poor revenue visibility. nalysts lowered 2018 and 2019 earnings forecasts after poor quarterly results. Consensus estimates have PS growing -46% and 18%, y/y, in 2017 and 2018, respectively. ext catalyst: The Company s Q4 2017 results on February 26, 2018. -92- ocal Code: 5031 Bloomberg Symbol: TDC:MK ISI: MY5031OO009

Time Dotcom MYSI TIM DOTCOM KS (TIDO.MY) TCOM SVCS-ITGRTD 581.45M 279.10M SHRS RIGS BUSISS: +60 3 5039 3000 http://www.time.com.my MGMT owns SC TIM DOTCOM BRHD IS PRICIPY GGD I IVSTMT TCOMMUICTIO QUIPMT D RTD SRVICS; PROVISIO PRIC = HODIG, D PROVISIO OF MGMT D OF TWORK SRVICS, IFORMTIO SRVICS, SYSTM 10 X PS MRKTIG/PROMOTIO SRVICS. TH COMPY'S SGMT IS TH ITGRTIO SRVICS, D OPRTIO OF DT TWORKS D BUSISS OF TCOMMUICTIOS. TH COMPY, THROUGH ITS TWORK-BSD PPICTIOS FOR CORPORTIOS. ITS SUBSIDIRIS, IS GGD I PROVISIO OF VOIC, DT, VIDO SUBSIDIRIS ICUD IMS DT CTR PT. TD., IMS 4.60 D IMG COMMUICTIO SRVICS THROUGH ITS DOMSTIC D CYBRJY SD. BHD., TH IMS SI GROUP SD. BHD., GOB 4.40 ITRTIO TWORK; IVSTMT HODIG; TH BUSISS OF TRSIT IMITD, GOB TRSIT (HOG KOG) IMITD, TIM 4.20 TCOMMUICTIO SRVICS D TRDIG BDWIDTH CPCITY; DOTCOM ITRTIO SD. BHD., PT TPIR SD. BHD. D 4.00 PROVISIO OF MGMT SRVICS; WHOS OF TT DOTCOM SD. BHD. 3.80 3.60 3.40 3.20 3.00 2.80 2.40 2.20 2.00 U W K Y PS MYR (DC.) CF/SHR MYR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI MYR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008-1.88 0.15-5 286.5 39 2009 0.07 0.26 11.5 3.2 +0 286.8 34 2010 0.21 0.20 27.7 9.2 +12 321.1 31 2011 0.23 0.27 37.9 7.8-2 313.9 33 2012 0.35 0.26 37.5 9.1 +34 419.1 33 2013 1.12 0.30 90.7 28.6 +31 548.3 33 2014 0.30 0.57 30.1 8.0 +9 596.3 33 2015 0.81 0.63 69.0 21.0 +14 682.4 33 2016 0.71 0.82 47.8 19.1 +12 766.9 32 902 848 802 790 885 909 916 972 1024 2.1 +5 64 66 2.6 +21 68 71 1.5 +10 65 57 1.6 +10 66 71 1.2-6 59 79 1.1-9 54 88 1.2-9 62 77 1.5-4 61 78 1.3-25 54 X-DIV FOT MKT CP MYR 5.08BI. SS MYR848.32 MI MYSI PS RTIG IC 1996 53 MYR8.74(OH -11%) Up 127.34% Since ddition PRIC SC 50 48 46 44 42 40 38 2017 STIMT 2018 STIMT 0.35-51% 0.42 +21% RIGS GROWTH RT SS GR RT 2015-17 +3%(39 STBIITY) +13% 2013-17 +3%(55 STBIITY) +15% COMPOSIT RTIG 36 34 32 30 28 IVT T/O 40.1x 90 26 DBT % 2014-16 4%: 4.9%: 8% 4%: 1%: TX RT 14-16 : : BCKOG 14-16 2.32 X '16 BK.V R&D 0.2(2.3%) DIV GR RT DIV BT 0.69(2) PH 0.02(0.01) 24 22 20 1.90 19 1.80 18 1.70 17 1.60 0KPCOMP 1.50 16 15 1.40 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8 0.70 7 54 D- 0.60 0.50 0.48 0.46 0.44 0.42 0.40 6 5 4.8 4.6 4.4 4.2 4 Global Focus M MYR3.8 0.38 3.8 0.36 3.6 0.34 3.4 0.32 3.2 0.30 3 0.28 2.8 0.26 2.6 0.24 2.4 0.22 2.2 10/9 2 VOUM 2M 1M 400 K 60 K PS (MYR) % CHG SS(MI MYR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.33 +106% 149.2 +22% 125.1% +28.6% 2-3 87/40689 DC 13 0.05-17% 131.9-1% 22.3% +28.6% 2-3 89/38408 MR 14 0.08-88% 155.7 +16% 28.3% +14.6% 6-8 90/40094 JU 14 0.09 +80% 150.6 +14% 33.2% +15.3% 7-8 95/41926 SP 14 0.09-73% 158.1 +6% 32.0% +7.9% 13-15 96/50688 DC 14 0.10 +100% 171.7 +30% 33.0% +8.9% 12-15 0.55 +588% 163.8 +5% 192.6% +20.7% 6-7 90/48935 MR 15 86/45572 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Technology: Telecom Svcs-Integrated 0.10 +11% 173.4 +15% 34.1% +22.4% 6-8 85/43647 SP 15 0.06-33% 173.5 +10% 20.6% +21.0% 7-9 91/44949 DC 15 0.07-30% 175.2 +2% 21.5% +20.1% 9-10 96/45417 MR 16 0.35-36% 175.4 +7% 113.9% +14.9% 12-13 102/43963 JU 16 0.10 0% 194.7 +12% 28.4% +16.0% 12-14 104/44822 SP 16 0.20 +233% 221.6 +28% 51.7% +19.1% 10-11 98/45507 DC 16 0.09 +29% 218.4 +25% 24.3% +20.2% 10-12 0.06-83% 205.3 +17% 17.5% +12.2% 18-22 104/50766 118/52803 123/56646 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -93-0.05-50% 203.0 +4% 13.9% +10.9% '13-18 P..'S OW OW HI ST DC 17 2X 19X 22X MR 18 TM DTGRPHS 2/2/2018

IDI ŚĂƌĂƚ ůğđƚƌžŷŝđɛ, / W^ ϭϳ ǆ Ϯϰ ϳϭ ϮϮ ϯϱ ϮϬ ϬϬ ϭϳ ϲϱ ϭϱ Ϯϵ ϭϰ ϭϯ ϭϯ ϵϰ ϭϭ ϭθ ϭϭ ϬϬ ϴ ϴϮ Bharat lectronics d/k > / / ǆđś / Ϯϲϯ ϬϭϬϮϰ нϵϭ ϴϬ ϮϱϬϯ ϵϯϭϭ W^ ZĂŶŬ ϴϴ ďğůͳŝŷěŝă ĐŽŵ ĞƌŽƐƉĂĐĞ ĞĨĞŶƐĞ DŬƚ ĂƉ /Zϯϵϵ Ϯϲ ^ĂůĞƐ /Zϴϲ ϱϰ ĂŶŐĂůŽƌĞ / / /ŶĐ ϭϵϱϰ ^ŚĂƌĞƐ Ϯ Ϯϯϰ &ůžăƚ ϳϭϱD K, Ͳϰй ϱ ϴϴ ϱ Ϯϵ Up/Down Volume and /D rating numbers improving Solid PS Rank ϰ ϳϭ >K' &ŝǆğěͿ RO improving for 16% in FY2015 to 18% in FY2017 ϯθϭ ϯϰϭ ϯϭϭ ϮϲϬ ϮϰϬ ϮϮϬ нϱθй ϭϵϭ ϭϳθ ϳϱ ϭϳϭ нϭ ϴϱϬ нϰϰй ϭϱϭ нϯϭй ϭϭϭ ͲϮϰй ͲϮϵй ͲϮϵй ͲϮϵй ϵϭ ϴϬ ϳϬ ϰ ϭϯ ϯ ϱϯ Bharat lectronics td (B) is a major supplier of products and turnkey systems to the Indian Defence Forces. The Company s huge order book of IR 410B entails multi-year revenue visibility. Company Overview B is an aerospace and defense company, a majority of which is owned by the Government of India. Products include command and control systems, weapons systems, tank electronics, avionics, electronic warfare (W), electro optics, naval systems, and radar and communications. In the non-defense sector, B s products include electronic voting machines, tablet PCs, integrated circuits, solar products and systems, and semiconductor devices. O eil Methodology fter delivering better-than-expected Q2 FY 2018 results, the stock broke out of a seven-week cup to an all-time high. The stock s technical ratings have been stable, with an RS Rating of 66, /D Rating of B, and Up/Down Volume ratio of 1.4, signifying strong demand. Over the past three years, B has grown earnings and sales an average of 9% and 18%, y/y, respectively. The Company s consistent earnings growth is reflected its PS Rank of 80. In Q2 FY 2018, B reported 38% y/y growth in revenues and 19% y/y growth in net profit, both ahead of consensus expectations. This was driven by strong order execution and operational efficiency. Growth Drivers India has the third-largest armed forces in the world, with an annual budget of about $38B, of which 40% is used for capital acquisition. 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The Department of Industrial Policy & Promotion launched its Make in India program in September 2014 and has issued 116 industrial licenses. Make in India stipulates that 30 50% of armament purchase value should be spent on Indian-made components, sub-systems, and products, building an ecosystem of domestic component suppliers, of which B would be a leading provider. The Company is negotiating an order worth IR 70B with the Indian ir Force. Management expects to complete negotiations in the next two to three months. Such an order would boost the Company s existing large orders and help achieve a guided revenue growth of 12 15% going forward. ooking Forward Management expects sales growth of 15% y/y and to win orders of IR 130B 150B in FY 2018. Management is also confident that they can achieve BITD margin of at least 17 18% in FY 2018. ext Catalyst: The Company s Q3 FY 2018 results expected to be announced on January 31, 2018. -94- ocal Code: I:B Bloomberg Symbol: BH:I ISI: I26301024

Bharat lectronics IDI BHRT CTROICS (BH.I) S ROSPC/DFS 2.46B 810.81M SHRS RIGS BUSISS: +91 80 2503 9300 http://www.bel-india.com MGMT owns X-DIV SC BHRT CTROICS IMITD IS GGD I DSIG, MUFCTUR SOR PHOTOVOTIC SYSTMS. ITS ODFS PRODUCTS ICUD PRIC = D SUPPY OF CTROICS PRODUCTS/SYSTMS FOR TH DFS TURKY SYSTM SOUTIOS; CIVII RDRS; -GOVRC 10 X PS RQUIRMTS, S W S FOR ODFS MRKTS. TH SYSTMS, D HOMD SCURITY. ITS OTHR RG OF PRODUCTS COMPY'S PRICIP PRODUCTS/SRVICS ICUD WPO ICUD CTROIC VOTIG MCHIS, COMMUICTIO QUIPMT, SYSTMS, RDR D FIR COTRO SYSTMS, D COMMUICTIO. RDR WRIG RCIVR D CSIGS. IT OFFRS CTROIC ITS DFS PRODUCTS ICUD DFS COMMUICTIO; RDRS; MUFCTURIG SRVICS I RS OF PRITD CIRCUIT BORD V SYSTMS; COMMD, COTRO, COMMUICTIOS, COMPUTRS, SSMBY D TSTIG; PRCISIO MCHIIG D FBRICTIO; 50.00 D ITIGC SYSTMS; WPO SYSTMS; TCOM D OPTO CTROICS COMPOTS D SSMBIS, D OFFSTS, 48.00 BRODCST SYSTMS; CTROIC WRFR; CTRO OPTICS, D MOG OTHRS. 46.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 44.00 PS IR (MR.) 6.76 +14% 7.78 +15% 2.85 2.79 3.33 3.21 3.45 3.60 4.53 5.07 5.94 42.00 CF/SHR IR 3.81 3.03 3.68 3.95 4.26 4.23 5.52 5.73 5.52 RIGS GROWTH RT SS GR RT 40.00 2015-17 +17%(2 STBIITY) +9% 23.3 20.0 21.1 19.0 18.7 18.5 21.3 24.0 23.2 38.00 PRTX MRGI, % 36.00 34.00 32.00 30.00 28.00 26.00 24.00 U W K Y RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 20.9 +13 47469 68 17.6 +13 53645 64 18.3 +5 56266 67 15.5 +3 57920 67 14.8 +6 61509 66 13.9 +4 65179 59 15.6 +12 70926 62 16.2 +6 73538 62 17.9 +18 86540 48 3827 3653 3539 3728 3853 3465 3490 3803 4473 2.1 +20 60 50 1.9 +19 56 62 1.8 +33 61 63 1.5 +10 57 69 1.4 +11 50 75 0.9 +5 41 103 1.0 +5 42 102 1.2 +16 47 109 0.8-32 27 146 2013-17 +14%(4 STBIITY) COMPOSIT RTIG IVT T/O FOT MKT CP IR 373.09BI. SS IR86.54 BI IDI PS RTIG IC 1954 80IR151.85(OH -21%) Down 0.58% Since ddition PRIC SC 600 500 480 460 440 420 400 380 +8% R M O V D 360 340 1.4x 16 320 DBT % 2015-17 0%: 0%: 0.22% 21%: 24%: 24% TX RT 15-17 : : BCKOG 15-17 5.13 X '17 BK.V R&D 0.1% DIV 2.55(1.6%) DIV GR RT+56% (44) BT 1.42(26) PH -0.07(-0.05) 300 280 260 240 0IBOM500 Global Focus M IR162.5 20.00 19.00 220 200 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 7.00 70 27 6.00 60 5.00 4.80 4.60 4.40 4.20 50 48 46 44 42 4.00 3.80 40 38 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 2.60 3/1 10/1 26 11/10 24 VOUM 40 M 20 M 10 M 5M MR Q -20% BOW ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 3.60 +4% 4.53 +26% 5.07 +12% 65178.6 70926.3 73537.7 +17% 86539.8 5.94 +6% 14.6% +9% 16.9% +4% 18.2% +18% 17.6% FUD/SHRS (000) 8-9 54/174M DC 13 7-10 71/184M MR 14 8-17 105/243M JU 14 12-17 113/257M SP 14 13-22 136/294M DC 14 17-27 18-24 171/265M MR 15 171/264M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Capital quipment: erospace/defense 18-26 170/253M SP 15 20-25 201/283M DC 15 18-25 213/282M MR 16 18-22 214/291M JU 16 19-21 207/284M SP 16 19-24 211/287M DC 16 20-25 231/355M MR 17 '13-18 P..'S OW OW HI ST 23-28 263/369M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -95-1M JU Q -0.10 RTUR O QUITY T4Q P OW-HIGH 2M SP 17 DC 17 7X 29X 28X MR 18 TM DTGRPHS 2/2/2018

MYSI ^ĐŝĞŶƚĞǆ ^d y Dz W^ ϳ ǆ ϭ ϴϲ ϭ ϳϭ ϭ ϱϳ ϭ ϰϯ ǁǁǁ ƐĐŝĞŶƚĞǆ ĐŽŵ ŵǉ ŽŶƚĂŝŶĞƌƐ WĂĐŬĂŐŝŶŐ h > Ͳ :h> W^ DzZ ^, &>Kt ^,Z DzZ ϭ ϭϰ WZ d y D Z'/ й Z dhz K Yh/dz й ^ > ^ й, ' ϮϬϬϱ Ϭ ϭϯ ϮϬϬϲ Ϭ ϭϱ ϮϬϬϳ Ϭ ϭθ ϮϬϬϴ Ϭ Ϯϰ ϮϬϬϵ Ϭ ϭϳ ϮϬϭϬ Ϭ Ϯϴ ϮϬϭϭ Ϭ ϯϲ ϮϬϭϮ Ϭ ϯϵ Ϭ Ϯϲ ϳй Ϭ ϯθ ϴй Ϭ ϯϭ ϲй Ϭ Ϯϰ ϵй Ϭ Ϯϰ ϴй Ϭ ϯθ ϭϭй Ϭ ϰθ ϭϯй Ϭ ϱϭ ϭϯй ϭϭй ϰϵй ϭϭй ϭϲй ϭϯй ϱй ϭϱй ϳй ϭϭй ͲϮϮй ϭϱй ϯϲй ϭθй ϭϲй ϭϳй ϭϭй ϱϭθ ϱθϲ ϲϭϯ ϲϱϳ ϱϭϭ ϲϵϱ ϴϬϰ ϴϴϭ ϮϬͲ:ƵŶ ϮϳͲ:ƵŶ ϱϱ ϱϱ ϭϭϭ ϵϵ ϰͳ:ƶů ϱϯ ϭϭϭ ϭϭͳ:ƶů ϱϰ ϭϯϯ ϭθͳ:ƶů ϱϰ ϭϰϯ ϮϱͲ:Ƶů ϱϱ ϭϰϵ ϭͳ ƵŐ ϱϲ ϭϱϲ Ϭ ϴϲ ^ > ^ D/>Ϳ DzZ Ϭ ϳϭ Ϭ ϲϲ d 'Z W, Z d/' s' />z sk> ϬϬϬͿ Ϭ ϲϭ Ϭ ϱϵ Ϭ ϱϰ hw Kt sk>hd Ϭ ϴ Ϭ ϴ Ϭ ϴ Ϭ ϱ Ϭ ϱ Ϭ ϲ Ϭ ϲ hd /^d Z d/' Z > d/s ^dz 'd, ϭϯ ϰϭ ϳϮ ϭϭ ϯθ ϰϲ Ϯ ϯϱ ϯθ ͲϭϬ ϯϳ ϰϯ Ͳϭϳ ϯϲ ϰϯ ͲϮϱ ϯϰ ϱϭ Ͳϯϲ ϯϰ ϱϭ Ϭ ϰϵ DŬƚ ĂƉ DzZϭ ϰϰ ^ĂůĞƐ DzZϭ ϱϱ ^ŚĂŚ ůăŵ D > z^/ /ŶĐ ϭϵθϲ 'ZKhW Z < ϮϬϭϰ ƐƟŵĂƚĞ ϮϬϭϯ Ϭ ϱϭ K, Ϭй Strong estimates >K' &ŝǆğěͿ o overhead supply ϮϬϭϱ ƐƟŵĂƚĞ Ϭ ϲϲ Ϯϵйź Ϭ ϳϰ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ϭϯй ϮϬϭϮͲϭϰ 6WDOW\ ϭϵй ϮϬϭϬͲϭϰ 6WDOW\ ϰϭй KDW Z d/' Breaks out of consolidation on 2.7x the average weekly volume Ϭ ϳϲ ϭϱйź ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ ^DZ Z d/' ϱϯ d ϱϰ ϭ Ϭϰ ϲϭ ϬϬͿ Ϭ ϵϱй ϭθй Ϯϳй ϮϮй Good growth rates < s > Ϯ Ϭϱǆ Ζϭϯ /s 'Z Zdнϭϵй ϮϬͿ ϴ ϳ DzZ ϲ Ϯϱ нϭ ϮϱϬ нϰ ϭϳй ϰ Ϯ ϯ ϴ >W, Ϭ Ϭϯ ͲϬ ϬϯͿ ϯ ϰ ϯ 40-Week M ϱϯ Ϯ Good PS rank Ϭ Ϯϳ 10-Week M High up/down volume Ϭ Ϯϰ Ϯ ϲ Ϯ ϰ Ϯ Ϯ ϭ ϵ ϭ ϳ R/S line near highs Ϭ Ϯϭ ϭ ϱ ϭ ϯ ϭ Ϯ ϭ ϭ Ϭ ϭϵ Ϭ ϭϳ Ϭ ϭϲ Scientex Berhad (STX.MY) is a leading property developer and industrial packaging manufacturer in Malaysia. The Company continues to benefit from the new plant expansion and land acquisitions. ϵ ϱ ϰ ϲ Ϭ ϰϯ Ϭ ϯϳ Ϭ ϯϰ Ϭ ϯϭ ϭϭ ϲ Ϯ ϭй ϭϳй WZ/ ϭϯ ϭϯ ϭϭ ϭ ϮϮϵ /s d K ϴ ϵǆ ϳϬ ϮϬϭϭͲϭϯ ϴͲ ƵŐ ϭϯͳ ƵŐ d й ϮϬϭϭͲϭϯ ϲϯ ϲϯ d y Z d ϮϬϭϭͲϭϯ ϭθϱ ϭϵϯ <>K' ϭ ϭ ϭ Ϯ Z Θ Ͳϭϭ ϭϭ /s DzZ Ϭ ϭϳ Ϯ ϳйͿ ϰϲ ϱϭ ^ŚĂƌĞƐ ϮϯϬD &ůžăƚ ϭϭϭd D'Dd ŽǁŶƐ ^ / d y Z, /^ /s ^dd d,k> /' KDW z ' ' / > dd/' K& WZKW Zd/ ^ WZKs/^/K K& D ' D d ^ Zs/ ^ d, KDW z KW Z d ^ / dtk ^ 'D d^ WZKW Zdz ^ 'D d D h& dhz/' ^ 'D d t <>z Source: Corporate Website hz^ D > z^/ ǆđś Dz>ϰϳϯϭKKϬϬϱ нϲϭ ϯ ϱϱϭϵ ϭϯϯϱ W^ ZĂŶŬ ϵϯ ϭ Ϯϵ ϭ ϬϬ Scientex Ϭ ϭϰ ϭ Ϭ ϭϯ Ϭ ϵ Ϭ ϭϭ Ϭ ϴ Ϭ Ϭϵϵ Ϭ ϳ Ϭ ϲ Ϭ Ϭϴϱ Solid PS and revenue growth Ϭ Ϭϲϴ Ϭ ϬϲϮ Ϭ ϰθ Ϭ ϰϰ >K' Company Overview Scientex is one of the leading producers of polypropylene strapping band and consumer packaging products in sia. It is also one of the top three manufacturers of industrial stretch film globally, with a production output of 150,000 metric tons per annum (mtpa). It has manufacturing facilities in Malaysia, Vietnam and the U.S. and sales and marketing arms in Japan, Indonesia, and Singapore. Its products are exported to more than 60 countries. Q1 FY 2018 revenues by segment: manufacturing, 71%; property, 29%. O eil Methodology Scientex has been consolidating over the last three months. The stock is trading close to its 50-DM. It has stable technical ratings, with an RS Rating of 75, an /D Rating of, and an Up Down volume ratio of 2.2. In Q1 FY 2018, the Company s revenue and net profit grew 23% and 39% y/y to MYR 658.7M and MYR 72.4M. PS for the quarter stood at 14.97 sen, growing 32% y/y, strengthening its PS Rank to 97. In FY 2017, the Company launched 16 new projects worth MYR 616.9M, mainly for affordable residential segments, and has unbilled sales of MYR 500M, which will be recognized in the next two to three years. ϭd sk>hd ϵϱϯ ϯ< ϯϭϭ< нθϯй ϱϭ< Ξ :,//,$0 2 1(,/ &2,1& :h> Ϭϵ K d Ϭϵ &/ / >^ Ϭ Ϭϳ Ϭ Ϭϲ W^ DzZͿ ͲϯϬй нϭϭϭй W^ й, ' ϭϯϰ ϴ ϭϲϰ ϵ ^ > ^ D/> DzZͿ ͲϮϬй нϳй ^ > ^ й, ' : ϭϭ Ϭ Ϭϲ нϭϭϭй ϭϱθ ϳ нϰϳй WZ ϭϭ Ϭ Ϭϴ нϲϭй ϭϳϵ ϱ нϱθй :h> ϭϭ Ϭ Ϭϴ нϭϰй ϭθϲ ϲ нϭϯй : ϭϭ Ϭ Ϭϵ нϱϭй ϭϵϰ ϵ нϯϯй WZ ϭϭ Ϭ Ϭϵ нϭϯй Ϯϭϳ ϯ нϯϭй :h> ϭϭ Ϭ ϭϭ нϯϱй ϮϬϱ Ϯ нϳй K d ϭϭ Ϭ ϭϭ нϯϱй Ϯϭϯ ϴ нϭϱй : ϭϯ Ϭ Ϭϵ Ϭй Ϯϭϰ ϱ нϭϭй WZ ϭϯ Ϭ Ϭϵ Ϭй ϮϮϲ ϴ нϰй :h> ϭϯ Ϭ ϭϭ нϭϭй ϮϮϲ Ϭ нϭϭй K d ϭϯ Ϭ ϭϯ нϯϭй Ϯϰϭ ϲ нϭϯй : ϭϯ Ϭ ϭϯ нϯϯй Ϯϳϭ ϭ нϯϲй WZ ϭϯ Ϭ ϭϰ нϱϲй ϯϰϱ ϭ нϱϯй :h> ϭϯ Ϭ ϭϰ нϯϳй ϯϳϭ Ϯ нϲϰй K d ϭϯ Ϭ ϭϯ нθй : ϭϰ Ϭ ϭϱ нϯϱй WZ ϭϰ Ϭ ϭϲ нϭϰй ϯϲϰ ϴ нϱϭй ϯθϯ ϱ нϰϭй ϰϯϲ ϴ нϯϰй W^ й ^hzwz/^ ϰ ϰ ϰ ϰ ϰ ϰ ϰ ϳ ϳ ϳ ϳ ϲ ϲ ϵ ϭϭ ϭϵ Ϯϰ Ϯϲ &h ^ ϭ ϭϲϭ ϰϳϰ ϭ ϭϲϭ ϰϳϰ ϭ ϭϲϭ ϰϳϰ ϭ ϭϲϭ ϰϳϰ ϭ ϭϲϭ ϰϳϰ ϭ ϭϲϭ ϰϳϰ ϭ ϭϲϭ ϰϳϰ ϭ ϱθϯ ϭϳϰ ϭ ϱθϯ ϭϳϰ ϭ ϱϱϵ ϯϳϰ ϭ ϱϲϭ ϴϳϰ ϭ ϱϯϯ ϴϳϰ ϭ ϱϯϲ ϭϳϰ ϭ ϲϱϳ ϵϰϭ ϭ ϱϭϲ ϬϰϬ ϭ ϴϱϱ ϱϰϭ Ϯ ϴϯϮ ϲϰϭ ϳ ϳϭϯ Ϯϭϯ ^, Z ^, > z &h ^ Ϯϱ ϲ ϳϰϰ Ϯϭϯ Ϯϳ ϴD ϮϬϭϰ t/>>/ D KΖ /> н K / ϭϵϭ ϳ нϰϯй K d ϭϭ Ϭ Ϭϴ нϯϯй :h> ϭϰ W ϭϭ ϮϬϭϱ Ɛƚ ϴ ϱͳǉƌ,ŝőś ϭϯ ϱͳǉƌ >Žǁ ϱ ǀƐ /ŶĚ ǀŐ Ϭ ϲǆ ^ / d y ^d y DzͿ tğğŭůǉ ĂƐ ŽĨ t ϭϯ ƵŐƵƐƚ ϮϬϭϰ ϭϯ ƵŐƵƐƚ ϮϬϭϰ Growth Drivers On ugust 9, 2017, the Company purchased 65.3 acres of land in Rawang, Selangor for MYR 85.4M. The purchase will increase its land bank to 2,700 acres and will create a pipeline of projects worth approximately MYR 9B in gross development value (GDV) over the next 10 years. Scientex announced a capital expenditure of $25M to setup a new stretch film manufacturing plant in rizona, U.S, on ovember 10, 2016. The new plant will house two stretch film lines with a capacity of about 30,000 mtpa and is commencing operations in January. s of December 2016, Scientex completed its expansions in BOPP film manufacturing and the setup of its new CPP film plant. The BOPP film plant strengthened its capability to supply flexible packaging films to packaging converters. Management is paying a dividend of 16 sen for FY 2017, which includes an interim dividend of 6 sen per share. The Company has a dividend policy to distribute at least 30% of net profit to shareholders. ooking Forward In FY 2018, the Company plans to launch more affordable homes and expects to surpass last year s new launches, valued at MYR 620M. ext Catalyst: The Company s Q2 FY 2018 results to be reported on March 26. -96- ocal Code: 4731 Bloomberg Symbol: SCI:MK ISI: MY4731OO005

Scientex MYSI SCITX KS (STX.MY) COTIRS/PCKGIG 488.93M 278.69M SHRS RIGS BUSISS: +60 3 5519 1325 http://www.scientex.com.my MGMT owns X-DIV SC SCITX BRHD IS PRODUCR OF IDUSTRI STRTCH FIM. SGMT IS I TH BUSISS OF COSTRUCTIG D DVOPIG PRIC = TH PRICIP CTIVITIS OF TH COMPY R IVSTMT RSIDTI, COMMRCI D IDUSTRI PROPRTIS D 10 X PS HODIG D PROVISIO OF MGMT SRVICS. TH COMPY'S PROPRTY MGMT. TH COMPY'S SUBSIDIRIS, ICUDIG OPRTS THROUGH TWO BUSISS SGMTS: MUFCTURIG D SCITX QUTRI SD. BHD., SCITX IDUSTRIS GROUP SD. PROPRTY DVOPMT. TH MUFCTURIG SGMT IS MIY I BHD., SCITX PCKGIG FIM SD. BHD. D SCITX POYMR 4.20 TH BUSISS OF MUFCTURIG OF VRIOUS PCKGIG PRODUCTS SD. BHD., R GGD I PROPRTY IVSTMT D 4.00 D MUFCTURIG OF MTRIS FOR UTOMOTIV ITRIOR. DVOPMT, D MUFCTURIG POYVIY CHORID (PVC) 3.80 ICUDD I THIS SGMT IS SO TH SS D MRKTIG OF FIMS D SHTS, D TRDIG OF PCKGIG RTD 3.60 MITIG POYURTH DHSIVS. TH PROPRTY DVOPMT MTRIS, MOG OTHRS. 3.40 3.20 3.00 2.80 2.60 2.40 2.20 1.80 U W K Y PS MYR (JU.) CF/SHR MYR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI MYR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 0.09 0.12 8.0 10.4-22 509.7 48 2010 0.14 0.19 9.9 15.3 +36 694.8 48 2011 0.18 0.24 11.9 17.5 +16 804.0 48 2012 0.20 0.25 12.1 16.9 +10 881.0 44 175 192 181 151 2.9 +26 76 65 2.4 +20 77 72 2.4 +12 79 81 1.6 +13 73 82 FOT MKT CP MYR 4.25BI. SS MYR2.53 BI MYSI PS RTIG 97 IC 1986 MYR8.69(OH -11%) PRIC SC 46 44 42 40 Up 178.08% Since ddition 38 36 34 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 0.68 +25% 0.76 +11% 0.26 0.34 0.35 0.53 0.55 0.37 0.42 0.48 0.65 0.67 RIGS GROWTH RT SS GR RT 2015-17 +21%(7 STBIITY) +15% 11.5 11.5 12.0 13.6 12.9 19.1 22.1 19.1 22.8 18.9 2013-17 +24%(6 STBIITY) +20% +40 +29 +13 +22 +9 COMPOSIT RTIG IVT T/O 5.7x 57 1229.0 1590.5 1801.7 2201.0 2403.2 51 47 39 47 44 DBT % 2015-17 8%: 20%: 11% 161 158 155 162 157 27%: 20%: 19% TX RT 15-17 : : 2.2 2.0 1.5 2.0 1.8 BCKOG 15-17 2.76 X '17 BK.V +36 +46 +38 +51 +47 R&D 79 73 70 72 70 DIV 0.16(1.8%) DIV GR RT+21% (6) 87 90 89 89 BT 0.23(0) PH 0.08(0.07) 32 30 28 26 24 22 20 19 18 1.70 17 1.60 16 1.50 15 1.40 0KPCOMP 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8-14% 0.70 7 70 0.60 6 0.50 0.48 0.46 0.44 0.42 0.40 0.38 0.36 5 4.8 4.6 4.4 4.2 4 3.8 Global Focus M MYR3.1 3.6 0.34 3.4 0.32 3.2 0.30 3 0.28 2.8 0.26 2.6 0.24 2.4 0.22 2.2 0.20 0.19 2 1.9 2/1 1.8 VOUM 7M 4M 2M 1M 700 K 400 K PS (MYR) % CHG SS(BI MYR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.07 +17% 364.8 +51% 8.0% +19.3% 8-11 27/15586 DC 13 0.08 +33% 383.5 +41% 8.8% +20.3% 8-10 27/13765 MR 14 0.08 +14% 426.8 +24% 8.5% +20.4% 8-10 35/15291 JU 14 0.11 +57% 415.4 +12% 11.8% +22.1% 8-8 38/16975 SP 14 0.07 0% 431.1 +18% 7.0% +21.2% 8-11 50/27959 DC 14 0.08 0% 462.9 +21% 7.8% +20.7% 9-11 0.10 +25% 455.2 +7% 9.4% +20.5% 9-9 45/27722 MR 15 45/23185 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Capital quipment: Containers/Packaging 0.11 0% 452.5 +9% 10.8% +19.1% 9-10 47/24870 SP 15 0.13 +86% 550.6 +28% 11.1% +21.2% 8-9 49/27488 DC 15 0.14 +75% 545.4 +18% 11.8% +23.4% 7-11 57/33183 MR 16 0.13 +30% 543.9 +19% 11.3% +23.5% 10-13 60/35217 JU 16 0.12 +9% 561.1 +24% 9.6% +22.7% 10-12 61/44027 SP 16 0.11-15% 534.7-3% 9.7% +20.7% 11-13 60/41896 DC 16 0.14 0% 586.2 +7% 11.1% +20.0% 12-14 66/42989 MR 17 0.14 +8% 636.2 +17% 10.5% +19.1% 13-17 72/43242 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -97-0.15 +25% 646.1 +15% 11.2% +18.8% 14-16 75/45773 SP 17 0.15 +36% 658.7 +23% 11.0% +19.5% '13-18 P..'S OW OW HI ST 76/45544 DC 17 6X 15X 17X MR 18 TM DTGRPHS 2/2/2018

TIW ŚƌŽŵĂ ƚğ D dt &K ϮϬ ǆ Source: Corporate Website Chroma te d /t ǆđś dtϭϭϭϯϯϲϭϭϭϱ нθθϲ ϯ ϯϯϳ ϵϵϵϵ W^ ZĂŶŬ ϴϱ ĐŚƌŽŵĂĂƚĞ ĐŽŵ ůğđƚƌŝđăůͳwžǁğƌ ƋƵŝƉŵƚ DŬƚ ĂƉ dt ϯϳ ϬϬ ^ĂůĞƐ dt ϭϭ ϰϭ <ƵĞŝͲ^ŚĂŶ,ƐŝĂŶŐ d /t IURP 3YRW Q :HH Improving /D and high up/down volume K, ͲϮй >K' &ŝǆğěͿ WZ/ ϯθϭ,zkd d / /^ d /t Ͳ ^ KDW z WZ/ /W >>z ' ' / d, D h& dhz ^ > K& WZ /^/K > dzk/ ^ d ^d/' /^dzhd d^ hdkd d/ d ^d/' ^z^d D d^Ϳ WZK h d^ h > Ͳ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ƐƟŵĂƚĞ ϮϬϭϳ ƐƟŵĂƚĞ ϰ ϯθ ϯ ϬϬ Ϯ ϯϯ ϰ ϴϲ ϰ Ϭϲ Ϯ ϰϲ ϯ Ϯϭ ϯ ϱϭ ϯ Ϯϴ W^ dt ϰ ϯϲ ϯϯйÿ ϱ Ϯϱ ϮϬйŸ ^, &>Kt ^,Z dt ϱ ϯϵ ϯ ϲθ ϯ ϬϮ ϱ ϵϭ ϱ Ϭϳ ϯ ϱϭ ϰ Ϭϭ ϰ ϱϰ ϰ Ϯϳ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ WZ d y D Z'/ й ϭϲй ϭϭй ϵй ϭϰй ϭϯй ϭϭй ϭϰй ϭϱй ϭϱй ϮϬϭϰͲϭϲ ϭϭй ϲ ^ƚăďŝůŝƚǉͿ Ϯй Z dhz K Yh/dz й Ϯϳй ϭθй ϭϰй Ϯϲй ϮϬй ϭϯй ϭϱй ϭϱй ϭϯй ϮϬϭϮͲϭϲ ϰй ϭϲ ^ƚăďŝůŝƚǉͿ Ͳϲй ^ > ^ й, ' ϰθй Ͳϯй Ͳϭϭй ϯϲй Ͳϱй Ͳϭϴй Ͳϭϯй ϭй Ͳϲй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ dt ϭϯ< ϭϯ< ϭϭ< ϭϱ< ϭϰ< ϭϯ< ϭϭ< ϭϭ< ϵ ϲϵϯ /s d K Ϯ ϵǆ Ϯϳ t <>z ĞĐ ϯϭ :ĂŶ Ϭϲ :ĂŶ ϭϯ :ĂŶ ϮϬ :ĂŶ Ϯϳ &Ğď Ϭϯ &Ğď ϭϭ &Ğď ϭϳ &Ğď ϮϮ d й ϮϬϭϯͲϭϱ ϭϭй Ϯϳй ϯϯй d 'Z W, Z d/' ϱϭ ϱϯ ϲϲ ϲϱ ϲϱ ϲϲ ϲϯ ϲϱ ϲϵ d y Z d ϮϬϭϯͲϭϱ ϭϳй ϭϱй ϭϵй s' />z sk> ϬϬϬͿ ϳϭϳ ϱϯϰ ϱϳθ ϱϯϭ ϱϯϲ ϱϲϳ ϱθϲ ϲϳϯ ϴϳϯ <>K' ϮϬϭϯͲϭϱ ϵ ϬϬй < s > ϯ ϰϲǆ Ζϭϱ hw Kt sk>hd Ϭ ϵ Ϭ ϵ ϭ Ϯ ϭ ϰ ϭ ϳ Ϯ ϭ Ϯ ϰ Ϯ ϯ ϯ ϰ Z Θ hd /^d Z d/' ϭϯ ϯϯ ϯϱ ϯϱ ϯϱ ϰθ ϱθ ϱϭ ϲϵ /s dt Ϯ ϯϳ Ϯ ϴйͿ /s 'Z ZdͲϲй ϭθͿ Ϭ ϲϳ ϵ ϬϬͿ >W, Ϭ Ϭϳ Ϭ ϬϱͿ Z > d/s ^dz 'd, ϲϯ ϲϱ ϳϯ ϳϮ ϳϭ ϲϳ ϲθ ϳϭ ϴϮ d 'ZKhW Z < ϲϱ ϰϯ ϯϲ Ϯϲ Ϯϴ Ϯϲ ϮϮ ϮϮ ϱϭ ϮϬϭϱ DW>Kz ^ Ϯ Ϯϰϳ ϮйͿ Chroma T manufactures precision electronics testing instruments and automatic testing system products. Increasing demand for semiconductor testing equipment will continue to drive the Company s growth. ^ŚĂƌĞƐ ϯϵϭd &ůžăƚ ϯϲϲd D'Dd ŽǁŶƐ ϯϰϭ Minimal overhead supply Increased estimates ϯϭϭ ϮϲϬ ϮϰϬ ϮϮϬ ϭϵϭ Strong break out to new highs from over two year long consolidation 40-Week M ϭϳϭ ϭϱϭ ϭϯϭ ϭϯϭ ϭϭϭ ϭϭϭ ϵϰ ϵϭ dt нϳ ϵϭ нϵ Ϭϴй ϵϭ ϴϬ ϳϬ ϲϭ 10-Week M ϴϮ н ϱϭ ϰϲ ϰϯ ϯθ Company Overview Chroma s products include power and electronic tests, video and color tests, passive component tests, CD/CM tests, and photo-voltaic tests. Q3 2017 sales by segment: testing equipment, 74%; new material, 13%; modular assembly system (MS), 9%; other, 4%. O eil Methodology The stock is trading constructively above its 50-DM and is extended. We recommend holding it, as it has strong technical profile, with an RS Rating of 93 and /D Rating of -. Sales and PS grew an average of 7% and 15%, y/y, respectively, over the past three years. PS Rank is 85. In Q3 2017, revenues grew 10% y/y to TWD 3.9B, driven by 184% y/y growth in MS revenues and 142% y/y revenue growth in semiconductor solutions. Diluted PS in the latest quarter grew 46% y/y to TWD 2.08, led by a 300bps expansion in gross profit margins and a seven-fold increase in subsidiaries income. Growth Drivers Chroma has headroom to increase its business exposure further in China, which contributes about 50% to its top line. The Company, through its complete line of testing equipment for motor control, direct/direct power conversion, charger, and battery pack can cater to China s electric vehicle market, which is still nascent. In light of increasing demand for turnkey testing/packaging and automated manufacturing solutions due to increasing labor costs, there is strong growth potential for Chroma s turnkey solution products and MS. ϯϰ Sharp improvement in R/S with best /D rating ϯϭ Ϯϲ Ϯϰ ϮϮ ϭϵ Strong volume supporting move ϭϳ ϭϱ ϭϯ ϭϯ Sponsorship at highs >/ sk>hd ϮϭD ϭϱd ϭϭ ϴD ϵd нϰϲϵй Ϯ&/ / >^ :ƵŶ ϭϯ ^ĞƉ ϭϯ ϯ W^ dt Ϳ Ϭ ϳϲ Ϭ ϴϰ й W^ й, ' ͲϰϮй ͲϯϮй ϴ^ > ^ D/> dt Ϳ ϯ Ϭϴϵ ϴ ϯ ϮϯϬ ϰ й^ > ^ й, ' ͲϮϱй Ͳϴй ĞĐ ϭϯ Ϭ ϱϯ нϭϱй Ϯ ϲϯϳ ϭ Ͳϭϰй DĂƌ ϭϯ Ϭ ϱθ нϳϲй Ϯ ϭϲϲ ϵ ͲϮϰй :ƵŶ ϭϯ ϭ ϭϰ нϱϭй Ϯ ϴϴϴ ϭ Ͳϳй ^ĞƉ ϭϯ Ϭ ϳϰ ͲϭϮй Ϯ ϲθϯ ϳ Ͳϭϳй й W^ й ^hzwz/^ Ͳϭϭ Ϭй Ͳϴ ϴй ϵ&h ^ ϭϭϯ ϵϰ ϵ^, Z ^, > z &h ^ ϭϯϯd ϭϭθd Ͳϳ ϲй ϭϭϵ ϭϯϲd Ͳϲ ϱй ϭϭϱ ϭϯϯd нϰϯ Ϭй ϭϭϱ ϭϭϵd ͲϮϵ ϴй ϭϭϵ ϵϵd Π ϮϬϭϳ t/>>/ D KΖ /> н K / ĞĐ ϭϯ Ϭ ϳϱ нϰϯй Ϯ ϰϯϭ ϵ Ͳϳй DĂƌ ϭϰ Ϭ ϰθ Ͳϭϳй Ϯ ϬϬϲ ϭ Ͳϳй :ƵŶ ϭϰ Ϭ ϴϵ ͲϮϮй Ϯ ϲϯϳ ϱ Ͳϵй ^ĞƉ ϭϰ ϭ ϯϭ нϳϲй ϯ Ϭϲϲ ϯ нϭϰй ĞĐ ϭϰ Ϭ ϴϱ нϭϯй Ϯ ϲϭϳ Ϯ нϳй DĂƌ ϭϱ Ϭ ϯϯ Ͳϯϭй ϭ ϵϯϯ ϴ Ͳϰй ϭϭϰ ϵϰd Ͳϭϲ ϱй ϭϭϵ ϭϭϯd Ͳϵ ϴй ϭϯϭ ϭϯϲd нϱ ϰй ϭϱϰ ϭϰϯd Ͳϭϰ ϯй ϭϱϰ ϭϰϲd Ͳϰϴ ϲй ϭϱϱ ϭϰϯd :ƵŶ ϭϱ ϭ Ϭϭ нϭϯй Ϯ ϳϬϵ ϱ нϯй ^ĞƉ ϭϱ ϭ Ϯϴ ͲϮй Ϯ ϰϵθ ϭ Ͳϭϵй ϭϯϭ ϭϯϭd Ͳϰ ϰй ϭϯϰ ϭϯϲd ĞĐ ϭϱ Ϭ ϲϲ ͲϮϮй Ϯ ϱϲϭ ϭ ͲϮй DĂƌ ϭϲ Ϭ ϴϱ нϭϱθй Ϯ ϲϭϭ ϭ нϯϲй ϭϰϭ ϭϯϵd нϭϭϲ Ϯй ϭϰϱ ϭϯθd :ƵŶ ϭϲ ϭ ϭϳ нϭϲй Ϯ ϲθϯ Ϯ Ͳϭй ^ĞƉ ϭϲ ϭ ϱϯ нϭϵй ϯ ϱϱϳ Ϭ нϰϯй ĞĐ ϭϲ Ϭ ϵϭğ нϯϲйğ Ϯ ϳϯϱ ϳĞ нϳйğ DĂƌ ϭϳ ϭ ϬϲĞ нϯϱйğ Ϯ ϲϵϵ ϱğ нϯйğ :ƵŶ ϭϳ ϭ ϯϯğ нϭϯйğ ϯ ϭϭϰ ϯğ нϭϲйğ ^ĞƉ ϭϳ ϭ ϳϲĞ нϭϲйğ ϯ ϲϵϭ ϬĞ нϰйğ W Ϯϭ ϮϬϭϳ Ɛƚ ϭθ Ϭ ϱͳǉƌ,ŝőś ϯϯ Ϭ ϱͳǉƌ >Žǁ ϭϰ Ϭ ǀƐ /ŶĚ ǀŐ Ϭ ϴǆ ϭϰϲ ϭϰϯd ϭϲθ ϭϰϱd ϭϱϳ ϭϰθd ŚƌŽŵĂ ƚğ D dtͿ tğğŭůǉ ĂƐ ŽĨ tğě &ĞďƌƵĂƌǇ ϮϮ ϮϬϭϳ &ĞďƌƵĂƌǇ ϮϮ ϮϬϭϳ For the vertical-cavity surface-emitting laser market, the Company believes that it has the most complete line of machines for testing at the wafer, package, and module level. WISMI is already its fast-growing customer. In the mid/low end of the semiconductor testing market, Chroma has developed low-cost system-level testing equipment with a speed of 100 MHz, which is sufficient for most consumer applications. ooking Forward ccording to management, growing demand for high power electronics testing, a trend toward laser diode and analog test systems, and battery cell order delivery of its turnkey business will drive growth in Q4 2017. Continued revenue growth in the MS subsidiary will complement the growth of the Company. ext Catalyst: The Company s Q4 2017 results, expected on February 22, 2018. -98- ocal Code: T2360 Bloomberg Symbol: 2360:TT ISI: TW0002360005

Chroma te TIW CHROM T (CM.TW) TI CTRIC-POWR/QUIPMT 411.89M 366.59M SHRS RIGS BUSISS: +886 3 327 9999 http://www.chromaate.com MGMT owns X-DIV SC CHROM T IC. IS TIW-BSD COMPY PRICIPY IGHT MITTIG DIOD (D) TSTIG SOUTIOS, PHOTOVOTIC PRIC = GGD I TH MUFCTUR D S OF PRCISIO CTROICS TSTIG SOUTIOS, S W S COMPUTR PRIPHRS, MOG 10 X PS TSTIG ISTRUMTS D UTOMTIC TSTIG SYSTM (TS) OTHRS. TH COMPY DISTRIBUTS ITS PRODUCTS I BOTH PRODUCTS. TH COMPY MIY PROVIDS POWR D CTROIC DOMSTIC D OVRSS MRKTS. THROUGH ITS SUBSIDIRIS, IT TSTIG SOUTIOS, VIDO D COOR TSTIG SOUTIOS, IS IVOVD I TH MUFCTUR OF COPPR WIRS, GOD THRDS 60.00 PSSIV COMPOT TSTIG SOUTIOS, IQUID CRYST DISPY D D FR SODR JOITS, WHICH R USD FOR (CD)/IGHTIG COTRO MODU (CM) TSTIG SOUTIOS, SMICODUCTOR MTRIS, S W S UTOMTD TRSPORTTIO SMICODUCTOR/ITGRTD CIRCUIT (IC) TSTIG SOUTIOS, GIRIG BUSISS. 50.00 48.00 46.00 44.00 42.00 36.00 34.00 32.00 30.00 28.00 U W K Y PS TWD (DC.) CF/SHR TWD PRTX MRGI, % RT. O QUITY, % SS % CHG SS (TRI TWD) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 3.00 3.68 10.6 17.7-3 12228 70 2009 2.33 3.02 9.2 13.8-11 10914 74 2010 4.86 5.90 13.9 25.9 +36 14886 74 2011 4.06 5.07 12.8 19.9-5 14148 74 2012 2.46 3.50 9.8 12.1-17 11644 79 2013 3.21 4.00 13.9 14.7-13 10171 74 2014 3.51 4.54 14.8 14.8 +1 10307 77 2015 3.28 4.27 15.3 13.2-6 9692.4 77 2016 4.53 5.85 17.6 17.2 +20 11624 78 3468 3736 3486 3459 3379 3394 3159 3055 3020 1.7 +8 95 13 1.9 +18 96 16 1.7 +20 96 13 1.7 +20 96 14 1.6 +22 96 9 1.5 +17 94 18 1.3 +16 95 17 1.3 +21 94 20 1.3 +26 95 16 FOT MKT CP TWD 71.67BI. SS TWD12.46 BI TIW PS RTIG 94 TWD174.00(OH -7%) Up 83.35% Since ddition 600 2017 STIMT 2018 STIMT 6.44 +42% 7.23 +12% RIGS GROWTH RT SS GR RT 2015-17 +15%(6 STBIITY) +8% 2013-17 +13%(6 STBIITY) +1% COMPOSIT RTIG IVT T/O PRIC SC 500 480 460 440 420 400 380 3.3x 32 360 DBT % 2014-16 27%: 33%: 26% 15%: 19%: 17% TX RT 14-16 : : BCKOG 14-16 6.10 X '16 BK.V R&D 8.9% DIV 3.22(1.9%) DIV GR RT+3% (11) BT 0.86(3) PH 0.23(0.10) 340 320 300 280 26.00 260 24.00 240 0TIWGHT 22.00 220 20.00 200 19.00 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140-24% 13.00 12.00 130 120 Global Focus M TWD94.9 11.00 110 95 B+ 10.00 100 9.00 90 8.00 80 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 3.80 50 48 46 44 42 40 38 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 26 VOUM 8M 4M SP Q -44% BOW ST. PS (TWD) % CHG SS(BI TWD) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.75 +42% 2431.9-7% 11.6% +14.7% 17-22 111/94030 DC 13 0.48-17% 2006.1-7% 8.9% +13.7% 19-24 116/102M MR 14 0.89-22% 2627.5-9% 12.7% +13.2% 24-32 126/126M JU 14 1.30 +76% 3066.3 +14% 15.9% +15.0% 22-26 151/142M SP 14 0.85 +13% 2607.2 +7% 12.2% +14.7% 20-24 150/145M DC 14 0.33-31% 1923.8-4% 6.4% +13.9% 22-25 1.01 +13% 2709.5 +3% 14.1% +15.5% 17-23 150/143M MR 15 126/129M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Capital quipment: lectrical-power/quipmt 1.28-2% 2498.1-19% 19.3% +14.4% 13-20 128/126M SP 15 0.66-22% 2561.1-2% 9.8% +13.2% 17-21 133/138M DC 15 0.85 +158% 2610.1 +36% 12.3% +15.0% 15-19 139/139M MR 16 1.17 +16% 2682.2-1% 16.5% +16.7% 16-20 144/145M JU 16 1.52 +19% 3557.0 +42% 16.1% +16.4% 18-21 170/154M SP 16 0.99 +50% 2775.0 +8% 13.8% +17.1% 16-19 166/157M DC 16 0.73-14% 2775.7 +6% 10.4% +15.6% 16-22 181/156M MR 17 1.31 +12% 2984.3 +11% 17.3% +17.2% 18-21 187/162M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -99-2.19 +44% 3926.6 +10% 22.1% +18.4% DC Q 2.43 +146% '13-18 P..'S OW OW HI ST 193/179M SP 17 2M 800 K DC 17 13X 27X 32X MR 18 TM DTGRPHS 2/2/2018

IDOSI hŷŝƚğě dƌăđƚžƌɛ hdz / W^ ϭϱ ǆ ϴ Ϭ< ϳ ϯ< ϲ ϳ< ϲ Ϭ< ϱ ϯ< Source: Corporate Website ϰ ϳ< ϰ Ϭ< United Tractors (UTR.ID) is the leading and largest heavy equipment distributor with an exclusive right to distribute Komatsu products in Indonesia. The Company is expected to benefit from its leadership position in the heavy machinery and mining contracting segments. Company Overview UT is a subsidiary of stra International, supported by a network of 20 branches, 21 site supports, 10 representative offices, and 14 mine offices across Indonesia. 9M 2017 revenues by segment: mining contracting, 46%; construction machinery, 38%; mining, 12%; construction industry, 4%. O eil Methodology The stock broke out of a nine-week cup on heavy volume. The Company s 2016 pretax margin of 15% in 2016 is expected to further improve, supported by revenue growth and pricing power from the heavy machinery and mining contracting segments. Q3 2017 pretax margin rose to 19%. 2016 RO of 13% recovered from a multi-year low of 10% in 2015 and further increased to 18% in Q3 2017. In 9M 2017, revenues and net income grew 36% and 80%, y/y, respectively, driven by significant performance across all segments. Q3 2017 revenue growth accelerated to 48%, y/y. Growth Drivers In the construction machinery business, UT dominates the segment with a 36% market share as of September 2017. The construction machinery segment is the second largest contributor to the Company s revenues, at 38%. It also continues to maintain an ongoing gross margin of approximately 22% from 2011 2016. fter declining revenues from 2011 2015, the Company saw a 7% y/y increase in revenues in 2016. s of September 2017, it saw a 64% y/y surge in revenues from the construction machinery segment, primarily driven by a 73% y/y expansion in Komatsu sales volume. ϯ ϯ< ϯ ϭ< United Tractors /ŶĚŽŶĞƐŝĂ ^ ǆđś / ϭϭϭϭϭϱθϰϭϳ нϲϯ Ϯϭ Ϯϰϱϳϵϵϵϵ W^ ZĂŶŬ ϳϰ ƵŶŝƚĞĚƚƌĂĐƚŽƌƐ ĐŽŵ ŶĞƌŐǇͲ ŽĂů DŬƚ ĂƉ / ZϭϱϬ ϳϵd ^ĂůĞƐ / Zϱϳ ϵϭd :ĂŬĂƌƚĂ / K ^/ /ŶĐ ϭϵϳϯ ^ŚĂƌĞƐ ϯ ϳϯϬ &ůžăƚ ϭ ϱϯϵ W^ ƵĞ ŝŷ ϯϰ ĂǇƐ ĞͿ K, Ϭй D'Dd ŽǁŶƐ Wd h/d dz dkz^ d < /^ / K ^/ Ͳ ^ KDW z WZ/D Z/>z ' ' / d, WZKs/^/K K& D//' KdZ d/' D :KZ h^/ ^^ d/s/d/ ^ K& d, KDW z /d^ ^h ^/ / Z/ ^ Z d 'KZ/ /dk &KhZ ^ 'D d^ K^dZh d/k D,/ Zz D//' KdZ d/' K > D//' K^dZh d/k / h^dzz DKZ h > Ͳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ƐƟŵĂƚĞ ϮϬϭϴ ƐƟŵĂƚĞ ϴϰϵ ϵϭ ϭ ϭϭϯ ϳϲ ϭ ϭϭϵ ϭϭ ϭ ϲϱϳ ϬϬ ϭ ϱϰϵ ϰϱ ϭ Ϯϵϱ ϴϱ ϭ ϰϯϵ ϱϯ ϭ Ϭϯϯ Ϭϳ ϭ ϯϰϭ Ϭϯ W^ / Z Ϯ Ϭϲϲ ϰϭ ϱϰй Ϯ ϯϱϯ ϭϯ ϭϰйÿ ^, &>Kt ^,Z / Z ϭ< ϭ< ϳϬϳ Ϯϴ ϯ< Ϯ< ϯ< ϯ< ϯ< ϯ< ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ WZ d y D Z'/ й ϭϰй ϭϵй ϭϰй ϭϰй ϭϯй ϭϯй ϭϯй ϴй ϭϱй ϮϬϭϱͲϭϳ Ͳϯй ϱϵ ^ƚăďŝůŝƚǉͿ Ͳϭй Z dhz K Yh/dz й ϯϯй ϯϭй Ϯϲй Ϯϴй Ϯϭй ϭϱй ϭϱй ϭϭй ϭϯй ϮϬϭϯͲϭϳ Ͳϲй ϰϱ ^ƚăďŝůŝƚǉͿ ͲϮй ^DZ Z d/' ^ > ^ й, ' ϱϰй ϱй Ϯϴй ϰϳй Ϯй Ͳϵй ϰй Ͳϳй Ͳϴй KDW Z d/' ^ > ^ D/>Ϳ / Z ϮϴD ϮϵD ϯϳd ϱϱd ϱϲd ϱϭd ϱϯd ϰϵd ϰϲd /s d K ϰǆ ϰϭ t <>z ĞĐ Ϭϭ ĞĐ Ϭϴ ĞĐ ϭϱ ĞĐ ϮϮ ĞĐ Ϯϵ :ĂŶ Ϭϱ :ĂŶ ϭϯ :ĂŶ ϭϵ :ĂŶ Ϯϯ d й ϮϬϭϰͲϭϲ ϯ ϲй ϯй Ϭ Ϯϭй d 'Z W, Z d/' ϴϯ ϴϬ ϳϴ ϴϭ ϴϭ ϴϭ ϴϭ ϴϬ ϴϮ d y Z d ϮϬϭϰͲϭϲ Ϯϳй ϯϰй Ϯϰй s' />z sk> ϬϬϬͿ ϯ ϴϯϵ ϯ ϵθϭ ϰ ϬϴϮ ϰ ϭϱϳ ϰ ϭϲϯ ϰ Ϯϰϲ ϰ Ϭϵϯ ϰ ϬϬϮ ϰ Ϭϯϭ <>K' ϮϬϭϰͲϭϲ hw Kt sk>hd ϭ Ϯ ϭ Ϭ Ϭ ϵ Ϭ ϴ Ϭ ϵ ϭ Ϭ ϭ ϭ ϭ ϭ ϭ ϯ Z Θ < s > ϯ ϯϯǆ Ζϭϲ hd /^d Z d/' ϭϭ ϱ ϰ ͲϮ ϯ ϭ ϭϯ ϵ ϭθ /s / Z ϱϯϱ ϬϬ ϭ ϴйͿ /s 'Z Zdнϭй ϭϱͿ Z > d/s ^dz 'd, ϴϰ ϴϮ ϴϰ ϴϵ ϴϳ ϴϲ ϴϴ ϴϰ ϴϴ d Ϯ ϬϮ Ϯϭ ϬϬͿ >W, Ϭ Ϭϳ Ϭ ϬϯͿ 'ZKhW Z < ϳ ϭϭ ϭϯ ϭϯ ϭϲ ϭϯ ϴ ϭϭ ϵ ϮϬϭϲ DW>Kz ^ Ϯϳ Ϭϳϭ ϬйͿ >K' &ŝǆğěͿ WZ/ ϭϯϭ< ϭϭϭ< 5PGRDD %03 STIMTS ϭϭϭ< ϵϭ< ϴϬ< ϳϬ< ϲϭ< "RKS OUT OF I WK CSOIDTIO ϱϭ< ϰϲ< Ϯ ϴ< ϰϯ< ϰϭ ϰϯϱ -RGI RCOVRY Ϯ ϱ< Ϯ ϯ< ϯθ< нϯ ϬϮϱ ϯϰ< Ϯ Ϭ< Ϯ Ϭ< ϯϭ< ϭ ϳ< ϭ ϲ< ϭ ϱ< Ϯϲ< Ϯϰ< ϮϮ< ϴϴ ϭ ϯ< ϭ ϭ< / Z нθ Ϭϵй ϭϵ< ϭϳ< ϭ Ϭ< ϭϱ< ϴϲϲ ϳ ϴϬϬ Ϭ ϳϯϯ ϯ ϭϯ< ϭϯ< ϭϭ< ϲϲϲ ϳ ϭϭ< ϲϭϭ Ϭ ϵϭϭϭ 3TDY UPTRD I 23 FOR TWO YRS ϱϯϯ ϯ ϴϬϬϬ ϰϲϲ ϳ ϳϬϬϬ ϰϭϭ Ϭ ϲϭϭϭ ϯϯϯ ϯ ϯϭϲ ϳ ϱϭϭϭ ϰϲϭϭ 3S %03 GROWTH CCRTIO ϮϴϬ Ϭ ϰϯϭϭ >K' sk>hd ϮϬD ϴD ϴ ϱd ϱd нϭϳй :ƵŶ ϭϯ ^ĞƉ ϭϯ &/ / >^ ϯϭϲ ϲϭ Ϯϴϲ ϳϬ W^ / ZͿ ͲϮϰй ͲϮϯй W^ й, ' ĞĐ ϭϯ ϯθϵ ϵϱ нϭϭй DĂƌ ϭϰ ϰϯϯ ϲϭ нϰϭй :ƵŶ ϭϰ ϰϱϳ ϳϴ нϰϱй ^ĞƉ ϭϰ ϯϵϵ ϲϲ нϯϵй ĞĐ ϭϰ ϭϱϵ ϰθ Ͳϱϵй DĂƌ ϭϱ ϰϯθ ϲθ нϰй :ƵŶ ϭϱ ϰϳϰ ϰϱ нϰй ^ĞƉ ϭϱ ϱθϭ ϳϰ нϰϱй ĞĐ ϭϱ ͲϰϲϬ ϴϬ Ͳϯϴϵй DĂƌ ϭϲ ϭϵϱ ϴϰ Ͳϱϱй :ƵŶ ϭϲ ϯϭϭ Ϭϳ Ͳϯϳй ^ĞƉ ϭϲ ϯϰϭ ϰϭ Ͳϰϭй ĞĐ ϭϲ ϱϭϯ ϳϬ нϯϭϵй DĂƌ ϭϳ ϰϭϯ ϰϯ нϭϭϱй :ƵŶ ϭϳ ϱϭϱ Ϯϭ нϳϭй ^ĞƉ ϭϳ ϱϵϯ ϵϰ нϳϰй ϭϯ ϰϱϭ Ϯϭϲ Ϭ ^ > ^ D/> / ZͿ ϭϯ ϰd ͲϮϬй Ͳϴй ^ > ^ й, ' нϵ ϱй нθ ϲй D Z'/ &d Z d y ϭϯ ϳD нϭϲй нϭϭ ϲй ϭϯ ϵd нϭϯй нϭϭ ϯй ϭϯ ϲd нϵй нϭϯ ϱй ϭϯ ϯd нϳй нϭϭ Ϯй ϭϯ ϯd ͲϭϬй нϰ ϴй ϭϯ ϲd Ͳϵй нϭϯ ϵй ϭϯ ϯd ͲϭϬй нϭϰ ϰй ϭϯ ϯd нϭй нϭϲ Ϯй ϭϭ ϭd ͲϭϬй Ͳϭϱ ϲй ϭϭ ϳD Ͳϭϱй нϲ ϴй ϭϭ ϵd Ͳϰй нϵ ϱй ϭϭ ϯd Ͳϭϱй нϭϭ Ϯй ϭϭ ϲd нϱй нϭϲ ϭй ϭϯ ϳD нϯθй нϭϭ Ϭй ϭϱ ϴD нϯϯй нϭϯ Ϯй ϭϲ ϴD нϰθй нϭϯ Ϯй ϭϯͳϭϲ Ϯϳϰ ϭϯͳϭϱ ϮϴϮ ϭϯͳϭϱ ϯϭϯ ϭϯͳϭϱ ϯϯϰ ϭϭͳϭϰ ϯϰϭ ϭϯͳϭϱ ϯϱϱ ϭϯͳϭϲ ϯϲϰ ϵͳϭϯ ϯϵϰ ϭϯͳϯϭ ϰϭϭ ϭθͳϯϯ ϰϭϱ ϮϬͲϮϴ ϰϭθ ϯϵͳϱϭ ϰϯϱ ϭϯͳϭθ ϰϰϭ ϭϯͳϭθ ϰϳϯ ϭϯͳϭϳ ϱϯϰ ϭϱͳϭθ ϱϰϲ ϭϯͳϭϰ W >KtͲ,/', &h ^ Ϯϵϱ ϭϭͳϭϱ Ϯϴϲ Π ϮϬϭϴ t/>>/ D KΖ /> н K / ĞĐ ϭϳ ϳϲϲ ϮϲĞ нϱϯйğ DĂƌ ϭθ :ƵŶ ϭθ ^ĞƉ ϭθ W ϭθ ϮϬϭϴ Ɛƚ ϭϳ Ϯ ϮϬϭϵ Ɛƚ ϭϱ ϳ ϱͳǉƌ,ŝőś ϱϭ ϱͳǉƌ >Žǁ ϵ ϱϰϲ ǀƐ /ŶĚ ǀŐ Ϭ ϴǆ hŷŝƚğě dƌăđƚžƌɛ hdz / Ϳ tğğŭůǉ ĂƐ ŽĨ dƶğ :ĂŶƵĂƌǇ Ϯϯ ϮϬϭϴ The global heavy construction equipment market is expected to have a CGR of 5.4% to $90.4B from 2017 2025, due to an increasing investment in infrastructure. This creates opportunity for the Company to further generate revenues. The Company operates its mining contracting segment through PT Pamapersada usantar, the largest mining contractor in Indonesia with a 48% revenue market share. Medium-term (3-5 years) to long-term (8-10 years) contractual agreements and concession rights to a coal mining area of 4,897 hectares for 30 years promises sustainable revenues for the Company, providing a production capacity of 2.5M tons per year. Revenues from its mining segment grew 34% y/y as of 9M ending September 2017. The segment continues to benefit from the strong coal pricing trend with ewcastle GR 6,300 kcal at $88.2/ton average for 2017 and $97.8/ton average in Q4 2017. ooking Forward United plans to expand into the mining sector by commencing gold production by 2019. Currently, there are eight prospective areas in Sumbawa, of which the Company has obtained one exploration permit for an area that is expected to supply 350,000 ounces of gold reserves. ext catalyst: The Company s Q4 2017 earnings release is expected on February 26. -100- ocal Code: IUTR Bloomberg Symbol: UTR:IJ ISI: ID1000058407

United Tractors IDOSI UITD TRCTORS (UTR.ID) IDX MCHIRY-COSTR/MIIG 3.73B 1.53B SHRS RIGS BUSISS: +62 21 24579999 http://www.unitedtractors.com MGMT owns X-DIV SC PT UITD TRCTORS TBK IS IDOSI-BSD COMPY SRVICS, ICUDIG MI DSIG, XPORTIO, XTRCTIO, PRIC = PRIMRIY GGD I TH PROVISIO OF MIIG COTRCTIG. HUIG, BRGIG D TRSPORTIG COMMODITIS. TH CO 10 X PS MJOR BUSISS CTIVITIS OF TH COMPY D ITS MIIG SGMT FOCUSS O TH MIIG D SIG OF CO. SUBSIDIRIS R CTGORIZD ITO FOUR SGMTS: TH COSTRUCTIO IDUSTRY SGMT PROVIDS COSTRUCTIO COSTRUCTIO MCHIRY, MIIG COTRCTIG, CO MIIG D SRVICS, SUCH S FOUDTIO WORKS, STRUCTUR WORKS, COSTRUCTIO IDUSTRY. TH COSTRUCTIO MCHIRY SGMT DMOITIO D IFRSTRUCTUR DVOPMT. TH COMPY'S 11000 ICUDS TH S D SIG OF HVY QUIPMT, S W S SUBSIDIRIS ICUD PT PMPRSD USTR, PT KRY FTR-SS SRVICS. TH MIIG COTRCTIG SGMT SUPR PRKS, PT UITD TRCTORS PDU GIRIG, PT BI 10000 PROVIDS MIIG COCSSIO HODRS WITH VRIOUS MIIG PRTIW D UT HVY IDUSTRY (S) PT TD. 9000 8000 7000 6000 5000 4800 4600 4400 4200 4000 U W K Y PS IDR (DC.) CF/SHR IDR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IDR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT CP IDR 146.22T SS IDR57.90T IDOSI PS RTIG 74 IC 1973 IDR39200(OH -3%) Down 3.03% Since ddition PRIC SC 130000 120000 110000 100000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 2074 +55% 2452 +18% 849.90 1103 1119 1657 1549 1296 1440 1033 1341 1360 1476 707.28 2936 1698 3286 2526 3243 2701 RIGS GROWTH RT SS GR RT 2015-17 -3%(59 STBIITY) -1% 13.8 18.6 13.6 14.1 13.2 12.8 12.4 8.3 14.6 31.6 30.6 25.8 27.8 20.7 15.4 15.4 10.3 12.7 2013-17 -6%(45 STBIITY) -2% +54 +5 +28 +48 +2-9 +4-7 -8 COMPOSIT RTIG IVT T/O 4x 40 27903196 29241883 37323872 55052562 55953915 51012385 53141768 49347479 45539238 79 77 80 80 81 80 80 77 79 DBT % 2014-16 4%: 3%: 0.21% 3981 4082 4157 4163 4246 4093 4002 3937 4019 27%: 34%: 24% TX RT 14-16 : : 1.0 0.9 0.8 0.9 1.0 1.1 1.1 1.2 1.3 BCKOG 14-16 3.35 X '16 BK.V +5 +4-2 +3 +1 +13 +9 +19 +15 R&D 535(1.7%) DIV GR RT+1% (15) 82 84 89 87 86 88 84 88 84 DIV 11 12 13 16 13 8 11 37 35 BT 1.98(23) PH 0.07(0.03) 90000 80000 70000 60000 Global Focus M IDR40425 0JKCOMP 3800 50000 48000 46000 44000 42000 40000 38000 3600 36000 3400 34000-9% 3200 32000 3000 30000 2800 28000 2600 26000 2400 24000 2200 22000 84 B 2000 1900 20000 19000 1800 18000 1700 17000 1600 16000 1500 15000 1400 14000 1300 13000 1200 12000 1100 11000 1000 10000 900 9000 800 8000 700 7000 600 6000 VOUM 30 M 20 M SP Q -43% BOW ST. PS (IDR) % CHG SS(BI IDR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 389.95 +11% 13707.0 +16% 10.6% +15.3% 12-16 274/452M DC 13 422.61 +40% 13901.4 +12% 11.3% +16.2% 12-14 282/447M MR 14 457.78 +45% 13631.2 +9% 12.5% +17.7% 12-14 312/474M JU 14 399.66 +39% 13277.2 +7% 11.2% +18.4% 11-15 334/480M SP 14 159.48-59% 12331.9-10% 4.8% +15.3% 11-14 340/473M DC 14 438.68 +4% 12648.2-9% 12.9% +14.9% 11-15 474.45 +4% 12301.0-10% 14.4% +14.9% 12-16 354/467M MR 15 363/488M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Capital quipment: Machinery-Constr/Mining 580.74 +45% 13345.4 +1% 16.2% +16.2% 9-12 393/464M SP 15-460.80 11052.9-10% +10.3% 13-20 399/462M DC 15 195.84-55% 10696.0-15% 6.8% +7.6% 18-22 414/471M MR 16 301.07-37% 11867.6-4% 9.5% +6.0% 20-27 407/463M JU 16 341.41-41% 11333.6-15% 11.2% +3.5% 38-50 424/478M SP 16 502.70 #+209% 11642.1 +5% 16.1% +12.7% 13-17 439/472M DC 16 402.42 +105% 13679.4 +28% 11.0% +14.2% 13-18 472/551M MR 17 515.21 +71% 15751.2 +33% 12.2% +16.2% 12-16 530/566M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -101-593.94 +74% 16827.8 +48% 13.2% +18.2% 14-18 539/543M SP 17 10 M 7M DC Q 766.26 +52% '13-18 P..'S OW OW HI ST 541/515M DC 17 9X 18X 50X MR 18 TM DTGRPHS 2/2/2018

irtac International Gp. TIW IRTC ITRTIO GP. (IG.TW) TI MCHIRY-G IDUSTRI 189.03M 128.54M SHRS RIGS BUSISS: +886 2 2719 7538 http://www.airtac.com MGMT owns SC IRTC ITRTIO GROUP IS PRICIPY GGD I TH DDITIO, TH COMPY PROVIDS IR SOURC PROCSSIG UITS, PRIC = MUFCTUR D DISTRIBUTIO OF PUMTIC COTRO COMPOTS ICUDIG BIGMIY COMPOTS, PRSSUR RGUTIG FITRS, 10 X PS D PUMTIC CTUTORS. TH COMPY'S CTUTORS ICUD UTOMTIC DRIRS, PRSSUR MTRS, PRSSUR RGUTIG STDRD CYIDRS, MII CYIDRS, COMPCT CYIDRS D VVS, OI FDRS D OTHRS, S W S PUMTIC CYIDR CCSSORIS. ITS COTRO COMPOTS ICUD FOW UXIIRY COMPOTS, ICUDIG OI BUFFRS D POY 170 COTRO VVS, SOOID VVS, PUMTIC COTRO VVS URTH (PU) HOUSS. D MU/MCHICY CTUTD VVS, MOG OTHRS. I 160 150 140 130 120 110 100 90.00 U W K Y PS TWD (DC.) CF/SHR TWD PRTX MRGI, % RT. O QUITY, % SS % CHG SS (TRI TWD) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 2.49 4.40 19.3 2009 2010 2011 2012 2013 2014 2015 2.94 6.49 8.33 6.25 10.08 10.10 7.54 4.90 8.19 10.27 8.50 13.67 12.92 12.14 26.0 32.2 32.2 26.5 32.4 28.5 20.9 22.2 30.1 28.0 20.5 23.6 19.2 13.6-1 +56 +34-2 +24 +13 +2 2869.9 2776.5 4096.0 5946.0 5676.7 7425.1 8669.8 8797.5 82 86 86 85 85 83 83 80 2016 10.13 14.17 26.8 18.4 +26 10173 76 1188 1196 1164 1106 1029 1018 1073 1087 1065 1.7 +19 94 6 1.7 +19 93 8 1.7 +32 94 9 1.6 +35 94 11 1.8 +35 92 12 1.4 +12 89 21 1.5 +14 89 25 1.5 +7 86 33 1.3 +6 84 35 X-DIV FOT MKT CP TWD 90.73BI. SS TWD7.84 BI PS RTIG 97TWD480.00(OH -10%) Up 67.83% Since ddition 1900 1800 1700 1600 2017 STIMT 2018 STIMT 17.54 +73% 21.50 +23% RIGS GROWTH RT SS GR RT 2015-17 +20%(18 STBIITY) +19% 2013-17 +11%(19 STBIITY) +16% COMPOSIT RTIG IVT T/O PRIC SC 1500 1400 1300 1200 2.3x 31 1100 DBT % 2014-16 19%: 26%: 19% 25%: 25%: 29% TX RT 14-16 : : BCKOG 14-16 8.14 X '16 BK.V R&D 2.8% DIV 5.65(1.2%) DIV GR RT-1% (21) BT 1.13(6) PH 0.16(0.07) 1000 900 80.00 800 70.00 700 0TIWGHT 60.00 600 50.00 48.00 46.00 44.00 42.00 40.00 500 480 460 440 420 400-18% 38.00 380 36.00 360 Global Focus M TWD286 34.00 32.00 340 320 30.00 300 84 B- 28.00 280 26.00 260 24.00 240 22.00 220 20.00 19.00 200 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 105/100 VOUM 6M 4M SP Q -47% BOW ST. PS (TWD) % CHG SS(BI TWD) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 2.39 +66% 1803.3 +31% 23.4% +116.4% 19-25 1.98 +28% 1814.0 +24% 20.8% +117.6% 21-32 3.23 +1% 2369.4 +15% 26.0% +124.0% 26-31 2.11-26% 2159.3 +8% 17.7% +113.9% 23-32 2.26-5% 2065.5 +15% 19.4% +97.7% 18-28 1.36-31% 1866.0 +3% 13.2% +86.0% 25-29 3.01-7% 2446.6 +3% 22.7% +83.9% 20-28 1.46-31% 2348.4 +9% 11.2% +77.9% 15-24 1.69-25% 2145.8 +4% 14.1% +68.8% 18-24 2.38 +75% 2234.8 +20% 19.4% +74.3% 14-23 3.34 +11% 2883.3 +18% 20.7% +76.4% 21-28 149/34470 156/33005 161/32612 147/28459 153/32525 143/31126 133/31166 133/28451 123/30179 122/30685 199/38666 DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Capital quipment: Machinery-Gen Industrial 2.91 +99% 2745.4 +17% 19.6% +85.6% 21-28 212/44798 SP 16 1.75 +4% 2644.8 +23% 12.5% +85.3% 22-28 3.42 +44% 2773.7 +24% 22.3% +86.3% 20-28 5.53 +66% 3643.9 +26% 27.4% +108.0% 22-27 227/43108 234/46040 262/48326 295/55995 DC 16 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -103-4.98 +71% 3875.6 +41% 23.2% +103.8% 2M 900 K DC Q 4.09 +134% '13-18 P..'S OW OW HI ST DC 17 14X 32X 32X MR 18 TM DTGRPHS 2/2/2018

MYSI WƌĞƐƐ DĞƚĂů WD d Dz &K ϮϬ ǆ Press Metal luminium Holdings hz^ D > z^/ ǆđś Dz>ϴϴϲϵKKϬϬϵ нϲϭ ϯ ϯϯϲϯ Ϯϭϴϴ W^ ZĂŶŬ ϵϵ ƉƌĞƐƐŵĞƚĂů ĐŽŵ DĞƚĂů WƌŽĐ Θ &ĂďƌŝĐĂƟŽŶ DŬƚ ĂƉ DzZϲ ϰϳ ^ĂůĞƐ DzZϱ ϵϭ <ůăŷő D > z^/ /ŶĐ ϭϵθϲ ^ŚĂƌĞƐ ϯ ϲϵθ &ůžăƚ Ϯ ϭθϯ W^ ƵĞ Ϯ ϮϬ ϮϬϭϳĞ K, Ͳϯй D'Dd ŽǁŶƐ WZ ^^ D d > Z, /^ D > z^/ Ͳ ^ KDW z t,/, /^ ' ' / d, D h& dhz/' dz /' K& >hd/hd WZK h d^ /s ^dd d,k> /' d/s/d/ ^ ϮϬϭϲ ƐƟŵĂƚĞ ϮϬϭϳ ƐƟŵĂƚĞ h > Ͳ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ Ϭ ϮϮ Ϭ Ϭϭ Ϭ Ϭϭ Ϭ Ϭϰ Ϭ Ϭϰ Ϭ Ϭϳ Ϭ Ϭϭ Ϭ Ϭϳ Ϭ Ϭϰ Ϭ ϭϯ ϮϬϬйź W^ DzZ Ϭ ϭϲ ϯϯйź ^, &>Kt ^,Z DzZ Ϭ ϭϭ Ϭ Ϭϱ Ϭ Ϭϱ Ϭ Ϭϲ Ϭ ϭϭ Ϭ Ϭϴ Ϭ ϭϭ Ϭ ϮϮ Ϭ ϭϲ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ WZ d y D Z'/ й ϯϯй ϯй ϯй ϲй ϲй ϰй Ϭй ϳй ϱй ϮϬϭϰͲϭϲ ϭϭθй ϴϭ ^ƚăďŝůŝƚǉͿ Ϯϭй Z dhz K Yh/dz й ϵϵй Ϯй ϰй ϭϭй ϭϭй ϭϳй ϭй ϭϰй ϳй ϮϬϭϮͲϭϲ ϴй ϵϵ ^ƚăďŝůŝƚǉͿ ϮϮй ^ > ^ й, ' ϭϭϭй Ͳϭϯй ͲϮй ϱϭй ϯϰй ϱй ϯϭй ϯϭй ϲй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ DzZ ϭ ϯϯθ ϭ ϭϲϭ ϭ ϭϯϯ ϭ ϲϵϵ Ϯ Ϯϲϵ Ϯ ϯθϰ ϯ ϭϯϯ ϰ Ϭϵϭ ϰ ϯϯϭ /s d K ϰ ϳǆ ϰϵ t <>z Žǀ ϭϭ Žǀ ϭθ Žǀ Ϯϱ ĞĐ ϬϮ ĞĐ Ϭϵ ĞĐ ϭϲ ĞĐ Ϯϯ ĞĐ ϯϭ :ĂŶ Ϭϱ d й ϮϬϭϯͲϭϱ ϴϲй ϱϱй ϭϭϯй d 'Z W, Z d/' ϱϵ ϴϬ ϳϴ ϳϳ ϳϳ ϳϳ ϳϳ ϳϬ ϳϳ d y Z d ϮϬϭϯͲϭϱ ϭϯй ϯϭй s' />z sk> ϬϬϬͿ ϰ ϴϵϲ ϱ ϰϯϯ ϱ ϰϭϰ ϰ ϲϳϭ ϰ ϲθϲ ϰ ϲϵϯ ϰ ϵϯθ ϰ ϳϬϬ ϱ ϬϲϮ <>K' ϮϬϭϯͲϭϱ hw Kt sk>hd Ϭ ϴ ϭ Ϯ ϭ Ϯ ϭ ϲ ϭ ϱ ϭ ϲ ϭ ϱ ϭ ϰ ϭ ϲ Z Θ < s > Ϯ ϵϭǆ Ζϭϱ hd /^d Z d/' Ͳϳ Ϯϳ Ϯϲ Ϯϲ ϭθ Ϯϭ ϭϲ Ͳϳ ϮϮ /s DzZ Ϭ Ϭϯϳ Ϯ ϭйͿ /s 'Z ZdнϴϮй ϲϯͿ Z > d/s ^dz 'd, ϭ ϵϳ ϵϳ ϵϳ ϵϳ ϵϳ ϵϲ ϵϲ ϵϲ d Ϭ ϴϯ ϰϲ ϬϬͿ >W, Ϭ Ϯϳ ͲϬ ϭϳͿ 'ZKhW Z < ϭ Ϯ ϭ Ϯ Ϯ ϭ Ϯ ϵϯ ϯ >K' &ŝǆğěͿ WZ/ ϯ ϰ ϯ Breaks out to new highs Strong estimates Ϯ ϲ Ϯ ϰ Ϯ Ϯ ϭ ϵ ϭ ϳϱϭ ϳ Strong growth rates DzZ нϭ ϭϲϭ ϭ ϱ Best PS rank ϵϲ нϭϭ Ϭϲй ϭ ϯ ϭ Ϯ ϭ ϭ ϭ Ϭ ϵ Ϭ ϴ Source: Corporate Website Ϭ ϳ Ϭ ϲ Ϭ ϱ Ϭ ϰϲ 40-Week M R/S line at highs with strong R/S rating Ϭ ϰϯ Ϭ ϯθ Ϭ ϯϰ Press Metal (PMT.MY) is the largest integrated aluminum producer in Southeast sia, in terms of capacity. The Company continues to grow through capacity expansion. Ϭ ϯ 10-Week M Ϭ Ϯϲ Ϭ Ϯϰ Ϭ ϮϮ Ϭ ϭϵ Ϭ ϭϳ Ϭ ϭϱ Solid PS and revenue growth Ϭ ϭϯ Ϭ ϭϯ Company Overview Press Metal is one of the leading manufacturers and traders of aluminum products with a smelting capacity of 760,000 tons, and an extrusion capacity of 160,000 tons per annum. The Company s Chinese subsidiary, Press Metal International td, is one of the largest exporters of aluminum products in China, with a production capacity of 120,000 tons per annum. O eil Methodology The stock is in an uptrend and is trading constructively above its 50- and 200-DM. Currently, it is extended from its last breakout. PMT displays top-notch technical ratings, with an RS Rating of 97, /D Rating of B+, and Up/Down Volume ratio of 1.8. During Q3 FY 2017, revenue grew 22.4% y/y to RMB 2.13B. Growth in top-line numbers was driven by high metal prices and favorable currency translation effects. The Company s top-line growth translated to strong bottomline growth. Operating profits for the quarter increased to RMB 255M, up 26% y/y, while net profit increased 35.5% y/y to RMB 191M. Management approved a third-interim single-tier dividend of 1.5 sen per ordinary share, totaling approximately RM 56.2M, for the financial year ending December 31. The Company s PS Rank is impressive at 93, owing to its strong PS growth over the last few quarters. >/ sk>hd ϭϰϭd ϭϭϭd нϳϳй ϲϭd ϯϭ ϳD ^ĞƉ ϭϭ &/ / >^ Ϭ Ϭϭ W^ DzZͿ ĞĐ ϭϭ Ϭ ϬϮ DĂƌ ϭϯ Ϭ Ϭϭ :ƵŶ ϭϯ Ϭ Ϭϭ ^ĞƉ ϭϯ Ϭ Ϭϱ ĞĐ ϭϯ Ϭ ϬϬ DĂƌ ϭϯ Ϭ Ϭϭ :ƵŶ ϭϯ Ϭ Ϭϭ ^ĞƉ ϭϯ Ϭ ϬϬ Ϭй нϭϭϭй W^ й, ' ϱθϭ ϳ ϲϯϯ Ϯ ^ > ^ D/> DzZͿ нϯϰй нϱϱй ^ > ^ й, ' Ϭй Ϭй нϰϭϭй ͲϭϬϬй Ϭй Ϭй ͲϭϬϬй ϱϯϱ ϭ нϭϭй ϱϯϯ ϰ ͲϭϮй ϲϭϵ ϭ нϱй ϳϮϳ ϴ нϭϳй ϳϮϰ Ϯ нϯθй ϳϵϱ ϯ нϱϯй ϳϵϰ ϱ нϯϭй W^ й ^hzwz/^ ϮϬ &h ^ ϭθ ϰϵ ϴϯϲ ϱϯϯ ϱϰd ^, Z ^, > z &h ^ ĞĐ ϭϯ ͲϬ Ϭϭ ϴϬϳ ϲ нϭϭй DĂƌ ϭϰ Ϭ Ϭϭ :ƵŶ ϭϰ Ϭ ϬϮ Ϭй нϭϭϭй ϴϵϳ ϭ нϯϰй ϭ ϬϬϬ Ϯ нϯϲй ^ĞƉ ϭϰ Ϭ Ϭϯ ϭ ϬϮϴ ϳ нϯϵй ĞĐ ϭϰ Ϭ Ϭϭ DĂƌ ϭϱ Ϭ Ϭϭ :ƵŶ ϭϱ Ϭ Ϭϭ ^ĞƉ ϭϱ Ϭ Ϭϭ ĞĐ ϭϱ Ϭ Ϭϭ DĂƌ ϭϲ Ϭ Ϭϯ :ƵŶ ϭϲ Ϭ Ϭϰ ^ĞƉ ϭϲ Ϭ Ϭϯ нϯϭϭй Ϭй ͲϱϬй Ͳϲϳй Ϭй нϯϭϭй нϯϭϭй нϯϭϭй ϭ ϭϲϱ Ϭ нϰϰй ϭ Ϭϱϱ ϵ нϭθй ϵϰϳ ϯ Ͳϱй ϭ Ϭϭϲ ϯ Ͳϭй ϭ ϯϭϭ ϴ нϭϯй ϭ ϮϵϬ Ϭ нϯϯй ϭ ϱθϱ ϴ нϲϳй ϭ ϳϯϲ ϲ нϳϭй ĞĐ ϭϲ W ϭϲ ϮϬϭϳ Ɛƚ ϭϭ Ϭ ϱͳǉƌ,ŝőś ϯϭ Ϭ ϱͳǉƌ >Žǁ ϭ Ϭ ǀƐ /ŶĚ ǀŐ Ϭ ϱǆ ϮϬ ϱϲd ϭϵ ϰϱd ϭϵ ϰϳd Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϭϱ ϯϲd ϭϱ ϯϳd ϭϱ ϯϯd ϭθ ϯθd ϭθ ϯθd ϭθ ϯθd ϯϲ ϳϯD ϰϲ ϭϭϰd ϱϰ ϭϯϳd ϱϱ ϭϰϰd ϰϵ ϵϯd ϰϯ ϭϭϵd ϰϲ ϭϯϯd ϰϳ ϭϯϭd ϱϭ ϭϯϯd ϱϲ ϭϯϳd WƌĞƐƐ DĞƚĂů WD d DzͿ tğğŭůǉ ĂƐ ŽĨ dśƶ :ĂŶƵĂƌǇ Ϭϱ ϮϬϭϳ :ĂŶƵĂƌǇ Ϭϱ ϮϬϭϳ Growth Drivers In June 2016, PMT completed the Phase 3 expansion of its smelter plant in Samalaju, Sarawak. The expansion increased the Company s annual capacity by 35-40% compared with last year. With the consolidation of its smelting plant expansion, the Company aims to improve plant efficiency and profit margins and offer more value-added products. In September 2016, the Company entered into a joint venture agreement with Sunstone Development Co. td to establish a pre-baked carbon anode manufacturing facility in China. This investment is synergistic in terms of the backward vertical integration of the Company. It will secure a stable raw material supply for PMT and streamline its operating margins from 2018 onward. ooking Forward Going forward, the Company expects the price of aluminum to increase at the cost of production cuts being announced in China. s a result, China s smelting production is expected to slow down and the global supply and demand will tilt toward a deficit, supporting long-term aluminum price performance. ext Catalyst: The Company s Q4 2017 results will be reported on February 26, 2018. -104- ocal Code: 8869 Bloomberg Symbol: PMH:MK ISI: MY8869OO009

Press Metal luminium Holdings PRSS MT UMIIUM HO (PMT.MY) MYSI KS MT PROC & FBRICTIO 3.86B 3.01B SHRS RIGS BUSISS: +60 3 3362 2188 http://www.pressmetal.com MGMT owns X-DIV SC PRSS MT UMIIUM HODIGS BHD FORMRY KOW S PRSS STISS ST PRODUCTS; COSTRUCTIO CTIVITIS; PRIC = MT BRHD. PRSS MT UMIIUM HODIGS BRHD IS TH MUFCTURIG OF MODS D DIS, D PROVISIO OF COMMO 10 X PS HODIG COMPY OF PRSS MT BRHD, MYSI-BSD WST WTR TRTMT PT TO TRT TOXIC WST. ITS COMPY GGD I TH MUFCTURIG D TRDIG OF UMIUM PRIMRY PRODUCTS ICUD UMIIUM IGOTS D UMIIUM PRODUCTS. TH COMPY'S SGMTS ICUD SMTIG D BITS. I DDITIO, TH COMPY OFFRS RG OF UMIUM XTRUSIO, ICUDIG MUFCTURIG D TRDIG OF SMTIG XTRUSIOS, ICUDIG FBRICTIO, FUOROCRBO, MI D XTRUSIO PRODUCTS, D TRDIG, ICUDIG MRKTIG OF FIISH, TUR ODIZD FIISH, POISHIG, POWDR COTIG 0.70 UMIUM PRODUCTS. TH COMPY, THROUGH ITS SUBSIDIRIS, IS D WOOD GRI. GGD I COTRCTIG D FBRICTIO OF UMIUM D 0.60 0.50 0.48 0.46 0.44 0.42 0.40 0.38 0.36 0.34 U W K Y PS MYR (DC.) CF/SHR MYR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI MYR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT 12/13/2017 CP MYR 22.40BI. SS MYR8.27 BI MYSI PS RTIG 94 IC 1986 MYR5.80(OH 0%) Up 231.43% Since ddition 8 0KPCOMP 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 0.16 +24% 0.24 +48% 0.01 0.01 0.04 0.04 0.07 0.01 0.07 0.04 0.13 0.05 0.05 0.06 0.10 0.08 0.10 0.22 0.16 0.32 RIGS GROWTH RT SS GR RT 2015-17 +49%(37 STBIITY) +32% 2.8 3.4 6.0 6.2 4.1 0.2 7.3 5.3 10.1 1.5 3.8 10.9 9.8 16.7 1.2 13.7 7.0 23.3 2013-17 +35%(99 STBIITY) +27% -13-2 +50 +34 +5 +31 +30 +8 +53 COMPOSIT RTIG IVT T/O 5.6x 55 1160.7 1133.2 1698.8 2268.8 2384.4 3121.7 4091.0 4321.3 6649.5 60 62 62 62 62 61 61 60 60 DBT % 2014-16 55%: 103%: 81% 12119 12144 12043 12054 11965 11858 10689 10351 10068 TX RT 14-16 13%: 31%: 10% : : 2.8 2.7 2.6 2.7 2.4 2.7 2.7 3.1 3.5 BCKOG 14-16 8.59 X '16 BK.V +53 +50 +49 +55 +55 +58 +49 +51 +53 R&D 97 97 97 98 98 98 98 97 98 DIV 0.06(1.0%) DIV GR RT+77% (62) 2 2 2 3 1 1 1 1 BT 0.49(1) PH 0.38(0.23) PRIC SC 7 6-4% 5 4.8 4.6 4.4 4.2 4 98 3.8 3.6 3.4 0.32 3.2 0.30 3 0.28 2.8 0.26 2.6 0.24 2.4 0.22 2.2 Global Focus M MYR1.8 0.20 0.19 2 1.9 0.18 1.8 0.17 1.7 0.16 1.6 0.15 1.5 0.14 1.4 0.13 1.3 0.12 1.2 0.11 1.1 0.10 1 0.090 0.9 0.080 0.8 0.070 0.7 0.060 0.6 0.050 0.048 0.046 0.044 0.042 0.040 0.5 0.48 0.46 0.44 0.42 0.4 0.038 0.38 0.036 0.36 2/1 0.034 28/10 0.34 VOUM 40 M 9M 4M 2M PS (MYR) % CHG SS(BI MYR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) -0.01 807.6 +11% +1.1% 25-30 17/38150 DC 13 0.0094 0% 897.1 +24% 3.1% +1.3% 68-75 17/38194 MR 14 0.02 +100% 1000.2 +26% 6.0% +3.7% 20-36 34/72523 JU 14 0.03 1028.7 +29% 8.0% +8.9% 14-27 45/104M SP 14 0.01 #+200% 1165.0 +44% 3.8% +13.7% 11-17 53/137M DC 14 0.01 0% 1055.9 +18% 4.1% +13.6% 11-16 54/143M MR 15 0.0068-50% 947.3-5% 2.6% +10.2% 14-20 49/91915 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Capital quipment: Metal Proc & Fabrication 0.0081-67% 1016.3-1% 2.9% +7.5% 4-8 43/109M SP 15 0.0096 0% 1301.8 +12% 2.7% +6.9% 19-22 46/123M DC 15 0.03 +200% 1290.0 +22% 7.3% +8.6% 12-20 48/121M MR 16 0.04 +300% 1585.8 +67% 9.2% +14.2% 10-16 54/125M JU 16 0.03 +200% 1736.6 +71% 7.1% +19.2% 11-14 68/150M SP 16 0.03 +200% 2037.2 +56% 5.9% +23.3% 11-13 89/152M DC 16 0.04 +33% 2021.6 +57% 7.3% +25.4% 10-18 109/171M MR 17 0.04 0% 2079.0 +31% 7.2% +25.1% 17-20 102/160M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -105-0.04 +33% 2128.6 +23% 7.3% +28.1% '13-18 P..'S OW OW HI ST 107/151M SP 17 DC 17 4X 27X 30X MR 18 TM DTGRPHS 2/2/2018

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It sells cement under the Dalmia and Konark brands. The Company holds a 75%stake in OC India td., a major cement player in the eastern region. DB has a total of 11 plants in eight states across India. It also has a power capacity of 186 MW. Q2 FY 2018 revenues by segment: cement, 90%; refractory, 5%; management services, 4%; other, 1%. O eil Methodology The stock has displayed strong momentum in the past two weeks before its earnings update and broke out of a five-week flat base on healthy volume. fter the results, the stock pulled back to the buy range and remains actionable. The stock s technical ratings were slightly impacted by its Q2 FY 2018 earnings update. It has an RS Rating of 78, an /D Rating of, and an Up/Down Volume ratio of 1.3. In Q2 FY 2018, revenues adjusted for GST increased 7% y/y to IR 18.34B, driven by a 6% increase in sales volume. The Company reported BITD of IR 4.4B, up 5% y/y, while PS increased 233% to IR 11.56. Consensus estimates have FY 2018 and FY 2019 PS growing 90% and 55%, y/y, respectively. The expectation of strong earnings growth should improve its PS Rank, which currently stands at 66. During the quarter, the Company repaid debt of IR 5.1B, reducing its cost of debt from 8.3% to 8.1% on q/q basis. WZ/ /Z ϭϵϭϭ нϵϵ Ϯϱ нϱ Ϭϱй ϭϳϭϭ ϭϱϭϭ ϭϯϭϭ ϭϯϭϭ ϭϭϭϭ ϭϭϭϭ ϵϭϭ ϴϬϬ Strong demand for stock ϴϱ н ϳϬϬ ϭϵ ϯϱ ϲϭϭ ϭϲ ϭϯ ϭϰ ϴϰ ϭϯ ϱϱ ϱϭϭ ϰϲϭ ϰϯϭ R/S line near a new high with best /D rating ϭϯ Ϯϲ ϭϭ ϵϳ Dalmia Bharat (DI.I) is the fourth-largest cement group in India by capacity. The Company continues to benefit from the launch of premium brands and increasing demand for cement in the country. >K' &ŝǆğěͿ ϮϰϬϬ ϮϮϬϬ ϮϮ ϱθ Source: Corporate Website K, ͲϮй ϯθϭ ϯϰϭ ϵ ϲθ ϯϭϭ ϴ ϯϵ ϳ ϳϰ ϳ ϭϭ ϮϲϬ ϮϰϬ ϮϮϬ ϲ ϭϯ ϭϵϭ ϱ ϰθ ϭϳϭ ϰ ϴϰ ϭϱϭ ϰ ϭϵ ϯ ϴϳ ϯ ϱϱ ϭϯϭ ϭϯϭ ϭϭϭ ϯ Ϯϯ ϭϭϭ Increasing number of shares held by funds Ϯ ϵϭ Ϯ ϱθ ϵϭ ϴϬ >K' sk>hd ϱϭϭ< ϮϬϳ ϴ< ϭϭϭ< нϯϭй ϮϬ< ϭ&/ / >^ DĂƌ ϭϯ :ƵŶ ϭϯ ϲ W^ /ZͿ ϭ ϯϭ ϴ ϵϭ й W^ й, ' Ͳϴϱй нθϲй ϵ^ > ^ D/> /ZͿ ϲ ϱθϲ Ϯ ϲ ϰϱϰ ϵ й^ > ^ й, ' нϯϭй нϯϯй W^ й ^hzwz/^ ϴ&h ^ ϴ ϴ Ϭ^, Z ^, > z &h ^ ϯϯϯ ϰϭϭ ϯϱϭ ϲϱϭ ^ĞƉ ϭϯ ϴ ϱϱ нϯϵй ĞĐ ϭϯ Ϯ Ϯϱ Ͳϱϱй DĂƌ ϭϯ ϰ ϱϳ нϯϱϯй :ƵŶ ϭϯ ϰ ϯϯ Ͳϱϭй ^ĞƉ ϭϯ Ͳϯ Ϯϭ Ͳϭϯϴй ĞĐ ϭϯ Ͳϭ ϱϯ Ͳϭϲϴй DĂƌ ϭϰ ͲϬ ϲϰ Ͳϭϭϰй :ƵŶ ϭϰ Ͳϯ ϯϳ Ͳϭϳϴй ϲ ϳϮϴ ϲ ϲ ϴϴϵ ϲ ϳ ϴϯϯ ϭ ϳ ϬϲϬ ϴ ϳ ϯϯθ Ϯ ϳ ϬϬϭ ϵ ϴ ϬϬϴ Ϭ ϳ ϬϰϮ ϭ нϭϯй нϯϲй нϭϵй нϵй ϭϰ ϱϵϳ Ϭϭϵ ϭϲ ϲϱϭ ϭϳϭ ϭϯ ϲϯθ ϬϭϬ Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϭϯ ϲϯθ ϬϭϬ ^ĞƉ ϭϰ ͲϮ Ϭϵ нϯϱй ĞĐ ϭϰ Ϭ Ϭϭ нϭϭϭй DĂƌ ϭϱ ϱ ϴϮ нϭ<й :ƵŶ ϭϱ ϲ ϱϭ нϯϵϯй ^ĞƉ ϭϱ ϭ ϱϯ нϭϳϯй ĞĐ ϭϱ ϯ ϲθ нϯϳ<й DĂƌ ϭϲ ϭϰ Ϭϲ нϭϰϯй :ƵŶ ϭϲ ϭϭ ϱθ нϲϯй ^ĞƉ ϭϲ ϯ ϱϭ нϭϯϵй ĞĐ ϭϲ ϰ ϬϮ нϵй ϳ Ϯϭϲ ϰ ϳ ϵϰϭ ϱ ϭϯ ϭϰθ ϲ ϭϲ Ϭϵϯ ϭ ϭϳ ϳϳϰ ϳ ϭϳ Ϭϱϯ Ϭ ϭϳ ϯϵϯ Ϭ нϭϭй нϭϵй нϭϳй ϭϰ ϯϰϵ ϳ ϭϰ ϵϯϳ ϲ ϭϵ ϭϯϯ ϲ нϵй нϯй нϯй Ϭй ͲϮй нϭϯй нϲϰй нϭϯϵй нϵϵй нθθй нϰϲй нϰϱ Ϭй ͲϮϵ ϲй Ͳϯϲ ϴй ͲϮϴ ϴй ͲϮϵϭ ϰй Ͳϵϵ Ϯй Ͳϯϵ Ϯй Ͳϭϱ ϴй Ͳϰ Ϯй ϭϯ ϲϰϯ ϰϰϳ DĂƌ ϭϳ ϵ ϬϮĞ ͲϯϲйĞ Ͳϯϯ ϲй ϭϯ ϭϯ ϭϳ Ϯϰ Ϯϲ Ϯϴ ϯϭ ϯϵ ϰϱ ϰϱ ϰϲ ϱϱϭ ϯϭϯ ϯ ϲϳϭ ϭϱϭ ϰ ϯϵϰ ϳϭϳ ϯ ϯθϯ ϱϯϳ ϰ ϲθϱ Ϯϳϴ Ϯ ϳϭϲ ϳϯϴ ϰ ϭϯϯ ϲϭϵ ϰ ϱθθ ϳϭϳ ϯ ϵϭϭ ϲϯϱ ϰ ϭϭθ ϳϲϴ ϰ Ϭϵϭ ϱϲϭ :ƵŶ ϭϳ ϭϵ ϭϯğ нθϭйğ W ϲϭ ϮϬϭϴ Ɛƚ ϯϱ Ϭ ϱͳǉƌ,ŝőś ϭ< ϱͳǉƌ >Žǁ ϱ Ϭ ǀƐ /ŶĚ ǀŐ Ϯ ϱǆ ϳϳ ϵϯ ϵϭ ϰ ϵϵϰ ϳϴϰ ϱ ϭϭϲ ϳϵϴ ϱ ϰϱϳ Ϯϳϯ ĂůŵŝĂ ŚĂƌĂƚ / /Ϳ tğğŭůǉ ĂƐ ŽĨ tğě Ɖƌŝů Ϭϱ ϮϬϭϳ Ɖƌŝů Ϭϱ ϮϬϭϳ Growth Drivers DB recently launched Dalmia DSP at a 10% premium to its flagship brands. It contributes about 10% to overall retail sales. The Company has a well-balanced capacity in eastern (52%) and southern India (48%). Due to diversified locational advantages, with plants located close to raw materials sources and end markets, the Company keeps its freight and transport costs low, giving it an edge over its competitors. The Company is a leading cement player, with market shares of about 7.5%, 13.5%, and 20% and capacities of 12.1 MT, 9.3MT, and 3.6MT in the southern, eastern, and north eastern parts of India, respectively. ooking Forward Demand for cement is expected to grow 7 8% per annum, compared with the current 4.5% in southern India. The expectation of strong demand is mainly driven by government s push for infrastructure development and affordable housing. The Company s volume is expected to have a CGR of 9.75%, reaching 16.92 MT by FY 2019. The next catalyst is the Company s Q3 FY 2018 results, expected to be announced on February 1, 2018. -106- ocal Code: I:DMIBH Bloomberg Symbol: DB:I ISI: I43901019

Dalmia Bharat IDI DMI BHRT (DI.I) S BDG-CMT/COCRT/G 88.97M 48.93M SHRS RIGS BUSISS: +91 11 2346 5168 http://www.dalmiabl.com MGMT owns X-DIV SC DMI BHRT IMITD IS IDI-BSD HODIG COMPY. TH 5.5-MGWTT CPCITY SOR POWR PT T MDIIPUR, WST PRIC = COMPY OPRTS S CMT MUFCTURIG COMPY. TH BG. TH COMPY SO OWS THRM POWR PTS, 10 X PS COMPY'S SGMTS ICUD OW MUFCTURD CMT, CO-GRTIO PTS D WID FRMS. TH COMPY HS RFRCTORY, MGMT SRVICS D OTHRS. TH COMPY'S MUFCTURIG FCIITIS I PPROXIMTY 11 OCTIOS WITH BRDS ICUD DMI DSP, DMI, DMI UTR, DMI ISTD CPCITY OF 25 MIIO TOS PR UM. TH SUPR ROOF, VJRM D KORK. TH COMPY MUFCTURS COMPY'S SUBSIDIRIS ICUD DMI POWR IMITD, DWTH 340 CMT FOR US I IIG OF OI WS, IRPORT STRIPS D CMT HODIGS IMITD, KIK IVSTMT IMITD D 320 RIWY SPRS, MOG OTHRS. TH COMPY OWS DMI CMT (BHRT) IMITD. 300 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 280 260 240 220 200 190 180 170 160 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 0.46 0.35 3.99-4.37 101.6 6.13 34.06 4.1 3.6 17.67 42.79 11.6 5.1 +34 23304 74 24.28 44.21 9.8 5.9 +18 27906 72-1.04 7.65 +7 29942 73 0.38 0.83 0.1 +18 34784 72 23.26 97.50 8.0 4.9 +85 64046 73 38.81 106.65 9.6 6.7 +16 73947 71 74 77 17459 77 103 99 101 103 105 97 94 98 109 1.8 +34 77 106 1.7 +39 80 101 2.2 +45 80 102 2.0 +37 79 101 1.9 +28 68 103 1.6 +35 66 112 1.8 +29 66 104 1.8 +28 64 111 1.4 +1 59 116 72.25 +86% 113.77 +57% RIGS GROWTH RT SS GR RT 2015-17+262%(99 STBIITY) +41% 2013-17 +30% COMPOSIT RTIG IVT T/O FOT MKT CP IR 251.72BI. SS IR78.05 BI PS RTIG 67 IR2829(OH -15%) 0IBOM500 Up 37.02% Since ddition PRIC SC 3800 3600 3400 3200 3000 2800 Global Focus M IR2064.9 2600-11% 2400 7.5x 70 2200 DBT % 2015-17 209%: 152%: 117% : 48%: 39% TX RT 15-17 : : BCKOG 15-17 4.96 X '17 BK.V R&D 0.1% 2.2(0.1%) DIV GR RT+4% (14) DIV BT 1.10(16) PH 0.07(0.04) 2000 1900 1800 1700 1600 150 1500 140 1400 130 1300 120 1200 59 C+ 110 100 1100 1000 900 80.00 800 70.00 700 60.00 600 50.00 48.00 46.00 44.00 42.00 500 480 460 440 420 40.00 38.00 400 380 36.00 360 34.00 340 32.00 320 30.00 300 28.00 280 26.00 260 24.00 240 22.00 220 20.00 19.00 200 190 18.00 180 17.00 170 16.00 160 VOUM 400 K 200 K 90 K SP Q -56% BOW ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX -1.53 7080.1 +3% -0.64 8008.0 +2% -3.37 7042.1 +0% -2.09 7216.4-2% 0.01 #+101% 7940.5 +12% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 28-41 12/550 DC 13 5.82 #+1009% 13148.6 +64% 3.6% +0.0% 6.47 #+293% 16093.1 +129% 3.3% 946-1370 40-63 31/4124 JU 15 11/3671 16/4395 23/3384 25/4685 28/2717 MR 14 JU 14 SP 14 DC 14 MR 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Basic Material: Bldg-Cement/Concrt/g 1.52 #+173% 14349.7 +99% 0.9% +3.4% 41-53 39/4589 SP 15 3.66 +36500% 14927.6 +88% 2.0% 36-49 45/3912 DC 15 11.60 +99% 18900.7 +44% 5.0% +4.8% 25-38 45/4109 MR 16 10.59 +64% 17774.7 +10% 5.3% 28-44 45/4087 JU 16 3.51 +131% 17053.0 +19% 1.8% +6.1% 40-64 77/5099 SP 16 4.02 +10% 17393.0 +17% 2.1% 41-70 98/5822 DC 16 20.69 +78% 21850.4 +16% 8.4% +6.7% 35-52 98/6384 MR 17 18.42 +74% 20465.7 +15% 8.0% 41-56 129/9729 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -107-11.66 +232% 18336.6 +8% 5.7% +9.2% 50-61 DC Q 10.99 +173% '13-18 P..'S OW 5X OW 58X HI 999X ST 143/13398 SP 17 40 K DC 17 MR 18 TM DTGRPHS 2/2/2018

CHI Sociedad Quimica Y Minera De Chile B Pref. ^ŽĐŝĞĚĂĚ YƵŝŵŝĐĂ z DŝŶĞƌĂ Ğ ŚŝůĞ WƌĞĨ ^Y > &K ϮϬ ǆ нϱϲ Ϯ ϮϰϮϱϮϬϬϬ W^ ZĂŶŬ ϲϯ ^ d/ 'K ǆđś >WϴϳϭϲyϭϬϴϮ ƐƋŵ ĐŽŵ y /s ϭϯ ϭϱ ϮϬϭϲ ŚĞŵŝĐĂůƐͲ ŐƌŝĐƵůƚƵƌĂů,/> /ŶĐ ϭϵθϯ DŬƚ ĂƉ >WϮ ϰϰd ^ĂůĞƐ >Wϭ ϮϮd ^ŚĂƌĞƐ ϭϯϭd &ůžăƚ ϳϴD W^ ƵĞ ϯ ϭ ϮϬϭϳĞ K, Ͳϭй D'Dd ŽǁŶƐ ^K / Yh/D/ z D/ Z,/> ^ ^YDͿ /^ WZK h Z K& WKd ^^/hd /dz d /K / d, KDW z WZK h ^ ^W / >dz W> d hdz/ d^ /K / Z/s d/s ^ >/d,/hd /d^ Z/s d/s ^ WKd ^^/hd,>kz/ WKd ^^/hd ^h>& d Zd / / h^dz/ >, D/ >^ ϮϬϭϲ ƐƟŵĂƚĞ ϮϬϭϳ ƐƟŵĂƚĞ h > Ͳ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϯϱϰ ϭϳ ϵθϵ ϲϰ ϳϭϬ ϭϭ ϳϰϬ ϳϳ ϵϵϲ ϵϯ ϭ ϭϵϳ ϯϯ ϴϴϳ ϯϵ ϲϰϯ ϰϳ ϱϯϯ ϴϰ ϱϳϲ Ϯϵ ϴйŸ ϲϭϰ Ϯϳ ϳйŸ W^ >W ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ ^, &>Kt ^,Z >W ϳϵϳ ϵϲ Ϯ< ϭ< ϭ< Ϯ< Ϯ< ϭ< ϭ< ϭ< ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ϯй WZ d y D Z'/ й ϮϬй ϯϱй Ϯϵй Ϯϲй ϯϯй ϯϱй Ϯϳй ϮϬй ϭϳй ϮϬϭϰͲϭϲ Ͳϭϲй ϭϭ ^ƚăďŝůŝƚǉͿ Ϯй Z dhz K Yh/dz й ϭϲй ϯϰй ϮϮй Ϯϲй ϯϭй ϯϯй Ϯϭй ϭϯй ϵй ϮϬϭϮͲϭϲ Ͳϭϲй ϭϱ ^ƚăďŝůŝƚǉͿ ^DZ Z d/' ^ > ^ й, ' ϭϯй ϰϵй Ͳϭϰй ϭϳй ϭϭй ϭϰй Ͳϳй ϰй Ͳϭй KDW Z d/' ^ > ^ D/>Ϳ >W ϲϭϵ< ϵϭϵ< ϳϵϱ< ϵϯϰ< ϭd ϭd ϭd ϭd ϭd /s d K ϭǆ ϲ t <>z KĐƚ ϭϰ KĐƚ Ϯϭ KĐƚ Ϯϴ Žǀ Ϭϰ Žǀ ϭϭ Žǀ ϭθ Žǀ Ϯϱ ĞĐ ϬϮ ĞĐ Ϭϳ d й ϮϬϭϯͲϭϱ ϲϭй ϲϵй ϱϯй d 'Z W, Z d/' ϲϰ ϲθ ϲθ ϲϲ ϲϳ ϲϯ ϳϲ ϳϲ ϴϭ d y Z d ϮϬϭϯͲϭϱ Ϯϯй Ϯϴй Ϯϵй s' />z sk> ϬϬϬͿ ϭϳϱ ϭθϲ ϭθϭ ϭϳϰ ϮϬϴ ϭθϳ ϭθϯ ϭθϯ ϭθϲ <>K' ϮϬϭϯͲϭϱ hw Kt sk>hd Ϭ ϴ ϭ Ϭ ϭ ϭ ϭ Ϭ ϭ Ϯ ϭ Ϯ ϭ ϳ ϭ ϵ Ϯ Ϯ Z Θ < s > ϯ Ϯϲǆ Ζϭϱ hd /^d Z d/' Ϯϯ ϯϵ ϯϱ Ϯϱ ϭϯ ϭϭ ϭϭ Ϯϭ ϯϵ /s >W ϭ Ϭϭ< ϱ ϭйͿ /s 'Z ZdͲϭϮй ϮϯͿ Z > d/s ^dz 'd, ϴϰ ϴϰ ϴϯ ϴϰ ϴϭ ϴϮ ϴϮ ϴϭ ϴϳ d ϭ ϮϮ ϲϭ ϬϬͿ >W, Ϭ ϭθ ͲϬ ϬϳͿ 'ZKhW Z < ϳ ϴ ϭϭ ϭϭ ϭϯ Ϯϴ Ϯϳ Ϯϲ Ϯϲ ϮϬϭϱ DW>Kz ^ ϰ ϮϱϬ ͲϭϭйͿ >K' &ŝǆğěͿ WZ/ ϵϭ< ϴϬ< ϳϬ< ϲϭ< Increase estimates ϱϭ< ϰϲ< ϰϯ< ϯθ< ϯϰ< ϯϭ< Ϯϲ< Ϯϰ< ϮϮ< ϮϬ Ϯϴϵ ϭϵ< Source: Corporate Website нϭ Ϯϳϵ ϭϳ< >W нϲ ϳϯй ϭϱ< ϴϳ Ͳ ϭϯ< ϭϯ< ϭϭ< ϭϭ< Sociedad Quimica Y Minera de Chile (SQB.C) is one of the largest global producers of lithium carbonate, iodine, and potassium. The Company continues to grow through capacity expansion. ϵϭϭϭ ϴϬϬϬ Rising R/S line with good /D rating ϲϭϭϭ ϱϭϭϭ ϰϲϭϭ ϰϯϭϭ ϯθϭϭ ccelerating earnings growth Company Overview SQM has a global presence in a variety of industries and applications through five segments: Specialty Plant utrition, Iodine and Derivatives, ithium and Derivatives, Industrial Chemicals, and Potassium. Q3 2017 revenues by segment: Specialty Plant utrients, 34%; ithium, 31%; Potash, 21%; Iodine, 11%; Industrial Chemicals, 3%. ϳϬϬϬ Increasing sponsorship ϯϰϭϭ ϯϭϭϭ >/ sk>hd ϰ ϵd ϯ ϱd нϯϭй Ϯ ϭd ϲϳϳ ϭ< ϭϭ ^ĞƉ ϭϭ &/ / >^ ϲϳ W^ >WͿϮϲϬ ϰϯ :ƵŶ ϭϲ Ϯϭϭ ϴϳ ^ĞƉ ϭϲ ϭϰϭ ϰϰ ϱй нϰϯй нϱϭй нϯϳй нϱϲй нϭϱй Ͳϭϭй ͲϮй Ͳϰϱй ͲϭϮй Ͳϰϵй Ͳϯϳй ͲϮϱй Ͳϰϰй нϯϰй нϱй нϯϵй Ͳϳϳй Ͳϯϲй Ͳϭϰй нϯй W^ й, ' ϴ ϰ Ϯϳϰ ϵϲϲ Ϭ Ϯϳϯ ϱϱϲ ϴ Ϯϱϴ ϯϱϯ ϳ ϯϰϭ ϲϲϱ Ϭ Ϯϵϰ ϯϳθ ϵ Ϯϴϴ ϵϭϵ Ϯ Ϯϵϰ Ϭϱϱ Ϯ Ϯϳϵ Ϭϰϯ ϴ Ϯϲϱ ϴϱϰ ϭ Ϯϱϳ ϳϬϭ ϲ Ϯϵϲ ϳϬϲ ϳ ϮϵϬ ϭϲϳ Ϯ ϮϳϮ ϳϲϯ Ϯ ϮϵϮ ϱϭϵ ϱ ϮϰϮ ϭϵϵ ϰ ϯϭϭ ϳϳϱ ϴ ϯϭϳ Ϭϰϴ ϯ Ϯϴϵ ϲϳθ ϵ ϮϳϮ ϭϭϰ ϲ ϯϯθ ϲϭϭ Ϭ ^ > ^ D/> >WͿ нϯϭϭй ϮϬϭϳ Ɛƚ ϯϯ ϯϯϯ ϴϬϲ ϲ ϱͳǉƌ,ŝőś ϯϯ ϭй нϭϵй ^ > ^ й, ' W^ й ^hzwz/^ ϱϯ ϱϱ &h ^ ĞĐ ϭϭ ϮϵϬ Ϯϰ DĂƌ ϭϯ Ϯϳϴ Ϭϱ :ƵŶ ϭϯ ϯϲϱ ϭϱ ^ĞƉ ϭϯ ϯϭϭ Ϯϵ ĞĐ ϭϯ Ϯϱϴ ϵϰ DĂƌ ϭϯ ϮϳϮ Ϭϯ :ƵŶ ϭϯ ϮϬϭ Ϭϴ ^ĞƉ ϭϯ Ϯϲϯ ϴϴ ĞĐ ϭϯ ϭϯϭ Ϭϯ DĂƌ ϭϰ ϭϳϭ ϵθ :ƵŶ ϭϰ ϭϱϭ ϬϬ ^ĞƉ ϭϰ ϭϰϳ ϰϯ ĞĐ ϭϰ ϭϳϱ Ϭϳ DĂƌ ϭϱ ϭϳϵ ϭθ :ƵŶ ϭϱ ϮϬϴ ϬϮ ^ĞƉ ϭϱ ϯϰ ϭθ ĞĐ ϭϱ ϭϭϭ ϰϲ DĂƌ ϭϲ ϭϱϰ ϰϯ нϭϳй нϭϯй нϯϯй нϳй нϲй нϭϰй Ͳϭϴй ͲϭϬй Ͳϭϭй нϭй нϰй нϯй нϭϰй Ͳϭϴй нϰй нϭϯй Ͳϭй нϭϯй нϵй нϵй ϳϯ ϳϱ ϵϯ ϴϲ ϭϯϭ ϭϯϳ ϭϯϭ ϭϭθ ϭϭϱ ϭϭϲ ϭϭϳ ϭϯϭ ϭϯθ ϭϯϲ ϭϰϵ ϭϱϯ ϭϲϯ ϭϳϳ ϭϳθ ϭϵϭ ϭϭd ϱ ϭθϭ ϮϬϳ ϱ Ϭϯϵ ϱϱϲ ϱ ϲθθ ϲϲϯ ϱ ϳϬϭ Ϭϯϭ ϰ ϱϳθ ϴϲϯ ϰ ϴϬϮ Ϭϲϭ ϱ ϱϱϯ ϯϳϭ ϱ ϱϯϱ ϯϯϯ ϲ ϬϮϱ ϯθϲ ĞĐ ϭ W ϯϯ ϱͳǉƌ >Žǁ ϭϯ ǀƐ /ŶĚ ǀŐ ϭ ϭǆ O eil Methodology The stock is trading 7% below its 50-DM. It has a strong RS Rating of 87 but a poor /D Rating of C, reflecting distribution. In Q3 2017, earnings per DR increased 105% y/y to $0.43, which helped improve the stock s PS Rank to 84. Consensus estimates have the Company s 2017 and 2018 PS growing 43% and 8%, y/y, respectively. In 9M 2017, revenues increased 14.2% y/y, compared with 9M 2016. This was mainly due to a 9% growth in sales volume. The Company s gross profit improved 34.5% y/y to $546.4M in 9M 2017. Gross profit for the lithium segment accounts approximately 61% of Company s gross margin for 9M 2017. SQM plans to invest $30M in lithium hydroxide expansion in 2016 2018; $100M in potassium nitrate expansion in 2017 2018; $30M in Iodine capacity expansion in 2017 2018; and $675M in the ChauchariOlaroz project in rgentina in 2016 2019. Driven by growth in electric vehicles, the market for rechargeable batteries is expected to double by 2025, according to consultancy CRU, increasing demand for raw materials, such as lithium. Growth Drivers The Caucharí-Olaroz lithium project in rgentina is expected to start operating by the end of 2019. SQM recently announced a 50/50 joint venture with Kidman Resources to develop a 40,000 MT lithium project in ustralia. These projects are in line with the Company s strategic plan to develop lithium projects. ooking Forward SQM expects demand growth to surpass 14% this year in the lithium market. The Company expects higher prices for the remainder of this year. It also expects the demand to reach more than 500K MT by 2025. In the iodine market, sales volume grew 30% y/y to 9,700 MT in 9M 2017 and is expected to surpass 12,500 MT this year. The Company plans to expand total capacity to 14,000 MT by the end of 2018. ext Catalyst: The Company s Q4 2017 results announcement on February 28, 2018. ϬϳϮ ϯ ϯϯϳ ϵϯϱ ϯ ϯϯϭ ϱϯϭ ϯ ϯϰθ ϵϯϰ ϯ ϯϭϲ ϱϯϯ ϯ Ϯϳϲ ϵϯϳ ϰ ϲϭϲ ϱϯϯ ϱ ϬϮϲ ϱϯϯ ϱ Ϯϰϳ ϲϭϳ ϱ ϰϯϭ ϳϵϮ ϰ ϳϯϬ ϲϰθ ϵ ϵϭϰ Ϭϭϯ ^, Z ^, > z &h ^ Π ϮϬϭϲ t/>>/ D KΖ /> н K / -108- ^ŽĐŝĞĚĂĚ YƵŝŵŝĐĂ z DŝŶĞƌĂ Ğ ŚŝůĞ WƌĞĨ ^Y >Ϳ tğğŭůǉ ĂƐ ŽĨ tğě ĞĐĞŵďĞƌ Ϭϳ ϮϬϭϲ ĞĐĞŵďĞƌ Ϭϳ ϮϬϭϲ ocal Code: CHSQMB Bloomberg Symbol: SQM/B:CI ISI: CP8716X1082

Sociedad Quimica Y Minera De Chile B Pref. SOCIDD QUIMIC Y MIR (SQB.C) SGO RIGS BUSISS: +56 2 24252000 http://www.sqm.com SC SOCIDD QUIMIC Y MIR D CHI S.. (SQM), IS PRODUCR PRIC = OF POTSSIUM ITRT D IODI. TH COMPY PRODUCS 10 X PS SPCITY PT UTRITS, IODI DRIVTIVS, ITHIUM D ITS DRIVTIVS, POTSSIUM CHORID, POTSSIUM SUFT D CRTI IDUSTRI CHMICS. ITS SGMTS ICUD SPCITY 12000 PT UTRITS, IDUSTRI CHMICS, IODI D DRIVTIVS, ITHIUM D DRIVTIVS, POTSSIUM, D OTHR 11000 PRODUCTS D SRVICS. SPCITY PT UTRITS R FRTIIZRS THT B FRMRS TO IMPROV YIDS D TH 10000 9000 8000 7000 6000 U W K Y PS CP (DC.) CF/SHR CP PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI CP) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK CHI CHMICS-GRICUTUR 120.38M 84.26M SHRS MGMT owns X-DIV FOT MKT CP QUITY OF CRTI CROPS. IDUSTRI CHMICS HV RG OF PPICTIOS I CHMIC PROCSSS, SUCH S TH MUFCTURIG OF GSS D IDUSTRI ITRTS. IODI D ITS DRIVTIVS R USD I TH X-RY COTRST MDI D BIOCIDS IDUSTRIS, MOG OTHRS. ITHIUM D ITS DRIVTIVS R USD I BTTRIS, GRSS D FRITS FOR PRODUCTIO OF CRMICS. POTSSIUM CHORID IS COMMODITY FRTIIZR THT IS PRODUCD D SOD BY TH COMPY CROSS TH WORD. 2008 2009 2010 2011 2012 2013 2014 2015 2016 989.64 710.11 740.77 996.92 1197 887.39 643.47 532.84 714.43 1679 1248 1413 1704 2179 1238 1283 1068 1643 34.5 28.6 26.4 33.2 35.0 27.0 19.6 16.8 20.7 34.3 21.6 26.4 30.8 32.0 20.5 13.0 9.3 11.9 +49-14 +17 +10 +14-7 +4-1 +15 919233 794839 933884 103138711792041101570115097911370611310353 79 77 85 85 85 81 81 75 78 256 252 266 256 254 251 276 291 312 1.1-3 89 11 0.9 +2 82 8 1.2 +30 88 8 1.2 +30 86 7 1.3 +32 88 6 1.1 +20 86 30 0.7-19 77 7 0.7-41 66 37 0.6-35 67 15 CP 4.03T CHI SS CP1.41T PS RTIG IC 1983 83 CP33504(OH -15%) Up 65.13% Since ddition 130000 120000 110000 100000 2017 STIMT 2018 STIMT 965.27 +35% 1074 +11% RIGS GROWTH RT SS GR RT 2015-17 +13%(18 STBIITY) +9% 2013-17 -9%(26 STBIITY) +3% COMPOSIT RTIG IVT T/O PRIC SC 90000 80000 1.1x 5 70000 DBT % 2014-16 69%: 52%: 47% 28%: 29%: 33% TX RT 14-16 : : BCKOG 14-16 5.67 X '16 BK.V R&D DIV674.83(2.0%) DIV GR RT-4% (36) BT 1.16(25) PH 0.03(0.02) 60000 5000 4800 4600 4400 4200 0IGPG 50000 48000 46000 44000 42000 4000 3800 40000 38000 3600 36000 3400 34000 3200 32000-14% 3000 30000 2800 28000 2600 26000 Global Focus M CP20289 2400 24000 2200 22000 2000 1900 20000 19000 1800 18000 67 1700 1600 17000 16000 1500 15000 1400 14000 1300 13000 1200 12000 1100 11000 1000 10000 900 9000 800 8000 700 7000 600 6000 VOUM 3M 2M 1M 700 K SP Q -48% BOW ST. PS (CP) % CHG SS(BI CP) % CHG MRGI FTR TX 131.03-49% 257702-11% 14.0% 170.98-37% 296707 +1% 15.2% 150.00-25% 290167 +4% 13.6% 147.42-44% 272763 +3% 14.2% 175.07 +34% 292510 +14% 15.9% 179.18 +5% 242199-18% 18.5% 208.02 +39% 300776 +4% 17.2% 34.18-77% 307048 +13% 3.1% 111.46-36% 289679-1% 10.8% 150.25-16% 272115 +12% 14.9% 211.87 +2% 328600 +9% 17.0% 143.28 +319% 333807 +9% 11.1% 207.59 +86% 369210 +27% 14.6% 256.36 +71% 347677 +28% 19.4% 13-17 17-25 21-25 25-28 20-26 15-25 14-19 14-20 18-26 21-28 26-33 25-30 24-29 23-28 256.22 +21% 337146 +3% 20.0% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 112/4660 DC 13 104/9852 MR 14 107/10268 JU 14 111/5118 SP 14 118/4985 DC 14 123/5620 MR 15 135/5627 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Basic Material: Chemicals-gricultural 139/4506 SP 15 149/4737 DC 15 162/5507 MR 16 166/5513 JU 16 182/6143 SP 16 190/6374 DC 16 225/6905 MR 17 242/7674 JU 17 +24% '13-18 P..'S OW OW HI ST 271/8169 SP 17 DC Q 258.29 25-29 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -109-273.11 +91% 355850 +7% 20.2% 400 K DC 17 12X 43X 33X MR 18 TM DTGRPHS 2/2/2018

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Its next support level is IR 297. The stock s RS line has been declining for the last two weeks, with an RS Rating of 71 and an /D Rating of B. In Q2 FY 2018, Vedanta s revenues grew 37% y/y to IR 215.2B, mainly due to higher volume at Zinc India and a rampup of its aluminium business. The Company s PS grew 18% y/y to IR 5.64 in Q2 FY 2018, mainly due to strong commodity prices and higher volume. Consensus estimates have the Company s FY 2018 and FY 2019 PS growing by 15% and 35%, y/y, respectively. This is likely to improve its current PS Rank of 54. ϱϭϭ ϰϲϭ Ϯϳϵ ϴϱ ϭϭ ϬϬ Company Overview Vedanta is the Indian subsidiary of Vedanta Resources Plc, a ondon-listed company. It was formed out of the merger of Sesa Goa and Sterlite Industries. The Company has a presence across India, South frica, amibia, ustralia, and Ireland. Q3 2017 revenues by segment: copper, 29%; zinc, 28%; aluminium, 24%; oil & gas, 10%; power, 7%; iron ore, 2%. ϳϬϬ ϮϲϬ &ŝǀğͳǉğăƌ ŚŝŐŚ ŝŷ Ɖ ƚ ŵăƌőŝŷɛ WZ/ ϲϭϭ ϭϯ ϬϬ ϭϯ ϬϬ ϭϭ ϬϬ Vedanta td (VD.I) is a global diversified natural resources company. The Company continues to grow through volume increases in the zinc, aluminium, copper, and oil and gas segments. >K' &ŝǆğěͿ ϭϭϭ ϵϭ ϴ ϬϬ ϴϬ ϳ ϬϬ ĞĂƌͲƉĞƌĨĞĐƚ ƌăƚŝŷő ĂŶĚ ŐŽŽĚ ϳϬ Z ^ ƌăƚŝŷő ϲ ϬϬ ϲϭ ϱ ϬϬ ϰ ϲϭ ϱϭ ϰϲ ϰ ϮϬ ϰϯ ϯ ϴϬ ϯθ ϯ ϰϭ ϯϰ ϯ ϬϬ ϯϭ ^ƚƌžŷő ƋƵĂƌƚĞƌůǇ ŐƌŽǁƚŚ ĨŽƌ ƉĂƐƚ ƚśƌğğ ƋƵĂƌƚĞƌƐ Ϯ ϲϭ Ϯ ϰϭ Ϯϲ Ϯϰ >K' sk>hd ϰϭd ϮϬD Ͳϰϰй ϳD ϲ ϮD Ϯ&/ / >^ ĞĐ ϭϯ DĂƌ ϭϯ ϴ W^ /ZͿ ϱ ϳϮ ϯ ϰϯ й W^ й, ' ͲϮϴй Ͳϳϰй Ϯ^ > ^ D/> /ZͿ Ϯ ϯϲϱ ϲ Ϯ ϴϰϴ Ϯ й^ > ^ й, ' Ͳϵϭй ͲϵϬй йd Z'/ &d Z d y нϯϭϭ Ϭй нϭϭϰ ϱй ϱw >KtͲ,/', ϰͳϱ ϯ&h ^ ϭϱϭ ϱͳϳ ϭϱϰ :ƵŶ ϭϯ ^ĞƉ ϭϯ ĞĐ ϭϯ DĂƌ ϭϰ :ƵŶ ϭϰ ^ĞƉ ϭϰ ĞĐ ϭϰ DĂƌ ϭϱ :ƵŶ ϭϱ ^ĞƉ ϭϱ ĞĐ ϭϱ DĂƌ ϭϲ :ƵŶ ϭϲ ϭ ϰϭ ϴ ϭϲ ϲ ϯϳ ϱ ϱϯ ϭ Ϯϳ ϱ ϰϲ ϱ ϯϱ Ͳϲϰ ϴϱ Ϯ ϴϰ ϯ ϲϭ ϭ ϯθ Ͳϰϵ Ϯϭ Ϯ Ϭϳ Ͳϴϳй Ͳϭϴй нϭϭй нϲϭй ͲϭϬй Ͳϯϯй Ͳϭϲй Ͳϭ Ϯϳϱй нϭϯϰй Ͳϯϰй Ͳϳϰй нϯϰй ͲϮϳй ϯ ϳϴϰ ϭ Ϯϱϯ ϱϲϲ Ϭ ϭϵϱ ϮϮϵ ϵ ϮϬϴ ϵϰϰ ϭ ϭϳϭ ϯϲϲ ϲ ϭϵϱ ϰϵϯ ϴ ϭϵϯ ϭθϵ Ϭ ϭϳθ Ϭϰϱ ϲ ϭϳϭ Ϭϴϴ ϭ ϭϲϱ ϱϭθ ϱ ϭϰθ ϳϬϮ ϱ ϭϱϵ ϭϭϯ ϲ ϭϰϰ ϯϳϭ ϴ Ͳϳϴй нϵ<й нθ<й нϳ<й нϰ<й ͲϮϯй ͲϮй Ͳϭϱй Ͳϭй Ͳϭϱй ͲϮϯй Ͳϭϭй Ͳϭϱй нϭϭϵ ϱй нϵ ϰй нϵ ϲй нϳ ϴй нϯ Ϯй нθ ϯй нθ ϯй ͲϭϬϴ Ϭй нϱ Ϭй нϲ ϱй нϯ ϳй Ͳϴϳ Ϭй нϰ ϯй ϲͳθ ϭϱθ ϲͳϭϭ ϯϯϭ Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϵͳϭϭ ϯθϲ ϴͲϭϬ ϯϲϭ ϴͲϭϱ ϯϵϰ ϭϰͳϭϳ ϰϭϰ ϭϭͳϭϲ ϯϳθ ϯϲϯ ϯϯϰ ϯϰϵ ϯϭϭ ϯϭϱ ϯϯϯ ^ĞƉ ϭϲ ĞĐ ϭϲ DĂƌ ϭϳ :ƵŶ ϭϳ ϰ ϮϮ ϲ ϯϭ ϴ ϵϰ ϰ ϯϳ нϭϳй нϯϱϳй нϭϭθй нϭϭϭй ϭϱθ ϱϵϲ Ϭ ϭϵϰ ϭϱϯ Ϯ ϮϮϱ ϭϭϭ Ϭ ϭθϯ ϴϱϬ Ϭ Ͳϰй нϯϭй нϰϭй нϯϳй нϳ ϵй нϭϭ ϱй нϭϭ ϴй нθ ϯй ϯϰϭ ϯϵϭ ϭϭͳϭϯ ϰϭθ ϵͳϭϯ ϰϳθ ^ĞƉ ϭϳ ϵ ϯϲğ нϭϯϯйğ ϮϬϯ ϰ<ğ нϯθйğ ĞĐ ϭϳ ϳ ϲϭğ нϯϭйğ ϮϮϯ ϯ<ğ нϭϱйğ DĂƌ ϭθ ϱ ϴϬĞ ͲϯϱйĞ Ϯϯϯ Ϭ<Ğ нϯйğ W ϭϯ ϮϬϭϴ Ɛƚ ϭϭ ϭ ϮϬϭϵ Ɛƚ ϴ Ϯ ϱͳǉƌ,ŝőś ϭϳ ϱͳǉƌ >Žǁ ϰ ǀƐ /ŶĚ ǀŐ Ϭ ϲǆ sğěăŷƚă s /Ϳ tğğŭůǉ ĂƐ ŽĨ DŽŶ :ƵůǇ ϯϭ ϮϬϭϳ The government s push for the development of infrastructure is expected to create a huge demand for metal and other resources. This will be beneficial for the Company. The Company has maintained a strong balance sheet, reducing gross debt by approximately IR 114.7B in H1 FY 2018. The Company is committed to deleveraging its balance sheet and to achieving a stronger financial position in FY 2018. Vedanta signed an MoU with the Jharkhand government to build a 1M metric ton per annum (MTP) steel plant. ooking Forward Management revised its FY 2018 capex guidance to $1.1B, compared with previous guidance of $1.2B. Management expects capacity expansion at Zinc India to reach 1.2 MTP by FY 2020. The first phase of the Gamsberg project is expected to be completed in mid-2018, with a capex target of $200M. The Company expects FY 2018 aluminium production to be 1.5-1.6MT. Production during the quarter for copper was at record 106 kilo tons (kt) and management expects full-year production at 400kt. ext catalyst: The Company s Q3 FY 2018 results announcement on February 12, 2018. -110- ocal Code: I:VD Bloomberg Symbol: VD:I ISI: I20501025

Vedanta IDI VDT (VD.I) S MIIG-MT ORS 3.72B 1.56B SHRS RIGS BUSISS: +91 832 2460600 http://www.vedantalimited.com MGMT owns X-DIV SC VDT IMITD IS TUR RSOURC COMPY GGD I TH COSISTS OF POWR, ICUDIG POWR FCIITIS GGD I PRIC = BUSISS OF MUFCTURIG COPPR D COPPR PRODUCTS, D GRTIO D S OF COMMRCI POWR, D OTHR, WHICH 10 X PS UMIUM D UMIUM PRODUCTS. TH COMPY'S SGMTS COSISTS PIG IRO D MTURGIC COK. ITS IRO OR ICUD COPPR, WHICH COSISTS OF MUFCTURIG OF COPPR BUSISS COSISTS OF IRO OR XPORTIO, MIIG, CTHOD, COTIUOUS CST COPPR ROD D OD SIM, BFICITIO D XPORTS. TH COMPY HS IRO OR MIIG ICUDIG FROM PURCHSD COCTRT D MUFCTURIG OF OPRTIOS I TH STTS OF GO D KRTK. ITS COPPR 80.00 PRCIOUS MT FROM OD SIM, SUFURIC CID, PHOSPHORIC BUSISS COSISTS OF CUSTOM SMTIG. ITS POWR BUSISS CID; IRO OR; UMIIUM, WHICH COSISTS OF MUFCTURIG COSISTS OF 2,400 MGWTT THRM CO BSD POWR FCIITY 70.00 OF UMI D VRIOUS UMIUM PRODUCTS; POWR, WHICH I TH STT OF ODISH. 60.00 46.00 44.00 42.00 40.00 38.00 36.00 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 25.26 24.54 55.1 51.9 +31 49179 63 2010 32.41 31.66 59.4 41.6 +18 57978 68 2011 49.17 49.75 60.5 40.7 +58 91933 69 2012 31.01 32.24 37.8 19.3-27 82745 70 2013 26.24 0.96 14.0-69 27489 69 7627 8211 8373 8396 8386 0.9 +9 41 33 1.1 +15 49 31 1.3 +34 54 36 1.4 +39 55 41 1.3 +43 53 43 FOT MKT CP IR 1.24T SS IR867.47 BI IDI PS RTIG 31 IR334.30(OH -6%) Up 19.46% Since ddition PRIC SC 900 800 700 2014 2015 2016 2017 2018 STIMT 2019 STIMT 25.64 +9% 37.36 +46% 21.46-52.77-41.38 23.47 46.18 52.64 26.76 44.69 RIGS GROWTH RT SS GR RT 2015-17 +3% 14.3 18.9 13.9 10.5 2013-17 +68% +2,306 +11-13 +12 COMPOSIT RTIG IVT T/O 4.7x 50 661524 737095 642618 722250 70 69 69 63 DBT % 2015-17 97%: 112%: 50% 8376 8510 8983 9445 : : 17% TX RT 15-17 : : 1.3 1.3 1.5 1.3 BCKOG 15-17 1.61 X '17 BK.V +46 +30 +39 +30 R&D 55 58 59 65 DIV 19.7(5.8%) DIV GR RT+80% (99) 41 49 52 54 BT 1.78(26) PH -0.05(-0.03) 600 0IBOM500 500 480 460 440 420 400 380 360 Global Focus M IR279.9 34.00 32.00 340 320 30.00 300-8% 28.00 280 26.00 260 24.00 240 22.00 220 20.00 200 19.00 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 65 B+ 13.00 12.00 130 120 11.00 110 10.00 100 9.00 90 8.00 80 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 36 VOUM 80 M 50 M 30 M 20 M DC Q -58% BOW ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 6.39 +12% 195230 +8153% 9.6% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 8-10 383/385M DC 13 5.52 +61% 208944 +7236% 7.8% +13.9% 7-9 355/338M MR 14 1.27-10% 171367 +4429% 2.2% 8-14 381/318M JU 14 5.46-33% 195494-23% 8.3% +7.6% 14-16 390/318M SP 14 5.35-16% 192189-2% 8.3% -64.85 178046-15% 2.84 +124% 170088-1% 5.0% 1.38-74% 148703-23% 2.7% -49.21 159113-11% 2.54-11% 144371-15% 4.3% 4.80 +33% 158610-4% 9.0% 7.19 +421% 194150 +31% 11.0% 10-15 365/314M DC 14 349/318M MR 15 328/305M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Basic Material: Mining-Metal Ores 3.61-34% 165519-15% 6.5% 343/325M SP 15 305/316M DC 15 309/324M MR 16 318/310M JU 16 334/287M SP 16 384/306M DC 16 8.94 #+118% 225110 +41% 11.8% +10.5% 9-12 413/283M MR 17 4.19 +65% 182850 +27% 8.3% 5.65-21% 243610 +25% 8.4% 501/456M JU 17 558/481M SP 17 5.31 '13-18 P..'S OW OW HI ST 563/508M DC 17 MR Q -41% 9-11 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -111-5.64 +17% 215900 +36% 9.7% +15.1% 10 M 7M 4X 13X 16X MR 18 TM DTGRPHS 2/2/2018

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The Company benefits from ongoing cost savings and capacity expansion. ϴϬ ϳϬ ϲϭ ϱϭ ϰϲ ϰϯ Rising R/S line ϯθ ϯϰ Company Overview JSW Steel is the flagship company of JSW Group. The Company operates through six steel plants located in South and West India, with a total production capacity of 18M tons per annum (MTP). It is also engaged in cement, mining, and construction activities. JSW added about 447 retailers and 20 distributors in Q2 FY 2018 to expand its distribution network. It is the largest steel exporter in India, with about 26% of sales derived from exports. O eil Methodology The stock is forming a new consolidation base. We would like to see a strong breakout before adding to positions. The stock s RS line is near all-time highs and it has a good RS Rating of 77 and /D Rating of B-. In Q2 FY 2018, consolidated revenues increased 17% y/y to IR 168.2B, driven by a 17% y/y growth in value-added and special products sales due to a higher volume of electrical steel, CRC, galvanized, and color-coated products. The share of value-added products increased about 37%, compared with 33% in Q4 FY 2017. Q2 FY 2018 PS grew 16% y/y to IR 3.49. Consensus estimates have the Company s FY 2018 and FY 2019 PS growing 15% and 29%, y/y, respectively. This is likely to improve its current PS Rank of 32. Growth Drivers The Company plans a capital expenditure of about IR 268B from FY 2018 to FY 2021 to increase its capacity by five MTP. ϯϭ Ϯϲ Ϯϰ ϮϮ Good quarterly estimates ϮϬ ϭθ >/ sk>hd Strong Q2 FY 2017 earnings and sales growth ϭθϭd ϭϰϭd ϭϭϭd нϲϵй ϲϭd Ϯϲ ϯd ϭϭ&/ / >^ ĞĐ ϭϭ DĂƌ ϭϯ ϭθ ϯ ϰϭ W^ /ZͿϬ ϰϰ й W^ й, ' Ͳϲϵй Ͳϰй :ƵŶ ϭϯ Ϭ ϵϰ нϭϯϭй ^ĞƉ ϭϯ Ϯ ϲϭ Ͳϱϴй ĞĐ ϭϯ ͲϬ ϮϮ ͲϭϱϬй ϯ^ > ^ D/> /ZͿ ϴϰ Ϭϰϲ ϲ ϭϭϭ ϱϯϲ ϴ й^ > ^ й, ' нϰϭй нϰϭй ϵϵ Ϭϵϴ ϵ нϯϯй нϯϳ ϭй ϵϱ ϭϯϳ ϭ нϭϳй нϯθ Ϯй ϴϴ ϴϳϵ Ϭ нϲй Ͳϯϯ ϭй ϭϭϵ ϭϭϲd ϭϯθ ϵϳd ϭϰϱ ϭϭϳd W^ й ^hzwz/^ ϯϯ ϭϭϲ &h ^ ϭϯϱ ϵϭ^, Z ^, > z &h ^ ϭϯϳd ϭϭϭd Π ϮϬϭϳ t/>>/ D KΖ /> н K / DĂƌ ϭϯ ϭ ϭϯ Ͳϲϳй :ƵŶ ϭϯ Ͳϭ ϱϲ ͲϮϲϲй ^ĞƉ ϭϯ ͲϬ ϰθ Ͳϭϭϴй ĞĐ ϭϯ ϭ ϵϯ нϵϳϳй DĂƌ ϭϰ ϭ ϴϲ нϲϲй :ƵŶ ϭϰ Ϯ ϳϮ нϯϳϰй ^ĞƉ ϭϰ ϯ ϭϭ нϳϰϲй ĞĐ ϭϰ ϭ ϯϲ ͲϯϬй DĂƌ ϭϱ Ϭ ϭϯ Ͳϵϰй :ƵŶ ϭϱ Ϭ Ϭϵ Ͳϵϳй ^ĞƉ ϭϱ Ϭ ϰθ Ͳϴϱй ϵθ ϵθϭ ϱ ϭϭϯ ϳϬϲ ϲ ϭϯϵ ϴϯϳ ϴ ϭϯϲ ϮϮϳ ϳ ϭϰϯ ϰϯϰ ϭ ϭϯϯ ϱϰϭ ϳ ϭϯθ ϵϰϳ ϵ ϭϯϯ ϮϮϵ ϱ ϭϯϱ ϵϵϳ Ϭ ϭϯϲ ϰϳϯ ϱ ϭϭϵ Ϭϲϵ Ϭ Ͳϯй нϰй нϯϲй нϱϯй нϰϱй нϯϵй нϳй Ͳϯй ͲϭϮй Ͳϱй ͲϮϮй нϭ ϱй нϱϯ ϰй нϭϲϯ Ϭй ͲϯϬ ϯй ͲϮϵ ϳй Ͳϰϯ ϭй ͲϭϮϯ ϯй Ͳϭϲϯ ϭй ϭϯϲ ϵθd ϭϯθ ϭϭϯd ϭϯϲ ϭϭϯd ϭϯθ ϭϯϵd ϭϱϭ ϭϰϭd ϭϳϱ ϭϱϳd ϭθϳ ϭϳϰd ϭθθ ϭϳϭd ϭθϯ ϭϲϵd ϭϲϵ ϭϵϭd ϭϳθ ϭϳθd ĞĐ ϭϱ Ͳϯ ϴϮ Ͳϯϴϭй :ƵŶ ϭϲ ϰ ϲϯ нϱ<й ^ĞƉ ϭϲ ϯ ϬϮ нϱϯϵй ĞĐ ϭϲ Ϯ ϯϯğ нϭϲϭйğ DĂƌ ϭϳ ϭ ϱϭğ нϱϭйğ ϴϲ ϵθϯ ϳ ϭϭϳ ϰϳϭ ϲ ϭϯθ ϴϱϴ ϭ Ͳϯϰй Ͳϳй нϯй нϯϭϲ ϭй Ͳϭϯϵ ϵй нϯϲθ ϱй ϭϰϰ ϮϬϴ ϴ нϯϯй Ͳϳ ϯй ϭϰϯ ϴ<Ğ нϲϰйğ ϭϰϭ ϵ<ğ нϯϭйğ Ϯϭϴ ϭϲϱd ϮϬϵ ϭϲϯd ϭϳϲ ϭϳϯd DĂƌ ϭϲ ϭ ϬϬ нϳϯϯй ϭϳϵ ϭϲϭd Ϯϭϯ ϭϲϲd W ϯϳ ϮϬϭϳ Ɛƚ ϭϰ Ϭ ϱͳǉƌ,ŝőś ϭϭϯ Ϭ ϱͳǉƌ >Žǁ ϱ Ϭ ǀƐ /ŶĚ ǀŐ :Ɛǁ ^ƚğğů :s^ /Ϳ tğğŭůǉ ĂƐ ŽĨ tğě :ĂŶƵĂƌǇ ϭϭ ϮϬϭϳ :ĂŶƵĂƌǇ ϭϭ ϮϬϭϳ Crude steel production grew 4.5% y/y in H1 FY 2018. Steel demand is expected to improve further due to the government s increased focus on infrastructural projects. The World Steel ssociation expects world steel demand to grow 2.8% in 2017. Steel prices also strengthened due to improved demand outlook. In ugust 2016, JSW entered into a joint venture agreement to acquire a 74% stake in JSW Praxair Oxygen. The Company is expected to benefit from the backward integration of critical inputs. ooking Forward In an effort to tackle smog, China has stopped the production of highly polluting low-end steel. arge Indian steel companies, such as JSW, are well positioned to benefit from the reduction in steel exports from China. Chinese steel exports declined 28% y/y in H1 CY 2017. For FY 2018, the Company expects steel sales volume growth of 4.9% y/y to 15.50M tons. ext catalyst: The Company s Q4 2017 results announcement on February 1, 2018. -112- ocal Code: I:JSWST Bloomberg Symbol: JST:I ISI: I01901038

Jsw Steel IDI JSW ST (JVS.I) S RIGS BUSISS: +91 22 2351 3000 http://www.jsw.in SC JSW ST IMITD IS HODIG COMPY. TH COMPY IS PRIC = GGD I TH BUSISS OF PRODUCTIO D DISTRIBUTIO OF 10 X PS IRO D ST PRODUCTS. ITS SGMTS ICUD ST; POWR (USD MIY FOR CPTIV COSUMPTIO), D OTHRS, WHICH ICUDS CMT, MIIG D COSTRUCTIO CTIVITIS. ITS PRODUCT PORTFOIO I FT D OG ST PRODUCTS ICUDS HOT ROD (HR) COIS, SHTS D PTS; COD ROD COIS 80.00 D SHTS; GVIZD PRODUCTS; GVUM PRODUCTS; O-GRI ORITD CTRIC ST (CRGO); PR-PITD 70.00 60.00 50.00 48.00 46.00 44.00 42.00 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK ST-PRODUCRS 2.42B 1.35B SHRS MGMT owns X-DIV FOT MKT CP IR 722.75BI. SS IR660.64 BI GVIZD PRODUCTS (COOR COTD SHTS/COIS); PR-PITD GVUM PRODUCTS; WIR RODS; SPCI ST BRS/WIRS; ROUDS D BOOMS, D GS. ITS COOR COTD PRODUCTS ICUD JSW PRGTI, JSW COOURO D JSW COOURO+. ITS GVIZD PRODUCTS ICUD JSW VISHWS D GVOS. IT HS PTS I OVR SIX OCTIOS I IDI, ICUDIG VIJYGR I KRTK, SM I TMI DU, D TRPUR, VSID, KMSHWR D DOVI I MHRSHTR. IDI PS RTIG 59 IR299.00(OH -4%) Up 59.42% Since ddition PRIC SC 900 800 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 17.83 +22% 23.13 +30% 1.29 8.36 8.46 5.45 4.44 1.73 8.82-1.64 14.66 5.12 14.42 15.70 15.66 16.99 15.76 20.48 13.96 28.93 RIGS GROWTH RT SS GR RT 2015-17 +7% 1.9 11.6 10.2 5.8 5.2 2.6 7.0 9.2 3.2 19.0 13.6 3.1 5.6 2.2 8.1 17.2 2013-17 +7% +28 +19 +26 +43 +12 +34 +3-21 +34 COMPOSIT RTIG IVT T/O 3.9x 43 158946 189572 238616 341237 382097 512196 460873 415462 556040 67 65 68 67 70 66 63 69 78 DBT % 2015-17 99%: 189%: 144% 2900 2852 2766 2726 2805 2689 2894 3139 3641 33%: : 33% TX RT 15-17 : : 0.9 0.7 0.8 0.9 1.0 1.0 0.9 1.0 1.0 BCKOG 15-17 3.21 X '17 BK.V -23-15 -9 +9 +40 +46 +20 +25 +24 R&D 62 60 65 64 62 63 66 68 77 DIV 2.25(0.7%) DIV GR RT+6% (27) 26 28 26 30 26 26 24 25 28 BT 1.79(32) PH 0.01(0.01) 700 600 0IBOM500 500 480 460 440 420 400 380 36.00 360 34.00 340 32.00 320 30.00 300 28.00 280 26.00 260-8% 24.00 240 Global Focus M IR187.6 22.00 220 20.00 200 19.00 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 77 B 11.00 110 10.00 100 9.00 90 8.00 80 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 38 10/1 VOUM 60 M 40 M 30 M DC Q -15% BOW ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 1.93 #+1019% 136228 +53% 3.4% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 70-102 135/139M DC 13 1.86 +66% 143424 +45% 3.4% +2.3% 45-59 147/140M MR 14 2.72 #+274% 132541 +29% 5.0% 16-22 164/157M JU 14 3.10 #+733% 138948 +7% 5.4% +10.7% 11-14 175/173M SP 14 1.36-30% 132230-3% 2.5% 11-14 176/171M DC 14 0.12-94% 125997-12% 0.5% +8.2% 12-14 0.09-97% 114759-13% 0.2% 17-21 172/169M MR 15 165/190M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Basic Material: Steel-Producers 0.23-93% 108081-22% 1.1% +3.4% 45-57 179/178M SP 15-2.96 86537.3-35% 1.00 +733% 106084-16% 2.3% 4.62 +5033% 117080 +2% 9.6% 42-50 178/172M DC 15 183/160M MR 16 219/165M JU 16 3.02 +1213% 132280 +22% 5.0% 25-32 230/165M SP 16 3.04 #+203% 140120 +62% 5.2% 12-15 223/174M DC 16 4.22 +322% 166560 +57% 6.1% +17.2% 10-13 234/170M MR 17 2.61-44% 146990 +26% 4.3% 7.28 +139% 178610 +27% 9.8% 245/184M JU 17 272/222M SP 17 5.21 '13-18 P..'S OW 10X OW 20X HI 104X ST 275/221M DC 17 MR Q +23% 14-16 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -113-3.49 +16% 168480 +27% 5.0% +14.5% 20 M MR 18 TM DTGRPHS 2/2/2018

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In the past five years, BRI has seen sharp growth and steady market share gains. Its revenues and PS have grown an average of 10% and 37%, respectively. Its BITD margin has expanded 800bps to 13.7%. Its margin improvement is likely to persist due to efficiency gains, boosting its PS CGR to 19% during 2017-2020. Thus, BRI s current PS Rank of 70 is expected to improve in the coming quarters. In Q2 FY 2018, BRI s revenues increased 7% y/y to IR 25B, driven by mid-single digit volume growth. BITD grew 11% y/y and margin expanded 64bps y/y. The Company stated that all its trade channels have normalized post Goods and Services Tax (GST). ϰϯϭϭ нϰϯй ϯθϭϭ ϯ ϴϬϲ ϯϰϭϭ нθϳ ϬϬ ϮϲϬϬ ϮϰϬϬ ϮϮϬϬ Ͳϭϳй Stock breaking out, trading constructivelyϭϵϭϭ ϭϳϭϭ along its 10-week moving average нϭϭϳй нϭϭθй ϴϬϬ Ͳϭϳй ϭϵ ϰϰ Good relative strength rating and accumulation / distribution ratings нϯϵй нϯθй ϭϯ ϴϵ ϭϯ ϳϴ ϭϭ ϱϲ ϭϯϭϭ ϭϯϭϭ ϭϭϭϭ ϵϭϭ нϲϵй ϮϮ ϮϮ ϭϭ ϲϳ ϭϱϭϭ ϭϭϭϭ Ϯϱ ϬϬ ϭϲ ϲϳ /Z нϯ ϯϰй ϯϭϭϭ ϲϯ н Ϯϳ ϳϴ Company Overview BRI has robust brand power in its portfolio: Tiger (mass biscuits), Treat (cream biscuits), 50-50 (crackers), Good Day (premium cookies and its highest selling brand), Marie, Milk Bikis, and utrichoice (premium high-fiber biscuits). In March 2017, BRI s direct outlets reached 1.55M, almost two times the direct outlets of its nearest competitor, Parle. FY 2017 revenue by product mix: biscuits, 77%; bread and rusk, 10%; cake, 4%; dairy, 4%; other, 5%. ϱϭϭϭ ϰϲϭϭ нϯϭй ϰϭ ϲϳ Britannia Industries (BRI.I) is one of the leading food companies in India. Its primary products include biscuits, bread, cakes, rusks, milk, butter, cheese, and ghee, which are distributed through 4.5M retail outlets. It continues to grow by introducing new premium products. 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The premium category grew 20% annually from 2011 to 2014, faster than the overall biscuit market. It is expected to continue double-digit growth over the next few years. Britannia generates 45-50% of its revenue from this segment and holds a leading market share of about 65%. The GST has brought the unorganized sector (25% market share in biscuits) under the tax net. This helped Britannia to gain 170bps of market share in the Hindi-speaking belt, where it faces intense competition from regional players. In Q4 FY 2017, Britannia signed a 60-40 joint venture with Greece-based Chipita, which sells long shelf life filled croissants, a new category for Britannia. This project is expected to commercialize in July 2018. ooking Forward In FY 2018, consensus estimates call for a double-digit revenue and PS growth of 11% and 15%, respectively. BITD margin is expected to reach 15% by FY 2019, compared with 14% in FY 2017. ext Catalyst: The Company s Q3 FY 2018 earnings release on February 12, 2018. -114- ocal Code: I:BRITI Bloomberg Symbol: BRIT:I ISI: I21601022

Britannia Inds. IDI BRITI IDS. (BRI.I) S FOOD-GRI & RTD 120.06M 66.03M SHRS RIGS BUSISS: +91 80 394000080 http://britannia.co.in MGMT owns SC BRITI IDUSTRIS IMITD IS FOOD COMPY, WHICH IS DIRY CTGORY ICUD CHS, FRSH DIRY D PRIC = GGD I TH MUFCTUR OF BISCUITS, CKS D RUSKS. TH CCOMPIMTS. ITS PRODUCTS UDR CKS CTGORY ICUD 10 X PS COMPY OPRTS THROUGH TH FOODS SGMT, WHICH COMPRISS BR CKS, VG CKS, CHUK CK, UT & RISI ROMC, D BKRY D DIRY PRODUCTS. TH COMPY'S PRODUCT BRDS MUFIS. ITS PRODUCT UDR RUSK CTGORY ICUDS PRMIUM UDR BISCUITS CTGORY ICUD GOOD DY, CRCKRS, BK. TH PRODUCTS OF TH COMPY R XPORTD CROSS TH 1400 UTRICHOIC, MRI GOD, TIGR, MIK BIKIS, JIM JM + TRT, WORD, WHICH ICUD GUF COOPRTIO COUCI COUTRIS 1300 BOURBO, ITT HRTS, PUR MGIC D IC TIM. ITS (GCC), FRIC COUTRIS D MRIC COUTRIS. ITS PRODUCTS UDR BRDS ICUD WHO WHT BRDS, WHIT SUBSIDIRIS ICUD M FOODS PRIVT IMITD D 1200 SDWICH BRDS D BRD SSORTMT. ITS PRODUCTS UDR ITRTIO BKRY PRODUCTS IMITD. 1100 1000 900 800 700 600 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 12.68 15.29 5.6 21.4 +23 34212 71 2010 8.64 14.84 2.9 20.6 +10 37729 69 2011 11.25 16.29 4.1 44.1 +22 45897 67 2012 16.71 21.09 4.9 54.3 +19 54608 66 2013 21.72 26.97 5.8 53.7 +12 61359 65 2014 33.00 37.53 8.2 58.5 +13 69127 65 2015 57.42 48.86 12.1 67.7 +14 78584 65 2016 68.73 73.95 14.5 53.6 +10 83972 63 2017 73.71 80.17 14.4 36.9 +8 90541 64 209 208 205 199 200 201 200 194 192 3.0 +44 73 20 2.6 +30 70 24 2.4 +41 66 45 2.1 +28 62 58 2.1 +15 59 63 2.1 +23 56 69 2.0-11 60 65 1.8-31 58 77 1.7-16 67 58 X-DIV FOT MKT CP IR 567.45BI. SS IR93.35 BI IDI PS RTIG IC 1918 69 IR4726(OH -4%) Up 24.18% Since ddition PRIC SC 15000 14000 13000 12000 2018 STIMT 2019 STIMT 84.42 +15% 102.43 +21% RIGS GROWTH RT SS GR RT 2015-17 +14% (5 STBIITY) +8% 2013-17 +35%(16 STBIITY) +10% COMPOSIT RTIG 11000 10000 9000 IVT T/O 13.5x 83 8000 DBT % 2015-17 4%: 1.8%: 1.2% 28%: 32%: 32% TX RT 15-17 : : BCKOG 15-17 21.10 X '17 BK.V R&D 0.3% 22(0.5%) DIV GR RT+25% (10) DIV BT 0.67(11) PH 0.09(0.08) 7000 0IBOM500 6000 500 480 460 440 420 400 Global Focus M IR3806.2 5000 4800 4600 4400 4200 4000-8% 380 3800 360 3600 340 3400 320 3200 300 3000 280 2800 260 2600 240 2400 220 2200 200 2000 190 1900 67 D 180 170 1800 1700 160 1600 150 1500 140 1400 130 1300 120 1200 110 1100 100 1000 90.00 900 80.00 800 70.00 700 600 VOUM 2M 800 K SP Q -51% BOW ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 8.39 +62% 17930.1 +11% 5.6% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 26-32 8.99 18124.4 5.9% +58.5% 24-28 9.48 +27% 17869.9 +15% 6.4% 23-29 22.55 +177% 19745.1 +13% 13.7% +61.6% 19-30 11.45 +36% 20332.8 +13% 6.8% 13.94 +55% 20636.4 +14% 8.1% +67.6% 30-39 24-35 16.14 +70% 19572.3 +10% 9.9% 31-43 18.43-18% 21453.0 +9% 10.3% +50.4% 45-57 17.57 +53% 21610.1 +6% 9.8% 41-50 16.58 +19% 21336.8 +3% 9.3% +53.6% 36-43 18.26 +13% 21407.7 +9% 10.2% 35-42 121/11384 122/11775 129/12411 150/14612 169/13835 194/12196 215/13502 240/12861 257/12893 276/14368 281/19345 DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Staple: Food-Grain & Related 19.50 +6% 23869.7 +11% 9.8% +44.0% 37-49 281/19291 SP 16 18.38 +5% 22819.7 +6% 9.7% 38-48 17.58 +6% 22443.8 +5% 9.4% +36.9% 38-46 17.99-1% 22637.0 +6% 9.5% 276/19764 299/21826 290/20852 294/20982 DC 16 MR 17 JU 17 SP 17 200 K DC Q 24.07 +31% '13-18 P..'S OW OW HI ST 44-51 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -115-21.75 +12% 25452.9 +7% 10.3% +35.3% 400 K DC 17 19X 63X 57X MR 18 TM DTGRPHS 2/2/2018

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Dias Branco (MDB.BR) is the leading producer of biscuits, cookies, and pasta in Brazil. Through its investments in marketing, the Company continues to improve volume growth and gain market share. Company Overview MDB is vertically integrated from the purchase of raw materials to manufacturing and distribution of branded products. MDB s distribution network includes 29 distribution centers located in 16 states, 427 owned vehicles, 3,200 third-party trucks, and more than 2,300 employees involved in distribution and logistics. In the cookies and biscuits segment, the Company is 4x larger than the second player (estle) in terms of market share. Q3 2017 sales by segment: cookies and crackers, 55%; pasta, 21%; wheat flour and bran, 16%; margarine and vegetable shortening, 6%; others, 2%. Q3 2017 sales by region: ortheast, 70%; Southeast, 16%; South, 6%; orth and all other, 8%. xports account for less than 1% of revenues. O eil Methodology Trading below its 50-DM, the stock is finding support at its 200-DM. We see next support at BR 45.18. In the last five years, revenues have grown at an average of 9%. During the same period, PS has grown consistently (stability factor of 8) at 13%, generating an excellent PS Rank of 81. 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Revenues increased 2% y/y to BR 1.5B on strong volume growth of 6.2% y/y, thanks to ramped-up efforts in marketing, sales, and logistics. BITD margin came in at 19.8%, compared with the record high of 21.7% in Q3 2016. Growth Drivers MDB believes that its leading position is primarily attributable to: (i) the strength of its brand portfolio, which is recognized by consumers; (ii) high quality products and its wide scope to meet the need of various markets (from popular to premium); (iii) a distribution model that allows wide market penetration, especially within small- and medium-sized retail stores; (iv) production flexibility at a national level. Due to the difficult logistics in the ortheast region of the country, the Company faces minimal competition from other large players as most competitors are small and operate regionally. ooking Forward Management expects higher operating expenses to persist in the next quarters owing to investments in marketing campaigns, logistics, and warehousing. ccording to consensus estimates, revenues are expected to increase 5% in 2017 and 9% in 2018, annually. ext Catalyst: The Company s Q4 2017 results due on March 2, 2018. -116- ocal Code: BRMDI3 Bloomberg Symbol: MDI3:BZ ISI: BRMDICOR7

M Dias Branco Industria On BRZI M DIS BRCO IDUSTRI O (MDB.BR) BSP FOOD-GRI & RTD 339.00M 339.00M SHRS RIGS BUSISS: +55 85 4005 5667 http://www.mdiasbranco.com.br MGMT owns SC M DIS BRCO S IDUSTRI COMRCIO D IMTOS IS THROUGH ITGRTD D VRTIC PRODUCTIO PROCSS, PRIC = BRZI-BSD COMPY PRIMRIY GGD I TH FOOD PRODUCIG FOUR D VGTB FTS USD TO MUFCTUR 10 X PS PROCSSIG IDUSTRY. TH COMPY FOCUSS O BISCUITS D PSTS. TH COMPY'S BRD MS PORTFOIO IDUSTRIIZTIO, S D DISTRIBUTIO OF FOOD PRODUCTS ICUDS DRI, BSIR, BOSBOR, FORTZ, ISB, DRIVD FROM WHT, MIY BISCUITS, PSTS D WHT FOUR. PIR, PRDITO, RICHSTR, SSITO, TROSO, VITR ITS CTIVITIS SO ICUD TH MUFCTUR, S D D ZBT, MOG OTHRS. IT OWS UMBR OF PRODUCTIO 19.00 DISTRIBUTIO OF VGTB FTS D MRGRIS, CKS, CK UITS D DISTRIBUTIO CTRS I BRZI. TH COMPY IS 18.00 MIXS, PCKGD TOSTS D SCKS. TH COMPY OPRTS SUBSIDIRY OF DIBR FUDO D IVSTIMTO M PRTICIPCOS. 17.00 16.00 14.00 13.00 12.00 11.00 10.00 9.00 U W K Y PS BR (DC.) CF/SHR BR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI BR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK X-DIV FOT MKT CP BR 19.54BI. SS BR5.45 BI BRZI PS RTIG 73 BR57.63(OH -2%) PRIC SC 220 Up 39.64% Since ddition 200 190 180 170 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 2.62 +13% 3.06 +17% 0.63 1.03 1.03 1.08 1.38 1.54 1.76 1.78 2.31 1.26 0.91 1.11 1.32 1.62 1.84 2.22 2.04 2.58 RIGS GROWTH RT SS GR RT 10.8 17.3 16.2 13.8 14.3 13.1 14.3 13.9 15.6 2015-17 +17%(10 STBIITY) +8% 19.8 25.9 21.7 19.5 21.3 20.1 19.6 17.2 19.5 2013-17 +13% (8 STBIITY) +9% +45 +7 +4 +19 +22 +6 +1 +15 COMPOSIT RTIG IVT T/O 5x 43 2192.6 2347.9 2444.0 2911.0 3545.2 4311.6 4579.9 4622.2 5328.1 54 48 49 55 58 48 57 61 59 DBT % 2014-16 10%: 10%: 7% 547 533 535 525 507 492 443 437 470 9%: 6%: 6% TX RT 14-16 : : 1.0 1.0 0.9 1.0 1.1 1.1 1.0 1.2 1.4 BCKOG 14-16 4.28 X '16 BK.V +14 +1-2 +8 +5 +16 +17 +21 +38 R&D 54 49 48 61 50 49 57 58 67 DIV 0.56(1.0%) DIV GR RT+11% (6) 76 78 70 65 63 50 46 56 43 BT 0.64(14) PH 0.04(0.02) 160 150 140 130 120 110 100 90 8.00 80 0BRBOVS 7.00 6.00 70 60 5.00 4.80 4.60 4.40 4.20 4.00 Global Focus M BR41.3 50 48 46 44 42 40-6% 3.80 38 3.60 36 3.40 34 3.20 32 3.00 30 2.80 28 2.60 26 2.40 24 67-2.20 22 2.00 20 1.90 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 3/1 VOUM 7M 5M SP Q -49% BOW ST. PS (BR) % CHG SS(BI BR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.39 0% 1129.0 +23% 11.7% +20.0% 21-23 0.39 +22% 1081.0 +14% 12.2% +20.0% 16-21 0.43 +2% 1120.8 +4% 13.1% +19.5% 18-20 0.44 +5% 1211.9 +5% 12.2% +18.7% 18-21 0.51 +31% 1166.2 +3% 14.7% +19.6% 16-19 0.37-5% 1033.1-4% 12.1% +18.6% 15-17 0.56 +30% 1124.4 +0% 17.0% +19.4% 14-16 0.48 +9% 1265.1 +4% 13.0% +19.1% 9-14 0.37-27% 1199.6 +3% 10.2% +17.2% 10-14 0.28-24% 1153.8 +12% 8.2% +15.8% 10-14 0.54-4% 1326.8 +18% 13.9% +15.2% 12-21 263/35363 284/35739 289/35849 309/38853 311/41039 319/37378 330/38308 318/36782 319/39418 295/38412 316/42112 DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Staple: Food-Grain & Related 0.80 +67% 1446.7 +14% 18.6% +17.2% 16-23 309/40872 SP 16 0.70 +89% 1400.8 +17% 16.9% +19.4% 15-20 0.56 +100% 1206.2 +5% 15.7% +21.1% 14-18 0.59 +9% 1375.6 +4% 14.5% +20.8% 15-22 362/38816 370/41807 406/39815 396/37172 DC 16 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -117-0.75-6% 1469.7 +2% 17.3% +19.5% 3M 2M 900 K DC Q 0.67-5% '13-18 P..'S OW OW HI ST DC 17 9X 18X 23X MR 18 TM DTGRPHS 2/2/2018

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The Company continues to grow through its strong branded tea business and new product launches in its growing tea and coffee segments. ϳϬϬ ϲϭϭ ϱϭϭ ϰϲϭ ϰϯϭ Stock breaking out of flat base with support along the 10-Week M Huge demand for stock O eil Methodology The stock is trading constructively above its 50-DM and is currently extended. fter a turnaround in PS growth in FY 2017, Tata is expected to record annual bottom-line growth of 32% in FY 2018 and 15% in FY 2019. This should improve its current PS Rank of 49 significantly. In Q2 FY 2018, net sales increased 4% y/y to IR 16.9B. The tea and coffee businesses contributed 3.6% and 11.2%, y/y, respectively, to the Company s growth. BITD increased 15% y/y to IR 2.1B, while margin expanded 117bps to 12.6%. PS grew 13% y/y to IR 2.28B. ϯθϭ ϯϰϭ ϯϭϭ ϮϲϬ ϮϰϬ ϮϮϬ ϮϮϬ ϱϭ нϭϱ ϵϭ ϭϵϭ /Z нϳ ϳϳй ϭϳϭ ϱ ϭϳ ϭϱϭ ϰ ϰθ ϰ ϭϰ ϯ ϳϵ ϭϯϭ ϭϯϭ ϭϭϭ ϯ ϰϱ ϭϭϭ ϯ ϭϭ ϵϭ ϴϱ н Ϯ ϳϲ Ϯ ϰϭ ϴϬ ϳϬ Ϯ Ϭϳ ϲϭ ϭ ϳϮ ϭ ϱϵ R/S line at new high with best /D rating ϭ ϰϱ ϭ ϯϭ ϱϭ ϰϲ ϰϯ ϯθ ϭ ϭϳ ϯϰ ϭ Ϭϯ Company Overview Tata is the second-largest global player in the branded tea category, after Hindustan Unilever. In India, the Company ranks the first in the tea category. It is part of the diversified conglomerate Tata Group and is the holding company of Tata Coffee, with a 57% stake. The Company s branded business accounts for 87% of revenues, of which 81% is from tea, 18% is from coffee, and 1% is from water. Its brands have a presence in more than 40 countries. Its major brands include Tetley, Tata Tea, Himalayan, ight O Clock, and Grand. Q2 FY 2018 branded revenue by geography: South sia, 46%; U.S., Canada, and ustralia, 27%; M and frica, 26%; other, 1%. WZ/ ϴϬϬ ϲ ϱϱ ϲ ϱϭ ϱ ϴϲ Source: Corporate Website >K' &ŝǆğěͿ ϯϭ Huge increase in sponsorship Ϭ ϵϭ Ϯϲ >K' sk>hd ϯϭd Ϯϯ ϬD ϮϬD ͲϭϬй ϴD ϱd Ϯ&/ / >^ ĞĐ ϭϯ DĂƌ ϭϯ Ϯ W^ /ZͿ ϭ ϯϭ ϭ ϱϱ й W^ й, ' нϯϱй нϳϲй ϱ^ > ^ D/> /ZͿ ϭϵ ϭϭϰ ϯ ϭθ ϰϵϱ Ϭ й^ > ^ й, ' нϳй нϳй :ƵŶ ϭϯ ϭ ϴϭ ^ĞƉ ϭϯ Ϯ ϵϭ ĞĐ ϭϯ ϭ ϵϯ DĂƌ ϭϰ ϭ ϭϯ :ƵŶ ϭϰ ϭ ϱϰ ^ĞƉ ϭϰ Ϭ ϵϵ ĞĐ ϭϰ ϭ ϯϯ DĂƌ ϭϱ Ϭ Ϭϲ :ƵŶ ϭϱ ϭ ϭϰ ^ĞƉ ϭϱ ϭ Ϯϴ ĞĐ ϭϱ Ϭ ϵϯ DĂƌ ϭϲ Ͳϯ ϰϯ :ƵŶ ϭϲ ϭ ϲϰ ^ĞƉ ϭϲ Ϯ Ϭϭ ĞĐ ϭϲ Ϯ ϬϮ DĂƌ ϭϳ Ϭ ϱϭ :ƵŶ ϭϳ ϭ ϵϳ ^ĞƉ ϭϳ Ϯ ϭϭğ нϰϰй нϱϯй нϰθй ͲϮϴй Ͳϭϱй Ͳϲϲй Ͳϯϭй Ͳϵϱй ͲϮϲй нϯϵй Ͳϯϭй Ͳϱ ϴϬϬй нϰϰй нϱϳй нϭϯϭй нϭϭϱй нϯϭй нϰйğ ϮϬϭϴ Ɛƚ Ϯϵ Ϯ ϭθ ϭϯϰ ϲ нϱй ϭϵ ϯϯϰ ϴ нϰй ϮϬ ϴϬϳ ϰ нϵй ϭϵ Ϭϵϵ ϯ нϯй ϭϵ ϭϯϭ ϭ нϱй ϮϬ Ϯϭϳ Ϭ нϱй Ϯϭ ϰϭϭ Ϭ нϯй ϭϵ ϮϮϲ ϱ нϭй ϭϲ ϳϮϭ ϴ Ͳϭϯй ϭϲ ϲϵϰ ϱ Ͳϭϳй ϭϲ ϵϵϲ ϭ ͲϮϭй ϭϱ ϵθϯ ϱ Ͳϭϳй ϭϳ ϯϰϯ ϭ нϰй ϭϲ Ϯϱϵ ϳ Ͳϯй ϭϳ ϰϯθ ϲ нϯй ϭϲ ϳϰϮ ϲ нϱй ϭϳ Ϭϰϰ Ϯ ϭϲ ϴϮϬ ϳĞ ͲϮй нϯйğ ϮϬϭϵ Ɛƚ Ϯϲ Ϭ W^ й ^hzwz/^ ͲϮϮ ϰй Ϯ&h ^ ϭϭϱ ϭϭϭ Ͳϯϲ ϴй ϭϯϯ ϭϰϰ ϭϰϳ ϭϯϭ ϭϭϯ ϭϭϱ ϵϵ ϭϭϯ ϭϭϯ ϭϯϭ ϭϭϵ ϭϭθ ϵθ ϵϲ ϵϯ ϵϳ ϭϭϵ ϭϰϯ ϱ^, Z ^, > z &h ^ ϳϭD ϲϲd ϴϬD ϴϲD ϵϯd ϴϵD ϴϰD ϴϱD ϲϰd ϳϯD ϳϲD ϳϴD ϴϰD ϴϮD ϳϳD ϲθd ϳϱD ϴϭD ϵϭd ϭϯϭd Π ϮϬϭϳ t/>>/ D KΖ /> н K / нϯϭ ϯй нϭ ϲй ĞĐ ϭϳ DĂƌ ϭθ W ϯϭ ϱͳǉƌ,ŝőś ϯϭθ ϱͳǉƌ >Žǁ ϭϳ ǀƐ /ŶĚ ǀŐ ϭ ϰǆ dăƚă 'ůžďăů ĞǀĞƌĂŐĞƐ d /Ϳ tğğŭůǉ ĂƐ ŽĨ &ƌŝ KĐƚŽďĞƌ Ϯϳ ϮϬϭϳ KĐƚŽďĞƌ Ϯϳ ϮϬϭϳ Growth Drivers Coffee penetration is just 21% in India, compared with 91% tea penetration. In 2012, Tata formed a JV with U.S.-based Starbucks to operate Starbucks stores in India. s of Q2 FY 2018, the JV has opened 100 stores in six metro cities. This growth comes on the back of rising disposable income, a young working population, and growing urbanization. Tata aims to become a key player in the packaged water segment. Fortified water is one of the fastest-growing beverage categories in the U.S. and international markets. Tata s JV with PepsiCo, called ourishco, will benefit from PepsiCo s distribution network, allowing it to capture untapped markets through its fortified water brand, Tata Water Plus. The Company commands a leading market share of 27% in the green tea segment in India and is expected to benefit from robust growth in the global green tea market. Green tea has a 27% share globally and is growing 10% annually. ooking Forward Tata s revenues are expected to grow 5% y/y in FY 2018 and 7% in FY 2019, compared with 2% y/y in FY 2017. The next catalyst is the Company s Q3 FY 2018 results on February 9, 2018. -118- ocal Code: I:TTGOB Bloomberg Symbol: TGB:I ISI: I19201025

Tata Global Beverages TT GOB BVRGS IDI (T.I) S BVRGS-O-COHOIC 631.13M 384.99M SHRS RIGS BUSISS: +91 80 6717 1200 http://www.tataglobalbeverages.com MGMT owns SC TT GOB BVRGS IMITD IS BVRG COMPY GGD VU DDD FORMS, D OTHRS, WHICH ICUDS S OF WTR PRIC = I TH TRDIG, PRODUCTIO D DISTRIBUTIO OF T, COFF PRODUCTS D OTHR BUSISSS. ITS TT T BRDS ICUD 10 X PS D WTR. TH COMPY'S PRICIP CTIVITIS ICUD TT T PRMIUM, TT T GOD, TT T IF, TT T PROCSSIG D BDIG OF T, ICUDIG MUFCTUR OF GI, TT T CHKR GOD, TT T K DV D TT ISTT T. TH COMPY'S SGMTS ICUD T, WHICH IS T GMII. IT HS BRDD BVRG BUSISS OPRTIOS GGD I TH CUTIVTIO, MUFCTUR, BDIG D S MIY I IDI, UROP, TH UITD STTS, CD D OF T I PCKT, BUK OR VU DDD FORMS; COFF D USTRI, PTTIO BUSISS I IDI/SRI K D OTHR PRODUC, WHICH IS GGD I TH CUTIVTIO OF COFF XTRCTIO BUSISS MIY I IDI, TH UITD STTS D D RTD PTTIO CROPS, D S OF COFF I VRIOUS CHI. 70.00 60.00 50.00 48.00 46.00 44.00 42.00 40.00 38.00 36.00 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 11.33 6.14 25.9 19.7 +11 48466 72 2010 6.31 4.62 11.1 10.6 +19 57827 70 2011 4.11 4.64 8.3 6.6 +3 59824 75 2012 5.76 6.44 8.7 8.4 +10 65853 78 2013 6.03 8.87 8.7 8.0 +10 73510 76 2014 7.77 6.36 9.1 9.0 +5 77376 77 2015 3.93 8.38 6.3 4.4 +3 79934 73 2016-0.09 6.20 2.6 5.8 +1 66294 77 2017 6.17 9.45 9.8 6.2 +2 67712 75 5675 5991 6168 6268 6181 5892 5716 5099 4647 2.2 +54 91 63 1.9 +40 90 63 1.9 +48 91 30 2.2 +51 91 19 2.2 +51 89 15 2.1 +53 90 18 1.8 +43 90 14 1.6 +41 90 13 1.2 +11 87 14 X-DIV FOT MKT CP IR 173.47BI. SS IR68.15 BI IDI PS RTIG IC 1962 49IR274.85(OH -16%) Up 24.65% Since ddition 900 800 700 2018 STIMT 2019 STIMT 8.32 +35% 9.45 +13% RIGS GROWTH RT SS GR RT 2015-17 -7% 2013-17 -3% COMPOSIT RTIG IVT T/O PRIC SC 600 3.6x 40 DBT % 2015-17 16%: 8%: 7% 43%: : 30% TX RT 15-17 : : BCKOG 15-17 2.90 X '17 BK.V R&D 0.1% DIV 2.35(0.8%) DIV GR RT+1% (1) BT 1.83(26) PH 0.13(0.06) 0IBOM500 500 480 460 440 420 400 380 360 34.00 340 32.00 320 30.00 300 28.00 280 Global Focus M IR220.5 26.00 260-9% 24.00 240 22.00 220 20.00 19.00 200 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 87 B- 10.00 100 9.00 90 8.00 80 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 36 VOUM 30 M 20 M SP Q -46% BOW ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 1.93 +48% 20807.4 +9% 5.7% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 17-20 1.12-28% 19099.3 +3% 3.6% +9.0% 17-20 146/92593 118/89206 DC 13 MR 14 1.54-15% 19131.1 +5% 5.1% 18-23 99/83470 JU 14 0.99-66% 20217.0 +5% 3.1% +5.8% 26-31 104/85190 SP 14 1.33-31% 21410.0 +3% 3.9% 27-33 98/64135 DC 14 0.06-95% 19226.5 +1% 0.2% +4.3% 36-42 1.14-26% 16721.8-13% 4.3% 35-46 1.28 +29% 16694.5-17% 4.8% +4.1% 28-38 0.92-31% 16996.1-21% 3.4% -3.42 15983.5-17% +5.8% 36-43 277-318 102/73121 103/76240 121/78233 119/84073 107/82385 MR 15 JU 15 SP 15 DC 15 MR 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Staple: Beverages-on-lcoholic 1.64 +44% 17342.1 +4% 6.0% 98/76596 JU 16 2.01 +57% 16259.7-3% 7.8% +1.2% 112-130 95/68368 SP 16 2.02 +120% 17438.6 +3% 7.3% 50-70 91/74828 DC 16 0.50 #+115% 16742.6 +5% 1.9% +6.2% 19-24 95/80669 MR 17 1.97 +20% 17044.2-2% 7.3% 108/90058 JU 17 +3% '13-18 P..'S OW 17X OW 31X HI 318X ST 146/122M SP 17 4M DC Q 2.08 21-25 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -119-2.28 +13% 16921.4 +4% 8.5% +6.7% 10 M 7M DC 17 MR 18 TM DTGRPHS 2/2/2018

MYSI Ql Resources Source: Corporate Website Ql Resources QR.MY Food-Meat Products BURS MYSI xch Malaysia, Ringgits MktCap MYR3.93 Bil Sales MYR2.41 Bil Shares 1.248 Bil Price= +60 3 7801 2288 ql.com.my Shah lam, MYSI Inc 1997 MGMT owns Price 70eps PS Rank 88 Vol =4,091,500 Rate = + 141% MYR3.15 0.19 (OH 0%) Q RSOURCS BRHD IS MYSI-BSD COMPY GGD I IVSTMT HODIG D PROVISIO OF MGMT Scale 0.13 Increased estimates SRVICS. TH COMPY OPRTS I THR SGMTS: MRI-PRODUCTS MUFCTURIG, PM OI CTIVITIS D 8 ITGRTD IVSTOCK FRMIG. MRI PRODUCTS MUFCTURIG COSISTS OF UPSTRM D DOWSTRM CTIVITIS, o overhead ICUDIG FISHM, SURIMI, SURIMI-BSD PRODUCTS MUFCTURIG D DP S FISHIG. TH COMPY OPRTS I 0.100 0KPCOMP 7 MYSI, IDOSI, VITM D CHI. IT SO PRODUCS POUTRY GGS. TH COMPY IS GGD I PM OI FROM MIIG supply Mar Year nd 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 stimate 2015 stimate 0.086 PS 0.03 0.05 0.06 0.07 0.08 0.05 0.11 0.11 0.11 0.13 18% 0.16 23% 6 n Cash Flow/Shr MYR 0.05 0.07 0.09 0.10 0.12 0.07 0.16 0.15 0.18 arnings Growth Rate Sales Gr Rt n Pretax Margin % 4.9 5.8 6.9 7.3 7.8 9.2 8.8 8.4 7.7 2011-13 5% ( 5 Stability) 11% 0.071 u Return On quity % 25.0 23.8 23.1 24.5 22.9 23.2 17.0 15.5 2009-13 16% (19 Stability) 12% 5 0.066 Breaks out of a Sales % Change 5 7 11 17 7 6 20 10 10 Composite Rating 4.6 0.060 l Sales (Mil) $ 942 1011 1119 1307 1398 1476 1777 1947 2146 Inv t/o 7.5 X 65 consolidation on 2.1x 4.2 W Datagraph Global DG Rating 47 46 34 45 46 47 35 48 50 Debt % 2011-13 31% 38% 51% 0.054 e vg Daily Vol (000) 372 355 358 351 351 346 358 403 428 Tax Rate 11-13 17% 20% 21% the average daily 3.8 e Up Down Volume 1.0 1.0 1.2 0.9 0.8 0.8 0.6 0.9 1.4 Backlog 11-13 0.049 volume k ccum/dist Rating 27 23 27 18 7 28 6 9 22 R and D 4.05 X '13 Bk Val 3.4 l Global Relative Relative Strength Str 75 72 68 68 71 73 65 66 71 Div MYR 0.03(1.0%) Div Gr Rt 14%(6) 0.043 3.0 y Group Global Rank Group Rank 102 34 37 35 41 37 41 44 31 Beta 0.66(53) lpha 0.04(-0.07) 0.040 2.8 0.037 2.6 0.034 2.4 0.031 2.2 Q Resources (QR) is a global company that farms and produces protein and food energy resources. The Company continues to grow by expanding its production facilities. 0.027 0.024 0.021 0.020 0.019 0.017 0.016 0.014 0.013 0.011 10-Week M 40-Week M 71 B R/S line near highs 1.9 1.7 1.5 1.4 1.3 1.2 1.1 1.0 0.9 0.8 Company Overview QR operates through its three segments: integrated livestock farming (IF) 61%, marine products manufacturing (MPM) 26%, and palm oil activities (PO) 13%. The IF segment includes poultry farming, feedstuff trading, and consumer brands. The Company trades 4.5M poultry eggs per day and supplies them to the sian countries, including Hong Kong. The MPM segment includes surimi and fish meal processing, and deep sea fishing. QR is sia s largest manufacturer of surimi, producing 35,000 tons of the fish paste ingredient every year. It also makes 40,000 tons of surimi-based products, such as fish ball, annually. The PO segment includes milling, plantations, and biomass clean energy production. It owns a 1,200-hectare palm oil estate in Sabah, Malaysia; and a 20,000-hectare plantation in ast Kalimantan, Indonesia. Its FY 2017 revenue breakdown by geography: Malaysia 81%, Indonesia 16%, and Vietnam 3%. O eil Methodology From 2015 to 2017, QR s earnings have grown in a consistent manner at an average rate of 3% on the back of a 6% revenue growth. It has an above average PS Rank of 85. In Q4 FY 2017, the Company s revenues and net profit grew 6% and 24%, y/y, respectively. The revenue growth was impacted due to the lower contribution from surimi and fishmeal operations. However, its PO segment s revenues increased 45% y/y, mainly due to an increased contribution from its Indonesian palm oil unit. 0.0100 0.0086 0.0069 0.0063 0.0057 PS (MYR) % Change Sales (Mil MYR) % Change Margin fter Tax Return on quity T4Q P ow-high Fund/Shares (000) 6/5 0.03 384.5 7.0% +23.0% 25-31 16/14M 0.03 438.7 7.5% +23.9% 30-27 20/16M 0.03 450.9 7.3% +22.5% 21-27 27/23M 2/1 0.03 502.6 6.3% +20.1% 21-25 31/28M 6.1% +19.4% 20-23 38/25M 7.7% +19.9% 16-21 43/28M 6.9% +19.1% 17-20 50/32M Jun Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 WOD Copyright 2014 William O'eil + Co.,Inc. ll rights reserved wonda@williamoneil.com 0.11 1946.7 6.8% 20-22 57/33M 0.03 494.4 6.4% +16.8% 20-22 67/34M Solid PS and sales growth 0.03 552.5 6.7% +16.8% 20-22 70/34M 0.03 536.9 5.9% +16.0% 20-21 64/33M 0.03 562.5 5.7% +15.5% 19-22 66/37M 0.03 +15% 579.6 +17% 6.0% +15.3% 19-22 63/34M 0.04 +15% 605.1 +10% 7.0% +16.4% 20-23 57/30M 0.04 +42% 665.6 +24% 6.7% +17.2% 23-26 53/30M 138/100 22-23 0.7 0.6 0.48 0.44 0.40 Volume 4,000,000 1,600,000 600,000 200,000 09-14 P s ow 9x ow 23x Hi 31x st. 0.0x s &p 2/28/2014 The stock is currently forming a flat base pattern for the past 13 weeks, trading along its 50-DM. Its RS Rating of 63 and /D Rating of B- are decent. Wait for a breakout above its pivot level of MYR 5. Growth Drivers In pril 2016, Q Resources forayed into the convenience store business; by partnering with FamilyMart, the second largest convenience store chain globally. It plans to set up 1,000 stores in Malaysia by 2025. The Company targets to have 300 FamilyMart stores in Malaysia in five years. By the end of 2018, the Company aims to double its current frozen fish and surimi-based products capacity to 50,000 metric tons/annum in its Hutan Melintang. The additional capacity will drive the top-line growth through higher export sales. The Company s total production is expected to increase by more than 200,000 metric tons per year, due to the establishment of the commercial feed mill in Bekasi, Indonesia. ooking Forward Consensus estimates have its PS growing by 6% and 18%, in 2017 and 2018, y/y, respectively. The next catalyst is its Q1 FY 2018 results due on ugust 28, 2017. -120- ocal Code: 7084 Bloomberg Symbol: QG:MK ISI: MY7084OO006

Ql Resources MYSI Q RSOURCS KS (QR.MY) RIGS BUSISS: +60 3 7801 2288 http://ql.com.my SC Q RSOURCS BRHD IS MUTITIO GRO-FOOD COMPY PRIC = THT FRMS D PRODUCS PROTI D FOOD RGY SOURCS. TH 10 X PS COMPY'S PRICIP CTIVITIS R ITGRTD IVSTOCK FRMIG, MRI PRODUCTS MUFCTURIG D PM OI CTIVITIS. TH COMPY OPRTS THROUGH THR SGMTS: MRI-PRODUCTS MUFCTURIG, PM OI D BIOMSS RGY 2.00 CTIVITIS, D ITGRTD IVSTOCK FRMIG. TH MRI-PRODUCTS MUFCTURIG SGMT ICUDS DP-S 1.90 FISHIG, MUFCTUR D S OF FISHM, SURIMI D 1.80 1.70 1.60 1.40 1.30 1.20 1.10 1.00 U W K Y PS MYR (MR.) CF/SHR MYR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI MYR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOOD-MT PRODUCTS 1.62B 648.98M SHRS MGMT owns X-DIV FOT MKT CP MYR 7.84BI. SS MYR3.20 BI SURIMI-BSD PRODUCTS. ITS MRI-PRODUCT COSUMR FOODS BRDS, MUSHROOM D FIGO, R DISTRIBUTD CROSS SI, UROP D ORTH MRIC. TH PM OI D BIOMSS RGY CTIVITIS SGMT ICUDS PTTIO, CRUD PM OI MIIG D DOWSTRM PM BIOMSS TCHOOGY. TH ITGRTD IVSTOCK FRMIG SGMT ICUDS DISTRIBUTIO OF IM FD RW MTRIS, FOOD RTD PRODUCTS D IVSTOCK FRMIG. IT HS OPRTIOS I MYSI, IDOSI, VITM, CHI D SIGPOR. MYSI PS RTIG 90 IC 1997 MYR4.83(OH 0%) PRIC SC 24 Up 99.35% Since ddition 22 20 19 18 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 0.13 +8% 0.15 +15% 0.06 0.04 0.09 0.09 0.09 0.11 0.12 0.12 0.12 0.09 0.05 0.12 0.12 0.14 0.15 0.17 0.18 0.18 RIGS GROWTH RT SS GR RT 2015-17 +4%(5 STBIITY) +7% 7.8 9.2 8.8 8.4 7.7 7.7 8.2 8.3 8.3 22.9 23.2 17.0 15.5 14.7 14.1 12.7 11.7 2013-17 +9%(6 STBIITY) +9% +7 +6 +20 +10 +10 +14 +10 +5 +6 COMPOSIT RTIG IVT T/O 4.8x 50 1397.9 1476.4 1777.1 1946.7 2146.3 2457.2 2707.8 2853.9 3012.0 58 57 56 56 57 57 58 57 57 DBT % 2015-17 23%: 19%: 20% 480 529 529 509 509 490 524 610 562 22%: 20%: 22% TX RT 15-17 : : 3.5 3.2 3.2 3.7 3.7 4.2 3.9 4.2 4.5 BCKOG 15-17 4.45 X '17 BK.V +35 +37 +45 +45 +56 +64 +49 +52 +57 R&D 84 83 84 83 84 87 89 88 90 DIV 0.03(0.7%) DIV GR RT+9% (5) 34 37 40 47 42 37 43 37 BT 0.25(0) PH 0.13(0.13) 17 16 15 14 13 12 11 10 0.90 9 0.80 8 0KPCOMP 0.70 7 0.60 6 0.50 0.48 0.46 0.44 0.42 0.40 0.38 5 4.8 4.6 4.4 4.2 4 3.8-2% 90 + 0.36 0.34 0.32 0.30 0.28 3.6 3.4 3.2 3 Global Focus M MYR2.4 2.8 0.26 2.6 0.24 2.4 0.22 2.2 0.20 2 0.19 1.9 0.18 1.8 0.17 1.7 0.16 1.6 0.15 1.5 0.14 1.4 0.13 1.3 0.12 1.2 0.11 1.1 0.10 138/100 1 13/10 VOUM 5M 2M 800 K 400 K PS (MYR) % CHG SS(BI MYR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.03 +50% 665.6 +24% 6.7% +17.2% 20-23 51/36114 DC 13 0.03 +50% 606.9 +8% 6.4% +14.7% 20-24 50/41294 MR 14 0.03 +50% 653.6 +13% 6.2% +14.8% 21-23 58/47839 JU 14 0.03 0% 656.5 +8% 7.3% +15.6% 21-24 63/58105 SP 14 0.03 0% 732.8 +10% 7.6% +15.8% 20-23 68/70649 DC 14 0.03 0% 664.8 +10% 7.2% +14.1% 21-26 0.03 0% 655.3 +0% 6.2% +13.8% 24-27 72/76465 MR 15 76/83058 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Consumer Staple: Food-Meat Products 0.03 0% 690.4 +5% 8.0% +14.2% 23-27 76/72824 SP 15 0.04 +33% 738.0 +1% 7.8% +13.6% 24-27 87/81661 DC 15 0.02-33% 770.2 +16% 5.0% +12.7% 27-30 84/77123 MR 16 0.03 0% 669.5 +2% 6.3% +12.3% 26-29 84/81971 JU 16 0.03 0% 729.7 +6% 6.9% +11.9% 27-29 81/79223 SP 16 0.03-25% 799.1 +8% 7.0% +11.3% 28-30 66/68042 DC 16 0.03 +50% 813.7 +6% 5.8% +11.7% 27-30 71/70025 MR 17 0.03 0% 778.5 +16% 5.4% +11.4% 28-31 75/72298 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -121-0.05 +67% 808.9 +11% 7.4% +12.0% '13-18 P..'S OW OW HI ST 74/72370 SP 17 DC 17 18X 32X 31X MR 18 TM DTGRPHS 2/2/2018

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We are bullish on the stock given its strong revenue and PS growth trends, supported by a large and growing market. The stock has a strong PS Rank of 96, /D Rating of B-, and Up/ Down Volume ratio of 1.4. Its RS Rating is weak given the strength of the equity market in Brazil. However, we expect its current rating of 51 to pick up on the back of recent earnings growth. Raia Drogasil is well-positioned to benefit from future growth in the Brazilian drugstore market. Such growth opportunities are reflected in the stock s 27% gain YTD, which follows a 72% gain in 2016. Growth Drivers The pharmaceutical market in Brazil is expected to grow by double digits for the next 15 years, as the country s population over 65 is set to grow from 16M in 2013 to 30M in 2028, a CGR of 4.2%. нϭ ϵϱй ϲϭ increasing accumulation support at rising 10-WM ϱϭ ϰϲ ϰϯ ϯθ Ϭ ϳϭ Company Overview Raia Drogasil is the fifth-largest retail group in Brazil, on the basis of 2016 gross revenue. mong drugstore chains, the Company, with its gross revenue of BR 11.8B, enjoys a lead of about BR 3.4B over its nearest rival. s of September 30, the Company had 1,554 stores in 19 states. Q3 2017 revenue by segment: branded drugs, 45%; health and personal care, 25%; OTC, 18%; generics, 11%; services, 0.1%. Z> ϳϬ нϭ ϰϵ Ϭ ϳϵ Raia Drogasil S.. is the largest and one of the fastest-growing drugstores in Brazil. It is set to benefit from the growing Brazilian pharmaceutical market with its portfolio of strategically located outlets and cutting-edge CRM platforms. WZ/ ϭϳϭ Ϭ ϴϴ Source: Corporate Website >K' &ŝǆğěͿ Strong growth profile ϯϰ ϱϯ Ͳ Ϭ ϲϯ Ϭ ϱϰ Ϭ ϱϭ Ϭ ϰϲ ϯϭ Ϯϲ Ϯϰ ϮϮ Ϭ ϰϭ ϭϵ Ϭ ϯϱ ϭϳ Ϭ ϯϭ ϭϱ We expect relative strength to pick up following momentum from earnings Ϭ Ϯϳ Ϭ Ϯϱ Ϭ Ϯϯ Ϭ Ϯϭ ϭϯ ϭϯ ϭϭ ϭϭ Ϭ ϭϵ ϵ Ϭ ϭϳ ϴ Ϭ ϭϱ ϳ >K' sk>hd ϳD ϰ ϰd ϯd Ͳϯй ϮD Ϯ&/ / >^ ĞĐ ϭϯ ϭ W^ Z>Ϳ Ϭ ϬϬ DĂƌ ϭϯ Ϭ Ϭϰ :ƵŶ ϭϯ Ϭ ϭϯ ^ĞƉ ϭϯ Ϭ Ϭϲ й W^ й, ' нϭϭϭй Ͳϯϯй Ϯ^ > ^ D/> Z>Ϳ ϭ ϰϯϲ ϱ ϭ ϯθθ ϰ й^ > ^ й, ' нϯϳй нϭϯй ͲϮϬй Ͳϰϱй ĞĐ ϭϯ Ϭ Ϭϴ DĂƌ ϭϰ Ϭ Ϭϵ :ƵŶ ϭϰ Ϭ ϭϵ ^ĞƉ ϭϰ Ϭ Ϯϭ ĞĐ ϭϰ Ϭ ϭϵ DĂƌ ϭϱ Ϭ Ϯϭ :ƵŶ ϭϱ Ϭ ϯϯ ^ĞƉ ϭϱ Ϭ Ϯϲ ĞĐ ϭϱ Ϭ Ϯϯ DĂƌ ϭϲ Ϭ Ϯϳ :ƵŶ ϭϲ Ϭ ϰθ ^ĞƉ ϭϲ Ϭ ϯϱ ĞĐ ϭϲ Ϭ Ϯϲ DĂƌ ϭϳ Ϭ ϯϭ :ƵŶ ϭϳ Ϭ ϰθğ ^ĞƉ ϭϳ Ϭ ϰϭğ ĞĐ ϭϳ Ϭ ϰϭğ DĂƌ ϭθ Ϭ ϰϰğ нϭϯϱй нϱθй нϯϱϭй нϭϯθй нϭϯϯй нϳϰй нϯϰй нϯϭй нϯϵй нϰϱй нϯϱй нϭϯй нϭϱй ϬйĞ нϭϳйğ нϱθйğ нϰϯйğ ϮϬϭϳ Ɛƚ ϰϲ ϱϭ Ϯ ϳϴϯ Ϯ нϯϳй Ϯ ϵϭϭ ϵ нϯϳй ϯ Ϭϱϳ Ϭ нϯϰй ϯ Ϭϱϳ ϭ нϯϯй ϯ ϯϭϯ ϴĞ нϭϵйğ ϯ ϰϯϯ ϱğ нϭθйğ ϯ ϱϳϭ ϬĞ нϭϳйğ ϯ ϲϭϵ ϲğ нϭθйğ ϮϬϭϴ Ɛƚ ϯϱ ϴϳ ϭ ϱϯϵ Ϭ нϭϲй ϭ ϲϯϱ ϱ нϭϳй ϭ ϲθϭ Ϭ нϭθй ϭ ϲϱϭ ϲ нϭϵй ϭ ϳϴϭ ϰ нϭϲй ϭ ϵϭϭ ϯ нϭθй Ϯ Ϭϭϵ ϳ нϯϭй ϭ ϵϲϳ ϲ нϭϵй Ϯ ϭθϲ ϵ нϯϯй Ϯ Ϯϴϱ Ϯ нϯϭй Ϯ ϰϱθ ϯ нϯϯй Ϯ ϱϭϱ ϰ нϯθй й W^ й ^hzwz/^ ͲϮϰ Ϯй ͲϮϱ ϵй ϴ&h ^ ϯϭϯ ϯϯϯ Ͳϭϰ ϱй Ͳϱ Ϯй нϰϭ ϴй нϯϯ Ϭй нϭϳ ϵй нϯϵ ϰй нϭϯ ϵй нϰϰ ϲй нϭϯ ϰй нϭϯ ϵй нϳ ϭй нϯϰ ϰй ϯϭϵ Ϯϴϯ Ϯϴϴ ϯϭϱ ϯϯϯ ϯϰθ ϯθϳ ϰϭϱ ϰϱθ ϱϯϭ ϱϰϳ ϱϰϰ ϲϭϰ ϲϲθ ϲϵϯ ϳϳϰ ϳϴϳ ϳϳϬ ϳ^, Z ^, > z &h ^ ϴϮD ϴϳD ϴϱD ϳϵD ϵϭd ϵθd ϵϰd ϵϱd ϭϭϭd ϵϯd ϵϯd ϵϱd ϵϱd ϵϱd ϵθd ϭϭϯd ϭϭϲd ϭϯϯd ϭϯϰd ϭϯϰd нϳ ϳй Π ϮϬϭϳ t/>>/ D KΖ /> н K / ͲϬ ϲй W ϱϱ ϱͳǉƌ,ŝőś ϵϲ Ϭ ϱͳǉƌ >Žǁ ϯϭ Ϭ ǀƐ /ŶĚ ǀŐ ϯ Ϭǆ ZĂŝĂ ƌžőăɛŝů KŶ Zϯ ZͿ tğğŭůǉ ĂƐ ŽĨ &ƌŝ KĐƚŽďĞƌ Ϯϳ ϮϬϭϳ Raia Drogasil is well-positioned to benefit from this opportunity with its network of more than 1,550 stores spread across 19 states, covering 93% of Brazil s population. key competitive advantage of Raia Drogasil is its portfolio of strategically located outlets, diligently selected through the use of analytics and decentralized surveys undertaken by professionals, each of whom have an experience of more than 15 years in retail operations. s a result, the Company has been able to more than triple its store count between 2006 and 2016. During this period, the Company s share of stores in the Brazilian drugstore market increased from 0.6% to 1.9%, while its revenue market share grew from 6.2% to 11.2%. With cutting-edge CRM platforms and the use of customer science, the Company has been able to up-sell and provide exclusive offers for its customers, driving sales growth. ooking Forward The Company is expected to add about 200 stores in 2017. ext Catalyst: The Company will report 2017 results on February 22, 2018. -122- ocal Code: BRRD3 Bloomberg Symbol: RD3:BZ ISI: BRRDCOR0

Raia Drogasil On BRZI RI DROGSI O (DR3.BR) BSP RTI-DRUG STORS 330.39M 270.92M SHRS RIGS BUSISS: +55 11 3769 5678 http://www.raiadrogasil.com.br MGMT owns X-DIV SC RI DROGSI S IS BRZI-BSD COMPY GGD I RTI GRIS, RIO D JIRO, PR, GOIS, SPIRITO STO, ST PRIC = SS OF MDICTIOS, SPCITY MDICIS, PRFUMRY, CTRI, RIO GRD DO SU, BHI, MTO GROSSO D MTO 10 X PS PRSO CR D BUTY PRODUCTS, COSMTICS D GROSSO DO SU D I TH DISTRITO FDR. TH COMPY DRMOCOSMTICS. TH COMPY'S SS R CRRID OUT BY OVR OPRTS THROUGH RG OF SUBSIDIRIS, SUCH S RI S 860 STORS, OCTD I TH STTS OF SO PUO, MIS D 4-BIO MDICMTOS S. 24.00 22.00 20.00 19.00 18.00 17.00 16.00 15.00 14.00 13.00 U W K Y PS BR (DC.) CF/SHR BR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI BR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 2009 2010 2011 2012 2013 2014 2015 0.29 0.42 0.50 0.22 0.32 0.31 0.67 1.03 0.42 0.63 0.70 0.38 0.85 0.96 1.39 1.85 5.5 6.1 6.0 3.3 2.9 2.2 4.1 4.9 14.1 19.6 17.6 4.9 4.7 4.4 9.3 13.4 +51 +37 +17 +36 +97 +16 +19 +20 1260.1 1720.5 2005.2 2729.0 5380.7 6232.9 7391.6 8897.8 73 75 73 74 72 71 69 70 2016 1.36 2.47 5.3 16.2 +27 11257 65 1143 1193 1209 1156 1171 1183 1139 1130 1125 1.4 +23 81 25 1.4 +30 82 20 1.3 +29 81 24 1.3 +29 81 19 1.3 +23 77 27 1.2 +3 73 30 1.0 +7 72 38 1.0-1 64 40 1.0 +2 61 51 FOT MKT 12/18/2017 CP BR 27.32BI. SS BR12.77 BI BRZI PS RTIG 85 BR82.68(OH -10%) 280 Up 7.14% Since ddition 260 2017 STIMT 2018 STIMT 1.66 +22% 2.13 +29% RIGS GROWTH RT SS GR RT 2015-17 +33%(10 STBIITY) +23% 2013-17 +53%(21 STBIITY) +21% COMPOSIT RTIG IVT T/O PRIC SC 240 220 200 190 4.1x 35 180 DBT % 2014-16 7%: 7%: 10% 27%: 22%: 24% TX RT 14-16 : : BCKOG 14-16 8.87 X '16 BK.V R&D DIV 0.59(0.7%) DIV GR RT+58% (31) 0.03(0.02) BT 0.53(19) PH 170 160 150 140 130 12.00 120 110 0BRBOVS 10.00 Global Focus M BR77.2 9.00 100 90 8.00 80-9% 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 3.60 36 3.40 34 61 C+ 3.20 3.00 32 30 2.80 28 2.60 26 2.40 24 2.20 22 2.00 1.90 20 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 11 VOUM 8M 6M SP Q -50% BOW ST. PS (BR) % CHG SS(BI BR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.08 1680.0 +18% 1.7% +4.4% 47-61 0.09 +125% 1650.6 +19% 1.8% +5.0% 39-56 0.19 +58% 1781.4 +16% 3.5% +5.9% 42-48 0.21 +250% 1911.3 +18% 3.6% +7.9% 31-40 0.19 +138% 2019.7 +20% 3.1% +9.2% 29-38 0.21 +133% 1967.6 +19% 3.6% +10.8% 30-36 0.33 +74% 2186.9 +23% 4.9% +12.6% 29-43 0.26 +24% 2285.2 +20% 3.7% +13.0% 37-45 0.23 +21% 2458.3 +22% 3.1% +13.3% 33-42 0.27 +29% 2515.4 +28% 3.6% +14.0% 31-49 0.48 +45% 2783.2 +27% 5.6% +15.4% 40-51 285/90422 303/98125 324/93471 339/94737 377/99863 402/92367 443/91193 506/94687 533/94080 530/94303 599/97145 DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Retail: Retail-Drug Stores 0.35 +35% 2900.9 +27% 4.0% +16.2% 43-52 647/103M SP 16 0.26 +13% 3057.0 +24% 2.8% +16.1% 42-52 672/106M DC 16 0.31 +15% 3057.1 +22% 3.4% 40-47 761/123M MR 17 0.42-13% 3237.3 +16% 4.2% 41-54 779/134M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -123-0.41 +17% 3416.8 +18% 4.0% 736/134M DC Q 0.41 +60% '13-18 P..'S OW OW HI ST 48-55 SP 17 4M 3M 710/135M DC 17 29X 54X 96X MR 18 TM DTGRPHS 2/2/2018

SOUTH FRIC Clicks Group Source: Corporate Website Clicks Group is a leading beauty and pharmaceutical retailer in South frica. The Company s growth strategy is centered around its extensive retail footprint and its customer loyalty program. Company Overview Clicks Group operates 795 stores in Southern frica through its own brands Clicks and Musica and franchise brands GC, The Body Shop, and Claire s. Clicks is South frica s leading pharmacy, health, and beauty retailer with 622 stores and 473 in-store pharmacies. With its online sales platform, Clicks offers a click and collect facility in all stores across South frica. Musica is the largest music and entertainment-related merchandise retail brand in South frica. The Company owns South frica s leading full-range pharmaceutical wholesaler, United Pharmaceutical Distributors (UPD). s of FY 2017, UPD has a 26% share in the private pharmaceutical wholesale market. FY 2017 revenue by segment: retail, 61%; distribution, 39%. O eil Methodology The stock has been on an uptrend with consistent support at its rising 10-WM. Its momentum is reflected in its RS Rating of 82 while its /D Rating of B- and an Up/Down Volume ratio of 1.5 signal an appetite for the stock in the market. From FY 2014 2017, PS increased at a CGR of 15%, resulting in an PS Rank of 87. During this period, sales increased at a CGR of 12%. In FY 2017, turnover grew 11% y/y to ZR 26.8B, led by a 14% y/y increase in retail sales and an 11% y/y increase in the UPD business. Comparable store turnover increased 8%. Diluted headline PS came in at ZR 5.02, up 15% y/y. Clicks Group CSJ.Z Retail-Specialty JOHSBURG xch South frica, Rand Cents MktCap ZR16.13 Bil Sales ZR17.54 Bil Shares 246 Mil Price= +27 21 460 1911 www.clicksgroup.co.za Cape Town, SOUTH FRIC MGMT owns Price 20eps PS Rank 55 Vol =1,181,550 Rate = - 60% c6555.00 121.10 (OH 0%) CICKS GROUP IMITD IS IVSTMT HODIG COMPY. TH COMPY'S SUBSIDIRIS COVR TH PHRMCUTIC SUPPY Scale CHI FROM WHOS D DISTRIBUTIO TO RTI PHRMCY, S W S BUTY D COSMTIC PRODUCTS. IT OPRTS 17000 PRIMRIY I SOUTHR FRIC. TH COMPY OPRTS I TWO SGMTS: RTI D DISTRIBUTIO. RTI COSISTS OF Good estimates o overhead supply 750 CICKS, SPCIIST HTH, BUTY D HOMWR RTIR; MUSIC, RTIR OF TRTIMT-RTD MRCHDIS; 15000 700 D TH BODY SHOP, WHICH SPCIIZS I TURY ISPIRD UXURY TOITRIS, COSMTICS, GIFTIG D GROOMIG, WITH 14000 650 ug Year nd 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 stimate 2015 stimate 13000 PS 52.70 64.80 113.20 148.00 165.60 208.60 248.30 272.00 300.11 330.80 115% 374.10 13% 0RZCP 600 12000 n Cash Flow/Shr c 87.02 108.80 185.42 163.28 199.09 234.84 298.39 365.47 390.16 arnings Growth Rate Sales Gr Rt 550 n Pretax Margin % 2.9 3.3 4.8 5.0 5.3 5.8 6.4 6.2 6.0 2011-13 12% ( 2 Stability) 8% 11000 500 u Return On quity % 15.1 16.3 26.3 36.3 41.7 50.0 61.8 59.6 55.1 2009-13 17% ( 4 Stability) 9% 10000 a Sales % Change 18 2 13 11 9 9 6 9 14 Composite Rating 450 l Sales (Mil) $ 8714 8923 10051 11194 12175 13276 14103 15437 17543 Inv t/o 6.4 X 49 9000 W Global Datagraph DG Rating 48 44 44 47 50 49 54 64 66 Debt % 2011-13 0% 0% 0% 400 e vg Daily Vol (000) 480 491 493 517 546 585 619 613 627 Tax Rate 11-13 27% 28% 28% Breaks out on 1.9x the 8000 e Up Down Volume 0.9 0.7 0.8 1.0 1.0 1.0 1.1 1.2 1.3 Backlog 11-13 350 k ccum/dist Rating 13-21 -31-20 -3 4 9 19 28 R and D 11 X '13 Bk Val average daily volume 7000 l Global Relative Relative Strength Str 42 20 23 22 39 43 38 63 65 Div c 168.00(2.6%) Div Gr Rt 52%(58) 300 y Group Global Rank Group Rank 66 74 73 68 59 58 57 31 21 Beta 0.24(23) lpha 0.03(-0.03) 6000 High U/D volume 250 5000 230 4600 210 4200 40-Week M 190 3800 170 10-Week M 3400 150 65 3000 140 B+ 2800 130 2600 120 2400 110 2200 Rising R/S line 95 1900 85 1700 75 1500 70 1400 65 1300 60 1200 55 1100 50 1000 Solid PS and 45 Increasing sponsorship900 revenue growth PS (c) % Change Sales (Mil ZR) % Change Margin fter Tax Return on quity T4Q P ow-high Fund/Shares (000) 15-18 26/16M 108.40S 6710.5S 4.3% +50.0% 16-19 59/46M 19-23 121/61M 121.80S +22% 7495.9S +14% 4.3% +57.9% 17-21 128/84M 15-20 139/89M 126.50S +17% 6952.0S +4% 4.8% +61.8% 15-18 131/77M 15-18 143/70M ug Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 WOD Copyright 2014 William O'eil + Co.,Inc. ll rights reserved wonda@williamoneil.com 130.80S +7% 8022.0S +7% 4.1% +63.0% 16-19 134/63M 17-19 136/61M 141.20S +12% 7414.9S +7% 4.8% +59.5% 18-23 148/63M 20-24 164/69M 144.24S +10% 8529.1S +6% 4.3% +61.3% 20-25 152/80M 20-22 147/82M 155.87S +10% 9014.2S +22% 4.3% +55.1% 18-21 131/77M 18-22 140/80M Volume 5,000,000 1,800,000 600,000 ug S 150.00 09-14 P s ow 11x ow 22x Hi 25x st. 0.0x s &p 3/31/2014 Growth Drivers Only 50% of South frican households have a Clicks store in a five-kilometer radius, and management sees potential to increase the number of stores from 622 currently to 900, enabling the Company to increase its retail pharmacy market share from 22% currently to 30%. Clicks ClubCard membership increased to 7M in FY 2017, up from 6.2M in FY 2016. The loyalty program, which contributed 77% of Clicks store sales in FY 2017, will enable direct marketing based on customer preferences. Management sees the opportunity to scale up UPD and is targeting to expand its market share to 30% from 26% at present. ooking Forward In FY 2018, the Company has planned for capex of ZR 680M for 25-30 new Clicks stores, 30-35 new pharmacies, 60 store refurbishments, Clicks Centurion distribution center expansion, and the UPD business. Management has guided for a medium-term RO target of 50 60%, compared with 44% at present. ext catalyst: The Company is expected to announce H1 FY 2018 results on pril 21, 2018. -124- ocal Code: R:CS Bloomberg Symbol: CS:SJ ISI: Z000134854

Clicks Group SOUTH FRIC CICKS GROUP (CSJ.Z) JS RTI-DRUG STORS 245.97M 233.67M SHRS RIGS BUSISS: +27 21 460 1911 http://www.newclicks.co.za MGMT owns SC CICKS GROUP IMITD IS RTI-D HTHCR COMPY. TH PRODUCTS. TH BODY SHOP SS TUR BUTY PRODUCTS. PRIC = COMPY OPRTS THROUGH TWO SGMTS: RTI D CIR'S IS TH SPCITY RTIR OF FSHIOB JWRY 10 X PS DISTRIBUTIO. THROUGH RTI BRDS, SUCH S CICKS, GC, D CCSSORIS FOR YOUG WOM D GIRS. MUSIC IS TH BODY SHOP, CIR'S D MUSIC, IT HS OVR 690 STORS RTIR OF MUSIC D RTD TRTIMT MRCHDIS I CROSS SOUTHR FRIC. CICKS IS PHRMCY, HTH D TH COUTRY. IT OFFRS RG OF TRTIMT PRODUCTS, BUTY RTIR WITH OVR 500 STORS D PPROXIMTY 400 ICUDIG DIGIT VIDO DISCS (MUSIC D MOVIS), GMIG I-STOR DISPSRIS. GC IS TH SPCITY HTH D (ICUDIG COMPUTR GMS), TCHOOGY D CCSSORIS 6000 WSS RTIR. GC OFFRS RG OF VITMI, MIR (HDPHOS PORTB SPKRS, PHO D TBT COVRS, D HRB SUPPMTS, SPORTS UTRITIO D SIMMIG DOCKIG STTIOS D TBTS). 4600 4400 4200 4000 3800 3600 3400 3200 3000 U W K Y PS c (UG.) CF/SHR c PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI ZR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK X-DIV FOT MKT CP ZR 40.46BI. SS ZR26.81 BI SOUTH FRIC PS RTIG 89 ZX16449(OH -15%) Up 150.94% Since ddition PRIC SC 70000 60000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 567.30 +5% 640.00 +13% 165.60 208.60 248.30 272.00 299.76 352.38 396.74 460.45 540.17 199.09 234.84 298.39 365.47 388.08 445.43 537.43 570.13 649.82 RIGS GROWTH RT SS GR RT 2015-17 +15%(1 STBIITY) +11% 5.3 5.8 6.4 6.2 6.0 6.3 6.0 6.3 6.6 41.7 50.0 61.8 59.6 55.1 58.8 53.3 49.0 44.4 2013-17 +15%(1 STBIITY) +12% +9 +9 +6 +9 +14 +9 +15 +10 +11 COMPOSIT RTIG IVT T/O 5.9x 43 12175 13276 14103 15437 17543 19150 22070 24171 26809 74 74 73 73 72 71 72 72 68 DBT % 2015-17 0%: 0%: 0% 780 816 825 814 828 787 798 772 803 28%: 28%: 28% TX RT 15-17 : : 1.5 1.2 1.1 1.2 1.1 1.0 1.2 1.2 0.9 BCKOG 15-17 11.79 X '17 BK.V +40 +27 +41 +41 +38 +21 +28 +19-19 R&D 322(2.0%) DIV GR RT+17% (3) 92 91 92 90 89 83 86 87 77 DIV 6 12 13 14 13 20 21 15 21 BT 0.37(11) PH 0.09(0.07) 50000 48000 46000 44000 42000 40000 38000 36000 34000 32000 30000 2800 28000 2600 26000 2400 0RZCP 24000 2200 22000 2000 20000 1900 19000 1800 18000 1700 17000 1600 16000-10% 1500 15000 1400 14000 1300 13000 1200 12000 1100 11000 1000 10000 900 800 9000 Global Focus M ZR65.6 8000 77 D 700 7000 600 6000 500 480 460 440 420 400 5000 4800 4600 4400 4200 4000 380 3800 360 3600 340 3400 320 3200 300 3000 VOUM 10 M 6M 4M 2M UG S PS (ZR) % CHG SS(BI ZR) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 17-21 158.37S +10% 9348.8S +10% 4.2% +58.7% 16-20 16-20 194.01S +25% 9800.7S +9% 4.8% +58.7% 16-19 16-22 182.23S +15% 214.51S +11% 213.16S +17% 247.29S +15% 246.38S +16% 10664.3S 11405.8S 12093.3S 12077.5S 13125.1S +14% 4.1% +59.3% 19-24 +16% 4.5% +53.3% 20-25 +13% 4.2% +57.0% 17-22 +6% 4.8% +49.0% 23-28 +9% 4.4% +50.5% 22-26 22-25 21-26 19-25 126/79239 129/77949 143/84900 148/87091 147/84647 171/84820 185/77503 194/80330 197/78138 187/74814 211/80750 DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Retail: Retail-Drug Stores 213/83115 SP 16 23-27 293.79S +19% +13% 5.1% +44.4% 200/79332 240/89953 279/91451 276/91214 DC 16 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -125-135.15 13684.0S '13-18 P..'S OW OW HI ST DC 17 16X 31X 28X MR 18 TM DTGRPHS 2/2/2018

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The Company has an assortment of about 700 products, including private labels under the brands Daghan, Tombik, KRM, Teatone Ice Tea, and Pasta Veneta, among others. O eil Methodology The stock is currently in a buy range after breaking out from a six-week flat base and remains actionable. We expect it to continue its strong momentum on the back of better-thanexpected Q3 2017 results. The stock is displaying technical strength, with an RS Rating of 77 and an /D Rating of B+. It has support at its rising 10-WM. BIM has a history of consistent revenue and PS growth, averaging 19% and 18%, respectively, over the past three years. It has a strong PS Rank of 91. In Q3 2017, the Company s revenue grew 24% y/y to TRY 6.3B, versus consensus estimates of 22% and revised management guidance of 20 23% given at the end of Q2 2017. BIM Turkey F sales grew 12.1% y/y, driven by a 10.7% y/y increase in F basket and a 1.3% increase in F customer traffic. The number of stores increased 12% y/y to 6,672. PS was TRY 0.75, up 33% y/y and ahead of consensus estimates of 19% y/y growth. WZ/ ϮϲϬ ϮϰϬ ϮϮϬ Strong history of generating PS and rev growth ϭϵϭ ϭϳϭ Consolidating over prior high with support at rising 10-WM. Stock is showing strength into new highs ϭϱϭ ϭϯϭ ϭϯϭ ϭϭϭ ϭϭϭ ϵϭ ϴϬ ϳϬ Strong PS rank ϲϳ ϲϭ ϭ ϴϴ ϲϭ нϯ ϮϬ ϭ ϱϲ ϭ ϰϰ ϱϭ ϰϲ ϭ ϯϭ ϰϯ ϭ ϭϵ Bim Birlesik Magazalar (BIM) is a discount food retailer based in Turkey, offering high-quality products at affordable prices. The Company aims to grow faster than the market through competitively priced products enabled by low-cost operations. >K' &ŝǆğěͿ dzz нϰ ϵϳй ϯθ ϭ Ϭϲ ϯϰ ϱϱ Ϭ ϵϰ ϯϭ Ϭ ϴϭ Ϭ ϳϱ Ϭ ϲϵ Ϯϲ Ϯϰ ϮϮ Ϭ ϱϵ ϭϵ Ϭ ϱϯ ϭϳ Stock is underperforming market in Turkey, but accumulation is picking up Ϭ ϰϳ Ϭ ϰϭ Ϭ ϯθ Ϭ ϯϰ ϭϱ ϭϯ ϭϯ ϭϭ Ϭ ϯϭ ϭϭ Ϭ Ϯϴ ϵ >K' sk>hd ϱd Ϯ ϴD ϮD Ͳϭй ϳϬϬ< ϯϭϭ< Ϯ&/ / >^ ĞĐ ϭϯ DĂƌ ϭϯ ϵ W^ dzzͿ Ϭ Ϯϴ Ϭ ϯϯ й W^ й, ' нθй нϳй ϴ^ > ^ D/> dzzͿ Ϯ ϱθϭ ϳ Ϯ ϳϵϱ ϱ й^ > ^ й, ' нϭϳй нϭϱй :ƵŶ ϭϯ Ϭ ϯϭ нϯϱй ^ĞƉ ϭϯ Ϭ ϯϵ нϯϵй ĞĐ ϭϯ Ϭ ϯϱ нϯϱй DĂƌ ϭϰ Ϭ ϯϱ нϵй :ƵŶ ϭϰ Ϭ ϯϭ Ͳϯй ^ĞƉ ϭϰ Ϭ ϯθ Ͳϯй ĞĐ ϭϰ Ϭ Ϯϳ ͲϮϯй DĂƌ ϭϱ Ϭ ϰϭ нϭϳй :ƵŶ ϭϱ Ϭ ϰϵ нϲϯй ^ĞƉ ϭϱ Ϭ ϱϲ нϰϳй ĞĐ ϭϱ Ϭ ϰϲ нϳϭй DĂƌ ϭϲ Ϭ ϱϯ нϯϵй :ƵŶ ϭϲ Ϭ ϰϳ Ͳϰй ^ĞƉ ϭϲ Ϭ ϱϳ нϯй ĞĐ ϭϲ Ϭ ϲϰ нϯϵй DĂƌ ϭϳ Ϭ ϲϱ нϯϯй :ƵŶ ϭϳ Ϭ ϲϭğ нϯϭйğ ^ĞƉ ϭϳ Ϭ ϲϱğ нϭϰйğ ĞĐ ϭϳ Ϭ ϲθğ нϲйğ DĂƌ ϭθ Ϭ ϱϭğ ͲϮϯйĞ ϰ ϴϭϬ ϴ нϭθй ϰ ϵϳϭ Ϯ нϭϰй ϱ Ϭϱϲ Ϭ нϭϰй ϱ Ϯϯϯ ϳ нϭϱй ϱ ϳϬϲ ϲ нϭϵй ϱ ϵϲϱ ϱğ нϯϭйğ ϲ ϭϭϳ ϴĞ нϯϭйğ ϲ Ϯϵϲ ϳĞ нϯϭйğ ϲ ϳϲϵ ϯğ нϭϵйğ нϯϭ ϱй ϰϭθ ϰϭϳ ϰϭϰ ϳϳD ϳϴD ϳϴD Ϯ ϴϯϯ ϲ нϯϭй ϯ Ϭϴϳ ϲ нϯϭй ϯ ϭϯϯ Ϯ нϯϭй ϯ ϯϵϱ ϭ нϯϭй ϯ ϱϲϭ Ϭ нϯϲй ϯ ϳϱϮ ϳ нϯϯй ϯ ϳϱϰ Ϯ нϯϭй ϰ Ϭϵϰ Ϯ нϯϭй ϰ ϯϱϭ ϭ нϯϯй ϰ ϰϰϳ ϲ нϭϵй ϰ ϱϯϱ ϲ нϯϭй Ͳϴ ϴй Ϯϴϭ нϭ Ϭй ϮϵϬ нϯϯ ϭй Ϯϳϱ нϲ ϰй Ϯϴϴ ϯϭϲ Ͳϭϵ ϭй ϯϯϭ нϯ ϴй ϯϰϭ Ͳϯϭ ϯй ϯϯθ нϰ ϭй ϯϰϯ нϰϭ Ϯй ϯϯϭ нϭϲ ϴй ϯϱϯ нϵ ϵй ϯϲϱ ϰϭϱ ϰϭϯ ͲϮϮ Ϭй ϰϭθ ϭ^, Z ^, > z &h ^ ϳϰD ϳϰD ϳϴD ϳϳD ϳϴD ϳϴD ϳϴD ϴϬD ϳϵD ϳϵD ϴϰD ϴϯD ϳϵD ϳϯD ϳϯD ϳϳD й W^ й ^hzwz/^ нϭ ϰй ϴ&h ^ Ϯϳϵ Π ϮϬϭϳ t/>>/ D KΖ /> н K / W Ϯϴ ϮϬϭϳ Ɛƚ Ϯϱ ϴ ϮϬϭϴ Ɛƚ ϮϮ ϰ ϱͳǉƌ,ŝőś ϰϯ ϱͳǉƌ >Žǁ Ϯϭ ǀƐ /ŶĚ ǀŐ ϭ Ϯǆ ŝŵ ŝƌůğɛŝŭ DĂŐĂǌĂůĂƌ D/ dzͿ tğğŭůǉ ĂƐ ŽĨ &ƌŝ :ƵůǇ ϭϰ ϮϬϭϳ Growth Drivers BIM sells a narrow range of about 700 SKUs (mainly essential items), of which 68% are private labels. Private labels are typically 30 40% cheaper than well-known brands, driving traffic into BIM stores. In addition to private labels, the Company is able to offer discount prices by keeping store decorations minimal, displaying products in their original cardboard boxes, and renting the most affordable locations. Food retail remains highly fragmented in Turkey, with organized retail accounting for less than a 50% share of the market. There is still plenty of room for organized food retail to grow in Turkey, given that it has about 90% share in many developed countries. ooking Forward For 2017, management maintained its guidance for revenue growth of 20 23% y/y and BITD margin of 4.5 5.5%. The Company plans to add 635 new stores (500 BIM Turkey stores, 25 FI stores, and 60 and 50 stores in Morocco and gypt, respectively) in 2017. In 9M 2017, 398 BIM Turkey stores, 16 FI stores, and 45 and 46 stores in Morocco and gypt, respectively, have been added. ext catalyst: The Company releases 2017 results on March 12, 2018. -126- ocal Code: TR:BIMS Bloomberg Symbol: BIMS:TI ISI: TRBIMM00018

Bim Birlesik Magazalar BIM BIRSIK MGZR TURKY (BMI.TR) IST RTI-DISCOUT&VRITY 303.60M 227.70M SHRS RIGS BUSISS: +90 216 564 03 03 http://www.bim.com.tr MGMT owns X-DIV SC BIM BIRSIK MGZR S IS TURKY-BSD COMPY, WHICH PRODUCTS, BRKFST D DIRY PRODUCTS, BVRGS, GUMS PRIC = IS GGD I TH OPRTIO OF RTI STORS. THROUGH ITS D BKRY, SCKS D SWTS, FRUITS D VGTBS, FROZ 10 X PS RTI SHOPS I TURKY, TH COMPY SS SSORTMT OF FOOD D CIG SUPPIS, MOG OTHRS. TH COMPY'S PPROXIMTY 600 ITMS, ICUDIG UMBR OF PRIVT SUBSIDIRIS R: BIM STORS C, BSD I GYPT D BIM BS. TH COMPY OFFRS RG OF COSUMR BSIC FOOD STORS SR, BSD IS MOROCCO, BOTH GGD I TH HRD ITMS D COSUMR GOODS. BIM BIRSIK MGZR S'S DISCOUT RTI SCTOR. 28.00 PRODUCTS ICUD: TVISIOS, COOKIG PS, TOYS, MT 26.00 24.00 22.00 20.00 19.00 18.00 17.00 16.00 15.00 14.00 U W K Y PS TRY (DC.) CF/SHR TRY PRTX MRGI, % RT. O QUITY, % SS % CHG SS (TRI TRY) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 2009 2010 2011 2012 0.37 0.70 0.81 0.98 1.09 0.52 0.93 1.04 1.26 1.40 3.4 5.0 4.7 4.6 4.2 48.6 65.0 55.3 53.5 46.4 +42 +25 +23 +25 +21 4242.4 5323.4 6574.0 8189.1 9906.4 73 75 74 72 70 2013 1.36 1.75 4.4 46.0 +20 11849 69 2014 1.30 1.77 3.5 36.8 +22 14463 68 2015 1.92 2.49 4.3 41.4 +21 17429 69 2016 2.22 3.02 4.2 37.6 +15 20072 69 715 794 774 751 777 788 783 827 832 0.9-5 69 29 0.9 +18 69 31 0.9 +29 67 32 0.9 +31 71 33 0.8 +6 66 45 0.7 +7 55 49 0.8 +16 60 51 0.9 +21 58 50 0.9 +8 52 57 FOT MKT CP TRY 22.47BI. SS TRY23.42 BI TURKY PS RTIG IC 1995 91 TRY74.00(OH -10%) Up 9.47% Since ddition 320 300 280 2017 STIMT 2018 STIMT 2.82 +27% 3.38 +20% RIGS GROWTH RT SS GR RT 2015-17 +28%(5 STBIITY) +18% 2013-17 +20%(7 STBIITY) +20% COMPOSIT RTIG IVT T/O PRIC SC 260 240 220 200 16x 80 190 DBT % 2014-16 0%: 0%: 0% 23%: 22%: 21% TX RT 14-16 : : BCKOG 14-16 11.96 X '16 BK.V R&D 1.5(2.0%) DIV GR RT+15% (17) DIV BT 0.38(7) PH 0.10(0.07) 180 170 160 150 140 13.00 130 12.00 120 11.00 110 0TKT 10.00 9.00 100 90 Global Focus M TRY67.6 8.00 80 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 3.60 36 3.40 34 52 B- 3.20 3.00 32 30 2.80 28 2.60 26 2.40 24 2.20 22 2.00 20 1.90 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 13 VOUM 6M 3M 2M SP Q -45% BOW ST. PS (TRY) % CHG SS(BI TRY) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.35 +25% 3132.2 +21% 3.4% +46.0% 26-35 0.35 +9% 3395.1 +21% 3.2% 26-34 0.30-3% 3561.0 +26% 2.5% +46.4% 32-36 0.38-3% 3752.7 +22% 3.1% +40.7% 33-39 0.27-23% 3754.2 +20% 2.2% +36.7% 35-39 0.41 +17% 4094.2 +21% 3.0% +35.1% 31-38 0.49 +63% 4351.1 +22% 3.4% +41.1% 27-33 0.56 +47% 4447.6 +19% 3.8% +40.3% 26-32 0.46 +70% 4535.6 +21% 3.1% +41.3% 26-32 0.53 +29% 4810.8 +18% 3.4% +40.5% 22-30 0.47-4% 4971.2 +14% 2.9% +42.6% 26-31 283/76969 303/77338 317/77334 335/79782 335/78556 335/78749 317/83841 339/82490 349/78552 390/72007 397/72676 DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Retail: Retail-Discount&Variety 0.57 +2% 5056.0 +14% 3.4% +38.4% 24-28 403/75809 SP 16 0.64 +39% 5233.7 +15% 3.7% +37.5% 21-23 0.65 +23% 5706.6 +19% 3.5% +36.0% 20-25 0.72 +53% 6213.0 +25% 3.5% +44.5% 21-25 388/75739 389/76301 417/78446 438/77599 DC 16 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -127-0.75 +32% 6262.6 +24% 3.6% +43.0% 1M 600 K DC Q 0.71 +11% '13-18 P..'S OW OW HI ST DC 17 20X 29X 41X MR 18 TM DTGRPHS 2/2/2018

IDI ǀĞŶƵĞ ^ƵƉĞƌŵĂƌƚƐ ^ / W^ ϴϴ ǆ ϰϯ ϭθ ϯθ ϲϰ ϯϰ Ϭϵ Ϯϵ ϱϱ Ϯϳ Ϯϳ Ϯϱ ϬϬ Ϯϭ ϱϵ ϭϵ ϯϯ ϭϳ Ϭϱ ϭϰ ϳϳ ϭϯ ϲϰ ϭϯ ϱϭ Source: Corporate Website venue Supermarts d/k > / / ǆđś / ϭϵϯzϭϭϭϭϭ нϵϭ ϮϮ ϯϯϰϭ ϬϱϬϬ W^ ZĂŶŬ ϵϳ ZĞƚĂŝůͲ^ƵƉĞƌ DŝŶŝ DŬƚƐ DŬƚ ĂƉ /ZϱϮϰ Ϯϲ ^ĂůĞƐ /Zϭϭϴ ϵθ / / /ŶĐ ϮϬϬϬ ^ŚĂƌĞƐ ϲϯϰd &ůžăƚ ϲϯϰd K, Ͳϭй D'Dd ŽǁŶƐ >K' &ŝǆğěͿ ϯϰϭϭ ϯϭϭϭ ϮϲϬϬ ϮϰϬϬ ϮϮϬϬ Strong growth profile ϭϵϭϭ ϭϳϭϭ ϭϱϭϭ ϭϯϭϭ ϭϯϭϭ ϭϭϭϭ ϭϭ ϯϲ ϭϭϭϭ ϭϭ Ϯϯ ϵϭϭ ϴϰϬ Ϭϱ ϴϬϬ ϵ Ϭϵ ϴ ϰϵ ϳ ϵϱ Strong industry group нϯϰ ϵϱ ϳϬϬ ϴϭ н ϲ ϴϮ Company Overview venue Supermarts follows a cluster-based approach to store expansion and opening new stores near existing ones and distribution centers. The Company has a higher operating efficiency than its peers as it has been able to reduce transportation costs and realize economies of scale. The Company operates 141 DMart stores in 10 states and two union territories across India, and has a network of 21 distribution and six packing centers. FY 2017 revenue breakdown: food, 54%; general merchandise and apparel, 26%; non-food (FMCG), 20%. O eil Methodology The stock is currently trading in a cup with-handle. Investors can add to positions once the stock takes the pivot level of IR 1,283.90 on high volume. RS Rating of 73, Up/Down volume ratio of 1.8, and /D Rating of +. From FY 2015 to FY 2017, the Company reported revenue and PS CGR of 36% and 58%, respectively. The stock s PS Rank currently stands at 97. For Q3 FY 2018, revenue came in at IR 40.95B (+22.6% y/y). Diluted PS for the quarter came in at IR 3.97 (+47% y/y). /Z нϯ Ϭϲй ϲϭϭ ϱ ϲθ ϱ Ϯϯ ϱϭϭ ϰϲϭ ϰ ϳϳ ϰϯϭ ϰ ϯϯ ϯθϭ ϯ ϴϲ ϯϰϭ ϯ ϰϭ venue Supermarts (S.I) is the second-largest food and grocery retailer in India, operating hybrid supermarkets. The Company is targeting to increase sales through its veryday ow Prices, enabled by its low cost operations. WZ/ ϯθϭϭ s h ^hw ZD Zd^ >/D/d /^ / / Ͳ ^ KDW z t,/, Kt^ KW Z d ^ D Zd ^dkz ^ D Zd /^ ^hw ZD Z< d, / d, d K&& Z^ h^dkd Z^ Z ' K&,KD W Z^K > WZK h d^ h Z K ZKK&, D Zd ^dkz ^dk <^,KD hd/>/dz WZK h d^ / >h /' &KK dk/> dz/ ^ hdz WZK h d^ ' ZD d^ </d, t Z d, >/,KD WW>/ ^ Kd, Z^ d, KDW z K&& Z^ /d^ WZK h d^ h Z s Z/Kh^ d 'KZ/ ^ ^h, ^ d, /Zz &ZK &Zh/d^ s ' d > ^ ZK < Zz dkz^ ' D ^ </ ^ WW Z > > / ^ ' ZD d^ WW Z > &KZ D,KD W Z^K > Z />z ^^ d/ >^ 'ZK Zz ^d W> ^ D Zd Z ^ D Zd, ^ WZ ^ / Ks Z ϭϭϭ >K d/k^ ZK^^ D, Z ^,dz 'h: Z d,z WZ ^, D,z WZ ^, < Z d < d > ',, dd/^' Z, d, KDW z, ^ Dh>d/W> ^dkz ^ / /d/ ^ ^h, ^ DhD /,D ZK ' >hzh,z Z Wh ^hz d > ^^ h > Ͳ D Z ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ƐƟŵĂƚĞ ϮϬϭϵ ƐƟŵĂƚĞ ϭ ϭϵ ϭ ϳϰ Ϯ ϵϲ ϯ ϴϳ ϱ ϳϬ ϴ ϰϵ W^ /Z ϭϯ ϮϮ ϰϰйÿ ϭϲ ϯϭ ϯϯйÿ ^, &>Kt ^,Z /Z ϭ ϵϱ Ϯ ϴϬ ϰ ϭϲ ϱ ϳϭ ϳ ϰϱ ϭϭ ϳϲ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ WZ d y D Z'/ й ϰй ϰй ϱй ϱй ϲй ϲй ϮϬϭϱͲϭϳ ϱϯй ϰ ^ƚăďŝůŝƚǉͿ ϯϲй Z dhz K Yh/dz й ϭϯй ϭϵй ϮϬй Ϯϰй ϭθй ϮϬϭϯͲϭϳ ϱϯй ϰ ^ƚăďŝůŝƚǉͿ ϯϳй ^ > ^ й, ' ϱϭй ϰϭй ϯϳй ϯϯй ϯϵй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ /Z ϮϮ< ϯϯ< ϰϳ< ϲϰ< ϴϲ< ϭϭϵ< /s d K ϭϯ ϱǆ ϴϭ t <>z DĂǇ ϭϯ DĂǇ ϭϵ DĂǇ Ϯϲ :ƵŶ ϬϮ :ƵŶ Ϭϵ :ƵŶ ϭϲ :ƵŶ Ϯϯ :ƵŶ ϯϭ :Ƶů Ϭϯ d й ϮϬϭϱͲϭϳ ϲϭй ϲϭй Ϯϲй d 'Z W, Z d/' ϱϭ ϱϵ ϱϰ ϱϰ ϲϭ ϲϭ ϱθ ϲϲ ϲθ d y Z d ϮϬϭϱͲϭϳ ϯϰй ϯϱй ϯϲй s' />z sk> ϬϬϬͿ ϰ Ϭϴϭ ϰ Ϯϱϯ ϰ ϯϭϰ ϰ ϯϵϭ Ϯ ϳϲϯ Ϯ Ϯϯϰ Ϯ ϭϰϲ ϭ ϯϵϯ ϭ ϭϭϳ <>K' ϮϬϭϱͲϭϳ < s > ϭϯ Ϯϰǆ Ζϭϳ hw Kt sk>hd Ϭ ϱ Ϭ ϱ Ϭ ϱ Ϭ ϱ ϭ ϯ Ϯ ϲ Ϯ ϴ ϭ ϰ ϭ ϱ Z Θ ŽŶĞ /s 'Z Zd hd /^d Z d/' ϱϭ ϱϱ ϲϭ ϲϭ ϱθ ϱθ /s /Z Ϭ ϭϭ Ϭ ϬϬͿ >W, Ϭ ϯϯ Ϭ ϭϰͿ Z > d/s ^dz 'd, ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϳϳ ϳϵ d 'ZKhW Z < ϭϯϯ ϭθ ϰϲ ϯϱ ϭϯ ϵ ϭϭ ϭϯ ϭϭ ϯϭϭ RS line breaking out to new highs. Strong /D Ϯ ϵϱ Ϯ ϳϯ Ϯ ϱϭ ϮϲϬ ϮϰϬ ϮϮϬ Ϯ ϭϲ ϭϵϭ ϭ ϵϯ ϭϳϭ ϭ ϳϬ ϭϱϭ ϭ ϰθ ϭϯϭ >K' sk>hd ϱϭd ϯϭd ϭϭd ϱd нϱϯй ϭ ϲd DĂƌ ϭϯ &/ / >^ Ϭ ϵϳ W^ /ZͿ :ƵŶ ϭϯ ^ĞƉ ϭϯ ĞĐ ϭϯ W^ й, ' ϮϮ Ϭϴϱ ϲ ^ > ^ D/> /ZͿ DĂƌ ϭϯ ϭ ϱϭ нϱϱй ϯϯ ϰϭθ ϱ нϱϭй ^ > ^ й, ' :ƵŶ ϭϯ ^ĞƉ ϭϯ ĞĐ ϭϯ DĂƌ ϭϰ Ϯ ϱϵ нϳϯй ϰϲ ϴϲϰ ϵ нϰϭй :ƵŶ ϭϰ ^ĞƉ ϭϰ ĞĐ ϭϰ DĂƌ ϭϱ ϯ ϯϵ нϯϭй :ƵŶ ϭϱ ^ĞƉ ϭϱ ϲϰ ϯϵϰ ϯ нϯϳй W^ й ^hzwz/^ &h ^ ĞĐ ϭϱ DĂƌ ϭϲ ϱ ϳϬ нϲθй ϴϱ ϴϯϳ ϲ нϯϯй :ƵŶ ϭϲ ^ĞƉ ϭϲ ĞĐ ϭϲ DĂƌ ϭϳ ϴ ϰϵ нϰϵй ϭϭθ ϵϳϳ Ϭ нϯϵй :ƵŶ ϭϳ W ϵϲ ϮϬϭϴ Ɛƚ ϲθ ϳ ϮϬϭϵ Ɛƚ ϱϭ ϱ ϱͳǉƌ,ŝőś ϳϳ ϱͳǉƌ >Žǁ ϲϲ ϲϵ ϭϵ Ϭϯϵ ϲϯθ ^, Z ^, > z &h ^ Π ϮϬϭϳ t/>>/ D KΖ /> н K / ǀƐ /ŶĚ ǀŐ ϰ ϭǆ ǀĞŶƵĞ ^ƵƉĞƌŵĂƌƚƐ ^ /Ϳ tğğŭůǉ ĂƐ ŽĨ DŽŶ :ƵůǇ Ϭϯ ϮϬϭϳ Growth Drivers venue Supermarts has strong supplier relationships and procures goods directly from manufacturers and vendors. These strong relationships and an efficient operating strategy allow the Company to offer goods at lower prices than its peers. The Company added five new stores in Q3 FY 2018 (10 in 9M FY 2018) and plans to add 15-20 stores per year, largely in the Central and Western South of India. The Company operates on a self-funded land ownership model, as opposed to the rental model used by its peers. It saves on rental costs, which accounts for 3-8% of the total expenses of its peers. The Company s board approved the acquisition of the remaining 50.79% stake in its associate company venue -Commerce for IR 492.1M. The deal is expected to be completed by February 15. ooking Forward ext Catalyst: The Company s Q4 FY 2018 earnings release on May 7. -128- ocal Code: I:DMRT Bloomberg Symbol: DMRT:I ISI: I192R01011

venue Supermarts IDI VU SUPRMRTS (S.I) S RIGS BUSISS: +91 22 3340 0500 http:// SC VU SUPRMRTS IMITD IS IDI-BSD COMPY, WHICH PRIC = OWS D OPRTS DMRT STORS. DMRT IS SUPRMRKT CHI 10 X PS THT OFFRS CUSTOMRS RG OF HOM D PRSO PRODUCTS UDR O ROOF. CH DMRT STOR STOCKS HOM UTIITY PRODUCTS, ICUDIG FOOD, TOITRIS, BUTY PRODUCTS, 360 GRMTS, KITCHWR, BD D BTH I, HOM PPICS 340 D OTHRS. TH COMPY OFFRS ITS PRODUCTS UDR VRIOUS CTGORIS, SUCH S BD D BTH, DIRY D FROZ, FRUITS 320 300 280 260 240 220 200 190 180 170 160 U W K Y 2009 PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2010 2011 2012 0.97 1.58 4.0 RTI-SUPR/MII MKTS 624.08M 149.78M SHRS MGMT owns X-DIV FOT MKT CP D VGTBS, CROCKRY, TOYS D GMS, KIDS PPR, DIS GRMTS, PPR FOR M, HOM D PRSO CR, DIY SSTIS, GROCRY D STPS, D DMRT BRDS. DMRT HS PRSC I OVR 110 OCTIOS CROSS MHRSHTR, GUJRT, DHR PRDSH, MDHY PRDSH, KRTK, TG D CHHTTISGRH. TH COMPY HS MUTIP STORS I CITIS, SUCH S MUMBI, HMDBD, BROD, BGURU, HYDRBD, PU D SURT. 77 63 63 22086 67 2013 1.50 2.41 4.2 12.8 +51 33409 75 2014 2.59 3.63 5.2 18.5 +40 46865 80 2015 3.39 5.01 5.0 19.7 +37 64394 79 2016 5.13 6.56 5.7 23.8 +33 85838 79 2017 8.49 10.79 6.3 18.4 +39 118977 81 937 846 696 570 524 536 532 517 592 1.4 +29 74 21 1.4 +31 71 20 0.9 +35 75 37 1.1 +39 65 40 1.4 +51 62 40 1.4 +55 58 40 1.4 +44 65 50 1.4 +53 70 45 1.5 +42 73 46 IR 708.40BI. SS IR118.98 BI IDI PS RTIG IC 2000 97 IR1135(OH -11%) PRIC SC 4000 Up 35.12% Since ddition 3800 3600 3400 3200 2018 STIMT 2019 STIMT 12.85 +51% 17.27 +34% RIGS GROWTH RT SS GR RT 2015-17 +50%(4 STBIITY) +36% 2013-17 +50%(5 STBIITY) +37% COMPOSIT RTIG 3000 2800 2600 2400 IVT T/O 12.1x 81 2200 DBT % 2015-17 60%: 63%: 30% 34%: 35%: 36% TX RT 15-17 : : BCKOG 15-17 19.72 X '17 BK.V R&D 0(0.0%) DIV GR RT DIV BT 1.12(9) PH 0.18(0.09) 2000 1900 1800 1700 0IBOM500 150 1600 1500 140 1400 130 1300 120 1200 110 1100 Global Focus M IR840 100-13% 1000 90.00 900 80.00 800 70.00 700 60.00 600 50.00 48.00 46.00 44.00 42.00 40.00 500 480 460 440 420 400 73-38.00 380 36.00 360 34.00 340 32.00 320 30.00 300 28.00 280 26.00 260 24.00 240 22.00 220 20.00 200 19.00 190 18.00 180 17.00 170 16.00 160 CURRT 8.49 VOUM 30 M 20 M 10 M 6M 3M JU Q PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX RTUR O QUITY T4Q 2.59 +73% 3.39 +31% 5.13 +51% 46864.9 64394.3 85837.6 +40% 3.4% +18.4% +37% 3.3% +19.7% +33% 3.7% +23.7% 8.49 +65% 118977 +39% 4.0% P OW-HIGH 65-77 73/20123 FUD/SHRS (000) DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Retail: Retail-Super/Mini Mkts SP 15 DC 15 MR 16 JU 16 SP 16 DC 16 MR 17 2.70 '13-18 P..'S 74-98 87/27586 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -129- OW 65X OW 132X HI 143X ST 94-143 96/34385 SP 17 103/34501 DC 17 MR 18 TM DTGRPHS 2/2/2018

THID ŶĞƌŐǇ ďɛžůƶƚğ W^ ϱθ ǆ ϭ Ϯϭ ϭ Ϭϯ Ϭ ϵϰ Ϭ ϴϲ Ϭ ϳϵ Ϭ ϳϮ Ϭ ϲϲ Ϭ ϱϵ Ϭ ϱϯ nergy bsolute d, /> ǆđś d,ϯϱϰϱϭϭϭϭϭϯ нϲϲ ϮϮ ϰθϯϰθθ W^ ZĂŶŬ ϵϳ ŶĞƌŐǇͲ ůƚğƌŷăɵǀğ KƚŚĞƌ ĞŶĞƌŐǇĂďƐŽůƵƚĞ ĐŽ ƚś DŬƚ ĂƉ d, ϭϭϯ ϳϲ ^ĂůĞƐ d, ϭϭ ϲϭ ĂŶŐŬŽŬ d, /> Z'z ^K>hd Wh >/ KDW z >/D/d /^ d, /> Ͳ ^ KDW z ' ' / d, Z t > Z'z h^/ ^^ ^ d, KDW z D / h^/ ^^ ^ / >h /K / ^ > WKt Z W> d^ DKZ ϮϬϭϳ ƐƟŵĂƚĞ ϮϬϭϴ ƐƟŵĂƚĞ h > Ͳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ Ϭ ϬϬ Ϭ ϬϮ Ϭ Ϭϭ Ϭ ϬϮ Ϭ Ϭϯ Ϭ Ϭϳ Ϭ ϰϯ Ϭ ϳϮ Ϭ ϴϳ ϭ Ϯϱ ϰϰйź ϭ ϲϰ ϯϭйź W^ d, ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ ^, &>Kt ^,Z d, Ϭ Ϭϭ Ϭ Ϭϯ Ϭ Ϭϳ Ϭ Ϭϰ Ϭ Ϭϯ Ϭ ϭϯ Ϭ ϱϰ Ϭ ϵϯ ϭ Ϯϭ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ Ϯϲй WZ d y D Z'/ й ϭй Ϯй ϭй ϭй Ϯй ϳй ϮϮй ϯϭй ϯϭй ϮϬϭϱͲϭϳ ϲϰй ϭθ ^ƚăďŝůŝƚǉͿ Ϯϴй Z dhz K Yh/dz й ϱй ϭϱй ϲй ϴй ϭϭй ϭϭй ϯϭй ϯϳй ϯϯй ϮϬϭϯͲϭϳ ϭϱϯй ϰϵ ^ƚăďŝůŝƚǉͿ ^DZ Z d/' ^ > ^ й, ' ϱϯϲй Ϯϳй Ϯй ϭϭϵй Ͳϭϳй Ͳϭϭй ϵϯй Ϯϭй ϭϯй KDW Z d/' ^ > ^ D/>Ϳ d, ϭ ϵϳϭ Ϯ ϱϭϯ Ϯ ϱϱϳ ϱ ϯϰϱ ϰ ϰϰϭ ϯ ϵϯϲ ϳ ϱθϯ ϵ ϭϵϳ ϭϭ< /s d K Ϯϱǆ ϴϮ t <>z Ɖƌ Ϯϭ Ɖƌ Ϯϴ DĂǇ Ϭϱ DĂǇ ϭϯ DĂǇ ϭϵ DĂǇ Ϯϲ :ƵŶ ϬϮ :ƵŶ Ϭϵ :ƵŶ ϭϯ d й ϮϬϭϰͲϭϲ ϭθϯй ϮϮϴй ϮϮϲй d 'Z W, Z d/' ϱϳ ϱϰ ϱϲ ϲϯ ϲϳ ϲϵ ϳϬ ϲθ ϳϬ d y Z d ϮϬϭϰͲϭϲ ϭ ϯй ϭй s' />z sk> ϬϬϬͿ ϰ ϵϲϱ ϯ ϲϭϱ ϯ ϭϯϵ ϯ ϯϲϵ ϯ ϯϯϯ ϯ ϱθϯ ϯ ϴϲϭ ϯ ϴϯϲ ϯ ϴϲϲ <>K' ϮϬϭϰͲϭϲ hw Kt sk>hd ϯ Ϯ Ϯ ϲ Ϯ ϱ ϯ ϳ Ϯ ϵ ϯ ϭ ϯ ϳ ϯ ϴ ϯ ϴ Z Θ < s > ϵ ϵϵǆ Ζϭϲ hd /^d Z d/' ϰθ ϱϭ ϱϰ ϲϭ ϱϭ ϱϰ ϱθ ϲϭ ϲϭ /s d, Ϭ ϭϱ Ϭ ϱйͿ /s 'Z Zd Z > d/s ^dz 'd, ϲϯ ϱϳ ϲϰ ϴϵ ϴϮ ϴϰ ϴϰ ϴϱ ϴϰ d Ϭ ϵϵ ϭϭ ϬϬͿ >W, Ϭ ϭϯ Ϭ ϬϲͿ 'ZKhW Z < ϳϮ ϳϭ ϲϯ ϲϰ ϰϳ ϰϰ ϯϯ ϯϲ ϯϭ ϮϬϭϲ DW>Kz ^ ϭϵϭ ϬйͿ Ϭ ϰϱ Ϭ ϰϭ Ϭ ϯθ Strong earnings profile Ϭ ϯϯ ^ŚĂƌĞƐ ϯ ϳϯϬ &ůžăƚ Ϯ ϴϳϮ W^ ƵĞ ϴ ϭϭ ϮϬϭϳĞ K, Ͳϯй Strong estimates D'Dd ŽǁŶƐ nergy bsolute (P.TH) is one of the leading biodiesel producers and the largest renewable energy company in Thailand. It is expected to benefit from the growing renewable energy business. Company Overview P is one of the top-three producers of biodiesel and the largest renewable energy company in Thailand. It has a total contract capacity comprising of solar (278 MW) and wind energy (126 MW), for a total of 404MW as of September 2017. The Company s revenue mix as of September 2017: power generation, 60%; biodiesel, 37%; other, 3%. O eil Methodology The stock is moving along its 10-WM in an uptrend and has been setting new resistance levels. PS grew an average of 39% over the last three years, driven by 16% average sales growth. Over the period, through full-year 2016, margins have grown from 22% to 31%. The Company s PS Rank stands at 95. For stocks with market cap greater than $1B, its 33% trailing Q4 2016 RO was the best among all energy companies in Thailand and the second-best among all alternative energy companies globally. Q3 2017 revenues and net profit grew 22% and 36%, y/y, respectively. Revenue growth was driven by strong performance from the power generation segment. The more profitable renewable energy businesses should drive outstanding earnings growth for the next several years. Growth Drivers The Company has a project pipeline addition of about 260 MW, totaling 664 MW for 2018. WZ/ ϳϬ ϲϭ Trading near all time highs ϱϭ ϰϲ ϰϯ ϯθ ϯϰ Good growth rates ϯϭ ϱϭ ϯϭ d, Ϭ ϬϬϬ Ϯϲ Ϭ ϬϬй Ϯϰ ϮϮ Improving /D rating, 3.8x up/down volume ϴϰ н Ϭ Ϯϵ Source: Corporate Website >K' &ŝǆğěͿ ϭϵ ϭϳ Ϭ Ϯϲ ϭϱ Ϭ ϮϮ Ϭ Ϯϭ Ϭ ϭϵ ϭϯ ϭϯ ϭϭ 40-Week M Ϭ ϭϳ R/S line at highs with best /D rating Ϭ ϭϲ Ϭ ϭϰ ϭϭ ϵ ϴ Ϭ ϭϯ ϳ Ϭ ϭϭ ϲ 10-Week M Ϭ Ϭϴϲ Ϭ Ϭϳϵ ϱ ϰ ϲ Ϭ ϬϳϮ ϰ Ϯ Ϭ Ϭϲϱ ϯ ϴ Ϭ Ϭϱϴ ϯ ϰ Ϭ Ϭϱϭ ϯ Ϭ Ϭϰϰ Ϯ ϲ >/ sk>hd ϭ ϭ ϵϭϭd ϳϬϬD ϱϭϭd ϯϭϭd Ͳϭϱй Ϯ ϴD ϭ&/ / >^ DĂƌ ϭϯ Ϭ W^ d, Ϳ Ϭ Ϭϭ :ƵŶ ϭϯ Ϭ Ϭϭ ͲϱϬй W^ й, ' ϰ^ > ^ D/> d, Ϳ ^ > ^ й, ' W^ й ^hzwz/^ ^ĞƉ ϭϯ Ϭ ϬϬ ĞĐ ϭϯ Ϭ Ϭϭ нϭϭϭй ϯ ϲϰϳ ϭ нϭϵϲй DĂƌ ϭϯ Ϭ ϬϮ :ƵŶ ϭϯ Ϭ ϬϮ нϭϭϭй нϭϭϭй ϵϱϱ ϱ ϳϵϵ ϳ ϴϳϭ ϭ ĞĐ ϭϯ Ϭ Ϭϯ DĂƌ ϭϰ Ϭ ϭϯ :ƵŶ ϭϰ Ϭ ϭϭ ^ĞƉ ϭϰ Ϭ ϭϭ ĞĐ ϭϰ Ϭ ϭϭ DĂƌ ϭϱ Ϭ ϭϲ :ƵŶ ϭϱ Ϭ ϮϬ ^ĞƉ ϭϱ Ϭ ϭϵ ĞĐ ϭϱ Ϭ ϭϳ DĂƌ ϭϲ Ϭ ϭϵ :ƵŶ ϭϲ Ϭ Ϯϳ ^ĞƉ ϭϲ Ϭ ϭϵ ĞĐ ϭϲ Ϭ ϮϮ DĂƌ ϭϳ Ϭ Ϯϲ нϯϭϭй нϱϭϭй нϰϱϭй нϵϭϭй нϯϯϯй нϯϯй нθϯй нϵϭй нϳϭй нϭϵй нϯϱй Ϭй нϯϵй нϯϳй ϮϬϭϳ Ɛƚ Ϯϰ ϰϭ ϭ ϳϵϮ ϱ нϭϯϰй ϭ ϴϱϭ Ϯ нϭϭϯй ϭ ϴϱϬ ϵ нϱθй Ϯ ϬϬϯ ϵ Ͳϰй Ϯ ϱϭϯ ϱ нϰϭй Ϯ Ϯϳϱ ϲ нϯϯй Ϯ ϰϭϰ ϰ нϯϭй Ϯ ϰϯϲ Ϯ нϯϯй ϯ ϭϯϯ ϲ нϯϱй Ϯ ϱϰϱ ϱ нϭϯй Ϯ Ϯϳϴ ϭ Ͳϲй Ϯ ϲϰϱ ϲ нϵй ϮϬϭϴ Ɛƚ ϭθ ϱϱ ϮϮ ϯϭ Ͳϱ ϵй ϯθ ϰϱ нϱ ϲй ϱϵ ϱϭ ϱϯ ϱϯ ϲϯ Ͳϰ ϰй ϳϭ ϲϱ ϭϯd ϳ ϭϵϭ ϭϭϭ ϭϭd ϭϯd ϭϰd ϭϱd ϮϴD ϮϰD ϭϵd ϯϭd ϰϳd ϰϳd ϭ ϭϳϯ Ϯ Ͳϲϴй Ϯ Ϭϴϴ ϰ нϭϭϵй нϱϭ Ϭй ϯϭ ϭϵd ϭϰ Ϯϯ нϭϲϭ Ϭй Ϯϵ ϭϭϲ ϱϭϭ ϲ ϴϰϵ ϴϳϱ ϭϵd ϮϯD ϭ &h ^ ^, Z ^, > z &h ^ ^ĞƉ ϭϯ Ϭ Ϭϭ Π ϮϬϭϳ t/>>/ D KΖ /> н K / Ϯϵ :ƵŶ ϭϳ W ϯϯ ϱͳǉƌ,ŝőś Ϯϭϲ Ϭ ϱͳǉƌ >Žǁ Ϯϱ Ϭ ǀƐ /ŶĚ ǀŐ ϭ ϯǆ ŶĞƌŐǇ ďɛžůƶƚğ W d,Ϳ tğğŭůǉ ĂƐ ŽĨ DŽŶ :ƵŶĞ ϭϯ ϮϬϭϳ Ĩ DŽŶ :ƵŶĞ ϭϯ ϮϬϭϳ Improvements in wind and solar farm technologies have lowered the cost of installation. The cost to construct solar farms in Thailand dropped to THB 50M per MW from THB 120M per MW five years ago. Operationally, power production has expanded 17-19%, exceeding the expectations of 10-15%. P entered the energy storage business with a 35.2% stake acquisition in Taiwan-based mita Technologies, an R&D firm and lithium-ion battery manufacturer, in ovember 2016. The energy storage and electric vehicle (S/V) business is among the 10 businesses the government is currently promoting under its economic policy. ooking Forward The first phase of annual production is expected to reach 1 GWH and cost about THB 3B. The Company is targeting a very ambitious goal of 50 GWH by 2020, which, if achieved, would rival Tesla s goal of 35 GWH at its evada Gigafactory. The other benefit of entering the S/V/battery market is that the batteries can be used in R power plants to store overproduced electricity. This could add revenues to P s solar and wind plants. ext Catalyst: The Company s Q4 2017 earnings are expected to be released on February 26, 2018. -130- ocal Code: TH: Bloomberg Symbol: :TB ISI: TH3545010003

nergy bsolute THID RGY BSOUT BKK (P.TH) RGY-TRTIV/OTHR 3.73B 3.73B SHRS RIGS BUSISS: +66 22 482488 http://www.energyabsolute.co.th MGMT owns SC RGY BSOUT PUBIC COMPY IMITD IS THID-BSD PROVIDS COSUTTIO I TH PROJCT RGRDIG TRTIV PRIC = COMPY GGD I TH RWB RGY BUSISSS. TH CTRIC RGY. 10 X PS COMPY MUFCTURS D DISTRIBUTS MTHY STR BIODIS PRODUCTS, HIGH SPD DIS OI D PUR GYCRI PRODUCTS; GRTS CTRICITY FROM SOR D WID POWR, D 12.00 11.00 10.00 9.00 8.00 7.00 U W K Y PS THB (DC.) CF/SHR THB PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI THB) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2008 2009 2010 2011 2012 2013 2014 2015 0.00 0.02 0.01 0.02 0.03 0.07 0.43 0.72 0.01 0.03 0.07 0.04 0.03 0.11 0.54 0.93 0.9 2.2 1.1 1.1 2.4 7.2 21.5 29.5 4.8 15.1 6.1 8.3 10.1 9.7 31.4 37.3 +541 +26 +3 +107-18 -15 +63 +21 1970.6 2502.2 2557.1 5345.4 4440.0 3936.4 7582.9 9197.4 71 71 70 70 68 71 70 70 2016 0.87 1.21 31.2 32.7 +13 10392 70 10027 10051 9001 9110 9068 12837 16432 17740 18516 3.3 +42 96 34 3.3 +37 96 31 2.8 +35 96 31 2.5 +28 97 35 2.8 +35 97 37 3.9 +50 99 75 3.1 +54 99 75 2.5 +34 99 74 2.2 +23 99 77 X-DIV FOT MKT CP THB 242.45BI. SS THB10.95 BI THID PS RTIG 94 THB65.00(OH -8%) 140 Up 113.12% Since ddition 130 2017 STIMT 2018 STIMT 1.17 +34% 1.66 +42% RIGS GROWTH RT SS GR RT 2015-17 +39% (9 STBIITY) +16% 2013-17+116%(52 STBIITY) +33% COMPOSIT RTIG IVT T/O PRIC SC 120 110 100 0BGKST 25x 80 DBT % 2014-16 183%: 228%: 226% 1%: 1%: TX RT 14-16 : : BCKOG 14-16 21.71 X '16 BK.V R&D DIV 0.15(0.2%) DIV GR RT 0.28(0.12) BT 1.71(8) PH 90 80 70 6.00 60 50 48 46 44 42 40-11% 4.60 4.40 4.20 4.00 Global Focus M THB30.5 3.80 99 B 3.60 38 36 3.40 34 3.20 32 3.00 30 2.80 28 2.60 26 2.40 24 2.20 22 2.00 20 1.90 19 1.80 18 1.70 17 1.60 16 1.50 15 1.40 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8 0.70 7 0.60 6 VOUM 200 M 100 M 40 M 20 M 10 M PS (THB) % CHG SS(BI THB) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 0.03 +200% 1172.2-68% 8.2% +9.7% 90-112 28/23393 DC 13 0.12 +500% 2088.4 +119% 22.0% +14.2% 41-62 30/18728 MR 14 0.11 +450% 1792.5 +124% 22.8% +21.1% 37-74 29/12115 JU 14 0.10 +900% 1851.2 +113% 20.1% +27.3% 49-73 22/7190 SP 14 0.10 +233% 1850.9 +58% 19.8% +31.3% 49-64 31/10082 DC 14 0.16 +33% 2003.9-4% 28.9% +30.6% 52-70 0.20 +82% 2503.5 +40% 29.6% +33.5% 42-51 38/13306 MR 15 45/13574 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. nergy: nergy-lternative/other 0.19 +90% 2275.6 +23% 31.4% +35.9% 29-37 59/14769 SP 15 0.17 +70% 2414.4 +30% 26.9% +37.3% 29-35 49/26733 DC 15 0.19 +19% 2436.2 +22% 29.2% +35.9% 26-31 51/22202 MR 16 0.27 +35% 3132.6 +25% 31.7% +36.1% 24-27 53/18664 JU 16 0.19 0% 2545.5 +12% 28.2% +33.3% 25-34 63/56658 SP 16 0.22 +29% 2278.1-6% 36.4% +32.7% 26-35 76/155M DC 16 0.26 +37% 2645.6 +9% 37.0% +32.6% 24-33 82/185M MR 17 0.26-4% 2932.7-6% 32.9% +30.9% 27-40 99/210M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -131-0.26 +37% 3097.3 +22% 31.5% +30.8% '13-18 P..'S OW 24X OW 42X HI 215X ST 108/213M SP 17 DC 17 MR 18 TM DTGRPHS 2/2/2018

THID ĐƉŐ W' d, W^ ϭϭ ǆ ϲ ϯϲ ϱ ϰϱ ϰ ϱϱ ϰ ϭθ ϯ ϴϮ ϯ ϰϱ Source: Corporate Website BCPG (BCPG.TH) is one of the leading companies in Thailand, which generates and supplies electricity produced from renewable energy. The Company is expected to benefit from increasing solar project pipelines. Company Overview BCPG is one of the largest solar power generators in Thailand, operating solar power portfolios in Thailand (182 MW) and Japan (236 MW). BCPG aims to attain 1 GW of renewable energy by 2020. In the solar segment, the Company currently has a total contracted capacity of 130 MW in Thailand and 194 MW in Japan, of which 164MW is under development. O eil Methodology The stock has been moving sideways since Q3 2017 results were announced. It is currently testing its 50-DM. While its PS Rank is low at 27, it is expected to further improve with expansions into geothermal and wind energy. PS is expected to grow 19% y/y in 2018. Consensus estimates have revenues growing 15% and 13%, y/y, respectively, in 2017 and 2018. In Q3 2017, operating revenues and net profit increased 9% and 43%, y/y, respectively. Revenue growth was primarily driven by the commencement of solar power plants in Thailand and Japan. The Company s profit after adjusting for foreign exchange impact grew 82% y/y. Growth Drivers The Company s Thailand plants qualify for the THB 8/KWh adder program for 10 years from their respective commercial operation dates and board of investment tax-free privilege for the first eight years and 50% tax exemption for the following five years. In October 2017, BCPG signed a memorandum of understanding with Sansiri to commence the first smart green energy community in Thailand, with more than 20 projects in the pipeline. 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The construction is be completed by Q2 2018. The project is expected to generate revenues immediately and is entitled to feed-in-tariff rate of THB 4.12 per unit under 25-year power purchase agreement contract with the provincial electricity authority. On ugust 4, BCPG entered into an acquisition agreement with Star nergy Group to expand its geothermal power business in Indonesia. Star nergy is engaged in geothermal power generation and steam production, with an equivalent power production capacity of 995 MW. everaging the investment, the Company will enjoy indirect equity ownership in three geothermal power projects with total power production capacity of 182 MW. ll the projects have long-term feed-in tariff contracts with Indonesia s State lectricity Power. ooking Forward ccording to the Power Development Plan of 2015, Thailand s electricity demand is estimated to increase at 2.6% per year from 2015 to 2036. lectricity demand is expected to continue to rise from 27,633 MW in 2014 to 49,655 MW in 2036. ext catalyst: The Company s Q4 2017 earnings are expected to be released on February 16, 2018. -132- ocal Code: TH:BCPG Bloomberg Symbol: BCPG:TB ISI: TH7411010005

Bcpg THID BCPG BKK (BCPG.TH) RGY-TRTIV/OTHR 1.99B 8.00 7.00 6.00 5.00 4.80 4.60 4.40 4.20 U W K Y 2008 PS THB (DC.) CF/SHR THB PRTX MRGI, % RT. O QUITY, % SS % CHG SS (BI THB) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 2010 2011 2012 597.69M SHRS RIGS BUSISS: +66 23 358999 http://www.bcpggroup.com MGMT owns SC BCPG PUBIC COMPY IMITD IS THID-BSD COMPY SO IVSTS I OTHR COMPIS RDY OPRTIG D PRIC = GGD I PRODUCTIO D S OF CTRICITY GRTD FROM SIG CTRIC POWR FROM RWB SOURCS. 10 X PS RWB RGY. IT IS IDPDT POWR PRODUCR WITH ITS PRICIP RGY SOURC FROM SOR POWR. TH COMPY OPRTS SOR POWR PTS MIY I THID D JP. IT X-DIV FOT MKT 12/7/2017 CP THB 51.30BI. SS THB3.30 BI IC THID PS RTIG 27 2015 THB25.75(OH -8%) 100 Up 66.13% Since ddition 90 2013 1.94 2.54 60.6 53 58 57 57 56 31722 32203 30755 30560 32148 1.3 +21 95 34 1.3 +29 97 31 1.3 +33 96 31 1.2 +25 96 35 1.7 +43 97 37 PRIC SC 2014 2015 2016 2017 STIMT 2018 STIMT 1.06-4% 1.32 +24% 2.53 16.66 1.10 3.12-3.28 1.29 RIGS GROWTH RT SS GR RT 69.3 71.4 49.4 2015-17 -31%(22 STBIITY) +8% 40.9 47.7 17.7 2013-17 -19%(30 STBIITY) +18% +84 +12 +2 COMPOSIT RTIG IVT T/O 1462.8 2692.3 3024.2 3083.9 55 55 54 54 DBT % 2014-16 143%: 177%: 66% 31076 32649 31991 29466 TX RT 14-16 0%: 1%: : : 1.5 1.4 1.5 2.0 BCKOG 14-16 3.65 X '16 BK.V +47 +18 +9 +10 R&D 0.6(2.3%) DIV GR RT 98 98 97 96 DIV 0.17(0.09) 75 75 74 77 BT 1.53(10) PH 80 70 60 50 48 46 44 42 4.00 3.80 40 38 3.60 0BGKST 3.40 36 34 3.20 32 3.00 30 2.80 28 2.60 26 2.40 24-10% 2.20 2.00 1.90 22 20 19 Global Focus M THB15.5 1.80 18 1.70 17 1.60 16 96 B- 1.50 1.40 15 14 1.30 13 1.20 12 1.10 11 1.00 10 0.90 9 0.80 8 0.70 7 0.60 6 0.50 0.48 0.46 0.44 0.42 0.40 5 4.8 4.6 4.4 4.2 4 VOUM 500 M 300 M 90 M SP Q -68% BOW ST. PS (THB) 1.94 2.53 +30% 2692.3 +84% 69.1% +40.9% % CHG SS(BI THB) 1462.8 % CHG MRGI FTR TX 60.7% RTUR O QUITY T4Q 0.74 0.76 0.70 0.61 752.1 775.0 730.8 766.4 72.7% 72.7% 71.3% 59.1% +47.7% 0.51-31% 782.8 +4% 78.3% 0.38-50% 759.5-2% 59.9% P OW-HIGH FUD/SHRS (000) DC 13 MR 14 JU 14 SP 14 DC 14 MR 15 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. nergy: nergy-lternative/other SP 15 DC 15 MR 16 JU 16 0.30-57% 785.1 +7% 45.9% 5-6 10/9056 SP 16 0.23-62% 756.6-1% 43.2% +17.6% 7-10 25/10385 DC 16 0.23-55% 798.0 +2% 56.9% +14.8% 11-13 31/9667 MR 17 0.23-39% 889.6 +17% 52.0% +14.6% 12-15 53/29098 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -133-0.26-13% 853.9 +9% 60.1% +12.4% DC Q 0.27 +16% '13-18 P..'S OW OW HI ST 63/41640 SP 17 40 M DC 17 5X 21X 15X MR 18 TM DTGRPHS 2/2/2018

IDI WĞƚƌŽŶĞƚ > ' d / d/k > / / ǆđś / ϯϰϳ'ϭϭϭϭϰ нϵϭ ϭϭ Ϯϯϰϭ ϭϰϭϭ W^ ZĂŶŬ ϰθ W^ ϭϯ ǆ Petronet G KŝůΘ'ĂƐͲZĞĮŶŝŶŐ DŬƚŐ ƉĞƚƌŽŶĞƚůŶŐ ĐŽŵ DŬƚ ĂƉ /Zϯϭϲ ϯϵ ^ĂůĞƐ /ZϮϳϮ Ϯϯ Ğǁ ĞůŚŝ / / ^ŚĂƌĞƐ ϳϱϬD &ůžăƚ ϯϳϱd K, Ͳϭй W dzk d >' >/D/d W>>Ϳ /^ ' ' / ^ > K& Z Ͳ' ^/&/ >/Yh &/ dhz > ' ^ Z>'Ϳ d, KDW z /^ ' ' / d, /DWKZd Z Ͳ ' ^/&/ d/k K& >/Yh &/ dhz > ' ^ >'Ϳ DKZ ϮϬϭϳ ƐƟŵĂƚĞ ϮϬϭϴ ƐƟŵĂƚĞ h > Ͳ D Z ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϲ ϯϯ ϲ ϵϭ ϱ ϯϵ ϴ Ϯϲ ϭϰ ϭϭ ϭϱ ϯϯ ϵ ϰϵ ϭϯ Ϭϲ ϭϯ ϯθ ϮϬ ϵϭ ϲϵйÿ Ϯϰ Ϯϲ ϭϲйź W^ /Z ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ ^, &>Kt ^,Z /Z ϳ ϴϱ ϴ ϭϭ ϳ ϵϱ ϭϭ ϲϳ ϭϰ ϵϭ ϭϱ ϳϱ ϭϱ ϵϰ ϭϱ ϵϭ ϭϲ ϲϲ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ Ͳϯй WZ d y D Z'/ й ϭϭй ϵй ϲй ϳй ϳй ϲй ϯй ϯй ϱй ϮϬϭϰͲϭϲ ͲϮй ϭϵ ^ƚăďŝůŝƚǉͿ ϭθй Z dhz K Yh/dz й ϯϯй Ϯϵй ϭϵй Ϯϱй ϯϰй Ϯϵй ϭϱй ϭϳй ϭϱй ϮϬϭϮͲϭϲ Ͳϭй Ϯϭ ^ƚăďŝůŝƚǉͿ ^ > ^ й, ' ϭϵй Ϯϵй Ϯϲй Ϯϰй ϳϮй ϯϵй ϮϬй ϱй Ͳϯϭй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ /Z ϲϲ< ϴϰ< ϭϭϲ< ϭϯϯ< ϮϮϳ< ϯϭϱ< ϯϳϳ< ϯϵϲ< ϮϳϮ< /s d K ϯϲ ϯǆ ϵϭ t <>z &Ğď ϭϳ &Ğď Ϯϰ DĂƌ Ϭϯ DĂƌ ϭϭ DĂƌ ϭϳ DĂƌ Ϯϰ DĂƌ ϯϭ Ɖƌ Ϭϳ Ɖƌ ϭϭ d й ϮϬϭϰͲϭϲ ϱϯй ϰϰй ϯϰй d 'Z W, Z d/' ϲϯ ϲϲ ϲϳ ϲϲ ϲϳ ϲϰ ϲϱ ϲϲ ϲθ d y Z d ϮϬϭϰͲϭϲ ϯϯй ϭϯй Ϯϰй s' />z sk> ϬϬϬͿ ϭ ϳϰϭ ϭ ϴϴϬ ϭ ϵϯθ ϭ ϵϯϲ ϭ ϵϳϲ Ϯ ϬϲϬ Ϯ ϭϯϭ Ϯ ϭϭϯ Ϯ ϭϲϯ <>K' ϮϬϭϰͲϭϲ hw Kt sk>hd ϭ ϭ ϭ Ϭ ϭ ϭ ϭ ϭ ϭ Ϯ ϭ ϱ ϭ ϯ ϭ ϰ ϭ ϰ Z Θ < s > ϰ ϴϯǆ Ζϭϲ hd /^d Z d/' ϭϭ ϵ ϭϳ Ϯϭ Ϯϯ Ϯϱ ϮϮ Ϯϵ ϯθ /s /Z Ϯ ϱϭ Ϭ ϲйͿ /s 'Z ZdͲϭй ϭϯͿ Z > d/s ^dz 'd, ϲθ ϲθ ϲϳ ϲϭ ϲϱ ϲϲ ϲϲ ϲϲ ϲθ d ϭ Ϭϳ ϭθ ϬϬͿ >W, Ϭ ϭϯ Ϭ ϬϲͿ 'ZKhW Z < ϱϵ ϰϭ ϯϰ ϯϭ Ϯϵ ϰϰ ϯϵ ϯϰ ϯϭ ϮϬϭϲ DW>Kz ^ ϲ ϰϱϯ ϳϯйͿ ϴϰ ϲϯ ϳϲ ϵϯ ϲϵ Ϯϯ ϲϭ ϱϰ ϱϯ ϴϱ ϰϲ ϭϱ ϯθ ϰϲ ϯϱ ϯθ ϯϯ ϯϭ W^ ƵĞ ϱ ϱ ϮϬϭϳĞ D'Dd ŽǁŶƐ >K' &ŝǆğěͿ ϭϭϭϭ ϵϭϭ ϴϬϬ Break out to all time highs on 2.3x the average daily volume ϳϬϬ ϲϭϭ ϱϭϭ ϰϲϭ ϰϯϭ ϰϯϭ ϴϱ Ϯϵ Ϯϯ ϯθϭ нϭϯ Ϯϱ Ϯϲ ϭϱ ϯϰϭ Ϯϯ Ϭϴ Source: Corporate Website ϮϲϬ ϮϰϬ ϮϮϬ ϭϰ ϲϯ ϭϵϭ ϭϳϭ ϲθ Ͳ ϭϭ ϬϬ ϵ Ϯϯ ϴ ϰϲ 40-Week M 10-Week M ϳ ϲϵ ϲ ϵϯ Company Overview Petronet imports and regasifies liquefied natural gas (G) and sets up G terminals across the country. The Company is backed by strong promoters who are leading players in the oil and gas sector, including GI (India) imited (GI), Oil & atural Gas Corporation imited (OGC), Indian Oil Corporation imited (IOC), and Bharat Petroleum Corporation imited (BPC). It currently operates through two terminals at Dahej and Kochi, with capacities of 15M metric ton per annum (mmtpa) and 5 mmtpa, respectively. O eil Methodology The stock experienced a short-term downtrend and it is currently reviving its position up from a 50-DM breach. The Company s PS Rank is high at 97 owing to double-digit PS growth in the past few quarters. FY 2017 RO and margins have been consistently increasing and stand at 23% and 10%, respectively. In Q2 FY 2018, revenues and PS increased 18% and 28%, y/y, respectively, driven by a 16% y/y increase in volume from an increase in the regasification capacity and more than100% utilization of its Dahej plant. The Dahej terminal processed and sold 210T British thermal units (Btu) of G in Q2 FY 2018, a14% y/y growth in its throughput. Rising R/S line with solid /D rating ϭϱϭ ϭϯϭ ϭϯϭ ϭϭϭ ϭϭϭ ϵϭ ϲ ϭϱ ϴϬ ϱ ϯθ ϳϬ ϰ ϲϯ ϲϭ ϯ ϴϱ ϯ ϱϰ W^ W^ W^ W^ W^ W^ W^ W^ W^ нϳϯй нϲй нθй Ͳϭϳй Ͳϱϳй ͲϯϬй нϯϭй нϱϳй нϭϭй ϱϭ ϰϲ ϯ Ϯϯ Ϯ ϵϯ /Z нϯ Ϯϰй ϯϭϭ Improving /D and R/S ratings, IG rank also improving week-over week ϮϬ ϬϬ ϭθ ϰϲ ϭϲ ϵϯ ϭϯ Ϭϴ ϭϯ ϯθ ϭϭ ϱϰ Petronet G (T.I) is a leading company in the Indian energy sector, set up as a joint venture by the government of India. The Company continues to grow with ongoing capacity expansions. WZ/ ϭϭϭϭ ϰϯ W^ W^ W^ W^ W^ W^ W^ W^ W^ W^ ϵθй нϭϵй нϯϭй Ϭй ͲϰϮй Ͳϯϭй нϰϱй нϳϳй Ͳϱй Ͳϭϱй ϯθ >/ sk>hd Increasing sponsorship ϮϭD ϭϱd нϰϯй ϵd ϱ ϳD ĞĐ ϭϭ DĂƌ ϭϯ &/ / >^ ϯ ϵϰ ϯ Ϯϳ W^ /ZͿ нϳϯй нϭϵй W^ й, ' :ƵŶ ϭϯ ϯ ϲϭ нϲй ^ĞƉ ϭϯ ϰ ϮϬ нϯϭй ĞĐ ϭϯ ϰ Ϯϱ нθй DĂƌ ϭϯ ϯ Ϯϲ Ϭй :ƵŶ ϭϯ ϯ ϬϬ Ͳϭϳй ^ĞƉ ϭϯ Ϯ ϰϯ ͲϰϮй ϲϯ ϱϳϲ Ϯ ϲϯ ϳϱϰ ϯ ^ > ^ D/> /ZͿ нϳϯй нϲϯй ^ > ^ й, ' ϳϬ ϯϭϰ ϭ ϳϱ ϰθϲ Ϯ ϴϰ ϮϮϳ ϴ ϴϰ ϲϱϲ ϰ ϴϰ ϰϰϯ Ϭ ϵϰ ϵϯϰ ϳ нϱϯй нϰϭй нϯϱй нϯϯй Ͳϯ ϵй W^ й ^hzwz/^ ϭϯϱ &h ^ϭϯϭ ϴϳ ϭϭϰ ϱϯϲ ϲϳd ^, Z ^, > z &h ^ нϭϲ ϱй ϭϭϲ ϲϯd ϭϰϱ ϵϭd ϭϱϱ ϵθd Π ϮϬϭϳ t/>>/ D KΖ /> н K / ϭϱϳ ϵϲd ĞĐ ϭϯ ϭ ϴϭ Ͳϱϳй DĂƌ ϭϰ Ϯ Ϯϲ Ͳϯϭй ĞĐ ϭϰ Ϯ ϭϳ нϯϭй DĂƌ ϭϱ ϰ Ϭϭ нϳϳй :ƵŶ ϭϱ ϯ Ϯϵ нϱϳй ^ĞƉ ϭϱ ϯ ϯϯ Ͳϱй ĞĐ ϭϱ Ϯ ϯθ нϭϭй ϵϯ ϴϮϭ Ϯ ϭϭϰ Ϯϳϳ ϵ ϭϭϭ ϲϭθ Ϯ ϭϭϵ ϳϵϵ ϲ ϭϭϭ ϵθϰ ϴ ϳϭ ϲϭϲ ϵ ϴϯ ϳϳϭ ϳ нϯϭй нϯϲй нϭϭй нϯϯй Ͳϭϱ ϵй Ͳϭϰ ϲй Ͳϭϭ ϰй нϭθ ϴй ϭϰϯ ϵϭd ϭϯϰ ϴϮD ϭϯϱ ϭϭϲd ϭϯϭ ϭϭϲd :ƵŶ ϭϰ Ϯ Ϭϵ ͲϯϬй нϯϭй ϭϭϵ ϭϭϱd ^ĞƉ ϭϰ ϯ ϱϭ нϰϱй ϳϱ ϰϰϵ ϳ ϱϭ ϰϲϭ ϯ нϭϲй нϭϵй Ͳϯϭй Ͳϭϴй Ͳϯϭй Ͳϱϰй нϰϭ ϱй ͲϮϲ Ϯй нϵϭ ϯй нϱϳ ϭй нϭϲ ϰй ϭϯϭ ϭϯϵd ϭϰϲ ϭϰϭd ϭϰϰ ϭϰϵd ϭϰϯ ϭϲϭd ϭϰϯ ϭϲϱd DĂƌ ϭϲ ϯ ϯϵ Ͳϭϱй :ƵŶ ϭϲ ϯ ϳϵĞ нϭϱйğ ϲϭ ϱϰϳ ϳ ϲϭ ϳϱϵ ϭğ Ͳϭϰй ͲϮϳйĞ ^ĞƉ ϭϲ ϰ ϳϴĞ нϰϰйğ ĞĐ ϭϲ ϰ ϱϭğ нθϵйğ DĂƌ ϭϳ ϯϯ ϱͳǉƌ,ŝőś ϯϭ Ϭ ϱϲ ϳϭϰ ϮĞ ϲϱ ϵθϳ ϳĞ ͲϮϱйĞ W ϮϬϭϳ Ɛƚ ϮϬ Ϭ нϯθйğ ϱͳǉƌ >Žǁ ϴ Ϭ ǀƐ /ŶĚ ǀŐ ϭ ϳǆ ϭθϯ ϭϳϯd Ϯϭϴ ϭϳϯd ϮϯϮ ϭϳϯd Ϯϰϱ ϭϳϭd Ϯϳϯ ϭϳϭd Ϯϳϱ ϭϳϭd WĞƚƌŽŶĞƚ > ' d /Ϳ tğğŭůǉ ĂƐ ŽĨ dƶğ Ɖƌŝů ϭϭ ϮϬϭϳ Growth Drivers ccording to the Company, Kochi G terminal in Kerala processed a record high quantity of 10T Btu (+122% y/y) of G in Q2 FY 2018. The completion of the Kochi-Mangalore pipeline by December 2018 is expected to further boost capacity utilization at the Kochi G terminal. On pril 10, Petronet signed a $1B agreement for an G terminal with a capacity of 7.5 mmtpa in Bangladesh. The new deal is expected to boost revenues in the near future. The Company is building its third terminal on the Indian ast coast at Gangavaram, ndhra Pradesh. With an estimated cost of $750M, the facility will include two storage tanks with marine and regasification facilities. s proposed, the new facility will boost its capacity by 10 mmtpa, with an initial capacity of 5 mmtpa. In 2016, while Petronet expanded its primary Dahej terminal regasification capacity from 10 mmtpa to 15 mmtpa, management guided for further capacity expansion of the Dahej terminal from 15mmt to 17.5mmt by Q4 FY 2019. ooking Forward Petronet G aims to spend up to $3B in the next five years to expand overseas, setting up terminals in Bangladesh and Sri anka, among other countries. ext catalyst: The Company is expected to release Q3 FY 2018 results on February 12, 2018. -134- ocal Code: I:PTROT Bloomberg Symbol: PG:I ISI: I347G01014

Petronet G IDI PTROT G (T.I) S OI&GS-RFIIG/MKTG 1.50B 750.00M SHRS RIGS BUSISS: +91 11 2341 1411 http://www.petronetlng.com MGMT owns X-DIV SC PTROT G IMITD (P) IS GGD I S OF R-GSIFID MPT CPCITY OF PPROXIMTY FIV MIIO MTRIC TOS PRIC = IQUFID TUR GS (RG). TH COMPY IS GGD I TH PR UM, OCTD T DHJ, GUJRT. TH KOCHI G TRMI 10 X PS IMPORT D R-GSIFICTIO OF IQUFID TUR GS (G). IS G RCIVIG, RGSIFICTIO D R ODIG TRMI TH COMPY OPRTS THROUGH TH SGMT OF TUR GS WITH MPT CPCITY OF PPROXIMTY FIV MIIO MTRIC BUSISS. TH COMPY'S TRMIS ICUD DHJ G TOS PR UM, OCTD T KOCHI, KR.. TH COMPY IS TRMI, KOCHI G TRMI, GGVRM G TRMI D BUIDIG THIRD TRMI T GGVRM, DHR PRDSH. 80.00 SOID CRGO PORT. TH COMPY'S DHJ G TRMI IS G SOID CRGO PORT TRMI HS FCIITIS TO IMPORT/XPORT RCIVIG D RGSIFICTIO TRMI WITH ORIGI BUK PRODUCTS, SUCH S CO, ST D FRTIIZR. 70.00 60.00 46.00 44.00 42.00 40.00 38.00 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 3.46 4.05 9.2 28.8 +29 84287 78 5409 0.9 +10 60 39 FOT MKT CP IR 364.95BI. SS IR246.16 BI IDI PS RTIG 95IR243.30(OH -11%) Up 15.35% Since ddition PRIC SC 900 800 2010 2011 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 13.39 +17% 14.87 +11% 2.70 4.13 7.05 7.66 4.75 6.03 6.19 11.49 3.98 5.34 7.45 7.88 7.97 7.96 8.17 14.70 RIGS GROWTH RT SS GR RT 5.7 6.9 6.8 5.5 2.8 2.6 4.5 9.7 2015-17 +34% (9 STBIITY) -18% 19.2 25.2 34.1 28.8 15.1 16.5 15.3 23.2 2013-17 +4%(26 STBIITY) -1% +26 +24 +71 +38 +20 +5-31 -9 COMPOSIT RTIG IVT T/O 53.4x 92 106029 131973 226959 314674 377476 396270 271334 246160 79 79 79 77 77 69 75 76 DBT % 2015-17 44%: 34%: 18% 5187 5035 5049 4903 4885 4747 4577 4742 13%: 24%: 28% TX RT 15-17 : : 0.8 0.7 0.7 0.7 0.7 0.6 0.7 0.7 BCKOG 15-17 4.62 X '17 BK.V +7 +11 +2 +2 +12 +1 +2 0 R&D 2.5(1.0%) DIV GR RT+2% (22) 57 56 53 46 44 39 45 53 DIV 47 66 65 78 92 99 95 104 BT 0.94(10) PH 0.02(0.01) 700 600 500 480 460 440 420 400 380 36.00 360 34.00 0IBOM500 340 32.00 320 30.00 300 28.00 280 Global Focus M IR210.9 26.00 260 24.00 240 22.00 220-15% 20.00 200 19.00 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 53 C+ 9.00 90 8.00 80 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 2/1 36 VOUM 40 M 30 M 20 M 9M PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 0.91-57% 93821.2 +11% 1.4% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 11-13 125/210M DC 13 1.13-31% 104278 +23% 1.6% +15.0% 10-14 120/230M MR 14 1.04-31% 101608 +20% 1.5% 15-22 119/208M JU 14 1.75 +45% 109800 +16% 2.4% +14.1% 17-21 130/255M SP 14 1.08 +19% 111985 +19% 1.5% 17-21 145/277M DC 14 2.00 +77% 71616.9-31% 4.2% +16.5% 14-18 6.19 3.0% 12-15 142/292M MR 15 140/314M JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. nergy: Oil&Gas-Refining/Mktg 271334 3.3% 13-16 141/325M SP 15 3.5% 13-19 181/342M DC 15 3.4% 18-22 215/342M MR 16 15-19 231/343M JU 16 15-20 244/341M SP 16 16-20 266/310M DC 16 11.49 +86% 246160-9% 7.0% 15-18 301/306M MR 17 '13-18 P..'S 17-19 392/387M JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -135- OW OW HI ST SP 17 DC 17 7X 23X 22X MR 18 TM DTGRPHS 2/2/2018

IDI WŽǁĞƌ 'ƌŝě ŽƌƉ KĨ /ŶĚŝĂ W' / &K ϮϬ ǆ Source: Corporate Website нϵϭ ϭϯϰ ϮϱϳϭϳϬϬ W^ ZĂŶŬ ϳϴ Power Grid Corp.Of India d/k > / / ǆđś / ϳϱϮ ϬϭϬϭϬ ƉŽǁĞƌŐƌŝĚŝŶĚŝĂ ĐŽŵ ůğđƚƌŝđăůͳwžǁğƌ ƋƵŝƉŵƚ Ğǁ ĞůŚŝ / / DŬƚ ĂƉ /ZϴϲϬ ϯϯ ^ĂůĞƐ /ZϮϭϯ ϱϯ WKt Z 'Z/ KZWKZ d/k K& / / >/D/d WKt Z'Z/ Ϳ /^ / / Ͳ ^ KDW z ' ' / K^dZh d/k KW Z d/k D /d K& /d ZͲ^d d dz ^D/^^/K ^z^d D /^d^Ϳ h > Ͳ D Z ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ƐƟŵĂƚĞ ϮϬϭϴ ƐƟŵĂƚĞ ϯ ϲϭ ϰ ϬϮ ϰ ϴϱ ϲ ϭϯ ϳ ϭϰ ϵ ϯϯ ϵ ϰϳ ϵ ϲϱ ϭϭ ϱϭ W^ /Z ϭϰ ϭϵ Ϯϯй ϭϲ ϯϲ ϭϱйź ^, &>Kt ^,Z /Z ϲ Ϭϱ ϳ ϳϱ ϭϭ ϱϲ ϭϯ ϯϲ ϭϰ ϰϵ ϭϳ ϵϰ ϮϬ ϬϬ ϮϬ ϱϵ Ϯϯ ϱϱ ĂƌŶŝŶŐƐ 'ƌžǁƚś ZĂƚĞ ^ĂůĞƐ 'ƌžǁƚś ZĂƚĞ WZ d y D Z'/ й ϯϳй ϯϵй ϯϳй ϰϱй ϰϱй ϰϰй ϰϭй ϯϳй ϯϲй ϮϬϭϰͲϭϲ ϲй ϯ ^ƚăďŝůŝƚǉͿ ϭϳй Z dhz K Yh/dz й ϭϯй ϭϯй ϭϯй ϭϰй ϭϱй ϭθй ϭϱй ϭϰй ϭϱй ϮϬϭϮͲϭϲ ϭϯй ϲ ^ƚăďŝůŝƚǉͿ ϮϬй ^ > ^ й, ' Ϯϵй Ϯϯй Ϯϱй ϭϵй Ϯϭй Ϯϳй ϭϵй ϭϯй ϮϮй KDW Z d/' ^DZ Z d/' ^ > ^ D/>Ϳ /Z ϰϲ< ϱϳ< ϳϭ< ϴϱ< ϭϭϯ< ϭϯϭ< ϭϱϲ< ϭϳϱ< Ϯϭϰ< /s d K ϭ ϰǆ ϭϲ t <>z DĂǇ ϭϯ DĂǇ ϮϬ DĂǇ Ϯϳ :ƵŶ Ϭϯ :ƵŶ ϭϭ :ƵŶ ϭϳ :ƵŶ Ϯϰ :Ƶů Ϭϭ :Ƶů Ϭϴ d й ϮϬϭϰͲϭϲ ϮϮϰй Ϯϯϱй Ϯϯϳй d 'Z W, Z d/' ϲϭ ϲϭ ϱϳ ϲϱ ϲϳ ϲϲ ϲϯ ϲϳ ϲθ d y Z d ϮϬϭϰͲϭϲ Ϯϴй Ϯϭй Ϯϭй s' />z sk> ϬϬϬͿ ϰ ϱϳϭ ϰ ϭϰϯ ϯ ϴϱϵ ϯ ϲϳϳ ϯ ϰϱϳ ϯ ϯϱϱ ϯ ϭϭϵ ϯ Ϯϲϭ ϯ Ϯϱϵ <>K' ϮϬϭϰͲϭϲ hw Kt sk>hd ϭ ϲ ϭ ϰ ϭ ϳ ϭ ϵ Ϯ ϯ Ϯ ϲ ϭ ϲ ϭ ϵ Ϯ ϯ Z Θ < s > ϭ ϵϵǆ Ζϭϲ hd /^d Z d/' ϭϵ Ϯϰ ϰϯ ϰϯ ϰϳ ϰϱ ϰϭ ϲϰ ϲϰ /s /Z Ϯ ϯϭ ϭ ϰйͿ /s 'Z Zdнϯϯй ϭθͿ Z > d/s ^dz 'd, ϱϰ ϱϱ ϲϭ ϲϰ ϲϱ ϲϱ ϲθ ϳϬ ϳϬ d Ϭ ϲϯ ϲθ ϬϬͿ >W, Ϭ Ϭϯ ͲϬ ϬϰͿ 'ZKhW Z < ϰϭ ϰϭ ϳϯ Ϯϴ ϯϭ ϯϯ ϯϭ Ϯϴ ϯϰ ϮϬϭϲ DW>Kz ^ ϵ Ϭϯϯ ϰйͿ Power Grid Corp of India (PGC.I) is India s largest power transmission utility. It continues to benefit from its robust project pipeline, driven by increasing demand for power across the country. ^ŚĂƌĞƐ ϱ ϮϯϮ &ůžăƚ ϭ ϳϳϵ D'Dd ŽǁŶƐ Strong estimates O eil Methodology The stock is currently consolidating with resistance at IR 226.60. We recommend accumulation when it breaks out of this consolidation base with huge volume. The Company has a high PS Rank of 86. Its RO has been consistently increasing since 2015 and currently stands at 16%. Consensus estimates have PS growing 22% and 16%, y/y, in FY 2018 and FY 2019, respectively. In Q2 FY 2018, revenues and net profit grew 16% and 14%, y/y, respectively, driven by strong capitalization and higher contributions from its consultancy division. It is expected to benefit further from the revenues generated by its strong project pipeline and the increasing demand for power in India. Growth Drivers From FY 2008 to FY 2016, transmission line length in the country had a CGR of 6%, whereas PGC s transmission line length had a CGR of 9% in the same period. WZ/ ϲϭϭ Minimal overhead supply ϱϭϭ ϰϲϭ ϰϯϭ ϯθϭ ϯϰϭ Solid growth rates with stable earnings ϯϭϭ Breaks out to new highs ϮϲϬ ϮϰϬ ϮϮϬ ϭϵϭ High up/down volume with improving /D and R/S rating ϭϳϭ ϭϲϰ ϰϱ /Z ϭϱϭ ͲϬ ϳϬϬ ͲϬ ϰϯй ϭϯϭ ϭϯϭ ϭϭϭ ϭϭϭ 40-Week M Company Overview The Indian government holds a 57.9% stake in PGC. The Company transmits more than 45% of the power generated in India. The Company owns and operates about 142,990 circuit kilometers (ckm) of transmission lines, along with 226 substations. It owns more than 85% of the interstate transmission system. s of September 2017, it had a transformation capacity of about 311,185 megavolt ampere (MV), consistently maintained at an availability of more than 99%. Q2 FY 2018 revenues (y/y % growth) by segment: transmission, 93% (+17%); consultancy, 2% (-27%); telecom, 2% (+20%); other, 3% (+6%). >K' &ŝǆğěͿ ϵϭ ϴϬ 10-Week M ϳϬ н ϳϬ ϲϭ ϱϭ ϰϲ Rising R/S line with best /D rating ϰϯ ϯθ ϯϰ ϯϭ Ϯϲ Ϯϰ ϮϮ Solid PS and revenue growth Increasing funds >/ sk>hd ϯϱϭd ϮϱϬD ϭϱϭd Ͳϭϰй ϭϰ ϭd :ƵŶ ϭϭ ^ĞƉ ϭϭ &/ / >^ W^ /ZͿ W^ й, ' ^ > ^ D/> /ZͿ ^ > ^ й, ' W^ й ^hzwz/^ Ϯϰϴ &h ^ Ϯϭϲ ϰϭθ ϰϲϲ ϯϭϱ ϱϭϯd ^, Z ^, > z &h ^ ĞĐ ϭϭ DĂƌ ϭϯ ϳ ϭϰ нϭϲй :ƵŶ ϭϯ ^ĞƉ ϭϯ ĞĐ ϭϯ ϭϭϯ Ϯϯϰ ϲ нϯϭй DĂƌ ϭϯ ϵ ϯϯ нϯϭй :ƵŶ ϭϯ ^ĞƉ ϭϯ ĞĐ ϭϯ ϭϯϭ ϴϭϬ ϵ нϯϳй DĂƌ ϭϰ ϵ ϰϳ нϯй :ƵŶ ϭϰ ^ĞƉ ϭϰ ĞĐ ϭϰ ϭϱϱ ϱϱϯ Ϯ нϭϵй DĂƌ ϭϱ ϵ ϲϱ нϯй :ƵŶ ϭϱ ^ĞƉ ϭϱ ĞĐ ϭϱ ϭϳϱ ϯϵϵ ϲ нϭϯй DĂƌ ϭϲ ϭϭ ϱϭ нϭϵй :ƵŶ ϭϲ Ϯϳϵ ϱϯϵd Ϯϵϳ ϱϱϯd Π ϮϬϭϲ t/>>/ D KΖ /> н K / ϯϯϯ ϱϰθd ϯϯϭ ϱϰϭd ϯϰϭ ϱϭϳd ϯϱϯ ϱϯθd ϯϯϰ ϱϰϯd ϯϳϵ ϴϴϳD ϯϲθ ϵϯϳd ϰϯϰ ϭ ϰϯϲ ϭ ϯϵϱ ϭ ϰϭϱ ϭ W ϭϰ ϮϬϭϳ Ɛƚ ϭϯ Ϯϭϯ ϱϯϯ Ϯ ϱθ ϳϰϮ ϬĞ нϯϯй Ͳϭ Ϯй Ϯϲϭ ϱϰϭd ^ĞƉ ϭϲ ϲϭ Ϯϭϯ ϱğ ϱͳǉƌ,ŝőś ϭϲ ϱͳǉƌ >Žǁ ϵ ǀƐ /ŶĚ ǀŐ Ϭ ϱǆ ϰϭϭ ϭ ϰϯϭ ϭ ϰϰϰ ϭ ϰϵθ ϭ ϱϭϰ ϭ WŽǁĞƌ 'ƌŝě ŽƌƉ KĨ /ŶĚŝĂ W' /Ϳ tğğŭůǉ ĂƐ ŽĨ &ƌŝ :ƵůǇ Ϭϴ ϮϬϭϲ ŽĨĨ &ƌŝ :ƵůǇ Ϭϴ ϮϬϭϲ The Company expanded about 2,266 ckm of transmission line; 17,500 MV of four substations; and 3,000 MW of Inter-regional capacity, in Q2 FY 2018. s of October 31, the Company has ongoing projects worth IR 0.88B, while its new projects amount to IR 30B. PGC s income from its consultancy segment grew 18% y/y in H1 FY 2018. s of September, the Company has about three new domestic and 14 international orders in this segment. ooking Forward PGC expects capital expenditure of about IR 250B and capitalization of IR 300B 350B in FY 2018. The Company has identified IR 2.6T in investment opportunities and tied up an investment pipeline of IR 1.44T, which reflects a near-term earnings growth visibility for FY 2018 2022. For FY 2018 2022, PGC is planning to add transformation capacity of about 292K MV and transmission lines of about 106K ckm. ext catalyst: The Company s Q3 FY 2018 results are expected to be released on February 7, 2018. -136- ocal Code: I:POWRGRID Bloomberg Symbol: PWGR:I ISI: I75201010

Power Grid Corp.Of India POWR GRID CORP.OF IDI IDI (PGC.I) S UTIITY-CTRIC POWR 5.23B 1.88B SHRS RIGS BUSISS: +91 124 2822000 http://www.powergridindia.com MGMT owns X-DIV SC POWR GRID CORPORTIO OF IDI IMITD IS TRSMISSIO CURRT (HVDC) SUB-STTIOS. TH COSUTCY SGMT PRIC = COMPY GGD I TH POWR TRSMISSIO BUSISS WITH ICUDS PIG, DSIG, GIRIG, OD DISPTCH, 10 X PS RSPOSIBIITY FOR PIG, IMPMTTIO, OPRTIO D PROCURMT MGMT, OPRTIO D MITC, FICIG MITC OF ITR-STT TRSMISSIO SYSTM D OPRTIO D PROJCT MGMT. TH TCOM SGMT ICUDS OF TIO D RGIO OD DISPTCH CTRS. TH TRSMISSIO IFRSTRUCTUR, TRPRIS SRVICS D COMPY'S SGMTS ICUD TRSMISSIO, TCOM D TOPOOGIS. IT OWS D OPRTS OVR 129,350 CIRCUIT COSUTCY. TH TRSMISSIO SGMT ICUDS XTR HIGH KIOMTRS OF HV TRSMISSIO IS. IT HS PPROXIMTY 70.00 VOTG/HIGH VOTG (HV/HV) TWORKS D GRID MGMT. 210 SUB-STTIOS. ITS SMRT GRID BS R TIM IT SO OWS HV TRTIG CURRT (C) D HV DIRCT MOITORIG D COTRO OF POWR SYSTM. 60.00 50.00 48.00 46.00 44.00 42.00 40.00 38.00 36.00 34.00 32.00 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 4.02 7.75 38.9 12.0 +23 56900 59 2010 4.85 10.56 36.9 13.4 +25 71275 58 2011 6.13 13.36 45.0 14.3 +30 85090 61 6740 6706 6701 0.9-22 34 78 0.7-33 31 85 1.0-15 30 94 FOT MKT CP IR 1.01T IDI SS IR257.04 BI PS RTIG 86IR192.90(OH -14%) Up 17.30% Since ddition PRIC SC 800 700 2012 2013 2014 2015 2016 2017 2018 STIMT 2019 STIMT 17.36 +22% 20.08 +16% 7.14 9.32 9.47 9.65 11.39 14.24 14.49 17.94 20.00 20.59 23.48 29.74 RIGS GROWTH RT SS GR RT 2015-17 +15%(4 STBIITY) +18% 45.4 44.2 40.9 36.5 36.7 36.5 15.1 17.6 14.9 13.8 14.8 15.9 2013-17 +11%(6 STBIITY) +18% +19 +26 +20 +14 +22 +24 COMPOSIT RTIG IVT T/O 3.1x 34 103235 130811 155552 175400 206524 257042 52 55 52 48 47 48 DBT % 2015-17 235%: 228%: 223% 6631 6254 6146 6176 6397 6707 21%: 21%: 21% TX RT 15-17 : : 0.8 0.8 0.7 0.7 0.7 0.7 BCKOG 15-17 2.04 X '17 BK.V -20-21 -34-27 -27-23 R&D 25 26 20 21 20 27 DIV 4.35(2.2%) DIV GR RT+1% (20) 106 108 123 118 122 133 BT 0.52(7) PH -0.06(-0.06) 600 500 480 460 440 420 400 380 360 340 320 30.00 0IBOM500 28.00 300 280 26.00 260 24.00 240 22.00 220 20.00 19.00 Global Focus M IR164.4 200 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 27 D- 7.00 70 6.00 60 5.00 4.80 4.60 4.40 4.20 4.00 50 48 46 44 42 40 3.80 38 3.60 36 3.40 34 VOUM 200 M 70 M MR Q 70% BOV ST. PS (IR) 9.47 +2% 155552 +19% 29.2% % CHG SS(BI IR) % CHG MRGI FTR TX 9.65 +2% 175400 +13% 28.8% 11.39 +18% 206524 +18% 28.9% 14.24 +25% 257042 +24% 29.0% FUD/SHRS (000) 9-10 363/884M DC 13 9-11 354/934M MR 14 10-14 13-15 13-15 13-16 13-15 11-13 11-13 11-13 11-13 399/1117M 404/1157M 374/1188M 387/1227M 401/1178M 419/1196M 432/1248M 486/1247M 535/1271M JU 14 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Utility: Utility-lectric Power 12-14 548/1252M SP 16 12-14 12-14 '13-18 P..'S OW OW HI ST 13-15 609/1235M 615/1266M 652/1279M DC 16 MR 17 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -137-10 M JU Q 4.01 RTUR O QUITY T4Q P OW-HIGH 30 M 20 M SP 17 DC 17 9X 14X 16X MR 18 TM DTGRPHS 2/2/2018

COOMBI Interconexion lectrica xcellent PS Rank Source: Corporate Website Interconexión léctrica (IS.CO) is one of the leading power companies in Colombia. With about 80% market share, the Company is a dominant player in Colombia supported by a healthy project pipeline. Company Overview IS operates through its subsidiaries in the atin merican power, telecom, and highway concession sectors. In the power segment, the Company operates a high-voltage transmission network of approximately 40,600 kilometers. In the telecom segment, it operates through Internexa S.. In the highway concession segment, it operates and maintains 907 kilometers of highways and five road concessions in Chile. It is the largest operator of toll roads in Chile. Q3 2017 revenue breakdown: energy transmission, 77%; road concessions, 16%; telecommunications, 5%; real-time system management, 2%. O eil Methodology The stock breached its 50-DM and is attempting to recover. We recommend accumulation when it crosses 50-DM. The Company has an PS Rank of 98, owing to significant PS growth over the past few quarters. Operating revenues and adjusted net income grew 12.8% and 30.8%, y/y, respectively, in Q3 2017. Growth was due to a 16.4% y/y increase in revenues from the energy transmission segment. Management estimates its 2020 bottom line will grow 3x its 2012 figure to reach COP 819M. Growth Drivers On October 31, IS won two transmission line projects and their relevant stations in Peru. Management expenses are expected to amount to $6.8M. Stock under accumulation with up/down volume ratio and /D Rating at two-month highs Very good industry group rank 40-week M 10-week M Increasing institutional ownership Stock cleared flat-base on double average volume RS line close to highs and RS and /D Ratings are excellent The tenure consists of a construction period of 46 months and 30 years of operations by the Company, after which it will be transferred to the Peruvian State. The Company will be able to generate sustainable revenues during this period. The Copey-Cuestecitas 500 Kv and Copey-Fundación 220 kv project offered to IS in Q2 2017 is expected to be operational by 2020. Bosque 220 kv transformer bay project is anticipated to commence operations from 2019 onward. IS is the largest Colombian player in the transmission line business. The holding group has a 79.62% market share, 69.2% derived from IS and 10.41% from its subsidiary, Transelca. The Company invests mainly in Peru and Chile, and about 89% of projects are in the energy transmission segment. It expects annual revenue of $3.2M from the Peru expansion. ooking Forward ccording to Columbia s ational Development Plan 2014 2018, a 67% increase in foreign direct investment in the energy sector propelled its growth. FDI is expected to increase at an annual average rate of 46%. ccording to Statista, Colombia s GDP is expected to have a CGR of 5.4% from 2015 2020. ext Catalyst: The Company s Q4 2017 results on March 5, 2018. -138- ocal Code: Y:IS Bloomberg Symbol: IS:CB ISI: CO15P00026

Interconexion lectrica COOMBI ITRCOXIO CTRIC (IS.CO) BOG UTIITY-CTRIC POWR 1.11B 265.84M SHRS RIGS BUSISS: +57 4 325 2270 http://www.isa.co MGMT owns X-DIV SC ITRCOCTIO CTRIC S SP (IS) IS COOMBI-BSD TRSCTIOS (TI); COSTRUCTIO OF IFRSTRUCTUR PROJCTS, PRIC = COMPY GGD I TH TRSMISSIO OF CTRIC POWR. TH WHICH ICUD TH DVOPMT OF HIGH-VOTG D 10 X PS COMPY'S BUSISS IS STRUCTURD ITO FIV DIVISIOS: FIBR-OPTIC TRSMISSIO TWORKS; TCOMMUICTIOS CTRIC RGY TRSPORT, OPRTIG TWORK OF TRSPORT, WHICH IS IVOVD I TH SIG OF TH COMPY'S HIGH-VOTG TRSMISSIO CIRCUITS I COOMBI, PRU, TRSMISSIO TWORKS TO OTHR OPRTORS, D ROD BOIVI D BRZI; SMRT MGMT OF R TIM SYSTMS, COCSSIOS, WHICH FOCUSS O TH COSTRUCTIO, MGMT WHICH MGS TH FCIITIS OF TH TIO ITRCOCTD D XPOITTIO OF HIGHWYS, TO RODS D OTHR RTD SYSTM (SI), COMMRCI STTMT SYSTM (SIC), WHOS IFRSTRUCTUR. O SPTMBR 30, 2013, TH COMPY RGY MRKT (M) D ITRTIO CTRICITY STBISHD SUBSIDIRY, ITRCOOMBI S SP. 4600 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 STIMT 2018 STIMT 4400 PS COP (DC.) 728.00-62% 318.00-56% 219.95 284.27 310.47 304.04 246.41 390.95 460.16 633.35 1929 4200 CF/SHR COP 2062 1894 1473 1255 3517 1066 1628 2165 7475 RIGS GROWTH RT SS GR RT 4000 3800 3600 3400 3200 3000 2800 2600 2400 U W K Y PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI COP) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK FOT MKT CP COP 16.04T SS COP7.35T COOMBI PS RTIG 81 COP14480(OH -1%) Up 36.09% Since ddition PRIC SC 60000 50000 48000 46000 44000 42000 40000 2015-17 +58%(37 STBIITY) +51% 40.3 42.0 41.9 34.0 37.9 18.4 25.0 25.7 59.6 5.4 5.7 5.4 5.2 4.4 6.4 7.3 9.5 24.1 2013-17 +52%(30 STBIITY) +26% +10 +5 +6 +26-2 -16 +9 +34 +130 COMPOSIT RTIG IVT T/O 21x 68 3100111326770834748164368600430307536013254217494527064912137552 60 64 63 61 61 60 62 62 62 DBT % 2014-16 124%: 123%: 109% 326 358 336 328 331 323 317 317 329 36%: 32%: 34% TX RT 14-16 : : 1.6 1.7 1.2 1.3 1.3 1.6 1.7 1.8 1.7 BCKOG 14-16 1.61 X '16 BK.V +18 +15 +12 +13 +9 +14 +33 +26 +15 R&D 0.1% 392(2.7%) DIV GR RT+1% (58) 94 94 95 92 90 92 90 88 88 DIV 11 14 14 15 13 7 6 7 11 BT 0.38(5) PH 0.10(0.11) 38000 36000 34000 32000 30000 28000 26000 24000 2200 22000 2000 20000 1900 19000 0COIGBC 1800 18000 1700 17000 1600 16000 1500 15000 1400 14000 1300-3% Global Focus M COP10640 1200 13000 12000 1100 11000 1000 10000 900 9000 88 B 800 8000 700 7000 600 6000 500 480 460 440 420 400 5000 4800 4600 4400 4200 4000 380 3800 360 3600 340 3400 320 3200 300 3000 280 2800 260 2600 VOUM 3M 1M 600 K 300 K PS (COP) % CHG SS(BI COP) % CHG MRGI FTR TX RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 95.46 +105% 964.2-8% 11.0% +6.3% 21-24 87/26328 DC 13 140.63 +122% 902.7 +11% 17.3% +7.7% 15-19 94/26164 MR 14 275.81 +108% 915.9 +2% 15.3% +6.8% 14-15 95/27829 JU 14 106.44 +7% 1092.9 +19% 10.8% +7.4% 14-15 123.47 +29% 1080.9 +12% 12.7% +7.3% 11-14 132.25-6% 1157.1 +28% 12.7% 146.15-47% 1132.1 +24% 14.3% 11-13 14-16 123.61 0% 1527.4 +41% 9.0% +8.4% 9-11 173.71 +31% 1541.9 +33% 12.5% +10.6% 10-13 178.66 +22% 1621.8 +43% 12.2% +10.9% 11-12 105/29015 106/25466 112/25372 114/25775 130/26670 127/35312 134/35837 144/36366 SP 14 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Utility: Utility-lectric Power 227.27 +114% 1454.1 +33% 17.3% +8.8% 8-11 1422 +526% 7108.7 +389% 22.2% +25.3% 4-5 166/38972 SP 16 154.71 +25% 1865.1 +22% 9.2% +24.1% 4-5 216.60 +25% 1643.0 +7% 14.6% +25.7% 5-5 327.84 +83% 1980.4 +22% 18.3% +26.2% 5-6 167/43884 178/45251 188/53327 191/54218 DC 16 MR 17 JU 17 SP 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -139-510.85-64% 1858.3-74% 30.5% +13.3% '13-18 P..'S OW OW HI ST DC 17 4X 6X 46X MR 18 TM DTGRPHS 2/2/2018

IDI ĞƐĐ ^ / W^ ϭϯ ǆ ϯ ϱϰ ϯ Ϯϯ Ϯ ϵϯ Ϯ ϲϯ Ϯ ϯϭ Ϯ ϬϬ ϭ ϴϱ ϭ ϲϵ ϭ ϰϲ ϭ ϯϭ Source: Corporate Website CSC td (CS.I) is a diversified Indian company with businesses across power, retail, and information technology. everaging the benefits from a demerger, the Company is expected to enhance profits. Company Overview CSC generates, transmits, and distributes power through installed capacity of 1,125 MW from its four generating units. While it owns two coal-fired plants of 600 MW each at Chandrapur and Haldia, it also owns 160 MW of wind, 27 MW of solar, and 40 MW of washery coal reject-based power plants. The Company operates 124 stores across five regions with more than 1.185M square feet of retail space. CSC also owns 56% of FirstSource Solutions, one of the top three BPO companies in India. FY 2017 revenue by segment: electricity, 57%; services, 25%; retail products, 14%; mall operations, 1%; other operating revenues, 3%. O eil Methodology Currently, the stock is undergoing a consolidation along its 10-WM. We recommend accumulation after a strong breakout from its consolidation base. Historically, three-year revenues and PS have grown an average of 27% and 11%, respectively. Consensus estimates have PS growing 47% and 20%, y/y, in FY 2018 and FY 2019, respectively. In Q2 FY 2018, reported revenues and adjusted net profit increased 3.6% and 2.1%, y/y, respectively, primarily driven by a 4% y/y power volume growth. Growth Drivers The Company plans to demerge its businesses into four segments: generation, distribution, retail, and other investments. It is expected to be complete by March 2018. While CSC continues to earn 20% RO across its distribution businesses, demand from Kolkata and Greater oida is expected to increase 3% and around 20%, y/y, respectively. Demand is expected to be driven by improvement in industrial activities. 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CSC has commenced operations in all three franchises and expects them to be profitable over the next 12-18 months. The Company projects combined revenue potential of IR 12B. Generation business losses are expected to fall IR 2B in FY 2018, with the ramp-up in the 190MW power purchase agreement (PP) signed with oida Power. The Company also signed a PP for 200MW more with oida Power, awaiting final approval from the Uttar Pradesh Power Regulator. The Maharashtra state electricity distribution company has considered purchasing 300MW of power under a long-term PP, which would enable the Company reduce its losses effectively. On the back of PPs, the Company firmly believes in achieving a break-even profit before tax in the near term. ooking Forward China and India are expected to account for 32.6% of global energy demand in 2040, up from 13.6% in 1990 and 28.5% in 2014 ext catalyst: The Company s Q3 FY 2018 results are expected to be released on February 8, 2018. -140- ocal Code: I:CSC Bloomberg Symbol: CSC:I ISI: I48601013

Cesc IDI CSC (CS.I) S UTIITY-CTRIC POWR 132.56M 71.58M SHRS RIGS BUSISS: +91 33 2225 6040 http://www.cesc.co.in MGMT owns SC CSC IMITD IS ITGRTD CTRIC UTIITY D HODIG SRVS DOMSTIC, IDUSTRI D COMMRCI USRS. IT OWS PRIC = COMPY. TH COMPY IS GGD I TH GRTIO D D OPRTS OVR THR THRM POWR PTS GRTIG 10 X PS DISTRIBUTIO OF CTRICITY CROSS PPROXIMTY 570 SQUR PPROXIMTY 1,120 MGWTTS OF POWR. TH THRM POWR KIOMTRS OF ICSD R I KOKT D HOWRH, WST PTS ICUD BUDG BUDG GRTIG STTIO, SOUTHR BG. TH COMPY'S SGMTS ICUD POWR, WHICH IS GRTIG STTIO D TITGRH GRTIG STTIO. TH GGD I GRTIO D DISTRIBUTIO OF CTRICITY; COMPY, THROUGH ITS SUBSIDIRIS, OPRTS I RTI, 340 RTI, WHICH ICUDS ORGIZD RTIIG; PROPRTY, WHICH BUSISS PROCSS MGMT D IFRSTRUCTUR SCTORS. IT 320 IS GGD I PROPRTY DVOPMT, D PROCSSIG OPRTS I IDI, TH UITD KIGDOM, TH UITD STTS, 300 OUTSOURCIG, WHICH ICUDS BUSISS PROCSS OUTSOURCIG. IT CD D RST OF TH WORD. 280 260 240 200 190 180 170 160 150 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 6.20 32.45 0.4 1.7 +14 40514 70 2010 12.59 34.87 4.1 3.5 +4 42042 70 2011 22.28 49.46 6.4 6.0 +18 51790 71 2012 19.68 50.55 6.7 5.2 +10 58766 67 2013 36.77 65.03 8.7 9.2 +27 75567 67 430 420 407 416 448 1.4 +2 58 78 1.3 +6 58 85 1.0 +17 59 94 1.0 +7 57 106 1.1 +24 58 108 X-DIV FOT MKT CP IR 132.58BI. SS IR139.04 BI IDI IC 1978 74 PS RTIG IR1000(OH -15%) Down 4.97% Since ddition PRIC SC 3800 3600 3400 3200 3000 2014 2015 2016 2017 2018 STIMT 2019 STIMT 76.04 +46% 90.05 +18% 39.35 15.51 45.15 52.12 38.03 60.62 118.20 133.38 RIGS GROWTH RT SS GR RT 2015-17 +27%(33 STBIITY) +11% 7.5 4.5 8.6 8.6 9.1 3.4 6.0 6.5 2013-17 +11%(33 STBIITY) +18% +34 +9 +8 +15 COMPOSIT RTIG IVT T/O 12.4x 82 101109 110666 121242 139035 68 67 65 63 DBT % 2015-17 168%: 99%: 109% 494 504 496 484 40%: 30%: 32% TX RT 15-17 : : 1.3 1.3 1.0 0.8 BCKOG 15-17 1.30 X '17 BK.V +42 +44 +18-4 R&D 10(1.0%) DIV GR RT+16% (8) 63 61 54 52 DIV 123 118 122 133 BT 1.42(20) PH 2800 2600 2400 2200 2000 1900 1800 1700 1600 1500 0IBOM500 140 130 1300 Global Focus M IR1052.6 120 1400 1200 110 1100 100 1000 90.00-11% 900 80.00 800 70.00 700 60.00 600 50.00 48.00 46.00 44.00 42.00 500 480 460 440 420 40.00 38.00 52 C 36.00 400 380 360 34.00 340 32.00 320 30.00 300 28.00 280 26.00 260 24.00 240 22.00 220 20.00 19.00 200 190 18.00 180 17.00 170 16.00 160 VOUM 7M 4M 2M 1M PS (IR) 39.35 +7% 101109 +34% 4.9% % CHG SS(BI IR) % CHG MRGI FTR TX 15.51-61% 110666 +9% 1.8% 45.15 +191% 121242 +10% 4.9% 52.12 +15% 139035 +15% 5.0% '13-18 P..'S OW OW HI ST RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 8-12 73/34928 DC 13 10-13 76/35386 MR 14 13-21 98/39904 JU 14 21-30 28-35 36-48 120/40854 131/44643 115/42694 SP 14 DC 14 MR 15 22-27 99/41756 JU 15 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Utility: Utility-lectric Power 15-20 13-16 8-11 9-12 108/44602 101/44153 108/44887 112/42223 SP 15 DC 15 MR 16 JU 16 11-14 113/42807 SP 16 10-12 98/41632 DC 16 12-17 15-19 115/38921 135/37312 MR 17 JU 17 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -141- SP 17 DC 17 6X 19X 48X MR 18 TM DTGRPHS 2/2/2018

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The life science ingredients (SI) segment manufactures specialty intermediates, nutritional products, and life science chemicals. The DDS segment provides collaborative research for out-licensing. Q3 FY 2018 revenue by segment: pharmaceuticals, 53%; SI, 45%; DDS, 2%. O eil Methodology The stock broke out of a 38-week consolidation on 8x average daily volume. The stock s RS line is sharply rising with its RS Rating improving to 63 from 42 last week. Strong /D Rating of B and Up/Down volume ratio of 1.7. Double-digit consensus PS and revenue estimates for FY 2018 and FY 2019. Growth Drivers Jubilant has a wide portfolio of market-leading radiopharmaceutical products, with the U.S. market accounting for ~70% of radiopharma revenues. ccording to Grand View Research, the global radiopharmaceutical market is expected to reach $13.8B by 2024, driven by increasing prevalence of cancer and cardiovascular diseases. Jubilant acquired the U.S. radiopharmacy business Triad Isotopes, which operates the second largest radiopharmacy network in the U.S. with more than 50 pharmacies and a ~25% market share. Through the acquisition, Jubilant will gain direct access to hospital networks with the ability to deliver more than 3M patient doses annually through ~ 1,700 customers. /Z нϭϯ ϱθй ϳϬϬ 6WURQJ GHPDQG IRU VWRF Ϯϭ ϬϬ Jubilant ife Sciences (VOC.I) is a leading contract pharmaceutical manufacturing organization. Strong traction in radiopharmaceuticals and favorable dynamics in specialty chemicals bodes well for the Company. WZ/ ϭϯϭϭ ϭϯϭϭ ϭϭϭϭ Ϯϱ ϬϬ Ϯϯ ϬϬ Source: Corporate Website >K' &ŝǆğěͿ ϭϯ ϬϬ ϭϯ ϬϬ ϭϭ ϬϬ ϵ ϱϭ ϯϭϭ ϮϲϬ ϮϰϬ ϮϮϬ ϭϵϭ ϴ ϱϭ ϭϳϭ 6KDUS UVH Q 56 OQH ZWK JRRG $ ' UDWQJ ϳ ϱϭ ϭϱϭ ϲ ϱϭ ϲ ϬϬ ϱ ϱϭ ϭϯϭ ϭϯϭ ϭϭϭ ϱ ϬϬ ϭϭϭ ϰ ϱϭ ϵϭ ϰ ϬϬ ϴϬ ϯ ϱϭ ϳϬ,QFUHDVQJ VSRQVRUVKS ϯ ϬϬ ϲϭ Ϯ ϱϭ Ϯ ϯϭ ϱϭ ϰϲ >K' sk>hd ϴD ϭϯ ϰd ϯd нϱϯϲй ϳϬϬ< ϯϭϭ< Ϯ&/ / >^ ĞĐ ϭϯ DĂƌ ϭϯ ϰ W^ /ZͿ ϭ ϲθ Ͳϭ ϵϰ й W^ й, ' нϭϯϰй нϱϭй Ϯ^ > ^ D/> /ZͿ ϭϯ Ϭϲϯ ϵ ϭϯ ϵϯϭ ϰ :ƵŶ ϭϯ Ͳϯ ϯϭ Ͳϭ ϭϲϱй ϭϯ ϱϵϯ ϳ ^ĞƉ ϭϯ Ͳϱ Ϭϲ Ͳϭϱϯй ϭϰ ϯϳϯ ϳ ĞĐ ϭϯ ϵ ϬϬ нϰϯϲй ϭϰ ϰϰϰ ϵ DĂƌ ϭϰ ϲ ϮϬ нϰϯϭй ϭϱ ϲϳϯ ϰ :ƵŶ ϭϰ Ϭ ϯϭ нϭϭϵй ϭϰ ϳϯϭ ϯ ^ĞƉ ϭϰ Ͳϱ ϵϭ Ͳϭϳй ϭϯ ϳϭϭ Ϭ ĞĐ ϭϰ ͲϬ ϳϬ ͲϭϬϴй ϭϰ ϰϱϰ ϴ DĂƌ ϭϱ Ϯ ϲθ Ͳϱϳй ϭϱ ϯϲϱ ϰ :ƵŶ ϭϱ ϴ ϰϱ нϯ<й ϭϰ ϰϱϳ Ϭ ^ĞƉ ϭϱ ϴ ϭϭ нϯϯϳй ϭϰ ϱϭϵ ϱ ĞĐ ϭϱ ϳ ϴϴ нϭ<й ϭϯ ϲϲϲ ϳ DĂƌ ϭϲ Ϭ ϲϳ Ͳϳϱй ϭϰ ϴϳϯ ϭ :ƵŶ ϭϲ ϭϭ ϯϲ нϯϯй ϭϰ ϭϵϱ ϯ ^ĞƉ ϭϲ ϵ Ϯϴ нϭϱй ϭϯ ϴϱϱ Ϭ ĞĐ ϭϲ ϳ ϲϲ Ͳϯй ϭϰ ϱθϯ Ϯ DĂƌ ϭϳ ϵ ϱϵ нϭ<й ϭϱ ϵθϭ ϴ :ƵŶ ϭϳ ϵ ϰϱ Ͳϵй ϭϱ ϱϲϯ Ϭ ^ĞƉ ϭϳ ϴ Ϯϯ Ͳϭϭй ϭϲ ϰϭθ Ϯ й^ > ^ й, ' нϭϵй нϭϵй нϭϭй нϭθй нϭϭй нϭϯй нθй Ͳϱй Ϭй ͲϮй ͲϮϴ ϳй нϯϯϲ ϰй W^ й ^hzwz/^ ϭ&h ^ ϰϭ ϯϰ Ϯϴ Ϯϴ Ϯϱ Ϯϰ Ϯϱ ϭθ ϭϳ ϭϯ ϳ^, Z ^, > z &h ^ ϭϭd ϭϭd ϵ ϲϭϱ ϴϭϭ ϳ ϴϬϵ ϰϰϲ ϴ Ϯϭϴ ϬϴϬ ϳ ϳϴϳ Ϯϯϰ ϳ ϰϲϲ ϭϭϵ ϲ ϭϱθ ϭϳθ ϱ ϳϰϳ ϳϲϰ ϱ ϯϲϳ ϭϭθ ͲϮй нϲй Ͳϱй Ͳϯй ͲϮй Ͳϱй нϳй нϭϭй нϭϵй нϰϯй ϭϱ ϭϰd Ϯϵ ϭϰd ϰϯ ϭϲd ϰϵ ϭϲd ϱϲ ϭϲd ϱϭ ϭϳd нϳй ͲϮϳ Ϭй ϱϲ ϮϮD ϱθ ϮϯD ϲϵ ϮϱD ϳϴ ϮϳD ϴϬ ϮϳD Π ϮϬϭϴ t/>>/ D KΖ /> н K / ĞĐ ϭϳ DĂƌ ϭθ ϭϯ ϲϰ нϳθй ϮϬ ϲϳϳ ϲ Ϯϭ ϭϲϯ ϬĞ нϯϯйğ W ϭϳ ϮϬϭϵ Ɛƚ ϭϲ Ϯ ϮϬϮϬ Ɛƚ ϭϯ ϰ ϱͳǉƌ,ŝőś ϰϯ ϱͳǉƌ >Žǁ ϵ ǀƐ /ŶĚ ǀŐ Ϭ ϵǆ :ƵďŝůĂŶƚ >ŝĩğ ^ĐŝƐ sk /Ϳ tğğŭůǉ ĂƐ ŽĨ dśƶ :ĂŶƵĂƌǇ ϭθ ϮϬϭϴ :ĂŶƵĂƌǇ ϭθ ϮϬϭϴ The Company received approval of RubyFill, which is used to diagnose coronary artery disease. RubyFill currently has a market size of $76M with the potential to reach $250M by 2021. Jubilant is the global leader for Pyridines, which is mostly used for manufacturing agro chemicals and is also used as a raw material for vitamin B3. The global crop protection chemicals market is projected to have a CGR of 5% from 2016 to $70B by 2021. The Company launched six new products in FY 2018 and expects to launch four more in the next year. Jubilant also commissioned an agrochemical intermediate facility which has a total annual revenue potential of around IR 500M. Strong demand and recent price increases resulted in drastic margin improvement for the SI segment (22.3% in Q3 FY 2018 from a normal 15-16% run rate). Jubilant is the fourth largest ethanol supplier in the Indian government s blending program. In Q3 FY 2018, it won a new contract with potential revenue of IR 3B. ooking Forward Consensus calls for FY 2019 PS growth of 31% on revenue growth of 17% y/y. ext catalyst: The Company will announce Q4 FY 2018 results on pril 17. -142- ocal Code: I:JUBIT Bloomberg Symbol: JUBIT:I ISI: I70001033

Jubilant ife Scis. IDI JUBIT IF SCIS. (VOC.I) S MDIC-DIVRSIFID 159.28M 97.16M SHRS RIGS BUSISS: +91 120 2516601 http://www.jubl.com MGMT owns X-DIV SC JUBIT IF SCICS IMITD IS IDI-BSD DISCOVRY SOUTIOS, D IDI BRDD PHRMCUTICS. TH PRIC = PHRMCUTIC D IF SCICS COMPY. TH COMPY IS IF SCICS IGRDITS SGMT ICUDS SPCITY 10 X PS GGD I PROVIDIG BSIC ORGIC CHMICS. TH COMPY'S ITRMDITS, IF SCICS CHMICS D UTRITIO SGMTS ICUD PHRMCUTICS D IF SCICS PRODUCTS. ITS GOGRPHIC SGMTS ICUD WITHI IDI D IGRDITS. TH PHRMCUTICS SGMT COSISTS OF OUTSID IDI. TH COMPY'S SPCITY ITRMDITS 150 GRICS, ICUDIG CTIV PHRMCUTICS IGRDITS BUSISS DS I PPROXIMTY 60 COMMRCI PRODUCTS, (PIS) D SOID DOSG FORMUTIOS; SPCITY ICUDIG PYRIDIS, PICOIS D CYOPYRIDIS. ITS 140 PHRMCUTICS (STRI PRODUCTS), ICUDIG MUFCTURIG FCIITIS R OCTD I GJRU, UTTR 130 RDIOPHRMCUTICS, RGY THRPY PRODUCTS D COTRCT PRDSH. MUFCTURIG OPRTIOS OF STRI IJCTBS; DRUG 120 110 100 90.00 80.00 70.00 U W K Y PS IR (MR.) CF/SHR IR PRTX MRGI, % RT. O QUITY, % SS % CHG SS (MI IR) GOB DG RTIG VG DIY VO(000) UP DOW VOUM CCUM/DIST RTIG RTIV STRGTH GROUP RK 2009 19.22 35.24 8.5 22.4 +39 34688 43 2010 28.56 33.93 13.7 24.4 +9 37911 40 2011 14.42 22.86 7.0 10.5-10 34197 59 2012 0.91 40.90 2.7 0.7 +24 42699 58 2013 9.59 43.59 6.6 6.4 +20 51660 55 2014 6.85 34.70 3.6 4.3 +12 58034 55 2015-3.63 22.48 0.7 +0 58263 72 2016 25.10 56.61 9.4 16.1 +0 57491 72 2017 36.93 64.53 12.6 18.0 +2 58614 74 372 381 414 450 451 490 749 791 826 2.0 +27 29 137 1.9 +23 29 139 2.1 +42 49 133 2.2 +40 47 133 2.2 +34 36 138 1.9 +35 42 142 1.5 +11 63 133 1.6 +19 67 119 1.5 +12 72 117 FOT MKT CP IR 140.18BI. SS IR68.64 BI 46 IR880.10(OH -9%) PRIC SC 1700 Down 2.06% Since ddition 1600 1500 1400 1300 2018 STIMT 2019 STIMT 45.05 +22% 59.38 +32% RIGS GROWTH RT SS GR RT 2015-17 +74%(46 STBIITY) +3% 2013-17 +3% COMPOSIT RTIG IVT T/O IDI PS RTIG Global Focus M IR898.6 0IBOM500 1200 1100 1000 900 3.6x 40 DBT % 2015-17 150%: 102%: 102% : 29%: 22% TX RT 15-17 : : BCKOG 15-17 4.26 X '17 BK.V R&D 0.3% 3(0.3%) DIV GR RT DIV BT 1.22(9) PH 800-19% 700 60.00 600 50.00 48.00 46.00 44.00 42.00 40.00 500 480 460 440 420 400 38.00 380 36.00 360 72 B- 34.00 32.00 340 320 30.00 300 28.00 280 26.00 260 24.00 240 22.00 220 20.00 200 19.00 190 18.00 180 17.00 170 16.00 160 15.00 150 14.00 140 13.00 130 12.00 120 11.00 110 10.00 100 9.00 90 8.00 80 7.00 70 VOUM 10 M 5M 2M DC Q -20% BOW ST. PS (IR) % CHG SS(BI IR) % CHG MRGI FTR TX 9.00 +436% 14444.9 +11% 9.9% RTUR O QUITY T4Q P OW-HIGH FUD/SHRS (000) 25/8218 DC 13 6.20 #+420% 15673.4 +13% 6.3% +4.2% 16-24 24/7787 MR 14 0.30 #+109% 14731.3 +8% 0.3% 14-21 25/7466 JU 14-5.91 13711.0-5% +6.0% 14-22 18/6158 SP 14-0.70 14454.8 +0% 2.68-57% 15365.4-2% 2.8% 30-41 8.10 #+237% 14519.5 +6% 8.7% 8-20 7.88 #+1226% 13666.7-5% 9.0% 11-16 0.67-75% 14873.1-3% 3.2% +16.0% 10-18 10.36 +23% 14195.3-2% 11.4% 10-15 9.28 +15% 13855.0-5% 10.4% +14.4% 10-23 7.66-3% 14582.2 +7% 8.2% 18-25 9.59 +1331% 15981.8 +7% 9.4% +17.9% 16-22 9.45-9% 15563.0 +10% 9.5% 8.23-11% 16418.2 +19% 7.8% +15.1% 13.64 +78% 20677.6 +42% 10.3% P..'S 18-24 FOR IFORMTIO, C 800-545-8940 OR VISIT WWW.WIIMOI.COM. -143-200 K '13-18 13/13726 27/14081 40/15735 48/16154 55/16316 49/17392 55/22389 57/22891 68/24609 77/27680 78/28074 17/5748 12/5367 DC 14 MR 15 JU 15 SP 15 DC 15 MR 16 JU 16 SP 16 DC 16 MR 17 JU 17 SP 17 DC 17 MR 18 COPYRIGHT 2018 WIIM O'I + CO. ICORPORTD. RIGHTS RSRVD. Health Care: Medical-Diversified 8.45 +2717% 14457.0-2% 9.1% 1M 500 K TM DTGRPHS OW OW HI ST 8X 17X 41X 2/2/2018

BRZI /ŶƐƟƚƵƚŽ,ĞƌŵĞƐ WĂƌĚŝŶŝ KŶ /,W Z W^ Ϯϯ ǆ ϱ ϮϮ ϰ ϳϴ ϰ ϯϱ ϯ ϵϭ ϯ ϰθ ϯ Ϭϰ Ϯ ϲϭ Ϯ ϭϳ Ϯ ϬϬ нϱϱ ϯϭ ϯϯϯθ ϲϯϭϭ W^ ZĂŶŬ ϴϯ ^ K W h>k ǆđś ZW Z KZϭ ǁǁǁϯ ŚĞƌŵĞƐƉĂƌĚŝŶŝ ĐŽŵ ďƌ Hermes Pardini is one of the largest diagnostics companies in Brazil. The private diagnostics services market is poised to grow at a CGR of 7-10% in Brazil, providing significant growth opportunities for the Company. Company Overview Hermes Pardini is the leader in the lab-to-lab segment, with an estimated 20% market share. They are the leader in the lab-to-lab segment (B2B), with an estimated 20% market share, and stand number four in the patient service center segment (PSC). They have a 70% PSC market share in Belo Horizonte. The Company operates 111 PSCs in four states, under seven banners with a portfolio of 4000 tests. It serves more than 5,300 clients in the lab-to-lab division in 1,800 cities across Brazil. Its Q2 2017 net sales by segment: ab-to-ab 55% and PSC 45%. Gross revenue by brand: Hermes Pardini (lab-to-lab) 92%, Diagnostika (pathological anatomy exams) 6%, and Progenetica (molecular exams) 2%. Test type breakdown: clinical analysis 84%, imaging 14%, and vaccines 2%. O eil Methodology The Company s revenues and PS grew at an average of 16% and 11%, respectively, from 2015 to 2017. The consensus estimate call for PS to grow at 18% and 31%, in 2017 and 2018, respectively. Its PS Rank is currently at 43 (99 being the best), which is expected to improve given consensus PS growth estimates of 24% and 25% in 2017 and 2018, respectively. Technical ratings and rankings are strong, with an RS Rating of 87, /D Rating of -, and Up/Down volume of 1.7. The Company s Q2 2017 results were announced on ugust 14, 2017. The net sales was BR 286M (+25% y/y), adjusted BITD was BR 68M (+25% y/y), and PS was BR 0.27(+16% y/y). ab-to-ab segment revenues came in at BR 172.7M (+17.5% y/y), led by a 19.5% y/y growth in the volume of exams; while PSC revenues stood at BR 140.8M (+35.1% y/y). 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Pardini owns ~100 PSCs currently, and is likely to grow further through consolidation along with DS, Fleury, and lliar. Pardini focuses its investments in the PSC segment, and is now targeting the Sao Paulo and Rio market. The Company aims to be the preferred low-end/entry-level diagnostics partner for health plan operators. Its peers,ds and Fleury, focus on the intermediate to premium segments. Physicians are increasingly leveraging diagnostic services to detect chronic diseases at early stages. This would lead to more check-ups, preventing high inpatient service costs and lowering medical costs, driving growth for diagnostics. Currently, only 25% of the Brazilian population have access to private health care. The percentage of Brazilians above 65 years of age is expected to double to 4%, from 2011 to 2032. s the population grows older, they typically require a higher volume of health care services, including diagnostics. ooking Forward Consensus estimates call for PSC net sales to grow at 8% CGR from 2017 to 2021. From 2016 to 2021, gross revenue is expected to grow at a CGR of 15.5% (lab-to-lab 13.3% and PSC 18.4%). ext Catalyst: Its Q3 FY 2017 results are expected on ovember 13, 2017. -144- ocal Code: BRPRD3 Bloomberg Symbol: PRD3:BZ ISI: BRPRDCOR1