fundamental equity analysis - s&p asx 100 members australia)

19.09.2011

AGL Energy Limited sells and distributes gas and electricity. The Company

retails and wholesales energy and fuel products to customers throughoutAustralia.

Latest Fiscal Year: 06/2011LTM as of: 01/yy52-Week High (25.10.2010) 16.9252-Week Low (09.08.2011) 12.50Daily Volume

14.4652-Week High % Change -14.54% Dividend Yield 4.0852-Week Low % Change 15.68% Beta 0.66% 52 Week Price Range High/Low 49.77% Equity Float 456.63

Shares Out 18.04.2011 461.3 Short Int 3.886'670.57 1 Yr Total Return -5.79%

Total Debt 1'171.20 YTD Return -1.03%Preferred Stock 0.0 Adjusted BETA 0.661Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 753.10 Consensus Rating 4.333Enterprise Value 7'088.67

Average Volume 5 Day 2'099'321AGK AT EQUITY YTD Change - Average Volume 30 Day 2'023'515AGK AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'668'686

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

30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y 12/10 Q2 03/11 Q33'458.9 5'424.0 5'953.9 6'609.9 7'071.8 - - 7'525.4 8'374.0 - -

2.53x 1.54x 1.09x 1.06x 1.01x - - 1.01x 0.92x - -804.9 439.3 (1'368.1) 544.5 1'008.5 - - 886.3 965.1 - -10.86x 19.07x - 12.92x 7.12x - - 8.00x 7.35x - -410.5 229.0 1'596.1 356.1 558.7 - - 485.6 519.9 - -0.12x 19.70x 8.35x 18.54x 11.97x - - 13.89x 12.97x - -

EBITDA 1'008.50 Long-Term Rating Date 20.10.2006EBIT 860.50 Long-Term Rating BBBOperating Margin 12.17% Long-Term Outlook STABLEPretax Margin 11.22% Short-Term Rating Date -Return on Assets 6.08% Short-Term Rating -Return on Common Equity 9.20%Return on Capital 8.45% EBITDA/Interest Exp. 13.43Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 6.44

Net Debt/EBITDA 0.41Gross Margin 19.3% Total Debt/EBITDA 1.16EBITDA Margin 14.3%EBIT Margin 12.2% Total Debt/Equity 18.5%Net Income Margin 7.9% Total Debt/Capital 15.6%

Asset Turnover 0.77Current Ratio 1.11 Net Fixed Asset Turnover 2.76Quick Ratio 0.82 Accounts receivable turnover-days 45.80Debt to Assets 12.08% Inventory Days 7.09Tot Debt to Common Equity 18.47% Accounts Payable Turnover Day 54.23Accounts Receivable Turnover 7.97 Cash Conversion Cycle -1.34Inventory Turnover 51.50

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E

Market Capitalization

Average Daily Trading VolumeRelative Stock Price Performance

Total RevenueTEV/Revenue

EBITDATEV/EBITDA

Fiscal Year Ended

AGL Energy LtdPrice/Volume

Valuation Analysis

1'456'704.00Current Price (9/dd/yy) Market Data

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

19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'468'857 0.98 1'099 03.02.2011 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 4'287'000 0.94 - 30.06.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3'638'353 0.79 29'623 31.12.2010 Investment AdvisorAMP LIFE LTD n/a Co File 3'555'155 0.78 - 11.08.2010 Investment AdvisorBOND STREET CUSTODIA n/a Co File 3'338'224 0.73 - 11.08.2010 OtherARGO INVESTMENTS LTD n/a Co File 2'453'787 0.54 - 11.08.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'334'801 0.51 79'907 31.12.2010 Mutual Fund ManagerQUESTOR FINANCIAL SE n/a Co File 2'152'620 0.47 - 11.08.2010 Private EquityCUSTODIAL SERVICES L n/a Co File 2'033'213 0.44 - 11.08.2010 OtherBT PORTFOLIO SERVICE n/a Co File 1'955'463 0.43 - 11.08.2010 n/aAVANTEOS INVESTMENTS n/a Co File 1'862'110 0.41 - 11.08.2010 n/aABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 1'551'485 0.34 53'445 31.12.2010 Investment AdvisorPERPETUAL TRUSTEE CO n/a Co File 1'534'436 0.33 - 11.08.2010 n/aCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'515'100 0.33 (5'000) 30.09.2010 Investment AdvisorINVIA CUSTODIAN PTY n/a Co File 1'383'658 0.3 - 11.08.2010 Investment AdvisorMILTON CORP LTD n/a Co File 1'368'500 0.3 - 11.08.2010 Investment AdvisorGWYNVILL INVEST PTY n/a Co File 1'263'150 0.28 - 11.08.2010 n/aHEXAVEST INC HEXAVEST INC 13F 678'894 0.15 361'719 30.09.2010 Hedge Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 566'911 0.12 99'971 31.12.2010 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 556'142 0.12 635 31.12.2010 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie IAN MYLES neutral 3 M 16 12 month 08.02.2011Deutsche Bank JOHN HIRJEE buy 5 M 17 12 month 07.02.2011Morgan Stanley MARK BLACKWELL Equalwt/In-Line 3 M 15 12 month 07.02.2011Credit Suisse SANDRA MCCULLAGH underperform 1 M 16 Not Provided 07.02.2011UBS DAVID LEITCH buy 5 M 17 12 month 07.02.2011JPMorgan JASON HARLEY STEED overweight 5 M 17 12 month 07.02.2011Goldman Sachs & Partners Australia AIDEN BRADLEY buy 5 M 17 Not Provided 07.02.2011Nomura DAVID FRASER buy 5 M 18 Not Provided 07.02.2011E.L. & C. Baillieu IVOR RIES buy 5 U 16 12 month 07.02.2011Daiwa Securities Capital Markets Co. DAVID BRENNAN outperform 5 M 16 Not Provided 16.12.2010Commonwealth Bank PAUL JOHNSTON hold 3 U 16 12 month 07.12.2010RBS JASON MABEE buy 5 M 17 12 month 26.08.2010Citi MARIE MIYASHIRO buy 5 U 17 Not Provided 22.03.2010

Holdings By:

AGL Energy Ltd ee


19.09.2011

Alumina Limited is an Australian resource company that produces alumina. The

Company owns about 40% of Alcoa World Alumina and Chemicals through a jointventure with Alcoa.


1.49552-Week High % Change -45.04% Dividend Yield 4.5752-Week Low % Change 2.75% Beta 1.38% 52 Week Price Range High/Low 6.72% Equity Float 2'309.94

Shares Out 30.06.2011 2'440.2 Short Int 24.623'648.09 1 Yr Total Return -18.86%

Total Debt 463.90 YTD Return -37.83%Preferred Stock 0.0 Adjusted BETA 1.382Minority Interest 0.0 Analyst Recs 16Cash and Equivalents 112.10 Consensus Rating 4.188Enterprise Value 4'155.90

Average Volume 5 Day 16'294'630AWC AT EQUITY YTD Change - Average Volume 30 Day 20'229'520AWC AT EQUITY YTD % CHANGE - Average Volume 3 Month 17'507'620


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -0.0 0.0 0.0 0.0 0.0 - - 1'003.8 1'002.7 - -

- - - - - - - 4.11x 4.08x - -(8.0) (11.6) (16.3) (14.7) - - - 148.8 199.3 - -

- - - - - - - 27.93x 20.86x - -385.1 366.0 143.1 (20.6) 34.6 - - 185.4 253.1 - -14.47x 16.68x 10.78x - 181.23x - - 20.70x 15.96x - -

EBITDA - Long-Term Rating Date 18.04.2011EBIT -14.70 Long-Term Rating BBBOperating Margin - Long-Term Outlook STABLEPretax Margin - Short-Term Rating Date 21.11.2001Return on Assets 0.98% Short-Term Rating NRReturn on Common Equity 1.15%Return on Capital 1.85% EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 15.1%Net Income Margin - Total Debt/Capital 13.1%

Asset Turnover 0.00Current Ratio 0.56 Net Fixed Asset Turnover 0.00Quick Ratio 0.50 Accounts receivable turnover-days -Debt to Assets 13.10% Inventory Days -Tot Debt to Common Equity 15.10% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Alumina LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a EXCH 130'606'616 5.35 - 22.09.2010 Investment AdvisorCOOPER INVESTORS PTY n/a EXCH 127'237'415 5.21 - 19.08.2010 n/aWELLINGTON MANAGEMEN n/a EXCH 111'400'552 4.57 (11'765'729) 23.02.2010 Investment AdvisorNWQ INVESTMENT MANAG n/a Co File 102'017'042 4.18 - 23.02.2009 Investment AdvisorMAPLE-BROWN ABBOTT L n/a Co File 73'439'925 3.01 - 23.02.2009 Investment AdvisorFRANKLIN RESOURCES I n/a 13G 33'195'405 1.36 - 31.12.2009 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 23'304'780 0.96 - 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 20'277'185 0.83 100'466 31.12.2010 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 17'493'948 0.72 (3'054'391) 29.10.2010 Investment AdvisorJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 14'433'823 0.59 (1'547'922) 31.12.2009 Mutual Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 14'323'000 0.59 - 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 12'614'290 0.52 534'132 31.12.2010 Mutual Fund ManagerCHINA INTERNATIONAL Multiple Portfolios MF-AGG 10'000'000 0.41 10'000'000 30.06.2010 Investment AdvisorNORTHERN TRUST CORPO Multiple Portfolios MF-AGG 8'668'040 0.36 4'839'862 31.12.2010 Investment AdvisorPHILLIPS HAGER & NOR Multiple Portfolios MF-AGG 8'519'213 0.35 (7'064'100) 30.11.2010 Investment AdvisorMASON STREET ADVISOR Multiple Portfolios MF-AGG 7'791'350 0.32 - 30.06.2010 Investment AdvisorNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 6'857'126 0.28 251'797 30.11.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'983'081 0.25 - 30.06.2010 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 5'738'623 0.24 - 31.12.2010 Mutual Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'069'900 0.21 (3'230'100) 30.09.2010 Investment Advisor


Goldman Sachs & Partners Australia IAN PRESTON hold 3 M 3 Not Provided 02.02.2011HSBC DANIEL KANG neutral 3 M 3 Not Provided 24.01.2011BMO Capital Markets TONY ROBSON market perform 3 M 3 Not Provided 21.01.2011Macquarie LEE BOWERS neutral 3 M 3 12 month 18.01.2011Morgan Stanley CRAIG CAMPBELL Overwt/Attractive 5 M 3 12 month 17.01.2011Credit Suisse PAUL MCTAGGART neutral 3 D 3 Not Provided 12.01.2011Commonwealth Bank ANDREW KNUCKEY buy 5 M 3 12 month 12.01.2011RBS LYNDON FAGAN hold 3 D 3 12 month 11.01.2011Deutsche Bank PAUL-D YOUNG hold 3 M 3 12 month 11.01.2011UBS GLYN LAWCOCK buy 5 M 3 12 month 11.01.2011JPMorgan FRASER JAMIESON overweight 5 M 3 12 month 06.01.2011E.L. & C. Baillieu RAY CHANTRY accumulate 4 M 3 12 month 10.12.2010Citi CLARKE WILKINS sell 1 D 2 Not Provided 08.11.2010CLSA Asia Pacific Markets HAYDEN BAIRSTOW buy 5 M 2 Not Provided 29.10.2010Investec TIM GERRARD buy 5 U 2 12 month 20.10.2010

Holdings By:

Alumina Ltd ee


19.09.2011

Amcor Limited is an international integrated packaging company offering

packaging and related services. Amcor primarily produces a wide range ofpackaging products which include corrugated boxes, cartons, aluminum and steelcans, flexible plastic packaging, PET plastic bottles and jars, and multi-wallsacks.



Shares Out 11.08.2011 1'227.6 Short Int 4.197'966.94 1 Yr Total Return 0.91%

Total Debt 3'442.60 YTD Return 1.21%Preferred Stock 0.0 Adjusted BETA 0.711Minority Interest 60.2 Analyst Recs 12Cash and Equivalents 224.40 Consensus Rating 4.833Enterprise Value 11'245.34

Average Volume 5 Day 4'267'728AMC AT EQUITY YTD Change - Average Volume 30 Day 5'371'294AMC AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'329'774


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -9'710.5 9'234.9 9'535.4 9'849.5 12'412.3 - - 12'463.9 13'180.5 - -

0.98x 0.71x 0.73x 1.11x 0.98x - - 0.89x 0.83x - -936.3 1'052.6 1'037.8 1'132.1 1'299.2 - - 1'641.4 1'794.0 - -10.19x 6.20x 6.68x 9.64x 9.33x - - 6.85x 6.27x - -533.7 258.8 211.7 183.0 356.7 - - 650.7 749.5 - -30.49x 18.77x 19.65x 40.38x 24.74x - - 12.20x 10.59x - -

EBITDA 1'299.20 Long-Term Rating Date 18.09.2009EBIT 788.20 Long-Term Rating BBBOperating Margin 6.35% Long-Term Outlook STABLEPretax Margin 4.43% Short-Term Rating Date 18.09.2009Return on Assets 3.24% Short-Term Rating A-2Return on Common Equity 9.20%Return on Capital 7.00% EBITDA/Interest Exp. 6.20Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 3.22


Asset Turnover 1.13Current Ratio 1.09 Net Fixed Asset Turnover 2.67Quick Ratio 0.48 Accounts receivable turnover-days 42.68Debt to Assets 31.51% Inventory Days 54.15Tot Debt to Common Equity 93.34% Accounts Payable Turnover Day 62.33Accounts Receivable Turnover 8.55 Cash Conversion Cycle 34.51Inventory Turnover 6.74

Fiscal Year Ended

Amcor Ltd/AustraliaPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a EXCH 76'861'369 6.27 15'460'551 14.12.2010 Investment AdvisorBLACKROCK INVESTMENT n/a Co File 73'027'792 5.96 - 11.08.2010 Investment AdvisorIOOF HOLDINGS LTD n/a EXCH 62'954'089 5.14 - 07.12.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 61'999'603 5.06 (11'998'722) 22.11.2010 BankHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 20'596'100 1.68 15'538'900 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 13'535'441 1.1 607'426 31.12.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 12'624'000 1.03 (1'775'000) 30.06.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 12'384'399 1.01 - 04.02.2011 Investment AdvisorMONDRIAN INVESTMENT n/a EXCH 8'565'659 0.7 (59'508'128) 26.10.2010 Hedge Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6'215'634 0.51 255'535 31.12.2010 Mutual Fund ManagerPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 5'213'159 0.43 81'249 15.04.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 4'712'534 0.38 171'470 31.12.2010 Mutual Fund ManagerDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 4'261'994 0.35 (403'383) 31.12.2010 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 2'924'762 0.24 734'833 31.08.2010 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'299'261 0.19 - 31.12.2010 Mutual Fund ManagerAMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'801'900 0.15 (978'000) 30.09.2010 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 1'799'090 0.15 24'711 30.12.2010 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'748'920 0.14 102'000 30.09.2010 Investment AdvisorRBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'693'500 0.14 - 31.08.2010 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'643'687 0.13 - 04.02.2011 Investment Advisor


Macquarie JOHN PURTELL outperform 5 M 7 12 month 07.02.2011Deutsche Bank MARK WILSON buy 5 M 8 12 month 04.02.2011Nomura RICHARD J JOHNSON neutral 3 D 7 Not Provided 02.02.2011CLSA Asia Pacific Markets SCOTT HUDSON buy 5 M 8 Not Provided 02.02.2011Citi ANDREW BOWLEY buy 5 U 8 Not Provided 13.01.2011Credit Suisse ROHAN GALLAGHER neutral 3 M 7 Not Provided 22.10.2010JPMorgan KEITH CHAU overweight 5 M 8 6 month 21.10.2010Goldman Sachs & Partners Australia ANDREW GIBSON buy 5 M 8 Not Provided 21.10.2010Commonwealth Bank MICHAEL WARD buy 5 M 8 12 month 21.10.2010UBS SAM THEODORE neutral 3 M 7 12 month 01.10.2010

Holdings By:

Amcor Ltd/Australia ee


19.09.2011

AMP Limited provides life insurance, superannuation, asset management products,

pensions, retirement planning and other diversified financial servicesthroughout Australia and New Zealand. The Company services individualcustomers, small businesses, corporations and associated superannuation funds.




Total Debt 11'136.00 YTD Return -20.08%Preferred Stock 0.0 Adjusted BETA 1.120Minority Interest 60.0 Analyst Recs 12Cash and Equivalents 3'158.00 Consensus Rating 4.500Enterprise Value 18'057.42

Average Volume 5 Day 13'886'750AMP AT EQUITY YTD Change - Average Volume 30 Day 12'867'950AMP AT EQUITY YTD % CHANGE - Average Volume 3 Month 13'796'510


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -14'011.0 10'693.0 (8'677.0) 10'742.0 7'462.0 - - 853.3 1'026.5 - -

2.00x 2.62x - 2.21x 2.54x - - 21.95x 17.72x - -- - - - - - - 1'106.0 1'256.5 - -- - - - - - - 16.33x 14.37x - -

915.0 985.0 580.0 739.0 775.0 - - 898.8 1'062.4 - -21.00x 21.63x 24.52x 18.45x 14.53x - - 11.92x 10.91x - -

EBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 22.55% Long-Term Outlook -Pretax Margin 11.81% Short-Term Rating Date -Return on Assets 0.87% Short-Term Rating -Return on Common Equity 28.14%Return on Capital 9.83% EBITDA/Interest Exp. -Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 379.0%Net Income Margin 10.4% Total Debt/Capital 78.8%

Asset Turnover 0.08Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 12.48% Inventory Days -Tot Debt to Common Equity 379.03% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

AMP LtdPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a EXCH 102'739'746 4.91 (4'418'679) 07.05.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 34'510'401 1.65 - 30.09.2010 Investment AdvisorAMP LTD n/a EXCH 33'577'089 1.6 446'212 02.02.2011 Insurance CompanyCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 22'054'313 1.05 - 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 20'262'786 0.97 - 03.02.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 20'182'238 0.96 (66'859) 04.02.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 19'841'299 0.95 (1'057'031) 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16'650'150 0.79 231'412 31.12.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 10'768'000 0.51 437'000 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 10'625'438 0.51 353'226 31.12.2010 Mutual Fund ManagerMORGAN STANLEY & CO Multiple Portfolios MF-AGG 10'088'338 0.48 (307'798) 30.09.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 7'471'538 0.36 166'779 31.12.2010 Mutual Fund ManagerNEW JERSEY DIVISION Multiple Portfolios MF-AGG 7'237'960 0.35 - 30.09.2010 Pension Fund (ERISA)FIDELITY INTERNATION Multiple Portfolios MF-AGG 5'645'868 0.27 (427'226) 30.06.2010 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 4'526'119 0.22 70'540 15.04.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 4'440'242 0.21 2'629'023 29.10.2010 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'251'762 0.16 401'789 31.10.2010 Investment AdvisorMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 2'813'578 0.13 (26'068) 31.12.2010 Mutual Fund ManagerSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 2'205'661 0.11 7'600 12.05.2010 Mutual Fund ManagerSJUNDE AP FONDEN Multiple Portfolios MF-AGG 2'154'899 0.1 28'030 30.09.2010 Investment Advisor


RBS RICHARD COLES buy 5 U 6 12 month 03.02.2011Southern Cross LAFITANI SOTIRIOU buy 5 M 7 12 month 02.02.2011Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT hold 3 M 6 Not Provided 28.01.2011UBS JAMES COGHILL buy 5 M 6 12 month 25.01.2011Macquarie TONY JACKSON restricted #N/A N/A M #N/A N/A Not Provided 25.01.2011Credit Suisse JOHN HEAGERTY neutral 3 M 6 Not Provided 22.01.2011CLSA Asia Pacific Markets DANIEL TOOHEY outperform 5 M 6 Not Provided 17.01.2011Goldman Sachs & Partners Australia RYAN FISHER hold 3 M 6 Not Provided 07.01.2011JPMorgan SIDDHARTH PARAMESWARAN underweight 1 M 6 6 month 16.12.2010Deutsche Bank KIEREN CHIDGEY restricted #N/A N/A M #N/A N/A Not Provided 15.11.2010Citi NIGEL PITTAWAY buy 5 M 6 Not Provided 19.08.2010

Holdings By:

AMP Ltd ee


19.09.2011

Ansell Limited is a latex manufacturing company. The Company produces

industrial and service gloves, protective clothing, medical gloves and condomswith operations in Asia, North America and the United Kingdom. Ansell also isinvolved in the South Pacific Tires partnership with the Goodyear Tire andRubber Company.



Shares Out 18.08.2011 133.1 Short Int 2.461'763.60 1 Yr Total Return 0.77%

Total Debt 227.40 YTD Return 7.04%Preferred Stock 0.0 Adjusted BETA 0.693Minority Interest 13.7 Analyst Recs 11Cash and Equivalents 239.00 Consensus Rating 3.727Enterprise Value 1'765.70

Average Volume 5 Day 1'236'601ANN AT EQUITY YTD Change - Average Volume 30 Day 1'010'932ANN AT EQUITY YTD % CHANGE - Average Volume 3 Month 763'200


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -1'239.2 1'244.7 1'360.6 1'230.6 1'219.8 - - 1'262.9 1'352.0 - -

1.55x 1.13x 0.98x 1.47x 1.55x - - 1.41x 1.26x - -154.0 164.0 177.1 164.8 155.2 - - 171.4 193.2 - -12.44x 8.59x 7.54x 10.94x 12.15x - - 10.30x 9.14x - -100.0 102.6 121.4 119.4 122.7 - - 128.5 144.5 - -18.05x 12.53x 9.83x 14.65x 15.32x - - 13.55x 11.86x - -

EBITDA 155.20 Long-Term Rating Date 09.11.2007EBIT 134.00 Long-Term Rating BBB-Operating Margin 10.99% Long-Term Outlook STABLEPretax Margin 11.04% Short-Term Rating Date 08.02.2005Return on Assets 9.76% Short-Term Rating NRReturn on Common Equity 18.67%Return on Capital 14.60% EBITDA/Interest Exp. 14.37Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 10.24

Net Debt/EBITDA -0.07Gross Margin 38.9% Total Debt/EBITDA 1.47EBITDA Margin 12.7%EBIT Margin 11.0% Total Debt/Equity 34.3%Net Income Margin 10.1% Total Debt/Capital 25.1%


Fiscal Year Ended

Ansell LtdPrice/Volume

Valuation Analysis

802'002.00Current Price (9/dd/yy) Market Data

Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePRUDENTIAL PLC Multiple Portfolios MF-AGG 21'800'000 16.38 450'000 30.09.2010 Investment AdvisorPERPETUAL LTD #N/A N/A EXCH 14'197'819 10.67 (1'421'661) 04.02.2011 Investment AdvisorBLACKROCK GROUP n/a Co File 9'203'625 6.92 - 31.07.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 7'956'073 5.98 1'323'168 03.08.2010 BankMAPLE-BROWN ABBOTT L n/a EXCH 6'563'295 4.93 (1'326'033) 14.05.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 3'950'000 2.97 (500'000) 30.06.2010 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3'800'000 2.86 (150'000) 30.09.2010 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 3'598'100 2.7 3'217'045 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'380'435 1.04 (158'783) 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'027'921 0.77 (41'523) 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 685'344 0.51 23'414 31.12.2010 Mutual Fund ManagerAXA ROSENBERG INTL Multiple Portfolios MF-AGG 590'500 0.44 2'600 30.09.2010 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 465'414 0.35 - 30.11.2010 Investment AdvisorLFP Multiple Portfolios MF-AGG 337'800 0.25 337'800 29.10.2010 Mutual Fund ManagerTRANSAMERICA INVESTM Multiple Portfolios MF-AGG 285'561 0.21 (39'613) 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 186'472 0.14 - 31.12.2010 Investment AdvisorJILLA RUSTOM F n/a Co File 182'476 0.14 - 30.06.2010 n/aGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 178'803 0.13 (7'108) 31.10.2010 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 170'670 0.13 - 31.10.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 126'762 0.1 (18'486) 30.09.2010 Investment Advisor


Morgan Stanley JAMES RUTLEDGE Overwt/Cautious 5 M 13 12 month 07.02.2011JPMorgan STEVEN D WHEEN overweight 5 N 15 12 month 03.02.2011Macquarie CRAIG COLLIE outperform 5 M 15 12 month 27.01.2011Deutsche Bank DAVID A LOW buy 5 M 15 12 month 25.01.2011Goldman Sachs & Partners Australia IAN ABBOTT hold 3 M 14 Not Provided 21.01.2011Citi ALEXANDER SMITH hold 3 M 14 Not Provided 20.01.2011RBS DEREK JELLINEK hold 3 M 13 12 month 19.01.2011UBS ANDREW GOODSALL sell 1 M 12 12 month 03.11.2010Austock Securities CRAIG STRANGER hold 3 M 14 Not Provided 24.08.2010Southern Cross STUART ROBERTS buy 5 M 15 12 month 23.08.2010Moelis & Company TODD W GUYOT sell 1 N 9 14 month 14.05.2009

Holdings By:

Ansell Ltd ee


19.09.2011

APA Group has interests in a portfolio of high-pressure gas transmission

pipelines in Australia covering four states and two territories which transportnatural gas.





Average Volume 5 Day 1'795'361APA AT EQUITY YTD Change - Average Volume 30 Day 2'045'087APA AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'869'278


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -507.4 848.9 908.0 953.0 1'049.5 - - 984.5 1'033.2 - -9.16x 4.98x 4.65x 5.11x 5.12x - - 5.69x 5.47x - -

295.1 398.4 437.1 428.7 432.6 - - 532.8 565.5 - -15.75x 10.61x 9.66x 11.35x 12.43x - - 10.08x 9.50x - -

50.3 67.2 78.8 100.4 108.5 - - 123.3 138.8 - -28.00x 17.52x 16.98x 18.56x 20.66x - - 20.93x 19.15x - -

EBITDA 432.65 Long-Term Rating Date -EBIT 332.30 Long-Term Rating -Operating Margin 31.66% Long-Term Outlook -Pretax Margin 13.79% Short-Term Rating Date -Return on Assets 2.08% Short-Term Rating -Return on Common Equity 7.09%Return on Capital 6.69% EBITDA/Interest Exp. 1.71Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. 0.80

Net Debt/EBITDA 6.46Gross Margin - Total Debt/EBITDA 6.68EBITDA Margin 41.2%EBIT Margin 31.7% Total Debt/Equity 173.3%Net Income Margin 10.3% Total Debt/Capital 63.4%

Asset Turnover 0.20Current Ratio 0.22 Net Fixed Asset Turnover 0.29Quick Ratio 0.18 Accounts receivable turnover-days 36.89Debt to Assets 53.25% Inventory Days -Tot Debt to Common Equity 173.33% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.90 Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

APA GroupPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePETRONAS AUSTRALIA P n/a Co File 93'317'200 16.91 - 01.09.2010 Holding CompanyBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'000'000 1.63 1'000'000 30.11.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'352'993 0.43 195'215 31.12.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'318'006 0.24 - 04.02.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'239'867 0.22 28'866 31.12.2010 Mutual Fund ManagerMORGAN STANLEY & CO Multiple Portfolios MF-AGG 665'200 0.12 - 30.09.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 502'441 0.09 26'284 31.12.2010 Investment AdvisorBLEASEL LEONARD FRAN n/a EXCH 367'795 0.07 8'024 15.09.2010 n/aFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 336'171 0.06 - 30.11.2010 Investment AdvisorSKANDIA INVESTMENT M Multiple Portfolios MF-AGG 217'941 0.04 (339'234) 30.11.2010 Mutual Fund ManagerUS BANCORP Multiple Portfolios MF-AGG 193'000 0.03 8'499 30.09.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 191'706 0.03 - 29.10.2010 Investment AdvisorELLIOTT & PAGE LIMIT Multiple Portfolios MF-AGG 184'776 0.03 9'076 31.12.2010 Mutual Fund ManagerTHOMPSON SIEGEL & WA Multiple Portfolios MF-AGG 180'000 0.03 - 30.09.2010 Investment AdvisorMCCORMACK MICHAEL JO n/a EXCH 163'778 0.03 5'000 05.11.2010 n/aUBS AG Multiple Portfolios MF-AGG 154'000 0.03 - 12.07.2010 Investment AdvisorSMARTSHARES LIMITED Multiple Portfolios MF-AGG 149'372 0.03 149'372 31.03.2010 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 148'771 0.03 7'855 30.06.2010 Insurance CompanyJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 114'250 0.02 62'310 31.12.2009 Mutual Fund ManagerCRANE STEVEN n/a EXCH 100'000 0.02 - 01.01.2011 n/a


Credit Suisse SANDRA MCCULLAGH neutral 3 M 4 Not Provided 04.02.2011JPMorgan JASON HARLEY STEED neutral 3 M 4 12 month 04.02.2011Citi MARIE MIYASHIRO buy 5 M 4 Not Provided 03.02.2011Morgan Stanley MARK BLACKWELL Overwt/In-Line 5 M 4 12 month 31.01.2011Wilson HTM Investment Group NATHAN LEAD buy 5 M 4 Not Provided 28.01.2011Deutsche Bank JOHN HIRJEE buy 5 M 4 12 month 19.01.2011Macquarie IAN MYLES neutral 3 M 3 12 month 19.01.2011RBS JASON MABEE hold 3 D 4 12 month 12.01.2011Commonwealth Bank PAUL JOHNSTON hold 3 M 4 12 month 30.12.2010Goldman Sachs & Partners Australia AIDEN BRADLEY hold 3 M 4 Not Provided 21.12.2010E.L. & C. Baillieu IVOR RIES hold 3 M 4 12 month 30.11.2010UBS DAVID LEITCH neutral 3 M 4 12 month 08.10.2010

Holdings By:

APA Group ee


19.09.2011

Aquarius Platinum Limited is a platinum group metals producer Africa. Through

its wholly owned subsidiary Aquarius Platinum South Africa, the Company operatesthe Kroondal and Marikana mines and also has a fifty percent stake in the MimosaPlatinum Mine in Zimbabwe.





Average Volume 5 Day 1'203'339AQP AT EQUITY YTD Change - Average Volume 30 Day 1'297'417AQP AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'353'545


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 12/yy 09/yy 06/12 Y 06/13 Y 09/11 Q1 12/11 Q2690.0 890.9 298.9 457.9 643.4 0.0 442.6 864.9 956.6 194.0 207.03.67x 4.79x 5.19x 4.77x 3.62x #DIV/0! 5.41x 1.72x 1.42x - -

419.7 569.6 (2.6) 134.3 - 0.0 0.0 328.0 380.4 57.1 64.36.04x 7.49x - 16.26x - 0.00x 0.00x 4.78x 4.12x 5.80x 5.18x

187.2 236.5 (45.7) 27.8 (10.4) 0.0 81.8 170.2 205.1 26.7 31.913.98x 18.48x - 82.17x - 0.00x 0.00x 9.51x 7.63x 9.75x 8.84x

EBITDA - Long-Term Rating Date -EBIT 122.66 Long-Term Rating -Operating Margin 19.06% Long-Term Outlook -Pretax Margin 3.95% Short-Term Rating Date -Return on Assets -0.73% Short-Term Rating -Return on Common Equity -1.23%Return on Capital -1.83% EBITDA/Interest Exp. -Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin 21.1% Total Debt/EBITDA -EBITDA Margin -EBIT Margin 19.1% Total Debt/Equity 34.3%Net Income Margin -1.6% Total Debt/Capital 25.6%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Aquarius Platinum LtdPrice/Volume

Valuation Analysis


'

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSAVANNAH CONSORTIUM n/a Co File 63'254'371 13.65 - 01.09.2010 n/aBLACKROCK INVESTMENT n/a EXCH 36'698'628 7.92 - 16.04.2010 Investment AdvisorBLACKROCK INV MGMT A n/a EXCH 31'407'066 6.78 (5'291'562) 20.07.2010 n/aFIDELITY MANAGEMENT n/a EXCH 23'539'823 5.08 - 25.01.2011 Investment AdvisorAEGON UK PLC n/a EXCH 20'110'593 4.34 - 30.03.2010 n/aBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 11'717'042 2.53 (72'106) 29.10.2010 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 11'370'332 2.45 367'687 30.09.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 9'347'190 2.02 (1'126'904) 30.06.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 8'820'399 1.9 268'826 30.06.2010 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 5'347'018 1.15 - 31.10.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'947'595 1.07 14'000 31.12.2010 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 4'282'474 0.92 - 30.09.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 4'056'200 0.88 440'500 31.12.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'877'927 0.84 (37'253) 30.06.2010 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'419'402 0.74 105'890 31.10.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'811'791 0.61 (261'372) 31.12.2010 Mutual Fund ManagerSKAGEN FUNDS Multiple Portfolios MF-AGG 2'595'119 0.56 - 31.12.2010 Investment AdvisorARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 2'487'346 0.54 208'820 31.10.2010 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'235'000 0.48 - 30.11.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'974'418 0.43 5'203 31.12.2010 Mutual Fund Manager


Evolution Securities LOUISE COLLINGE neutral 3 M 5 12 month 07.02.2011Seymour Pierce ASA BRIDLE add 4 M 7 12 month 07.02.2011Arbuthnot Securities CHARLES GIBSON neutral 3 M #N/A N/A Not Provided 07.02.2011RBC Capital Markets LEON ESTERHUIZEN outperform 5 M 8 12 month 06.02.2011Goldman Sachs & Partners Australia IAN PRESTON buy 5 M 8 Not Provided 02.02.2011Investec WILLIAM BLACK hold 3 M 6 Not Provided 31.01.2011BMO Capital Markets EDWARD STERCK outperform 5 M 6 Not Provided 28.01.2011Deutsche Bank PAUL-D YOUNG buy 5 M 7 12 month 27.01.2011Canaccord Genuity Corp TYLER BRODA hold 3 M 6 12 month 27.01.2011Macquarie JUSTIN FRONEMAN outperform 5 M 7 12 month 18.01.2011Panmure Gordon & Co Limited ALISON TURNER sell 1 M 4 12 month 14.01.2011Renaissance Capital EMMA TOWNSHEND buy 5 M 8 Not Provided 11.01.2011MF Global Equities Research ANDREW GARDNER buy 5 U #N/A N/A Not Provided 09.11.2010E.L. & C. Baillieu RAY CHANTRY hold 3 M 7 Not Provided 27.10.2010Citi CRAIG SAINSBURY buy 5 M 7 Not Provided 12.10.2010GMP MARK SMITH hold 3 M 6 Not Provided 20.11.2009Mirabaud Securities ALEX WOOD overweight 5 M 6 12 month 23.04.2009

Holdings By:

Aquarius Platinum Ltd ee


19.09.2011

Aristocrat Leisure Limited manufactures and sells gaming machines in Australia

and internationally. The Company also supplies gaming systems, software, tablegaming equipment and other gaming related products and services to casinos,clubs and hotels.




Total Debt 305.66 YTD Return -32.66%Preferred Stock 0.0 Adjusted BETA 0.735Minority Interest (2.0) Analyst Recs 10Cash and Equivalents 24.46 Consensus Rating 4.000Enterprise Value 1'348.55

Average Volume 5 Day 3'221'349ALL AT EQUITY YTD Change - Average Volume 30 Day 2'869'417ALL AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'707'029


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -1'074.5 1'122.0 1'079.9 908.6 680.5 - - 671.8 804.9 - -

6.95x 4.72x 1.98x 2.43x 2.76x - - 1.92x 1.58x - -394.5 374.8 267.1 (144.7) 140.2 - - 137.4 194.2 - -18.92x 14.14x 8.02x - 13.38x - - 9.81x 6.94x - -239.0 247.2 101.2 (157.8) 77.2 - - 58.6 96.0 - -31.05x 21.23x 17.64x - 20.62x - - 18.00x 11.25x - -

EBITDA 140.18 Long-Term Rating Date 28.03.2011EBIT 103.27 Long-Term Rating NROperating Margin 15.18% Long-Term Outlook -Pretax Margin 14.87% Short-Term Rating Date -Return on Assets 10.18% Short-Term Rating -Return on Common Equity 44.79%Return on Capital 23.00% EBITDA/Interest Exp. 8.85Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 6.45



Fiscal Year Ended

Aristocrat Leisure LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 65'031'253 12.18 5'417'672 01.12.2010 BankLAZARD ASSET MANAGEM n/a EXCH 40'872'775 7.65 (6'640'491) 02.12.2010 Investment AdvisorMAPLE-BROWN ABBOTT L n/a Co File 40'126'516 7.51 - 23.02.2010 Investment AdvisorIOOF HOLDINGS LTD n/a EXCH 33'326'255 6.24 5'797'508 17.12.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 32'824'612 6.15 - 14.04.2010 BankCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 18'658'761 3.49 - 30.09.2010 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 6'350'000 1.19 - 30.09.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 3'404'905 0.64 1'500'000 29.10.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2'969'713 0.56 (70'851) 31.12.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 2'566'228 0.48 - 31.10.2009 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'215'704 0.41 5'335 31.12.2010 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'050'221 0.2 (7'514'948) 31.12.2010 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 652'229 0.12 - 30.09.2010 Investment AdvisorMIRAE ASSET INVESTME Multiple Portfolios MF-AGG 628'237 0.12 (110'533) 30.09.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 493'957 0.09 - 04.02.2011 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 451'902 0.08 (62'177) 30.11.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 372'164 0.07 - 30.09.2010 Investment AdvisorJOWETT W P n/a Co File 361'561 0.07 - 31.12.2009 n/aSTATE STREET CORP Multiple Portfolios MF-AGG 292'166 0.05 15'112 04.02.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 284'502 0.05 - 31.12.2010 Mutual Fund Manager


RBS HARRY THEODORE buy 5 M 4 12 month 01.02.2011Deutsche Bank MARK WILSON hold 3 M 3 12 month 19.01.2011Austock Securities ROHAN SUNDRAM sell 1 M 3 Not Provided 20.12.2010Credit Suisse LARRY GANDLER outperform 5 M 4 Not Provided 29.11.2010JPMorgan STUART JACKSON overweight 5 M 4 12 month 29.11.2010Macquarie ANDREW LEVY underperform 1 M 3 12 month 27.11.2010UBS SAM THEODORE buy 5 M 4 12 month 26.11.2010Citi JENNY OWEN hold 3 M 3 Not Provided 26.11.2010Goldman Sachs & Partners Australia ADAM ALEXANDER sell 1 M 3 Not Provided 26.11.2010Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M #N/A N/A Not Provided 26.08.2009

Holdings By:

Aristocrat Leisure Ltd ee


19.09.2011

Asciano Ltd owns and operates transportation infrastructure. The Company owns

and operates container terminals, bulk export facilities, stevedoring equipmentand rail assets. Asciano operates in Australia and New Zealand.





Average Volume 5 Day 16'488'980AIO AT EQUITY YTD Change - Average Volume 30 Day 19'004'060AIO AT EQUITY YTD % CHANGE - Average Volume 3 Month 17'949'960


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -- - 2'797.3 2'849.9 3'056.3 - - 3'450.9 3'796.7 - -- - 2.04x 2.71x 2.31x - - 2.06x 1.89x - -- - 634.4 1'829.2 686.9 - - 937.9 1'053.3 - -- - 8.99x 4.22x 10.29x - - 7.26x 6.46x - -- - 71.8 (788.5) 176.8 - - 297.6 356.4 - -- - 14.05x - 27.33x - - 14.62x 12.30x - -

EBITDA 686.90 Long-Term Rating Date 22.02.2010EBIT 467.80 Long-Term Rating BBB-Operating Margin 15.31% Long-Term Outlook POSPretax Margin 7.21% Short-Term Rating Date -Return on Assets 2.65% Short-Term Rating -Return on Common Equity 6.06%Return on Capital 5.35% EBITDA/Interest Exp. 2.70Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 1.11



Fiscal Year Ended

Asciano LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

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2'000.0

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3'000.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWESTPAC BANKING CORP n/a EXCH 295'779'821 10.11 29'775'862 30.11.2010 BankCOMMONWEALTH BANK OF n/a EXCH 257'013'343 8.78 30'714'720 15.12.2010 BankAUSBIL DEXIA LIMITED n/a Co File 179'209'802 6.12 - 30.06.2010 Investment AdvisorUBS AG n/a EXCH 167'864'634 5.74 (34'679'798) 26.08.2009 BankBLACKROCK INVESTMENT n/a EXCH 147'950'261 5.06 - 26.05.2010 Investment AdvisorROWSTHORN MARK n/a Co File 112'579'246 3.85 - 10.09.2010 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 28'116'999 0.96 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 23'552'314 0.8 477'460 31.12.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 20'390'537 0.7 15'544'909 29.10.2010 Investment AdvisorARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 14'987'585 0.51 - 31.10.2010 Investment AdvisorGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 7'080'999 0.24 10'730 30.09.2010 Mutual Fund ManagerMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 7'047'935 0.24 5'954'148 30.09.2010 Mutual Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 6'821'512 0.23 - 30.09.2010 Mutual Fund ManagerFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 6'281'436 0.21 - 30.11.2010 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 6'000'000 0.21 (14'000'000) 30.06.2010 Investment AdvisorMACQUARIE INFRASTRUC Multiple Portfolios MF-AGG 5'284'239 0.18 5'284'239 30.11.2009 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 4'911'701 0.17 681'875 31.12.2010 Mutual Fund ManagerJP MORGAN CHASE & CO Multiple Portfolios MF-AGG 3'431'622 0.12 - 30.11.2010 Investment AdvisorMACQUARIE CAP INVST Multiple Portfolios MF-AGG 3'272'899 0.11 1'294'466 14.06.2010 Investment AdvisorROYAL LONDON ASSET M Multiple Portfolios MF-AGG 3'240'461 0.11 3'240'461 30.11.2010 Investment Advisor


Morgan Stanley SCOTT KELLY Overwt/In-Line 5 M 2 12 month 08.02.2011Deutsche Bank CAMERON MCDONALD buy 5 M 2 12 month 07.02.2011Credit Suisse ANTHONY MOULDER underperform 1 M 2 Not Provided 07.02.2011JPMorgan SCOTT CARROLL overweight 5 M 2 12 month 07.02.2011Citi SHAVARSH BEDROSSIAN buy 5 M 2 Not Provided 07.02.2011Wilson HTM Investment Group NATHAN LEAD buy 5 M 2 Not Provided 07.02.2011Goldman Sachs & Partners Australia JONATHAN COLLETT buy 5 M 2 Not Provided 04.02.2011Commonwealth Bank MATT CROWE buy 5 M 2 12 month 28.01.2011RBS MARK WILLIAMS buy 5 M 2 12 month 21.01.2011Macquarie IAN MYLES outperform 5 M 2 12 month 12.01.2011Austock Securities ANDREW CHAMBERS hold 3 M 2 Not Provided 06.01.2011CLSA Asia Pacific Markets SCOTT RYALL sell 1 M 1 Not Provided 03.12.2010Evans & Partners Pty Ltd PAUL RYAN Positive 4 U #N/A N/A Not Provided 28.10.2010UBS SIMON MITCHELL buy 5 U 2 12 month 21.05.2010

Holdings By:

Asciano Ltd ee


19.09.2011

ASX Ltd is a demutualized company which operates Australia's primary national

stock exchange and equity derivatives market. The ASX operates markets forequities, derivatives, fixed-interest securities and capital-raising forunlisted companies using advanced computer systems for both trading andsettlement.





Average Volume 5 Day 989'636ASX AT EQUITY YTD Change - Average Volume 30 Day 978'036ASX AT EQUITY YTD % CHANGE - Average Volume 3 Month 925'695


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -538.1 598.2 529.5 582.2 611.7 - - 663.8 714.9 - -14.63x 8.39x 11.51x 7.88x 7.82x - - 5.50x 5.06x - -417.6 481.0 400.2 452.4 484.3 - - 518.1 560.9 - -18.86x 10.44x 15.23x 10.13x 9.87x - - 8.94x 8.26x - -292.9 365.9 313.6 328.1 352.3 - - 377.7 409.5 - -27.73x 14.67x 20.19x 15.32x 15.10x - - 13.74x 12.69x - -


Net Debt/EBITDA -1.14Gross Margin - Total Debt/EBITDA 5.71EBITDA Margin 79.2%EBIT Margin 75.0% Total Debt/Equity 91.6%Net Income Margin 57.6% Total Debt/Capital 47.8%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

ASX LtdPrice/Volume

Valuation Analysis


'2

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M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePERPETUAL LTD n/a EXCH 8'714'959 4.98 - 29.09.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 7'623'523 4.35 (1'364'634) 03.11.2010 BankBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'734'471 0.99 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'406'414 0.8 10'619 31.12.2010 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'009'700 0.58 504'000 30.09.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 887'692 0.51 28'609 31.12.2010 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 832'410 0.48 972 07.02.2011 Investment AdvisorKINETICS ASSET MANAG Multiple Portfolios MF-AGG 592'729 0.34 (16'300) 30.09.2010 Hedge Fund ManagerABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 560'946 0.32 (2'050) 31.12.2010 Investment AdvisorUOB GLOBAL STRATEGIE Multiple Portfolios MF-AGG 487'789 0.28 (14'300) 30.12.2010 Mutual Fund ManagerSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 227'410 0.13 - 20.07.2010 Mutual Fund ManagerWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 206'911 0.12 (128'096) 30.06.2010 Investment AdvisorWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 202'587 0.12 (40'692) 30.11.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 190'393 0.11 (9'893) 31.12.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 184'011 0.11 1'974 30.09.2010 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 171'258 0.1 - 30.09.2010 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 167'720 0.1 168 31.12.2010 Mutual Fund ManagerDAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 167'300 0.1 (19'000) 15.07.2010 Investment AdvisorBANCO FONDER AB Multiple Portfolios MF-AGG 164'089 0.09 - 31.03.2010 Investment AdvisorLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 132'346 0.08 (4'706) 30.12.2010 Investment Advisor


Deutsche Bank KIEREN CHIDGEY buy 5 M 41 12 month 03.02.2011Credit Suisse JOHN HEAGERTY neutral 3 M 40 Not Provided 03.02.2011RBS RICHARD COLES hold 3 M 40 12 month 02.02.2011Goldman Sachs & Partners Australia RYAN FISHER hold 3 M 43 Not Provided 02.02.2011Wilson HTM Investment Group ANDREW HILLS hold 3 M 40 Not Provided 27.01.2011JPMorgan RUSSELL GILL neutral 3 M 40 6 month 24.01.2011Keefe, Bruyette & Woods SAM HILTON market perform 3 M 34 12 month 13.01.2011UBS CHRIS WILLIAMS buy 5 M 45 12 month 06.12.2010Macquarie MICHAEL WIBLIN underperform 1 M 26 12 month 07.10.2010

Holdings By:

ASX Ltd ee


19.09.2011

Australia and New Zealand Banking Group Limited is an international bank with

activities in general banking, mortgage and installment lending, life insurance,leasing, hire purchase and general finance. ANZ also provides international andinvestment banking, investment and portfolio management and advisory services,nominee and custodian services, stock broking and executor and trustee services.





Average Volume 5 Day 10'036'130ANZ AT EQUITY YTD Change - Average Volume 30 Day 11'919'870ANZ AT EQUITY YTD % CHANGE - Average Volume 3 Month 10'263'950


30.09.2006 30.09.2007 30.09.2008 30.09.2009 30.09.2010 09/yy 12/yy 09/11 Y 09/12 Y 06/11 Q3 09/11 Q425'541.0 29'993.0 34'434.0 29'943.0 31'458.0 0.0 0.0 16'766.4 17'875.6 - 4'200.0

5.21x 4.81x 4.02x 4.68x 4.47x #DIV/0! #DIV/0! - - - -- - - - - 0.0 0.0 8'337.0 8'824.7 - -- - - - - 0.00x 0.00x 15.23x 14.39x - -

3'688.0 4'180.0 3'319.0 2'943.0 4'501.0 0.0 (693.0) 5'640.3 6'048.3 - 1'400.013.43x 13.25x 11.00x 18.62x 13.24x 0.00x 0.00x 9.14x 8.76x - -

EBITDA - Long-Term Rating Date 22.02.2007EBIT - Long-Term Rating AAOperating Margin 40.93% Long-Term Outlook STABLEPretax Margin 41.99% Short-Term Rating Date 11.09.1996Return on Assets 0.89% Short-Term Rating A-1+Return on Common Equity 13.88%Return on Capital 3.21% EBITDA/Interest Exp. -Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -


Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 14.91Quick Ratio - Accounts receivable turnover-days -Debt to Assets 19.92% Inventory Days -Tot Debt to Common Equity 318.93% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Australia & New Zealand Banking Group LtdPrice/Volume

Valuation Analysis


'

2

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a EXCH 129'848'905 5 3'107'419 05.05.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 70'376'502 2.71 (65'984'490) 11.11.2010 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 29'775'408 1.15 369'066 31.12.2010 Investment AdvisorAUSTRALIA & NEW ZEAL n/a EXCH 28'895'288 1.11 179'231 03.02.2011 BankCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 27'298'205 1.05 (10'511'740) 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 25'019'317 0.96 - 04.02.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 16'085'993 0.62 736'472 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 13'192'316 0.51 589'581 31.12.2010 Mutual Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 7'010'000 0.27 625'000 30.06.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 6'191'486 0.24 290'300 31.12.2010 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'091'310 0.16 45'217 30.09.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 3'764'451 0.15 466'224 30.06.2010 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 3'367'455 0.13 - 15.04.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'349'642 0.13 (15'607) 31.12.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 3'024'572 0.12 1'959'553 29.10.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 2'580'986 0.1 34'010 30.09.2010 Investment AdvisorAXA Multiple Portfolios MF-AGG 2'108'500 0.08 22'400 30.04.2010 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 2'065'500 0.08 2'065'500 30.06.2010 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 1'926'485 0.07 (95'969) 30.12.2010 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 1'881'800 0.07 (33'600) 31.12.2010 Investment Advisor


JPMorgan SCOTT MANNING overweight 5 M 28 12 month 02.02.2011Goldman Sachs & Partners Australia BENJAMIN KOO buy 5 M 30 Not Provided 01.02.2011Nomura VICTOR GERMAN reduce 2 M 22 Not Provided 01.02.2011Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT buy 5 M 26 Not Provided 27.01.2011RBS ANDREW LYONS buy 5 M 26 12 month 19.01.2011Macquarie CRAIG TURTON underperform 1 M 23 12 month 19.01.2011Credit Suisse JARROD MARTIN outperform 5 M 29 Not Provided 11.01.2011Keefe, Bruyette & Woods BILL STACEY outperform 5 M 28 12 month 14.12.2010BBY Limited BRETT LE MESURIER hold 3 D 25 12 month 13.12.2010Southern Cross TS LIM buy 5 M 27 12 month 07.12.2010Citi CRAIG WILLIAMS hold 3 D 25 Not Provided 03.12.2010CLSA Asia Pacific Markets BRIAN D JOHNSON underperform 1 M 23 Not Provided 25.11.2010Deutsche Bank JAMES FREEMAN buy 5 M 27 12 month 29.10.2010Commonwealth Bank BEN ZUCKER buy 5 M 26 12 month 29.10.2010Morgan Stanley RICHARD E WILES Equalwt/Cautious 3 M 25 12 month 28.10.2010UBS JONATHAN MOTT buy 5 M 26 12 month 21.06.2010Shaw Stockbroking TIM BUCKLEY hold 3 M #N/A N/A Not Provided 05.03.2010

Holdings By:

Australia & New Zealand Banking Group Ltd ee


19.09.2011

AXA Asia Pacific Holdings Limited provides life, health and other insurance

services, superannuation, savings, funds management and investment products tocustomers in Australia, New Zealand and Asia. The Company also provideswholesale funds management products and services to third parties.

Latest Fiscal Year: 12/2010LTM as of: 01/yy52-Week High (#N/A Field Not Applicable) -52-Week Low (#N/A Field Not Applicable) -Daily Volume

-52-Week High % Change - Dividend Yield 2.9352-Week Low % Change - Beta -% 52 Week Price Range High/Low - Equity Float 2'066.68

Shares Out 09.06.2011 2'067.1 Short Int -- 1 Yr Total Return -

Total Debt 1'130.00 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 4.0 Analyst Recs 4Cash and Equivalents 1'816.00 Consensus Rating 3.000Enterprise Value 12'588.75

Average Volume 5 Day -AXA AT EQUITY YTD Change - Average Volume 30 Day -AXA AT EQUITY YTD % CHANGE - Average Volume 3 Month -


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -6'210.0 5'550.0 (2'873.0) 6'105.0 5'314.0 - - 687.6 773.6 - -

1.97x 2.09x - 1.87x 2.32x - - - - - -- - - - - - - 999.0 1'152.0 - -- - - - - - - 12.60x 10.93x - -

668.0 639.0 (279.0) 679.0 602.0 - - 665.1 745.9 - -19.02x 19.91x - 18.80x 21.62x - - - - - -




Fiscal Year Ended

AXA Asia Pacific Holdings LtdPrice/Volume

Valuation Analysis

0.00Current Price (9/dd/yy) Market Data

Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0

1

2

3

4

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAMP LTD n/a EXCH 1'133'819'361 54.85 (1'739'799) 29.11.2010 Insurance CompanyUBS AG n/a EXCH 105'514'045 5.1 - 31.01.2011 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 19'053'691 0.92 (5'302'961) 14.09.2010 BankMATTHEWS INTERNATION Multiple Portfolios MF-AGG 10'642'742 0.51 1'924'888 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 10'017'256 0.48 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8'975'067 0.43 107'438 31.12.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 8'124'000 0.39 - 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4'908'192 0.24 212'855 31.12.2010 Mutual Fund ManagerWATER ISLAND CAPITAL Multiple Portfolios MF-AGG 4'436'148 0.21 - 30.06.2010 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 2'694'462 0.13 (54'675) 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'289'682 0.11 (155'882) 31.12.2010 Mutual Fund ManagerGUARDIAN CAPITAL INC Multiple Portfolios MF-AGG 1'430'143 0.07 120'193 30.09.2010 Mutual Fund ManagerSJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'087'383 0.05 32'221 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 853'386 0.04 1'485 31.12.2010 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 770'164 0.04 (211) 30.04.2010 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 766'800 0.04 766'800 30.09.2010 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 628'449 0.03 194 27.01.2011 Mutual Fund ManagerHENDERSON INVESTORS Multiple Portfolios MF-AGG 593'877 0.03 - 31.07.2010 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 382'399 0.02 - 31.10.2010 Investment AdvisorKBC FUND MANAGERS Multiple Portfolios MF-AGG 363'119 0.02 8'318 31.12.2010 Investment Advisor


Macquarie TONY JACKSON restricted #N/A N/A M #N/A N/A Not Provided 27.01.2011Citi NIGEL PITTAWAY hold 3 M 6 Not Provided 25.01.2011Credit Suisse JOHN HEAGERTY neutral 3 M 6 Not Provided 21.01.2011Goldman Sachs & Partners Australia RYAN FISHER hold 3 M 6 Not Provided 07.01.2011JPMorgan SIDDHARTH PARAMESWARAN neutral 3 M 6 6 month 16.12.2010RBS RICHARD COLES hold 3 M 6 12 month 15.11.2010Deutsche Bank KIEREN CHIDGEY restricted #N/A N/A M #N/A N/A Not Provided 15.11.2010Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT hold 3 M 6 Not Provided 21.10.2010DZ Bank AG WERNER EISENMANN buy 5 M #N/A N/A Not Provided 09.09.2010UBS ROSS CURRAN restricted #N/A N/A M #N/A N/A Not Provided 09.11.2009

Holdings By:

AXA Asia Pacific Holdings Ltd ee


19.09.2011

Bank of Queensland Limited is a full service financial institution. The Bank

operates retail branches, business banking centers, and equipment financecenters throughout Australia and New Zealand. Bank of Queensland also operatesan automated teller machine (ATM) network throughout Australia.





Average Volume 5 Day 707'788BOQ AT EQUITY YTD Change - Average Volume 30 Day 897'450BOQ AT EQUITY YTD % CHANGE - Average Volume 3 Month 919'655


31.08.2006 31.08.2007 31.08.2008 31.08.2009 31.08.2010 01/yy 01/yy 08/11 Y 08/12 Y - -1'138.1 1'450.6 2'178.5 2'182.6 2'389.7 - - 788.8 849.4 - -

5.48x 5.31x 3.47x 2.99x 2.81x - - 51.49x 51.76x - -- - - - - - - 308.7 408.0 - -- - - - - - - 26.70x 20.20x - -

92.7 129.8 138.7 141.1 179.6 - - 174.0 245.9 - -17.34x 15.86x 16.80x 15.35x 12.20x - - 9.22x 6.65x - -

EBITDA - Long-Term Rating Date 07.04.2005EBIT - Long-Term Rating BBB+Operating Margin 37.84% Long-Term Outlook NEGPretax Margin 36.27% Short-Term Rating Date 14.01.1994Return on Assets 0.47% Short-Term Rating A-2Return on Common Equity 8.33%Return on Capital 1.89% EBITDA/Interest Exp. -Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Bank of Queensland LtdPrice/Volume

Valuation Analysis


'

.

1

3

5

-'

-.

-1

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!2 7

-!' 7

-!2 7

.!' 7

.!2 7

0!' 7

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

0-!'5!.''4 .6!'.!.''5 0-!'5!.''5 .5!'.!.''6 0-!'5!.''6 .5!'.!.'-' 0-!'5!.'-'



19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBRED BANQUE POPULAIR n/a Co File 27'315'821 12.3 - 24.09.2010 n/aFOX PETER n/a EXCH 1'775'499 0.8 - 25.11.2009 n/aLIDDY DAVID PAUL n/a EXCH 1'179'053 0.53 87'536 21.01.2011 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'139'504 0.51 107'167 31.12.2010 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 508'181 0.23 12'206 31.12.2010 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 266'304 0.12 (217'652) 30.09.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 212'552 0.1 4'466 31.12.2010 Mutual Fund ManagerIO UNIVERSAL FUND Multiple Portfolios MF-AGG 194'900 0.09 - 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 176'040 0.08 - 31.12.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 136'556 0.06 204 04.02.2011 Investment AdvisorEMERGING LEADERS INV n/a EXCH 135'400 0.06 - 30.06.2009 UnclassifiedLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 102'361 0.05 (11) 30.04.2010 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 96'214 0.04 44'119 29.10.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 94'365 0.04 - 04.02.2011 Investment AdvisorSKANDIA INVESTMENT M Multiple Portfolios MF-AGG 92'484 0.04 92'484 30.11.2010 Mutual Fund ManagerSMARTSHARES LIMITED Multiple Portfolios MF-AGG 75'351 0.03 2'238 31.03.2010 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 69'239 0.03 78 30.06.2010 Investment AdvisorWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 57'072 0.03 - 30.11.2010 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 49'809 0.02 (5'594) 29.10.2010 Investment AdvisorHOWARTH ANTHONY JOHN n/a EXCH 48'714 0.02 - 26.07.2010 n/a


JPMorgan SCOTT MANNING neutral 3 M 11 12 month 02.02.2011Southern Cross TS LIM accumulate 4 U 10 12 month 02.02.2011Goldman Sachs & Partners Australia BENJAMIN KOO hold 3 M 12 Not Provided 01.02.2011BBY Limited BRETT LE MESURIER underperform 1 N 9 12 month 28.01.2011RBS JOHN BUONACCORSI buy 5 U 12 12 month 24.01.2011Nomura VICTOR GERMAN neutral 3 M 11 Not Provided 24.01.2011Deutsche Bank JAMES FREEMAN hold 3 M 11 12 month 20.01.2011Citi WES NASON hold 3 U 11 Not Provided 20.01.2011Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT outperform 5 M 11 Not Provided 17.01.2011Morgan Stanley DAVID SHI Underwt/Cautious 1 M 10 12 month 12.01.2011Credit Suisse JAMES ELLIS neutral 3 M 13 Not Provided 13.12.2010Macquarie MICHAEL WIBLIN neutral 3 M 13 12 month 09.12.2010Commonwealth Bank BEN ZUCKER hold 3 M 11 12 month 08.12.2010UBS JONATHAN MOTT neutral 3 M 11 12 month 14.10.2010

Holdings By:

Bank of Queensland Ltd ee


19.09.2011

Bendigo and Adelaide Bank Limited offers a variety of banking and other

financial services, including first mortgage housing finance, retail andbusiness banking, commercial finance, funds management, treasury and foreignexchange services, superannuation and trustee services. Bendigo also offersinternet banking.





Average Volume 5 Day 1'249'529BEN AT EQUITY YTD Change - Average Volume 30 Day 1'204'604BEN AT EQUITY YTD % CHANGE - Average Volume 3 Month 966'898


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -1'241.8 2'909.1 3'352.7 3'014.4 3'678.8 - - 1'266.0 1'347.7 - -

1.97x 4.78x 3.59x 4.02x 3.27x - - - - - -- - - - - - - 520.0 562.3 - -- - - - - - - 22.60x 20.90x - -

121.8 198.3 83.8 242.6 342.1 - - 344.6 374.2 - -18.56x 12.46x 27.15x 12.14x 9.68x - - 8.99x 8.46x - -

EBITDA - Long-Term Rating Date 14.02.2005EBIT - Long-Term Rating BBB+Operating Margin 32.92% Long-Term Outlook POSPretax Margin 34.43% Short-Term Rating Date 29.05.2002Return on Assets 0.62% Short-Term Rating A-2Return on Common Equity 9.11%Return on Capital 2.57% EBITDA/Interest Exp. -Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -



Fiscal Year Ended

Bendigo and Adelaide Bank LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7

!2 7

-!' 7

-!2 7

.!' 7

.!2 7

0!' 7

0!2 7

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'3!'4!.''4 '3!'-!.''5 '3!'4!.''5 '3!'-!.''6 '3!'4!.''6 '3!'-!.'-' '3!'4!.'-' '3!'-!.'--



19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'462'518 0.97 - 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2'885'916 0.81 82'070 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'800'972 0.5 63'387 31.12.2010 Mutual Fund ManagerADELAIDE RESOURCE MG n/a EXCH 1'500'000 0.42 - 14.11.2010 n/aPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'248'231 0.35 20'183 31.12.2010 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 781'900 0.22 781'900 30.09.2010 Investment AdvisorWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 665'069 0.19 91 30.11.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 360'256 0.1 (7'282) 31.12.2010 Mutual Fund ManagerHORAN JOHN PATRICK n/a EXCH 347'077 0.1 - 14.11.2010 n/aSJUNDE AP FONDEN Multiple Portfolios MF-AGG 325'119 0.09 (16'405) 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 297'981 0.08 941 31.12.2010 Investment AdvisorRUSSELL INVESTMENT M Multiple Portfolios MF-AGG 273'005 0.08 - 30.01.2011 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 257'912 0.07 - 28.02.2010 Investment AdvisorJOHANSON ROBERT NIVE n/a EXCH 238'759 0.07 5'445 30.09.2010 n/aCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 227'788 0.06 68 27.01.2011 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 212'669 0.06 300 04.02.2011 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 190'762 0.05 21'382 29.10.2010 Investment AdvisorHIRST JOHN MICHAEL n/a EXCH 188'371 0.05 3'019 11.11.2010 n/aLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 176'742 0.05 5'257 30.04.2010 Investment AdvisorLEGG MASON GLOBAL FU Multiple Portfolios MF-AGG 157'925 0.04 157'925 30.11.2010 Investment Advisor


JPMorgan SCOTT MANNING neutral 3 M 11 12 month 07.02.2011RBS JOHN BUONACCORSI hold 3 M 11 12 month 04.02.2011Goldman Sachs & Partners Australia BENJAMIN KOO hold 3 M 11 Not Provided 01.02.2011Nomura VICTOR GERMAN neutral 3 M 10 Not Provided 01.02.2011Macquarie MICHAEL WIBLIN neutral 3 M 10 12 month 12.01.2011Morgan Stanley RICHARD E WILES Underwt/Cautious 1 M 8 12 month 11.01.2011Credit Suisse JAMES ELLIS outperform 5 U 11 Not Provided 11.01.2011Citi WES NASON sell 1 D 9 Not Provided 13.12.2010Southern Cross TS LIM accumulate 4 M 10 12 month 02.12.2010Deutsche Bank JAMES FREEMAN hold 3 M 10 12 month 26.10.2010Commonwealth Bank BEN ZUCKER hold 3 M 9 12 month 26.10.2010UBS JONATHAN MOTT neutral 3 M 9 12 month 27.09.2010BBY Limited GEORGE GABRIEL buy 5 M 10 12 month 20.08.2010Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT hold 3 M 10 Not Provided 11.08.2010

Holdings By:

Bendigo and Adelaide Bank Ltd ee


19.09.2011

BHP Billiton Limited is an international resources company. The Company's

principal business lines are mineral exploration and production, including coal,iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well aspetroleum exploration, production, and refining.





Average Volume 5 Day 13'973'520BHP AT EQUITY YTD Change - Average Volume 30 Day 15'329'910BHP AT EQUITY YTD % CHANGE - Average Volume 3 Month 14'218'440


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -47'473.0 59'473.0 50'211.0 52'798.0 71'739.0 - - 78'502.1 81'705.3 - -

3.77x 4.07x 3.23x 3.42x 3.57x - - 2.52x 2.35x - -22'994.0 28'137.0 21'761.0 24'590.0 36'488.0 - - 44'071.0 45'426.0 - -

7.78x 8.60x 7.46x 7.35x 7.03x - - 4.42x 4.29x - -13'416.0 15'390.0 5'877.0 12'722.0 23'648.0 - - 25'163.1 25'358.0 - -

12.98x 15.19x 26.55x 13.95x 10.93x - - 8.25x 8.06x - -

EBITDA 36'488.00 Long-Term Rating Date 15.11.2010EBIT 31'449.00 Long-Term Rating A+Operating Margin 43.84% Long-Term Outlook STABLEPretax Margin 43.57% Short-Term Rating Date 06.02.2008Return on Assets 24.67% Short-Term Rating A-1Return on Common Equity 44.92%Return on Capital 34.79% EBITDA/Interest Exp. 72.69Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 50.48



Fiscal Year Ended

BHP Billiton LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'122'

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 72!' 7-'!' 7-2!' 7.'!' 7.2!' 70'!' 702!' 71'!' 712!' 72'!' 7

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC n/a Co File 183'990'864 5.48 - 30.06.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 33'945'061 1.01 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 28'431'321 0.85 241'918 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 17'096'646 0.51 530'419 31.12.2010 Mutual Fund ManagerCI INVESTMENTS INC Multiple Portfolios MF-AGG 15'799'650 0.47 12'250 30.06.2010 Hedge Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 14'277'000 0.43 20'000 30.06.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 11'478'340 0.34 (161'869) 31.12.2010 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 11'098'743 0.33 (14'916) 31.10.2010 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 10'477'762 0.31 - 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 8'982'935 0.27 303'404 31.12.2010 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 6'812'243 0.2 (793'143) 07.02.2011 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 6'380'000 0.19 (10'000'000) 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5'065'534 0.15 (199'692) 31.12.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 4'252'065 0.13 (183'300) 30.06.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 3'598'545 0.11 15'052 30.09.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'119'260 0.09 (75'977) 30.06.2010 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 2'481'136 0.07 759'801 15.07.2010 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'452'841 0.07 110'530 29.10.2010 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'210'507 0.07 (27'955) 31.12.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 2'150'195 0.06 940'929 29.10.2010 Investment Advisor


Daiwa Securities Capital Markets Co. DAVID BRENNAN buy 5 M 53 Not Provided 08.02.2011Deutsche Bank PAUL-D YOUNG buy 5 M 53 12 month 07.02.2011Goldman Sachs & Partners Australia NEIL GOODWILL buy 5 M 66 Not Provided 02.02.2011Commonwealth Bank ANDREW HINES buy 5 M 56 12 month 01.02.2011CLSA Asia Pacific Markets HAYDEN BAIRSTOW buy 5 U 54 Not Provided 31.01.2011HSBC ANDREW KEEN neutral 3 M 48 Not Provided 25.01.2011RBS LYNDON FAGAN buy 5 M 51 12 month 20.01.2011Morgan Stanley CRAIG CAMPBELL Overwt/Attractive 5 M 55 12 month 20.01.2011Credit Suisse PAUL MCTAGGART neutral 3 M 53 Not Provided 20.01.2011JPMorgan FRASER JAMIESON neutral 3 M 50 6 month 20.01.2011Macquarie LEE BOWERS outperform 5 M 53 12 month 18.01.2011UBS GLYN LAWCOCK buy 5 M 52 12 month 14.01.2011MF Global Equities Research ANDREW GARDNER buy 5 M #N/A N/A Not Provided 09.11.2010Investec TIM GERRARD hold 3 M 43 12 month 20.10.2010E.L. & C. Baillieu RAY CHANTRY hold 3 M 43 12 month 20.10.2010Evolution Securities CHARLES KERNOT buy 5 N 33 Not Provided 04.10.2010Southern Cross FLEUR GROSE buy 5 M 44 12 month 26.08.2010Citi CLARKE WILKINS buy 5 M 50 Not Provided 02.06.2010BMO Capital Markets TONY ROBSON outperform 5 M 42 Not Provided 23.02.2010Wise-owl.com JOSH TERLICH long-term buy 5 N #N/A N/A Not Provided 28.11.2008

Holdings By:

BHP Billiton Ltd ee


19.09.2011

Billabong International Limited manufactures and distributes surfwear and

extreme sports apparel throughout the world. Billabong designs board shirts,swimwear, T-shirts, fleece tops, jumpers, shirts, walk shorts, trousers, jeans,back packs and accessories under its brand name. The Company also sponsorsprofessional surfing, skateboarding and snowboarding events.



Shares Out 30.06.2011 254.0 Short Int 21.34769.73 1 Yr Total Return -59.69%


Average Volume 5 Day 2'711'723BBG AT EQUITY YTD Change - Average Volume 30 Day 3'370'010BBG AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'344'181


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -1'226.5 1'349.5 1'671.3 1'484.3 1'685.5 - - 1'756.4 1'873.5 - -





Fiscal Year Ended

Billabong International LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

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1!' 7

3!' 7

5!' 7

-'!' 7

-.!' 7

-1!' 7

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMERCHANT GORDON n/a Co File 33'013'703 13.02 - 17.08.2009 n/aCOMMONWEALTH BANK OF n/a EXCH 19'165'209 7.56 (4'275'601) 24.08.2010 BankMAPLE-BROWN ABBOTT L n/a EXCH 15'562'148 6.14 2'745'542 24.08.2010 Investment AdvisorINVESCO AUSTRALIA LT n/a EXCH 15'497'677 6.11 (2'545'518) 13.12.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 13'157'937 5.19 - 26.11.2010 BankFIDELITY MANAGEMENT n/a EXCH 13'136'301 5.18 - 11.01.2011 Investment AdvisorPERPETUAL INVESTMENT n/a Co File 12'122'587 4.78 - 17.08.2009 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 6'361'582 2.51 2'501'380 31.12.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 5'474'200 2.16 (10'580'787) 30.09.2010 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 4'422'271 1.74 (1'051'929) 30.09.2010 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'016'283 1.19 (30'700) 30.09.2010 Investment AdvisorPAULL COLETTE n/a Co File 2'973'289 1.17 - 30.06.2009 n/aCOLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'540'000 1 46'453 30.11.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'131'643 0.84 - 04.02.2011 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 1'844'396 0.73 (1'445'247) 15.07.2010 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 1'750'000 0.69 500'000 30.09.2010 Pension Fund (ERISA)VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'605'646 0.63 13'299 31.12.2010 Investment AdvisorO'NEILL DEREK n/a EXCH 1'362'016 0.54 180'000 25.11.2010 n/aUNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'200'000 0.47 (1'065'000) 30.09.2010 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'198'757 0.47 - 30.11.2010 Investment Advisor


Credit Suisse GRANT SALIGARI underperform 1 M 8 Not Provided 04.02.2011Nomura NICK BERRY reduce 2 M 8 Not Provided 02.02.2011RBS DANIEL BROEREN hold 3 M 8 12 month 12.01.2011JPMorgan SHAUN COUSINS underweight 1 M 8 6 month 16.12.2010Goldman Sachs & Partners Australia PHILLIP KIMBER hold 3 M 10 Not Provided 16.12.2010Deutsche Bank ALEXI BAKER-MCLENNAN buy 5 M 10 12 month 15.12.2010Morgan Stanley THOMAS KIERATH Underwt/In-Line 1 D 7 12 month 15.12.2010UBS BEN GILBERT neutral 3 M 8 12 month 15.12.2010Citi CRAIG WOOLFORD hold 3 D 8 Not Provided 15.12.2010Macquarie GREG DRING outperform 5 M 9 12 month 15.12.2010Commonwealth Bank ANDREW MCLENNAN hold 3 M 9 12 month 15.12.2010Paterson Securities RUSSELL WRIGHT hold 3 M 8 12 month 15.12.2010Evans & Partners Pty Ltd TONY WILSON negative 2 D #N/A N/A Not Provided 15.12.2010CLSA Asia Pacific Markets JAMES PATERSON outperform 5 N 14 Not Provided 28.05.2010

Holdings By:

Billabong International Ltd ee


19.09.2011

BlueScope Steel Limited is a steel solutions company operating in Australia,

New Zealand, the US and Asia that serves primarily the building andconstruction industry, and also other industrial segments. The Companymanufactures and distributes hot and cold rolled coil, plate, and coatedproducts such as pre-painted steel and zinc/aluminium alloy-coated steel.





Average Volume 5 Day 18'044'330BSL AT EQUITY YTD Change - Average Volume 30 Day 25'872'730BSL AT EQUITY YTD % CHANGE - Average Volume 3 Month 26'084'550


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -8'112.9 10'458.0 10'302.1 8'597.3 9'112.4 - - 8'584.1 8'520.5 - -

1.07x 1.00x 0.53x 0.54x 0.37x - - 0.28x 0.27x - -1'192.4 1'410.9 427.2 503.4 457.8 - - 347.4 696.3 - -

7.28x 7.38x 12.76x 9.27x 7.37x - - 6.98x 3.48x - -685.6 596.2 (66.4) 126.0 (1'054.2) - - 29.1 203.5 - -10.62x 14.10x - 31.82x - - - 40.59x 6.22x - -

EBITDA 457.80 Long-Term Rating Date -EBIT 102.20 Long-Term Rating -Operating Margin 1.12% Long-Term Outlook -Pretax Margin -12.54% Short-Term Rating Date -Return on Assets -12.56% Short-Term Rating -Return on Common Equity -21.15%Return on Capital - EBITDA/Interest Exp. 5.70Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 0.97

Net Debt/EBITDA 2.33Gross Margin - Total Debt/EBITDA 2.71EBITDA Margin 5.0%EBIT Margin 1.1% Total Debt/Equity 28.8%Net Income Margin -11.6% Total Debt/Capital 22.0%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

BlueScope Steel LtdPrice/Volume

Valuation Analysis


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12'000.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a EXCH 94'045'604 5.11 - 08.06.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 82'386'660 4.47 (11'787'828) 21.09.2010 BankBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18'208'206 0.99 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 14'886'984 0.81 (4'622'695) 31.12.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 9'238'951 0.5 (266'298) 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 9'195'929 0.5 312'547 31.12.2010 Mutual Fund ManagerSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 6'837'727 0.37 (200'000) 24.08.2010 Mutual Fund ManagerPRUDENTIAL PLC Multiple Portfolios MF-AGG 6'011'824 0.33 423'000 30.09.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 5'545'995 0.3 4'144'502 29.10.2010 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'436'474 0.24 - 31.08.2010 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 3'715'822 0.2 - 31.12.2009 Mutual Fund ManagerMORGAN STANLEY & CO Multiple Portfolios MF-AGG 3'250'106 0.18 569'498 30.09.2010 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 3'247'946 0.18 3'247'946 30.06.2010 Insurance CompanyFONDI ALLEANZA SGR P Multiple Portfolios MF-AGG 3'125'000 0.17 - 29.11.2010 UnclassifiedROYAL LONDON ASSET M Multiple Portfolios MF-AGG 2'989'593 0.16 472'703 30.11.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'428'642 0.13 40'030 31.12.2010 Investment AdvisorING INVESTMENT MGMT Multiple Portfolios MF-AGG 2'323'945 0.13 1'888'307 30.11.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'083'458 0.11 63'622 31.12.2010 Mutual Fund ManagerLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 2'052'913 0.11 346 30.04.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'930'816 0.1 - 30.09.2010 Investment Advisor


Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 3 Not Provided 08.02.2011Deutsche Bank EMILY BEHNCKE buy 5 M 4 12 month 07.02.2011JPMorgan BENJAMIN X. WILSON overweight 5 M 3 6 month 07.02.2011Goldman Sachs & Partners Australia ANDREW GIBSON buy 5 M 3 Not Provided 03.02.2011RBS TODD SCOTT buy 5 M 3 12 month 02.02.2011UBS ANDREW MOLLER buy 5 M 3 12 month 01.02.2011Macquarie DOUGLAS MACPHILLAMY underperform 1 D 2 12 month 18.01.2011Morgan Stanley CAMERON JUDD Equalwt/In-Line 3 M 2 12 month 17.01.2011Daiwa Securities Capital Markets Co. DAVID BRENNAN buy 5 M 3 Not Provided 07.12.2010CLSA Asia Pacific Markets SCOTT HUDSON underperform 1 M 2 Not Provided 12.11.2010HSBC DANIEL KANG overweight 5 M 3 Not Provided 11.11.2010E.L. & C. Baillieu SAM HADDAD accumulate 4 M 3 12 month 11.11.2010Commonwealth Bank ATHLENE PIECH hold 3 M 2 12 month 09.11.2010MF Global Equities Research ANDREW GARDNER neutral 3 M #N/A N/A Not Provided 09.11.2010

Holdings By:

BlueScope Steel Ltd ee


19.09.2011

Boart Longyear Group provides contract drilling services to the mining,

environmental and infrastructure, and energy industries, and manufacturesdrilling, coring, grinding tools and equipment, and wear components.





Average Volume 5 Day 3'399'000BLY AT EQUITY YTD Change - Average Volume 30 Day 4'833'541BLY AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'001'429


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -1'118.5 1'575.7 1'838.5 978.2 1'475.9 - - 1'963.5 2'235.1 - -

- 2.33x 0.53x 0.20x 1.55x - - 0.90x 0.78x - -77.7 284.5 376.3 127.3 233.4 - - 341.8 416.6 - -

- 12.88x 2.59x 1.53x 9.78x - - 5.09x 4.18x - -(89.0) 81.1 156.7 (14.9) 84.5 - - 153.2 193.8 - -

- 38.15x 1.36x - 25.22x - - 9.54x 7.56x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Boart Longyear LtdPrice/Volume

Valuation Analysis


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200.0

400.0

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2'000.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeUBS AG n/a EXCH 27'299'732 5.92 (5'316'948) 01.03.2010 Investment AdvisorMACQUARIE GROUP LTD n/a EXCH 21'581'019 4.68 (1'645'851) 17.11.2010 Investment AdvisorMAPLE-BROWN ABBOTT L n/a EXCH 17'611'908 3.82 (1'914'634) 16.10.2009 Investment AdvisorINVESCO AUSTRALIA LT n/a EXCH 16'621'379 3.6 (8'015'626) 05.01.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 10'896'320 2.36 (666'222) 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 8'738'221 1.89 (629'011) 31.12.2010 Mutual Fund ManagerEUROCLEAR BANK SA n/a EXCH 8'010'758 1.74 - 13.10.2008 BankCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 6'290'000 1.36 - 30.09.2010 Investment AdvisorAMP LIFE LTD n/a Co File 5'846'276 1.27 - 12.03.2010 Investment AdvisorJULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 5'381'406 1.17 559'733 30.06.2010 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4'785'097 1.04 - 31.10.2010 Investment AdvisorAUSTRALIAN REWARD IN n/a Co File 4'101'602 0.89 - 12.03.2010 OtherQUEENSLAND INVESTMEN n/a Co File 3'420'488 0.74 - 12.03.2010 Investment AdvisorDRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 2'636'243 0.57 361'517 30.11.2010 Hedge Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'417'042 0.52 140'239 31.12.2010 Mutual Fund ManagerBOND STREET CUSTODIA n/a Co File 2'146'303 0.47 - 12.03.2010 OtherRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 2'142'832 0.46 (1) 30.09.2010 Investment AdvisorGRANDOR PTY LIMITED n/a Co File 2'000'000 0.43 - 12.03.2010 n/aMMA FINANCE Multiple Portfolios MF-AGG 2'000'000 0.43 (930'000) 30.09.2010 Mutual Fund ManagerMORGAN STANLEY & CO Multiple Portfolios MF-AGG 1'984'024 0.43 (526'310) 30.09.2010 Investment Advisor


Credit Suisse ROHAN GALLAGHER neutral 3 M 5 Not Provided 20.12.2010UBS RAMOUN LAZAR neutral 3 D 5 12 month 20.12.2010Macquarie RIKKI BANNAN outperform 5 M 5 12 month 18.12.2010JPMorgan KEITH CHAU overweight 5 M 5 12 month 17.12.2010Citi GUY ROBINSON buy 5 M 5 Not Provided 17.12.2010Goldman Sachs & Partners Australia CHRIS SAVAGE buy 5 M 5 Not Provided 17.12.2010Nomura RICHARD J JOHNSON buy 5 M 5 Not Provided 17.12.2010Moelis & Company ADAM S MICHELL buy 5 N 5 12 month 16.12.2010RBS ANDREW HODGE buy 5 M 5 12 month 09.12.2010Austock Securities CRAIG STRANGER buy 5 M 5 Not Provided 08.12.2010Deutsche Bank CRAIG WONGPAN not rated #N/A N/A M #N/A N/A Not Provided 07.12.2010

Holdings By:

Boart Longyear Ltd ee


19.09.2011

Boral Limited is a manufacturer and supplier of building and construction

materials in Australia and internationally. Boral supplies building products tothe residential and commercial building markets, operates clay brick business inthe U.S. (for clay roof tiles and fly ash) along with the production ofplasterboard, timber products and concrete products.





Average Volume 5 Day 6'069'012BLD AT EQUITY YTD Change - Average Volume 30 Day 5'335'459BLD AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'824'784


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -4'889.1 5'178.6 4'858.9 4'493.8 4'681.7 - - 5'144.9 5'850.6 - -

1.38x 0.93x 0.81x 0.91x 0.80x - - 0.72x 0.63x - -700.5 628.1 435.0 311.6 - - - 623.7 757.7 - -9.62x 7.68x 9.03x 13.07x - - - 4.80x 3.95x - -

298.1 242.8 142.0 (90.5) 167.7 - - 199.1 268.9 - -17.54x 13.88x 16.89x - 19.05x - - 12.37x 9.28x - -

EBITDA 311.60 Long-Term Rating Date 07.11.2008EBIT 72.60 Long-Term Rating BBBOperating Margin 1.55% Long-Term Outlook STABLEPretax Margin 3.59% Short-Term Rating Date 07.07.2010Return on Assets 3.08% Short-Term Rating A-2Return on Common Equity 5.85%Return on Capital 6.03% EBITDA/Interest Exp. 3.13Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 1.32



Fiscal Year Ended

Boral LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0

1

2

3

4

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2'000.0

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6'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBALANCED EQUITY MANA n/a EXCH 57'628'893 7.95 16'262'994 13.10.2010 Investment AdvisorM&G INVESTMENT MANAG n/a EXCH 51'496'301 7.11 7'579'237 06.01.2011 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 45'693'032 6.31 7'360'101 07.10.2010 BankAUSBIL DEXIA LIMITED n/a EXCH 44'499'371 6.14 (3'754'922) 05.11.2010 Investment AdvisorRBS DEP M&G GLOBAL B n/a EXCH 40'600'000 5.6 - 06.01.2011 n/aCOMMONWEALTH BANK OF n/a EXCH 35'172'567 4.86 (1'103'875) 01.11.2010 BankAXA n/a EXCH 34'605'902 4.78 4'255'815 18.08.2010 Investment AdvisorUBS AG n/a EXCH 32'781'990 4.53 - 13.07.2010 Investment AdvisorPRUDENTIAL PLC Multiple Portfolios MF-AGG 29'709'149 4.1 5'767'327 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 6'983'232 0.96 - 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5'835'828 0.81 (1'309'861) 31.12.2010 Investment AdvisorPEARSE RODNEY TAUNTO n/a EXCH 4'103'989 0.57 - 31.12.2009 n/aAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 3'810'000 0.53 - 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'605'552 0.5 8'272 31.12.2010 Mutual Fund ManagerFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 1'453'807 0.2 - 31.12.2009 Mutual Fund ManagerROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'123'876 0.16 - 30.11.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 983'438 0.14 - 31.10.2009 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 963'100 0.13 - 30.11.2010 Investment AdvisorLANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 927'812 0.13 927'812 30.09.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 610'360 0.08 29'561 30.09.2010 Investment Advisor


Credit Suisse ROHAN GALLAGHER neutral 3 M 5 Not Provided 07.02.2011RBS ANDREW G SCOTT hold 3 M 5 12 month 03.02.2011JPMorgan JASON HARLEY STEED overweight 5 U 6 6 month 31.01.2011Commonwealth Bank MICHAEL WARD hold 3 M 5 12 month 31.01.2011Deutsche Bank EMILY BEHNCKE hold 3 M 5 12 month 14.01.2011Macquarie DOUGLAS MACPHILLAMY underperform 1 M 5 12 month 22.12.2010UBS DAVID LEITCH buy 5 M 6 12 month 21.12.2010Goldman Sachs & Partners Australia MATTHEW MCNEE hold 3 M 5 Not Provided 21.12.2010CLSA Asia Pacific Markets ANDREW JOHNSTON underperform 1 N 5 Not Provided 16.12.2010Paterson Securities BEN KAKOSCHKE hold 3 D 5 12 month 07.12.2010Foster Stockbroking TEAM COVERAGE sell 1 N 3 Not Provided 27.10.2010Citi HUGH DIVE sell 1 M 4 Not Provided 26.08.2010E.L. & C. Baillieu SIMON DUMARESQ hold 3 N 5 Not Provided 19.08.2010Nomura SIMON THACKRAY buy 5 M 5 Not Provided 18.08.2010

Holdings By:

Boral Ltd ee


19.09.2011

Brambles Limited is a global support services group which provides pallet and

plastic container pooling services and information management services.





Average Volume 5 Day 6'662'226BXB AT EQUITY YTD Change - Average Volume 30 Day 7'500'242BXB AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'948'762


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -3'868.8 4'358.6 4'018.6 4'146.8 4'672.2 - - 5'747.5 6'079.5 - -

4.30x 3.21x 2.21x 2.01x 3.09x - - 2.22x 2.08x - -1'391.0 1'356.5 1'147.9 1'073.3 1'317.8 - - 1'684.0 1'882.0 - -

11.97x 10.31x 7.75x 7.77x 10.96x - - 7.59x 6.79x - -1'291.3 648.7 452.6 448.8 475.3 - - 681.0 791.8 - -

36.98x 18.20x 15.38x 14.68x 23.72x - - 14.43x 12.52x - -

EBITDA 1'317.80 Long-Term Rating Date 21.12.2009EBIT 832.30 Long-Term Rating BBB+Operating Margin 17.81% Long-Term Outlook STABLEPretax Margin 14.59% Short-Term Rating Date -Return on Assets 7.50% Short-Term Rating -Return on Common Equity 23.28%Return on Capital 12.49% EBITDA/Interest Exp. 9.73Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 4.08




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Brambles LtdPrice/Volume

Valuation Analysis


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2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 91'384'538 6.3 (15'406'164) 30.08.2010 BankBAILLIE GIFFORD AND n/a EXCH 86'308'065 5.95 14'899'793 02.09.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 72'044'627 4.97 - 22.12.2010 BankBLACKROCK GROUP n/a Co File 71'242'004 4.91 - 16.08.2010 Investment AdvisorMAPLE-BROWN ABBOTT L n/a EXCH 70'746'569 4.88 (1'260'142) 05.11.2010 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 49'740'700 3.43 (1'695'400) 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 28'604'009 1.97 144'319 31.12.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 16'509'711 1.14 (5'243'998) 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 13'923'424 0.96 - 04.02.2011 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 8'675'000 0.6 100'000 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 7'231'975 0.5 270'831 31.12.2010 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 5'988'427 0.41 9'756 31.12.2010 Mutual Fund ManagerFIRST STATE INVESTME Multiple Portfolios MF-AGG 5'362'544 0.37 (61'879'139) 31.08.2010 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 4'491'698 0.31 178'430 31.12.2010 Investment AdvisorGENERAL ELECTRIC COM Multiple Portfolios MF-AGG 3'675'172 0.25 795'468 30.11.2010 CorporationSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'622'185 0.25 (733'273) 30.06.2010 Investment AdvisorJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 3'507'636 0.24 (12'908) 31.12.2009 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 2'478'245 0.17 7'953 07.02.2011 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'279'261 0.16 - 31.12.2010 Mutual Fund ManagerMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 2'198'910 0.15 (622'612) 30.09.2010 Mutual Fund Manager


Credit Suisse ANTHONY MOULDER outperform 5 M 8 Not Provided 08.02.2011Deutsche Bank CAMERON MCDONALD buy 5 M 8 12 month 03.02.2011JPMorgan SCOTT CARROLL neutral 3 M 7 12 month 02.02.2011Macquarie RUSSELL SHAW outperform 5 M 8 12 month 02.02.2011RBS MARK WILLIAMS hold 3 M 7 12 month 21.01.2011Goldman Sachs & Partners Australia ANDREW GIBSON hold 3 M 8 Not Provided 16.11.2010Morgan Stanley JULIA WENG Equalwt/In-Line 3 M 7 12 month 15.11.2010UBS SIMON MITCHELL buy 5 M 8 12 month 15.11.2010Citi SHAVARSH BEDROSSIAN hold 3 M 7 Not Provided 15.11.2010Evans & Partners Pty Ltd PAUL RYAN Positive 4 M #N/A N/A Not Provided 23.08.2010

Holdings By:

Brambles Ltd ee


19.09.2011

Caltex Australia Limited purchases, refines, distributes and markets petroleum

products in Australia. The Company's products include petroleum, motor oil,lubricants, diesel and jet fuel. Caltex also operates convenience stores, fastfood stores and service stations throughout Australia.





Average Volume 5 Day 799'569CTX AT EQUITY YTD Change - Average Volume 30 Day 993'966CTX AT EQUITY YTD % CHANGE - Average Volume 3 Month 981'249


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 06/yy 06/yy 12/11 Y 12/12 Y 09/10 Q3 12/10 Q418'441.4 19'078.5 23'646.7 17'740.3 18'671.9 0.0 0.0 19'618.6 20'966.4 - -

0.37x 0.31x 0.12x 0.17x 0.24x #DIV/0! #DIV/0! 0.18x 0.17x - -839.6 1'091.8 549.8 539.1 597.5 0.0 0.0 675.2 797.7 - -8.05x 5.33x 5.06x 5.58x 7.42x 0.00x 0.00x 5.43x 4.59x - -

466.0 646.4 34.3 314.1 317.0 0.0 0.0 250.4 320.4 - -13.33x 8.09x 56.61x 8.00x 12.24x 0.00x 0.00x 10.72x 8.30x - -

EBITDA 597.48 Long-Term Rating Date 26.02.2004EBIT 388.60 Long-Term Rating BBB+Operating Margin 2.08% Long-Term Outlook STABLEPretax Margin 2.37% Short-Term Rating Date 03.03.2003Return on Assets 6.19% Short-Term Rating A-2Return on Common Equity 10.59%Return on Capital 10.16% EBITDA/Interest Exp. 10.32Asset Turnover 3.65% (EBITDA-Capex)/Interest Exp. 5.21



Fiscal Year Ended

Caltex Australia LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHEVRONTEXACO GLOBAL n/a Co File 135'000'000 50 - 28.02.2010 CorporationBARCLAYS PLC n/a EXCH 13'081'942 4.85 (491'506) 07.10.2009 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'323'143 0.49 - 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'161'244 0.43 65'793 31.12.2010 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 932'670 0.35 37'722 31.12.2010 Investment AdvisorSPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 918'245 0.34 - 31.12.2010 Investment AdvisorLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 809'523 0.3 - 30.01.2011 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 683'921 0.25 1'782 31.12.2010 Mutual Fund ManagerAXA ROSENBERG INTL Multiple Portfolios MF-AGG 612'100 0.23 612'100 30.09.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 554'214 0.21 (3'100) 04.02.2011 Investment AdvisorSPARINVEST Multiple Portfolios MF-AGG 494'541 0.18 - 31.12.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 383'219 0.14 758 07.02.2011 Investment AdvisorSEI INVESTMENT MANAG Multiple Portfolios MF-AGG 357'979 0.13 (129'457) 31.10.2010 Investment AdvisorGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 279'688 0.1 66'426 31.10.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 278'678 0.1 67'163 30.09.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 264'452 0.1 (2'969) 31.12.2010 Mutual Fund ManagerF&C FUND MANAGEMENT Multiple Portfolios MF-AGG 197'519 0.07 (35'053) 31.12.2010 Mutual Fund ManagerUBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 140'433 0.05 - 30.12.2010 Mutual Fund ManagerSCOTTISH WIDOWS PLC Multiple Portfolios MF-AGG 138'176 0.05 - 31.12.2010 Investment AdvisorSOCIETE GENERALE Multiple Portfolios MF-AGG 130'000 0.05 40'000 30.04.2010 Bank


Morgan Stanley STUART BAKER Overwt/Attractive 5 M 15 12 month 03.02.2011Deutsche Bank JOHN HIRJEE hold 3 M 13 12 month 01.02.2011Goldman Sachs & Partners Australia AIDEN BRADLEY hold 3 M 12 Not Provided 12.01.2011Citi MARK GREENWOOD sell 1 N 10 Not Provided 11.01.2011Credit Suisse SANDRA MCCULLAGH underperform 1 M 15 Not Provided 31.12.2010UBS GORDON RAMSAY neutral 3 M 14 12 month 10.12.2010Macquarie ADRIAN WOOD neutral 3 M 14 12 month 10.12.2010CLSA Asia Pacific Markets MARK SAMTER sell 1 M 11 Not Provided 09.12.2010E.L. & C. Baillieu GAVIN DUFFY sell 1 N 9 12 month 29.06.2010Southern Cross JOHAN HEDSTROM accumulate 4 M 12 12 month 25.06.2010

Holdings By:

Caltex Australia Ltd ee


19.09.2011

CFS Retail Property Trust is a property trust that invests in, manages, and

develops a portfolio of retail assets throughout Australia. The Trust'sportfolio comprises a variety of retail properties such as supermarkets,discount department stores, department stores, and specialty shops.





Average Volume 5 Day 13'215'420CFX AT EQUITY YTD Change - Average Volume 30 Day 13'991'480CFX AT EQUITY YTD % CHANGE - Average Volume 3 Month 12'178'550


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -492.3 547.1 560.1 622.9 704.4 - - 662.5 689.5 - -12.48x 11.22x 10.75x 11.22x 10.47x - - 11.10x 10.83x - -321.4 330.6 359.7 413.8 463.8 - - 518.7 538.8 - -19.11x 18.56x 16.74x 16.88x 15.90x - - 13.94x 13.42x - -

1'112.9 669.1 (366.9) 315.0 532.6 - - 370.4 385.8 - -4.10x 6.25x - 14.94x 9.38x - - 13.58x 12.88x - -

EBITDA 463.80 Long-Term Rating Date 13.08.2003EBIT 328.70 Long-Term Rating AOperating Margin 46.66% Long-Term Outlook STABLEPretax Margin 75.61% Short-Term Rating Date 13.08.2003Return on Assets 6.58% Short-Term Rating A-1Return on Common Equity 9.78%Return on Capital 6.93% EBITDA/Interest Exp. 3.47Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -1.63

Net Debt/EBITDA 4.79Gross Margin - Total Debt/EBITDA 4.80EBITDA Margin 65.8%EBIT Margin - Total Debt/Equity 38.1%Net Income Margin 75.6% Total Debt/Capital 27.6%


Fiscal Year Ended

CFS Retail Property TrustPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 72!' 7-'!' 7-2!' 7.'!' 7.2!' 70'!' 702!' 71'!' 712!' 7

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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'!1'

'!3'

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGANDEL GROUP PTY LTD n/a EXCH 724'565'310 25.64 22'329'205 01.10.2010 CorporationCOMMONWEALTH BANK OF n/a EXCH 569'488'942 20.15 31'252'954 21.10.2010 BankVANGUARD GROUP INC n/a EXCH 142'764'125 5.05 - 20.12.2010 Investment AdvisorING GROEP NV n/a Co File 135'546'532 4.8 - 16.08.2010 Investment AdvisorBARCLAYS PLC n/a EXCH 124'897'519 4.42 - 29.09.2009 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 93'539'868 3.31 1'895'801 31.12.2010 Mutual Fund ManagerMORGAN STANLEY & CO Multiple Portfolios MF-AGG 69'840'460 2.47 749'815 30.09.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 64'703'253 2.29 (66'750'036) 04.01.2010 BankCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 51'486'302 1.82 - 09.08.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 36'414'044 1.29 (4'059'169) 31.12.2010 Mutual Fund ManagerCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 32'736'390 1.16 13'718'352 03.02.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 21'400'496 0.76 - 04.02.2011 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 20'099'000 0.71 645'000 30.06.2010 Investment AdvisorNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 16'905'007 0.6 6'398'399 16.08.2010 Mutual Fund ManagerING INVESTMENT MGMT Multiple Portfolios MF-AGG 14'328'763 0.51 (1'141'025) 30.11.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 13'344'619 0.47 429'772 30.09.2010 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 12'200'000 0.43 - 31.07.2010 Investment AdvisorEUROPEAN INVESTORS I EUROPEAN INVESTORS I 13F 9'803'108 0.35 6'000 30.09.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 9'698'622 0.34 (35'296) 04.02.2011 Investment AdvisorLASALLE INVESTMENT M Multiple Portfolios MF-AGG 8'465'126 0.3 8'465'126 23.08.2010 Investment Advisor


JPMorgan ROB STANTON neutral 3 M 2 12 month 08.02.2011Commonwealth Bank DAVID LLOYD buy 5 M 2 12 month 02.02.2011Credit Suisse ROWENA CAUSLEY neutral 3 M 2 Not Provided 24.01.2011Deutsche Bank MATTHEW BERTRAM hold 3 M 2 12 month 18.01.2011Morgan Stanley LOURENS PIRENC Overwt/In-Line 5 M 2 12 month 16.01.2011Macquarie PAUL JUNIPER outperform 5 M 2 12 month 11.01.2011Goldman Sachs & Partners Australia SIMON WHEATLEY buy 5 U 2 Not Provided 23.12.2010UBS TOM BODOR buy 5 U 2 12 month 13.12.2010Citi DAVID BURGESS buy 5 U 2 Not Provided 01.12.2010CLSA Asia Pacific Markets JOHN P KIM outperform 5 M 2 Not Provided 29.10.2010

Holdings By:

CFS Retail Property Trust ee


19.09.2011

Challenger Limited is an investment management firm The Company offers

annuities and other retirement income products as well as manages assets fordomestic and international clients.




Total Debt 8'537.20 YTD Return 0.55%Preferred Stock 0.0 Adjusted BETA 0.968Minority Interest 311.1 Analyst Recs 10Cash and Equivalents 1'175.00 Consensus Rating 4.400Enterprise Value 9'929.54

Average Volume 5 Day 3'177'127CGF AT EQUITY YTD Change - Average Volume 30 Day 3'154'064CGF AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'697'982


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -2'328.3 2'465.0 1'673.8 1'634.7 1'526.5 - - 480.6 510.9 - -

10.10x 8.27x 10.63x 6.69x 6.55x - - 5.12x 4.73x - -1'769.7 1'718.1 1'083.8 1'016.5 873.1 - - 331.1 351.8 - -

13.29x 11.86x 16.42x 10.76x 11.46x - - 29.99x 28.23x - -255.0 (44.2) (90.7) 282.5 261.4 - - 263.6 279.8 - -12.96x - - 6.54x 8.97x - - 8.75x 8.12x - -

EBITDA 873.10 Long-Term Rating Date 19.03.2007EBIT - Long-Term Rating BBB+Operating Margin 30.02% Long-Term Outlook STABLEPretax Margin 19.51% Short-Term Rating Date -Return on Assets 1.44% Short-Term Rating -Return on Common Equity 18.49%Return on Capital 2.65% EBITDA/Interest Exp. -Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Challenger Ltd/AUPrice/Volume

Valuation Analysis


'

-

.

0

1

2

3

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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-2'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIONAL AUSTRALIA B n/a EXCH 39'761'472 7.85 5'056'268 10.01.2011 BankWESTPAC BANKING CORP n/a EXCH 34'712'028 6.86 - 16.09.2009 BankAMP LTD n/a EXCH 29'143'708 5.76 - 08.09.2009 Insurance CompanyCALEDONIA PRIVATE IN n/a EXCH 25'177'342 4.97 - 01.09.2010 n/aBLACKROCK INVESTMENT n/a EXCH 24'236'287 4.79 (2'919'772) 18.05.2010 Investment AdvisorCPU SHARE PLANS PTY n/a EXCH 21'133'050 4.17 (4'319'688) 14.09.2010 n/aROGAN PAUL F n/a Co File 3'720'000 0.73 - 30.06.2010 n/aHOWES RICHARD n/a Co File 3'500'000 0.69 - 30.06.2010 n/aWOODS ROBERT J n/a Co File 3'100'000 0.61 - 30.06.2010 n/aBENARI BRIAN ROLAND n/a Co File 3'000'000 0.59 - 30.06.2010 n/aMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'586'599 0.51 120'235 31.12.2010 Mutual Fund ManagerPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 2'465'700 0.49 - 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'355'832 0.47 66'846 31.12.2010 Mutual Fund ManagerWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 1'613'824 0.32 55'377 30.11.2010 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 1'426'624 0.28 730'291 30.06.2010 Insurance CompanyRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'392'525 0.28 (163'096) 30.09.2010 Investment AdvisorSTEVENS DOMINIC J n/a EXCH 1'067'555 0.21 (2'000'000) 16.12.2010 n/aAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 823'624 0.16 15'721 30.11.2010 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 808'121 0.16 (106'432) 30.12.2010 Investment AdvisorSANTANDER ASSET MANA Multiple Portfolios MF-AGG 605'063 0.12 - 31.12.2010 Investment Advisor


Goldman Sachs & Partners Australia RYAN FISHER hold 3 M 5 Not Provided 07.02.2011RBS RICHARD COLES buy 5 M 5 12 month 02.02.2011Credit Suisse JOHN HEAGERTY outperform 5 M 6 Not Provided 25.01.2011Southern Cross LAFITANI SOTIRIOU buy 5 M 6 12 month 20.01.2011Deutsche Bank KIEREN CHIDGEY buy 5 M 5 12 month 10.01.2011UBS CHRIS WILLIAMS neutral 3 D 5 12 month 18.10.2010JPMorgan RUSSELL GILL overweight 5 M 5 6 month 18.10.2010Citi NIGEL PITTAWAY hold 3 D 5 Not Provided 18.10.2010Macquarie MICHAEL WIBLIN neutral 3 M 4 12 month 23.08.2010

Holdings By:

Challenger Ltd/AU ee


19.09.2011

Charter Hall Office REIT is a property trust with a property portfolio

consisting of office properties located throughout Australia and in the UnitedStates. The Trust invests in income-producing real estate used for commercialpurposes.





Average Volume 5 Day 2'450'575CQO AT EQUITY YTD Change - Average Volume 30 Day 2'897'617CQO AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'689'947


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -209.2 338.3 364.9 289.6 - - - 190.5 181.4 - -22.43x 10.67x 6.98x 8.06x - - - 11.51x 12.34x - -(27.4) 212.4 211.8 169.7 - - - 161.0 152.2 - -

- 16.99x 12.03x 13.75x - - - 16.56x 17.52x - -967.6 208.7 (1'372.4) (90.7) 69.4 - - 114.3 106.9 - -3.42x 7.58x - - 15.37x - - 14.36x 15.09x - -

EBITDA 169.70 Long-Term Rating Date -EBIT 83.20 Long-Term Rating -Operating Margin 28.73% Long-Term Outlook -Pretax Margin -48.96% Short-Term Rating Date -Return on Assets -2.25% Short-Term Rating -Return on Common Equity -4.19%Return on Capital -2.39% EBITDA/Interest Exp. 1.96Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 1.78

Net Debt/EBITDA 6.57Gross Margin - Total Debt/EBITDA 8.35EBITDA Margin 58.6%EBIT Margin - Total Debt/Equity 68.5%Net Income Margin -31.3% Total Debt/Capital 40.6%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Charter Hall Office REITPrice/Volume

Valuation Analysis


'

-

-

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.

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.'!' 7

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0'!' 7

02!' 7

1'!' 7

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMACQUARIE GROUP LTD n/a EXCH 87'629'734 17.76 4'934'695 16.12.2010 Investment AdvisorORANGE CAPITAL MASTE n/a EXCH 30'228'745 6.13 5'099'127 17.01.2011 n/aAMP LTD n/a EXCH 20'787'090 4.21 (3'918'486) 14.10.2010 Insurance CompanyVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 16'338'914 3.31 6'677 31.12.2010 Mutual Fund ManagerLASALLE INVESTMENT M Multiple Portfolios MF-AGG 9'675'776 1.96 9'675'776 23.08.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 6'778'028 1.37 509'419 31.12.2010 Mutual Fund ManagerABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 5'528'385 1.12 590'948 20.07.2010 Investment AdvisorGOLDMAN SACHS JBWERE Multiple Portfolios MF-AGG 4'747'991 0.96 124'551 15.07.2010 Investment AdvisorNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 3'918'935 0.79 3'724'278 16.08.2010 Mutual Fund ManagerGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 3'234'233 0.66 3'167'893 31.10.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 2'462'306 0.5 - 04.02.2011 Investment AdvisorFORTIS INVESTMENTS Multiple Portfolios MF-AGG 2'186'718 0.44 105'968 30.09.2010 Mutual Fund ManagerLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 2'142'281 0.43 2'142'281 30.12.2010 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'853'624 0.38 - 31.08.2010 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'741'357 0.35 - 31.12.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'737'100 0.35 (13'803) 31.12.2010 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'498'026 0.3 8'733 04.02.2011 Investment AdvisorPUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 1'290'840 0.26 - 30.09.2010 Investment AdvisorDIAM CO LTD Multiple Portfolios MF-AGG 1'221'150 0.25 1'221'150 13.05.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'103'610 0.22 - 04.02.2011 Investment Advisor


Macquarie PAUL CHECCHIN underperform 1 D 3 12 month 02.02.2011UBS JOHN FREEDMAN neutral 3 D 3 12 month 01.02.2011JPMorgan MICHAEL JOHN SCOTT underweight 1 D 3 12 month 01.02.2011Deutsche Bank IAN RANDALL hold 3 M 3 12 month 27.01.2011CLSA Asia Pacific Markets BRYAN HOWITT outperform 5 N 3 Not Provided 16.01.2011Goldman Sachs & Partners Australia PETER ZUK hold 3 M 3 Not Provided 14.01.2011Morgan Stanley TODD MCFARLANE Overwt/In-Line 5 M 3 12 month 11.01.2011Commonwealth Bank DAVID LLOYD sell 1 M 3 12 month 10.01.2011Credit Suisse STEPHEN RICH neutral 3 M 3 Not Provided 07.01.2011Citi DAVID BURGESS hold 3 M 3 Not Provided 01.12.2010

Holdings By:

Charter Hall Office REIT ee


19.09.2011

Coca-Cola Amatil Limited manufactures, distributes and sells carbonated soft

drinks along with still and mineral waters, fruit drinks, ready-to-drink coffeeand tea and flavored milk drinks. The Company also rents and services commercialrefrigeration equipment to food/beverage manufacturers.





Average Volume 5 Day 2'315'366CCL AT EQUITY YTD Change - Average Volume 30 Day 2'939'193CCL AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'548'085


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -3'641.6 3'931.8 4'091.4 4'436.0 4'490.3 - - 4'850.3 5'293.9 - -

2.13x 2.20x 2.17x 2.30x 2.18x - - 2.17x 1.99x - -882.8 977.8 967.6 1'047.0 1'114.5 - - 1'104.5 1'209.4 - -8.78x 8.84x 9.17x 9.76x 8.79x - - 9.47x 8.65x - -

282.4 310.7 385.6 449.0 497.3 - - 536.3 597.1 - -18.52x 19.43x 17.54x 19.06x 16.45x - - 16.25x 14.89x - -

EBITDA 1'114.50 Long-Term Rating Date 16.07.2001EBIT 857.90 Long-Term Rating A-Operating Margin 19.11% Long-Term Outlook STABLEPretax Margin 15.62% Short-Term Rating Date 16.07.2001Return on Assets 9.17% Short-Term Rating A-2Return on Common Equity 28.97%Return on Capital 15.28% EBITDA/Interest Exp. 7.67Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 5.33



Fiscal Year Ended

Coca-Cola Amatil LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

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-1

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOCA-COLA CO/THE n/a Co File 223'049'276 29.5 - 03.03.2010 CorporationCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 48'642'863 6.43 - 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 5'511'001 0.73 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4'570'892 0.6 50'498 31.12.2010 Investment AdvisorDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 4'351'900 0.58 4'351'900 08.07.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 4'296'000 0.57 400'000 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'683'138 0.35 153'775 31.12.2010 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'412'832 0.32 262'700 31.12.2010 Investment AdvisorSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 2'086'927 0.28 257'110 21.09.2010 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'927'129 0.25 69'437 31.12.2010 Mutual Fund ManagerMATTHEWS INTERNATION Multiple Portfolios MF-AGG 1'909'730 0.25 520'000 30.09.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 1'785'386 0.24 (249'478) 30.06.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'639'591 0.22 (263'312) 30.06.2010 Investment AdvisorNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 1'612'245 0.21 (489'865) 16.08.2010 Mutual Fund ManagerARTISAN PARTNERS Multiple Portfolios MF-AGG 1'587'568 0.21 1'587'568 30.09.2010 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'555'706 0.21 (15'900) 30.09.2010 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 1'402'633 0.19 (463'297) 15.07.2010 Investment AdvisorPHOENIX INVESTMENT C Multiple Portfolios MF-AGG 1'251'815 0.17 (40'056) 30.09.2010 Insurance CompanyAMERICAN CENTURY COM Multiple Portfolios MF-AGG 954'986 0.13 (32'800) 30.09.2010 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 945'500 0.13 128'900 30.09.2010 Investment Advisor


JPMorgan STUART JACKSON overweight 5 M 12 12 month 04.02.2011Nomura DAVID COOKE neutral 3 M 13 Not Provided 02.02.2011Credit Suisse LARRY GANDLER neutral 3 M 12 Not Provided 24.01.2011Macquarie GREG DRING outperform 5 M 12 12 month 12.01.2011Shaw Stockbroking SCOTT MARSHALL hold 3 M #N/A N/A Not Provided 11.01.2011Deutsche Bank PAUL VAN MEURS buy 5 U 12 12 month 06.01.2011Morgan Stanley MARTIN YULE Equalwt/Attractive 3 M 12 12 month 06.01.2011UBS LINDY NEWTON neutral 3 U 11 12 month 06.01.2011Goldman Sachs & Partners Australia IAN ABBOTT hold 3 M 13 Not Provided 06.01.2011E.L. & C. Baillieu SAM HADDAD accumulate 4 M 13 12 month 30.11.2010RBS HARRY THEODORE buy 5 M 14 12 month 19.11.2010Evans & Partners Pty Ltd PAUL RYAN neutral 3 M #N/A N/A Not Provided 03.11.2010Citi ANDREW BOWLEY hold 3 M 12 Not Provided 12.08.2010CLSA Asia Pacific Markets JAMES PATERSON outperform 5 N 12 Not Provided 08.06.2010

Holdings By:

Coca-Cola Amatil Ltd ee


19.09.2011

Cochlear Limited researches, develops and markets cochlear implant systems for

hearing impaired individuals. The Company's hearing implant systems includeNucleus and Baha and are sold both domestically and internationally.





Average Volume 5 Day 2'285'347COH AT EQUITY YTD Change - Average Volume 30 Day 691'777COH AT EQUITY YTD % CHANGE - Average Volume 3 Month 453'909


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -542.9 580.4 711.8 696.2 732.2 - - 742.4 828.8 - -6.37x 4.41x 4.68x 6.19x 5.55x - - 4.05x 3.60x - -

154.2 160.8 214.0 196.0 184.0 - - 238.0 263.5 - -22.42x 15.90x 15.58x 21.98x 22.11x - - 12.89x 11.64x - -100.1 115.2 130.5 155.2 180.1 - - 154.6 175.6 - -33.35x 20.98x 24.69x 26.96x 22.63x - - 20.35x 17.83x - -




Fiscal Year Ended

Cochlear LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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!5 7

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-!. 7

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 3'544'954 6.26 (3'328'196) 30.09.2010 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 2'993'832 5.28 - 02.12.2009 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 2'860'371 5.05 - 24.05.2010 BankMANNING & NAPIER Multiple Portfolios MF-AGG 1'574'260 2.78 15'780 30.12.2010 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'441'910 2.54 (313'044) 30.09.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1'295'915 2.29 (26'173) 07.02.2011 Investment AdvisorROBERTS CHRISTOPHER n/a EXCH 692'592 1.22 - 17.11.2010 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 549'771 0.97 - 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 458'846 0.81 2'773 31.12.2010 Investment AdvisorCOLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 369'385 0.65 (3'400) 30.11.2010 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 368'972 0.65 (100'993) 15.07.2010 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 355'243 0.63 (900) 30.11.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 289'220 0.51 16'899 31.12.2010 Mutual Fund ManagerWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 271'528 0.48 26'470 30.09.2010 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 257'580 0.45 (18'898) 30.11.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 240'418 0.42 102'630 04.02.2011 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 201'677 0.36 (411) 31.12.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 153'746 0.27 37 31.12.2010 Investment AdvisorHARDING LOEVNER LP Multiple Portfolios MF-AGG 134'830 0.24 26'700 31.12.2010 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 123'200 0.22 16'300 30.09.2010 Investment Advisor


Macquarie CRAIG COLLIE neutral 3 M 74 12 month 08.02.2011Wilson HTM Investment Group SHANE STOREY hold 3 M 86 Not Provided 07.02.2011Morgan Stanley SEAN LAAMAN Equalwt/Cautious 3 M 67 12 month 04.02.2011Credit Suisse SAUL HADASSIN neutral 3 M 88 Not Provided 04.02.2011JPMorgan STEVEN D WHEEN neutral 3 M 73 12 month 01.02.2011RBS DEREK JELLINEK hold 3 M 75 12 month 25.01.2011Deutsche Bank DAVID A LOW hold 3 M 80 12 month 25.01.2011Citi ALEXANDER SMITH sell 1 D 72 Not Provided 19.01.2011Commonwealth Bank NATALIE KELLY hold 3 M 79 12 month 19.01.2011Nomura DAVID STANTON buy 5 M 89 Not Provided 18.01.2011Goldman Sachs & Partners Australia IAN ABBOTT hold 3 M 76 Not Provided 11.01.2011UBS ANDREW GOODSALL neutral 3 D 82 12 month 06.01.2011LINWAR Securities JOHN HESTER market perform 3 M 72 12 month 03.12.2010E.L. & C. Baillieu GAVIN DUFFY buy 5 M 80 12 month 24.11.2010CLSA Asia Pacific Markets HEMANT BAKHRU outperform 5 M 73 Not Provided 29.10.2010Southern Cross STUART ROBERTS accumulate 4 D 71 12 month 10.08.2010

Holdings By:

Cochlear Ltd ee


19.09.2011

Commonwealth Bank of Australia provides banking, life insurance and related

services for individuals, small businesses and medium sized commercialenterprises. The Bank provides corporate and general banking, internationalfinancing, institutional banking and stock broking and funds management such assuperannuation product.





Average Volume 5 Day 7'496'072CBA AT EQUITY YTD Change - Average Volume 30 Day 7'384'765CBA AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'348'026


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -30'232.0 36'602.0 38'603.0 41'851.0 46'221.0 - - 20'802.4 21'775.2 - -

6.28x 4.67x 4.87x 5.55x 4.73x - - - - - -- - - - - - - 10'660.7 11'464.3 - -- - - - - - - 19.48x 18.11x - -

4'470.0 4'791.0 4'723.0 5'664.0 6'394.0 - - 7'220.7 7'727.7 - -16.03x 11.07x 11.85x 13.22x 12.72x - - 10.05x 9.55x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Commonwealth Bank of AustraliaPrice/Volume

Valuation Analysis


'

-'

.'

0'

1'

2'

3'

4'

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7.!' 71!' 73!' 75!' 7-'!' 7-.!' 7-1!' 7-3!' 7-5!' 7

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

2!''

-'!''

-2!''

.'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a EXCH 61'530'176 3.97 - 31.03.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 41'975'383 2.71 - 27.01.2011 BankBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 15'271'054 0.99 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 12'700'200 0.82 161'019 31.12.2010 Investment AdvisorAMP LIFE LTD n/a Co File 11'330'429 0.73 - 06.08.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 8'473'000 0.55 - 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 7'889'229 0.51 250'642 31.12.2010 Mutual Fund ManagerBOND STREET CUSTODIA n/a Co File 4'905'305 0.32 - 06.08.2010 OtherQUEENSLAND INVESTMEN n/a Co File 4'405'934 0.28 - 06.08.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 3'839'533 0.25 (80'769) 31.12.2010 Mutual Fund ManagerAUSTRALIAN REWARD IN n/a Co File 3'795'781 0.25 - 06.08.2010 OtherPERPETUAL TRUSTEE CO n/a Co File 3'211'879 0.21 - 06.08.2010 n/aFIDELITY INTERNATION Multiple Portfolios MF-AGG 2'641'348 0.17 (363'298) 30.06.2010 Investment AdvisorINVIA CUSTODIAN PTY n/a Co File 2'516'548 0.16 - 06.08.2010 Investment AdvisorTASMAN ASSET MANAGEM n/a Co File 2'501'887 0.16 - 06.08.2010 n/aARGO INVESTMENTS LTD n/a Co File 2'347'895 0.15 - 06.08.2010 Investment AdvisorMILTON CORP LTD n/a Co File 2'250'879 0.15 - 06.08.2010 Investment AdvisorSUNCORP CUSTODIAN SE n/a Co File 2'062'211 0.13 - 06.08.2010 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'908'604 0.12 14'120 31.12.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'574'560 0.1 32'646 30.09.2010 Investment Advisor


Credit Suisse JARROD MARTIN neutral 3 M 56 Not Provided 08.02.2011JPMorgan SCOTT MANNING underweight 1 M 55 12 month 07.02.2011Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT underperform 1 M 52 Not Provided 07.02.2011RBS ANDREW LYONS hold 3 M 53 12 month 02.02.2011Deutsche Bank JAMES FREEMAN hold 3 M 50 12 month 01.02.2011Goldman Sachs & Partners Australia BENJAMIN KOO buy 5 M 63 Not Provided 01.02.2011Nomura VICTOR GERMAN neutral 3 M 50 Not Provided 01.02.2011Morgan Stanley RICHARD E WILES Underwt/Cautious 1 M 48 12 month 28.01.2011Macquarie CRAIG TURTON neutral 3 M 51 12 month 19.01.2011Keefe, Bruyette & Woods BILL STACEY underperform 1 N 53 Not Provided 17.01.2011BBY Limited BRETT LE MESURIER hold 3 M 55 12 month 13.12.2010Citi CRAIG WILLIAMS hold 3 M 52 Not Provided 03.12.2010Southern Cross TS LIM reduce 2 M 51 12 month 02.12.2010CLSA Asia Pacific Markets BRIAN D JOHNSON outperform 5 M 50 Not Provided 24.11.2010UBS JONATHAN MOTT neutral 3 D 54 12 month 11.08.2010Shaw Stockbroking TIM BUCKLEY accumulate 4 M #N/A N/A Not Provided 18.01.2010

Holdings By:

Commonwealth Bank of Australia ee


19.09.2011

Commonwealth Property Office Fund is a property trust that invests in, manages

and develops a portfolio of office buildings and office parks located throughoutin the Central Business District and suburban markets of Australia.





Average Volume 5 Day 18'051'270CPA AT EQUITY YTD Change - Average Volume 30 Day 12'645'980CPA AT EQUITY YTD % CHANGE - Average Volume 3 Month 13'022'580


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -264.8 296.7 302.3 267.1 310.6 - - 293.3 303.6 - -13.68x 10.03x 7.74x 9.58x 10.40x - - 9.78x 9.73x - -178.5 187.8 164.9 171.6 200.8 - - 226.5 234.0 - -20.30x 15.84x 14.20x 14.91x 16.09x - - 14.24x 13.79x - -544.2 375.0 (543.7) 114.2 197.7 - - 176.0 187.6 - -4.97x 5.30x - 15.79x 10.77x - - 12.99x 12.30x - -

EBITDA 200.80 Long-Term Rating Date 31.08.2007EBIT 135.10 Long-Term Rating A-Operating Margin 43.50% Long-Term Outlook STABLEPretax Margin 63.65% Short-Term Rating Date 10.08.2004Return on Assets 5.67% Short-Term Rating A-2Return on Common Equity 7.94%Return on Capital 5.98% EBITDA/Interest Exp. 3.07Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -6.11



Fiscal Year Ended

Commonwealth Property Office FundPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 72!' 7-'!' 7-2!' 7.'!' 7.2!' 70'!' 702!' 71'!' 712!' 7

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 258'373'959 10.55 15'230'386 30.11.2010 BankING GROEP NV n/a EXCH 134'163'194 5.48 31'770'605 19.07.2010 Investment AdvisorCOHEN & STEERS CAPIT n/a EXCH 125'112'626 5.11 22'780'729 25.05.2010 Investment AdvisorMORGAN STANLEY & CO n/a EXCH 123'697'916 5.05 - 05.01.2011 Investment AdvisorMONDRIAN INVESTMENT n/a EXCH 121'787'543 4.97 20'180'975 29.10.2010 Hedge Fund ManagerVANGUARD GROUP INC n/a EXCH 100'736'461 4.11 - 22.02.2010 Investment AdvisorAMP LTD n/a EXCH 99'407'867 4.06 (4'333'761) 10.05.2010 Insurance CompanyVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 91'167'850 3.72 2'231'140 31.12.2010 Mutual Fund ManagerING CLARION REAL EST Multiple Portfolios MF-AGG 47'791'708 1.95 479'608 20.07.2010 Investment AdvisorLASALLE INVESTMENT M Multiple Portfolios MF-AGG 39'604'902 1.62 39'604'902 23.08.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 36'948'413 1.51 9'399'010 31.12.2010 Mutual Fund ManagerNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 28'964'470 1.18 (1'528'000) 22.06.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 26'475'000 1.08 - 30.06.2010 Investment AdvisorCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 23'498'899 0.96 - 09.08.2010 Investment AdvisorNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 14'882'389 0.61 4'725'907 16.08.2010 Mutual Fund ManagerSTATE STREET CORP Multiple Portfolios MF-AGG 13'460'495 0.55 - 04.02.2011 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 13'053'005 0.53 710'202 30.11.2010 Investment AdvisorGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 7'985'886 0.33 1'994'841 31.10.2010 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 7'108'836 0.29 41'262 04.02.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'003'617 0.29 - 30.09.2010 Investment Advisor


JPMorgan MICHAEL JOHN SCOTT overweight 5 M 1 12 month 03.02.2011Macquarie PAUL CHECCHIN neutral 3 M 1 12 month 02.02.2011Citi DAVID BURGESS hold 3 D 1 Not Provided 28.01.2011Deutsche Bank IAN RANDALL buy 5 U 1 12 month 26.01.2011Credit Suisse ROWENA CAUSLEY neutral 3 M 1 Not Provided 24.01.2011Goldman Sachs & Partners Australia PETER ZUK hold 3 M 1 Not Provided 14.01.2011LINWAR Securities RICHARD GEORGE underperform 1 M 1 12 month 13.01.2011Commonwealth Bank DAVID LLOYD hold 3 M 1 12 month 10.01.2011UBS GRANT MCCASKER neutral 3 M 1 12 month 06.12.2010CLSA Asia Pacific Markets BRYAN HOWITT underperform 1 M 1 Not Provided 12.11.2010Morgan Stanley TODD MCFARLANE Underwt/In-Line 1 M 1 12 month 11.11.2010

Holdings By:

Commonwealth Property Office Fund ee


19.09.2011

Computershare Limited operates share registries and computer bureaus which

includes the administration of employee share and option plans and the provisionof software that specializes in share registry, financial and stock markets.The Company also provides corporate trust services and acts as a trustee forclients' debt offerings in certain markets.





Average Volume 5 Day 2'343'022CPU AT EQUITY YTD Change - Average Volume 30 Day 3'156'623CPU AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'862'454


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -1'404.2 1'564.0 1'495.8 1'599.6 1'598.9 - - 1'728.3 1'870.8 - -






Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Computershare LtdPrice/Volume

Valuation Analysis


'

.

1

3

5

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.'!' 7

.2!' 7

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMORRIS CHRISTOPHER J n/a EXCH 46'450'000 8.36 (529'887) 03.12.2010 n/aPERPETUAL LTD n/a Co File 29'729'684 5.35 - 14.09.2010 Investment AdvisorWALES ANTHONY NORMAN n/a EXCH 28'092'384 5.06 - 10.11.2010 n/aMACLAGAN PENELOPE JA n/a EXCH 14'785'411 2.66 (150'000) 08.12.2010 n/aAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 8'156'000 1.47 - 30.06.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5'941'720 1.07 774'071 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'432'283 0.8 - 03.02.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'625'265 0.47 45'945 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'398'717 0.43 5'698 31.12.2010 Mutual Fund ManagerF&C FUND MANAGEMENT Multiple Portfolios MF-AGG 2'194'745 0.39 (42'297) 31.12.2010 Mutual Fund ManagerMAWER INVESTMENT MAN Multiple Portfolios MF-AGG 1'700'000 0.31 258'500 29.10.2010 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 1'602'118 0.29 161'790 31.12.2010 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'451'802 0.26 - 31.12.2010 Mutual Fund ManagerABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 1'414'465 0.25 527'935 31.12.2010 Investment AdvisorRBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'305'000 0.23 - 31.08.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1'251'873 0.23 334'406 07.02.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'084'556 0.2 29'208 31.12.2010 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 842'025 0.15 (155'207) 30.06.2010 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 758'474 0.14 758'474 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 704'473 0.13 (134'911) 31.12.2010 Investment Advisor


Credit Suisse JOHN HEAGERTY outperform 5 M 12 Not Provided 07.02.2011RBS RICHARD COLES hold 3 M 10 12 month 02.02.2011UBS CHRIS WILLIAMS sell 1 M 10 12 month 02.02.2011Wilson HTM Investment Group ANDREW HILLS buy 5 M 11 Not Provided 27.01.2011Macquarie MICHAEL WIBLIN underperform 1 D 9 12 month 19.01.2011Deutsche Bank KIEREN CHIDGEY hold 3 M 10 12 month 22.11.2010Goldman Sachs & Partners Australia RYAN FISHER buy 5 M 12 Not Provided 10.11.2010JPMorgan RUSSELL GILL overweight 5 M 10 6 month 09.11.2010E.L. & C. Baillieu IVOR RIES buy 5 M 14 12 month 20.10.2010

Holdings By:

Computershare Ltd ee


19.09.2011

ConnectEast Group operates in the transportation industry. The Company performs

civil construction such as roads, tollways, bridges, tunnels and otherinfrastructure project. ConnectEast's also provides the operation andmaintenance of the Eastlink Freeway.





Average Volume 5 Day 36'043'890CEU AT EQUITY YTD Change - Average Volume 30 Day 20'251'950CEU AT EQUITY YTD % CHANGE - Average Volume 3 Month 20'209'720


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -0.0 535.2 146.7 184.0 208.9 - - 231.4 252.3 - -

- 5.54x 14.86x 13.81x 13.70x - - 12.90x 11.83x - -(6.5) (15.7) 61.5 104.7 133.1 - - 156.4 176.0 - -

- - 35.45x 24.28x 21.49x - - 18.81x 16.71x - -(2.1) (9.3) (531.6) (53.6) (10.3) - - (13.3) 0.6 - -

- - - - - - - - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

ConnectEast GroupPrice/Volume

Valuation Analysis


''''''''''-

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3'!' 7

5'!' 7

-''!' 7

-.'!' 7

-1'!' 7

-3'!' 7

0.0

100.0

200.0

300.0

400.0

500.0

600.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCP2 LTD n/a EXCH 1'379'051'082 35 62'056'512 15.12.2010 Investment AdvisorGUARDIANS OF NZ SUPE n/a EXCH 362'702'324 9.21 78'764'897 29.10.2010 OtherLAZARD ASSET MANAGEM n/a EXCH 278'866'559 7.08 (40'090'571) 02.12.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 212'330'627 5.39 - 09.09.2009 BankSUNCORP METWAY INVES n/a EXCH 177'462'012 4.5 (42'422'598) 09.10.2009 BankLEIGHTON GROUP n/a EXCH 130'401'919 3.31 - 09.09.2009 CorporationMAPLE-BROWN ABBOTT L n/a EXCH 75'438'615 1.91 (545'477) 17.03.2008 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 20'326'105 0.52 51'975 31.12.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 14'002'053 0.36 - 04.02.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 13'415'743 0.34 2'091'426 31.08.2010 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 8'469'014 0.21 455'900 31.12.2010 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 7'950'823 0.2 - 31.12.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 4'386'420 0.11 (445'402) 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 3'203'579 0.08 (80'231) 31.12.2010 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'956'699 0.08 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2'601'585 0.07 - 31.12.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 2'412'398 0.06 - 04.02.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 1'719'917 0.04 283'808 30.09.2010 Mutual Fund ManagerSMARTSHARES LIMITED Multiple Portfolios MF-AGG 1'264'515 0.03 37'563 31.03.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 1'174'010 0.03 - 29.10.2010 Investment Advisor


Deutsche Bank CAMERON MCDONALD hold 3 M 0 12 month 08.02.2011Wilson HTM Investment Group NATHAN LEAD buy 5 M 1 Not Provided 30.01.2011CLSA Asia Pacific Markets SCOTT RYALL outperform 5 N 1 Not Provided 28.01.2011Macquarie IAN MYLES neutral 3 M 0 12 month 27.01.2011Commonwealth Bank PAUL JOHNSTON hold 3 M 0 12 month 27.01.2011UBS XU HAN neutral 3 M 0 12 month 17.01.2011JPMorgan KIRSTY MACKAY-FISHER overweight 5 M 1 12 month 07.01.2011Goldman Sachs & Partners Australia JONATHAN COLLETT sell 1 M 0 Not Provided 07.12.2010Austock Securities ANDREW CHAMBERS buy 5 M 1 Not Provided 07.12.2010LINWAR Securities STUART TURNER outperform 5 M 1 12 month 16.11.2010Morgan Stanley SCOTT KELLY Underwt/In-Line 1 D 0 12 month 28.10.2010Evans & Partners Pty Ltd TONY WILSON neutral 3 D #N/A N/A Not Provided 11.10.2010RBS LUKE MACNAB hold 3 M 0 12 month 18.08.2010

Holdings By:

ConnectEast Group ee


19.09.2011

Crown Ltd. operates and manages gaming and entertainment facilities, bars,

restaurants, nightclubs, cinemas and retail outlets. The Company also developshotels and conference centre facilities.





Average Volume 5 Day 3'016'863CWN AT EQUITY YTD Change - Average Volume 30 Day 3'108'402CWN AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'469'948


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -1'908.5 2'008.3 2'175.3 2'312.1 2'379.2 - - 2'631.1 2'824.2 - -

- 3.20x 2.78x 2.83x 3.22x - - 2.84x 2.60x - -803.5 (2'740.3) 713.6 674.3 636.5 - - 729.7 806.1 - -

- - 8.49x 9.70x 12.03x - - 9.62x 8.71x - -1'957.3 3'546.4 (1'197.9) 292.3 335.9 - - 403.4 470.9 - -

- 1.81x - 20.16x 20.16x - - 15.04x 12.66x - -

EBITDA 636.51 Long-Term Rating Date 03.12.2007EBIT 440.90 Long-Term Rating BBBOperating Margin 18.53% Long-Term Outlook STABLEPretax Margin 17.11% Short-Term Rating Date 02.10.2009Return on Assets 6.72% Short-Term Rating A-2Return on Common Equity 10.06%Return on Capital 9.26% EBITDA/Interest Exp. 7.36Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.30



Fiscal Year Ended

Crown LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePACKER JAMES DOUGLAS n/a EXCH 326'129'244 43 22'623'954 14.10.2010 n/aPERPETUAL LTD n/a EXCH 46'622'413 6.15 8'288'310 28.10.2010 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 27'378'382 3.61 (11'679'567) 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'429'564 0.58 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3'589'669 0.47 26'241 31.12.2010 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 3'362'130 0.44 52'399 15.04.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'471'360 0.33 140'076 31.12.2010 Mutual Fund ManagerCRAIGIE ROWEN BRUCE n/a Co File 2'341'102 0.31 - 30.06.2009 n/aSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'075'893 0.14 (20'796) 30.06.2010 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 863'901 0.11 (159'190) 30.09.2010 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 835'932 0.11 (876'740) 31.12.2010 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 800'000 0.11 - 30.11.2010 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 800'000 0.11 800'000 30.06.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 663'047 0.09 39'438 31.12.2010 Investment AdvisorBANCO FONDER AB Multiple Portfolios MF-AGG 598'128 0.08 - 31.03.2010 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 590'528 0.08 (29) 30.04.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 551'481 0.07 (759) 30.09.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 551'246 0.07 - 04.02.2011 Investment AdvisorPARVEST INVESTMENT M Multiple Portfolios MF-AGG 543'073 0.07 66'193 29.10.2010 Investment AdvisorALEXANDER JOHN HENRY n/a EXCH 506'010 0.07 - 30.03.2010 n/a


Deutsche Bank MARK WILSON buy 5 M 10 12 month 04.02.2011Goldman Sachs & Partners Australia ADAM ALEXANDER buy 5 M 10 Not Provided 02.02.2011RBS HARRY THEODORE hold 3 M 9 12 month 01.02.2011Macquarie ANDREW LEVY outperform 5 M 9 12 month 01.02.2011JPMorgan STUART JACKSON overweight 5 U 9 6 month 13.01.2011CLSA Asia Pacific Markets SACHA KRIEN outperform 5 M 10 Not Provided 13.01.2011UBS SAM THEODORE buy 5 M 11 12 month 02.12.2010Austock Securities ROHAN SUNDRAM buy 5 M 10 Not Provided 30.11.2010Credit Suisse LARRY GANDLER outperform 5 M 10 Not Provided 04.11.2010Citi JENNY OWEN buy 5 M 10 Not Provided 26.08.2010

Holdings By:

Crown Ltd ee


19.09.2011

CSL Limited develops, manufactures and markets human pharmaceutical and

diagnostic products derived from human plasma. The Company's products includepediatric and adult vaccines, infection and pain medicine, skin disorderremedies, antivenoms, anticoagulants and immunoglobulins.





Average Volume 5 Day 2'838'281CSL AT EQUITY YTD Change - Average Volume 30 Day 2'922'283CSL AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'572'628


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -3'172.4 3'556.7 4'622.4 4'455.8 4'187.6 - - 4'430.7 4'798.3 - -

5.24x 5.60x 3.78x 3.90x 4.13x - - 3.13x 2.84x - -914.5 1'096.8 1'471.7 1'596.1 1'428.8 - - 1'412.8 1'556.7 - -18.19x 18.14x 11.86x 10.88x 12.10x - - 9.84x 8.93x - -539.3 701.8 1'145.9 1'052.9 940.6 - - 984.9 1'085.1 - -29.79x 27.98x 16.70x 17.54x 19.00x - - 14.14x 12.48x - -

EBITDA 1'428.84 Long-Term Rating Date -EBIT 1'256.20 Long-Term Rating -Operating Margin 30.00% Long-Term Outlook -Pretax Margin 28.61% Short-Term Rating Date -Return on Assets 17.45% Short-Term Rating -Return on Common Equity 23.94%Return on Capital 21.79% EBITDA/Interest Exp. 98.67Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 84.96




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

CSL LtdPrice/Volume

Valuation Analysis


'

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a EXCH 41'854'078 7.68 4'063'035 08.03.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 27'290'067 5.01 - 20.01.2011 BankCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 27'285'998 5.01 (139'687) 30.09.2010 Investment AdvisorBLACKROCK GROUP n/a EXCH 26'797'081 4.92 (699'943) 15.09.2010 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 12'120'871 2.23 1'901'684 31.12.2010 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 7'095'145 1.3 273'464 31.08.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6'260'614 1.15 198'332 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 5'424'386 1 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4'529'972 0.83 66'565 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'803'012 0.51 71'148 31.12.2010 Mutual Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'296'600 0.42 380'000 31.10.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'267'856 0.42 (736'560) 30.06.2010 Investment AdvisorSCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 2'201'407 0.4 2'201'407 30.09.2010 Investment AdvisorUMB BANK N A Multiple Portfolios MF-AGG 2'124'706 0.39 - 30.09.2010 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 2'080'238 0.38 71'400 31.10.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 2'046'850 0.38 (32'261) 07.02.2011 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 1'047'576 0.19 721'132 29.10.2010 Investment AdvisorJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 956'177 0.18 (205'694) 31.12.2009 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 935'958 0.17 30'531 31.12.2010 Mutual Fund ManagerSARASIN INVESTMENT M Multiple Portfolios MF-AGG 922'103 0.17 (34'700) 31.12.2010 Investment Advisor


Credit Suisse SAUL HADASSIN neutral 3 M 40 Not Provided 04.02.2011Nomura DAVID STANTON buy 5 M 42 Not Provided 04.02.2011Wilson HTM Investment Group SHANE STOREY buy 5 M 38 Not Provided 28.01.2011Morgan Stanley SEAN LAAMAN Equalwt/In-Line 3 M 33 12 month 27.01.2011RBS DEREK JELLINEK hold 3 M 35 12 month 25.01.2011Deutsche Bank DAVID A LOW hold 3 M 33 12 month 25.01.2011JPMorgan STEVEN D WHEEN neutral 3 M 41 12 month 24.01.2011Citi ALEXANDER SMITH hold 3 M 40 Not Provided 19.01.2011Commonwealth Bank NATALIE KELLY buy 5 M 41 12 month 19.01.2011Goldman Sachs & Partners Australia IAN ABBOTT hold 3 M 39 Not Provided 18.01.2011Macquarie CRAIG COLLIE neutral 3 M 38 12 month 30.11.2010Shaw Stockbroking MATTHIJS SMITH buy 5 M #N/A N/A Not Provided 30.11.2010LINWAR Securities JOHN HESTER underperform 1 N 32 12 month 11.11.2010UBS ANDREW GOODSALL buy 5 M 43 12 month 05.11.2010CLSA Asia Pacific Markets HEMANT BAKHRU outperform 5 M 41 Not Provided 29.10.2010E.L. & C. Baillieu GAVIN DUFFY buy 5 U 38 12 month 28.09.2010Southern Cross STUART ROBERTS buy 5 M 36 12 month 18.08.2010

Holdings By:

CSL Ltd ee


19.09.2011

CSR Limited manufactures and supplies buildings products such as plasterboard,

fiber cement, clay bricks, roof tiles and insulation. CSR also manufacturesrefined sugar and produces raw sugar, ethanol and renewable electricity. Inaddition, CSR has aluminum smelting operations along with property developmentand leasing.





Average Volume 5 Day 2'304'437CSR AT EQUITY YTD Change - Average Volume 30 Day 4'219'380CSR AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'916'730


31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 01/yy 01/yy 03/12 Y 03/13 Y 06/11 Q1 09/11 Q23'111.0 3'231.3 3'492.8 1'936.3 1'913.6 - - 1'844.7 1'906.3 - -

1.14x 1.39x 0.83x 1.76x 0.82x - - 0.58x 0.54x - -431.3 371.6 405.0 330.8 323.4 - - 274.6 298.3 - -8.21x 12.08x 7.13x 10.31x 4.85x - - 3.96x 3.65x - -

273.3 177.4 (326.5) (111.7) 503.4 - - 93.9 111.9 - -11.14x 16.67x - - - - - 12.53x 10.54x - -

EBITDA 323.40 Long-Term Rating Date 08.02.2011EBIT 181.60 Long-Term Rating BBB+Operating Margin 9.49% Long-Term Outlook STABLEPretax Margin -3.37% Short-Term Rating Date 30.05.2005Return on Assets 16.53% Short-Term Rating NRReturn on Common Equity 34.52%Return on Capital - EBITDA/Interest Exp. 8.86Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 4.94



Fiscal Year Ended

CSR LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----...

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIONAL AUSTRALIA B #N/A N/A EXCH 94'111'146 6.2 15'335'192 02.02.2011 BankUBS AG n/a EXCH 80'512'509 5.3 - 12.01.2010 Investment AdvisorMAPLE-BROWN ABBOTT L n/a Co File 80'500'000 5.3 - 17.05.2010 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 72'855'107 4.8 (151'670) 25.02.2010 Investment AdvisorPERPETUAL LTD n/a EXCH 72'065'902 4.75 (4'227'284) 09.12.2010 Investment AdvisorIOOF HOLDINGS LTD n/a EXCH 69'057'084 4.55 (7'322'010) 17.02.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 14'454'348 0.95 - 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 12'319'280 0.81 (91'912) 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 7'811'253 0.51 1'535'785 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 7'756'404 0.51 267'142 31.12.2010 Mutual Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 7'337'000 0.48 - 30.06.2010 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'600'800 0.37 - 31.10.2010 Investment AdvisorJP MORGAN CHASE & CO Multiple Portfolios MF-AGG 3'703'873 0.24 - 30.11.2010 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 2'433'842 0.16 2'433'842 30.09.2010 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'634'284 0.11 2'180 04.02.2011 Investment AdvisorMORGAN STANLEY & CO Multiple Portfolios MF-AGG 1'538'746 0.1 (296'956) 30.09.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'354'729 0.09 56'589 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'262'250 0.08 - 31.12.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 969'649 0.06 879'073 30.09.2010 Investment AdvisorEMERGING LEADERS INV n/a EXCH 941'400 0.06 - 30.06.2009 Unclassified


UBS DAVID LEITCH buy 5 U 2 12 month 04.02.2011Goldman Sachs & Partners Australia MATTHEW MCNEE hold 3 M 2 Not Provided 04.02.2011Commonwealth Bank MICHAEL WARD buy 5 M 2 12 month 31.01.2011Deutsche Bank EMILY BEHNCKE buy 5 M 2 12 month 28.01.2011RBS ANDREW G SCOTT buy 5 M 2 12 month 17.01.2011Citi HUGH DIVE sell 1 M 1 Not Provided 13.01.2011Credit Suisse ROHAN GALLAGHER neutral 3 M 2 Not Provided 10.01.2011Macquarie DOUGLAS MACPHILLAMY outperform 5 M 2 12 month 10.01.2011Paterson Securities BEN KAKOSCHKE buy 5 M 2 12 month 07.01.2011JPMorgan KEITH CHAU neutral 3 M 1 9 month 16.12.2010E.L. & C. Baillieu SIMON DUMARESQ buy 5 M 2 12 month 16.12.2010Nomura SIMON THACKRAY buy 5 M 2 Not Provided 03.11.2010LINWAR Securities RICHARD GEORGE outperform 5 M 2 12 month 17.05.2010

Holdings By:

CSR Ltd ee


19.09.2011

David Jones Limited is a department store retailer operating under the David

Jones name with stores located throughout Australia. David Jones also conductsa credit card business under David Jones Credit Card and operates the DavidJones Warehouse store which is a clearance center store.





Average Volume 5 Day 4'642'657DJS AT EQUITY YTD Change - Average Volume 30 Day 4'820'670DJS AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'724'287


31.07.2006 31.07.2007 31.07.2008 31.07.2009 31.07.2010 01/yy 01/yy 07/11 Y 07/12 Y - -1'821.6 1'983.2 2'098.0 1'985.5 2'053.1 - - 1'981.8 1'911.5 - -

0.84x 1.56x 0.97x 1.32x 1.22x - - 0.76x 0.79x - -168.3 233.2 180.5 206.5 241.4 - - 295.1 267.5 - -9.13x 13.29x 11.31x 12.67x 10.39x - - 5.02x 5.54x - -81.1 208.6 147.3 156.5 170.8 - - 169.0 150.5 - -

16.15x 12.03x 10.78x 16.03x 14.12x - - 8.28x 9.47x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

David Jones LtdPrice/Volume

Valuation Analysis


'

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAUSBIL DEXIA LIMITED #N/A N/A EXCH 31'520'094 6.13 (5'284'080) 03.02.2011 Investment AdvisorUBS AG n/a EXCH 30'419'437 5.92 - 31.01.2011 Investment AdvisorCREDIT SUISSE AG n/a EXCH 26'055'785 5.07 - 30.10.2009 Investment AdvisorFIDELITY MANAGEMENT n/a EXCH 25'156'290 4.89 (361'192) 07.01.2010 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 23'594'840 4.59 (6'028'242) 18.05.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 6'634'298 1.29 4'957'787 29.10.2010 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'324'700 1.23 - 30.11.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 4'060'442 0.79 (1'056'888) 30.06.2010 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 3'353'300 0.65 714'250 31.12.2010 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 2'745'500 0.53 - 04.02.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'566'642 0.5 128'800 31.12.2010 Mutual Fund ManagerFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 1'852'190 0.36 - 31.12.2009 Mutual Fund ManagerDJE INVESTMENT SA Multiple Portfolios MF-AGG 1'646'000 0.32 (174'000) 30.09.2010 Mutual Fund ManagerMCINNES MARK n/a EXCH 1'490'153 0.29 - 17.06.2010 n/aAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'233'074 0.24 - 30.11.2010 Investment AdvisorSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 1'200'000 0.23 800'000 20.07.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 957'954 0.19 - 04.02.2011 Investment AdvisorSTB ASSET MANAGEMENT Multiple Portfolios MF-AGG 954'855 0.19 (101'045) 15.06.2010 Mutual Fund ManagerBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 891'028 0.17 - 04.02.2011 Investment AdvisorROBINSON PATRICK n/a Co File 807'142 0.16 - 25.07.2009 n/a


Deutsche Bank ALEXI BAKER-MCLENNAN buy 5 M 6 12 month 07.02.2011Nomura NICK BERRY neutral 3 M 5 Not Provided 02.02.2011Goldman Sachs & Partners Australia PHILLIP KIMBER buy 5 M 6 Not Provided 17.01.2011RBS DANIEL BROEREN hold 3 M 5 12 month 12.01.2011Credit Suisse GRANT SALIGARI neutral 3 U 5 Not Provided 10.01.2011Macquarie CHARLOTTE LANG outperform 5 M 5 12 month 20.12.2010Morgan Stanley THOMAS KIERATH Underwt/In-Line 1 M 4 12 month 18.11.2010JPMorgan SHAUN COUSINS neutral 3 M 5 6 month 18.11.2010Citi CRAIG WOOLFORD buy 5 U 5 Not Provided 18.11.2010Commonwealth Bank ANDREW MCLENNAN hold 3 M 5 12 month 18.11.2010Paterson Securities RUSSELL WRIGHT hold 3 M 5 12 month 18.11.2010Southern Cross PARESH PATEL accumulate 4 M 5 12 month 18.11.2010Foster Stockbroking TEAM COVERAGE buy 5 N 6 Not Provided 14.09.2010Evans & Partners Pty Ltd TONY WILSON Positive 4 M #N/A N/A Not Provided 23.08.2010UBS BEN GILBERT neutral 3 M 5 12 month 18.08.2010CLSA Asia Pacific Markets JAMES PATERSON underperform 1 N 4 Not Provided 28.05.2010Austock Securities THOMAS HODSON buy 5 U 6 Not Provided 09.02.2010

Holdings By:

David Jones Ltd ee


19.09.2011

Dexus Property Group is a property trust that manages and invests in a portfolio

of diversified properties including office and industrial properties, retailshopping centers and car parks. The Trust's properties are located inAustralia, New Zealand and the United States.





Average Volume 5 Day 31'674'730DXS AT EQUITY YTD Change - Average Volume 30 Day 31'395'720DXS AT EQUITY YTD % CHANGE - Average Volume 3 Month 25'497'320


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -701.5 699.7 775.4 716.1 - - - 597.7 618.6 - -13.43x 10.45x 7.94x 8.51x - - - 10.67x 10.32x - -483.7 479.1 520.1 463.0 - - - 498.4 516.1 - -19.47x 15.26x 11.84x 13.16x - - - 12.65x 12.22x - -

1'168.8 438.3 (1'459.1) 31.4 553.0 - - 368.5 380.2 - -4.80x 9.32x - 116.67x - - - 10.65x 10.51x - -

EBITDA 463.03 Long-Term Rating Date 04.07.2006EBIT 381.42 Long-Term Rating BBB+Operating Margin 53.26% Long-Term Outlook STABLEPretax Margin 0.22% Short-Term Rating Date 04.07.2006Return on Assets 0.39% Short-Term Rating A-2Return on Common Equity 0.65%Return on Capital 0.42% EBITDA/Interest Exp. 3.88Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -0.02




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Dexus Property GroupPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeING GROEP NV n/a EXCH 388'416'434 8.03 (76'520'225) 28.01.2011 Investment AdvisorBARCLAYS GLOBAL INVE n/a Co File 294'028'773 6.08 - 18.08.2010 Investment AdvisorCOHEN & STEERS CAPIT n/a EXCH 291'659'124 6.03 49'943'641 03.11.2010 Investment AdvisorVANGUARD GROUP INC n/a EXCH 291'537'480 6.02 56'164'811 28.10.2010 Investment AdvisorBLACKROCK INVESTMENT n/a Co File 275'099'167 5.69 - 18.08.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 240'908'223 4.98 (33'327'815) 22.10.2010 BankLA SALLE INV MGMT (S n/a EXCH 226'560'630 4.68 - 22.11.2010 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 192'005'680 3.97 54'076 31.12.2010 Mutual Fund ManagerLASALLE INVESTMENT M Multiple Portfolios MF-AGG 142'475'527 2.94 41'005'271 23.08.2010 Investment AdvisorING CLARION REAL EST Multiple Portfolios MF-AGG 110'152'798 2.28 (944'576) 31.12.2010 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 103'304'594 2.13 (83'543) 22.06.2010 Investment AdvisorCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 96'334'581 1.99 (4'804'849) 09.08.2010 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 78'947'249 1.63 - 30.11.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 77'857'305 1.61 12'946'228 31.12.2010 Mutual Fund ManagerING INVESTMENT MANAG Multiple Portfolios MF-AGG 64'172'742 1.33 1'151'119 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 51'746'138 1.07 - 04.02.2011 Investment AdvisorMORGAN STANLEY & CO Multiple Portfolios MF-AGG 33'592'700 0.69 1'035'901 30.09.2010 Investment AdvisorABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 33'115'668 0.68 - 20.07.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 27'417'776 0.57 245'590 04.02.2011 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 22'825'780 0.47 22'423'580 30.09.2010 Investment Advisor


Macquarie PAUL CHECCHIN outperform 5 M 1 12 month 02.02.2011Commonwealth Bank DAVID LLOYD buy 5 M 1 12 month 02.02.2011JPMorgan MICHAEL JOHN SCOTT overweight 5 M 1 12 month 26.01.2011Credit Suisse STEPHEN RICH outperform 5 M 1 Not Provided 16.12.2010Goldman Sachs & Partners Australia SIMON WHEATLEY hold 3 M 1 Not Provided 15.12.2010Deutsche Bank IAN RANDALL hold 3 M 1 12 month 02.12.2010Citi DAVID BURGESS buy 5 M 1 Not Provided 01.12.2010CLSA Asia Pacific Markets BRYAN HOWITT outperform 5 M 1 Not Provided 16.11.2010Morgan Stanley LOURENS PIRENC Overwt/In-Line 5 M 1 12 month 18.08.2010UBS GRANT MCCASKER neutral 3 D 1 12 month 07.06.2010

Holdings By:

Dexus Property Group ee


19.09.2011

Downer EDI Limited provides engineering and infrastructure management services

to the public and private rail, road, power, telecommunications, mining andresources sectors in Australia, New Zealand, Asia and the Pacific. Downerprovides rolling stock services, drilling services for the exploration industry,mine planning and management services and highway maintenance.





Average Volume 5 Day 1'745'274DOW AT EQUITY YTD Change - Average Volume 30 Day 1'994'340DOW AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'889'360


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -5'312.4 5'434.5 5'834.7 5'779.6 6'613.6 - - 7'196.8 7'613.0 - -

0.53x 0.47x 0.40x 0.30x 0.31x - - 0.27x 0.25x - -383.5 370.0 429.4 424.7 465.9 - - 536.8 599.0 - -7.34x 6.90x 5.46x 4.03x 4.36x - - 3.35x 3.01x - -

101.5 165.8 189.4 3.0 (27.8) - - 184.8 212.5 - -23.51x 14.34x 9.65x - - - - 7.52x 6.54x - -


Net Debt/EBITDA 0.95Gross Margin 97.5% Total Debt/EBITDA 1.57EBITDA Margin 7.0%EBIT Margin 3.9% Total Debt/Equity 50.8%Net Income Margin -0.4% Total Debt/Capital 33.7%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Downer EDI LtdPrice/Volume

Valuation Analysis


'-.0123456

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSCHRODER INVSTMNT MG n/a Co File 29'985'467 8.74 - 20.08.2010 n/aFRANKLIN RESOURCES I n/a EXCH 28'239'397 8.23 3'827'591 12.01.2011 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 23'421'665 6.82 - 18.05.2010 Investment AdvisorAXA n/a EXCH 18'126'657 5.28 (3'408'806) 28.08.2009 Investment AdvisorMACQUARIE GROUP LTD #N/A N/A EXCH 17'786'133 5.18 - 02.02.2011 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 17'130'049 4.99 (3'960'846) 31.01.2011 BankUBS AG n/a EXCH 16'964'806 4.94 - 25.08.2009 Investment AdvisorCREDIT SUISSE n/a EXCH 16'573'379 4.83 (374'828) 04.06.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 16'440'000 4.79 1'219'039 30.09.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 16'385'607 4.77 (287'252) 12.03.2010 BankCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 12'466'000 3.63 300'000 30.09.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 4'297'150 1.25 82'295 31.12.2010 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'649'603 1.06 - 30.11.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'250'345 0.95 3'241'066 31.12.2010 Investment AdvisorPRUDENTIAL PLC Multiple Portfolios MF-AGG 2'996'507 0.87 108'716 30.09.2010 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'979'415 0.58 64'600 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'724'982 0.5 3'960 31.12.2010 Mutual Fund ManagerFRANKLIN TEMPLETON I Multiple Portfolios MF-AGG 1'271'609 0.37 823'515 31.12.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1'014'597 0.3 36'000 07.02.2011 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 963'641 0.28 769'955 30.06.2010 Insurance Company


Deutsche Bank CRAIG WONGPAN hold 3 M 4 12 month 07.02.2011Goldman Sachs & Partners Australia CHRIS SAVAGE hold 3 M 5 Not Provided 07.02.2011Nomura RICHARD J JOHNSON neutral 3 U 4 Not Provided 28.01.2011Paterson Securities GRAEME CARSON sell 1 D 3 12 month 28.01.2011RBS ANDREW HODGE hold 3 D 4 12 month 27.01.2011Credit Suisse CHRIS COUNIHAN neutral 3 U 4 Not Provided 27.01.2011JPMorgan ALISTAIR REID neutral 3 M 5 12 month 27.01.2011Citi GUY ROBINSON buy 5 M 4 Not Provided 27.01.2011Macquarie JOHN PURTELL neutral 3 M 4 12 month 27.01.2011Commonwealth Bank BEN BROWNETTE sell 1 M 3 12 month 27.01.2011Austock Securities HEATH ANDREWS sell 1 M 4 Not Provided 27.01.2011

Holdings By:

Downer EDI Ltd ee


19.09.2011

DUET Group invests in energy utility assets located in Australia and New

Zealand. The Group's investment assets include gas pipelines and electricitydistribution networks.





Average Volume 5 Day 4'351'045DUE AT EQUITY YTD Change - Average Volume 30 Day 5'451'554DUE AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'630'529


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -808.1 877.3 938.2 998.6 1'079.3 - - 1'114.2 1'142.3 - -8.26x 7.31x 6.64x 6.85x 6.61x - - 6.48x 6.40x - -

474.1 516.6 537.3 688.3 752.8 - - 758.9 778.7 - -14.07x 12.41x 11.59x 9.94x 9.48x - - 9.73x 9.48x - -

27.2 18.4 (26.6) 42.0 68.8 - - 141.8 147.8 - -1.07x 84.59x - 33.09x 22.08x - - 12.65x 12.28x - -

EBITDA 752.75 Long-Term Rating Date 03.06.2003EBIT 538.49 Long-Term Rating BBB-Operating Margin 49.89% Long-Term Outlook STABLEPretax Margin 6.80% Short-Term Rating Date -Return on Assets 0.81% Short-Term Rating -Return on Common Equity 5.37%Return on Capital - EBITDA/Interest Exp. 1.56Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. 1.01



Fiscal Year Ended

DUET GroupPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----...

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7

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200.0

400.0

600.0

800.0

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1'200.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAMP LTD n/a Co File 102'896'515 11.6 - 19.08.2010 Insurance CompanyLAZARD ASSET MANAGEM n/a Co File 73'998'497 8.34 - 19.08.2010 Investment AdvisorSUNCORP METWAY INVES n/a Co File 50'978'508 5.75 - 19.08.2010 BankCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 42'788'292 4.82 - 30.09.2010 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 27'837'159 3.14 (660'798) 30.11.2010 Investment AdvisorLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 4'644'079 0.52 309'618 30.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4'149'082 0.47 9'636 31.12.2010 Mutual Fund ManagerROBERTS JOHN STUART n/a Co File 3'978'801 0.45 - 19.08.2010 n/aMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 3'477'120 0.39 (20'225) 31.12.2010 Mutual Fund ManagerLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 3'122'432 0.35 - 31.12.2010 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3'107'976 0.35 - 31.12.2010 Investment AdvisorFORWARD MANAGEMENT L Multiple Portfolios MF-AGG 2'750'416 0.31 - 29.11.2010 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 2'523'762 0.28 2'242'067 30.06.2010 Insurance CompanyBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'258'983 0.25 1'380 04.02.2011 Investment AdvisorWIKRAMANAYAKE SHEMAR n/a EXCH 1'842'987 0.21 - 25.11.2010 n/aFIDELITY INTERNATION Multiple Portfolios MF-AGG 1'523'917 0.17 - 31.10.2009 Investment AdvisorBANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'500'000 0.17 - 29.10.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'470'313 0.17 - 31.12.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'377'314 0.16 - 31.10.2010 Investment AdvisorMORGAN STANLEY & CO Multiple Portfolios MF-AGG 972'300 0.11 972'300 30.09.2010 Investment Advisor


Credit Suisse SANDRA MCCULLAGH neutral 3 M 2 Not Provided 04.02.2011JPMorgan JASON HARLEY STEED overweight 5 M 2 12 month 04.02.2011Deutsche Bank JOHN HIRJEE hold 3 M 2 12 month 01.02.2011Morgan Stanley MARK BLACKWELL Equalwt/In-Line 3 M 2 12 month 31.01.2011UBS DAVID LEITCH neutral 3 D 2 12 month 28.01.2011RBS WILLIAM ALLOTT buy 5 U 2 12 month 12.01.2011Commonwealth Bank PAUL JOHNSTON buy 5 M 2 12 month 04.01.2011Citi MARIE MIYASHIRO sell 1 D 2 Not Provided 01.11.2010Macquarie IAN MYLES restricted #N/A N/A M #N/A N/A Not Provided 20.08.2010

Holdings By:

DUET Group ee


19.09.2011

Fairfax Media Limited publishes and prints newspapers, magazines and

entertainment publications. The Company also provides advertising sales innewspapers, magazines and electronic formats. Fairfax also offers an Internetbusiness which includes news and classifieds.





Average Volume 5 Day 18'564'880FXJ AT EQUITY YTD Change - Average Volume 30 Day 16'322'600FXJ AT EQUITY YTD % CHANGE - Average Volume 3 Month 14'024'340


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -2'111.1 2'900.8 2'599.1 2'476.8 2'463.4 - - 2'445.2 2'485.5 - -

4.38x 2.45x 1.94x 1.96x 1.48x - - 1.27x 1.18x - -502.3 817.5 509.4 643.6 1'258.4 - - 579.9 603.2 - -18.40x 8.70x 9.88x 7.54x 2.89x - - 5.60x 5.39x - -263.5 386.9 (380.1) 282.1 (390.9) - - 254.1 276.4 - -20.70x 12.66x - 11.78x - - - 7.62x 7.03x - -

EBITDA 1'258.42 Long-Term Rating Date 14.05.2009EBIT 1'144.07 Long-Term Rating BB+Operating Margin 46.44% Long-Term Outlook STABLEPretax Margin -12.30% Short-Term Rating Date 09.11.2004Return on Assets -5.69% Short-Term Rating NRReturn on Common Equity -8.50%Return on Capital - EBITDA/Interest Exp. 10.01Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 9.55



Fiscal Year Ended

Fairfax Media LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----...

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3'!' 7

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 240'063'433 10.21 (24'755'061) 14.10.2010 BankMARINYA MEDIA PTY LT n/a EXCH 227'632'469 9.68 - 11.11.2010 CorporationMAPLE-BROWN ABBOTT L n/a EXCH 160'243'882 6.81 23'552'183 04.01.2011 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 157'060'181 6.68 (32'619'382) 14.12.2010 BankIOOF HOLDINGS LTD n/a EXCH 146'899'299 6.25 24'669'600 07.12.2010 Investment AdvisorMORGAN STANLEY & CO n/a EXCH 141'097'766 6 (61'006'372) 25.01.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 28'000'000 1.19 - 30.09.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 27'621'471 1.17 2'429'110 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 20'631'413 0.88 - 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 11'315'490 0.48 396'371 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 10'295'048 0.44 25'443 31.12.2010 Mutual Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 9'705'000 0.41 - 30.06.2010 Investment AdvisorCAMBOOYA PTY LTD n/a EXCH 7'718'863 0.33 - 11.11.2010 n/aAXA ROSENBERG INTL Multiple Portfolios MF-AGG 5'396'400 0.23 (409'500) 30.09.2010 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 4'317'040 0.18 23'850 30.09.2010 Investment AdvisorJP MORGAN CHASE & CO Multiple Portfolios MF-AGG 3'591'280 0.15 15'014 30.11.2010 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 3'482'953 0.15 754 30.04.2010 Investment AdvisorFORWARD MANAGEMENT L Multiple Portfolios MF-AGG 3'203'083 0.14 (371'319) 29.11.2010 Investment AdvisorTRANSAMERICA INVESTM Multiple Portfolios MF-AGG 2'684'858 0.11 - 30.09.2010 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 2'543'130 0.11 - 30.09.2010 Mutual Fund Manager


Credit Suisse JOLANTA MASOJADA outperform 5 M 2 Not Provided 07.02.2011Commonwealth Bank ALICE BENNETT hold 3 D 2 12 month 27.01.2011Deutsche Bank ANDREW ANAGNOSTELLIS hold 3 M 2 12 month 25.01.2011Goldman Sachs & Partners Australia CHRISTIAN GUERRA hold 3 M 2 Not Provided 25.01.2011RBS FRASER MCLEISH buy 5 M 2 12 month 20.01.2011Morgan Stanley ANDREW MCLEOD Overwt/Cautious 5 M 2 12 month 19.01.2011Macquarie ALEX POLLAK underperform 1 M 1 12 month 13.01.2011BBY Limited MARK MCDONNELL buy 5 M 2 12 month 26.11.2010CLSA Asia Pacific Markets DIGBY GILMOUR underperform 1 D 1 Not Provided 25.11.2010JPMorgan LAURENT HORRUT overweight 5 M 2 12 month 23.11.2010Citi JUSTIN DIDDAMS hold 3 D 2 Not Provided 16.11.2010Evans & Partners Pty Ltd TONY WILSON negative 2 M #N/A N/A Not Provided 29.08.2010UBS RICHARD EARY buy 5 M 2 12 month 22.02.2010

Holdings By:

Fairfax Media Ltd ee


19.09.2011

Fortescue Metals Group Limited is involved in the exploration of iron ore

through its East Pilbara Iron Ore Project in Western Australia.





Average Volume 5 Day 23'462'700FMG AT EQUITY YTD Change - Average Volume 30 Day 14'939'920FMG AT EQUITY YTD % CHANGE - Average Volume 3 Month 14'436'830


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -0.0 139.3 1'828.6 3'220.1 5'442.1 - - 7'587.5 9'335.6 - -

- 248.66x 6.22x 3.91x 4.30x - - 3.07x 2.64x - -(16.3) (1'038.4) 532.1 1'223.0 2'765.2 - - 3'821.3 4'611.2 - -

- - 21.37x 10.30x 8.46x - - 5.53x 4.58x - -(151.2) (771.8) 508.0 580.9 1'022.6 - - 2'175.1 2'543.4 - -

- - 17.22x 18.51x 20.70x - - 8.67x 7.48x - -

EBITDA 2'765.17 Long-Term Rating Date 18.05.2011EBIT 2'595.35 Long-Term Rating B+Operating Margin 47.69% Long-Term Outlook STABLEPretax Margin 24.53% Short-Term Rating Date -Return on Assets 14.74% Short-Term Rating -Return on Common Equity 52.29%Return on Capital 23.22% EBITDA/Interest Exp. 5.62Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 5.62




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Fortescue Metals Group LtdPrice/Volume

Valuation Analysis


'

-

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0

1

2

3

4

5

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFORREST ANDREW JOHN n/a EXCH 972'848'823 31.25 18'608 26.11.2010 n/aHUNAN VALIN IRON AND n/a EXCH 506'000'000 16.26 (29'000'000) 23.11.2010 n/aLEUCADIA NATIONAL CO n/a EXCH 247'986'000 7.97 221'586'000 03.03.2010 Investment AdvisorMAGNITOGORSK IRON & n/a Research 166'687'029 5.36 - 08.03.2010 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 25'077'755 0.81 (634'270) 31.12.2010 Investment AdvisorROWLEY WILLIAM GRAEM n/a EXCH 19'144'951 0.62 (122'571) 30.12.2010 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 12'578'414 0.4 - 03.02.2011 Investment AdvisorSCRIMSHAW RUSSELL JO n/a EXCH 8'090'055 0.26 62 20.01.2011 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6'412'752 0.21 275'590 31.12.2010 Mutual Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 6'373'926 0.2 3'831'661 31.10.2010 Investment AdvisorAMBRECHT KENNETH CHA n/a Co File 6'313'130 0.2 - 10.08.2009 n/aCARMIGNAC GESTION Multiple Portfolios MF-AGG 5'000'000 0.16 - 31.12.2010 Investment AdvisorGLICKENHAUS & COMPAN GLICKENHAUS & COMPAN 13F 4'748'950 0.15 4'748'950 31.12.2010 Investment AdvisorCATLOW CHRISTOPHER J n/a Co File 4'690'000 0.15 - 30.06.2009 n/aJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 3'790'000 0.12 - 30.09.2010 Investment AdvisorPUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 2'732'125 0.09 2'732'125 30.09.2010 Investment AdvisorELLIOTT HERBERT JAME n/a Co File 2'167'938 0.07 - 10.08.2009 n/aMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'831'102 0.06 (196'300) 31.12.2010 Mutual Fund ManagerSJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'317'210 0.04 39'548 30.09.2010 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 1'178'266 0.04 (245) 30.04.2010 Investment Advisor


Goldman Sachs & Partners Australia NEIL GOODWILL buy 5 M 10 Not Provided 02.02.2011Credit Suisse NATHAN LITTLEWOOD neutral 3 M 8 Not Provided 19.01.2011E.L. & C. Baillieu ADRIAN PRENDERGAST hold 3 U 6 12 month 19.01.2011BMO Capital Markets DAVID RADCLYFFE outperform 5 M 8 Not Provided 18.01.2011RBS LYNDON FAGAN buy 5 M 8 12 month 18.01.2011Deutsche Bank PAUL-D YOUNG hold 3 M 7 12 month 18.01.2011Morgan Stanley CRAIG CAMPBELL Equalwt/Attractive 3 M 7 12 month 18.01.2011RBC Capital Markets CHRIS DREW outperform 5 M 8 12 month 18.01.2011UBS GLYN LAWCOCK buy 5 M 9 12 month 18.01.2011JPMorgan MARK BUSUTTIL overweight 5 M 8 12 month 18.01.2011Macquarie MARTIN STULPNER outperform 5 M 8 12 month 18.01.2011Paterson Securities ALEX PASSMORE hold 3 M 7 12 month 18.01.2011CLSA Asia Pacific Markets HAYDEN BAIRSTOW sell 1 M 5 Not Provided 18.01.2011MF Global Equities Research ANDREW GARDNER buy 5 M #N/A N/A Not Provided 01.12.2010Southern Cross FLEUR GROSE buy 5 M 8 12 month 22.11.2010Citi CLARKE WILKINS hold 3 D 7 Not Provided 19.11.2010Foster Stockbroking TEAM COVERAGE buy 5 N 7 Not Provided 01.09.2010

Holdings By:

Fortescue Metals Group Ltd ee


19.09.2011

Foster's Group Limited manufactures and markets alcoholic and non-alcoholic

beverages including beer and wine.





Average Volume 5 Day 8'420'950FGL AT EQUITY YTD Change - Average Volume 30 Day 17'417'290FGL AT EQUITY YTD % CHANGE - Average Volume 3 Month 21'931'500


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y 03/11 Q3 06/11 Q44'555.2 4'372.7 4'485.9 4'281.2 2'270.7 - - 2'353.9 2'434.4 - -

3.33x 2.80x 2.83x 3.10x 5.12x - - 4.71x 4.44x - -1'239.0 1'241.9 1'103.8 1'178.6 792.7 - - 910.0 959.3 - -

12.25x 9.86x 11.49x 11.25x 14.67x - - 12.26x 11.63x - -966.2 111.7 438.3 (464.4) (89.0) - - 510.0 547.4 - -16.61x 92.18x 22.59x - 9.52x - - 18.53x 17.05x - -

EBITDA 792.70 Long-Term Rating Date 11.04.2006EBIT 739.80 Long-Term Rating BBBOperating Margin 32.58% Long-Term Outlook STABLEPretax Margin 34.12% Short-Term Rating Date 11.04.2006Return on Assets -1.81% Short-Term Rating A-2Return on Common Equity -5.77%Return on Capital - EBITDA/Interest Exp. 6.27Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 5.68

Net Debt/EBITDA 2.04Gross Margin 47.3% Total Debt/EBITDA 2.11EBITDA Margin 34.9%EBIT Margin 32.6% Total Debt/Equity 432.6%Net Income Margin -3.9% Total Debt/Capital 80.7%


Fiscal Year Ended

Foster's Group LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 131'865'931 6.81 258'816 30.09.2010 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 117'889'201 6.09 19'927'424 14.10.2010 Investment AdvisorPERPETUAL LTD n/a EXCH 98'193'898 5.07 - 11.11.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 97'099'647 5.02 - 07.01.2011 BankDEUTSCHE BANK AG n/a Co File 96'634'367 4.99 - 24.08.2010 Investment AdvisorARTISAN PARTNERS Multiple Portfolios MF-AGG 25'792'930 1.33 18'037'693 30.09.2010 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 19'062'700 0.98 1'765'300 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 19'044'465 0.98 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 15'534'418 0.8 137'423 31.12.2010 Investment AdvisorAMP LTD n/a Co File 13'725'298 0.71 - 24.08.2010 Insurance CompanyVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 9'707'471 0.5 221'093 31.12.2010 Mutual Fund ManagerDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 9'474'000 0.49 - 08.07.2010 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 8'000'000 0.41 (12'000'000) 30.09.2010 Pension Fund (ERISA)PRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 7'518'393 0.39 125'064 15.04.2010 Investment AdvisorARGO INVESTMENTS LTD n/a Co File 7'449'721 0.38 - 24.08.2010 Investment AdvisorPRUDENTIAL PLC Multiple Portfolios MF-AGG 6'781'655 0.35 (67'617) 30.09.2010 Investment AdvisorAUSTRALIAN FOUNDATIO n/a Co File 6'526'502 0.34 - 24.08.2010 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 5'517'206 0.29 (164'320) 30.09.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 5'192'574 0.27 71'629 31.12.2010 Mutual Fund ManagerIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 4'609'060 0.24 221'100 31.12.2010 Investment Advisor


Deutsche Bank PAUL VAN MEURS buy 5 M 6 12 month 04.02.2011Nomura DAVID COOKE neutral 3 M 6 Not Provided 02.02.2011Credit Suisse LARRY GANDLER underperform 1 M 6 Not Provided 25.01.2011JPMorgan STUART JACKSON neutral 3 M 5 12 month 25.01.2011RBS HARRY THEODORE hold 3 M 6 12 month 21.01.2011Macquarie GREG DRING underperform 1 M 5 12 month 21.01.2011Goldman Sachs & Partners Australia IAN ABBOTT hold 3 M 6 Not Provided 19.01.2011UBS LINDY NEWTON neutral 3 M 6 12 month 18.01.2011Citi ANDREW BOWLEY hold 3 M 6 Not Provided 04.01.2011Morgan Stanley MARTIN YULE Overwt/Attractive 5 M 7 12 month 21.12.2010E.L. & C. Baillieu SAM HADDAD hold 3 M 5 12 month 26.10.2010Evans & Partners Pty Ltd PAUL RYAN Positive 4 M #N/A N/A Not Provided 01.09.2010CLSA Asia Pacific Markets JAMES PATERSON buy 5 N 7 Not Provided 27.05.2010Southern Cross ALEXANDRA MCPHEE accumulate 4 M 6 12 month 09.09.2009

Holdings By:

Foster's Group Ltd ee


19.09.2011

Goodman Fielder Limited offers a wide range of food products. The Company

offers food products that include packaged baked goods, spreads, dairy products,small goods, sauces, dressings, and condiments and bulk and packaged edible fatsand oils and flour products.



Shares Out 30.06.2011 1'380.4 Short Int 46.40876.55 1 Yr Total Return -51.82%


Average Volume 5 Day 7'703'482GFF AT EQUITY YTD Change - Average Volume 30 Day 11'804'600GFF AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'024'117


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -2'426.7 2'317.5 2'848.6 2'660.1 2'556.2 - - 2'585.0 2'669.1 - -

1.75x 1.26x 0.98x 1.05x 0.92x - - 0.69x 0.65x - -420.6 182.5 348.2 380.6 43.9 - - 339.0 357.8 - -10.08x 15.96x 7.98x 7.31x 53.64x - - 5.22x 4.94x - -239.8 27.7 175.7 161.1 (166.7) - - 120.7 134.8 - -13.43x 351.25x 9.89x 11.50x - - - 7.47x 6.83x - -

EBITDA 43.90 Long-Term Rating Date -EBIT -25.40 Long-Term Rating -Operating Margin -0.99% Long-Term Outlook -Pretax Margin -4.49% Short-Term Rating Date -Return on Assets -5.68% Short-Term Rating -Return on Common Equity -11.30%Return on Capital - EBITDA/Interest Exp. 0.43Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. -0.58

Net Debt/EBITDA 20.13Gross Margin 36.6% Total Debt/EBITDA 21.95EBITDA Margin 1.7%EBIT Margin -1.0% Total Debt/Equity 74.5%Net Income Margin -6.5% Total Debt/Capital 42.6%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Goodman Fielder LtdPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMAPLE-BROWN ABBOTT L n/a EXCH 141'924'365 10.28 17'005'078 01.11.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 100'494'835 7.28 (21'562'505) 22.12.2010 BankBLACKROCK INVESTMENT n/a EXCH 70'365'383 5.1 662'592 31.05.2010 Investment AdvisorDIMENSIONAL FUND ADV n/a EXCH 69'263'564 5.02 38'567 26.05.2010 Investment AdvisorIOOF HOLDINGS LTD n/a EXCH 67'847'427 4.92 (1'596'895) 28.05.2010 Investment AdvisorAXA n/a EXCH 67'637'973 4.9 (3'432'798) 17.05.2010 Investment AdvisorLAZARD ASSET MANAGEM n/a EXCH 54'854'450 3.97 (30'666'714) 02.12.2010 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 50'832'800 3.68 3'532'700 31.12.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 15'191'743 1.1 (103'809) 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 13'292'713 0.96 - 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11'380'049 0.82 187'148 31.12.2010 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 10'455'731 0.76 - 31.12.2010 Mutual Fund ManagerRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 10'053'246 0.73 688'700 30.09.2010 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 7'653'900 0.55 383'913 30.09.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6'837'129 0.5 17'204 31.12.2010 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 6'140'079 0.44 233'077 31.12.2010 Mutual Fund ManagerABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 6'111'720 0.44 124'000 31.12.2010 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 5'974'065 0.43 5'974'065 30.09.2010 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 5'882'202 0.43 74 31.12.2010 Investment AdvisorWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 4'551'232 0.33 2'123 30.11.2010 Investment Advisor


JPMorgan STUART JACKSON neutral 3 M 1 12 month 04.02.2011Nomura DAVID COOKE neutral 3 M 1 Not Provided 02.02.2011Credit Suisse LARRY GANDLER outperform 5 M 2 Not Provided 01.02.2011Goldman Sachs & Partners Australia PHILLIP KIMBER hold 3 M 2 Not Provided 01.02.2011Macquarie GREG DRING neutral 3 D 1 12 month 19.01.2011RBS ALEXANDER BEER hold 3 M 1 12 month 11.01.2011Commonwealth Bank JORDAN ROGERS hold 3 N 1 12 month 01.12.2010Citi ANDREW BOWLEY buy 5 M 2 Not Provided 30.11.2010Deutsche Bank MATTHEW ISER hold 3 M 1 12 month 30.08.2010Evans & Partners Pty Ltd TONY WILSON negative 2 M #N/A N/A Not Provided 23.08.2010Morgan Stanley MARTIN YULE Underwt/Attractive 1 M 1 12 month 19.08.2010UBS LINDY NEWTON neutral 3 M 1 12 month 19.08.2010

Holdings By:

Goodman Fielder Ltd ee


19.09.2011

Goodman Group is an integrated industrial property group. The Group has

operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activitiesinclude property investment, funds management, property development and propertyservices. The Group's property portfolio includes business parks, industrialestates, office parks and warehouse/distribution centers.





Average Volume 5 Day 36'404'150GMG AT EQUITY YTD Change - Average Volume 30 Day 36'811'940GMG AT EQUITY YTD % CHANGE - Average Volume 3 Month 30'893'160


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -764.7 852.5 739.2 594.6 696.4 - - 700.8 759.3 - -19.47x 10.66x 7.21x 11.07x 10.69x - - 9.71x 8.99x - -361.7 269.8 331.1 237.1 225.2 - - 539.8 593.9 - -41.17x 33.68x 16.10x 27.76x 33.07x - - 12.82x 11.65x - -622.5 250.7 (1'120.0) (537.0) 392.0 - - 476.8 529.8 - -17.55x 21.02x - - 11.95x - - 10.33x 9.55x - -

EBITDA 225.20 Long-Term Rating Date 29.09.2009EBIT 191.20 Long-Term Rating BBBOperating Margin 27.46% Long-Term Outlook NEGPretax Margin 66.13% Short-Term Rating Date -Return on Assets 5.16% Short-Term Rating -Return on Common Equity 9.35%Return on Capital 6.49% EBITDA/Interest Exp. 2.20Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. 0.53




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Goodman GroupPrice/Volume

Valuation Analysis


'

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA INVESTMENT COR n/a EXCH 537'316'549 7.79 - 24.12.2010 GovernmentING GROEP NV n/a Co File 531'652'052 7.71 - 31.08.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a Co File 408'523'081 5.93 - 31.08.2010 BankCOHEN & STEERS INC n/a EXCH 390'425'453 5.66 69'248'330 08.12.2010 CorporationIOOF HOLDINGS LTD n/a EXCH 344'213'168 4.99 (113'470'270) 16.09.2009 Investment AdvisorBLACKROCK INVESTMENT n/a Co File 326'402'271 4.74 - 31.08.2010 Investment AdvisorVANGUARD GROUP INC n/a Co File 304'610'228 4.42 - 31.08.2010 Investment AdvisorBARCLAYS PLC n/a EXCH 299'123'951 4.34 (17'909'500) 05.11.2009 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 254'067'472 3.69 1'901'051 31.12.2010 Mutual Fund ManagerCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 212'806'790 3.09 (9'666'586) 05.10.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 108'629'184 1.58 5'306'128 31.12.2010 Mutual Fund ManagerNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 86'914'304 1.26 (3'565'577) 22.06.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 76'176'513 1.11 (20'151'454) 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 69'154'800 1 - 04.02.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 63'332'879 0.92 10'874'900 30.06.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 58'170'510 0.84 (1'773'566) 31.12.2010 Investment AdvisorAMP LTD n/a EXCH 44'938'773 0.65 - 12.01.2011 Insurance CompanySTATE STREET CORP Multiple Portfolios MF-AGG 42'448'086 0.62 (483'457) 04.02.2011 Investment AdvisorNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 40'871'984 0.59 2'555'603 16.08.2010 Mutual Fund ManagerING CLARION REAL EST Multiple Portfolios MF-AGG 30'721'271 0.45 (500'000) 31.12.2010 Investment Advisor


Credit Suisse STEPHEN RICH neutral 3 M 1 Not Provided 25.01.2011JPMorgan RICHARD JONES neutral 3 M 1 12 month 21.01.2011Goldman Sachs & Partners Australia PETER ZUK not rated #N/A N/A M #N/A N/A Not Provided 14.01.2011Macquarie PAUL CHECCHIN restricted #N/A N/A M #N/A N/A Not Provided 11.01.2011Commonwealth Bank DAVID LLOYD hold 3 M 1 12 month 10.01.2011Deutsche Bank IAN RANDALL buy 5 M 1 12 month 29.12.2010RBS ANDREW HODGE buy 5 N 1 12 month 20.12.2010Citi DAVID BURGESS buy 5 M 1 Not Provided 16.11.2010CLSA Asia Pacific Markets JOHN P KIM outperform 5 M 1 Not Provided 29.10.2010Morgan Stanley LOURENS PIRENC Overwt/In-Line 5 M 1 12 month 25.08.2010UBS GRANT MCCASKER buy 5 M 1 12 month 31.05.2010

Holdings By:

Goodman Group ee


19.09.2011

GPT Group is a property trust that manages and invests in retail, office,

industrial and hotel/tourism properties throughout Australia. The commercialproperty portfolio includes Riverside Centre and MLC Centre while the retailproperties include Charlestown Square and Penrith Plaza. The Group'shotel/tourism property includes Ayers Rock Resort.





Average Volume 5 Day 10'992'200GPT AT EQUITY YTD Change - Average Volume 30 Day 9'380'987GPT AT EQUITY YTD % CHANGE - Average Volume 3 Month 8'158'308


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -970.3 896.3 773.1 562.0 565.4 - - 635.4 650.2 - -16.46x 14.65x 10.56x 13.80x 13.91x - - 12.47x 12.10x - -589.0 499.9 432.0 352.9 340.0 - - 547.5 564.4 - -27.12x 26.26x 18.89x 21.98x 23.14x - - 14.05x 13.63x - -

1'384.0 1'184.5 (3'253.5) (1'069.1) 707.3 - - 412.5 415.8 - -8.21x 7.01x - 32.41x 12.67x - - 14.23x 13.73x - -

EBITDA 340.00 Long-Term Rating Date 10.05.2010EBIT 183.00 Long-Term Rating A-Operating Margin 32.37% Long-Term Outlook STABLEPretax Margin 76.60% Short-Term Rating Date 26.08.2009Return on Assets 7.48% Short-Term Rating A-2Return on Common Equity 10.38%Return on Capital 7.75% EBITDA/Interest Exp. 1.88Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. 0.01



Fiscal Year Ended

GPT GroupPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDEUTSCHE BANK AG n/a Co File 275'624'194 14.85 - 26.02.2010 Investment AdvisorGOVT OF SINGAPORE IN n/a Co File 205'875'283 11.1 - 26.02.2010 GovernmentSTOCKLAND n/a Co File 175'160'804 9.44 - 26.02.2010 CorporationCOMMONWEALTH BANK OF n/a EXCH 125'060'390 6.74 31'194'943 27.10.2010 BankING GROEP NV n/a EXCH 117'899'517 6.35 (21'579'512) 28.01.2011 Investment AdvisorCOHEN & STEERS INC n/a EXCH 95'257'067 5.13 - 20.12.2010 CorporationVANGUARD GROUP INC n/a Co File 93'609'719 5.04 - 26.02.2010 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 92'818'291 5 - 08.09.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 68'278'668 3.68 221'279 31.12.2010 Mutual Fund ManagerLASALLE INVESTMENT M Multiple Portfolios MF-AGG 37'598'213 2.03 37'598'213 23.08.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 26'708'871 1.44 52'716 31.12.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 19'651'795 1.06 - 04.02.2011 Investment AdvisorMORGAN STANLEY & CO Multiple Portfolios MF-AGG 19'147'880 1.03 9'485 30.09.2010 Investment AdvisorING CLARION REAL EST Multiple Portfolios MF-AGG 19'024'040 1.03 527'240 31.12.2010 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 18'478'401 1 (18'607'831) 03.02.2011 Investment AdvisorCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 17'068'125 0.92 - 09.08.2010 Investment AdvisorEUROPEAN INVESTORS I EUROPEAN INVESTORS I 13F 16'499'141 0.89 485'000 30.09.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 14'423'365 0.78 (174'834) 30.09.2010 Investment AdvisorMITSUBISHI UFJ ASSET Multiple Portfolios MF-AGG 13'265'159 0.71 9'823'199 05.07.2010 Mutual Fund ManagerSTATE STREET CORP Multiple Portfolios MF-AGG 10'426'536 0.56 146'141 04.02.2011 Investment Advisor


Credit Suisse ROWENA CAUSLEY neutral 3 M 3 Not Provided 07.02.2011JPMorgan ROB STANTON overweight 5 U 3 12 month 04.02.2011Macquarie PAUL JUNIPER outperform 5 M 3 12 month 02.02.2011Deutsche Bank MATTHEW BERTRAM hold 3 M 3 12 month 01.02.2011Paterson Securities JONATHAN KRISKA hold 3 M 3 12 month 01.02.2011Commonwealth Bank DAVID LLOYD sell 1 M 3 12 month 10.01.2011Goldman Sachs & Partners Australia SIMON WHEATLEY buy 5 M 3 Not Provided 29.12.2010CLSA Asia Pacific Markets BRYAN HOWITT buy 5 M 3 Not Provided 14.12.2010Citi DAVID BURGESS hold 3 M 3 Not Provided 01.12.2010UBS GRANT MCCASKER buy 5 U 3 12 month 01.11.2010Morgan Stanley LOURENS PIRENC Equalwt/In-Line 3 M 3 12 month 24.08.2010

Holdings By:

GPT Group ee


19.09.2011

Harvey Norman Holdings Limited is a holding company for companies and trusts in

a third party franchise agreement. The franchises operate stores under the name"Harvey Norman Discounts," selling homewares and electrical goods. The Companyalso provides advisory and advertising to the franchises. In addition, theCompany provides consumer finance and has property investments.


252-Week High % Change -49.11% Dividend Yield 6.5052-Week Low % Change 13.31% Beta 0.84% 52 Week Price Range High/Low 13.16% Equity Float 480.13



Average Volume 5 Day 3'421'562HVN AT EQUITY YTD Change - Average Volume 30 Day 5'880'568HVN AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'675'515


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -2'177.5 2'357.0 2'417.3 2'368.6 2'545.4 - - 2'600.3 2'722.8 - -





Fiscal Year Ended

Harvey Norman Holdings LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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'3!'4!.''4 '3!'-!.''5 '3!'4!.''5 '3!'-!.''6 '3!'4!.''6 '3!'-!.'-' '3!'4!.'-' '3!'-!.'--



19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHARVEY GERALD n/a Co File 311'959'532 29.37 - 28.09.2010 n/aNORMAN IAN JOHN n/a Co File 175'249'660 16.5 - 28.09.2010 n/aAUSBIL DEXIA LIMITED n/a EXCH 50'468'781 4.75 (14'581'807) 25.11.2010 Investment AdvisorHARVEY MARGARET LYNE n/a Co File 49'990'575 4.71 - 24.09.2010 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 23'726'391 2.23 827'154 31.12.2010 Investment AdvisorENBEEAR PTY LTD n/a Co File 17'118'200 1.61 - 24.09.2010 OtherPAGE KAY LESLEY n/a Co File 16'995'133 1.6 - 28.09.2010 n/aAMP LIFE LTD n/a Co File 5'647'148 0.53 - 24.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 5'139'728 0.48 - 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4'758'958 0.45 78'328 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 4'599'338 0.43 114'055 31.12.2010 Mutual Fund ManagerAUSTRALIAN REWARD IN n/a Co File 4'516'101 0.43 - 24.09.2010 n/aARGO INVESTMENTS LTD n/a Co File 4'030'000 0.38 - 24.09.2010 Investment AdvisorBOND STREET CUSTODIA n/a Co File 3'058'700 0.29 - 24.09.2010 OtherVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'996'200 0.28 202'302 31.12.2010 Mutual Fund ManagerHARVEY MICHAEL JOHN n/a Co File 2'845'553 0.27 - 28.09.2010 n/aFIDELITY INTERNATION Multiple Portfolios MF-AGG 2'419'483 0.23 (2'881'053) 30.06.2010 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 1'989'290 0.19 - 31.12.2009 Mutual Fund ManagerOMNILAB MEDIA INV PT n/a Co File 1'805'078 0.17 - 24.09.2010 n/aQUEENSLAND INVESTMEN n/a Co File 1'674'798 0.16 - 24.09.2010 Investment Advisor


Credit Suisse GRANT SALIGARI outperform 5 M 4 Not Provided 04.02.2011Deutsche Bank ALEXI BAKER-MCLENNAN hold 3 M 4 12 month 03.02.2011Nomura DAVID COOKE neutral 3 M 3 Not Provided 02.02.2011Goldman Sachs & Partners Australia PHILLIP KIMBER hold 3 M 4 Not Provided 17.01.2011RBS DANIEL BROEREN buy 5 U 4 12 month 12.01.2011Citi CRAIG WOOLFORD buy 5 M 4 Not Provided 21.12.2010Commonwealth Bank ANDREW MCLENNAN buy 5 M 4 12 month 09.12.2010Macquarie ROB BLYTHE underperform 1 M 3 12 month 24.11.2010Morgan Stanley THOMAS KIERATH Overwt/In-Line 5 M 4 12 month 23.11.2010UBS BEN GILBERT buy 5 M 4 12 month 28.10.2010JPMorgan SHAUN COUSINS neutral 3 M 4 6 month 28.10.2010Paterson Securities RUSSELL WRIGHT hold 3 M 3 12 month 28.10.2010Evans & Partners Pty Ltd TONY WILSON neutral 3 M #N/A N/A Not Provided 23.08.2010CLSA Asia Pacific Markets JAMES PATERSON outperform 5 N 4 Not Provided 28.05.2010Austock Securities THOMAS HODSON sell 1 M 4 Not Provided 01.12.2009

Holdings By:

Harvey Norman Holdings Ltd ee


19.09.2011

Iluka Resources Limited is involved in the mining, concentration and separation

of mineral sands and titanium minerals. The Company also produces ilmenite andother titani-ferrous concentrates, zircon, and synthetic rutile along with theexploration of coal. Iluka's products are exported throughout the world.





Average Volume 5 Day 4'563'360ILU AT EQUITY YTD Change - Average Volume 30 Day 4'300'296ILU AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'828'526


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -962.1 897.9 862.4 549.7 886.6 - - 1'494.9 2'323.4 - -2.30x 1.98x 2.35x 3.41x 4.64x - - 4.15x 2.37x - -

263.2 258.6 197.8 61.8 294.5 - - 897.3 1'598.5 - -8.41x 6.88x 10.25x 30.33x 13.96x - - 7.28x 4.09x - -21.0 51.1 77.5 (82.4) 36.1 - - 487.6 1'015.1 - -

133.00x 27.06x 33.62x - 106.28x - - 12.98x 6.30x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Iluka Resources LtdPrice/Volume

Valuation Analysis


'-.0123456

-'

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7

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2!' 7

3!' 7

4!' 7

5!' 7

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeM&G INVESTMENT MANAG n/a Co File 79'634'439 19.02 - 09.03.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 45'781'872 10.93 (607'239) 31.12.2010 Investment AdvisorPRUDENTIAL PLC Multiple Portfolios MF-AGG 39'868'916 9.52 - 30.09.2010 Investment AdvisorSCHRODER INVESTMENT n/a EXCH 26'420'111 6.31 (4'690'822) 25.11.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 20'224'370 4.83 (1'136'968) 22.09.2010 BankORBIS INVESTMENT MGM n/a EXCH 20'122'785 4.81 (1'674'996) 27.05.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 20'104'159 4.8 (965'986) 01.06.2010 BankLAZARD ASSET MANAGEM n/a EXCH 20'091'905 4.8 (1'473'509) 19.03.2010 Investment AdvisorCAPITAL GROUP COMPAN n/a EXCH 20'079'986 4.8 (1'034'679) 06.11.2009 Investment AdvisorBLACKROCK GROUP n/a EXCH 18'566'078 4.43 (2'397'024) 09.07.2010 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 13'404'611 3.2 (1'639'740) 31.12.2010 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5'883'936 1.41 (10'151) 29.10.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'975'993 0.71 20'402 04.02.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'096'473 0.5 5'511 31.12.2010 Mutual Fund ManagerILUKA RESOURCES LTD n/a Co File 1'904'380 0.45 - 31.12.2009 n/aBLACKROCK ADVISERS Multiple Portfolios MF-AGG 1'712'586 0.41 (134'200) 31.10.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'585'013 0.38 (4'660'832) 31.12.2010 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'401'600 0.33 1'401'600 30.09.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 1'390'000 0.33 - 30.06.2010 Investment AdvisorJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 1'374'312 0.33 - 31.12.2009 Mutual Fund Manager


Goldman Sachs & Partners Australia IAN PRESTON buy 5 M 12 Not Provided 02.02.2011Wilson HTM Investment Group ANDREW PEDLER buy 5 M 11 Not Provided 27.01.2011RBC Capital Markets GEOFF BREEN outperform 5 M 10 12 month 20.01.2011Credit Suisse MATTHEW HOPE outperform 5 M 14 Not Provided 20.01.2011RBS SAM BERRIDGE hold 3 D 10 12 month 19.01.2011Deutsche Bank BRENDAN FITZPATRICK hold 3 M 9 12 month 19.01.2011Morgan Stanley CRAIG CAMPBELL Underwt/Attractive 1 M 8 12 month 19.01.2011UBS GLYN LAWCOCK buy 5 U 11 12 month 19.01.2011JPMorgan FRASER JAMIESON overweight 5 M 10 12 month 19.01.2011E.L. & C. Baillieu RAY CHANTRY buy 5 M 10 12 month 19.01.2011Macquarie MARTIN STULPNER underperform 1 M 7 12 month 18.01.2011Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 06.01.2011Citi CLARKE WILKINS buy 5 M 8 Not Provided 08.11.2010Investec TIM GERRARD buy 5 M 7 12 month 20.10.2010Southern Cross PETER CHAPMAN buy 5 M 5 12 month 04.08.2010

Holdings By:

Iluka Resources Ltd ee


19.09.2011

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a

supplier for explosives products and services. The Company has operationsthroughout the United States, Canada, Mexico and Australia.





Average Volume 5 Day 9'617'008IPL AT EQUITY YTD Change - Average Volume 30 Day 12'744'120IPL AT EQUITY YTD % CHANGE - Average Volume 3 Month 11'951'570


30.09.2006 30.09.2007 30.09.2008 30.09.2009 30.09.2010 01/yy 01/yy 09/11 Y 09/12 Y - -1'111.2 1'373.2 2'918.2 3'418.9 2'931.7 - - 3'329.8 3'542.0 - -

1.42x 3.44x 2.80x 1.75x 2.36x - - 2.12x 1.97x - -182.5 327.2 1'022.0 1'014.7 705.1 - - 945.4 986.1 - -8.66x 14.44x 8.00x 5.89x 9.81x - - 7.64x 7.32x - -46.7 205.3 604.6 (221.4) 410.5 - - 529.1 545.6 - -

31.32x 21.01x 8.97x - 14.19x - - 11.01x 10.62x - -

EBITDA 705.10 Long-Term Rating Date 12.10.2009EBIT 566.10 Long-Term Rating BBBOperating Margin 19.31% Long-Term Outlook STABLEPretax Margin 18.42% Short-Term Rating Date 11.02.2010Return on Assets 6.36% Short-Term Rating NRReturn on Common Equity 11.81%Return on Capital 9.21% EBITDA/Interest Exp. 15.84Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 8.74




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Incitec Pivot LtdPrice/Volume

Valuation Analysis


'--..001122

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7

2!' 7

-'!' 7

-2!' 7

.'!' 7

.2!' 7

0'!' 7

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

2!''

-'!''

-2!''

.'!''

.2!''

'2!-'!.''4 '2!'1!.''5 '2!-'!.''5 '2!'1!.''6 '2!-'!.''6 '2!'1!.'-' '2!-'!.'-'



19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 81'098'803 4.98 (19'338'950) 19.11.2010 BankSCHRODER INVESTMENT n/a EXCH 75'807'462 4.65 (8'278'228) 31.12.2009 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 30'230'500 1.86 9'403'300 31.12.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18'079'000 1.11 1'000 30.06.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 16'296'788 1 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 13'206'386 0.81 106'280 31.12.2010 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 10'807'774 0.66 (1'638'553) 30.12.2010 Mutual Fund ManagerCHINA INTERNATIONAL Multiple Portfolios MF-AGG 9'500'000 0.58 9'500'000 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 8'248'553 0.51 394'564 31.12.2010 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 8'160'497 0.5 127'232 31.12.2010 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 8'065'576 0.5 (1'654'913) 30.06.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 7'583'488 0.47 877'869 29.10.2010 Investment AdvisorAXA Multiple Portfolios MF-AGG 6'893'937 0.42 3'626'600 30.11.2010 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 4'989'408 0.31 - 30.11.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'524'280 0.28 (39'157) 31.12.2010 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 4'330'604 0.27 (75'000) 30.11.2010 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'145'322 0.25 720'000 31.12.2010 Investment AdvisorNATIXIS INTERNATIONA Multiple Portfolios MF-AGG 3'906'293 0.24 380'113 30.11.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'875'170 0.24 834'540 31.12.2010 Investment AdvisorNORTHERN TRUST CORPO Multiple Portfolios MF-AGG 3'430'255 0.21 355'560 31.12.2010 Investment Advisor


Deutsche Bank MARK WILSON sell 1 M 3 12 month 08.02.2011Macquarie JOHN PURTELL outperform 5 M 5 12 month 08.02.2011BMO Capital Markets JOEL JACKSON market perform 3 M 4 12 month 07.02.2011Credit Suisse ROHAN GALLAGHER outperform 5 M 5 Not Provided 01.02.2011Citi HUGH DIVE buy 5 M 5 Not Provided 31.01.2011Goldman Sachs & Partners Australia MATTHEW MCNEE buy 5 M 5 Not Provided 28.01.2011Chardan Capital Markets TIM TIBERIO buy 5 M 6 12 month 25.01.2011UBS SIMON MITCHELL buy 5 U 5 12 month 07.12.2010Austock Securities PAUL JENSZ buy 5 M 5 Not Provided 24.11.2010BBY Limited ANDREW SULLIVAN hold 3 M 4 12 month 17.11.2010E.L. & C. Baillieu GAVIN DUFFY accumulate 4 N 4 12 month 17.11.2010JPMorgan KEITH CHAU neutral 3 M 4 12 month 16.11.2010CLSA Asia Pacific Markets SCOTT HUDSON outperform 5 M 4 Not Provided 16.11.2010RBS BELINDA MOORE buy 5 M 5 12 month 15.11.2010Commonwealth Bank MICHAEL WARD hold 3 U 4 12 month 15.11.2010

Holdings By:

Incitec Pivot Ltd ee


19.09.2011

ING Office Fund is involved in property investment, leasing, management and

development in Australia. The Fund's portfolio includes commercial propertiesand office buildings throughout the capital cities of Australia and certaincities in the United States.





Average Volume 5 Day 19'836'830IOF AT EQUITY YTD Change - Average Volume 30 Day 17'262'210IOF AT EQUITY YTD % CHANGE - Average Volume 3 Month 14'360'230


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -137.2 219.2 234.1 212.0 199.6 - - 201.7 206.8 - -19.85x 11.59x 7.83x 9.32x 10.65x - - 9.90x 9.82x - -

88.9 142.9 158.9 144.1 131.0 - - 162.2 164.7 - -30.63x 17.77x 11.54x 13.72x 16.23x - - 12.52x 12.33x - -298.0 246.6 (764.2) 42.5 143.9 - - 137.0 140.1 - -6.78x 5.81x - 36.25x 12.17x - - 11.96x 11.51x - -




Fiscal Year Ended

Investa Office FundPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

'

'

-

-

-

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 72!' 7-'!' 7-2!' 7.'!' 7.2!' 70'!' 702!' 71'!' 712!' 72'!' 7

0.0

50.0

100.0

150.0

200.0

250.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeING GROEP NV n/a EXCH 311'984'809 11.43 (45'502'292) 20.12.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 269'636'545 9.88 37'737'872 11.01.2011 BankVANGUARD INVESTMENTS n/a EXCH 139'262'690 5.1 - 19.01.2010 Mutual Fund ManagerAMP LTD n/a EXCH 134'690'454 4.94 (2'485'018) 25.08.2010 Insurance CompanyCOHEN & STEERS CAPIT n/a EXCH 134'142'054 4.92 (29'010'665) 05.02.2010 Investment AdvisorBARCLAYS PLC n/a EXCH 133'103'351 4.88 (20'595'976) 07.10.2009 Investment AdvisorAXA n/a EXCH 125'107'955 4.58 (11'471'000) 03.02.2010 Investment AdvisorCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 77'594'609 2.84 - 09.08.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 70'998'300 2.6 7'806'900 30.09.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 33'085'531 1.21 (2'016'705) 31.12.2010 Mutual Fund ManagerNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 19'701'781 0.72 12'395'406 16.08.2010 Mutual Fund ManagerABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 18'667'452 0.68 (7'130'620) 20.07.2010 Investment AdvisorGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 16'910'461 0.62 3'945'740 31.10.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 14'367'877 0.53 - 04.02.2011 Investment AdvisorTRANSAMERICA INVESTM Multiple Portfolios MF-AGG 14'172'600 0.52 - 30.09.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 13'686'908 0.5 (2'918'974) 07.02.2011 Investment AdvisorFORTIS INVESTMENTS Multiple Portfolios MF-AGG 8'994'919 0.33 7'521 30.09.2010 Mutual Fund ManagerDIAM CO LTD Multiple Portfolios MF-AGG 8'491'692 0.31 1'846'072 13.05.2010 Mutual Fund ManagerBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 8'278'314 0.3 48'066 04.02.2011 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 7'959'974 0.29 - 31.08.2010 Investment Advisor


JPMorgan MICHAEL JOHN SCOTT overweight 5 M 1 9 month 07.02.2011Macquarie PAUL CHECCHIN outperform 5 M 1 12 month 02.02.2011Credit Suisse ROWENA CAUSLEY neutral 3 M 1 Not Provided 24.01.2011Goldman Sachs & Partners Australia PETER ZUK hold 3 M 1 Not Provided 14.01.2011Commonwealth Bank DAVID LLOYD hold 3 M 1 12 month 10.01.2011UBS GRANT MCCASKER buy 5 U 1 12 month 20.12.2010Citi DAVID BURGESS buy 5 M 1 Not Provided 01.12.2010Deutsche Bank JASON WEATE hold 3 M 1 12 month 07.10.2010Morgan Stanley TODD MCFARLANE Overwt/In-Line 5 M 1 12 month 18.08.2010

Holdings By:

Investa Office Fund ee


19.09.2011

Insurance Australia Group Limited (IAG) is an Australian-based international

general insurance group, with operations in Australia, New Zealand, the UnitedKingdom and Asia. The Group provides a range of personal and commercialinsurance products, primarily motor vehicle and home insurance.





Average Volume 5 Day 6'447'733IAG AT EQUITY YTD Change - Average Volume 30 Day 8'430'307IAG AT EQUITY YTD % CHANGE - Average Volume 3 Month 7'177'363


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -7'909.0 8'282.0 8'409.0 7'999.0 8'180.0 - - 8'164.3 8'702.3 - -

1.42x 0.82x 0.97x 1.03x 0.99x - - 0.96x 0.91x - -- - - - - - - 1'032.5 1'194.5 - -- - - - - - - 6.94x 6.00x - -

552.0 (261.0) 181.0 91.0 250.0 - - 609.4 735.8 - -17.38x - 37.66x 77.68x 28.15x - - 10.21x 8.31x - -

EBITDA - Long-Term Rating Date -EBIT - Long-Term Rating A+Operating Margin 10.49% Long-Term Outlook STABLEPretax Margin 7.51% Short-Term Rating Date -Return on Assets 1.15% Short-Term Rating -Return on Common Equity 5.62%Return on Capital 6.39% EBITDA/Interest Exp. -Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Insurance Australia Group LtdPrice/Volume

Valuation Analysis


'--..00112

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7

2!' 7

-'!' 7

-2!' 7

.'!' 7

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0'!' 7

02!' 7

1'!' 7

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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1''!''

3''!''

5''!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a EXCH 103'383'377 4.97 (1'847'487) 31.01.2011 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 101'398'901 4.88 (5'040'109) 19.08.2010 BankBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 20'257'726 0.97 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16'847'251 0.81 137'727 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 10'623'858 0.51 423'041 31.12.2010 Mutual Fund ManagerDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 10'551'100 0.51 (5'845'900) 08.07.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'154'644 0.2 (86'388) 30.06.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 3'922'857 0.19 (2'168'711) 31.12.2010 Mutual Fund ManagerSJUNDE AP FONDEN Multiple Portfolios MF-AGG 3'324'887 0.16 446'054 30.09.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 3'038'540 0.15 132'857 30.09.2010 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'739'100 0.13 7 30.11.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 2'500'000 0.12 500'000 30.06.2010 Investment AdvisorING INVESTMENT MGMT Multiple Portfolios MF-AGG 1'937'462 0.09 (150'242) 30.11.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'719'860 0.08 (2'199'881) 31.12.2010 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 1'601'011 0.08 (111) 30.04.2010 Investment AdvisorUTLEY NEIL ALAN n/a Co File 1'408'549 0.07 - 30.06.2010 n/aCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'272'158 0.06 394 27.01.2011 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'092'379 0.05 8'729 04.02.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 860'394 0.04 (56'360) 25.03.2010 Investment AdvisorSEB FONDFORVALTNING Multiple Portfolios MF-AGG 750'000 0.04 750'000 31.12.2010 Mutual Fund Manager


Macquarie TONY JACKSON outperform 5 M 4 12 month 08.02.2011Credit Suisse JOHN HEAGERTY outperform 5 M 4 Not Provided 04.02.2011Goldman Sachs & Partners Australia RYAN FISHER hold 3 M 4 Not Provided 04.02.2011RBS RICHARD COLES buy 5 M 4 12 month 02.02.2011BBY Limited BRETT LE MESURIER underperform 1 N 3 12 month 25.01.2011JPMorgan SIDDHARTH PARAMESWARAN overweight 5 M 4 12 month 14.01.2011Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT hold 3 M 4 Not Provided 13.01.2011CLSA Asia Pacific Markets DANIEL TOOHEY outperform 5 M 4 Not Provided 13.01.2011Deutsche Bank KIEREN CHIDGEY buy 5 M 4 12 month 10.01.2011Citi NIGEL PITTAWAY buy 5 M 4 Not Provided 21.12.2010UBS JAMES COGHILL buy 5 M 4 12 month 09.09.2010

Holdings By:

Insurance Australia Group Ltd ee


19.09.2011

James Hardie Industries SE manufactures building products, including fiber

cement siding, backerboard, and pipe.


5.7152-Week High % Change -19.80% Dividend Yield 0.0052-Week Low % Change 22.53% Beta 0.98% 52 Week Price Range High/Low 48.37% Equity Float -



Average Volume 5 Day 2'200'963JHX AT EQUITY YTD Change - Average Volume 30 Day 2'041'449JHX AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'797'376


31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 09/yy 09/yy 03/12 Y 03/13 Y 06/11 Q1 09/11 Q21'542.9 1'468.8 1'202.6 1'124.6 1'167.0 1'084.4 1'141.9 1'208.3 1'372.6 322.0 325.0

2.15x 1.83x 1.28x 2.69x 2.40x 7.44x 10.04x 2.19x 1.89x - -383.2 331.0 212.6 264.9 253.4 223.6 257.0 254.8 312.0 - -8.66x 8.14x 7.24x 11.44x 11.04x 14.19x 9.71x 10.20x 8.33x - -

151.7 (71.6) 136.3 (84.9) (347.0) (116.1) (306.2) 122.7 164.3 39.9 37.713.83x 20.39x 10.39x 51.26x 24.30x 57.89x 25.75x 20.25x 14.81x - -

EBITDA 253.40 Long-Term Rating Date 02.06.1999EBIT 190.50 Long-Term Rating NROperating Margin 16.32% Long-Term Outlook -Pretax Margin 8.28% Short-Term Rating Date 02.06.1999Return on Assets -16.77% Short-Term Rating NRReturn on Common Equity -Return on Capital - EBITDA/Interest Exp. 28.16Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 22.57

Net Debt/EBITDA 0.16Gross Margin 33.6% Total Debt/EBITDA 0.23EBITDA Margin 21.7%EBIT Margin 16.3% Total Debt/Equity -Net Income Margin -29.7% Total Debt/Capital -

Asset Turnover 0.56Current Ratio 1.42 Net Fixed Asset Turnover 1.65Quick Ratio 0.49 Accounts receivable turnover-days 45.84Debt to Assets 3.01% Inventory Days 73.13Tot Debt to Common Equity - Accounts Payable Turnover Day 29.90Accounts Receivable Turnover 7.96 Cash Conversion Cycle 89.07Inventory Turnover 4.99

Fiscal Year Ended

James Hardie Industries SEPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7

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1!' 7

3!' 7

5!' 7

-'!' 7

-.!' 7

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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1''!''

3''!''

5''!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 45'209'577 10.37 4'630'518 08.11.2010 BankSCHRODER INVESTMENT n/a EXCH 43'527'584 9.99 4'355'978 25.11.2010 Investment AdvisorFIDELITY MANAGEMENT n/a EXCH 33'874'177 7.77 4'527'157 27.01.2011 Investment AdvisorNATIONAL AUSTRALIA B n/a Co File 28'198'184 6.47 - 15.06.2010 BankBAILLIE GIFFORD AND n/a EXCH 26'907'513 6.17 4'581'654 24.09.2010 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 25'598'562 5.87 - 10.03.2010 Investment AdvisorUBS AG n/a EXCH 25'156'490 5.77 (5'595'202) 01.02.2011 Investment AdvisorAUSBIL DEXIA LIMITED n/a EXCH 24'980'920 5.73 - 12.01.2011 Investment AdvisorVANGUARD GROUP INC n/a EXCH 21'542'974 4.94 (182'454) 05.02.2010 Investment AdvisorLAZARD ASSET MANAGEM n/a EXCH 21'162'335 4.86 - 03.05.2010 Investment AdvisorINVESCO AUSTRALIA LT n/a EXCH 19'921'459 4.57 (2'362'023) 16.12.2010 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 8'245'000 1.89 - 30.09.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 8'245'000 1.89 (2'070'000) 30.06.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 5'818'414 1.34 2'841'832 29.10.2010 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'726'400 1.08 914'400 31.10.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'161'908 0.95 - 31.12.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 3'599'524 0.83 (249'130) 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'232'431 0.51 5'313 31.12.2010 Mutual Fund ManagerUBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 1'110'447 0.25 648'453 29.10.2010 Mutual Fund ManagerFISHER MARK n/a 20F 941'672 0.22 - 31.05.2010 n/a


UBS DAVID LEITCH neutral 3 M 7 12 month 04.02.2011JPMorgan JASON HARLEY STEED neutral 3 U 6 15 month 31.01.2011Commonwealth Bank MICHAEL WARD hold 3 M 6 12 month 31.01.2011Goldman Sachs & Partners Australia MATTHEW MCNEE hold 3 M 7 Not Provided 20.01.2011RBS ANDREW G SCOTT sell 1 M 5 12 month 17.01.2011Deutsche Bank EMILY BEHNCKE sell 1 D 6 12 month 23.12.2010Credit Suisse ROHAN GALLAGHER underperform 1 M 6 Not Provided 08.12.2010Macquarie DOUGLAS MACPHILLAMY outperform 5 M 7 12 month 16.11.2010Citi HUGH DIVE buy 5 M 7 Not Provided 15.11.2010Nomura SIMON THACKRAY reduce 2 D 5 Not Provided 15.11.2010Paterson Securities BEN KAKOSCHKE hold 3 M 6 12 month 15.11.2010E.L. & C. Baillieu SIMON DUMARESQ accumulate 4 M 9 12 month 13.08.2010

Holdings By:

James Hardie Industries SE ee


19.09.2011

JB Hi-Fi Limited is a music and electronic goods retailer in Australia. The

Company operates stores at sites located in most Australian States. Productsinclude consumer electronics, car sound systems, music and DVDs.





Average Volume 5 Day 583'254JBH AT EQUITY YTD Change - Average Volume 30 Day 1'003'600JBH AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'012'455


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -1'281.8 1'828.6 2'327.3 2'731.3 2'959.3 - - 3'188.1 3'489.6 - -

0.96x 0.67x 0.73x 0.76x 0.64x - - 0.52x 0.46x - -77.7 119.4 162.7 200.4 223.8 - - 238.9 262.7 - -

15.86x 10.32x 10.48x 10.40x 8.43x - - 7.06x 6.42x - -40.4 65.1 94.4 118.7 109.7 - - 136.7 152.5 - -

27.90x 16.93x 17.45x 17.38x 16.77x - - 10.92x 9.84x - -




Fiscal Year Ended

JB Hi-Fi LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7!2 7-!' 7-!2 7.!' 7.!2 70!' 70!2 71!' 71!2 7

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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-'!''

-2!''

.'!''

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0'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINTEGRITY INVESTMENT n/a EXCH 10'229'948 9.37 (70'000) 14.01.2011 n/aFIDELITY MANAGEMENT n/a EXCH 5'751'151 5.27 (1'096'733) 09.12.2010 Investment AdvisorCONCORD CAPITAL INVE n/a EXCH 5'532'888 5.07 - 16.08.2010 OtherUBS AG n/a EXCH 5'513'059 5.05 - 01.02.2011 Investment AdvisorWESTPAC BANKING CORP n/a EXCH 5'511'451 5.05 - 06.12.2010 BankNATIONAL AUSTRALIA B #N/A N/A EXCH 5'507'906 5.04 - 03.02.2011 BankCOMMONWEALTH BANK OF n/a EXCH 5'336'663 4.89 (82'484) 10.05.2010 BankBLACKROCK INVESTMENT n/a EXCH 5'288'992 4.84 (2'644'410) 10.02.2010 Investment AdvisorSMART TERRY n/a EXCH 1'500'000 1.37 - 13.10.2010 n/aUECHTRITZ RICHARD AN n/a EXCH 1'000'000 0.92 - 28.05.2010 n/aWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 870'890 0.8 55'459 30.09.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 754'811 0.69 (158'719) 30.06.2010 Investment AdvisorMIRAE ASSET INVESTME Multiple Portfolios MF-AGG 574'267 0.53 (73'699) 30.09.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 555'660 0.51 1'353 31.12.2010 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 402'689 0.37 - 07.02.2011 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 360'846 0.33 (272'170) 30.06.2010 Insurance CompanyMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 336'789 0.31 (111'751) 31.12.2010 Mutual Fund ManagerFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 327'734 0.3 - 31.12.2009 Mutual Fund ManagerDAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 297'700 0.27 95'700 15.07.2010 Investment AdvisorFIDELITY INVT ASSET Multiple Portfolios MF-AGG 246'920 0.23 246'920 30.09.2010 Mutual Fund Manager


Macquarie ROB BLYTHE outperform 5 M 23 12 month 08.02.2011Goldman Sachs & Partners Australia PHILLIP KIMBER buy 5 M 25 Not Provided 08.02.2011Deutsche Bank ALEXI BAKER-MCLENNAN hold 3 M 21 12 month 07.02.2011Morgan Stanley THOMAS KIERATH Equalwt/In-Line 3 D 20 12 month 07.02.2011Credit Suisse GRANT SALIGARI neutral 3 M 22 Not Provided 07.02.2011UBS BEN GILBERT buy 5 M 22 12 month 07.02.2011JPMorgan SHAUN COUSINS underweight 1 D 19 6 month 07.02.2011Wilson HTM Investment Group JACQUELINE FERNLEY buy 5 U 22 Not Provided 07.02.2011Nomura DAVID COOKE buy 5 M 25 Not Provided 07.02.2011Paterson Securities RUSSELL WRIGHT buy 5 M 22 12 month 07.02.2011Foster Stockbroking DOMINIC ROSE buy 5 M 22 Not Provided 07.02.2011Moelis & Company TODD W GUYOT hold 3 M 20 12 month 07.02.2011LINWAR Securities MARK WADE underperform 1 M 18 12 month 31.01.2011RBS DANIEL BROEREN buy 5 U 22 12 month 12.01.2011Citi CRAIG WOOLFORD hold 3 M 20 Not Provided 21.12.2010Commonwealth Bank ANDREW MCLENNAN sell 1 D 18 12 month 13.10.2010Ord Minnett RICHARD IVERS lighten 2 D 20 Not Provided 27.09.2010Evans & Partners Pty Ltd TONY WILSON neutral 3 M #N/A N/A Not Provided 23.08.2010CLSA Asia Pacific Markets JAMES PATERSON buy 5 N 23 Not Provided 28.05.2010Austock Securities THOMAS HODSON hold 3 M 20 Not Provided 08.02.2010

Holdings By:

JB Hi-Fi Ltd ee


19.09.2011

Leighton Holdings Limited offers a variety of project development and contract-

ing services to public and private sector clients in the Asia-Pacific region.Leighton provides design management, civil engineering construction, building,mining, process engineering, telecommunications, waste management and infra-structure operation and maintenance and property development and management.





Average Volume 5 Day 1'324'356LEI AT EQUITY YTD Change - Average Volume 30 Day 1'737'771LEI AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'382'808


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 09/yy 09/yy 06/12 Y 06/13 Y 12/07 Q2 03/08 Q39'967.0 10'269.1 13'235.5 14'541.8 15'531.5 0.0 3'118.1 19'245.7 20'373.0 - -

1.10x 1.46x 0.58x 0.62x 0.48x #DIV/0! 0.00x 0.34x 0.32x - -843.8 773.3 1'145.0 1'620.3 989.7 0.0 0.0 1'884.0 1'978.8 - -13.04x 19.39x 6.65x 5.59x 7.59x 0.00x 0.00x 3.48x 3.31x - -450.0 607.9 440.0 612.0 (408.8) 0.0 98.0 618.6 690.2 - -25.42x 23.26x 15.72x 14.15x - 0.00x 0.00x 10.43x 8.81x - -

EBITDA 989.70 Long-Term Rating Date 12.04.2011EBIT 123.50 Long-Term Rating BBB *-Operating Margin 0.80% Long-Term Outlook -Pretax Margin -3.16% Short-Term Rating Date 12.04.2011Return on Assets -4.40% Short-Term Rating A-2 *-Return on Common Equity -17.03%Return on Capital 19.01% EBITDA/Interest Exp. 8.07Asset Turnover 1.67% (EBITDA-Capex)/Interest Exp. -3.17



Fiscal Year Ended

Leighton Holdings LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'12

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7!2 7-!' 7-!2 7.!' 7.!2 70!' 70!2 71!' 71!2 7

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

2!''

-'!''

-2!''

.'!''

.2!''

'3!'4!.''4 '3!'-!.''5 '3!'4!.''5 '3!'-!.''6 '3!'4!.''6 '3!'-!.'-' '3!'4!.'-' '3!'-!.'--



19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHOCHTIEF AG n/a EXCH 163'844'626 54.21 13'194'216 16.09.2010 CorporationCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 5'728'928 1.9 - 30.09.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 2'361'336 0.78 757 07.02.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'583'772 0.52 93'278 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'315'675 0.44 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'119'521 0.37 15'355 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 746'593 0.25 36'512 31.12.2010 Mutual Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 627'770 0.21 110'200 31.10.2010 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 600'000 0.2 600'000 30.06.2010 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 563'910 0.19 (3'200) 31.12.2010 Investment AdvisorDJE INVESTMENT SA Multiple Portfolios MF-AGG 458'000 0.15 29'000 29.11.2010 Mutual Fund ManagerSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 316'211 0.1 50'656 21.09.2010 Mutual Fund ManagerMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 282'847 0.09 (780'169) 30.09.2010 Mutual Fund ManagerCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 270'000 0.09 (50'000) 29.10.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 249'102 0.08 (84'177) 31.12.2010 Mutual Fund ManagerSJUNDE AP FONDEN Multiple Portfolios MF-AGG 223'264 0.07 75'518 30.09.2010 Investment AdvisorHI ASSET MANAGEMENT Multiple Portfolios MF-AGG 194'803 0.06 - 30.09.2010 Mutual Fund ManagerUBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 176'002 0.06 48'869 30.09.2010 Investment AdvisorSTB ASSET MANAGEMENT Multiple Portfolios MF-AGG 161'188 0.05 (59'542) 30.09.2010 Mutual Fund ManagerSAXELBY DAVID KING n/a Co File 130'894 0.04 - 30.06.2010 n/a


Credit Suisse CHRIS COUNIHAN restricted #N/A N/A M #N/A N/A Not Provided 08.02.2011Deutsche Bank CRAIG WONGPAN buy 5 M 36 12 month 07.02.2011Commonwealth Bank BEN BROWNETTE sell 1 D 29 12 month 02.02.2011Paterson Securities GRAEME CARSON hold 3 D 36 12 month 31.01.2011CLSA Asia Pacific Markets ANDREW JOHNSTON sell 1 M 29 Not Provided 20.01.2011Macquarie JOHN PURTELL underperform 1 M 32 12 month 18.01.2011Goldman Sachs & Partners Australia CHRIS SAVAGE hold 3 M 39 Not Provided 18.01.2011E.L. & C. Baillieu SAM HADDAD accumulate 4 M 37 12 month 18.01.2011RBS ANDREW HODGE hold 3 M 31 12 month 12.01.2011JPMorgan ALISTAIR REID overweight 5 M 34 12 month 12.01.2011Citi GUY ROBINSON hold 3 M 32 Not Provided 12.01.2011Nomura SIMON THACKRAY reduce 2 M 29 Not Provided 04.01.2011UBS JOHN FREEDMAN neutral 3 M 34 12 month 02.11.2010

Holdings By:

Leighton Holdings Ltd ee


19.09.2011

Lend Lease Group is a fully integrated property solutions provider. The

Company is involved in development, investment management, project andconstruction management and asset and property management.





Average Volume 5 Day 1'713'025LLC AT EQUITY YTD Change - Average Volume 30 Day 2'508'105LLC AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'198'069


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -14'086.3 14'374.8 14'525.8 10'359.2 8'800.4 - - 12'668.8 13'804.6 - -

0.53x 0.26x 0.21x 0.36x 0.63x - - 0.39x 0.37x - -255.3 33.9 (669.6) 110.5 144.9 - - 744.7 826.8 - -29.28x 108.72x - 34.19x 38.14x - - 6.52x 5.87x - -497.5 254.2 (653.6) 345.6 492.8 - - 458.0 512.8 - -13.78x 13.92x - 10.05x 9.78x - - 9.07x 8.10x - -

EBITDA 144.90 Long-Term Rating Date 25.02.2010EBIT 92.80 Long-Term Rating BBB-Operating Margin 1.05% Long-Term Outlook STABLEPretax Margin 7.18% Short-Term Rating Date 25.02.2010Return on Assets 4.19% Short-Term Rating A-3Return on Common Equity 14.25%Return on Capital 11.51% EBITDA/Interest Exp. 1.23Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. -0.36




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Lend Lease GroupPrice/Volume

Valuation Analysis


'-.0123456

-'

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7

.!' 7

1!' 7

3!' 7

5!' 7

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

2!''

-'!''

-2!''

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.2!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBALANCED EQUITY MANA n/a EXCH 59'180'346 10.46 5'758'715 12.11.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 42'175'708 7.46 6'848'099 07.01.2011 BankLL EMPLOYEE HOLDINGS n/a EXCH 34'626'669 6.12 (1'842'866) 15.03.2010 n/aAUSBIL DEXIA LIMITED n/a EXCH 27'495'153 4.86 - 15.03.2010 Investment AdvisorAXA n/a EXCH 25'449'092 4.5 (998'760) 09.04.2010 Investment AdvisorBARCLAYS PLC n/a EXCH 22'928'421 4.05 (3'601'655) 06.11.2009 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 22'547'148 3.99 (5'762'050) 20.08.2010 BankBANK OF NEW YORK MEL n/a Co File 20'527'138 3.63 - 31.08.2009 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 5'217'731 0.92 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4'396'983 0.78 54'548 31.12.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 3'025'348 0.53 184'708 30.09.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'594'311 0.46 70'868 31.12.2010 Mutual Fund ManagerROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'845'455 0.33 (30'455) 30.11.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'596'017 0.28 (462'496) 31.12.2010 Mutual Fund ManagerMD MANAGEMENT LTD Multiple Portfolios MF-AGG 879'955 0.16 - 31.10.2010 Investment AdvisorTRANSAMERICA INVESTM Multiple Portfolios MF-AGG 647'985 0.11 906 30.09.2010 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 635'041 0.11 63 31.12.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 603'819 0.11 - 31.10.2010 Investment AdvisorBROWN BROTHERS HARRI Multiple Portfolios MF-AGG 589'091 0.1 - 30.11.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 573'396 0.1 55'178 30.09.2010 Investment Advisor


Macquarie PAUL JUNIPER outperform 5 M 10 12 month 04.02.2011JPMorgan ALISTAIR REID neutral 3 M 10 12 month 01.02.2011Deutsche Bank IAN RANDALL hold 3 M 10 12 month 26.01.2011Goldman Sachs & Partners Australia SIMON WHEATLEY not rated #N/A N/A M #N/A N/A Not Provided 24.12.2010UBS JOHN FREEDMAN buy 5 M 10 12 month 21.12.2010Citi GUY ROBINSON buy 5 M 10 Not Provided 21.12.2010RBS ANDREW HODGE buy 5 N 11 12 month 17.12.2010

Holdings By:

Lend Lease Group ee


19.09.2011

Lynas Corporation Limited explores and mines for rare earth minerals such as

cerium and neodymium.





Average Volume 5 Day 36'577'280LYC AT EQUITY YTD Change - Average Volume 30 Day 39'988'070LYC AT EQUITY YTD % CHANGE - Average Volume 3 Month 44'557'660


30.06.2006 30.06.2007 30.06.2008 30.06.2009 30.06.2010 01/yy 01/yy 06/11 Y 06/12 Y - -0.0 0.0 0.0 0.0 - - - 0.0 237.4 - -

11782.18x - - - - - - #DIV/0! 10.28x - -(4.6) (6.2) (17.0) (27.7) (25.6) - - (39.8) 148.9 - -

- - - - - - - - 15.21x - -(4.5) (6.2) (21.5) (29.3) (43.0) - - (31.7) 124.5 - -

- - - - - - - - 19.22x - -

EBITDA -25.58 Long-Term Rating Date -EBIT -26.74 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -10.03% Short-Term Rating -Return on Common Equity -10.53%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00Current Ratio 22.61 Net Fixed Asset Turnover 0.00Quick Ratio 22.51 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Lynas Corp LtdPrice/Volume

Valuation Analysis


'

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-!.'



19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMORGAN STANLEY & CO n/a EXCH 139'073'291 8.37 (17'872'720) 06.12.2010 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 76'464'897 4.6 (6'583'360) 29.09.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 54'976'902 3.31 - 30.06.2010 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 43'544'600 2.62 (34'757'598) 30.09.2010 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 25'500'000 1.53 - 30.09.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 16'252'621 0.98 111'422 04.02.2011 Investment AdvisorCURTIS NICHOLAS ANTH n/a EXCH 16'045'758 0.97 (7'000'000) 31.01.2011 n/aCARMIGNAC GESTION Multiple Portfolios MF-AGG 14'500'000 0.87 2'000'000 31.12.2010 Investment AdvisorGENERAL ELECTRIC COM Multiple Portfolios MF-AGG 13'080'263 0.79 13'080'263 30.11.2010 CorporationUNION INVESTMENT GMB Multiple Portfolios MF-AGG 10'000'000 0.6 10'000'000 30.09.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 9'655'187 0.58 - 31.10.2009 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 8'789'053 0.53 (127'906) 31.08.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 8'231'772 0.5 411'304 31.12.2010 Mutual Fund ManagerTRANSAMERICA INVESTM Multiple Portfolios MF-AGG 8'229'818 0.5 6'245'192 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 7'490'450 0.45 (538'478) 31.12.2010 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'850'403 0.35 - 31.12.2010 Investment AdvisorALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 5'595'894 0.34 9'604 30.04.2010 Investment AdvisorNESTOR INVESTMENT MA Multiple Portfolios MF-AGG 3'838'794 0.23 550'000 30.06.2010 Mutual Fund ManagerJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 3'000'000 0.18 (326'933) 31.07.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'609'112 0.16 (1'930'983) 31.12.2010 Mutual Fund Manager


CLSA Asia Pacific Markets MICHAEL EVANS sell 1 N 2 Not Provided 01.02.2011Byron Capital Markets JONATHAN HYKAWY sell 1 D 1 18 month 28.01.2011Citi CRAIG SAINSBURY sell 1 N 2 Not Provided 26.01.2011Deutsche Bank LEVI SPRY buy 5 M 3 12 month 21.01.2011JPMorgan ALISTAIR REID overweight 5 M 3 12 month 21.01.2011Paterson Securities ANDREW HARRINGTON buy 5 N 3 12 month 06.12.2010Investec HUNTER HILLCOAT buy 5 M 2 12 month 20.10.2010BBY Limited ANDREW SULLIVAN buy 5 M 2 12 month 19.10.2010First Capital Securities Co GUOXIAN JU buy 5 U #N/A N/A Not Provided 10.05.2009

Holdings By:

Lynas Corp Ltd ee


19.09.2011

Macarthur Coal Limited is a coal mining, production and exploration company

operating in Australia. The Company's projects include the Coppabella Coal Mineand the Moorvale project in the Bowen Basin of Central Queensland.





Average Volume 5 Day 1'148'931MCC AT EQUITY YTD Change - Average Volume 30 Day 3'086'731MCC AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'126'196


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -362.8 400.2 695.4 670.5 687.3 - - 997.5 1'177.8 - -3.28x 9.01x 2.09x 4.23x 4.33x - - 4.35x 3.65x - -86.6 98.4 214.5 205.2 225.7 - - 488.4 588.3 - -

13.73x 36.63x 6.76x 13.81x 13.20x - - 9.19x 7.63x - -66.5 72.7 168.6 125.1 241.4 - - 283.4 330.6 - -

18.81x 46.86x 8.35x 24.73x 13.19x - - 18.08x 15.75x - -




Fiscal Year Ended

MacArthur Coal LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

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400.0

500.0

600.0

700.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCITIC AUSTRALIA COAL n/a EXCH 47'599'810 15.89 4'350'326 31.08.2010 UnclassifiedARCELOR MITTAL n/a Co File 42'219'184 14.1 - 19.08.2010 CorporationEXCEL TRUE INTL LTD n/a EXCH 24'058'543 8.03 17'693'843 25.06.2009 n/aPOSCO n/a Co File 21'215'700 7.08 - 19.08.2010 CorporationUBS AG n/a EXCH 13'155'029 4.39 - 13.05.2010 Investment AdvisorCREDIT SUISSE AG n/a EXCH 12'705'325 4.24 - 04.05.2010 Investment AdvisorTALBOT KENNETH n/a EXCH 10'055'543 3.36 (21'215'700) 25.07.2008 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'825'880 1.28 3'678'450 31.12.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'131'067 1.05 (296'477) 04.02.2011 Investment AdvisorWATER ISLAND CAPITAL Multiple Portfolios MF-AGG 1'761'825 0.59 - 30.06.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'689'447 0.56 - 04.02.2011 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'461'629 0.49 - 30.11.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'317'429 0.44 248'161 31.12.2010 Investment AdvisorMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 1'300'000 0.43 - 31.12.2010 Mutual Fund ManagerUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 852'458 0.28 - 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 727'790 0.24 1'947 31.12.2010 Mutual Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 682'892 0.23 5'156 04.02.2011 Investment AdvisorRELIANCE CAPITAL ASS Multiple Portfolios MF-AGG 675'971 0.23 - 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 646'103 0.22 10'271 31.12.2010 Mutual Fund ManagerPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 560'986 0.19 560'986 30.06.2010 Insurance Company


Deutsche Bank BRENDAN FITZPATRICK hold 3 M 14 12 month 07.02.2011Macquarie SOPHIE SPARTALIS outperform 5 M 15 12 month 07.02.2011Goldman Sachs & Partners Australia NEIL GOODWILL buy 5 M 19 Not Provided 02.02.2011E.L. & C. Baillieu ADRIAN PRENDERGAST sell 1 M 11 12 month 28.01.2011RBS TOM SARTOR hold 3 M 13 12 month 27.01.2011Morgan Stanley CAMERON JUDD Equalwt/Attractive 3 M 13 12 month 27.01.2011RBC Capital Markets CHRIS DREW sector perform 3 M 12 12 month 27.01.2011Credit Suisse PAUL MCTAGGART neutral 3 M 13 Not Provided 27.01.2011JPMorgan ALISTAIR REID neutral 3 M 12 12 month 27.01.2011Wilson HTM Investment Group ANDREW PEDLER buy 5 M 15 Not Provided 27.01.2011CLSA Asia Pacific Markets HAYDEN BAIRSTOW buy 5 M 17 Not Provided 27.01.2011UBS GLYN LAWCOCK neutral 3 M 15 12 month 20.01.2011Paterson Securities ANDREW HARRINGTON buy 5 M 15 12 month 06.12.2010MF Global Equities Research ANDREW GARDNER neutral 3 M #N/A N/A Not Provided 09.11.2010Investec COLIN MCLELLAND hold 3 M 12 12 month 20.10.2010Citi CRAIG SAINSBURY sell 1 D 12 Not Provided 24.08.2010BGF Equities Pty Ltd ROD BUCKTON buy 5 N #N/A N/A Not Provided 26.07.2010Foster Stockbroking TEAM COVERAGE buy 5 N 15 Not Provided 29.06.2010

Holdings By:

MacArthur Coal Ltd ee


19.09.2011

Macquarie Group Ltd. offers banking, financial advisory, investment and funds

management services. The Company offers financial advice, cash management,wealth management and private banking, life insurance, securities brokerage,corporate debt financing, real estate funds management, real estate developmentfinancing, investment funds management, and foreign exchange services.





Average Volume 5 Day 2'177'580MQG AT EQUITY YTD Change - Average Volume 30 Day 2'520'759MQG AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'568'524


31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 01/yy 01/yy 03/12 Y 03/13 Y - -9'735.0 13'676.0 12'227.0 10'001.0 11'585.0 - - 7'928.2 8'688.7 - -

7.62x 6.04x 5.40x 7.33x 5.46x - - 24.22x 23.49x - -- - - - - - - 1'385.0 1'620.5 - -- - - - - - - 41.99x 35.89x - -

1'463.0 1'803.0 871.0 1'050.0 956.0 - - 970.2 1'217.8 - -13.99x 7.88x 8.74x 14.76x 12.96x - - 7.97x 6.44x - -

EBITDA - Long-Term Rating Date 16.11.2007EBIT - Long-Term Rating A-Operating Margin 13.96% Long-Term Outlook STABLEPretax Margin 16.82% Short-Term Rating Date 16.11.2007Return on Assets 0.63% Short-Term Rating A-2Return on Common Equity 8.45%Return on Capital 1.20% EBITDA/Interest Exp. -Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Macquarie Group LtdPrice/Volume

Valuation Analysis


'

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMACQUARIE GROUP LTD n/a EXCH 19'489'851 5.62 - 01.02.2011 Investment AdvisorAXA n/a EXCH 17'012'299 4.91 (3'927'475) 02.06.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6'341'412 1.83 (132'566) 31.12.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 5'507'000 1.59 (396'000) 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'374'071 0.97 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2'758'648 0.8 67'794 31.12.2010 Investment AdvisorAXA Multiple Portfolios MF-AGG 2'405'705 0.69 38'800 30.11.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'965'853 0.57 61'785 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'755'112 0.51 51'824 31.12.2010 Mutual Fund ManagerBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 1'711'859 0.49 77'140 29.10.2010 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 1'500'000 0.43 500'000 30.09.2010 Pension Fund (ERISA)FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'398'619 0.4 (1'261'317) 30.06.2010 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 1'307'946 0.38 20'384 15.04.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1'208'609 0.35 (9'355) 07.02.2011 Investment AdvisorMOORE NICHOLAS WILLI n/a EXCH 1'114'312 0.32 - 18.08.2010 n/aMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'094'378 0.32 44'413 31.12.2010 Mutual Fund ManagerPHILLIPS HAGER & NOR Multiple Portfolios MF-AGG 987'600 0.28 - 30.11.2010 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 661'874 0.19 661'874 30.06.2010 Hedge Fund ManagerCARAPIET MICHAEL n/a Co File 587'616 0.17 - 31.03.2010 n/aSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 432'405 0.12 - 30.11.2010 Investment Advisor


Keefe, Bruyette & Woods BILL STACEY outperform 5 M 45 12 month 08.02.2011CLSA Asia Pacific Markets BRIAN D JOHNSON buy 5 M 48 Not Provided 08.02.2011Morgan Stanley RICHARD E WILES Equalwt/In-Line 3 M 39 12 month 07.02.2011RBS ANDREW LYONS buy 5 M 46 12 month 04.02.2011BBY Limited BRETT LE MESURIER underperform 1 N 34 12 month 02.02.2011Goldman Sachs & Partners Australia BENJAMIN KOO hold 3 M 43 Not Provided 01.02.2011JPMorgan SCOTT MANNING neutral 3 M 36 6 month 28.01.2011UBS JONATHAN MOTT suspended coverage #N/A N/A M #N/A N/A Not Provided 25.01.2011Southern Cross TS LIM buy 5 N 47 12 month 25.01.2011Credit Suisse JAMES ELLIS outperform 5 M 48 Not Provided 13.01.2011Deutsche Bank JAMES FREEMAN buy 5 M 46 12 month 29.10.2010Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT outperform 5 M 40 Not Provided 26.10.2010Citi WES NASON hold 3 M 37 Not Provided 06.09.2010Commonwealth Bank PETER EPHRAUMS Under Review #N/A N/A M #N/A N/A Not Provided 08.02.2008

Holdings By:

Macquarie Group Ltd ee


19.09.2011

MAP Group is an infrastructure investment company whose portfolio is comprised

of airport assets located throughout the world.





Average Volume 5 Day 9'533'588MAP AT EQUITY YTD Change - Average Volume 30 Day 7'218'205MAP AT EQUITY YTD % CHANGE - Average Volume 3 Month 8'259'193


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -1'479.2 3'434.0 5'016.9 1'212.6 996.6 - - 941.2 1'095.0 - -

11.04x 5.35x 1.95x 8.95x 10.99x - - 12.01x 10.49x - -1'092.2 2'687.0 3'848.0 51.7 789.0 - - 651.7 896.9 - -

14.95x 6.84x 2.54x 209.71x 13.88x - - 17.99x 13.07x - -600.5 1'106.2 2'070.5 (572.7) 100.8 - - (5.1) 223.7 - -9.97x 6.28x 1.99x - 55.17x - - 105.81x 24.66x - -

EBITDA 789.01 Long-Term Rating Date 01.02.2010EBIT - Long-Term Rating NROperating Margin -0.40% Long-Term Outlook -Pretax Margin -0.21% Short-Term Rating Date -Return on Assets 0.69% Short-Term Rating -Return on Common Equity 1.94%Return on Capital 0.44% EBITDA/Interest Exp. -Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -



Fiscal Year Ended

MAp GroupPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMACQUARIE GROUP LTD n/a EXCH 416'044'254 22.35 (38'448'907) 08.09.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 149'727'103 8.04 (2'816'315) 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT n/a EXCH 112'251'445 6.03 18'908'244 27.10.2010 Investment AdvisorARTIO GLOBAL MANAGEM n/a EXCH 98'787'593 5.31 - 18.08.2010 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 25'090'909 1.35 - 30.11.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 24'540'760 1.32 2'653'247 30.06.2010 Investment AdvisorCITIGROUP GLOBAL MAR n/a EXCH 17'317'797 0.93 - 27.05.2010 BankCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 15'603'236 0.84 (35'000) 30.09.2010 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 14'756'927 0.79 (3'935'534) 30.06.2010 Hedge Fund ManagerIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 14'104'427 0.76 (1'118'478) 30.09.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 12'421'607 0.67 3'000'000 04.02.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 8'673'681 0.47 2'079 07.02.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 7'235'764 0.39 200'759 31.12.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 6'379'013 0.34 - 04.02.2011 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'890'735 0.32 412'143 30.09.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 5'671'463 0.3 (28'031) 31.12.2010 Mutual Fund ManagerNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 4'732'545 0.25 (202'000) 16.08.2010 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 4'722'109 0.25 (1'922'768) 31.12.2010 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3'708'855 0.2 - 04.02.2011 Investment AdvisorMATHER KERRIE n/a EXCH 3'555'021 0.19 - 01.07.2010 n/a


Deutsche Bank CAMERON MCDONALD buy 5 M 4 12 month 08.02.2011JPMorgan KIRSTY MACKAY-FISHER overweight 5 M 3 12 month 04.02.2011Goldman Sachs & Partners Australia JONATHAN COLLETT buy 5 M 4 Not Provided 04.02.2011Austock Securities ANDREW CHAMBERS hold 3 M 3 Not Provided 28.01.2011Morgan Stanley SCOTT KELLY Overwt/In-Line 5 M 3 12 month 20.01.2011Macquarie IAN MYLES outperform 5 M 3 12 month 20.01.2011UBS XU HAN neutral 3 M 3 12 month 11.10.2010RBS LUKE MACNAB buy 5 U 4 12 month 25.02.2010Commonwealth Bank CASSANDRA MEAGHER Under Review #N/A N/A M #N/A N/A Not Provided 21.05.2008

Holdings By:

MAp Group ee


19.09.2011

Metcash Limited is a marketing and distribution company operating in the food

and other consumer goods sectors. The Company operates distribution centersserving grocery products for independent retail grocery stores, liquordistribution centers and cash and carry warehouses which serve retailers andbusinesses in the grocery, liquor, food services and convenience stores.





Average Volume 5 Day 4'099'942MTS AT EQUITY YTD Change - Average Volume 30 Day 4'583'773MTS AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'313'136


30.04.2007 30.04.2008 30.04.2009 30.04.2010 30.04.2011 01/yy 01/yy 04/12 Y 04/13 Y - -9'694.8 10'116.1 10'981.7 11'517.4 12'364.0 - - 13'008.3 13'606.8 - -





Fiscal Year Ended

Metcash LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePERENNIAL INVESTMENT n/a Co File 85'366'361 11.1 - 09.07.2010 Investment AdvisorWESTPAC BANKING CORP n/a EXCH 59'852'095 7.79 (8'519'908) 27.01.2011 BankMAPLE-BROWN ABBOTT L n/a Co File 46'258'072 6.02 - 09.07.2010 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 40'592'337 5.28 1'818'580 14.01.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 39'644'856 5.16 - 18.11.2010 BankNATIONAL AUSTRALIA B n/a EXCH 38'506'277 5.01 (8'063'216) 14.12.2010 BankPERPETUAL LTD n/a EXCH 38'284'848 4.98 - 02.02.2010 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 27'083'094 3.52 4'932'156 31.12.2010 Investment AdvisorFIDELITY MANAGEMENT n/a EXCH 21'904'816 2.85 - 14.03.2008 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 9'719'925 1.26 3'785'301 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 7'424'893 0.97 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6'215'398 0.81 (61'650) 31.12.2010 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 5'524'222 0.72 - 30.09.2010 Mutual Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 4'750'000 0.62 - 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'879'395 0.5 137'924 31.12.2010 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'855'869 0.5 182'880 30.09.2010 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 3'721'420 0.48 46'380 31.12.2010 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 3'186'978 0.41 199'265 15.04.2010 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 2'809'291 0.37 - 04.02.2011 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 2'520'882 0.33 258'383 30.12.2010 Mutual Fund Manager


JPMorgan SHAUN COUSINS underweight 1 M 4 12 month 03.02.2011Nomura DAVID COOKE reduce 2 M 4 Not Provided 02.02.2011Morgan Stanley THOMAS KIERATH Overwt/In-Line 5 U 5 12 month 19.01.2011LINWAR Securities MARK WADE outperform 5 M 5 12 month 02.12.2010Credit Suisse GRANT SALIGARI underperform 1 M 4 Not Provided 01.12.2010Macquarie GREG DRING neutral 3 D 4 12 month 01.12.2010Shaw Stockbroking SCOTT MARSHALL accumulate 4 D #N/A N/A Not Provided 01.12.2010RBS DANIEL BROEREN buy 5 U 5 12 month 30.11.2010Deutsche Bank ALEXI BAKER-MCLENNAN hold 3 M 5 12 month 30.11.2010UBS BEN GILBERT neutral 3 M 4 12 month 30.11.2010Goldman Sachs & Partners Australia PHILLIP KIMBER hold 3 M 5 Not Provided 30.11.2010Commonwealth Bank ANDREW MCLENNAN sell 1 M 4 12 month 30.11.2010Paterson Securities RUSSELL WRIGHT hold 3 D 4 12 month 30.11.2010Citi CRAIG WOOLFORD buy 5 M 5 Not Provided 17.11.2010Evans & Partners Pty Ltd TONY WILSON neutral 3 M #N/A N/A Not Provided 23.08.2010Austock Securities THOMAS HODSON hold 3 M 5 Not Provided 01.12.2009

Holdings By:

Metcash Ltd ee


19.09.2011

Mirvac Group is involved in property investment, management and development in

Australia and New Zealand. The Group is also involved in hotel ownership andmanagement along with funds management. The Group's portfolio includes office,commercial, retail, and industrial properties and car parks.





Average Volume 5 Day 18'967'080MGR AT EQUITY YTD Change - Average Volume 30 Day 17'021'690MGR AT EQUITY YTD % CHANGE - Average Volume 3 Month 15'934'860


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -1'799.0 1'778.0 1'638.9 1'474.1 1'704.4 - - 1'683.5 1'856.8 - -

4.60x 3.13x 2.61x 3.77x 3.72x - - 3.64x 3.37x - -385.9 159.4 70.2 232.8 425.5 - - 475.3 512.3 - -21.44x 34.96x 61.04x 23.85x 14.89x - - 12.64x 11.72x - -556.1 171.8 (1'078.1) 234.7 182.3 - - 361.4 384.7 - -9.72x 19.92x - 16.54x 23.23x - - 10.55x 10.18x - -

EBITDA 425.50 Long-Term Rating Date 16.07.2009EBIT 394.30 Long-Term Rating BBBOperating Margin 23.13% Long-Term Outlook STABLEPretax Margin 4.64% Short-Term Rating Date 16.07.2009Return on Assets 2.14% Short-Term Rating A-2Return on Common Equity 3.31%Return on Capital - EBITDA/Interest Exp. 1.98Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. 1.40




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Mirvac GroupPrice/Volume

Valuation Analysis


'''-----..

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7-'!' 7.'!' 70'!' 71'!' 72'!' 73'!' 74'!' 75'!' 76'!' 7

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 259'557'700 7.6 81'889'310 26.10.2010 BankING GROEP NV n/a Co File 189'513'841 5.55 - 11.08.2010 Investment AdvisorVANGUARD GROUP INC n/a Co File 186'167'992 5.45 - 11.08.2010 Investment AdvisorAUSBIL DEXIA LIMITED n/a EXCH 177'935'136 5.21 (30'079'809) 11.10.2010 Investment AdvisorMAPLE-BROWN ABBOTT L n/a EXCH 171'290'189 5.01 - 20.10.2010 Investment AdvisorMIRVAC LTD n/a EXCH 168'487'978 4.93 21'271'334 25.07.2008 CorporationBLACKROCK INVESTMENT n/a Co File 154'704'716 4.53 - 11.08.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 146'422'290 4.29 3'972'910 09.12.2009 BankAMP LTD n/a EXCH 139'235'191 4.08 (1'431'308) 26.11.2009 Insurance CompanyBARCLAYS PLC n/a Co File 137'805'294 4.03 - 11.08.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 135'855'974 3.98 473'472 31.12.2010 Mutual Fund ManagerCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 105'728'940 3.1 13'757'830 03.02.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 64'368'674 1.88 93'129 31.12.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 36'204'767 1.06 - 04.02.2011 Investment AdvisorCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 35'970'013 1.05 1'515'152 09.08.2010 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 32'665'850 0.96 (808'196) 22.06.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 31'110'422 0.91 (1'571'631) 31.12.2010 Investment AdvisorMORGAN STANLEY & CO Multiple Portfolios MF-AGG 20'402'848 0.6 1'290'525 30.09.2010 Investment AdvisorABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 19'529'220 0.57 14'221'426 20.07.2010 Investment AdvisorNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 17'346'650 0.51 4'969'407 16.08.2010 Mutual Fund Manager


CLSA Asia Pacific Markets BRYAN HOWITT underperform 1 M 1 Not Provided 08.02.2011JPMorgan RICHARD JONES overweight 5 M 1 12 month 04.02.2011Macquarie PAUL CHECCHIN neutral 3 M 1 12 month 04.02.2011Deutsche Bank MATTHEW BERTRAM buy 5 M 1 12 month 26.01.2011Credit Suisse ROWENA CAUSLEY outperform 5 M 2 Not Provided 25.01.2011UBS JOHN FREEDMAN neutral 3 M 1 12 month 25.01.2011Goldman Sachs & Partners Australia PETER ZUK buy 5 M 2 Not Provided 14.01.2011Commonwealth Bank DAVID LLOYD buy 5 M 1 12 month 10.01.2011Citi DAVID BURGESS hold 3 M 1 Not Provided 01.12.2010Morgan Stanley LOURENS PIRENC Equalwt/In-Line 3 U 1 12 month 24.08.2010

Holdings By:

Mirvac Group ee


19.09.2011

Myer Holdings Ltd. operates department stores. The Company retails womens

wear, mens wear, youth fashion, childrens wear, intimate apparel, beauty,fragrance and cosmetics, housewares, electrical goods, toys, fashionaccessories, and general merchandise.





Average Volume 5 Day 7'060'561MYR AT EQUITY YTD Change - Average Volume 30 Day 5'924'157MYR AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'743'884


31.07.2007 31.07.2008 31.07.2009 31.07.2010 31.07.2011 01/yy 01/yy 07/12 Y 07/13 Y - -- - 2'798.9 2'825.0 2'666.8 - - 3'015.9 3'136.6 - -- - - 0.82x 0.65x - - 0.52x 0.49x - -- - 240.1 262.5 294.8 - - 324.4 341.9 - -- - - 8.83x 5.89x - - 4.92x 4.67x - -- - 108.7 67.2 159.7 - - 145.1 154.1 - -- - - 28.05x 8.43x - - 8.41x 7.93x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Myer Holdings LtdPrice/Volume

Valuation Analysis


'--..00112

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3'000.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a EXCH 36'897'442 6.34 6'314'851 28.05.2010 Investment AdvisorWESTPAC BANKING CORP n/a EXCH 34'671'185 5.95 - 06.11.2009 BankSCHRODER INVESTMENT n/a EXCH 29'863'987 5.13 - 26.10.2010 Investment AdvisorBROOKES BERNIE n/a EXCH 10'980'077 1.89 50'000 22.04.2010 n/aHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 8'667'500 1.49 3'403'400 31.12.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 7'500'000 1.29 - 30.09.2010 Investment AdvisorLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 4'935'138 0.85 (794'787) 30.12.2010 Investment AdvisorALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 4'607'889 0.79 - 30.04.2010 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 4'435'106 0.76 1'114'860 31.12.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 3'577'000 0.61 - 31.08.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3'160'102 0.54 1'686'763 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'989'272 0.51 743'801 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'982'495 0.51 7'535 31.12.2010 Mutual Fund ManagerF&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'887'235 0.32 (59'853) 31.12.2010 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 1'777'112 0.31 (1'324'272) 30.06.2010 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'703'266 0.29 1'703'266 30.06.2010 Investment AdvisorLEGG MASON INC Multiple Portfolios MF-AGG 1'655'849 0.28 115'500 30.09.2010 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 1'604'340 0.28 (656'490) 30.09.2010 Investment AdvisorNORTHERN TRUST CORPO Multiple Portfolios MF-AGG 1'303'186 0.22 6'331 31.12.2010 Investment AdvisorGLENMEDE ADVISORS IN Multiple Portfolios MF-AGG 1'213'969 0.21 - 31.10.2010 Investment Advisor


Credit Suisse GRANT SALIGARI neutral 3 M 4 Not Provided 08.02.2011JPMorgan SHAUN COUSINS neutral 3 D 3 6 month 08.02.2011Macquarie CHARLOTTE LANG neutral 3 D 3 12 month 08.02.2011Deutsche Bank ALEXI BAKER-MCLENNAN buy 5 M 4 12 month 07.02.2011Morgan Stanley THOMAS KIERATH Equalwt/In-Line 3 M 3 12 month 07.02.2011UBS BEN GILBERT buy 5 M 4 12 month 07.02.2011Citi CRAIG WOOLFORD hold 3 M 4 Not Provided 07.02.2011Goldman Sachs & Partners Australia PHILLIP KIMBER buy 5 M 5 Not Provided 07.02.2011Nomura NICK BERRY neutral 3 D 4 Not Provided 07.02.2011Paterson Securities RUSSELL WRIGHT hold 3 D 3 12 month 07.02.2011Southern Cross PARESH PATEL accumulate 4 D 3 12 month 07.02.2011RBS DANIEL BROEREN buy 5 M 5 12 month 12.01.2011Commonwealth Bank ANDREW MCLENNAN buy 5 M 5 12 month 12.11.2010Shaw Stockbroking LISA GLICK accumulate 4 N #N/A N/A Not Provided 20.09.2010Evans & Partners Pty Ltd TONY WILSON neutral 3 M #N/A N/A Not Provided 23.08.2010CLSA Asia Pacific Markets JAMES PATERSON outperform 5 N 4 Not Provided 28.05.2010

Holdings By:

Myer Holdings Ltd ee


19.09.2011

National Australia Bank Limited is an international banking group which operates

in Australia, New Zealand, Europe, Asia and the United States. The Group offersbanking services, credit and access card facilities, leasing, housing andgeneral finance, international and investment banking, wealth and fundsmanagement, life insurance and custodian, trustee and nominee services.




Total Debt 162'877.00 YTD Return -2.06%Preferred Stock 2'572.0 Adjusted BETA 1.150Minority Interest 14.0 Analyst Recs 17Cash and Equivalents 63'751.00 Consensus Rating 4.824Enterprise Value 151'182.10

Average Volume 5 Day 9'985'096NAB AT EQUITY YTD Change - Average Volume 30 Day 10'557'760NAB AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'011'844


30.09.2006 30.09.2007 30.09.2008 30.09.2009 30.09.2010 01/yy 01/yy 09/11 Y 09/12 Y 12/10 Q1 03/11 Q237'672.0 44'945.0 52'929.0 37'403.0 37'734.0 - - 17'852.3 18'902.6 - -

4.47x 4.29x 3.31x 4.51x 4.13x - - - - - -- - - - - - - 8'223.3 9'245.0 - -- - - - - - - 18.38x 16.35x - -

4'392.0 4'578.0 4'536.0 2'589.0 4'224.0 - - 5'400.1 5'975.6 - -13.98x 14.76x 9.23x 24.93x 13.21x - - 9.07x 8.44x - -




Fiscal Year Ended

National Australia Bank LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a EXCH 106'924'753 4.93 - 16.09.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 54'375'224 2.51 (339'191) 18.01.2011 BankBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 20'949'981 0.97 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 18'546'776 0.85 140'161 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 10'891'233 0.5 345'463 31.12.2010 Mutual Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 8'789'000 0.41 65'000 30.06.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 5'983'615 0.28 363'286 31.12.2010 Mutual Fund ManagerAXA Multiple Portfolios MF-AGG 5'593'242 0.26 (55'100) 30.11.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 3'416'508 0.16 (756'441) 30.06.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 3'195'994 0.15 1'455'006 29.10.2010 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 3'192'142 0.15 925'000 30.11.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 2'161'770 0.1 28'011 30.09.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'057'591 0.09 15'437 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'007'604 0.09 28'446 31.12.2010 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 1'862'437 0.09 29'026 15.04.2010 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'760'023 0.08 - 30.11.2010 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'575'860 0.07 - 31.12.2010 Mutual Fund ManagerDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 1'473'200 0.07 493'300 26.07.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'368'279 0.06 (1'501) 04.02.2011 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'334'476 0.06 575 27.01.2011 Mutual Fund Manager


Morgan Stanley RICHARD E WILES Overwt/Cautious 5 M 28 12 month 08.02.2011Macquarie CRAIG TURTON underperform 1 M 25 12 month 08.02.2011Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT hold 3 M 27 Not Provided 08.02.2011CLSA Asia Pacific Markets BRIAN D JOHNSON underperform 1 M 24 Not Provided 08.02.2011JPMorgan SCOTT MANNING neutral 3 U 28 12 month 02.02.2011Goldman Sachs & Partners Australia BENJAMIN KOO buy 5 M 32 Not Provided 02.02.2011Southern Cross TS LIM reduce 2 D 25 12 month 02.02.2011Nomura VICTOR GERMAN neutral 3 M 27 Not Provided 01.02.2011UBS JONATHAN MOTT neutral 3 M 26 12 month 28.01.2011RBS ANDREW LYONS buy 5 M 30 12 month 19.01.2011Credit Suisse JARROD MARTIN outperform 5 U 28 Not Provided 11.01.2011BBY Limited BRETT LE MESURIER hold 3 D 26 12 month 13.12.2010Citi CRAIG WILLIAMS hold 3 D 26 Not Provided 03.12.2010Deutsche Bank JAMES FREEMAN hold 3 M 26 12 month 27.10.2010Commonwealth Bank BEN ZUCKER hold 3 M 27 12 month 27.10.2010

Holdings By:

National Australia Bank Ltd ee


19.09.2011

Newcrest Mining Limited is a gold mining, exploration and production company.

The Company's exploration projects include Telfer and Boddington which arelocated in Western Australia. The Company also is developing and exploring atthe Cadia Hill and Ridgeway projects in New South Wales and the Gosowong projectin Indonesia.





Average Volume 5 Day 5'148'582NCM AT EQUITY YTD Change - Average Volume 30 Day 5'244'141NCM AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'329'331


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y 09/11 Q1 12/11 Q22'126.5 2'363.1 2'530.8 2'801.8 4'102.0 - - 5'255.8 5'776.9 - -

4.23x 5.76x 5.88x 6.00x 7.21x - - 5.66x 5.01x - -1'005.6 1'040.5 1'032.6 1'419.9 2'146.0 - - 3'018.5 3'451.9 - -

8.95x 13.07x 14.40x 11.84x 13.78x - - 9.91x 8.67x - -72.0 134.3 248.1 556.9 908.0 - - 1'570.9 1'821.3 - -

117.78x 94.52x 57.57x 30.47x 29.83x - - 18.86x 16.29x - -

EBITDA 2'146.00 Long-Term Rating Date -EBIT 1'554.00 Long-Term Rating -Operating Margin 37.88% Long-Term Outlook -Pretax Margin 31.69% Short-Term Rating Date -Return on Assets 7.69% Short-Term Rating -Return on Common Equity 9.70%Return on Capital 9.76% EBITDA/Interest Exp. 93.30Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 77.83



Fiscal Year Ended

Newcrest Mining LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a Co File 71'026'060 9.28 - 31.08.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 68'188'188 8.91 10'904'871 22.09.2010 BankBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 58'888'362 7.7 (1'961'579) 29.10.2010 Investment AdvisorFIDELITY MANAGEMENT n/a EXCH 53'940'769 7.05 4'942'705 19.05.2010 Investment AdvisorBANK OF NEW YORK MEL n/a EXCH 26'477'826 3.46 - 22.09.2010 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 23'059'098 3.01 201'106 31.08.2010 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 12'733'257 1.66 (752'488) 31.12.2010 Hedge Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 8'240'719 1.08 2'021'635 31.12.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 8'036'381 1.05 427'257 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 7'605'601 0.99 - 03.02.2011 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 4'580'000 0.6 - 30.09.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'863'497 0.5 101'558 31.12.2010 Mutual Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'860'743 0.5 1'345'399 31.10.2010 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 3'653'375 0.48 (89'819) 30.11.2010 Investment AdvisorGAMCO ASSET MANAGEME Multiple Portfolios MF-AGG 3'075'804 0.4 1'620'908 30.09.2010 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 2'984'308 0.39 1'077'312 30.09.2010 Mutual Fund ManagerARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 2'983'626 0.39 803'025 31.10.2010 Investment AdvisorSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 2'705'402 0.35 (126'882) 29.10.2010 Mutual Fund ManagerNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'453'813 0.32 20'644 30.11.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'281'354 0.3 (23'897) 31.12.2010 Mutual Fund Manager


Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 50 Not Provided 08.02.2011Daiwa Securities Capital Markets Co. DAVID BRENNAN hold 3 M 42 Not Provided 08.02.2011RBC Capital Markets GEOFF BREEN outperform 5 M 50 12 month 07.02.2011Deutsche Bank BRENDAN FITZPATRICK buy 5 M 52 12 month 06.02.2011Goldman Sachs & Partners Australia IAN PRESTON buy 5 M 53 Not Provided 02.02.2011Macquarie SOPHIE SPARTALIS outperform 5 M 45 12 month 01.02.2011Austock Securities ANASTASIA KASSIANOS buy 5 M 62 Not Provided 01.02.2011BMO Capital Markets DAVID HAUGHTON outperform 5 M 53 Not Provided 26.01.2011RBS WARREN EDNEY hold 3 M 40 12 month 25.01.2011Morgan Stanley CAMERON JUDD Overwt/Attractive 5 M 45 12 month 25.01.2011UBS JONATHAN BATTERSHILL buy 5 M 46 12 month 25.01.2011JPMorgan FRASER JAMIESON neutral 3 M 46 12 month 25.01.2011Commonwealth Bank ANDREW KNUCKEY buy 5 M 47 12 month 25.01.2011CLSA Asia Pacific Markets HAYDEN BAIRSTOW buy 5 M 55 Not Provided 25.01.2011E.L. & C. Baillieu RAY CHANTRY hold 3 M 35 12 month 25.01.2011Southern Cross PETER CHAPMAN buy 5 M 45 12 month 22.10.2010Investec HUNTER HILLCOAT buy 5 M 44 12 month 20.10.2010Citi CRAIG SAINSBURY hold 3 D 42 Not Provided 08.09.2010Evans & Partners Pty Ltd CATHY MOISES neutral 3 M #N/A N/A Not Provided 23.08.2010Shaw Stockbroking VINCENT PISANI Under Review #N/A N/A M #N/A N/A Not Provided 17.08.2010

Holdings By:

Newcrest Mining Ltd ee


19.09.2011

News Corporation is a diversified global media company. The Company's

operations include the production and distribution of motion pictures andtelevision programming. The Company provides television, direct satellite, andcable broadcasting and the publication of newspapers, magazines, books andpromotional inserts.


16.252-Week High % Change -12.34% Dividend Yield -52-Week Low % Change 21.62% Beta 0.89% 52 Week Price Range High/Low 51.16% Equity Float -


Total Debt 15'495.00 YTD Return 2.00%Preferred Stock 0.0 Adjusted BETA 0.892Minority Interest 820.0 Analyst Recs 7Cash and Equivalents 12'680.00 Consensus Rating 3.571Enterprise Value -

Average Volume 5 Day 2'355'414NWS AT EQUITY YTD Change - Average Volume 30 Day 3'945'985NWS AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'171'896


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 12/yy 12/yy 06/12 Y 06/13 Y 09/11 Q1 12/11 Q228'655.0 32'996.0 30'423.0 32'778.0 33'405.0 30'926.0 33'082.0 34'377.8 35'767.9 - -

2.50x 1.49x 1.06x 1.12x 1.50x 0.00x 0.00x 1.40x 1.28x - -5'408.0 6'668.0 4'472.0 5'228.0 6'133.0 4'703.0 5'802.0 7'032.1 7'599.2 - -

13.26x 7.36x 7.23x 7.02x 8.17x 0.00x 0.00x - - - -3'426.0 5'387.0 (3'378.0) 2'539.0 2'739.0 3'349.0 3'131.0 3'383.3 3'761.9 - -

- - - - - 0.00x 0.00x 12.26x 10.32x - -

EBITDA 6'133.00 Long-Term Rating Date 18.07.2011EBIT 4'850.00 Long-Term Rating BBB+ *-Operating Margin 14.52% Long-Term Outlook -Pretax Margin 12.50% Short-Term Rating Date -Return on Assets 4.71% Short-Term Rating -Return on Common Equity 10.03%Return on Capital 8.52% EBITDA/Interest Exp. 6.07Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 4.91




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

News CorpPrice/Volume

Valuation Analysis


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-!.'



19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 3'042'352 0.38 141'943 31.12.2010 Mutual Fund ManagerCHINA INTERNATIONAL Multiple Portfolios MF-AGG 2'200'000 0.28 2'200'000 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'055'874 0.26 59'992 31.12.2010 Mutual Fund ManagerUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 1'940'562 0.24 1'450'175 29.10.2010 Investment AdvisorLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 652'494 0.08 47'200 30.01.2011 Mutual Fund ManagerRBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 550'000 0.07 - 31.08.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 494'257 0.06 419'843 30.06.2010 Investment AdvisorBANCO FONDER AB Multiple Portfolios MF-AGG 432'205 0.05 - 31.03.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 423'516 0.05 273'070 30.06.2010 Investment AdvisorFIDELITY INVT ASSET Multiple Portfolios MF-AGG 315'328 0.04 (31'523) 30.09.2010 Mutual Fund ManagerPARVEST INVESTMENT M Multiple Portfolios MF-AGG 302'658 0.04 20'000 29.10.2010 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 221'600 0.03 - 30.09.2010 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 118'180 0.01 - 29.10.2010 Investment AdvisorLEGG MASON GLOBAL FU Multiple Portfolios MF-AGG 91'655 0.01 - 30.11.2010 Investment AdvisorTHETA ASSET MANAGEME Multiple Portfolios MF-AGG 78'739 0.01 (9'269) 31.07.2010 Mutual Fund ManagerMAINTRUST KAPITALANL Multiple Portfolios MF-AGG 75'000 0.01 - 26.02.2010 Investment AdvisorARMYTAGE PRIVATE LTD Multiple Portfolios MF-AGG 75'000 0.01 - 30.12.2010 Investment AdvisorSTRATEGIC INVESTMENT Multiple Portfolios MF-AGG 21'261 0 3'964 29.12.2010 Investment AdvisorHSBC INVESTMENT FUND Multiple Portfolios MF-AGG 19'342 0 9'139 30.06.2010 Investment AdvisorBPER INTERNATIONAL S Multiple Portfolios MF-AGG 17'829 0 - 29.10.2010 Investment Advisor


Credit Suisse JOLANTA MASOJADA neutral 3 M 16 Not Provided 04.02.2011Macquarie ALEX POLLAK neutral 3 M 19 12 month 04.02.2011Goldman Sachs & Partners Australia ADAM ALEXANDER buy 5 M 22 Not Provided 04.02.2011RBS FRASER MCLEISH buy 5 M 20 12 month 03.02.2011BBY Limited MARK MCDONNELL hold 3 D 19 12 month 03.02.2011Commonwealth Bank ALICE BENNETT buy 5 M 20 12 month 03.02.2011Evans & Partners Pty Ltd TONY WILSON Positive 4 M #N/A N/A Not Provided 23.08.2010Deutsche Bank ANDREW ANAGNOSTELLIS restricted #N/A N/A M #N/A N/A Not Provided 15.06.2010BMO Capital Markets JEFFREY B LOGSDON outperform 5 M 23 Not Provided 24.11.2008Cowen and Company DOUGLAS CREUTZ outperform 5 N #N/A N/A Not Provided 19.11.2008

Holdings By:

News Corp ee


19.09.2011

Oil Search Limited explores for and produces gas and oil through operations in

Papua New Guinea. The Company's activities are located in the Papuan Highlandswhich include the Kutubu, Hides, and Gobe oil and gas projects.




Total Debt 929.72 YTD Return -14.97%Preferred Stock 0.0 Adjusted BETA 1.032Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 1'263.59 Consensus Rating 4.600Enterprise Value 8'143.65

Average Volume 5 Day 5'612'055OSH AT EQUITY YTD Change - Average Volume 30 Day 5'386'121OSH AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'998'749


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -644.5 718.8 814.3 512.2 583.6 - - 687.5 673.8 - -3.92x 6.15x 3.85x 11.45x 15.63x - - 13.23x 15.25x - -

494.9 435.4 572.7 281.7 338.4 - - 468.5 447.8 - -5.11x 10.15x 5.47x 20.81x 26.95x - - 17.39x 18.19x - -

412.0 137.2 313.4 133.7 185.6 - - 196.2 184.8 - -7.18x 34.71x 11.71x 47.73x 50.72x - - 41.76x 46.55x - -




Fiscal Year Ended

Oil Search LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINDEPENDENT PUB BUS n/a Co File 196'604'177 14.97 - 28.02.2010 n/aCAPITAL GROUP COMPAN n/a EXCH 151'131'017 11.51 13'861'338 17.12.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 120'253'089 9.16 14'421'482 26.02.2010 BankCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 67'225'000 5.12 24'300'000 30.09.2010 Investment AdvisorWESTPAC BANKING CORP n/a EXCH 65'132'482 4.96 (1'478'490) 02.09.2010 BankFIDELITY MANAGEMENT n/a EXCH 65'073'440 4.96 (1'047'981) 22.07.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 51'737'153 3.94 (14'680'487) 21.09.2010 BankFIRST STATE INVESTME Multiple Portfolios MF-AGG 30'146'369 2.3 (373'482) 30.09.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 14'055'000 1.07 100'000 30.06.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 12'688'233 0.97 (163'105) 30.06.2010 Investment AdvisorRS INVESTMENT MANAGE Multiple Portfolios MF-AGG 8'812'729 0.67 - 30.09.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'459'753 0.64 - 31.12.2010 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 7'617'382 0.58 9'296 31.10.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 6'753'071 0.51 (410'928) 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 5'499'498 0.42 168'429 31.12.2010 Mutual Fund ManagerPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 5'290'185 0.4 7'476 31.12.2010 Investment AdvisorMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 3'900'000 0.3 - 31.12.2010 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 3'825'394 0.29 (28'630) 29.10.2010 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'895'567 0.22 (5'180'918) 30.09.2010 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 2'753'252 0.21 108'649 30.09.2010 Mutual Fund Manager


Morgan Stanley STUART BAKER Overwt/Attractive 5 M 8 12 month 03.02.2011Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 9 12 month 28.01.2011Paterson Securities EDWIN BULSECO buy 5 M 7 12 month 27.01.2011Macquarie ADRIAN WOOD outperform 5 M 9 12 month 26.01.2011Deutsche Bank JOHN HIRJEE buy 5 M 8 12 month 25.01.2011Credit Suisse SANDRA MCCULLAGH underperform 1 M 7 Not Provided 25.01.2011UBS GORDON RAMSAY buy 5 M 9 12 month 25.01.2011JPMorgan BENJAMIN X. WILSON neutral 3 M 7 12 month 25.01.2011Citi MARK GREENWOOD hold 3 M 8 Not Provided 25.01.2011Goldman Sachs & Partners Australia AIDEN BRADLEY hold 3 M 6 Not Provided 25.01.2011Commonwealth Bank ANDREW HINES hold 3 M 7 12 month 25.01.2011Austock Securities STEFAN HANSEN buy 5 M 8 Not Provided 25.01.2011CLSA Asia Pacific Markets DI M BROOKMAN underperform 1 M 8 Not Provided 20.01.2011Nomura XAVIER MIELES GRUNAUER neutral 3 D 8 Not Provided 18.01.2011RBS JASON MABEE hold 3 M 7 12 month 26.10.2010BNP Paribas Securities (Asia) BRADLEY WAY buy 5 M 8 12 month 20.09.2010Southern Cross PETER CHAPMAN buy 5 M 7 12 month 20.08.2010

Holdings By:

Oil Search Ltd ee


19.09.2011

OneSteel Limited manufactures steel long products and distributes metals in

Australia. The Company produces structural, rail, rod, bar, wire, pipe and tubeproducts along with distributing sheet and coil, piping systems, plate andaluminum products. The Company's products are utilized by the construction,mining, rail and other manufacturing industries.





Average Volume 5 Day 8'608'307OST AT EQUITY YTD Change - Average Volume 30 Day 9'763'188OST AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'385'633


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -4'300.6 7'434.3 7'241.5 6'204.6 7'133.0 - - 7'763.9 8'330.5 - -

1.05x 1.15x 0.65x 0.80x - - - 0.47x 0.42x - -419.2 810.3 687.8 603.4 - - - 807.6 975.2 - -10.82x 10.54x 6.84x 8.27x - - - 4.55x 3.77x - -207.0 244.9 229.5 258.4 230.3 - - 327.9 425.4 - -17.69x 21.35x 12.18x 15.27x 10.69x - - 5.31x 4.11x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

OneSteel LtdPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK GROUP n/a EXCH 66'425'695 4.98 (237'092) 17.08.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 65'937'668 4.94 (13'621'870) 12.01.2011 BankCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 50'007'836 3.75 - 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 13'078'692 0.98 - 03.02.2011 Investment AdvisorDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 12'836'500 0.96 116'300 26.07.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 10'803'280 0.81 192'747 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 6'952'712 0.52 644'305 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6'717'712 0.5 223'116 31.12.2010 Mutual Fund ManagerUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 5'976'267 0.45 - 31.12.2010 Mutual Fund ManagerPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 5'399'459 0.4 75'493 31.12.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'234'401 0.32 (2'634'838) 30.09.2010 Investment AdvisorLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 3'978'975 0.3 - 30.01.2011 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 2'505'210 0.19 - 31.10.2009 Investment AdvisorWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 2'467'029 0.18 348 30.11.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 2'302'000 0.17 243'000 30.06.2010 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 2'102'459 0.16 (147'000) 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'643'698 0.12 277'808 31.12.2010 Investment AdvisorDAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 1'610'700 0.12 (130'000) 15.07.2010 Investment AdvisorPLUMMER GEOFFREY JOH n/a EXCH 1'454'895 0.11 - 25.08.2010 n/aSJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'432'068 0.11 20'755 30.09.2010 Investment Advisor


JPMorgan BENJAMIN X. WILSON neutral 3 M 3 6 month 07.02.2011Deutsche Bank EMILY BEHNCKE hold 3 M 3 12 month 03.02.2011Goldman Sachs & Partners Australia ANDREW GIBSON buy 5 M 3 Not Provided 03.02.2011RBS TODD SCOTT buy 5 M 3 12 month 01.02.2011UBS ANDREW MOLLER buy 5 M 3 12 month 01.02.2011Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 3 Not Provided 31.01.2011Macquarie DOUGLAS MACPHILLAMY outperform 5 M 3 12 month 18.01.2011Morgan Stanley CAMERON JUDD Overwt/In-Line 5 M 4 12 month 17.01.2011CLSA Asia Pacific Markets SCOTT HUDSON underperform 1 M 3 Not Provided 17.01.2011MF Global Equities Research ANDREW GARDNER buy 5 M #N/A N/A Not Provided 13.01.2011Daiwa Securities Capital Markets Co. DAVID BRENNAN buy 5 M 3 Not Provided 13.12.2010Commonwealth Bank ATHLENE PIECH buy 5 M 3 12 month 15.11.2010E.L. & C. Baillieu SAM HADDAD hold 3 M 4 12 month 15.11.2010Wise-owl.com TIM MORRIS neutral 3 M #N/A N/A Not Provided 11.12.2008

Holdings By:

OneSteel Ltd ee


19.09.2011

Orica Limited is a diversified manufacturing company. The Company produces

industrial and specialty chemicals, polyethylene, surface coatings for vehicles,food and beverage flavoring and fragrances, packaging and appliances. TheCompany also supplies explosive and blasting services to the mining, quarryingand construction industries.





Average Volume 5 Day 1'402'189ORI AT EQUITY YTD Change - Average Volume 30 Day 1'627'307ORI AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'467'629


30.09.2006 30.09.2007 30.09.2008 30.09.2009 30.09.2010 01/yy 01/yy 09/11 Y 09/12 Y - -4'745.6 5'527.2 6'544.1 6'470.9 5'812.1 - - 6'125.3 6'512.3 - -

1.64x 2.01x 1.40x 1.57x 1.89x - - 1.75x 1.64x - -317.1 954.9 1'120.5 1'278.7 371.0 - - 1'247.0 1'396.8 - -24.57x 11.65x 8.15x 7.94x 29.54x - - 8.51x 7.60x - -539.1 487.7 539.6 541.8 1'318.7 - - 618.6 700.3 - -62.59x 20.57x 13.11x 18.91x 20.23x - - 13.96x 12.30x - -

EBITDA 371.00 Long-Term Rating Date 18.12.2000EBIT 131.50 Long-Term Rating BBB+Operating Margin 2.26% Long-Term Outlook STABLEPretax Margin 14.01% Short-Term Rating Date 23.09.1997Return on Assets 18.16% Short-Term Rating A-2Return on Common Equity 40.68%Return on Capital 28.38% EBITDA/Interest Exp. 1.88Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. -0.79




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Orica LtdPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePERPETUAL LTD n/a EXCH 28'168'299 7.76 (3'659'991) 10.12.2010 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 18'034'018 4.96 (3'643'631) 11.05.2010 UnclassifiedCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 7'519'015 2.07 - 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'931'605 1.08 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2'984'709 0.82 29'389 31.12.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 2'509'000 0.69 - 30.06.2010 Investment AdvisorDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 2'042'000 0.56 (208'300) 26.07.2010 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 1'933'437 0.53 30'132 15.04.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'823'000 0.5 49'841 31.12.2010 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'794'560 0.49 257'249 30.06.2010 Investment AdvisorLIEBELT GRAEME RICHA n/a EXCH 1'623'446 0.45 (193'639) 21.01.2011 n/aMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'242'099 0.34 (30'988) 31.12.2010 Mutual Fund ManagerNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 728'920 0.2 (200'000) 16.08.2010 Mutual Fund ManagerIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 722'980 0.2 58'440 31.12.2010 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 676'210 0.19 15'700 30.09.2010 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 574'815 0.16 - 31.12.2010 Mutual Fund ManagerABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 496'215 0.14 74'235 31.12.2010 Investment AdvisorPRUDENTIAL PLC Multiple Portfolios MF-AGG 460'000 0.13 273'000 30.09.2010 Investment AdvisorF&C FUND MANAGEMENT Multiple Portfolios MF-AGG 452'433 0.12 (14'349) 31.12.2010 Mutual Fund ManagerMORGAN STANLEY & CO Multiple Portfolios MF-AGG 388'277 0.11 (9'293) 30.09.2010 Investment Advisor


Credit Suisse ROHAN GALLAGHER neutral 3 M 28 Not Provided 03.02.2011UBS SIMON MITCHELL neutral 3 M 28 12 month 03.02.2011Macquarie JOHN PURTELL outperform 5 M 28 12 month 03.02.2011Commonwealth Bank MICHAEL WARD buy 5 M 28 12 month 03.02.2011Paterson Securities GEORGE GALANOPOULOS buy 5 M 29 12 month 03.02.2011Goldman Sachs & Partners Australia MATTHEW MCNEE buy 5 M 29 Not Provided 28.01.2011Deutsche Bank MARK WILSON buy 5 M 30 12 month 17.01.2011Austock Securities PAUL JENSZ hold 3 M 28 Not Provided 26.11.2010JPMorgan KEITH CHAU neutral 3 M 28 9 month 09.11.2010E.L. & C. Baillieu SAM HADDAD accumulate 4 M 28 12 month 09.11.2010Citi HUGH DIVE hold 3 M 26 Not Provided 08.11.2010CLSA Asia Pacific Markets SCOTT HUDSON buy 5 M 29 Not Provided 08.11.2010

Holdings By:

Orica Ltd ee


19.09.2011

Origin Energy Limited is involved in the exploration and production of oil and

gas and the retailing of natural gas, liquefied petroleum gas (LPG) andelectricity. The Company also participates in natural gas-fired cogenerationand power generation along with infrastructure investment and managementservices.


12.8952-Week High % Change -25.15% Dividend Yield -52-Week Low % Change 7.42% Beta 0.88% 52 Week Price Range High/Low 27.39% Equity Float 1'060.94


Total Debt 4'788.00 YTD Return -17.71%Preferred Stock 0.0 Adjusted BETA 0.882Minority Interest 1'284.0 Analyst Recs 15Cash and Equivalents 755.00 Consensus Rating 4.467Enterprise Value 19'050.64

Average Volume 5 Day 5'542'108ORG AT EQUITY YTD Change - Average Volume 30 Day 4'152'025ORG AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'659'964


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -6'227.0 8'275.0 8'042.0 8'534.0 10'344.0 - - 14'110.9 15'038.7 - -

2.04x 2.25x 1.70x 1.99x 2.14x - - 1.41x 1.38x - -1'145.5 1'260.0 1'144.0 1'209.0 1'242.0 - - 2'374.5 2'533.6 - -

11.09x 14.75x 11.95x 14.07x 17.81x - - 8.02x 7.52x - -456.9 517.0 6'941.0 612.0 186.0 - - 891.9 979.8 - -22.90x 37.93x 1.85x 21.43x 80.56x - - 15.66x 14.55x - -

EBITDA 1'242.00 Long-Term Rating Date 31.03.2011EBIT 703.00 Long-Term Rating BBB+Operating Margin 6.80% Long-Term Outlook STABLEPretax Margin 3.82% Short-Term Rating Date 31.03.2011Return on Assets 0.77% Short-Term Rating A-2Return on Common Equity 1.65%Return on Capital 2.09% EBITDA/Interest Exp. 7.91Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. -1.81




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Origin Energy LtdPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 8'980'893 1.01 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7'878'718 0.89 (477'104) 31.12.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 5'249'000 0.59 395'000 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4'499'417 0.51 162'833 31.12.2010 Mutual Fund ManagerPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 3'275'243 0.37 51'046 15.04.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'776'933 0.31 15'708 31.12.2010 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 2'701'250 0.31 8'500 30.06.2010 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 2'306'485 0.26 (161'600) 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'617'224 0.18 108'464 31.12.2010 Investment AdvisorBEEREN BRUCE GERARD n/a EXCH 1'235'020 0.14 - 06.10.2010 n/aKING GRANT ALFRED n/a EXCH 1'110'411 0.13 - 29.11.2010 n/aSJUNDE AP FONDEN Multiple Portfolios MF-AGG 683'127 0.08 (388'469) 30.09.2010 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 640'500 0.07 640'500 30.09.2010 Investment AdvisorJP MORGAN CHASE & CO Multiple Portfolios MF-AGG 636'637 0.07 - 30.11.2010 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 534'842 0.06 4'064 27.01.2011 Mutual Fund ManagerSTOCK ANDREW M n/a Co File 448'068 0.05 - 30.06.2010 n/aLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 442'209 0.05 (117) 30.04.2010 Investment AdvisorWILLINK ROBERT JAN n/a Co File 415'470 0.05 - 30.06.2010 n/aFIRST STATE INVESTME Multiple Portfolios MF-AGG 378'440 0.04 64'545 31.08.2010 Investment AdvisorFABCO INVESTMENTS PT n/a EXCH 374'430 0.04 - 12.06.2009 Unclassified


Goldman Sachs & Partners Australia AIDEN BRADLEY buy 5 M 20 Not Provided 07.02.2011Credit Suisse SANDRA MCCULLAGH restricted #N/A N/A M #N/A N/A Not Provided 04.02.2011JPMorgan JASON HARLEY STEED overweight 5 M 19 12 month 04.02.2011Morgan Stanley STUART BAKER Underwt/Attractive 1 M 16 12 month 03.02.2011Citi MARIE MIYASHIRO buy 5 M 19 Not Provided 03.02.2011Deutsche Bank JOHN HIRJEE hold 3 M 17 12 month 31.01.2011Nomura XAVIER MIELES GRUNAUER buy 5 M 21 Not Provided 18.01.2011Daiwa Securities Capital Markets Co. DAVID BRENNAN outperform 5 M 18 Not Provided 29.12.2010E.L. & C. Baillieu IVOR RIES buy 5 M 20 12 month 20.12.2010Shaw Stockbroking SIMON OATEN buy 5 U #N/A N/A Not Provided 17.12.2010UBS DAVID LEITCH buy 5 M 19 12 month 16.12.2010RBS JASON MABEE hold 3 D 18 12 month 15.12.2010Macquarie ADRIAN WOOD restricted #N/A N/A M #N/A N/A Not Provided 09.12.2010Commonwealth Bank PAUL JOHNSTON buy 5 M 17 12 month 24.08.2010Southern Cross SANJAY MAGOTRA reduce 2 M 14 12 month 04.05.2010

Holdings By:

Origin Energy Ltd ee


19.09.2011

OZ Minerals Ltd. is an Australian based mining company that produces copper and

gold from the Prominent Hill open cut mine located in South Australia. It alsohas exploration ground in Cambodia and various listed investments.




Total Debt 0.00 YTD Return -27.44%Preferred Stock 0.0 Adjusted BETA 1.408Minority Interest 0.0 Analyst Recs 20Cash and Equivalents 1'334.20 Consensus Rating 3.900Enterprise Value 2'637.62

Average Volume 5 Day 1'625'155OZL AT EQUITY YTD Change - Average Volume 30 Day 2'399'491OZL AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'057'521


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -1'275.2 602.6 0.0 608.5 1'128.4 - - 1'209.5 1'265.2 - -

3.25x 9.28x - 4.47x 3.75x - - 2.17x 1.85x - -810.1 409.6 222.3 491.5 686.1 - - 675.1 730.1 - -5.12x 13.66x - 5.53x 6.17x - - 3.91x 3.61x - -

553.2 305.8 (2'501.7) (517.3) 586.9 - - 376.5 414.5 - -7.94x 23.05x - 118.00x 10.00x - - 9.06x 8.37x - -

EBITDA 686.10 Long-Term Rating Date -EBIT 533.50 Long-Term Rating -Operating Margin 47.28% Long-Term Outlook -Pretax Margin 58.63% Short-Term Rating Date -Return on Assets 18.98% Short-Term Rating -Return on Common Equity 20.05%Return on Capital - EBITDA/Interest Exp. 86.85Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 78.58

Net Debt/EBITDA -1.94Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin 60.8%EBIT Margin 47.3% Total Debt/Equity 0.0%Net Income Margin 52.0% Total Debt/Capital 0.0%


Fiscal Year Ended

OZ Minerals LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a Co File 336'590'017 10.39 - 08.03.2010 Investment AdvisorM&G INVESTMENT MANAG n/a EXCH 230'952'703 7.13 34'796'983 13.01.2011 Investment AdvisorMERRILL LYNCH & COMP n/a Co File 214'970'416 6.64 - 08.03.2010 Investment AdvisorAUSBIL DEXIA LIMITED n/a EXCH 189'509'259 5.85 32'666'220 29.10.2010 Investment AdvisorMORGAN STANLEY INVES n/a Co File 183'153'524 5.66 - 08.03.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 162'398'074 5.01 86'103'123 31.12.2010 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 150'627'169 4.65 (76'623) 29.10.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 29'811'671 0.92 - 31.12.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 28'345'263 0.88 1'294'089 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 20'278'818 0.63 1'274'680 31.12.2010 Mutual Fund ManagerBLACKROCK ADVISERS Multiple Portfolios MF-AGG 17'020'357 0.53 10'649'400 31.10.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 16'413'940 0.51 970'002 31.12.2010 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 9'842'877 0.3 - 31.10.2009 Investment AdvisorMORGAN STANLEY & CO Multiple Portfolios MF-AGG 6'819'996 0.21 (17'716'281) 30.09.2010 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 6'000'000 0.19 - 30.11.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 5'566'949 0.17 (753'949) 04.02.2011 Investment AdvisorMANINI ANTONY n/a Co File 5'509'035 0.17 - 09.10.2009 n/aJO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 5'163'304 0.16 1'843'304 30.06.2010 Mutual Fund ManagerGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 4'889'918 0.15 (880'509) 31.10.2010 Investment AdvisorNATIXIS INTERNATIONA Multiple Portfolios MF-AGG 4'761'109 0.15 (324'251) 30.11.2010 Investment Advisor


RBC Capital Markets GEOFF BREEN sector perform 3 M 2 12 month 07.02.2011Macquarie MARTIN STULPNER outperform 5 M 2 12 month 07.02.2011Credit Suisse MICHAEL SLIFIRSKI underperform 1 M 2 Not Provided 04.02.2011Goldman Sachs & Partners Australia IAN PRESTON buy 5 M 2 Not Provided 02.02.2011Wilson HTM Investment Group KEITH WILLIAMS hold 3 U 2 Not Provided 27.01.2011Morgan Stanley CRAIG CAMPBELL Overwt/Attractive 5 M 2 12 month 24.01.2011HSBC DANIEL KANG neutral 3 M 2 Not Provided 24.01.2011Argonaut Securities Pty Ltd TIM SERJEANT hold 3 D 2 Not Provided 24.01.2011Austock Securities ANASTASIA KASSIANOS buy 5 M 2 Not Provided 21.01.2011BMO Capital Markets DAVID RADCLYFFE underperform 1 M 2 Not Provided 20.01.2011RBS LYNDON FAGAN hold 3 M 2 12 month 20.01.2011Deutsche Bank LEVI SPRY hold 3 M 2 12 month 20.01.2011JPMorgan FRASER JAMIESON underweight 1 M 1 12 month 20.01.2011CLSA Asia Pacific Markets HAYDEN BAIRSTOW sell 1 M 1 Not Provided 20.01.2011E.L. & C. Baillieu RAY CHANTRY hold 3 M 2 12 month 20.01.2011Commonwealth Bank ANDREW KNUCKEY hold 3 M 2 12 month 12.01.2011UBS JONATHAN BATTERSHILL sell 1 M 2 12 month 14.12.2010Paterson Securities ALEX PASSMORE hold 3 M 1 12 month 06.12.2010Citi CRAIG SAINSBURY sell 1 D 2 Not Provided 15.11.2010Investec HUNTER HILLCOAT sell 1 D 1 12 month 20.10.2010Southern Cross FLEUR GROSE accumulate 4 M 1 12 month 25.08.2010Evans & Partners Pty Ltd CATHY MOISES Positive 4 M #N/A N/A Not Provided 23.08.2010

Holdings By:

OZ Minerals Ltd ee


19.09.2011

Paladin Energy Limited primarily explores for uranium in Australia and Southern

Africa.





Average Volume 5 Day 12'305'050PDN AT EQUITY YTD Change - Average Volume 30 Day 9'850'605PDN AT EQUITY YTD % CHANGE - Average Volume 3 Month 9'107'764


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 09/yy 09/yy 06/12 Y 06/13 Y 12/10 Q2 03/11 Q33.3 93.8 111.8 202.0 266.8 99.1 212.1 440.4 530.3 66.3 90.3

1365.40x 44.94x 27.48x 13.05x 10.44x 97.89x 55.19x 4.17x 3.52x - -(41.1) (5.2) (749.9) 21.1 (2.9) (1'508.6) 1.7 129.2 200.9 - -

- - - 124.89x - 0.00x 0.00x 15.03x 9.67x - -(37.6) (36.0) (480.2) (45.6) (82.3) (494.9) (41.7) 23.3 67.7 (14.2) 4.0

- - - - - 0.00x 0.00x 62.08x 15.67x - -

EBITDA -2.90 Long-Term Rating Date -EBIT -40.00 Long-Term Rating -Operating Margin -14.99% Long-Term Outlook -Pretax Margin -39.39% Short-Term Rating Date -Return on Assets -3.76% Short-Term Rating -Return on Common Equity -7.59%Return on Capital - EBITDA/Interest Exp. -0.08Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -3.63

Net Debt/EBITDA -Gross Margin 16.7% Total Debt/EBITDA -248.17EBITDA Margin -1.1%EBIT Margin -15.0% Total Debt/Equity 56.6%Net Income Margin -30.8% Total Debt/Capital 34.7%


Fiscal Year Ended

Paladin Energy LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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2

3

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRONTEER GOLD INC n/a EXCH 52'097'937 7.18 - 01.02.2011 CorporationCAPITAL GROUP COMPAN n/a Co File 44'465'297 6.13 - 16.09.2010 Investment AdvisorGE ASSET MANAGEMENT n/a EXCH 37'554'068 5.18 - 06.01.2011 Investment AdvisorMERRILL LYNCH & COMP n/a EXCH 35'012'573 4.83 - 11.04.2008 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 28'533'178 3.93 2'047'035 31.10.2010 Investment AdvisorUBS AG n/a EXCH 25'713'978 3.55 - 06.01.2011 Investment AdvisorBORSHOFF JOHN n/a EXCH 21'877'394 3.02 - 26.10.2010 n/aAYLWORTH HOLDINGS PT n/a SEDI 19'762'237 2.72 276'015 16.02.2010 CorporationCI INVESTMENTS INC Multiple Portfolios MF-AGG 11'505'400 1.59 392'500 30.06.2010 Hedge Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 8'478'620 1.17 905'753 31.12.2010 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 7'493'813 1.03 1'173'707 31.12.2010 Investment AdvisorGENERAL ELECTRIC COM Multiple Portfolios MF-AGG 7'070'797 0.97 711'740 30.11.2010 CorporationBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 6'635'619 0.91 8'126 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5'532'345 0.76 96'299 31.12.2010 Investment AdvisorSWABY GILLIAN n/a Co File 5'036'655 0.69 - 30.06.2010 n/aCRABB RICK WAYNE n/a Co File 4'884'528 0.67 - 30.06.2010 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 4'310'851 0.59 - 04.02.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'622'625 0.5 8'921 31.12.2010 Mutual Fund ManagerAXA Multiple Portfolios MF-AGG 3'307'300 0.46 3'304'000 30.11.2010 Investment AdvisorNATIXIS INTERNATIONA Multiple Portfolios MF-AGG 2'481'553 0.34 (149'795) 30.11.2010 Investment Advisor


Cormark Securities Inc. MIKE KOZAK buy 5 M 7 12 month 03.02.2011Raymond James BART JAWORSKI outperform 5 M 7 12 month 02.02.2011Goldman Sachs & Partners Australia NEIL GOODWILL sell 1 M 4 Not Provided 02.02.2011Macquarie MARTIN STULPNER outperform 5 M 6 Not Provided 28.01.2011BMO Capital Markets EDWARD STERCK market perform 3 M 5 Not Provided 24.01.2011Deutsche Bank PAUL-D YOUNG sell 1 M 4 12 month 24.01.2011RBC Capital Markets ADAM SCHATZKER outperform 5 M 7 12 month 24.01.2011Argonaut Securities Pty Ltd TROY IRVIN buy 5 U 6 Not Provided 24.01.2011CIBC World Markets IAN PARKINSON sector outperform 5 M 7 Not Provided 23.01.2011RBS LYNDON FAGAN sell 1 M 5 12 month 21.01.2011Credit Suisse RALPH M PROFITI outperform 5 M 7 Not Provided 21.01.2011Dundee Securities Corp DAVID A TALBOT buy 5 M 6 12 month 21.01.2011Canaccord Genuity Corp OREST WOWKODAW buy 5 M 8 12 month 21.01.2011GMP DAVID WARGO hold 3 M 5 12 month 21.01.2011Paterson Securities SIMON TONKIN hold 3 M 5 12 month 21.01.2011CLSA Asia Pacific Markets MICHAEL EVANS sell 1 M 4 Not Provided 21.01.2011Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 19.01.2011JPMorgan MARK BUSUTTIL neutral 3 M 5 12 month 13.01.2011Southern Cross PETER CHAPMAN buy 5 M 6 12 month 13.01.2011UBS GLYN LAWCOCK neutral 3 M 5 12 month 14.12.2010Paradigm Capital Inc DAVID DAVIDSON hold 3 D 5 12 month 16.11.2010MF Global Equities Research ANDREW GARDNER buy 5 N #N/A N/A Not Provided 09.11.2010E.L. & C. Baillieu RAY CHANTRY hold 3 N 4 12 month 21.10.2010Haywood Securities Inc. GEORDIE MARK sector outperform 5 M 5 Not Provided 20.10.2010Citi CLARKE WILKINS buy 5 M 4 Not Provided 05.07.2010

Holdings By:

Paladin Energy Ltd ee


19.09.2011

Perpetual Limited is a financial services company that has two primary

activities, wealth management services and corporate trust services. The Companyprovides funds management, responsible entity services, trustee services,executor services, financial planning, investment administration,superannuation, custody and registry services.



Shares Out 06.09.2011 44.7 Short Int 3.02961.33 1 Yr Total Return -24.76%

Total Debt 196.50 YTD Return -26.44%Preferred Stock 0.0 Adjusted BETA 0.963Minority Interest 10.1 Analyst Recs 10Cash and Equivalents 220.32 Consensus Rating 3.000Enterprise Value 947.59

Average Volume 5 Day 195'203PPT AT EQUITY YTD Change - Average Volume 30 Day 231'304PPT AT EQUITY YTD % CHANGE - Average Volume 3 Month 203'770


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -595.3 647.5 475.9 509.9 518.2 - - 426.3 440.3 - -5.42x 2.89x 2.82x 2.50x 2.12x - - 2.02x 1.91x - -

218.2 198.5 48.7 132.5 140.2 - - 126.3 135.3 - -14.78x 9.44x 27.52x 9.63x 7.85x - - 7.50x 7.00x - -182.1 128.8 37.7 90.5 62.0 - - 73.0 79.5 - -16.68x 12.98x 29.74x 12.44x 16.33x - - 12.71x 11.56x - -

EBITDA 140.18 Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 23.50% Long-Term Outlook -Pretax Margin 18.48% Short-Term Rating Date -Return on Assets 3.49% Short-Term Rating -Return on Common Equity 17.10%Return on Capital 10.68% EBITDA/Interest Exp. -Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -0.17Gross Margin - Total Debt/EBITDA 1.40EBITDA Margin 27.1%EBIT Margin - Total Debt/Equity 53.7%Net Income Margin 12.0% Total Debt/Capital 34.3%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Perpetual LtdPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQUEENSLAND TRUSTEES n/a Co File 2'814'201 6.38 - 31.07.2010 n/aAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 837'000 1.9 106'000 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 215'642 0.49 15'490 31.12.2010 Mutual Fund ManagerDEVERALL DAVID M n/a EXCH 130'331 0.3 - 17.01.2011 n/aMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 89'963 0.2 14'544 31.12.2010 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 80'894 0.18 62 04.02.2011 Investment AdvisorAMCIL LTD Multiple Portfolios MF-AGG 65'000 0.15 65'000 30.06.2010 Investment AdvisorBURROWS ROGER B n/a EXCH 58'928 0.13 19'480 26.11.2010 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 55'849 0.13 1'872 31.12.2010 Investment AdvisorHOLYMAN IVAN n/a EXCH 44'513 0.1 - 21.01.2011 n/aSCHRODER INVESTMENT Multiple Portfolios MF-AGG 40'617 0.09 40'617 30.06.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 33'438 0.08 - 04.02.2011 Investment AdvisorSCOTTISH WIDOWS PLC Multiple Portfolios MF-AGG 26'912 0.06 - 31.12.2010 Investment AdvisorGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 25'345 0.06 2'220 30.09.2010 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 22'360 0.05 638 30.04.2010 Investment AdvisorHYPERION ASSET MANAG Multiple Portfolios MF-AGG 21'650 0.05 - 30.06.2010 UnclassifiedPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 18'649 0.04 - 30.11.2010 Investment AdvisorGONZALEZ EMILIO n/a Co File 18'647 0.04 - 30.06.2010 n/aMACINTYRE R n/a Co File 16'893 0.04 - 30.06.2010 n/aSMARTSHARES LIMITED Multiple Portfolios MF-AGG 15'180 0.03 450 31.03.2010 Investment Advisor


RBS RICHARD COLES hold 3 M 35 12 month 02.02.2011Goldman Sachs & Partners Australia RYAN FISHER hold 3 M 35 Not Provided 02.02.2011Wilson HTM Investment Group ANDREW HILLS hold 3 M 35 Not Provided 31.01.2011Credit Suisse JOHN HEAGERTY underperform 1 M 33 Not Provided 25.01.2011Macquarie MICHAEL WIBLIN underperform 1 M 31 12 month 24.01.2011Deutsche Bank KIEREN CHIDGEY hold 3 M 33 12 month 10.01.2011JPMorgan RUSSELL GILL neutral 3 M 32 12 month 05.01.2011UBS CHRIS WILLIAMS neutral 3 M 32 12 month 20.12.2010Citi NIGEL PITTAWAY hold 3 M 33 Not Provided 20.12.2010Southern Cross LAFITANI SOTIRIOU reduce 2 M 30 12 month 20.12.2010

Holdings By:

Perpetual Ltd ee


19.09.2011

Primary Health Care Limited provides services to the healthcare industry in

Australia. Services are provided to general practitioners, specialists andother health care providers who conduct their own practices and businesses atits medical centers, licensed day surgeries, eye clinics, and specialistclinics. The Company also provides pathology services and healthcare software.





Average Volume 5 Day 2'406'437PRY AT EQUITY YTD Change - Average Volume 30 Day 3'089'942PRY AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'251'272


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -272.3 649.6 1'328.6 1'286.8 1'309.0 - - 1'395.3 1'465.6 - -6.45x 6.35x 2.62x 2.12x 2.13x - - 1.81x 1.71x - -

106.2 148.6 339.9 321.0 305.4 - - 355.3 378.3 - -16.54x 27.76x 10.23x 8.51x 9.12x - - 7.21x 6.77x - -

56.9 7.9 108.5 132.0 78.3 - - 130.1 145.9 - -39.10x 135.77x 17.12x 12.81x 21.71x - - 11.55x 10.31x - -




Fiscal Year Ended

Primary Health Care LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 55'658'620 11.22 5'725'600 31.12.2010 Investment AdvisorMAPLE-BROWN ABBOTT L n/a EXCH 51'522'859 10.39 5'656'592 13.01.2011 Investment AdvisorSCHRODER INVESTMENT n/a EXCH 44'552'818 8.98 - 15.11.2010 Investment AdvisorCALEDONIA INVESTMENT n/a Co File 38'278'642 7.72 - 31.07.2010 Investment AdvisorBNP PARIBAS INVESTME n/a EXCH 36'023'993 7.26 6'315'143 17.11.2010 Investment AdvisorBATEMAN EDMUND GREGO n/a EXCH 35'061'405 7.07 216'341 05.01.2011 n/aPERPETUAL LTD n/a EXCH 30'288'554 6.11 (4'968'516) 03.12.2010 Investment AdvisorCREDIT SUISSE AG n/a EXCH 26'759'441 5.39 - 27.09.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 25'252'987 5.09 (8'953'938) 27.09.2010 BankDIMENSIONAL FUND ADV n/a EXCH 24'944'978 5.03 - 13.01.2011 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 24'263'774 4.89 (1'440'986) 31.08.2010 BankAMP LTD n/a EXCH 18'854'917 3.8 - 24.02.2009 Insurance CompanyMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'294'897 1.07 1'207'500 31.10.2010 Investment AdvisorCHRISTIE MICHAEL JOS n/a EXCH 3'592'488 0.72 - 26.11.2010 n/aNATIXIS INTERNATIONA Multiple Portfolios MF-AGG 2'951'000 0.59 - 30.11.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'676'625 0.54 578 04.02.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'290'969 0.46 5'467 31.12.2010 Mutual Fund ManagerROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'961'781 0.4 - 30.11.2010 Investment AdvisorBANCO FONDER AB Multiple Portfolios MF-AGG 1'414'494 0.29 - 31.03.2010 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 1'138'697 0.23 1'138'697 31.12.2010 Investment Advisor


Wilson HTM Investment Group SHANE STOREY sell 1 M 3 Not Provided 28.01.2011RBS DEREK JELLINEK hold 3 M 4 12 month 25.01.2011Deutsche Bank DAVID A LOW hold 3 M 4 12 month 25.01.2011JPMorgan STEVEN D WHEEN neutral 3 M 4 12 month 24.01.2011UBS ANDREW GOODSALL neutral 3 M 4 12 month 21.01.2011Goldman Sachs & Partners Australia IAN ABBOTT sell 1 M 4 Not Provided 19.01.2011Commonwealth Bank NATALIE KELLY sell 1 D 4 12 month 19.01.2011Morgan Stanley SEAN LAAMAN Underwt/Cautious 1 M 3 12 month 14.01.2011Nomura DAVID STANTON neutral 3 M 3 Not Provided 23.12.2010Macquarie CRAIG COLLIE neutral 3 M 3 12 month 30.11.2010Credit Suisse SAUL HADASSIN underperform 1 M 3 Not Provided 15.11.2010LINWAR Securities JOHN HESTER market perform 3 M 4 12 month 15.11.2010Citi ALEXANDER SMITH hold 3 M 3 Not Provided 12.11.2010BBY Limited DENNIS HULME buy 5 M 4 12 month 12.11.2010Evans & Partners Pty Ltd PAUL RYAN neutral 3 M #N/A N/A Not Provided 23.08.2010Austock Securities CRAIG STRANGER buy 5 M 4 Not Provided 18.08.2010Southern Cross STUART ROBERTS reduce 2 D 3 12 month 17.08.2010

Holdings By:

Primary Health Care Ltd ee


19.09.2011

Qantas Airways Limited is an international airline with a network of domestic

and intercontinental routes mainly in the Asia-Pacific region. In addition,Qantas operates a catering service and provides travel and holiday tourismservices throughout Australia. Qantas provides electronic reservation systems,ground handling, engineering and maintenance services.





Average Volume 5 Day 12'058'700QAN AT EQUITY YTD Change - Average Volume 30 Day 15'475'330QAN AT EQUITY YTD % CHANGE - Average Volume 3 Month 13'528'490


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -14'032.0 14'246.0 13'690.0 13'127.0 13'932.0 - - 16'375.5 17'323.4 - -

0.91x 0.51x 0.47x 0.54x 0.48x - - 0.44x 0.44x - -2'435.2 2'912.0 910.0 1'556.0 1'989.0 - - 2'199.0 2'443.7 - -

5.27x 2.52x 7.12x 4.52x 3.35x - - 2.75x 2.47x - -672.6 969.0 117.0 112.0 250.0 - - 483.0 578.4 - -16.47x 6.20x 35.89x 44.90x 16.73x - - 7.02x 5.92x - -

EBITDA 1'989.00 Long-Term Rating Date 14.04.2009EBIT 740.00 Long-Term Rating BBBOperating Margin 5.31% Long-Term Outlook STABLEPretax Margin 2.32% Short-Term Rating Date 14.04.2009Return on Assets 1.23% Short-Term Rating A-3Return on Common Equity 4.14%Return on Capital 3.77% EBITDA/Interest Exp. 5.67Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. -1.19



Fiscal Year Ended

Qantas Airways LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7

-'!' 7

.'!' 7

0'!' 7

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3'!' 7

4'!' 7

5'!' 7

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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.!''

0!''

1!''

2!''

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'3!'4!.''4 '3!'-!.''5 '3!'4!.''5 '3!'-!.''6 '3!'4!.''6 '3!'-!.'-' '3!'4!.'-' '3!'-!.'--



19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a EXCH 215'829'079 9.53 28'867'365 16.08.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a Co File 180'558'629 7.97 - 20.08.2010 BankCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 155'247'563 6.85 (3'586'738) 30.09.2010 Investment AdvisorBALANCED EQUITY MANA n/a EXCH 137'001'304 6.05 23'334'258 25.01.2011 Investment AdvisorUBS AG n/a EXCH 115'568'652 5.1 (24'941'077) 12.10.2010 Investment AdvisorWESTPAC BANKING CORP n/a Co File 115'135'358 5.08 - 20.08.2010 BankBLACKROCK INVESTMENT n/a EXCH 112'682'553 4.97 (4'237'617) 13.05.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 109'804'673 4.85 (13'270'940) 11.01.2011 BankVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 11'594'368 0.51 241'157 31.12.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 11'298'754 0.5 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 9'041'228 0.4 60'233 31.12.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 8'526'880 0.38 6'203 07.02.2011 Investment AdvisorPUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 8'263'072 0.36 8'240'430 30.09.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 7'886'920 0.35 (533'606) 30.06.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 7'800'263 0.34 368'553 31.12.2010 Mutual Fund ManagerCHINA INTERNATIONAL Multiple Portfolios MF-AGG 7'100'000 0.31 7'100'000 30.06.2010 Investment AdvisorSARASIN INVESTMENT F Multiple Portfolios MF-AGG 6'554'200 0.29 (12'000) 31.12.2010 Mutual Fund ManagerSARASIN INVESTMENT M Multiple Portfolios MF-AGG 6'191'800 0.27 847'600 31.12.2010 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 6'000'000 0.26 (800'000) 30.09.2010 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5'539'133 0.24 130 30.11.2010 Investment Advisor


Morgan Stanley JULIA WENG Overwt/In-Line 5 M 3 12 month 03.02.2011JPMorgan SCOTT CARROLL overweight 5 M 3 12 month 03.02.2011Deutsche Bank CAMERON MCDONALD buy 5 M 3 12 month 02.02.2011Commonwealth Bank MATT CROWE buy 5 M 3 12 month 28.01.2011RBS MARK WILLIAMS buy 5 M 3 12 month 21.01.2011Macquarie RUSSELL SHAW neutral 3 M 3 12 month 19.01.2011Goldman Sachs & Partners Australia ANDREW GIBSON buy 5 M 3 Not Provided 13.01.2011CLSA Asia Pacific Markets ROBERT BRUCE buy 5 M 3 Not Provided 22.12.2010Credit Suisse ANTHONY MOULDER outperform 5 M 4 Not Provided 02.12.2010Citi SHAVARSH BEDROSSIAN buy 5 M 4 Not Provided 13.10.2010UBS SIMON MITCHELL buy 5 M 3 12 month 05.10.2010HSBC MARK CARMERON ROSS WEBB overweight 5 U 3 Not Provided 09.08.2010

Holdings By:

Qantas Airways Ltd ee


19.09.2011

QBE Insurance Group Limited is an insurance company which underwrites most forms

of commercial and industrial insurance policies, as well as individual policies.QBE also manages Lloyds syndicates and provides investment management services.The Company provides its services both domestically and internationally.





Average Volume 5 Day 8'530'370QBE AT EQUITY YTD Change - Average Volume 30 Day 8'785'862QBE AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'462'863


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -6'846.0 9'714.8 10'394.9 10'768.9 12'028.0 - - 15'760.8 17'224.8 - -

2.84x 2.75x 2.16x 2.03x 1.75x - - - - - -- - - - - - - 2'071.5 2'709.0 - -- - - - - - - 8.43x 6.44x - -

1'117.5 1'614.5 1'583.8 1'562.5 1'278.0 - - 1'530.6 1'839.9 - -15.48x 14.77x 12.36x 13.03x 15.01x - - 9.50x 8.16x - -

EBITDA - Long-Term Rating Date -EBIT - Long-Term Rating AOperating Margin 15.25% Long-Term Outlook STABLEPretax Margin 12.89% Short-Term Rating Date -Return on Assets 3.24% Short-Term Rating -Return on Common Equity 13.12%Return on Capital 11.58% EBITDA/Interest Exp. -Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

QBE Insurance Group LtdPrice/Volume

Valuation Analysis


'

2

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0.0

2'000.0

4'000.0

6'000.0

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10'000.0

12'000.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCREDIT SUISSE AG n/a EXCH 114'439'958 10.88 11'818'247 24.08.2010 Investment AdvisorABERDEEN ASSET MANAG n/a EXCH 107'071'524 10.18 10'449'967 07.09.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 53'674'351 5.1 - 08.12.2010 BankBLACKROCK INVESTMENT n/a Co File 52'569'915 5 - 31.01.2010 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 36'384'299 3.46 (74'730) 31.12.2010 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 13'827'905 1.31 2'604'202 31.08.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 10'016'980 0.95 - 03.02.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'777'718 0.83 (17'665) 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8'327'032 0.79 (4'462'936) 31.12.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6'434'661 0.61 792'877 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 5'358'586 0.51 261'434 31.12.2010 Mutual Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 4'621'000 0.44 585'000 30.06.2010 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 4'560'715 0.43 - 30.09.2010 Mutual Fund ManagerCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 3'781'831 0.36 (8'959'100) 30.09.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'691'880 0.35 1'018'035 30.09.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 3'500'158 0.33 9'153 07.02.2011 Investment AdvisorJP MORGAN CHASE & CO Multiple Portfolios MF-AGG 2'791'020 0.27 82'990 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'655'527 0.25 674'266 31.12.2010 Mutual Fund ManagerMATTHEWS INTERNATION Multiple Portfolios MF-AGG 2'240'000 0.21 2'240'000 30.09.2010 Investment AdvisorNATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 2'236'135 0.21 15'482 31.12.2010 Investment Advisor


Credit Suisse JOHN HEAGERTY underperform 1 M 19 Not Provided 07.02.2011JPMorgan SIDDHARTH PARAMESWARAN neutral 3 M 21 12 month 07.02.2011CLSA Asia Pacific Markets DANIEL TOOHEY underperform 1 M 19 Not Provided 07.02.2011Macquarie TONY JACKSON outperform 5 M 22 12 month 05.02.2011Goldman Sachs & Partners Australia RYAN FISHER hold 3 M 20 Not Provided 05.02.2011RBS RICHARD COLES buy 5 M 19 12 month 04.02.2011Deutsche Bank KIEREN CHIDGEY hold 3 M 19 12 month 04.02.2011UBS JAMES COGHILL neutral 3 M 19 12 month 04.02.2011Citi NIGEL PITTAWAY hold 3 M 20 Not Provided 04.02.2011BBY Limited BRETT LE MESURIER underperform 1 N 16 12 month 04.02.2011Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT outperform 5 U 21 Not Provided 27.07.2010Shaw Stockbroking TIM BUCKLEY buy 5 U #N/A N/A Not Provided 10.03.2010

Holdings By:

QBE Insurance Group Ltd ee


19.09.2011

Ramsay Health Care Limited is a private hospital operator. The Company

provides private hospital healthcare services and operates aged care facilitiesthroughout Australia and Indonesia.




Total Debt 1'241.13 YTD Return 3.35%Preferred Stock 252.2 Adjusted BETA 0.715Minority Interest (9.6) Analyst Recs 17Cash and Equivalents 226.55 Consensus Rating 3.882Enterprise Value 4'870.40

Average Volume 5 Day 649'710RHC AT EQUITY YTD Change - Average Volume 30 Day 707'931RHC AT EQUITY YTD % CHANGE - Average Volume 3 Month 551'022


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -2'050.9 2'610.6 3'165.0 3'344.9 3'652.2 - - 4'064.5 4'409.8 - -






Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Ramsay Health Care LtdPrice/Volume

Valuation Analysis


'.135

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRAMSAY PAUL JOSEPH n/a EXCH 73'149'269 36.2 - 22.09.2010 n/aFIDELITY MANAGEMENT n/a EXCH 10'086'538 4.99 (236'392) 09.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'259'905 0.62 - 04.02.2011 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 949'305 0.47 (85'386) 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 870'928 0.43 57'946 31.12.2010 Mutual Fund ManagerRAMSAY HEALTH CARE L n/a Co File 749'729 0.37 - 30.06.2010 n/aAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 686'000 0.34 - 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 639'078 0.32 1'881 31.12.2010 Mutual Fund ManagerPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 533'353 0.26 (82'988) 30.12.2010 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 393'458 0.19 (172'800) 31.08.2010 Investment AdvisorREX CHRISTOPHER PA n/a EXCH 337'015 0.17 21'906 20.09.2010 n/aFIDELITY INTERNATION Multiple Portfolios MF-AGG 335'694 0.17 193'707 30.06.2010 Investment AdvisorTHRIVENT FINANCIAL F Multiple Portfolios MF-AGG 319'801 0.16 1'562 30.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 280'794 0.14 52'137 31.12.2010 Investment AdvisorSCHAFER CULLEN CAPIT SCHAFER CULLEN CAPIT 13F 211'057 0.1 (48'050) 30.09.2010 Investment AdvisorSIDDLE MICHAEL STANL n/a Co File 152'564 0.08 - 14.09.2010 n/aGRIER IAN PATRICK ST n/a Co File 133'116 0.07 - 14.09.2010 n/aSODEN BRUCE ROGER n/a EXCH 100'791 0.05 - 23.09.2010 n/aAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 93'470 0.05 (47'485) 30.11.2010 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 84'142 0.04 929 27.01.2011 Mutual Fund Manager


Wilson HTM Investment Group SHANE STOREY hold 3 M 16 Not Provided 28.01.2011RBS DEREK JELLINEK hold 3 M 17 12 month 25.01.2011Deutsche Bank DAVID A LOW hold 3 M 17 12 month 25.01.2011JPMorgan STEVEN D WHEEN overweight 5 M 19 12 month 24.01.2011Morgan Stanley JAMES RUTLEDGE Equalwt/Cautious 3 M 16 12 month 21.01.2011Citi ALEXANDER SMITH hold 3 M 18 Not Provided 19.01.2011Commonwealth Bank NATALIE KELLY hold 3 D 19 12 month 19.01.2011Goldman Sachs & Partners Australia IAN ABBOTT buy 5 M 19 Not Provided 13.01.2011UBS ANDREW GOODSALL neutral 3 M 18 12 month 06.01.2011Nomura DAVID STANTON neutral 3 M 17 Not Provided 04.01.2011Credit Suisse SAUL HADASSIN neutral 3 M 20 Not Provided 21.12.2010Macquarie CRAIG COLLIE outperform 5 M 19 12 month 21.12.2010LINWAR Securities JOHN HESTER market perform 3 M 17 12 month 21.12.2010Evans & Partners Pty Ltd PAUL RYAN neutral 3 D #N/A N/A Not Provided 20.12.2010E.L. & C. Baillieu GAVIN DUFFY buy 5 N 16 12 month 31.08.2010Southern Cross STUART ROBERTS buy 5 M 17 12 month 26.08.2010Austock Securities CRAIG STRANGER hold 3 M 14 Not Provided 26.08.2010Moelis & Company ADAM S MICHELL hold 3 M 10 12 month 14.05.2009

Holdings By:

Ramsay Health Care Ltd ee


19.09.2011

ResMed Inc. develops, manufactures, and markets medical equipment for the

treatment of sleep disordered breathing. The Company sells diagnostic andtreatment devices in various countries through its subsidiaries and independentdistributors.


2.8452-Week High % Change -21.11% Dividend Yield -52-Week Low % Change 14.06% Beta 0.42% 52 Week Price Range High/Low 30.63% Equity Float -


Total Debt 100.16 YTD Return -18.62%Preferred Stock 0.0 Adjusted BETA 0.423Minority Interest 0.0 Analyst Recs 12Cash and Equivalents 735.27 Consensus Rating 4.000Enterprise Value -

Average Volume 5 Day 5'830'943RMD AT EQUITY YTD Change - Average Volume 30 Day 6'288'579RMD AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'663'803


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 12/yy 12/yy 06/12 Y 06/13 Y 09/11 Q1 12/11 Q2716.3 835.4 920.7 1'092.4 1'243.1 1'002.0 1'158.2 1'423.9 1'601.3 331.1 352.44.24x 3.03x 3.05x 3.88x 3.27x 0.00x 0.00x 2.72x 2.31x - -

197.8 207.8 243.7 301.9 337.5 278.1 330.9 355.6 412.8 78.7 86.215.37x 12.19x 11.53x 14.02x 12.03x 0.00x 0.00x - - - -

66.3 110.3 146.4 190.1 227.0 172.7 217.2 235.8 275.5 48.4 53.8- - - - - 0.00x 0.00x 19.93x 16.92x 18.90x 17.64x

EBITDA 337.54 Long-Term Rating Date 20.06.2006EBIT 266.92 Long-Term Rating NROperating Margin 21.47% Long-Term Outlook -Pretax Margin 24.43% Short-Term Rating Date -Return on Assets 12.29% Short-Term Rating -Return on Common Equity 15.04%Return on Capital 14.01% EBITDA/Interest Exp. -Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. -



Fiscal Year Ended

ResMed IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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200.0

400.0

600.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 10'771'712 0.7 72'808 31.12.2010 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'425'778 0.68 2'522'714 30.06.2010 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 5'391'042 0.35 (531'100) 30.09.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 3'744'806 0.24 1'630'154 30.06.2010 Investment AdvisorRBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'720'000 0.18 - 31.08.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'680'341 0.17 171'333 31.12.2010 Mutual Fund ManagerBANCO FONDER AB Multiple Portfolios MF-AGG 2'414'142 0.16 - 31.03.2010 Investment AdvisorINVESCO LTD INVESCO LTD 13F 2'387'916 0.16 2'387'916 30.09.2010 Investment AdvisorSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 2'365'941 0.15 2'365'941 29.10.2010 Mutual Fund ManagerCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'980'000 0.13 - 30.09.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'980'000 0.13 - 30.06.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'629'856 0.11 141'892 25.03.2010 Investment AdvisorFIDELITY INVT ASSET Multiple Portfolios MF-AGG 1'559'206 0.1 (100'518) 30.09.2010 Mutual Fund ManagerPARVEST INVESTMENT M Multiple Portfolios MF-AGG 1'325'287 0.09 650'863 29.10.2010 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 586'417 0.04 (2'329'991) 31.08.2010 Investment AdvisorOFFICIUM CAPITAL LTD Multiple Portfolios MF-AGG 473'000 0.03 (20'000) 31.12.2010 Mutual Fund ManagerFIDELITY FUND MANAGE Multiple Portfolios MF-AGG 360'901 0.02 - 30.12.2010 Investment AdvisorSKANDIA INVESTMENT M Multiple Portfolios MF-AGG 255'269 0.02 255'269 30.11.2010 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 209'536 0.01 - 31.12.2010 Investment AdvisorSANTANDER ASSET MANA Multiple Portfolios MF-AGG 105'386 0.01 - 31.12.2010 Investment Advisor


Credit Suisse SAUL HADASSIN neutral 3 M 4 Not Provided 03.02.2011LINWAR Securities JOHN HESTER outperform 5 M 4 12 month 31.01.2011JPMorgan STEVEN D WHEEN overweight 5 M 3 12 month 28.01.2011Citi ALEXANDER SMITH buy 5 M 4 Not Provided 28.01.2011Macquarie CRAIG COLLIE outperform 5 M 4 12 month 28.01.2011Wilson HTM Investment Group SHANE STOREY buy 5 M 4 Not Provided 28.01.2011Goldman Sachs & Partners Australia IAN ABBOTT hold 3 M 4 Not Provided 28.01.2011Commonwealth Bank NATALIE KELLY buy 5 M 4 12 month 28.01.2011Nomura DAVID STANTON buy 5 M 4 Not Provided 28.01.2011RBS DEREK JELLINEK hold 3 M 3 12 month 25.01.2011Southern Cross STUART ROBERTS accumulate 4 D 8 12 month 13.08.2010Moelis & Company ADAM S MICHELL hold 3 N 4 Not Provided 01.06.2010

Holdings By:

ResMed Inc ee


19.09.2011

Rio Tinto Limited is an international mining company. The Company has interests

in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. RioTinto's various mining operations are located in Australia, New Zealand, SouthAfrica, the United States, South America, Europe and Indonesia.




Total Debt 14'341.00 YTD Return -16.69%Preferred Stock 0.0 Adjusted BETA 1.311Minority Interest 6'941.0 Analyst Recs 18Cash and Equivalents 10'339.00 Consensus Rating 5.000Enterprise Value 128'220.30

Average Volume 5 Day 3'577'419RIO AT EQUITY YTD Change - Average Volume 30 Day 3'906'134RIO AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'340'879


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -22'465.0 29'700.0 54'264.0 41'825.0 56'576.0 - - 64'853.8 69'040.0 - -

3.59x 6.63x 1.38x 3.64x 3.23x - - 1.92x 1.71x - -9'996.0 10'489.0 18'964.0 10'920.0 22'752.0 - - 30'697.8 32'282.1 - -

8.06x 18.78x 3.94x 13.94x 8.02x - - 4.18x 3.97x - -7'438.0 7'312.0 3'676.0 4'872.0 14'324.0 - - 17'703.1 18'740.8 - -

13.31x 20.65x 7.63x 22.29x 11.89x - - 7.75x 7.33x - -

EBITDA 22'752.00 Long-Term Rating Date 18.04.2011EBIT 19'315.00 Long-Term Rating A-Operating Margin 34.14% Long-Term Outlook STABLEPretax Margin 36.37% Short-Term Rating Date 08.07.2009Return on Assets 13.67% Short-Term Rating A-2Return on Common Equity 28.04%Return on Capital 21.52% EBITDA/Interest Exp. 18.14Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 14.48



Fiscal Year Ended

Rio Tinto LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRIO TINTO PLC n/a EXCH 150'437'365 34.52 (20'635'155) 27.08.2010 CorporationBLACKROCK GROUP n/a EXCH 25'357'003 5.82 - 29.10.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'359'249 1 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3'739'086 0.86 66'333 31.12.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 3'574'000 0.82 - 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'231'716 0.51 (17'806) 31.12.2010 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 1'745'249 0.4 (183'753) 30.06.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'720'505 0.39 48'427 31.12.2010 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 1'394'187 0.32 2'436 07.02.2011 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 1'347'534 0.31 - 31.10.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'218'211 0.28 39'595 31.12.2010 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 975'282 0.22 (386) 31.12.2010 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 710'000 0.16 - 30.09.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 697'139 0.16 (42'968) 30.06.2010 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 674'333 0.15 2'614 30.12.2010 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 600'000 0.14 600'000 30.06.2010 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 572'850 0.13 (23'315) 31.12.2010 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 527'163 0.12 527'163 30.06.2010 Insurance CompanyNATIXIS INTERNATIONA Multiple Portfolios MF-AGG 524'929 0.12 (36'009) 30.11.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 502'036 0.12 9'050 31.12.2010 Investment Advisor


Macquarie LEE BOWERS outperform 5 M 108 12 month 08.02.2011Deutsche Bank PAUL-D YOUNG buy 5 M 107 12 month 07.02.2011Daiwa Securities Capital Markets Co. DAVID BRENNAN buy 5 M 100 Not Provided 07.02.2011Morgan Stanley CRAIG CAMPBELL Overwt/Attractive 5 M 114 12 month 03.02.2011Goldman Sachs & Partners Australia NEIL GOODWILL buy 5 M 118 Not Provided 02.02.2011Commonwealth Bank ANDREW HINES buy 5 M 108 12 month 01.02.2011CLSA Asia Pacific Markets HAYDEN BAIRSTOW underperform 1 D 87 Not Provided 31.01.2011HSBC ANDREW KEEN overweight 5 M 111 Not Provided 25.01.2011RBS LYNDON FAGAN buy 5 M 107 12 month 18.01.2011Credit Suisse PAUL MCTAGGART outperform 5 M 110 Not Provided 18.01.2011UBS GLYN LAWCOCK buy 5 M 108 12 month 18.01.2011JPMorgan MARK BUSUTTIL overweight 5 M 110 12 month 18.01.2011MF Global Equities Research ANDREW GARDNER buy 5 M #N/A N/A Not Provided 18.01.2011E.L. & C. Baillieu RAY CHANTRY hold 3 D 92 12 month 18.01.2011Citi CLARKE WILKINS buy 5 M 100 Not Provided 08.12.2010Investec TIM GERRARD buy 5 M 99 12 month 20.10.2010

Holdings By:

Rio Tinto Ltd ee


19.09.2011

Riversdale Mining Limited is a mineral exploration and production company. The

Company has anthracite operations in South Africa and thermal and coking coalprojects in Mozambique.


-52-Week High % Change - Dividend Yield 0.0052-Week Low % Change - Beta -% 52 Week Price Range High/Low - Equity Float -

Shares Out 12.04.2011 244.4 Short Int -- 1 Yr Total Return -

Total Debt 0.10 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 17.7 Analyst Recs 6Cash and Equivalents 247.34 Consensus Rating 4.000Enterprise Value 3'483.65

Average Volume 5 Day -RIV AT EQUITY YTD Change - Average Volume 30 Day -RIV AT EQUITY YTD % CHANGE - Average Volume 3 Month -


30.06.2006 30.06.2007 30.06.2008 30.06.2009 30.06.2010 01/yy 01/yy 06/11 Y 06/12 Y - -34.8 72.0 69.8 67.8 97.5 - - 105.4 350.2 - -2.31x 6.13x 26.88x 10.78x 19.30x - - - - - -

2.4 12.6 4.1 (1.7) (0.0) - - 8.0 188.1 - -33.79x 34.98x 458.35x - - - - 435.51x 18.52x - -

25.3 5.0 92.4 0.3 (0.8) - - 6.3 124.1 - -2.77x 90.38x 21.67x 3312.50x - - - - - - -

EBITDA -0.05 Long-Term Rating Date -EBIT -11.16 Long-Term Rating -Operating Margin -11.44% Long-Term Outlook -Pretax Margin 2.97% Short-Term Rating Date -Return on Assets -0.14% Short-Term Rating -Return on Common Equity -0.16%Return on Capital 0.26% EBITDA/Interest Exp. -Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin 16.2% Total Debt/EBITDA -2.06EBITDA Margin 0.0%EBIT Margin -11.4% Total Debt/Equity 0.0%Net Income Margin -0.8% Total Debt/Capital 0.0%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Riversdale Mining LtdPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTATA STEEL LTD n/a EXCH 57'145'792 24.14 14'826'779 31.08.2010 CorporationRIO TINTO LTD n/a EXCH 35'412'111 14.96 - 11.01.2011 CorporationCIA SIDERURGICA NACI n/a Co File 31'233'327 13.2 - 17.08.2010 CorporationPASSPORT CAPITAL LLC n/a EXCH 20'102'342 8.49 (3'595'672) 13.01.2011 Hedge Fund ManagerNORGES BANK n/a EXCH 9'475'616 4 - 13.01.2011 GovernmentO'KEEFFE WILLIAM MIC n/a Co File 3'326'499 1.41 - 23.08.2010 n/aOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'500'000 1.06 (1'000'000) 31.08.2010 Investment AdvisorTALBOT KENNETH n/a EXCH 2'482'729 1.05 (28'750'598) 24.11.2009 n/aLENAHAN NIALL F n/a Co File 1'400'000 0.59 - 23.08.2010 n/aBLACKWELL PARTNERS L n/a EXCH 1'073'818 0.45 - 13.01.2011 n/aLOVE ANDREW JOHN n/a EXCH 880'714 0.37 200'000 24.12.2010 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 783'624 0.33 2'112 31.12.2010 Mutual Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 767'958 0.32 5'368 04.02.2011 Investment AdvisorRELIANCE CAPITAL ASS Multiple Portfolios MF-AGG 600'000 0.25 (75'000) 31.12.2010 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 274'549 0.12 - 31.12.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 210'221 0.09 - 04.02.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 178'539 0.08 6'715 31.12.2010 Mutual Fund ManagerSTATE STREET CORP Multiple Portfolios MF-AGG 173'449 0.07 - 04.02.2011 Investment AdvisorSIA FUNDS AG Multiple Portfolios MF-AGG 156'373 0.07 - 30.11.2010 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 145'434 0.06 - 31.12.2010 Investment Advisor


Morgan Stanley CAMERON JUDD Equalwt/Attractive 3 M 17 12 month 03.02.2011Goldman Sachs & Partners Australia NEIL GOODWILL hold 3 M 17 Not Provided 02.02.2011Citi CRAIG SAINSBURY hold 3 M 14 Not Provided 01.02.2011Macquarie SOPHIE SPARTALIS restricted #N/A N/A M #N/A N/A Not Provided 25.01.2011RBS SAM BERRIDGE hold 3 D 18 12 month 24.01.2011RBC Capital Markets CHRIS DREW outperform 5 M 18 12 month 24.01.2011JPMorgan ALISTAIR REID neutral 3 M 16 12 month 24.01.2011Commonwealth Bank TOMAS VASQUEZ buy 5 M 18 12 month 24.01.2011CLSA Asia Pacific Markets HAYDEN BAIRSTOW outperform 5 M 18 Not Provided 24.01.2011Hartleys ANDREW MUIR buy 5 M 19 12 month 13.01.2011Credit Suisse PAUL MCTAGGART neutral 3 M 19 Not Provided 11.01.2011Paterson Securities ANDREW HARRINGTON buy 5 M 17 12 month 23.12.2010UBS GLYN LAWCOCK suspended coverage #N/A N/A M #N/A N/A Not Provided 26.11.2010MF Global Equities Research ANDREW GARDNER buy 5 U #N/A N/A Not Provided 09.11.2010E.L. & C. Baillieu RAY CHANTRY hold 3 M 13 Not Provided 23.06.2010

Holdings By:

Riversdale Mining Ltd ee


19.09.2011

Santos Limited explores for and produces natural gas, crude oil, condensate,

naphtha and liquid petroleum gas. The Company conducts major onshore andoffshore petroleum exploration activities at oil and gas fields in Australia(Cooper/Eromanga Basins), the United States (Gulf of Mexico), Indonesia andPapua New Guinea. The Company also transports crude oil by pipeline.




Total Debt 3'157.00 YTD Return -12.41%Preferred Stock 0.0 Adjusted BETA 1.117Minority Interest (2.0) Analyst Recs 17Cash and Equivalents 4'319.00 Consensus Rating 4.353Enterprise Value 9'619.17

Average Volume 5 Day 5'251'663STO AT EQUITY YTD Change - Average Volume 30 Day 6'009'765STO AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'484'014


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -2'689.1 2'458.4 2'761.8 2'181.0 2'228.0 - - 2'463.2 2'903.2 - -

2.97x 4.37x 3.69x 5.18x 4.64x - - 4.05x 3.83x - -1'854.0 1'640.3 71.9 1'151.0 918.0 - - 1'438.2 1'735.4 - -

4.31x 6.56x 141.62x 9.81x 11.27x - - 6.69x 5.54x - -698.0 359.3 1'650.1 434.0 500.0 - - 520.0 622.7 - -9.19x 21.30x 5.45x 27.04x 21.99x - - 19.67x 17.18x - -

EBITDA 918.00 Long-Term Rating Date 12.01.2011EBIT 318.00 Long-Term Rating BBB+Operating Margin 14.27% Long-Term Outlook NEGPretax Margin 35.59% Short-Term Rating Date 12.01.2011Return on Assets 3.98% Short-Term Rating A-2Return on Common Equity 6.86%Return on Capital 5.71% EBITDA/Interest Exp. 9.27Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -6.32




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Santos LtdPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a Co File 42'060'067 4.8 - 26.02.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 8'477'342 0.97 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8'149'583 0.93 (142'517) 31.12.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'074'088 0.92 648'504 04.02.2011 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 6'853'000 0.78 50'000 30.06.2010 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 6'000'000 0.69 - 30.09.2010 Pension Fund (ERISA)MORGAN STANLEY & CO Multiple Portfolios MF-AGG 5'103'833 0.58 (207'549) 30.09.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 4'800'128 0.55 1'291'098 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4'217'295 0.48 143'977 31.12.2010 Mutual Fund ManagerDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 3'761'400 0.43 3'761'400 08.07.2010 Investment AdvisorMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 2'951'102 0.34 252'315 31.12.2010 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'024'160 0.12 (44'311) 30.06.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 867'474 0.1 (4'498) 30.09.2010 Investment AdvisorPRUDENTIAL PLC Multiple Portfolios MF-AGG 798'824 0.09 - 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 763'223 0.09 36'464 31.12.2010 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 743'726 0.08 174'419 31.03.2010 Mutual Fund ManagerSEI INVESTMENT MANAG Multiple Portfolios MF-AGG 663'881 0.08 (157'746) 31.10.2010 Investment AdvisorINTEGRA CAPITAL MANA Multiple Portfolios MF-AGG 639'594 0.07 11'363 31.12.2010 Investment AdvisorDIAM CO LTD Multiple Portfolios MF-AGG 582'162 0.07 (16'878) 09.08.2010 Mutual Fund ManagerBANCO FONDER AB Multiple Portfolios MF-AGG 565'901 0.06 - 31.03.2010 Investment Advisor


Macquarie ADRIAN WOOD outperform 5 M 18 12 month 08.02.2011RBS JASON MABEE buy 5 M 16 12 month 03.02.2011JPMorgan BENJAMIN X. WILSON overweight 5 M 17 12 month 03.02.2011Citi MARK GREENWOOD buy 5 M 16 Not Provided 03.02.2011Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 15 12 month 28.01.2011Credit Suisse SANDRA MCCULLAGH outperform 5 M 17 Not Provided 21.01.2011Goldman Sachs & Partners Australia AIDEN BRADLEY buy 5 M 16 Not Provided 21.01.2011Morgan Stanley STUART BAKER Overwt/Attractive 5 M 16 12 month 20.01.2011UBS GORDON RAMSAY buy 5 M 16 12 month 20.01.2011Commonwealth Bank ANDREW HINES hold 3 M 15 12 month 20.01.2011Nomura XAVIER MIELES GRUNAUER buy 5 M 16 Not Provided 18.01.2011Shaw Stockbroking SIMON OATEN buy 5 U #N/A N/A Not Provided 14.01.2011CLSA Asia Pacific Markets DI M BROOKMAN buy 5 M 20 Not Provided 13.01.2011Daiwa Securities Capital Markets Co. DAVID BRENNAN outperform 5 D 14 Not Provided 22.12.2010Intersuisse Ltd NICK WIRUBOV buy 5 N 16 Not Provided 27.10.2010Deutsche Bank JOHN HIRJEE restricted #N/A N/A M #N/A N/A Not Provided 09.09.2010

Holdings By:

Santos Ltd ee


19.09.2011

Seek Limited operates an Internet website. The Company offers online employment

advertisements and online training in Australia and New Zealand, and offersonline employment advertisements in the United Kingdom targeted at Australianand New Zealand job seekers.





Average Volume 5 Day 2'324'409SEK AT EQUITY YTD Change - Average Volume 30 Day 2'609'929SEK AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'256'892


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -157.0 210.2 208.3 280.7 343.1 - - 420.1 459.3 - -13.16x 6.84x 7.06x 8.62x 7.62x - - 4.68x 4.15x - -

80.9 109.4 89.7 116.6 136.3 - - 187.9 214.6 - -25.56x 13.15x 16.39x 20.76x 19.19x - - 11.48x 10.05x - -

55.5 76.3 55.3 89.5 97.7 - - 127.8 154.1 - -37.65x 18.80x 22.18x 26.35x 22.21x - - 13.41x 11.07x - -



Asset Turnover 0.46Current Ratio 0.68 Net Fixed Asset Turnover 20.49Quick Ratio 0.54 Accounts receivable turnover-days 29.04Debt to Assets 43.61% Inventory Days -Tot Debt to Common Equity 135.97% Accounts Payable Turnover Day 395.15Accounts Receivable Turnover 12.57 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Seek LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT n/a EXCH 25'892'317 7.69 (6'321'387) 07.12.2010 Investment AdvisorHYPERION ASSET MANAG n/a EXCH 23'136'484 6.87 4'870'569 13.08.2010 Investment AdvisorUBS AG n/a EXCH 17'956'364 5.33 - 26.08.2009 Investment AdvisorAMP LTD n/a EXCH 17'063'183 5.07 - 16.09.2009 Insurance CompanyBASSAT ANDREW R n/a EXCH 13'500'113 4.01 - 24.08.2010 n/aBASSAT PAUL M n/a EXCH 12'712'613 3.78 - 24.08.2010 n/aFIDELITY INTERNATION Multiple Portfolios MF-AGG 8'039'606 2.39 (786'466) 30.06.2010 Investment AdvisorDALEFORD WAY PTY LTD n/a Co File 4'238'648 1.26 - 30.06.2010 CorporationMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'592'065 0.77 649'902 31.12.2010 Mutual Fund ManagerUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'086'146 0.62 - 31.12.2010 Mutual Fund ManagerWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'780'923 0.53 (1'229'716) 30.09.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'685'142 0.5 88'674 31.12.2010 Mutual Fund ManagerFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 1'343'678 0.4 - 31.12.2009 Mutual Fund ManagerCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'250'000 0.37 - 30.09.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 999'737 0.3 - 30.06.2010 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 873'886 0.26 125'750 30.09.2010 Investment AdvisorCOLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 862'503 0.26 - 30.11.2010 Investment AdvisorMIRAE ASSET INVESTME Multiple Portfolios MF-AGG 533'624 0.16 (399'309) 30.09.2010 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 468'401 0.14 - 30.09.2010 Investment AdvisorAVIVA INVESTORS Multiple Portfolios MF-AGG 370'902 0.11 370'902 30.11.2010 Investment Advisor


LINWAR Securities GEORGE KOPSIAFTIS market perform 3 M 7 12 month 08.02.2011Goldman Sachs & Partners Australia CHRISTIAN GUERRA buy 5 M 10 Not Provided 07.02.2011E.L. & C. Baillieu IVOR RIES buy 5 M 10 12 month 02.02.2011Credit Suisse JOLANTA MASOJADA outperform 5 M 10 Not Provided 01.02.2011Commonwealth Bank ALICE BENNETT hold 3 M 7 12 month 27.01.2011Deutsche Bank ANDREW ANAGNOSTELLIS buy 5 M 8 12 month 24.01.2011Morgan Stanley ANDREW MCLEOD Overwt/Cautious 5 M 8 12 month 19.01.2011BBY Limited MARK MCDONNELL hold 3 U 6 12 month 13.01.2011Shaw Stockbroking SCOTT MARSHALL accumulate 4 U #N/A N/A Not Provided 11.01.2011Macquarie ALEX POLLAK restricted #N/A N/A M #N/A N/A Not Provided 24.12.2010Austock Securities ROHAN SUNDRAM hold 3 M 7 Not Provided 24.12.2010JPMorgan LAURENT HORRUT neutral 3 M 7 12 month 23.12.2010CLSA Asia Pacific Markets SACHA KRIEN outperform 5 M 7 Not Provided 16.11.2010RBS FRASER MCLEISH hold 3 M 7 12 month 12.11.2010UBS RICHARD EARY neutral 3 M 7 12 month 12.11.2010Citi JUSTIN DIDDAMS hold 3 M 7 Not Provided 12.11.2010Evans & Partners Pty Ltd PAUL RYAN Positive 4 U #N/A N/A Not Provided 26.08.2010Veritas Securities WASSIM KISIRWANI hold 3 N 4 Not Provided 28.05.2009Moelis & Company TODD W GUYOT hold 3 M 3 12 month 26.02.2009

Holdings By:

Seek Ltd ee


19.09.2011

Sims Metal Management Ltd. collects, sorts and processes scrap metal materials

which are recycled for resale. The Company's divisions include ferrousrecycling, non-ferrous recycling, secondary processing of non-ferrous metals andplastics, international trading of metal commodities and the merchandising ofsteel semi-fabricated products.





Average Volume 5 Day 926'520SGM AT EQUITY YTD Change - Average Volume 30 Day 1'031'640SGM AT EQUITY YTD % CHANGE - Average Volume 3 Month 850'322


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 09/yy 09/yy 06/12 Y 06/13 Y 09/11 Q1 12/11 Q25'548.5 7'665.6 8'636.2 7'452.6 8'846.8 1'800.0 7'538.5 9'880.0 10'496.0 - -

0.66x 1.02x 0.57x 0.47x 0.42x 0.00x 0.00x 0.29x 0.26x - -450.2 670.2 172.2 340.9 357.5 0.0 0.0 551.6 644.0 - -8.08x 11.62x 28.66x 10.18x 10.48x 0.00x 0.00x 5.23x 4.48x - -

239.4 440.1 (150.3) 126.7 192.1 33.3 101.6 271.5 329.5 - -13.83x 13.41x - 26.36x 18.80x 0.00x 35.28x 10.31x 8.51x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Sims Metal Management LtdPrice/Volume

Valuation Analysis


'

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2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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9'000.0

10'000.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMITSUI RAW MAT DEV P n/a EXCH 36'151'787 17.64 1'501'884 25.11.2009 n/aM&G INVESTMENT MANAG #N/A N/A EXCH 12'153'877 5.93 (2'166'969) 04.02.2011 Investment AdvisorROYCE AND ASSOCIATES n/a 13G 12'009'143 5.86 - 31.12.2010 Investment AdvisorPRUDENTIAL PLC Multiple Portfolios MF-AGG 11'849'949 5.78 (1'708'000) 30.09.2010 Investment AdvisorIOOF HOLDINGS LTD n/a EXCH 10'267'704 5.01 - 23.07.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8'806'744 4.3 (2'808'722) 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'545'283 0.75 - 31.12.2010 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 891'987 0.44 - 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 820'268 0.4 1'980 31.12.2010 Mutual Fund ManagerF&C FUND MANAGEMENT Multiple Portfolios MF-AGG 620'768 0.3 - 31.12.2010 Mutual Fund ManagerDIENST DANIEL W n/a EXCH 603'293 0.29 - 22.11.2010 n/aSJUNDE AP FONDEN Multiple Portfolios MF-AGG 552'374 0.27 (7'303) 30.09.2010 Investment AdvisorLEGG MASON ASSET MAN n/a EXCH 518'022 0.25 - 27.11.2009 Mutual Fund ManagerUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 444'408 0.22 419'049 29.10.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 405'998 0.2 (844) 31.12.2010 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 363'264 0.18 (32'496) 31.12.2010 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 236'300 0.12 370 22.06.2010 Investment AdvisorPUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 216'116 0.11 - 30.09.2010 Investment AdvisorTRANSAMERICA INVESTM Multiple Portfolios MF-AGG 214'954 0.1 63'381 30.09.2010 Investment AdvisorF&C MANAGEMENT LTD Multiple Portfolios MF-AGG 174'623 0.09 - 30.11.2010 Investment Advisor


Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 22 Not Provided 08.02.2011JPMorgan BENJAMIN X. WILSON neutral 3 M 22 6 month 07.02.2011Canaccord Genuity Corp ERIC A PROUTY buy 5 M 24 12 month 07.02.2011Goldman Sachs & Partners Australia ANDREW GIBSON buy 5 M 25 Not Provided 03.02.2011RBS TODD SCOTT sell 1 D 17 12 month 31.01.2011UBS GLYN LAWCOCK suspended coverage #N/A N/A M #N/A N/A Not Provided 31.01.2011CLSA Asia Pacific Markets SCOTT HUDSON sell 1 D 19 Not Provided 21.01.2011Deutsche Bank EMILY BEHNCKE hold 3 M 20 12 month 20.01.2011D.A. Davidson & Co BRENT THIELMAN buy 5 M 26 Not Provided 10.01.2011E.L. & C. Baillieu SAM HADDAD buy 5 M 25 12 month 17.11.2010Commonwealth Bank ATHLENE PIECH hold 3 M 17 12 month 09.11.2010BBY Limited JOHN WELSH hold 3 M 18 12 month 27.10.2010Macquarie DOUGLAS MACPHILLAMY neutral 3 M 18 12 month 26.09.2010Macquarie SOPHIE SPARTALIS neutral 3 M 26 12 month 23.11.2009

Holdings By:

Sims Metal Management Ltd ee


19.09.2011

Sonic Healthcare Limited is a medical diagnostics company with operations in

Australia, New Zealand, and Europe. The Company provides a comprehensive rangeof pathology and diagnostic imaging services to medical practitioners, hospitalsand their patients along with providing administrative services and facilitiesto medical practitioners.





Average Volume 5 Day 1'700'434SHL AT EQUITY YTD Change - Average Volume 30 Day 1'520'838SHL AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'289'220


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -1'846.8 2'331.4 2'964.5 2'935.9 3'082.9 - - 3'300.1 3'515.5 - -





Fiscal Year Ended

Sonic Healthcare LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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-3

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-3!' 7

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

.!''

1!''

3!''

5!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 30'428'412 7.83 932'000 30.09.2010 Investment AdvisorMANNING & NAPIER Multiple Portfolios MF-AGG 19'674'310 5.07 (296'000) 30.12.2010 Investment AdvisorWESTPAC BANKING CORP n/a EXCH 19'294'487 4.97 (148'845) 03.08.2010 BankOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'584'552 1.7 1'083'900 31.10.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4'179'241 1.08 16'806 31.12.2010 Investment AdvisorPATTERSON BARRY SYDN n/a EXCH 3'816'646 0.98 - 27.10.2010 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'645'217 0.94 - 03.02.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'013'747 0.52 102'880 31.12.2010 Mutual Fund ManagerCONNOR R E n/a Co File 1'597'088 0.41 - 30.06.2010 n/aCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'552'967 0.4 - 30.09.2010 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'357'745 0.35 - 31.12.2010 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 961'951 0.25 148'182 30.09.2010 Investment AdvisorBABSON CAPITAL MANAG Multiple Portfolios MF-AGG 887'467 0.23 (150'100) 31.05.2010 Investment AdvisorWILKS CHRISTOPHER DA n/a EXCH 795'122 0.2 340'000 20.08.2010 n/aGOLDSCHMIDT COLIN ST n/a Co File 730'243 0.19 - 30.09.2010 n/aABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 720'586 0.19 (38'400) 31.12.2010 Investment AdvisorCONNECTICUT GENERAL CONNECTICUT GENERAL Sch-D 674'971 0.17 662'071 30.06.2010 Insurance CompanyIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 576'477 0.15 2'405 30.09.2010 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 495'000 0.13 - 30.09.2010 Investment AdvisorJACKSON COLIN J n/a Co File 491'371 0.13 - 30.09.2010 n/a


Deutsche Bank DAVID A LOW buy 5 M 12 12 month 07.02.2011Credit Suisse SAUL HADASSIN underperform 1 M 12 Not Provided 07.02.2011JPMorgan STEVEN D WHEEN overweight 5 M 14 12 month 07.02.2011Wilson HTM Investment Group SHANE STOREY buy 5 M 13 Not Provided 07.02.2011Nomura DAVID STANTON neutral 3 M 12 Not Provided 07.02.2011E.L. & C. Baillieu GAVIN DUFFY buy 5 M 13 12 month 01.02.2011Macquarie CRAIG COLLIE neutral 3 M 12 12 month 31.01.2011Morgan Stanley SEAN LAAMAN Equalwt/Cautious 3 M 11 12 month 21.01.2011Citi ALEXANDER SMITH hold 3 M 13 Not Provided 19.01.2011LINWAR Securities JOHN HESTER market perform 3 M 12 12 month 18.01.2011RBS DEREK JELLINEK buy 5 M 13 12 month 17.01.2011UBS ANDREW GOODSALL neutral 3 M 12 12 month 17.01.2011Goldman Sachs & Partners Australia IAN ABBOTT hold 3 M 13 Not Provided 17.01.2011Commonwealth Bank NATALIE KELLY hold 3 M 12 12 month 17.01.2011Shaw Stockbroking MATTHIJS SMITH hold 3 M #N/A N/A Not Provided 24.11.2010Austock Securities CRAIG STRANGER hold 3 M 12 Not Provided 25.08.2010Southern Cross STUART ROBERTS buy 5 M 14 12 month 24.08.2010Evans & Partners Pty Ltd PAUL RYAN neutral 3 M #N/A N/A Not Provided 23.08.2010

Holdings By:

Sonic Healthcare Ltd ee


19.09.2011

Spark Infrastructure Group invests in utility infrastructure assets in

Australia.





Average Volume 5 Day 4'921'789SKI AT EQUITY YTD Change - Average Volume 30 Day 5'494'162SKI AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'537'333


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -101.4 97.2 92.8 85.8 87.2 - - 246.8 255.9 - -27.72x 36.95x 32.14x 35.74x 28.28x - - 11.27x 10.98x - -

86.9 80.0 - - - - - 269.6 322.5 - -32.34x 44.91x - - - - - 6.65x 5.56x - -

25.9 56.9 9.5 122.5 80.9 - - 126.2 158.9 - -46.50x 35.11x 138.30x 11.47x 15.34x - - 12.55x 10.20x - -




Fiscal Year Ended

Spark Infrastructure GroupPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

-

.

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2!' 7

-'!' 7

-2!' 7

.'!' 7

.2!' 7

0.0

20.0

40.0

60.0

80.0

100.0

120.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLAZARD ASSET MANAGEM n/a EXCH 121'387'395 9.15 14'188'048 02.12.2010 Investment AdvisorCHEUNG KONG INFRASTR n/a Co File 88'035'479 6.64 - 31.12.2009 CorporationMACQUARIE GROUP LTD n/a EXCH 71'906'963 5.42 10'743'412 13.07.2010 Investment AdvisorSUNCORP METWAY INVES n/a EXCH 58'162'671 4.38 (13'650'730) 10.12.2010 BankBLACKROCK INVESTMENT n/a EXCH 51'401'675 3.87 (454'719) 10.05.2010 Investment AdvisorMACQUARIE INFRASTRUC Multiple Portfolios MF-AGG 13'762'512 1.04 (2'991'713) 30.11.2009 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 12'656'173 0.95 12'656'173 30.06.2010 Investment AdvisorGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 12'424'640 0.94 2'289'057 30.09.2010 Mutual Fund ManagerSTATE STREET CORP Multiple Portfolios MF-AGG 11'605'660 0.87 - 04.02.2011 Investment AdvisorFIRST TRUST ADVISORS Multiple Portfolios MF-AGG 7'892'474 0.59 (382'365) 31.08.2010 Investment AdvisorMACQUARIE CAP INVST Multiple Portfolios MF-AGG 6'844'456 0.52 1'499'759 14.06.2010 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 6'678'725 0.5 - 30.11.2010 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 6'138'799 0.46 6'138'799 30.09.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 5'853'474 0.44 1'311'874 31.12.2010 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 5'743'560 0.43 5'243'500 31.12.2010 Mutual Fund ManagerMFS INVESTMENT MANAG Multiple Portfolios MF-AGG 4'032'590 0.3 21'476 30.11.2010 Investment AdvisorFIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 3'962'857 0.3 1'455'714 31.01.2011 UnclassifiedLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 3'897'129 0.29 256'900 31.12.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'836'375 0.29 2'588 04.02.2011 Investment AdvisorOFFICIUM CAPITAL LTD Multiple Portfolios MF-AGG 3'223'848 0.24 3'223'848 31.12.2010 Mutual Fund Manager


Credit Suisse SANDRA MCCULLAGH outperform 5 M 1 Not Provided 04.02.2011JPMorgan JASON HARLEY STEED underweight 1 M 1 12 month 04.02.2011Morgan Stanley MARK BLACKWELL Underwt/In-Line 1 D 1 12 month 31.01.2011Commonwealth Bank PAUL JOHNSTON hold 3 N 1 12 month 04.01.2011Austock Securities ANDREW CHAMBERS hold 3 M 1 Not Provided 24.12.2010Evans & Partners Pty Ltd TONY WILSON neutral 3 M #N/A N/A Not Provided 03.11.2010Citi MARIE MIYASHIRO hold 3 M 1 Not Provided 01.11.2010Macquarie IAN MYLES outperform 5 M 1 12 month 25.09.2010Goldman Sachs & Partners Australia AIDEN BRADLEY hold 3 M 1 Not Provided 24.09.2010UBS DAVID LEITCH buy 5 M 1 12 month 23.09.2010RBS JASON MABEE buy 5 M 1 12 month 22.09.2010

Holdings By:

Spark Infrastructure Group ee


19.09.2011

Stockland is a property trust which invests and manages in retail and commercial

properties in Australia. The Group also provides property development andmanagement services, hotel management services and other relatedservicesincluding financing.





Average Volume 5 Day 11'906'370SGP AT EQUITY YTD Change - Average Volume 30 Day 16'535'790SGP AT EQUITY YTD % CHANGE - Average Volume 3 Month 13'693'730


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 03/yy 03/yy 06/12 Y 06/13 Y - -2'093.8 2'134.0 1'847.4 2'060.1 2'363.2 0.0 0.0 1'751.4 2'031.9 - -

7.04x 5.30x 5.13x 5.23x 4.37x #DIV/0! #DIV/0! 5.35x 4.65x - -684.5 685.5 567.8 593.2 616.3 0.0 0.0 799.6 845.5 - -21.55x 16.50x 16.68x 18.16x 16.77x 0.00x 0.00x 11.29x 10.68x - -

1'716.3 705.2 (1'802.8) 478.4 754.6 0.0 0.0 751.4 783.6 - -6.60x 11.14x - 18.51x 10.76x 0.00x 0.00x 9.08x 8.69x - -

EBITDA 616.30 Long-Term Rating Date 07.06.2005EBIT 560.30 Long-Term Rating A-Operating Margin 23.71% Long-Term Outlook STABLEPretax Margin 33.92% Short-Term Rating Date -Return on Assets 5.29% Short-Term Rating -Return on Common Equity 8.64%Return on Capital 6.65% EBITDA/Interest Exp. 3.11Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -0.37




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

StocklandPrice/Volume

Valuation Analysis


'--..00112

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 72!' 7-'!' 7-2!' 7.'!' 7.2!' 70'!' 702!' 71'!' 712!' 7

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 156'972'956 6.59 36'305'576 24.11.2009 BankING GROEP NV n/a EXCH 146'983'278 6.17 24'996'475 31.01.2011 Investment AdvisorVANGUARD GROUP INC n/a EXCH 145'917'504 6.12 72'738'381 13.01.2010 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 131'344'992 5.51 - 31.12.2009 Investment AdvisorWESTPAC BANKING CORP n/a EXCH 120'902'323 5.07 - 26.11.2010 BankCOHEN & STEERS CAPIT n/a EXCH 120'564'679 5.06 - 07.01.2011 Investment AdvisorAMP LTD n/a EXCH 120'249'510 5.05 - 08.12.2009 Insurance CompanyBARCLAYS PLC n/a EXCH 115'606'469 4.85 (3'780'185) 22.10.2009 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 94'925'350 3.98 346'086 31.12.2010 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 39'890'418 1.67 (2'176'452) 31.12.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 26'232'913 1.1 - 04.02.2011 Investment AdvisorMORGAN STANLEY & CO Multiple Portfolios MF-AGG 26'043'298 1.09 (110'654) 30.09.2010 Investment AdvisorCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 18'634'116 0.78 - 09.08.2010 Investment AdvisorEUROPEAN INVESTORS I EUROPEAN INVESTORS I 13F 17'882'773 0.75 92'000 30.09.2010 Investment AdvisorING CLARION REAL EST Multiple Portfolios MF-AGG 15'025'118 0.63 (1'123'591) 20.07.2010 Investment AdvisorNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 14'136'701 0.59 2'069'288 16.08.2010 Mutual Fund ManagerING INVESTMENT MANAG Multiple Portfolios MF-AGG 13'731'910 0.58 396'218 30.09.2010 Investment AdvisorABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 11'971'836 0.5 (2'359'504) 20.07.2010 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 10'978'928 0.46 (2'543'154) 22.06.2010 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 9'011'458 0.38 7'700'205 30.11.2010 Investment Advisor


Deutsche Bank IAN RANDALL buy 5 M 4 12 month 08.02.2011Morgan Stanley LOURENS PIRENC Equalwt/In-Line 3 U 4 12 month 02.02.2011Macquarie PAUL CHECCHIN underperform 1 M 4 12 month 02.02.2011Paterson Securities JONATHAN KRISKA hold 3 M 4 12 month 01.02.2011JPMorgan RICHARD JONES neutral 3 M 4 12 month 28.01.2011Credit Suisse STEPHEN RICH neutral 3 M 4 Not Provided 24.01.2011UBS JOHN FREEDMAN neutral 3 D 4 12 month 24.01.2011Goldman Sachs & Partners Australia PETER ZUK buy 5 M 4 Not Provided 14.01.2011Commonwealth Bank DAVID LLOYD buy 5 M 5 12 month 10.01.2011Citi DAVID BURGESS buy 5 M 4 Not Provided 01.12.2010CLSA Asia Pacific Markets JOHN P KIM sell 1 M 3 Not Provided 23.11.2010

Holdings By:

Stockland ee


19.09.2011

Suncorp Group Ltd. offers retail and business banking, life and general

insurance, superannuation and funds management services. The Company'sservices include personal banking and loans, personal insurance products,credit cards, pension savings accounts, term deposits, property developmentfinance, commercial lending, investments and lease financing.


852-Week High % Change -18.03% Dividend Yield 4.3852-Week Low % Change 32.67% Beta 0.98% 52 Week Price Range High/Low 54.96% Equity Float 1'285.66



Average Volume 5 Day 7'370'795SUN AT EQUITY YTD Change - Average Volume 30 Day 6'287'033SUN AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'534'889


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -10'207.0 13'167.0 14'189.0 15'438.0 19'033.0 - - 8'990.0 9'521.7 - -

4.52x 3.76x 3.17x 2.69x 1.89x - - 1.98x 1.80x - -- - - - - - - 1'476.7 1'656.3 - -- - - - - - - 24.18x 21.56x - -

1'064.0 583.0 348.0 780.0 453.0 - - 1'040.6 1'204.9 - -12.72x 21.65x 21.19x 13.01x 22.89x - - 9.88x 8.64x - -




Fiscal Year Ended

Suncorp Group LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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-.

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

2!''

-'!''

-2!''

.'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIONAL AUSTRALIA B n/a EXCH 77'527'448 6.05 - 01.12.2010 BankBLACKROCK INVESTMENT n/a EXCH 71'182'802 5.56 - 02.12.2009 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 70'262'948 5.48 - 12.01.2011 BankJCP INVESTMENT PARTN #N/A N/A EXCH 64'294'654 5.02 - 07.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8'641'940 0.67 119'064 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6'481'840 0.51 203'497 31.12.2010 Mutual Fund ManagerPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 5'581'010 0.44 86'983 15.04.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 5'032'392 0.39 4'629'005 04.02.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'897'916 0.3 (1'546'380) 30.09.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 3'574'709 0.28 3'574'709 31.12.2010 Mutual Fund ManagerT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'416'986 0.27 (46'991) 31.12.2010 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'748'700 0.14 130'000 30.09.2010 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'684'692 0.13 10'000 30.11.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'555'266 0.12 39'155 31.12.2010 Investment AdvisorSUNCORP METWAY INVES n/a EXCH 1'482'953 0.12 - 03.02.2011 BankFIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'420'055 0.11 142'000 31.12.2010 UnclassifiedLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 1'240'441 0.1 11'696 30.04.2010 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 999'058 0.08 - 31.08.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 894'117 0.07 (161'389) 30.09.2010 Investment AdvisorPIONEER INVESTMENT M Multiple Portfolios MF-AGG 890'338 0.07 - 28.10.2010 Mutual Fund Manager


Goldman Sachs & Partners Australia RYAN FISHER buy 5 M 10 Not Provided 07.02.2011RBS RICHARD COLES buy 5 M 10 12 month 02.02.2011Deutsche Bank KIEREN CHIDGEY buy 5 N 11 12 month 02.02.2011Macquarie TONY JACKSON neutral 3 M 9 12 month 27.01.2011Credit Suisse JOHN HEAGERTY neutral 3 M 10 Not Provided 22.01.2011Citi NIGEL PITTAWAY buy 5 M 10 Not Provided 21.01.2011JPMorgan SIDDHARTH PARAMESWARAN overweight 5 M 11 12 month 12.01.2011CLSA Asia Pacific Markets DANIEL TOOHEY buy 5 M 10 Not Provided 12.01.2011Southern Cross TS LIM buy 5 M 10 12 month 05.01.2011UBS JAMES COGHILL neutral 3 M 10 12 month 08.11.2010

Holdings By:

Suncorp Group Ltd ee


19.09.2011

TABCORP Holdings Limited is a gambling and entertainment group involved in

combination of wagering, gaming, hospitality and media activities acrossAustralia. The Company's main activities are operates hotel casinos, wagering,and gaming.





Average Volume 5 Day 4'667'760TAH AT EQUITY YTD Change - Average Volume 30 Day 6'127'108TAH AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'236'670


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -3'835.0 3'957.0 4'211.3 2'865.6 2'947.5 - - 3'064.7 2'093.7 - -

2.90x 1.83x 1.44x 1.96x 1.05x - - 0.92x 1.40x - -949.3 1'217.2 1'075.5 700.0 1'107.5 - - 708.0 485.0 - -11.73x 5.95x 5.65x 8.01x 2.78x - - 3.69x 5.39x - -450.4 (164.6) 521.7 469.5 534.8 - - 340.6 175.1 - -19.99x - 7.68x 13.97x - - - 5.38x 10.65x - -

EBITDA 1'107.50 Long-Term Rating Date 03.06.2011EBIT 884.50 Long-Term Rating BBBOperating Margin 30.01% Long-Term Outlook STABLEPretax Margin 2.38% Short-Term Rating Date -Return on Assets 11.51% Short-Term Rating -Return on Common Equity 22.93%Return on Capital 11.16% EBITDA/Interest Exp. 8.14Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 3.76




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

TABCORP Holdings LtdPrice/Volume

Valuation Analysis


'

-

.

0

1

2

3

4

5

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1'000.0

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4'000.0

4'500.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePERPETUAL LTD n/a EXCH 48'761'884 7.12 (7'171'690) 05.02.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 34'911'845 5.1 (10'744'091) 14.12.2010 BankBLACKROCK INVESTMENT n/a EXCH 33'054'881 4.83 981'703 18.01.2010 Investment AdvisorLAZARD ASSET MANAGEM n/a EXCH 30'671'693 4.48 (1'233'325) 27.09.2010 Investment AdvisorAXA n/a EXCH 30'322'453 4.43 (693'046) 04.12.2009 Investment AdvisorMAPLE-BROWN ABBOTT L n/a EXCH 25'697'550 3.75 (5'213'203) 21.10.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 6'596'115 0.96 - 03.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5'083'011 0.74 69'997 31.12.2010 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'829'998 0.56 2'617 30.09.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'502'439 0.51 570'360 31.12.2010 Mutual Fund ManagerNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 2'522'264 0.37 - 16.08.2010 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'504'082 0.37 734'607 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'360'836 0.34 124'464 31.12.2010 Mutual Fund ManagerPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 2'254'388 0.33 (9'865) 31.12.2010 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'488'500 0.22 2'300 30.09.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 1'045'794 0.15 (222'514) 04.02.2011 Investment AdvisorWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 910'228 0.13 40'128 30.11.2010 Investment AdvisorSEI INVESTMENT MANAG Multiple Portfolios MF-AGG 886'192 0.13 (60'455) 31.10.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 785'850 0.11 - 04.02.2011 Investment AdvisorDAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 749'500 0.11 (50'000) 15.07.2010 Investment Advisor


Credit Suisse LARRY GANDLER underperform 1 M 7 Not Provided 04.02.2011Macquarie ANDREW LEVY underperform 1 M 7 12 month 04.02.2011CLSA Asia Pacific Markets SACHA KRIEN outperform 5 M 9 Not Provided 04.02.2011RBS HARRY THEODORE buy 5 M 8 12 month 03.02.2011Deutsche Bank MARK WILSON hold 3 M 7 12 month 03.02.2011JPMorgan STUART JACKSON neutral 3 M 7 12 month 03.02.2011Citi JENNY OWEN buy 5 M 9 Not Provided 03.02.2011Goldman Sachs & Partners Australia ADAM ALEXANDER hold 3 M 8 Not Provided 03.02.2011Austock Securities ROHAN SUNDRAM hold 3 U 7 Not Provided 03.02.2011UBS SAM THEODORE buy 5 M 9 12 month 21.10.2010

Holdings By:

TABCORP Holdings Ltd ee


19.09.2011

Tatts Group Ltd. provides diversified network gambling services.





Average Volume 5 Day 8'638'021TTS AT EQUITY YTD Change - Average Volume 30 Day 8'883'548TTS AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'313'431


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -2'375.4 3'067.1 3'200.4 3'288.0 3'657.0 - - 3'824.8 2'779.6 - -





Fiscal Year Ended

Tatts Group LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1'000.0

1'500.0

2'000.0

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3'000.0

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAUSTRALIA & NEW ZEAL n/a EXCH 67'921'887 5.22 - 01.05.2008 BankPERPETUAL LTD n/a Co File 65'286'363 5.02 - 07.09.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 58'140'167 4.47 (5'360'274) 08.10.2009 BankCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 53'500'000 4.11 - 30.09.2010 Investment AdvisorSEYMOUR KEVIN WILL n/a Co File 24'000'000 1.84 - 26.08.2010 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 12'997'647 1 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 10'362'382 0.8 134'849 31.12.2010 Investment AdvisorWBK PTY LTD n/a EXCH 9'327'340 0.72 - 03.11.2008 n/aSOLID EARTH PTY LTD n/a EXCH 9'127'640 0.7 - 03.11.2008 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6'479'901 0.5 243'963 31.12.2010 Mutual Fund ManagerABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 5'845'140 0.45 (232'045) 31.12.2010 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 5'353'519 0.41 (14'400) 30.09.2010 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 4'078'823 0.31 - 30.09.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 3'226'220 0.25 - 31.10.2009 Investment AdvisorMCILWAIN RICHARD DOU n/a Co File 1'947'500 0.15 - 26.08.2010 n/aJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'722'187 0.13 (139'956) 30.09.2010 Mutual Fund ManagerSEI INVESTMENT MANAG Multiple Portfolios MF-AGG 1'511'616 0.12 (513'433) 31.10.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'460'748 0.11 - 04.02.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'362'088 0.1 1'898 04.02.2011 Investment AdvisorRUSSELL INVESTMENT M Multiple Portfolios MF-AGG 1'283'577 0.1 - 30.01.2011 Investment Advisor


Goldman Sachs & Partners Australia ADAM ALEXANDER hold 3 M 3 Not Provided 02.02.2011RBS HARRY THEODORE hold 3 M 2 12 month 01.02.2011Deutsche Bank MARK WILSON buy 5 M 3 12 month 27.01.2011Credit Suisse LARRY GANDLER outperform 5 M 3 Not Provided 25.01.2011CLSA Asia Pacific Markets SACHA KRIEN buy 5 M 3 Not Provided 12.01.2011Macquarie ANDREW LEVY neutral 3 M 2 12 month 30.11.2010Citi JENNY OWEN sell 1 D 2 Not Provided 29.10.2010JPMorgan STUART JACKSON underweight 1 M 2 6 month 27.08.2010Austock Securities ROHAN SUNDRAM buy 5 M 3 Not Provided 27.08.2010UBS SAM THEODORE buy 5 M 3 12 month 26.08.2010

Holdings By:

Tatts Group Ltd ee


19.09.2011

Telecom Corporation of New Zealand Limited provides telecommunications services

by offering local, national and international telephone services to householdsand businesses. Telecom's other services include leased circuits, datacommunications, directories, cellular, paging and Internet related services andsolutions.


2.0652-Week High % Change -5.24% Dividend Yield -52-Week Low % Change 44.61% Beta 0.48% 52 Week Price Range High/Low 83.46% Equity Float 1'924.28



Average Volume 5 Day 5'534'258TEL AT EQUITY YTD Change - Average Volume 30 Day 6'821'475TEL AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'345'928


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 09/yy 09/yy 06/12 Y 06/13 Y 12/10 Q2 03/11 Q34'928.0 4'997.0 5'340.0 5'029.0 4'898.0 5'270.0 4'976.0 5'081.0 5'082.5 1'241.5 1'293.0

2.06x 1.71x 1.40x 1.12x 1.33x 0.00x 0.00x 1.40x 1.36x - -1'906.0 1'753.0 1'642.0 1'635.0 1'614.0 1'632.0 1'664.0 1'776.2 1'771.4 608.0 460.0

5.32x 4.87x 4.56x 3.44x 4.03x 0.00x 0.00x 3.78x 3.79x - -3'024.0 710.0 398.0 380.0 164.0 412.0 321.0 446.4 472.8 90.5 97.0

- - - - - 0.00x 0.00x 11.07x 10.44x - -

EBITDA 1'614.00 Long-Term Rating Date 04.08.2010EBIT 587.00 Long-Term Rating A *-Operating Margin 11.98% Long-Term Outlook -Pretax Margin 5.66% Short-Term Rating Date 04.08.2010Return on Assets 2.47% Short-Term Rating A-1 *-Return on Common Equity 6.77%Return on Capital 5.93% EBITDA/Interest Exp. 8.15Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 3.08



Fiscal Year Ended

Telecom Corp of New Zealand LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----...

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSCHRODER INVESTMENT n/a EXCH 136'595'330 7.1 38'598'440 20.01.2011 Investment AdvisorMACQUARIE GROUP LTD n/a EXCH 124'203'448 6.45 (68'246'810) 01.03.2010 Investment AdvisorAXA n/a EXCH 101'694'543 5.28 (21'833'322) 14.12.2010 Investment AdvisorLAZARD ASSET MANAGEM n/a EXCH 94'152'739 4.89 (2'971'042) 18.01.2011 Investment AdvisorMONDRIAN INVESTMENT n/a EXCH 91'386'948 4.75 (2'481'573) 02.09.2009 Hedge Fund ManagerBRANDES INVESTMENT P n/a EXCH 91'022'387 4.73 - 12.06.2008 Investment AdvisorBLACKROCK INC n/a 13G 86'720'344 4.51 - 31.03.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a Co File 85'472'086 4.44 - 09.08.2010 BankNATIONAL AUSTRALIA B n/a EXCH 81'193'369 4.22 (28'075'348) 03.03.2010 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 18'811'903 0.98 301'312 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 15'271'415 0.79 - 04.02.2011 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 12'153'860 0.63 - 04.02.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 9'600'171 0.5 351'029 31.12.2010 Mutual Fund ManagerRBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 7'619'843 0.4 30'623 31.08.2010 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 7'018'857 0.36 (4'516'000) 30.11.2010 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 6'473'610 0.34 - 31.08.2010 Investment AdvisorLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 5'947'804 0.31 - 30.01.2011 Mutual Fund ManagerDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 5'937'762 0.31 45'979 31.12.2010 Investment AdvisorSMARTSHARES LIMITED Multiple Portfolios MF-AGG 5'509'736 0.29 165'532 31.03.2010 Investment AdvisorSMARTSHARES NZX 10 F n/a EXCH 4'542'637 0.24 - 31.03.2010 Unclassified


Macquarie ANDREW LEVY neutral 3 M 2 12 month 08.02.2011JPMorgan LAURENT HORRUT neutral 3 M 2 12 month 07.02.2011Goldman Sachs & Partners Australia TRISTAN JOLL sell 1 M 2 Not Provided 04.02.2011Deutsche Bank GEOFF ZAME hold 3 M 2 12 month 20.01.2011Morgan Stanley MARK BLACKWELL Underwt/In-Line 1 M 1 12 month 13.12.2010UBS RICHARD EARY neutral 3 M 2 12 month 05.11.2010BBY Limited MARK MCDONNELL buy 5 M 3 12 month 05.11.2010First NZ Capital GREG MAIN underperform 1 D 2 12 month 20.08.2010RBS ALAN STUART hold 3 M 2 12 month 13.06.2010Citi CHRISTOPHER I VAGG hold 3 M 2 Not Provided 27.05.2010Forsyth Barr GUY HALLWRIGHT accumulate 4 U #N/A N/A Not Provided 25.05.2010CLSA Asia Pacific Markets NEEL SINHA underperform 1 M 2 Not Provided 05.11.2009

Holdings By:

Telecom Corp of New Zealand Ltd ee


19.09.2011

Telstra Corporation Limited is a full service domestic and international

telecommunications provider for Australia. The Company provides telephoneexchange lines to homes and businesses, supplying local, long distance andinternational telephone calls and supplying mobile telecommunications services.Telstra also provides data, internet, on-line services and directory services.





Average Volume 5 Day 56'146'420TLS AT EQUITY YTD Change - Average Volume 30 Day 80'836'010TLS AT EQUITY YTD % CHANGE - Average Volume 3 Month 69'994'520


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -23'673.0 24'657.0 25'371.0 24'813.0 24'983.0 - - 25'342.0 25'512.6 - -

2.99x 2.73x 2.30x 2.17x 1.91x - - 2.00x 1.96x - -9'728.0 10'119.0 10'726.0 10'837.0 10'038.0 - - 10'375.9 10'386.2 - -

7.27x 6.66x 5.44x 4.96x 4.75x - - 4.80x 4.80x - -3'253.0 3'692.0 4'073.0 3'883.0 3'231.0 - - 3'512.6 3'600.6 - -

17.45x 14.18x 10.30x 10.35x 11.07x - - 10.85x 10.52x - -

EBITDA 10'038.00 Long-Term Rating Date 14.02.2006EBIT 5'579.00 Long-Term Rating AOperating Margin 22.33% Long-Term Outlook NEGPretax Margin 18.24% Short-Term Rating Date 14.02.2006Return on Assets 8.37% Short-Term Rating A-1Return on Common Equity 26.09%Return on Capital 14.79% EBITDA/Interest Exp. 8.46Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 6.49



Fiscal Year Ended

Telstra Corp LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

1

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0''!' 7

02'!' 7

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFUTURE FUND BOARD OF n/a EXCH 841'166'341 6.76 (128'796'937) 04.02.2011 n/aCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 112'950'000 0.91 52'950'000 30.09.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 86'000'000 0.69 - 31.12.2010 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 81'736'317 0.66 4'026'017 30.11.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 56'652'577 0.46 1'708'202 31.12.2010 Mutual Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 50'070'000 0.4 - 30.06.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 46'408'138 0.37 - 04.02.2011 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 40'600'000 0.33 - 30.09.2010 Pension Fund (ERISA)VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'112'036 0.28 (1'984'726) 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 27'766'957 0.22 (255'527) 31.12.2010 Mutual Fund ManagerMATTHEWS INTERNATION Multiple Portfolios MF-AGG 22'022'082 0.18 22'022'082 30.09.2010 Investment AdvisorDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 20'771'500 0.17 8'410'900 08.07.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 20'198'585 0.16 14'590 04.02.2011 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 16'669'000 0.13 16'669'000 30.09.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 16'379'514 0.13 739'909 30.09.2010 Investment AdvisorDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 13'200'591 0.11 (366'899) 31.12.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'812'429 0.1 (25'220) 31.12.2010 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 10'456'310 0.08 1'433'050 31.12.2010 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 10'244'780 0.08 618'460 30.09.2010 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 10'150'300 0.08 - 31.10.2010 Investment Advisor


JPMorgan LAURENT HORRUT overweight 5 M 3 12 month 07.02.2011HSBC NEALE ANDERSON overweight 5 M 3 Not Provided 07.02.2011Morgan Stanley MARK BLACKWELL Overwt/In-Line 5 M 4 12 month 04.02.2011Credit Suisse BRADLEY CLIBBORN outperform 5 M 3 Not Provided 04.02.2011Southern Cross DANIEL BLAIR buy 5 U 3 12 month 03.02.2011BBY Limited MARK MCDONNELL hold 3 M 3 12 month 02.02.2011Goldman Sachs & Partners Australia CHRISTIAN GUERRA hold 3 M 3 Not Provided 02.02.2011Nomura SACHIN GUPTA neutral 3 M 3 Not Provided 01.02.2011Deutsche Bank ANDREW ANAGNOSTELLIS hold 3 M 3 12 month 31.01.2011Macquarie ANDREW LEVY neutral 3 M 3 12 month 29.01.2011E.L. & C. Baillieu IVOR RIES sell 1 M 3 12 month 21.12.2010Commonwealth Bank ALICE BENNETT buy 5 M 3 12 month 20.12.2010RBS FRASER MCLEISH buy 5 U 3 12 month 24.11.2010CLSA Asia Pacific Markets DIGBY GILMOUR outperform 5 U 3 Not Provided 24.11.2010Evans & Partners Pty Ltd TONY WILSON neutral 3 U #N/A N/A Not Provided 07.10.2010UBS RICHARD EARY buy 5 M 4 12 month 13.08.2010Citi CHRISTOPHER I VAGG buy 5 M 4 Not Provided 12.08.2010

Holdings By:

Telstra Corp Ltd ee


19.09.2011

Ten Network Holdings Limited operates commercial television stations through

five capital cities in Australia known as the Ten Network. The Companybroadcasts and produces television shows, movies, news and sporting events.The Company also provides outdoor advertising services.



Shares Out 21.02.2011 1'045.2 Short Int 32.08940.71 1 Yr Total Return -31.73%


Average Volume 5 Day 6'023'602TEN AT EQUITY YTD Change - Average Volume 30 Day 5'509'920TEN AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'095'839


31.08.2006 31.08.2007 31.08.2008 31.08.2009 31.08.2010 01/yy 01/yy 08/11 Y 08/12 Y - -889.3 989.4 1'003.1 901.5 990.5 - - 1'004.9 1'028.2 - -1.91x 2.96x 2.10x 1.87x 1.74x - - 1.31x 1.26x - -

248.9 234.2 212.3 12.6 207.9 - - 172.1 190.1 - -6.84x 12.51x 9.92x 133.58x 8.30x - - 7.34x 6.65x - -45.8 66.1 273.5 (89.4) 150.0 - - 74.9 91.4 - -

23.59x 16.08x 5.73x - 9.51x - - 12.00x 10.47x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Ten Network Holdings LtdPrice/Volume

Valuation Analysis


'''-----...

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0-!'5!.''4 .6!'.!.''5 0-!'5!.''5 .5!'.!.''6 0-!'5!.''6 .5!'.!.'-' 0-!'5!.'-'



19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBIRKETU PTY LTD n/a EXCH 146'559'823 14.02 10'709'823 17.11.2010 Investment AdvisorHANCOCK PROSPECTING n/a EXCH 105'713'672 10.11 - 13.12.2010 n/aMURDOCH LACHLAN KEIT n/a EXCH 93'422'456 8.94 - 13.12.2010 n/aPACKER JAMES DOUGLAS n/a EXCH 93'422'456 8.94 - 13.12.2010 n/aPERPETUAL LTD n/a EXCH 62'334'680 5.96 (15'000'000) 19.11.2010 Investment AdvisorUBS AG n/a Co File 56'829'887 5.44 - 30.09.2009 Investment AdvisorING GROEP NV n/a EXCH 52'439'048 5.02 - 29.06.2010 Investment AdvisorAUSTRALIA & NEW ZEAL n/a EXCH 52'303'141 5 - 17.08.2010 BankWESTPAC BANKING CORP n/a EXCH 52'218'493 5 (370'625) 20.10.2009 BankCOMMONWEALTH BANK OF n/a EXCH 50'869'027 4.87 (11'166'591) 08.10.2010 BankPARADICE INVESTMENT n/a EXCH 50'288'185 4.81 (2'000'000) 21.05.2010 Investment AdvisorAUSBIL DEXIA LIMITED n/a EXCH 49'064'685 4.69 (15'880'784) 08.07.2010 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 19'925'200 1.91 2'922'000 31.12.2010 Investment AdvisorGLEESON PAUL V n/a Co File 15'228'608 1.46 - 31.08.2009 n/aALLARD SERVICES PTY n/a Co File 12'184'563 1.17 - 22.10.2009 n/aAUSTRALIAN REWARD IN n/a Co File 11'825'534 1.13 - 22.10.2009 OtherQUEENSLAND INVESTMEN n/a EXCH 9'017'080 0.86 - 22.10.2009 Investment AdvisorAMP LIFE LTD n/a Co File 8'347'832 0.8 - 22.10.2009 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 3'997'559 0.38 3'997'559 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'816'998 0.37 (683'646) 31.12.2010 Mutual Fund Manager


Deutsche Bank ANDREW ANAGNOSTELLIS hold 3 M 2 12 month 07.02.2011Commonwealth Bank ALICE BENNETT sell 1 D 1 12 month 27.01.2011Goldman Sachs & Partners Australia CHRISTIAN GUERRA buy 5 M 2 Not Provided 25.01.2011Macquarie ALEX POLLAK neutral 3 M 2 12 month 20.01.2011CLSA Asia Pacific Markets DIGBY GILMOUR buy 5 M 2 Not Provided 20.01.2011Morgan Stanley ANDREW MCLEOD Overwt/Cautious 5 M 2 12 month 19.01.2011RBS FRASER MCLEISH hold 3 U 1 12 month 13.01.2011JPMorgan LAURENT HORRUT neutral 3 M 1 6 month 26.11.2010Citi JUSTIN DIDDAMS buy 5 M 2 Not Provided 16.11.2010BBY Limited MARK MCDONNELL hold 3 D 2 12 month 25.10.2010Evans & Partners Pty Ltd TONY WILSON neutral 3 D #N/A N/A Not Provided 24.10.2010Credit Suisse JOLANTA MASOJADA neutral 3 M 2 Not Provided 22.10.2010UBS LAUREN MORAN neutral 3 M 2 12 month 22.10.2010

Holdings By:

Ten Network Holdings Ltd ee


19.09.2011

Toll Holdings Limited provides express freight transport by road, rail and sea

and provides integrated logistics and distribution systems, includingspecialized warehousing, port operations, vehicle transport and distribution,and rail passenger operations. The Company also provides coastal shipping,refrigerated freight services, bulk liquid transportation and wharf services.





Average Volume 5 Day 2'937'760TOL AT EQUITY YTD Change - Average Volume 30 Day 3'243'415TOL AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'370'066


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -4'848.6 5'593.7 6'480.6 6'944.0 8'224.5 - - 8'674.6 9'252.4 - -

2.10x 0.93x 0.73x 0.69x 0.55x - - 0.49x 0.46x - -816.3 682.6 581.5 595.3 639.7 - - 725.3 799.1 - -12.49x 7.64x 8.17x 8.08x 7.03x - - 5.81x 5.27x - -

1'278.7 (694.7) 270.3 278.9 281.4 - - 307.3 343.9 - -332.34x 15.55x 15.19x 13.73x 12.19x - - 10.23x 9.23x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Toll Holdings LtdPrice/Volume

Valuation Analysis


'-.0123456

-'

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-'!' 7

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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3!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeUBS AG n/a EXCH 42'597'457 6.03 - 13.10.2010 Investment AdvisorLITTLE PAUL ALEXANDE n/a EXCH 36'050'579 5.1 - 31.03.2010 n/aBARCLAYS PLC n/a EXCH 33'713'662 4.77 (12'456'956) 13.10.2009 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 33'542'218 4.75 (1'808'736) 11.05.2010 BankAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 8'133'000 1.15 133'000 30.06.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 6'380'455 0.9 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5'480'889 0.78 53'343 31.12.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 5'095'589 0.72 3'743'899 29.10.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'342'551 0.47 106'250 31.12.2010 Mutual Fund ManagerHARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'852'425 0.4 (39'475) 31.12.2010 Investment AdvisorSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 2'603'392 0.37 335'240 29.10.2010 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'374'202 0.34 (27'605) 31.12.2010 Mutual Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'285'990 0.18 73'500 31.10.2010 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'035'358 0.15 18'492 31.12.2010 Investment AdvisorPACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 881'860 0.12 - 31.12.2010 Insurance CompanySTB ASSET MANAGEMENT Multiple Portfolios MF-AGG 843'996 0.12 41'112 30.09.2010 Mutual Fund ManagerGLENMEDE ADVISORS IN Multiple Portfolios MF-AGG 746'135 0.11 285'400 31.10.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 711'703 0.1 8'403 30.09.2010 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 698'642 0.1 (567'402) 30.09.2010 Mutual Fund ManagerNAMARONG INVESTMENTS n/a EXCH 662'120 0.09 - 19.11.2008 Other


Deutsche Bank CAMERON MCDONALD hold 3 M 6 12 month 02.02.2011Macquarie RUSSELL SHAW underperform 1 M 6 12 month 02.02.2011Credit Suisse ANTHONY MOULDER underperform 1 M 7 Not Provided 31.01.2011Commonwealth Bank MATT CROWE hold 3 M 7 12 month 28.01.2011RBS MARK WILLIAMS hold 3 M 6 12 month 21.01.2011Evans & Partners Pty Ltd PAUL RYAN neutral 3 U #N/A N/A Not Provided 13.01.2011UBS SIMON MITCHELL neutral 3 M 6 12 month 03.11.2010Paterson Securities GRAEME CARSON hold 3 M 7 12 month 29.10.2010Goldman Sachs & Partners Australia ANDREW GIBSON hold 3 M 8 Not Provided 08.10.2010JPMorgan SCOTT CARROLL neutral 3 M 7 6 month 27.08.2010Morgan Stanley JULIA WENG Equalwt/In-Line 3 M 7 12 month 26.08.2010Citi SHAVARSH BEDROSSIAN buy 5 M 7 Not Provided 26.08.2010E.L. & C. Baillieu ROSS MACMILLAN accumulate 4 N 7 12 month 26.08.2010

Holdings By:

Toll Holdings Ltd ee


19.09.2011

Transfield Services Limited provides a variety of operations and maintenance

outsourcing services in Australia and New Zealand, which cover structural,mechanical, instrumentation, civil and electrical maintenance. The Group'scustomers operate within the power, rail, oil and gas, petrochemical, defense,water utility, telecommunication, and mineral processing sectors.





Average Volume 5 Day 2'252'799TSE AT EQUITY YTD Change - Average Volume 30 Day 3'381'267TSE AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'478'095


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -2'290.9 2'993.3 3'385.9 2'604.0 2'746.0 - - 3'259.4 3'476.5 - -

1.11x 0.69x 0.39x 0.60x 0.77x - - 0.41x 0.37x - -109.0 127.8 152.8 108.6 137.4 - - 250.4 279.6 - -23.30x 16.08x 8.75x 14.41x 15.31x - - 5.51x 4.93x - -110.4 82.2 (55.0) 73.0 (19.7) - - 121.2 139.8 - -35.33x 26.85x - 21.90x 38.07x - - 9.23x 8.02x - -

EBITDA 137.39 Long-Term Rating Date -EBIT 56.14 Long-Term Rating -Operating Margin 2.04% Long-Term Outlook -Pretax Margin 1.85% Short-Term Rating Date -Return on Assets -0.96% Short-Term Rating -Return on Common Equity -2.05%Return on Capital 1.00% EBITDA/Interest Exp. 3.54Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 1.66



Fiscal Year Ended

Transfield Services LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7-!' 7.!' 70!' 71!' 72!' 73!' 74!' 75!' 76!' 7-'!' 7

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTRANSFIELD PTY LTD n/a EXCH 57'849'887 10.52 - 21.01.2011 CorporationWESTPAC BANKING CORP n/a EXCH 57'234'871 10.41 16'534'843 23.12.2010 BankMONDRIAN INVESTMENT n/a EXCH 32'180'465 5.85 10'026'890 24.12.2010 Hedge Fund ManagerSCHRODER INVESTMENT n/a EXCH 21'632'157 3.94 - 28.04.2010 Investment AdvisorAMP LTD n/a EXCH 20'620'180 3.75 (2'157'380) 30.11.2009 Insurance CompanyMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 4'733'804 0.86 1'560'915 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'325'779 0.42 582'295 31.12.2010 Mutual Fund ManagerAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 2'325'479 0.42 174'772 30.11.2010 Investment AdvisorBELGIORNO-NETTIS LUC n/a EXCH 2'170'585 0.39 203'435 21.01.2011 n/aCOMMONWEALTH BANK OF n/a EXCH 2'143'533 0.39 (9'719'397) 17.03.2008 BankUNION INVESTMENT LUX Multiple Portfolios MF-AGG 940'000 0.17 - 30.09.2010 Mutual Fund ManagerSADATMEHR JOSEPH n/a Co File 823'407 0.15 - 30.06.2010 n/aGOODE PETER ALLAN n/a EXCH 611'111 0.11 111'111 21.01.2011 n/aBELGIORNO-NETTIS GUI n/a EXCH 498'992 0.09 88'740 21.01.2011 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 384'853 0.07 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 352'624 0.06 8'357 31.12.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 351'226 0.06 - 04.02.2011 Investment AdvisorLEGG MASON GLOBAL FU Multiple Portfolios MF-AGG 342'687 0.06 (85'176) 30.11.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 232'731 0.04 - 04.02.2011 Investment AdvisorBURDON STEPHEN WILLI n/a EXCH 188'509 0.03 - 14.07.2010 n/a


Deutsche Bank CRAIG WONGPAN hold 3 M 3 12 month 07.02.2011LINWAR Securities STUART TURNER outperform 5 M 4 12 month 14.01.2011Austock Securities HEATH ANDREWS buy 5 M 4 Not Provided 12.01.2011Macquarie JOHN PURTELL outperform 5 M 4 12 month 22.12.2010Commonwealth Bank BEN BROWNETTE hold 3 M 4 12 month 16.12.2010E.L. & C. Baillieu GAVIN DUFFY accumulate 4 U 3 23 month 16.12.2010RBS ANDREW HODGE hold 3 M 4 12 month 15.12.2010Goldman Sachs & Partners Australia CHRIS SAVAGE hold 3 M 4 Not Provided 15.12.2010Credit Suisse CHRIS COUNIHAN neutral 3 M 4 Not Provided 14.12.2010JPMorgan ALISTAIR REID restricted #N/A N/A M #N/A N/A Not Provided 13.12.2010Nomura SIMON THACKRAY neutral 3 M 4 Not Provided 13.12.2010Paterson Securities GRAEME CARSON buy 5 M 4 12 month 29.11.2010

Holdings By:

Transfield Services Ltd ee


19.09.2011

Transurban Group is involved in the operation of the Melbourne City Link and the

Hills Motorway M2 toll roads. The Group is also involved in developing andoperatings electronic toll systems.





Average Volume 5 Day 5'549'068TCL AT EQUITY YTD Change - Average Volume 30 Day 6'211'954TCL AT EQUITY YTD % CHANGE - Average Volume 3 Month 8'604'405


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y 03/11 Q3 06/11 Q4506.9 764.9 834.0 817.2 1'036.5 - - 899.8 970.7 - -24.39x 11.62x 11.42x 11.82x 11.24x - - 13.79x 12.91x - -336.5 406.7 504.9 527.5 603.9 - - 663.9 740.8 - -36.75x 21.84x 18.87x 18.31x 19.30x - - 17.66x 15.82x - -(152.4) (109.7) (24.6) 59.4 112.5 - - 102.9 148.9 - -

- - - 92.17x 67.05x - - 66.46x 48.17x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Transurban GroupPrice/Volume

Valuation Analysis


'

-

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0

1

2

3

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCP2 LTD n/a EXCH 187'139'384 12.98 (180'712) 26.05.2010 Investment AdvisorCANADA PENSION PLAN n/a EXCH 182'552'346 12.67 - 17.06.2010 Pension Fund (ERISA)NATIONAL AUSTRALIA B n/a EXCH 73'171'925 5.08 - 21.07.2010 BankBLACKROCK INVESTMENT n/a EXCH 70'391'790 4.88 (703'791) 14.07.2010 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 55'231'216 3.83 - 23.06.2008 BankONTARIO TEACHERS PEN n/a EXCH 20'270'964 1.41 (136'500'189) 21.05.2010 Pension Fund (ERISA)BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 16'083'801 1.12 - 04.02.2011 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 14'877'000 1.03 5'056'000 30.06.2010 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 12'338'279 0.86 4'400'229 30.06.2010 Hedge Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 10'580'783 0.73 229'496 31.12.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'384'553 0.58 1'000'714 04.02.2011 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 7'869'334 0.55 - 30.09.2010 Pension Fund (ERISA)VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 7'268'560 0.5 234'645 31.12.2010 Mutual Fund ManagerCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 5'861'749 0.41 1'987'998 30.09.2010 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 5'051'424 0.35 - 30.11.2010 Investment AdvisorGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 2'420'143 0.17 (364'601) 30.09.2010 Mutual Fund ManagerMACQUARIE INFRASTRUC Multiple Portfolios MF-AGG 2'416'418 0.17 (280'127) 30.11.2009 Investment AdvisorEDWARDS KIMBERLEY n/a EXCH 2'022'500 0.14 (11'000) 07.11.2007 n/aMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'918'992 0.13 1'836'492 30.09.2010 Mutual Fund ManagerFIRST TRUST ADVISORS Multiple Portfolios MF-AGG 1'698'535 0.12 (96'696) 31.08.2010 Investment Advisor


Deutsche Bank CAMERON MCDONALD hold 3 M 5 12 month 08.02.2011Commonwealth Bank PAUL JOHNSTON buy 5 M 6 12 month 31.01.2011Macquarie IAN MYLES neutral 3 M 5 12 month 28.01.2011CLSA Asia Pacific Markets SCOTT RYALL outperform 5 N 6 Not Provided 28.01.2011Morgan Stanley SCOTT KELLY Overwt/In-Line 5 M 6 12 month 13.01.2011UBS XU HAN buy 5 M 6 12 month 13.01.2011JPMorgan KIRSTY MACKAY-FISHER neutral 3 M 6 12 month 13.01.2011Evans & Partners Pty Ltd TONY WILSON Positive 4 M #N/A N/A Not Provided 13.01.2011Goldman Sachs & Partners Australia JONATHAN COLLETT hold 3 M 6 Not Provided 08.12.2010Austock Securities ANDREW CHAMBERS buy 5 M 7 Not Provided 25.11.2010Citi MARIE MIYASHIRO hold 3 D 5 Not Provided 12.10.2010RBS LUKE MACNAB buy 5 M 6 12 month 12.08.2010Cormark Securities Inc. DAVID MCFADGEN market perform 3 M 9 Not Provided 09.02.2009

Holdings By:

Transurban Group ee


19.09.2011

UGL Limited is a diversified engineering, construction and maintenance company.

The Company's operations include railway manufacturing, maintenance andengineering along with providing design, construction, operating and maintenanceservices in the mining, commercial property, water services, defenseandpetrochemicals industries.





Average Volume 5 Day 870'545UGL AT EQUITY YTD Change - Average Volume 30 Day 862'101UGL AT EQUITY YTD % CHANGE - Average Volume 3 Month 777'883


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y 03/11 Q3 06/11 Q42'549.7 3'478.2 4'754.4 4'186.9 4'285.1 - - 4'552.0 4'875.6 - -

1.00x 0.66x 0.43x 0.59x 0.57x - - 0.47x 0.43x - -180.8 226.5 265.6 274.4 295.5 - - 314.6 339.9 - -14.15x 10.10x 7.63x 8.96x 8.31x - - 6.97x 6.46x - -

92.7 131.1 142.5 144.5 158.5 - - 176.5 194.1 - -24.56x 15.05x 11.88x 15.45x 14.53x - - 11.52x 10.50x - -




Fiscal Year Ended

UGL LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

M -' d -' 8 -' d -' a -' a -' 8 -' m -' j -' f -' 9 -' a -- M --!' 7!. 7!1 7!3 7!5 7-!' 7-!. 7-!1 7-!3 7-!5 7.!' 7

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCALEDONIA INVESTMENT n/a Co File 15'037'447 9.06 - 10.08.2010 Investment AdvisorNATIONAL AUSTRALIA B n/a EXCH 8'597'619 5.18 - 10.12.2010 BankWESTPAC BANKING CORP n/a EXCH 8'325'057 5.01 (1'680'674) 02.02.2011 BankINVESCO AUSTRALIA LT n/a EXCH 7'372'425 4.44 (980'008) 26.10.2010 Investment AdvisorCOLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 3'877'425 2.34 (14'000) 30.11.2010 Investment AdvisorLEUPEN RICHARD A n/a EXCH 3'084'593 1.86 333'443 18.08.2010 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 843'249 0.51 43'354 31.12.2010 Mutual Fund ManagerBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 543'872 0.33 - 04.02.2011 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 531'344 0.32 - 30.09.2010 Investment AdvisorLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 481'450 0.29 42'272 30.12.2010 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 456'951 0.28 - 30.11.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 423'219 0.25 - 04.02.2011 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 400'000 0.24 - 30.09.2010 Mutual Fund ManagerBIRMAN JONE n/a Co File 323'012 0.19 - 30.06.2010 n/aSCHRODER INVESTMENT Multiple Portfolios MF-AGG 288'029 0.17 58'832 30.06.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 259'491 0.16 - 07.02.2011 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 176'508 0.11 - 04.02.2011 Investment AdvisorHUMPHRY RICHARD GEOR n/a EXCH 173'762 0.1 216 17.01.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 151'000 0.09 4'422 31.12.2010 Investment AdvisorEMERGING LEADERS INV n/a EXCH 132'600 0.08 - 30.06.2009 Unclassified


Deutsche Bank CRAIG WONGPAN hold 3 M 14 12 month 07.02.2011Goldman Sachs & Partners Australia CHRIS SAVAGE buy 5 M 19 Not Provided 07.02.2011LINWAR Securities STUART TURNER underperform 1 M 15 12 month 14.01.2011RBS ANDREW HODGE hold 3 M 15 12 month 05.01.2011JPMorgan ALISTAIR REID neutral 3 M 15 6 month 22.12.2010Macquarie JOHN PURTELL neutral 3 M 15 12 month 16.12.2010Paterson Securities GRAEME CARSON buy 5 M 17 12 month 01.12.2010Commonwealth Bank BEN BROWNETTE buy 5 M 17 12 month 30.11.2010Austock Securities HEATH ANDREWS sell 1 D 14 Not Provided 24.11.2010Credit Suisse CHRIS COUNIHAN outperform 5 M 16 Not Provided 28.10.2010Nomura SIMON THACKRAY buy 5 N 17 Not Provided 17.09.2010E.L. & C. Baillieu GAVIN DUFFY sell 1 N 13 12 month 18.08.2010Citi GUY ROBINSON hold 3 M 15 Not Provided 17.08.2010

Holdings By:

UGL Ltd ee


19.09.2011

Wesfarmers Ltd. owns retail chains, operates mines, writes insurance,

manufactures and distributes industrial products, manufactures fertilizers andchemicals, and distributes liquefied petroleum gas and medical and industrialgases.





Average Volume 5 Day 3'851'127WES AT EQUITY YTD Change - Average Volume 30 Day 4'254'207WES AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'683'150


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -9'666.4 33'301.0 50'641.0 51'485.0 54'513.0 - - 58'207.8 61'639.3 - -

2.26x 1.36x 0.51x 0.70x 0.72x - - 0.70x 0.67x - -1'454.4 2'714.0 3'854.0 3'474.0 3'778.0 - - 5'003.6 5'427.0 - -

15.01x 16.73x 6.70x 10.30x 10.40x - - 7.55x 6.96x - -786.3 1'063.0 1'535.0 1'565.0 1'922.0 - - 2'500.9 2'703.6 - -21.72x 21.41x 14.16x 21.11x 19.11x - - 14.21x 13.11x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Wesfarmers LtdPrice/Volume

Valuation Analysis


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2

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-2

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a Co File 51'766'352 5.15 - 16.09.2010 BankBARCLAYS PLC n/a EXCH 41'790'093 4.16 (11'159'934) 20.08.2009 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 41'671'426 4.15 6'197'572 30.09.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 10'036'285 1 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8'061'969 0.8 59'471 31.12.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 6'166'000 0.61 - 30.06.2010 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 6'090'205 0.61 244'374 31.08.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 5'405'354 0.54 166'726 31.12.2010 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4'245'088 0.42 58'339 31.12.2010 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 4'000'000 0.4 - 30.09.2010 Pension Fund (ERISA)FIDELITY INTERNATION Multiple Portfolios MF-AGG 3'265'932 0.32 (313'164) 30.06.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'974'721 0.3 (105'307) 31.12.2010 Mutual Fund ManagerDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 1'395'700 0.14 158'700 26.07.2010 Investment AdvisorSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1'353'485 0.13 99'667 29.10.2010 Mutual Fund ManagerFIRST STATE INVESTME Multiple Portfolios MF-AGG 1'299'667 0.13 355'229 30.09.2010 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'122'000 0.11 557'100 30.09.2010 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 960'189 0.1 731'661 30.09.2010 Investment AdvisorGRAHAM JAMES PHILIP n/a Co File 937'094 0.09 - 16.09.2010 n/aDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 852'467 0.08 (64'431) 31.12.2010 Investment AdvisorGOYDER RICHARD J B n/a Co File 770'193 0.08 - 16.09.2010 n/a


Deutsche Bank EMILY BEHNCKE buy 5 M 42 12 month 07.02.2011Credit Suisse GRANT SALIGARI outperform 5 M 40 Not Provided 04.02.2011Nomura DAVID COOKE buy 5 M 39 Not Provided 02.02.2011Morgan Stanley THOMAS KIERATH Underwt/In-Line 1 M 33 12 month 31.01.2011UBS BEN GILBERT neutral 3 M 31 12 month 31.01.2011JPMorgan SHAUN COUSINS overweight 5 M 34 12 month 31.01.2011Macquarie GREG DRING neutral 3 M 33 12 month 31.01.2011Goldman Sachs & Partners Australia PHILLIP KIMBER buy 5 M 42 Not Provided 31.01.2011Commonwealth Bank ANDREW MCLENNAN hold 3 M 35 12 month 31.01.2011Paterson Securities RUSSELL WRIGHT hold 3 M 31 12 month 31.01.2011Citi CRAIG WOOLFORD hold 3 M 32 Not Provided 14.01.2011RBS DANIEL BROEREN hold 3 D 33 12 month 12.01.2011Evans & Partners Pty Ltd TONY WILSON Positive 4 U #N/A N/A Not Provided 09.01.2011CLSA Asia Pacific Markets JAMES PATERSON outperform 5 N 33 Not Provided 28.05.2010

Holdings By:

Wesfarmers Ltd ee


19.09.2011

West Australian Newspapers Holdings Ltd. is the holding company for various

companies that write, publish and sell regional newspapers. The Company is alsoinvolved in the cinema exhibition, cinema advertising and film distribution.


-52-Week High % Change - Dividend Yield -52-Week Low % Change - Beta -% 52 Week Price Range High/Low - Equity Float -

Shares Out #N/A N/A 214.2 Short Int -- 1 Yr Total Return -

Total Debt 261.00 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 0.0 Analyst Recs 16Cash and Equivalents 12.07 Consensus Rating 3.750Enterprise Value -

Average Volume 5 Day -WAN AT EQUITY YTD Change - Average Volume 30 Day -WAN AT EQUITY YTD % CHANGE - Average Volume 3 Month -


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 03/yy 09/yy 06/12 Y 06/13 Y 09/11 Q1 12/11 Q2446.1 469.9 417.6 408.2 725.7 665.3 302.1 1'983.1 2'042.5 - -7.40x 4.18x 2.92x 4.04x - 0.00x 0.00x - - - -

186.9 209.6 172.3 169.7 - 0.0 0.0 600.3 612.9 - -17.66x 9.36x 7.07x 9.72x - 0.00x 0.00x - - - -

54.0 109.9 87.2 96.2 115.1 195.5 68.4 278.1 292.4 - -- - - - - 0.00x 0.00x - - - -




Fiscal Year Ended

Seven West Media LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSEVEN NETWORK LTD n/a EXCH 53'424'268 24.32 - 17.11.2010 CorporationBLACKROCK INVESTMENT n/a EXCH 12'848'711 5.85 - 30.03.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 8'046'000 3.66 - 30.06.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'303'645 1.05 146'206 31.12.2010 Mutual Fund ManagerUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'081'146 0.95 - 31.12.2010 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 860'177 0.39 2'662 31.12.2010 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 363'726 0.17 272 04.02.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 269'624 0.12 - 31.12.2010 Investment AdvisorSTOKES KERRY MATTHEW n/a EXCH 249'584 0.11 2'462 17.11.2010 n/aGARVEN THOMAS L n/a Co File 197'559 0.09 - 30.06.2009 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 100'028 0.05 14'178 31.12.2010 Investment AdvisorMANSELL PETER JOHN n/a Co File 57'921 0.03 - 03.12.2008 n/aSMARTSHARES LIMITED Multiple Portfolios MF-AGG 57'147 0.03 1'698 31.03.2010 Investment AdvisorAQR CAPITAL MANAGEME Multiple Portfolios MF-AGG 56'714 0.03 - 31.08.2010 Hedge Fund ManagerJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 49'061 0.02 28'344 31.12.2009 Mutual Fund ManagerFRAUNSCHIEL ERICH n/a Co File 45'520 0.02 - 05.11.2008 n/aLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 37'075 0.02 943 30.04.2010 Investment AdvisorSTEINKE KENNETH NOEL n/a Co File 36'000 0.02 - 11.12.2008 n/aWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 35'552 0.02 - 30.11.2010 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 32'199 0.01 10'335 30.06.2010 Insurance Company


UBS LAUREN MORAN neutral 3 M 6 12 month 07.02.2011Credit Suisse JOLANTA MASOJADA neutral 3 M 8 Not Provided 01.02.2011JPMorgan LAURENT HORRUT overweight 5 M 8 12 month 01.02.2011Commonwealth Bank ALICE BENNETT buy 5 U 8 12 month 27.01.2011Goldman Sachs & Partners Australia CHRISTIAN GUERRA buy 5 M 8 Not Provided 25.01.2011Deutsche Bank ANDREW ANAGNOSTELLIS hold 3 M 7 12 month 21.01.2011RBS FRASER MCLEISH hold 3 M 7 12 month 20.01.2011Morgan Stanley ANDREW MCLEOD Underwt/Cautious 1 M 7 12 month 19.01.2011Macquarie ALEX POLLAK neutral 3 M 7 12 month 10.12.2010Hartleys TRENT BARNETT hold 3 D 7 12 month 18.11.2010BBY Limited MARK MCDONNELL hold 3 M 6 12 month 18.11.2010Southern Cross DANIEL BLAIR buy 5 M 8 12 month 17.11.2010CLSA Asia Pacific Markets DIGBY GILMOUR underperform 1 D 6 Not Provided 17.11.2010Evans & Partners Pty Ltd TONY WILSON negative 2 M #N/A N/A Not Provided 23.08.2010Citi JUSTIN DIDDAMS hold 3 M 7 Not Provided 04.08.2010

Holdings By:

Seven West Media Ltd ee


19.09.2011

Westfield Group is a property trust that invests in, leases and manages over

retail shopping centers in Australia, New Zealand, the United States and theUnited Kingdom. The Group's operations also include funds and asset managementand property development and construction.





Average Volume 5 Day 11'716'470WDC AT EQUITY YTD Change - Average Volume 30 Day 11'400'120WDC AT EQUITY YTD % CHANGE - Average Volume 3 Month 10'585'850


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -3'804.1 4'194.1 4'398.7 4'131.9 3'638.1 - - 2'358.9 2'621.1 - -

15.13x 13.11x 10.51x 10.89x 9.86x - - 13.36x 11.78x - -2'347.1 2'174.1 2'278.6 2'441.0 2'296.6 - - 2'012.5 2'287.8 - -

24.52x 25.29x 20.29x 18.43x 15.62x - - 15.79x 13.89x - -5'583.1 3'437.2 (2'196.6) (457.8) 1'114.0 - - 1'475.5 1'569.4 - -

6.60x 11.36x - - 19.80x - - 11.79x 10.92x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Westfield GroupPrice/Volume

Valuation Analysis


'

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1

3

5

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWESTFIELD C FUND PTY n/a Co File 179'598'386 7.78 - 15.03.2010 UnclassifiedBLACKROCK INVESTMENT n/a Co File 147'243'880 6.38 - 31.12.2009 Investment AdvisorING GROEP NV n/a EXCH 117'485'239 5.09 - 19.03.2010 Investment AdvisorVANGUARD GROUP INC n/a Co File 117'007'468 5.07 - 31.12.2009 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 115'632'844 5.01 644'700 12.11.2010 BankVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 84'318'929 3.65 391'362 31.12.2010 Mutual Fund ManagerCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 50'319'947 2.18 5'519'178 03.02.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 38'089'041 1.65 37'156'508 31.12.2010 Mutual Fund ManagerAMP LTD n/a Co File 34'122'349 1.48 - 31.12.2009 Insurance CompanyBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 24'172'251 1.05 - 04.02.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 23'846'754 1.03 (403'379) 31.12.2010 Investment AdvisorING CLARION REAL EST Multiple Portfolios MF-AGG 18'904'001 0.82 (1'874'284) 31.12.2010 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 18'346'291 0.79 (6'659'260) 22.06.2010 Investment AdvisorQUEENSLAND INVESTMEN n/a Co File 18'254'663 0.79 - 22.09.2010 Investment AdvisorMORGAN STANLEY & CO Multiple Portfolios MF-AGG 18'153'680 0.79 297'409 30.09.2010 Investment AdvisorFRANLEY HOLDINGS PTY n/a Co File 16'975'434 0.74 - 31.12.2009 n/aLASALLE INVESTMENT M Multiple Portfolios MF-AGG 16'970'292 0.73 (343'499) 23.08.2010 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 16'124'779 0.7 588'235 30.09.2010 Investment AdvisorLOWY FRANK P n/a Co File 14'107'391 0.61 - 31.12.2009 n/aCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 13'312'702 0.58 80'580 09.08.2010 Investment Advisor


Deutsche Bank MATTHEW BERTRAM buy 5 M 11 12 month 07.02.2011Macquarie PAUL CHECCHIN neutral 3 M 10 12 month 03.02.2011UBS GRANT MCCASKER neutral 3 M 10 12 month 28.01.2011Credit Suisse STEPHEN RICH underperform 1 M 10 Not Provided 19.01.2011JPMorgan ROB STANTON neutral 3 D 11 12 month 18.01.2011Morgan Stanley LOURENS PIRENC Underwt/In-Line 1 M 10 12 month 16.01.2011Commonwealth Bank DAVID LLOYD hold 3 M 10 12 month 10.01.2011Citi DAVID BURGESS hold 3 M 11 Not Provided 15.12.2010Goldman Sachs & Partners Australia SIMON WHEATLEY sell 1 M 9 Not Provided 14.12.2010CLSA Asia Pacific Markets JOHN P KIM buy 5 M 11 Not Provided 14.12.2010Keefe, Bruyette & Woods BENJAMIN YANG outperform 5 M 9 12 month 10.12.2010

Holdings By:

Westfield Group ee


19.09.2011

Westfield Retail Trust is a real estate investment trust. The trust owns and

manages a portfolio of shopping malls in Australia and New Zealand.


2.4652-Week High % Change -10.55% Dividend Yield -52-Week Low % Change 12.84% Beta -% 52 Week Price Range High/Low 56.14% Equity Float 2'656.65

Shares Out 30.06.2011 3'054.2 Short Int 48.747'513.25 1 Yr Total Return -

Total Debt - YTD Return -0.62%Preferred Stock - Adjusted BETA -Minority Interest - Analyst Recs 12Cash and Equivalents - Consensus Rating 4.833Enterprise Value 9'558.35

Average Volume 5 Day 17'706'340WRT AT EQUITY YTD Change - Average Volume 30 Day 18'697'410WRT AT EQUITY YTD % CHANGE - Average Volume 3 Month 14'059'390


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -- 371.2 379.3 374.6 374.6 - - 766.5 821.8 - -- - - - - - - 13.08x 12.64x - -- 271.3 269.6 276.0 276.0 - - 708.5 760.5 - -- - - - - - - 13.49x 12.57x - -- 569.6 610.3 645.5 645.5 - - 561.3 573.7 - -- - - - - - - 13.52x 13.09x - -

EBITDA 276.00 Long-Term Rating Date 03.04.2011EBIT 276.00 Long-Term Rating A+Operating Margin 73.68% Long-Term Outlook STABLEPretax Margin 177.79% Short-Term Rating Date 11.04.2011Return on Assets - Short-Term Rating A-1Return on Common Equity -Return on Capital - EBITDA/Interest Exp. -Asset Turnover - (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin 73.7%EBIT Margin - Total Debt/Equity -Net Income Margin 172.3% Total Debt/Capital -

Asset Turnover -Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets - Inventory Days -Tot Debt to Common Equity - Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Westfield Retail TrustPrice/Volume

Valuation Analysis


'

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5'!' 7

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50.0

100.0

150.0

200.0

250.0

300.0

350.0

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeING GROEP NV n/a EXCH 223'753'285 7.33 - 04.01.2011 Investment AdvisorLOWY FRANK P n/a Co File 179'598'386 5.88 - 13.12.2010 n/aVANGUARD GROUP INC n/a EXCH 176'041'877 5.76 - 23.12.2010 Investment AdvisorBLACKROCK GROUP n/a EXCH 159'493'747 5.22 - 21.12.2010 Investment AdvisorCORDERA HOLDINGS PTY n/a EXCH 154'004'347 5.04 - 12.08.2010 n/aCOMMONWEALTH BANK OF n/a EXCH 148'528'926 4.86 (5'872'215) 06.01.2011 BankVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 111'907'852 3.66 14'290'462 31.12.2010 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 55'135'394 1.81 55'121'257 31.12.2010 Mutual Fund ManagerFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 53'406'123 1.75 53'406'123 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 31'452'680 1.03 - 04.02.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 28'676'017 0.94 23'075'328 31.12.2010 Investment AdvisorFRANLEY HOLDINGS PTY n/a EXCH 20'988'539 0.69 - 12.08.2010 n/aSTATE STREET CORP Multiple Portfolios MF-AGG 18'244'910 0.6 - 04.02.2011 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 10'185'631 0.33 53'823 04.02.2011 Investment AdvisorING CLARION REAL EST Multiple Portfolios MF-AGG 8'119'662 0.27 8'119'662 31.12.2010 Investment AdvisorPERPETUAL SUPERANNUA n/a EXCH 5'860'243 0.19 - 12.08.2010 n/aDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'486'437 0.15 4'486'437 31.12.2010 Investment AdvisorDAVID HILLEL LOWY n/a EXCH 4'175'515 0.14 - 12.08.2010 n/aPALMERSTON PTY LTD n/a EXCH 4'139'274 0.14 - 12.08.2010 n/aLOWY FOUNDATION PTY n/a EXCH 3'523'759 0.12 - 12.08.2010 n/a


Deutsche Bank MATTHEW BERTRAM buy 5 M 3 12 month 07.02.2011Macquarie PAUL CHECCHIN outperform 5 M 3 12 month 07.02.2011Goldman Sachs & Partners Australia SIMON WHEATLEY buy 5 M 3 Not Provided 04.02.2011Paterson Securities JONATHAN KRISKA hold 3 M 3 12 month 01.02.2011Citi DAVID BURGESS buy 5 N 3 Not Provided 21.01.2011Morgan Stanley LOURENS PIRENC Overwt/In-Line 5 N 3 12 month 17.01.2011Credit Suisse STEPHEN RICH neutral 3 N 3 Not Provided 17.01.2011UBS GRANT MCCASKER buy 5 N 3 12 month 17.01.2011JPMorgan ROB STANTON underweight 1 N 3 12 month 17.01.2011Commonwealth Bank DAVID LLOYD hold 3 N 3 12 month 14.01.2011CLSA Asia Pacific Markets JOHN P KIM buy 5 M 3 Not Provided 11.01.2011

Holdings By:

Westfield Retail Trust ee


19.09.2011

Westpac Banking Corporation offers general and savings banking, including

lending, deposit taking and payment services. Westpac also provides investmentportfolio management and advice, unit trust and superannuation fund management,nominee and custodian facilities, insurance services, consumer finance, leasing,general finance, foreign exchange dealing and money market services.




Total Debt 173'716.00 YTD Return -9.22%Preferred Stock 0.0 Adjusted BETA 1.210Minority Interest 1'929.0 Analyst Recs 17Cash and Equivalents 18'374.00 Consensus Rating 3.529Enterprise Value 228'001.40

Average Volume 5 Day 12'578'830WBC AT EQUITY YTD Change - Average Volume 30 Day 12'600'900WBC AT EQUITY YTD % CHANGE - Average Volume 3 Month 11'388'580


30.09.2006 30.09.2007 30.09.2008 30.09.2009 30.09.2010 01/yy 01/yy 09/11 Y 09/12 Y - -23'296.0 25'933.0 33'007.0 35'313.0 39'173.0 - - 17'187.2 18'000.8 - -

4.87x 4.62x 4.64x 6.21x 5.79x - - - - - -- - - - - - - 9'331.0 9'864.7 - -- - - - - - - 24.43x 23.11x - -

3'071.0 3'451.0 3'859.0 3'446.0 6'346.0 - - 6'500.1 6'581.8 - -13.58x 15.25x 10.43x 20.95x 10.85x - - 9.23x 9.10x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Westpac Banking CorpPrice/Volume

Valuation Analysis


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK GROUP n/a EXCH 145'733'025 4.84 (13'600'712) 18.05.2010 Investment AdvisorWESTPAC BANKING CORP n/a EXCH 63'181'494 2.1 - 03.02.2011 BankBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 29'153'566 0.97 - 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 24'727'866 0.82 200'151 31.12.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18'236'000 0.61 - 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 15'275'877 0.51 517'545 31.12.2010 Mutual Fund ManagerCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 10'176'077 0.34 (4'185'444) 30.09.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 7'102'137 0.24 124'345 31.12.2010 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'396'090 0.11 3'396'090 31.12.2010 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 3'024'909 0.1 38'109 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'563'335 0.09 26'854 31.12.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 2'444'217 0.08 (375'174) 30.06.2010 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 2'304'140 0.08 (23'710) 31.12.2010 Investment AdvisorDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 2'168'600 0.07 983'600 08.07.2010 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 1'902'927 0.06 18'389 15.04.2010 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'869'698 0.06 3'169 27.01.2011 Mutual Fund ManagerUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 1'845'787 0.06 1'121'711 29.10.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'836'111 0.06 (330'269) 30.06.2010 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 1'807'063 0.06 287 30.04.2010 Investment AdvisorFORTIS INVESTMENTS Multiple Portfolios MF-AGG 1'771'740 0.06 (4'423) 30.09.2010 Mutual Fund Manager


Morgan Stanley RICHARD E WILES Equalwt/Cautious 3 M 23 12 month 07.02.2011Nomura VICTOR GERMAN buy 5 M 26 Not Provided 07.02.2011Goldman Sachs & Partners Australia BENJAMIN KOO hold 3 M 28 Not Provided 04.02.2011JPMorgan SCOTT MANNING underweight 1 D 25 12 month 02.02.2011RBS ANDREW LYONS hold 3 M 23 12 month 19.01.2011Macquarie CRAIG TURTON neutral 3 M 24 12 month 19.01.2011Credit Suisse JARROD MARTIN neutral 3 M 25 Not Provided 11.01.2011BBY Limited BRETT LE MESURIER hold 3 D 25 12 month 13.12.2010Citi CRAIG WILLIAMS hold 3 M 23 Not Provided 03.12.2010Southern Cross TS LIM accumulate 4 M 24 12 month 02.12.2010CLSA Asia Pacific Markets BRIAN D JOHNSON outperform 5 M 22 Not Provided 24.11.2010Deutsche Bank JAMES FREEMAN hold 3 M 25 12 month 03.11.2010UBS JONATHAN MOTT neutral 3 M 24 12 month 03.11.2010Commonwealth Bank BEN ZUCKER hold 3 D 25 12 month 03.11.2010Daiwa Securities Capital Markets Co. JOHAN VANDERLUGT outperform 5 M 26 Not Provided 26.10.2010

Holdings By:

Westpac Banking Corp ee


19.09.2011

Woodside Petroleum Limited explores for and produces oil and gas from offshore

and onshore facilities located in Western Australia and Northern Territory. TheCompany operates numerous oil and gas fields and pipelines throughout Australia,United States and Mauritania and its products include liquefied natural gas,domestic gas, condensate, crude oil and liquefied petroleum gas.





Average Volume 5 Day 3'797'633WPL AT EQUITY YTD Change - Average Volume 30 Day 4'231'730WPL AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'735'822


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y 09/10 Q3 12/10 Q42'619.0 3'221.5 5'103.3 3'487.0 4'193.0 - - 4'509.9 6'314.3 - -

7.74x 9.26x 4.79x 10.30x 9.22x - - 7.44x 5.24x - -1'888.6 2'295.6 3'797.2 2'470.0 2'887.0 - - 3'113.7 4'714.5 - -

10.74x 13.00x 6.43x 14.54x 13.39x - - 10.31x 6.81x - -1'075.3 863.9 1'521.6 1'474.0 1'575.0 - - 1'664.9 2'298.3 - -

18.41x 26.66x 14.06x 20.18x 21.34x - - 16.50x 12.67x - -

EBITDA 2'887.00 Long-Term Rating Date 03.12.2010EBIT 2'105.00 Long-Term Rating BBB+Operating Margin 50.20% Long-Term Outlook NEGPretax Margin 54.23% Short-Term Rating Date 25.04.2001Return on Assets 8.30% Short-Term Rating NRReturn on Common Equity 15.83%Return on Capital 10.24% EBITDA/Interest Exp. -Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -



Fiscal Year Ended

Woodside Petroleum LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSHELL ENERGY HOLDING n/a EXCH 190'119'364 24.27 (38'336'911) 09.11.2010 CorporationUBS AG n/a EXCH 24'591'771 3.14 - 08.11.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 18'309'957 2.34 (2'687'417) 30.09.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7'634'605 0.97 78'292 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 6'303'840 0.8 - 03.02.2011 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'923'073 0.63 75'941 31.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'023'488 0.39 483'314 31.12.2010 Mutual Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 2'610'000 0.33 - 30.06.2010 Investment AdvisorSTATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 2'580'656 0.33 198'512 30.06.2010 Insurance CompanyBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'519'520 0.19 183'841 04.02.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'480'810 0.19 39'337 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'024'626 0.13 (27'468) 31.12.2010 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 885'281 0.11 3'043 07.02.2011 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 645'115 0.08 164'212 30.09.2010 Investment AdvisorMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 516'222 0.07 - 31.12.2010 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 513'826 0.07 55'884 31.12.2010 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 500'000 0.06 (150'000) 30.06.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 469'767 0.06 22'843 30.06.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 464'523 0.06 (2'639) 31.12.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 462'349 0.06 (59'800) 30.06.2010 Investment Advisor


Morgan Stanley STUART BAKER Equalwt/Attractive 3 D 43 12 month 03.02.2011Deutsche Bank JOHN HIRJEE buy 5 M 53 12 month 01.02.2011Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 53 12 month 28.01.2011Credit Suisse SANDRA MCCULLAGH neutral 3 M 48 Not Provided 22.01.2011UBS GORDON RAMSAY buy 5 M 54 12 month 21.01.2011JPMorgan BENJAMIN X. WILSON underweight 1 M 42 12 month 21.01.2011Citi MARK GREENWOOD sell 1 M 40 Not Provided 21.01.2011Macquarie ADRIAN WOOD neutral 3 M 47 12 month 21.01.2011Goldman Sachs & Partners Australia AIDEN BRADLEY hold 3 M 51 Not Provided 21.01.2011Commonwealth Bank ANDREW HINES buy 5 M 54 12 month 21.01.2011E.L. & C. Baillieu RAY CHANTRY hold 3 M 45 12 month 21.01.2011Nomura XAVIER MIELES GRUNAUER buy 5 M 56 Not Provided 18.01.2011Shaw Stockbroking SIMON OATEN hold 3 U #N/A N/A Not Provided 14.12.2010Daiwa Securities Capital Markets Co. DAVID BRENNAN outperform 5 M 45 Not Provided 03.12.2010Southern Cross JOHAN HEDSTROM buy 5 M 51 12 month 01.12.2010RBS JASON MABEE hold 3 M 43 12 month 30.11.2010CLSA Asia Pacific Markets DI M BROOKMAN underperform 1 M 43 Not Provided 30.11.2010Intersuisse Ltd NICK WIRUBOV buy 5 N 51 Not Provided 10.11.2010Hartleys DAVID WALL buy 5 M 57 12 month 24.02.2010

Holdings By:

Woodside Petroleum Ltd ee


19.09.2011

Woolworths Limited operates supermarkets, specialty and discount department

stores, liquor and electronics stores throughout Australia. Woolworths alsomanufactures processed foods, exports and wholesales food and offers petrolretailing. The Company also operates hotels which includes pubs, food,accommodation, and gaming operations.





Average Volume 5 Day 5'555'844WOW AT EQUITY YTD Change - Average Volume 30 Day 4'912'372WOW AT EQUITY YTD % CHANGE - Average Volume 3 Month 3'991'284


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -42'477.1 47'034.8 49'594.8 51'694.3 54'142.9 - - 57'095.2 60'776.0 - -

0.82x 0.68x 0.70x 0.71x 0.68x - - 0.59x 0.55x - -2'686.9 3'108.0 3'517.5 3'845.7 4'051.1 - - 4'348.8 4'736.5 - -

12.99x 10.25x 9.88x 9.54x 9.07x - - 7.68x 7.05x - -1'294.0 1'626.8 1'835.7 2'020.8 2'124.0 - - 2'215.6 2'410.6 - -

24.82x 18.13x 17.49x 16.71x 15.60x - - 13.46x 12.36x - -




Fiscal Year Ended

Woolworths LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a EXCH 62'952'604 5.19 (479'155) 22.03.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 15'707'540 1.3 (29'025) 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 11'970'102 0.99 - 03.02.2011 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 6'699'109 0.55 - 30.09.2010 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 6'670'870 0.55 385'820 31.12.2010 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 6'204'000 0.51 - 30.06.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6'180'712 0.51 115'994 31.12.2010 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'092'181 0.25 (6'390) 31.12.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'783'771 0.23 (196'783) 30.06.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 2'497'496 0.21 88'583 30.06.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'294'608 0.19 (54'715) 31.12.2010 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 2'214'648 0.18 (57'602) 07.02.2011 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 2'028'631 0.17 109'253 15.04.2010 Investment AdvisorDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 1'937'200 0.16 1'937'200 08.07.2010 Investment AdvisorMIRAE ASSET INVESTME Multiple Portfolios MF-AGG 1'365'091 0.11 157'459 30.09.2010 Investment AdvisorPHOENIX INVESTMENT C Multiple Portfolios MF-AGG 1'272'123 0.1 (66'900) 30.09.2010 Insurance CompanySJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'259'099 0.1 2'068 30.09.2010 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'115'331 0.09 195'224 31.10.2010 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 930'736 0.08 37'825 30.09.2010 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 832'313 0.07 (1'167) 31.12.2010 Investment Advisor


Credit Suisse GRANT SALIGARI outperform 5 M 34 Not Provided 04.02.2011Deutsche Bank ALEXI BAKER-MCLENNAN hold 3 M 30 12 month 03.02.2011Nomura DAVID COOKE neutral 3 M 30 Not Provided 02.02.2011Macquarie GREG DRING outperform 5 M 32 12 month 25.01.2011UBS BEN GILBERT buy 5 U 30 12 month 24.01.2011JPMorgan SHAUN COUSINS overweight 5 M 29 12 month 24.01.2011Goldman Sachs & Partners Australia PHILLIP KIMBER hold 3 M 32 Not Provided 24.01.2011Commonwealth Bank ANDREW MCLENNAN hold 3 M 30 12 month 24.01.2011Paterson Securities RUSSELL WRIGHT hold 3 M 27 12 month 24.01.2011RBS DANIEL BROEREN hold 3 M 29 12 month 12.01.2011Morgan Stanley THOMAS KIERATH Overwt/In-Line 5 M 32 12 month 11.01.2011Citi CRAIG WOOLFORD buy 5 M 32 Not Provided 15.10.2010Evans & Partners Pty Ltd TONY WILSON Positive 4 M #N/A N/A Not Provided 23.08.2010CLSA Asia Pacific Markets JAMES PATERSON outperform 5 N 30 Not Provided 28.05.2010

Holdings By:

Woolworths Ltd ee


19.09.2011

WorleyParsons Limited provides professional services through alliance and

integrated service contracts to the energy, resource and complex processindustries. The Company provides its services to industrial sectors such as oiland gas refining, petrochemicals and chemicals, minerals and metals, power andwater and industrial and infrastructure.





Average Volume 5 Day 1'228'475WOR AT EQUITY YTD Change - Average Volume 30 Day 1'372'597WOR AT EQUITY YTD % CHANGE - Average Volume 3 Month 1'292'622


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -3'467.8 4'607.1 5'794.7 5'059.7 5'605.1 - - 6'375.3 7'114.0 - -






Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

WorleyParsons LtdPrice/Volume

Valuation Analysis


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19.09.2011

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWILACI PTY LTD n/a EXCH 16'891'039 7.02 - 30.09.2010 n/aLUJETA PTY LTD n/a EXCH 10'869'615 4.52 (12'430'385) 28.10.2008 CorporationGRILL JOHN n/a EXCH 3'889'641 1.62 15'973 30.09.2010 n/aT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'726'043 1.55 71'919 31.12.2010 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'533'853 1.05 122'106 04.02.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'076'693 0.86 2'640 04.02.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'628'949 0.68 28'737 31.12.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1'552'614 0.65 53'475 07.02.2011 Investment AdvisorHAJU PTY LTD n/a EXCH 1'500'000 0.62 - 30.09.2010 n/aJUHA PTY LTD n/a EXCH 1'500'000 0.62 - 30.09.2010 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'402'131 0.58 96'082 31.12.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 1'358'883 0.57 227'341 30.06.2010 Investment AdvisorBENKE LARRY MAX n/a EXCH 1'180'195 0.49 2'720 30.09.2010 n/aAXA Multiple Portfolios MF-AGG 1'174'400 0.49 393'100 30.04.2010 Investment AdvisorEVENROSE PTY LTD n/a EXCH 1'053'136 0.44 - 30.09.2010 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'029'004 0.43 2'508 31.12.2010 Mutual Fund ManagerGREEN JOHN M n/a Co File 958'516 0.4 - 25.08.2010 n/aDUBOTU PTY LTD n/a EXCH 900'000 0.37 - 12.08.2008 n/aWOOD ANDREW n/a Co File 883'751 0.37 - 30.06.2010 n/aAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 808'812 0.34 266'454 30.11.2010 Investment Advisor


Citi GUY ROBINSON hold 3 M 31 Not Provided 07.02.2011CLSA Asia Pacific Markets MARK SAMTER buy 5 M 33 Not Provided 03.02.2011Deutsche Bank CRAIG WONGPAN hold 3 M 29 12 month 31.01.2011Austock Securities CRAIG STRANGER hold 3 M 27 Not Provided 17.01.2011RBS ANDREW HODGE hold 3 M 27 12 month 06.01.2011Gleacher & Company WILL GABRIELSKI buy 5 M 27 12 month 27.12.2010Macquarie JOHN PURTELL outperform 5 M 24 12 month 20.12.2010Credit Suisse CHRIS COUNIHAN underperform 1 M 26 Not Provided 23.11.2010Paterson Securities GEORGE GALANOPOULOS hold 3 D 26 12 month 12.11.2010JPMorgan ALISTAIR REID neutral 3 M 21 12 month 26.10.2010Goldman Sachs & Partners Australia CHRIS SAVAGE hold 3 M 26 Not Provided 26.10.2010E.L. & C. Baillieu SAM HADDAD accumulate 4 M 25 12 month 26.10.2010

Holdings By:

WorleyParsons Ltd ee


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