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2. 101 9 28 ( ( ( (% Lojas Renner 54.503 980.38 53.434 1.92 BM&F Bovespa 297.100 176.87 52.549 1.89 Sberbank of Russia 192.161 340.30 65.392 2.35 ADR (GR List Lukoil Sponsored 83.395 1,804.45 150.482 5.40 ADR-LI List Magnitogorsk Iron 232.789 134.75 31.368 1.13 & Steel GDR(Regs Tatneft ADR-RegS 66.304 1,214.78 80.545 2.89 Magnit OJSC GDR (Reg S 67.867 995.67 67.573 2.43 Sberbank of Russia 260.630 343.61 89.554 3.21 ADR (UK List Ping An Insurance 201.500 221.40 44.612 1.60 (Group 'H' China Shenhua 390.500 113.72 44.409 1.59 Energy 'H' China Construction 3,193.670 20.33 64.916 2.33 Bank 'H' China Merchants 981.000 49.34 48.405 1.74 Bank 'H' AIA Group 576.000 109.19 62.893 2.26 Anhui Conch 322.000 91.24 29.380 1.05 Cement 'H' China Resources 584.000 97.85 57.147 2.05 Enterprise China Overseas 908.000 74.51 67.651 2.43 Land & Investment China Telecom 'H' 3,762.000 16.93 63.676 2.29 CNOOC Ltd 1,010.000 60.07 60.673 2.18 PetroChina Co 'H' 1,768.000 38.39 67.867 2.44 Housing 269.757 430.08 116.017 4.16 Development Finance Hero Motorcorp 37.305 1,044.26 38.956 1.40 (DEMAT Kotak Mahindra 173.988 360.30 62.687 2.25 Bank (DEMAT Larsen & Toubro 58.957 886.81 52.284 1.88 (DEMAT Mahindra & 131.592 480.23 63.194 2.27 Mahindra (DEMAT ITC Ltd 398.732 151.28 60.321 2.17 32
Hindustan Unilever 150.000 303.15 45.472 1.63 (DEMAT Infosys Ltd (DEMAT 40.341 1,407.84 56.793 2.04 Coal India 305.340 199.35 60.870 2.18 Mobile Telesystems 92.388 513.21 47.415 1.70 ADR Itau Unibanco Hldg ADR 217.051 447.60 97.151 3.49 CIA de Bebidas 47.180 1,121.04 52.891 1.90 das Amer Pref ADR Vale SA ADR (Repr Prf Gerdau SA ADR 110.156 508.53 56.017 2.01 199.319 278.58 55.526 1.99 BRF-Brasil Foods 91.489 506.77 46.364 1.66 ADR CEMIG-CIA 112.208 355.03 39.837 1.43 Energetica Minas ADR Sasol Ltd 37.900 1,321.69 50.092 1.80 MTN Group 82.394 568.77 46.863 1.68 Firstrand Ltd 422.745 99.01 41.858 1.50 African Bank 441.412 117.33 51.792 1.86 Investments Old Mutual-SA List 534.696 81.09 43.356 1.56 Tiger Brands 87.655 969.62 84.992 3.05 Shoprite Hldgs 113.384 597.64 67.762 2.43 1% 33
( 99 7 20 101 9 28 1. ( ( 2. 3. 91 92 93 94 95 96 97 98 99 100 % N/A N/A N/A N/A N/A N/A N/A N/A 12.00-20.62 4. ( % 6.22-2.35 13.25 N/A N/A N/A -4.30 ( (99 7 20 ( 96 97 98 99 100 N/A N/A N/A 1.57% 2.71% ( 34
( 1. ( ( ( ( 0930128050 0920123784 35
2. ( ( 2,742,289,426 2,445,662,803 % % ( $2,473,593,813 95.91 $ 2,730,704,780 96.87 ( 107,784,331 4.18 140,795,464 5.00 5,579,148 0.22 20,261,005 0.72 40,591,943 1.57 - - 3,642,096 0.14 2,278,665 0.08 ( 4,271,957 0.16 1,800,455 0.06 ( 716-2,199 - ( 100-101 - 2,635,464,104 102.18 2,895,842,669 102.73 2,001,049 0.08 26,765,421 0.95 5,640,284 0.22 20,294,022 0.72 43,528,635 1.69 16,284,067 0.58 - - 8,115,203 0.29 ( 4,412,968 0.17 4,671,044 0.17 ( 684,013 0.02 724,012 0.02 ( 14,922-150,610-71 - 219-56,281,942 2.18 77,004,598 2.73 $2,579,182,162 100.00 $ 2,818,838,071 100.00 290,158,802.6 251,598,146.3 $ 8.89 $ 11.20 36
3. ( 100 12 99 12 100 12 99 12 100 12 31 99 12 31 31 31 31 31 BM&F Bovespa $ 43,895,993 $ 30,553,428 0.01 0.01 1.70 1.08 Cielo SA 30,093,329 8,748,449 0.01 1.17 0.31 Estacio Participacoes 20,334,606 30,926,405 0.08 0.08 0.79 1.10 CCR SA 19,564,611-0.01-0.76 - ALL America Latina Logistica 10,200,083 18,767,424 0.01 0.01 0.40 0.67 Odontoprev SA 5,784,638-0.01-0.22 - OGX Petroleo e Gas Participacoes - 58,979,778 - - 2.09 Sul America Units - 50,203,968-0.05-1.78 Cia De Concessoes Rodoviarias - 30,075,035-0.01-1.07 129,873,260 228,254,487 5.04 8.10 Sberbank of Russia GDR(Reg S 80,638,643 169,260,886 0.01 3.13 6.00 Lukoil Sponsored ADR-LI List 101,562,953-0.01-3.94 - Tatneft ADR (Reg S 58,379,391 46,401,156 0.02 0.01 2.26 1.65 Sberbank of Russia ADR (UK List 57,427,439 - - 2.23 - Rosneft Oil Co GDR (Reg S 53,497,194 49,699,525 2.07 1.76 Magnit OJSC GDR (Reg S 42,838,938 90,293,338 0.02 0.02 1.66 3.20 Magnitogorsk Iron & Steel GDR (RegS 32,772,148 38,804,095 0.03 0.01 1.27 1.38 MMC Norilsk Nickel ADR (London - 105,168,454-0.01-3.73 Sistema JSFC GDR (Reg S - 16,479,235 - - 0.58 Comstar United Telesystem GDR (RegS - 8,916,203-0.01-0.32 346,478,063 355,762,006 13.43 12.62 37
100 12 99 12 100 12 99 12 100 12 31 99 12 31 31 31 31 31 Li & Fung $ 102,566,564 $ 83,863,832 0.02 0.01 3.98 2.98 China Construction Bank 'H' 65,733,786 77,374,459 2.55 2.74 PetroChina Co 'H' 64,976,986 73,903,429 0.01 0.01 2.52 2.62 China Resources Enterprise 59,414,038 53,999,579 0.02 0.02 2.30 1.92 China Merchants Bank 'H' 58,683,241 79,328,741 0.02 0.03 2.27 2.81 AIA Group 58,316,673 32,248,135 0.01 2.26 1.14 China Life Insurance 'H' 53,057,074 51,845,518 0.01 0.01 2.06 1.84 CNOOC Ltd 52,505,799 - - 2.04 - China Telecom 'H' 48,581,085-0.02-1.88 - Anhui Conch Cement 'H' 27,356,092 21,643,741 0.02 0.02 1.06 0.77 Hong Kong Exchanges & Clearing - 44,284,780-0.01-1.57 China Resources Land - 35,391,603-0.01-1.26 591,191,338 553,883,817 22.92 19.65 Housing Development Fin (DEMAT 103,835,859 116,048,717 0.02 0.02 4.02 4.12 Hindustan Unilever (DEMAT 49,988,681-0.01-1.94 - ITC Ltd 45,035,144 62,311,809 0.01 0.01 1.75 2.21 Coal India 41,554,812 - - 1.61 - Infosys Technologies (DEMAT 37,399,070 83,422,100 0.01 1.45 2.96 Ambuja Cements (DEMAT 24,977,841 50,542,438 0.02 0.03 0.97 1.79 Bharti Airtel 33,091,787 47,885,792 0.01 1.28 1.70 Hero Motorcorp (DEMAT 33,426,365-0.02-1.30 - Larsen & Toubro (DEMAT 32,971,692 41,934,980 0.01 0.01 1.28 1.49 Mahindra & Mahindra (DEMAT 23,733,903-0.01-0.92 - Bank Of Baroda (DEMAT 17,440,785-0.01-0.68 - United Spirits - 50,083,728-0.04-1.77 38
100 12 99 12 100 12 99 12 100 12 31 99 12 31 31 31 31 31 Bharat Heavy Electricals (DEMAT $ - $ 48,710,587-0.01-1.73 Hero Honda Motors (DEMAT - 32,384,241-0.01-1.15 443,455,939 533,324,392 17.20 18.92 Itau Unibanco Hldg ADR 135,442,548 83,507,180 0.01 0.01 5.25 2.96 CIA de Bebidas das Amer Pref ADR 81,125,409 66,391,088 0.01 0.01 3.15 2.36 BRF-Brasil Foods ADR 66,869,629 55,900,834 0.01 0.01 2.59 1.98 CEMIG-CIA Energetica Minas Ger ADR 47,007,506 26,861,378 0.02 0.01 1.82 0.95 Mobile Telesystems ADR 40,638,394 23,321,209 0.01 1.58 0.83 Vale SA ADR (Repr Prf 32,876,522 31,043,747 1.27 1.10 Petroleo Brasileiro ADR 23,596,839 - - 0.92 - Gerdau SA ADR 18,426,066 22,988,967 0.01 0.01 0.71 0.82 Fibria Celulose ADR - 20,853,827-0.01-0.74 445,982,913 330,868,230 17.29 11.74 Tiger Brands 80,382,897 40,680,022 0.04 0.02 3.12 1.44 Shoprite Hldgs 78,048,497 76,663,918 0.03 0.03 3.03 2.72 Firstrand Ltd 60,072,442 39,643,189 0.01 0.01 2.33 1.41 African Bank Investments 55,094,443 58,531,615 0.05 0.04 2.14 2.08 Sasol Ltd 52,110,356-0.01-2.02 - MTN Group 26,714,938 63,286,146 0.01 1.03 2.24 Spar Group 33,099,286-0.05-1.28 - Naspers Ltd 'N' 26,383,562 67,844,561 0.01 1.02 2.41 Massmart Hldgs 24,067,236 52,350,079 0.02 0.04 0.93 1.86 Standard Bank Group - 70,215,440-0.01-2.49 Impala Platinum Hldgs - 47,426,588-0.01-1.68 Imperial Hldgs - 37,010,000-0.03-1.31 MMI Hldgs - 5,699,404 - - 0.20 435,973,657 559,350,962 16.90 19.84 2,473,593,813 2,730,704,780 95.91 96.87 39
100 12 99 12 100 12 99 12 100 12 31 99 12 31 31 31 31 31 $ 2,473,593,813 $ 2,730,704,780 95.91 96.87 107,784,331 140,795,464 4.18 5.00 ( 2,195,982 ( 52,662,173 ( 0.09 ( 1.87 $ 2,579,182,162 $ 2,818,838,071 100.00 100.00 0.01% 40
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1. (1 ( 142.47(2011 ( 6,592,849(2011 (RUB BBB( (10 1850.40(2011 (YOY 4%(2012Q2 (10 467.99(2012-06 PMI 52.4(2012-09 (YOY 5.9%(2012-08 2011 2010 ( I M F 2011 4. 1 % 1 8, 849 2010 4, 100 2011 4. 7 % 22. 1 % 6. 2 % 7. 2 % 8. 4 % 6. 6 % 11. 2 6. 1 % 0. 8 % 7. 2 % 2011 8, 213 2010 6, 488 26. 59 % 5, 160 2010 28. 96 % 3, 053 22. 76 % 2 011 109. 6 2010 40. 1 % ( I M F 2011 4. 1 % 1 8, 849 2010 4, 100 6 8 51 52 11 50 2011 40. 1 % IMF 2012 4.1% 2009 2010 2011 GDP( 8,616.58 10,407.93 12,993.36 2. (1 Bloomberg TAITRA IMF 11 % 13 % 28 ( 100 5 1 9, 300 R o s n e f t L u k o i l S u r g u t n e f t e g a z T N K - B P Gazprom Neft Tr a n s n e f t Tr a n s n e f t e p r o d u c t 2011 1.2% 5 1,140 30 % 16 2, 000 ( 2011 3. 1 % 6, 705 G a z p r o m 131
80 % 50. 002 % G a z p r o m 2011 G a z p r o m 5, 097 N o v a t e k 533 25 % 70 % 12 % 46 % 23 % 137 91 2010 20 100 % 2004-2011 40 % 2 011 3 3, 610 2010 4 % 2011 1 2, 000 3% (2 14 9 5 2011 40 % 50 % 2011 (3 2011 30 % 2011 9. 5 % 5. 1 % 24. 6 % 2011 87. 4 % 2011 174 7, 500 2010 44. 8 % 2011 6 2 % 38 ( To l y a t t i Avto VA Z 2011 56 1, 700 3 % ( K a l i n i n g r a d 132
Av t o t o r 2011 22 2, 100 30. 5 % 80 % TAITRA 3. ( ( 1 ( 2 ( O T C (3 (Onexchange A B C 4. 2009 36.5584 28.6271 30.035 2010 31.9455 28.9107 30.537 2011 32.8935 27.1543 32.137 Bloomberg 1. (1 ( 48.38(2011 ( 471,090(2011 BBB+( (10 408.07 (2011 (YOY 3%(2012Q2 (10 40.13(2012-07 PMI 46.2(2012-09 (YOY 5%(2012-08 2011 4. 6 % 1. 0 % 1. 7 % 3. 2 % 2011 3. 1 % 2. 8 % 2011 5. 0 % 2010 4. 3 % 3% 6% 2012 3. 2 % 2012 2. 7 % 2 012 8 5. 1 % 2012 1 8. 9 % 2012 6. 2 % 4 % 6 2013 5. 3 % 2012 2. 7 % 2 013 2014 3.6% 4.2% 2009 2010 2011 GDP( 5746.32 7270.80 8066.15 2. (1 Bloomberg TAITRA IMF 133
55 % Anglo Platinum N o r i l s k Nickel Impala Platinum 3 2011 477. 5 2010 530 74. 7 % 2008 3 2, 276 10 782 2010 2011 8 2 3 1, 991 1, 600 ~ 1, 7 0 0 2008 14. 5 %( 218 2009 5. 8 % 2 05 2010 5. 7 % 192 2011 2. 5 % 187 1922 1970 1, 000 4 (2 1995 M I D P 2 0 % B M W D a i m l e r - C h r y s l e r G M F o r d F i a t N i s s a n To y o t a V W 8 2012 ( N a a m s a 2011 ( 53 2, 545 2 010 47 2, 049 12. 8 % 4 2007 2009 39 5, 222 2008 5 3 3, 387 25. 9 % 2 010 49 2, 907 2011 57 2, 241 N a a m s a 2011 27 2, 457 2010 2 3 9, 465 13. 8 % B e n z F o r d To y o t a N i s s a n B M W V W 25 % 15 % 30 25 20% (3 (Sheet Metal Forming ( 15 % 2011 ( H S C O D E 84 8 5 1, 769 5, 539 ( 252. 8 38 7, 917 ( 5 5, 400 14 2010 23. 67 % E l e c t r a M i n i n g A f r i c a P r o - P l a s A f r i c a E l e c t r a M i n i n g A f r i c a 1968 S p e c i a l i z e d U F I 134
Pro-Plas Africa 25 ( 3. 5 7. 5 2011 21 TAITRA 3. ( 4. 2009 10.7270 7.2276 7.3980 2010 08.0801 6.5577 6.6291 2011 08.6072 6.5437 8.0900 Bloomberg 1. (1 ( ( 2010 2011 2010 2011 2010 2011 2010 2011 381 373 1,545.5 1,288.9 287 253 81.43 65.43 (2 (3 The World Federation of Exchanges,Bloomberg (4 ( (5 (BOVESPA 4 11 10 0 0 1 0 0 2 0 0 4 4 5 11 4 11 00 1 30 2 30 5 45 T+3 ( (DAX 2010 2011 2010 2011 CATS 2010 2011 69,304.80 56,754.10 868 926 0.264 0.162 (% ( 2010 2011 2010 2011 59.3 67.1 11.5 NA (BOVESPA Index 135
2. (1 ( ( 2010 2011 2010 2011 2010 2011 2010 2011 5,034 5,112 1,632 1,007 1,626 2,065 60.1 56.5 (2 (3 The World Federation of Exchanges,Bloomberg (4 5% (5 09:55~ 03:30 2008. 4. 21 ( 3. (1 (2 ( 2010 2011 2010 2011 2010 2011 20,509.10 15,454.9 258.7 146.5 22.02 20.20 (% ( 2010 2011 2010 2011 18.1 12.8 18.65 14.12 ( ( 2010 2011 2010 2011 2010 2011 2010 2011 894 931 2,716 2,537 472 630 720.7 900.59 1,169 1,411 1,311 1,055 273 321 11.95 16.11 ( 2010 2011 2010 2011 2010 2011 2,808.08 2,199.42 4,496.1 3,670.2 76.21 98.27 1,290.87 866.65 3,572.5 2,843.6 13.87 11.57 136
(3 World Federal of Stock Exchanges,Bloomberg (4 ( ( (5 9:30~11:30 13:30~15:00 A 10% B 10 % S T 5 % A T + 1 B <T+0 > B < T + 3 > 4. (1 (% ( 2010 2011 2010 2011 178.47 159.5 21.62 13.14 344.27 276.2 44.69 23.11 ( ( 2010 2011 2010 2011 2010 2011 2010 2011 250 284 949.15 770.6 788 812 222.22 223.23 137
(2 (3 The World Federation of Exchanges,Bloomberg (4 5000 (5 Moscow Interbank Currency Exchange (MICEX, St. P e t e r b u r g Stock Exchange, Stock Exchange "St. Peterburg", YekaterinburgStock Exchang 11 00 06 00 RT S (Russian Trading System ( N A U F O R (real time 200 N A U F O R RTS 5. (1 (2 ( 2010 2011 2010 2011 2010 2011 1,770.28 1,381.87 408 515 230.9 298.1 (% ( 2010 2011 2010 2011 45.3 61.0 7.0 NA ( ( 2010 2011 2010 2011 2010 2011 2010 2011 397 395 925.0 789.0 1,062 1,172 171.4 163.3 ( (COMPOSITE 2010 2011 2010 2011 2010 2011 32,118.89 31,985.67 340 370 2,563 2,883 (3 (% ( 2010 2009 2010 2011 33.3 42.1 19.2 NA The World Federation of Exchanges,Bloomberg (4 ( 138
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