OVERALL COMBINED REGIONAL RESEARCH & SALES 7 8 …...OVERALL COMBINED REGIONAL RESEARCH & SALES (ASIA EX AUSTRALIA & JAPAN) Rank 2013 Bank % 1 3 UBS 14.99 2 2 HSBC 14.32 3 1 CLSA 13.73

OVERALL COMBINED REGIONAL RESEARCH & SALES (ASIA EX AUSTRALIA & JAPAN) Rank 2013 Bank %1 3 UBS 14.992 2 HSBC 14.323 1 CLSA 13.734 4 Bank of America Merrill Lynch 6.165 5 Credit Suisse 5.226 6 Morgan Stanley 4.887 8 Goldman Sachs 4.008 10 JP Morgan 3.869 – Deutsche Bank 3.6610 7 Citi 3.54

OVERALL COMBINED RESEARCH & SALES FOR AUSTRALIARank 2013 Bank %1 1 UBS 21.262 2 CLSA 20.423 3 Macquarie 11.404 5 Bank of America Merrill Lynch 8.455 6 Credit Suisse 7.286 4 JP Morgan 6.677 8 Deutsche Bank 5.128 9 Citi 4.919 – CIMB 4.3710 7 Morgan Stanley 3.46

OVERALL REGIONAL RESEARCH(ASIA EX AUSTRALIA & JAPAN) Rank 2013 Bank %1 3 UBS 16.752 1 CLSA 14.723 2 HSBC 14.364 5 Credit Suisse 5.475 4 Bank of America Merrill Lynch 5.316 – Barclays 4.077 – Deutsche Bank 4.018 10 Morgan Stanley 3.799 6 Goldman Sachs 3.5010 8 JP Morgan 3.49

OVERALL REGIONAL RESEARCH AS VOTED BY MOSTACTIVE TRADERS (ASIA EX AUSTRALIA & JAPAN) Rank 2013 Bank %1 2 UBS 18.912 4 HSBC 18.673 1 CLSA 18.104 10 Barclays 5.815 – Deutsche Bank 5.296 5 Credit Suisse 4.877 8 JP Morgan 3.198 – Standard Chartered 3.159 – DBS Vickers 3.1410 7 3.10

OVERALL COMBINED RESEARCH & SALES FOR JAPAN Rank 2013 Bank %1 2 Nomura 16.572 1 CLSA 15.343 – SMBC Nikko 9.874 8 Mizuho 7.655 3 Daiwa 7.156 4 UBS 6.567 6 Bank of America Merrill Lynch 5.818 5 JP Morgan 4.899 – Societe Generale 3.6710 – Mitsubishi UFJ 3.49

OVERALL REGIONAL SALES(ASIA EX AUSTRALIA & JAPAN) Rank 2013 Bank %1 2 HSBC 14.292 3 UBS 14.003 1 CLSA 13.164 4 Bank of America Merrill Lynch 6.645 5 Morgan Stanley 5.486 7 Credit Suisse 5.077 8 Goldman Sachs 4.298 – JP Morgan 4.089 9 Macquarie 3.9810 6 Citi 3.71

OVERALL REGIONAL SALES AS VOTED BY MOST ACTIVETRADERS (ASIA EX AUSTRALIA & JAPAN) Rank 2013 Bank %1 2 UBS 13.722 3 HSBC 13.363 1 CLSA 12.904 8 Morgan Stanley 6.215 4 Bank of America Merrill Lynch 6.186 6 Credit Suisse 5.377 9 Goldman Sachs 4.478 7 Macquarie 4.199 – JP Morgan 4.1010 10 Deutsche Bank 4.06

BEST FOR OVERALL SERVICES TO HEDGE FUNDSRank 2013 Bank %1 1 UBS 12.872 5 CICC 9.663 6 Bank of America Merrill Lynch 7.384 2 CLSA 7.155 4 Morgan Stanley 6.826 7 Goldman Sachs 6.787 3 HSBC 5.608 10 Credit Suisse 5.499 8 Citi 4.6410 – JP Morgan 4.39

BEST FOR CLIENT SERVICE COVERAGERank 2013 Bank %1 1 UBS 13.242 – CICC 9.743 4 Morgan Stanley 8.134 – Bank of America Merrill Lynch 7.115 3 HSBC 6.94

BEST BESPOKE RESEARCHRank 2013 Bank %1 2 UBS 12.652 3 CICC 11.323 1 CLSA 9.034 – Bank of America Merrill Lynch 6.965 5 Morgan Stanley 6.63

Rank 2013 Bank %1 2 UBS 13.062 4 CICC 8.793 – Bank of America Merrill Lynch 7.654 5 CLSA 7.055 – Citi 7.02

Rank 2013 Bank %1 1 UBS 13.622 – CICC 10.863 5 Goldman Sachs 8.694 – Bank of America Merrill Lynch 7.935 3 Morgan Stanley 6.35

BEST SALESPERSON SERVICING HEDGE FUNDSRank Name Firm %1 Tommy Tang CLSA 4.672 Kim Allan Daiwa Capital 2.043 Chenfan Zhao Credit Suisse 1.584 Terrence Quah UBS 1.555 Qi Wu UBS 1.43

BEST FOR CLIENT SERVICE COVERAGERank Name Firm %1 Jimmy Woo Barclays 2.902 Michael Douglas Lee Societe Generale 2.893 Phillip Cheung Societe Generale 2.844 Eddie Jones BAML 2.665 Myron Kwong UBS 2.41

BEST FOR OVERALL SERVICES IN PRIME BROKINGRank 2013 Bank %1 1 UBS 16.592 2 CICC 12.143 5 Goldman Sachs 6.254 4 Morgan Stanley 6.085 7 Bank of America Merrill Lynch 5.946 – Yuanta 5.467 10 CLSA 4.588 6 Credit Suisse 4.429 9 Citi 4.3110 3 HSBC 3.88

BEST PRODUCT INNOVATION FOR PRIME BROKINGRank 2013 Bank %1 1 UBS 18.332 2 CICC 11.143 4 Morgan Stanley 8.314 – Bank of America Merrill Lynch 8.225 3 Goldman Sachs 7.61

BEST PRICING FOR PRIME BROKINGRank 2013 Bank %1 1 UBS 17.462 2 CICC 10.963 5 Goldman Sachs 6.424 – Bank of America Merrill Lynch 6.325 3 Morgan Stanley 5.78

BEST RISK MANAGEMENT ADVISORYRank 2013 Bank %1 1 UBS 15.682 2 CICC 13.763 5 Goldman Sachs 5.684 – Yuanta 5.645 – Bank of America Merrill Lynch 5.63

BEST CLIENT SERVICE FOR PRIME BROKINGRank 2013 Bank %1 1 UBS 17.702 2 CICC 11.633 4 Morgan Stanley 6.224 – Goldman Sachs 5.805 – Yuanta 5.67

HEDGE FUND SERVICES PRIME BROKING

BEST STRATEGISTRank Name Firm %1 Christopher Wood CLSA 14.902 Li Chen UBS 5.833 Russell Napier CLSA 4.45

BEST ECONOMISTRank Name Firm %1 Tao Wang UBS 9.112 Eric Fishwick CLSA 7.763 Frederic Neumann HSBC 4.74

BEST QUANTITATIVE/TECHNICAL ANALYSTRank Name Firm %1 Laurence Balanco CLSA 17.262 James Jong-Pil Lee HSBC 8.363 Desh Peramunetilleke CLSA 8.24

BEST ANALYST FOR BANKSRank Name Firm %1 Zongwei Gan UBS 6.072 May Yan Barclays 4.853 Tracy Yu Deutsche Bank 4.41

BEST ANALYST FOR INDUSTRIALSRank Name Firm %1 Anderson Chow HSBC 5.102 Alexious Lee CLSA 4.113 Yankun Hou UBS 3.49

BEST ANALYST FOR CONSUMER DISCRETIONARYRank Name Firm %1 Xiaopo Wei CLSA 13.302 Charlene Liu HSBC 4.173 Mark Li DBS Vickers 4.15

BEST ANALYST FOR CONSUMER STAPLESRank Name Firm %1 Xiaopo Wei CLSA 16.132 Lin (Linda) Zhao UBS 4.893 Jessie Guo 4.68

BEST ANALYST FOR DIVERSIFIED FINANCIALSRank Name Firm %1 York Pun HSBC 13.732 Derek Ovington CLSA 4.763 Todd Dunivant HSBC 4.34

BEST ANALYST FOR ENERGYRank Name Firm %1 Thomas Hilboldt HSBC 4.482 Laban Yu 4.253 Jason Saw RHB-OSK-DMG 3.21

BEST ANALYST FOR HEALTHCARERank Name Firm %1 Xuwo Ji UBS 11.222 Jack Hu Deutsche Bank 7.143 Iris Wang Credit Suisse 6.08

BEST ANALYST FOR INSURANCERank Name Firm %1 James Garner HSBC 22.132 Bo Lun Tang HSBC 7.413 Jianwei Yang HSBC 6.54

BEST ANALYST FOR MATERIALSRank Name Firm %1 HSBC 12.852 Haoxiang Lin UBS 4.373 Trina Chen Credit Suisse 4.15

INDIVIDUAL TEAMBEST TEAM FOR STRATEGYRank Firm %1 CLSA 25.252 UBS 19.293 HSBC 16.76

BEST TEAM FOR ECONOMIC RESEARCHRank Firm %1 UBS 23.682 CLSA 20.603 HSBC 17.83

BEST TEAM FOR QUANTITATIVE/TECHNICAL ANALYSISRank Firm %1 CLSA 28.962 HSBC 16.983 Macquarie 7.50

BEST TEAM FOR BANKSRank Firm %1 UBS 22.912 HSBC 14.973 CLSA 9.71

BEST TEAM FOR INDUSTRIALSRank Firm %1 UBS 21.482 HSBC 20.103 CLSA 15.14

BEST TEAM FOR CONSUMER DISCRETIONARYRank Firm %1 CLSA 24.592 UBS 23.973 HSBC 12.49

BEST TEAM FOR CONSUMER STAPLESRank Firm %1 CLSA 27.122 UBS 18.583 HSBC 9.85

BEST TEAM FOR DIVERSIFIED FINANCIALSRank Firm %1 HSBC 27.022 UBS 19.243 CLSA 14.51

BEST TEAM FOR ENERGYRank Firm %1 UBS 20.902 HSBC 9.053 CLSA 9.04

BEST TEAM FOR HEALTHCARERank Firm %1 UBS 25.502 HSBC 11.403 Deutsche Bank 10.43

BEST TEAM FOR INSURANCERank Firm %1 HSBC 42.462 UBS 14.193 CLSA 10.07

BEST TEAM FOR MATERIALSRank Firm %1 HSBC 21.732 UBS 19.603 CLSA 13.83

BEST ANALYST FOR REAL ESTATERank Name Firm %1 Nicole Wong CLSA 6.362 Carol Wu DBS Vickers 6.073 Pratik Ray HSBC 4.71

BEST ANALYST FOR SEMICONDUCTORS& SEMICONDUCTOR EQUIPMENTRank Name Firm %1 Andrew Lu Barclays 9.852 Ricky Seo HSBC 5.163 Steven Pelayo HSBC 4.83

BEST ANALYST FOR SOFTWARE & INTERNET SERVICESRank Name Firm %1 Zhong Zhou UBS 8.572 Wendy Huang Standard Chartered 8.053 Alicia Yap Barclays 6.48

BEST ANALYST FOR TECHNOLOGYHARDWARE & EQUIPMENTRank Name Firm %1 Kirk Yang Barclays 6.472 Xiaoda Zhang UBS 6.213 Jenny Lai HSBC 4.99

BEST ANALYST FOR TELECOMMUNICATION SERVICESRank Name Firm %1 Colin McCallum Credit Suisse 8.292 Elinor Leung CLSA 7.703 Neale Anderson HSBC 5.60

BEST ANALYST FOR TRANSPORTATIONRank Name Firm %1 Eric Lin UBS 7.902 Xin Chen UBS 7.553 Paul Wan CLSA 6.68

BEST ANALYST FOR UTILITIESRank Name Firm %1 Yingzhen Xu UBS 10.012 Pierre Lau Citi 8.203 UBS 7.77

BEST REGIONAL SALESPERSONRank Name Firm %1 Vincent Lai UBS 2.342 Hun Oh HSBC 2.043 Tommy Tang CLSA 1.71

BEST REGIONAL SALES TRADERRank Name Firm %1 Phillip Cheung Societe Generale 4.642 John Chapman HSBC 2.523 David Choi BAML 2.34

BEST TEAM FOR REAL ESTATERank Firm %1 HSBC 16.402 UBS 14.583 DBS Vickers 12.85

BEST TEAM FOR SEMICONDUCTORS& SEMICONDUCTOR EQUIPMENTRank Firm %1 HSBC 18.382 Barclays 15.993 UBS 15.73

BEST TEAM FOR SOFTWARE & INTERNET SERVICESRank Firm %1 UBS 17.542 CLSA 13.643 Barclays 12.13

BEST TEAM FOR TECHNOLOGYHARDWARE & EQUIPMENTRank Firm %1 UBS 20.862 CLSA 18.173 HSBC 15.29

BEST TEAM FOR TELECOMMUNICATION SERVICESRank Firm %1 CLSA 16.722 HSBC 14.983 UBS 12.15

BEST TEAM FOR TRANSPORTATIONRank Firm %1 UBS 28.162 CLSA 11.393 HSBC 10.85

BEST TEAM FOR UTILITIESRank Firm %1 UBS 28.322 HSBC 14.613 CLSA 12.51

BEST TEAM FOR REGIONAL SALESRank Firm %1 UBS 19.002 HSBC 17.573 CLSA 16.81

BEST TEAM FOR REGIONAL SALES TRADINGRank Firm %1 UBS 17.062 HSBC 15.433 CLSA 13.07

BROKERAGESMOST IMPROVED BROKERAGE

Rank Firm %1 UBS 15.142 HSBC 13.873 7.43

BEST OVERALL SALES SERVICESRank Firm %1 HSBC 13.712 UBS 12.633 CLSA 11.86

BEST REGIONAL BROKERAGE FOR EXECUTIONRank Firm %1 UBS 14.602 CLSA 11.073 HSBC 8.99

MOST INDEPENDENT RESEARCHRank Firm %1 CLSA 24.302 UBS 9.973 Sanford Bernstein 6.56

LEAST INDEPENDENT RESEARCHRank Firm %1 Goldman Sachs 38.622 Morgan Stanley 6.633 CLSA 6.17

australiabest local brokerageRank Bank %

1 Macquarie 68.892 Bell Potter 12.223 CommSec 7.45

best for overall country researchRank Bank %

1 UBS 23.382 CLSA 20.173 Macquarie 15.93

best research coverageSector Analyst FirmStrategy David Cassidy UBSMacroeconomics Scott Haslem UBSSmall Caps John Kim CLSABanks Brian Johnson CLSAConsumer Discretionary David Thomas CLSAConsumer Staples David Thomas CLSADiversified Financials Jan Van Der Schalk CLSAEnergy John Hirjee Deutsche BankHealthcare David Stanton CLSAIndustrials Scott Hudson CLSAInsurance Jan Van Der Schalk CLSAMaterials Glyn Lawcock UBSReal Estate John Kim CLSASemiconductors & Semiconductor Equipment n/aSoftware & Internet Services Han Xu UBSTechnology Hardware & Equipment n/aTelecommunications Ian Martin CIMBTransportation Scott Ryall CLSAUtilities David Leitch UBS

best overall sales servicesRank Bank %

1 CLSA 20.612 UBS 19.653 Credit Suisse 9.94

best salespersonRank Name Firm %

1 Maureen Baker CLSA 21.392 Bryan Howitt CLSA 10.453 Tim Leahy UBS 9.38

best sales traderRank Name Firm %

1 Paul Rutkowski CLSA 11.272 Steven Parsons UBS 10.153 Jason Giese CLSA 8.27

best executionRank Firm %


best in sales tradingRank Firm %

1 UBS 42.932 CLSA 28.373 Goldman Sachs 17.05

most improved brokerage over the last 12 monthsRank Firm %

1 CLSA 27.942 UBS 20.153 Deutsche Bank 11.60

best for events and/or conferencesRank Firm %

1 Macquarie 21.062 UBS 17.103 CLSA 17.07

best for roadshows and company visitsRank Firm %


most independent research brokerageRank Firm %

1 CLSA 51.762 Macquarie 14.563 Bell Potter 10.01

chinabest local brokerageRank Bank %

1 CICC 35.222 CITICS 33.853 SWS Securities 6.81


1 CICC 22.502 UBS 13.853 CITICS 13.56

best research coverageSector Analyst FirmStrategy Li Chen UBSMacroeconomics Wensheng Peng CICCSmall Caps Min Li CICCBanks Junhua Mao CICCConsumer Discretionary Haiyan Guo CICCConsumer Staples Haiyan Guo CICCDiversified Financials Hongwen Pan UBSEnergy Bin Guan CICCHealthcare Jing Qiang CICCIndustrials Huimin Wu CICCInsurance Shengbo Tang CICCMaterials Nisa (Yujiao) Jiang CITICSReal Estate Jingbian Ning CICCSemiconductors & Semiconductor Equipment Qinyi Erica Chen CICCSoftware & Internet Services Haofei Chen CICCTechnology Hardware & Equipment Leping Huang NomuraTelecommunications Haofei Chen CICCTransportation Xin Yang CICCUtilities Junhua Chen CICC


1 CICC 22.762 CITICS 13.993 UBS 13.22


1 Tommy Tang CLSA 11.102 Qi Wu UBS 6.143 Vincent Lai UBS 3.95


1 Tina (Tianyi) Xu CITICS 7.912 Vicky (Wei) Qi CITICS 6.563 Lucy Zhang UBS 4.48


1 CICC 22.302 UBS 16.723 CITICS 13.14


1 UBS 21.742 CITICS 20.553 CICC 16.84


1 CICC 20.352 UBS 15.153 SWS Securities 6.89


1 CICC 22.412 UBS 12.913 CITICS 12.26


1 CICC 21.412 UBS 11.953 CITICS 11.55


1 CICC 23.552 UBS 14.683 CLSA 12.61

hong kongbest local brokerageRank Bank %

1 HSBC 26.812 BOCI 15.253 SWS HK 8.83

best for overall country research (local)Rank Bank %

1 HSBC 13.252 CLSA 10.813 Bank of America Merrill Lynch 8.52

best research coverage (local)Sector Analyst FirmStrategy Francis Cheung CLSAMacroeconomics Tao Wang UBSSmall Caps Edwin Chen UBSBanks Tracy Yu Deutsche BankConsumer Discretionary Xiaopo Wei CLSAConsumer Staples Xiaopo Wei CLSADiversified Financials Leo Fan SWS SecuritiesEnergy Albert Miao SWS SecuritiesHealthcare Shaojing Tong UBSIndustrials Titus Wu SWS SecuritiesInsurance Bob Leung UBSMaterials Rong Ye SWS SecuritiesReal Estate Carol Wu DBS VickersSemiconductors & Semiconductor Equipment Ashley Sheng SWS SecuritiesSoftware & Internet Services Haofei Chen CICCTechnology Hardware & Equipment Ashley Sheng SWS SecuritiesTelecommunications Jinjin Wang UBSTransportation Leo Fan SWS SecuritiesUtilities Pierre Lau Citi

best for overall country research (h-share)Rank Bank %

1 CICC 12.352 HSBC 12.303 CLSA 9.15

best research coverage (h-share)Sector Analyst FirmStrategy Francis Cheung CLSAMacroeconomics Wensheng Peng CICCSmall Caps Edwin Chen UBSBanks Junhao Mao CICCConsumer Discretionary Xiaopo Wei CLSAConsumer Staples Xiaopo Wei CLSADiversified Financials Lijuan Du CICCEnergy Albert Miao SWS SecuritiesHealthcare Shaojing Tong UBSIndustrials Huimin Wu CICCInsurance Shengbo Tang CICCMaterials Rong Ye SWS SecuritiesReal Estate Carol Wu DBS VickersSemiconductors & Semiconductor Equipment Ashley Sheng SWS SecuritiesSoftware & Internet Services Haofei Chen CICCTechnology Hardware & Equipment Jinjin Wang UBSTelecommunications Jinjin Wang UBSTransportation Xin Yang CICCUtilities Rong Ye SWS Securities


1 CLSA 9.022 CICC 8.533 Bank of America Merrill Lynch 7.64


1 UBS 12.722 HSBC 12.003 CLSA 8.59


1 CICC 11.372 HSBC 6.363 CLSA 5.83


1 CLSA 16.762 Bank of America Merrill Lynch 9.723 CICC 6.69


1 Bank of America Merrill Lynch 9.432 CICC 7.733 CLSA 7.65


1 CLSA 20.792 CICC 11.853 SWS Securities 10.29

best overall sales servicesRank Firm %

1 HSBC 12.232 CLSA 9.943 Bank of America Merrill Lynch 7.68


1 Tommy Tang CLSA 5.932 Joyce Li HSBC 2.503 Suping Olinda Yan Haitong 2.29


1 Vivian Lau DBS Vickers 3.23=2 Eric Cheng CLSA 2.76=2 Lawrence Lau BOCI 2.76

indiabest local brokerageRank Bank %

1 Kotak 22.662 Edelweiss 13.113 Ambit Capital 12.70


1 CLSA 14.622 Kotak 12.043 HSBC 9.98

best research coverageSector Analyst FirmStrategy Saurabh Mukherjea Ambit CapitalMacroeconomics Rajeev Malik CLSASmall Caps Gautam Chhaochharia UBSBanks Aashish Agarwal CLSAConsumer Discretionary Govindarajan Chellappa JefferiesConsumer Staples Manoj Menon Deutsche BankDiversified Financials M.B. Mahesh KotakEnergy Vikash Jain CLSAHealthcare Hemant Bakhru CLSAIndustrials Lokesh Garg KotakInsurance Tabassum Inamdar Goldman SachsMaterials Jigar Mistry HSBCReal Estate Saurabh Kumar JP MorganSemiconductors & Semiconductor Equipment Manish Nigam Credit SuisseSoftware & Internet Services Kawaljeet Saluja KotakTechnology Hardware & Equipment Ashish Chopra Motilal OswalTelecommunications Rohit Chordia KotakTransportation Abhijeet Naik CLSAUtilities Pankaj Sharma UBS


1 HSBC 10.112 CLSA 10.073 Ambit Capital 7.07


1 Melrick D'Souza CLSA 3.972 Monil Bhala UBS 3.403 Siddarth Dikshit CLSA 2.97


1 Mihir Doshi CLSA 4.932 John Chapman HSBC 4.863 Viraf Mehta CLSA 4.38


1 CLSA 14.342 Kotak 6.103 IIFL 4.94


1 CLSA 18.502 HSBC 12.253 Axis Capital 7.68


1 Ambit Capital 18.722 Emkay 6.823 CIMB 6.71


1 CLSA 15.322 Motilal Oswal 13.873 Morgan Stanley 8.36


1 CLSA 8.622 Edelweiss 8.153 Axis Capital 6.35


1 CLSA 22.672 Kotak 20.853 Ambit Capital 18.86

indonesiabest local brokerageRank Bank %

1 Mandiri Sekuritas 53.772 Bahana 19.153 Danareksa 18.22


1 CLSA 22.492 Deutsche Bank 15.523 UBS 9.26

best research coverageSector Analyst FirmStrategy Heriyanto Irawan Deutsche BankMacroeconomics Edward Teather UBSSmall Caps Sarina Lesmina CLSABanks Raymond Kosasih Deutsche BankConsumer Discretionary Merlissa Trisno CLSAConsumer Staples Merlissa Trisno CLSADiversified Financials Jayden Vantarakis CLSAEnergy Abdullah Hashim CLSAHealthcare Merlissa Trisno CLSAIndustrials Sarina Lesmina CLSAInsurance Jayden Vantarakis CLSAMaterials Sarina Lesmina CLSAReal Estate Albert Saputro Deutsche BankSemiconductors & Semiconductor Equipment n/aSoftware & Internet Services n/aTechnology Hardware & Equipment n/aTelecommunications Raymond Kosasih Deutsche BankTransportation Sarina Lesmina CLSAUtilities Jayden Vantarakis CLSA




1 Daniel Oen CLSA 12.202 Wuddy Warsono CLSA 8.853 Tim Huang CLSA 7.80


1 Adnan Tan CLSA 16.112 Andreas Kongoasa CLSA 12.603 Sudjan Halim CIMB 11.71


1 CLSA 20.952 Deutsche Bank 15.543 CIMB 9.27


1 CLSA 28.712 CIMB 16.153 Deutsche Bank 12.18


1 Mandiri Sekuritas 17.152 CLSA 14.273 Morgan Stanley 9.83


1 CLSA 18.852 Deutsche Bank 18.003 CIMB 13.31


1 CLSA 17.272 Deutsche Bank 15.703 Credit Suisse 9.77



JAPANBEST LOCAL BROKERAGERank Bank %1 Nomura 36.222 SMBC Nikko 18.883 Daiwa 18.37

BEST FOR OVERALL COUNTRY RESEARCHRank Bank %1 Nomura 17.912 CLSA 16.923 Daiwa 8.86

BEST RESEARCH COVERAGESector Analyst FirmStrategy Nicholas Smith CLSAMacroeconomics Nicholas Smith CLSASmall Caps Mariko Watanabe UBSBanks Brian Waterhouse CLSAConsumer Discretionary Chris Richter CLSAConsumer Staples Jun Kato CLSA

Walter Altherr CLSAEnergy David Hewitt Credit SuisseHealthcare Motoya Kohtani NomuraIndustrials Morten Paulsen CLSAInsurance Walter Altherr CLSAMaterials Naoto Saito CLSAReal Estate Cenk Simsek CLSASemiconductors & Semiconductor Equipment Christian Dinwoodie CLSA

Oliver Matthew CLSATechnology Hardware & Equipment Christian Dinwoodie CLSATelecommunications Oliver Matthew CLSATransportation Paul Wan CLSAUtilities Naoto Saito CLSA

BEST OVERALL SALES SERVICESRank Bank %1 Nomura 15.482 CLSA 14.063 SMBC Nikko 11.37

BEST SALESPERSONRank Name Firm %1 Bilal Kapra CLSA 7.612 David Cotterchio CLSA 7.173 Jonathan Pool UBS 5.65

BEST SALES TRADERRank Name Firm %1 Shpendi Citaku CLSA 8.672 John Takeoka Societe Generale 6.813 BTIG 6.65

BEST EXECUTIONRank Firm %1 CLSA 15.312 Nomura 13.483 Mizuho 8.72

BEST IN SALES TRADINGRank Firm %1 CLSA 29.962 UBS 17.363 Barclays 10.83

MOST IMPROVED BROKERAGE

Rank Firm %1 Mizuho 20.702 CLSA 18.843 SMBC Nikko 13.62

BEST FOR EVENTS AND/OR CONFERENCESRank Firm %1 CLSA 18.582 Mizuho 18.363 Nomura 17.56

BEST FOR ROADSHOWS AND COMPANY VISITSRank Firm %1 Nomura 20.902 SMBC Nikko 13.613 Daiwa 11.96

MOST INDEPENDENT RESEARCH BROKERAGERank Firm %1 CLSA 47.952 Societe Generale 13.053 UBS 6.05

koreabest local brokerageRank Bank %

1 Korea Investment & Securities 39.952 Samsung 20.373 KDB Daewoo 10.16


1 Korea Investment & Securities 26.392 HSBC 11.543 Samsung 11.03

best research coverageSector Analyst FirmStrategy So-Yeon Park KISMacroeconomics Min-Kyoo Jun KISSmall Caps Jee-Hyung Han KISBanks Chul-Ho Lee KISConsumer Discretionary Yeong-Sang Yeo KISConsumer Staples Kyoung-Ju Lee KISDiversified Financials Chul-Ho Lee KISEnergy Matthew (Jung-Hoon) Yang KISHealthcare Jung-In Lee KISIndustrials Kyung-Ja Lee KISInsurance Chul-Ho Lee KISMaterials Moon-Sun Choi KISReal Estate Steve Chung CLSASemiconductors & Semiconductor Equipment Won Seo KISSoftware & Internet Services Jong-Gil Hong KISTechnology Hardware & Equipment Kevin (Seung-Hyuk) Lee KISTelecommunications Jong-In Yang KISTransportation Hee-Do Yun KISUtilities Hee-Do Yun KIS




1 Dan Song Korea Investment & Securities 4.852 Sung Namgoong Korea Investment & Securities 4.583 Elaine Chung UBS 3.79


1 Joon Cho Korea Investment & Securities 12.362 Janice Choi Korea Investment & Securities 11.763 Paul Chung Korea Investment & Securities 11.41


1 Korea Investment & Securities 29.142 Samsung 10.093 CLSA 6.39


1 Korea Investment & Securities 44.452 CLSA 13.383 Samsung 10.03




1 Korea Investment & Securities 26.212 Samsung 10.423 UBS 8.77


1 Korea Investment & Securities 29.822 Samsung 7.993 UBS 5.95


1 Korea Investment & Securities 44.272 CLSA 14.043 Samsung 6.01

malaysiabest local brokerageRank Bank %

1 CIMB 36.672 Maybank - Kim Eng 32.083 RHB-OSK-DMG 19.75



best research coverageSector Analyst FirmStrategy Terence Wong CIMBMacroeconomics Chee-Sing Lim RHB-OSK-DMGSmall Caps Nigel Foo CIMBBanks Desmond Ch'Ng Lye Hoe Maybank - Kim EngConsumer Discretionary Nigel Foo CIMBConsumer Staples Kar-Mei Eng CIMBDiversified Financials Winson Ng CIMBEnergy Thong-Jung Liaw Maybank - Kim EngHealthcare Yen-Ling Lee Maybank - Kim EngIndustrials Ivy Ng CIMBInsurance Winson Ng CIMBMaterials Sharizan Rosely CIMBReal Estate Wei-Sum Wong Maybank - Kim EngSemiconductors & Semiconductor Equipment Jit-Hoong Chan RHB-OSK-DMGSoftware & Internet Services Nigel Foo CIMBTechnology Hardware & Equipment Chi-Wei Tan Maybank - Kim EngTelecommunications n/a Transportation Raymond Yap CIMBUtilities Chi-Wei Tan Maybank - Kim Eng




1 Lucy Chong Maybank - Kim Eng 8.172 Grace Yau Maybank - Kim Eng 5.443 Kit Lim CLSA 4.67


1 Hazel Yap CLSA 7.962 Su-Yen Loke Maybank - Kim Eng 7.473 Emery Ismail CIMB 7.23


1 CIMB 20.622 Maybank - Kim Eng 17.013 CLSA 11.95


1 Maybank - Kim Eng 23.202 RHB-OSK-DMG 22.303 CIMB 22.16


1 RHB-OSK-DMG 18.532 Maybank - Kim Eng 15.663 DBS Vickers / Alliance Investment 10.31


1 Maybank - Kim Eng 27.732 CIMB 27.533 RHB-OSK-DMG 12.57




1 CLSA 20.912 Maybank - Kim Eng 13.503 Jefferies-KAF 12.63

pakistanbest local brokerageRank Bank %

1 Topline 60.432 AKD Securities 19.163 FSL/Macquarie 11.45


1 Topline 32.102 Credit Suisse 16.543 HSBC 9.36

best research coverageSector Analyst FirmStrategy Mohammad Fawad Khan Foundation SecuritiesMacroeconomics Sarah Mazher KASBSmall Caps n/a Banks Farhan Rizvi Credit SuisseConsumer Discretionary n/a Consumer Staples n/a Diversified Financials n/a Energy Farhan Rizvi Credit SuisseHealthcare n/a Industrials n/a Insurance n/a Materials n/a Real Estate n/a Semiconductors & Semiconductor Equipment n/aSoftware & Internet Services n/a Technology Hardware & Equipment n/aTelecommunications n/a Transportation n/a Utilities n/a


1 Topline 32.532 Credit Suisse 14.983 Auerbach Grayson 10.26


1 Mohammed Sohail Topline 36.452 Stephen Hagger Credit Suisse 10.913 Baryalay Arbab KASB 10.82


1 Samar Iqbal Topline 42.012 John Chapman HSBC 16.533 Muhammad Rameez Foundation Securities 10.19


1 Topline 35.722 KASB/Bank of America Merrill Lynch 12.033 Auerbach Grayson 10.43


1 Topline 42.012 HSBC 30.173 Foundation Securities 10.19


1 Auerbach Grayson 18.392 Topline 13.793 AKD Securities 11.49


1 Credit Suisse 24.092 Auerbach Grayson 21.903 Topline 10.77


1 Topline 25.282 Credit Suisse 21.403 Auerbach Grayson 10.33


1 Credit Suisse 27.402 Topline 26.713 Auerbach Grayson 21.92

the philippinesbest local brokerageRank Bank %

1 Deutsche Regis 36.642 Maybank ATR Kim Eng 30.383 Philippine Equity Partners 23.61


1 CLSA 29.042 Deutsche Regis 16.063 UBS 14.90

best research coverageSector Analyst FirmStrategy Alfred Dy CLSAMacroeconomics Anthony Nafte CLSASmall Caps Hazel Tanedo CLSABanks Alfred Dy CLSAConsumer Discretionary Hazel Tanedo CLSAConsumer Staples Hazel Tanedo CLSADiversified Financials Alfred Dy CLSAEnergy Rafael Javier CLSAHealthcare n/a Industrials Jacqui Evangelista CLSAInsurance n/a Materials Jacqui Evangelista CLSAReal Estate Carl Sy Deutsche RegisSemiconductors & Semiconductor Equipment n/a Software & Internet Services n/a Technology Hardware & Equipment n/a Telecommunications Hazel Tanedo CLSATransportation Jacqui Evangelista CLSAUtilities Jacqui Evangelista CLSA




1 Alex Dauz CLSA 20.752 Raphael Manalaysay Maybank ATR Kim Eng 10.663 David Del Rosario CLSA 10.50


1 Ruby Lao CLSA 22.412 Daisy Ng Deutsche Regis 11.003 Elena Lopez Deutsche Regis 8.40


1 CLSA 31.812 UBS 13.483 Deutsche Regis 11.65


1 HSBC 25.932 CLSA 22.413 Deutsche Regis 20.40


1 Maybank ATR Kim Eng 31.002 CLSA 17.913 HSBC 10.15




1 CLSA 27.372 UBS 18.713 Deutsche Regis 14.99


1 CLSA 25.542 Maybank ATR Kim Eng 24.683 Philippine Equity Partners 10.59

singaporebest local brokerageRank Bank %

1 DBS Vickers 36.322 CIMB 20.543 RHB-OSK-DMG 15.72


1 DBS Vickers 12.952 HSBC 11.973 UBS 11.79

best research coverageSector Analyst FirmStrategy Janice Chua DBS VickersMacroeconomics Edward Teather UBSSmall Caps Terence Wong RHB-OSK-DMGBanks Asheefa Sarangi CLSAConsumer Discretionary Andy Sim DBS VickersConsumer Staples Andy Sim DBS VickersDiversified Financials Kenneth Ng CIMBEnergy Yue-Jer Lee RHB-OSK-DMGHealthcare Andy Sim DBS VickersIndustrials Yue-Jer Lee RHB-OSK-DMGInsurance Asheefa Sarangi CLSAMaterials Chuanyao Lu CLSAReal Estate Yew Kiang Wong CLSASemiconductors & Semiconductor Equipment n/aSoftware & Internet Services Edison Chen RHB-OSK-DMGTechnology Hardware & Equipment Edison Chen RHB-OSK-DMGTelecommunications Sachin Gupta NomuraTransportation Robin Xie UBSUtilities Ai-Teng Tan DBS Vickers


1 DBS Vickers 15.292 CLSA 12.123 HSBC 11.29


1 Keng-Hock Lim UBS 6.792 Nicole Chan RHB-OSK-DMG 5.183 Doris Chan CLSA 4.26


1 Roger Tay CIMB 7.052 Kelvin Ong UOB Kayhian 4.843 Kenneth Low RHB-OSK-DMG 4.78


1 DBS Vickers 18.602 CLSA 14.973 RHB-OSK-DMG 8.56


1 UBS 15.642 CLSA 11.513 CIMB 11.09


1 RHB-OSK-DMG 26.442 Maybank - Kim Eng 14.333 CIMB 10.31


1 DBS Vickers 14.562 Morgan Stanley 11.833 CLSA 9.59


1 DBS Vickers 17.202 CLSA 13.823 UBS 10.26


1 CLSA 25.992 RHB-OSK-DMG 23.713 DBS Vickers 10.92

taiwanbest local brokerageRank Bank %

1 Yuanta 45.762 KGI 22.983 Fubon 16.67


1 Yuanta 19.352 UBS 11.303 HSBC 10.50

best research coverageSector Analyst FirmStrategy Vincent Chen YuantaMacroeconomics Aidan Wang YuantaSmall Caps Ally Chen UBSBanks Peggy Shih YuantaConsumer Discretionary Ally Chen UBSConsumer Staples Ally Chen UBSDiversified Financials Peggy Shih YuantaEnergy Jennifer Liang KGIHealthcare Peggy Lee YuantaIndustrials Steve Huang YuantaInsurance Peggy Shih YuantaMaterials Yvonne Tsai YuantaReal Estate Yen-Liang Chen YuantaSemiconductors & Semiconductor Equipment George Chang YuantaSoftware & Internet Services DC Wang YuantaTechnology Hardware & Equipment Vincent Chen YuantaTelecommunications Bonnie Chang YuantaTransportation Yvonne Tsai YuantaUtilities n/a


1 Yuanta 16.262 HSBC 11.283 UBS 10.53


1 Julie Tsai UBS 9.582 Colleen Chang HSBC 4.943 Johnny Chen CLSA 3.34


1 Stark Zeng HSBC 11.332 Sharon Chao Yuanta 8.793 Elsie Fan HSBC 8.46


1 Yuanta 22.252 KGI 13.173 UBS 9.97


1 Yuanta 27.592 HSBC 21.793 UBS 9.71


1 Yuanta 34.662 KGI 7.013 Nomura 6.90


1 Yuanta 16.252 UBS 15.613 Bank of America Merrill Lynch 11.83


1 Yuanta 19.852 KGI 10.853 UBS 10.18


1 Yuanta 38.212 CLSA 13.403 KGI 9.93

thailandbest local brokerageRank Bank %

1 Phatra 45.802 Deutsche - TISCO 14.633 Thanachart 14.24


1 CLSA 18.382 Phatra 11.953 UBS 10.42

best research coverageSector Analyst FirmStrategy Suchart Techaposai CLSAMacroeconomics Anthony Nafte CLSASmall Caps Maria Lapiz Maybank - Kim EngBanks David Beller CLSAConsumer Discretionary Pisut Ngamvijitvong CIMBConsumer Staples Pattawan Phanussopakul CLSADiversified Financials Worawat Saisuphatphol UBSEnergy Piyanan Panichkul UBSHealthcare Suchart Techaposai CLSAIndustrials Sansanee Srijamjuree Deutsche - TISCOInsurance Vilailuck (Peach) Deutsche - TISCO

PatharavanakulMaterials Paworamon (Poom) Credit Suisse

SuvarnatemeeReal Estate Soraphob Panpiemras CLSASemiconductors & Semiconductor Equipment n/a Software & Internet Services n/a Technology Hardware & Equipment Chanpen Sirithanarattanakul DBS VickersTelecommunications Pisut Ngamvijitvong CIMBTransportation Eric Lin UBSUtilities Narongpand Lisahapanya CLSA


1 CLSA 17.852 UBS 12.263 CIMB 8.80


1 Munmun Taveeratanasilp CLSA 13.892 Prinn Panitchpakdi CLSA 12.253 Pat Pattaphongse UBS 6.40


1 Pongsupak Vongvivat UBS 17.212 Michael Frost CLSA 9.053 George Chanthongkaew CLSA 8.89


1 CLSA 20.982 UBS 12.673 Maybank - Kim Eng 11.62


1 UBS 29.852 CLSA 27.093 HSBC 13.28


1 Maybank - Kim Eng 22.422 CLSA 15.283 UBS 12.70


1 CLSA 26.072 Phatra 12.153 UBS 11.23


1 CLSA 21.022 Maybank - Kim Eng 9.543 Phatra 7.52


1 CLSA 26.152 Maybank - Kim Eng 17.513 Phatra 14.40

vietnambest local brokerageRank Bank %

1 Saigon Securities Inc (SSI) 47.022 Ho Chi Minh City Securities (HSC) 27.933 Viet Capital Securities (VCSC) 11.46



best research coverageSector Analyst FirmStrategy Phuong Hoang SSIMacroeconomics Hung Pham SSISmall Caps Phuong Hoang SSIBanks Hanh Nguyen Tam HSCConsumer Discretionary Trang Pham SSIConsumer Staples Kien Tran Nguyen SSIDiversified Financials Hanh Nguyen Thi My HSCEnergy My Truong Thu HSCHealthcare Minh Dinh SSIIndustrials Phuong Ton VCSCInsurance Duong Pham Thuy HSCMaterials Minh Dinh SSIReal Estate Na Le HSCSemiconductors & Semiconductor Equipment n/a Software & Internet Services Kien Tran Nguyen SSITechnology Hardware & Equipment Kien Tran Nguyen SSITelecommunications Kien Tran Nguyen SSITransportation Trang Pham SSIUtilities Kien Tran Nguyen SSI


1 Ho Chi Minh City Securities (HSC) 29.872 Saigon Securities Inc (SSI) 20.893 Viet Capital Securities (VCSC) 15.10


1 Johan Kruimer Ho Chi Minh City Securities (HSC) 24.842 Duc Nguyen Anh Ho Chi Minh City Securities (HSC) 18.133 Duc Nguyen Minh Ho Chi Minh City Securities (HSC) 9.49


1 Minh Mai Saigon Securities Inc (SSI) 33.832 Nga Ngo Saigon Securities Inc (SSI) 17.473 Thinh Duong Saigon Securities Inc (SSI) 16.22






1 Saigon Securities Inc (SSI) 59.172 Ho Chi Minh City Securities (HSC) 17.663 VNDirect Securities (VCSC) 6.60







2014 brokers poll – methodologyAsiamoney’s 25th 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 5,140 valid individual responses from 2,373 different institutions, including 423 hedge funds, were received.

The geographical breakdown of the final 2,373 institutions is as follows:

The questionnaire incorporates 16 different sections as follows: Regional China Indonesia Malaysia SingaporeHedge Fund Hong Kong Japan Pakistan TaiwanAustralia India Korea The Philippines ThailandVietnam

The questionnaire includes the following sections and categories:

Regional (Asia ex-Australia & Japan) section• Mostimprovedbrokerage,acrossbothresearch&sales,overthelast12

months.Regional Equity Sales• Bestregionalbrokeragesforsalesservices• Bestregionalsalespeople• Bestregionalsalestraders• Bestregionalbrokeragesforexecution• OverallregionalresearchforAsia(exAustralia& Japan)asvotedbymost

active traders*• OverallregionalsalesforAsia(exAustralia& Japan)asvotedbymost

active traders*Regional Equity ResearchThe 12 industries covered are those given the highest weighting in the MSCI Asia ex-Japan index as of 31 May 2014 – please refer to the GICS map for industry definitions.• Strategist• Economist• Quantitative/technicalanalyst• Banksanalyst• Conglomeratesanalyst• Consumerdiscretionaryanalyst• Consumerstaplesanalyst• Diversifiedfinancialsanalyst• Energyanalyst• Healthcareanalyst• Insuranceanalyst• Materialsanalyst• Realestateanalyst• Semiconductors&semiconductorequipmentanalyst• Software,Internet&serviceanalyst• Technologyhardware&equipmentanalyst• Telecommunicationservicesanalyst• Utilitiesanalyst• Mostindependentresearchbrokerage• Leastindependentresearchbrokerage

Note: To quality for the region categories, firms, analysts and sales personnel need to receive votes from three or more sovereign countries/independent markets, to reflect that they are truly regional. Hong Kong is not considered a sovereign country/independent market but part of the mainland China market.

* There are two new categories this year: Overall regional research for Asia (ex Australia & Japan) as voted by most active traders and Overall regional sales

for Asia (ex Australia & Japan) as voted by most active traders. Asiamoney will tabulate ranks for the new categories using data from respondents:• whopreviouslyhavepassedAsiamoney Brokers Poll auditing in 2013• nominatedseveralbanks/brokersinboth2013and2014Asiamoney

Broker Polls• arefeaturedinclientlistsfromvariousbanks/brokers• whosefirmshaveoverUS$2billioninannualtradingvolume• whosefirmshaveoverUS$501millioninAUM

Hedge Fund section – asked hedge funds their views on various categories relating to hedge fund services and prime broking.

Country sections• Mostimprovedbrokerage,acrossbothresearch&sales,overthelast12

months• BestlocalbrokerageEquity Sales• Bestoverallsalesservice• Bestsalespeople• Bestsalestraders• Bestbrokerageforsalestrading• BestexecutionCorporate Access• Bestforeventsand/orconferences• BestforroadshowsandcompanyvisitsEquity Research• Bestoverallcountryresearch• Bestresearchanalystsforstrategy,macroeconomics,smallcapsandthe

12 industries included in the regional section. * Industries selected according to the relevant MSCI indices as of 31 May

2014.• Mostindependentresearchbrokerage

Calculation of Results

Points for PlaceFor all categories, a first place vote was awarded three points; second place two points and third place one point.

“OneFirm–OneVote”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 Size WeightingsEachresponsewasthenweightedaccordingtotheinstitution’sapproximateassetsize(totalunleveragedAsianequityfundsundermanagement)inAsia-Pacific(ex-Australia&Japan),inAustraliaorinJapan(dependingupontheinstitution’sallocationoffunds).Thetablebelowdetailstheweightingsaccordingtoassetsize(hedgefundfirmshavebeenweightedatsixtimestheirassetstoreflecttheirhigherturnoverrate):

RankingsforOverallCombinedRegionalResearch&Sales,OverallRegionalResearch&OverallRegionalSalesFortheAsia(ex-Australia&Japan)rankingsacountryweightingsystemwasused to compare 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 weighted more than the points it re-ceivesinsmallermarkets.TheMSCIACAsiaex-Japan(asof31May2014)wasused to achieve this. A similar sector weighting system was used to address the importance of the sectors within the region. Please refer to the following tables for a mathematical breakdown:

Australia: 1.85%

China: 21.49%

Hong Kong: 20.14%

India: 5.52%Indonesia: 1.64%

Japan: 1.69%

Thailand: 1.47%

North America: 6.78%Others: 1.35%

Taiwan: 9.44%Singapore: 9.61%Philippines: 0.59%

Malaysia: 2.57%

Korea: 5.77%

Europe: 5.69%

Asset Size (US$millions) No. of institutions Multiplied by <50 489 0.5 50-200 522 1 201-500 334 4 501-2,000 394 8 2,001-5,000 241 12 5,001-10,000 154 16 >10,000 239 20

WeigHtings FoR tHe oveRAll ReseARCH RAnkings

Regional (All) 30.00% Multiplied by- Strategy 3.00% 0.48- Economics 2.00% 0.32-Quantitative 1.00% 0.16 Banks 4.16% 0.67Consumer discretionary 2.43% 0.39Industrial(akaconglomerates/capitalgoods) 1.68% 0.27Materials 1.37% 0.22Consumer staples 1.34% 0.21Real Estate 1.61% 0.26Technology Hardware & Equipment 1.12% 0.18Semiconductors & Semiconductor Equipment 2.78% 0.44Telecommunication Services 1.46% 0.23Energy 1.44% 0.23Insurance 1.17% 0.19Health care 0.33% 0.05Utilities 0.96% 0.15Transportation 0.43% 0.07Diversifiedfinancials 0.55% 0.09Software&services 1.18% 0.19 Country (All) 70.00% Multiplied by- China 16.67% 2.67- Hong Kong 8.76% 1.40- India 6.28% 1.00- Indonesia 2.30% 0.37- Korea 14.37% 2.30- Malaysia 3.42% 0.55- Philippines 0.87% 0.14- Singapore 4.59% 0.73- Taiwan 10.79% 1.73- Thailand 1.94% 0.31

total 100.00%

WeigHtings FoR tHe oveRAll sAles RAnkings

Regional 30.00% Multiplied by-Overallsalesservices 30.00% 4.80 Market (All) 70.00% Multiplied by - China 16.67% 2.67- Hong Kong 8.76% 1.40- India 6.28% 1.00- Indonesia 2.30% 0.37- Korea 14.37% 2.30- Malaysia 3.42% 0.55- Philippines 0.87% 0.14- Singapore 4.59% 0.73- Taiwan 10.79% 1.73- Thailand 1.94% 0.31

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.

Asiamoney would like to thank those who helped design the questionnaire, as well as all respondents for taking the time to complete and return it. The detailedresultscanalsobeviewedonourwebsite,www.globalcapital.com/asiaandfullresultswillbepublishedinthe2014 Brokers Poll Full Report, available from1December2014.

inDUstRY gRoUP (seleCteD) inDUstRYAutomobiles & Components - auto components - automobilesBanks -commercialbanks -thrifts&mortgagefinanceCapital Goods - aerospace & defense - building products - construction & engineering - electrical equipment - industrial conglomerates - machinery - trading companies & distributorsCommercial Services & Supplies - commercial services & supplies - professional servicesConglomerates ¹ - industrial conglomeratesConsumerDurables&Apparel -householddurables -leisureequipment&products -textiles,apparel&luxurygoodsConsumer Services - hotels, restaurants & leisure - diversified consumer servicesDiversifiedFinancials -diversifiedfinancialservices -consumerfinance - capital marketsEnergy - energy equipment & services - oil, gas & consumable fuelsFood & Staples Retailing - food & staples retailingFood, Beverage & Tobacco - beverages - food products - tobaccoHealthcare - health care equipment & supplies - health care providers & services - health care technologyHousehold & Personal Products - household products - personal productsInsurance - insuranceMaterials - chemicals - construction materials - containers & packaging - metals & mining - paper & forest productsMedia - mediaPharmaceuticals,Biotechnology&LifeSciences -biotechnology -pharmaceuticals - life science tools & servicesRealEstate -realestateinvestmenttrusts(REITs) -realestatemanagement&developmentRetailing - distributors - internet & catalogue retail - multiline retail - specialty retailSemiconductors & Semiconductor Equipment - semiconductors - semiconductor equipmentSoftware&Services -internetsoftware&services -ITservices -softwareTechnology Hardware & Equipment - communications equipment - computers & peripherals - electronic equipment & instruments - office electronics - electronic componentsTelecommunication Services - diversified telecommunication services - wireless telecommunication servicesTransportation - air freight & logistics - airlines - marines - road & rail - transportation infrastructureUtilities -electricutilities -gasutilities - 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.

DisclaimerThis 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.

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Documents

OVERALL COMBINED REGIONAL RESEARCH & SALES 7 8 …...OVERALL COMBINED REGIONAL RESEARCH & SALES (ASIA EX AUSTRALIA & JAPAN) Rank 2013 Bank % 1 3 UBS 14.99 2 2 HSBC 14.32 3 1 CLSA 13.73