asiamoney brokers poll results (2011)

asiamoney.com 1

2011 2010 FIRM %

1 2 UBS 13.25%2 1 CLSA 12.84%3 5 Citi 7.71%4 4 Bank of America - Merrill Lynch 7.34%5 – HSBC 7.19%6 9 Goldman Sachs 6.58%7 3 Morgan Stanley 6.55%8 6 Deutsche Bank 5.87%9 8 Credit Suisse 5.52%10 7 J.P. Morgan 4.71%

Overall combined research & sales for Australia

2011 2010 FIRM %

1 1 Macquarie 18.36%2 2 UBS 14.67%3 7 CLSA 10.14%4 3 J.P. Morgan 9.63%5 4 Goldman Sachs 7.90%6 6 Credit Suisse 7.23%7 9 BankofAmerica -Merrill Lynch 6.56%8 10 Citi 6.10%9 5 Deutsche Bank 4.88%10 8 Morgan Stanley 4.29%

Overall combined research & sales for Japan

2011 2010 FIRM %

1 1 Nomura 25.17%2 2 CLSA 8.12%3 10 BankofAmerica -Merrill Lynch 7.66%4 3 Daiwa* 7.40%5 – Mizuho 6.62%6 6 Morgan Stanley 6.49%7 5 UBS 6.13%8 7 Goldman Sachs 4.79%9 8 Citi 3.91%10 4 J.P.Morgan 3.88%

*Daiwa Institute of Research

Overall regional research for Asia (ex Australia & Japan)

2011 2010 FIRM %

1 2 UBS 13.75%2 1 CLSA 11.84%3 3 BankofAmerica -Merrill Lynch 7.62%4 9 Goldman Sachs 6.83%5 8 Citi 6.63%6 7 Deutsche Bank 6.39%7 6 MorganStanley 6.14%8 – HSBC 5.98%9 4 J.P. Morgan 5.55%10 5 Credit Suisse 5.31%

Overall regional sales for Asia (ex Australia & Japan)

2011 2010 FIRM %

1 1 CLSA 13.45%2 2 UBS 12.94%3 5 Citi 8.37%4 – HSBC 7.93%5 4 BankofAmerica -Merrill Lynch 7.17%6 3 Morgan Stanley 6.80%7 9 GoldmanSachs 6.43%8 8 Credit Suisse 5.64%9 6 Deutsche Bank 5.56%10 7 J.P. Morgan 4.19%

Overall combined regional research& sales forAsia (exAustralia& Japan)

BROKERS POLL

HEDGE FUND SERVICESBEST FOR OVERALL SERVICES TO HEDGE FUNDS2011 2010 Firm %1 1 UBS 11.04%2 3 Morgan Stanley 10.05%3 5 Goldman Sachs 9.62%4 2 Deutsche Bank 8.87%5 8 Bank of America - Merrill Lynch 8.01%6 6 CLSA 7.86%7 4 Credit Suisse 6.07%8 – HSBC 5.06%9 7 Citi 4.73%10 – CICC 3.87%

BEST FOR CLIENT SERVICE COVERAGE2011 2010* Firm %1 – Morgan Stanley 10.16%2 – UBS 9.69%3 – Goldman Sachs 9.12%4 – Bank of America - Merrill Lynch 8.70%5 – Deutsche Bank 7.55%

BEST BESPOKE RESEARCH2011 2010* Firm %1 – CLSA 13.37%2 – UBS 8.91%3 – Morgan Stanley 8.58%4 – Goldman Sachs 8.22%5 – Deutsche Bank 6.79%

BEST TRADING EXECUTION – CASH2011 2010* Firm %1 – UBS 12.58%2 – Morgan Stanley 9.89%3 – Deutsche Bank 9.10%4 – Credit Suisse 8.38%5 – Bank of America - Merrill Lynch 7.42%

BEST TRADING EXECUTION – DERIVATIVES2011 2010* Firm %1 – UBS 14.40%2 – Deutsche Bank 10.87%3 – Goldman Sachs 10.09%4 – Bank of America - Merrill Lynch 9.65%5 – Morgan Stanley 9.34%

BEST SALES PEOPLE SERVICING HEDGE FUNDS2011 2010 Name Firm %1 1 Andrew Reeves Deutsche Bank 1.97%2 – Henry Wang Deutsche Bank 1.41%3 – Arthur Chen Citi 1.33%4 – Curtis Man UBS 1.22%5 – Gordon Lu CICC 1.11%

BEST SALES-TRADERS SERVICING HEDGE FUNDS2011 2010 Name Firm %1 – Andrew Reeves Deutsche Bank 1.97%2 – Charles Pratt Credit Suisse 1.91%=3 1 Jerry Yoon RBS 1.46%=3 – Lo Lee UBS 1.46%5 – Josie Fung Morgan Stanley 1.40%

* Results not published in 2010

PRIME BROKINGBEST FOR OVERALL SERVICES IN PRIME BROKING2011 2010 Firm %1 1 UBS 16.62%2 3 Goldman Sachs 14.89%3 4 Deutsche Bank 14.42%4 2 Morgan Stanley 14.32%5 6 Credit Suisse 7.89%6 10 Bank of America - Merrill Lynch 6.57%7 – Citi 3.84%8 – HSBC 2.81%9 – CICC 2.68%10 5 J.P. Morgan 2.12%

BEST PRODUCT INNOVATION FOR PRIME BROKING2011 2010 Firm %1 2 Morgan Stanley 16.52%2 1 UBS 15.94%3 4 Deutsche Bank 14.82%4 3 Goldman Sachs 14.80%5 5 Credit Suisse 9.20%

BEST PRICING FOR PRIME BROKING2011 2010 Firm %1 1 UBS 17.58%2 3 Deutsche Bank 13.69%3 2 Morgan Stanley 13.05%4 4 Goldman Sachs 10.53%5 5 Credit Suisse 9.37%

BEST RISK MANAGEMENT ADVISORY2011 2010 Firm %1 4 Goldman Sachs 19.43%2 1 UBS 18.42%3 3 Deutsche Bank 16.84%4 2 Morgan Stanley 13.97%5 5 Credit Suisse 7.11%

BEST CLIENT SERVICE FOR PRIME BROKING2011 2010 Firm %1 2 Morgan Stanley 17.00%2 1 UBS 16.48%3 4 Goldman Sachs 16.02%4 3 Deutsche Bank 14.87%5 – Bank of America - Merrill Lynch 7.32%

2 NOVEMBER 2011 ASIAMONEY

asiamoney.com 3

REGIONAL (INDIVIDUAL)ASIA EX JAPAN

BEST STRATEGISTRank Name Firm %1 Christopher Wood CLSA 16.21%2 Jun Ma Deutsche Bank 10.61%3 Sean Darby Nomura 7.69%

BEST ECONOMISTRank Name Firm %1 Jun Ma Deutsche Bank 19.72%2 Jonathan Anderson UBS 11.81%3 Tao Wang UBS 6.95%

BEST QUANTITATIVE / TECHNICAL ANALYSTRank Name Firm %1 Laurence Balanco CLSA 12.91%2 Shanle Wu UBS 6.93%3 Steven Malin J.P. Morgan 6.70%

BEST ANALYST FOR BANKSRank Name Firm %1 Ning Ma Goldman Sachs 27.85%2 Lucy Feng Nomura 7.45%3 Winnie Wu BoA - Merrill Lynch 3.75%

BEST ANALYST FOR CONGLOMERATESRank Name Firm %1 Christie Ju Jefferies 44.69%2 Julian Bu Jefferies 4.93%3 Simon Cheung Goldman Sachs 4.66%

BEST ANALYST FOR CONSUMER DISCRETIONARYRank Name Firm %1 Frank Li J.P. Morgan 21.84%2 Xiaopo Wei CLSA 19.09%3 Heather Hsu CLSA 4.85%

BEST ANALYST FOR CONSUMER STAPLESRank Name Firm %1 Jessie Guo Jefferies 25.69%2 Xiaopo Wei CLSA 15.53%3 Heather Hsu CLSA 5.04%

BEST ANALYST FOR ENERGYRank Name Firm %1 Laban Yu Jefferies 22.45%2 Graham Cunningham Citi 12.96%3 Thomas Wong BoA - Merrill Lynch 6.59%

BEST ANALYST FOR INSURANCERank Name Firm %1 Bob Leung UBS 26.01%2 Ben Lin Morgan Stanley 16.13%3 Karen Chan BoA - Merrill Lynch 13.60%

BEST ANALYST FOR MATERIALSRank Name Firm %1 Trina Chen Credit Suisse 23.88%2 Andrew Dale Macquarie 6.45%3 Richard Leung CLSA 4.45%

REGIONAL (TEAM)ASIA EX JAPAN

BEST TEAM FOR STRATEGYRank Firm %1 CLSA 19.41%2 UBS 15.29%3 Deutsche Bank 13.15%

BEST TEAM FOR ECONOMIC RESEARCHRank Firm %1 UBS 24.93%2 Deutsche Bank 22.39%3 CLSA 8.88%

BEST TEAM FOR QUANTITATIVE / TECHNICAL ANALYSISRank Firm %1 CLSA 17.46%2 UBS 11.95%3 J.P. Morgan 11.41%

BEST TEAM FOR BANKSRank Firm %1 Goldman Sachs 30.76%2 Nomura 8.21%3 UBS 6.58%

BEST TEAM FOR CONGLOMERATESRank Firm %1 Jefferies 55.39%2 Goldman Sachs 6.56%3 BoA - Merrill Lynch 4.52%

BEST TEAM FOR CONSUMER DISCRETIONARYRank Firm %1 CLSA 27.99%2 J.P. Morgan 24.16%3 UBS 6.98%

BEST TEAM FOR CONSUMER STAPLESRank Firm %1 Jefferies 26.14%2 CLSA 22.83%3 UBS 7.12%

BEST TEAM FOR ENERGYRank Firm %1 Jefferies 22.45%2 Citi 14.99%3 UBS 14.52%

BEST TEAM FOR INSURANCERank Firm %1 UBS 26.66%2 Morgan Stanley 16.58%3 BoA - Merrill Lynch 15.03%

BEST TEAM FOR MATERIALSRank Firm %1 Credit Suisse 25.22%2 UBS 15.84%3 Macquarie 10.09%

BEST TEAM FOR REAL ESTATERank Firm %1 Jefferies 41.48%2 Citi 9.71%3 UBS 5.83%


BEST ANALYST FOR REAL ESTATERank Name Firm %1 Christie Ju Jefferies 41.32%2 Oscar Choi Citi 8.22%3 Tony Tsang Deutsche Bank 4.54%

BESTANALYSTFORSEMICONDUCTORS&SEMICONDUCTOREQUIPMENTRank Name Firm %1 Jonah Cheng UBS 36.28%2 Kirk Yang Barclays Capital 4.97%3 Eric Chen Daiwa 4.03%

BEST ANALYST FOR TECHNOLOGY HARDWARE & EQUIPMENTRank Name Firm %1 Jonah Cheng UBS 22.57%2 Kirk Yang Barclays Capital 9.19%3 Arthur Hsieh UBS 8.38%

BEST ANALYST FOR TELECOMMUNICATION SERVICESRank Name Firm %1 Cynthia Meng Jefferies 31.74%2 Jinjin Wang UBS 14.20%3 Steven Zhang DBS Vickers 2.63%

BEST ANALYST FOR UTILITIESRank Name Firm %1 Pierre Lau Citi 23.30%2 Ivan Lee Nomura 14.57%3 Dave Dai Daiwa 8.08%

BEST REGIONAL SALESPERSONRank Name Firm %1 Peili Wang HSBC 2.08%2 Ronald Cheung UBS 1.71%3 Curtis Man UBS 1.64%

BEST REGIONAL SALES TRADERRank Name Firm %1 Eric Fang UBS 5.20%2 Kenyon Tse UBS 2.49%=3 Andrew Reeves Deutsche Bank 1.75%=3 John Chapman HSBC 1.75%

REGIONAL (INDIVIDUAL) CONT.ASIA EX JAPAN

REGIONAL (TEAM) CONT.ASIA EX JAPAN

BEST TEAM FOR SEMICONDUCTORS& SEMICONDUCTOR EQUIPMENTRank Firm %1 UBS 40.39%2 Barclays Capital 7.63%3 Daiwa 6.18%

BEST TEAM FOR TECHNOLOGY HARDWARE & EQUIPMENTRank Firm %1 UBS 35.16%2 Barclays Capital 10.10%3 Goldman Sachs 8.07%

BEST TEAM FOR TELECOMMUNICATION SERVICESRank Firm %1 Jefferies 32.39%2 UBS 16.77%3 Goldman Sachs 5.14%

BEST TEAM FOR UTILITIESRank Firm %1 Citi 23.73%2 Nomura 14.91%3 UBS 14.36%

BEST TEAM FOR REGIONAL SALESRank Firm %1 UBS 17.33%2 CLSA 12.16%3 HSBC 10.99%

BEST TEAM FOR REGIONAL SALES TRADINGRank Firm %1 UBS 15.95%2 HSBC 13.29%3 CLSA 9.50%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 UBS 14.03%2 HSBC 7.61%3 Samsung 6.44%

BEST OVERALL SALES SERVICESRank Firm %1 CLSA 15.84%2 UBS 12.74%3 HSBC 8.53%

BEST REGIONAL BROKERAGE FOR EXECUTIONRank Firm %1 UBS 13.80%2 CLSA 11.35%3 Deutsche Bank 10.25%

MOST INDEPENDENT RESEARCHRank Firm %1 CLSA 30.19%2 UBS 8.76%3 HSBC 6.30%

LEAST INDEPENDENT RESEARCHRank Firm %1 Goldman Sachs 37.98%2 Morgan Stanley 11.26%3 UBS 8.86%

asiamoney.com 5

AUSTRALIABEST LOCAL BROKERAGERank Firm %1 Macquarie 55.40%2 Bell Porter 6.79%3 Patersons 6.15%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 Macquarie 20.65%2 UBS 16.18%3 Goldman Sachs 11.57%

BEST ANALYSTRank Name Firm %1 Stuart Baker Morgan Stanley 7.18%2 Neale Goldston-Morris Macquarie 4.54%3 Lou Pirenc Morgan Stanley 4.06%

BEST RESEARCH COVERAGESector FirmStrategy MacquarieMacroeconomics UBSSmall caps Deutsche BankBanks CLSAEnergy Morgan StanleyFood & staples retailing BoA - Merrill LynchMaterials UBSReal Estate J.P. Morgan

BEST OVERALL SALES SERVICESRank Firm %1 Macquarie 16.83%2 UBS 13.66%3 CLSA 10.61%

BEST SALESPERSONRank Name Firm %1 Maureen Baker CLSA 7.75%2 Gavan Carroll Credit Suisse 4.06%3 Phil Montgomerie BoA - Merrill Lynch 2.61%

BEST EXECUTIONRank Firm %1 Macquarie 19.53%2 UBS 15.99%3 Citi 12.15%

BEST IN SALES TRADINGRank Firm %1 Macquarie 19.96%2 UBS 17.06%3 Citi 13.34%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 CLSA 18.44%2 BoA - Merrill Lynch 13.72%3 UBS 11.58%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 Macquarie 29.31%2 UBS 14.61%3 BoA - Merrill Lynch 10.66%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 UBS 19.95%2 Macquarie 19.70%3 J.P. Morgan 12.27%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 32.67%2 Morgan Stanley 10.46%3 J.P. Morgan 8.99%


BEST LOCAL BROKERAGERank Firm %1 CICC 41.86%2 CITICS 18.33%3 SWS 14.40%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 CICC 19.82%2 UBS 10.05%3 SWS 7.15%

BEST ANALYSTRank Name Firm %1 Jun Ma Deutsche Bank 7.39%2 Guo Hai Yan CICC 5.99%3 Gao Zheng CICC 3.46%

BEST RESEARCH COVERAGESector FirmStrategy UBSMacroeconomics Deutsche BankSmall caps SWSBanks CICCEnergy CICCInsurance CICCMaterials CICCTelecommunication services CICC

BEST OVERALL SALES SERVICESRank Firm %1 CICC 17.19%2 UBS 9.55%3 CLSA 7.48%

BEST SALESPERSONRank Name Firm %1 Arthur Chen Citi 6.25%2 Jimmy Zhu Credit Suisse 3.99%3 Henry Wang Deutsche Bank 2.63%

BEST EXECUTIONRank Firm %1 CICC 15.55%2 UBS 13.38%3 Morgan Stanley 6.61%

BEST IN SALES TRADINGRank Firm %1 CICC 16.21%2 UBS 13.90%3 Goldman Sachs 7.17%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 UBS 20.48%2 CICC 9.34%3 SWS 7.98%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 UBS 14.58%2 CLSA 14.17%3 CICC 10.44%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 CICC 13.62%2 UBS 10.40%3 CLSA 7.82%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 23.51%2 CICC 17.53%3 SWS 10.65%

CHINA

asiamoney.com 7

BEST LOCAL BROKERAGERank Firm %1 HSBC 36.25%2 CCBI 21.88%3 Standard Chartered 13.51%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 CLSA 10.41%2 Citi 8.58%3 HSBC 8.18%

BEST ANALYSTRank Name Firm %1 Jim Tang SWS 3.10%2 Oscar Choi Citi 2.34%3 Guo Hai Yan CICC 2.30%

BEST RESEARCH COVERAGESector FirmStrategy UBSMacroeconomics Deutsche BankSmall caps CitiBanks Goldman SachsCapital goods SWSInsurance BoA - Merrill LynchReal estate CitiUtilities Citi

BEST OVERALL SALES SERVICESRank Firm %1 CLSA 8.71%2 Citi 8.31%3 UBS 8.09%

BEST SALESPERSONRank Name Firm %1 Arthur Chen Citi 6.52%2 Jimmy Zhu Credit Suisse 3.79%3 Philip Chan SWS 2.33%

BEST EXECUTIONRank Firm %1 UBS 12.48%2 CLSA 6.94%3 Citi 6.79%

BEST IN SALES TRADINGRank Firm %1 UBS 11.09%2 Citi 7.99%3 CLSA 7.65%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 CCBI 9.18%2 SWS 8.98%3 HSBC 6.88%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 CLSA 17.85%2 UBS 9.68%3 Citi 8.11%

BEST OR ROADSHOWS AND COMPANY VISITSRank Firm %1 CLSA 8.84%2 UBS 8.39%3 BoA - Merrill Lynch 7.53%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 26.10%2 SWS 7.93%3 HSBC 7.77%

HONG KONG


BEST LOCAL BROKERAGERank Firm %1 Kotak 20.31%2 Motilal Oswal 14.67%3 Edelweiss 10.60%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 CLSA 23.15%2 Kotak 9.25%3 Morgan Stanley 6.82%

BEST ANALYSTRank Name Firm %1 Sanjeev Prasad Kotak 6.61%2 Nikhil Vora IDFC 5.23%3 Neelkanth Mishra Credit Suisse 3.03%

BEST RESEARCH COVERAGESector FirmStrategy CLSAMacroeconomics Morgan StanleySmall caps B&KBanks CLSACapital goods Citi / KotakEnergy KotakMaterials MacquarieSoftware & services CLSA

BEST OVERALL SALES SERVICESRank Firm %1 CLSA 13.29%2 Citi 6.55%3 Kotak 6.40%

BEST SALESPERSONRank Name Firm %1 Sujay Kamath CLSA 3.68%2 Pawan Nahar CLSA 2.46%3 Navin Roy Macquarie 2.29%

BEST EXECUTIONRank Firm %1 CLSA 13.22%2 Citi 6.70%3 IIFL 6.40%

BEST IN SALES TRADINGRank Firm %1 CLSA 16.74%2 Citi 8.23%3 IIFL 6.68%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 Religare 9.08%2 Ambit Capital 6.58%3 UBS 6.20%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 CLSA 15.37%2 Motilal Oswal 14.26%3 Morgan Stanley 7.20%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 CLSA 9.06%2 Enam 8.03%3 Morgan Stanley 6.14%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 34.73%2 Kotak 10.97%3 Edelweiss 5.43%

INDIA

asiamoney.com 9

BEST LOCAL BROKERAGERank Firm %1 Mandiri 45.06%2 Danareksa 27.04%3 Bahana 19.76%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 Deutsche Bank 19.40%2 CLSA 17.39%3 UBS 12.46%

BEST ANALYSTRank Name Firm %1 Heriyanto Irawan Deutsche Bank 11.19%2 Erwan Teguh CIMB 10.42%3 Joshua Tanja UBS 5.95%

BEST RESEARCH COVERAGESector FirmStrategy Deutsche BankMacroeconomics UBSSmall caps CIMBAutomobiles & components Deutsche BankBanks Deutsche BankFood, beverages & tobacco Deutsche BankMaterials Deutsche BankTelecommunication services Deutsche Bank

BEST OVERALL SALES SERVICESRank Firm %1 CLSA 21.86%2 CIMB 12.46%3 Deutsche Bank 12.05%

BEST SALESPERSONRank Name Firm %1 Wuddy Warsono CLSA 9.72%2 Daniel Oen CLSA 8.89%3 Eugene Chung CLSA 5.80%

BEST EXECUTIONRank Firm %1 CLSA 16.88%2 CIMB 13.29%3 Deutsche Bank 10.28%

BEST IN SALES TRADINGRank Firm %1 CLSA 21.95%2 CIMB 13.50%3 Deutsche Bank 11.72%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 CIMB 20.68%2 Mandiri 12.97%3 Citi 9.24%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 Deutsche Bank 18.66%2 CLSA 17.45%3 UBS 16.65%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 CLSA 16.51%2 Deutsche Bank 14.57%3 UBS 12.31%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 31.65%2 Deutsche Bank 17.01%3 CIMB 10.93%

INDONESIA


BEST LOCAL BROKERAGERank Firm %1 Nomura 47.19%2 Daiwa 28.71%3 Mizuho 15.40%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 Nomura 25.31%2 CLSA 8.23%3 BoA - Merrill Lynch 8.06%

BEST ANALYSTRank Name Firm %1 Paul Wan CLSA 5.10%2 Manabu Akizuki Nomura 3.95%3 Chris Richter CLSA 2.68%

BEST RESEARCH COVERAGESector FirmStrategy NomuraMacroeconomics NomuraSmall caps NomuraAutomobiles & components CLSABanks CLSACapital goods CLSAMaterials NomuraTechnology hardware & equipment Nomura

BEST OVERALL SALES SERVICESRank Firm %1 Nomura 25.08%2 Daiwa* 8.07%3 CLSA 8.05%

BEST SALESPERSONRank Name Firm %1 Koji Yoshida Nomura 6.55%2 James O’Neile Nomura 3.68%3 Sean Yeo Nomura 2.60%

BEST EXECUTIONRank Firm %1 Nomura 20.65%2 UBS 8.65%3 Daiwa* 6.91%

BEST IN SALES TRADINGRank Firm %1 Nomura 19.62%2 Morgan Stanley 9.36%3 UBS 8.17%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 Barclays Capital 13.73%2 Nomura 12.56%3 Credit Suisse 11.56%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 Nomura 28.43%2 CLSA 21.44%3 BoA - Merrill Lynch 15.16%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 Nomura 31.49%2 CLSA 10.32%3 Mizuho 9.15%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 35.52%2 MF Global 14.92%3 Advanced Research Japan 9.45%

* Daiwa Institute of Research

JAPAN

asiamoney.com 11

BEST LOCAL BROKERAGERank Firm %1 Samsung 31.27%2 Korea Investment & Securities 17.08%3 Daewoo 14.33%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 Samsung 16.60%2 UBS 8.43%3 Korea Investment & Securities 7.21%

BEST ANALYSTRank Name Firm %1 Young Chang UBS 4.36%2 JungHoon Chang Samsung 4.01%3 Chongkyu Juhn Samsung 3.23%

BEST RESEARCH COVERAGESector FirmStrategy SamsungMacroeconomics SamsungSmall caps SamsungAutomobiles and components SamsungBanks SamsungCapital goods SamsungMaterials SamsungSemiconductors and semiconductor equipment Korea Investment

& Securities

BEST OVERALL SALES SERVICESRank Firm %1 Samsung 13.99%2 UBS 9.59%3 HSBC 7.46%

BEST SALESPERSONRank Name Firm %1 John Lee HSBC 4.54%2 Sung Choi HSBC 2.04%3 DH Kim BoA - Merrill Lynch 2.01%

BEST EXECUTIONRank Firm %1 Samsung 15.26%2 UBS 8.10%3 Credit Suisse 6.35%

BEST IN SALES TRADINGRank Firm %1 Samsung 14.70%2 UBS 8.62%3 BoA - Merrill Lynch 6.88%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 Samsung 20.64%2 Korea Investment & Securities 10.24%3 HSBC 10.01%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 Samsung 16.68%2 UBS 13.81%3 BoA - Merrill Lynch 12.69%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 Samsung 16.34%2 Korea Investment & Securities 9.36%3 UBS 7.63%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 26.83%2 Samsung 14.50%3 HSBC 7.41%

KOREA


BEST LOCAL BROKERAGERank Firm %1 CIMB 44.89%2 Maybank 23.02%3 AmInvestment Bank 10.08%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 CIMB 21.94%2 Maybank 8.70%3 Credit Suisse 8.28%

BEST ANALYSTRank Name Firm %1 Terence Wong CIMB 6.16%2 Yeoh Yung Juen CIMB 4.87%3 Clare Chin CLSA 4.07%

BEST RESEARCH COVERAGESector FirmStrategy CIMBMacroeconomics RHBSmall caps OSK DMGBanks CIMBCapital goods CIMBFood, beverage and tobacco CIMBTelecommunication services CIMBConsumer service CIMB

BEST OVERALL SALES SERVICESRank Firm %1 CIMB 21.82%2 Maybank 12.70%3 CLSA 8.10%

BEST SALESPERSONRank Name Firm %1 May Lee UBS 5.33%2 Ai Vye Chin J.P. Morgan 5.23%3 Kit Lim CLSA 4.82%

BEST EXECUTIONRank Firm %1 CIMB 20.80%2 Maybank 11.98%3 Credit Suisse 7.32%

BEST IN SALES TRADINGRank Firm %1 CIMB 22.14%2 Maybank 15.42%3 Credit Suisse 7.52%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 Maybank 14.36%2 Nomura 13.75%3 AmInvestment Bank 11.44%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 CIMB 23.59%2 Maybank 18.65%3 CLSA 7.28%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 CIMB 20.11%2 Maybank 18.30%3 CLSA 8.02%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 16.15%2 OSK DMG 10.43%3 Nomura 8.17%

MALAYSIA

asiamoney.com 13

BEST LOCAL BROKERAGERank Firm %1 Topline 47.98%2 Foundation 22.67%3 JS Global Capital 17.57%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 Topline 38.99%2 KASB / BoA - Merrill Lynch 35.46%3 AKD Securities 8.07%

BEST ANALYSTRank Name Firm %1 Imtiaz Gadar KASB / BoA - Merrill Lynch 89.57%2 Farhan Mahmood Topline 3.91%3 Mohammed Sohail Topline 2.61%

BEST RESEARCH COVERAGESector FirmStrategy KASB / BoA - Merrill LynchMacroeconomics KASB / BoA - Merrill LynchSmall caps KASB / BoA - Merrill LynchBanks KASB / BoA - Merrill LynchEnergy KASB / BoA - Merrill LynchMaterials KASB / BoA - Merrill LynchTelecommunication services KASB / BoA - Merrill LynchUtilities KASB / BoA - Merrill Lynch

BEST OVERALL SALES SERVICESRank Firm %1 KASB / BoA - Merrill Lynch 20.73%2 HSBC 19.06%3 Topline 18.35%

BEST SALESPERSONRank Name Firm %1 Mohammed Sohail Topline 35.04%2 Baryalay Arbab KASB / BoA - Merrill Lynch 32.87%3 Imtiaz Gadar KASB / BoA - Merrill Lynch 23.62%

BEST EXECUTIONRank Firm %1 KASB / BoA - Merrill Lynch 29.58%2 Topline 21.13%3 HSBC 16.90%

BEST IN SALES TRADINGRank Firm %1 KASB / BoA - Merrill Lynch 28.13%2 Topline 25.20%3 Deutsche Bank 16.00%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 Topline 66.17%2 Foundation 30.83%3 KASB / BoA - Merrill Lynch 2.26%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 Topline 43.64%2 KASB / BoA - Merrill Lynch 42.07%3 Auerbach Grayson 9.39%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 KASB / BoA - Merrill Lynch 50.23%2 Topline 32.16%3 Auerbach Grayson 11.27%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 Topline 51.58%2 Citi 42.11%3 KASB / BoA - Merrill Lynch 5.26%

PAKISTAN


BEST LOCAL BROKERAGERank Firm %1 Philippine Equity Partners 39.29%2 ATR-Kim Eng 24.76%3 SB Equities 14.36%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 CLSA 30.41%2 UBS 21.34%3 Deutsche Bank 19.06%

BEST ANALYSTRank Name Firm %1 Jody Santiago UBS 26.19%2 Alex Pomento Macquarie 11.07%3 Leo Venezuela CLSA 6.99%

BEST RESEARCH COVERAGESector FirmStrategy CLSAMacroeconomics UBSSmall caps CLSABanks CLSACapital goods CLSAReal estate CLSATelecommunication services CLSAUtilities CLSA

BEST OVERALL SALES SERVICESRank Firm %1 CLSA 34.32%2 Deutsche Bank 19.49%3 UBS 18.03%

BEST SALESPERSONRank Name Firm %1 Alex Dauz CLSA 18.70%2 Robby Go UBS 17.35%3 Mitze De Dios CLSA 11.29%

BEST EXECUTIONRank Firm %1 CLSA 29.27%2 UBS 16.81%3 Deutsche Bank 16.29%

BEST IN SALES TRADINGRank Firm %1 CLSA 27.12%2 Deutsche Bank 18.98%3 UBS 16.92%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 CLSA 16.96%2 Citi 16.23%3 Deutsche Bank 13.04%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 CLSA 33.14%2 UBS 23.06%3 Deutsche Bank 16.31%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 CLSA 25.52%2 UBS 22.74%3 Deutsche Bank 17.64%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 39.55%2 Philippine Equity Partners 19.24%3 Deutsche Bank 18.53%

THE PHILIPPINES

asiamoney.com 15

BEST LOCAL BROKERAGERank Firm %1 DBS Vickers 50.08%2 UOB Kay Hian 19.99%3 Kim Eng 19.13%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 UBS 18.84%2 DBS Vickers 13.35%3 J.P. Morgan 9.15%

BEST ANALYSTRank Name Firm %1 Min Lan Tan UBS 11.37%2 Chris Gee J.P. Morgan 4.45%3 Terence Wong OSK DMG 4.32%

BEST RESEARCH COVERAGESector FirmStrategy UBSMacroeconomics UBSSmall caps DBS VickersBanks CitiCapital goods BoA - Merrill LynchReal estate UBSTelecommunication services NomuraTransportation DBS Vickers

BEST OVERALL SALES SERVICESRank Firm %1 DBS Vickers 13.95%2 UBS 10.97%3 CLSA 7.85%

BEST SALESPERSONRank Name Firm %1 Gaurang Bhatia UBS 4.49%2 Michael Balbirnie UBS 4.26%3 Ann Lim CLSA 4.10%

BEST EXECUTIONRank Firm %1 UBS 10.97%2 DBS Vickers 9.51%3 CLSA 8.76%

BEST IN SALES TRADINGRank Firm %1 CLSA 10.32%2 UBS 9.67%3 DBS Vickers 9.12%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 DBS Vickers 13.15%2 Standard Chartered 12.56%3 BoA - Merrill Lynch 12.26%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 DBS Vickers 13.61%2 CLSA 11.98%3 Deutsche Bank 10.73%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 DBS Vickers 16.18%2 UBS 9.11%3 J.P. Morgan 8.52%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 30.42%2 BoA - Merrill Lynch 9.31%3 OSK DMG 6.96%

SINGAPORE


BEST LOCAL BROKERAGERank Firm %1 Yuanta 43.65%2 KGI 19.93%3 Fubon 14.16%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 UBS 13.04%2 Yuanta 12.42%3 Macquarie 9.63%

BEST ANALYSTRank Name Firm %1 William Dong UBS 7.30%2 Jonah Cheng UBS 4.30%3 Henry King Goldman Sachs 3.60%

BEST RESEARCH COVERAGESector FirmStrategy UBSMacroeconomics UBSSmall caps MacquarieBanks BoA - Merrill LynchMaterials YuantaSemiconductors & semiconductor equipment UBSTechnology hardware & equipment Goldman SachsTelecommunication services UBS

BEST OVERALL SALES SERVICESRank Firm %1 UBS 11.44%2 Yuanta 11.27%3 Macquarie 9.16%

BEST SALESPERSONRank Name Firm %1 Julie Tsai UBS 6.08%2 Peili Wang HSBC 3.48%3 Ted Lo UBS 3.05%

BEST EXECUTIONRank Firm %1 UBS 10.38%2 Yuanta 10.16%3 Macquarie 7.85%

BEST IN SALES TRADINGRank Firm %1 UBS 11.88%2 Yuanta 9.44%3 HSBC 8.76%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 Yuanta 11.64%2 HSBC 11.56%3 UBS 8.99%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 UBS 16.21%2 BoA - Merrill Lynch 11.48%3 Yuanta 8.28%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 Yuanta 11.45%2 UBS 10.62%3 Macquarie 8.45%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 16.62%2 Yuanta 16.00%3 KGI 9.67%

TAIWAN

asiamoney.com 17

BEST LOCAL BROKERAGERank Firm %1 Phatra 36.10%2 Thanachart 24.91%3 TISCO 12.57%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 CLSA 15.80%2 UBS 12.96%3 Credit Suisse 12.42%

BEST ANALYSTRank Name Firm %1 Dan Fineman Credit Suisse 9.68%2 Tim Taylor CLSA 8.10%3 Ian Gisbourne UBS 6.89%

BEST RESEARCH COVERAGESector FirmStrategy Credit SuisseMacroeconomics UBSSmall caps ThanachartBanks CLSAEnergy UBSFood & staples retailing ThanachartMaterials Credit SuisseTelecommunication services CIMB

BEST OVERALL SALES SERVICESRank Firm %1 UBS 15.75%2 CLSA 14.84%3 Credit Suisse 10.04%

BEST SALESPERSONRank Name Firm %1 Munmun Taveeratanasilp CLSA 9.09%2 Jamie Woodward UBS 7.31%3 Pat Pattaphongse UBS 7.05%

BEST EXECUTIONRank Firm %1 UBS 16.03%2 CLSA 15.19%3 Credit Suisse 9.40%

BEST IN SALES TRADINGRank Firm %1 UBS 18.39%2 CLSA 14.49%3 Credit Suisse 10.66%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 Thanachart 17.22%2 Credit Suisse 16.95%3 CIMB 10.44%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 CLSA 23.48%2 Credit Suisse 11.52%3 Phatra 10.70%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 CLSA 16.32%2 Thanachart 11.04%3 UBS 10.35%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 27.84%2 Thanachart 14.33%3 DBS Vickers 6.71%

THAILAND


BEST LOCAL BROKERAGERank Firm %1 Ho Chi Minh City Securities 36.46%2 Saigon Securities 23.96%3 ACB Securities 21.35%

BEST FOR OVERALL COUNTRY RESEARCHRank Firm %1 J.P. Morgan 41.50%2 RBS 40.82%3 HSBC 5.10%

BEST ANALYSTRank Name Firm %1 Fiachra Mac Cana Ho Chi Minh City Securities 51.36%2 David Kadarauch Mekong Securities 14.01%3 Truong Thu My Ho Chi Minh City Securities 12.45%

BEST RESEARCH COVERAGESector FirmStrategy Ho Chi Minh City SecuritiesMacroeconomics ACB SecuritiesSmall caps Ho Chi Minh City SecuritiesBanks ACB SecuritiesEnergy Ho Chi Minh City SecuritiesFood & staples retailing Ho Chi Minh City SecuritiesMaterials ACB SecuritiesTach hardware & equipment Ho Chi Minh City Securities

BEST OVERALL SALES SERVICESRank Firm %1 ACB Securities 16.67%2 Ho Chi Minh City Securities 16.60%3 J.P. Morgan 14.46%

BEST SALESPERSONRank Name Firm %1 Attila Vajda ACB Securities 37.79%2 Michel Tosto Viet Capital Securities 16.33%3 Sriyan Pietersz J.P. Morgan 14.93%

BEST EXECUTIONRank Firm %1 ACB Securities 33.03%2 Ho Chi Minh City Securities 29.88%3 HSBC 10.48%

BEST IN SALES TRADINGRank Firm %1 Ho Chi Minh City Securities 34.29%2 ACB Securities 26.24%3 Saigon Securities 10.05%

MOST IMPROVED BROKERAGE OVER THE LAST 12 MONTHSRank Firm %1 ACB Securities 53.27%2 CLSA 37.38%3 Sacombank Securities 5.61%

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 ACB Securities 43.19%2 Ho Chi Minh City Securities 16.60%3 Sacombank Securities 15.11%

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 ACB Securities 45.62%2 Ho Chi Minh City Securities 28.09%3 Saigon Securities 16.24%

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 ACB Securities 53.77%2 Ho Chi Minh City Securities 37.74%3 Sacombank Securities 2.83%

VIETNAM

asiamoney.com 19

METHODOLOGY

• Least independent research brokerage

Hedge Fund section – asked hedge funds their views on various categories relating to

hedge fund services and prime broking. Please refer to the results of the Prime Broking &

Hedge Fund Services Poll published in the October issue ofAsiamoney.

Country sections

• Most improved brokerage, across both research & sales, over the last 12months

• Best local brokerage

Equity Sales

• Best overall sales service

• Best sales people

• Best brokerage for sales trading

• Best execution

Corporate Access

• Best for events and/or conferences

• Best for roadshows and company visits

Equity Research

• Best overall country research

• Best country analysts

• Best research coverage for strategy, macroeconomics, small caps and each of the 5

highest-weighted industries* in that market* Industries selected according to the relevant MSCI indices as of 31 May 2011.

• Most independent research brokerage

Calculation of Results

Points for Place

For all categories, a first place vote was awarded three points; second place two points and

third place one point.

“One Firm – One Vote”

To avoid any one institution having more influence than others of equal size, multiple

responses were fractioned according to the total number received from that one institution.

Asset SizeWeightings

Each response was then weighted according to the institution’s approximate asset size

(total unleveraged Asian equity funds under management) in Asia-Pacific (ex-Australia &

Japan), in Australia or in Japan (depending upon the institution’s allocation of funds). The

table below details weightings according to asset size (hedge fund firms have been weight-

ed at six times their assets to reflect their higher turnover rate):

Asset size (US$million) No. of institutions Multiplied by

<50 366 0.5

50-200 437 1

201-500 309 4

501-2,000 471 8

2,001-5,000 281 12

5,001-10,000 225 16

>10,000 280 20

2,369

Rankings for Overall Combined Regional Research & Sales, Overall Regional Research &

Overall Regional Sales

For the Asia (ex-Australia & Japan) rankings a country weighting systemwas used to com-

pare brokerages as a whole in the region. The rationale is that the importance of markets

varies across the region, so the points a brokerage receives in major markets should be

weightedmore than the points it receives in smaller markets. TheMSCI AC Asia ex-Japan

(as of 31May 2011) was used to achieve this. A similar sector weighting systemwas used

to address the importance of the sectors within the region. Please refer to the following

tables for a mathematical breakdown:

Asiamoney’s 22nd annual Brokers Poll invited chief investment officers, senior fund

managers and senior investment analysts at fund management houses, hedge fund &

private equity firms, insurance companies and wealth management houses in Asia-

Pacific, Europe and North America. A total of 4,431 valid individual responses from

approximately 2,300 different institutions, including 481 hedge funds, were received.

During the auditing process Asiamoney further verified responses by speaking directly

to respondents; 323 individual responses were made void either because they failed to

fulfill the auditing requirements. The geographical breakdown of the final 2,369 institu-

tions is as follows:

The questionnaire incorporates 16 different sections as follows:

Regional China Indonesia Malaysia Singapore

Hedge Fund Hong Kong Japan Pakistan Taiwan

Australia India Korea The Philippines Thailand

Vietnam

The questionnaire includes the following sections and categories:

Regional (Asia ex-Australia & Japan) section

• Most improved brokerage, across both research & sales, over the last 12months.

Regional Equity Sales

• Best regional brokerages for sales services

• Best regional sales people

• Best regional sales traders

• Best regional brokerages for execution

Regional Equity Research

The 12 industries covered are those given the highest weighting in the MSCI Asia ex-Japan

index as of 31 May 2011 – please refer to the GICS map for industry definitions.

• Strategist

• Economist

• Quantitative/technical analyst

• Banks analyst

• Conglomerates analyst

• Consumer discretionary analyst

• Consumer staples analyst

• Energy analyst

• Insurance analyst

• Materials analyst

• Real estate analyst

• Semiconductors & semiconductor equipment analyst

• Technology hardware & equipment analyst

• Telecommunication services analyst

• Utilities analyst

• Most independent research brokerage

Australia 1.55%

China 29.24%

Thailand 0.86%Taiwan 5.37%

Hong Kong 23.48%

India 6.92%

Indonesia 1.14%Japan 1.18%

Europe 3.69%

Malaysia 4.62%

Korea 4.69%

North America 6.85%

Others 0.71%Philippines 0.32%

Singapore 9.4%


METHODOLOGY CONT.

Weightings for the Asia (ex-Australia & Japan) overall research rankings

Regional (Total) 30.00% Multiplied by

- Strategy 3.00% 0.48

- Economics 2.00% 0.32

- Quantitative 1.00% 0.16

- Banks 4.92% 0.79

- Conglomerates 0.92% 0.15

- Consumer Discretionary 2.56% 0.41

- Consumer Staples 1.29% 0.21

- Energy 2.34% 0.37

- Insurance 1.09% 0.17

- Materials 2.42% 0.39

- Real Estate 1.90% 0.30

- Semiconductors & Semiconductor Equipment 2.33% 0.37

- Technology Hardware & Equipment 1.69% 0.27

- Telecommunication Services 1.58% 0.25

- Utilities 0.95% 0.15

Country (Total) 70.00% Multiplied by

- China 17.23% 2.76

- Hong Kong 7.85% 1.26

- India 6.81% 1.09

- Indonesia 2.46% 0.39

- Korea 14.40% 2.30

- Malaysia 2.85% 0.46

- Philippines 0.54% 0.09

- Singapore 4.89% 0.78

- Taiwan 11.28% 1.81

- Thailand 1.69% 0.27

Total 100.00%

Weightings for the Asia (ex-Australia & Japan) overall sales rankings

Regional 30.00% Multiplied by

- Overall sales services 30.00% 4.80

Country (Total) 70.00% Multiplied by

- China 17.23% 2.76

- Hong Kong 7.85% 1.26

- India 6.81% 1.09

- Indonesia 2.46% 0.39

- Korea 14.40% 2.30

- Malaysia 2.85% 0.46

- Philippines 0.54% 0.09

- Singapore 4.89% 0.78

- Taiwan 11.28% 1.81

- Thailand 1.69% 0.27

Total 100.00%

For the Australia and Japan overall combined research & sales rankings, the votes from the categories of best overall country research and best overall sales service for each market

were simply added together.

Asiamoneywould like to thank those who helped design the questionnaire, as well as all respondents for taking the time to complete and return it. The detailed results can also be

viewed on our website, www.asiamoney.com and full results will be published in the 2011 Brokers Poll Full Report, available from 1 December 2011.

asiamoney.com 21

INDUSTRY GROUP (SELECTED) INDUSTRY

Automobiles & Components - auto components - automobiles

Banks - commercial banks - thrifts &mortgage finance

Capital Goods - aerospace & defense - building products

- construction & engineering - electrical equipment

- industrial conglomerates - machinery

- trading companies & distributors

Commercial Services &Supplies - commercial services & supplies - professional services

Conglomerates 1 - industrial conglomerates

Consumer Durables & Apparel - household durables - leisure equipment & products

- textiles, apparel & luxury goods

Consumer Services - hotels, restaurants & leisure - diversified consumer services

Diversified Financials - diversified financial services - consumer finance

- capital markets

Energy - energy equipment & services - oil, gas & consumable fuels

Food & Staples Retailing - food & staples retailing

Food, Beverage & Tobacco - beverages - food products

- tobacco

Health Care Equipment &Services - health care equipment & supplies - health providers & services

- health care technology

Household & Personal Products - household products - personal products

Insurance - insurance

Materials - chemicals - construction materials

- containers & packaging - metals &mining

- paper & forest products

Media - media

Pharmaceuticals, Biotechnology &Life Sciences - biotechnology - pharmaceuticals

- life science tools & services

Real Estate - real estate investment trusts (REITs) - real estate management & development

Retailing - distributors - internet & catalogue retail

- multiline retail - specialty retail

Semiconductors & Semiconductor Equipment - semiconductors - semiconductor equipment

Software & Services - internet software & services - IT services

- software

Technology Hardware & Equipment - communications equipment - computers & peripherals

- office electronics - electronic equipment & instruments

- electronic components

Telecommunication Services - diversified telecommunication services - wireless telecommunication services

Transportation - air freight & logistics - airlines

- marines - road & rail

- transportation infrastructure

Utilities - electric utilities - gas utilities

- multi-utilities - water utilities

- independent power producers & energy traders

1 Conglomerates refers to the Industry Industrial Conglomerates. It has been selected as a regional sector to replace Capital Goods to better reflect the industry sectors covered by brokers within the region.

Disclaimer

This information is the property of Morgan Stanley Capital International Inc. (MSCI). It is provided for informational purposes only, and is not a recommendation to participate in any

particular trading strategy. The information may not be used to verify or correct data, or any compilation of data or index or in the creation of any indices. Nor may it be used in the creating,

writing, offering, trading, marketing or promotion of any financial instruments or products. This information is provided on an “as is” basis. Although MSCI shall obtain information from

sources which MSCI considers reliable, neither MSCI, its affiliates nor any other party involved in the making or compiling of the information guarantees the accuracy and/or the

completeness of any of this information. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information makes any representation or warranty, express

or implied, as to the results to be obtained by any person or entity from any use of this information, and the user of this information assumes the entire risk of any use made of this information.

Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information makes any express or implied warranties, and MSCI, its affiliates and any other party

involved in the making or compiling of the information hereby expressly disclaim all warranties of merchantability or fitness for a particular purpose with respect to any of this information.

Without limiting any of the foregoing, in no event shall MSCI, its affiliates or any other party involved in the making or compiling of the information have any liability for any direct, indirect,

special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Morgan Stanley Capital International, MSCI and all other

service marks referred to herein are the exclusive property of MSCI and its affiliates. All MSCI indices are the exclusive property of MSCI and may not be used in any way without the express

written permission of MSCI. MSCI is a leading provider of global indices and benchmark related products and services to investors worldwide. Morgan Stanley, a global financial services firm

and a market leader in securities, asset management, and credit services, is the majority shareholder of MSCI, and The Capital Group Companies, Inc., a global investment management

group, is the minority shareholder.

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS)SMFOR ENQUIRES, PLEASE CALL MSCI 24 HR CLIENT SERVICE ON (852) 2848 6740

asiamoney brokers poll results (2011)

Documents