UFJ 1

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希罄苗
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1 (ESG) Please refer to important disclosures and certifications located in Appendix A of this report.

2 UFJ 1

3 IRIR UFJ 2

4 IR UFJ 3

5 CEOCFO) 1. < 2. FM MiFIDMarkets in Financial Instruments Directive in-depth UFJ 4

6 M&A 5

8 AI 7

9 KPI Key Performance Indications UFJ 8

10 UFJ 9

11 1. 2. UFJ 10

12 3. 1KPIDNA IIRC6 CapitalDNA KPI UFJ 11

13 27Content Element 7Content Element 510 ESG UFJ 12

14 3 KPIKey Performance Indicator KPI materiality UFJ 13

15 4. UFJ 14

16 HVEV UFJ 15

17 -1 HV UFJ 16

18 -2 UFJ 17

19 700JEFF ESG 18

20 GPIFESG IR Corporate action Research Review Committee 19

21 Data Vintage90 B/S, P/L, C/F) Valuation ClinicScenario AnalyzerGlobal Peer Comparison UnderweightOverweight Big Picture Big Data MERIT 20

22 Valuation clinic EPS, BPS σ σ 10PERCAPE +/- 2σ ROE/PBR 2 stage analysis 0.7 DupontROE 21

23 Scenario analyzer DCFCFROI 22

24 AlphaSystematic Approach α 23

25 JEFF Japan Explorer JEFF 700 Under coverage = α =research MSCI Passive 8 Active Deep research Top

26 Appendix A Royal Dutch Shell plcshell International Limited33Shell Shell 2.UFJMUMSSJX MUMSS 3.UFJMUMSS MUMSS 4.MUMSS MUMSS 5.UFJMUMSS MUMSS UFJMUMSS1%* *1 (Offering Memorandum) MUMSS12 MUMSS12 MUMSS3 25

27 Overweight (OW) Neutral (N) Underweight (UW) NR RS Buy Hold Sell NR RS 12 UFJ * Buy (Overweight, Buy) 36.2% 32.8% Hold (Neutral, Hold) 52.6% 28.1% Sell (Underweight, Sell) 7.7% 18.9% 3.5% 23.5% BuyOverweight()Buy()HoldNeutral()Hold()SellUnderweight( )Sell() *12 MUMSSMUMSS MUMSS MUMSS MUMSSMUMSS 26

28 MUMSS1786 WEB MUMSSMUMSS MUMSS MUMSSUFJ(MUFG)MUMSSMUFG MUMSS MUMSS MUMSSMUMSS MUMSS MUMSSMUFG MUMSS 135MUFG : MUFGMitsubishi UFJ Securities International plc. (MUSI ) MUSIPrudential Regulation AuthorityPRAFinancial Conduct AuthorityFCAPRA (FS Registration Number )professional clienteligible counterpartyfcaretail clients MUSIprofessional investors MUSI 27

29 : MUFGMitsubishi UFJ Securities (USA), Inc. (MUS-USA ) MUS- USAUnited States Securities and Exchange Commissionbroker-dealerFinancial Industry Regulatory Authority FINRASEC# ; CRD# 19685MUS-USA a6major U.S. institutional investorsmus-usa FLOESMUS-USA IRS Circular 230 Disclosure 230 MUS-USAMUS-USA :MUFGMUMSS : MUFGMitsubishi UFJ Securities (Singapore), Limited (MUS-SPR ) MUS-SPRmerchant bankmonetary Authority of Singapore Financial Advisers RegulationRegulation 2 institutional investors accredited investors expert investors accredited investors expert investors MUS-SPRFinancial Advisers Act MUS-SPR : MUFGMitsubishi UFJ Securities (HK) Limited MUS-HK MUS-HKHong Kong Securities and Futures Ordinance Securities and Futures CommissionCentral Entity Number AAA889 Securities and Futures Ordinanceprofessional investor : MUS-HKMUS-SPRMUS-HKAustralian Securities and Investment Commission (ASIC) Class Order Exemption CO 03/1103Corporations Act 2001MUS-SPRASIC Class Order Exemption CO 03/1102 Corporations Act 2001wholesale client MUSIMUS-USAMUSIMUS-USAinternational dealer exemption MUSINational Instrument permitted client PRCPRC PRC Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. All Rights Reserved ,0002,700 MUMSSMUMSS UFJ Tel Fax UFJ

30 UFJ 29

Daily

Daily 工业机械 2010 年 10 月 19 日研究报告板块最新信息高端装备制造业 A H 增持增持许民乐,CFA (8621) 6860 4866 分机 8589 minle.xu@bocigroup.com 证券投资咨询业务证书编号 :S1300207090247 中银国际证券有限责任公司托起中国