Riedel Research Group
Institutional Research Global Expert Network
Dedicated Research in Global Emerging Markets
www.riedelresearch.com www.riedelglobalexperts.com

Ins$tu$onal Research Global Expert Network
Riedel Research Group Riedel Global Experts
• Company specific coverage of • 1300+ subject matter experts in
300+ Emerging Market stocks over 52 Emerging & Frontier
• On-the-ground insights in Markets
Emerging Markets • Off-the-Street calls generate
information not typically
• Custom work – Channel Checks,
disseminated
Site Visits, Plant Tours, Surveys,
Background Checks… • Provide clients uncommon
• 28 analysts in 15 countries - insights in Emerging Markets
Asia, Latin America and Emerging Europe
• Enhance investment decisions
• Bottoms-up, company-specific through phone consultations
insights • Identify & vet the the most
appropriate expert Global Expert Network
www.riedelresearch.com www.riedelglobalexperts.com

Riedel Research Group
Interac$ve Client Service
Tools and Resources to Help you Make the Best Investment Decisions
• Discussion of Ideas and Themes
• What we are Hearing
• Weekly On-the-Ground and Macro Overview
• Any project, any time, any market
• Comparisons of opportunities across emerging markets
• Monthly High-dividend Yield Project
• Giving fund managers a competitive advantage
• No conflict of interest – no banking, no brokerage, no corporate
advisory
• Dynamic Excel Models
• As-needed Updates and Insights Global Expert Network
• Conference Calls, discussions and transcripts
www.riedelresearch.com www.riedelglobalexperts.com

Riedel Research Group
RRG Recommenda$ons Track Record
• Since 2006 Riedel Research Buy and Sell Recommendations have
outperformed local benchmarks in most markets.
Performance Relative to Local Index (bps)
Red numbers Reflect Underperformance
BUYs SELLs
Turkey 105 n/a
Thailand 527 1,531
Poland 224 n/a
Other Countries (137) 3,850
Mexico 1,632 4,652
India (187) (141)
Hungry 807 n/a
China 103 2,179
Brazil 2,439 680
Argentina 1,107 502
Global Expert Network
www.riedelresearch.com www.riedelglobalexperts.com

Recent Reports
Riedel Research Group
• CCCC - CHINA INFRASTRUCTURE - Leader Sees Continued Growth and Widening Margins -
50% Valuation Discount to Peers - BUY
• GLOBAL GOLD MINING – AngloGold, Harmony, Goldfields, Buenaventura, Zhaojin and Zijin Mining.
• Riedel Research Review - Trends, Insights and Opportunities in the Global Emerging Markets – Focus on
Gold Producers, Brazilian Education and SELL Ratings for CHU and VISN.
• MARUTI SUZUKI - Margin and Competitive Pressures - SELL
• AJISEN - Chinese Restaurant Stock Sees Slowing Growth and Declining Margins - Downgrade to HOLD
• VISN - Chinese Ad Co Sees Dramatic Change in Metrics - MGMT Will Not Explain - SELL
• CHINA POSTS 6.1% YOY GDP - Growth for 1Q09 - Industry-Specific Additions to Stimulus Likely -
BUY Autos, Real Estate and Healthcare
• AMERICA MOVIL (AMX) – Consistent Subscriber and Revenue Growth Even in a Context of Economic
Slowdown - BUY
• INDIAN AUTO MONTHLY - Review of TATA NANO - Showroom Visit Highlights Interest - BUY Sector
Long-Term
• RIEDEL MONTHLY MACRO MONITOR - Pockets of Opportunity in Global Emerging Markets
• MILLICOM - Diversified EM Wireless Co Provides Solid Growth - 40%+ Upside
• TENARIS - Global Tube Supplier is Well Positioned for Challenging Times and Rebound - 40%+ Upside -
BUY
• CHU - China Telco Shares Down 40% Since Our Sell Rating - Fully Valued - Upgrade to HOLD Global Expert Network
www.riedelresearch.com www.riedelglobalexperts.com

Advantages
Riedel Global Experts
• Solely dedicated to Emerging & Frontier Markets
• “On-the-ground” objective insights into sectors and markets
• Division of Riedel Research Group; 28+ analysts in 15 countries
covering 300+ Emerging & Frontier Market companies.
• Less dependency on consultants, analysts and C-Level opinions
• Live language interpretation expands the universe of accessible
experts
• Written transcripts of all calls to reinforce the information
• Access to complete library of sanitized transcripts
• Opportunity for specialized research given the cutbacks in
research departments and increased consolidation, particularly
related to Emerging & Frontier Markets
Global Expert Network
www.riedelresearch.com www.riedelglobalexperts.com

Riedel Global Experts
Benefits
• Actionable advice regarding Emerging Market industries, sectors,
and/or specific companies
• Timely, unfiltered information that enhances investment decisions
• Greater portfolio due diligence & risk analysis through primary
research
• Objective, underrepresented & local knowledge in covered markets
• Emerging market expertise assures appropriate expert selection
• Custom call process saves time of busy managers from searching a
database of experts
• Avoidance of the rolodex model & readymade solutions
Global Expert Network
www.riedelresearch.com www.riedelglobalexperts.com

Riedel Global Experts
Call Process
• Initial Assessment
• Riedel Global Experts works with our client to formulate questions
• Ideal profiles of experts are gathered based specifically on the client’s request
• Expert Search and Vetting
• Riedel Global Experts searches its proprietary database of experts
• Our matching process includes searching our Global Expert Network, working
with our global research partners and Riedel Research Group’s 28+ analysts
• Quick Turnaround - A list of expert targets within 2-5 business days
• Consultations
• We coordinate and provide a call facility for confidential private phone
consultations lasting up to one hour
• Live interpretation is available for non-English speakers; this expands the
universe of experts particularly in Russia, China & Brazil
Global Expert Network
www.riedelresearch.com www.riedelglobalexperts.com

ASIA CHINA
HOGS – Leading Pork Processor in China Benefits from Rising Price and Changing
Lifestyles – BUY
Mkt Cap US$ 350mn; Upside 75%; Avg. Daily Value US$3.6mn
Ticker: HOGS
Zhongpin is a major processor of pork Target: US$ 21
products in China with a network of Price (09/09/2009): US$ 12.15
owned stores and counters nationwide.
Pork prices have been rising recently in
China - up 20% since June.
We expect 29% revenue growth for 2009
and 38% for 2010.
Risks - Cash balance has dwindled
because of growth. LT Debt/Cap: 19%
Trades at P/E of 6x and 7x FV/EBITDA
‘10E.
Peer valuations indicate a target of US
$21.

ASIA CHINA
China Telecom (CHA) – Cheapest of the Chinese Telcos - Dominant Broadband Co. -
Margin and Cashflow Upside in 2010 – BUY
Mkt Cap US$40bn; Upside 20%
Reduction in mobile subsidies and
mobile advertising budget in 2010. Ticker: CHA
Target: US$58
We expect Operating Margin will Price (09/0/2009): $47
improve to 17% in 2010 from 14% in
2009.
G o o d c o n t ro l o f C A P E X b o o s t s
cashflow.
2010 revenue growth of 5% with strong
contribution from internet and mobile.
DSL is only option for high-speed
Internet connection in China - strong
growth.
Strong management.
Currently trades at 5x FV/EBITDA and
11x P/E on ‘10E.

LATIN AMERICA BRAZIL
BRMALLS – Largest Mall Owner and Operator in Brazil - Greatly Undervalued at
Current Prices – BUY
Mkt Cap US$1.9bn; Upside 46%
Brazil’s retail market is 5th largest in the Ticker: BRML3.SA
world (190 mn people). Target: R$28
Price (09/09/2009): $19.40
Recent government stimulus has boosted
white goods sales.
Going into an election year liquidity is
likely to be high nationwide.
Retail Sales 5-yr CAGR +9% while
shpping mall sales +12% and BRMALLS
revenues +50%.
Management is well-connected and
respected.
Diversified exposure to various regions
and income levels.
Currently trades at 14x FV/EBITDA and
21x P/E on ‘10E.

EMERGING EUROPE POLAND
Jeronimo Martins (JMT.LS) – Portuguese Retailer With Exposure to Poland - Strong
News Flow and Positive Outlook – BUY
Mkt Cap US$3.8bn; Upside 17%
Ticker: JMT.LS
Jeronimo Martins is one of the largest food
Target: 7.07 EUR
distribution companies in Poland and Price (09/09/2009): 6.05 EUR
Portugal.
Organic growth of the Company is
predominantly directed to the Polish
discount stores, which make up 51% both
of Sales and EBITDA.
The Company posted healthy 1H results,
with net sales growing as much as 6.6%
and EPS improving by 12.5%. Excluding
the FX impact, their net sales soared by
21.6% and net profit increased by 23.3%
In 2008 JM acquired the Plus discount
stores in Portugal (75 locations) and Poland
(205 locations).
We emphasize the high growth potential of
the Polish discount market, which may post
a 13.7% CAGR until 2015, according to our
estimates.

ASIA INDONESIA
Indofood (INDF.JK) – Major Food Co Provides Diversified Exposure to Indo Consumer
- Debt Reduction and Diversification to Boost Margins - BUY
Mkt Cap US$2.2bn; Upside 25%
Diverse product portfolio: noodles, Ticker: INDF.JK
flour, palm oil, milk. Target: INDR 3,250
Price (09/09/2009): 2,600
Aggressive expansion in recent years
has stretched balance sheet and
pressured margins.
Growing exposure to high-margin
dairy, sugar and palm oil will boost
margins going forward.
Avg P/E of peers is 27x while INDF
trades at 14x 2010.
Risks include impact of inflation on
consumer spending and FOREX
exposure.
At target of INDR 3,250 shares would
trade at 19x P/E.

China - -University Student SurveySURVEY Financial Services
CHINA UNIVERSITY STUDENT Focus on
Which of the following is your preferred banking partner?
Survey of students at 8 universities.
Focus on attitudes towards financial services and
usage of various services.
93% stated Domestic Govn’t Banks are their
preferred banking partner - just 5% preferred
Domestic Private and 2% preferred Foreign. Which of the following financial services do you
or your family own/use?
China Merchants Bank and ICBC are the preferred
domestic private and government banks respectively.
LIfe and health insurance are popular with Reliability
and Brand indicated as the most important deciding
factor - State-run entities preferred.
Watch credit card services and mutual funds -
Expect these services to grow quickly.
Preferred Plays - ICBC, China Construction Bank
and China Merchants Bank and China Life.

ASIA CHINA
Chinese Infrastructure Contractors Export Expertise and Low Costs
51 of 225 largest contractors globally are Chinese companies.
Chinese banks provide long-term, low-cost loans for projects abroad.
Construction services major contributor to Services Revenue from Overseas which was up 52% YoY in 1H09.
Chinese construction companies signed contracts with overseas projects worth $65 bn in the first half of ’09.
China Railway Construction (1186.HK) reported new overseas contracts up 98 percent in the first half,
representing one fifth of the total new contracts signed.
Hambantota Port in Sri Lanka – Under East-West Highway in
LPG Dock Breakwater Project in Mexico Construction Algeria – $7 Bn Project, Under Construction
Other Projects that Chinese Construction
Companies are participating in:
China Railway signed a $1.78 billion contract to
build the first phase of a special railway for
Muslim pilgrims in Saudi Arabia.
Hambantota Port is being constructed with CCCC won the project as part of a Chinese
China’s Shanghai Urban Construction group has Chinese aid consortium which included CRCC
been contracted to build four 40,000-capacity
stadiums in Benguela, Lubango, Cabinda and
Luanda, Angola at a cost of US$600 million

ASIA CHINA
CCCC (1800.hk) - Chinese Construction Company Expanding Beyond Ports into
Roads, Railroads and International - BUY
Mkt Cap US$ 40bn; Upside 34%; Avg. Daily Value US$32mn
Ticker: 1800.hk
Recent results showed total new orders Target: HKD$12.5
+21% including 15% growth in in overseas Price (09/09/2009): $9.3
new orders to US$4.5bn, mainly
construction-related projects.
Exposure to port cranes has hurt recently
with global downturn in shipping.
Currently trades at P/E of 12x ‘10E and P/
Book ratio of 2.2x.
Has underperformed because of port/
shipping exposure but this concern is
overdone.
Heavy machinery division diversification into
oil exploration equipment & railway business
growth will boost margins.
Trades well below peer railway construction
co.s despite higher margins and ROEs.

Riedel Global Experts Riedel Research Group
Service Packages
Riedel Global Experts Riedel Research Group
Full Service
• Single Region: $10,000 a qtr
• Annual - up to 52 Calls - $75,000
• Bi-annual - up to 26 Calls - $40,000 • All Regions: $15,000 per qtr
• Quarterly - up to 13 Calls - $25,000 • Full access to analysts
• Consistent research flow
• Live Language Interpretation
• Custom research as needed
• Audio File
(no additional charge)
• Transcripts Upon Request
• Weekly Best Ideas and update
• Expert Panels calls.
• Expert Surveys
• RGE Can Even Conduct Calls on
Your Behalf and Provide Written
Transcripts
Global Expert Network
www.riedelresearch.com www.riedelglobalexperts.com

Notices
The research set forth herein has been obtained from sources believed to be reliable; however, its accuracy or completeness is not guaranteed.
Any statements expressed herein at this date are subject to change without notice. The research presented does not take into account the
investment objectives, financial needs, or particular needs of any particular person. No representation is being made that any company will or is
likely to perform in a particular fashion, and nothing contained herein should be construed as an endorsement or an offer to purchase or sell
securities. Persons assessing this information should obtain advice based on their own individual circumstances before making an investment
decision. We accept no liability for any loss arising from the use of this research material. This information is presented for your private
information only and may not be disclosed to any other persons, except as required by law. The information presented herein should not be
construed as any form of offer, or solicitation of an offer, to buy or sell any securities, nor should the information presented herein be construed as
investment advice.
It should be noted that investing in securities (including ADRs) of non-U.S. governments and companies which are generally denominated in non-
U.S. currencies involves certain considerations comprising both risks and opportunities not typically associated with investing in securities of the
United States government or United States companies. These considerations include, without limitation: changes in exchange rates and
exchange control regulations; political, economic and social instability; expropriation; imposition of foreign taxes; less liquid markets and less
available information than is generally the case in the United States; higher transaction costs; foreign government restrictions; less government
supervision of exchanges, brokers and issuers; greater risks associated with counterparties and settlement; difficulty in enforcing contractual
obligations; lack of uniform accounting and auditing standards; and greater price volatility.
21975.0001 #419592
Riedel Research Group
President & CEO - David Riedel
Riedel Research Headquarters
driedel@riedelresearch.com
+1 917.402.7500 245 Park Ave.
24th Floor
Riedel Global Experts NY, NY 10167
Global Director - James Huddleston +1 212.805.8123
james@riedelglobalexpert.com
+1 917.587.7717
Global Expert Network
www.riedelresearch.com www.riedelglobalexperts.com