1. Returns to Style using Style Research’s Markets Analyzer Asia x Japan x China A Not Adjusted for country or sectors End March 2011

2. International Experience Style Investing works Value and Small Cap works long term Best Value Markets – China, Japan and Korea Most markets have small cap premium High beta stocks do not generally perform well

3. Overview Adjusting for sector and country bets is important Value works long term – like in other markets – Sales to Price best over 10 years – 9.0% pa XS return Small cap performs better than large cap – Like other markets High Beta does not work – like other markets Nothing works consistently – Top 10 inconsistent over different time periods

4. Approach Use Style Research’s Market Analyzer Benchmark = market – All stocks with market cap of USD 100 million Rebalanced every 6 months – Repriced every month – Includes dividends

5. Value

6. Book to Price CASA country and sector adjusted Unadjusted

7. Dividend Yield CASAUnadjusted

8. Earnings Yield CASAUnadjusted

9. Cashflow Yield CASAUnadjusted

10. Sales to Price CASAUnadjusted

11. EBITDA to Price CASAUnadjusted

12. Growth

13. Return on Equity CASAUnadjusted

14. Growth in Earnings per Share CASAUnadjusted

15. Income to Sales CASAUnadjusted

16. Sales Growth CASAUnadjusted

17. Forecast Earnings CASAUnadjusted

18. Forecast Earnings Revisions CASAUnadjusted

19. Other

20. Market Cap CASAUnadjusted

21. Beta CASAUnadjusted

22. Price Momentum – 6 months CASAUnadjusted

23. Price Momentum – 12 months CASAUnadjusted

24. Quality

25. Low Accrual CASAUnadjusted

26. Debt to Equity CASAUnadjusted

27. Stability of Earnings Growth CASAUnadjusted

28. Sustainable Growth Rate CASAUnadjusted

29. Stability of Sales Growth CASAUnadjusted

30. Stability of Forecast Earnings CASAUnadjusted

31. Returns to Style – last 10 years Value and Quality works! CASAUnadjusted SA, annualised

32. 10 year XS returns

33. Value CASAUnadjusted

34. Growth CASAUnadjusted

35. Other CASAUnadjusted

36. Quality CASAUnadjusted

37. Positive Sector Performers

38. Negative Sector Performers

39. overview Adjusting for country and sectors is important – Unadjusted results similar in pattern but different in size Value works long term – like in other markets – Sales to Price best over 10 years Small cap works better than large cap – Like other markets High Beta does not work – like other markets Nothing works consistently – Top 10 inconsistent over different time periods